金信量化精选混合A（002862）基金经理为谭佳俊。 截至发稿，谭佳俊累计任职时间334天，现任基金资产总规模8.11亿元，任职期间最佳基金回报 44.13%， 任职期间最差基金回报7.26%。 9月17日，数据港涨5.32%，截至发稿，报37.60元/股，成交29.18亿元，换手率11.14%，总市值270.11亿 元。 资料显示，上海数据港股份有限公司位于上海市静安区江场路1401弄14号1601室，成立日期2009年11月 18日，上市日期2017年2月8日，公司主营业务涉及数据中心服务器托管服务及网络带宽服务。主营业务 收入构成为：IDC服务业99.31%，IDC解决方案0.69%。 从基金十大重仓股角度 数据显示，金信基金旗下1只基金重仓数据港。金信量化精选混合A（002862）二季度减持1600股，持 有股数6万股，占基金净值比例为3.72%，位居第九大重仓股。根据测算，今日浮盈赚取约11.4万元。 金信量化精选混合A（002862）成立日期2016年7月1日，最新规模2560.01万。今年以来收益49.55%， 同类排名915/8172；近一年收益106.43%，同类排名405/7980；成立以 ...

Core Insights - Chindata has become a central target in the capital competition within China's IDC industry, reflecting the strategic value of IDC assets and the ambitions in the digital infrastructure sector [1][3] Capital Story of Chindata - Bain Capital acquired controlling interest in Chindata for approximately 1 billion RMB in 2019, followed by an additional investment of 570 million USD, facilitating a merger with Bridge Data Centres to create a pan-Asian computing power platform [3][4] - Chindata went public on NASDAQ in 2020, raising about 540 million USD, with a peak market valuation nearing 4.9 billion USD. Bain Capital held 57.17% of shares, primarily driven by a significant client relationship with ByteDance, which contributed over 80% of revenue [4][5] - Due to market changes and reliance on a single client, Chindata's stock price halved by early 2023, prompting Bain to initiate a privatization offer at 8 USD per ADS, which was later contested by CMC Capital with a higher bid of 3.4 billion USD [4][5] Privatization and Restructuring - Bain Capital, holding 44.6% of Chindata's shares and 92.3% voting rights, successfully completed the privatization for approximately 3.16 billion USD, delisting the company in December 2023 [5][6] - Post-privatization, Bain restructured Chindata's operations, creating WinTriX for domestic business and retaining Bridge DC for overseas operations, aligning with regulatory requirements for future independent disposal of the Chinese business [7][8] Financial Performance and Asset Value - Chindata reported impressive financials, with 2024 revenue of 6.048 billion RMB and a net profit of 1.309 billion RMB, maintaining a net profit margin above 20% [8][10] - The acquisition by Dongyangguang is characterized as a leveraged buyout, with a total transaction value of 28 billion RMB, indicating a strategic move into the operational service sector [9][12] Future Opportunities and Challenges - Post-acquisition, Chindata aims to prepare for public REITs, leveraging stable cash flows and quality assets to enhance operational efficiency and reduce liabilities [14][15] - However, reliance on ByteDance poses a risk, as any changes in the contract could significantly impact revenue [16] - The IDC industry faces intense competition, and maintaining high order volumes and server utilization rates remains a challenge [17]

Core Insights - Ningxia Building Materials has transformed from a local cement company with a capacity of 1 million tons to the largest cement enterprise in Ningxia and the Northwest region, achieving growth in cement capacity, revenue, and net profit by two to three times over 22 years [1][4] Group 1: Financial Performance - In the first half of this year, Ningxia Building Materials reported a net profit attributable to the parent company of 106 million yuan, a significant increase of 101.24% year-on-year; the net profit after deducting non-recurring gains and losses reached 76.45 million yuan, up 168.35% year-on-year [6] - The company has expanded its product line and enhanced its core business through the "Cement+" industry chain, which includes oil well cement, solidification materials, concrete, and aggregates, with concrete capacity at 11.17 million cubic meters and aggregate capacity at 11 million tons [6] Group 2: Strategic Development - Since its listing in 2003, the company has utilized capital markets for financing, gradually expanding its cement business through new construction and mergers, overcoming regional limitations and forming a cross-regional cement group with total assets exceeding 10 billion yuan [6] - The company has established 20 subsidiaries and is implementing a "going out" strategy, expanding production capacity in Ningxia and neighboring provinces [6] Group 3: Product Innovation and Quality - Ningxia Building Materials has developed a range of new products, including C100 high-performance concrete and various specialized concretes, to address industry challenges such as overcapacity and demand shrinkage [7] - The company emphasizes product quality and has a well-known product, "Saimar" cement, recognized as a famous Chinese trademark, used in major infrastructure projects [7] Group 4: Environmental and Technological Initiatives - The company is focusing on high-end, green, and intelligent development to create a competitive advantage in the traditional cement industry, which faces challenges from overcapacity and environmental regulations [8] - Ningxia Building Materials has made significant progress in technology empowerment, including the use of alternative raw materials and waste utilization, and has received certifications for "green building materials" and "low-carbon products" [8][9] Group 5: Digital Transformation - The "I Find Car" platform, developed by Ningxia Building Materials, is the first digital logistics platform in China's building materials industry, addressing logistics challenges and enhancing service efficiency [10] - The company is also building a green data center to support the digital economy, with a focus on creating new production capabilities [11] Group 6: Shareholder Returns - The company has consistently paid cash dividends to investors, distributing a total of 2 billion yuan in dividends, with a payout ratio exceeding 30% of the net profit attributable to the parent company over the past decade, and over 40% in the last two years [11]

Core Insights - The Middle East M&A market experienced a 10% increase in transaction volume in the first half of 2025, totaling 271 deals, contrasting with a 9% decline globally, highlighting market resilience [1] - The UAE, Saudi Arabia, and Egypt dominated the market, accounting for 89% of total transactions [1] - Key sectors driving M&A activity include technology, energy transition, and healthcare, with notable deals such as G42's acquisition of Khazna data center and a significant AI project in Saudi Arabia [1] - Sovereign capital, reforms, and high-growth industries are driving transactions, while the mid-market remains active due to accessible financing and alignment with localization and digitalization strategies [1] - The report anticipates continued momentum in Middle East M&A, focusing on transformation areas such as green energy, healthcare, and digital infrastructure [1]

Core Viewpoint - The company has received shareholder approval for a share buyback program, reflecting confidence in its business development and long-term strategy, while maintaining financial stability [1] Group 1: Share Buyback Program - The board of the company has been authorized to repurchase up to 10% of its issued shares, with a maximum buyback price of HKD 17 per share and a total amount not exceeding USD 100 million [1] - The funds for the buyback will come from the company's existing cash flow or working capital [1] Group 2: Financial Performance - For the first half of the year, the company reported revenue of CNY 2.503 billion, a year-on-year decline of 11.64%, with emerging industries contributing 96% of the revenue [1] - The net profit for the period was CNY 476 million, a significant increase of 506% year-on-year, and the attributable net profit was CNY 49.6 million, recovering from a loss of CNY 363 million in the same period last year [1] Group 3: Project Developments - The company’s integrated project in Ulanqab has made significant progress, with the first phase of the data center now in commercial operation and the second phase advancing steadily [2] - The renewable energy generation part of the project has completed approval and public announcement, aiming to commence construction by the end of the year [2] - The expected economic benefit from the Ulanqab data center, if fully powered by the planned 1GW data center, could reach CNY 1.3 billion annually [2] Group 4: Strategic Investments - In December 2023, the company strategically invested USD 299 million in Century Internet, becoming its largest institutional shareholder, marking a shift towards a dual-driven model of "energy + technology" [2] - The collaboration in computing has shown significant results, according to research from Dongwu Securities [2]

Summary of American Tower Conference Call - September 16, 2025 Company Overview - **Company**: American Tower (NYSE: AMT) - **Industry**: Communications Infrastructure Key Metrics and Guidance - **Organic Tenant Billings Growth**: Updated guidance for the U.S. is approximately **4.3%** for the year, indicating stable demand driven by 5G deployments [4][20] - **Applications Growth**: Increased applications by **50%** in the first half of 2025 compared to 2024, reflecting strong carrier spending on network improvements [4][5] Strategic Focus - **Operational Efficiency**: Emphasis on driving organic growth and maintaining operational efficiencies to enhance shareholder value [6] - **Cost Management**: Proactive reduction of SG&A costs over the past two years, aiming to expand margins [7] - **Capital Investments**: Increased focus on developed markets (U.S. and Europe) while decreasing investments in emerging markets [7][8] Balance Sheet Management - **Credit Rating**: Upgraded to **BBB+** by S&P, indicating strong balance sheet quality [9] - **Refinancing Strategy**: No refinancing needs for the current year, allowing focus on future planning [9][10] Market Dynamics - **Impact of DISH Spectrum Sale**: Minimal expected impact on revenue; only minimum contracted payments from DISH are included in forecasts [12][16] - **Spectrum Deployment**: More spectrum availability is beneficial for the industry, leading to increased deployment and demand for tower infrastructure [13][14] Growth Drivers - **Mobile Data Consumption**: Continued growth in mobile data consumption is a key driver for the tower industry, especially with the rise of AI applications [5][15] - **5G and AI Integration**: Anticipated growth in demand as 5G applications become more prevalent on mobile devices [15][28] Geographic Insights - **Europe Market**: Mid-single-digit organic growth rates expected, with a focus on high-quality economies and partnerships [22][23] - **Latin America**: Potential challenges noted, but overall demand backdrop remains robust [20][21] Data Center Strategy - **CoreSite Performance**: CoreSite data center business is performing well with **double-digit growth** expected, driven by strong demand and interconnection services [31][33] - **Investment Focus**: Emphasis on high-quality, distributed data centers rather than large-scale hyperscale facilities [34][35] Conclusion - **Long-term Outlook**: Strong long-term growth prospects for the tower industry driven by mobile data consumption, 5G deployment, and strategic investments in data centers [28][29]

Group 1 - The board of directors of Shankou Holdings (00412) has been authorized by shareholders to repurchase up to 10% of its issued shares, with a maximum repurchase price of HKD 17 per share and a total amount not exceeding USD 100 million [1] - The company believes that the share repurchase reflects confidence in its business development and prospects, aligns with its long-term development strategy, and will not affect its financial stability [1] - As of September 16, the stock price has increased over 120% since April, closing at HKD 12.61, with a total market capitalization of HKD 95.905 billion [1] Group 2 - Shankou Holdings' revenue for the first half of the year reached CNY 2.503 billion, a year-on-year decline of 11.64%, primarily due to a strategic reduction in traditional investment businesses [1] - The company achieved a net profit of CNY 476 million, a significant increase of 506% year-on-year, with a net profit attributable to shareholders of CNY 49.6 million, recovering from a loss of CNY 363 million in the same period last year [1] - The Ulanqab integrated project has made key progress, with the first phase of the data center now in commercial operation and the second phase advancing steadily [2] Group 3 - The Ulanqab project is expected to provide green electricity at a cost lower than conventional thermal power by approximately 1-2 cents per kilowatt-hour [2] - If the Ulanqab data center is fully powered by the planned third phase of 1GW, the projected annual economic benefit could reach CNY 1.3 billion [2] - In December 2023, Shankou Holdings strategically invested USD 299 million in Century Internet, becoming its largest institutional shareholder, marking a transition from renewable energy to a dual-driven model of "energy + technology" [2]

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 ...