Group 1 - Guizhou's digital economy is projected to reach a scale of 254.94 billion yuan in 2024, with a year-on-year growth of 18.3% [1] - The province has established 49 key data centers, achieving a computing power scale of 92.6 EFLOPS, with nearly 97% being intelligent computing [1][2] - Guizhou is becoming a national hub for computing power, with over 60,000 Gbps of outbound bandwidth and the construction of the world's first 400G all-optical network computing channel [2] Group 2 - The integration of digital and real economies is being supported by robust computing resources, with initiatives like "Ten Thousand Enterprises Integration" promoting digital transformation across various industries [2][3] - Guizhou is focusing on the development of intelligent computing, high-quality data sets, and industry-specific AI models to enhance its digital economy [3] - The province has launched 22 major AI model projects, including "Guizhou AI Doctor" and "Guizhou Smart Office," to facilitate intelligent upgrades and digital transformation in key sectors [3]

Group 1 - Guizhou's digital industry scale is projected to reach 254.94 billion yuan in 2024, with a year-on-year growth of 18.3% [1] - The province has established 49 key data centers, achieving a computing power scale of 92.6 EFLOPS, with nearly 97% being intelligent computing [1] - Guizhou has become one of the eight national integrated computing network hubs, with outbound bandwidth exceeding 60,000 Gbps and a low-latency network connecting to 42 major cities [1] Group 2 - Guizhou's computing resources are serving over 50 countries and regions, providing cloud rendering computing services to more than 200,000 users [2] - The province is promoting deep integration of the real economy and digital economy, with a 17.3% increase in integration levels compared to the end of the 13th Five-Year Plan [2] - The implementation of automated production lines in companies like Guizhou Yaguang Electronics has led to a 40% increase in production capacity and a 20% reduction in manufacturing costs [2] Group 3 - Guizhou is focusing on 24 key industries to develop nearly 100 typical application scenarios for large models, enhancing industry intelligence and digital transformation [3] - Future development will emphasize intelligent computing, high-quality data sets, industry large models, and digital information industries to strengthen the digital economy [3]

"新疆正积极布局人工智能科技产业，致力于打造辐射中国西北及中亚的人工智能高地。"新疆中科类脑 智算科技有限公司董事长刘海峰表示，该公司已在乌鲁木齐经济技术开发区(头屯河区)投运超1000P算 力，并建设算力调度运营中心、AI应用孵化中心及科研平台，推动AI在能源、电力、政务等领域的深 度融合。 刘海峰还表示，未来该公司将加强本地人才体系建设，推动更多应用场景落地，以促进人工智能技术规 模化应用和产业创新发展。 中新网乌鲁木齐9月5日电(苟继鹏)"新疆依托其独特的绿色能源、气候适宜、近邻中亚等有利于算力集 聚发展的优势，正在逐步激活算电协同发展的商业模式和增长空间。"粤港澳大湾区大数据研究院名誉 理事长杜平5日说。 当日，2025(第二届)新疆数字经济创新发展大会算电协同创新与发展研讨会在乌鲁木齐举行，来自政产 学研各界的嘉宾相聚于此，围绕算电协同创新与发展展开深入研讨。 杜平指出，近些年来，中国陆续规划实施"东数西算"工程和三级算力网体系，是缓解全国算力供需在空 间上不平衡、优化区域布局的重大战略性举措。新疆应充分发挥资源禀赋，建设数据中心，积极参 与"东数西算"工程建设、融入国家算力网络体系。 （文章来源： ...

Company Overview - Zhejiang Zhaolong Interconnect Technology Co., Ltd. is located in Deqing County, Huzhou City, Zhejiang Province, established on August 21, 1995, and listed on December 7, 2020 [1] - The company specializes in the design, manufacturing, and sales of data cables, specialized cables, and connection products [1] Financial Performance - For the first half of 2025, Zhaolong Interconnect achieved operating revenue of 972 million yuan, a year-on-year increase of 14.29% [2] - The net profit attributable to the parent company was 89.61 million yuan, reflecting a year-on-year growth of 50.30% [2] - Cumulative cash dividends since the A-share listing amount to 113 million yuan, with 82.34 million yuan distributed over the past three years [3] Stock Performance - As of September 5, Zhaolong Interconnect's stock price increased by 2.00%, reaching 54.98 yuan per share, with a total market capitalization of 17.193 billion yuan [1] - Year-to-date, the stock price has risen by 14.96%, but it has decreased by 12.24% over the last five trading days [1] - The stock's trading volume on September 5 was 244 million yuan, with a turnover rate of 1.75% [1] Shareholder Information - As of June 30, the number of shareholders increased to 35,000, up by 24.73% from the previous period [2] - The average number of circulating shares per shareholder is 7,265, a decrease of 3.80% [2] - Notable shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with the latter being a new shareholder [3] Business Segmentation - The main business revenue composition includes: 52.44% from data communication cables (6 categories and below), 21.25% from data communication cables (6A and above), 10.04% from connection products, 8.51% from specialized cables, and 4.54% from other supplementary products [1] - The company operates within the communication equipment industry, specifically in the communication cables and supporting sector [1] Market Trends - Zhaolong Interconnect is associated with several concept sectors, including machine vision, East Data West Computing, switches, cloud computing, and IDC (data center) [1]

Core Insights - The Chinese liquid cooling connector industry is at a critical stage of technological iteration and market explosion, driven by national policies such as the "dual carbon" goals and the "East Data West Computing" project, which mandate the application of liquid cooling technology in data centers [2][7] - The market size of the liquid cooling connector industry in China is projected to reach 5.011 billion yuan in 2024, representing a year-on-year growth of 38.62% [2] Industry Definition and Classification - Liquid cooling connectors are devices that utilize circulating coolant to dissipate heat, primarily used in liquid cooling systems to ensure efficient and safe transmission of cooling media [5] - They are categorized into two main types based on the plug-in method: UQD and UQDB [5] Industry Policies - Recent policies in China have created opportunities for the liquid cooling connector industry, with documents like the "Green Data Center Government Procurement Demand Standard" and "Action Plan for High-Quality Development of Computing Power Infrastructure" emphasizing the adoption of efficient cooling technologies [7][8] - The goal is to reduce the average Power Usage Effectiveness (PUE) of data centers to below 1.2 by 2025, further stimulating demand for liquid cooling connectors [7] Development History - The industry has evolved through four main stages: 1. **Emergence (2000-2010)**: Initial development focused on military and aerospace applications, with domestic companies beginning to master core technologies [9] 2. **Commercial Exploration (2011-2015)**: Expansion into civilian applications, particularly in data centers and electric vehicles, supported by government encouragement for green data centers [9] 3. **Explosive Growth (2016-2020)**: Driven by surging AI computing power demand and breakthroughs in fast-charging technology for electric vehicles, leading to significant market growth [10] 4. **Global Competition (2021-Present)**: The industry is entering a phase of standardization and internationalization, with policies mandating increased penetration of liquid cooling in data centers [10] Industry Barriers - **Technical Barriers**: The industry requires high precision manufacturing and material science integration, with strict performance criteria such as high gas tightness and corrosion resistance [12] - **Certification Barriers**: Compliance with national and international standards is mandatory, which can extend product launch cycles and increase R&D costs [13] - **Professional Talent Barriers**: The industry demands a high level of expertise across multiple disciplines, making it challenging for new entrants to accumulate the necessary knowledge and experience [14] Industry Chain - The upstream of the liquid cooling connector industry includes raw materials and component suppliers, while the midstream involves manufacturing processes, and the downstream applications span data centers, energy storage, aerospace, and electric vehicles [15]

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company has shown stable revenue growth and improved profitability, with a year-on-year revenue increase of 4.13% to approximately 810 million yuan and a net profit increase of 20.37% to about 84.96 million yuan for the first half of 2025 [4]. - The company is enhancing its operational efficiency through refined management practices, leading to a rise in profit margins, with a net profit margin of 10.5% and a gross margin of 29.0% in the first half of 2025 [5]. - The completion of the Langfang project and the availability of cash reserves are expected to support the expansion of new projects, with cash and financial assets totaling 2.416 billion yuan as of June 2025, a 32.67% increase from the end of 2024 [6]. - The company is well-positioned to benefit from the growing demand in the IDC industry, with projected revenues of 1.816 billion, 1.973 billion, and 2.098 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 5.56%, 8.61%, and 6.37% [7]. Company Overview - The latest closing price of the company's stock is 35.86 yuan, with a total market capitalization of 25.8 billion yuan [3]. - The company has a total share capital of 718 million shares, with a debt-to-asset ratio of 56.2% and a price-to-earnings ratio of 163.00 [3].

Core Viewpoint - The article highlights the strategic upgrade of Unisplendour Corporation's subsidiary, H3C Group, in response to the urgent demand for computing power infrastructure in the AI era, emphasizing the establishment of the Turing Town model as a replicable and promotable industrial model [1][11]. Group 1: AI Infrastructure Development - H3C Group emphasizes the importance of building a robust computing power infrastructure as a foundation for AI applications, likening it to "repairing the road" for a long-distance run [3]. - The company proposes a "Computing Power × Connectivity" concept to address challenges such as low resource utilization and network congestion in traditional computing clusters [3][4]. - H3C has developed leading super-node products that enhance training and inference efficiency by 25% and 62.5% respectively, supporting large model training [4]. Group 2: Turing Town Model - The Turing Town model aims to create a complete commercial closed loop, addressing the traditional challenges of high investment, operational difficulty, and low profitability in computing centers [5][6]. - H3C collaborates with local government platform companies to ensure efficient utilization of computing resources through joint operations [5]. - The model has established four capability centers, forming a comprehensive AI industrial ecosystem that covers hardware adaptation, model optimization, scenario incubation, and industry empowerment [6]. Group 3: Market Demand and Differentiation - H3C's approach is demand-driven, identifying key areas such as internet, research, and model training to ensure high utilization of computing resources [6]. - The company differentiates itself in a competitive AI server market by offering integrated solutions rather than just hardware, transforming from a product supplier to a solution participant [6][7]. Group 4: Data Value Activation - H3C introduces the "Intelligent Trusted Data Space" solution to facilitate data circulation while ensuring data security, addressing the issue of data ownership transfer [8]. - The "Data Bridge" tool allows for data analysis without transferring ownership, maintaining the data sovereignty of the provider [8]. Group 5: Future Goals and Expansion - H3C aims to expand its computing power infrastructure in Guizhou and the western region, focusing on the Turing Town as a regional intelligent computing hub [11]. - The company plans to attract AI model and algorithm application enterprises to build a full-chain industrial ecosystem and promote large-scale AI applications in various sectors [11].

Company Overview - Zhejiang Zhaolong Interconnect Technology Co., Ltd. is located in Deqing County, Huzhou City, Zhejiang Province, established on August 21, 1995, and listed on December 7, 2020 [1] - The company's main business includes the design, manufacturing, and sales of data cables, special cables, and connection products [1] Financial Performance - For the first half of 2025, Zhaolong Interconnect achieved operating revenue of 972 million yuan, a year-on-year increase of 14.29% [2] - The net profit attributable to shareholders for the same period was 89.61 million yuan, reflecting a year-on-year growth of 50.30% [2] - Cumulative cash dividends since the A-share listing amount to 113 million yuan, with 82.34 million yuan distributed over the past three years [3] Stock Performance - As of September 4, Zhaolong Interconnect's stock price was 58.00 yuan per share, with a market capitalization of 18.137 billion yuan [1] - The stock has increased by 21.28% year-to-date, but has seen a decline of 11.64% over the last five trading days [1] - The stock's trading volume on September 4 was 1.52 billion yuan, with a turnover rate of 0.99% [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 35,000, up by 24.73% from the previous period [2] - The average number of circulating shares per shareholder decreased by 3.80% to 7,265 shares [2] - Notable institutional holdings include Hong Kong Central Clearing Limited, which increased its holdings by 655,400 shares to 1.6972 million shares [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Data centers are a special business format that combines the attributes of "real estate" and "electricity." The real - estate attribute features heavy assets, long - cycles, and crucial location selection, while the electricity attribute requires sufficient, stable, and cost - controllable power as a core competitiveness [8]. - The domestic data center market investment has returned to rationality. The market is moving towards a new supply - demand balance driven by AI. The two listed domestic data center REITs show high - quality characteristics, and their valuations are within a reasonable range [8]. - In overseas mature markets, data center REITs are regarded as high - value core assets. They have high returns and are favored by institutional investors [8]. Summary According to the Table of Contents Data Center Industry Panorama - **Business Model**: Data centers are a special business format integrating "real estate" and "electricity." The real - estate attribute involves heavy - asset investment and important location selection. The electricity attribute emphasizes the need for sufficient, stable, and cost - controllable power due to increasing energy consumption and strict PUE regulations [14][19]. - **Development Stages**: The data center industry has gone through four stages: network center, IT center, cloud center, and computing power center. Currently, the demand for intelligent computing power is growing significantly [24]. - **Competition Pattern**: The Chinese data center market has three main types of participants: basic telecom operators, third - party data center operators, and self - built data centers by Internet companies. The industry is showing a trend of resource concentration towards leading operators [27]. - **Supply - Demand Relationship**: On the demand side, the downstream customer structure is stable, and cloud providers' capital expenditure is increasing. On the supply side, new investment is slowing down, and the structure is being optimized. The industry is expected to achieve a supply - demand balance in the future [31]. Domestic Data Center REITs Deep Analysis - **Revenue and Cost**: Data center REITs' revenue comes from server hosting and related services, including retail and wholesale business models. The core operating indicators are the signing rate and the rack - up rate. The operating costs mainly include energy, operation and maintenance, capital expenditure, taxes, and insurance [36]. - **Comparison of Two REITs**: Both are located in the core metropolitan areas around first - tier cities, with a wholesale business model, high signing and rack - up rates, long - term contracts, and leading PUE values. However, there are differences in power - cost inclusion, rack power, project valuation, etc. [41]. Domestic and International Valuation Perspective - **EV/EBITDA Multiple**: For data center REITs, EV/EBITDA is a key indicator. The 2026 predicted EV/EBITDA multiples of the two domestic REITs are both 13.6 times, which is attractive for assets with long - term stable contracts [45]. - **Capitalization Rate Method**: The capitalization rate reflects the real investment return of real estate. The 2026 predicted capitalization rates of the two domestic REITs are within the reasonable range expected by the market for high - quality data center assets in the Beijing and Shanghai regions [52]. - **Cash Distribution Rate**: The cash distribution rates of the two domestic data center REITs in 2026 are 6.42% and 6.20% respectively, significantly higher than most other types of C - REITs. Considering their growth potential, they are more attractive [55]. - **Overseas Market Analysis**: In the US market, data center REITs are core assets, with high market value and return rates, and are favored by institutional investors. The EV/EBITDA multiples of four representative overseas data center companies are all above 20x [67][69].

Core Insights - The data center industry is experiencing explosive demand driven by AI and digital transformation, leading to a potential elimination race among companies [1][3] - The industry is currently facing a structural contradiction of high-performance computing shortages alongside inefficient supply [1][3] - The domestic data center market has seen over 130 new companies since 2025, indicating a growing interest and investment in the sector [1][3] Industry Development Phases - The development of China's data center industry has gone through several phases: nascent (2000-2002), exploratory (2003-2008), developmental (2009-2014), explosive (2015-2021), transitional (2022-2023), and prosperous (2024 onwards) [2] - The arrival of AI technologies, particularly with the launch of ChatGPT in 2022, has significantly increased the demand for computing power [2] Market Dynamics - The "East Data West Computing" project initiated in 2022 aims to establish eight national computing power hubs across various regions, further stimulating the data center market [3] - Despite the surge in supply, there remains a mismatch in computing power demand across vertical industries [3] Competitive Landscape - Companies with unique competitive advantages are expected to survive the impending elimination race, similar to the experience of the U.S. data center industry [5][6] - The survival of data centers with fewer than 10,000 cabinets is increasingly challenging due to market competition [8] Company Strategies - Companies like Guanghuan Xinnet are expanding their infrastructure with multiple cloud computing centers under construction, totaling over 180,000 square meters and planning for 26,000 cabinets [6][7] - Guanghuan Xinnet has established a comprehensive service process that includes IT infrastructure services, cloud computing, and network services [11] Client Base and Revenue - Guanghuan Xinnet has developed a diverse client base across various sectors, including telecommunications, e-commerce, finance, and government, which is crucial for its survival [9][10] - In the fiscal year 2024, Guanghuan Xinnet reported cloud computing and related services revenue of 5.102 billion yuan, accounting for approximately 70% of total revenue [12] Future Trends - Liquid cooling technology is identified as a key direction for future data center development, although its widespread adoption faces challenges [15][17] - Insurance capital is emerging as a new source of funding for data center companies, reflecting the sector's heavy asset nature [18] - Companies are cautious about expanding overseas due to high construction costs and limited client demand, despite growing data center needs in Southeast Asia [20]