Group 1 - The core viewpoint of the news is the establishment of the "CITIC Construction Investment - Waigaoqiao Group Holding Real Estate Asset Support Special Plan," which is the first industrial plant-based asset-backed security (ABS) in the inter-institutional REITs market in China, with a total issuance scale of 1.83 billion yuan [1] - This project expands the asset range of inter-institutional REITs and creates a new equity financing channel for local state-owned enterprises, demonstrating a significant effect [1] - The underlying assets consist of four standard factory projects held by Waigaoqiao Group, located in the Waigaoqiao Free Trade Zone, with a total construction area of approximately 190,600 square meters and an average occupancy rate of 93.16% [1] Group 2 - Inter-institutional REITs are positioned as equity-type listed products and are an important part of building a multi-tiered REITs market, serving as an innovative tool for revitalizing existing assets and expanding effective investment [2] - Since the launch of the first inter-institutional REITs in 2023, the Shanghai Stock Exchange has successfully issued 20 projects with a total issuance scale exceeding 45 billion yuan, with nearly 1,200 billion yuan in total application scale [2] - The Shanghai Stock Exchange is committed to developing the inter-institutional REITs market while ensuring safety and focusing on the authenticity and reliability of underlying assets, as well as accurate and complete information disclosure [3] Group 3 - The Shanghai Stock Exchange aims to stimulate market vitality and ensure the market's sustainable and healthy development by respecting market rules and enhancing the market mechanism [3] - Future efforts will focus on organizing and building the inter-institutional REITs market ecosystem, promoting project implementation, and improving relevant mechanisms and supporting rules [3]

然而，这一需求高峰正与建筑行业长期人才短缺形成冲突。 大型数据中心建设往往需要多年才能竣工，需要密集的劳动力支持：现场工人要浇筑混凝土墙体和地 基、铺设电气面板线路，并安装发电机和冷却系统，为未来海量数据（603138）的运行打造稳定环境。 美国建筑商与承包商协会(ABC)估计，目前建筑行业工人缺口约有43.9万，尤其是在电气、管道等技能 岗位。 同时，数据中心承建企业的订单积压周期平均达到10.9个月，高于行业平均水平。 巨大需求推高了技术岗位的薪酬，不少工人迎来了职业生涯的高光时期。从电工到项目经理，转入数据 中心建设领域的工人薪资普遍上涨了25%至30%。 随着人工智能(AI)投资在美国持续升温，数据中心正以前所未有的速度扩张。 目前，亚马逊、谷歌和微软等科技巨头运营着522个数据中心，另有411个正在建设当中。美国建筑商与 承包商协会(ABC)首席经济学家阿尼班.巴苏将这场建设潮形容为"人工智能世界的军备竞赛"。 在俄勒冈州赫米斯顿，60岁的电气安全主管马克.本纳几乎每天凌晨就抵达工地。他负责确保电气系统 安全。凭借数据中心项目高耗能、对电气知识要求极高的特性，本纳的年收入达到22.5万美元，其中还 ...

Core Viewpoint - Data港's stock experienced a significant decline following the announcement of a planned share reduction by a major shareholder, indicating potential market concerns regarding the company's stability and investor sentiment [1] Group 1: Company Announcement - Data港 announced that its shareholder, 宁波锐鑫创业投资合伙企业 (Limited Partnership), plans to reduce its holdings by up to 21.55 million shares, which represents 3% of the company's total share capital [1] - The reduction will occur through two methods: a maximum of 7,183,769 shares (1.00% of total share capital) via centralized bidding and up to 14,367,539 shares (2.00% of total share capital) through block trading [1] - The share reduction period is set to begin fifteen trading days after the announcement and will last for three months [1] Group 2: Market Reaction - Following the announcement, Data港's stock price fell nearly 6% in early trading, currently down 4.03% at 34.25 yuan, with a total market capitalization of 24.6 billion yuan [1]

Core Viewpoint - The A-share market has shown a significant rebound this week, with major indices such as the CSI 300, ChiNext 300, STAR 50, CSI 500, and CSI 1000 recording weekly gains of 1.64%, 4.68%, 3.21%, 3.14%, and 3.77% respectively, with the ChiNext 300 showing the most notable recovery [1] Weekly Market Review - The performance of humanoid robot stocks has been mixed this week, with the top five gainers being Lixing Co., Changying Precision, Chaojie Co., Ruineng Technology, and GAC Group, while the top five losers include Huada Technology, Runhe Software, Jiangte Electric, Tonghui Electronics, and Lihexing [1] Recent Hotspots and Event Review - Invech's AI temperature control solution has helped data centers achieve over 22% energy savings, addressing high energy consumption issues in the manufacturing industry's digital transformation [2] - The energy consumption of data center air conditioning systems exceeds 30%, and Invech's solution optimizes cooling system control strategies without altering building structures, ensuring seamless installation and maintenance [2] Current Perspectives - Humanoid robots are considered an important downstream application of AI technology, with domestic industrial manufacturing levels leading globally. Companies like Hengshuai Co., Anpeilong, and Lens Technology are expected to benefit from the maturation of products from manufacturers like Tesla and Zhiyuan [3] - The application of diamond heat dissipation is gaining recognition among downstream customers, as the semiconductor industry progresses towards 2nm, 1nm, and even atomic-level developments. Companies such as Guoji Precision, World, and Sifangda are positioned for growth in this area [3] - The 2025 Intel Technology Innovation and Industry Ecosystem Conference has opened in Chongqing, where the first dual-plate liquid cooling server was launched, indicating a potential increase in demand for liquid cooling equipment driven by AI data center construction. Relevant companies include Invech, Bojie Co., and Fengmao Co. [3] - The development of Optical Circuit Switch (OCS) technology by Google is accelerating the progress of the industry chain, with companies like Chip Motion and Tengjing Technology being key players [3]

截至发稿，孙晟累计任职时间9年249天，现任基金资产总规模2.69亿元，任职期间最佳基金回报 38.12%， 任职期间最差基金回报-47.76%。 从基金十大重仓股角度 数据显示，建信基金旗下1只基金重仓润泽科技。建信中国制造2025股票A（001825）三季度减持4.96万 股，持有股数7.79万股，占基金净值比例为4.9%，位居第九大重仓股。根据测算，今日浮盈赚取约 18.62万元。 建信中国制造2025股票A（001825）成立日期2017年3月8日，最新规模7698.9万。今年以来亏损 14.43%，同类排名4205/4206；近一年亏损11.88%，同类排名4005/4008；成立以来收益38.12%。 建信中国制造2025股票A（001825）基金经理为孙晟。 12月1日，润泽科技涨5.01%，截至发稿，报50.11元/股，成交7.77亿元，换手率0.97%，总市值818.97亿 元。 资料显示，润泽智算科技集团股份有限公司位于河北省廊坊经济技术开发区楼庄路9号，成立日期2007 年6月27日，上市日期2015年4月24日，公司主营业务涉及数据中心业务服务。主营业务收入构成为： IDC业务64.6 ...

TPU 代工视角看谷歌材料 20251130 摘要 谷歌通过特殊 IP 和电源散热优化，在 2020 年帮助其数据中心 PUE 降 低约 25%，从而在 2020-2024 年成为其独家代工商，受益于谷歌链的 崛起。 谷歌与联发科联合设计自研芯片，博通专注于训练芯片，谷歌则进入推 理领域，GPT-8 亿芯片预计 2026 年 11 月上市，博通和联发科是主要 供应商，未来可能引入其他供应商。 自 2024 年 1 月起，伟创力加入谷歌制造业链条，与我们形成 80%对 20%的份额分配。2026 年起，红海将作为第三家供应商加入，分别占 据 65%、20%和 15%的市场份额，并提供专业液冷解决方案。 2025 年上半年，依数曾是谷歌最大 PCB 供应商，下半年切换回沪电， 目前沪电占 70%，方正占 20%，TTM 占 10%。光模块方面，旭创一直 是核心供应商，新易盛份额不到 10%。 谷歌计划从 2026 年开始，在交换部分切换到 AOC 加 LPO 组合，以降 低成本，这将导致原有光模块供应商结构性变化。线缆方面，从传统 AEC 线缆转向 AOC 线缆，国内长兴博创、海外菲尼特为主要供货方。 Q&A 谷 ...

Investment Rating - Industry investment rating is "Overweight" [1] Core Views - The report highlights that the A-share market indices have shown significant recovery, with the CSI 300, ChiNext 300, STAR 50, CSI 500, and CSI 1000 indices increasing by 1.64%, 4.68%, 3.21%, 3.14%, and 3.77% respectively, with the ChiNext 300 showing the most notable rebound [10][11] - The humanoid robot sector is identified as a crucial downstream application of AI technology, with domestic industrial manufacturing leading globally. The report anticipates that as products from companies like Tesla and Zhiyuan mature, the industry chain will accelerate [3][22] - The application of diamond heat dissipation is gaining recognition among downstream customers, particularly as the semiconductor industry progresses towards 2nm and 1nm technologies. The report emphasizes the importance of timely heat dissipation to maintain chip performance and reliability [3][22] - The 2025 Intel Technology Innovation and Industry Ecosystem Conference in Chongqing introduced the first dual-path cold plate liquid cooling server, indicating a growing demand for liquid cooling equipment driven by AI data center construction [3][22] - Optical Circuit Switch (OCS) technology is advancing rapidly, particularly with Google's development of next-generation technologies, which is expected to accelerate the industry chain [3][22] Summary by Sections Weekly Market Review - The humanoid robot sector has shown a mixed performance, with the top five gaining stocks being Lixing Co., Changying Precision, Chaojie Co., Ruineng Technology, and GAC Group, while the top five losing stocks include Huada Technology, Runhe Software, Jiangte Electric, Tonghui Electronics, and Lihexing [19][20] Recent Hotspots and Events - Invech's AI temperature control solution has achieved over 22% energy savings for data centers, addressing high energy consumption issues in the manufacturing industry's digital transformation [2][25] Key Emerging Industry Company Tracking - Zhongchuang Zhiling has announced a bank loan guarantee to support its subsidiary, while Guojijiang has highlighted the potential of diamond heat dissipation applications in the semiconductor field, with expected revenues exceeding 10 million yuan by 2025 [22][23] - Anpeilong is expanding its R&D team for force sensor products, aiming to enhance its capabilities in the robotics sector [23][24]

图片来源：信实集团 Digital Connexion 是由穆克什·安巴尼的依赖工业有限公司 、布鲁克菲尔德资产管理公司以及 Digital Realty Trust 共同组建的合资企业，已签署协议计划到 2030 年投资 110 亿美元在印度南部开发 数据 中心设施，标志着对科技领域增长最快赛道之一的最新投资。 这则公告反映了全球趋势，随着各国政府和大型企业在一场前所未有的AI 硬件竞赛中力求跟上步伐，数万亿美元正涌入数据中心建设。 安得拉邦也正成为关键目的地，上个月 Alphabet 旗下 Google 宣布计划在未来五年投资约 150 亿美元，在维沙卡帕特南建设 AI 基础设施枢纽。 这家Reliance 合资企业正加入越来越多全球科技巨头的行列——主要来自美国——它们正大举投资印度，使该国成为全球 AI 热潮的最大受益者之一。 亚马逊公司正规划到2030 年投资 127 亿美元在印度建设云基础设施，而 ChatGPT 创建者 OpenAI 寻求建立一个 1 吉瓦的数据中心。 塔塔咨询服务公司上周从 TPG Inc.获得 10 亿美元资金，以加速其自身在 AI 数据中心领域的推进。 印度整体数据中心市场 ...

图片来源： 信实集团 Digital Connexion 是由穆克什·安巴尼的依赖工业有限公司 、布鲁克菲尔德资产管理公司以及 Digital Realty Trust 共同组建的合资企业，已签署协议计划到 2030 年投资 110 亿美元在印度南部开发 数据 中心设施，标志着对科技领域增长最快赛道之一的最新投资。 这家非上市公司周三在新闻声明中表示，将在印度南部安得拉邦维沙卡帕特南市占地 400 英亩（ 1.6187 平方公里）的 设施 内建设一个规模达 1 吉瓦的人 工智能原生 数据 中心园区。 公司补充称，已与安得拉邦经济发展局签署了谅解备忘录。 这则公告反映了全球趋势，随着各国政府和大型企业在一场前所未有的 AI 硬件竞赛中力求跟上步伐，数万亿美元正涌入数据中心建设。 安得拉邦也正成为关键目的地，上个月 Alphabet 旗下 Google 宣布计划在未来五年投资约 150 亿美元，在维沙卡帕特南建设 AI 基础设施枢纽。 我们正在寻找有创造力的00后创业 关于 Z Potentials 这家 Reliance 合资企业正加入越来越多全球科技巨头的行列——主要来自美国——它们正大举投资印度，使该国成为 ...

我国将继续坚持对虚拟货币的禁止性政策，持续打击虚拟货币相关非法金融活动 国家航天局设立商业航天司持续推动商业航天高质量发展 数据中心过热致芝商所中断交易超10小时媒体：凸显数字经济时代市场交易平台过度集中存在风险 据中国人民银行29日消息，中国人民银行日前召开打击虚拟货币交易炒作工作协调机制会议。会议强调，虚拟货币不具有与法定货币等同的法律地位，不具 有法偿性，不应且不能作为货币在市场上流通使用，虚拟货币相关业务活动属于非法金融活动。稳定币是虚拟货币的一种形式，目前无法有效满足客户身份 识别、反洗钱等方面的要求，存在被用于洗钱、集资诈骗、违规跨境转移资金等非法活动的风险。会议要求把防控风险作为金融工作的永恒主题，继续坚持 对虚拟货币的禁止性政策，持续打击虚拟货币相关非法金融活动。（新华财经） 国家金融监督管理总局11月29日发布通知，指导银行业保险业全力做好香港大埔火灾的金融保障服务等工作，高效查勘理赔，做好保险保障服务，加强金融 信贷支持，积极助力受灾重建。（新华社） 据应急管理部网站29日消息，日前，国务院安委会印发通知，部署开展高层建筑重大火灾风险隐患排查整治行动，聚焦有人员居住和活动的高层民用建筑 （ ...