北京秦淮数据有限公司（以下简称"秦淮数据"）与宁夏回族自治区中卫市人民政府近日在北京签署战略 合作框架协议。根据协议，秦淮数据计划投资240亿元，在中卫建设3座零碳超大规模智算园区，项目建 成后IT总容量可达1.2GW。双方也将在完善AIDC(人工智能计算中心)产业生态、打造循环经济示范区、 攻关行业大规模储能难题、优化属地供能与新能源调度、本地化人才培训培养等方面展开深度合作，共 筑全链路协同的新一代零碳超大规模智算中心发展模式。 秦淮数据是"东数西算"工程中投运规模最大的第三方AIDC运营商之一。本次签约，标志着秦淮数据继 京津冀枢纽和甘肃枢纽之后，在"东数西算"版图中再下一城，进一步巩固了其在国内算力产业发展中的 领先地位。 据悉，近年来，中卫市紧抓"东数西算"机遇，聚焦打造"中国绿色算力之都"，推动算力产业乘势而上、 全面提速，算力规模、质效、环境已位居全国前列，稳定的电力保障、强力的政策支持和优良的营商环 境为算力企业发展提供了沃土。秦淮数据作为国内领先的第三方算力基础设施解决方案提供商，一贯坚 守超大规模发展模式和零碳发展战略，并遵循"业务流""能源流""信息流"三流合一的选址策略，率先进 入及重 ...

Group 1 - The Future Network Development Conference serves as a global brand event in the network information field, focusing on resource gathering and cooperation [1] - A strategic cooperation agreement was signed between Nanjing and Lhasa to advance the "East Data West Computing" project and accelerate the construction of a national integrated computing network [1] - The collaboration will emphasize building a high-speed direct connection network between Nanjing and Lhasa, exploring collaborative operation of computing platforms, and jointly cultivating the computing industry ecosystem [1] Group 2 - The "Spark Plan" was initiated by Jiangsu Future Network Group to quickly adapt to the increasing demand for computing power driven by artificial intelligence and the digital economy [2] - The plan includes signing agreements with state-owned enterprises from various cities to construct an efficient, secure, and inclusive super computing network across key regions [2] - CENI, a major national technology infrastructure, is involved in cross-border data flow initiatives, with Jiangsu Future Network Innovation Research Institute collaborating with various organizations to enhance national data infrastructure [2]

Core Insights - The launch of the all-domain integrated computing network scheduling platform and the first wide-area network model and multi-agent system marks a significant advancement in China's computing resource management and network operations [1][2] - The platform aims to connect regions with abundant computing resources to those with high demand, potentially reducing management costs for enterprises by 50% [1] - The AI automatic design toolchain for baseband circuits is expected to streamline the design process, reduce costs, and improve efficiency in communication systems [2] Group 1 - The all-domain integrated computing network scheduling platform utilizes three pioneering technologies to achieve integrated scheduling across the nation [1] - The platform has been tested in various sectors, including hospitals and schools, and is aligned with national initiatives like "East Data West Computing" [1] - The wide-area network model and multi-agent system can autonomously sense, maintain, and repair network issues, applicable in 27 typical network operation scenarios [1][2] Group 2 - The system, led by the Purple Mountain Laboratory in collaboration with Jiangsu Future Network Group, China Unicom, and Huawei, has achieved an overall intelligence capability level of L4 [2] - The goal is to reach L5 level, enabling a fully self-intelligent network that can be generated on demand [2] - The AI automatic design toolchain can reduce the area of baseband circuits by 70% while maintaining communication performance, significantly shortening the design iteration process to just a few hours [2] Group 3 - The advancements in baseband circuit design are expected to lower energy consumption and costs for enterprises, ultimately benefiting consumers with improved product performance at reduced prices [3]

Industry Overview - The Chinese third-party IDC industry is experiencing steady growth in scale but a slowdown in growth rate, with the market size expected to reach 277.3 billion RMB in 2024 and 318 billion RMB in 2025, reflecting a compound annual growth rate of approximately 26.0% over the past five years [2][13] - The total number of operational data center racks exceeds 9 million, with a total computing power of 280 EFLOPS, of which intelligent computing accounts for 90 EFLOPS, representing 32% of the total [2][13] Financial Performance - Revenue for the industry continues to grow but at a slower pace, with total revenue of 42.782 billion RMB in 2024, reflecting a growth rate of only 2.7% [3][29] - The overall gross profit margin shows a U-shaped trend, recovering to 25.4% in 2024, with leading companies like Runze Technology achieving a gross margin of 48.9%, comparable to international leader Equinix [3][39] - The industry has turned from loss to profit, with an average net profit of 720 million RMB in 2024, although some companies face asset impairment risks due to increased operational costs and market adjustments [3][44] Customer Concentration and Risks - High customer concentration is a common phenomenon, with top clients like Runze Technology and Data Port accounting for over 80% of sales, which stabilizes revenue but poses cash flow and credit risks [3] - The industry maintains a stable debt-to-asset ratio, which was 59.8% in 2024, with an accelerated transition towards asset securitization [3] Market Dynamics - The capital market is showing signs of recovery, with the enterprise value multiple rebounding to 18.7 and a capital return rate of 12.6% in 2024 [3] - The intelligent computing center is identified as a key development direction, with nearly 550 operational, under-construction, and planned projects nationwide, primarily concentrated in the eastern region [3] Future Outlook - The industry is expected to evolve towards a comprehensive intelligent computing ecosystem and a diversified inclusive computing power system, driven by policy and technological advancements [3][22]

Core Points - The 2025 China International Big Data Industry Expo (2025 Data Expo) will focus on "internationalization, specialization, and industrialization" with 36 series activities planned [1] - The series activities will enhance representation from national ministries, local governments, leading enterprises, and industry associations [2] - The activities will emphasize national perspectives, enterprise roles, local characteristics, and regional cooperation [3] Group 1: National Perspective - The series activities will focus on the national data strategy, promoting the implementation of national strategies in the digital field [2] - Key discussions will include important meetings from the National Data Bureau and exchanges on cutting-edge technologies like artificial intelligence and smart vehicles [2] Group 2: Enterprise Role - Enterprises will play a central role in the series activities, being involved in theme determination, event planning, and execution [2] - A total of 23 specialized activities will be organized, focusing on new technologies, products, and models [2] Group 3: Local Characteristics - The activities will implement the "East Data West Computing" project, establishing a national integrated computing network hub in Guizhou [2] - Local特色活动 will be conducted to provide regional experiences in digital economy, data element markets, and trusted data spaces [2] Group 4: Regional Cooperation - The series activities will promote collaboration among departments, central and local governments, and enterprises in fields like intelligent computing and low-altitude economy [3] - Business negotiation activities will be organized to convert the brand influence of the expo into real productivity [3]

Group 1 - The core viewpoint highlights the significant transformation in Qingyang, Gansu, driven by new productive forces and rural revitalization, while recalling its historical importance during the Anti-Japanese War as a grain supplier [1] - Qingyang has maintained a stable agricultural area of over 5.9 million acres, with the primary industry value increasing from 7.393 billion yuan in 2012 to 13.247 billion yuan in 2024, representing a growth of 79.1% [3] - The region has developed large-scale wind and solar energy bases, contributing to the establishment of integrated energy bases, with the "Long Electric into Shandong" project operational since May, supplying green energy to the eastern regions [5] Group 2 - As of June, Qingyang's computing power has surpassed 60,000 P, achieving a tenfold increase since early 2024, with its intelligent computing power ranking first in the country in terms of proportion, growth rate, and increment [7] - The abundant energy supply supports the transformation of the economic development model in the region, with Qingyang being one of the ten data center clusters in the "East Data West Computing" project, attracting numerous leading domestic enterprises to establish data centers [8]

Core Insights - Qingju Technology (836208.BJ) reported a revenue of 351 million yuan for the first half of 2025, marking a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 65.7 million yuan, up 0.56% from the previous year [1] - The company signed new business contracts worth 658 million yuan during the same period, representing a growth of 29.50% year-on-year, with a backlog of orders reaching 2.932 billion yuan, an increase of 2.56% from the beginning of the year [1] Revenue and Profit Growth - The company's core business, which includes full-process engineering consulting services, generated revenue of 338 million yuan, reflecting a year-on-year growth of 4.53% [1] - The non-recurring net profit reached 63.7 million yuan, with a year-on-year increase of 6.71% [1] Strategic Client Acquisition - Qingju Technology successfully entered the consulting intermediary agency library of several strategic clients, including China Rare Earth Group and China Agricultural Bank, contributing to a new contract amount increase of 143.7 million yuan, or 28.79% [2] Second Growth Curve Development - The company is developing a second growth curve through its engineering management technology service ecosystem, leveraging data and algorithms to provide investment control platforms and smart cost estimation robots [3] - Despite a temporary decline in revenue from the "one circle" business, new contracts in this segment increased by 47.38% year-on-year, with non-construction party contracts making up 91.84% of the total [3] Technological Innovation and AI Integration - Qingju Technology has established a strategic partnership with Beijing Future Intelligent Technology Co., focusing on the application of AI in engineering management and consulting [4] - The self-developed "AI Smart Engineering Audit Platform" has shown promising results in practical applications and was recognized as a typical case in the field of AI at the Zhongguancun Forum [4] ESG and Corporate Governance - The company achieved a comprehensive ESG rating score of 8.27, ranking first among all companies listed on the Beijing Stock Exchange and receiving an AA rating for its performance in environmental, social, and governance aspects [5] - The board and executive team underwent a restructuring, increasing the number of members and incorporating AI experts, which enhances the company's governance and strategic direction [5] Competitive Advantages - As a leading enterprise in the industry, Qingju Technology possesses competitive advantages in talent development, client resources, and geographic distribution, positioning it for potential performance and valuation growth in 2025 [6]

本报讯 （记者李乔宇）8月19日，北京秦淮数据有限公司（以下简称"秦淮数据"）与宁夏回族自治区中 卫市人民政府在北京签署战略合作框架协议。 作为中国数据中心行业的新锐力量，秦淮数据将充分发挥自身在技术创新、高效运维以及能源方案、人 才培养等方面的领先优势，通过"全链路协同"的整体解决方案，打造兼顾企业收益与社会效益的零碳智 算中心示范项目。秦淮数据也将继续担当算力产业的"开拓者"，聚力将中卫建设为秦淮数据继张家口怀 来和大同灵丘之后的国内第三大布局节点，引领当地算力产业生态迭代升级，为中卫加速培育新质生产 力注入蓬勃动能。 根据协议，秦淮数据计划投资240亿元，在中卫建设3座零碳超大规模智算园区，项目建成后IT总容量可 达1.2GW。双方也将在完善AIDC产业生态、打造循环经济示范区、攻关行业大规模储能难题、优化属 地供能与新能源调度、本地化人才培训培养等方面展开深度合作，共筑全链路协同的新一代零碳超大规 模智算中心发展模式。本次签约，也标志着秦淮数据继京津冀枢纽和甘肃枢纽之后，在"东数西算"版图 中再下一城，进一步巩固了自身在国内算力产业发展中的"头雁"地位。 近年来，中卫紧抓"东数西算"机遇，聚焦打造"中 ...

Group 1 - The A-share market saw a rise in the "East Data West Computing" sector, with Inspur Information (000977) hitting the daily limit, indicating strong investor interest [1] - Shuguang Data Creation increased by over 8%, while Unisplendour (000938) rose by over 4%, and Zhongke Shuguang (603019) gained over 3%, reflecting positive market sentiment towards these companies [1] - Tuo Wei Information (002261) also experienced a rise of over 2%, contributing to the overall upward trend in the sector [1]

Core Viewpoint - The company is focusing on the market-oriented reform of data elements, positioning data elements as a core direction for strategic transformation, and achieving phased results in data resourceization, assetization, and capitalization [2]. Group 1: Data Element Strategy - The company is leveraging its self-developed Blu-ray storage technology to create integrated storage solutions, promoting efficient and green data storage, and supporting the national "East Data West Computing" strategy [2]. - The company is actively responding to the national call for data element market construction, focusing on building a trusted data space and developing benchmark applications in sectors such as healthcare, cultural heritage, and intelligent driving [2]. - A comprehensive service system covering data authorization consulting, compliance assessment, asset registration, accounting, and value evaluation has been established to support the value realization of data elements [2]. Group 2: Industry Empowerment - The company is concentrating on three major fields: transportation, healthcare, and culture, utilizing its 20 years of experience in transportation services to build a trusted data space for smart travel, logistics optimization, and traffic governance [4]. - In the healthcare sector, the company aims to solve data storage challenges, promote data circulation and sharing, and assist in cost control for medical insurance [4]. - The company is developing a traceable and tradable cultural data resource library and a digital cultural consumption platform to enhance the cultural sector [4]. Group 3: Market Activity - As of August 19, 2025, the company's stock closed at 23.79 yuan, with a slight increase of 0.13%, a turnover rate of 3.87%, a trading volume of 270,200 shares, and a transaction amount of 645 million yuan [1]. - On the same day, the net inflow of main funds was 18.96 million yuan, while speculative funds and retail investors experienced net outflows of 7.15 million yuan and 11.81 million yuan, respectively [6].