Core Viewpoint - Morgan Stanley reports that demand for scale, resource availability, and policy are driving the deployment of hyperscale AI data centers towards remote areas, indicating a healthier supply-demand dynamic and stable return prospects in the remote data center market during the AI era [1] Company Summaries - Morgan Stanley is optimistic about GDS Holdings, assigning an "Overweight" rating and raising the target price from $54 to $64 due to its strategic transformation in the Chinese market and rapid progress in resource development in remote areas [1] - The firm also favors Century Internet, maintaining an "Overweight" rating and increasing the target price from $14 to $16, citing its first-mover advantage [1] - The rating for Aofei Data is maintained at "In Line with Market," while the ratings for Huayun New Network and Baoxin Software are kept at "Underweight," as their lack of effective layout in the right remote hubs poses a risk of market share loss in the medium to long term [1]

Core Viewpoint - The South Korean stock market, represented by the Kospi index, has surpassed the 5000-point mark, indicating a significant revaluation of the economy, previously seen as a cyclical export market, now recognized as a key beneficiary in the global AI industry chain [1][3]. Group 1: Market Performance - The Kospi index rose by 2.2% on a recent Thursday, exceeding the target set by President Yoon Suk-yeol, with a total increase of over 95% in the past 12 months, making it one of the best-performing major stock indices globally [1]. - Major stocks leading this surge include Samsung Electronics, SK Hynix, and Hyundai Motor, with the Korean won also showing slight appreciation against the US dollar [1]. Group 2: AI Infrastructure and Investment Cycle - The current market rally is driven by technology-weighted stocks, with a deeper shift in perception regarding South Korea's role in the AI infrastructure, transitioning from a traditional export economy to a critical player in AI computing and data centers [3][4]. - Morgan Stanley suggests that South Korea is entering a new "infrastructure reinvestment cycle" driven by AI, comparable in significance to the semiconductor capital expenditure wave of the past decade [3]. Group 3: AI Service Penetration - AI services have rapidly penetrated both enterprise and consumer sectors, with significant applications in high-value scenarios such as coding, video production, and logistics [4]. - The monthly active users of ChatGPT in South Korea have reached 18 million, indicating a shift from niche technology users to mainstream adoption [4]. Group 4: Data Center Projects - Multiple large-scale AI data center projects, termed "Neocloud," have been announced, indicating a shift towards heavy asset cycles in the data center sector [5]. - Notable projects include a 100MW AI data center by SK Telecom and AWS, and a 120MW AI data center by Samsung SDS, with significant investments involved [5]. Group 5: Government Policies - The South Korean government, under President Yoon, is promoting AI through policies focused on sovereignty, infrastructure, regulatory reform, and talent development, with the "AI Superhighway" initiative being a key component [6]. - The government aims to decentralize data centers to stimulate local economies and reduce centralized power consumption, aligning with the Kospi's recent performance [6]. Group 6: Energy Infrastructure Challenges - The expansion of AI data centers is encountering structural issues within South Korea's energy system, particularly in the Jeollanam-do region, which has renewable energy potential but faces transmission bottlenecks [7]. - The "Energy Highway" project aims to address these challenges by utilizing high-voltage direct current (HVDC) technology to enhance the efficiency of power transmission [7]. Group 7: Investment Opportunities - Following the Kospi's rise, the focus is shifting towards structural investment opportunities, particularly in AI infrastructure, with Samsung SDS identified as a key beneficiary in the AI data center investment theme [9]. - Companies involved in power equipment and transmission are also being reassessed for their potential, as the demand for high-capacity and quality power increases due to AI data centers [9].

瑞银董事总经理兼高级投资组合经理迈克尔·津恩（Michael Zinn）表示，地缘政治和宏观经济方面的恐 慌正在将主权债券收益率推向危险的高位，黄金是主要受益者，而大宗商品、小盘股和国际股票很可能 在美国中期选举前抢走大型科技股的风头。 津恩还指出，今年秋季的美国中期选举是波动性增加的驱动力，也是投资者需要保持谨慎的另一个原 因。 "波动性更大了，"他说。"在四年周期中，今年通常是平均回报最差的一年——这是季节性分析，当然 不能保证。但我们看到，随着美国国内对可负担性的推动，存在很多相互矛盾的趋势，我们显然注意到 关于信用卡及其可收取利率水平的讨论。上周，电力生产商被单独点名，他们现在在讨论采用一种不同 的拍卖方式，而大型数据中心超大规模企业可能需要自己出资建设发电厂来供电。我认为存在一些潜在 政策，更多民粹主义的猛烈举措可能会扰乱市场。" 津恩在周二接受BNN Bloomberg采访时，被问及他对美国对格陵兰岛的威胁持续影响市场有多担心时， 他表示市场似乎更关注日本的固定收益债券收益率。 "这似乎将是一个充满政策不确定性的一年，而这只是其中的又一个例子，"他说。"今年是美国的中期 选举年。我想说，这在一两周 ...

每经AI快讯，万国数据-SW(09698.HK)早盘涨超3%，截至发稿，涨2.77%，报40.08港元，成交额4230.7 万港元。 ...

Core Viewpoint - The company, GDS Holdings Limited (万国数据), is experiencing a positive market response following its announcement of selling shares in DayOne for $385 million, which will allow it to recover approximately 95% of its investment principal, yielding a return on investment of nearly 6.5 times [1] Group 1: Financial Performance - GDS Holdings' stock price increased by over 3% in early trading, currently up 2.77% at HKD 40.08, with a trading volume of HKD 42.307 million [1] - The sale of DayOne shares is expected to enhance the company's liquidity for further investments in domestic AIDC (Artificial Intelligence Data Center) projects [1] Group 2: Strategic Advantages - The company has a core advantage in establishing high-standard AI infrastructure in first-tier cities and surrounding areas, with a significant portion of new orders related to AI [1] - GDS Holdings has issued the first public REITs for data centers in China, showcasing its leading capital operation efficiency in the industry [1]

建银国际发布研报称，万国数据的核心优势在于：在一线城市及周边区域布局高标准人工智能基础设 施，新增订单人工智能相关占比高，且发行国内首单数据中心公募REITs，资本运作效率行业领先。 消息面上，万国数据此前表示，将出售旗下DayOne 3.85亿美元股份，股份购回将使万国数据得以回收 其在DayOne的投资本金的约95%，投资回报率接近6.5倍。回笼资金将用于国内AIDC投资，广发证券认 为，该举措意味着国内算力基础设施投资前沿依然乐观。 智通财经APP获悉，万国数据-SW(09698)早盘涨超3%，截至发稿，涨2.77%，报40.08港元，成交额 4230.7万港元。 ...

Core Insights - The report by Savills China highlights that modern data centers are evolving from mere "server warehouses" to integrated operating systems that combine energy, cooling, network resilience, and physical security, increasingly incorporating AI-driven operational capabilities [1] Group 1: Data Center Value Proposition - The core value of data centers is no longer determined by floor area but by their ability to continuously, densely, and stably provide computing power [1] - Unlike traditional commercial real estate, the competitiveness of data centers is influenced by factors such as power supply and redundancy, cooling efficiency, network connectivity, operational reliability, and access to low-carbon electricity [1] Group 2: Regional Specialization in Data Centers - The report indicates a clear regional specialization in China's data center operations based on workload characteristics and application scenarios [1] - The eastern region is most suitable for deploying latency-sensitive, high-density workloads, while the central and western regions leverage lower land and electricity costs to handle high-energy tasks like AI training and cold data [1] - Actual utilization rates in these regions depend on the matching of network latency, connectivity, and downstream demand [1]

Group 1 - On January 21, Data Port executed a block trade of 380,000 shares, with a transaction value of 11.51 million yuan, accounting for 1.06% of the total trading volume for the day [1] - The transaction price was 30.29 yuan, representing a discount of 10.44% compared to the market closing price of 33.82 yuan [1] - The block trade involved multiple brokerage firms, indicating a diverse interest from different market participants [2]

北交所本周量能放大，指数冲高回落 ——北交所周报（1.12-1.16） 评级： 增持（维持） 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 分析师：宋瀚清 执业证书编号：S0740524060001 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 16 日，北证成份股 288 个，平均市值 32.69 亿元。 本周（2026 年 1 月 12 日-2026 年 1 月 16 日，下同）北证 50 指数涨跌幅 1.58%，收 盘 1548.32 点；同期沪深 300 和上证指数涨跌幅分别为-0.57%和-0.45%。本周北交 所日均成交额为 409.81 亿元，较上周（2026 年 1 月 5 日-2025 年 1 月 9 日，下同） 上升 55.52%；本周日均换手率为 7.89%，较上周增加 2.82pcts。 Email：songhq01@zts.com.cn 北交所基本状况 | 上市公司数 | 288 | | --- | --- | | 行业总市值(亿元) | 9,285.86 | | 行业流通市值(亿元) | 5, ...

北交所本周量能放大，指数冲高回落 ——北交所周报（1.12-1.16） 评级： 增持（维持） 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 分析师：宋瀚清 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn 北交所基本状况 | 上市公司数 | 288 | | --- | --- | | 行业总市值(亿元) | 9,285.86 | | 行业流通市值(亿元) | 5,789.95 | 最近一年北证 50 VS 沪深 300 北交所 证券研究报告/行业定期报告 2026 年 01 月 21 日 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 16 日，北证成份股 288 个，平均市值 32.69 亿元。 本周（2026 年 1 月 12 日-2026 年 1 月 16 日，下同）北证 50 指数涨跌幅 1.58%，收 盘 1548.32 点；同期沪深 300 和上证指数涨跌幅分别为-0.57%和-0.45%。本周北交 所日均成交额为 409.81 亿元，较上周（2026 年 1 月 ...