4 月经济数据表现与资产指向 20250519 摘要 • 4 月中国实际 GDP 同比增长约 5.5%，显示经济基本面保持强劲韧性，为 实现全年经济增速目标提供支撑。但需关注美国对华关税生效后的潜在影 响。 • 生产端维持较强景气增长，高技术产业如高端装备制造、集成电路、工业 机器人和新能源车产业链加速发展。但 PMI 新订单指数回落及中小企业信 心下降预示 5 月生产可能受影响。 • 消费端延续结构性特征，社零增速同比增长约 5%，两新商品消费表现突 出。商品消费强于服务消费，但预计下半年服务消费将逐步成为内需重要 支撑。 • 地产需求端逐步企稳，新房销售和房价呈现企稳趋势，但供给端指标下行， 地产开发投资边际转弱，处于寻底过程。 • 4 月投资增速小幅回落，制造业投资具韧性但电子业受关税影响回落，基 建投资保持高增长，新基建领域投资增长强劲。外需压力下，基建稳增长 诉求可能提升。 Q&A 2025 年 4 月中国宏观经济数据表现如何？ 2025 年 4 月中国宏观经济数据表现亮眼，整体延续了较强的韧性。尽管部分 指标如出口、社会消费品零售额和固定资产投资增速较 3 月份有所回落，但仍 好于 2024 年及 ...

此外，建基于与蚂蚁数科的合作，煤气公司亦将积极采用AI以加强内部管理，建立财务、人力、采购 供应链、营运、主数据等的全集团一体化管控体系，实现「横向到边、纵向到底」的管理战略。对外业 务发展方面，煤气公司将依托名气通AI数据中心的能力，向集团各个能源板块赋能AI算力，以此开发 针对能源行业的AI服务。 蚂蚁集团副总裁、蚂蚁数科区块链业务总裁边卓群补充：「我们很高兴与名气通携手，将AI创新引入 数据中心。我们的Web3和AI解决方案与名气通的强大基础设施完美互补，这次合作将助力企业从数据 中发掘更多价值，同时为数据服务的效率与性能树立新标准。」 双方将成立联合团队，推进及监察合作进展。此次合作反映AI和Web3技术在革新传统基础设施服务方 面的重要性与日俱增，并将推动双方成为亚洲区内数码创新的先驱。 展望未来，双方计划在煤气公司各能源业务板块上进一步深化合作，目前，煤气公司的七大业务板块包 括：香港城市燃气业务、内地城市燃气业务、内地水务及环境业务、可再生能源、延伸业务（B2C）、 绿色甲醇，以及可持续航空燃料（SAF）。凭藉蚂蚁数科赋能AI算力，驱动业务发展，建构领先的AI能 源生态圈，满足客户对AI的需求。 ...

Group 1 - UBS analysts believe that market concerns regarding the sustainability of AI investments in China's data center industry are "excessive" and that the sector's valuation has become attractive after a 40%-60% pullback from its peak in February [1] - UBS maintains a "Buy" rating on GDS Holdings Limited (GDS.US) and Century Internet Group (VNET.US) due to strong fundamentals and potential catalysts from data center REITs that may boost stock prices [1] - The report indicates that despite macroeconomic uncertainties, UBS has lowered the target price for GDS from $58 to $45 and for VNET from $23 to $12.80, while reaffirming GDS as its preferred stock [1] Group 2 - UBS expects GDS to benefit from new AI-driven orders and its core infrastructure layout, while VNET's wholesale business is projected to achieve a 56% growth in EBITDA by 2026 [1] - Key conclusions from industry research include manageable impacts from U.S. chip bans, optimization of data center site selection around first-tier cities, and an increase in demand for high-power density racks [1] - UBS also notes that the progress of GDS's REIT approval may support its valuation, predicting that the industry's EBITDA compound annual growth rate (CAGR) will reach 20% by 2026 [2]

Core Insights - The Guian New Area is positioned as a key platform for high-quality development and innovation in digital economy, with a focus on data and computing power as core drivers of growth [1][2][4] Economic Performance - In 2024, the GDP of Guian New Area's direct management area grew by 21.1%, maintaining a growth rate above 20% for six consecutive quarters [2] - The software and information technology services sector generated revenue of 709 billion yuan, marking a growth of 28.5%, with the digital economy's added value accounting for 53.3% of GDP [2] Infrastructure Development - The China Telecom Cloud Computing Guizhou Information Park has seen a 300% increase in computing power since its establishment, becoming the largest data center in southern China [3] - The data center's rack capacity has increased 12-fold to 14,000 racks, and the number of servers has surged 700 times to 120,000 [3] - The energy efficiency of the data centers is notable, with a Power Usage Effectiveness (PUE) as low as 1.2, potentially saving 10.1 billion kWh of electricity annually, equivalent to a reduction of 810,000 tons of carbon emissions [5] Data Center Ecosystem - Guian New Area has attracted 25 large-scale data centers, with a planned capacity of over 1.4 million racks and a computing power scale exceeding 76 EFLOPS, of which over 98% is intelligent computing [6] - The area has been designated as one of the ten national data center clusters by the National Development and Reform Commission [6] Connectivity and Data Transmission - The region is enhancing its data transmission capabilities, establishing a 400G bandwidth computing power channel connecting Guizhou with Ningbo, improving efficiency for data storage and rendering applications [9][10] - Guian New Area has achieved low latency in data transmission, with a one-way delay of 3 milliseconds within the province and up to 18 milliseconds to major regions like Beijing-Tianjin-Hebei [10] Industry Collaboration and Innovation - Guian New Area is fostering partnerships with companies like RuYun Technology to build a digital creative industry ecosystem, aiming to attract 100 digital creative enterprises by 2027 [11][12] - The area is also focusing on artificial intelligence and data training, positioning itself as a competitive base for intelligent computing [12] Strategic Development Goals - The Guian New Area aims to transform its computing resources into economic advantages, shifting from a cost center to a profit center, with significant growth in both hardware and software sectors [14] - The electronic information manufacturing sector is projected to grow by 168% in 2024, while the internet and related services sector is expected to see a revenue increase of 20.62% [14]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the impact of recent agreements between the United States, the United Arab Emirates (UAE), and Saudi Arabia on the artificial intelligence (AI) industry, particularly focusing on infrastructure and geopolitical dynamics [2][3][4]. Core Insights and Arguments 1. **Transformative Agreements**: The US has signed two significant agreements with the UAE and Saudi Arabia, which are expected to reshape the AI landscape by enhancing US leadership in AI infrastructure and alleviating bottlenecks such as power shortages [2][3]. 2. **Investment in AI Infrastructure**: The agreements are projected to unlock a capital influx exceeding $1 trillion, facilitating the construction of AI infrastructure both in the Gulf region and the US [3][4]. 3. **Data Center Capacity Growth**: The Middle East is anticipated to become a regional AI hub, with predictions indicating that by 2030, operational data center capacity in the region will exceed 6 GW, driven by investments from local companies like G42 [3][4]. 4. **G42's Role**: G42, a UAE-based AI giant, is set to import 500,000 high-end Nvidia chips annually and is leading the development of a 5 GW AI data center park, with the first phase of 1 GW already underway [5][6]. 5. **Saudi Arabia's Economic Plans**: Saudi Arabia's $600 billion economic plan includes rapid growth in data center capacity, although it remains more fragmented compared to the UAE [7][20]. 6. **Bilateral Investment**: Middle Eastern companies are expected to invest hundreds of billions into US AI infrastructure, with G42 already operating data centers in the US [8][20]. Additional Important Content 1. **Geopolitical Implications**: The agreements strengthen the technological ties between the US and the Gulf states, increasing their dependency on US hardware and software [3][12]. 2. **Risks and Security Concerns**: The collaboration raises concerns about GPU transfers to China and unauthorized model usage, necessitating strict security measures and KYC protocols [13][14][16]. 3. **Market Dynamics**: The influx of Middle Eastern capital is expected to lower financing costs and support AI infrastructure development, countering potential credit market tightening [9][10]. 4. **Competitive Landscape**: The agreements position the Middle East as a key customer for US technology, potentially sidelining competitors like China [12]. 5. **Investment from Major Tech Firms**: Companies like Oracle and AMD are committing significant funds to projects in Saudi Arabia, indicating strong interest from major players in the region's AI development [20]. Conclusion - Overall, the agreements between the US, UAE, and Saudi Arabia are poised to significantly impact the AI industry, enhancing infrastructure capabilities while presenting new geopolitical and security challenges [11][12].

Core Insights - Morgan Stanley's report highlights China's ambition to become a global leader in artificial intelligence (AI) technology, driven by a robust ecosystem of talent, innovation, data, and infrastructure [1][3] - The report emphasizes the importance of applying AI to the "real economy" and commercializing AI products to enhance productivity in traditional industries [1][2] - China is focusing on market-driven AI applications, particularly in sectors like autonomous driving, smart manufacturing, and digital customer service, contrasting with the U.S. focus on broader consumer applications [1][2] Infrastructure Sector - China's AI GPU self-sufficiency is projected to increase from 34% in 2024 to 82% by 2027, with companies like Huawei and Cambricon leading innovations in chip development [5] - Lenovo's business segments are expected to benefit from the AI revolution, with a 60% year-on-year growth in its ISG segment for Q4 2024 [6] Data Center Sector - The data center industry is anticipated to see a significant increase in new bookings, growing from 2.1 GW in 2024 to 3.7 GW annually from 2025 to 2027, representing a 76% increase [8] - The rental pricing in China's data center sector has stabilized at lower levels, with improving return rates due to lower bank financing costs and faster client onboarding [8] Platform Sector - The rapid development of AI applications is expected to accelerate growth in China's IaaS/PaaS market, benefiting cloud service providers like Alibaba and Tencent [9] - Tencent's cloud business is projected to accelerate growth starting Q2 2025, as it reallocates resources to external cloud clients [9] Application Sector - In the 2C domain, AI applications are rapidly evolving, with platforms like WeChat leveraging user data to enhance user experience and drive profitability [11] - The 2B application speed is expected to surpass previous public cloud cycles, with a subscription model becoming prevalent for enterprise AI applications [11] Automotive and Robotics - The penetration rate of L2+ autonomous driving in China is expected to reach 25% by 2025, benefiting manufacturers like BYD and Geely [12] - By 2030, China's humanoid robot inventory is projected to reach 252,000 units, with significant growth anticipated in both commercial and household humanoid robots by 2050 [12] Energy and Quantum Computing - AI-driven data centers are expected to account for 10% of China's total electricity demand by 2035, with green energy initiatives gaining traction [14] - China's advancements in quantum computing, exemplified by the "Zuchongzhi 3" prototype, are set to provide new computational capabilities that will benefit AI and other industries [14] Conclusion - Despite U.S. chip restrictions, China's AI computing capabilities are advancing, with domestic semiconductor companies innovating rapidly to close the performance gap with U.S. counterparts [15]

就在今天，美国与阿联酋达成超2000亿美元的协议，将合建中东最大的AI园区。 首先美国一直都存在技术外流担忧，所以制定了一系列的技术防扩散条款。而阿联酋则面临技术依赖问题，过度依赖美国芯片和技 术， 可能出现供应中断或技术限制的情况。 这个协议基本上就把中东锁定为美国技术的主要客户 ，可以认为是中东梭哈美国，放 弃了像中国等其他潜在的合作伙伴。中东就这么信得过美国？ 其次过往合作项目兑现率不高，如沙特和阿联酋之前承诺的投资落实情况不佳，此次合作的长期项目受政府更迭、油价波动等因素 影响，存在无法按计划推进和落地的风险。并且，AI 数据中心等项目需要稳定能源供应和复杂监管协调，若阿联酋无法满足美方技 术管控要求，项目可能缩水。 原始的pdf报告放到星球中了，有兴趣的朋友可以到星球查看原文。 SemiAnalysis也是随即就发表一篇针对这件事的分析。距离上次SemiAnalysis发文章，已经过去快20天了，我一直以为Dylan在憋什么 大招，原来是我想多了，有些文章也是随手写的，当然他的数据和经验都比较多，即便是随手写，内容依然很丰富。 但他这篇文章，就纯粹是站在老美的视角。其实笔者认为这次的2000亿协议， ...

建筑装饰 证券研究报告 建筑转型系列——中能建拟携手城地香江打造算力中 心"国家队"，AI 基建高景气业绩释放在即 建筑转型系列：中能建拟携手城地香江，打造算力中心"国家队" 城地香江已由传统地基工程主业转型为华东区域域领先的综合算力中心整 体解决方案服务商，2024 年公司发布定增预案，拟向中能智算募集资金不 超过 6.97 亿元，用于补充流动资金及偿还债务，定增完成后中能智算将持 股 23.08%并成为公司控股股东，中国能建实现间接控股，国资委将成为公 司实控人。中国能建深度参与全国"东数西算"八大节点区域算力枢纽中心 建设，在甘肃庆阳、宁夏中卫、安徽芜湖、广东韶关、山西大同、北京经开 区等多个枢纽节点投资或布局了数据中心项目。我们认为通过本次发行，中 国能建集团将完成对华东区域优质数据中心资产的整合，推动上市公司成为 中国能建集团构建"全国一体化算力网络"的承载主体，强强联合的并购重 组或有望迎来估值重塑。 AI 基建需求有望实现高速增长，多个大单落地支撑业绩释放 智能算力需求增长，带动了数据中心资产投资景气度提升，2023 年数据中 心的投资规模达 879 亿元，同比增长超 90%；截至 2024 年 ...

建成光缆线路38.7万公里，直连城市由22个增加至27个，网络出省总带宽达到21T，与全国90%以上地 区光纤直连传输时延控制在8-20毫秒以内；光纤接入端口占比达到99.2%，排名全国第1，宽带入户排名 全国第4位；新建5G基站5068个，累计达到1.7万个，5G行政村点亮率从80.5%提升至95%，5G用户渗透 率位居全国第2，银川市、固原市成功入选全国"双千兆城市"……近年来，宁夏把发展数字经济作为打 造新质生产力的主攻方向、高质量发展的重要引擎、转型升级的重要动力，通信网络设施加快改善，数 字经济呈现总量持续扩大、占比不断提升、数实融合领域不断拓宽的良好发展态势。 另一方面，东西算力合作日益深化。宁夏加强与国家部委、企事业单位的对接，争取国家部委、企事业 单位等机构在宁夏落地数据中心或智算项目，积极推动建设国家战略数据灾备基地。截至目前，人力资 源和社会保障部"金保工程"二期异地灾备数据中心已经落地，还有一批项目正在加紧对接。与北京、浙 江、安徽等省份的合作取得实质性进展，腾讯、商汤、智谱华章、上海鸿翼等智算（存力）中心项目加 快建设，其中腾讯智算中心正在进行机房改造，预计6月完成16MW布设。 截至 ...

Group 1 - The core viewpoint of the news is the significant advancements in Guangxi's computing power infrastructure and the establishment of the Guangxi Computing Power Alliance, which aims to enhance digital transformation and economic development in the region [1][2][3] Group 2 - The Guangxi Computing Power Network Development Report (2024) was released, highlighting the region's comprehensive policy support and significant achievements in computing power development [1] - Guangxi's infrastructure has seen a notable upgrade, with the establishment of key internet backbone points and a projected cross-border network transmission capacity of 5 Tbps by 2025 [1] - The total design scale of data center racks in Guangxi reached 164,000 by the end of 2024, representing a 172% increase compared to the end of 2022 [1] - The total computing power scale reached 3.28 EFlops, a 546% increase from the end of 2022, with five super-large data centers established [1] Group 3 - The computing power layout in Guangxi is gradually improving, with a focus on providing inclusive computing power infrastructure across all 14 cities in the region [2] - The Guangxi Computing Power Scheduling Platform was introduced, which integrates distributed computing power nodes and utilizes cross-domain scheduling algorithms for intelligent resource integration [2] - The platform is expected to reduce computing power usage costs by 35% and enhance innovation efficiency by 50% for enterprises [2] Group 4 - The Guangxi Computing Power Alliance aims to position itself as a "China-ASEAN Computing Power Hub," promoting the integration of computing resources with diverse scenarios to foster innovation [3] - The alliance emphasizes the importance of building a new ecosystem that empowers various industries through computing power, contributing to the digital economy's growth in Guangxi [3]