Core Insights - The article emphasizes the importance of storytelling in capital markets, suggesting that a compelling narrative can be more valuable than a good product when traditional metrics like PE ratios fail [1][12] - The concept of "Market Dream Rate" (市梦率) emerges as a new dimension for evaluating investments, driven by capital expectations and the ability to tell a convincing story [1][12] Group 1: Market Dream Rate - "Market Dream Rate" reflects the pricing logic driven by future expectations, where the ability to narrate a story effectively can lead to market favor [1][4] - The phenomenon is illustrated through a case of a solar inverter company that, despite stagnant performance, saw its stock price surge after announcing ambitious plans in satellite internet and energy IoT, showcasing the power of "dream premium" [4][12] Group 2: Key Variables of Market Dream Rate - Three core variables underpinning "Market Dream Rate" are identified: completeness of the story, verifiability of the path, and capital participation [4][5] - Completeness involves presenting a comprehensive narrative that answers why the company can succeed and how it stands out from competitors [5] - Verifiability emphasizes the need for credible stories, as unsupported claims can lead to failed investments and regulatory scrutiny [5][10] - Capital participation highlights the necessity of having a clear path for capital entry and exit, ensuring that the story is not just theoretical [5] Group 3: Storytelling Techniques - Common techniques for crafting compelling narratives include borrowing concepts from trending topics, creating unique labels through certifications, and establishing credible team backgrounds [6][7] - Clear pathways for future financing and growth milestones are essential to assure investors of potential returns [8] - Leaving hints or open-ended information can stimulate investor imagination and interest [9] Group 4: Regulatory Considerations - The article notes that regulatory bodies are increasingly vigilant about the storytelling phenomenon in capital markets, emphasizing that narratives must align with fundamental realities and avoid deceptive packaging [10] - Compliance in storytelling is portrayed as both an art and a technical skill, essential for maintaining credibility [10] Group 5: Future Outlook - The article raises questions about the sustainability of "Market Dream Rate" in a future characterized by stricter regulations and more discerning investors, suggesting that the ability to tell a credible story will become a competitive advantage [13]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company is a leader in domestic immersion liquid cooling technology and is actively expanding into overseas and cold plate liquid cooling markets. The expected growth in the liquid cooling data center market is driven by increasing computing power demands and the associated rise in chip power consumption [4][3] - The company has a significant market share of 61.3% in the liquid cooling infrastructure sector as of 2023, maintaining its position as the industry leader for three consecutive years [4] - The financial forecasts for the company indicate a recovery in profitability, with projected net profits for 2025, 2026, and 2027 expected to be 105 million, 150 million, and 195 million yuan respectively [3][5] Financial Summary - In Q1 2025, the company reported revenue of 11.67 million yuan, a decrease of 1.37%, and a net loss of 31.37 million yuan, a decline of 329.66% [3] - For the year 2024, the company achieved revenue of 506 million yuan, down 22.15%, and a net profit of 61.42 million yuan, down 41.21% [3] - The projected revenue for 2025 is 856 million yuan, with a year-over-year growth of 69.0%, and the projected net profit is 105 million yuan, reflecting a growth of 71.1% [5][7] - The company's gross margin is expected to be 28.1% in 2025, with a net margin of 12.3% [5][8] Market Outlook - The global data center liquid cooling adoption rate is anticipated to rise from 14% in 2024 to 26% in 2025, indicating a growing market opportunity for the company [4] - The liquid cooling server market in China is projected to grow at a compound annual growth rate (CAGR) of 45.8% from 2023 to 2028, reaching a market size of 10.2 billion USD by 2028 [4]

Group 1: Company Performance and Financials - In 2024, the company's revenue was 1.282 billion yuan, a decrease of 27.93% year-on-year [1] - The net profit for 2024 was 42.36 million yuan, down 38.86% compared to the previous year [1] - The company plans to distribute a cash dividend of 0.35 yuan per 10 shares, totaling 4.26 million yuan [3] Group 2: Strategic Development Plans - The company initiated a "three-strategy" transformation plan in 2024, focusing on traditional communication, new energy, and intelligent computing [2][5] - The goal is to enhance market share in communication operations through AI empowerment and smart upgrades over the next three years [2][5] - The company aims to build a sustainable development model and create a new digital economy ecosystem [2] Group 3: Product and Service Innovations - The company has developed customized digital management solutions and new information communication products, including the Yuan Dao Jingwei camera [2] - In the smart charging sector, the company is expanding its network equipment sales and self-built operations, achieving significant certifications in Xinjiang [2] Group 4: Shareholder Engagement and Market Position - The company emphasizes shareholder value and plans to improve core competitiveness and operational performance to enhance stock value [5] - The company is actively pursuing strategic opportunities in the "East Data West Computing" initiative, collaborating on key projects in Xinjiang and Qinghai [5] - The company will ensure fair information disclosure regarding shareholder numbers and changes [4]

智通财经5月23日电，商务部印发《深化国家级经济技术开发区改革创新以高水平开放引领高质量发展 工作方案》，促进数字经济与实体经济深度融合。支持国家级经开区参与制造业数字化转型行动和智能 制造工程，建设一批高标准数字园区、数字化转型标杆企业和智能工厂。支持国家级经开区引进、培育 具备行业引领力的工业互联网平台、智能制造系统解决方案供应商，系统化、图谱化、标准化推动制造 业企业数字化转型升级，培育壮大数据产业。按照国家总体布局要求，因地制宜支持国家级经开区算力 基础设施、第5代移动通信（5G）等网络的建设。积极支持西部枢纽节点起步区内的国家级经开区承 接"东数西算"工程重点项目。发挥中央预算内投资等资金作用，支持符合条件的国家级经开区信息基础 设施项目建设。 商务部：因地制宜支持国家级经开区算力基础设施、5G等网络的建设 ...

Group 1 - The core viewpoint of the articles highlights the rapid development of renewable energy projects in the Haixi Prefecture of Qinghai Province, emphasizing the integration of green energy and digital economy as a new engine for high-quality development [1][5][10] - The Qinghai 60MW/600MWh liquid air energy storage project is a significant initiative, showcasing the region's potential in energy storage and management [1] - The establishment of a clean energy equipment manufacturing base in Delingha, which includes a 5.X MWh energy storage system, marks a milestone in the development of wind and solar energy integration in western China [2][4] Group 2 - The Haixi Prefecture has abundant solar and wind resources, making it a key area for renewable energy development, with a focus on photovoltaic, solar thermal, and wind power generation [5][6] - The total installed capacity of the Haixi power grid reached 25.87 million kW, with renewable energy capacity accounting for 24.82 million kW, representing 95.9% of the total [10] - The integration of green hydrogen as a high-density energy storage medium is being explored to address challenges in renewable energy consumption and grid stability [7][9] Group 3 - The National Grid Haixi Power Supply Company is actively enhancing its service support system to accommodate a high proportion of renewable energy integration, ensuring efficient resource utilization [5][6] - The company is implementing new technologies and innovations to improve grid stability and management, addressing the challenges posed by the variability of renewable energy sources [6][11] - The development of a "chain-style" service system by the National Grid Haixi Power Supply Company aims to support renewable energy enterprises from the initial connection to the grid [7][10]

Group 1 - The China Securities Big Data Industry Index decreased by 0.62% as of May 22, with mixed performance among constituent stocks, including Shengshi Technology hitting the daily limit, and Dipu Technology dropping by 2.53% [1] - The Data ETF (516000) fell by 0.66%, with the latest price at 0.9 yuan, but has seen a cumulative increase of 28.55% over the past year, ranking first among comparable funds [1] - Alibaba Cloud is accelerating the creation of a global cloud computing network, with plans to open seven new data centers in 2025 across various regions including Malaysia, UAE, Thailand, South Korea, Japan, Mexico, and the Philippines [1] Group 2 - The Data ETF and its linked funds closely track the China Securities Big Data Industry Index, focusing on popular sectors such as data elements, data security, and East Data West Computing, covering notable stocks like iFlytek and Inspur Information [2] - The emergence of the DeepSeek concept has positioned the data industry as one of the most benefited sectors in the market [2]

眼下，算力与电力正形成相互支撑、协同发展的态势。持续推动算力与绿色电力融合，我国数据产业、 数字经济将收获更高效率、更低成本、更大发展 大模型秒答专业问题、一键剪辑视频，智能网联汽车精准泊车，人形机器人分拣零件、搬运箱子……人 工智能走进千行百业，给生产生活带来便利。与此同时，随着模型规模扩大和迭代速度加快，训练算力 也在持续增长。特别是被称作"电老虎"的数据中心，大量服务器昼夜高速运转，带来巨大电力消耗。据 相关机构预测，2024年至2030年，我国数据中心用电量年均增速将达约20%，远超全社会用电量增速； 到2030年，我国数据中心能耗总量将超4000亿千瓦时，若不加大可再生能源利用比例，2030年数据中心 二氧化碳排放或超2亿吨。 把"电老虎"变为"绿巨人"，相关方面已在行动。今年3月，国家发展改革委等五部门印发意见，要求国 家枢纽节点新建数据中心绿色电力消费比例在80%的基础上进一步提升。此前印发的《国家数据基础设 施建设指引》也提出"加强大型风光基地和算力枢纽节点协同联动""加强数据中心智慧能源管理"。扎实 落实这些举措，将有力推动算力与绿色电力融合，促进数据中心绿色低碳发展。 助力实现"双碳"目标 ...

Group 1: Project Updates - The Saudi CEER electric vehicle factory MEP project is progressing steadily as part of the "Saudi Vision 2030" initiative [1] - The Chengdu Jianyang AI computing power park has completed major construction and is in trial operation, with good business expansion and contracts signed with several clients [2][3] - The company has secured a 75 million yuan contract for the Saudi CEER project, marking a significant breakthrough in its international market presence [5] Group 2: Financial Performance - In 2024, the company achieved a revenue of 787.88 million yuan, a 9.02% increase from the previous year, and a net profit of 25.87 million yuan, up 247.18% [3][4] - The net cash flow from operating activities was 23.94 million yuan, reflecting effective management of accounts receivable [4] - R&D investment for 2024 was 27.33 million yuan, accounting for 3.47% of total revenue [6] Group 3: Strategic Outlook - The company plans to enhance its core competitiveness by increasing investments in computing power, cloud computing, and security solutions [2][3] - Future strategies include focusing on communication services, digital cities, data centers, and cloud computing, while expanding into overseas markets [3][7] - The company aims to leverage its strengths in technology and industry experience to support the "Belt and Road" initiative and enhance its international presence [5][7] Group 4: Shareholder Information - No cash dividends or stock bonuses will be distributed for the 2024 fiscal year [4] - The company repurchased 4.5 million shares for a total of 41.54 million yuan in 2024 [5] Group 5: Brand and Market Position - The company received the IDC Industry Innovation Development Award, enhancing the brand recognition of "Lian Technology Cloud Data" [7] - It has joined industry associations and is involved in the development of a national computing network hub in Sichuan [7]

Group 1: Investor Relations Activity - The company held a performance briefing on May 16, 2025, via an online platform, focusing on the 2024 annual report [3] - Key attendees included the Chairman, General Manager, and other senior executives [3] Group 2: Business Development and Strategy - The company aims to expand its high-speed rail business, leveraging opportunities from the government's "signal upgrade" initiative [4] - The high-speed rail sector is seen as a significant growth area due to increasing demand for 5G coverage and infrastructure [4] - The company plans to integrate services and products in the high-speed rail sector to enhance its competitive edge [4] Group 3: Financial Performance and Risks - As of the end of 2024, accounts receivable reached CNY 340 million, with a low risk of bad debts due to the nature of clients being large state-owned enterprises [6] - The company has implemented strict management measures for accounts receivable to improve cash flow [6] Group 4: Technological Advancements - The company has made significant investments in AI and computing power services, with a focus on partnerships with major telecom operators [5][6] - The company is actively developing products in the 5G-A space, having already participated in major projects like the Hangzhou Asian Games [9] Group 5: Future Outlook and R&D Plans - The company plans to enhance its R&D capabilities in AI edge computing and 5G-A technologies in 2025 [10] - There is a strategic focus on optimizing the business structure to improve profitability and return value to investors [10] Group 6: Market Position and Collaborations - The company has signed a distribution agreement with Shanghai Suiruan Technology to strengthen its position in the AI computing market [7][8] - The domestic chip market is expected to reach a 40% share in AI servers by 2025, indicating a shift towards local alternatives [7]

Core Insights - The Guian New Area is positioned as a key platform for high-quality development and innovation in digital economy, with a focus on data and computing power as core drivers of growth [1][2][4] Economic Performance - In 2024, the GDP of Guian New Area's direct management area grew by 21.1%, maintaining a growth rate above 20% for six consecutive quarters [2] - The software and information technology services sector generated revenue of 709 billion yuan, marking a growth of 28.5%, with the digital economy's added value accounting for 53.3% of GDP [2] Infrastructure Development - The China Telecom Cloud Computing Guizhou Information Park has seen a 300% increase in computing power since its establishment, becoming the largest data center in southern China [3] - The data center's rack capacity has increased 12-fold to 14,000 racks, and the number of servers has surged 700 times to 120,000 [3] - The energy efficiency of the data centers is notable, with a Power Usage Effectiveness (PUE) as low as 1.2, potentially saving 10.1 billion kWh of electricity annually, equivalent to a reduction of 810,000 tons of carbon emissions [5] Data Center Ecosystem - Guian New Area has attracted 25 large-scale data centers, with a planned capacity of over 1.4 million racks and a computing power scale exceeding 76 EFLOPS, of which over 98% is intelligent computing [6] - The area has been designated as one of the ten national data center clusters by the National Development and Reform Commission [6] Connectivity and Data Transmission - The region is enhancing its data transmission capabilities, establishing a 400G bandwidth computing power channel connecting Guizhou with Ningbo, improving efficiency for data storage and rendering applications [9][10] - Guian New Area has achieved low latency in data transmission, with a one-way delay of 3 milliseconds within the province and up to 18 milliseconds to major regions like Beijing-Tianjin-Hebei [10] Industry Collaboration and Innovation - Guian New Area is fostering partnerships with companies like RuYun Technology to build a digital creative industry ecosystem, aiming to attract 100 digital creative enterprises by 2027 [11][12] - The area is also focusing on artificial intelligence and data training, positioning itself as a competitive base for intelligent computing [12] Strategic Development Goals - The Guian New Area aims to transform its computing resources into economic advantages, shifting from a cost center to a profit center, with significant growth in both hardware and software sectors [14] - The electronic information manufacturing sector is projected to grow by 168% in 2024, while the internet and related services sector is expected to see a revenue increase of 20.62% [14]