5月12日，万国数据(GDS)开盘上涨11.47%，截至21:30，报28.37美元/股，成交415.55万美元，总市值 55.15亿美元。 5月28日，万国数据将披露2025财年一季报（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，万国数据控股有限公司(纳斯达克股票代码:GDS;港交所股票代码:9698)是中国及东南亚地区 领先的高性能数据中心运营商和服务商。公司的数据中心分布于对高性能数据中心需求广泛的中国核心 经济枢纽地区。为了满足客户更广泛的需求,公司还根据客户的选择在非一线城市地区建设和运营数据 中心。公司的数据中心规模大,电力供应充沛、密度高且高效,所有关键系统均具备多重冗余。公司中立 于运营商及云服务提供商,客户可自由选择与主要电信运营商连接,以及接入托管于公司数据中心的多家 云服务提供商。万国数据可为客户提供托管和管理服务,包括与领先的公有云进行直接私有连接、独特 创新的混合云管理服务平台,以及在需要时转售公有云服务。公司拥有23年安全可靠的数据中心托管及 管理服务经验,成功满足国内大型客户对于外包数据中心服务的高标准要求,目前所服务的客户主要 ...

Core Viewpoint - *ST Longyu is facing imminent delisting due to financial issues, including significant fund occupation by its controlling shareholders, leading to a lack of effective action to resolve the situation [3][4][10]. Group 1: Company Financial Status - *ST Longyu has a net asset value of 3.32 billion yuan as of the end of Q1 2025, with cash holdings amounting to 703 million yuan [5]. - The company has been reported to have a total of 917 million yuan in funds occupied by its controlling shareholders, with 867 million yuan remaining [4][10]. - The 2023 financial report received a non-standard opinion from the auditor due to uncertainties regarding the nature and recoverability of transactions with related parties [4][10]. Group 2: Shareholder Actions - A group of minority shareholders, holding a combined 10.73% of shares, has proposed a temporary shareholders' meeting to replace current board members and to initiate a stock buyback [6][7]. - The proposal includes the removal of current chairman Xu Zengzeng and director Liu Ce due to alleged misuse of company funds and poor strategic management [7]. - The shareholders are advocating for a stock buyback at a price not exceeding the net asset value of 8.87 yuan per share, with a minimum buyback amount of 500 million yuan [8][9]. Group 3: Legal and Regulatory Actions - Minority shareholders have filed criminal complaints against the controlling shareholders for breach of trust, alleging that their actions have harmed the company's interests [10][11]. - The company has not submitted a hearing request to the Shanghai Stock Exchange within the stipulated timeframe, which could further complicate its situation [3][9]. - Regulatory bodies have emphasized the need for strict enforcement against fund occupation and related violations, indicating potential criminal liability for controlling shareholders [11].

上海数据港股份有限公司 二Ｏ二五年五月二十日 目 录 议案八：审议《关于为公司董事、监事、高级管理人员购买责任保险的议案》 ........ 39 上海数据港股份有限公司 会议召开时间：2025 年 5 月 20 日（星期二）下午 14:00 会议方式：本次会议采用现场投票和网络投票相结合的表决方式。社会公众 股股东可以在交易时间内通过上海证券交易所的交易系统或互联网投票平台行 使表决权。 会议召开地点：上海市静安区江场三路 238 号一楼会议室。 网络投票时间：2025 年 5 月 20 日（星期二），通过交易系统投票平台的投 票 时 间 为 股 东 大 会 召 开 当 日 的 交 易 时 间 段 ， 即 9:15-9:25,9:30-11:30 ， 股东大会召开当日的 9:15-15:00。 一、宣读大会须知 二、会议事项 除上述议案外，本次会议还将听取独立董事年度述职报告。 上海数据港股份有限公司 为确保上海数据港股份有限公司（以下简称"公司""本公司"或"数据港"） 股东大会的顺利召开，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《上海数据港股份有限公司章程》（以下简称"《公司章程》"）以 ...

展望未来，各家公司如何维持盈利水平，有哪些新的增长点？亦是业绩会上的热门话题。 例如，上港集团投资者向管理层抛出疑问：在人工、能源成本上升压力下，如何通过自动化码头推广和 供应链优化维持盈利水平？ 近日，上海国有控股上市公司2024年度集体业绩说明会于上证路演中心举行，上港集团（600018）、华 谊集团（600623）、上海医药（601607）、浦发银行（600000）、中国太保（601601）、数据港 （603881）等6家上市公司参加了本次集体业绩说明会。 在国企改革背景下，如何做好市值管理、如何规划未来发展战略、如何提高盈利水平等是本场业绩会上 投资者颇为关注的话题。 上海医药总裁沈波在回复投资者有关市值管理的提问时阐述，公司始终将市值管理作为长期战略的重要 组成部分，多措并举加强市场沟通，注重股东回报，已连续十几年保持每年30%以上的分红比例。近 期，公司已经出台市值管理制度。未来，公司将持续通过优化资本运作机制、聚焦核心价值创造、构建 良性互动机制等方式维护投资者利益与市场信心，为股东创造长期稳健回报。 谈及未来发展战略，沈波介绍，公司持续优化体系，打造创新生态。在创新体系方面，公司持续夯实小 分 ...

Summary of the Conference Call for Tongfei Co., Ltd. Industry and Company Overview - The conference call discusses Tongfei Co., Ltd., focusing on its performance in the energy storage liquid cooling sector and its expansion into data center infrastructure and semiconductor equipment markets [2][6]. Key Points and Arguments Energy Storage Liquid Cooling Business - Tongfei's energy storage liquid cooling business has shown significant improvement in profitability despite industry price wars, maintaining a market share of approximately 40%-50% among top domestic integrators [2][5]. - The company has successfully delivered large-scale energy storage projects in the Middle East, contributing to a profit of 62 million yuan in Q1 2025, exceeding previous expectations [3]. Financial Performance and Projections - Total revenue for 2024 is projected at 2.16 billion yuan, with the power electronics sector contributing 1.45 billion yuan, of which energy storage accounts for 1.18 billion yuan [2][9]. - The overall shipment volume is expected to grow by 35% to 9.5 GWh in 2025, with the proportion of overseas projects increasing to 50% [9]. Data Center Infrastructure Development - Tongfei has restructured its data center infrastructure division and is collaborating with Schneider to bid for significant projects, including a liquid cooling data center for China Mobile [2][6]. - Revenue from the data center business is expected to reach 140 million yuan in 2025, with a gross margin of 30% [15]. Semiconductor Equipment Sector - The company has entered the supply chains of major semiconductor equipment clients, with revenue in this sector projected to exceed 100 million yuan by 2025 [2][6]. Cost Control and Profitability - Effective cost control measures have resulted in lower growth rates for sales, management, and R&D expenses in 2025 compared to previous years, positively impacting profit margins [16]. Market Position and Competitive Landscape - The energy storage liquid cooling industry has faced severe price competition, with project values dropping significantly. Tongfei remains one of the few survivors alongside Yingwei, securing a strong position in the domestic market [5]. - The company is expanding its overseas client base, including partnerships with LG and Samsung, to enhance its international project portfolio [2][5]. Valuation and Growth Potential - Tongfei's projected revenue for 2025 and 2026 is 330 million and 470 million yuan, respectively, with corresponding price-to-earnings ratios of 26x and 18x, indicating significant growth potential compared to peers with higher valuations [7][17]. - The company’s valuation is considered to be in a relatively safe zone, and it is recommended for investors to pay attention to its growth trajectory [18]. Additional Important Insights - The classification of the company's financial reports by industry and product may obscure the understanding of its business structure. A clearer breakdown by downstream application areas such as energy storage, data centers, and semiconductor equipment is suggested for better insight [8]. - The gross margin for domestic energy storage projects has recovered to around 20%, while overseas projects may achieve margins 4-5 percentage points higher [10][11]. This summary encapsulates the critical insights from the conference call, highlighting Tongfei's strategic positioning, financial outlook, and market dynamics.

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **IDC (Internet Data Center) equipment industry** and its related sectors, including AI chip supply, diesel generator sets, and gas turbine markets. Key Points and Arguments IDC Equipment Demand and Supply - **NVIDIA's H20 chip** is expected to launch in July, alleviating domestic computing power supply constraints, which is further supported by increased capital expenditures from major companies like Tencent and Alibaba, indicating strong domestic demand for computing power [1][2] - The **long-term demand for computing power** remains certain, with increased cabinet power density and a tight supply-demand situation for diesel generators [1][4] - **Tencent's feedback** indicates that third-party IDC may exceed 50%, suggesting potential upward adjustments in CAPEX and OPEX [1][5] Market Dynamics - The **upcoming bidding** from major companies in May and June is expected to exacerbate supply shortages and increase price elasticity [1][5] - **Domestic demand** for computing power is rising due to the easing of card bans and higher-than-expected capital expenditures from major firms [1][4] Company-Specific Insights - **Taihao Company** has established connections with major internet firms and possesses MTU diesel engine resources, indicating significant profit elasticity [1][7] - **Weichai Company** has seen a strong performance in the diesel generator sector, with significant profit contributions and a clear expectation for future growth due to domestic substitution [1][8] - **KOTAI Company** has shown improvements in gross and net profits, with inventory reaching historical highs, indicating a positive trend for future price increases [1][9] - **China Power Company** has reported continuous profit releases in its marine engine business, with significant product shipments [1][10] Gas Turbine Market Trends - **Siemens Energy's latest financial report** shows record revenue and orders in gas-related businesses, with gas turbine orders doubling year-on-year [1][11] - **Domestic heavy-duty gas turbine market** is expected to see significant growth, with orders for a specific company projected to double in 2024 [1][12] AI and Power Supply Developments - **Maimi Company** is experiencing significant improvements in power supply unit (PSU) density, with AI-related orders expected to reach 500 million yuan [1][13] - The **AI application landscape** is evolving, with major companies like Apple and Alibaba emphasizing AI integration in their strategies, indicating sustained growth in AI application demand [1][18] Investment Opportunities - The **upcoming bidding** from Tencent and the tight supply of imported engines present potential investment opportunities for domestic OEM manufacturers [1][6] - The **IDC data center infrastructure sector** is recommended for investment, highlighting companies like Kehua, Shenghong, and Koshida for their strong performance and growth potential [1][19][20] Future Outlook - The **AI data center market** is at a turning point, with expected large-scale catalysts in May, indicating a strong long-term demand for AI development [1][22] - The **IDC power equipment industry** is showing positive trends, with companies expanding into North America and Southeast Asia, supported by strong order growth [1][23]

Group 1: Market Overview - The recent meetings have played a crucial role in stabilizing the Hong Kong stock market, with the Hang Seng Index continuing to progress steadily [1] - There are positive developments regarding ceasefire announcements between India and Pakistan, as well as potential progress in Russia-Ukraine negotiations, which may benefit market sentiment [1] - The key focus is on the US-China talks, which lasted for 8 hours on May 10, indicating a shift towards resolving differences, with constructive progress expected [1] Group 2: Company Performance - For 2024, GDS Holdings Limited (万国数据-SW) is projected to achieve revenue of 10.322 billion yuan, a year-on-year increase of 5.5%, and an adjusted EBITDA of 4.876 billion yuan, up 3% [3] - The company’s domestic operational area reached 613,583 square meters by the end of Q4 2024, reflecting a 12% year-on-year growth, with a cabinet utilization rate of 73.8% [3] - GDS's international business, DayOne, has signed contracts totaling 467 MW, with an operational scale of 121 MW, generating revenue of 1.73 million USD and adjusted EBITDA of 0.45 million USD in 2024 [4] Group 3: Industry Insights - Chinese construction companies are increasingly competitive in the international market, with several state-owned enterprises ranking among the top 10 in the ENR "Global Top 250 International Contractors" for 2024 [5] - The demand for construction projects along the Belt and Road Initiative is strong, with significant projects like the Jakarta-Bandung High-Speed Railway and China-Europe Railway Express enhancing infrastructure in participating countries [6] - The international engineering business is experiencing better conditions than the domestic market, with a notable increase in new contracts signed overseas by major Chinese construction firms [7]

Group 1 - The State Council has approved the draft of the "Regulations on Government Data Sharing," aiming to break down data barriers while ensuring data security, promoting more inclusive and convenient public services [1] - The National Development and Reform Commission has released the "China Business Environment Development Report (2025)," highlighting that data is a core driver of continuous economic innovation and is crucial for improving operational efficiency [1] - With the advancement of government data sharing, data governance service providers and privacy computing technology companies are expected to see growth opportunities, benefiting cloud computing, big data platforms, and data security technology companies [1] Group 2 - Huatai Securities emphasizes the importance of a data circulation infrastructure that connects multiple parties to realize shared data resources, which is essential for building a unified national data market [2] - The director of the China Academy of Information and Communications Technology stated that government data involves key areas such as national economic operation and public welfare, and that data sharing must prioritize data security and personal information protection [2] Group 3 - Aofei Data is a professional data center operator and telecommunications service provider, having built multiple self-owned data centers in South China and operating numerous high-standard data centers nationwide [3] - Data Harbor offers customized planning, design, system integration, and operational management services to meet unique data center service needs, achieving superior energy efficiency compared to traditional data centers [3] - Inspur Information has developed a product portfolio that includes general servers, AI servers, edge servers, storage, and switches, focusing on both centralized and distributed server applications to enhance industry chain collaboration [3]

Core Viewpoint - Bain Capital is planning to sell its Chinese operations of data center operator WinTriX DC Group, with an estimated valuation exceeding $4 billion, potentially marking one of the largest digital infrastructure asset disposals in Asia in recent years [1][3]. Group 1 - The sale of WinTriX's Chinese business is expected to yield an EBITDA close to RMB 4 billion by 2025 [3]. - WinTriX was formed from the merger of Qinhuai Data, acquired by Bain Capital in 2019, and Southeast Asian operator Bridge Data Centres, followed by privatization and restructuring [3]. - WinTriX operates not only in China but also has data center projects in overseas markets such as India and Malaysia [3]. Group 2 - Despite the sale of the Chinese business, Bain Capital will retain control over Bridge Data Centres, maintaining its operations in Southeast Asia [3]. - Bridge Data Centres has secured $2.8 billion in bank financing to support further expansion of its data centers [3].

Global Data Center Landscape - The global data center construction is expected to enter a sustained growth cycle, with an estimated additional capacity of 47GW from 2023 to 2026, increasing from a base of 49GW in 2023 to over 96GW by 2026. Approximately 85% of this new capacity (40GW) will be directed towards intelligent computing centers (IDC), indicating a surge in demand for AI computing power [1] - North America will dominate the market, expected to absorb 65%-70% of the new capacity (approximately 30.55-32.9GW), establishing itself as the core hub for global computing infrastructure. China's market share is about 15% (7.05GW), with Europe and Southeast Asia contributing around 10% (4.7GW) [1] Chinese Market - In China's data center market, the compound annual growth rates for traditional general computing (通算) and artificial intelligence computing (智算) are 3%-4% and over 20%, respectively. The current market shows an oversupply in general computing facilities, with core node cabinet utilization rates between 40%-50% [2] - The majority of China's intelligent computing centers are located in the central and western regions, with significant hubs in Ningxia, Inner Mongolia, Gansu, Chongqing, and Guizhou, each hosting large-scale computing networks exceeding 30,000 PF. The largest center in the eastern coastal region is in the Beijing-Tianjin-Hebei area, with a capacity of 22,800 PF [2] Investment Landscape - The investment landscape is characterized by several key players: 1. Government and urban investment platforms account for about 35%, primarily responsible for land supply, energy support, and project coordination, typically using a "design-procurement-construction" model [4] 2. Telecom operators (China Telecom, China Mobile, China Unicom) represent about 20%, leveraging collective procurement systems to reduce costs, separating equipment procurement from construction [4] 3. Internet cloud vendors, including major players like BAT, make up approximately 40%, possessing significant influence over equipment selection and employing a mixed model of "general contracting + specialized subcontracting" [4] 4. Other entities, including research institutions and self-built enterprises, account for about 5% [4]