"我们把整个数据舱投放到海底，可以利用海水来进行降温。相比于陆地数据中心，海底数据中心能够 减少大量的冷却能耗，不仅可以减轻对生态的影响，还可以降低运营成本。"海兰云海底数据中心海南 示范项目总经理蒲定告诉记者。 当你对智能语音助手发出"周边美食推荐"的指令，或者用AI大模型生成旅行攻略时，或许不会想到：支 撑这些回答的海量数据（603138），既不在云端里"飘"着，也不在机房的机柜里"躺"着，而是沉在海南 陵水附近海域中35米深的海底。 在这片热带海域的海面下，一个个白色"巨罐"正安静运转——这就是全球首个商用海底数据中心的核心 装备"海底数据舱"，每个都重达1300吨，相当于1000辆小汽车的重量。当4500吨的起重船将它们缓缓放 入海底时，一个颠覆传统的"水下算力世界"便悄然成形。 这个位于海底的"超级大脑"，是全球首个商用海底数据中心，2023年3月底在海南陵水正式投运，一期 工程目前已全面竣工。 数据中心为啥要从陆地走向海底？带着这些疑问，记者跟随"活力中国调研行"采访团一同来到位于海南 陵水的海兰云海底数据中心项目部一探究竟。 承担着数据存储、计算和处理等"烧脑"工作，数据中心的一生都和高温"打架 ...

Investment Rating - The report suggests a positive investment outlook for the nuclear power sector, particularly focusing on small modular reactors (SMRs) as a key energy solution for AI data centers in the future [4][46]. Core Insights - The Canadian data center market is projected to experience exponential growth, with planned projects nearing 9GW [9]. - The demand for AI computing power is surging, benefiting cloud infrastructure service providers like Oracle, which reported a 54% year-on-year increase in cloud infrastructure revenue [8]. - The U.S. energy market is witnessing significant changes, including the approval of policies to accelerate interconnection for dispatchable generation [1]. Global Infrastructure and Construction Equipment - North America's data center vacancy rates have reached a historic low of 1.6%, indicating strong demand [7]. - The average price for 250 to 500 kW cabinets has increased by 2.5%, while those over 10 MW have seen a 19% rise due to high demand and limited power supply [7]. Global Electrical and Intelligent Equipment - The gas turbine price index in the U.S. increased by 3.43% year-on-year as of August 2025, reflecting a stable competitive landscape [13]. - The production price index for electric and special transformers in the U.S. was stable at 440.55, with a year-on-year increase of 2.5% [24]. Global Energy Industry - The U.S. is experiencing fluctuations in wholesale electricity prices, with a notable decrease of 2.54% in average spot prices [3]. - The NYMEX natural gas futures price was reported at $2.81 per million British thermal units, down 7.9% week-on-week [3]. Global New Materials - The spot price for uranium was $75.13 per pound in August 2025, reflecting a 6% increase month-on-month [3]. - The price index for steel pipes and stainless steel increased by 0.58% month-on-month, with a year-on-year growth of 7.85% [3]. Investment Recommendations - The report highlights the importance of nuclear power in the energy mix for AI operations, recommending companies like Entergy, Talen Energy, and Constellation Energy for investment [4]. - It suggests monitoring companies involved in energy equipment, such as Oklo and NuScale Power, as they are positioned to benefit from the growing demand for nuclear energy solutions [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7]. Core Insights - The company is positioned as a leading player in the Chinese IDC (Internet Data Center) industry, benefiting from the growing demand for AI infrastructure and cloud services. It has a significant operational capacity and is expanding both domestically and internationally [6][40]. - Revenue projections for 2025-2027 are estimated at 114.78 billion, 129.92 billion, and 146.34 billion CNY, respectively, with corresponding EBITDA of 52.81 billion, 58.55 billion, and 64.76 billion CNY [7][40]. Financial Data and Profit Forecast - Revenue (in million CNY) for the years 2023 to 2027 is forecasted as follows: - 2023: 9,782 - 2024: 10,322 - 2025E: 11,478 - 2026E: 12,992 - 2027E: 14,634 - Year-on-year growth rates are projected at 4.9%, 5.5%, 11.2%, 13.2%, and 12.6% respectively [5]. - Adjusted EBITDA for the same period is expected to show significant growth, reflecting the company's operational efficiency and market demand [6][28]. Market Position and Competitive Landscape - The company is recognized as the top player in the third-party IDC sector in China, with a comprehensive service capability and a strong operational footprint [48]. - As of the first half of 2025, the company operates data centers with a total IT power of 1,326 MW, leading the industry in terms of scale and operational capacity [48][52]. Strategic Expansion and Globalization - The company is actively expanding its international presence, particularly in Southeast Asia and Europe, to meet the growing demand from global cloud service providers [6][40]. - The DayOne division, focused on international operations, has significant growth potential, with a projected operational capacity of over 1.5 GW [6][40]. Supply and Demand Dynamics - The IDC industry is experiencing a favorable supply-demand balance, driven by the increasing capital expenditures from cloud service providers and the rising need for AI infrastructure [40][41]. - The company is well-positioned to capitalize on the evolving landscape, particularly in key regions such as the Beijing-Tianjin-Hebei area, the Yangtze River Delta, and the Guangdong-Hong Kong-Macau Greater Bay Area [40][42].

中新社海南陵水9月26日电 题："AI大脑"入水 中国以冷海"孵化"热算力 1秒可完成普通电脑1年的计算量，每秒支持基于DeepSeek的智能助手进行约7000次会话……这一海底 智算中心集群，正以强劲算力成为海南自贸港数字经济的"水下引擎"。 智算中心，是专门为人工智能和大数据处理设计的计算基础设施，堪称"超级AI大脑"。但智算中心服务 器运行会产生高热量，如在陆地上运行，需庞大复杂的制冷系统，不仅耗电，还需大量淡水散热。 海南海底智算中心集群将设施从陆地"搬"至海底，服务器被密封安置在压力容器中，凭借陵水海域低 温、高压、无氧的天然环境作为"冷却池"，实现高效、绿色、低碳运行。 海南海底数据中心运营方负责人蒲定25日接受中新社记者采访时表示，海南海底数据中心一期项目相比 传统陆地数据中心，每年可减少二氧化碳排放2720吨，相当于植树近15万棵；较传统能源数据中心节省 30%的能源，节约淡水3万立方米，并可利用风电、波浪等海洋可再生能源。 水下安装就位，是第二道难关。海底数据舱通过结构管内部充水、平衡载荷调配等方式，破解了这项技 术难题，可抵抗强台风。 中新社记者 张茜翼 贾靖峰 中国海南陵水县近海，在30 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 9月25日，深圳科士达科技股份有限公司接待了淳瀚投资、浙商证券、创富兆业3家机构的特定对象调 研。此次调研在公司会议室展开，公司副总经理、董事会秘书范涛先生，证券事务代表张莉芝女士以及 证券事务专员金玉琳女士参与接待。 数据中心业务增速来源剖析 关于公司近期发布股权激励的原因，范涛先生表示，一方面基于公司人才战略布局与核心团队稳定性建 设需求，针对骨干管理人员及核心技术、业务人才推行股权激励计划，筑牢公司持续发展的人才根基； 另一方面，结合行业发展趋势与公司中长期战略规划，公司对未来发展前景充满信心，希望借助核心团 体共同努力，进一步实现公司长期价值增长。 接待过程中，公司与投资者充分交流沟通，严格按照《信息披露事务管理制度》等规定执行，保证信息 披露真实、准确、完整、及时、公平，未出现未公开重大信息泄露等情况。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实 ...

截至本公告日，公司已累计收到实际控制人支付的业绩补偿款6,017.37万元。至此，实际控制人IPO项 目业绩补偿义务已全部履行完毕。 格隆汇9月26日丨优刻得(688158.SH)公布，公司IPO募投项目之一内蒙古乌兰察布市集宁区优刻得数据 中心项目（一期和二期）在业绩承诺期（2020年度至2024年度）内实际累计净利润低于承诺期预计累计 净利润的80%，业绩承诺未实现。根据实际控制人作出的承诺，实际控制人需向公司支付现金补偿款共 计6,017.37万元。 ...

Group 1: Company Overview and Market Dynamics - The core growth driver for the company's data center business in the domestic market is primarily from the telecommunications and internet sectors, while traditional industries like finance maintain relatively stable growth due to their specific development rhythms and demand characteristics [2][3] - In overseas markets, Southeast Asia and the Middle East are significant contributors to current business growth, driven by rapid digital economy development and accelerated infrastructure construction [2] Group 2: Renewable Energy Business Insights - The company's overseas renewable energy business has established a solid foundation in key regions such as Europe, Asia-Pacific, and Africa, despite experiencing short-term fluctuations in 2024 due to local inventory issues [3] - As of 2025, the European storage market demand is significantly recovering, leading to a resurgence in the company's storage business, supported by an expanding pool of quality customer resources and a steady increase in orders from core clients [3] Group 3: Strategic Initiatives and Future Outlook - The company has implemented an equity incentive plan targeting key management and technical personnel to strengthen its talent foundation and align with its long-term strategic goals [3] - The company expresses clear and firm confidence in its future development prospects, aiming to leverage the collective efforts of its core team to achieve long-term value growth [3] - The company ensures compliance with information disclosure regulations, maintaining the accuracy and timeliness of disclosed information without any significant leaks of undisclosed material information [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Views - The company is positioned as a leading player in the Chinese IDC market, benefiting from the growing demand for AI infrastructure and data center services. It has a significant operational capacity and is expanding both domestically and internationally [6][7]. - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 114.78 billion, 129.92 billion, and 146.34 billion CNY respectively, alongside EBITDA of 52.81 billion, 58.55 billion, and 64.76 billion CNY [6][7]. Summary by Sections 1. Company Overview - The company has transitioned from a focus on customized solutions to a global expansion strategy, establishing a strong presence in key economic regions and overseas markets [6][18]. 2. IDC Industry Leadership - The company is recognized as the leading third-party IDC service provider in China, with a comprehensive service capability and a significant operational footprint of 1,326 MW IT power as of mid-2025 [6][55]. - The demand for computing power is expected to grow, driven by both domestic and international cloud service providers, enhancing the company's market position [6][45]. 3. DayOne Global Strategy - The company is expanding its global footprint through DayOne, focusing on high-demand regions such as Southeast Asia and Europe, with a robust pipeline of projects and customer orders [6][3][7]. 4. Financial Projections and Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating a market capitalization of 80.3 billion HKD based on projected EBITDA multiples for its domestic and international segments [6][7]. - The company is expected to maintain a strong EBITDA margin, with significant improvements in revenue growth rates observed in the first half of 2025 [6][37]. 5. Market Dynamics - The IDC market is characterized by a complementary evolution between first-tier cities and emerging nodes, with a focus on low-latency computing needs and localized capabilities [6][45]. - The company is well-positioned to capitalize on the increasing demand for AI-driven computing infrastructure, with a strategic focus on resource allocation in key regions [6][45].

Core Viewpoint - Despite the solid foundation of AI investment themes, Barclays highlights that a slowdown in data center capital expenditure could pose the largest systemic risk to the U.S. stock market, with a potential 20% decline in capital spending leading to a 3-4% downward pressure on S&P 500 earnings and a 10-13% drop in valuations [1][30]. Group 1: Potential Risks - The report identifies three major potential "landmines" that could trigger this crisis: 1. **Technology and Efficiency Risk**: Rapid improvements in AI model efficiency may lead to overbuilt computing facilities, reminiscent of the "dark fiber" tragedy during the dot-com bubble [2][9]. 2. **Physical Limitations Risk**: Increasing electricity shortages are becoming a hard constraint on data center construction, potentially cooling capital expenditures [2][14]. 3. **Liquidity Risk**: As capital expenditure growth begins to exceed cash flow generation, financing pressures and dwindling VC capital could become critical issues [3][20]. Group 2: AI Investment Fundamentals - The report affirms the robust foundation of AI investment themes, noting that even with an expected annual growth of 30% in capital expenditures, the demand for computing power still far exceeds supply [4][5]. - The capital expenditure to sales ratio for current tech giants is approximately 25%, which is considered relatively prudent compared to over 40% during the telecom bubble [6]. Group 3: Economic Impact - Barclays emphasizes that a slowdown in data center investment could significantly impact the overall U.S. economy, contributing about 1 percentage point to the 1.4% GDP growth forecast for the first half of 2025 [25][28]. - The negative resonance between macroeconomic factors and industry-specific issues poses a greater threat to the stock market than isolated industry adjustments [29]. Group 4: Earnings and Valuation Impact - The analysis indicates that a 20% decline in data center capital expenditure over the next two years would have a relatively mild impact on earnings per share (EPS), with a projected 3-4% drag on S&P 500 EPS for fiscal year 2026 [31]. - However, the impact on valuations would be severe, potentially leading to a 10-13% compression in the overall S&P 500 index, with sectors directly benefiting from AI infrastructure facing average P/E compression of 15-20% [32][33].

北十八八出后点讲 24小时十字砧AT 创业板指低开低走跌2.6%，算力硬件等科技股集体退潮。蓝丰生化5连板，一图看懂>> 伏电站EPC业务,控股子公司中山瑞科已形成100MW碚化 3、公司业务包括新能源高端装备制造,新能源电站投资运 太原重工 山西省唯一从事风电整机装备及核心部件研发制造的企业 国产市片 长江存储母公司长存集团完成股改 合肥城建 公司为长鑫集成提供厂区、办公区、生活区等专业化项目代 跃岭股份 参股公司中科光芯是光通信领域光芯片及光器件研产销企业 链生产线技术 杯中股份 1、公司生产的成套开关设备是数据中心重要的基础设备,| 业、国家电网、数据中心及大型工程输配电基建项目;2、 材料科技有限公司主要经营产品系碳化硅半导体衬底材料 圣晖集成 公司提供英诺赛科(苏州)半导体禅额服帘洁净室工程服务 微分子污染控制等领域,已实现量产配套 养元饮品 3天3板 公司控制的泉泓投资对长江存储科技控股有限责任公司增资 后,泉泓投资持有长控集团0.99%的股份 祥龙电业 2天2板 公司实控人武汉东湖新技术开发区管理委员会,与长江储存 前有分子 E MSHV 易成新能 控股股东中国平煤神马集团将实施战略重组 神马股 ...