Summary of ZheShu Culture Conference Call Company Overview - **Company**: ZheShu Culture - **Industry**: Digital Media, Gaming, AI Applications, IDC (Internet Data Center) Key Points Investment Performance - ZheShu Culture reported good investment returns, benefiting from the popularity of the computing power sector, with stocks like Huatuo, Huashu Media, Quality Information, and Hikvision showing significant increases. Detailed changes in holdings will be disclosed in the Q2 report [2][3] Gaming Business - The gaming business remains a stable cash flow source, with steady performance expected in H1 2025 and continued growth throughout the year. Retail sales have increased while sales expenses are on a downward trend. The company is undergoing a transformation towards younger audiences and mobile gaming, establishing an innovation R&D center in Guangzhou [4][3] IDC Business Progress - The Hangzhou Dajiangdong base project is progressing well, with some payments made and expected to be completed by year-end. The Beijing base shows strong demand for business expansion, although actual demand has not fully materialized yet. The potential resumption of H20 GPU sales by NVIDIA is seen as a significant positive for domestic computing power demand [5][3] RDA (Real Digital Asset) Initiatives - ZheShu Culture is actively exploring the RDA field, which is closely related to data elements. The Zhejiang Big Data Trading Center has the necessary financial institution license, positioning it as a potential industry pioneer. The company aims to develop typical cases in this area to demonstrate and achieve scale effects [6][7] AI Applications - The company has made extensive advancements in AI applications, including projects like "Chuanbo Brain" and "Smart Network Hospital." The "Chuanbo Brain" project is expected to achieve profitability this year, with rapid expansion outside the province. The company is also exploring potential listings for this project due to its strong performance metrics [8][14] IP Card Game Business - In H1 2025, the focus was on IP signing and design, with no revenue generated yet. The company plans to accelerate the release of more SKUs in the second half of the year, aiming for positive earnings by year-end [11][3] Digital Marketing - The digital marketing business performed well in Q1 2025, with expectations for continued growth. However, due to low gross margins, the overall profit potential remains limited, estimated at several tens of millions for the year [12][3] Mid-term Dividend Consideration - The leadership has not yet decided on a mid-term dividend but is open to the possibility. Market feedback on this matter is being sought to inform shareholder return strategies [13][3] Future Revenue and Profit Expectations - AI-related revenue is projected to exceed 300 million yuan, potentially reaching 400 million yuan if conditions are favorable. However, pure AI revenue is still below significant levels [14][3]

黑石集团总裁Jon Gray在活动上表示："我们对这个区域如此兴奋的原因在于，你可以把数据中心设在 电源旁边。这里的特别之处在于如何将这些设施整合在一起，因为建设输电线路和管道确实非常困 难。" 智通财经APP获悉，美国总统唐纳德·特朗普在访问宾夕法尼亚州期间，对超过920亿美元的人工智能 (AI)和能源基础设施投资表示欢迎，并强调了他为增强美国在人工智能领域的竞争力所做的努力。 特朗普周二在卡内基梅隆大学举行的首届宾夕法尼亚能源与创新峰会上表示："今天的承诺将确保未来 的设计、建造和制造都在宾夕法尼亚州、匹兹堡、美国这里完成。" 多家公司官宣数据中心计划 多家公司的投资包括新建数据中心、发电和电网基础设施升级，以及人工智能培训和学徒计划。特朗普 表示，其中一些公司已经获得许可，部分设施正在建设中。 在这些投资中，黑石集团(BX.US)承诺投入超过250亿美元，用于建设新的数据中心和能源基础设施。 其旗下的数据中心业务QTS已在宾夕法尼亚州东北部获得开发用地。黑石集团还与公用事业公司PPL Corp.成立了一家合资企业，用于建设和运营燃气发电厂，以满足数据中心巨大的电力需求。 与此同时，GE Vernova( ...

如今，数字经济的时代浪潮，正以不可阻挡的趋势席卷全球，其影响力之深、范围之广，前所未有。从 数字文旅、科技生活到数字治理，一场"数智盛宴"正以其独有的方式，打开人们的想象空间，推动社会 经济的全面转型升级。 在这片广阔的蓝海中，每一朵浪花都蕴含着无限可能。数字技术赋能传统产业，推动了传统产业智能 化、绿色化转型，提升了效率与竞争力；实体经济和数字经济深度融合催生了数字金融、共享经济等新 模式、新业态，为经济增长增添新动能。以"数字+"为桥梁，将信息技术与各行各业深度融合，数字经 济不仅是独立的产业形态，更是传统产业转型升级的重要推手：从智能制造到智慧城市，从"一老一 小"的关怀服务到家庭智慧场景应用，数字化、智能化为千行百业赋能，提升生产效率、优化资源配 置，为经济高质量发展注入强劲动力。 "瞄准产业数字化、数字产业化，统筹做好'从0到1'的原始创新、'从1到N'的应用创新，河南大力发展新 一代信息技术产业，着力打造数字经济新高地。" 网购记录、外卖记录"读懂"个人喜好，信息化管理系统优化生产和库存，"智慧大脑"赋能政务服务，AI 实时智能翻译系统上线……近年来，数字化、智能化浪潮汹涌而至，充分发挥"乘数效应 ...

2025年，铜的全球风暴：特朗普关税政策引发的连锁反应 2025年6月，全球铜市场如同被投入一枚重磅炸弹，瞬间引爆。起因是美国前总统特朗普的一句话，他计划对进口铜及半成品征收高达50%的关税。这个消 息如同飓风般席卷全球，将这种看似远离大众生活的金属推到了风口浪尖。 美国：从白宫抗议到企业巨头的焦虑 消息传出后，美国白宫外立即聚集了抗议人群，他们高举标语，表达对政策的强烈不满。社交媒体上更是舆论沸腾，支持与反对的声音相互交织，局势异常 紧张。在纽约、洛杉矶、芝加哥等制造业重镇，企业大佬们如坐针毡，冷汗直冒。他们并非没有经历过市场波动，但这次的政策冲击波实在过于猛烈。 6月10日，路透社披露，特朗普政府的征税范围远不止精铜，铜线、铜管、金属板等半成品铜材也在名单之列。市场瞬间陷入混乱，铜价应声飙升，当天涨 幅高达5%。华尔街的基金经理们彻夜难眠，紧急召开线上会议，商讨应对策略。 产业链的震荡：从电线厂到军事工业 电线厂老板小李的手机铃声响个不停，客户纷纷询问是否需要暂缓订单或重新议价。这股恐慌情绪迅速蔓延至装修公司、家电厂、汽车厂等下游企业。虽然 铜价尚未真正大幅上涨，但市场预期已经水涨船高。美国电力公司内部传 ...

Core View - CoreWeave plans to invest up to $6 billion to establish a large AI data center in Lancaster, Pennsylvania, as it expands its AI computing capacity across the United States [1] Company Performance - CoreWeave's stock price has surged nearly 300% since its listing in March, currently trading at $144.49 [1] Industry Trends - The global demand for AI computing power continues to experience explosive growth, prompting technology giants to invest heavily in building large data centers [1] - The ongoing "AI faith" sweeping the globe is expected to act as a significant catalyst for the stock prices of leaders in the computing power sector, particularly those with strong ties to Nvidia and the AI computing supply chain [1]

Core Viewpoint - Nvidia has announced the resumption of H20 chip sales to China, positively impacting Chinese cloud service providers and the data center sector, leading to significant stock price increases in related companies [1][2][4]. Group 1: Nvidia's H20 Chip Sales - Nvidia's CEO Jensen Huang stated that the U.S. has approved the sale of H20 chips to China, which is expected to generate billions in revenue for Nvidia and boost the prospects of AI-related companies in China [4][6]. - Analysts from Citigroup and Jefferies believe that the resumption of H20 sales will have a positive impact on China's Internet Data Center (IDC) industry, with specific recommendations to buy Century Internet and GDS Holdings [5][6]. - Nvidia's potential recovery of $15 billion in data center revenue, previously at risk due to sales bans, could significantly enhance its earnings per share (EPS) [6][9]. Group 2: Market Reactions and Predictions - Following the announcement, Alibaba's stock surged nearly 7%, while Kingsoft Cloud and GDS Holdings saw increases of over 10%, contributing to a more than 2% rise in the Hang Seng Tech Index [2][4]. - Bernstein estimates that for every $10 billion in revenue restored in the Chinese market, Nvidia's EPS could increase by approximately $0.25, with a potential overall EPS increase of $0.40 to $0.50 if $15 billion to $20 billion in revenue is recovered by FY2026 [6][9]. - Nvidia's stock rose nearly 5% after the announcement, contributing to an increase in the Nasdaq index [6].

Core Viewpoint - *ST Yushun plans to acquire 100% equity of three companies for a total cash payment of 3.35 billion yuan, aiming to enter the rapidly growing data center market and diversify its business amidst current losses [1][2]. Group 1: Acquisition Details - The acquisition involves purchasing 100% equity of Zhong'en Cloud Technology, Shenhui Biyuan, and Zhong'en Cloud Information, which focus on developing and operating large-scale, high-performance data centers [2]. - The funding for the acquisition will come from loans from the controlling shareholder, the company's own funds, or self-raised funds [1]. Group 2: Financial Performance - The target companies reported revenues of 735 million yuan, 815 million yuan, and 218 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively, with net profits of 94.78 million yuan, 173 million yuan, and 44.91 million yuan [2]. - *ST Yushun's revenue for 2022 to 2024 was 135 million yuan, 155 million yuan, and 220 million yuan, with net losses of 25.48 million yuan, 964,400 yuan, and 17.57 million yuan, respectively [3]. Group 3: Risks and Concerns - The target companies rely heavily on a single client, referred to as Internet Client A, which poses a risk if the client terminates or does not renew the contract [4][5]. - The acquisition will significantly increase *ST Yushun's goodwill from 33.12 million yuan to 2.514 billion yuan, raising the goodwill to total asset ratio from 8.18% to 41.53%, which may lead to impairment risks if performance does not meet expectations [3]. Group 4: Market Position and Strategy - The company aims to diversify its business into data center infrastructure services, LCD-related products, and distribution equipment, which could mitigate operational risks and enhance future growth potential [2]. - Despite the high customer concentration, *ST Yushun believes that the nature of the wholesale data center industry and the difficulty of client relocation will not adversely affect the target companies' ongoing operations [5].

Group 1 - The core point of the news is that *ST Yushun plans to acquire 100% equity of three companies for a total consideration of 3.35 billion yuan, aiming to diversify its business into the data center market and improve profitability [1][2] - The three target companies operate a wholesale data center and currently manage approximately 8,000 cabinets, with a high customer concentration relying on a single internet client [2] - If the acquisition is completed, *ST Yushun's revenue is expected to exceed 1 billion yuan, and net profit is projected to turn positive, contrasting with its historical negative net profit [2] Group 2 - The funding for the acquisition will come from loans from the controlling shareholder, self-owned funds, or self-raised funds, although the controlling shareholder has a negative net asset value [1] - Since the announcement of the acquisition plan on April 22, *ST Yushun's stock price has increased by over 160%, but it fell by more than 4% following the release of the acquisition draft [1] - The latest performance forecast indicates that *ST Yushun expects a net profit loss of 4.1865 million yuan in the first half of 2025, although this represents a significant narrowing of losses compared to previous periods [2]

Group 1 - The A-share market saw a significant rise in sectors related to optical modules, optical communication, and the Nvidia supply chain, with the AI ETF tracking the ChiNext index increasing by 5.52% [1] - Key stocks in the AI ETF include leading optical module companies such as Zhongji Xuchuang, New Yisheng, and Tianfu Communication, with the top ten holdings also featuring major players in chip design and cloud computing [1] - The ETF has a low annual management fee rate of 0.15% and a custody fee rate of 0.05%, making it one of the most cost-effective options in its category [2] Group 2 - Nvidia's CEO Jensen Huang is scheduled to attend the China International Supply Chain Promotion Expo on July 16, marking his third visit to China this year [2] - The demand for high-performance chips like GPUs is expected to drive a surge in related equipment needs, benefiting domestic leading manufacturers who have advantages in market share and technology [2] - The industry is anticipated to experience high growth, with leading companies likely to capture more market share due to their established positions and technological expertise [2]

Group 1 - The Hang Seng Index rose by 0.20%, gaining 47 points to close at 24,250 points, while the Hang Seng Tech Index increased by 0.41% [1] - The Hong Kong stock market saw a morning trading volume of HKD 144 billion [1] - Notable gainers included Innovent Biologics (up over 5%), BeiGene (up 4.46%), and CSPC Pharmaceutical (up 3.88%) [1] Group 2 - Bilibili-W rose by 4.79% as HSBC expressed optimism about its gaming and advertising business, suggesting potential for increased shareholder returns [1] - Yunfeng Financial surged by 18.18% due to its strategic focus on digital currency and AI [1] - GDS Holdings (up 10.16%) announced the early conclusion of public fundraising for its Southern GDS Data Center REIT [1] Group 3 - Major declines were observed in the property sector, with R&F Properties falling by 5.36% and Sunac China down by 5.75%, as institutions expect continued pressure on the sector's performance [1] - Longpan Technology dropped over 4% due to ongoing challenges in the lithium battery industry, with projected losses of up to CNY 98.3 million for the first half [1] Group 4 - Ganfeng Lithium fell over 5% as the prices of lithium salts and battery products continued to decline, with expected losses exceeding CNY 300 million for the first half [2] - Chenming Paper experienced a drop of over 7% due to a major production base undergoing maintenance, with anticipated losses exceeding CNY 3.5 billion for the first half [3] - Beijing Jingcheng Machinery Electric Company also fell over 7%, projecting a net loss of up to CNY 18 million amid pressure on its gas storage and transportation export business [3] - China Silver Group declined over 8% after announcing a discounted placement of shares, aiming to raise HKD 207 million [3]