马来西亚柔佛州即将建成的"探索新城"办公楼的内部设计效果图。图片来源：Courtesy of ZA 19世纪40年代，新加坡的华人先民横渡柔佛海峡（Johor Strait），在马来西亚柔佛州的原始丛林中披荆 斩棘，建立起绵延不绝的黑胡椒种植园。20世纪的英国殖民时期，这些胡椒农场逐渐被广袤的橡胶林与 油棕榈园所取代。如今，在同一片土地上，柔佛州正在悉心培育数字时代的新型经济作物——为缓解全 球算力饥渴而建设的人工智能数据中心群。 柔佛的数据中心建设狂潮，与当年改种胡椒的产业转型如出一辙，根源都在新加坡的资源瓶颈。这个城 邦国家虽然贵为东南亚的数字中枢，却连水电供给都依赖进口。2019年，因为庞然巨物般的数据中心不 仅消耗大量水资源，更消耗了新加坡7%的电力，政府不得不叫停新建项目。投资方与运营商旋即跨海 而来，在土地成本优势显著、能源供给充沛，以及矢志助推数字经济发展的马来西亚落子布局。 而柔佛跻身数据中心重镇的另一关键推力，在于全球算力争夺战的白热化。尽管新加坡在2022年1月已 经放开数据中心禁令，但岁末ChatGPT的震撼问世引爆全球人工智能基础设施需求，也在马来西亚掀起 新一轮的投资狂潮。房地产咨询 ...

[Table_Title] 研究报告 Research Report 9 May 2025 全球工业与能源 Global Industrial and Energy 国际工业+能源周报(05/05-05/09): 美国计划全面改造空中交通管制系统， 北约继续强化东翼防御能力 Global industrials + Energy Updates: The U.S. plans to comprehensively modernize the national air traffic control system, and NATO continues to strengthen its defense capabilities on the eastern flank | 杨斌 Bin Yang | 毛琼佩 Olivia Mao | 杨钰其 Yuqi Yang | 明悦馨 Ella Ming | | --- | --- | --- | --- | | bin.yang@htisec.com | olivia.qp.mao@htisec.com | yq.yang@htisec.com | ella.yx.mi ...

为贯彻落实中国证监会《上市公司监管指引第10号——市值管理》、上海市国资委《关于加强我市国有控股上市公司市值管理工作的若干意见》等文件精 神，推动我市国有控股上市公司在做强做优做大、提升内在价值的同时，进一步强化投资者关系管理、提高信息透明度、增进市场认同，上海市国资委联 合上海证券交易所，于2025年5月9日下午共同举办上海国有控股上市公司2024年度集体业绩说明会。上海市国资委副主任林益彬出席活动。 上港集团、华谊集团、上海医药、浦发银行、中国太保、数据港等6家在上交所挂牌的上海国有控股上市公司参加本次业绩说明会，同时邀请部分投资 者、分析师、媒体现场参会。6家上市公司的董事长、财务负责人、董事会秘书、独立董事等通过"现场交流+线上互动"方式，解析公司业绩，全方位展示 6家上市公司在经营发展、产业布局、技术创新、ESG建设、投资者回报等方面的成效与未来规划，并与投资者、分析师、媒体等展开深入交流，回答投 资者提问，倾听投资者建议。 上海市国资委始终聚焦服务上海"五个中心"建设重要使命，以提高上市公司发展质量为抓手，全力培育和打造一批经营业绩佳、创新能力强、治理体系 优、市场认可度高的一流上市公司。根据6家 ...

北交所板块涨幅领先，多家拟上市企业更新审核状态 北交所 证券研究报告/行业定期报告 2025 年 05 月 08 日 报告摘要 北交所行情概览： 1）整体行情：截至 2025 年 4 月 30 日收盘，北证成份股 265 个，平均市值 27.8 亿 元。本周（2025.4.28-2025.4.30，下同）北证 50 指数涨跌幅 2.38%，收盘 1331.13 点；同期沪深 300、创业板指、科创 50 涨跌幅分别为-0.43%、0.04%、0.78%。 2）赛道行情：本周 A 股涨幅前五的行业为传媒、计算机、机械设备、电子、家用电 器，涨幅分别为 2.7%、2.5%、1.6%、1.3%、1.1%。 ——北交所周报（4.28-4.30） 3）个股行情：本周在北交所上市的 265 只个股中上涨 138 只、下跌 117 只、平盘 10 只，上涨比例 52.1%。 | 评级： 增持（维持） | | | --- | --- | | 分析师：冯胜 | | | 执业证书编号：S0740519050004 | | | Email：fengsheng@zts.com.cn | | | 北交所基本状况 | | | 上市公司数 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 17.36 per share, up from a previous value of RMB 11.12 per share [7][4]. Core Views - The company's revenue and net profit for 2024 are projected to be RMB 7.281 billion and RMB 381 million, respectively, reflecting a slight year-on-year decline of 7.31% and 1.68% [1][6]. - In Q1 2025, the company reported revenues of RMB 1.832 billion and a net profit of RMB 69 million, showing a year-on-year decrease of 7.41% and 57.82% [1][2]. - The decline in revenue is attributed to the expiration of specific operational assets related to Amazon Cloud and some clients vacating due to strategic adjustments [1][2]. - Despite short-term pressures, the company is accelerating the deployment of new data center projects, which are expected to contribute positively to future earnings [2][3]. Summary by Sections Financial Performance - The company's data center business achieved revenues of RMB 20.89 billion and RMB 5.21 billion in Q1 2025, with year-on-year declines of 5.96% and 4.01% respectively [2]. - The cloud computing business reported revenues of RMB 51.02 billion and RMB 12.54 billion, down 7.98% and 11.41% year-on-year [2]. - The gross margin for Q1 2025 was 16.55% and 15.14%, with a slight decline primarily due to the impact of Amazon Cloud asset disposals [3]. Project Developments - The company is actively advancing its data center projects, with the first and second phases in Tianjin Baodi set to be delivered in the first half of 2025, and construction of the third phase already underway [2][3]. - New projects in Inner Mongolia are also being pushed forward, indicating a proactive approach to meet the growing demand driven by AI [2][3]. Earnings Forecast - The EBITDA forecast for 2025-2027 is adjusted to RMB 15.71 billion, RMB 17.08 billion, and RMB 18.31 billion, reflecting a downward revision of 19% and 22% for 2025 and 2026 respectively [4][6]. - The expected revenue for 2025 is RMB 7.735 billion, with a projected growth of 6.24% in 2026 and 12.10% in 2027 [6][22]. - The net profit forecast for 2025 is RMB 416 million, with subsequent increases to RMB 502 million in 2026 and RMB 599 million in 2027 [6][22].

【财通计算机】奥飞数据：运营功率数持续新高、上架率爬坡、核心客户面拓展的三击资产!!! #第一击：运营功率数不断攀升。 有望推动收入环比持续提升，滚动12月财务数据加速向上。 24年公司营收环比增速12.3%，EBITDA同比增长34.7%；25年Q1营收5.36亿元，考虑到Q4对光模块业务的剥离， 单季度同比口径下Q1的主营业务依然实现了10%+的环比增速。 目前，公司运营项目 【财通计算机】奥飞数据：运营功率数持续新高、上架率爬坡、核心客户面拓展的三击资产!!! #第一击：运营功率数不断攀升。 有望推动收入环比持续提升，滚动12月财务数据加速向上。 公司深度绑定云厂商客户，IDC资源储备丰富，扩张能力具备弹性。 怀来150MW数据中心有望成为延展客户覆盖面的重要阵地，核心大客户多元化拓展即将加速开启！ 资产稀缺性强。 24年公司营收环比增速12.3%，EBITDA同比增长34.7%；25年Q1营收5.36亿元，考虑到Q4对光模块业务的剥离， 单季度同比口径下Q1的主营业务依然实现了10%+的环比增速。 目前，公司运营项目240MW，未来两年在建和即将交付项目达360MW+（估计25年末公司运营功率约320 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue for 2024 is projected to be 43.65 billion yuan, with a year-over-year growth of 0.32%. The net profit attributable to shareholders is expected to be 17.90 billion yuan, reflecting a year-over-year increase of 1.62% [2] - The IDC business showed steady development, generating revenue of 29.14 billion yuan in 2024, down 7.56% year-over-year, while the AIDC business achieved revenue of 14.51 billion yuan, up 21.03% year-over-year [4][5] - The company is expanding its energy consumption resources, with a 130% increase in energy consumption indicators compared to the end of 2023, and plans to deliver additional computing centers in 2025 [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 43.65 billion yuan, with a net profit of 17.90 billion yuan. The fourth quarter of 2024 saw a revenue of 9.08 billion yuan, down 45.64% year-over-year, and a net profit of 2.77 billion yuan, down 56.89% year-over-year [2] - For Q1 2025, the company achieved a revenue of 11.98 billion yuan, representing a year-over-year increase of 21.40%, while the net profit was 4.30 billion yuan, down 9.29% year-over-year [3] Business Segments - The IDC business generated 29.14 billion yuan in revenue for 2024, with a gross margin of 47.53%, down 6.93 percentage points year-over-year. The company has completed upgrades to several low-power data centers, which are expected to recover and generate new orders [4] - The AIDC business reported a revenue of 14.51 billion yuan in 2024, with a gross margin of 51.75%, up 18.65 percentage points year-over-year. The company is focusing on building new-generation intelligent computing centers to meet the growing demand [5] Growth Prospects - The company has a robust order backlog and plans to deliver five additional computing centers in 2025, totaling approximately 420MW. The focus will be on regions with high economic development and significant computing demand [6] - The company is also progressing with public REITs, having initiated the issuance process at the end of 2023, which is expected to enhance its financing capabilities [11] Profitability Forecast - The company aims for significant profit growth, with net profit targets set at 27.28 billion yuan, 31.83 billion yuan, and 36.37 billion yuan for 2025, 2026, and 2027 respectively, indicating a growth rate of 50%, 75%, and 100% compared to 2024 [12] - The projected net profits for 2025, 2026, and 2027 are 26.90 billion yuan, 33.12 billion yuan, and 41.02 billion yuan, with corresponding P/E ratios of 31, 25, and 20 [13]

目前全球运营商单体规模最大的智算中心即为中国移动位于呼和浩特的智算中心，其单体智能算力高达 6700P，作为移动云的核心节点，可提供昇腾、壁仞、天数、昆仑芯等多元国产智算芯片，全面支持各 类创新研究需求。 内蒙古自治区工业和信息化厅科技电子处副处长张宁近日透露，2025年内蒙古将推动人工智能产业高质 量发展，"目前全区算力规模约12万P，其中智能算力占比超过90%，居全国首位"。 "我们集团最赚钱的智算中心在内蒙古。"近日，一位央企通信运营商内部人士向《中国经营报》记者透 露，"因为内蒙古电价实在太低了。"该人士进一步表示，该集团目前已收到一家知名互联网企业的订 单，其预订的几栋智算中心楼房就设在内蒙古。 内蒙古不仅煤炭储量全国第一，近年来更大力发展风能、太阳能，新能源发电成本大幅降低，吸引了包 括通信运营商、互联网巨头、金融机构等众多行业龙头入驻。 运营商集结智算洼地 央企运营商纷纷向内蒙古集结，电价优势成为吸引算力投资的核心因素。 "DeepSeek横空出世后，垂类应用需求明显增加，智算中心建设也明显加速。"前述央企通信运营商人士 表示，"内蒙古由于电价低、成本优势突出，成为我们集团内部第一个实现盈利的智 ...

Group 1 - The company *ST Yushun announced a significant asset restructuring plan to acquire 100% equity of three data technology companies to enhance asset quality and profitability [2] - A total of 30 million yuan has been paid as earnest money for the transaction, with a cooperation framework agreement signed for the Beijing Fangshan Data Center project [2] - The data center project has approximately 8,000 cabinets and includes substantial property assets and operational licenses held by the target companies [2] Group 2 - The company is expected to report a negative net profit for 2024, with revenue projected to be below 300 million yuan, which may lead to a delisting risk warning [3] - A change in the auditing firm has occurred, but there is a risk of failing to disclose the annual report on time due to tight preparation schedules [3] - The restructuring is viewed as a crucial step for the company to improve its operational conditions [3]

May 6, 2025 04:05 AM GMT 中国的新兴前沿⸺数据中心 中国版的赋能AI 我们更新了对中国数据中心行业供需的判断以及分析了 GPU 供应风险⸺我们认为市场过度担忧，我们更看好中国的数据 中心行业。 要点 主要基本主题：DC需求的上行周期与利率下行周期同时出现，通过REIT实现存量 数据中心资产盘活。 中国互联网大厂对AI的投资应该会给上游IDC带来显著的上行空间：我们估计，未 来三年中国六大互联网和云服务提供商（CSP）的年度资本支出将增加59％，达到 人民币3730亿元（超过500亿美元）。 我们预计，未来三年新数据中心的平均新增订单将达到每年 3-4 吉瓦（2024 年约 为 2 吉瓦），存量复合年增长率为 20％。 我们在未来1-2年的时间里强烈看好中国北方市场，因为AI训练和推理需求集中于 该地区，而且供应相对紧俏。 GPU供应可能成为瓶颈...我们与大中华区半导体分析师詹家鸿（Charlie Chan）合 作进行了情境分析。在我们的悲观情境中，芯片短缺可能会严重阻碍中国AI数据 中心的发展。 ...但在我们的基准情境下，国产GPU就已足够：我们假设即使英伟达无法获得向中 国出售H ...