黔中腹地，在贵阳市与安顺市的交界处、贵州地势最为平坦开阔的地方，全国第八个国家级新区——贵 安新区正从一张平面蓝图变为立体现实。 经济增速连续7个季度保持在20%以上；华为、腾讯、苹果、比亚迪等26家世界500强企业纷纷"落户"； 算力规模突破81EFLOPS，为150余部影视作品提供渲染算力支撑…… "一年一个样、三年大变样"，是什么让一座新城开启"狂飙"？近日，广州日报全媒体记者跟随贵安新区 高质量发展媒体调研行团队来到贵安新区，揭开这座算力之城、智造之城、生态之城背后的奋进"密 码"。 算力之城 中国"数谷"练就"最强大脑" "掘金"新能源重卡"蓝海" 三大产业基地加快形成 为广东等省份输送3000万卡时算力 1900多个特效镜头，单帧渲染20个小时以上，平均一个镜头的渲染时长超200小时……每当谈及爆火的 《哪吒之魔童闹海》，人们总会津津乐道于影片中那些精妙绝伦的特效镜头，但鲜为人知的是，全片超 四成特效镜头的渲染算力保障来自"中国数谷"的核心区——贵安新区。 走进被誉为贵州"最强大脑"的贵安超算中心，每秒3亿亿次的算力洪流奔腾不息。贵安超算中心负责 人、贵安新区科创产业发展有限公司总经理李悲鸿介绍， ...

Group 1 - The core viewpoint is that the northeastern Brazilian state of Piauí is actively promoting energy transition and green economic development amid climate change, geopolitical competition, and industrial restructuring [1] - The state has conducted 12 international investment promotion activities in the past two years, with two more planned for this year, indicating a growing interest in investing in Brazil despite global trade challenges [1] - Piauí's clean energy accounts for 99.75% of its energy mix, with a focus on attracting industries that rely on green energy and exporting hydrogen and its derivatives [1] Group 2 - The state government has proposed solutions to address issues related to renewable energy generation, including accelerating auction mechanisms and enhancing grid connectivity between northeastern and southeastern regions [2] - A legislative framework for renewable energy certificates has been established, expected to be operational before COP30, providing a basis for low-carbon certification of hydrogen projects [2] - Piauí aims to attract green finance into high-value green manufacturing sectors such as hydrogen, green steel, and data centers, with several cooperation memorandums signed in the special economic zone [2] Group 3 - The state has introduced artificial intelligence as a mandatory subject starting from the ninth grade, covering 120,000 students, and is also providing training for civil servants to promote technology adoption [3] - The governor of Piauí, Rafael Fonteles, is noted for his focus on the integration of education, technology, and green development [3]

股份有限公司可转换公司债券 中鹏信评【2025】跟踪第【156】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权不得修改、复制、转载和出售。除委 ...

Core Viewpoint - The importance of data centers is increasing globally due to digital and intelligent transformation, with liquid cooling technology emerging as a necessary trend despite leakage risks hindering its widespread adoption [1][2]. Group 1: Liquid Cooling Technology - Liquid cooling technology has transitioned from an optional solution to a necessity due to the explosive growth of AI models and high-performance computing, which has led to increased power density in data center cabinets [2]. - Traditional air cooling methods are being replaced by liquid cooling, which significantly enhances cooling efficiency and reduces Power Usage Effectiveness (PUE) [2]. Group 2: Leakage Risks - Leakage risks in liquid cooling systems arise from various components such as water-cooled plates, pipelines, and connectors, where any failure can lead to leaks [2]. - Common water-based coolants can corrode metal parts over time, leading to costly repairs and potential equipment damage due to leaks [2][3]. Group 3: Green Cloud's Solution - Green Cloud Technology has introduced the "Hurricane Waterless" cold plate solution, which utilizes a self-developed non-water-based non-conductive medium to mitigate leakage risks while enhancing heat exchange capabilities [1][3]. - The solution is designed to ensure that even in the event of a liquid leak, server integrity is maintained, thus improving the system's tolerance to liquid cooling failures [3]. Group 4: Innovative Design - The "Hurricane Waterless" solution features an innovative architecture that includes redundant airflow designs and a multifunctional integrated chamber to optimize cooling efficiency and space utilization [5]. - The design allows for online hot-swapping of power and fans, ensuring zero downtime for maintenance and continuous business operations [6]. Group 5: Industry Impact - The new solution has undergone rigorous testing and has been successfully implemented in collaboration with Guojijiang Precision Engineering Group, resulting in improved energy consumption, stability, and noise levels in the data center [6]. - The company aims to continue innovating and providing advanced liquid cooling solutions to support the sustainable development of global digital transformation [6].

Group 1 - The AI sector is experiencing a pullback, with the ChiNext AI Index down by 1.54% as of 11:08, and several component stocks like Kunlun Wanwei and Tongniu Information dropping over 4% [1] - Mary Meeker's "AI Trends Report 2025" highlights a significant increase in training costs for AI models, which have surged approximately 2400 times over the past eight years, with predictions that costs could reach $1 billion by 2025 and potentially exceed $10 billion in the future [1] Group 2 - The technology sector's congestion has significantly decreased, and AI computing power is expected to recover as it is in a phase of accelerated expansion [2] - The ChiNext AI ETF (159381) tracks the ChiNext AI Index and selects AI-focused companies listed on the ChiNext, with a daily price fluctuation limit of ±20% and a low total fee rate of 0.20% [2] - The top ten component stocks of the ChiNext AI ETF include leading companies in optical modules, chip design, and cloud computing, with over 26.6% weight in optical module CPO concept stocks [2]

Group 1 - The data center securitization market has surged from $5 billion to $30 billion, driven by significant investments in facilities equipped with thousands of GPUs for large language models [1] - Securitization has become a stable and scalable financing source for the capital-intensive digital infrastructure industry [1] - After a stagnation earlier this year due to concerns over AI-related data center demand and tariff uncertainties, the market has rebounded significantly, with pricing and issuance volumes returning to positive trends [1] Group 2 - Three key factors support short-term market momentum: a surge in capital expenditures from major cloud service providers (AWS, Microsoft, Google, Meta, Oracle) indicating strong forward demand for AI cloud services [4] - Despite the optimistic short-term outlook, there are concerns about long-term supply-demand balance, with expectations that the data center market will peak in occupancy rates by mid-next year and then gradually slow down [7] - A tight supply situation is evident, with North America's data center vacancy rate expected to hit a historical low of 1.9% by the end of 2024, and 72% of new capacity already pre-leased [8] Group 3 - The "Gateway to the Stars" initiative by the Trump administration prioritizes generative AI infrastructure, encouraging private sector investment and leading to a growing pipeline of data center projects [8] - Investors should focus on market timing to capitalize on the benefits of AI infrastructure development while closely monitoring changes in supply-demand balance to avoid long-term oversupply risks [9]

市场消息：欧盟能源专员表示将提出欧盟数据中心节能方案。 ...

Core Viewpoint - The capital market's attention on Shango Holdings (00412.HK) is increasing, with multiple institutions issuing initial coverage reports and giving "buy" ratings, recognizing the company's strategic positioning in the "green electricity + computing power" emerging sector [1][2]. Group 1: Industry Positioning and Growth - Shango Holdings has achieved over 200% growth in total asset scale within three years, with the overall scale of the computing power industry exceeding 50 billion [2]. - The company plays the role of an "industry organizer," effectively integrating assets and creating value through a "1+1>2" synergy, distinguishing itself from traditional financial investments [2][3]. - The "source-network-load-storage integration" project in Ulanqab is expected to generate approximately 1.3 billion annually once fully operational, showcasing the company's ability to create economic benefits through green electricity [3]. Group 2: Strategic Collaborations and Ecosystem Development - Shango Holdings is collaborating with major players like Huawei to develop a "green computing + clean energy" model, enhancing its integrated computing power infrastructure [6][7]. - The partnership aims to create a digital ecosystem that integrates transportation, energy, and data, aligning with national strategies such as "East Data West Computing" [6][7]. - The company is positioned to expand its business radius beyond Huawei, aiming to become a key player in China's AI technology revolution and the foundation of the "AI ecosystem alliance" [7]. Group 3: Market Trends and Future Outlook - The integration of computing power and green electricity is becoming a standard for data center operators, driven by policy requirements and market demands for renewable energy [4][5]. - Shango Holdings is expected to benefit from the dual engines of green electricity and computing power, with optimistic profit forecasts of approximately 216 million, 456 million, and 555 million for the years 2025-2027 [7][8]. - The company is strategically positioned at the intersection of the digital economy and energy transition, making it a core leader in the evolving landscape of new productivity [8].

Group 1: Investment Background and Performance - Elise McKay, co-portfolio manager of Pendal's Horizon fund, has a diverse background in finance, having worked at Ernst & Young and JPMorgan before joining Pendal [3][5] - The Horizon sustainable Australian equities fund, managed by McKay and Crispin Murray, ranked fourth in the latest Mercer quarterly survey, indicating strong performance [2][5] - The fund has achieved a 20% return over the past year, outperforming the benchmark index which returned 13.17% [5] Group 2: Key Holdings and Market Strategy - The fund's significant holdings include Qantas, Technology One, Telstra, Evolution Mining, Xero, and Commonwealth Bank, contributing to substantial gains [3][5] - Commonwealth Bank's market capitalization recently surpassed 300 billion AUD, highlighting its importance in the portfolio [3] - McKay's strategy includes taking profits after a 30% surge in A2 Milk's stock and increasing positions in NextDC during its decline, viewing it as undervalued [6][7] Group 3: Company Insights and Future Outlook - McKay remains optimistic about Xero, which saw a 12% increase in May, citing its effective capital return and growth in global subscription users [8] - Downer EDI, another company of interest, has risen 14.5% this year, with improvements in governance despite facing regulatory challenges [9] - Seven Group Holdings, controlled by the Stokes family, is also viewed positively, particularly as the residential construction market is expected to recover [9]

Core Viewpoint - G42's subsidiary Khazna Data Centers is collaborating with NVIDIA to accelerate the development of AI infrastructure in the Middle East and Africa [1] Group 1: Partnership Details - Khazna Data Centers has announced a partnership with NVIDIA to build AI factories in the Middle East and Africa [1] - NVIDIA has certified Khazna's next-generation data center facility design to support the NVIDIA Blackwell architecture [1] Group 2: Development Plans - Khazna plans to develop up to 250 megawatts of AI clusters as part of this initiative [1]