每经热评丨海南华铁36.9亿元算力大单告吹：保密重要，信披更重要

Core Viewpoint - The termination of a significant 3.69 billion yuan contract by Hainan Huatie raises concerns about the company's operational capabilities and transparency in information disclosure, which could impact investor confidence and market reputation [1][2][3] Group 1: Contract Termination - Hainan Huatie announced the termination of a 3.69 billion yuan (including tax) computing power order due to significant changes in market conditions since the contract was signed, and no purchase orders were received [1] - The company has not clarified whether the responsibility for the contract termination lies with them or the client, leading to uncertainty in the market [1][2] Group 2: Impact on Business and Reputation - The termination of the contract raises questions about the viability of Hainan Huatie's computing power business narrative, as the company previously emphasized its stable equipment delivery and operational capabilities [2] - The company's stock price surged from around 5 yuan to approximately 10 yuan following positive investor sentiment towards its computing power business, indicating a significant increase in investor interest and capital inflow [2][3] Group 3: Investor Relations and Employee Morale - Hainan Huatie has received considerable attention from institutional investors, with at least 53 research reports published this year, and multiple investor meetings held, highlighting the importance of maintaining investor trust [3] - The termination of the contract could negatively affect employee morale, especially if key personnel have not yet sold their shares after exercising stock options, potentially leading to financial losses [4]