Core Viewpoint - The company Tom Cat (300459.SZ) has completed the first phase of its liquid-cooled intensive computing center project in Dingxi, Gansu, with subsequent phases still under construction [1] Company Summary - The first phase of the liquid-cooled intensive computing center project has been completed [1] - Ongoing construction is planned for the subsequent phases of the project [1] Industry Summary - The development of liquid-cooled computing centers is indicative of a growing trend in the industry towards more efficient and sustainable computing solutions [1]

Group 1 - The core initiative is to promote energy-saving and carbon reduction transformations in data centers through the 2025 National Green Data Center recommendation work organized by various provincial departments [1][2] - The recommendation focuses on six sectors: industry, information communication, energy, internet, finance, and public institutions, aiming to identify data centers with high energy efficiency and low carbon emissions [1] - Recommended data centers must meet specific criteria, including independent legal status, clear property rights, stable operation for over one year, and compliance with national green development plans [1] Group 2 - The evaluation process involves voluntary participation from relevant units, self-assessment against the 2025 National Green Data Center evaluation index, and the preparation of self-evaluation reports [2] - Local authorities will review the completeness and authenticity of the application materials before recommending the best candidates to the provincial level [2] - Experts from provincial departments will assess the recommended materials and select the best candidates to forward to the Ministry of Industry and Information Technology [2]

Industry News - In July 2025, the number of new A-share accounts reached 1.96 million, showing a year-on-year increase of 71% and a month-on-month increase of 19.27% [6] - The China CDC and other teams completed the first phase clinical trial of a copy-type AIDS vaccine using the Tian Tan strain, marking significant progress in AIDS vaccine research in China [6] - The wholesale sales of new energy passenger vehicles in China reached 1.18 million units in July, representing a year-on-year growth of 25% and a cumulative total of 7.63 million units from January to July, up 35% year-on-year [6] - Tencent released four open-source small-sized models suitable for low-power scenarios, which can run on consumer-grade graphics cards [6] Company News - Kweichow Moutai announced a share buyback of 3.45 million shares, with a total payment of 5.301 billion yuan [8] - Leishan Electric announced that starting September 1, residential electricity will be charged at off-peak rates, which is expected to reduce the company's electricity business revenue by approximately 16.6 million yuan in 2025 [9] - Guizhou Moutai's share buyback reflects the company's commitment to enhancing shareholder value [8] - Green通 Technology plans to acquire 51% of DaMo Semiconductor for 530 million yuan, aiming for strategic transformation and industrial upgrade towards the semiconductor industry [10]

Core Viewpoint - The Southern Runze Technology Data Center REIT is set to launch on August 8, 2025, with a total fund share of 1 billion and a planned duration of 50 years, subject to extension [1] Fund Details - The fundraising period is scheduled from July 14 to July 15, 2025, with a share price of 4.5 yuan, aiming to raise a total of 4.5 billion yuan [1] - The underlying asset of the fund is the A-18 Data Center owned by Runhe Technology, located in Langfang City, which is surrounded by several major electronic information industry parks [1] Industry Context - The data center industry can be categorized into wholesale and retail models; this project operates as a wholesale data center, providing cabinet hosting services and charging a service fee [1]

近期，一系列令人瞩目的数据揭示了人工智能（AI）对美国经济结构的深远影响。一项研究表明，在过去一年中，AI对美国GDP增长的贡献已超越人类 消费者支出，成为新的增长引擎。更令人震惊的是，美国在AI基础设施上的投资正迅速逼近甚至有望超过对人类劳动者的支出。 这一趋势不仅体现在宏观经济层面，也深刻影响了劳动力市场。据最新数据显示，过去一年里，美国约有50万个工作岗位因AI技术的普及而消失。这一 变化不仅引发了广泛的社会关注，也让即将步入职场的大学毕业生面临前所未有的就业挑战。 今年，美国应届毕业生们遭遇了史上最艰难的就业季。许多计算机科学（CS）专业的高材生，尽管拥有出色的学术背景和丰富的实习经验，却仍难以找 到理想的工作。有报道称，部分毕业生甚至投出了上千份简历，最终却只收到星巴克等零售行业的低薪工作邀请。 与此同时，美国数据中心的建设投资也在持续攀升。最新数据显示，今年6月份，美国数据中心建设的年化投资首次超过400亿美元，与去年同期相比增长 了28%。这一数字自ChatGPT推出以来，更是增长了近两倍。数据中心的蓬勃发展，进一步凸显了AI技术在现代经济中的重要地位。 这一现象不仅改变了企业的投资策略，也深刻 ...

8月4日，万国数据(GDS)盘中上涨2.55%，截至22:15，报34.99美元/股，成交478.15万美元，总市值 72.21亿美元。 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 创新的混合云管理服务 ...

❑ 海外大厂 Capex 上修明显，AI 持续高景气 证券研究报告 | 行业点评 | 通信 通信 报告日期：2025 年 08 月 04 日 AI 液冷海外市场空间有多大？ ——液冷行业点评 投资要点 （3）根据零氪 1+1，单台机架对应液冷价值量约 78820 美元，折算平均一张 B200/B300 对应液冷价值量约 1095 美元。 （4）根据以上假设，测算得 25-27 年英伟达 B 系列有望带来的液冷需求大约分 别 22/55/77 亿美元，约 159/395/553 亿人民币。 ❑ 据测算，英伟达 GPU+云厂商自研 ASIC 共同带动明年液冷市场翻倍增长，27 年有望突破千亿市场空间 核心假设及测算过程如下： 1、英伟达 B 系列芯片： （1）根据零氪 1+1，预估 25 全年 Al 服务器机架出货量将达到 25000-30000 套机 架，取中位数出货量为 28000 台机架，单台 GB200 NVL72 配 72 张 B200，即对 应 B200 出货量约 200 万片。假设 26 年 AI 服务器机架（包括 GB200 NVL72 和 GB300 NVL72）出货量将达到 70000 台，对 ...

Group 1 - The core viewpoint of the article is that Keda (SZ 002518) announced a research meeting with E Fund and GF Securities, where key executives participated to address investor inquiries [2] - For the year 2024, Keda's revenue composition is as follows: Data center industry accounts for 65.93%, New energy industry accounts for 33.15%, and other businesses account for 0.92% [2]

Group 1 - Malaysia plans to invest up to $150 billion over the next five years to purchase equipment from U.S. multinational companies in the semiconductor, aerospace, and data center sectors as part of a tariff reduction agreement with Washington [1] - The U.S. announced a 19% tariff on Malaysia starting August 8, down from the previously threatened 25% [1] - Malaysia's national oil company will purchase $3.4 billion worth of liquefied natural gas annually, and Malaysia commits to $70 billion in cross-border investments in the U.S. over the next five years to address trade imbalances [1]

Core Insights - Malaysia has agreed to increase its purchases of technology and liquefied natural gas from the United States, committing up to $150 billion over the next five years for equipment in the semiconductor, aerospace, and data center sectors [1] - The agreement is part of a tariff reduction deal, with the U.S. announcing a 19% tariff on Malaysia starting August 8, down from a previously threatened 25% [1] - Malaysia's national oil company will purchase $3.4 billion worth of liquefied natural gas annually, while Malaysia commits to $70 billion in cross-border investments in the U.S. over the next five years to address trade imbalances [1]