智通财经APP获悉，山高控股(00412)宣布，董事会已于2025年6月6日获得股东授权，可回购不超过10% 的已发行股份。董事会决定授权管理层在适当时候执行股份回购计划。回购价格不超过每股17港元，总 额不超过1亿美元，资金将来自公司现有现金流或营运资金。 公司认为，此次股份回购反映了对自身业务发展和前景的信心，符合长期发展战略，且不会影响公司的 财务稳健性，符合公司及股东的整体利益。 据了解，山高控股(00412)4月至今累计涨幅超120%，截至9月16日收盘，报12.61港元，总市值959.05亿 港元。 财报显示，山高控股上半年实现收入达25.03亿元，同比下滑11.64%，其中新兴产业贡献收入96%。期 内实现净利润4.76亿元，同比增长506%;归母净利润为4960万元，上年同期亏损3.63亿元，今年大幅扭 亏。据悉，公司收入同比下降主要由于公司战略性压缩传统投资业务，主动收缩低毛利或高风险业务。 值得注意的是，山高控股旗下乌兰察布源网荷储一体化项目上半年取得关键进展。数据中心一期已投入 商业运营，二期工程稳步推进，新能源发电部分已完成审批及公示，力争年底前开工。目前，山高控股 乌兰察布源网荷储一 ...

Core Insights - Brazilian Finance Minister Fernando Haddad highlighted that the current exchange rate has impacted tax revenue positively, with the rate at 5.30 reais per dollar [1] - The minister expressed optimism about the balance between interest rates and exchange rates, suggesting potential for interest rate reductions in the coming months [1] - Economic forecasts indicate that Brazil's annual GDP growth rate could approach 3% by the end of President Lula's term, with unemployment at historical lows and cumulative inflation expected to be the lowest in four years, below 20% [1] - Haddad hopes that Brazil's potential GDP could exceed the current estimate of 2.5%, although no specific targets or pathways were provided [1] - Regarding U.S. tariffs on Brazil, Haddad described these measures as political actions and argued that Brazil should not be treated differently from other South American countries [1] - The government plans to submit a measure to Congress aimed at stimulating investment in data centers, with anticipated tax reforms to reduce investment tax burdens, promoting digital sovereignty at competitive prices [1]

Core Insights - Dongyangguang Group has completed the acquisition of 100% equity in Qinhuai Data China, marking its entry into the data center sector, which is a strategic move to expand its business and cultivate new growth points [1][2][3] - The acquisition is expected to create synergies between Dongyangguang's existing industries and Qinhuai Data, facilitating a transition from traditional manufacturing to intelligent manufacturing and the digital economy [1][3][7] Financial Overview - The acquisition cost was 28 billion yuan, paid in cash, and is part of a broader strategy to capitalize on the growing demand for computing power driven by AI and big data [2][3] - Qinhuai Data is projected to generate revenue of 6.048 billion yuan and a net profit of 1.309 billion yuan in 2024, with revenue of 2.608 billion yuan and a net profit of 745 million yuan reported in the first five months of 2025 [2][3] Market Potential - The demand for computing resources is expected to surge, with AI projected to contribute over 11 trillion yuan to China's GDP by 2035, potentially leading to a tenfold or even hundredfold increase in computing power demand [3][7] - The global AI server market is anticipated to grow from 125.1 billion USD in 2024 to 222.7 billion USD by 2028, highlighting the strategic importance of computing power as a key resource in the tech industry [3] Strategic Synergies - Post-acquisition, Dongyangguang Group aims to optimize its asset structure and leverage its expertise in liquid cooling materials and supercapacitor technology to meet Qinhuai Data's high-density AI computing needs [4] - The integration of Dongyangguang's clean energy resources with Qinhuai Data's computing infrastructure is expected to enhance strategic advantages and reduce operational costs, creating a "technology-energy-computing" closed loop [4][5] Growth Trajectory - Dongyangguang Group has diversified into electronic new materials, biomedicine, and health industries, with a focus on liquid cooling technology and embodied intelligence, indicating a proactive approach to industry trends [5][6] - The company reported a revenue of 7.124 billion yuan in the first half of 2025, reflecting an 18.48% year-on-year increase, and a net profit of 613 million yuan, up 170.57% year-on-year, showcasing its robust growth [6]

" 出海东南亚，不是比拼资金和规模，而是比拼本地化团队和客户 结构。 " 作者丨 刘伊伦 编辑丨 包永刚 在菲律宾首都马尼拉，一座机柜数量超过3600台的融合智算中心矗立于其核心地带，这是当地城区最大的 智算中心之一，也是博大数据这家中国IDC厂商出海的起点。 为什么选择菲律宾？ "东南亚是智算中心出海的必争之地，而菲律宾是出海的第一站。首先，菲律宾是人口大国，数字化转型 正在加速，各个产业都在高速增长；其次，政府积极推动数字经济建设， 规划在未来几年接入20–30条 海底电缆，这将带动数据中心产业的规模实现5-10倍的增长 ，并且中国有大量企业级客户驻点在菲律 宾，包括中兴、华为、比亚迪、极兔以及TCL等，为智算中心的发展提供了坚实的市场基础。"博大数据 CEO张永健告诉雷峰网。 数据中心厂商要寻找新的增长曲线，"出海"是一个重要的途径。资本市场的逻辑也在推着他们向前：在东 南亚建设数据中心， 投资回报率普遍比国内高出2%-3% ，这意味着数据中心厂商能呈现出一个更好的 回报故事。 与此同时，东南亚的政策环境也在悄然改变。过去3-5年，各国纷纷加快基础设施建设，提升电力与水资 源供给，并通过政策引导，吸引中 ...

Group 1 - The report highlights the growth of certain industrial park companies, such as Zhangjiang Hi-Tech, which has shifted towards equity investment, resulting in significant profit increases [2] - The National Data Bureau plans to deploy data industry clusters by 2025, aiming to optimize the national data industry layout and accelerate the formation of an industrial ecosystem [2] - A total of 63 pilot projects covering 13 cities and 22 industries have been announced, focusing on exploring data circulation mechanisms [2] Group 2 - Key industrial park operators reported net profit increases: Zhangjiang Hi-Tech up 38.6%, Suzhou High-tech up 23.2%, and Shanghai Lingang up 8.4% [3] - New business models and land development have contributed to revenue growth for companies like Zhongxin Group, which saw revenue rise from 1.511 billion to 2.104 billion yuan [3] - Some companies, such as Electronic City and Huaxia Happiness, faced significant challenges, including a 144% increase in financial expenses for Donghu High-tech [3] Group 3 - Over half of the companies reported year-on-year growth in investment income, with Zhangjiang Hi-Tech's investment income rising by 336.75% to 326 million yuan [4] - Companies in the data center sector, including Ruize Technology and WanGuo Data, experienced an average revenue growth of 10.5%, with WanGuo Data's total revenue reaching 5.623 billion yuan, up 12.2% [4] - The data center sector is becoming a growth area, with companies like ProLogis and East China New Yi expanding their operations [4] Group 4 - JD Property is developing a smart computing data center project with a construction area of 140,000 square meters, supporting regional digital industry development [5] - Two public REITs focused on data centers were launched, both experiencing a 30% increase on their first trading day, indicating strong market interest [5] - The demand for computing power and data storage is increasing due to advancements in AI, making data centers a crucial part of the AI industry ecosystem [5]

Core Insights - Zhongheng Electric (002364) announced a joint venture with SuperX to establish SuperX Digital Power Pte. Ltd., with Enervell holding 20% and SuperX holding 40% of the joint venture [1] - The collaboration aims to create the "SuperX Digital Power" brand for HVDC and ecological products in overseas markets, leveraging both parties' strengths in customer resources and technology [1][2] Company Overview - Zhongheng Electric is a leading player in HVDC technology in China, with its solutions deployed in major data centers of top operators and internet giants like China Mobile, Alibaba, and Tencent [2] - The joint venture will introduce Zhongheng's HVDC power supply technology to meet the core demands of future AI data centers, focusing on green, efficient, and high-density solutions [2] Market Potential - HVDC technology offers significant advantages, including improved energy efficiency, higher power density, smaller footprint, greater system reliability, and a reduction in total cost of ownership (TCO) by over 20% [2] - With the upcoming launch of NVIDIA's Rubin Ultra NVL576, which will have a power consumption of 600kW per cabinet, HVDC is becoming essential for next-generation AI data centers, indicating substantial market demand [2] Strategic Benefits - For SuperX, Zhongheng Electric not only provides financial support but also access to its extensive resources and application scenarios in the Chinese market, facilitating rapid technology iteration and commercialization [3] - The partnership will expand SuperX's business scope from AI servers and cooling solutions to the core of data centers—power distribution systems, enhancing Zhongheng's international market entry [3] Technological Integration - The joint venture will enable SuperX to launch HVDC products that are deeply integrated with AI servers and cooling solutions, creating a comprehensive technology advantage in performance and competitive TCO [3] - SuperX's CTO emphasized that the collaboration represents a deep synergy in technology roadmaps, setting a new global standard for high-efficiency AI data centers while enabling clients to scale their computing resources sustainably [3]

值得注意的是，山高控股旗下乌兰察布源网荷储一体化项目上半年取得关键进展。数据中心一期已投入 商业运营，二期工程稳步推进，新能源发电部分已完成审批及公示，力争年底前开工。目前，山高控股 乌兰察布源网荷储一体化项目每度绿电预计比常规火电下浮大约是1-2分钱。中泰证券预测，乌兰察布 数据中心未来若100%供电于规划中的三期1GW数据中心，预计每年增量经济效益将高达13亿元。 消息面上，山高控股上半年实现收入达25.03亿元，同比下滑11.64%，其中新兴产业贡献收入96%。期 内实现净利润4.76亿元，同比增长506%；归母净利润为4960万元，上年同期亏损3.63亿元，今年大幅扭 亏。据悉，公司收入同比下降主要由于公司战略性压缩传统投资业务，主动收缩低毛利或高风险业务。 智通财经APP获悉，山高控股(00412)今日放量下跌近30%，4月至今累计涨幅仍超120%。截至发稿，跌 24.22%，报12.61港元，成交额3.12亿港元。 ...

Core Viewpoint - Dongyangguang Group is making a significant move into the AI sector by planning to acquire Qinhuai Data's China business for 28 billion yuan, marking the largest acquisition in China's data center industry [1][4][8]. Group 1: Acquisition Details - The acquisition involves a cash purchase of 100% equity in Qinhuai Data from Bain Capital, with the deal expected to enhance Dongyangguang's digital economy transformation [4][8]. - Qinhuai Data, established in 2015, is a leading player in China's large-scale data center market, ranking second nationally in overall scale [4][5]. - As of May 2023, Qinhuai Data's total assets were 21.871 billion yuan, with a net asset of 9.504 billion yuan, indicating a premium of 195% on the acquisition price [8]. Group 2: Financial Performance - For the fiscal year 2024, Qinhuai Data is projected to achieve revenues of 6.048 billion yuan and a net profit of 1.309 billion yuan [8]. - In the first five months of 2023, the company reported revenues of 2.607 billion yuan and a net profit of 745 million yuan [8]. Group 3: Strategic Positioning - Dongyangguang's entry into the AI data center (AIDC) sector is seen as a natural extension of its existing business, which includes aluminum foil, chemicals, and pharmaceuticals [12][19]. - The company aims to create a comprehensive digital infrastructure ecosystem by integrating green energy, hardware, computing power, AI, and operations [12][14]. Group 4: Operational Efficiency - Qinhuai Data boasts a PUE (Power Usage Effectiveness) of 1.146, which is among the best in the industry, indicating high operational efficiency [14]. - The company has a high occupancy rate of 93% in its operational data centers, reflecting strong demand and effective resource utilization [5][8]. Group 5: Future Prospects - If the acquisition is successful, Dongyangguang will be one of the few companies in the humanoid robot sector with upstream computing power support, positioning itself for long-term strategic growth [18]. - The collaboration between Dongyangguang and Qinhuai Data is expected to lead to innovations in liquid cooling technology and large-scale AIDC solutions, potentially lowering PUE further [15][16].

Core Viewpoint - *ST Yushun's stock reached the daily limit with a price of 33.31 yuan, reflecting a 5.01% increase, driven by significant asset restructuring and a strategic shift towards data center operations [1][2]. Group 1: Company Developments - The company plans to acquire 100% equity of three data center-related companies for 3.35 billion yuan, marking a major asset restructuring [2]. - This transaction signifies a strategic transformation from electronic manufacturing to data center business, aligning with national new infrastructure and digital economy development strategies [2]. - Post-transaction, the company's net profit is projected to increase significantly, with total assets rising from 405 million yuan to 6.054 billion yuan [2]. Group 2: Market Context - The market is currently focused on data center concepts, with strong governmental support for digital economy initiatives, indicating a promising future for data centers as essential infrastructure [2]. - The company has secured high-grade data center assets in Beijing and signed a 10-year service contract with leading internet firms, ensuring stable revenue [2]. - Recent institutional buying activity, as indicated by the September 10th trading data, reflects positive sentiment towards the company's transformation, despite some short-term selling on September 11th [2].

Core Insights - The data center industry is experiencing rapid growth driven by the global AI wave and China's "East Data West Computing" initiative [2][3] - Fuda Alloy Materials Co., Ltd. is strategically positioning itself in AI computing infrastructure through innovative products and market breakthroughs [2][5] Industry Overview - The Chinese data center industry has evolved from network and IT centers to computing power centers, with a projected market size of 304.8 billion yuan by 2024, growing over 20% [3] - The national integrated computing network is forming, with eight major hubs and ten clusters facilitating cross-regional resource allocation and green development [3] - The rapid development of AI models, particularly since the launch of ChatGPT in 2022, has significantly increased global computing power demand [3] Company Performance - Fuda Alloy achieved remarkable sales growth in the data center sector, with revenue reaching 68.7031 million yuan in the first half of 2025, marking over 500% year-on-year growth [5][6] - The company has successfully supplied integrated welding contact head components to major international tech giants like Microsoft and Meta, showcasing its strategic capabilities [2][6] - Fuda Alloy's overseas business saw a revenue increase of 51.49% year-on-year, reaching 214 million yuan in the first half of 2025, indicating strong global expansion [6][7] Product Innovation - The company has developed high-performance products, including high-breaking capacity integrated welding contact head components, which have disrupted the market previously dominated by foreign manufacturers [6][7] - Fuda Alloy's focus on core technologies such as arc control and material composites has enabled it to build a differentiated competitive advantage [5][7] Market Dynamics - The demand for data center services is rebounding, with the average listing rate for third-party computing centers expected to reach 69% by the end of 2024 [4] - Major North American tech companies are significantly increasing their investments in AI data centers, with a combined expenditure exceeding 125 billion dollars from January to August 2024 [6]