探索初显成效。算力调度底座打通：工业和信息化部《算力互联互通行动计划》明确2026年建全标准体 系，目前已完成131家企业499个算力资源池标识，华为昇腾实现毫秒级响应，和林格尔数据中心具 备"朝推夜训"调节能力。 伴随算力需求快速增长，其高耗电、高散热、高排放等问题日益凸显，对能源电力带来挑战。国家先后 出台算力能源电力协同相关文件，近日国家发展改革委、国家能源局又发布《关于推进"人工智能+"能 源高质量发展的实施意见》，进一步强调算电协同应用。算、电、热、碳耦合紧密，四者协同优化可释 放更大效能。 算—电—热—碳协同的必要性 算力高速发展带来"三高"压力。当前算力进入高速增长阶段，人工智能推动智算需求爆发，算力结构呈 现"智算引领、通算基础、超算补充"特点。我国算力近5年平均增速近30%，2024年智算增速高达 74%，远超通算的21%；IDC等机构预测，2023~2028年我国通算、智算规模复合增速为18.8%、 46.2%。依托超大型数据中心集群与边缘计算节点，我国算力通道持续为多领域提供支撑，但"三高"问 题突出。 高耗电：能源成为算力核心"生产要素"，剔除折旧后电费占数据中心运营成本60%以上；高 ...

Core Viewpoint - The company is a pioneer in the liquid cooling sector, leveraging years of technical expertise and experience in data center construction and operation to offer comprehensive lifecycle services for liquid cooling data centers [2] Group 1: Liquid Cooling Technology - The company has developed a range of proprietary liquid cooling products, including air-liquid drawer-type CDU, liquid-liquid drawer-type CDU, and liquid-liquid cabinet-type CDU [2] - Integrated products include Wise Cooling plate liquid cooling micro-modules, liquid cooling containers, and liquid cooling all-in-one machines [2] Group 2: Strategic Partnerships - The company has partnered with Muxi Co., Ltd. to launch a high-density liquid cooling computing POD, focusing on super-node technology to explore related solutions [2] - This collaboration aims to provide stable, efficient, and flexible real-time support for high-performance computing needs [2]

天风证券研报指出，润泽科技25H1实现归母净利润8.82亿元，同比下滑8.73%，Q2实现归母净利润4.52 亿元，同比下滑8.20%。从公司交付节奏来看，基于去年已签订的客户订单支撑以及目前上架节奏判 断，预计在今年年底可实现较好的上架率，看好公司下半年增速显著提升，如平湖100MW、佛山、惠 州新交付的数据中心都有望在上架率提升后带来收入及利润增厚，有望于下半年较好体现于公司业绩。 基于公司2025H1经营情况，毛利率同比有所承压，调整公司盈利预测，但公司整体数据中心及智算中 心仍在快速推进业务发展，看好下半年上架加速对公司利润带来积极影响。维持"买入"评级。 ...

Group 1 - UBS reports that Alibaba's CEO Wu Yongming announced additional investments in AI infrastructure on top of the previously disclosed three-year capital expenditure plan of 380 billion yuan [1] - It is projected that Alibaba Cloud's global data center electricity consumption will increase tenfold by 2032 compared to 2022 levels [1] - UBS estimates that if Alibaba Cloud's total data center capacity was 1.5 gigawatts in 2022, it will reach 15 gigawatts by 2032, implying a net increase of approximately 13 gigawatts over ten years, or at least a net increase of 1 to 2 gigawatts per year [1] Group 2 - The firm estimates that each gigawatt of data center demand corresponds to approximately 100 billion yuan in IT equipment capital expenditure, indicating an annual capital expenditure of at least 100 billion to 200 billion yuan, which is higher than market expectations [1] - There is a lack of confidence in the sustainability of the AI capital expenditure cycle and the capital expenditure intensity of large-scale cloud service providers [1] - UBS continues to favor GDS Holdings as the industry leader, optimistic about its potential new orders in China and overseas, as well as the valuation of its DayOne Series C financing [1]

智通财经APP获悉，国信证券发布研报称，数算中心机架功率持续提升，液冷方案可解决数算中心高能 耗、高散热难题。当前液冷板块处于发展早期，各类液冷方案各具优劣势，行业尚未形成统一既定的最 优液冷方案，需密切关注下游服务商选择的液冷方案路径与对应冷却液产品。根据SemiAnalysis预测， 2028年全球新增AI数据中心装机量将达59GW，预期或将催生出约8.9万吨冷却液需求;传统服务器新增 装机量或将带来1.9万吨冷却液需求。 国信证券主要观点如下： 随着数算中心规模、功率不断提升，高效冷却技术快速发展，液冷主要解决高能耗、高发热难题 液冷具有换热效率高、节能、减少噪音等多重优势，按照冷却液与服务器接触方式不同，可分为间接冷 却与直接冷却，间接冷却一般为冷板式，直接冷却包括浸没式和喷淋式。其中冷板式与浸没式按照冷却 液介质是否发生相变又可分为单相与双相。冷板式液冷技术方案相对成熟，不需要对数据中心机房进行 大规模改造，但解热能力上限仍不如浸没式液冷;浸没式液冷冷却液介质需直接与设备接触，专用机柜 对于管路要求高，维护复杂，冷却液介质如氟化液售价高昂且使用量较大，整体运维成本较高，但浸没 式液冷解热能力更高且噪 ...

Group 1: Mechanical Equipment Industry - The report highlights the strong demand for both aviation engines and gas turbines, driven by the recovery of the aviation market and new power demands from AIDC, leading to a supply-demand imbalance in the industry [2][8] - Major players in the aviation engine market include GE, PW, and R&R, while gas turbine leaders are Mitsubishi Heavy Industries, Siemens Energy, and GE Vernova, indicating a competitive landscape dominated by foreign companies [2][11] - The backlog of orders for commercial aircraft remains historically high, with Boeing and Airbus having a combined backlog of 15,241 aircraft as of July 2025, which is expected to sustain high demand for the aviation engine sector [9] Group 2: Non-Banking Financial Sector - CITIC Financial Assets has shifted its focus to non-performing asset management and has disposed of most of its financial subsidiaries, allowing it to concentrate on core operations [4][13] - The company is actively investing in high-quality listed companies, holding stakes in major banks like Bank of China and CITIC Limited, which are expected to provide stable returns [4][15] - The report projects that the long-term equity investment strategy will effectively smooth out economic cycle fluctuations for CITIC Financial Assets [4][13] Group 3: Communication Industry - Runze Technology is positioned as a leading IDC provider with strong resource endowments and financing advantages through REITs, which are expected to drive high growth [5][16] - The company is set to benefit from the upward trend in IDC demand, particularly in first-tier cities and surrounding areas, as the industry shifts from cloud computing to AI-driven needs [5][16] - EBITDA projections for Runze Technology are expected to grow significantly from 3.689 billion yuan in 2025 to 6.388 billion yuan by 2027 [5][16] Group 4: Pharmaceutical and Biological Sector - Tianshili, a leading traditional Chinese medicine company, is expected to see EPS growth from 0.79 yuan in 2025 to 0.98 yuan by 2027, supported by strong R&D capabilities and a robust marketing system [6][21] - The company has accelerated its R&D pipeline under the influence of China Resources, with a focus on cardiovascular, neurological, and digestive products [6][20] - The report indicates that Tianshili's revenue for the first half of 2025 was 4.288 billion yuan, with a net profit of 775 million yuan, reflecting a stable performance despite market challenges [19][20]

Group 1 - Brookfield Asset Management and Macquarie Group highlight a dual benefit from globalization retreat and strong demand in the AI sector, creating significant opportunities for infrastructure investment [1] - Macquarie's CEO emphasizes the need for self-sufficiency in critical areas like energy and defense, driven by geopolitical tensions, particularly the Russia-Ukraine conflict, which accelerates energy supply security in Europe [1] - Macquarie manages over $600 billion in assets, with a substantial portion allocated to infrastructure [1] Group 2 - Brookfield's CEO notes that the primary constraint for AI demand is not chips but electricity supply, with investment scales projected to reach $5 trillion to $10 trillion [2] - Concerns over rapid global electricity consumption growth are prompting major tech companies to act, with Alphabet beginning to invest in nuclear energy and improve transmission networks [2] - Alphabet's energy strategy includes agreements for small modular nuclear reactors and purchasing power from its first commercial nuclear fusion plant, indicating a shift towards next-generation low-emission energy [2]

Group 1 - The core viewpoint of the articles highlights the recent performance of DataPort, which has seen a stock price increase of 5.33% on September 25, reaching 42.50 CNY per share, with a total market capitalization of 30.531 billion CNY [1] - DataPort's stock has experienced a cumulative increase of 14.37% over the past three days, indicating strong market interest [1] - The company, established on November 18, 2009, specializes in data center server hosting services and network bandwidth services, with 99.31% of its revenue coming from IDC services [1] Group 2 - From the perspective of major circulating shareholders, Huaxia Fund's Huaxia CSI 1000 ETF (159845) increased its holdings by 857,300 shares in the second quarter, now holding a total of 2.3485 million shares, representing 0.33% of circulating shares [2] - The ETF has generated an estimated floating profit of approximately 5.0493 million CNY today and 11.907 million CNY during the three-day price increase [2] - The Huaxia CSI 1000 ETF, established on March 18, 2021, has a current scale of 38.227 billion CNY and has achieved a year-to-date return of 27.75% [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [30]. Core Views - The company reported a revenue of 2.496 billion yuan for H1 2025, representing a year-on-year growth of 15.31%, while net profit decreased by 9.48% to 882 million yuan [4]. - The company is experiencing significant growth in its AIDC business, with a revenue increase of 36.95% year-on-year, contributing 35% to total revenue [5]. - The IDC business revenue grew by 6.15% year-on-year, with a gross margin of 46.92%, although it saw a decline compared to the previous year [5]. - The company has delivered a substantial amount of computing power, with 220MW delivered in H1 2025, and expects to deliver a total of 440MW by the end of the year [6]. - The company is actively seeking quality acquisition targets to strengthen its position in the industry and enhance its leadership in intelligent computing [10]. Financial Performance - For H1 2025, the company achieved a revenue of 2.496 billion yuan, with a net profit of 882 million yuan, reflecting a decline in profitability [4]. - The AIDC segment's gross margin decreased by 16.73% year-on-year, while the IDC segment's gross margin fell by 4.44 percentage points [5]. - The company anticipates a strong revenue growth trajectory, with projected revenues of 5.963 billion yuan in 2025, 7.996 billion yuan in 2026, and 10.335 billion yuan in 2027 [10]. Business Segments - The AIDC business is a key growth driver, with significant revenue contributions and high gross margins despite recent declines [5]. - The IDC business is recovering, with improvements in data center utilization and revenue growth expected as upgrades are completed [5][8]. - The company is focusing on expanding its computing power delivery capabilities, with ongoing construction and upgrades to data centers [9].

Group 1 - Alibaba Group's CEO announced an increase in capital expenditure to support the upcoming ASI era, with a projected 10-fold increase in energy consumption at Alibaba Cloud's global data centers by 2032 [1] - Tongli Risheng, through its subsidiary Tianqi Hongyuan, is entering the energy storage sector, aiming to provide energy storage solutions to companies like Alibaba by improving green energy consumption and reducing data center energy costs [1] - A strategic cooperation agreement was signed between Tongli Risheng and Hangzhou Xinfengwei Network Technology Co., focusing on collaborative efforts in energy storage and AI computing technology to enhance operational efficiency and economic benefits of intelligent computing data centers [1] Group 2 - Tianqi Hongyuan specializes in core technology research and development in the energy storage and microgrid industry, particularly excelling in immersion liquid cooling technology and providing comprehensive energy storage solutions [2] - The company is actively participating in the construction of national computing center nodes, having signed a strategic agreement with the government of Qingyang to establish a 2GWh energy storage equipment production line and a 1GWh lithium iron phosphate energy storage station [2] - The Qingyang project aims to support the computing needs of 50,000 P and is expected to benefit from policy incentives as it attracts major companies like Alibaba Cloud and Huawei Cloud [2]