国元证券发布研报指，粤港湾控股通过收购天顿数据完成战略转型，形成"基建+AI"双轮驱动模式。凭 借天顿数据的万卡集群能力、头部客户资源，以及债转股后优化的财务结构，公司具备重估空间。更重 要的是，公司在完成转型后，形成了"低负债财务+高成长智算"的优质组合，既具备传统企业转型的稳 健性，又拥有科技赛道的成长性。随着公司的业务结构改善，增长预期可能陆续在2026年业绩中兑现。 粤港湾控股(01396)再涨近10%，月内累计涨幅已超40%。截至发稿，涨6.91%，报6.81港元，成交额 3014.83万港元。 根据公开资料显示，深圳天顿数据科技有限公司是中国第一梯队智算建设运营商，是内最早布局国标A 级第三方数据中心的企业之一，能够提供"绿能智算"全生命周期服务。在全国运营超过3万台机架，总 算力规模超5万P。 ...

Group 1 - The core viewpoint of the article highlights that Yuegangwan Holdings (01396) has seen a significant stock price increase of nearly 10%, with a cumulative rise of over 40% within the month, indicating strong market performance [1] - According to Guoyuan Securities, Yuegangwan Holdings has completed a strategic transformation through the acquisition of Tiandun Data, establishing a "infrastructure + AI" dual-driven model [1] - The company benefits from Tiandun Data's capabilities in large-scale computing clusters and strong client resources, along with an optimized financial structure post-debt-to-equity swap, suggesting potential for revaluation [1] Group 2 - The transformation has resulted in a combination of "low debt finance + high growth intelligent computing," providing both stability from traditional enterprise transformation and growth potential from the technology sector [1] - As the company's business structure improves, growth expectations may begin to materialize in the 2026 performance [1] - Tiandun Data is recognized as a leading intelligent computing operator in China, being one of the earliest to establish national standard A-level third-party data centers, offering full lifecycle services for "green intelligent computing" [1]

Core Viewpoint - The development of new productive forces is essential for the modernization and revitalization of ethnic regions, addressing both opportunities and challenges in achieving common prosperity for all ethnic groups [1][2]. Group 1: New Productive Forces as a Driving Engine - New productive forces provide significant momentum for the leapfrog development of ethnic regions, addressing issues of development quality and efficiency during the 14th Five-Year Plan period [2]. - These forces enable ethnic regions to "overtake on the curve," moving from low-value industries to innovation-driven sectors, thus narrowing the gap with developed areas [2]. - The integration of digital economy, clean energy, and biotechnology allows ethnic regions to leverage their unique resources and advantages, positioning them on equal footing with eastern regions in the new technological revolution [2]. Group 2: Building a New Industrial System - The development of new productive forces should be tailored to local conditions, avoiding overcapacity and ensuring sustainable growth [4]. - Ethnic regions should transition from being "energy bases" to "computing power hubs," utilizing their renewable energy resources to support national data center initiatives [4]. - Upgrading from "primitive industries" to "smart industries" involves applying modern technologies to enhance traditional sectors, such as agriculture and tourism, thereby creating new economic growth points [5]. Group 3: Promoting Common Prosperity - The ultimate goal of developing new productive forces is to meet the aspirations of all ethnic groups for a better life, rather than merely increasing GDP [6]. - Efforts should focus on bridging the digital divide and ensuring that technological advancements benefit all communities, particularly through improved education and healthcare access [6]. - Establishing mechanisms for profit-sharing and local participation in resource development is crucial for ensuring that the benefits of economic growth are equitably distributed among local populations [7].

◎记者 严曦梦 操子怡 作为长三角一体化发展的先手棋和突破口，长三角生态绿色一体化发展示范区（简称"示范区"）已经从 夯基垒台、立柱架梁进入全面推进、厚积成势的新阶段。 上海证券报记者从1月29日举行的上海市政府新闻发布会获悉，经过六年多建设，特别是"十四五"期间 聚力推进，示范区一体化高质量发展势头强劲：GDP年均名义增速7.3%，2025年GDP达到5716亿元， 两区一县各自增速均位居所在省市前列，示范区规模以上工业总产值、工业投资增速等都高于长三角平 均水平。 提升"含金量"与"含绿量" 顾军表示，"十五五"期间，示范区将持续聚焦"一厅三片"重点区域和水利生态环保、设施互联互通、产 业创新转型、公共民生服务等四大重点领域，全力推进重大项目建设。 其中，"一厅三片"重点区域功能将加快呈现。水乡客厅是两省一市共建的绿色发展样板区，其核心地标 方厅水院将导入更多高能级的会议、展览、活动，成为长三角标志性公共建筑和展示长三角一体化高质 量发展的重要窗口。核心区域创智引擎、科创学园将全面建成，水乡客厅内部交通路网体系基本成型。 此外，青浦西岑科创中心将加速打造集企业办公、技术孵化、科技服务和配套居住等为一体的开 ...

Financial Data and Key Metrics Changes - Brookfield Infrastructure Partners generated funds from operations (FFO) of $2.6 billion in 2025, reflecting a 10% increase compared to 2024 when normalized for asset sales and foreign exchange [4][5] - The fourth quarter FFO reached a record of $0.87 per unit, leading to a conservative payout ratio of 66% and a 6% increase in quarterly distribution to $1.82 per unit, marking the 17th consecutive year of distribution increases of at least 5% [5][6] Business Line Data and Key Metrics Changes - The transport segment generated FFO of $1.1 billion, consistent with the prior year after normalizing for $1.8 billion in capital recycling initiatives, with rail and toll road segments seeing volume and rate growth of 2% and 3% respectively [7] - The midstream segment's FFO increased by 7% year-over-year to $668 million, driven by higher volumes in Canadian natural gas operations and a newly acquired U.S. refined products pipeline [8] - The data segment's FFO surged over 50% to $502 million, attributed to new investments and strong organic growth, including the commissioning of 220 MW of capacity at hyperscale data centers [8][9] Market Data and Key Metrics Changes - The global data center platform has a development potential of approximately 3.6 gigawatts, with contracted capacity exceeding 2.3 gigawatts [9] - In 2025, corporate investments in AI-related infrastructure reached approximately $500 billion, with expectations for further increases in the next two years [11][12] Company Strategy and Development Direction - The company is focused on a prudent, risk-focused approach to AI infrastructure investing, emphasizing long-term contracts and selective partnerships with investment-grade counterparties [12][13] - Brookfield Infrastructure aims to capitalize on structural themes such as digitalization, decarbonization, and deglobalization, positioning itself for a super cycle in infrastructure investment [20] - The company plans to deploy approximately $1.5 billion into new investments in 2026, supported by a robust pipeline across various sectors and geographies [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the infrastructure sector's resilience and growth potential, with expectations to return to a 10% or higher per unit growth target in 2026 [20][21] - The company highlighted a strong liquidity position of $6 billion at the end of 2025, bolstered by record asset sale proceeds of $3.1 billion [9] Other Important Information - The company completed approximately $16 billion in financings to de-risk operating company balance sheets [4] - Significant growth in the data center business was noted, with 11 consecutive quarters of record bookings and a fully utilized U.S. colocation data center [15] Q&A Session Summary Question: Can you elaborate on your contract approach to mitigate technology risk in data centers? - Management explained that long-term contracts (15 years) are designed to avoid technology risks by ensuring that any necessary infrastructure changes are not at the company's cost [28][30] Question: What is the expected return on new data center developments? - Management indicated that new data centers yield a return of 9% to 10%, with monetization at cap rates of 5.5% to 6%, leading to equity returns in the high teens or twenties [26][27] Question: Can you provide details on the KKR acquisition of data centers from Compass? - Management stated that specific transaction details are private, but they have entered into joint ventures with institutional investors, including KKR, across North America and Europe [35][36] Question: What is the outlook for inflation indexation across geographies in 2026? - Management expects inflation indexation in OECD markets to average between 2% and 3%, with emerging markets like India and Brazil ranging from 2% to 4% [46][47] Question: How is the capital backlog in data operations expected to evolve? - Management noted a significant increase in the capital backlog, driven by new contracts and the onboarding of bulk fiber backlog, with expectations for smooth commissioning across utilities and data centers [50][52]

同时，报告指出投资分布不均的问题进一步加剧。这种分化不仅体现在地域层面，行业差异也越发明显——半导体与数据中心 成为外资流入的热门领域，而传统制造业的投资则持续缩减。更值得警惕的是，地缘政治冲突导致全球供应链重构加速，部分 国家推行的政策正在重塑跨国企业在海外市场的投资决策逻辑。 分布失衡 去年流入发展中经济体的FDI总额下滑2%。 联合国贸发会议（UNCTAD）最新发布的《全球投资趋势监测报告》（下称"报告"）显示，2025年全球外国直接投资（FDI）增 长14%，达到1.6万亿美元，结束连续两年低迷状态。 在全球投资流动复苏之际，有超1400亿美元的增幅源自全球金融中心的资金流动。若剔除来自英国、卢森堡、瑞士、爱尔兰等 金融中转中心的资金，去年实际外国直接投资增幅仅约5%，这表明基础投资的复苏态势依旧疲软。 报告分析称，FDI在全球的流动热潮主要得益于跨国企业通过金融中心进行内部资金调拨、税务结构安排、并购资金过账等，并 不对应实体投资。上述资金在流动的同时，项目并没有落地，增长更多的是资金路径的变化，不是新增工厂、基础设施或项目 投资。 截至去年第三季度的数据显示，构成FDI的主要投资类型——绿地投资（ ...

作为长三角一体化发展的先手棋和突破口，示范区经过六年多建设，GDP年均名义增速7.3%，2025年GDP达到5716亿元，两区一县各自增速均位居所在 省市前列。2025年示范区内，由两省一市共建的水乡客厅标志性、功能性项目方厅水院建成运营，重点区域进入了项目建设与功能培育并重的新阶段。示 范区投资基金成功设立，长三角青吴嘉高新区建设加快推进，为示范区发展注入新动能。 上海市政府副秘书长、市发展改革委主任，长三角一体化示范区执委会主任顾军介绍，"十四五"期间，示范区的重大项目建设跑出加速度。2025年示范区 全年完成投资564.3亿元，完成年度计划的111.3%。"十五五"期间，示范区将持续聚焦"一厅三片"的重点区域和水利生态环保设施互联互通、产业创新转 型、公共民生服务等四大重点领域，继续全力推进重大项目的建设。 1月29日，上海市举行长三角生态绿色一体化发展示范区（以下简称"示范区"）新闻发布会，介绍了示范区"十四五"期间建设成果及"十五五"开局之年重 点工作安排。 1月29日，上海市举行长三角生态绿色一体化发展示范区（以下简称"示范区"）新闻发布会，介绍了示范区"十四五"期间建设成果及"十五五"开局之年重 ...

Core Insights - On January 29, Data Port executed a block trade of 61,000 shares, amounting to a transaction value of 2.0215 million yuan, which represented 0.07% of the total trading volume for the day. The transaction price was 33.14 yuan, reflecting a discount of 9.99% compared to the market closing price of 36.82 yuan [1][2]. Group 1 - The block trade involved 61,000 shares of Data Port, with a total transaction value of 2.0215 million yuan [1][2]. - The transaction price of 33.14 yuan was 9.99% lower than the market closing price of 36.82 yuan [1][2]. - The block trade accounted for 0.07% of the total trading volume on that day [1].

一是壮大算力供给规模。坚持一手抓要素保障、一手抓项目落地，集中力量招引自带产业生态的超大 型、大型数据中心企业来韶落户，以高水平项目集聚壮大算力供给规模，同步推进韶关集群起步区扩 区，让企业引得来、落得下、发展好，力争到今年底建成 30 万标准机架承载能力、上架算力达250MW （10万标准机架），更好服务粤港澳大湾区人工智能、低空经济发展。我们非常欢迎人工智能、互联 网、第三方IDC企业来韶关投资建设数据中心，携手打造具有核心竞争力的算力产业集群。 三年多来，在国家和省的大力支持下，韶关举全市之力推进集群建设，起步区规划建设用地 6277 亩， 形成了"三片区一中心"的发展布局，已构建起从存储、训练到场景应用的算力产业生态。 一是算力供给能力不断提升。集群共吸引入驻三大电信运营商、腾讯、万国等20个数据中心项目，计划 总投资620亿元。目前，已建成12万标准机架，可承载18万P算力的规模，智能算力已上架1.6万P，成为 大湾区规模最大的智能算力供给基地。 二是数据要素资源加速汇聚。获批广东省首批数据要素集聚发展区，建成粤港澳大湾区数据应用产业 园、百度智能云（韶关）人工智能数据标注基地，广州数据交易所（韶关 ...

源杰科技公告称，预计2025年年度实现归属于母公司所有者的净利润1.75 - 2.05亿元，上年同期为 - 613.39万元，实现扭亏为盈；扣除非经常性损益后的净利润1.5 - 1.8亿元。业绩增长主要因数据中心业 务增长、产品结构优化，且数据中心产品毛利率较高；同时，间接股权投资产生收益，以及确认政府补 助也有贡献。具体财务数据以经审计的2025年年报为准。 ...