Group 1 - The A-share index opened lower but showed volatility, with active performance in sectors such as lithium batteries, Chinese language corpus, and optical module CPO concepts [1] - The AI computing power demand continues to rise, driven by accelerated shipments of Nvidia's GB200 and upcoming GB300 chips, alongside strong demand from major US cloud service providers [1][2] - Companies in the supply chain are expected to benefit from the expanding AI-driven computing power demand, with optimistic revenue guidance from firms like Broadcom and New Yisheng [2] Group 2 - The Huaxia AI ETF (159381) tracks the AI index of the ChiNext board, focusing on AI-related companies listed on the ChiNext, with a daily price fluctuation limit of ±20% [2] - The index covers the entire AI industry chain, emphasizing hardware, software, and applications, with a significant focus on leading companies in communication equipment and optical modules [2] - The top five constituent stocks include leading optical module companies New Yisheng, Zhongji Xuchuang, and Tianfu Communication, while the top ten also feature chip design firms and industry leaders in IDC, cloud computing, and data centers [2]

基金市场又迎来重磅新品！ 在6月18日举行的2025陆家嘴论坛上，中国证监会主席吴清表示，今天，证监会将批复全国 首批2只数据中心REITs注册，下一步将继续支持科技企业利用知识产权、数据资产等新型资 产开展资产证券化、REITs等融资，进一步盘活科技创新领域存量资产。 中国证监会和交易所官网显示，南方万国数据中心REIT、南方润泽科技REIT日前双双获批。 业内人士表示，首批数据中心公募REITs获批，是在国家大力推进新基建与数字经济发展的背 景下，资本市场服务实体经济的又一创新实践。 首批数据中心REITs获批 此次获批的南方润泽科技REIT以全国领先的综合算力中心领域的科技公司——润泽智算科技 集团旗下国际信息云聚核港（ICFZ）A-18数据中心项目为底层资产，项目位于全国一体化算 力网络京津冀国家枢纽节点的核心地带，是支撑区域数字经济高质量发展的重要基础设施。 业内人士表示，南方润泽科技REIT实现了对存量优质资产的有效盘活，打通了民营科技企业 创新融资渠道，有望进一步助力数字中国建设、培育新质生产力、推动民营经济高质量发 展。 REITs市场迎来新品种，首批2只数据中心REITs正式获批，沪深交易所 ...

Core Viewpoint - The approval of the "Wanguo Data Center REIT" marks a significant advancement in China's capital market, facilitating the high-quality development of the digital economy through innovative financing solutions [1][2][3]. Group 1: Project Overview - The "Wanguo Data Center REIT" is one of the first batch of data center REITs in China, with a fundraising target of 1.933 billion yuan [1]. - The underlying asset is the Guojin Data Center located in Kunshan, Jiangsu Province, which features over 4,000 7kW cabinets and a power capacity of 29,044 kW [3]. - The project has maintained a 100% signing rate and over 92% billing rate for the past three years, indicating strong demand and operational stability [3]. Group 2: Policy and Market Context - The China Securities Regulatory Commission (CSRC) has been actively supporting the development of REITs, particularly in sectors like artificial intelligence and data centers, as part of its broader financial strategy [2]. - The approval of the Wanguo Data Center REIT is seen as a breakthrough for the capital market's role in supporting the digital economy [2]. Group 3: Financial Impact - The REIT structure allows for the separation of depreciation and amortization from the balance sheet, effectively reducing the company's debt ratio by 1.2% and increasing the return on equity (ROE) by approximately 4.4% [3]. - The net recovery funds exceeding 1 billion yuan will be used for new project investments, reinforcing the company's leading position in the industry [3]. Group 4: Industry Significance - The successful launch of the Wanguo Data Center REIT is viewed as a model for replicable financing solutions in the digital infrastructure sector, addressing the challenges of high investment costs and long return cycles [5]. - The REIT's approval is expected to provide a clear and transparent pricing anchor for the market, promoting rational investment and healthy development within the data center industry [5]. Group 5: Market Expansion - As of May 2023, the Shanghai Stock Exchange has become a major platform for REITs in China, with 44 REITs issued and a total scale of 121.6 billion yuan [6]. - The introduction of various REIT products, including the Wanguo Data Center REIT, contributes to the diversification of financing options for high-quality entities in the new infrastructure sector [6].

一波利好政策来袭。6月18日，2025陆家嘴论坛在上海开幕，中国证监会主席吴清发表主旨演讲，并公布了中国证监会对于后续推动科技创新和产业创新融 合发展、强化股债联动服务科技创新相关举措。同日，中国证监会也火速响应，不仅发布了《关于在科创板设置科创成长层 增强制度包容性适应性的意 见》，还批复全国首批2只数据中心REITs注册，同时宣布2025年10月9日起允许QFII参与场内ETF期权交易。 "1+6"政策措施出台 6月18日，吴清在2025陆家嘴论坛重磅发声，公布了中国证监会对于后续推动科技创新和产业创新融合发展的相关举措。 吴清在论坛上表示，中国证监会将聚焦提升制度的包容性和适应性，以深化科创板、创业板改革为抓手，以发展多元股权融资为重点，着力打造更具吸引 力、竞争力的市场体系和产品服务矩阵，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新的资本市场生态。 吴清指出，更好发挥科创板"试验田"作用，加力推出进一步深化改革的"1+6"政策措施。"1"即在科创板设置科创成长层，并且重启未盈利企业适用科创板第 五套标准上市，更加精准服务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业 ...

中国证监会和交易所官网显示，南方万国数据中心REIT、南方润泽科技REIT日前双双获批。 在6月18日举行的2025陆家嘴论坛上，中国证监会主席吴清表示，今天，证监会将批复全国首批2只数据中心REITs注册，下一步将继续支持科技企业利用 知识产权、数据资产等新型资产开展资产证券化、REITs等融资，进一步盘活科技创新领域存量资产。 业内人士表示，首批数据中心公募REITs获批，是在国家大力推进新基建与数字经济发展的背景下，资本市场服务实体经济的又一创新实践。 首批数据中心REITs获批 REITs市场迎来新品种，首批2只数据中心REITs正式获批，沪深交易所各有1只。 基金市场又迎来重磅新品！ 批复公告显示，南方万国数据中心REIT基金合同期限为50年，准予基金的募集份额总额为8亿份。南方基金为基金的基金管理人，招商银行为基金的基金 托管人。 南方万国数据REIT以万国数据旗下位于昆山市花桥镇的国金数据云计算数据中心项目为底层资产。昆山花桥作为全国数据中心版图中极具战略意义的关 键节点，已深度嵌入长三角一体化发展格局，扮演着"数字经济时代长三角数据交互中枢"的重要角色，为国金数据云计算数据中心项目提供了不可多 ...

基金市场又迎来重磅新品！ 在6月18日举行的2025陆家嘴论坛上，中国证监会主席吴清表示，今天，证监会将批复全国 首批2只数据中心REITs注册，下一步将继续支持科技企业利用知识产权、数据资产等新型资 产开展资产证券化、REITs等融资，进一步盘活科技创新领域存量资产。 中国证监会和交易所官网显示，南方万国数据中心REIT、南方润泽科技REIT日前双双获批。 业内人士表示，首批数据中心公募REITs获批，是在国家大力推进新基建与数字经济发展的背 景下，资本市场服务实体经济的又一创新实践。 首批数据中心REITs获批 REITs市场迎来新品种，首批2只数据中心REITs正式获批，沪深交易所各有1只。 证监会网站显示，由南方基金担任基金管理人的南方万国数据中心封闭式基础设施证券投资 基金（以下简称南方万国数据中心REIT）获得中国证券监督管理委员会正式准予注册批复， 此前已获得上海证券交易所无异议函。 【导读】南方万国数据中心REIT、南方润泽科技REIT双双获批 中国基金报记者 方丽 批复公告显示，南方万国数据中心REIT基金合同期限为50年，准予基金的募集份额总额为8 亿份。南方基金为基金的基金管理人，招商银 ...

Core Insights - The rapid expansion of data centers across the U.S. is significantly driven by the AI revolution, with major tech companies planning to invest $320 billion in infrastructure by 2025, primarily in AI-related fields [2] - By the end of 2024, the number of data centers in the U.S. is expected to reach 1,240, quadrupling since 2010, with many designed specifically for AI [2] - The increasing demand for power and water from data centers poses serious environmental challenges, with data centers projected to surpass Poland's annual electricity consumption in the near future [5][6] Energy Consumption - The electricity demand from data centers is rising rapidly, contributing to 44% of the growth in U.S. electricity demand this century [5] - If Amazon completes all planned data centers, the annual electricity consumption could reach between 30 to 48 terawatt-hours, comparable to Nevada's total electricity use in 2023 [5] - The reliance on backup diesel generators for uninterrupted server operation results in significant pollution, estimated to cause public health losses between $5.7 billion and $9.2 billion annually [5] Water Usage - Approximately 40% of data centers are located in areas with high water stress, with annual water consumption reaching 34 billion gallons in 2018 [6] - Many data centers lack adequate water tracking systems, and some in drought-prone areas are permitted to use substantial amounts of freshwater for cooling [6] - Attempts to reduce water consumption through air cooling often lead to increased energy demands, exacerbating the environmental impact [6] Green Initiatives - In response to environmental pressures, the data center industry is pushing for a green transition, with tech giants committing to invest in renewable energy and implement water offset projects [9] - There is a stark conflict between the green commitments and the environmental realities, as data centers continue to consume significant resources while generating value through AI applications [9] - The balance between technological advancement and environmental sustainability remains uncertain, hinging on whether the AI revolution can deliver on its promises of efficiency and resource conservation [9]

Core Points - The Shanghai Lingang subsea data center project, a zero-carbon infrastructure benchmark, aims to enhance Shanghai's green and low-carbon computing infrastructure to international standards [1][3] - The total investment for the project is 1.6 billion yuan, with a total capacity of 24 megawatts, constructed in two phases [3] - The first phase of the project has a capacity of 2.3 megawatts, with a design PUE not exceeding 1.15 and a green electricity supply rate exceeding 90% [3] - The project integrates offshore wind power and seawater natural cooling technologies, providing a sustainable and stable power supply while reducing energy consumption [3] - The project is expected to promote green development of computing power in coastal areas and optimize the layout of computing resources [4] Investment and Construction Details - The project includes the demolition and reconstruction of an onshore control center, the construction of a vertical data cabin, and the laying of two 35 kV main submarine cables [3] - China Communications Construction Company (CCCC) will leverage its unique technical, equipment, and talent advantages in the port and shipping sector during the construction phase [3] - The project is recognized as a national advanced technology demonstration project, highlighting its innovative green computing solutions [3] Industry Impact - Upon completion, the project will serve as a model for computing power construction along the coastal regions and the Maritime Silk Road [4] - It aims to accelerate the establishment of a modern industrial system through efficient collaboration between computing and power industries [4]

Core Viewpoint - The article emphasizes the rapid development of data centers in Shaoguan, Guangdong, positioning it as the "computing power heart" of the Guangdong-Hong Kong-Macao Greater Bay Area, essential for artificial intelligence and various industries [1][2]. Group 1: Development of Computing Power Infrastructure - Shaoguan has established a computing power scale with over 600 billion yuan in total investment, attracting 31 upstream and downstream projects, including major companies like Tencent and China Unicom [1][3]. - The city has built a high-speed optical network with 13 400G connections and 12 inter-provincial cables, achieving extremely low latency of 1 millisecond within the city and 3 milliseconds across the Greater Bay Area [5][6]. Group 2: Economic Impact and Future Prospects - The computing power cluster in Shaoguan is projected to generate significant demand for equipment, with an estimated 300 billion yuan for electromechanical equipment and 2 trillion yuan for server procurement [6]. - By Q1 2025, the total computing power scale of the "East Data West Computing" initiative is expected to reach 215.5 EFLOPS, accounting for over 70% of the national total [3][6]. Group 3: Policy Support and Ecosystem Development - The local government has implemented various incentives for businesses, including rent subsidies and financial support for startups, to attract companies to the computing power cluster [7][8]. - The Guangdong provincial government has also committed to channeling computing and data needs from its agencies to the Shaoguan cluster, reinforcing its strategic importance [7][8]. Group 4: Robotics Industry and Future Opportunities - The demand for computing power in the robotics sector is increasing, with Shaoguan's infrastructure providing a solid foundation for the development of intelligent robots [9][10]. - There is a call for Shaoguan to leverage its industrial advantages to attract core component manufacturers for the robotics industry, aiming for a differentiated development strategy [10].

Group 1 - GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading high-performance data center operator and service provider in China and Southeast Asia [2] - The company reported a total revenue of 2.723 billion RMB for the fiscal year ending March 31, 2025, representing a year-on-year growth of 11.96% [1] - The net profit attributable to shareholders reached 763 million RMB, showing a significant year-on-year increase of 320.64% [1] Group 2 - GDS operates data centers in key economic hubs in China, as well as in non-first-tier cities to meet diverse customer needs [2] - The data centers are characterized by large scale, abundant power supply, high density, and efficiency, with all critical systems featuring multiple redundancies [2] - The company maintains neutrality towards operators and cloud service providers, allowing customers to freely connect with major telecom operators and access multiple cloud service providers hosted in GDS data centers [2]