随着对人工智能投资热潮可持续性的担忧加剧，AI泡沫论再次甚嚣尘上，引发科技股连续两日下挫。 本周三，科技股连续第二个交易日下挫，以科技股为主的纳斯达克综合指数下跌0.7%，领跌主要股指。此前一天，该指数已下跌1.5%。市场对AI 繁荣能否持续的疑虑正在不断升级。 根据数据分析公司S3 Partners的数据，做空AI相关股票的投资者在此次市场回调中获利丰厚。在过去的两个交易日里，针对一篮子AI概念股的空 头头寸已为投资者带来了高达56亿美元的已实现和未实现利润。 这轮抛售的背后，是业界领袖的警告和一份研究报告。据the Verge上周五报道，OpenAI首席执行官Sam Altman表示，尽管AI是"很长一段时间以 来最重要的事情"，但该技术可能正处于一个泡沫之中，类似于本世纪初的互联网泡沫。此外，据媒体周一报道，麻省理工学院（MIT）Project NANDA的研究人员发布报告称，其研究的95%的公司没有从AI中获得任何回报。 科技巨头承压，空头获利28亿美元 在被称为"科技七巨头"的公司中，Meta受到的冲击最大，其股价在过去五个交易日中下跌了4%。同期，芯片巨头英伟达的股价下跌了3.8%。 其他科技巨头 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company's data center business is performing well, with a positive outlook for the HVDC and liquid cooling technologies. The product matrix includes UPS, precision air conditioning, micro-modules, power modules, and battery systems, serving key industries such as finance, communication, and healthcare [5]. - The storage business is gradually recovering, with a focus on expanding into new markets, particularly in Europe, the Asia-Pacific, and Africa. The European market is showing signs of recovery after a competitive phase [7]. - Revenue forecasts for 2025-2027 are projected at 48.21 billion, 65.20 billion, and 82.15 billion yuan, respectively, with corresponding EPS of 0.96, 1.39, and 1.87 yuan. The current stock price corresponds to PE ratios of 33.7, 23.2, and 17.3 times for the respective years [8]. Summary by Sections Data Center Business - The company has a strong presence in data center infrastructure, with domestic and overseas revenues evenly split. The data center revenue growth has improved in Q1 2025 and is expected to maintain high levels throughout the year [5]. Storage Business - The storage business is recovering, particularly in Europe, and the company is actively exploring new market channels in emerging regions such as the Middle East and Southeast Asia [7]. Financial Projections - The company anticipates a revenue increase from 4.82 billion yuan in 2025 to 8.22 billion yuan in 2027, with a significant recovery in net profit from 559 million yuan in 2025 to 1.09 billion yuan in 2027 [11].

Core Insights - Qinhuai Data has signed a strategic cooperation framework agreement with the Zhongwei Municipal Government in Ningxia, planning to invest 24 billion yuan to build three zero-carbon super-large-scale intelligent computing parks, with a total IT capacity of 1.2 GW upon completion [1] - The agreement emphasizes deep collaboration in enhancing the AIDC (Artificial Intelligence Data Center) industry ecosystem, creating a circular economy demonstration zone, addressing large-scale energy storage challenges, optimizing local energy supply and new energy scheduling, and local talent training [1][2] - Qinhuai Data is a leading third-party AIDC operator in China's "East Data West Computing" initiative, further solidifying its position in the domestic computing power industry with this new project [1][2] Industry Context - Zhongwei City is leveraging the "East Data West Computing" opportunity to establish itself as "China's Green Computing Power Capital," with its computing power scale, quality, and environmental standards ranking among the top in the country [2] - The city offers stable electricity supply, strong policy support, and a favorable business environment, which are conducive to the development of computing power enterprises [2] - Qinhuai Data's business model aligns with the national "East Data West Computing" initiative, focusing on large-scale development and zero-carbon strategies [2] Company Strategy - The CEO of Qinhuai Data highlighted that the rapid development of AI will significantly transform various industries and present major opportunities for upgrading intelligent computing infrastructure [3] - The company aims to leverage its advantages in technological innovation, efficient operations, energy solutions, and talent development to create zero-carbon intelligent computing center demonstration projects that balance corporate profits and social benefits [3]

本报讯 （记者李春莲）8月20日，万国数据控股有限公司（以下简称"万国数据"或"公司"）公布截至 2025年6月30日第二季度未经审计的财务业绩。2025年第二季度净收入为29亿元，同比增长12.4%；调 整后EBITDA为13.718亿元，同比增长11.2%；经调整EBITDA率为47.3%。 万国数据董事长兼首席执行官黄伟表示："通过对既有战略的高效执行，我们在2025年第二季度继续保 持稳健的运营表现和财务业绩。近期，南方万国数据中心封闭式基础设施证券投资基金在上海证券交易 所成功挂牌，这是我们战略发展过程中的又一重要里程碑。展望下半年，在人工智能浪潮的大力推动 下，国内一线市场将涌现更多新商机，我们已为此做好充足准备，将充分把握市场机遇。" 2025年第二季度，万国数据的数据中心签约面积新增2.27万平方米，同比增长8.1%，主要来自互联网和 云服务商。签约订单中包含三笔超大规模订单，总IT容量超40MW，来自位于京津冀核心枢纽城市的四 座数据中心。截至本季度末，公司数据中心总签约面积达66.4万平方米。 2025年第二季度，万国数据新增数据中心使用面积2.24万平方米，同比增长14.1%，与过去五个 ...

Core Viewpoint - The global capital flow is becoming increasingly complex as of 2025, influenced by expectations of a shift to accommodative monetary policy by the Federal Reserve, rising demand for safe-haven assets due to geopolitical conflicts, and a productivity revolution driven by artificial intelligence technology [1] Group 1: Stock Market Opportunities - The Hong Kong stock market has undergone a valuation repair over the past three years, with 2025 showing clear sector rotation characteristics [2] - Key sectors attracting capital include space infrastructure, quantum computing, and next-generation energy storage, characterized by disruptive technology patents and clear commercialization paths [2] - Companies like (02195.HK/MN6BZ) are building an "AI + biomedicine" innovation ecosystem, with their smart drug screening platform entering Phase III clinical trials [2] - Growth stock investments require careful attention to valuation digestion, as exemplified by (02195.HK/3VC9T), whose quarterly revenue grew by 380% but whose price-to-sales ratio has reached three times the industry average [2] - A "core + satellite" strategy is recommended, combining stable data center operators like (02195.HK/R7S2K) with more volatile frontier technology stocks like (02195.HK/F4G8H) for optimized portfolios [2] Group 2: Bond Market Insights - The macro backdrop of rising inflation has led to U.S. 10-year Treasury yields fluctuating between 3.5% and 4.2% [2] - High-quality bonds in the Asian dollar bond market are becoming attractive, with Malaysia's sovereign debt credit spreads narrowing to historical lows [2] - Vietnam's government-issued 10-year infrastructure bonds offer a 5.8% coupon rate, presenting a significant premium over similarly rated bonds [2] Group 3: Convertible Bonds and Green Bonds - The convertible bond market is undergoing a value reassessment, with flexible conversion price adjustment clauses making them attractive for institutional investors looking to capitalize on tech stock rebounds [3] - The issuance of green bonds surpassed $1 trillion in the first half of 2025, with (02195.HK/Z9Y0X) introducing carbon-neutral bonds featuring innovative designs linking coupon rates to emission reduction outcomes [3] Group 4: Gold Market Dynamics - London gold prices have established a new support level around $2,200 per ounce, with global central banks, especially in emerging markets, increasing their gold reserves from 12% in 2022 to 18% [3] - A new trend in physical gold investment is emerging, exemplified by (02195.HK/L4P6E) launching digital gold certificates that allow fractional ownership starting from 1 gram, with user growth of 270% in the first half of the year [3] - Valuation disparities among gold mining stocks are increasing, with operators like (02195.HK/K2M7N) benefiting from improved ESG ratings, while (02195.HK/9H3D5) faces a 35% discount due to delays in deploying mining robots [3] - The options market indicates a historical high in open interest for call options on gold with a strike price of $2,500 per ounce, reflecting long-term bullish sentiment [3] Group 5: Investment Strategy Recommendations - For the third quarter, a suggested asset allocation framework is 50% equity, 30% bonds, and 20% gold [4] - In the equity portion, focus on companies with high technological barriers and stable cash flows, such as (02195.HK/Q6W8U) [4] - For bonds, prioritize high-yield corporate bonds related to (02195.HK/V1B4C) [4] - In gold investments, consider (02195.HK/7N2F9) gold ETF linked funds [4]

Core Viewpoint - The company, GDS Holdings Limited, reported strong financial results for the first half of 2025, showing significant growth in revenue and profitability, alongside strategic investments in data center expansion [1] Financial Performance - For the first half of 2025, GDS achieved a net revenue of approximately 56.23 billion yuan, representing a year-on-year increase of 12.2% [1] - The gross profit was around 13.34 billion yuan, reflecting a year-on-year growth of 22.71% [1] - The net profit attributable to ordinary shareholders was approximately 6.64 billion yuan, marking a turnaround from a loss to profitability [1] Strategic Developments - GDS's equity investment target, DayOne, announced plans to construct a large-scale data center in Lahti, Finland, with an estimated total investment of about 12 billion euros, expected to be operational by 2027 [1] - The potential total capacity of the data center is projected to be 128 megawatts, with the first server cluster having a capacity of 50 megawatts [1] - The company is reportedly advancing a Series C equity financing round to support future project development and market expansion [1] - Management indicated that the performance of the equity financing on the first day exceeded expectations, with DayOne aiming for an initial public offering within 18 months [1]

Industry Overview - The Chinese third-party IDC industry is experiencing steady growth in scale but a slowdown in growth rate, with the market size expected to reach 277.3 billion RMB in 2024 and 318 billion RMB in 2025, reflecting a compound annual growth rate of approximately 26.0% over the past five years [2][13] - The total number of operational data center racks exceeds 9 million, with a total computing power of 280 EFLOPS, of which intelligent computing accounts for 90 EFLOPS, representing 32% of the total [2][13] Financial Performance - Revenue for the industry continues to grow but at a slower pace, with total revenue of 42.782 billion RMB in 2024, reflecting a growth rate of only 2.7% [3][29] - The overall gross profit margin shows a U-shaped trend, recovering to 25.4% in 2024, with leading companies like Runze Technology achieving a gross margin of 48.9%, comparable to international leader Equinix [3][39] - The industry has turned from loss to profit, with an average net profit of 720 million RMB in 2024, although some companies face asset impairment risks due to increased operational costs and market adjustments [3][44] Customer Concentration and Risks - High customer concentration is a common phenomenon, with top clients like Runze Technology and Data Port accounting for over 80% of sales, which stabilizes revenue but poses cash flow and credit risks [3] - The industry maintains a stable debt-to-asset ratio, which was 59.8% in 2024, with an accelerated transition towards asset securitization [3] Market Dynamics - The capital market is showing signs of recovery, with the enterprise value multiple rebounding to 18.7 and a capital return rate of 12.6% in 2024 [3] - The intelligent computing center is identified as a key development direction, with nearly 550 operational, under-construction, and planned projects nationwide, primarily concentrated in the eastern region [3] Future Outlook - The industry is expected to evolve towards a comprehensive intelligent computing ecosystem and a diversified inclusive computing power system, driven by policy and technological advancements [3][22]

Summary of GDS Holdings Conference Call Company Overview - **Company**: GDS Holdings Limited - **Industry**: Data Center and Cloud Services Key Financial Performance - **Q2 2025 Revenue**: Increased by 12.4% year-over-year, with adjusted EBITDA growth of 11.2% [3] - **Total Usage Area**: Grew by 14.1%, while the monthly service revenue (MSR) per square meter decreased by 1.7% [3] - **Adjusted EBITDA Margin**: 47.3%, slightly down from 47.8% in the same period of 2020 [3] - **Impact of Asset Divestiture**: Future revenue and EBITDA growth data will not be directly comparable due to asset divestiture, with an expected reduction of approximately 6 percentage points in year-over-year growth rates if not adjusted for asset sales [2][3] Capital Market Activities - **Capital Raised**: GDS raised a net amount of $676 million through convertible bonds and stock issuance to strengthen its balance sheet [2][5] - **Convertible Bonds**: Issued a 7-year convertible bond raising $535 million at a coupon rate of 2.25% with a conversion premium of 35% [5] - **Asset-backed Securities (ABS)**: Completed China's first data center ABS transaction, demonstrating the ability to recover capital from data center assets [6] Strategic Developments - **AI Infrastructure Preparation**: Despite short-term uncertainties in chip supply, GDS is confident in long-term AI demand and has begun site preparations for AI infrastructure [2][7] - **Future Capacity Plans**: Plans to develop approximately 900 MW of power land, particularly around Beijing, Shanghai, and Shenzhen, to meet upcoming AI demands [4][9] - **Day One Capacity**: Added 246 MW of customer commitment capacity, bringing total commitments to over 780 MW, with a goal of reaching 1 GW in three years [8] Market and Customer Insights - **Customer Base**: Currently, about 30% of committed power comes from international clients, with a long-term goal of achieving a 50:50 distribution between international and Chinese clients [14] - **AI Demand**: AI demand is expected to be concentrated in inference applications, which are sensitive to delays and require large-scale infrastructure [7][11] Future Outlook - **IPO Plans**: GDS plans to conduct an IPO within the next 18 months, with potential for additional funding rounds driven by business performance [12] - **Debt Management**: Aiming to maintain a net debt to EBITDA ratio around 5 times, with flexibility to adjust based on new investment opportunities [10] Additional Considerations - **Market Stability**: The market has remained stable since mid-last year, with expectations of continued low single-digit percentage declines in MSR due to contract price resets [11][12] - **Geographic Expansion**: GDS is expanding in Europe, particularly in Finland, where it has secured significant commitments from major clients [13] Conclusion GDS Holdings is positioned for growth with a strong focus on AI infrastructure, strategic capital management, and geographic expansion, while navigating challenges in the current market environment.

8月20日，万国数据(GDS)盘中上涨2.22%，截至21:44，报32.29美元/股，成交1111.6万美元，总市值 66.64亿美元。 财务数据显示，截至2025年03月31日，万国数据收入总额27.23亿人民币，同比增长11.96%；归母净利 润7.63亿人民币，同比增长320.64%。 大事提醒： 8月20日，万国数据将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为准）。 资料显示，万国数据控股有限公司(纳斯达克股票代码:GDS;港交所股票代码:9698)是中国及东南亚地区 领先的高性能数据中心运营商和服务商。公司的数据中心分布于对高性能数据中心需求广泛的中国核心 经济枢纽地区。为了满足客户更广泛的需求,公司还根据客户的选择在非一线城市地区建设和运营数据 中心。公司的数据中心规模大,电力供应充沛、密度高且高效,所有关键系统均具备多重冗余。公司中立 于运营商及云服务提供商,客户可自由选择与主要电信运营商连接,以及接入托管于公司数据中心的多家 云服务提供商。万国数据可为客户提供托管和管理服务,包括与领先的公有云进行直接私有连接、独特 创新 ...

格隆汇8月20日｜万国数据(9698.HK)公告，2025年第二季度净收入29亿元，同比增长12.4%；净亏损 7060万元，较去年同期的2.32亿元有所收窄；经调整EBITDA为13.72亿元，同比增长11.2%。截至2025 年6月30日，签约及预签约的总面积为66.4万平方米，同比增加8.1%。计费面积为47.92万平方米，同比 增加14.1%。运营面积为61.81万平方米，同比增加6.5%。 ...