Core Viewpoint - The successful establishment of the "Century Internet Project" marks a significant breakthrough in the multi-level REITs market for internet data centers (IDC), with an issuance scale of 860 million yuan, representing the first green holding-type real estate ABS in the national data center industry and the second of its kind in the country [1][2]. Group 1: Project Overview - The project is a typical case of enhancing financial services for the real economy, contributing to the construction of a modern infrastructure system with replicable and promotable practices [1]. - The funds raised will primarily be used for the construction and technological enhancement of new data centers, which will help the company seize development opportunities and improve service capabilities [2]. Group 2: Financial Innovation and Market Impact - The cash flow from IDC business is stable and predictable, making it an ideal candidate for public REITs investment, with holding-type real estate ABS serving as a flexible financing tool for IDC companies [2][3]. - The Shanghai Stock Exchange has developed a diversified product system, including public REITs and holding-type real estate ABS, to match data center assets with appropriate financing channels [3]. Group 3: Green Finance and Sustainability - The project has received the highest rating (G-1) for green asset-backed securities, aligning with national guidelines for green low-carbon transformation [4]. - Initiatives such as solar panel installation and AI energy management have significantly reduced PUE values and carbon emissions, enhancing both operational costs and environmental benefits [4]. Group 4: Long-term Capital Participation - Holding-type real estate ABS provides long-term, stable cash flow, aligning well with the characteristics of insurance funds, which seek stable investments [5]. - The project has successfully attracted a diverse range of investors, including industrial capital, insurance institutions, and public and private funds, demonstrating the role of holding-type real estate ABS in supporting private enterprise financing [6]. Group 5: Future Development - The Shanghai Stock Exchange plans to continue promoting the construction of the holding-type real estate ABS market, focusing on project implementation and the development of relevant mechanisms and supporting rules [6].

Core Viewpoint - Northeast Securities initiates a "Buy" rating for Guangdong-Hong Kong Bay Holdings (01396), highlighting its successful entry into the AI computing sector through acquisitions, marking a strategic upgrade from a traditional real estate developer to a "digital ecosystem operator" [1] Group 1: Strategic Transformation - The company is positioned as a new type of "urban-rural ecological service provider" deeply rooted in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on residential and urban renewal projects [1] - The strategic transformation from a traditional real estate developer to an "urban-rural ecological service provider" has been ongoing, with a significant acquisition planned for October 23, 2025, to convert idle factory and land resources into high-performance computing centers [1] Group 2: Major Asset Acquisition - On October 23, the company announced the completion of the acquisition of Wisdom Knight Holdings Limited for a total price of HKD 977 million, which controls Shenzhen Tiandun Data Technology Co., Ltd., a leading operator in AI computing and green energy computing services in China [2] Group 3: Business Model and Financial Health - The traditional business has become a driver for growth, with the company completing a USD 440 million debt-to-equity swap on May 7, 2025, significantly reducing its interest-bearing debt ratio from 45% to 7% [3] - The dual business model of Tiandun Data, focusing on "multi-source computing power services + AIDC construction operations," has been commercially validated, enhancing operational efficiency and profitability [3] Group 4: New Growth Opportunities - The "green energy computing" model developed by Tiandun Data aligns perfectly with the company's urban development capabilities, transforming idle resources into high-performance computing centers and fundamentally changing the profitability logic of traditional industries [4] - The influx of high-value B-end resources from major cloud service providers and leading AI companies opens up new growth avenues for the company [4] - The company aims to establish a diversified income structure through AI computing services, energy management revenues, and computing space operation income, significantly enhancing its risk resistance and profitability resilience [4] Group 5: Profit Forecast and Investment Recommendation - The company is projected to achieve net profits attributable to shareholders of RMB 718 million, RMB 579 million, and RMB 789 million for 2025-2027, reflecting year-on-year growth rates of +139.13%, -19.41%, and +36.41%, respectively [5] - Corresponding price-to-earnings ratios are expected to be 9x, 11x, and 8x, with a first-time coverage and a "Buy" rating recommended [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company is transforming into a "digital ecosystem operator" by leveraging its resources in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on residential and urban renewal projects [1][2]. - A significant acquisition of Wisdom Knight Holdings Limited for HKD 977 million positions the company strategically in the AI and green energy computing sectors [2]. - The traditional business model is now a growth driver, with a successful debt-to-equity conversion plan reducing the interest-bearing debt ratio from 45% to 7% [2]. - The integration of AI computing services and energy management is expected to enhance operational efficiency and profitability [3]. Financial Summary - The company forecasts net profits for 2025, 2026, and 2027 to be CNY 718 million, CNY 579 million, and CNY 789 million, respectively, with growth rates of +139.13%, -19.41%, and +36.41% [3][4]. - Revenue projections show a significant increase from CNY 801.54 million in 2025 to CNY 6,432.54 million in 2027, reflecting a growth rate of 470.13% [4]. - The company’s earnings per share (EPS) is expected to improve from -CNY 3.32 in 2024 to CNY 0.70 in 2027 [4]. Strategic Development - The company’s "urban ecosystem" strategy aims to convert idle factories and land into high-performance computing centers, aligning with its capabilities in urban development [3]. - The acquisition of high-value B-end resources from major cloud service providers and leading AI companies is anticipated to open new growth avenues [3]. - The dual business model of AI computing services and lifecycle management is validated commercially, enhancing the company's resilience and profitability [3].

Core Viewpoint - *ST Yushun is expanding its presence in the IDC industry through strategic acquisitions, including the recent purchase of a 6% stake in Hebei Aihua Data Technology Co., Ltd. from its controlling shareholder, Shanghai Fengwang Industrial Co., Ltd. This move aims to strengthen its strategic layout in the IDC and intelligent computing sectors, particularly in the Beijing-Tianjin-Hebei region [2][6]. Group 1: Acquisition Details - The company plans to invest 3 million yuan to acquire a 6% stake in Aihua Data, which is currently in the project preparation stage for an intelligent computing center in Zhangjiakou, Hebei [2][3]. - Aihua Data's intelligent computing center project has a total investment of 3 billion yuan and a construction area of approximately 122,000 square meters, with a production capacity of about 12,000 8kW cabinets and 180,000 servers [3][4]. Group 2: Market Context - The global demand for data center cabinets is projected to grow from 2.099 million units in 2018 to 4.842 million units by 2024, with the market size increasing from $1.182 billion to $2.816 billion during the same period [4][5]. - In China, the data center cabinet market is expected to grow from 2.022 billion yuan to 4.907 billion yuan from 2018 to 2024, with a CAGR of 15.9% [5]. Group 3: Strategic Implications - The acquisition of Aihua Data is seen as a proactive step for *ST Yushun to secure a foothold in high-quality projects at a lower cost, enhancing its competitive edge in the IDC sector [5][6]. - The company is also in the process of acquiring the Zhong'en Cloud data center project for 3.35 billion yuan, which will further solidify its position in the data center infrastructure service market [6][7]. - The completion of these acquisitions is expected to contribute significantly to the company's revenue, with projections indicating an increase of at least 100 million yuan in revenue and approximately 22 million yuan in net profit [7].

中新网银川11月17日电 (记者 于晶)17日，宁夏回族自治区党委召开新闻发布会，正式公布《宁夏 回族自治区国民经济和社会发展第十五个五年规划建议》(以下简称《建议》)，《建议》围绕构建现代 化产业体系、发展新型能源、推动数字经济等关键领域，对宁夏经济社会发展作出全面部署。 宁夏发改委有关负责人介绍，宁夏将通过产业链纵向延伸、供应链横向耦合、创新链跨域协同，推 动六大产业集群和四个重点产业在"十五五"期间新增产值突破3000亿元，形成经济增长新支柱。同时， 聚焦节能降碳、工业设备更新等领域实施技术改造，推动传统产业升级，并布局新一代信息技术、低空 经济、氢能等新兴产业，构建多点支撑的产业格局。 《建议》部署"加快推进经济社会发展数智化"，明确以算力供给、人工智能、数实融合、数智赋能 为主攻方向。宁夏将依托绿电优势，高标准建设中卫数据中心集群，建设国家级算力保障基地和战略数 据灾备基地；实施人工智能产业补链行动，推动AI与教育、医疗等领域深度融合；促进数字技术与实 体经济融合，推动工业"智改数转"、农业智能耕种、文旅数字化场景拓展；深化数字政务与公共服务应 用，实现"高效办成一件事"，提升城乡治理效能。 此次规 ...

Core Viewpoint - *ST Yushun is actively expanding its investment portfolio by acquiring a 6% stake in Hebei Aihua Data Technology Co., Ltd. for 3 million yuan, while simultaneously nearing the completion of a significant asset restructuring involving a 3.35 billion yuan acquisition of a data center [2][3][8]. Group 1: Investment Details - The acquisition of the 6% stake in Aihua Data does not require a temporary shareholders' meeting or other departmental approvals, only board approval, which has already been obtained [3]. - After the transaction, *ST Yushun will become the fifth largest shareholder of Aihua Data, marking a strategic move to expand its business in the intelligent computing sector [3][9]. - The overall investment in the Aihua Data project is projected to reach 3 billion yuan, comparable to the 3.35 billion yuan spent on the upcoming acquisition of the Zhong'en Cloud Data Center project [4][6]. Group 2: Project Scale and Strategic Importance - Aihua Data's main project, the UnionPay Cloud Intelligent Computing Center, is significantly larger than the Zhong'en Cloud project, with plans for 12,000 8KW cabinets and 180,000 servers [5][6]. - The project is located in Zhangjiakou, Hebei, which is strategically positioned within the Beijing-Tianjin-Hebei collaborative development area, benefiting from favorable climate conditions for energy-efficient cooling [6][7]. - The investment in Aihua Data is seen as a signal of *ST Yushun's commitment to the intelligent computing asset sector, with the project expected to commence operations sooner than anticipated due to its scale and strategic alignment with the company's development direction [8][9]. Group 3: Financial Aspects and Future Plans - The 6% stake in Aihua Data is valued at 5 million yuan, reflecting a low entry cost for *ST Yushun into a high-potential project [8]. - The company has indicated that it does not currently plan to increase its stake in Aihua Data but will evaluate future investments based on the project's progress and strategic alignment [9].

Group 1 - The company *ST Yushun (002289.SZ) has signed a conditional equity transfer agreement with its controlling shareholder Shanghai Fengwang Industrial Co., Ltd. to purchase 6% equity of Hebei Aihua Data Technology Co., Ltd. for 3 million yuan [1] - The equity corresponds to a capital contribution of 3 million yuan, which has already been fully paid by Shanghai Fengwang [1] - Hebei Aihua Data has not yet commenced operations and plans to build a smart computing center project in Huailai County, Zhangjiakou City, Hebei Province [1] Group 2 - The project has completed the enterprise investment project filing and has obtained the energy-saving review opinion from the Hebei Provincial Development and Reform Commission [1] - According to the filing documents, the total investment for the project is 3 billion yuan, with a total construction area of approximately 122,000 square meters [1] - The project includes six 4-story digital center buildings totaling 100,000 square meters, one 5-story research office building of 12,000 square meters, and two 3-story auxiliary facility buildings of 10,000 square meters, with a production scale of approximately 12,000 cabinets and 180,000 servers [1]

PDG 董事长兼首席执行官 Rangu Salgame 接受彭博新闻采访时表示，位于仁川的该数据中心初始容量为 48 兆瓦，未来计划通过多地部署扩展至 500 兆 瓦。 图片来源： PDG 进军韩国市场Princeton Digital Group （ PDG ）是一家获得华平投资支持的亚洲数据中心运营商，计划投资 7 亿美元在韩国建设首个数据中心园区，为该 国人工智能发展提供算力支持。 他表示已确保能源供应，本月将启动建设，预计 2028 年初投入运营。 亚洲正试图跟上美国科技巨头和 AI 公司的步伐，这些企业已承诺投入数千亿美元建设数据中心。日本、印度和韩国等国家正致力于构建本土大语言模型、 满足数据主权要求，并提升企业应用水平，该地区被视为人工智能发展的战略要地。 PDG 将在未来五年内投入 250 亿美元，将其总容量从目前的 1.3 吉瓦提升至 4 吉瓦以上。 Salgame 表示，公司还计划到 2030 年底前在韩国投资 60 亿美 元。 该公司已在新加坡、日本、印度、印尼、中国和马来西亚开展业务，投资方包括安大略省教师养老金计划、阿联酋主权财富基金穆巴达拉投资公司以及纽 约 Stonepeak P ...

Core Viewpoint - Company *ST Yushun (002289.SZ) has signed a conditional equity transfer agreement with its controlling shareholder Shanghai Fengwang Industrial Co., Ltd. to acquire a 6% stake in Hebei Aihua Data Technology Co., Ltd. for 3 million yuan [1] Group 1: Equity Acquisition - The company plans to use its own or raised funds of 3 million yuan to purchase the 6% equity stake from Shanghai Fengwang, which has already completed the capital contribution [1] - The corresponding capital contribution for the acquired stake is 3 million yuan [1] Group 2: Business Operations - Hebei Aihua Data has not yet commenced actual operations [1] - The company intends to construct an intelligent computing center project in Huailai County, Zhangjiakou City, Hebei Province [1] Group 3: Project Details - The project has completed the enterprise investment project filing and has received energy-saving review opinions from the Hebei Provincial Development and Reform Commission [1] - The total investment for the project is 3 billion yuan, with a total construction area of approximately 122,000 square meters, including six 4-story digital center buildings of 100,000 square meters, one 5-story research office building of 12,000 square meters, and two 3-story auxiliary facility buildings of 10,000 square meters [1] - The production scale is expected to include 12,000 cabinets with a capacity of approximately 8KW each, 180,000 servers, and related auxiliary IT and electromechanical equipment [1]

Core Viewpoint - Company plans to acquire 6% equity in Hebei Aihua Data Technology Co., Ltd. for 3 million yuan to enhance its strategic development goals and strengthen its position in the IDC industry [1][2] Group 1: Investment Details - The acquisition involves purchasing 6% equity from the controlling shareholder Shanghai Fengwang Industrial Co., Ltd. for a total investment of 3 million yuan [1] - Hebei Aihua Data has not yet commenced operations and is in the project preparation stage for a smart computing center in Zhangjiakou, Hebei Province [1] - The total investment for the smart computing center project is 3 billion yuan, with a total construction area of approximately 122,000 square meters [1] Group 2: Strategic Implications - This investment is expected to enhance the company's influence and competitiveness in the IDC industry, while also improving sustainable development capabilities [2] - The timing of the investment allows the company to enter a quality project at a lower cost, thereby gaining a competitive advantage [2] - The decision to invest is driven by operational strategy and aligns with actual business development needs [2]