首席财务官Dan Newman先生表示："于2025年第三季度，我们的收入及经调整EBITDA 同比增长10.2% 及11.4%，经调整EBITDA利润率为46.5%。我们将凭借更高的融资灵活性支持下一阶段的增长，并仍然 专注为我们的利益相关者创造可持续的长期价值。" （原标题：万国数据-SW(09698)第三季度净收入28.87亿元 同比增长10.2%） 万国数据主席兼首席执行官黄伟先生表示："我们凭借严谨的策略执行，实现了又一个季度稳健的财务 及运营业绩。于2025年第三季度，我们持续交付积压订单，并实现高迁入率。我们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，我们将人工智能视为我们业务长期增长的重要催化剂。" 智通财经APP讯，万国数据-SW(09698)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%。 ...

每经AI快讯，11月19日，万国数据公告，2025年第三季度的净收入同比增长10.2%，达到人民币28.87亿 元；经调整后的EBITDA（非公认会计准则）同比增长11.4%，达到人民币13.422亿元。 （文章来源：每日经济新闻） ...

公司确认先前提供的指引之2025年的总收入为人民币11,290百万元至人民币11,590百万元，经调整 EBITDA为人民币5,190百万元至人民币5,390百万元及调整后的资本支出指引为约人民币2,700百万元维 持不变。 格隆汇11月19日丨万国数据-SW(09698.HK)公布2025年第三季度业绩。于2025年第三季度，净收入同比 增加10.2%至人民币28.87亿元(2024年第三季度：人民币26.2亿元)。 2025年第三季度的每股普通股基本收益为人民币0.46元(0.06美元)，而去年同期为基本亏损人民币0.14 元。2025年第三季度每股普通股摊薄收益为人民币0.40元(0.06美元)，而去年同期为摊薄亏损人民币0.14 元。 2025年第三季度的净利润为人民币7.29亿元(2024年第三季度：净亏损人民币2.31亿元)。2025年第三季 度的净利润率为25.2%(2024年第三季度：净亏损率8.8%)。 ...

Core Viewpoint - The increasing demand for computing power in the U.S. is leading to a significant electricity shortage, creating both challenges and investment opportunities in energy infrastructure development [3][4]. Group 1: Electricity Supply and Demand Imbalance - The electricity crisis in the U.S. is a structural issue stemming from a long-term supply-demand imbalance, particularly highlighted by the mismatch between grid construction cycles and the rapid growth in computing power demand [4][5]. - The U.S. electricity reliability organization (NERC) predicts that data centers will add 65GW of load by 2030, but actual demand driven by computing power could reach 180GW in five years, nearly three times the official forecast [5]. - The aging power generation infrastructure is unable to quickly compensate for the electricity shortfall, with a mere 1.23% annual growth rate in operational generators over the past decade [9]. Group 2: Grid Infrastructure Challenges - The fragmented nature of the U.S. power grid, operated by thousands of entities, complicates cross-regional electricity distribution and upgrades, leading to increased risks of regional blackouts [11][12]. - The average age of grid equipment in the U.S. exceeds 30 years, limiting the ability to respond to surges in demand effectively [12]. Group 3: Investment Opportunities - Despite rising electricity costs, U.S. data centers maintain a strong commitment to power investments, presenting opportunities for Chinese companies to leverage their supply chain advantages in the global market [15]. - The global trend of upgrading electricity infrastructure is evident, with significant investment opportunities across generation, transmission, and distribution sectors, particularly for Chinese power equipment firms [15]. - The U.S. electricity crisis is expected to drive demand for gas turbines, energy storage solutions, and distributed microgrid construction, benefiting Chinese manufacturers with competitive advantages [16].

Group 1: Currency and Investment Trends - Offshore RMB (CNH) has the lowest adjusted 3-month carry yield among major Asian currencies at approximately -0.20, making it less attractive for capital inflows aimed at arbitrage compared to higher-yield currencies [6] - Morgan Stanley indicates that this low yield supports the view that the offshore RMB to USD exchange rate will continue to fluctuate within a range [6] Group 2: Real Estate Market Insights - UBS forecasts that the national residential inventory digestion cycle will extend from approximately 30 months to 25 months, with stabilization of housing prices expected by mid-2027, delayed from early 2026 [8] - The forecast faces multiple downside risks, including weaker-than-expected sales recovery and rising mortgage default rates, which could exert new downward pressure on housing prices [8] Group 3: International Travel and Economic Impact - Japan is projected to be the largest international air travel destination for Chinese tourists by 2025, with an estimated 66,150 flights planned, significantly higher than South Korea and Thailand [11] - Nomura estimates that restrictions on Chinese tourists traveling to Japan could result in a GDP loss of up to 0.36 percentage points for Japan [11] Group 4: Manufacturing and Investment Shifts - Chinese companies are accelerating the relocation of manufacturing facilities to Southeast Asia, with the region's share of China's total outbound direct investment rising from nearly 9% in 2017 to close to 18% by 2024 [13] - China's reliance on high-end capital goods from Germany is decreasing, particularly in automotive parts and machinery, as domestic manufacturing capabilities improve [16] Group 5: Automotive Market Developments - The UAE has overtaken Russia to become China's second-largest export market for passenger vehicles, with exports reaching 367,800 units in the first nine months of 2025, surpassing 357,700 units to Russia [18] - Chinese automotive brands are rapidly increasing their market share in the UAE, rising from 10%-14% last year to 15%-20% in the first nine months of this year [20] Group 6: Economic Sentiment and Consumer Behavior - In the U.S., the disparity in economic confidence between high-income and low-income groups is widening, with high-income households maintaining a growth expectation of 3.0%-3.5%, while low-income households' expectations have dropped to around 2.0% [31] - Food price inflation disproportionately affects low-income families, with the lowest income decile spending 45% of their after-tax income on food, compared to about 15% for the second-lowest income group [28] Group 7: Corporate Financing and AI Investments - Amazon plans to issue approximately $12 billion in bonds to finance its AI infrastructure, marking its first dollar bond issuance in three years, as part of a broader capital race in the tech sector [37] - OpenAI and Anthropic exhibit contrasting strategies in capital utilization and profitability paths, with OpenAI expected to incur significantly higher cash consumption before achieving profitability by 2030 [42] Group 8: European Economic Outlook - The European Commission has raised its GDP growth forecast for the Eurozone in 2025 to 1.3%, up from 0.9%, due to stronger-than-expected economic performance in the first nine months of the year [47] - European companies are generally lowering their earnings expectations for the 2025 fiscal year, with 19 out of 22 sectors experiencing downward revisions, particularly in cyclical industries like paper and packaging, and automotive [50] Group 9: Commodity and Energy Market Dynamics - Russian Urals crude oil prices have sharply declined as sanctions against major Russian energy companies come into effect, with the price gap between Urals and Brent crude widening to $23.52 per barrel [65]

Core Viewpoint - DataPort experienced a decline of 5.05% on November 19, with a share price of 34.05 CNY and a trading volume of 884 million CNY, resulting in a total market capitalization of 24.461 billion CNY [1] Company Overview - Shanghai DataPort 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 DataPort, a fund under Huatai-PineBridge is noted, while 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 circulating shares [2] - The estimated floating loss for the ETF today is approximately 5.4004 million CNY [2] - The China Securities Shanghai State-Owned Enterprise ETF was established on July 28, 2016, with a latest scale of 7.994 billion CNY, and has achieved a year-to-date return of 8.59%, ranking 3668 out of 4208 in its category [2]

Core Viewpoint - Nvidia's upcoming quarterly earnings report is expected to have significant implications for its market valuation, with an estimated stock price volatility of around 7%, equating to a potential market cap fluctuation of up to $320 billion [2][3]. Group 1: Nvidia's Market Influence - Nvidia is not just a chip company but a pivotal player in the AI capital expenditure cycle, with a weight of nearly 8% in the S&P 500 index, meaning any signals regarding demand, profit margins, or supply chain issues could impact broader market sentiment across various sectors [3][4]. - Analysts suggest that Nvidia's earnings report has evolved from a company-specific event to a macro-level variable, indicating that AI has become an economic engine, with Nvidia acting as its ignition point [4][5]. Group 2: Capital Expenditure and Productivity Concerns - Major tech companies, including Amazon, Microsoft, Google, Oracle, and Meta, are projected to invest approximately $400 billion in data centers this year, nearly double last year's figures, with total infrastructure investment expected to reach around $4 trillion over the next five years [5][6]. - Despite the unprecedented scale of capital expenditure, there is significant uncertainty regarding productivity improvements, with forecasts ranging from an annualized 0.1% to 2.9%, raising questions about the timely realization of AI commercial returns [5][6]. Group 3: Energy and Regulatory Challenges - The expansion of AI infrastructure is leading to increased energy demands, with data centers becoming a major source of electricity consumption in certain U.S. cities, prompting regulatory concerns about grid capacity and regional energy structures [6]. - Analysts warn that the rapid growth in AI infrastructure could accumulate new industry risks, including rising financing pressures as tech giants heavily leverage the bond market to support data center expansions, alongside regulatory scrutiny regarding potential "AI bubbles" and systemic risks associated with "too big to fail" entities [6].

Core Viewpoint - Nvidia's upcoming quarterly earnings report is expected to have a significant impact on market sentiment, with analysts indicating that it serves as a critical indicator for the AI capital expenditure cycle and broader market trends [4][6]. Group 1: Nvidia's Market Influence - Nvidia is not just a chip company but a pivotal player in the AI capital expenditure cycle, with a nearly 8% weight in the S&P 500 index, meaning any signals regarding demand or supply chain can affect a wide range of markets [4][6]. - The stock price of Nvidia has declined approximately 10% from its historical high at the end of October, raising concerns among investors about the sustainability of the AI investment boom [4][6]. - Analysts suggest that any indication from Nvidia regarding a slowdown in AI procurement could have repercussions beyond the semiconductor sector, impacting data centers, server supply chains, and related software ecosystems [6][8]. Group 2: Capital Expenditure and Productivity Concerns - Major tech companies, including Amazon, Microsoft, Google, Oracle, and Meta, are projected to invest around $400 billion in data centers this year, nearly double last year's figures [6]. - Predictions indicate that infrastructure investment related to AI computing and data center capacity could reach approximately $4 trillion over the next five years [6]. - There is a significant disparity in productivity improvement forecasts, ranging from an annualized 0.1% to 2.9%, highlighting uncertainty regarding the timely realization of AI commercial returns [6][7]. Group 3: AI Infrastructure and Energy Concerns - Nvidia's earnings report is viewed as a window into demand and profitability, while also raising discussions about the sustainability of AI infrastructure [8]. - The cloud service market is highly concentrated, with AWS, Azure, and Google Cloud collectively holding over 60% of the global market, while Nvidia controls over 90% of the high-end AI chip market [8]. - The rapid expansion of computing power has led to significant energy demands, with data centers in Northern Virginia accounting for nearly a quarter of the state's electricity consumption, raising regulatory concerns about energy capacity and structure [9].

当地时间周三盘后，科技巨头英伟达将公布最新季度财报。根据分析公司ORATS的测算，本次财报隐 含股价双向波动约7%，相当于高达3200亿美元的市值波动空间。 若这一幅度兑现，将改写英伟达史上最大财报后市值变动纪录。 分析人士普遍表示，作为训练大型语言模型和AI应用最核心的GPU供应商，英伟达不仅是一家芯片企 业，更是整个AI资本开支周期的"锚点"。标普500指数中，其权重接近8%，任何关于需求、利润率或供 应链的信号，都可能影响从半导体到超大规模数据中心，再到AI基础设施的更广泛市场情绪。 券商Susquehanna衍生品策略联席主管克里斯·墨菲（Chris Murphy）直言："英伟达的影响远不止市值波 动，它决定我们是进入下一轮扩张，还是开始消化前期涨幅。" 过去两周，科技股因估值压力回调，英伟达股价自10月底的历史高点回落约10%。部分知名投资者，包 括彼得·蒂尔（Peter Thiel）旗下基金及软银，也在近期减持英伟达仓位，令市场更关注此次财报能否回 答一个根本问题：AI 热潮是在加速，还是正在降温？ 英伟达成AI周期"定价核心" 市场普遍预期，英伟达仍将公布强劲收入，但关键不在增速本身，而在于管理 ...

Core Insights - The establishment of the "Taibao Asset - Century Internet Data Center Holding Type Real Estate Green Asset Support Special Plan" marks a significant innovation in the multi-level REITs market for internet data centers (IDC) with a total issuance scale of 860 million yuan [1] - This project is the first green holding-type real estate ABS in the national data center industry and the second holding-type real estate ABS product for data centers in the country, showcasing a practical case for enhancing financial services to the real economy [1] - The cash flow from IDC operations is stable and predictable, primarily derived from service fees during the contract period, aligning with the essential characteristics of ABS underlying assets [1] Industry Developments - The Shanghai Stock Exchange has developed a diversified product system including public REITs, holding-type real estate ABS, quasi-REITs, technology innovation special bonds, and exchangeable corporate bonds to match data center assets with appropriate financing channels [2] - Future efforts will focus on promoting the construction of the holding-type real estate ABS market, enhancing project implementation, and improving related mechanisms and supporting rules to drive high-quality development in this market [2]