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].

Core Viewpoint - The liquid cooling sector is experiencing significant growth, driven by advancements in AI and high-performance computing, with companies like Invec benefiting from this trend [1][4][8]. Company Performance - Invec's stock has seen a remarkable increase of 118.18% year-to-date as of August 19, and over 190% since its low on April 9 [1][3]. - The company reported a revenue of 25.73 billion yuan for the first half of 2025, marking a year-on-year growth of 50.25%, with a net profit of 2.16 billion yuan, up 17.54% [5][6]. - Invec's Q2 net profit reached 1.676 billion yuan, reflecting a quarter-on-quarter increase of approximately 249% and a year-on-year growth of 37.98% [5]. Market Dynamics - The liquid cooling industry is gaining traction, with Dell's delivery of Nvidia's high-end GPUs marking a pivotal moment for commercialization [4][8]. - The second-quarter revenue of liquid cooling company Viant exceeded expectations at 26.38 billion USD, prompting an optimistic outlook for the industry [4]. - Invec's financing balance surged from under 600 million yuan to 1.996 billion yuan between early July and August 19, indicating strong market interest [4]. Competitive Landscape - Invec is part of the Nvidia ecosystem, having its UQD products included in Nvidia's MGX ecosystem partnership [1][9]. - The company faces competition from domestic players like浪潮, 华为, and 中科曙光, who are also developing liquid cooling solutions [11]. - Invec's domestic business gross margin has decreased to 22.98%, down from previous years, due to increased competition and changes in sales mix [11]. Future Prospects - Invec is expanding its operations, having recently acquired land for a new R&D and production center with an investment of at least 1 billion yuan [15]. - The company has set ambitious growth targets, aiming for a net profit growth rate of no less than 15%/32%/52% from 2024 to 2026 [15].

Core Insights - The conference highlights the unprecedented development opportunities for high-performance computing (HPC) as a key driver of technological innovation in the digital economy [1][2] - The event serves as a platform for academic and industry collaboration, featuring over 3,000 experts and 71 exhibitors, emphasizing the importance of integrating academic research with industrial applications [1][3] Group 1: Conference Overview - The 21st CCF National High-Performance Computing Academic Conference, one of the world's three major supercomputing events, is being held in Ordos, China, focusing on "Green Computing and Intelligent Integration" [1] - The conference aims to explore new pathways for high-quality development in HPC through interdisciplinary collaboration and knowledge sharing among experts from various sectors [1][3] Group 2: Strategic Initiatives - Ordos City plans to leverage the conference momentum to promote "computing and electricity synergy," "computing and manufacturing linkage," and "computing and intelligence integration," aiming to establish a national green computing base [2] - The release of the 2025 high-throughput Ethernet (ETH+) alliance protocol and industry standards during the opening ceremony indicates a commitment to advancing the HPC ecosystem [2] Group 3: Forum Highlights - The conference features 43 thematic forums, showcasing insights from top academicians and industry leaders, making it a significant platform for discussing trends in computing technology [3] - The interaction between academicians and entrepreneurs fosters innovation and collaboration, with many attendees expressing satisfaction with the knowledge exchange [3] Group 4: Future Outlook - The integration of traditional HPC with artificial intelligence is expected to drive breakthroughs across the entire computing chain, from algorithms to chips, positioning China as a leader in the global HPC landscape [3]

Core Insights - The WEC2025 World Computing Power Expo successfully took place in Ordos, showcasing a record 71 exhibitors and emphasizing the integration of computing power technology with green energy [1][2][12] - The expo focused on six key areas: artificial intelligence, computing infrastructure, computing services, education and research, urban cultural exchange, and various display activities [2] - The event highlighted the development of the computing power industry in Ordos, with a comprehensive exhibition area featuring 14 companies from the computing power supply chain [4] Industry Overview - The WEC2025 presented a panoramic view of the computing power industry, covering three core areas, 12 sub-industries, and 78 vertical tracks, establishing a complete ecosystem from computing foundation to application scenarios [3] - The expo featured significant advancements in liquid cooling technology, which is becoming mainstream due to its high efficiency and reliability, with notable products like the Nebula800 platform being showcased [6][7] - The event also highlighted the importance of AI and cloud computing, with companies like Beijing Parallel Technology demonstrating their parallel computing network architecture and services for major model enterprises [8] Technological Innovations - The expo showcased the first standardized ultra-intelligent integrated computing platform, Nebula800, which addresses complex computing tasks in various fields [6][7] - High-throughput Ethernet (ETH+) technology was prominently featured, with several key products launched, including a 400G smart network card and a 25.6T switch chip [9] - Lenovo presented its comprehensive solution based on the heterogeneous intelligent computing platform, emphasizing its strategic approach to scientific and intelligent computing [9] Networking and Collaboration - The expo served as a vital platform for industry exchange, connecting research breakthroughs with practical applications and facilitating collaboration among enterprises, research institutions, and government bodies [12] - The event is expected to drive the evolution of the computing power ecosystem, focusing on technological integration, regional collaboration, and enhancing public services through computing power [12]

Group 1 - Ukraine proposed to purchase $100 billion worth of U.S. weapons in exchange for security guarantees during a meeting with U.S. President Trump [3][9] - The A-share market saw the Shanghai Composite Index reach a nearly 10-year high, surpassing 1 trillion yuan in total market capitalization [3][10] - The Chinese government is taking measures to stimulate consumer spending and stabilize the real estate market [10] Group 2 - The U.S. stock market showed mixed results, with the Dow Jones Industrial Average down 0.08% and the Nasdaq slightly up by 0.01% [4] - In Hong Kong, the Hang Seng Index fell by 0.37%, while the Hang Seng Tech Index rose by 0.65%, with significant gains in the film and internet healthcare sectors [4] - The A-share market experienced a surge, with the Shanghai Composite Index closing up 0.85% and the ChiNext Index up 2.84%, driven by strong performance in computing power and AI-related stocks [5]

Group 1: Company Overview - Company Name: Shuangdeng Co., Ltd. (06960.HK) [1] - Industry: Industrial Manufacturing [1] - Core Business: Provides energy storage batteries and system solutions for communication base stations and data centers [1][2] - Established: 2011 in Taizhou, Jiangsu [1] - Market Position: Leading in global communication and data center energy storage battery market with 11.1% market share [2] Group 2: Financial Performance - Revenue Growth: Revenue increased from 4.07 billion RMB in 2022 to 4.50 billion RMB in 2024 [3][4] - Recent Performance: Revenue for the first five months of 2025 reached 1.87 billion RMB, a 33.9% increase year-on-year [4] - Net Profit: Fluctuated from 2.81 billion RMB in 2022 to 3.53 billion RMB in 2024, with a projected net profit of approximately 1.27 billion RMB for the first five months of 2025 [4] Group 3: Market Dynamics - Data Center Business: Revenue from data center business surged nearly 120% year-on-year, accounting for 46.7% of total revenue [4] - Industry Growth: Global data center energy storage installation is expected to grow from 16.5 GWh in 2024 to 209.4 GWh by 2030, with a CAGR of 52.7% [6] Group 4: Competitive Advantages - Strong Client Base: Collaborates with five of the top ten global telecom operators and all major Chinese telecom operators [2] - Technology Strategy: Employs a parallel strategy of "lead-acid + lithium + sodium batteries" to meet diverse market needs [5] - Unique Market Position: Differentiates from electric vehicle battery manufacturers by focusing on energy security for infrastructure [7] Group 5: IPO Details - IPO Date: Subscription from August 18 to August 21, 2023 [1] - Total Shares Issued: 58.557 million shares, with 10% allocated for public sale [1] - Market Capitalization: Approximately 60.48 billion HKD with a P/E ratio of 16 [1][8]