云服务 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 实现对即将盈利孙公司全资控股，REIT 扩募成为持续的融资通道 ——润泽科技(300442)点评报告 证券研究报告-中报点评 买入(维持) 市场数据(2026-02-24) | 收盘价(元) | 86.80 | | --- | --- | | 一年内最高/最低(元) | 93.13/42.06 | | 沪深 300 指数 | 4,707.54 | | 市净率(倍) | 10.47 | | 流通市值(亿元) | 1,413.43 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 8.29 | | --- | --- | | 每股经营现金流(元) | 1.69 | | 毛利率(%) | 48.11 | | 净资产收益率_摊薄(%) | 34.73 | | 资产负债率(%) | 62.53 | | 总股本/流通股(万股) | 163,434.36/162,837.40 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -38% ...

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美国总统特朗普在当地时间周二发表的国情咨文演讲中表示，其政府已告知各大科技公司，它们必须自 行建造数据中心的发电设施，此举旨在保护消费者免受电费上涨的影响。 这一消息发布之际，全美各地对耗能巨大的数据中心项目（这些项目导致了电费的大幅上涨）的反对声 日益高涨。 美国总统特朗普在当地时间周二发表的国情咨文演讲中表示，其政府已告知各大科技公司，它们必须自 行建造数据中心的发电设施，此举旨在保护消费者免受电费上涨的影响。 这一消息发布之际，全美各地对耗能巨大的数据中心项目（这些项目导致了电费的大幅上涨）的反对声 日益高涨。 特朗普说："今晚，我很高兴地宣布，我已经就新的纳税人保护承诺进行了谈判。你知道那是什么吗？ 我们告诉主要科技公司，他们有义务满足自己的电力需求。" "我们有一个旧电网。它永远无法处理所需的数量和电量。所以我告诉他们，他们可以建造自己的电 厂。他们将自己生产电力。这将确保公司获得电力的能力，同时降低电价，"特朗普说。 他没有透露所涉及公司的名称，也没有提供有关如何实施或执行该计划的详细信息。据两位了解该计划 的消息人士透露，白宫预计将在 3 月初接待企业，以正式落实这一计划。 特朗普说："今晚，我 ...

Core Viewpoint - The capital operation involving Qinhuai Data is expected to progress, with Dongyangguang planning to acquire control of Yichang Dongshu No. 1 Investment Co., which operates Qinhuai Data's business in China [2][4]. Group 1: Acquisition Details - Dongyangguang announced plans to acquire 100% of Qinhuai Data China for a total consideration of 28 billion yuan, which includes seven wholly foreign-owned enterprises (WFOEs) and one Variable Interest Entity (VIE) [4]. - Qinhuai Data China generated revenues of 6.047 billion yuan and 2.607 billion yuan in 2024 and the first five months of 2025, respectively, with net profits of 1.309 billion yuan and 745 million yuan during the same periods [4]. - As of May 2025, Qinhuai Data China had total net assets of 9.504 billion yuan and an IT capacity of 782 MW, with ongoing projects of 137 MW, positioning it as an industry leader [4]. Group 2: Financing and Stakeholder Involvement - Dongyangguang and its affiliate, Shenzhen Dongyangguang Industrial Development Co., are investing 3.5 billion yuan and 4 billion yuan, respectively, into Yichang Dongshu No. 1 to facilitate the acquisition [4][5]. - The announcement indicated that Yichang Dongshu No. 1 will seek additional investors to raise funds for the acquisition, with Dongyangguang's stake not exceeding 30% post-acquisition [5]. - As of January 2026, Yichang Dongshu No. 1 had 19 shareholders, including various state-owned enterprises and private investors, indicating a diverse funding base [5]. Group 3: Financial Position of Dongyangguang - As of the third quarter of 2025, Dongyangguang reported 5.502 billion yuan in cash, with a net cash balance of 3.582 billion yuan after accounting for restricted funds [6]. - The company has significant short-term debt of 8.795 billion yuan and a high pledge rate of 78.55% for shares held by its controlling party, indicating financial pressure [6].

特朗普 特朗普政府支持AI发展，但AI数据中心的快速扩张对电价的影响，已成为共和党在11月中期选举前的 潜在弱点。 美国最大电网运营商PJM Interconnection上月公布了一项计划，要求新的大型用电者要么为电网自建发 电设施，要么在电网紧张时限制用电。 此外，Anthropic和微软等公司也已自愿宣布相关举措，以限制数据中心对居民能源价格的影响。(作者/ 箫雨) "今晚，我很高兴宣布，我已经谈妥了新的电费缴纳者保护承诺。你们知道那是什么吗？我们告诉大型 科技公司，他们有义务为自己的电力需求提供保障，"他表示，"我们的电网老旧，根本无法应对如此庞 大的用电量。所以我告诉他们，可以自建电厂。他们将自行发电。这不仅能保障企业获得电力的能力， 同时也能降低你们的电费。" 他没有点名涉及的公司，也没有提供该计划将如何实施或执行的细节。据两位知情人士透露，白宫预计 将在3月初召集相关公司，以正式敲定这一举措。 凤凰网科技讯北京时间2月25日，据路透社报道，美国总统特朗普在周二的国情咨文演讲中表示，他的 政府已告知大型科技公司，它们必须为自己的数据中心建设电厂，此举旨在保护消费者免受电费上涨的 影响。 眼下，美国 ...

司鸿历 长江证券电新分析师: 各位投资者大家晚上好，我是那个长江电新的宋丽。然后欢迎大家收听我们本期的这个专 题的电话会。后，今天晚上的话，我们主要是针对我们刚发的这个美国缺电的新的一篇深 度报告，去做这样的一个具体的一个汇报。然后本篇报告的话，我们主要还是针对那么美 国整个数据中心未来的一个电力这一块整体配置未来的一个趋势。那么整体来看的话，我 们预计未来美国的这个数据中心未来自建电源或者说自备发电这种模式的这个趋势还是比 较明确的。 在这样的一个模式之下的话，我们认为对于相关的这些电力相关的一些设备的一些配置， 尤其是变压器和储能还是整体的需求的拉动会较为显著。然后我们也针对于此做了一个量 化的这样的一个测算，然后这个是主要的一个内容。然后具体来看的话，首先对于美国这 个市场来看，因为之前我们也发过相关的这个北美缺电的一个深度，然后在我们第一篇深 度报告里面也明确提到了，就是考虑到美国这个市场的一个电力系统的一个供需的一个紧 平衡的一个关系。 所以的话，随着数据中心 AI 的一个快速的一个发展的美国整个电力的一个紧缺应该是已 经是体现出来了。那么并且的话，25 年我们能看到美国的整体的电价已经明显是在一个 ...

Group 1: Core Conclusions - The report emphasizes the importance of using "order-cancellation time difference" to identify institutional trading behavior, suggesting that this method is more effective than relying solely on order amounts in the current algorithmic trading environment [2][6][10] - The report highlights the strong performance of the Buy Algorithm Trading Cancellation Ratio (BABR) factor, which has shown a RankIC of 0.058 and an ICIR close to 0.55, indicating its effectiveness in stock selection [10][11] - The report indicates that the BABR factor can capture the behavior and holdings of public funds, providing a high-frequency tracking method for institutional behavior [10][11] Group 2: Company Analysis - Chow Tai Fook (1929.HK) - Chow Tai Fook is transitioning from a traditional gold and jewelry retailer to a luxury brand centered around "Fuk Culture," with a focus on high-margin priced jewelry, which has increased its retail value share from 27.4% to 31.8% in FY26 [12][14] - The company has optimized its channel strategy by closing low-efficiency stores and opening high-quality ones, resulting in a significant increase in sales per new store, with average monthly sales reaching 1.3 to 1.4 million HKD [13][14] - Chow Tai Fook's operating profit margin reached a five-year high in the first half of FY26, with expectations for continued improvement in gross margin due to pricing strategies and product price increases [14] Group 3: Industry Insights - The report notes that the industry is undergoing a regulatory shake-up, which may benefit established brands like Chow Tai Fook, allowing them to expand their advantages amid increasing market concentration [14] - The report forecasts Chow Tai Fook's net profit for FY2026-2028 to be 83.58, 98.41, and 108.56 billion HKD, with corresponding PE ratios of 16.2, 13.7, and 12.5, respectively, leading to an upgraded rating to "Buy" [14]

中航证券表示，全球AI投资热潮快速带动AIDC的电力基建需求。据IEA预测，2025~2030年全球IT负载 将累计新增106GW。由于各地电网结构差异和扩建难度不同，海外AIDC为更快投入运行，倾向于采用 BYOG(自带发电）模式，发电设备主要包括燃气轮机、SOFC等。无论使用网电或自带发电，配电系统 均是保障AIDC能高效、稳定用电的关键。随着算力芯片和服务器的升级，AIDC配电系统存在降低损 耗、减少变电环节、更能适应功耗剧烈波动的升级趋势。目前AIDC配电系统主要采用UPS(不间断电源) 变电方案，但未来HVDC、SST方案有望逐步放量。 股票频道更多独家策划、专家专栏，免费查阅>> 行业媒体报道，英国一家行业监管机构表示，英国境内新建数据中心项目所申请的电力总量，将超过该 国当前的全国用电峰值。 责任编辑：山上 ...

算力发展的初期以储存和训练为主，可以远离应用端，但实时应用必须贴近场景。广东省人大代表，韶 关市委副书记、市长吴庆华认为，随着人工智能的加快发展，应用场景不断丰富，行业重心已经从"模 型竞赛"转向"应用为王"。韶关集群凭借低时延、低成本和高安全的显著优势，将是粤港澳大湾区实现 人工智能从"训练"到"应用"最后一公里转化的不二选择。 为此，韶关将强化全产业链思维，站在全国全省发展大局的高度谋划自身发展，把大数据、算力产业作 为胜负手、首位产业，在降低算力成本上下功夫，努力打造"立足韶关、服务湾区、连接全国"的算力底 座。吴庆华表示，韶关将坚持一手抓要素保障、一手抓项目落地，集中力量招引自带产业生态的超大 型、大型数据中心企业来韶关落户，以高水平项目集聚壮大算力供给规模。同时，韶关将同步推进韶关 集群起步区扩区，让企业引得来、落得下、发展好，力争到今年底建成30万标准机架承载能力、上架算 力达250兆瓦，更好地服务粤港澳大湾区人工智能、低空经济发展。 相关人士透露，未来韶关将举全市之力打造"智算之城"，加大力度推进韶关数据中心集群建设，重点抓 好四件事：一是积极推动韶关算力、存力跨境出海；二是积极申报建设算网枢纽 ...

Core Viewpoint - Dongyangguang (600673) is planning to acquire control of Yichang Dongshu No.1 Investment Co., Ltd. through a share issuance and raise matching funds, which is expected to constitute a major asset restructuring and related party transaction without changing the actual controller of the company [1][13]. Group 1: Acquisition Details - The acquisition target, Dongshu No.1, was established specifically to acquire Qinhuai Data, a well-known data center service provider [4][18]. - Dongshu No.1 controls 100% of the operating entities of Qinhuai Data through its wholly-owned subsidiary, Yichang Dongshu No.3 Investment Co., Ltd. [4][18]. - Dongyangguang has previously invested a total of 3.45 billion yuan in Dongshu No.1 and completed a payment of 28 billion yuan to the sellers for the acquisition [5][19]. Group 2: Financial Performance - As of February 24, 2024, Qinhuai Data's operating entity in China is projected to generate revenue of 6.048 billion yuan and a net profit of 1.309 billion yuan, with a net profit margin of approximately 21.65% [11][25]. - In comparison, Dongyangguang's revenue for 2024 is expected to be 12.199 billion yuan, with a net profit of 375 million yuan [12][26]. Group 3: Strategic Value and Synergies - The investment in Dongshu No.1 is seen as a strategic move to tap into the high-growth data center sector and optimize asset allocation [10][25]. - The collaboration with Qinhuai Data is expected to enhance Dongyangguang's capabilities in liquid cooling technology, electronic components, and smart robotics, thereby strengthening its competitive position in the digital economy infrastructure chain [10][25]. - The transaction is anticipated to create synergies across four dimensions: regional layout, technology, products, and demand [11][25].