Group 1 - The Hong Kong stock market experienced a fluctuation during the long holiday, with the Hang Seng Index rising by 1.61% on October 2, followed by three consecutive days of decline, resulting in a cumulative drop of 0.1% for October so far [2] - The Hang Seng Technology Index performed slightly better, with a cumulative increase of 0.75% for October [2] - The AH share premium reached 117.14, marking the lowest level since January 2019 [2] Group 2 - Certain sectors in the Hong Kong market, such as e-commerce, semiconductors, and non-ferrous metals, showed strong performance during the holiday, with notable gains from companies like Youzan (over 38% increase) and SMIC (over 10% increase) [2] - The gold sector benefited from rising international gold prices, with companies like Chifeng Jilong Gold seeing a significant increase of over 23%, reaching a historical high [2] - Conversely, sectors like consumer goods and digital economy faced declines, with companies such as Xiaobu Xiaobu and GDS Holdings dropping over 9% and 8% respectively [2] Group 3 - Analysts from Guotai Junan Securities predict that the Hong Kong stock market may outperform the first quarter of this year, driven by structural advantages and inflows of new capital [3] - The expectation of a 25 basis point rate cut by the Federal Reserve in October could lead to a favorable liquidity environment, potentially attracting foreign capital back to the Hong Kong market [3] - Southbound capital is expected to continue flowing into Hong Kong stocks, particularly in technology and consumer sectors, which are seen as scarce compared to A-shares [3] Group 4 - Historical data indicates a high probability of a positive opening for A-shares after the holiday, with an average increase of 0.48% on the first trading day of October from 2000 to 2024 [4] - Analysts suggest that A-shares typically exhibit a "post-holiday opening red" characteristic, especially during bull markets [4] - The fourth quarter is expected to show strong earning potential for A-shares, influenced by policy dynamics and year-end valuation adjustments [4] Group 5 - A survey indicated that 70.19% of private equity firms are optimistic about the post-holiday market, anticipating a gradual recovery [5] - The favored investment directions include AI, semiconductors, humanoid robots, and smart driving technologies, with 59.62% of private equity firms expressing interest in these sectors [5] Group 6 - The overall sentiment in the A-share market is expected to improve due to a stable domestic macroeconomic environment and high consumer activity during the holiday [6] - Developments in AI and significant collaborations, such as those between OpenAI and AMD, may catalyze related sectors in the A-share market [6]

每经头条（nbdtoutiao）——上海一城中村试水房票安置，村民组团买房，有楼盘已预收约70张房票 （记者 王晓波） 2025年1至6月份，科华数据的营业收入构成为：新能源行业占比49.62%，数据中心行业占比37.44%， 智慧电能行业占比11.77%，其他业务占比1.17%。 截至发稿，科华数据市值为369亿元。 每经AI快讯，科华数据（SZ 002335，收盘价：71.5元）10月8日晚间发布公告称，公司于近日收到副董 事长兼总裁陈四雄先生、财务总监兼副总裁汤珊女士、副总裁林清民先生、董事会秘书林韬先生、副总 裁崔剑先生出具的《关于股份减持计划实施完毕的告知函》，截至本公告披露日，上述人员股份减持计 划已实施完毕。陈四雄、汤珊、林清民、林韬、崔剑共减持公司股份约50万股，减持股份占公司总股份 0.0969%。 ...

乘上AI东风。 作者 I 吴琼 报道 I 投资界PEdaily 每一个科技风口来临，都会吸引无数淘金者。但最先赚翻的，往往是把铲子卖给淘金的人 ——周超男和她创立的润泽科技，便是AI时代的"卖铲人"。 时间回到2 009年，周超男来到河北廊坊成立润泽科技，瞄准算力基建。前面十年里，润 泽科技一直在亏损泥潭里挣扎。直到201 8年，AI风口来临，公司才逐渐走上正轨，为字 节跳动等大客户提供算力服务。 最近几年，赶上了全球AI算力风口，润泽科技迎来爆发，股价一路高涨，最新市值87 0亿 元，相比2 0 2 2年时的估值涨幅超5 0 0%。 新兴产业的造富速度令人惊叹。根据胡润研究院发布的《2 0 2 5年全球富豪榜》，背靠润 泽科技，周超男家族位列全球第600位，她成为河北女首富。 字节跳动为大客户 市值870亿 这是一个令人有些意外的逆袭故事。 成立于20 0 9年，润泽科技专门为AI产业提供算力中心服务，目前在京津冀、长三角、大 湾区、成渝经济圈等全国6大区域建成7个 AIDC智算产业园。眼下，全球AI竞赛激烈， 而AI的竞争首先是算力的竞争，润泽科技业务重要性不言而喻。 然而在此前的一段时间里，润泽科技"藉 ...

人工智能竞赛的本质，是一场关于物理基础设施的竞赛。屏幕上每一次流畅的AI交互背后，都是数据中心内数以万计的服务器在高速运转，而支 撑这一切的，是一个正在以惊人速度膨胀的万亿级实体产业——数据中心。 据美国银行（BofA）测算，全球数据中心资本支出在2024年已突破4000亿美元，2025年将达到5060亿美元，其中IT设备支出4180亿，基础设施支 出880亿。在AI需求的驱动下，该市场预计在2024至2028年间，将以高达23%的惊人年复合增长率（CAGR）扩张，最终在2028年形成一个超过 9000亿美元的庞大市场。 | ($bn) | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | 2028E | '24-'28E CAGR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Al Servers | 17 | 50 | 139 | 222 | 340 | 456 | ਟੇਰੇ | 41% | | Al Networking | 3 | 8 | ાર | 21 | 29 | ਤਰੇ | 50 | ...

在这场由AI点燃的、前所未有的淘金热中，那些掌握着核心散热与供电技术、能够为海量算力"降温"和"喂电"的供应链巨头，无疑将成为真正的赢家。 硬·AI 作者 | Kozmon 编辑 | 硬 AI 人工智能竞赛的本质，是一场关于物理基础设施的竞赛。 屏幕上每一次流畅的AI交互背后，都是数据中心内数以万计的服务器在高速运转，而支撑这一切的， 是一个正在以惊人速度膨胀的万亿级实体产业—— 数据中心。 据美国银行（BofA）测算，全球数据中心资本支出在2024年已突破4000亿美元，2025年将达到5060亿美元，其中IT设备支出4180亿，基础设施支出 880亿。在AI需求的驱动下，该市场预计在2024至2028年间，将以高达23%的惊人年复合增长率（CAGR）扩张，最终在2028年形成一个超过9000亿 美元的庞大市场。 那么，在这场前所未有的建设热潮中，真正的价值链分布在何处？谁将成为最大的受益者？ 数据中心市场的增长，已不再由传统企业自建自用驱动。自2017年以来，云服务商和托管公司的总容量首次超越企业自建数据中心后，几乎所有的新增 容量都来自于两类玩家：以亚马逊AWS、微软Azure为代表的"超大规模"（Hy ...

Core Viewpoint - Goldman Sachs has included CenturyLink (VNET.US) in its "Strong Buy" list for the Asia-Pacific region, making it the only IDC company on this list, highlighting its transition from traditional retail IDC operations to high-growth wholesale IDC operations, benefiting from increasing AI investments [1][2] Group 1: Company Transformation and Growth Potential - CenturyLink is expected to derive approximately 75% of its revenue from IDC business and 25% from cloud computing and value-added services by 2025 [1] - Goldman Sachs forecasts a compound annual growth rate (CAGR) of 52%-55% for CenturyLink's wholesale IDC business revenue and EBITDA from 2024 to 2027 [1] - The overall EBITDA margin for the company is projected to increase from 29.4% in 2024 to 33.3% in 2027 [1] Group 2: Market Dynamics and Order Growth - Due to the rapid growth in AI demand and reduced reliance on foreign chips, CenturyLink's new order volume is expected to significantly increase by the end of 2025 or early 2026, supported by its quick delivery capabilities for AI hyperscale clients [2] - If NVIDIA's Blackwell architecture-based chips for China receive approval, CenturyLink's new order volume in 2026 could be even stronger [1] Group 3: Valuation and Price Target - CenturyLink's current stock price corresponds to a forward EV/EBITDA of about 10 times for the next 12 months, with a projected EBITDA CAGR of 23% from 2024 to 2027 [2] - As new orders materialize and the contribution of wholesale IDC business to revenue and EBITDA increases, there is potential for further valuation recovery, with a target price of $13 based on a 12 times forward EV/EBITDA for 2026 [2]

Group 1: Market Performance and Trends - KWEB (KraneShares CSI China Internet ETF) has achieved a remarkable return of 50% this year, indicating a resurgence of interest in Chinese internet stocks on Wall Street [2] - The KWEB index fell from $104 at the beginning of 2021 to $21 by the end of 2024, reflecting a nearly 80% cumulative decline due to regulatory policies, macroeconomic challenges, and strained US-China relations [2] - The Hang Seng Index surged past 27,000 points on October 2, driven primarily by overseas capital, despite the absence of southbound funds during the holiday [3] Group 2: Investment Sentiment and Institutional Interest - International investors' interest in Chinese stocks has reached its highest level in years, as indicated by multiple roadshows conducted in the US and Asia [3][4] - A hedge fund manager noted that their portfolio gains were primarily driven by investments in Chinese technology and innovative pharmaceutical sectors, as they found US stocks too expensive [7] - The capital expenditure of major Chinese cloud service providers (BAT) has significantly increased, with Alibaba and Baidu showing growth rates of 57% and 30% respectively in their capital expenditures [14] Group 3: AI and Technology Sector Developments - The AI wave in the US has finally linked to the Chinese stock market, boosting sectors such as semiconductors, hardware, and the internet, with Alibaba and Tencent seeing stock price increases of approximately 120% and 60% respectively this year [3][10] - The semiconductor leader, Cambrian, reported a staggering 43-fold increase in revenue, marking its first half-year profit, with ByteDance as its largest client [7] - Chinese data center companies, such as CenturyLink and GDS, are major beneficiaries of the increased capital expenditure in AI, with their stock prices reflecting this trend [8][16] Group 4: Future Outlook and Market Dynamics - The capital expenditure of Chinese cloud service providers is rapidly catching up to that of their US counterparts, with a reported $45 billion in the past 12 months compared to $291 billion for US firms [15] - The growth prospects for Chinese data center companies are optimistic, with CenturyLink's management expressing confidence in exceeding previous order volumes in the upcoming quarters [9] - Despite the current interest from international investors, long-term investment may still require more time to materialize, as some investors remain cautious due to recent economic performance concerns [18][19]

Core Viewpoint - Chinese concept stocks are regaining popularity on Wall Street, with the KWEB index showing a 50% return this year after a significant decline from 104 USD in early 2021 to 21 USD by the end of 2024, reflecting a nearly 80% drop during a severe bear market [2][3][4] Group 1: Performance of Chinese Stocks - The recent surge in Hong Kong stocks, particularly the Hang Seng Index surpassing 27,000 points, indicates a strong interest from overseas investors, even in the absence of domestic capital due to holidays [3][4] - Major Chinese tech stocks like Alibaba and Baidu have seen significant gains, with Alibaba rising 3.59% and Baidu 2.03%, driven by themes such as cloud services and data centers [3][4] - The performance of Chinese stocks is now closely linked to the AI boom, with companies like Cambricon Technologies reporting a 43-fold increase in revenue and achieving profitability for the first time [7][8] Group 2: Investment Trends and Market Sentiment - International investors are showing unprecedented interest in Chinese stocks, with many investment banks reporting high levels of engagement during recent roadshows [4][21] - The capital expenditure by major Chinese cloud service providers (BAT) has significantly increased, with Alibaba and Baidu's capital expenditures growing by 57% and 30% respectively in Q2 2025 [16][17] - The market is witnessing a shift where foreign investors are beginning to view Chinese tech stocks as undervalued compared to their U.S. counterparts, leading to potential inflows of capital [19][22] Group 3: AI and Data Center Developments - The advancements in self-developed AI chips and the expansion of cloud services among Chinese tech giants are enhancing their valuations and attracting investor interest [4][8] - Companies like GDS and CenturyLink are identified as major beneficiaries of the growing demand for data centers, with their stock prices reflecting this trend [8][9] - The Chinese AI industry is expected to accelerate, with significant investments in infrastructure and technology, positioning it to catch up with global standards [14][15][17]

Group 1 - KWEB (KraneShares CSI China Internet ETF) has achieved a remarkable return of 50% this year, indicating a resurgence of interest in Chinese internet stocks on Wall Street [1] - The KWEB index fell from $104 at the beginning of 2021 to $21 by the end of 2024, reflecting a nearly 80% cumulative decline due to regulatory policies, a weak macro environment, and strained US-China relations [2] - There has been a noticeable increase in foreign investment interest in Hong Kong and A-shares, with discussions about China's investability no longer prevalent [3][4] Group 2 - The recent surge in Hong Kong stocks, particularly the Hang Seng Index surpassing 27,000 points, is primarily driven by overseas capital, even in the absence of southbound funds during the holiday [5] - Major Chinese tech companies like Alibaba and Baidu have seen significant stock price increases, benefiting from themes such as cloud services and data centers [5][7] - Analysts from Wall Street have reported a peak in international investor interest in Chinese stocks, with many roadshows conducted in the US and Asia [6] Group 3 - The AI wave in the US has finally linked to the Chinese stock market, leading to substantial gains in the semiconductor, hardware, and internet sectors, driven by advancements in self-developed chips and increased cloud business contributions [7][12] - The capital expenditure of major Chinese cloud service providers (BAT) has surged, with Alibaba and Baidu showing significant increases in their capital spending [27][28] - The growth prospects for Chinese data center companies like CenturyLink and GDS are optimistic, with increased demand for AI-related services and infrastructure [15][17] Group 4 - The recent developments in AI and domestic chip advancements have created a favorable environment for the Chinese stock market, mirroring the bullish trends seen in the US [20][22] - The capital expenditure of Chinese cloud service providers is rapidly catching up to that of their US counterparts, with a notable increase in spending [32] - The stock prices of Chinese data center companies have nearly doubled, reflecting the exponential growth in demand for AI-driven computing and storage solutions [33] Group 5 - International investors are showing strong interest in Chinese stocks, although long-term investments may take time to materialize [39][40] - Despite concerns over economic performance, particularly in real estate and consumption, the resilience of the Chinese stock market is expected to continue [41][42] - The upcoming events, including US-China negotiations and Federal Reserve decisions, will be crucial in shaping market sentiment and investment flows into Chinese equities [41][42]

根据公司最新运营更新，Soluna 9月份自有挖矿算力达658 PH/s，高于8月份的526 PH/s，显示其挖矿能 力持续提升。公司指出，算力增长主要得益于设备升级及能源利用效率的改善。 除产量增长外，公司还在公告中披露多项重要进展，包括与纽约数字投资集团(NYDIG)达成和解、重新 符合纳斯达克持续上市规定、完成一项最高额度达1亿美元的信贷安排、与矿机制造商嘉楠科技 (CAN.US)达成战略合作协议等。 智通财经APP获悉，周二，美国数据中心开发商Soluna Holdings(SLNH.US)大涨超16%，报2.1美元，此 前公司公布9月份共挖掘8.7枚比特币，较8月份的7.4枚显著增加。 ...