开源证券：开源晨会-20250207

Group 1: Industry Insights - The power density of global intelligent computing data centers is expected to increase significantly, with capital expenditure showing a clear trend towards high power density characteristics due to the AI wave driving expansion [5][6][8] - The global core IT power demand for data centers is projected to grow from 49 GW in 2023 to 96 GW by 2026, representing a compound annual growth rate (CAGR) of 25.1% [6] - The HVDC system is anticipated to see increased penetration in both domestic and overseas markets, with expected shipments reaching 4.4 GW by 2025 and 9.3 GW by 2030, translating to market sizes of 4.17 billion yuan and 10.56 billion yuan respectively [7] Group 2: Company-Specific Analysis - Huazhu Wanxiang Life, backed by China Resources Group, is expected to see significant growth in net profit, with projections of 3.5 billion yuan, 4.12 billion yuan, and 4.72 billion yuan for 2024-2026 [15][16] - The company has a managed area of 398 million square meters, with a year-on-year growth of 7.5% in managed area and 4.9% in contracted area as of H1 2024 [16] - Anker Innovations is focusing on its core product categories, with projected net profits of 2.042 billion yuan, 2.424 billion yuan, and 2.913 billion yuan for 2024-2026, maintaining a "buy" rating [23][24]