Core Viewpoint - The recent announcement by the National Development and Reform Commission (NDRC) regarding the normalization of REITs application processes is expected to accelerate IPO procedures and expand the market, positively impacting companies like GDS Holdings (09698, GDS.US) and Century Internet (VNET.US) [1] Group 1: Policy Impact - The NDRC's updated notification allows newly listed REITs to apply for asset injection six months post-IPO, facilitating quicker acquisitions within the first 12 months [1] - The Chinese government is keen on rapidly increasing the scale of REITs in the stock market, which is anticipated to lead to a larger initial asset acquisition for GDS Holdings [1] Group 2: Company Outlook - Both GDS Holdings and Century Internet are viewed positively by the firm, with a preference for Century Internet due to its ongoing REIT application process [1] - Century Internet is expected to pursue private REITs concurrently to mitigate risks associated with potential delays in the public REIT process [1] Group 3: Financial Projections - The firm maintains a favorable outlook on the fundamentals of GDS Holdings and Century Internet, assigning a target price of $67.12 for GDS Holdings, reflecting a 22.7x EV/EBITDA based on the SOTP method [1]

结构性异动再度发生！ 午后，A股算力概念股局部异动，数据港、荣联科技直线拉升，盘中双双涨停，亿田智能、慧辰股份、海光信息、中科曙光、宏景科技等涨幅居前。 | 荣联科技 Ai) [ Q | | | | | | --- | --- | --- | --- | --- | | 002642 深股通 L1 ▼ | | | | | | 今开 10.53 最高 11.17 | 11.17 | 最低 | 10.40 | | | 10.05% 1.02 换手 23.67% 总手 156.6万 金额 | | | 16.74亿 | | | 总值 73.90亿 流值 73.90亿 市盈和0 446.33 | | | 电子 | | | 五日 日K 周K 月K 更多, | 分时 | | | | | 均价: 10.69 最新: 11.17 1.02 10.05% | | | 2 大单模式 | | | 10.05% | 11.17 | | 五档 大单 分价 | | | 涨停:3天2板 | | | | | | 当前封单量 18.8万 | | | | | | 封单占成交 | | | 11.99% | | | 最高到单量 | | | 88.6万 ...

Core Viewpoint - The article discusses the recent surge in A-share computing power concept stocks, driven by significant capital expenditures from major domestic companies and the rapid development of AI technology, indicating a potential turning point for the data center sector [2][4][9]. Group 1: Market Movements - Afternoon trading saw notable movements in computing power concept stocks, with Data Port and Ronglian Technology hitting the daily limit, while Yitian Intelligent and Huichen shares also saw significant increases [2][6]. - By the end of trading, Yitian Intelligent rose by 11.02%, Ronglian Technology reached the daily limit, and Huichen shares increased by 7%, with several other stocks also showing gains of over 5% [6]. Group 2: Capital Expenditure Insights - Market rumors suggest that a major company's substantial capital expenditure guidance (up to 2030) is a key factor behind the stock price increases of related companies [4]. - In Q2 of this year, Tencent and Alibaba reported capital expenditure growth of 119% and 220%, respectively, with Alibaba investing over 100 billion yuan in AI infrastructure and products over the past four quarters, aiming for a total of 380 billion yuan in capital expenditures over three years [4]. Group 3: Industry Trends - Analysts believe that the data center sector is on the verge of a breakout, similar to the previous surge in the liquid cooling sector, with AI technology reshaping the industry landscape [6][9]. - The AI cloud market in China is projected to reach 22.3 billion yuan by the first half of 2025, supported by favorable policies aimed at avoiding redundant construction in the sector [7]. Group 4: Future Outlook - Tianfeng Securities indicates that AI development is driving upgrades in data centers, with increasing power demands and larger-scale deployments expected [9]. - The capital expenditure (CAPEX) of major overseas cloud providers like Microsoft, Amazon, Google, and Meta is showing strong growth, with projected compound annual growth rates (CAGR) of 33.74% to 26.13% from 2021 to 2024 [9]. - Domestic internet giants are also ramping up AI investments, with Tencent's capital expenditure expected to reach 96.05 billion yuan in 2024, reflecting a year-on-year growth of 102.6% [9]. Group 5: Regulatory Environment - The introduction of IDC industry policies is expected to support healthy and orderly development in the sector, with initiatives like "East Data West Calculation" providing clear directions for the scaling and intensive development of data centers [10].

Group 1 - The core viewpoint of the article highlights Dongyangguang's strategic acquisition of Qinhuai Data, which is seen as a significant move to enhance its position in the computing power sector and reflects a broader trend of growth in the A-share market [1][2][3] - The A-share market has shown strong performance in 2023, with major indices rising significantly, and the total market capitalization reaching a historical high of 100 trillion yuan, benefiting many companies including Dongyangguang [1] - Dongyangguang reported a remarkable 170.57% year-on-year increase in net profit attributable to shareholders, reaching 613 million yuan, which is a key factor supporting its rising stock price and market capitalization [1][2] Group 2 - The company has made significant progress in emerging fields, particularly in the embodied intelligence sector, where it established a joint venture and secured initial market orders worth up to 70 million yuan, generating 11.19 million yuan in revenue in the first half of 2023 [2] - In the liquid cooling technology sector, Dongyangguang formed a joint venture with Zhongji Xuchuang to target the rapidly growing data center liquid cooling market, which is expected to become a new profit growth point [2] - The acquisition of Qinhuai Data for 28 billion yuan marks the largest merger in China's data center industry, aiming to enhance market penetration and competitive advantage through collaboration in various dimensions [2][3] Group 3 - The chairman of Dongyangguang emphasized that entering the computing power sector is a strategic move towards transforming from traditional manufacturing to intelligent manufacturing and digitalization, aligning with national strategies [3] - The company's valuation logic is shifting as it deepens its investments in data centers, liquid cooling technology, and embodied intelligence, transitioning into a technology-driven "smart manufacturing" enterprise [3]

近日，上海城地香江数据科技股份有限公司（以下简称"城地香江"）因财务数据披露存在严重失真，被 上海证监局出具警示函，涉及时任董事长兼总裁谢晓东、时任财务总监杨哲一等多位高管。从子公司内 部交易抵销错误、资产摊销处理不当，到多个重大项目收入确认跨期，一系列会计差错背后，暴露出这 家IDC全产业链服务商怎样的内控漏洞？ 财报连续7季度出错，三位前高管被通报批评 9月11日，城地香江发布公告称，因公司在2023年年度报告和2024年多个季度报告中存在财务数据披露 不准确的问题，收到上海证监局下发的《关于对上海城地香江数据科技股份有限公司及谢晓东、赵钱 波、杨哲一采取出具警示函措施的决定》。 另外，谢晓东于2021年7月至2024年6月任公司董事长兼总裁，赵钱波于2022年7月至2023年11月任公司 财务总监，杨哲一于2023年11月至2024年6月任公司财务总监，对任职期间相关事项负有责任，违反了 相关规定，上海证监局决定对三人采取出具警示函的行政监管措施。 近2年亏损近10亿元，转手国资遇阻？ 来源：城地香江公告 具体来看，2023年，城地香江在进行子公司内部交易抵销时，存在抵销分录编制错误、未正确计算未实 现 ...

September 星期一 每周精选 不可错过 WEEKLY NEWS IT桔子出品 融资交易 15 1.海兰云获战略投资 海兰云于 2020 年 12 月成立，此次获得临港投控的战略投资。 海兰云主要业务是作为海底数据中心基础设施和服务提供商，提供基于海底数据中心的端到端服务，包 括数据中心设计、建造和运营，以及数据中心托管、IT 管理运营外包等服务。同时，公司积极与云计 算厂家深入合作联合创新，提供创新的海底专属云计算服务，还将海底数据中心与海上风电结合，在双 碳政策背景下，架设新的绿色算力创新之路。 2.自变量机器人完成巨额融资 自变量机器人公司此次获得了高达 10 亿人民币的融资，红杉中国、君联资本、联想之星、美团、国开 金融等知名机构。 自变量机器人是一家人工智能和机器人服务商。专注于人工智能与机器人领域的技术创新，基于机器人 大模型来构建能够精细操作的通用智能体。 3.臻驱科技获E+轮融资 臻驱科技公司获得了 6 亿人民币的融资，投资机构包括国投创新、浦东创投、中国互联网投资基金等， 显示出其在新能源汽车动力系统研发领域的实力和发展前景，将助力推动新能源汽车行业的技术进步。 5.科诗特 A 轮融资 ...

Core Viewpoint - The demand for AI data centers is increasing, driven by high heat dissipation and high energy consumption, leading to a growing need for liquid cooling solutions [2][3]. Group 1: AI Data Center Capacity and Growth - According to Semianalysis, the global AI computing center installed capacity is expected to reach 7 GW in 2024, with further growth anticipated by 2028 [1][2]. Group 2: Liquid Cooling Solutions - The two main types of liquid cooling solutions for data centers are cold plate cooling and immersion cooling [3][4]. - Cold plate cooling can be further divided into single-phase and phase-change types, with single-phase primarily using deionized water and phase-change using fluorinated fluids [3]. - Immersion cooling liquids are categorized into synthetic oils and fluorinated liquids, with synthetic oils including hydrocarbon and silicone oils, and fluorinated liquids being ideal due to their chemical stability and low dielectric constant [4]. Group 3: Recommended Companies - For cold plate cooling, recommended companies include Haohua Technology (600378.SH), Juhua Co., Ltd. (600160.SH), and Sanmei Co., Ltd. (603379.SH) [3]. - For synthetic oils, Satellite Chemical (002648.SZ) is highlighted, while for silicone oil, the recommended company is Huamao Technology (603181.SH) [4]. - For fluorinated liquids, recommended companies include Sinoma Science & Technology (300037.SZ), Juhua Co., Ltd., Hualu Group (600623.SH), and Yonghe Co., Ltd. (605020.SH) [4].

Core Insights - Guizhou's capital, Guiyang, has transformed from a remote and underdeveloped area to a central hub for data centers and computing power in China, attracting major tech companies like Apple, Huawei, Tencent, and Alibaba [2][5][7] - The digital economy in Guizhou is projected to account for 34% of its GDP by 2024, marking six consecutive years of the fastest growth rate in the country [2][5] Group 1: Economic Transformation - Guiyang has become a key player in China's data center landscape, with over 47 major data centers established, including 19 in the Gui'an New Area, making it one of the most concentrated regions for super-large data centers globally [2][6] - The region's computing power has reached a scale of over 90 EFLOPS (FP16), with more than 98% of its computing power being intelligent computing, positioning it as a leader in domestic intelligent computing capabilities [6] Group 2: Strategic Advantages - Guiyang's success is attributed to three main factors: timing, geographical advantages, and human efforts. The city capitalized on the growing demand for computing power and national policies supporting data center development [3][4] - The natural climate of Guizhou, with an average annual temperature of around 15°C, allows data centers to operate efficiently with reduced cooling costs, while abundant hydropower resources keep electricity prices significantly lower than in eastern regions [4] Group 3: Future Prospects - As the demand for computing power continues to rise with advancements in AI and IoT, Guiyang is positioned to not only serve as a national computing base but also as a potential global node in the computing network [7] - The transformation of Guizhou from a perceived remote province to a "computing heart" illustrates a unique path in digital economic development over the past decade [7]

为确保交易的顺利进行，2025年9月12日，*ST宇顺审议通过了《关于拟签订〈支付现金购买资产协议之补充协议（二）〉的议案》，并于当日 与交易对方签署了《支付现金购买资产协议之补充协议（二）》。 此次重大资产重组若进展顺利，*ST宇顺将取得标的公司的控制权，这将显著增强公司的抗风险能力、可持续发展能力和盈利能力，对公司资产 质量和整体经营业绩有所改善。通过此次交易，公司有望在数据中心领域实现战略布局，提升市场竞争力。 9月13日，*ST宇顺发布公告，宣布公司拟以支付现金方式购买中恩云（北京）数据科技有限公司、北京申惠碧源云计算科技有限公司、中恩云 （北京）数据信息技术有限公司100%的股权。此次交易构成重大资产重组，旨在增强公司的抗风险能力和盈利能力。 *ST宇顺于2025年7月11日与交易对方凯星有限公司（Energy Sight Limited）、正嘉有限公司（Basic Venture Limited）、上海汇之顶管理咨询有限 公司签订了附条件生效的《支付现金购买资产协议》。该协议经公司第六届董事会第二十二次会议、第六届监事会第十四次会议审议通过，并 于2025年7月15日对外公告。 2025年8月14 ...

智通财经APP获悉，澳大利亚政府在批准数据中心建设时，未要求其制定可量化的节水计划，这引发人 们担忧该行业的快速发展将使居民陷入水资源争夺战。 文件显示，自2021年扩大规划权限以来，主持澳大利亚最大城市的新南威尔士州政府已审批通过全部10 份数据中心建设申请，申请方包括微软(MSFT.US)、亚马逊(AMZN.US)及黑石集团(BX.US)旗下的 AirTrunk。这些中心将带来总计66亿澳元(4.35亿美元)的建设支出，但最终每年将消耗高达96亿升清洁 用水，接近悉尼最大供水量的2%。 已获批的申请中，不到半数提供了关于采用替代水源可节约用水量的预估数据。州规划法规定数据中心 开发商必须"证明项目如何最大限度减少能源、水和材料资源的消耗"，但未要求提供用水量或节水量的 预估。开发商需披露将使用何种替代水源，但无需说明用量。 这些发现表明，当局正依据开发商笼统且不可量化的承诺，批准那些预计会对公共用水需求产生重大影 响的项目，而这些开发商正试图从全球2000亿美元的数据中心热潮中分一杯羹。 州规划部门确认，10个获批数据中心合计预计年耗水量96亿升，但指出其中五个项目概述了逐步降低用 水需求的计划。该部门未 ...