Summary of GDS Holdings Conference Call Company Overview - **Company**: GDS Holdings (GDS.OQ) - **Industry**: Data Center Operations in China - **Market Position**: Leading carrier-neutral IDC player in China, providing colocation, managed hosting, and consulting services to various sectors including cloud service providers and financial institutions [13][24] Key Points Domestic Market Expansion - GDS is poised for domestic expansion, with expectations of accelerated demand for AI data centers (AIDC) in FY26F due to improved chip supplies [1] - Anticipated alleviation of GPU chip supply bottlenecks for domestic cloud service providers (CSPs) is expected to enhance new bookings for independent data center operators [1][2] Financial Performance and Projections - GDS has raised a total of USD 685 million year-to-date through share sales and private placements, which will support capacity expansion in the domestic market [2] - The forecast for annual new contract commitments has been increased from 100,000 to 115,000 square meters for FY26-27F, which is expected to bolster EBITDA growth in FY27F [2] - Revenue projections for FY26F and FY27F have been revised upwards by 1.7% to 5.1%, reflecting improved order intake [3] Valuation and Target Price - The target price has been raised to USD 54.50 from USD 41.50, based on a sum-of-the-parts (SoTP) valuation methodology [3][5] - The domestic business is valued at 14x FY27F EV/EBITDA, while the international business (DayOne) remains at 20x [3][14] - Current valuation of 14x FY27F EV/EBITDA is considered undemanding, presenting a favorable risk-reward scenario as a domestic AI play [3] Risks and Challenges - Potential risks include lower-than-expected demand for data centers related to AI, slower overseas expansion, intensified competition, and supply chain disruptions due to geopolitical tensions [15][19] Financial Metrics - **Revenue Projections**: - FY24: CNY 10,322 million - FY25F: CNY 12,691 million - FY26F: CNY 14,796 million [4] - **Net Profit**: - FY24: CNY 1,931 million - FY25F: CNY 592 million - FY26F: CNY -74 million [4] - **EBITDA**: - FY26F: CNY 5,366 million - FY27F: CNY 6,445 million [10] Market Performance - GDS's stock has shown strong performance with a 64.5% increase over the past 12 months [9] - The implied upside from the current price of USD 42.69 to the target price is +27.7% [5] ESG Initiatives - GDS is committed to energy conservation and has implemented renewable energy systems in its data centers, aiming to reduce greenhouse gas emissions [16] Conclusion GDS Holdings is strategically positioned for growth in the domestic data center market, supported by increased demand for AI-related services and improved chip supply. The company's financial outlook is optimistic, with revised revenue and EBITDA forecasts, although it faces several risks that could impact its performance. The raised target price reflects a positive assessment of its market position and growth potential.

证券日报网讯2月11日，科士达（002518）在互动平台回答投资者提问时表示，公司与字节跳动、阿里 巴巴、京东、快手、万国数据、世纪互联等头部企业有着深度合作。 ...

Core Viewpoint - Keda (002518.SZ) has established deep collaborations with leading companies such as ByteDance, Alibaba, JD.com, Kuaishou, GDS, and Century Internet [1] Group 1 - The company is actively engaging with top-tier enterprises in the industry, indicating a strong market position and potential for growth [1]

Core Insights - The global data center industry is experiencing sustained high growth, with total capacity expected to increase from 103 GW in 2023 to 200 GW by 2030, nearly doubling in size [1] - The Asia-Pacific region's capacity is projected to grow from 32 GW to 57 GW, with a compound annual growth rate (CAGR) of 12% [1] - Major players are driving growth through a dual strategy of "self-built + leased" facilities [1] Industry Growth and Trends - China's data center market has expanded rapidly, entering a super investment cycle in sync with global trends, but faces constraints from energy infrastructure and supply chain risks [4] - By 2024, China's data center electricity consumption is expected to exceed 1,660 billion kWh, accounting for 1.68% of total electricity consumption, with a year-on-year growth of 10.7% [4] - In a high scenario, AI growth could push China's computing center electricity consumption to over 7,000 billion kWh by 2030, representing 5.3% of total electricity consumption [4] Technological Developments - Companies are increasingly adopting hybrid architecture that integrates local facilities, third-party hosting services, large-scale cloud platforms, and distributed edge nodes to meet security, compliance, and performance requirements [5] - AI workloads are projected to account for half of global data center capacity by 2030, with inference workloads surpassing training workloads around 2027 [6] - The power density of individual racks is expected to rise to 40-100+ kW, necessitating the adoption of liquid cooling systems as a standard [6] Market Dynamics - The global data center utilization rate is projected to reach 97% by the end of 2025, with 77% of ongoing projects already pre-leased, indicating a healthy market without signs of excessive vacancy [7] - The demand for data centers is not solely reliant on AI, as data generation, storage, network traffic, and cloud service revenues are all maintaining a long-term CAGR of over 20% [7] Investment Landscape - Data centers are currently one of the most attractive asset classes in commercial real estate, with direct investment transactions reaching approximately $75 billion since 2020 [9] - The issuance of asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) backed by data centers has been doubling annually since 2020, with expectations to reach $50 billion by 2026 [15] - In China, the first public REITs for data centers were launched in August 2025, reflecting growing confidence in this asset class [16]

【申万宏源通信】多模态需求+春节应用推广，看好算力底座/IDC成长(20260210早） #字节多模态Seedance2.0加码算力需求。 Seedance2.0在分镜运镜、音画同步、多镜头叙事能力等方面进步显著；一旦多模态渗透率提升，对tokens和算力底 座需求量将指数级增长。 年底年初字节、阿里等招投标进展，初步推动IDC估值修复。 但中长期真正打开 【申万宏源通信】多模态需求+春节应用推广，看好算力底座/IDC成长(20260210早） #字节多模态Seedance2.0加码算力需求。 Seedance2.0在分镜运镜、音画同步、多镜头叙事能力等方面进步显著；一旦多模态渗透率提升，对tokens和算力底 座需求量将指数级增长。 腾讯链： 年底年初字节、阿里等招投标进展，初步推动IDC估值修复。 但中长期真正打开智算中心需求的，是云厂应用/agent/多模态的商业化进展。 伴随CSP春节期间持续营销投流打开泛化AI入口，IDC作为算力底座真实需求将显著提升，预计行业持续高景气。 #从选股的角度，字节、阿里、腾讯等后续有望轮动表现。 看好绑定云厂的核心IDC。 字节链（优先推荐）： #东阳光（字节核心、远 ...

Group 1 - The core viewpoint of the report emphasizes the transition of computing power demand towards inference, marking a golden period for AIDC retail services in Beijing [6][9] - The AIDC market in China is experiencing rapid growth, with a projected market size of 135.6 billion yuan in 2025, expected to rise to 288.6 billion yuan by 2028, driven by the proliferation of AI inference demand, model upgrades, and supportive policies [17][21] - Retail models in AIDC are more profitable than wholesale models, with retail vendors expected to achieve a net profit margin of 15% in 2024, compared to 6% for wholesale vendors, due to their focus on diverse industries and high-value services [22][25] Group 2 - The report constructs a quantitative evaluation model focusing on growth drivers (55% weight) and operational capabilities (45% weight) to assess AIDC retail service vendors in Beijing [2][31] - Century Internet ranks first in the evaluation model with a score of 4.30, followed by Qishang Online and WanGuo Data, highlighting the strengths and weaknesses of retail and wholesale vendors [42][44] - The future core value of AIDC will shift from resource supply to empowering AI application scenarios, with retail vendors playing a crucial role in building a self-controlled intelligent computing ecosystem [2][11] Group 3 - Beijing is identified as the core area for AIDC, with plans to expand computing power to over 200,000 P by 2027, representing a 3.4 times increase from the end of 2025 [25][26] - The scarcity of resources in Beijing, coupled with high demand from financial and governmental clients, creates a strategic advantage for AIDC vendors operating in this region [27][28] - The evaluation model assesses vendors based on their growth potential and operational resilience, emphasizing the importance of resource acquisition and customer management in a competitive environment [31][33]

Market Performance - On February 6, US stock indices collectively rose, with the Dow Jones Industrial Average (DJIA) reaching a historic high of 50,115.67 points, marking a 2.47% increase [3] - The S&P 500 index increased by 1.97%, and the Nasdaq Composite rose by 2.18% [3] - Chinese concept stocks saw a significant rise, with the Nasdaq China Golden Dragon Index up by 3.71% [1][4] Individual Stock Movements - Major tech stocks showed mixed performance; Nvidia surged over 7%, Tesla rose by more than 3%, and Microsoft increased by nearly 2% [4] - Conversely, Amazon fell over 5%, Google dropped more than 2%, and Meta declined by 1.31% [4] - In the Chinese market, stocks like Zhengye Technology surged by 16%, while Century Internet and LuKong both rose over 10% [5][7] Precious Metals - Precious metals experienced a significant rebound, with spot gold prices rising by 3.98% to $4,966.61 per ounce, and COMEX gold futures increasing by 2.03% to $4,988.60 per ounce [2][6] - Spot silver prices rose by 9.70% to $77.78 per ounce, while COMEX silver futures increased by 1.06% to $77.525 per ounce [6] Oil Prices - International oil prices saw a slight increase, with light crude oil futures for March rising by $0.26 to $63.55 per barrel, a 0.41% increase [9] - Brent crude oil futures for April rose by $0.50 to $68.05 per barrel, reflecting a 0.74% increase [9]

中概股再大涨。 当地时间2月6日，美股三大指数集体高开，随后，道指持续走高，截至发稿，道指涨1.75%，标 普500指数涨1.07%，纳指涨0.78%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | DJI | 道琼斯工业平均 | 49762.57 | 853.85 | 1.75% | | IXIC | 纳斯达克指数 | 22716.24 | 175.65 | 0.78% | | SPX | 标普500 | 6870.84 | 72.44 | 1.07% | 中概股表现强势，截至发稿，纳斯达克中国金龙指数涨超2%。上一交易日，美股三大指数集体大 幅收跌的背景下，纳斯达克中国金龙指数收涨0.9%。 综合自：公司公告、Wind 责编：万健祎 校对： 刘榕枝 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 热门中概股中，蔚来涨超9%，新氧涨超6%，虎牙、理想汽车、世纪互联、万国数据 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結 算有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示，概不就因本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何 損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意 投資不同投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東 整體利益一致，而不論其他股東如何投票，不同投票權受益人會對股東決議案的結果 有重大影響。我們的美國存託股（每股美國存託股代表八股A類普通股）於美國納斯達 克全球市場上市，股份代號為GDS。 GDS Holdings Limited 萬國數據控股有限公司 * （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 本公司特別股東大會使用的更新委託投票表格 經參考(i)本公司於2026年1月26日刊發的特別股東大會委託投票表格（「原委託投票表 格」）；及(ii)本公司日期 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結 算有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示，概不就因本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何 損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意 投資不同投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東 整體利益一致，而不論其他股東如何投票，不同投票權受益人會對股東決議案的結果 有重大影響。我們的美國存託股（每股美國存託股代表八股A類普通股）於美國納斯達 克全球市場上市，股份代號為GDS。 GDS Holdings Limited 萬國數據控股有限公司 * （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 本公司特別股東大會更新委託投票說明書╱通函 經參考(i)本公司於2026年1月26日刊發的特別股東大會委託投票說明書（「原委託投票 說明書」）；及(ii)本公 ...