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 ...

南方财经9月15日电，优刻得（688158.SH）9月11日公告，根据立信会计师事务所出具的专项审核报 告，该公司乌兰察布数据中心项目（一期和二期）在2020至2024年承诺期内累计实现净利润8,762.84万 元，低于承诺目标14,780.21万元（承诺值的80%），未达成业绩承诺。根据上市时约定，实际控制人季 昕华、莫显峰及华琨需向公司支付现金补偿共计6,017.37万元，三人将按持股比例分别承担3,131.08万 元、1,443.14万元和1,443.14万元。补偿款项预计在公告披露后30日内完成。 9月12日公司再次公告，股东莫显峰和华琨与上海太盈私募基金管理有限公司（代表"太盈开阳一号私募 证券投资基金"）签署协议，转让其持有的公司无限售流通股合计2,342.85万股（占总股本的5.13%）， 转让价格为19.74元/股，总价款约4.62亿元。 2025年上半年，公司实现营业收入7.91亿元，同比增长8.37%；归属于上市公司股东的净利润 为-7,964.84万元，较上年同期收窄2,880.12万元。净利润同比改善主要得益于收入增长和折旧费用减 少。 ...

Summary of Conference Call Records Company and Industry Overview - **Company**: Oracle - **Industry**: Artificial Intelligence Data Center (AIDC) and related technologies Key Points and Arguments 1. **Oracle's Cloud Infrastructure Growth**: Oracle's cloud infrastructure revenue grew by 55% year-over-year in Q1, with expectations to reach $18 billion in FY2025, and projected growth of over 1,200% to $144 billion by 2030, indicating strong downstream demand for AI [1][2][3] 2. **RPO Surge**: Oracle's remaining performance obligations (RPO) soared to $455 billion, a 350% increase, primarily due to significant contracts with OpenAI, suggesting potential for further multi-billion dollar contracts [1][3] 3. **NVIDIA's New Product Launch**: NVIDIA introduced the Rubin CPS, designed for long-context reasoning and video generation, expected to launch by the end of 2026, with a total computing power of 800 million FLOPS and a high ROI of 50 times [1][4] 4. **Investment in AI Infrastructure**: A partnership between an AI infrastructure company and Microsoft worth $19.4 billion was announced, with Meta planning to invest $600 billion in AI infrastructure by 2028, indicating a rise in global computing demand [1][5][6] 5. **Liquid Cooling Market Growth**: The global liquid cooling market is expected to reach a trillion-level scale by 2026, driven by the GB300 and Rubin series architectures, with significant demand for related materials [2][8][9] 6. **Magnetic Bearing Chillers**: Magnetic bearing chillers are projected to replace traditional screw chillers in urban centers due to better energy efficiency, with a market size expected to reach 10 billion RMB by 2026 [10] 7. **Power Supply Sector Dynamics**: The power supply sector is characterized by concentrated competition and long certification cycles, making it suitable for long-term investments, with leading domestic companies expected to achieve significant growth [11] 8. **Future of Power Equipment**: The transition from dry transformers to solid-state transformers is anticipated, with a focus on companies like Jinpan Technology and Yisite [12] 9. **Diesel Generator Demand**: Diesel generator demand is expected to rise significantly in both domestic and overseas markets, with a projected shortage of 5,000 to 10,000 units in overseas markets by 2026 [15][17] 10. **Domestic Companies in Global Supply Chain**: Domestic companies are gradually enhancing their positions in the global supply chain, particularly in the PSU sector, with potential for new growth opportunities [16] Other Important Insights - **Investment Opportunities**: Companies such as Yingwei, Shenling Environment, and Chuanhuan Technology are highlighted as potential beneficiaries of the expanding liquid cooling market and overseas business opportunities [2][9] - **Technological Advancements**: The shift towards liquid cooling and advanced power supply technologies is expected to drive significant changes in the supply landscape, with liquid cooling and power supply being the core benefiting sectors [7][11]

Summary of Conference Call on Guanghuan Xinnet and AIDC Industry Industry Overview - The AIDC (Artificial Intelligence Data Center) industry is gradually recovering, with increased chip shipments from companies like Huawei, Cambricon, and Haiguang. Major tech firms such as ByteDance are restarting self-built projects, while Alibaba and Tencent are also negotiating new projects, positively impacting the AIDC industry [2][3] - High-performance computing cards (e.g., H20 and N1) are currently in short supply, posing a significant challenge for the AIDC industry. This shortage affects project confirmation, delivery, and deployment speed, thereby limiting revenue realization for companies like Guanghuan Xinnet [2][4] Guanghuan Xinnet's Performance - Guanghuan Xinnet, a leading domestic enterprise, has significantly increased its cabinet delivery volume. Orders for air-cooled and liquid-cooled projects are continuously being secured. Once the supply issue of computing cards is resolved, order confirmation and revenue will accelerate [2][6] - The company has established a dual-driven business structure of cloud computing and IDC, with IDC being the primary profit source. It generates annual revenue of 2-3 billion from its AWS Beijing region business, while IDC cabinet leasing contributes tens of millions to 100 million annually [4][11] Challenges and Opportunities - The current main challenge is the short-term supply shortage of high-performance computing cards, which affects the overall industry rhythm despite strong demand [4][5] - The domestic AIGC (Artificial Intelligence Generated Content) industry has vast development prospects. The relationship between AI chips and AIDC is linear; resolving chip supply issues will directly boost demand across the industry chain [7][8] Market Dynamics - The demand for data centers is expected to grow due to advancements in domestic AI chips and servers. Companies like Cambricon, Haiguang, and Huawei are expected to drive AI computing demand [8][9] - Strict national energy consumption controls are impacting the data center industry, with many companies yet to receive new energy consumption quotas. This situation may improve market competition and increase industry concentration [9][10] Future Outlook - The future of the domestic AIGC industry looks promising, with expectations that once the supply of high-performance computing cards stabilizes, the speed of project bidding and revenue realization will increase [7][19] - Guanghuan Xinnet's extensive cabinet layout in first-tier cities and core node cities positions it well for future growth, especially as the AI industry develops [16][18] Investment Recommendations - Guanghuan Xinnet is currently in a relatively favorable position with limited downside risk. Key catalysts for potential growth include the progress of major company tenders and improvements in AI chip supply. Investors are advised to closely monitor these developments for potential investment opportunities [19]

Core Viewpoint - *ST Yushun (sz002289) has reached a trading 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]. Company Summary - The company plans to acquire 100% equity of three data center-related companies for 3.35 billion yuan, marking a major asset restructuring that signifies a strategic transition from electronic manufacturing to data center business [2]. - This acquisition is expected to enhance the company's asset scale and profitability, with the target companies projected to generate a net profit of 173 million yuan in 2024, which could significantly improve the listed company's earnings [2]. - The recent surge in the data center industry aligns with national policies supporting digital economy development, positioning *ST Yushun favorably within a rapidly growing sector [2]. Market Activity Summary - The data center sector is currently a hot market topic, with multiple stocks in the sector showing active performance, which has drawn attention to *ST Yushun's transformation [2]. - Technical analysis indicates a volatile trading environment, with institutional buying and selling activity noted on September 10 and 11, respectively, but the positive news regarding the asset restructuring has attracted more investor interest, leading to the stock's limit-up on September 15 [2]. - The company has received an inquiry letter from the Shenzhen Stock Exchange, further increasing investor focus on the restructuring process and enhancing market activity around the stock [2].

Core Viewpoint - The Fujian Provincial Government has issued an action plan to accelerate the green transformation of the economy and society, focusing on developing green low-carbon industries and promoting sustainable practices across various sectors [1]. Group 1: Green Low-Carbon Industry Development - The action plan emphasizes the growth of green low-carbon industries, particularly in areas such as optoelectronics, integrated circuits, and new energy, aiming to cultivate national-level strategic emerging industry clusters [1]. - By 2030, the scale of the energy-saving and environmental protection industry is expected to reach approximately 300 billion yuan [1]. Group 2: Traditional Industry Transformation - The plan outlines the need for green low-carbon transformation and upgrading of traditional industries, with a focus on controlling high energy consumption and emissions [2]. - New and expanded projects in key industrial sectors must meet energy efficiency benchmarks and environmental performance standards [2]. - By 2026, over 71% of key business processes are expected to be fully digitalized [2]. Group 3: Energy Transition - The action plan calls for the clean and efficient use of fossil energy, with a gradual reduction in coal consumption during the 14th and 15th Five-Year Plans [3]. - By 2030, the proportion of non-fossil energy consumption is targeted to exceed 30% [3]. - The plan includes the development of offshore wind power and nuclear energy projects, as well as the exploration of marine energy [3]. Group 4: Green Transportation Infrastructure - The plan aims to build green transportation infrastructure, including the digital transformation of cross-strait transportation networks and the construction of low-carbon stations and airports [4]. - By 2030, the carbon emission intensity of operational transportation tools is expected to decrease by approximately 9.5% compared to 2020 [4]. Group 5: Green Building Development - The action plan mandates strict adherence to energy-saving and carbon reduction standards in building construction, promoting the development of green buildings [5]. - The plan encourages the construction of ultra-low energy consumption buildings in suitable regions [5].

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250914 本周北证 50 创新高后震荡回落，建议关注科 技成长个股 [Table_Tag] [Table_Summary] 北交所市场表现 行业重要新闻 观点 ◼ 本周北交所市场活跃度有所回落，建议关注产业景气度高的科技成长性 企业。本周北证 50 指数在周一创出新高后开始震荡回落，全周累计下 跌 1.07%，北交所内部行情呈现高度分化，资金较为关注科技题材相关 个股，如曙光数创（数据中心）、戈碧迦（半导体）、舜宇精工（AGV）、 华密新材（PEEK）等。建议关注产业景气度高，重点布局人工智能、机 器人、商业航天、低空经济等方向、估值相对低位的成长型个股。 新股上市 ◼ 三协电机（ 920100.BJ）：成立于 2002 年，专注于研发、制造并销售控 制类电机，主要产品包括步进电机、伺服电机和无刷电机及与其配套产 品，以其体积小、功率密度大、绿色节能的显著特点，在精密控制电机 领域树立了良好口碑及自主品牌。其产品已广泛用于安防、纺织、光伏、 半导体、3C 电子、汽车制造、机器人、医疗设备和智能物流等领域。 投资建议 2025 年 09 月 14 ...

Core Viewpoint - The company experienced a decline in mid-2025 performance, but the accelerated layout in IDC and computing power business driven by AI presents new growth opportunities [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.716 billion yuan, a year-on-year decrease of 5.15%, and a net profit attributable to shareholders of 115 million yuan, down 57.01% year-on-year [2] - The non-recurring net profit attributable to shareholders was 112 million yuan, reflecting a year-on-year decline of 53.70% [2] - IDC business revenue decreased by 2.08% year-on-year, with a gross margin dropping to 32.71% [3] - Cloud computing revenue fell by 7.67% year-on-year, with a gross margin of 7.76% [3] Group 2: Business Strategy and Growth - The company is actively expanding its cabinet deployment, with over 72,000 cabinets in operation and 16,000 new cabinets added in the first half of the year [3] - Ongoing projects include the Tianjin Baodi Phase III project, Hohhot computing power base, and other strategic initiatives aimed at enhancing scale and bargaining power [3] - The company has established strategic partnerships with AI firms like Geling Deep Vision, positioning itself to benefit from the growing demand for intelligent computing [3] Group 3: Shareholder Returns - The company has implemented a profit distribution plan for 2024, distributing a cash dividend of 0.60 yuan per 10 shares (tax included) to all shareholders [4] - A "Quality Return Dual Improvement" action plan has been established to enhance long-term investment value [4]