Core Insights - Morgan Stanley's 2026 market outlook highlights four major themes: AI technology diffusion, energy future, multipolar world, and social change, presenting ten key predictions for investors to understand the evolving market landscape driven by technology [1] Group 1: AI Technology Predictions - Prediction one indicates a bifurcated global AI development landscape, with the U.S. expected to achieve a leap in capabilities for frontier large models by the first half of 2026, while competitors in other regions will struggle to match this progress, creating a "two worlds" scenario in AI development [2] - Prediction two emphasizes that the demand for computing power will grow exponentially, outpacing supply growth, driven by the proliferation of AI applications and increasing complexity of use cases [3] Group 2: Policy and Economic Implications - Prediction three forecasts that the Trump administration will implement stronger policies than anticipated, focusing on ensuring domestic supply of critical minerals, supporting manufacturing return, increasing military spending, and lowering consumer costs [4] - Prediction four discusses the pressure for AI technology transfer and the pursuit of national self-sufficiency, which may affect trade dynamics as countries strive to enhance their domestic AI capabilities [5] Group 3: Energy and Infrastructure - Prediction five states that rising global energy costs will lead to a backlash against data center growth, prompting the introduction of low-cost energy support policies and encouraging data center projects to adopt off-grid power strategies [6] - Prediction six predicts that major AI companies will accelerate their integration with energy infrastructure to secure reliable and cost-effective energy sources, thereby enhancing energy and power efficiency through AI [7] Group 4: Manufacturing and Labor Market Changes - Prediction seven suggests that China will increase its share in the global manufacturing market in key tech-intensive sectors, while the U.S. manufacturing balance will tilt towards domestic production as technology diffusion diminishes the advantage of low-cost labor [8] - Prediction ten highlights that companies and governments will initiate extensive retraining programs to address employment changes driven by AI, with political sensitivity around perceived job losses leading to various policy interventions [10] Group 5: Economic Transformation - Prediction eight indicates that Latin America will enter a new investment cycle driven by policy shifts, geopolitical changes, and peak interest rates, with this bull market being investment-led rather than consumption-driven [9] - Prediction nine anticipates early signs of transformative AI leading to rapid price declines across multiple sectors by the second half of 2026, which may exacerbate wage inequality and increase capital expenditures, reshaping national competitiveness [11]

January 23, 2026 02:50 AM GMT 规模要求、资源可得性与政策共同推动互联网大厂未来 AI 数 据中心建设向偏远地区倾斜。在 AI 时代，远端数据中心市场 的供需关系更健康、回报更稳定。拥有强大资源储备的领先 数据中心企业将受益。 拐点：由于美国对英伟达 H20 的出口禁令，中 国2025年第二到第四季度数据中心需求处于相对低 位；但随着国产 GPU 的快速量产，2025年底行业 迎来拐点。若英伟达 H200 可以进入中国市场，需 求增长将进一步提速。我们预计2025–2028年中国 数据中心装机容量年复合增速将达到 18%，并 在2028年达到约44GW，相当于届时美国装机容量 的43%。虽然低于云时代后期的80–90%，但我们预计之后会持续稳步提升。 变局：在上一轮云周期中，一线城市与远端地区的数据中心部署比例约为50:50。 而在 AI 时代，我们预计远端地区将占据70–80%的新增建规模。规模化需求，资 源可用性，以及国家发改委"东数西算"政策正推动 AI 数据中心加速布局至西部 指定枢纽，这契合了当前的大模型训练的竞争，也匹配现在领先的 AI 应用发展， 比如聊天机器人、AI ...

Summary of Conference Call Records Industry Overview - The conference call discusses the **AI domestic chain** and its significant updates, particularly focusing on **multimodal AI applications** such as AI comic dramas and short dramas, which are experiencing rapid growth and have a relatively mature business model since the second half of last year [1][2]. Key Insights - **Market Demand**: There is a strong demand for high-quality comic dramas, with technological advancements significantly reducing production costs, potentially down to **1/10** of original costs, leading to substantial profit margins [1][5]. - **Major Players**: Companies like **ByteDance, Baidu, and Tencent** are actively preparing high-quality short dramas, indicating an impending boom in the comic drama industry chain [1][5]. - **Revenue Generation**: The industry is expected to monetize through advertising and paid viewing, with all levels of the industry chain willing to promote market development [6]. - **Investment Opportunities**: The AI domestic chain is anticipated to see increased activity and sentiment before the Spring Festival, with a notable surge in **Token** usage, particularly in the multimodal AI applications [2][3]. Industry Dynamics - **Growth Trajectory**: The multimodal AI applications have shown explosive growth since last year, with significant increases in ROI and audience engagement, particularly among older male demographics [4][5]. - **Production Cost Reduction**: The production costs for high-quality animations and short dramas are expected to decrease significantly, enhancing profitability [5]. - **Sweet Spot for Comic Dramas**: The market is predicted to experience a "sweet spot" due to early investments by major companies in quality content, which will stimulate market vitality [7]. Company Strategies - **Incentives and Revenue Sharing**: Major companies are offering attractive incentives and revenue-sharing models, with production companies potentially receiving **70% to 90%** of revenue [8]. - **Role of Tool Companies**: Basic model tool companies and cloud vendors play a crucial role in enhancing the quality of comic dramas through improved animation consistency [10]. Future Outlook - **Long-term Potential**: The comic drama industry has vast growth potential, with lower costs and cultural barriers compared to short video products, and opportunities for international market expansion [11]. - **Key Companies to Watch**: Notable companies in the AI application space include **Fengxing Online, Wanjing Kunlun, and Minimax**, which are expected to gain significant market attention [12]. IDC and Domestic Computing Power - **Significant Progress**: The domestic computing power and IDC sectors are projected to see substantial advancements by **2026**, with increased construction volumes and a shift towards AI optimization and green data centers [13][14]. - **Impact of H200 Chip Restrictions**: While the import restrictions on the H200 chip may affect IDC construction, the rapid development of domestic computing power is expected to mitigate severe supply shortages [14][15]. Recommendations - **Investment Focus**: Recommended companies include: - **Liquid Cooling**: Yingweike, Shenling Environment - **Power Systems**: Zhongheng Electric, Keshida - **Chip Sector**: Huawei Chain - **Multimodal Applications**: Zhao Chi Technology, Wanxing Technology [18]. This summary encapsulates the key points from the conference call, highlighting the growth potential and investment opportunities within the AI domestic chain and related sectors.

Core Viewpoint - The Malaysian ringgit has reached its highest level since 2018, driven by optimism regarding the country's growth prospects and its connection to the artificial intelligence supply chain [1] Group 1: Currency Performance - On Monday, the ringgit was traded at 3.970 against the US dollar, marking the highest level since June 2018 [1] Group 2: Economic Growth - Malaysia's growth momentum is expected to continue this year, supported by strong domestic demand and a potential increase in tourist numbers [1] Group 3: Industry Opportunities - The rapid expansion of the data center industry is creating new opportunities and attracting investments [1]

Core Insights - The current reality of AI chips in data centers reveals that significant investments may yield less than 60% of their theoretical value due to power consumption issues [1] - The expansion of computing power is outpacing electricity supply, reshaping the development logic of the data center industry [1] Group 1: Power Consumption Challenges - The disconnection between AI chip technology and actual data center usage is a core issue leading to high power consumption [2] - Many AI chips focus on peak computing power rather than balancing efficiency and power usage, resulting in wasted energy [2] - The rapid increase in computing demand, with a growth rate of 74.1% in 2024, exacerbates the power consumption problem, turning data centers into "power black holes" [3] Group 2: Cooling Technology Innovations - Data centers rely heavily on cooling systems, which account for over 38% of total power consumption, with some cases exceeding 50% [4] - Liquid cooling technology is emerging as a key solution, with three main types: cold plate liquid cooling, immersion cooling, and spray cooling [5][6] - Despite being the most efficient, liquid cooling technology has a low adoption rate of about 10% in the industry [7] Group 3: Market Dynamics and Competitive Landscape - Companies like NVIDIA and AMD are developing customized liquid cooling solutions to enhance cooling efficiency and adapt to high-density computing environments [8] - In China, Shuguang Shuchuang leads the liquid cooling infrastructure market with a 56% share, providing solutions to major internet firms [9] - The overall manufacturing advantage of China is becoming evident in the transformation of data centers, with the manufacturing sector's value surpassing that of the US [10][11][12] Group 4: Future Directions - The future of data centers will prioritize intelligent design over sheer size, focusing on efficient power usage and effective cooling solutions [13]

（原标题：穆巴达拉聚焦机器人和人工智能） 阿拉伯海湾商业洞察1月21日消息，阿布扎比主权财富基金穆巴达拉集团首席执行官哈勒敦表示，该基金正将目光投向人工智能和机器人领 域，并认为这两个领域是工业增长的主要动力，也是未来投资的重要指引。近年来，穆巴达拉持续拓展科技投资组合，投资对象涵盖半导体、数 据中心和人工智能基础设施。哈勒敦在达沃斯世界经济论坛小组讨论会上表示，他尤为关注人工智能与机器人技术的交汇点及其对制造业和工业 的影响。穆巴达拉还将生命科学、医疗保健和生物技术列为优先投资领域。 ...

如果数据中心只能做对一次， 你会怎么选？ 很少有人在项目开始时，把这个问题说出口。 但几乎所有人，都会在项目结束后，反复回到这个问题。 因为数据中心这种系统， 有一个残酷的特点： 它几乎不给你"改第二次"的机会。 一旦结构确定、系统上线， 后续所有的稳定、能耗、运维成本， 都只是这个最初选择的延伸。 1 易事特（维权）关心的不是"配置" 而是"后果" 在很多项目讨论中， 参数被反复比较，品牌被来回对照。 但在真正有经验的决策者眼里， 他们更在意的是另一件事： 五年后，这套系统会给我留下什么？ 是不断被打补丁的运行状态， 还是一个可以放心交给团队、无需反复干预的底座。 易事特的答案，只堆设备没有用 在近期交付的盛视科技股份有限公司本部大楼机房项目中， 易事特没有选择把复杂度留给运维阶段。 而是把复杂，提前解决在建设阶段。 然后交付了一套以高可靠、高效能微模块（MC6000系列）为核心的一体化数据中心解决方案。 微模块架构不是为了"先进"， 而是为了让扩展、维护、调整都变成可预期的动作； 2 封闭通道、精密制冷也不是为了指标， 而是让能耗从一开始就走在可控区间。 这是一种很"笨"的做法—— 在前期多做事， 换后期 ...

Core Viewpoint - The company is moving forward with the issuance of public REITs based on assets from its subsidiary, aiming to enhance the value of its data center assets [1] Group 1: Company Actions - The board meeting is scheduled for January 23, 2026, to review the proposal for the public REITs issuance [1] - The underlying assets for the REITs will be part of the Changsha Cloud Valley Data Center [1] - The original equity holders or their affiliates are expected to participate in a strategic allocation of no less than 20% [1] Group 2: Project Status - The issuance does not constitute a related party transaction or a major asset restructuring [1] - The proposal will require approval from the first temporary shareholders' meeting of 2026 [1] - The project is currently in the application stage, indicating some level of uncertainty [1]

Group 1 - EPG has completed a Series B financing round of hundreds of millions of dollars, led by Forebright and Silicon Peak, with participation from several other investment firms [1] - The funds from this round will be primarily used for capacity expansion, operational funding, and global market expansion, particularly to enhance the delivery of high-density data centers driven by AI computing power [1] - EPG was founded in 2004 and specializes in modular data center (MDC) solutions, significantly reducing construction time and costs through standardized prefabrication and integration of core modules [1] Group 2 - The company has established super factories and integrated delivery teams overseas to assist clients with global data center delivery [1] - EPG has developed key products such as liquid cooling systems and diesel generator sets, with its cooling solution achieving a Power Usage Effectiveness (PUE) of below 1.3 [1] - The self-developed diesel generator set targets the long-term shortage of backup power supply in both domestic and international markets [1]

格隆汇1月23日丨证通电子（维权）(002197.SZ)公布，根据《中国证监会、国家发展改革委关于推进基 础设施领域不动产投资信托基金（REITs）试点相关工作的通知》及《公开募集基础设施证券投资基金 指引（试行）》《国家发展改革委关于进一步做好基础设施领域不动产投资信托基金（REITs）试点工 作的通知》《国家发展改革委关于规范高效做好基础设施领域不动产投资信托基金（REITs）项目申报 推荐工作的通知》（发改投资[2023]236号）、《国家发展改革委关于全面推动基础设施领域不动产投 资信托基金（REITs）项目常态化发行的通知》（发改投资[2024]1014号）和《关于进一步做好基础设 施领域不动产投资信托基金（REITs）常态化申报推荐工作的通知》（发改办投资[2025]782号）等文件 要求，为促进深圳市证通电子股份有限公司（简称"公司"）及下属全资子公司长沙证通云计算有限公司 （简称"长沙证通云"）的经营发展，公司于2026年1月23日召开第七届董事会第五次（临时）会议，审 议通过了《关于全资子公司开展基础设施公募REITs申报发行工作的议案》，同意公司的全资子公司长 沙证通云以长沙云谷数据中心项 ...