Group 1 - The 3D printing industry in China is experiencing rapid growth, with equipment production increasing by 36%, 11%, and 45% year-on-year from 2023 to Q1 2025, and export volumes rising by 55%, 6%, and 24% during the same period [1] - The market applications of 3D printing have expanded from consumer goods in Europe and the US to include trendy toys in China, and are gradually penetrating functional items such as footwear and helmets [1] - 3D printing is recognized as a strategic emerging industry with strong domestic and international policy support, leading to sustained market growth [1] Group 2 - Tencent's WeGame Game Night is scheduled for June 16, showcasing important game releases and new titles, indicating a positive outlook for the gaming sector [2] - The gaming and media sectors are viewed as one of the best emerging consumer segments, with recent stock price increases in companies like Lehua, Juxing, Alibaba Pictures, Maoyan, and NetEase Music signaling a valuation recovery [2] - The cultural export of gaming and media is just beginning, supported by favorable policies, which presents further growth opportunities [2] Group 3 - The construction of new data centers is on the rise due to the AI wave, with liquid cooling technology becoming essential to address energy consumption challenges [3] - The power density of AIDC cabinets is increasing from traditional IDC levels of 5-15KW to several tens of KW, while traditional air cooling systems have a maximum cooling capacity of 25KW per cabinet [3] - Liquid cooling systems can significantly enhance energy efficiency and reduce overall costs, positioning them to become mainstream in the AIDC era [4] Group 4 - Major corporations like Amazon and Walmart are exploring the possibility of issuing their own stablecoins in the US, indicating a growing interest in digital currencies among large enterprises [5]

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]

依托雄厚的资源和资本实力、强大的科技创新能力、高效的交付能力、卓越的运营能力,世纪互联已为 全球超过6000家优质企业客户打造了业务发展的稳固基石,其中包括近百家全球高增长的行业领军企业, 积累了宝贵的成功运营经验。 本文源自：金融界 作者：行情君 6月16日，世纪互联(VNET)开盘上涨2.67%，截至21:31，报5.585美元/股，成交39.83万美元，总市值 15.03亿美元。 财务数据显示，截至2025年03月31日，世纪互联收入总额22.46亿人民币，同比增长18.34%；归母净利 润-2.38亿人民币，同比减少27.03%。 资料显示，世纪互联(VNET.US)成立于1996年,是科创型数字新基建龙头企业、中国第一家美股IDC上市 公司,也是国内唯一一家以"基地型+城市型"IDC业务同步发展的头部IDC企业。世纪互联致力于为客户 提供业界领先的数据中心、智算中心(AIDC)、网络以及基于数据中心的云计算交换连接、混合交付等 云计算综合服务及解决方案,打造具有核心技术、超大规模运营能力、高附加值的数字基础设施运营平 台。 世纪互联在全国30多个城市运营超过50座数据中心,基地型业务运营容量超过48 ...

证券代码：300249 证券简称：依米康 | 投资者关系活动 | √特定对象调研□ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访□业绩说明会 | | | □ 新闻发布会□ 路演活动 | | | □ 现场参观 | | | □ 其他（请文字说明其他活动内容） | | 参与单位名称及 | 富达基金陈月桥 | | 人员姓名 | | | 时间 | 2025 年 6 月 16 日（周一）上午 10:00~11:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书：叶静 | | 员姓名 | 证券事务代表：吴慧敏 | | | Q1：目前公司液冷进展如何？ | | | A：公司已成功完成浸没式液冷产品的开发，并在中东地区 | | | 成功投运首台套 NetLiq200 2.0 液冷升级版产品；继液冷集装箱 | | | 于中东成功投运后，公司持续开发基于风冷、水冷等多种室外散 | | | 热形式的冷板、浸没式液冷整体解决方案，包括：液冷整套系统 | | | 解决方案及配套的液冷控制系统、液冷运维系统等，实现客户液 | | 投资者关系活动 | 冷从建设到运维的整体解决方案。 | | ...

Investment Strategy - The satellite sector is showing a trend of "East rising, West falling," indicating that China may achieve a latecomer advantage in low Earth orbit satellites. The number of Starlink satellites falling has increased significantly, with 316 expected to fall in 2024, compared to only 2 in 2020. This trend correlates with heightened solar activity [12][16] - The "computing satellite" sector is emerging as a new avenue, with China potentially holding a first-mover advantage. The "Star Computing" plan aims to establish a space-based computing network with 2,800 satellites, while the "Three-body Computing Constellation" will achieve a total computing power of 1,000 POPS [13][14] - Four key advantages are expected to establish satellites as a new type of infrastructure: universal connectivity, high-speed communication, large-scale user access, and safety and reliability. Satellite internet can provide access in remote areas, with latency as low as 20-50 milliseconds and peak speeds reaching 500 Mbps [14][15] Industry News - Starlink satellites have been falling at an increasing rate, with over 500 reported to have fallen between 2020 and 2024. This trend provides valuable insights for China's satellite development, helping to avoid similar risks in the future [16][17] - China Mobile has initiated a procurement project for 170,000 data center switches, with Huawei and ZTE among the winning bidders. This reflects ongoing investments in infrastructure to support AI demand [17][18] - China Mobile has successfully launched a trusted data space project for data annotation, which aims to support various sectors including smart vehicles and healthcare, marking a shift towards a more skill-intensive data industry [18][19] - China Post has successfully conducted long-distance cargo transport using fixed-wing drones, marking a significant breakthrough in low-altitude logistics [19] Market Review and Focus - The communication sector saw a slight decline of 0.5% this week, with notable performances in optical modules and low-altitude economy sectors. The satellite internet sector is highlighted as a potential investment opportunity [20][21] - Recommended stocks for next week include companies involved in satellite internet, such as Aerospace Universe and Tianyin Machinery, as well as long-term focus on major telecom operators like China Mobile and China Telecom [24]

Core Viewpoint - Guian New Area is rapidly developing into a modern city with a focus on high-quality, green, and intensive growth, attracting major enterprises and establishing itself as a key player in the digital economy and advanced manufacturing sectors [1][4][7]. Industry and Company Summary - Guian New Area has attracted 26 Fortune Global 500 companies, 9 Chinese Fortune 500 companies, and 3 private Fortune 500 companies, indicating a strong industrial presence [5]. - The area has established 26 large-scale data centers, with a computing power exceeding 81 EFLOPS, of which over 98% is intelligent computing, making it one of the strongest regions in China for domestic intelligent computing capabilities [3][6]. - The region aims to become a national computing power guarantee base, a research and production base for new energy power batteries and materials, and an important industrial backup base [4]. - In 2024, the industrial output value of the new energy battery and materials industry is projected to reach 7.692 billion yuan, with a year-on-year growth of 43.2%, while the advanced equipment manufacturing industry is expected to achieve an industrial output value of 3.659 billion yuan, growing by 35% [7]. - The software and information technology service industry in Guian New Area is anticipated to generate revenue of 70.9 billion yuan in 2024, reflecting a growth of 28.5%, with the digital economy's added value accounting for 53.3% of GDP [12][14]. - The area has built a complete industrial chain from battery material research to vehicle manufacturing, with a current battery production capacity of 35 GWh [6]. - Guian New Area has developed a robust digital infrastructure, including the largest cloud data center in southern China, which serves various sectors including internet, government, and finance [8][10].

Global Research ab 12 June 2025 First Read Chinese Internet Data Centre Sector Doubao token usage growth: the curve is getting steeper Doubao LLM daily token usage growth is steepening According to Volcengine management during FORCE conference, daily token usage of Doubao reached 16.4tn as of end-May, 137x the level in May-2024. The growth trajectory of daily token usage by Doubao is steepening (Figure 1Douba LMnmerof avgedily tokenusag (bn). Doubao 1.6 is the first LLM to support 256k context window in Chi ...

Group 1: Green Transition in Luliang - Luliang City is pursuing a unique green low-carbon transition that is tailored to local conditions and resources, emphasizing a "China-style solution" through systematic approaches in industrial restructuring and institutional innovation [1][3] - The city has implemented a comprehensive livestock waste management project in Wenxian County, which processes 1.5 million tons of solid waste annually, converting it into 80,000 tons of biomass fuel, effectively replacing 34,000 tons of standard coal [1] Group 2: Industrial Development - Luliang is promoting the development of low-carbon building materials by utilizing coal chemical by-products and solid waste, with an industrial park projected to process 1.3 million tons of industrial solid waste in 2024, generating approximately 140 million yuan in output [2] - The park also recycles 10,000 tons of rubber waste into modified asphalt, contributing an additional 30 million yuan in value, aligning with national strategies for energy and transportation integration [2] Group 3: Hydrogen Energy Initiatives - Luliang is leveraging its high demand for heavy-duty transportation and hydrogen by-products from coal chemical processes to promote hydrogen energy applications, addressing the dual challenges of "no vehicles available" and "idle hydrogen sources" [3] - The city is transitioning from gray hydrogen to blue and green hydrogen, aiming to establish a high-quality hydrogen energy ecosystem in inland regions [3] Group 4: Future Development Strategies - Future initiatives include promoting green industrial upgrades through smart microgrids that integrate photovoltaic, energy storage, and adjustable loads to enhance energy efficiency [4] - The city plans to utilize the "Tianhe-2" supercomputer and green electricity to deepen "computing and electricity synergy," supporting emerging industries with dynamic load matching [4]

每日晨报 2025年6月16日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 从日本经验看,如果经济一旦陷入通缩陷阱,会极大压制居民和企业的消费和投资意愿,并 导致货币和财政政策的传导机制有效性下降,政策效果由此也会大打折扣。去年以来,决策层反 复强调当前面临的困难之一是国内有效需求不足,明确提出要全面提振内需。针对由于需求不足 导致的物价低迷问题,今年两会工作报告中把 CPI 的目标值从 3%下调至 2%,这意味着 CPI 目 标已经从约束性目标变为成果性目标,从之前防止 CPI 突破 3%,变为推动物价水平回归 2%的 正常水平。对此,央行在一季度货币政策报告中也明确表示"把促进物价合理回升作为把握货币 政策的重要考量，推动物价保持在合理水平"。 前五个月社融资增量累计为 18.63 万亿元 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 宏观:"新"供给侧改革的"加减乘除"。未来十年,国内经济在 AI 驱动下, ...

智通财经记者 | 张熹珑 从广东北部的韶关站出发，崭新的厂房鳞次栉比，行车不到几分钟，北江智算中心、中国电信粤港澳大湾区智能算力中心等建筑出现在视野里，彰显着这座 小城的"野心"。 过去三年，这座四线城市实现了算力产业的从无到有。在6月13日的第四届粤港澳大湾区（广东）算力产业大会暨第三届中国算力网大会上，韶关市委书记 陈少荣提到，目前已引进22个智算中心项目，总投资超过600亿元，已形成12万标准机架承载能力，即将成为华南地区最大的算力集聚区。 与之形成反差的是，韶关此前在广东省的存在感并不高。定位为"北部生态发展区"，韶关的综合经济实力在全省处于较后位置，直至2023年，全市GDP才突 破1600亿元。2024年，韶关GDP达1647.56亿元，经济总量在广东21市中排名第15位。 智通财经根据韶关市统计局整理 AI产业为这座城市带来重塑竞争力的新窗口。2022年，国家正式实施"东数西算"战略，粤港澳大湾区是八个国家算力枢纽节点之一，韶关是该枢纽节点内唯 一的国家数据中心集群。 翻查韶关2024年政府工作报告和统计公报可以发现，这座粤北城市的经济转型很有特点：传统重工业占比正在下降，但装备制造、有色金属等 ...