Group 1 - The A-share market saw all three major indices rise collectively, with active performances in sectors such as power batteries, lithium battery anodes, and coal mining, while AI-related concepts experienced a pullback [1] - The ChiNext AI ETF (159381) experienced a slight decline of 0.68%, but its constituent stocks like Tianfu Communication, Advanced Digital Technology, and Runhe Software rose against the trend [1] - The ChiNext AI ETF (159381) has seen a net inflow of 7.04 million yuan over the past five trading days, with a total increase in circulation scale of 22.68 million yuan over the past month [1] Group 2 - Recent quarterly reports from domestic cloud service providers indicate that the demand for computing power may be deferred to the second quarter due to the ongoing iteration needs of large models [2] - The demand for domestic computing chips is expected to experience explosive growth [2]

(二)股东大会召开的地点：上海市静安区江场三路238号一楼会议室 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年5月20日 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长孙中峰先生因工作原因未能出席本次股东大会，由半数以上董 事共同推举董事王信菁女士主持本次股东大会。会议采取现场会议和网络投票相结合的投票方式，符合 《中华人民共和国公司法》及《上海数据港股份有限公司章程》（以下简称"《公司章程》"）的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席3人；董事长孙中峰先生、董事卢醇先生、宋志刚先生因工作原因未能出席 本次股东大会，独立董事金源先生、梅向荣先生、曾昭斌先生因工作原因未能出席本次股东大会； 2、公司在任监事5人，出席2人；监事会主席张颂燕女士、监 ...

Group 1 - The Thai government is implementing measures to boost the economy in response to the potential impact of U.S. tariffs, including extending corporate income tax exemptions for SMEs from 3 to 5 years and increasing the exemption amount to 100% of the investment amount [1][2] - A total investment plan of 99.7 billion Thai Baht (approximately 21.76 billion RMB) has been approved for data centers and renewable energy, with strict requirements for foreign investments to ensure they bring high technology to Thailand [1] - The International Monetary Fund (IMF) has lowered Thailand's economic growth forecast for the year to 1.8% due to the impact of U.S. tariffs, emphasizing the need for Thailand to diversify trade and restructure its economy [2] Group 2 - Thailand is actively strengthening economic cooperation with other ASEAN countries, including elevating its relationship with Vietnam to a comprehensive strategic partnership and aiming to increase bilateral trade from over 20 billion USD to 25 billion USD [3] - The Thai government is also collaborating with Indonesia to promote ASEAN economic integration and address global geopolitical and economic uncertainties, with bilateral trade currently at 18 billion USD [3]

眼下，算力与电力正形成相互支撑、协同发展的态势。持续推动算力与绿色电力融合，我国数据产业、 数字经济将收获更高效率、更低成本、更大发展 大模型秒答专业问题、一键剪辑视频，智能网联汽车精准泊车，人形机器人分拣零件、搬运箱子……人 工智能走进千行百业，给生产生活带来便利。与此同时，随着模型规模扩大和迭代速度加快，训练算力 也在持续增长。特别是被称作"电老虎"的数据中心，大量服务器昼夜高速运转，带来巨大电力消耗。据 相关机构预测，2024年至2030年，我国数据中心用电量年均增速将达约20%，远超全社会用电量增速； 到2030年，我国数据中心能耗总量将超4000亿千瓦时，若不加大可再生能源利用比例，2030年数据中心 二氧化碳排放或超2亿吨。 把"电老虎"变为"绿巨人"，相关方面已在行动。今年3月，国家发展改革委等五部门印发意见，要求国 家枢纽节点新建数据中心绿色电力消费比例在80%的基础上进一步提升。此前印发的《国家数据基础设 施建设指引》也提出"加强大型风光基地和算力枢纽节点协同联动""加强数据中心智慧能源管理"。扎实 落实这些举措，将有力推动算力与绿色电力融合，促进数据中心绿色低碳发展。 助力实现"双碳"目标 ...

万国数据 20250520 摘要 • AI 需求强劲，公司获得 52 兆瓦数据中心订单，需在六个月内交付，客户 承诺六个月内完成系统转移，周期约一年，迁移风险较低，预示 AI 驱动业 务高质量增长。 • 中国 AI 芯片供应短期内存在不确定性，但客户正积极制定部署计划，公司 已储备 900 兆瓦未来开发产能，主要位于一线城市及其周边，为迎接需求 爆发做好准备。 • 资产证券化（ABS）取得进展，完成首笔交易，海外债券发行顺利。2025 年第一季度新增 70 兆瓦承诺，总承诺电力超 530 兆瓦，另获泰国和芬兰 项目承诺超 220 兆瓦，总承诺电力超 750 兆瓦。 • 2025 年第一季度收入同比增长 12%，总使用面积增加 14.6%，每平方米 MSR 下降 2.6%。调整后 EBITDA 同比增长 16.1%，利润率达 48.6%， 预计未来三季度 EBITDA 将保持高个位数增长。 • ABS 交易预计带来高达 18 亿人民币现金对价，再投资 5 亿人民币。已收 到第一笔现金收益，并取消约 11 亿人民币债务。出售 ABB 估值隐含 EBITDA 倍数约为 13 倍，为后续资产估值提供参考。 Q&A 当 ...

Group 1 - GDS Holdings Limited's stock opened at $28.205 per share, up 4.15%, with a total market capitalization of $5.483 billion as of May 20 [1] - For the fiscal year ending December 31, 2024, GDS reported total revenue of 10.322 billion RMB, representing a year-on-year growth of 5.52%, and a net profit attributable to shareholders of 3.425 billion RMB, showing a significant increase of 179.84% [1] - GDS is set to release its Q1 2025 financial report before the market opens on May 20, with the actual disclosure date subject to company announcements [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 and non-first-tier cities to meet diverse customer needs [2] - The company offers large-scale, high-density, and efficient data centers with robust power supply and multiple redundancy in critical systems, remaining neutral to operators and cloud service providers [2] - GDS provides managed services, including direct private connections to leading public clouds and innovative hybrid cloud management platforms, serving major clients such as large-scale cloud service providers, internet companies, financial institutions, and multinational corporations [2]

Core Viewpoint - The company reported a strong financial performance in Q1 2025, with significant year-on-year growth in revenue and adjusted EBITDA, indicating robust operational execution and strategic focus on new orders and delivery of contracted but unbilled space [1][2]. Financial Performance - In Q1 2025, net revenue increased by 12.0% year-on-year to RMB 2,723.2 million (USD 375.3 million) [1]. - The net profit for Q1 2025 was RMB 764.1 million (USD 105.3 million), a significant turnaround from a net loss of RMB 344.9 million in Q1 2024 [1]. - Adjusted EBITDA grew by 16.1% year-on-year to RMB 1,323.8 million (USD 182.4 million), with an adjusted EBITDA margin of 48.6% [1][2]. Operational Metrics - As of March 31, 2025, the total contracted and pre-contracted area was 649,561 square meters, up 6.7% from 608,645 square meters a year earlier [1]. - The billable area reached 462,423 square meters, reflecting a 14.6% increase from 403,609 square meters in the previous year [1]. - The billing rate for operational area was 75.7%, compared to 73.5% as of March 31, 2024 [1]. Strategic Focus - The company emphasized a cautious approach to new orders while actively delivering on contracted but unbilled space, showcasing a commitment to operational excellence [2]. - The acquisition of large-scale new orders across two regions highlights the growing demand in the first-tier market driven by advancements in artificial intelligence [2]. - The completion of China's first data center asset-backed securities transaction has enhanced the company's financing flexibility [2].

智通财经5月20日电，万国数据美股盘前一度涨超6%，公司Q1营收同比增长12%，净利润为7.64亿元。 ...

Core Insights - The issuance of the first data center holding-type real estate ABS in China marks a significant innovation in the digital infrastructure sector, facilitated by SPDB Beijing Branch [1][2] - The ABS is backed by high-quality data centers, with funds allocated for the acquisition and operation of core financial data center assets [1] - The collaboration among SPDB, WanGuo Data, GuoShou Investment, and CITIC Securities has successfully addressed challenges in the IDC development, enhancing asset liquidity and financing channels for data center enterprises [2] Group 1 - The "CITIC Securities-WanGuo Data 2025 Phase 1 Data Center Holding-Type Real Estate Asset-Backed Special Plan (Sustainable Link)" was successfully listed on the Shanghai Stock Exchange [1] - SPDB Beijing Branch played a crucial role in coordinating with relevant institutions and participating in the design discussions for the product structure and terms [1] - The innovative design of the acquisition financing scheme aligns with the ABS product structure, determining loan terms, repayment plans, valuation requirements, and risk control clauses [1] Group 2 - The successful issuance of the first data center holding-type real estate ABS acquisition loan is a positive step for data center companies to activate existing assets and improve their financial statements [2] - The project was advanced under the guidance of regulatory bodies such as the Shanghai Stock Exchange, showcasing effective collaboration among financial institutions [2]

Group 1 - Despite a cautious approach to project selection and a slowdown in expansion speed, there has not been a dramatic shift or reversal in direction for companies [1][3] - Major tech companies are still committing investments to AI data centers, with Nvidia and partners announcing a €8.5 billion project in France, expected to be operational by 2028 [2] - The U.S. Department of Commerce announced a collaboration with the UAE to build a 5 GW data center in Abu Dhabi, which will be the largest AI data center outside the U.S. [2] Group 2 - Trade uncertainties and rising import costs due to tariffs are causing companies to pause or reassess their projects, leading to a reduction in the scale of new projects compared to two years ago [3][4] - Despite challenges, the construction of data centers continues to grow, although companies are more cautious in their project choices [3] - The cost of training AI models is decreasing, but this does not necessarily lead to a significant reduction in overall spending, as demand for these technologies may increase with lower costs [4] Group 3 - There is a significant gap between planning and reality in data center construction, with many proposals unlikely to materialize [6] - The demand for electricity from AI data centers is highly uncertain, with predictions varying widely; RAND Corporation estimates 347 GW by 2030, while Schneider Electric suggests a range of 16.5 GW to 65.3 GW [6] - Experienced data center clients like Microsoft and Amazon are proposing more projects than they actually need, leading to a phenomenon of "ghost data centers" [7]