Group 1 - Oracle plans to purchase approximately 400,000 NVIDIA GB200 chips for a total value of $40 billion to support OpenAI's new super data center in Abilene, Texas [1] - The Abilene data center is a significant milestone in global AI infrastructure, part of the "Gateway" project with a total expected investment of $500 billion from OpenAI, Oracle, SoftBank, and Abu Dhabi's sovereign wealth fund MGX [1][4] - The data center will cover 875 acres and is being developed with a $15 billion investment from Crusoe and Blue Owl Capital, expected to be operational by mid-2026 [1] Group 2 - Once completed, the Abilene data center will have a power supply capacity of 1.2 gigawatts, ranking among the top data centers globally [2] - The data center will compete with Elon Musk's "Gigant" data center in Memphis and Amazon's large data center in Northern Virginia [2] Group 3 - The construction of the Abilene data center marks a critical step for OpenAI to reduce its reliance on Microsoft for computing power, as Microsoft has struggled to meet OpenAI's growing demands [4] - The "Gateway" project is seen as a major infrastructure initiative to drive the development of the AI industry in the U.S., with plans to raise $100 billion for data center construction [4] Group 4 - OpenAI is also planning to extend the "Gateway" project internationally with a large data center in the UAE, named "US-UAE AI Park," which will have a power capacity of 5 gigawatts [5] - This UAE project will be capable of supporting the operation of 2 million NVIDIA GB200 chips, showcasing OpenAI's global ambitions [5]

丨证券研究报告丨 联合研究丨公司点评丨科华数据（002335.SZ） [Table_Title] 数据中心弹性初步体现，新能源亏损有望收 窄 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 年一季报，2024 年收入 77.57 亿元，同比-4.71%，实现归母净利 润 3.15 亿元，同比-37.90%，实现扣非净利润 2.85 亿元，同比-38.55%。拆分至单季度，2024 年四季度收入 23.64 亿元，实现归母净利润 0.77 亿元，实现扣非净利润 0.65 亿元；2025 年一 季度收入 12.16 亿元，同比+2.73%，实现归母净利润 0.69 亿元，同比-6.26%，实现扣非净利 润 0.61 亿元，同比+2.06%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SAC：S0490514040001 SAC：S0490517110002 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524100002 SFC：BQK ...

武汉钧恒在国内市场的客户分布主要为互联网客户、设备制造商客 户。在与这些客户的合作中，我们观察到了不同的发展趋势和潜力。 今年我们在互联网客户方面取得了显著进展。随着数据中心、云计算 以及 AI 技术的快速发展，对于高速率光模块的需求持续增长，这为我 们提供了宝贵的市场机遇。我们成功地与多家知名互联网企业达成了合 作协议，推动了 400G 乃至 800G 产品的批量出货。 在设备制造商客户领域，我们也不断取得新的突破。通过加强技术创 新和服务支持，我们不仅巩固了现有合作关系，还吸引了更多新客户的 关注。特别是在 5G 通信基础设施建设和工业互联网快速发展的背景下， 我们看到了更多的合作可能性和发展空间。 展望未来，我们将继续深化与各类客户的合作，优化产品结构，提升 服务质量，以满足不同客户的个性化需求。同时，借助于国内市场的良 好发展态势，我们预期能够进一步扩大市场份额，实现业务规模和盈利 水平的双重提升。 证券代码：001267 证券简称：汇绿生态 汇绿生态科技集团股份有限公司 投资者关系活动记录表 编号：2025-009 投资者关系 活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻 ...

Core Viewpoint - The company reported a significant increase in revenue and profit for 2024 and Q1 2025, driven by strong growth in lithium battery and LED businesses, with expectations for continued high growth in the coming years [1][2]. Financial Performance - For 2024, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 6.756 billion, 488 million, and 429 million yuan, respectively, representing year-on-year growth of +29.4%, +246.4%, and +285% [2]. - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.728 billion, 142 million, and 148 million yuan, respectively, with year-on-year growth of +20.9%, +100.6%, and +204%, but a quarter-on-quarter decline of -9.9%, -31.2%, and -24.9% [2]. Lithium Battery Business - The lithium battery segment generated revenue of 2.587 billion yuan in 2024, a year-on-year increase of 58%, with a gross margin of 21.94%, up 13.5 percentage points [3]. - The company sold 442 million lithium batteries in 2024, marking a year-on-year growth of 100.7%, with expectations to reach 700 million units or more in 2025 due to recovery in the electric tool market and growth in capacity-type shipments [1][4]. Pricing and Cost Structure - The average selling price of lithium batteries decreased from approximately 7.43 yuan per unit in 2023 to around 5.85 yuan in 2024, while the profit per unit increased from 0.42 yuan to approximately 0.51 yuan [3]. - In Q1 2025, the average selling price was estimated at around 5.2 yuan per unit, slightly down by 0.2 yuan, attributed to shipment structure changes [4]. Production Capacity and International Expansion - The company's Malaysian factory commenced production in April 2024, expected to contribute over 200 million units this year, helping to mitigate tariff issues due to lower tariffs in Malaysia [5]. - The company anticipates continued growth in lithium battery shipments, with significant contributions from various sectors including electric tools and emerging applications like robotics and AI data centers [4]. Other Business Segments - The LED business is transitioning to high-value products such as miniLED and microLED, while the metal logistics business is maintaining stable growth, with expected contributions of over 150 million and 170 million yuan, respectively [6]. Profit Forecast - The company projects net profit attributable to shareholders for 2025, 2026, and 2027 to be 692 million, 859 million, and 1.09 billion yuan, with corresponding valuation multiples of 21, 17, and 13 times [7].

北交所信息更新 国内浸没式液冷技术领军者，积极布局海外&冷板液冷市场 ——北交所信息更新 2025 年 05 月 25 日 投资评级：增持（维持） | 日期 | 2025/5/23 | | --- | --- | | 当前股价(元) | 50.60 | | 一年最高最低(元) | 86.49/25.00 | | 总市值(亿元) | 101.20 | | 流通市值(亿元) | 98.47 | | 总股本(亿股) | 2.00 | | 流通股本(亿股) | 1.95 | | 近 3 个月换手率(%) | 91.69 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1 实现营收 1166.97 万元（-1.37%），归母净利润-3137.25 万元（-329.66%） 曙光数创 2025Q1 实现营收 1166.97 万元（-1.37%），归母净利-3137.25 万元 （-329.66%）。2024 年实现营收 5.06 亿元（-22.15%）；归母净利润 6142.44 万元 （-41.21%），毛利率为 30.10%（-1.27pc ...

证券简称：城地香江 证券代码：603887 公告编号：2025-064 上海城地香江数据科技股份有限公司 关于全资子公司项目中标候选公示的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 《中国移动浙江公司 2025 年长三角（宁波）数据中心机房动力系统建设项目 EPC 工程总承包采购项目_中标候选人公示》，确定中国移动通信集团设计院有限公 司与上海城地香江数据科技股份有限公司（以下简称"公司"）全资子公司香江 系统工程有限公司结成的联合体中标《中国移动浙江公司 2025 年长三角（宁波） 数据中心机房动力系统建设项目 EPC 工程总承包采购项目》，相关信息如下： 一、中标候选的基本情况 系统建设项目 EPC 工程总承包采购项目 中标候选人：中国移动通信集团设计院有限公司（联合体牵头人） 香江系统工程有限公司（联合体成员） 公司全资子公司香江系统自愿结成联合体共同参与，根据联合体协议约定，中 国移动通信集团设计院有限公司（联合体牵头人）负责本项目总承包范围内工 程内容的设计及整体协调管理等工作；香江系统工程有限公司（ ...

Group 1 - Oracle plans to invest approximately $40 billion to purchase high-performance chips from Nvidia to support a new data center for OpenAI in Abilene, Texas [1] - The data center is part of the "Stargate Project," which aims to build large AI data centers in the U.S. with a total investment of $500 billion [1][2] - The data center is expected to be operational by mid-2026 and will have a power capacity of 1.2 gigawatts, making it one of the largest data centers globally [2] Group 2 - Oracle's involvement in the "Stargate Project" and the operation of the data center is seen as a key opportunity to enhance its cloud computing competitiveness against giants like Microsoft, Amazon, and Google [2] - OpenAI's reliance on Microsoft for computing power has exceeded Microsoft's supply capacity, making the new data center crucial for OpenAI [2] - AI data centers require specialized hardware and infrastructure to handle the high-intensity computing needs of AI workloads, differing fundamentally from traditional data centers [3]

Core Viewpoint - *ST Yushun's stock price has experienced significant volatility, leading to a suspension of trading for verification, with a notable increase of 204.18% from 4.51 CNY to 14.54 CNY between March 31 and May 20, 2025 [2][4][5] Group 1: Stock Price Movement - The stock price surged from 4.51 CNY to 14.54 CNY, marking a cumulative increase of 204.18% [2][4] - The stock recorded 22 out of 25 trading days with price increases, indicating abnormal trading activity [4][5] - The company has been suspended from trading since May 21, 2025, for a period not exceeding three trading days due to the unusual price fluctuations [2][4] Group 2: Valuation Metrics - The company's current static P/E ratio is 38.22, and the P/B ratio is 17.58, which are significantly higher than those of comparable companies [5][6] - Among comparable companies, the highest P/B ratio is 12.11 for OFILM, while the lowest is 1.65 for Jingwei Huikai [5] Group 3: M&A Activity - The company is planning a major asset restructuring involving the acquisition of 100% equity in three data center companies, which is expected to transform its business model [6][7] - The restructuring announcement on April 22, 2025, coincided with the stock price increase, suggesting potential speculative trading [6][8] - The restructuring is still in the planning stage and faces uncertainties, including the need for further negotiations and approvals [7][8] Group 4: Financial Health and Risks - As of the end of Q1 2025, the company reported cash reserves of 14.50 million CNY and total liabilities of 155 million CNY, indicating potential financial strain [7][8] - The target companies involved in the acquisition have significant debt, which could impact the future profitability of *ST Yushun [7][8] - The company faces a risk of delisting due to poor financial performance, with a reported revenue of 22 million CNY and a net loss of 17.57 million CNY for 2024 [9]

插播： 英诺赛科、能华半导体、致能科技、 万年晶半导体、京东方华灿、镓奥科技、鸿成半导体及中科无线半导体等企业已参编《2024-2025 氮化镓 （GaN）产业调研白皮书》，参编咨询请联系许若冰（hangjiashuo999）。 最近，英伟达发起了数据中心的第二次电源架构革命，并与英飞凌和纳微达成了相关合作，意图进一步降低数 据中心电源能耗。 据"行家说三代半"了解，这次电源架构的革新将需要采用大量的碳化硅和氮化镓器件，规格包括6500V、 3300V、2300V、1200V和650V的碳化硅器件，以及650V和1200V的氮化镓器件。 5月20日，英伟达在其官网宣布，"从2027年开始，英伟达将率先向800V HVDC 数据中心电力基础设施过 渡。 同一天，英飞凌也宣布，他们正与英伟达合作，开发基于全新架构的800V高压直流（HVDC）系统，英飞凌将 该系统提供硅、碳化硅和氮化镓器件解决方案。 5月22日，纳微半导体也宣布，他们与英伟达合作开发下一代800V HVDC架构，以支持为英伟达GPU供电 的"Kyber"机架级系统，该系统由GaNFast和GeneSiC电源提供技术支持。 据英伟达披露，其800V ...

文 | 张冰冰 编辑 | 阿至 36氪获悉，中海储能科技（北京）有限公司（以下简称「中海储能」）近日宣布完成超亿元Pre-A++轮融资。此次融资由蚂蚁集团领投，君恒投资、北京 昌平中小企业成长投资基金跟投，资金将主要用于技术研发及产能扩大。「中海储能」历史投资人为红杉中国、源码资本、清流资本和经纬中国。 「中海储能」成立于2020年，瞄准规模化长时储能领域，专注于铁铬液流电池技术的研发与应用。其自主研发的铁铬液流电池技术解决了可再生能源大规 模并网的消纳难题，产品入选国家能源领域首台（套）重大技术装备名录，获得"国家高新技术企业"和"北京市专精特新企业"称号。 近期，「中海储能」宣布中标惠阳区50MW/300MWh独立新型储能电站项目，项目总投资近十亿元。目前，「中海储能」已形成以北京总部为核心的全 国化产业布局，年产能达1GWh，规划在多地建设产业基地。 「中海储能」惠阳区储能电站项目 一、交叉学科研发团队，自主突破液流电池技术瓶颈 在新型电力系统加速发展的背景下，风力发电与光伏发电规模持续扩大。受气象条件制约，这类新能源发电存在间歇性特征，直接并网将对电网稳定性构 成挑战。因此，需在发电场配套建设长时储能 ...