Summary of Conference Call Records Industry Overview - The data center power supply architecture is evolving towards High Voltage Direct Current (HVDC) systems, with major overseas companies like Microsoft, Google, Meta, and Nvidia leading the charge in adopting 400V and 800V architectures to enhance energy efficiency and reduce costs in response to the growing energy demands of AI computing [1][6][8]. Key Points and Arguments HVDC Adoption - Microsoft is implementing the Mont Diablo separated power architecture, which can be upgraded to 400V HVDC in the future [1][4]. - Google is designing a positive and negative 400V DC distribution solution, aiming for data center-level integration [1][4]. - Meta is following a three-step approach to achieve megawatt-level positive and negative 400V HVDC [1][4]. - Nvidia plans to launch an 800V power supply architecture after 2027, supporting higher rack power [1][5]. Cost and Efficiency Benefits - HVDC systems improve transmission efficiency and reduce costs by minimizing copper usage, which is crucial given the significant energy consumption increase in data centers [6][7]. - The integration of HVDC with renewable energy sources can form microgrids, optimizing energy management and achieving sustainability goals [1][7]. Transition Phases - Short-term upgrades will focus on enhancing Power Supply Units (PSUs) from 3.3 kW to 12 kW, suitable for existing data center retrofits [1][9]. - Mid-term transitions will move towards positive and negative 400V or 800V HVDC systems, while long-term plans involve direct adoption of 10 kV medium voltage to high voltage DC [1][9][10]. Additional Important Insights Domestic vs. Overseas Developments - Domestic HVDC systems primarily use 240V DC for compatibility reasons, but some companies are planning to develop 400V or 800V products due to the limitations of 240V in high-power server applications [3][13]. - Companies like Alibaba, Baidu, and Tencent are also exploring HVDC solutions, with Alibaba's Panama power supply being a notable example [3][15]. Company Strategies - Delta, Zhongheng, and Kehua are actively developing HVDC products, covering both positive and negative 400V and 800V systems [3][16]. - Investors are advised to focus on companies like Zhongheng, Kehua, and Oulu Tong, which are expected to benefit from the increasing penetration of HVDC systems [18]. Future Market Trends - The market is expected to see a shift towards higher power density requirements, particularly in the overseas market, driven by the need for efficient AC/DC and DC/DC converters [17][18]. - The integration of 800V to 50V DC/DC converters directly into server motherboards may reduce the need for external converters in the future [17][18]. This summary encapsulates the key developments and strategic directions in the HVDC sector, highlighting the ongoing transition in data center power supply architectures and the implications for industry players and investors.

Core Insights - The Ministry of Industry and Information Technology, along with five other departments, has initiated the 2025 National Green Data Center recommendation work, focusing on high energy efficiency and low carbon emissions in six sectors [1] - The push for green data centers is driven by the rapid rise of the digital economy, highlighting the need for a comprehensive green management system throughout the data center lifecycle [1][2] - The integration of renewable energy into data centers is essential for reducing energy consumption, with specific targets set for renewable energy utilization rates [2] Group 1 - The 2025 National Green Data Center recommendation work aims to identify data centers that are energy-efficient, low-carbon, and technologically advanced across various sectors [1] - The initiative has been ongoing for several years, promoting a green transformation in data centers through policy guidance and standard development [1] - The focus on renewable energy is not merely a technical addition but requires a comprehensive transformation across disciplines, emphasizing the need for advanced technical integration capabilities [2] Group 2 - The Ningxia hub is one of the eight computing power hubs in the "East Data West Calculation" project, with the first phase of the China Communications Intelligence Valley project set to be operational by August 2025 [2] - The project aims to connect the green computing power of Ningxia with the algorithm and data advantages of Shenzhen, creating a collaborative model [2][3] - The use of renewable energy is becoming a key indicator for new data centers to enhance market competitiveness, driving the transition from high-energy "white space" to low-carbon "green buildings" [3]

文：韦亚军 摄影：Bob君 鼎晖、普洛斯、Ares等顶级PE， 早已布局IDC基金。 据介绍，基金初始资产组合包含6个项目，其中4个为完全稳定运营的数据中心项目，2个项项目正在积 极开发阶段。目前4个稳定的IDC项目囊括在现有的嘉民香港物流基金中，包括已投入运营的香港嘉民 荃湾西数据中心。 嘉民集团计划在未来几年内，通过GHKDC在香港和东京等主要城市继续扩展其数据中心业务，预计未 来开发的电力储备将超过1吉瓦（GW），以支持亚洲数字经济的发展。 IDC（数据中心）的火爆，终于燃到了香港！ 近日，嘉民集团在香港成立了一只IDC基金，专注投资数据中心——嘉民香港数据中心基金（简称 GHKDC）。 该基金规模约为27亿美元（接近194亿元人民币），是目前唯一专门聚焦香港IDC市场的私人投资基 金。 欧美、中东等超级LP加持 据了解，基金LP多为欧美、中东等国际资本，他们共占80%权益，包括荷兰PGGM、APG、加拿大养老 金计划投资委员会（CPPIPB）、世邦魏理仕投资旗下间接私募房地产策略基金（CBRE IM Indirect）、 以及一家中东投资机构（不过其未表明身份）。作为GP管理人，嘉民集团持有余下的20 ...

Core Viewpoint - Century Internet (VNET) shows a mixed financial performance with revenue growth but a decline in net profit, indicating potential challenges ahead in maintaining profitability while expanding operations [1][2]. Financial Performance - As of March 31, 2025, Century Internet reported total revenue of 2.246 billion RMB, representing an 18.34% year-over-year increase [1]. - The net profit attributable to the parent company was -238 million RMB, a decrease of 27.03% compared to the previous 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 operational cabinets in urban areas [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 to edge cities [2]. Strategic Partnerships - As a strategic partner of Microsoft, Century Internet Blue Cloud 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 leading companies in high-growth industries [2].

Group 1 - GDS Holdings Limited's stock opened at $33.215 per share, up 2.77%, with a total market capitalization of $6.855 billion as of July 8 [1] - The company's total revenue for the fiscal year ending March 31, 2025, is projected to be 2.723 billion RMB, representing a year-on-year growth of 11.96% [1] - GDS's net profit attributable to shareholders is expected to reach 763 million RMB, showing a significant year-on-year increase of 320.64% [1] Group 2 - GDS Holdings 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 operates large-scale data centers with abundant power supply, high density, and efficiency, featuring multiple redundancies in all critical systems [2] - GDS is neutral to operators and cloud service providers, allowing clients to choose connections with major telecom operators and access multiple cloud service providers hosted in its data centers [2] - The company has 23 years of experience in providing secure and reliable data center hosting and management services, catering to large domestic clients and multinational corporations [2]

现在我们又在建设一个全新的大工程，"东数西算"工程。正是这个计划让美国媒体惊呼，中国正在建设 一道电力能源长城。 我国新扩建出的最大火电厂，浙江北仑电厂的新机组经过168小时满负荷试运行后，今天顺利投产，截 至7月5日，该厂已连续18天每天发电近一亿度。 我们知道中国有几大资源调配工程，比如南水北调，西气东输。 中国为什么要大规模补电，我们真的缺电吗，不是有很多人说中国电力早就过剩了吗？电力是否过剩， 要从长远的角度来看，比如美国人就坚持认为自己缺电。 早在两年之前，马斯克就判定美国的电力供应不足，美国电网变压器老化，70%超期服役，一旦用电需 求猛增，美国将出现电力短缺。 美国电力监管机构发布报告警告，未来十年，美国约有一半地区面临电力供应不足的风险，可能导致停 电。 那用电量为什么会突然猛增呢？因为人工智能。所谓的AI，大数据大模型，归根结底就是比算力，算 力的基础就是更多的芯片和超级计算机。 而超级计算机对电力的消耗，比种植大麻还要多。计算机不仅功率大，消耗电力大，还怕灰尘，怕热， 需要建造一个不停吹冷气的仓库，24小时不停的保护这些计算机。 一个AI模型，光是日常陪聊，一天就要吞掉超过五十万度电。美国 ...

Group 1: Company Overview and Changes - The company transitioned to a structure without a controlling shareholder after the largest shareholder transferred 18% of shares to a state-owned entity in 2020 [1][2] - The introduction of state-owned capital has provided financial, business, and governance support, enhancing project bidding competitiveness and focusing on core business areas [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 3.044 billion, with a gross margin increase of 5.3 percentage points to 34.61% [3] - The company’s cumulative installed capacity for energy storage exceeded 6.5 GWh, participating in national projects [3][4] Group 3: Technological Advancements - The company invested CNY 241 million in R&D, representing 7.92% of total revenue, focusing on next-generation energy storage converters with a maximum conversion efficiency of 99% [3][4] - AI integration has enhanced operational efficiency, with AI algorithms improving battery lifecycle predictions and charging efficiency [5][6] Group 4: Market Position and Product Development - The company has established a strong market position in high-end power supply needs across finance, communication, and transportation sectors [3] - Liquid cooling technology for data centers has evolved from an optional solution to a mainstream configuration, with penetration rates rising from 15% in 2022 to nearly 50% by 2025 [7] Group 5: Risk Management and Compliance - The company plans to apply for the removal of risk warnings after completing financial corrections and meeting regulatory requirements by December 31, 2025 [8][9] - The company is committed to maintaining operational stability and investor confidence despite recent challenges [9][10]

Core Viewpoint - Aofei Data plans to raise up to 1.75 billion yuan through a private placement to fund the construction of a new generation cloud computing and artificial intelligence industrial park, which is expected to enhance its overall revenue and profitability while improving its competitive position in the industry [2][3][4]. Group 1: Fundraising and Project Details - The company intends to issue A-shares to specific investors, with a total fundraising amount not exceeding 1.75 billion yuan, aimed at building five data center buildings in the industrial park [3][4]. - The project will add 8,925 cabinets with a power capacity of 8.8 kW, enhancing the company's service capabilities and market competitiveness [3][4]. - The construction period for the project is set at 18 months, and it is expected to significantly increase the company's cabinet resources and overall income scale [2][4]. Group 2: Financial Performance and Growth - Aofei Data experienced revenue growth in 2023 and 2024, achieving 1.335 billion yuan and 2.165 billion yuan respectively, with year-on-year growth rates of 21.63% and 62.18% [5][6]. - Despite the revenue growth, net profits declined in 2023 and 2024, attributed to increased fixed assets and liabilities leading to higher depreciation and financial costs [5][6]. - In the first quarter of 2025, the company reported revenue of 536 million yuan, a year-on-year increase of 40.62%, and a net profit of 51.75 million yuan, reflecting a 2.47% growth [5][6]. Group 3: Infrastructure and Market Position - As of the end of 2024, Aofei Data had over 43,000 operational cabinets in its self-built data centers, indicating a strong infrastructure foundation [6]. - The company's total assets grew from 1.63 billion yuan at the end of 2019 to 12.84 billion yuan by the first quarter of 2025, marking a significant increase [6]. - Aofei Data collaborates with major internet companies like Alibaba and Tencent in IDC services, enhancing its market position in the cloud computing sector [4][5].

在AI带动下，算力成为新石油。 周一，美国云计算公司CoreWeave发布声明宣布，同意以总价值约90亿美元的全股票交易方式收购Core Scientific，目的是扩大自身数据中心能力。 根据声明，此次收购价格为每股20.40美元，比6月25日（媒体披露谈判前最后一个交易日）的收盘价溢 价66%。这笔交易预计将在2025年第四季度完成，前提是获得监管机构批准。交易完成后，Core Scientific的股东将持有合并后公司不到10%的股份。 一家原本是比特币矿企、如今转型为数据中心服务商的公司。 Core Scientific曾是顶级比特币矿企之一，在加密资产暴跌中破产。随着比特币价格回暖，以及向AI基 础设施业务的成功转型，该公司于去年1月正式走出破产阴影。 尽管起家于加密挖矿，Core Scientific拥有强大的基础设施优势，转型后成为AI云计算公司CoreWeave的 重要数据中心承包商之一，依托其丰富的电力资源，实现"矿工转型为算力基础设施提供商"。 CoreWeave目前已与Core Scientific签署了一项为期12年的长期合作协议，租用其200兆瓦数据中心资 源，并在去年提出约10亿美 ...

Core Viewpoint - CoreWeave has agreed to acquire Core Scientific in an all-stock transaction valued at approximately $9 billion, aimed at expanding its AI data center capabilities [1] Transaction Details - The acquisition values Core Scientific's stock at $20.40 per share, representing a 66% premium over the closing price on June 25, the day before negotiations began [1] - The transaction is expected to be completed by Q4 2025, pending regulatory approval [1] Strategic Implications - CoreWeave's CEO, Michael Intrator, stated that the acquisition will accelerate the company's strategy for scaling AI and high-performance computing workloads [1] - Core Scientific, a Bitcoin mining company, is leveraging the current AI boom to expand beyond cryptocurrency by utilizing its data center space and addressing power supply shortages [1] Historical Context - Last year, Core Scientific initiated its expansion by proposing a $1 billion acquisition of Core Scientific, along with a 12-year contract to provide approximately 200 megawatts of infrastructure for CoreWeave's operations [1] Market Reaction - As of the latest trading session, CoreWeave's stock fell nearly 3%, while Core Scientific's stock plummeted by 17% [2]