韩昱长期从事高速公路经营管理工作，牢牢把握全方位高质量发展主线，持续做强运营主业，做大资产 规模，做优产业布局，用行动践行初心、用实绩诠释使命，为公司高质量发展贡献力量，全力投身山西 交通强省建设。 山西高速主动应对市场变革，大力实施养护管理提升工程，重点打造工区级养护分析决策系统，成功构 建"数据赋能公路养护"新模式，显著提升养护管理精准性与管理效能。高标准推动服务区提档升级改 造，打造开放式交旅融合服务区。想方设法提升智慧化信息化水平，实施了重点路段运行监测提升工 程，完成所辖路段6个收费站智慧岗亭和无人治超改造。 始终坚持聚智向新，加速推动绿色能源低碳转型和交通一体化系统融合发展，大力推进沿线分布式光伏 并网发电项目、服务区（站区）充电桩建设和箱变配套电力增容，建成9个"光储充供"示范站，成功打 造高速公路"光伏廊道"。注重科技创新体系顶层设计，利用所辖高速沿线光伏、风能等可再生能源及储 能设施，积极探索"源—网—荷—储"一体化智能调控系统与示范应用，着力构建自洽率100%的综合新 能源系统示范工程。加快推进交通用能绿色化、智能化，推动企业技术创新领域和"交能一体化"发展取 得新突破。 山西高速持续优化 ...

Core Viewpoint - The report highlights the performance and strategic developments of Shango New Energy, emphasizing its financial results and growth potential in the integrated AI computing ecosystem [1][2][3] Financial Performance - For the first half of fiscal year 2025, the company reported total revenue of RMB 2.4 billion and net profit of RMB 287 million, aligning with previous estimates [1] - Profit improvement was driven by three main factors: enhanced profits from joint ventures and associates, refinancing to lower-cost financing, and effective cost control leading to reduced management expenses [1] Wind Power Development - As of June 30, 2025, the total installed capacity of wind power projects under construction and approved reached 4.9 GW, with 13 projects of 100 MW or more [2] - The company has a grid-connected wind power project capacity of 234 MW in Shandong and a wind power reserve of 991 MW, which could exceed 1 GW upon completion, representing a growth of over 300% [2] Integrated AI Computing Ecosystem - The collaboration with Century Internet for IDC business aims to create a synergistic effect, utilizing both "base-type" and "city-type" operations [2] - The Ulanqab base's single-unit design power density reaches 8 kW, 60% higher than traditional data centers, which will support AI infrastructure with green electricity once connected to the grid [2] Strategic Partnerships - A memorandum of understanding with Shandong High-speed Group aims to promote strategic cooperation, enhancing mutual advantages for high-quality development [3] - The comparison with Equinix, a global leader in AIDC, highlights the establishment of a competitive moat for Shango New Energy through deep engagement in renewable energy and green asset valuation premiums [3] ESG and Financial Strategy - Equinix's deep involvement in renewable energy, green bond financing, and ESG ratings is expected to lower WACC and operational costs, thereby increasing ROIC and attracting long-term capital [3] - The trend towards ESG is anticipated to enhance the valuation of "green assets," contributing to sustained growth in corporate market value [3]