Core Points - Shanghai Chengdi Xiangjiang Data Technology Co., Ltd.'s wholly-owned subsidiary, Zhenjiang Xiangjiang Cloud Power Technology Co., Ltd., signed a maximum guarantee contract with Xiangjiang System Engineering Co., Ltd. for a bank loan of 48 million yuan from Agricultural Bank [1] - The guarantee method is joint liability guarantee, and this guarantee does not exceed the annual expected limit and does not require counter-guarantee [1] - To meet the business needs of the subsidiary, the company adjusted the guarantee limit [1] - As of the announcement date, the total external guarantees of the company and its controlling subsidiaries amounted to 472.30136 million yuan, accounting for 132.98% of the most recent audited net assets, with no overdue guarantees [1] - The board of directors believes that the risk of this guarantee is controllable and will not harm the interests of the company and minority shareholders [1]

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [2] Core Viewpoints - The report indicates that the high-quality development of the Beijing Stock Exchange (北交所) is expected to yield significant results in 2025, with a positive outlook for the overall performance of the exchange in the coming year [21] - The report highlights the performance of the North Exchange 50 Index, which experienced a decline of 3.11% to close at 1528.98 points as of September 28, 2025, while other indices such as the Shanghai and Shenzhen 300, ChiNext, and Sci-Tech 50 showed increases of 1.07%, 1.96%, and 6.47% respectively [3][6] - The report emphasizes the average market capitalization of the 277 constituent stocks in the North Exchange, which stands at 3.138 billion yuan, and notes a significant valuation premium compared to other A-share markets [8][11] Summary by Sections 1. North Exchange Market Overview - As of September 28, 2025, the North Exchange has 277 constituent stocks with an average market capitalization of 3.138 billion yuan [6] - The North Exchange A-shares had a median PE ratio of 47 times, significantly higher than the median PE ratios of 29 times for the entire A-share market, 39 times for ChiNext, and 41 times for Sci-Tech Board, indicating a valuation premium of 164%, 121%, and 116% respectively [8] 2. Industry Performance - The top five performing industries in the A-share market for the week were electrical equipment, non-ferrous metals, electronics, media, and public utilities, with respective increases of 3.86%, 3.52%, 3.51%, 0.63%, and 0.28% [11] 3. North Exchange Individual Stock Performance - Among the 277 stocks listed on the North Exchange, 19 stocks increased in value, while 256 stocks decreased, resulting in an increase ratio of 7% [13] 4. New Stocks on the North Exchange - As of September 28, 2025, 19 companies, including Dongsheng Jin Material and Baiying Biological, have reached the inquiry stage, while three companies, including Jingchuang Electric and Dapeng Industrial, are in the registration stage [17][18] 5. Investment Strategy for the North Exchange - The report suggests focusing on several sectors for investment in 2025, including: 1. Data Centers: KLT and Shuguang Shuchuang 2. Robotics: Suzhou Axis, Audiwei, Jun Chuang Technology, and Fuheng New Materials 3. Semiconductors: Hualing Co. and Kaide Quartz 4. Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., Kangbiter, and Thunder God Technology 5. Military Information Technology: Chengdian Guangxin and Xingtuzhihui [21]

Group 1 - The core issue for *ST Yushun is its stock hitting the limit down at 37.28 yuan, with a decline of 3.44%, resulting in a total market value of 10.619 billion yuan and a circulating market value of 10.607 billion yuan, with a total transaction amount of 429.026 million yuan [1] - The company is facing significant risks due to high financial leverage, with a debt-to-asset ratio soaring to 92.45%, and an annual interest burden increasing by approximately 150 million yuan [2] - The acquisition of assets worth 3.35 billion yuan, while strategically significant, raises concerns about the company's ability to manage risks, especially since the target company relies entirely on a single client for its revenue [2] Group 2 - The potential impact of industry and policy factors is notable, as the acquisition aligns with the "East Data West Computing" policy, but there are doubts about the company's adaptability to the competitive data center sector [2] - Despite the introduction of a new "annual strong" concept that could attract investor attention, the overall market environment and the company's inherent risks may hinder sustained interest [2] - Technical analysis indicates that the stock may be experiencing a correction after reaching a historical high on September 19, 2025, leading to increased selling pressure and subsequent limit down [2]

Core Viewpoint - The major asset restructuring of *ST Yushun (002289.SZ) has been successfully completed, marking the largest cash transaction merger among ST companies in A-shares this year, which is expected to transform the company significantly [1] Group 1: Company Restructuring - *ST Yushun held an extraordinary shareholders' meeting on September 29 to discuss the acquisition of data center assets, with all proposals approved [1] - Following the acquisition of the Zhong'en Cloud project, *ST Yushun is projected to turn a profit, with net profit increasing from -14.42 million to 159 million, and revenue surpassing 1 billion [1] - The acquisition is seen as a starting point, with potential future acquisitions by the major shareholder still under observation [1] Group 2: Strategic Developments - The major shareholder, Shanghai Fengwang Industrial Co., Ltd., has already gained control of significant intelligent computing assets, including a 52% stake in Hebei Aihua Data Technology Co., Ltd., which is involved in the UnionPay Cloud Intelligent Computing Center project [1] - The Hebei Aihua project is larger than the Zhong'en Cloud project, with plans to install approximately 12,384 cabinets, significantly exceeding the 8,000 cabinets of Zhong'en Cloud, valued at 3.35 billion [2] - The strategic intent of Shanghai Fengwang to upgrade from data centers to more advanced intelligent computing centers is becoming increasingly clear, with ambitions to position *ST Yushun as a leading player in computing power [2]

Core Viewpoint - Champion Technology Group (00092.HK) reported a significant decline in total revenue for the fiscal year ending June 30, 2025, amounting to approximately HKD 57.31 million, representing a year-on-year decrease of about 72.7% due to a notable reduction in data center operations [1] Financial Performance - The company recorded a loss attributable to shareholders of approximately HKD 44.23 million for the year, compared to a loss of about HKD 12.40 million in 2024 [1] - The increase in losses is attributed to a decrease in contributions from smart city solutions and renewable energy businesses, as well as a fair value gain on financial assets of approximately HKD 19.40 million, contrasting with a fair value loss of HKD 19.50 million in 2024 [1] - The loss per share for the year was HKD 0.0503, compared to HKD 0.0182 in 2024 [1]

在算力监控大屏前，王涛指着不断变化的数字说："碳和液冷数据中心的总算力在2024年底就达到3600P （PetaFLOPS，是衡量计算机浮点运算能力的标准单位），每颗芯片的工作温度都能通过管理系统实时 监测，大部分芯片运行温度稳定在65摄氏度左右。"高温是服务器发生故障的主要诱因，这种"点上精准 控温、面上稳定输出"的能力，正是液冷技术的核心。"而支撑这份稳定的，还有西部地区独特的区位优 势。"王涛说。 算力是数字经济的底座，更是新质生产力发展的关键支撑。在克拉玛依这片曾以石油为傲的土地上，碳 和科技用液冷技术打破了"高耗能"的惯性认知，用东西协同搭建起算力流动的桥梁。 "公司从上海来克拉玛依时，就考虑到要充分利用这里的优良自然条件，结合数据中心最节能的液冷技 术，让绿色算力在戈壁扎根。"碳和科技总裁金谦的话，道出了企业与西部的缘分。2021年8月，他带领 团队突破了无参考标准、无规模化行业先例、无成熟配套技术的难题。如今再谈液冷与风冷的差异，他 表示："全生命周期运行成本，液冷比风冷低；全年平均能耗指标PUE控制在1.1以内，只相当于全国平 均水平的四分之一。" （文章来源：经济日报） 走进新疆克拉玛依云计 ...

Core Insights - Computing power is viewed as the core infrastructure and "engine" of the AI era, with global demand for computing power rising due to the AI wave [1] - Wuhu is gaining attention as a key player in China's computing power landscape, being part of the national "East Data West Computing" project and home to the "Chinese Digital Island" [1][5] - The National Data Bureau aims to concentrate over 60% of new computing power in national hub nodes by the end of this year [1] Group 1: Wuhu's Computing Power Development - Wuhu is one of the ten data center clusters in the national "East Data West Computing" project, with the "Chinese Digital Island" as its core area [1][5] - The Wuhu computing power public service platform has connected to four national platforms and added six new data centers, indicating a shift from planning to a "harvest period" for the computing power industry [4] - As of now, the Wuhu cluster has integrated 34 data centers, accumulating a total of nearly 640P of general computing power, 26,000P of intelligent computing power, 33.3P of supercomputing, and 2,070 bits of quantum computing [4] Group 2: Strategic Importance and Competitive Edge - Wuhu's energy supply is robust, being the only province in the Yangtze River Delta with a positive net power supply, which is crucial for data center operations [10] - The city is strategically positioned to serve high-demand sectors such as industrial internet, finance, and AI inference due to its low latency network connections to major cities [12] - Wuhu's intelligent computing power accounts for 70% of the province's total, with major clients in AI model training and intelligent driving [12] Group 3: Economic Transformation and Future Challenges - Wuhu is undergoing an industrial transformation, moving beyond traditional manufacturing to embrace new sectors like digital economy and intelligent robotics [17] - The city faces competition from other regions in the Yangtze River Delta, with similar computing power goals and ongoing developments in cities like Jiangsu and Zhejiang [18] - Despite its advantages, Wuhu must address challenges such as higher electricity costs compared to western hubs and the need for improved cross-regional computing coordination [19]

Group 1 - PIMCO's CEO Emmanuel Roman indicated that the effects of Trump's tariff policies have yet to materialize, potentially dragging down the outlook for the U.S. stock market [2] - Despite highlights in the U.S. economy, such as the AI data center boom, the industrial sector is facing challenges, with corporate revenues showing no growth [2] - PIMCO forecasts a return of approximately 6% for the U.S. stock market over the next three years [2] Group 2 - PIMCO is optimistic about opportunities in the asset-backed financing sector, recently leading a $26 billion debt transaction to support Meta Platforms' data center construction in Louisiana [3] - The data center market is characterized by significant demand for capital and equity, with expectations of numerous financing transactions and construction projects globally [3] - PIMCO is also bullish on natural gas due to the energy-intensive nature of data center operations, highlighting substantial investment opportunities in the fixed income market [3][4]

前言 ①数据中心配套变压器+固态变压器，这家公司产品符合AIDC行业一体化电源模块系统发展趋势，新 增量空间打开；②海外热风材料迎来超500亿元替代市场，这家公司掌握独有3D锥形打孔专利技术，相 关订单有望在2025年开始放量。（2家创业板公司） ...

Core Viewpoint - The report from CITIC Securities indicates that Runze Technology's net profit attributable to shareholders for the first half of the year is 882 million yuan, a year-on-year decrease of 8.73% [1] Group 1: Financial Performance - In Q2, the net profit attributable to shareholders remains at 882 million yuan, showing a year-on-year decrease of 8.73% [1] - The company's performance in Q2 shows a quarter-on-quarter growth, with new deliveries reaching a historical high [1] Group 2: Infrastructure and Resources - The company has secured scarce core resources such as land, energy consumption, and electricity around first-tier cities [1] - Currently, the company has established seven major parks, approximately 61 intelligent computing centers, and 320,000 cabinets, primarily located in satellite cities of Beijing, Shanghai, Guangzhou, and Shenzhen [1] - Among the seven parks, five have completed, are under construction, or have projects awaiting construction, all of which have obtained the necessary energy consumption [1] Group 3: Future Prospects - The company plans to deliver 220 MW in the first half of 2025, which would set a new historical high [1] - With the delivery and deployment of new data centers, the company's performance is expected to continue to grow [1] - The successful issuance of public REITs has opened up a light asset operation pathway, optimizing the company's asset structure and increasing the proportion of high-power cabinets [1] - Following the issuance, the company has ample cash on hand and sufficient financing channels, having already assessed multiple potential acquisition projects, which may enhance market share and pricing power [1] - The rating for the company is maintained as "Buy" [1]