科技日报记者 崔爽 人工智能浪潮席卷全球，算力需求激增，机房基础设施面临前所未有的挑战。如何构建新一代AIDC （算力基础设施），为人工智能产业提出更强大的基础支撑，已成为产业共同面对的核心命题。 聚焦AIDC机房基础设施建设进程，近日，由全球计算联盟（GCC）主办，中国电子技术标准化研究院 和中国电子工程设计院协办的首届"AIDC产业发展大会"在上海举行。大会以"释放澎湃算力，开启 AIDC新纪元"为主题，会上预发布《AIDC基础设施规范》，为未来几年AIDC建设提供参考，推动产业 高质量发展。 液冷数据中心正成为AIDC必然选择 "人工智能技术深入各行各业，算力需求呈爆发式增长，也对数据中心基础设施提出全新的挑战。"全球 计算联盟（GCC）理事长、华中科技大学教授金海开门见山地指出，"随着算力密度与机房功率密度同 步跃升，我们正在面临'热、电、空间'等多重考验。" 如其所言，AI算力设施加速向高密度、液冷化、集群化方向演进，带来更高的功率负载和更复杂的散 热要求，也对传统数据中心的供配电系统、建筑结构和网络设计提出新的要求。 "AIDC是智算时代关键基础设施，随着AI算力规模与芯片功率的快速提升，液冷数据 ...

这些设备将分阶段交付至IREN位于乔治王子城的园区，预计支持公司在2026年第一季度末实现超5亿美 元AI云业务年经常性收入的目标。 智通财经APP获悉，数据中心运营商兼比特币矿企IREN Limited(IREN.US)周一宣布，已斥资约6.7亿美 元采购英伟达(NVDA.US)和AMD(AMD.US)的GPU，以加速其人工智能云业务增长。 IREN在声明中表示，此次采购包括7100台英伟达B300 GPU、4200台英伟达B200以及1100台AMD MI350X，总价值约6.74亿美元。此举使其GPU总装机量提升至约23,000台。 "随着全球算力需求加速增长，客户日益寻求能快速实现规模化的合作伙伴，"IREN联合创始人兼首席 执行官丹尼尔·罗伯茨表示，"在数月内将设备总量倍增到23,000余台GPU，充分体现我们垂直整合平台 的优势及满足长期紧迫需求的能力。交付前预签约模式的转变，为AI云业务增长注入新动能。" 当日盘前交易中，IREN股价涨超10%。 ...

Core Insights - Morgan Stanley identifies Bitcoin mining companies as having approximately 6.3 GW of operational large sites and an additional 2.5 GW of capacity under construction, making them the "fastest way to obtain power with the lowest execution risk" for AI companies [1][2][6] - The report highlights a significant power shortage for data centers in the U.S., estimating a gap of up to 45 GW from 2025 to 2028, despite various innovative solutions being considered [2][3] - The potential equity value created by converting mining sites into data centers is estimated to be between $5 to $8 per watt, significantly higher than the current trading levels of many Bitcoin mining companies [2][10] Power Shortage Analysis - The demand for power from data centers is projected to reach 65 GW from 2025 to 2028, while the grid can only provide 15 GW of immediate capacity, leading to a substantial shortfall [3][4] - Even with the inclusion of various innovative power solutions, a shortfall of 5 to 15 GW is expected to persist by 2028 [3] Unique Value of Bitcoin Mining Sites - Bitcoin mining sites possess critical assets valued by AI companies, including approved grid connections and large-scale power supply capabilities, allowing them to bypass lengthy approval processes for new data centers [6][9] - The existing infrastructure of Bitcoin mining companies aligns well with the construction timelines required for data centers, which typically take about 18-24 months [6] Market Valuation Insights - The "enterprise value per watt" (EV/Watt) metric is emphasized as a key indicator of value that the market has overlooked, with many Bitcoin mining companies still undervalued [7] - A model analysis indicates that converting a 100 MW Bitcoin mining site into a data center could generate significant equity value, with estimates of $5.19 per watt for large cloud service providers and $7.81 per watt for emerging cloud service providers [10]

Group 1 - The core point of the article highlights the unprecedented demand for electricity driven by the explosive growth of artificial intelligence (AI), with a significant power shortfall projected in the U.S. data center sector from 2025 to 2028 [1][2] - Morgan Stanley's report estimates that the electricity demand for U.S. data centers will reach 65 gigawatts (GW) by 2028, while the grid can only provide 15 GW of immediate capacity, resulting in a shortfall of approximately 45 GW [2][5] - Even with innovative solutions like natural gas turbines and fuel cells, the projected shortfall remains between 5 to 15 GW by 2028, indicating a critical power bottleneck for data center developers [2][4] Group 2 - Bitcoin mining companies possess significant advantages in this context, as they have existing large-scale power supply capabilities and approved grid connections, making them a viable option for AI companies seeking immediate power access [1][4] - U.S. Bitcoin mining firms currently operate approximately 6.3 GW of large-scale sites, with an additional 2.5 GW under construction and 8.6 GW in development with grid access permits [5][8] - The potential economic value of converting Bitcoin mining sites into AI data centers is substantial, with estimates suggesting that such conversions could create equity values ranging from $5.19 to $7.81 per watt, significantly higher than current trading levels of many mining companies [8]

来源：新浪基金∞工作室 从数据港十大流通股东角度 9月22日，数据港涨5.36%，截至发稿，报37.17元/股，成交14.30亿元，换手率5.50%，总市值267.02亿 元。 数据显示，华夏基金旗下1只基金位居数据港十大流通股东。华夏中证1000ETF（159845）二季度增持 85.73万股，持有股数234.85万股，占流通股的比例为0.33%。根据测算，今日浮盈赚取约443.87万元。 资料显示，上海数据港股份有限公司位于上海市静安区江场路1401弄14号1601室，成立日期2009年11月 18日，上市日期2017年2月8日，公司主营业务涉及数据中心服务器托管服务及网络带宽服务。主营业务 收入构成为：IDC服务业99.31%，IDC解决方案0.69%。 华夏中证1000ETF（159845）基金经理为赵宗庭。 截至发稿，赵宗庭累计任职时间8年161天，现任基金资产总规模3891.48亿元，任职期间最佳基金回报 117.09%， 任职期间最差基金回报-32.63%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形 ...

Core Viewpoint - Weisheng Holdings (03393) has seen a stock increase of over 3%, currently at HKD 11.57, with a trading volume of HKD 14.6482 million [1] Financial Performance - Weisheng Holdings' overseas business revenue for the first half of 2025 reached RMB 1.24 billion, a year-on-year increase of 19% [1] - ADO overseas revenue surged by 754%, increasing from RMB 6 million to RMB 50 million, accounting for 4.2% of total revenue [1] - The overseas revenue from the power AMI business grew by 12% to RMB 910 million, representing approximately 73% of overseas revenue [1] - Revenue from communication and fluid AMI business overseas rose by 26% to RMB 280 million [1] - As of June 30, the company had an unfulfilled order amount of RMB 3.605 billion in its overseas business [1] Strategic Focus - The company is focusing on the data center industry and is deeply involved in the "East Data West Computing" project, achieving significant orders from ByteDance in the first half of the year [1] - The Malaysian factory commenced operations in the first half of the year, and the company is collaborating with Siemens and GDS in the intelligent computing center power distribution sector, showcasing a technological advantage [1] Future Outlook - It is anticipated that the total data center orders for 2025 will exceed RMB 2 billion, with a conservative estimate of over RMB 1 billion in revenue recognition based on 50% of orders being fulfilled [1] - The order from GDS is projected at RMB 1.3 billion (with RMB 500 million in hand and RMB 480 million in Q4), while the three major telecom operators and other industries are expected to contribute around RMB 1 billion, with deliveries estimated at RMB 500-600 million [1]

该行指出，公司重点聚焦数据中心行业，深度参与东数西算工程，并在上半年实现字节跳动的订单突 破；在海外市场方面，上半年马来西亚工厂正式投产，通过技术出海与西门子、万国数据等企业合作， 在智算中心配电领域具有技术领先优势。预计2025全年数据中心订单将超过20亿，保守按50%出库确认 收入将超过10亿。其中万国数据订单13亿(在手5亿+Q48亿)，交付约5亿，三大运营商和其他行业约10 亿，交付约5-6亿左右。 智通财经APP获悉，威胜控股(03393)涨超3%，截至发稿，涨3.3%，报11.57港元，成交额1464.82万港 元。 国元国际发布研报指出，威胜控股2025年上半年海外业务营业收入增长至12.4亿元，同比上升19%；其 中ADO海外收入大幅增长754%，由去年同期人民币600万增长至5000万元，占比4.2%；电力AMI业务 海外收入增长12%至人民币9.1亿元，占海外收入约73%；通讯及流体AMI业务海外收入上升26%至2.8亿 元。截止6月30日，公司海外业务未完成订单金额达人民币36.05亿元。 ...

Group 1 - On September 19, 2023, the stock price of Shango Holdings (00412.HK) experienced significant volatility, attracting market attention, with a net inflow of HKD 2.24 billion through the Stock Connect program and a notable increase in trading volume [1] - In response to the market situation, Shango Holdings repurchased 3.7 million shares on the same day, demonstrating management's confidence in the company's value [1] - The company announced a share buyback plan of up to USD 100 million on September 16, 2023, and issued a voluntary announcement on September 19 to clarify that business operations are normal and there are no significant changes in financial conditions [1] Group 2 - Shango Holdings is performing well fundamentally, with a focus on emerging industries such as clean energy and intelligent computing centers, achieving revenue of CNY 2.503 billion and a net profit of CNY 476 million in the first half of 2025, with both profit scale and growth rate ranking among the industry leaders [1] - Shango New Energy, a subsidiary, reported a net profit of approximately CNY 400 million, a year-on-year increase of 6.5%, with total assets reaching CNY 49.5 billion; strategic investment in Century Internet (VNET) saw total revenue grow by 22.1% year-on-year, with core business revenue surging by 112.5% [1] - The company has formed an integrated industrial chain of "green electricity supply - data center" through its control of Shango New Energy and strategic investment in Century Internet, aligning its core business with national strategies [2] Group 3 - The company plans to explore ways to optimize its shareholder structure by introducing strategic investors to address issues related to shareholding concentration, while also enhancing communication with investors through performance briefings and roadshows [2] - Shango Holdings aims to leverage the ongoing demand for artificial intelligence computing power and the implementation of core projects, expecting to gradually enter a harvest period with further synergy effects [2]

Core Viewpoint - The strategic investment by Shanghai Fengwang in Bingji Technology and the ongoing acquisition of Zhong'en Cloud by *ST Yushun highlight the company's efforts to expand its presence in the data center and AI computing sectors, raising questions about potential competition and future asset integration [1][2][5]. Group 1: Investment Details - Shanghai Fengwang plans to invest 300 million yuan in Bingji Technology, a leading AI computing service provider in Southwest China, which has established a computing cluster of no less than 20,000 P and aims for 50,000 P [5][6]. - The investment is expected to be completed within 30 days, indicating a swift move to enhance capabilities in the AI sector [1][2]. Group 2: Business Operations and Competition - Bingji Technology focuses on intelligent computing, primarily for AI training and inference, while Zhong'en Cloud operates in the data center sector, which involves data storage and management [5][6]. - The chairman of Shanghai Fengwang, Ji Min, clarified that the two businesses serve different customer needs and do not constitute direct competition [5][6]. Group 3: Acquisition of Zhong'en Cloud - *ST Yushun intends to acquire 100% equity of Zhong'en Cloud's related assets for 3.35 billion yuan, which will allow the company to diversify into the data center business [9][10]. - The acquisition is crucial for *ST Yushun to reverse its declining performance, as it has reported losses for five consecutive years, with a significant drop in net profits [10]. Group 4: Future Prospects - There is a possibility that Bingji Technology may be integrated into *ST Yushun in the future, as indicated by Ji Min, although no definitive plans have been announced [6][7]. - The acquisition of Zhong'en Cloud is pending approval at the upcoming shareholder meeting on September 29, 2025, marking a critical step in *ST Yushun's restructuring efforts [10].

Core Viewpoint - The article discusses the strategic investment by Shanghai Fengwang in Bingji Technology and the ongoing acquisition of Zhong'en Cloud by *ST Yushun, highlighting potential synergies and market implications in the data center and AI computing sectors [1][4][7]. Group 1: Investment and Acquisition Details - Shanghai Fengwang plans to invest 300 million yuan in Bingji Technology, a leading AI computing service provider in Southwest China, which has established a computing cluster of no less than 20,000 P and aims for 50,000 P [4][5]. - *ST Yushun intends to acquire 100% equity of Zhong'en Cloud and related companies for 3.35 billion yuan, expanding its business into the data center sector [7][8]. - The acquisition is crucial for *ST Yushun to reverse its declining performance, as the target companies reported revenues of 735 million yuan, 815 million yuan, and 218 million yuan for 2023, 2024, and Q1 2025, respectively [8][9]. Group 2: Market Implications and Competition Concerns - There are concerns about potential competition between Bingji Technology and *ST Yushun, but the chairman of Shanghai Fengwang clarified that their business focuses differ, with Bingji specializing in AI computing and Zhong'en in data center operations [5][6]. - The timing of the investment in Bingji Technology raises questions, as it coincides with *ST Yushun's acquisition process, but the chairman indicated that the investment aligns with their asset acquisition strategy [5][6].