（文章来源：人民日报） 一排整齐排列的机柜中，服务器指示灯不停闪烁着点点光芒……这是位于河北廊坊的润泽智算科技集团 股份有限公司（以下简称"润泽科技"）投资建设的国际信息港园区，此刻，海量的数据正在这里高速流 转。 2009年，润泽科技在廊坊经济技术开发区注册成立。不久后，润泽国际信息港项目破土动工。几年间， 这里凭借一流的设施配置、可靠的运行环境及地处京津冀协同发展核心区域的优越地理位置，吸引数十 家单位、企业入驻，为其提供规模化、绿色化、智能化先进算力服务。 近年来，随着各行业数字化转型的推进，算力需求出现爆发式增长。润泽科技通过构建覆盖广泛、高效 节能的算力基础设施网络，为人工智能大模型的训练和推理提供全方位的算力保障。 2023年10月，工业和信息化部等六部门联合印发《算力基础设施高质量发展行动计划》，将促进绿色低 碳算力发展作为六项任务之一。算力中心如何在高效运转的同时实现低碳运行？润泽科技敏锐地捕捉到 AI和液冷技术带来的发展机遇，开始自主研发冷板式液冷技术，2023年率先交付业内首例整栋纯液冷 绿色智算中心，满足国家"东数西算"工程对绿色数据中心的严格要求。"我们积极践行可持续发展理 念，持续推 ...

● 本报记者 黄一灵 作为深耕中国市场二十余载的新经济基础设施龙头企业，普洛斯中国深度受益于中国经济高速发展，更 是亲历见证，并且植根其中的中坚力量之一。"普洛斯中国的成长壮大，始终与中国改革开放的时代浪 潮同频共振，与中国经济的持续发展共生共荣。"日前，普洛斯中国首席执行官（CEO）赵明琪在接受 中国证券报记者专访时如是感慨。 2026年是"十五五"规划开局之年。赵明琪表示，公司将坚守"全球视野、深耕中国"的核心理念，以新基 建为核心载体，凭借纵深的产业参与度与精准的价值输出能力，持续为中国经济高质量发展赋能增效。 应势而为 深耕中国二十余载 21世纪之初，全球化的浪潮席卷而来，中国加入WTO后以开放姿态拥抱世界，为全球资本搭建起逐梦 东方的广阔舞台。 彼时，普洛斯创始团队毅然锚定中国市场，成为最早布局中国物流基础设施领域的国际先行者之 一。"不止我们，当时所有国际企业都在谋划进入中国市场。毫无疑问，这是一个前景广阔、蕴藏无限 机遇的市场。而且市场方兴未艾，我们可以把国际最高标准带进来，给行业一个高水准，一个加速度， 给经济发展带来乘数效应，这也是我们的初心。"赵明琪直言。 谈及为何首选物流仓储行业切入中国 ...

《公告全知道》每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收 购、业绩、解禁、高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前 寻找到投资热点，防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 前言 ...

报告导读： 数据中心机架是数据中心的基础设施之一，它的使用可以将计算机硬件设备集中管理，提高IT设备的安全性和可维护性，并且利于数据中心的规划、设计和 建设。数据中心是信息基础设施的重要组成部分,是"新型基础设施"中的"基础设施"。随着国家数字经济的发展和信息网络数据的迭代式增长，数据中心作 为重要的信息枢纽，在"十四五"规划中定义为新基建，其产业得到蓬勃发展，机架规模日益剧增。据工信部数据，截止到2024年年底，我国数据中心市场规 模增长至2773亿元，在用数据中心机架规模超880万架；2025年底，我国数据中心市场规模达到3180亿元，标准机架规模突破1200万架。 为探究数据中心机架行业变化趋势（怎么变）、用户需求（要什么）、投放选择（投向哪）、运营方法（如何投）及实践案例（看一看），智研咨询发布了 《2026-2032年中国数据中心机架行业市场竞争态势及投资战略研判报告》。 观点抢先知： 行业定义及作用：数据中心机架是数据中心的基础设施之一，是计算机硬件设备中的一种构件，用于支撑和安装各种计算机部件，包括主板、CPU、内存、 硬盘等。其主要作用是提供一个安全、可靠、高效的设备安装和管理的机构。机架的使 ...

Core Viewpoint - The article discusses the significant acquisitions made by Boyu Capital, including the purchase of Beijing SKP, the acquisition of a 75% stake in Badaling Outlets, and the inclusion of Starbucks China, highlighting the strategic positioning of Boyu Capital in the high-end retail market and its understanding of consumer psychology [1][3][9]. Group 1: Acquisitions and Market Position - Boyu Capital has made three major acquisitions in less than a year, including the "best mall in China" SKP and the "cash cow" Badaling Outlets, raising questions about its strategic intentions [1][3]. - The acquisition of Badaling Outlets is particularly noteworthy as it has shown strong performance, with sales increasing from 1.8 billion yuan in its opening year to 2.84 billion yuan in 2024, and a profit of approximately 900 million yuan [6][7]. - In contrast, SKP's sales are projected to decline by about 17% in 2024, indicating a shift in consumer preferences towards outlets like Badaling [7][9]. Group 2: Consumer Behavior Insights - The consumer psychology of the middle class is evolving, with a desire for luxury brands at discounted prices, which Badaling Outlets effectively capitalizes on by offering high-end brands at reduced prices [6][7]. - The design of Badaling Outlets as a "garden town" has made it a popular weekend destination for middle-class families, contributing to its high foot traffic and sales, with 520 million yuan in sales during the 2025 National Day holiday [6][7]. Group 3: Boyu Capital's Background and Strategy - Boyu Capital, founded in 2011, is one of China's largest private equity firms, managing approximately 10 billion USD in funds and having a portfolio of over 200 companies [10][11]. - The founding team includes notable figures from the finance industry, such as Zhang Zixin and Ma Xuezheng, who have extensive experience and a strong track record in investment [10][11][12]. - Boyu Capital's strategy includes diversifying its investments across various sectors, including technology, real estate, and clean energy, indicating a comprehensive approach to capital management [15][17].

Core Viewpoint - The cloud computing industry is experiencing a reversal of the long-standing price decline, with major players like Amazon Web Services and Google Cloud announcing price increases of up to 100%, indicating that computing infrastructure has become a scarce strategic resource [1][4]. Group 1: Industry Trends - The cloud computing infrastructure sector is entering a new development phase, as evidenced by the strong performance of A-share listed companies related to cloud computing, with significant profit growth expected for 2025 [1][4]. - The demand for data centers and related infrastructure is driven by the rapid growth of AI applications, leading to an expansion in data center scale and performance upgrades [4][10]. - The global data center equipment market is projected to grow by 25% to 30% in 2025, with total global data center capacity expected to increase by nearly 25% by 2026 [8]. Group 2: Company Performance - Runze Technology anticipates a net profit of CNY 5 billion to 5.3 billion for 2025, representing a year-on-year increase of 179.28% to 196.03% [4][6]. - Industrial Fulian expects a net profit of CNY 35.1 billion to 35.7 billion for 2025, a year-on-year increase of 51% to 54%, driven by strong demand for AI servers [7][8]. - Shunling Environment forecasts a net profit of CNY 205 million to 246 million for 2025, reflecting a growth of 77.39% to 112.87% [10][12]. Group 3: Supporting Industries - The demand for cooling systems and server components is increasing due to the rapid growth of the AI industry, with companies in these sectors also reporting significant profit increases [10][12]. - The liquid cooling technology market is expected to grow at a compound annual growth rate of 45% due to the rising power consumption of AI chips, making it a necessary solution for high-density cabinets [12].

算力奔腾时代，重构数据中心电源及基础设施架构脉络 20260204 摘要 传统数据中心架构在高并行智能计算场景下显现弊端，推动新型人工智 能数据中心（AIDC）发展，其核心架构包括算力底座层、平台服务层、 模型使能层和行业应用层，强调各层内部的高度垂直整合。 AI 服务器的电力消耗显著高于传统服务器，预计到 2030 年数据中心电 力总消耗将翻倍。美国、中国和欧洲占据全球数据中心容量的 80%以上， 其中美国预计将占全球数据中心电力需求增长的 50%以上。 为应对 AI 时代兆瓦级功率机柜需求，800 伏 HVDC 技术成为关键。该 技术通过锂电池 BBU 替代传统铅酸蓄电池，并省去 UPS 环节，显著提 升电力传输效率，英伟达计划从 2027 年开始过渡到该技术。 随着芯片功耗上升和机架功率密度提高，液冷技术成为数据中心散热的 重要突破方向。数据中心制冷正从纯风冷向风液混合模式演进，其中冷 板式液冷是目前应用最广泛的方案。 AI 行业经历了技术探索期、学科奠基期和产业腾飞期三个阶段，目前正 处于产业腾飞期，算力基础设施的迭代成为 AI 大模型训练和推理的关键 支撑，推动传统数据中心向 AIDC 转型。 Q& ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [1]. Core Insights - The overall performance of the North Exchange has shown a positive trend, with the North 50 Index increasing by 4.22% during the period from January 12 to January 23, 2026, while the Shanghai and Shenzhen 300 Index decreased by 1.19% [4][10]. - The average market capitalization of the North Exchange's constituent stocks is 3.22 billion [4][10]. - The daily average trading volume reached 334.1 billion, representing a 41.49% increase compared to the previous period [4][12]. - The top five performing sectors during this period were non-ferrous metals, building materials, chemicals, steel, and electronics, with increases of 9.24%, 8.49%, 8.25%, 5.26%, and 5.22% respectively [4][14]. Summary by Sections North Exchange Market Overview - As of January 23, 2026, there are 291 constituent stocks in the North Exchange, with an average market capitalization of 3.22 billion [4][10]. - The North 50 Index closed at 1588.66 points, with a trading volume of 334.1 billion and a turnover rate of 6.79% [4][12]. New Stocks in the North Exchange - During the period from January 12 to January 23, 2026, three new stocks were issued: Koma Materials, Aishalen, and Guoliang New Materials [23]. Key News from the North Exchange - On January 14, 2026, the China Securities Regulatory Commission approved an adjustment to the financing margin ratio, increasing the minimum margin from 80% to 100% for new financing contracts [6][26]. Investment Strategy for the North Exchange - The report suggests focusing on sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology for potential investment opportunities in 2026 [6][27].

Core Insights - The article highlights the launch of a commercial immersion liquid cooling project by Xinan Co., which utilizes silicon-based cooling technology to meet the surging demand for computing power in data centers [1][2] Group 1: Project Overview - The project is a collaboration between Xinan Co. and Suanxiang Technology Co., focusing on the commercialization of organic silicon materials in critical green computing applications [1] - The immersion liquid cooling solution developed by Xinan Co. offers advantages such as faster heat dissipation and lower energy consumption compared to traditional cooling methods [1] Group 2: Technical Specifications - The newly launched commercial computing platform features a high-power density immersion liquid cooling architecture, with a single cabinet power density reaching 210 kW, capable of supporting multi-card parallel computing needs [2] - The energy efficiency of the platform has been significantly optimized, achieving over 35% energy savings compared to conventional cooling methods [2] Group 3: Future Aspirations - Xinan Co. aims to develop a mature solution by integrating material development, engineering experience, and application capabilities to better support infrastructure construction in computing power, energy storage, and electric vehicle charging stations [2]

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The overall performance of the North Exchange has shown a positive trend, with the North 50 Index increasing by 4.22% during the period from January 12 to January 23, 2026, while the Shanghai and Shenzhen 300 Index decreased by 1.19% [4][10] - The average market capitalization of the North Exchange's constituent stocks is 3.22 billion [10] - The daily average trading volume reached 334.1 billion, representing a 41.49% increase compared to the previous period [12] Summary by Sections North Exchange Market Overview - As of January 23, 2026, there are 291 constituent stocks in the North Exchange, with an average market capitalization of 3.22 billion [10] - The North 50 Index closed at 1588.66 points, with a trading volume increase and a daily turnover rate of 6.79% [12] Sector Performance - The top five performing sectors in the North Exchange during the reporting period are Non-ferrous Metals (9.24%), Building Materials (8.49%), Chemicals (8.25%), Steel (5.26%), and Electronics (5.22%) [14] Individual Stock Performance - Out of 288 stocks listed on the North Exchange, 216 stocks increased in value, 71 decreased, and 1 remained flat, resulting in a 75% increase ratio [16] New Stocks in the Period - During the reporting period, three new stocks were issued, and several companies updated their review status, indicating ongoing market activity [5][23] Key News - On January 14, 2026, the China Securities Regulatory Commission approved an adjustment to the financing margin ratio, increasing the minimum margin from 80% to 100% [26] Investment Strategy - The report suggests focusing on sectors such as Data Centers, Robotics, Semiconductors, Consumer Goods, and Military Information Technology for potential investment opportunities in 2026 [27]