Core Insights - ByteDance has announced a procurement plan for modular data center units in East and North China, set to begin on July 30, 2025, as part of its AI-driven data center (AIDC) strategy aimed at enhancing computing infrastructure for AI model training and applications [1] - ByteDance is currently the largest internet company in China in terms of incremental investment in AI infrastructure, with a projected capital expenditure of 160 billion yuan for 2025, of which approximately 90 billion yuan will be allocated for AI computing power procurement [1] - The remaining 70 billion yuan will be directed towards IDC infrastructure and network equipment procurement, aiming to create a large-scale, self-controlled data center cluster [1] - Major cloud service providers globally are also increasing their capital expenditures, with Google raising its full-year capital expenditure forecast to 85 billion USD, a 62% year-on-year increase, and plans for further increases in 2026 [1] - The procurement plan aligns with the AIDC construction window following the H20 chip unblocking, which is expected to drive explosive growth in demand across the liquid cooling, generator, and server supply chains [1] Company Specifics - Hu塑科技 provides BMS products and services to ByteDance for its self-built and leased data centers [2] - 高澜股份 supplies liquid cooling products to ByteDance, aiding in achieving low energy consumption for data centers [2]

Data Center - Nvidia has ordered 300,000 H20 chips from TSMC due to strong demand in China, shifting from a reliance on inventory to actual supply [1] - Major internet companies like ByteDance, Tencent, and Alibaba are accelerating their data center construction demands, leading to potential increases in capital expenditures [1] - ByteDance plans to start its modular data center procurement project by July 30, 2025, which may provide guidance for the related sectors [1] - There is a forecasted increase in demand for H20 chips, with ByteDance potentially purchasing an additional 100,000 units and Tencent needing between 20,000 to 50,000 units [1] AI Infrastructure - ByteDance's procurement plan for modular data centers is a key part of its AI-driven data center strategy, aimed at enhancing computing power for AI model training and applications [2] - The company is expected to spend 160 billion yuan in capital expenditures by 2025, with approximately 90 billion yuan allocated for AI computing power procurement [2] - The procurement plan aligns with the H20 chip release, likely leading to explosive growth in demand across the liquid cooling, power generation, and server industries [2] Computing Power Scheduling - The first intelligent storage scheduling platform in China has been launched, addressing key challenges in data storage [3] - This platform integrates heterogeneous resources and dynamic scheduling, enhancing the foundation for nationwide data center construction and AI technology implementation [3] - The platform aims to optimize resource allocation and improve network stability, facilitating the efficient circulation and value extraction of data elements [3] Huawei Harmony - Huawei's Cangjie programming language will be open-sourced on July 30, featuring a compiler and standard library aimed at native intelligence and high performance [4] - Cangjie is designed to support all-scenario application development within the Harmony ecosystem, playing a crucial role in its infrastructure [4] Macro and Industry News - The Central Organization Department allocated 140 million yuan to support flood relief efforts in Beijing and other areas [5] - Chinese stock ETFs listed overseas have seen significant capital inflows since July [5] - The Beijing Stock Exchange is conducting self-inspections focusing on the technical and business preparations for batch switching of securities codes [5]

Core Viewpoint - Century Internet (VNET) is a leading digital infrastructure company in China, focusing on data center and cloud computing services, with a significant market presence and strategic partnerships, particularly with Microsoft [1][2]. Financial Performance - As of March 31, 2025, Century Internet reported total revenue of 2.246 billion RMB, representing a year-on-year growth of 18.34% [1]. - The company's net profit attributable to shareholders was -238 million RMB, a decrease of 27.03% year-on-year [1]. Business Operations - Century Internet operates over 50 data centers across more than 30 cities in China, with a base business operational capacity exceeding 480 MW and over 52,000 cabinets in urban business operations [2]. - The company has established large-scale data center industry clusters in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau, facilitating smooth data migration from first-tier cities to edge cities [2]. Strategic Partnerships - As a strategic partner of Microsoft, Century Internet operates international-standard cloud services in China, including Microsoft Azure, Microsoft 365, Dynamics 365, and Power Platform [2]. - The company has built a solid foundation for business development for over 6,000 high-quality enterprise clients, including nearly 100 high-growth industry leaders [2].

Core Insights - GDS Holdings Limited (GDS) has shown a strong financial performance with a revenue increase of 11.96% year-on-year and a significant net profit growth of 320.64% as of March 31, 2025 [1][2] Financial Performance - As of March 31, 2025, GDS reported total revenue of 2.723 billion RMB and a net profit attributable to shareholders of 763 million RMB [1] - The company's stock opened at $38.105 per share, reflecting a 4.34% increase, with a total market capitalization of $7.864 billion [1] Company Overview - GDS is a leading high-performance data center operator and service provider in China and Southeast Asia, with data centers located in key economic hubs [2] - The company offers a range of services including colocation and management services, direct private connections to major public clouds, and innovative hybrid cloud management platforms [2] - GDS has 23 years of experience in providing reliable data center hosting and management services, catering to large-scale cloud service providers, major internet companies, financial institutions, and multinational corporations [2] Upcoming Events - GDS is scheduled to release its fiscal year 2025 interim report on August 20, 2023, with the actual disclosure date subject to company announcement [1]

上证报中国证券网讯（记者 王子霖）7月29日，国产算力集群项目签约仪式在河南郑州举行。启迪设计作为项目中标联合体牵头方，携手神威（无锡）信息 产业有限公司、中农算力（北京）科技有限公司与河南空港数字城市开发建设有限公司共同签署河南空港智算中心（一中心）三期项目一批次算力集群部分 建设、维护、运营一体化采购项目合约。 该项目签约建设部分含税总价达8.6亿元，算力集群运营收益含税总价为10.3亿元，是启迪设计在数字科技和AI新基建领域的又一重大成果，本次公司将携 手各方合作伙伴，全力打造一座技术领先的智能算力枢纽。 智算中心项目作为集建设、维护、运营于一体的综合性采购项目，要求150日历天内完成软硬件安装调试与初验，试运行期为30日历天。启迪设计表示，本 次中标智算中心项目是公司战略发展服务绿色低碳建造的进一步落实，凭借公司多年的积累，可为智算中心等算力建设项目提供优质专业的设备采购、实施 交付、系统运维等总包建设服务，合同的顺利履行将对公司未来的业务发展及经营业绩产生积极影响。 启迪设计表示，本次签约标志着启迪设计在数据中心基建领域的一次长足发展，在业务层面以数字科技赋能发展，加快打造"第二曲线"，加强数字与A ...

Core Viewpoint - The article highlights the increasing demand for energy storage solutions driven by the surge in electricity consumption from data centers, with Google making significant investments in long-duration energy storage technologies to meet its clean energy goals by 2030 [1][2][3]. Group 1: Google's Strategic Moves - Google has established a long-term partnership with Energy Dome to deploy carbon dioxide battery technology, marking its first commercial transaction in long-duration energy storage [2][4]. - The collaboration aims to store renewable energy for up to 24 hours, supporting Google's target of achieving 100% clean energy for its data centers by 2030 [3][4]. - Google is also investing directly in Energy Dome to support the development of long-duration energy storage (LDES) technologies and is committed to policy changes to facilitate the deployment of these technologies [4][5]. Group 2: Data Center Energy Demand - The global electricity consumption of data centers is projected to reach 415 TWh in 2024, accounting for 1.5% of global electricity consumption, with an annual growth rate of 12%, expected to double by 2030 [7][10]. - Google's data center electricity usage has surged from 14.4 million MWh in 2020 to 30.8 million MWh in 2024, representing 95.8% of its total electricity consumption, with costs increasing sevenfold since 2014 [4][7]. Group 3: Energy Storage Market Dynamics - The demand for energy storage in data centers is becoming essential, with a projected compound annual growth rate of 76.3%, increasing from 10 GWh in 2024 to approximately 300 GWh by 2030 [10]. - The article notes that the technology landscape is diversifying, with Google betting on carbon dioxide battery technology, while other companies like Tesla and CATL focus on lithium-ion batteries [11][17][18]. Group 4: Technological Innovations - Energy Dome's carbon dioxide battery technology is claimed to outperform lithium-ion batteries in long-duration storage, with a target discharge time of 8-24 hours [13][14]. - Google believes that LDES technology can economically integrate more renewable energy into the power system, potentially saving $540 billion annually by 2040 if deployed at 8 TW globally [14][18].

Core Viewpoint - GDS Holdings (GDS.US) has seen a positive market response, with a 4.5% increase in Hong Kong shares and a 3.6% rise in pre-market trading for U.S. shares, driven by favorable analyst reports and significant industry developments [1] Group 1: Analyst Ratings - Morgan Stanley reaffirmed a positive outlook on GDS Holdings, listing it as a top pick in the industry [1] - Citigroup maintained a "Buy" rating for GDS Holdings with a target price of $51.2 [1] - JPMorgan upgraded GDS Holdings from Neutral to Overweight, raising its target price from $34 to $46 [1] Group 2: Industry Developments - NVIDIA has officially submitted an application to sell its H20 GPU in China, which is expected to receive approval from U.S. authorities, marking a significant positive development for the Chinese data center industry [1]

Group 1 - The AI computing power industry chain remains active, with significant gains in related stocks and ETFs, particularly the AI ETF from the ChiNext market, which rose over 2.2% as of 9:35 AM on July 29 [1] - The Shanghai government has issued measures to further expand AI applications, including a 600 million yuan subsidy for computing power, aimed at reducing costs and supporting the development of large models [1] - The measures include a maximum 30% rent subsidy for entities renting computing power, with additional support for self-deployed computing facilities [1] Group 2 - The ChiNext AI ETF has seen a remarkable increase of 31.29% since June, significantly outperforming other similar AI ETFs [2] - The index for the ChiNext AI ETF has over 33% weight in optical modules, with leading companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication among the top three constituents [2] - The annual management fee for the ChiNext AI ETF is 0.15%, and the custody fee is 0.05%, making it the lowest comprehensive fee rate among comparable funds [2]

大事提醒： 8月26日，世纪互联将披露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，世纪互联(VNET.US)成立于1996年,是科创型数字新基建龙头企业、中国第一家美股IDC上市 公司,也是国内唯一一家以"基地型+城市型"IDC业务同步发展的头部IDC企业。世纪互联致力于为客户 提供业界领先的数据中心、智算中心(AIDC)、网络以及基于数据中心的云计算交换连接、混合交付等 云计算综合服务及解决方案,打造具有核心技术、超大规模运营能力、高附加值的数字基础设施运营平 台。 7月28日，世纪互联(VNET)盘中上涨2.06%，截至22:46，报8.43美元/股，成交1171.56万美元，总市值 22.68亿美元。 财务数据显示，截至2025年03月31日，世纪互联收入总额22.46亿人民币，同比增长18.34%；归母净利 润-2.38亿人民币，同比减少27.03%。 世纪互联在全国30多个城市运营超过50座数据中心,基地型业务运营容量超过480MW,城市型业务运营机 柜数超过52000个。在京津冀、长三角、粤港澳等区域构建了规模化的数据中心产业集 ...

Group 1: AI Developments - Tencent unveiled a comprehensive AI application landscape featuring 12 vertical agents, showcasing its latest AI achievements including the mixed Yuan 3D world model and the Tairos intelligent platform [1] - The "1+3+N" panoramic system is built around Tencent's self-developed mixed Yuan model, covering a complete architecture for platform capabilities and diverse applications [1] - The "Renewal Community" open-source platform for AI was launched, aggregating 244 industry-specific models and 158 high-quality datasets, focusing on core functionalities like computing power and data [4] Group 2: Financial Insights - In the first half of 2025, profits of large-scale industrial enterprises in China decreased by 1.8% year-on-year, totaling 34,365 billion yuan [3] - State-owned enterprises saw a profit decline of 7.6%, while foreign and Hong Kong-Macau-Taiwan invested enterprises experienced a profit increase of 2.5% [3] - Hainan's GDP grew by 4.2% year-on-year in the first half of 2025, with the primary, secondary, and tertiary industries showing growth rates of 4.7%, 5.1%, and 3.7% respectively [9] Group 3: Investment Activities - The Pudong AI Seed Fund was officially launched with a total scale of 2 billion yuan, focusing on seed-stage investments in innovative talent and cutting-edge technology [5] - KKR is in talks to acquire ST Telemedia Global Data Centres, with the deal potentially valuing the company at over 5 billion USD [8] - Jeff Bezos completed a large-scale sale of Amazon stock, generating approximately 5.7 billion USD, as part of a pre-planned transaction [11]