Core Viewpoint - Agencia Comercial Spirits Ltd is exploring diversification into AI computing infrastructure and data center opportunities alongside its existing whisky business [1] Group 1: AI Server Lease Framework - The company has entered into a nonbinding letter of intent with Ricloud AI Inc. for a proposed lease arrangement involving high-performance AI computing servers, with an estimated total contract value of USD 120 million for approximately 300 units [2] - A deposit of USD 3.5 million is required within five business days of execution, which is refundable if a definitive lease agreement is not executed due to reasons not attributable to a material breach by either party [3] - Ricloud AI Inc. is listed as a Cloud Partner in the NVIDIA Marketplace, but there is no confirmation from NVIDIA regarding Ricloud's supply capacity or delivery capability [4] Group 2: Indonesia Data Center Site - The company has also entered into a separate nonbinding letter of intent for a proposed land transaction in Indonesia, intended for the development of an AI computing infrastructure and data center site, involving a land parcel of approximately 50,000 square meters [6] - An initial booking deposit of USD 180,000 is required for the temporary reservation of the land, along with a subsequent nonrefundable booking fee of IDR 3,000,000,000 plus VAT (11%) [7] Group 3: Strategic Rationale and Next Steps - The company is evaluating these initiatives as part of a broader review of strategic opportunities outside its core whisky business, with any entry into AI computing infrastructure and data center activities subject to further evaluation, due diligence, and internal corporate approvals [9]

Group 1 - The AI computing power index experienced a strong increase during the trading session on February 12, indicating a bullish trend in the sector [1] - Component stocks showed a widespread upward movement, with notable gains among several companies [1] - Specifically, Youke De-W reached its daily limit up, while companies such as Yimikang, Capital Online, and Tianfu Communication saw their stock prices rise by over 12% [1]

Cango (NYSE: CANG), a Bitcoin (BTC) mining company, said it sold 4,451 BTC over the weekend, generating net proceeds of about $305 million as it moves to reduce leverage tied to a bitcoin-collateralized loan. The company said on Feb. 9 the transaction was settled in Tether’s USDT stablecoin, with the full amount used to pay down debt backed by its Bitcoin holdings. Related: Popular crypto company exits Bitcoin amid crash The move comes as mining economics remain volatile and reflects what the company de ...

Core Insights - The year 2025 was a pivotal chapter for Cango, marking a strategic transformation towards becoming a leading Bitcoin miner and setting the stage for future opportunities in AI compute infrastructure [1][2]. Company Strategy - Cango has executed a disciplined entry into the Bitcoin mining industry, achieving a hashrate efficiency of 50 EH/s and securing 50 MW of energy infrastructure while transitioning to a direct NYSE listing [2][3]. - The company has made treasury adjustments to strengthen its balance sheet and reduce financial leverage, enhancing its capacity for strategic expansion into AI compute infrastructure [3]. Transition to AI Compute - Cango's global mining operations and infrastructure provide a pathway to meet the growing demand for AI compute, addressing the "Power Gap" between compute demand and existing grid capacity [4]. - The transition to AI compute will follow a three-phase roadmap: - Near Term: Standardization and deployment of modular GPU compute nodes for rapid market entry [5]. - Medium Term: Deployment of a proprietary software platform to manage distributed compute capacity [6]. - Long Term: Growth into a mature global AI infrastructure platform, activating underutilized power across the mining ecosystem [7]. Ecosystem Development - Cango aims to create broader ecosystem value by positioning itself as an "Ecosystem Enabler," leveraging underutilized energy infrastructure from the Bitcoin mining industry for AI needs [11]. - The company has established EcoHash Technology LLC to advance its AI compute initiatives, assembling a dedicated team for technical execution [8]. Value Creation - The shift towards a technology-driven infrastructure platform is expected to open new recurring revenue streams, building a resilient business model that complements existing mining operations [13]. - Cango recognizes that the transition from mining to AI compute is a long-term journey, requiring sustained effort and clear execution of its roadmap [14].

种种迹象表明，这次开放测试资源池含金量极大。盘了一下官方公布的邀测计划，既 有限时免费期，也针对不用AI用户做了分类，目前主要分为两大人群： 轻量级用户： 包含 科研新手、敏捷创客或初创团队成员，加入遥测计划可免费领取 100卡时算力资源+500G存储资源+1000万Tokens，提交反馈可额外获得最高1000 卡时算力礼、5000万Tokens及国家超算互联网核心节点体验官荣誉称号。总的来说 主打一个功能免费体验。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 这两天，伴随着国家超算互联网核心节点上线试运行，一个更关乎AI算力用户切身利 益的消息引爆业内：超算互联网平台正面向科研机构、企业、开发者，正式开放亿元 级测试资源池，目的是要打造新一代计算服务的大规模应用标杆案例。 相信大家都听说了，这次核心节点上线对传统算力应用模式的冲击很大。相较于此前 各家计算中心"分封而治"，算力资源在异构技术壁垒下难以流通复用，超算互联网平 台更像是一个网购平台，可以让算力让水电一样自由流动，并精准匹配到对应的用户 场景。 尤其这次的核心节点，不仅是平台上线以来接入的全国最大单体国产AI算力资源池， 可以为万亿参数模 ...

Core Insights - The latest Hurun China 500 list reveals the rankings of 500 non-state-owned enterprises in China, with a notable increase in the entry threshold to 34 billion RMB, a rise of nearly 30% compared to the previous year [1] - The list features 95 new entrants primarily from sectors such as consumer electronics, AI computing power, and new energy, while 99 companies dropped off the list, indicating a trend of fluctuation among companies [1] Group 1: Company Performance - Tencent's value reached 5.3 trillion RMB, marking a 50% increase, driven by strong performances in gaming, advertising, and fintech [2][3] - The "Shenzhen Four Sisters"—Huawei, BYD, Tencent, and China Ping An—are all in the top 10, with values of 850 billion RMB, 872 billion RMB, and 1.05 trillion RMB respectively, reflecting the resilience of Shenzhen's economy [3] - DJI, headquartered in Shenzhen, saw its value double due to its strong position in the consumer drone market and growth in overseas markets [5] Group 2: Industry Trends - The real estate sector saw a decline, with the number of listed companies dropping from 19 to 12 [1] - The Yangtze River Delta region has 161 companies in the Hurun China 500, accounting for 32% of the total, while the Guangdong-Hong Kong-Macau Greater Bay Area has 108 companies, representing 22% [4] - The report highlights that sectors such as AI computing, consumer electronics, innovative pharmaceuticals, and entertainment are key drivers of high-quality development in China's private economy [5]

格隆汇2月5日丨西子洁能(002534.SZ)在投资者关系中表示，有被问到：公司国内AIDC领域有什么新进 展？ 第二，合作开展面向云厂商的绿色算力中心服务。清微智能负责提供算力底座与建设支撑，西子洁能贡 献先进的储能技术与零碳建设方案，共同帮助云厂商优化PUE(能源使用效率)指标与可持续发展目标， 拓展高增长市场。公司熔盐储能技术在AIDC场景中展现出独特的适配性：一方面能实现电力的"移峰填 谷"，有效平抑电网负荷波动，保障算力中心供电的稳定性与经济性；另一方面，其储热特性可与液冷 等先进散热技术深度结合，为高密度算力集群提供高效、精准的温控解决方案，真正达成"电—热— 算"一体化协同。 公司此次与清微智能的战略携手，是公司主动布局"AI+能源"交叉领域的关键一步。展望未来，双方将 通过组建专项工作小组、建立常态化沟通机制，将协议蓝图转化为具体项目，共同探索算力中心储能的 创新模式，为我国人工智能产业的绿色可持续发展，注入一股强劲而智慧的"零碳"动力。 答：1月16日，公司与北京清微智能科技有限公司正式签署战略合作协议。双方将围绕人工智能数据中 心(AIDC)建设，推动算力和能源建设等全方位合作，共同开启" ...

Core Insights - A collaboration worth 1.68 billion yuan has been signed between Shenzhen Tiandun Data Technology Co., Ltd. and Jiangsu Wukong Digital Industry Group Co., Ltd. to enhance high-performance computing capabilities in Lianyungang City, Haizhou District, marking a significant step in developing the regional AI industry cluster [1][3] Group 1: Collaboration Details - The partnership aligns with Haizhou District's development strategy of "computing power hub + scenario-driven + ecological aggregation," aiming to accelerate the layout of the AI industry [3] - The collaboration will establish an inclusive computing service platform to enhance R&D innovation and intelligent transformation for local enterprises, thereby attracting high-end digital industry elements and promoting industrial ecosystem aggregation [3] Group 2: Technical and Market Integration - Tiandun Data will leverage its core technical advantages in data center construction, system integration, and computing platform operation to support the project [3] - Wukong Digital Group will utilize its extensive government and enterprise client channels, quality market resources, and mature industry application scenario excavation capabilities to create a complete business loop from infrastructure to service application [3] Group 3: AI and Biopharmaceutical Focus - The collaboration includes the establishment of an "AI + Biopharmaceutical Empowerment Center," focusing on deep integration of AI and biomedicine, particularly in drug development [4] - The center aims to create a professional large model system for drug research and development, ultimately serving as a regional benchmark platform for AI and biopharmaceutical innovation [4] Group 4: Company Background and Achievements - Wukong Digital Group is a leading enterprise in Lianyungang's intelligent computing industry, focusing on AI computing infrastructure and ecosystem construction [4] - The company has received authoritative certifications and has successfully established significant projects, including the first public safety AI training center in the country [4] - In January 2026 alone, Wukong Digital Group's signed computing cooperation orders exceeded 600 million yuan, indicating robust growth in the industry [4]

Core Insights - The report from GF Securities highlights the significance of the Scale-Up architecture in addressing the challenges posed by training and inference of trillion-parameter models, particularly focusing on the advancements in AI computing power [1][2]. Group 1: Current Trends in AI Computing - The core characteristics of model inference, such as long context, high concurrency, and real-time interaction, are driving the upgrade of Scale-Up systems [2]. - The need for high-performance networks during the inference phase is emphasized, as the architecture allows all accelerators' memory to be presented as a single shared pool, addressing bandwidth and latency requirements [2]. Group 2: Domestic Developments in Scale-Up - Alibaba Cloud introduced the new generation of Panjiu AI Infra2.0 AL128 supernode server, which aims to optimize computing power and communication synergy, achieving a 50% improvement in inference performance compared to traditional architectures [3]. - Tencent's ETH-X supernode project is being developed in two phases, focusing on optimizing GPU and memory communication and exploring full optical interconnection for Scale-Up [3]. - Huawei announced a three-year computing power plan, with the Ascend 950 supernode expected to launch in Q4 2026, indicating a strong commitment to advancing Scale-Up technology [3]. Group 3: Investment Opportunities in Optical Interconnection - Current Scale-Up networks primarily use copper cabling, which has limitations in system design and transmission distance, making it less suitable for future expansions [4]. - The advantages of optical interconnection are highlighted, as it can cover much greater distances compared to copper, which is limited to around 7 meters for certain applications [4].

Core Insights - The announcement from Beijing Zhipu Huazhang Technology Co., Ltd. highlights a significant increase in user demand for AI computing power due to the launch of the GLM-4.7 series model, indicating a temporary strain on computing resources in the AI industry [1] - The AI chip market in China is projected to exceed 1 trillion yuan by 2028, accounting for approximately 30% of the global market, emphasizing the need for high-quality, domestically controlled AI computing power to seize opportunities in the AI sector [1] Group 1: Current State of Computing Power - There is a pronounced computing power gap in China, with foreign manufacturers dominating the AI computing power market, holding nearly 70% of the market share in 2024 [2] - The self-sufficiency rate of AI GPUs in China has increased from less than 10% in 2020 to approximately 34% in 2024, with expectations to reach about 82% by 2027 [2] Group 2: Causes of Supply-Demand Imbalance - The supply of computing resources in China faces multiple constraints, including limitations on high-end chip imports and a lack of competitive performance in domestic GPU chips compared to international products [3] - The fragmentation of computing resources among service providers leads to low utilization rates, exacerbating the supply-demand imbalance [3] - The rapid deployment of AI applications across various industries has resulted in an explosive growth in computing power demand, with over 13,000 projects and more than 30,000 smart factories established nationwide [3] Group 3: Solutions to Computing Power Challenges - To address the computing power challenges, there is a need to fully leverage domestic computing resources and accelerate the development of the domestic chip supply chain [4] - Recent government initiatives aim to optimize the layout of intelligent computing power and enhance service levels to resolve supply-demand issues [4] - Improving the efficiency of computing power utilization and task completion, as well as fostering collaboration among stakeholders in the computing ecosystem, is essential for achieving a competitive edge in the global AI landscape [5]