Core Insights - Delta Electronics, Meituan, Qinhuai Data, and Dongyangguang jointly launched the world's first intelligent DC power supply system based on SST technology at the 2025 CDCC SUMMIT, showcasing a significant milestone in the industry [1] - The SST intelligent DC power supply system boasts an industry-leading efficiency of 98.5% and can output up to 1MW of power while occupying only 1 square meter, reducing space requirements by over 50% compared to traditional solutions [2] - Dongyangguang's layered foil capacitor plays a crucial role in stabilizing the DC bus voltage, marking a breakthrough in core components essential for the SST system [3] Industry Context - The rapid expansion of AI applications is creating unprecedented challenges for data center power density, necessitating innovative solutions to manage power loads effectively [2] - The SST technology is viewed as the "holy grail" for next-generation data center power supply, addressing the need for higher current capacity while ensuring safety and environmental sustainability [2] - The integration of energy storage units within the SST system allows for seamless switching between power sources, aligning with grid interaction requirements [2] Company Developments - Dongyangguang's acquisition of 100% of Qinhuai Data's China operations enhances its ability to optimize industry layout and accelerate AI strategic transformation [1][4] - The collaboration between Dongyangguang and Qinhuai Data exemplifies a vertical integration model that strengthens their competitive advantage in the digital economy [4] - The layered foil capacitor technology developed by Dongyangguang not only reduces aluminum consumption by 40% compared to traditional capacitors but also significantly improves performance metrics [3] Market Potential - The global installed capacity of SST in AI data centers is projected to reach 100GW by 2030, with the market for layered foil capacitors expected to reach approximately 2 billion yuan [5] - The demand for aluminum electrolytic capacitors in server power supply units is increasing, with Dongyangguang's high-capacity layered foil capacitors emerging as the preferred solution for AI computing needs [5]

Core Viewpoint - JPMorgan's research report indicates that GDS Holdings' Q3 performance largely met expectations, including a one-time gain from the spin-off of data centers to C-REIT [1] Financial Performance - GDS Holdings' management anticipates challenges in 2026 due to weaker-than-expected new order performance since Q2 of this year, and potential further declines in Monthly Service Revenue (MSR) as existing contracts are renewed [1] - The firm expects an acceleration in order momentum for GDS Holdings in 2026, driven by improvements in the supply of domestic AI chips in China [1] Growth Drivers - Approximately 65% of new orders this year are AI-related, which is expected to drive double-digit revenue growth in 2027 [1] - The company's international investment performance remains strong, with robust growth in the commitment to power purchase agreements from major clients [1] Target Price Adjustment - JPMorgan has lowered the target price for GDS Holdings' U.S. stock from $46 to $40 while maintaining an "Overweight" rating [1]

Core Insights - The announcement of the world's first intelligent DC power supply system based on SST (Solid State Transformer) was made at the 2025 CDCC SUMMIT, showcasing a collaboration between Delta, Meituan, Qinhuai Data, and Dongyangguang [1] - The SST solution integrates multiple layouts from Dongyangguang's supply chain, featuring its self-developed layered foil capacitor group, which breaks through efficiency limits and will first be implemented at the Qinhuai Data industrial park to support Meituan's operations [1] - The acquisition of 100% of Qinhuai Data's China business by Dongyangguang in September 2023 marks a significant step in optimizing industry layout and accelerating AI strategic transformation [1] Industry Challenges and Solutions - The power density of data centers is facing unprecedented challenges as AI applications expand, necessitating a shift from traditional AC distribution systems to more efficient solutions [2] - The SST technology is considered the "holy grail" for next-generation data center power supply, achieving an industry-leading efficiency of 98.5% and a power output of 1MW in just 1 square meter, reducing space requirements by over 50% compared to traditional solutions [2] - The SST system employs a "distributed SST + DC bus" architecture, significantly lowering transmission losses and integrating energy storage units for seamless switching between power sources [2] Technical Innovations - Dongyangguang's layered foil capacitor is crucial for stabilizing the input-side DC bus voltage in the SST solution, enhancing the system's performance [3] - Compared to traditional capacitors, Dongyangguang's layered foil capacitors have improved volumetric efficiency by over 40% and capacity density by over 30% [3] - The environmental benefits of this technology are notable, with a 40% reduction in aluminum consumption compared to traditional capacitors, aligning with the "dual carbon" strategy [3] Market Opportunities - The integration of Qinhuai Data and Dongyangguang's core components is expected to create a unique competitive advantage in the digital economy, facilitating the development of next-generation data centers with lower PUE and higher power density [4][5] - The global market for SST in AI data centers is projected to reach 100GW by 2030, with the layered foil capacitor market potentially reaching 2 billion yuan [5] - Dongyangguang's high-capacity layered foil capacitors are becoming the preferred solution for AI server power supply units, addressing the increasing demand in the AI computing market [5] Strategic Developments - The capital operation to integrate Qinhuai Data and the technological advancements in layered foil capacitors are helping Dongyangguang build a comprehensive ecosystem for AI energy solutions [6] - The ongoing projects with Qinhuai Data and Meituan are expected to lead to a re-evaluation of Dongyangguang's value in the AI infrastructure sector [6]

Core Viewpoint - Alibaba's AI assistant Qianwen App has achieved over 10 million downloads within a week of its public beta, surpassing competitors like ChatGPT, Sora, and DeepSeek, marking it as the fastest-growing AI application in history [3] Group 1: Stock Performance - Alibaba-related stocks, including Shiji Information and Data Port, have seen significant price increases, with both stocks hitting the daily limit up [3] - The Big Data Industry ETF (516700), which focuses on data security, has risen over 3.2% during intraday trading, currently up 2.59% [1] Group 2: AI Investment Opportunities - CITIC Securities highlights the expanding investment opportunities in AI, particularly in the computing power industry chain and AI applications, predicting a potential replication of the long bull market seen in the US stock market since 2023 [3] - The report anticipates a local explosion of opportunities in AI applications, driven by the rapid implementation of AI across various sectors [3] Group 3: Data Security and Technology Independence - The Big Data Industry ETF (516700) passively tracks the CSI Big Data Industry Index, focusing on sectors such as data centers, cloud computing, and big data processing, with key holdings in leading companies like Inspur Information and China Software [3] - Investors interested in technology independence should focus on three catalysts: 1. High-level calls for "technology to take the lead," which may break new ground in new productivity directions 2. The top-level design of Digital China, which aims to activate digital productivity and accelerate the process of domestic substitution 3. The momentum of the Xinchuang wave, with Xinchuang 2.0 expected to accelerate, presenting a broad outlook for technology independence [3]

Core Viewpoint - The report from Guohai Securities highlights the increasing electricity demand driven by the rapid development of AI Data Centers (AIDC), with projections indicating a significant rise in electricity consumption in the U.S. data centers from 196 TWh in 2023 to 672 TWh by 2028, increasing its share from 4.5% to 14.6% [1][2]. Group 1: Data Center Development and Electricity Demand - The construction of data centers is booming, leading to heightened requirements for power stability. The combined capital expenditure (CAPEX) of the four major cloud providers in North America (Amazon, Microsoft, Google, Meta) and domestic companies like Alibaba and Tencent is expected to grow by 57% and 169% respectively in 2024, with further increases anticipated in 2025 [1]. - The AIDC trend is characterized by large-scale, high power density, and high energy consumption, which is driving continuous growth in electricity demand [1][2]. Group 2: Impact on Power Supply and Storage Needs - The concentrated construction of AI data centers in North America is expected to create regional shocks to the power grid, exacerbated by a tight supply of gas turbines and mismatched electricity supply and demand, leading to increased risks of power outages [2]. - The demand for energy storage has shifted from being an optional configuration to a necessity for data centers, with battery energy storage systems (BESS) being crucial for stabilizing load fluctuations [3]. Group 3: Market Potential for Energy Storage - The global and Chinese data center energy storage market is projected to reach 212 GWh and 98.8 GWh respectively by 2030, with a compound annual growth rate (CAGR) of approximately 49% from 2023 to 2030 [4]. - In the U.S., the demand for energy storage in data centers is expected to increase from 11 GWh in 2025 to 116 GWh by 2030, reflecting a CAGR of 62% from 2025 to 2030 [4]. Group 4: Key Companies to Watch - CATL (300750.SZ) is recognized as a leader in the lithium battery industry, with global capacity expansion driving growth in data center energy storage [5]. - EVE Energy (300014.SZ) has a forward-looking layout in energy storage, providing comprehensive backup solutions for AIDC [5]. - Sungrow Power Supply (300274.SZ) is experiencing strong growth in its energy storage business, with synergies in power electronics technology expected to enhance its future positioning in HVDC/SST power supply [5]. - Aotes (688472.SH) is noted for its stable operations and strong breakthroughs in photovoltaic strategies and energy storage, benefiting from the growing demand for data center energy storage [5]. - Tongrun Equipment (002150.SZ) focuses on high-profit markets, with accelerated replacement of string inverters in the U.S. opening up future growth opportunities in energy storage systems [5].

万国数据-SW(09698)涨近4%，截至发稿，涨4.65%，报22.52港元，成交额2196.74万港元。 美银证券指出，万国数据-SW管理层在业绩会议上透露表示，受超大规模订单交付所带动，第三季客户 入驻加快，内生增长总面积达2.3万平方米，预期第四季将保持相若水平。公司目前预期2026财年每平 方米服务收入将按年下降3%至4%，主要受到合约续签定价下调以及新订单稀释效应的影响，但该行指 出，计及数据中心建设成本下降，预期新项目的内部回报率仍保持韧性，并看好AI需求将推动2026年 订单强劲增长。 消息面上，近日，万国数据-SW发布2025年第三季度业绩，该集团取得净收入人民币28.87亿元(单位下 同)，同比增长10.2%；净利润7.29亿元，同比扭亏为盈；经调整EBITDA为13.42亿元，同比增长 11.4%。万国数据主席兼首席执行官黄伟先生表示："于2025年第三季度，公司持续交付积压订单，并实 现高迁入率。公司已做好充分的战略准备以把握人工智能领域日益增长的需求，未来将人工智能视为业 务长期增长的重要催化剂。" ...

Core Insights - Data Port (603881.SH) has seen a significant increase in stock price, reaching a 10.00% rise to 35.21 yuan, with a total market capitalization of 25.294 billion yuan [1] - The market interest in Data Port is primarily driven by its association with Alibaba concepts, state-owned cloud initiatives, and Alibaba Cloud-related sectors, leading to a stock price surge [1] - The company signed four major service platform agreements at the 2025 International Data Economy Industry Cooperation Conference, aimed at enhancing data services for Chinese enterprises going global [1] Financial Performance - For the first three quarters of 2025, Data Port reported a revenue of 1.241 billion yuan, reflecting a year-on-year growth of 4.93% [1] - The net profit attributable to shareholders reached 120 million yuan, marking a year-on-year increase of 14.05% [1] Operational Developments - Data Port's Langfang project has successfully completed the first batch of electromechanical deliveries, indicating strong contract execution and reinforcing its core computing power supply capabilities [1]

消息面上，近日，万国数据-SW发布2025年第三季度业绩，该集团取得净收入人民币28.87亿元(单位下 同)，同比增长10.2%；净利润7.29亿元，同比扭亏为盈；经调整EBITDA为13.42亿元，同比增长 11.4%。万国数据主席兼首席执行官黄伟先生表示："于2025年第三季度，公司持续交付积压订单，并实 现高迁入率。公司已做好充分的战略准备以把握人工智能领域日益增长的需求，未来将人工智能视为业 务长期增长的重要催化剂。" 美银证券指出，万国数据-SW管理层在业绩会议上透露表示，受超大规模订单交付所带动，第三季客户 入驻加快，内生增长总面积达2.3万平方米，预期第四季将保持相若水平。公司目前预期2026财年每平 方米服务收入将按年下降3%至4%，主要受到合约续签定价下调以及新订单稀释效应的影响，但该行指 出，计及数据中心建设成本下降，预期新项目的内部回报率仍保持韧性，并看好AI需求将推动2026年 订单强劲增长。 智通财经APP获悉，万国数据-SW(09698)涨近4%，截至发稿，涨4.65%，报22.52港元，成交额2196.74 万港元。 ...

Core Viewpoint - Data Port's stock price increased by 5.59% to 33.80 CNY per share, with a trading volume of 588 million CNY and a turnover rate of 2.52%, resulting in a total market capitalization of 24.281 billion CNY [1] Company Overview - Shanghai Data Port Co., Ltd. is located at 1401 Jiangchang Road, Jing'an District, Shanghai, and was established on November 18, 2009, with its listing date on February 8, 2017 [1] - The company's main business involves data center server hosting services and network bandwidth services, with revenue composition being 99.31% from IDC services and 0.69% from IDC solutions [1] Shareholder Information - Among the top ten circulating shareholders of Data Port, a fund under Huatai PineBridge Fund ranks first [2] - The China Securities Shanghai State-owned Enterprise ETF (510810) reduced its holdings by 383,800 shares in the third quarter, now holding 2.9837 million shares, which accounts for 0.42% of the circulating shares [2] - The estimated floating profit from the current holdings is approximately 5.3407 million CNY [2] Fund Performance - The China Securities Shanghai State-owned Enterprise ETF (510810) was established on July 28, 2016, with a latest scale of 7.994 billion CNY [2] - Year-to-date return is 4.44%, ranking 3784 out of 4208 in its category; the one-year return is 3.13%, ranking 3480 out of 3981; and since inception, the return is 1.31% [2] - The fund manager, Wu Zhenxiang, has a cumulative tenure of 15 years and 296 days, managing total assets of 19.781 billion CNY, with the best fund return during his tenure being 192.39% and the worst being -31.53% [2]

Summary of Key Points from the Conference Call Industry Overview - The data center industry is experiencing a significant shift towards liquid cooling technology, which has transitioned from being an optional feature to a necessity for data center construction. The demand for data centers is expected to continue until 2039, with high-voltage direct current (DC) 800-volt products gaining attention [1][2] - The global liquid cooling market is projected to grow from over $2 billion to between $15 billion and $18 billion by 2030, driven by increasing power density and voltage that traditional air cooling cannot meet [1][5] Company Insights: Eaton - Eaton's acquisition of BOYD positions the company as the only provider of a complete solution from substations to liquid cooling systems, enhancing its leadership in the North American data center market. BOYD's sales are expected to reach $1.7 billion by 2026, with $1.5 billion coming from liquid cooling [1][4] - Eaton's data center business grew by 50% in the first three quarters of the year, surpassing last year's growth of 45%. The company maintains a conservative growth forecast of approximately 17% for the coming years, although this may be exceeded based on capital expenditure plans from major clients like Hyper Scalers [1][6][7] - The company is optimistic about the future of data center construction, citing strong order growth in North America of about 30% year-over-year [3][19] Liquid Cooling Technology - Liquid cooling technology is becoming increasingly important due to rising power density and voltage requirements. Currently, only about 10% of data centers utilize liquid cooling, but this is expected to rise significantly as demand for high-performance computing increases [5][8] - The value of AI data center equipment has surpassed that of traditional data centers, with AI data center equipment valued at approximately $1.2 to $2.9 per watt, potentially exceeding $3 per watt with BOYD's liquid cooling technology [3][11] Market Dynamics and Challenges - The construction of data centers in the U.S. faces challenges related to power generation, labor shortages, distribution, and government approvals. These complexities may benefit Eaton's software and smart devices in the grid sector [3][17][18] - The U.S. market is experiencing strong demand, with prices remaining high and lead times increasing by 30% to 40% compared to last year due to ongoing capacity expansions [22] Strategic Focus - Eaton's strategic focus on data centers is driven by stable demand from major clients like Amazon and Microsoft, who have shifted from transactional relationships to strategic partnerships. This allows for better capacity planning and utilization [20] - The company is also exploring opportunities in energy storage systems, which may become standard in data centers to address power supply issues [12] Future Outlook - The global trend towards data center construction is recognized as a national strategy in various countries, including the U.S., China, and EU nations. Eaton's global business grew by 8% year-over-year, with data center business growth exceeding 40% in the third quarter [21] - The integration of BOYD's technology and products into Eaton's offerings is anticipated, with new products expected to be launched at an appropriate time [26] Conclusion - Eaton's acquisition of BOYD and its focus on liquid cooling technology position the company favorably in a rapidly evolving data center market. The anticipated growth in liquid cooling and data center construction presents significant opportunities for Eaton in the coming years [1][4][5][21]