为推动数据中心节能降碳改造和绿色发展，近日，陕西省工信厅、陕西省发展改革委、陕西省商务厅、 陕西省通信管理局联合在全省范围内组织开展2025年度国家绿色数据中心推荐工作。 推荐的数据中心应具备以下条件：所有者具有独立法人资格，数据中心产权清晰，具有明确、完整的物 理边界，拥有独立的供配电和制冷系统，且截至申报日已全系统连续稳定运行1年以上；符合国家新型 基础设施绿色高质量发展有关规划和布局要求，实现集约化、绿色化、智能化建设。2022年以后建设的 数据中心，原则上应位于全国一体化算力网络枢纽以及国家明确的算电协同试点区域范围内。数据中心 规模不小于3000个标准机架（公共机构、金融领域数据中心除外），上架率不低于60%，算力资源使用 率处于行业先进，原则上应达到《绿色数据中心评价》二级及以上等级等。 相关单位自愿参与，对照《2025年度国家绿色数据中心评价指标体系》及相关要求开展创建和自评价， 并编制《2025年度国家绿色数据中心自评价报告》。各市（区）工信主管部门会同发展改革局、商务局 组织本地区有关单位进行申报，对申报单位的材料完整性、真实性进行审核，择优向陕西省工信厅推 荐。再由陕西省工信厅会同陕西省发 ...

Group 1: Domestic ESG Policy News - China's first national standard for green data centers, "Green Data Center Evaluation," was officially implemented on June 1, outlining requirements for energy efficiency, green design, procurement, operation, and services [2] - The Ministry of Ecology and Environment released the "China Climate Change Adaptation Progress Report (2024)" on June 25, reflecting the progress and effectiveness of climate change adaptation efforts in China [2] Group 2: International ESG Developments - The International Financial Reporting Standards (IFRS) S2 received equivalent recognition from the Global Reporting Initiative (GRI) 102 for greenhouse gas emissions disclosure, allowing companies to meet both standards simultaneously [4] Group 3: ESG Preferred Index Performance - The Dongfang Jincheng Credit - CSI 800 ESG Industry Preferred Index has a cumulative return of 30.88% and an annualized return of 4.41% since January 1, 2019, while the industry underperforming index has a cumulative return of -22.42% and an annualized return of -3.99% [6] - The preferred index underperformed the CSI 800 benchmark by 4.09%, while the underperforming index lagged by 57.40% [6] Group 4: Monthly Performance - The ESG industry preferred index showed a maximum monthly increase of 2.00% on June 24, with a monthly return of -3.64%, compared to a 2.45% return for the CSI 800 index [7] Group 5: ESG Risk Events - During the reporting period from June 1 to June 30, 18 ESG risk events were monitored among A-share listed companies, resulting in total penalties of RMB 278,235,160.04 [9] - The majority of ESG risk events occurred in heavy industry manufacturing, electronics, daily consumption, and finance, with heavy industry manufacturing incurring penalties exceeding RMB 200 million [9] - Regions with significant penalties included Tianjin, Guangdong, Guangxi, and Zhejiang, with Tianjin's penalties exceeding RMB 25 million [12][13]

Core Viewpoint - The storage energy industry is experiencing new opportunities despite the cessation of mandatory storage requirements, with various supportive policies emerging at both local and national levels [1][3][4]. Policy Developments - The Yunnan Province has introduced the "Yunnan Green Power Direct Connection Implementation Plan," which emphasizes the reasonable configuration of storage systems for green power projects [1]. - National policies, such as the "Zero Carbon Park Construction Notice" and the "Green Data Center Work Notice," encourage the integration of storage in renewable energy projects [1][3]. - The "136" document issued in February 2023 halted the mandatory storage requirements that had been in place for nearly eight years, allowing for a more flexible approach to storage configuration [2][3]. Market Dynamics - The cessation of mandatory storage has not led to a decline in the storage sector; instead, it has opened up new possibilities for development [3][4]. - The new policies indicate that while storage is no longer a prerequisite for project approval, it remains essential for the successful operation of renewable energy projects [7]. Emerging Scenarios - Three key scenarios are identified for the future of the storage industry: 1. **Zero Carbon Parks**: These parks require significant renewable energy development, making storage a necessary component to address the variability of renewable sources [8]. 2. **Green Power Direct Connection**: This model allows renewable energy to be supplied directly to users, with storage playing a critical role in stabilizing supply and enhancing project profitability [9][11]. 3. **Data Centers**: The demand for continuous power in data centers necessitates the use of storage to balance energy supply and ensure efficiency [12]. Economic Considerations - The new policies encourage storage integration but raise concerns about the economic viability of projects, as storage may be viewed merely as a cost rather than a market participant [13][16]. - The industry faces challenges related to economic pressures, with some projects experiencing financial losses due to high initial investments and ongoing maintenance costs [14][16]. - The potential for a price war and low-quality competition is a concern, as companies may resort to cost-cutting measures that compromise project integrity [16].

Group 1 - Star Stone Investment recently conducted research on a listed company, Ice Wheel Environment, which focuses on providing advanced system solutions and lifecycle services in the energy and power sectors [1] - Ice Wheel Environment's main products include compressors and heat exchange devices, which manage thermal energy functions across a temperature range of -271℃ to 200℃ [1] - The company has successfully developed a helium compressor for ultra-low temperatures, used in superconducting magnet cooling systems for magnetic confinement nuclear fusion devices [1] - Ice Wheel Environment provides cooling equipment and heat exchange devices for data centers, with products listed in the national directory of advanced applicable technologies for green data centers [1] - The company is involved in the cooling and heating technologies for nuclear power plants and has participated in setting standards for nuclear refrigeration equipment [1] - Ice Wheel Environment has launched comprehensive thermal control solutions for industrial applications, focusing on efficient recovery and utilization of residual energy [1] - The company is also developing green energy system solutions for marine applications, including BOG re-liquefaction devices and ship carbon capture systems [1] - The company's competitive advantage lies in continuous technological innovation, supported by a nationally recognized enterprise technology center and multiple national awards [1] Group 2 - Star Stone Investment Management Co., Ltd. was established in 2007 and is one of the top private equity investment management companies in China [2] - The company has received numerous awards, including being the first Chinese private equity firm to win the Morningstar China Hedge Fund Award and to be included in the MSCI Global Hedge Fund Index [2] - Star Stone Investment focuses on long-only equity strategies and has built a strong research team of 40 professionals, employing a multi-faceted driving factor investment approach [2] - The investment decision-making process is led by a committee, with nine fund managers collaboratively managing all products to identify high-quality investment targets [2] - The company emphasizes talent development through a model of nurturing elite graduates, ensuring high team stability and strong cultural alignment [2] - Star Stone Investment has established a comprehensive company structure that includes investment research, market services, back-office operations, and compliance risk control [2] - The firm has been recognized by mainstream financial institutions and is the first private equity fund to serve as an investment advisor for bank wealth management products [2] - Star Stone Investment has developed a unique investment methodology tailored to the Chinese A-share market, focusing on multi-layered driving factors to achieve consistent excess returns [2]

Core Insights - The Ministry of Industry and Information Technology, along with five other departments, has initiated the 2025 National Green Data Center recommendation work, focusing on high energy efficiency and low carbon emissions in six sectors [1] - The push for green data centers is driven by the rapid rise of the digital economy, highlighting the need for a comprehensive green management system throughout the data center lifecycle [1][2] - The integration of renewable energy into data centers is essential for reducing energy consumption, with specific targets set for renewable energy utilization rates [2] Group 1 - The 2025 National Green Data Center recommendation work aims to identify data centers that are energy-efficient, low-carbon, and technologically advanced across various sectors [1] - The initiative has been ongoing for several years, promoting a green transformation in data centers through policy guidance and standard development [1] - The focus on renewable energy is not merely a technical addition but requires a comprehensive transformation across disciplines, emphasizing the need for advanced technical integration capabilities [2] Group 2 - The Ningxia hub is one of the eight computing power hubs in the "East Data West Calculation" project, with the first phase of the China Communications Intelligence Valley project set to be operational by August 2025 [2] - The project aims to connect the green computing power of Ningxia with the algorithm and data advantages of Shenzhen, creating a collaborative model [2][3] - The use of renewable energy is becoming a key indicator for new data centers to enhance market competitiveness, driving the transition from high-energy "white space" to low-carbon "green buildings" [3]

Core Viewpoint - The rapid development of emerging technologies such as AI and large models has led to unprecedented high-density computing demands and energy consumption challenges for data centers, making green energy-saving technologies essential for sustainable development [1] Group 1: Standard Setting - The national standard GB/T 44989-2024 "Green Data Center Evaluation" was officially implemented on June 1, marking a new phase of standardization and normalization in the green development of data centers in China [2] - The company, as a key participant in the standard, provided practical suggestions for key indicator setting, energy efficiency evaluation systems, and green operation paths, showcasing its professional influence in green data center construction [2] Group 2: Technological Innovation - The company has developed a diverse energy-saving product system to address the cooling needs of high-density cabinets, including liquid cooling systems that can achieve a PUE of less than 1.1, significantly reducing cooling energy consumption [4] - The introduction of natural cooling sources through the fluorine pump natural cooling unit enhances annual operational efficiency, particularly in mid-to-high latitude regions, demonstrating the company's refined layout in energy-saving technology [4] - The company's intelligent monitoring platform integrates advanced AI algorithms for real-time monitoring and predictive maintenance of equipment status and energy consumption data, enhancing operational intelligence and ensuring efficient data center operations [4] Group 3: Demand Focus - The company is actively responding to national strategic deployments by focusing on the construction needs of intelligent computing centers, creating customized and replicable infrastructure solutions centered on "green + intelligent + efficient" [5] - The customized solutions have demonstrated exceptional technical strength and service capability in various national green data center construction projects, helping clients achieve green transformation and efficiency improvements [5] - The company aims to deepen technological innovation and promote the integration of cutting-edge technologies such as liquid cooling and AI operations, contributing to the high-quality and sustainable development of the data center industry [5]

Group 1 - 24 solar companies, including JA Solar, JinkoSolar, Tongwei Co., Longi Green Energy, and GCL Group, jointly released the "Global Solar Sustainable Alliance" initiative to promote sustainable development in the solar industry [1] - The initiative aims to address social and environmental challenges while providing clean energy, focusing on building a sustainable supply chain and promoting green mining practices [1] - The theme of the initiative is "Together Towards Tomorrow," emphasizing collaboration among stakeholders in the solar industry for sustainable growth [2] Group 2 - The Shanghai Stock Exchange and China Securities Index Co. announced revisions to the Shanghai 380 Index, including new ESG screening criteria and investment conditions [3] - The revised index will implement changes such as excluding companies with ESG ratings of C or below and limiting the weight of individual samples to a maximum of 10% [3] - These changes are set to take effect on June 16, 2025, aiming to enhance the index's focus on sustainable and responsible investment [3] Group 3 - China's first national standard for green data center evaluation, titled "Green Data Center Evaluation," will be implemented starting June 1, providing guidelines for energy-efficient and environmentally friendly data center construction [4] - The standard outlines five key indicators for data centers, including energy resource utilization, green design, procurement, operation, and service [4] - This initiative aims to facilitate the regular assessment and certification of green data centers in the industry [4] Group 4 - The Hong Kong government is taking measures to assist small and medium-sized enterprises (SMEs) in integrating ESG principles, addressing challenges such as rising costs and lack of knowledge [5] - SMEs represent over 98% of businesses in Hong Kong, and the government aims to support them in adopting ESG practices through various initiatives [5] - The focus is on providing resources and professional assistance to help SMEs overcome difficulties in implementing ESG strategies [5] Group 5 - The Chinese paper industry is undergoing a significant green transformation in response to the EU's Carbon Border Adjustment Mechanism (CBAM) and the ongoing "dual carbon" policy [6][7] - The industry is exploring the "forest-pulp-paper integration" model, which includes carbon trading and ecological co-construction to enhance sustainability [7] - This transformation is seen as essential for the survival of high-carbon industries in the face of global ecological challenges [6] Group 6 - The China Red Cross Foundation launched the "Oral Health and Nutrition Promotion Project" to enhance public awareness of oral disease prevention and improve overall oral health [8] - The project will focus on high-risk groups such as children and the elderly, conducting community screenings and educational activities [8] - The initiative aligns with national health priorities and aims to strengthen the capabilities of grassroots medical institutions in oral health care [8] Group 7 - Zhinanzhen announced the resignation of its chairman, Dun Heng, due to personal reasons, with the vice chairman, Leng Xiaoxiang, temporarily assuming the chairman's responsibilities [9] - The company is in the process of electing a new chairman and will continue its operations under the interim leadership [9] Group 8 - Jinfutech was fined 7.5 million yuan for false financial reporting, including inflated revenue figures for the first three quarters of 2021 [10] - The Jiangsu Securities Regulatory Bureau has issued a warning to the company and its executives for the violations [10] Group 9 - Aerospace Chenguang has been suspended from participating in military procurement activities due to violations of regulations, affecting its logistics support business [11] - The company is currently investigating the reasons behind the suspension and preparing to appeal the decision [11]

Macro News - The Ministry of Transport held a meeting to deploy key tasks for 2025, emphasizing the need to deepen reforms in the comprehensive transportation system, focusing on railways, highways, waterways, civil aviation, and postal services [1][8] - As of May 31, 2025, the sales generated from the five major categories of consumer goods through the old-for-new policy reached 1.1 trillion yuan, with approximately 175 million subsidies issued to consumers [3] - The manufacturing PMI for May was reported at 49.5%, a 0.5 percentage point increase from the previous month, indicating a slight expansion in economic output [3] Industry Developments - The People's Bank of China announced a new cybersecurity reporting management method effective from August 1, which requires financial institutions to report incidents affecting their operations [4] - The National Energy Group issued a statement warning the public about fraudulent activities impersonating the group, clarifying that it has not established any "expansion centers" or engaged in investment activities [2][5] - The Ministry of Industry and Information Technology released an action plan for computing power interconnectivity, aiming for standardized interconnectivity by 2028 [7] Market Trends - Recent data shows that the average price of new residential properties in 100 major cities rose by 0.30% month-on-month in May, while second-hand residential prices fell by 0.71% [15] - Fund distribution data indicates that 2,875 funds have announced or implemented dividends this year, with a total dividend amount increasing by 39.44% compared to the same period last year [13] - The ETF market saw significant inflows into blue-chip and growth-style ETFs, with notable net subscriptions reported for several funds [14] Company News - NIO's legal department refuted false information regarding stock changes of its co-founder, emphasizing that no changes occurred [20] - Xiaomi announced the opening of 29 new stores in May, with plans for 37 more in June, expanding its presence across multiple cities [20] - JD.com reported that its full-time delivery rider count has surpassed 100,000, with plans to increase to 150,000 [18]

Group 1: Digital Currency Market - The Hong Kong digital currency sector remains active, with Lianlian Digital surging over 60% and Okex Chain rising by 41.21% [1] - The Hong Kong government has officially implemented the Stablecoin Regulation, enhancing the regulatory framework for digital assets [1] Group 2: Quantum Communication - A Chinese research team has proposed a new theoretical framework for long-distance scalable quantum direct communication, achieving a 300-kilometer quantum communication network [2] - The experiment demonstrated a fidelity of over 85% in shared quantum states among nodes, confirming the reliability of the communication method [2] Group 3: Brain-Computer Interface - Clinical trials for implantable brain-computer interfaces have commenced, aiming to validate the effectiveness and safety of the treatment for spinal cord injury patients [3] - Shanghai plans to establish a specialized committee for brain-computer interfaces, integrating various sectors to foster innovation [3] Group 4: Robotics - Galaxy General has launched TrackVLA, an end-to-end navigation model that utilizes visual perception and natural language instructions for robotic actions [4] Group 5: U.S. Debt Concerns - The International Financial Association warns that the rising U.S. debt could trigger a global bond market crisis, as borrowing costs in other countries often correlate with U.S. Treasury fluctuations [5] Group 6: Fund Performance - In the first five months of the year, some funds have reported returns exceeding 70%, particularly those focused on innovative pharmaceuticals and new consumer sectors [6] Group 7: Bond ETF Growth - Bond ETFs have seen significant inflows, with over 40 billion yuan in net inflows in May, indicating strong market interest despite overall weak bond market returns [7] Group 8: Consumer Goods Sales - The sales of consumer goods through trade-in programs have surpassed 1 trillion yuan this year, significantly boosting consumption [8] Group 9: Green Data Centers - China's first national standard for evaluating green data centers has been implemented, providing guidelines for energy efficiency and sustainable practices in data center operations [9] Group 10: Tesla Sales Decline - Tesla's new car registrations in France fell by 67% in May, marking the lowest level in nearly three years, despite the launch of a redesigned Model Y [10]

Core Viewpoint - The implementation of China's first national standard for green data center evaluation, "Green Data Center Evaluation," marks a significant step in providing clear guidelines for the green and low-carbon construction of data centers in the country [1] Group 1: National Standard Implementation - The "Green Data Center Evaluation" standard officially came into effect on June 1, indicating a national-level framework for evaluating green data centers [1] - This standard provides specific requirements for data centers in five key areas: efficient energy resource utilization, green design, green procurement, green operation, and green services [1] Group 2: Industry Guidance - The standard serves as a guide for the construction, operation, and improvement of green data centers, facilitating the regular assessment and certification of green data centers within the industry [1]