金十数据4月28日讯，记者今天（28日）从国家数据局了解到，我国算力资源布局进一步优化，全国一 体化算力网加快构建。最新数据显示，截至今年一季度，我国"东数西算"八大枢纽节点算力总规模达到 每秒215.5百亿亿次浮点运算，其中，智能算力规模占枢纽节点算力总规模的80.8%；枢纽节点间20毫秒 时延圈已基本实现，用户体验进一步提升；试点开通9条"公共传输通道"，为中小企业、科研机构提供 弹性网络服务，有助于生产经营和研发创新。算力作为支撑人工智能发展的核心生产力，呈现出稳中有 进的发展态势。 （央视新闻） 国家数据局："东数西算"枢纽节点智算规模超八成 ...

证券研究报告 润泽科技 (300442 CH) 业绩增速短期承压，AIDC 景气趋势不变 AIDC 业务："引流策略"吸引多个 AI 头部客户入驻，智算实力持续提升 AIDC 业务方面，2024 年实现营业收入 14.51 亿元，同比增长 21.03%，毛 利率同比提升 18.65pct 至 51.75%。考虑到业务实质，公司将 AIDC 业务中 高性能算力模组业务的收入确认方法从"总额法"调整为"净额法"，使得 该业务毛利率水平有所上升。公司的 AIDC 业务通过"引流策略"吸引了众 多头部 AI 客户入驻，长期来看有利于公司在 AI 时代市场份额的进一步提升。 展望 2025 年，一次性的引流工作已基本完成，未来公司的 AIDC 业务将聚 焦于新一代智算中心的建设及交付，目前，廊坊 B1 的 200MW 新一代智算 中心正在紧张建设中，平湖 B1 单体 100MW 智算中心已基本建设完成。 盈利有望持续增长，维持"买入"评级 考虑到智算中心集中交付投运期折旧摊销费用的增加，我们预计公司 25-27 年归母净利润分别为 26.93/32.39/38.88 亿元（较 25/26 年前值分别下调 18%/18% ...

当微软上个月取消了在俄亥俄州的数据中心计划，加之报道称亚马逊云服务正在撤销部分人工智能数据 中心项目，市场迅速陷入了对数据中心热潮是否已经结束的焦虑。 然而，担忧或许过头了，有迹象显示，AI整体资本支出依然强劲。 "我们继续看到AI部署在数据中心市场加速扩展，强劲的需求信号强化了我们对近期和长期增长的信 心，"总部位于俄亥俄州的数据中心供应商Vertiv的CEO Giordano Albertazzi在上周的财报电话会议上表 示。该公司股价上周上涨了22%。 市场需求并非撤退，而是"暂时的暂停"。根据麦肯锡公司最新的模型预测(不包括关税影响)，未来五到 七年数据中心市场预计将保持20%至25%的增长范围，但逐年之间增长率会有波动。 "增长不会是线性的，"麦肯锡高级合伙人Pankaj Sachdeva表示，他研究数据中心发展并预计会有起伏。 科技巨头重申市场强劲：需求未见减弱 亚马逊和英伟达上周都重申，数据中心市场依然强劲。 "没有出现任何重大变化，"亚马逊全球数据中心副总裁Kevin Miller在Hamm美国能源研究所组织的一次 会议上表示： "我们继续看到非常强劲的需求，无论是未来几年还是长期来看，数字只 ...

Summary of the Conference Call for Runze Technology Company Overview - **Company**: Runze Technology - **Industry**: Artificial Intelligence Data Center (AIDC) and Internet Data Center (IDC) Key Points and Arguments Industry Dynamics - The demand for computing power is surging due to the explosion of AI applications, leading to a shortage of quality AIDC resources, particularly in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen under the national dual carbon strategy [2][3][20] - The government has introduced "Artificial Intelligence +" as a new development strategy, supporting the widespread application of large models and new intelligent terminals [3][9] Company Performance - In 2024, Runze Technology reported a revenue of 4.365 billion yuan, a year-on-year increase of 0.32%, and a net profit of 1.79 billion yuan, up 1.62% [2][7] - Total assets reached 31.309 billion yuan, with a debt-to-asset ratio reduced to 63.11%, indicating a stable financial structure [2][7] Infrastructure Development - The company has significantly increased its energy resource reserves, with five out of seven parks having secured necessary energy resources [3][20] - The newly operational 220kV substation in the Beijing-Tianjin-Hebei region has a supply capacity of 960 megawatts, doubling the previous capacity [2][21] - Additional 110kV substations are operational or will be soon in regions like the Yangtze River Delta, Chongqing, Foshan, and Huizhou to ensure stable power supply across all parks [2][4][21] Strategic Initiatives - Runze Technology is attracting leading AI companies to its parks through a diversion strategy, with orders for computing centers in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area expected to be operational by 2025 [2][4][10] - The company plans to prioritize the construction of intelligent computing centers in Langfang and Pinghu in 2025, enhancing AIDC market supply capacity [2][5] Future Growth Plans - The company aims to expand horizontally starting in 2025, leveraging its established cash flow from existing data centers and enhancing its market share [4][6] - Runze Technology is focusing on low-carbon development and innovation, with plans to upgrade low-power cabinets and enhance traditional IDC market positions [5][6] Financial Health and Projections - The company has a robust financing structure, with over 30 billion yuan in bank credit and successful issuance of short-term financing bonds [7][24] - The public REITs project has been accepted by the Shenzhen Stock Exchange, with underlying assets being quality data centers [3][24] Market Trends and Challenges - The transition from traditional IDC to AIDC is creating competitive pressures, but the demand for AI-driven data centers is expected to grow significantly [10][18] - The company is adapting to market changes by upgrading low-power data centers and capturing new orders [10][12] Miscellaneous Insights - The company has successfully attracted several large CSP manufacturers through its diversion strategy [16] - The impact of the H20 embargo is seen as a potential catalyst for domestic equipment development and the shift towards liquid cooling technology in data centers [27] Shareholder Engagement - A share buyback plan has been approved to enhance investor confidence, with a budget of 500 million to 1 billion yuan [28] - A restrictive stock incentive plan has been established, with performance targets set for net profit growth over the next three years [30] This summary encapsulates the key insights from the conference call, highlighting Runze Technology's strategic positioning, financial performance, and future growth trajectory in the rapidly evolving AIDC and IDC landscape.

Core Insights - The most pressing and often overlooked energy challenge facing the U.S. is the competition with China in the field of artificial intelligence, which is heavily investing to close the gap with the U.S. [1] - The U.S. must develop a pragmatic national energy strategy that prioritizes speed, flexibility, and cost-effectiveness to maintain its lead in AI [3][4] Group 1: China's Energy and AI Strategy - China is combining long-term industrial strategy with massive investments in AI infrastructure and the necessary energy, expecting its data center market to grow by nearly $275 billion from 2025 to 2029 [3] - In 2024, China's investment in renewable energy will exceed the combined total of the U.S., EU, and UK [3] - The Chinese government aims to dominate future technologies, recognizing that energy policy is crucial for achieving this goal [3] Group 2: U.S. Energy Demand and Supply Challenges - The demand for electricity in the U.S. is growing faster than utility companies can build capacity, with some data centers consuming as much power as medium-sized cities [3] - In Virginia, data centers accounted for about 25% of the state's electricity load in 2023, raising concerns about the pressure on the power system and increasing residential electricity costs [3] - The U.S. needs to view clean power as a supplement to existing energy supplies, as nearly all new electricity generation last year came from solar and wind [3] Group 3: Energy Solutions and Risks - Shortages in turbines mean natural gas cannot fill the energy gap in the short to medium term, and coal cannot be quickly restored due to decommissioned facilities [4] - Expanding nuclear energy is a significant solution, but the U.S. is lagging behind China in advanced nuclear development [4] - A hybrid model using solar, battery storage, or natural gas during peak demand can scale faster and requires less upfront investment, with costs comparable to base-load natural gas [4] - The rapid rise in electricity demand from AI poses risks if solar or storage ecosystems face disruptions, but continued reliance on natural gas may hinder development speed [4] Group 4: Opportunities in AI and Energy Supply - AI is a major driver of electricity demand but also has the potential to significantly increase energy supply, presenting a critical opportunity [5]

Industry Overview - The "Artificial Intelligence +" strategy was introduced as a national development strategy in 2024, with continued emphasis in 2025 to integrate digital technology with manufacturing and support the widespread application of large models [3][4] - The rapid development of domestic AI applications has led to significant increases in capital expenditures related to computing power by leading internet companies [3][4] - The strict control of the "dual carbon" policy has resulted in a scarcity of energy indicators and electricity resources in high-quality locations, particularly in major cities [4] Company Resource and Infrastructure - The company has significantly increased its energy resource reserves by the end of 2024 compared to the end of 2023, with five out of seven parks having secured necessary energy resources [4][22] - A new 220kV substation in the Beijing-Tianjin-Hebei region has been operational since January 2024, doubling the power supply capacity to 960MW, enhancing the ability to support large-scale deployments [4][23] - The company has established seven AI computing infrastructure clusters across six major regions, planning a total of 61 computing centers and approximately 320,000 cabinets [21][22] Strategic Development Plans - The company aims to implement four major strategies over the next 3 to 5 years, focusing on orderly delivery of computing centers, promoting low-carbon development, enhancing operational capabilities, and leveraging opportunities in the AI wave [6][9] - The company plans to execute a horizontal expansion strategy starting in 2025 to increase market share and position within the industry [5][9] Financial Performance and Projections - The company achieved a performance completion rate of 93.56% for 2024, with challenges primarily due to intense competition and the transition from traditional IDC to AIDC [24][26] - The company anticipates significant growth in billing capacity by the end of 2025, with a stable gross margin expected to be achieved [16][28] Market Demand and Customer Base - The demand for AIDC is expected to surge, driven by the rapid growth of AI applications, with a notable shift from training to inference [10][11] - The company has successfully attracted numerous high-quality AI clients through its "drainage strategy," enhancing customer diversity and trust [12][16] Mergers and Acquisitions Strategy - The company is preparing to initiate horizontal expansion through acquisitions, focusing on data centers and related industries, particularly in economically developed regions [20][22] - The acquisition strategy will prioritize companies with scarce core resources, strong technical capabilities, and advantageous geographic locations [20][22] Energy Supply and Sustainability - The company is actively expanding its energy supply capabilities, with plans for additional substations to ensure stable power supply across all parks [23][22] - The focus on green practices and low-carbon development is integral to the company's operational strategy, with innovations in cooling technologies being prioritized [6][9] Investor Relations and Shareholder Engagement - The company has initiated a share buyback program with a budget of 500 million to 1 billion RMB to enhance investor confidence and stabilize company value [30][31] - A stock incentive plan has been established with performance targets set for 2025 to 2027, aiming for a net profit growth rate of 50%, 75%, and 100% respectively [32]

央视网消息：最新统计数据显示，我国目前在用的算力机架总规模已超过900万标准机架，位居世界前列。其中，西部地区的算力新型信 息基础设施建设更是明显提速，在新疆的克拉玛依，这个靠石油闻名的城市如今不仅成了算力超万P的"算力新城"，更是拥有了全国最大的影 视动漫渲染基地。那么，这个西部的资源性城市是如何完成这样的转型呢？一起来看记者的《一线调研》。 在克拉玛依云计算产业园区的大型数据中心，记者看到一排排安装上百张高性能图形处理器的服务器正在高速运转，多部电影中的动画形 象正在这里渲染。技术人员介绍，动画片在这里渲染，可以使用更多的基础设施，40个小时的渲染的工作量相当于东部地区近一年的工作量。 所谓算力，就是计算机系统在单位时间内能够完成的计算任务量，通常以P为单位来衡量，1P约等于每秒1000万亿次的计算速度。在占地 15.09平方公里的克拉玛依云计算产业园区里，已落地并建成投用6个大型数据中心，可容纳标准机柜6.5万个，智能算力规模达到17000P。充 足的算力为电影渲染提高了效率，而相对较低的电价为电影渲染大幅降低成本提供了可能。 克拉玛依地处戈壁荒漠，远离地震带，干燥少雨，平均年降水量低，冬季漫长寒冷，最 ...

数据港（603881）公告，2025年第一季度营收为3.95亿元，同比增长3.57%；净利润为4405.59万元，同 比增长23.22%。 ...

据香港IDC新天域互联了解，在哈姆研究所于俄克拉荷马城组织的一场科技和能源公司会议上，，亚马 逊和英伟达的高管们表示，尽管市场对经济衰退的担忧不断升温，但人工智能（AI）数据中心的建设 需求依然强劲。这一表态与华尔街上对科技公司可能削减投资计划的担忧形成鲜明对比。 英伟达的企业可持续发展高级总监乔什·帕克（Josh Parker）也证实，公司的数据中心需求没有减缓的迹 象。他表示："我们没有看到任何放缓的迹象。"近期，中国人工智能初创企业DeepSeek引发市场对电力 需求的担忧，但帕克认为，这种反应是"过度反应"。 人工智能的崛起使得对计算和能源的需求不断增加。安索普的联合创始人杰克·克拉克（Jack Clark）提 到，到2027年，AI领域将需要新增50吉瓦的电力供应，这相当于50座新的核电站的产能。 在会议上，科技和能源公司共同探讨了如何满足AI日益增长的能源需求。与会者达成共识，认为天然 气将成为满足这一需求的重要能源来源。随着AI技术的快速发展，如何确保充足的电力供应将成为各 大企业面临的关键挑战。 亚马逊与英伟达的高管们的发言清晰地表明，尽管市场对经济前景有所担忧，但AI数据中心的需求仍 在稳步 ...

Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, leading to a significant increase in computing power demand, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential for data centers, accounting for approximately 23% of supporting infrastructure costs and 6%-7% of total data center construction costs. The market for diesel generators in data centers is projected to grow from 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, with a compound annual growth rate (CAGR) of 24% [3][31]. - Domestic brands are expected to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Drives Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, significantly enhancing domestic AI application scenarios and driving up computing power demand [3][6]. - Major tech companies like Tencent and Alibaba are increasing capital expenditures for computing power infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [3][14]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets are critical backup power sources for data centers, complementing UPS systems to ensure continuous operation during power outages [22][24]. - The construction of data centers requires diesel generator sets, which are mandated for A and B level data centers as per national standards [24][26]. - The market for diesel generator sets in data centers is expected to reach 13.16 billion yuan by 2028, driven by the rapid growth of intelligent computing power [31][32]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The core components of diesel generator sets, particularly diesel engines, are dominated by foreign brands, which hold a 90% market share in 2024. However, domestic brands are gaining market share due to supply chain challenges faced by foreign manufacturers [3][47]. - Recent bidding results show that domestic manufacturers like Weichai Heavy Machinery have significantly increased their market share in high-pressure diesel generator sets [66][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as KOTAI Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].