证券研究报告|行业周报 gszqdatemark 2026 01 11 年 月 日 通信 IDC 的边际变化 字节跳动等国内大厂资本开支规划显著提升，芯片供给端出现边际改善， 叠加国产大模型持续迭代，推动国内大厂数据中心招投标活动重启，通信 行业内部的板块轮动再次聚焦到 IDC（数据中心）。 【增量变化：从芯片供给到 AI 应用的全链条驱动】 IDC 市场正处于供需格局转变中，这一转变的核心驱动因素是芯片供给的 边际改善与国产 AI 应用需求的爆发。 从供给端看，外部芯片限制动态缓解，互联网大厂重新开启招投标。2025 年 12 月初，美国政府修订了 AI 芯片出口管制政策，为英伟达向中国"获 准客户"出口 H200 芯片提供了关键的政策窗口。此前因海外高性能 AI 芯片供应受限，大厂建设规划存在不确定性，数据中心等基础设施的招投 标活动放缓或暂停。由于芯片供应预期改善，2025 年四季度起字节等大 厂重新开启数据中心招投标。 从需求端看，大模型持续迭代推动对算力的底层需求。可灵（Kling）2025 年 12 月发布 2.6 版本与 O1 模型，推出行业首个音画同出模型。 DeepSeek2026 年初发布 ...

【环球网科技报道 记者 林迪】当前，数据中心（IDC）正经历着前所未有的深刻变革。它不再仅仅是 数据存储与计算的物理空间，更被赋予了"算力中心"的全新使命，成为支撑AI大模型训练、算法迭代与 生态演进的关键基础设施。如何在这场技术革命中保持领先？IDC行业面临着怎样的挑战与机遇？ 来源：环球网 近日，在第二十届中国IDC产业年度大典（IDCC2025）暨数字基础设施科技展（DITExpo）上，浩云长 盛集团技术研发AVP彭轶峰认为核心关键词是"兼容"与"前瞻"。 "今天很多数据中心被淘汰，本质上是因为过去十几年，二十年的路径选择而引起的，因为它不是一个 按照未来的发展去重新建设的路径。"彭轶峰一针见血地指出，"很早以前路径是从改造开始的，也就是 说你的改造就天然的决定了只能用眼前所需要的标准去设计数据中心。"这种源于"改造"的思维惯性， 导致许多从业者的意识形态和认知停留在了起点，一切创新都以当下的标准为蓝本进行想象。 然而，AI时代的需求是动态且不可预知的。彭轶峰强调："AI的特点就是我们看不到它的全貌，所以它 的不确定性，决定了未来AI的发展其实是有一定的弹性、方向差异和不可预知性。面对如此充满变数 的未 ...

ITC 板块将受益于国产链催化效应，如字节跳动发布 AI 硬件应用，有望 拉动底层算力需求，在当前底部位置、估值底部和基本面边际改善情况 下，该板块具有潜力增长空间。 综合考虑估值修复和基本面改善，预计 ITC 板块未来股价收益可达 30%-40%，回调空间有限，具备较高的投资性价比。 当前时点如何看 IDC 板块？20251202 摘要 IDC 行业在经历两个季度停滞后，四季度大厂资本开支规划乐观，预示 2026 年招标量有望创新高，百兆瓦级别大单落地，表明行业正从预期 走向兑现。 国产卡在 ITC 行业的接受度持续提升，世纪互联 50 兆瓦项目使用国产 卡，表明国产卡渗透率提高，与海外卡相关性降低，液冷项目为主的新 订单也反映了这一趋势。 IDC 项目审批权上收至国家发改委，导致新增供给减速，有助于优化当 前供大于求的市场状况，对 ITC 行业产生正面影响，首批通过审批项目 通过率不到个位数。 A 股主流 IDC 公司估值较低，如奥飞和润泽分别为 14 倍和 17 倍，低于 历史需求正常阶段的 10-20 倍估值下限，参考 REITs 估值，当前是布局 ITC 板块的较好机会。 万国和润泽 REITs 首 ...

Core Viewpoint - Shenzhen Yushun Electronics Co., Ltd. has approved a proposal to purchase a 6% equity stake in Hebei Aihua Data Technology Co., Ltd. from its controlling shareholder, Shanghai Fengwang Industrial Co., Ltd., for a total consideration of RMB 3 million [4][11][38]. Group 1: Meeting Resolutions - The board meeting on November 17, 2025, was attended by all seven directors, and the proposal was passed with 4 votes in favor, 0 against, and 0 abstentions [2][4]. - The supervisory board meeting also approved the same proposal with 3 votes in favor, 0 against, and 0 abstentions [8][38]. Group 2: Transaction Details - The transaction involves purchasing 6% of the equity of Hebei Aihua Data Technology Co., Ltd. for RMB 3 million, which has already been fully paid by Shanghai Fengwang [4][11]. - The independent directors reviewed and approved the proposal before it was submitted to the board [13][38]. Group 3: Financial and Operational Context - Shanghai Fengwang, the selling party, has a negative net asset value of RMB -229.89 million as of September 30, 2025, with no revenue generated in 2024 and a net loss of RMB -80.54 million for the first nine months of 2025 [15]. - Hebei Aihua Data Technology Co., Ltd. was established on August 29, 2023, with a registered capital of RMB 50 million and is currently in the project preparation phase for a data center project in Zhangjiakou, Hebei [18][20]. Group 4: Strategic Implications - The investment aligns with the company's strategic goals and aims to enhance its competitive position in the IDC industry while controlling investment risks [36][38]. - The company does not plan to increase its stake in Hebei Aihua Data Technology Co., Ltd. in the near future, focusing instead on the current investment [22][38].

Core Insights - Century Internet (VNET.US) reported a strong financial performance for Q2 2025, with total revenue increasing by 22.1% year-on-year to 2.43 billion RMB [1][2] - The company is focusing on the transition to AI-driven data centers (AIDC) through its newly launched Hyperscale 2.0 framework, aiming to enhance competitiveness and sustainability [2][4] Financial Performance - Total revenue for Q2 2025 reached 2.43 billion RMB, reflecting a year-on-year growth of 22.1% [1][2] - Adjusted cash gross profit increased by 34.9% to 1.06 billion RMB, with an adjusted cash gross margin rising from 39.5% to 43.6% [1] - Adjusted EBITDA grew by 27.7% to 732 million RMB, with an adjusted EBITDA margin improving from 28.8% to 30.1% [1][2] Business Operations - The base IDC business saw a significant year-on-year revenue increase of 112.5%, contributing to the overall revenue growth [2] - As of June 30, the operational capacity of the base IDC business increased by 17.5% to 674 MW, with a total of 326 MW under construction and 374 MW in reserve [3] - The company secured approximately 4 MW of orders in urban IDC business and won a 20 MW order for base IDC in Hebei [3] Strategic Initiatives - The Hyperscale 2.0 framework aims to transform the business model from single project resource delivery to providing comprehensive AIDC solutions [4] - The company plans to increase its managed data center asset scale to 10 GW by 2036, with initial developments in Inner Mongolia, Hebei, and Beijing [4] - Century Internet is focusing on high-quality, high-margin business operations while optimizing operational efficiency [3]

Core Viewpoint - The company, YunGongChang, is one of the earliest IDC service providers in China, focusing on becoming a leading provider of edge computing and edge AI services, driven by stable upstream and downstream relationships and significant market potential in these areas [1][2]. Group 1: IDC Business Growth - The demand for IDC services is experiencing stable growth due to the digital transformation of Chinese enterprises and advancements in technologies such as cloud computing, blockchain, and IoT. Frost & Sullivan projects a compound annual growth rate (CAGR) of 13.6% for the Chinese IDC market from 2024 to 2028 [1]. - Non-self-built data centers are favored by small enterprises for their low cost and high flexibility, leading to a rapid growth in the IDC solution service market, with an expected CAGR of 17.0% from 2024 to 2028 [1]. Group 2: Market Position and Strategy - The company has established brand recognition through quality service and maintains long-term stable partnerships with upstream and downstream players, which is expected to help expand its market share [1]. - The company is continuously enriching its service product portfolio and expanding its customer base, which may facilitate rapid business expansion through a flexible and scalable business model [1]. Group 3: Edge Computing and AI Growth - Edge computing has extensive applications in IoT, AI, and augmented reality, with significant growth potential. Frost & Sullivan forecasts a CAGR of 32.9% for the edge computing market from 2024 to 2028 [2]. - The company's edge computing brand, "Lingjing Cloud," has established a cross-regional edge computing network across major cities in mainland China and plans to explore lower-tier market opportunities to capitalize on industry growth [2]. - Edge computing has become the company's second growth curve, contributing to its overall revenue growth [2]. Group 4: Financial Projections - The company anticipates revenues of RMB 881 million and RMB 1.042 billion for 2025E and 2026E, respectively, reflecting growth rates of 24% and 18%. Expected net profits are RMB 27 million and RMB 49 million, with net profit margins of 3.1% and 4.7% for the same years [2]. - Based on comparable company valuations, a target price of HKD 5.0 is set for the company, applying a 43x P/E ratio for 2026E [2].

Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - The report discusses the IDC industry, focusing on demand measurement and valuation from a quantitative perspective, highlighting the importance of AI servers as core equipment in IDC [1][14] - It provides four methodologies for estimating IDC demand: capital expenditure perspective, application token call volume perspective, IDC vendor revenue perspective, and server shipment volume perspective [14][17] - The report emphasizes that EBITDA is a more accurate reflection of IDC companies' operational performance compared to net profit, advocating for the use of EV/EBITDA valuation method [22][32] Demand Measurement - The IDC industry in China generated revenue of 240.7 billion yuan in 2023, with a year-on-year growth of 26.68% and a compound annual growth rate of 17.07% over the past three years [13] - The number of operational data center racks in China reached 8.1 million in 2023, with an average power of 20.5 kW per rack, reflecting a 24.2% increase from 2022 [13] - The four demand measurement methodologies include: 1. Capital expenditure perspective: Estimating AI server demand based on capital expenditure plans from major companies [17] 2. Application token call volume perspective: Deriving IDC demand from token and FLOPS requirements [17] 3. IDC vendor revenue perspective: Predicting future IDC revenues of major listed companies to estimate market size [17] 4. Server shipment volume perspective: Tracking quarterly AI server shipments to infer IDC demand [15][21] Valuation of IDC Companies - IDC companies primarily use the EV/EBITDA valuation method, as EBITDA better reflects the actual operating conditions and industry characteristics [22][32] - The report highlights the significance of EBITDA rates in indicating the core competitiveness of IDC companies, influenced by client structure and contract terms [30][28] - North American IDC leader Equinix's transition to REITs is noted as a model for Chinese IDC companies, emphasizing the importance of expanding value-added services [42][45] Investment Recommendations - Short-term focus on the IDC industry is advised due to supply disruptions from high-end chip availability, with a recommendation to monitor new chip testing and bidding activities [3] - Long-term outlook remains positive, with a focus on financing costs, power supply optimization, and the expansion of value-added services [3] - Specific companies to watch include: 1. 万国数据 (GDS): Leading IDC company with significant overseas market expansion [46] 2. 润泽科技 (Runze Technology): Rapid capacity expansion and REITs issuance [64] 3. 世纪互联 (CenturyLink): Strong market presence with a dual focus on base and city-type IDC services [58]

Core Viewpoint - The company has disclosed accounting errors related to internal transactions, asset capitalization, and revenue recognition, leading to a non-standard audit opinion for the 2024 financial report [2][10]. Group 1: Accounting Errors - The company reported errors in internal transaction income and cost offsets, leading to understated costs and overstated inventory [3][4]. - Errors in the capitalization of rental assets were identified, where renovation costs were incorrectly classified [4][5]. - Issues in revenue recognition for IDC system integration projects were noted, primarily due to delays in collecting and processing original documents [5][6]. Group 2: Financial Impact - The adjustments for the accounting errors resulted in changes to the 2023 consolidated financial statements, including an increase in revenue from 2.37 billion to 2.43 billion and an increase in costs from 1.91 billion to 2.02 billion [6][10]. - The company’s 2024 annual report showed a revenue decline of 33.36%, with IDC business revenue decreasing by 23.51% [10][11]. Group 3: Audit Opinion - The audit firm issued a qualified opinion due to insufficient evidence to confirm the accuracy of the accounting error corrections, particularly regarding the IDC system integration revenue and inventory estimates [9][10]. - The audit procedures included evaluating internal controls, interviewing financial personnel, and reviewing relevant documentation, but sufficient evidence was not obtained [8][9]. Group 4: Client and Supplier Information - The company is required to disclose detailed information about its top ten clients and suppliers, including transaction backgrounds and performance metrics, to explain the revenue decline [10][11].

Summary of the Conference Call for Guanghuan Xinnet Industry Overview - The IDC sector is currently valued at approximately 20 times earnings, which is considered the lower limit during high prosperity phases, indicating a high cost-performance ratio and suggesting investment opportunities in this sector [2][4]. Company Profile: Guanghuan Xinnet - Guanghuan Xinnet, established in 1999, is a veteran IDC provider that initially focused on internet broadband access and later expanded into IDC services in Beijing. The company went public in 2014 and has since expanded its data center operations through acquisitions and self-construction across various regions including Beijing, the Yangtze River Delta, Changsha, and Xinjiang [5]. - The company entered the cloud computing sector in 2016 through a partnership with Amazon to operate AWS services in Beijing, adopting a dual-driven growth model of "IDC + Cloud Computing" [5]. Financial Performance - The company has maintained stable revenue in recent years; however, a goodwill impairment of 1.35 billion yuan in 2022 led to a net loss. In 2023, net profit has returned to positive territory [2][6]. Future Prospects - Guanghuan Xinnet is viewed as being on a "new journey" due to several key developments: - In 2024, the company secured its first major project with a leading internet giant in Tianjin, with a demand close to 300 megawatts, which is expected to become its largest client [2][7]. - The company has planned projects in Inner Mongolia and Hohhot with a total capacity of 360-380 megawatts, which, if approved, could expand its capacity to nearly 1 gigawatt, significantly enhancing its market competitiveness [2][7]. - The company has made significant strides in Southeast Asia, having invested in a base in Johor, Malaysia, and completed the registration of an overseas company, laying the groundwork for future international expansion [2][7]. Delivery and Client Acquisition - By the end of 2024, Guanghuan Xinnet is expected to have delivered approximately 280 megawatts, with an additional 100 megawatts projected for delivery in 2025. The company has also broken into new client segments, which could catalyze future order fulfillment [2][8]. Competitive Advantages - Guanghuan Xinnet possesses several unique advantages compared to its peers: - It has a relatively low valuation, being the lowest among the three recommended companies [3][9]. - The company leads its peers in overseas expansion, having made tangible progress in the Southeast Asian market, which provides strategic support for future growth [9][10]. - Successful entry into the supply chain of major internet companies and the planning of projects in Inner Mongolia further demonstrate its strong growth potential [9][10]. Conclusion - Guanghuan Xinnet's combination of a low valuation, strategic overseas positioning, and significant project developments positions it as a compelling investment opportunity within the IDC sector [3][10].

Overview - Shanghai Chengdi Xiangjiang Data Technology Co., Ltd. announced corrections of prior accounting errors affecting consolidated financial statements from Q1 2023 to Q3 2024, specifically in the balance sheet and income statement, without impacting the cash flow statement [1][2]. Accounting Error Corrections - The corrections were approved by the company's board and audit committee, addressing issues such as incorrect internal transaction revenue cost offsets and inaccurate capitalization of rental assets [2][3]. - Specific errors included: 1. Misreporting in internal transaction profit and loss offsets, leading to understated operating costs and overstated inventory [2]. 2. Incorrect capitalization of renovation expenses related to the "Lingang Intelligent Technology Innovation and Entrepreneurship Park Project" [3]. 3. Delays in recognizing revenue and inventory estimates for IDC system integration projects due to inefficiencies in document handling [3]. Financial Impact of Corrections - The corrections will adjust various financial statement items, with notable changes including: - Construction in progress decreased by approximately 5.51 million RMB, resulting in a new total of approximately 1.09 billion RMB [4]. - Long-term deferred expenses increased by approximately 3.68 million RMB, leading to a new total of approximately 19.66 million RMB [4]. - Unallocated profits decreased by approximately 1.84 million RMB, resulting in a new total of approximately 323.66 million RMB [4]. Financial Performance - For the first half of 2023, the company reported a revenue of approximately 930.98 million RMB, a decline of 5.26% compared to the previous year [9]. - The net profit attributable to shareholders was reported at -1.43 million RMB, reflecting a significant decrease due to challenges in the foundation and infrastructure business segment, which saw a revenue drop of 44.11% [9][10]. - The IDC business segment, however, showed resilience with a revenue increase of 22.06% [9][10]. Key Financial Metrics - The company reported a total asset value of approximately 8.16 billion RMB, down 3.61% from the previous year [6]. - The net profit margin for the reporting period was significantly impacted by increased credit impairment losses, leading to a net profit attributable to shareholders of -16.15 million RMB, a decrease of 149.49% [7][11]. - The basic earnings per share were reported at -0.04 RMB, indicating a substantial decline compared to the previous period [7][11].