证券代码：000815 证券简称：美利云 公告编号：2025-038 中冶美利云产业投资股份有限公司 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 中冶美利云产业投资股份有限公司 董事会 附件： 罗瑞：女，1995 年出生，中共党员，本科学历。2020 年 1 月至 2022 年 3 月任中国纸业投资有限公司风险合规部 主办；2022 年 3 月至 2022 年 8 月任中国纸业投资有限公司 风险合规部主管；2022 年 8 月至 2024 年 8 月任中国纸业投 资有限公司风险合规部（审计部）主管，2024 年 8 月至 部（审计部）副总经理（主持工作）；2025 年 5 月 28 日至 今任中冶美利云产业投资股份有限公司风险合规部（审计 部）总经理。 中冶美利云产业投资股份有限公司(以下简称"公司") 第九届董事会第二十七次会议于2025年7月10日以现场结合 通讯表决的方式在宁夏誉成云创数据投资有限公司1号会议 室召开。本次董事会会议通知及相关资料已于2025年7月4日 以邮件方式送达各位董事。本次会议应表决董事7人，实际参 与表决董事7人。会议的召开符合《公司法》及《公司章程》 的规定。 ...

证券代码：300249 证券简称：依米康 依米康科技集团股份有限公司投资者关系活动记录表 编号：20250709 | 投资者关系活动 | √ 特定对象调研□ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访□ 业绩说明会 | | | □ 新闻发布会□ 路演活动 | | | □ 现场参观 | | | □ 其他（请文字说明其他活动内容） | | 参与单位名称及 | 广发证券：李婉云 | | 人员姓名 | 中信资管：万瑞钦、张力琦 | | 时间 | 2025 年 7 月 9 日（周三）下午 14:00~15:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书：叶静 | | 员姓名 | 证券事务代表：吴慧敏 | | | Q1：目前公司液冷进展如何？ | | | A：公司拥有液冷全栈解决方案，智能工程、关键设备、物 | | | 联软件和智慧服务四大板块能力全面契合液冷落地需求。公司液 | | | 冷全栈解决方案涉及的技术和产品包括：氟系统冷板系统；水冷 | | | 冷板系统，创新了风液同源架构，实现风液随心切换；风液浸没 | | | 一体柜，是边缘场景的解决方案，可以免建机 ...

Core Viewpoint - The rapid development of large models and generative AI technologies is creating unprecedented growth opportunities in the computing infrastructure market, prompting the company to raise funds for a new cloud computing and AI industrial park project [1][3]. Group 1: Company Expansion Plans - The company plans to raise up to 1.75 billion yuan through a private placement to build a new generation cloud computing and AI industrial park in Langfang, Hebei [1][4]. - The project will include the construction of five data center buildings, with a total of 8,925 cabinets to be deployed, and is expected to take 18 months to complete [4][5]. - As of the end of 2024, the company has expanded its operations to over 30 cities in China, with more than 43,000 cabinets in operation and total assets increasing from 1.63 billion yuan in 2019 to 12.84 billion yuan by Q1 2025 [3]. Group 2: Market Demand and Industry Trends - The global data volume is projected to reach 291 zettabytes by 2027, nearly doubling from 2023, driven by the proliferation of technologies such as 5G, IoT, and autonomous driving [3]. - Major cloud service providers are significantly increasing their capital expenditures, with Alibaba planning to invest at least 380 billion yuan in cloud computing and AI infrastructure over the next three years, creating a favorable market environment for data center service providers [3]. Group 3: Financial Performance and Challenges - The company has faced a dilemma of increasing revenue without corresponding profit growth, with revenues of 1.335 billion yuan and 2.165 billion yuan in 2023 and 2024, respectively, while net profits declined from 166 million yuan in 2022 to 141 million yuan and 124 million yuan in the following years [6]. - The company's gross profit margin has decreased from 29.51% in 2020 to 26.40% in 2024, attributed to a higher proportion of low-margin businesses such as computing equipment sales and value-added services [8]. - The asset-liability ratio has risen from 55.77% in 2020 to 71.12% by the end of 2024, indicating increasing financial risk due to a heavy asset operation model [8]. Group 4: Investment Returns and Risk Management - The company anticipates an internal rate of return of 11.49% and a payback period of 7.4 years for the new investment project, which poses challenges for cash flow management [9]. - To mitigate risks, the company is engaging potential customers early in the project investment process and aims to expedite the commissioning of new data centers to enhance cabinet utilization [9].

Group 1 - The core viewpoint of the article highlights advancements in robotics and technology, including the launch of a six-legged bionic robot dog by Yuejiang Robotics, which offers better stability and load capacity compared to four-legged structures, and is easier to commercialize than bipedal robots [1] - Zhiyuan Robotics has announced a patent for a robot motion control model, which aims to enhance control precision by utilizing actual and expected contact sequences during foot movements, thereby improving the robot's performance [2] - Mitsui O.S.K. Lines and Kinetics are set to develop the world's first floating data center powered by a generation ship, with a planned capacity of 20 to 73 MW, expected to start modifications in 2026 [3] Group 2 - A medium-sized hybrid drone (ZT-120V) has successfully completed its first test flight in Beichuan, Sichuan, designed to enhance emergency response efficiency by carrying specialized equipment such as emergency communication bases and infrared pods [4]

Core Viewpoint - The U.S. will impose a 50% tariff on imported copper starting August 1, 2025, which could significantly impact various sectors of the economy due to increased costs [1] Group 1: Tariff Details - The tariff on copper imports is set at 50% and will take effect on August 1, 2025 [1] - Copper is the third most consumed metal globally, following iron and aluminum [1] Group 2: Import Dependency - Nearly half of the copper consumed in the U.S. is imported, with a majority coming from Chile [1] Group 3: Economic Impact - The imposition of tariffs is expected to lead to cost increases across multiple sectors, including electronics manufacturing, automotive industry, construction, and data centers [1]

Group 1 - President Trump announced a 50% tariff on all copper imports to the U.S., with implementation expected around late July or August 1 [1][3] - Following the announcement, copper futures on the New York Stock Exchange surged by 17%, reaching a historic high of $5.8955 per pound [5] - The U.S. consumes nearly half of its copper from imports, primarily from Chile, indicating significant reliance on foreign supply [5] Group 2 - The imposition of tariffs on copper is expected to increase costs across various sectors, including electronics, automotive, construction, and data centers, potentially leading to inflationary pressures in the U.S. economy [5] - Douglas Holtz-Eakin, former chief economist of the White House Council of Economic Advisers, questioned the effectiveness of the tariff in addressing national security risks while highlighting the likelihood of increased domestic prices [7] - Trump also indicated plans to impose new tariffs on pharmaceuticals, semiconductors, and other specific industries, with potential tariffs on foreign-manufactured drugs reaching up to 200% [9]

Core Viewpoint - The rapid development of large models and generative AI technologies is creating unprecedented growth opportunities in the computing infrastructure market, as evidenced by the recent fundraising plans of Guangdong Aofei Data Technology Co., Ltd. [1] Group 1: Company Overview - Aofei Data is characterized as a "digital infrastructure provider," operating self-built data centers to lease cabinets and bandwidth, while also offering network security and cloud computing services [3] - By the end of 2024, Aofei Data's operations will cover over 30 cities in China, with more than 43,000 cabinets in operation and total assets increasing from 1.63 billion yuan at the end of 2019 to 12.84 billion yuan by the first quarter of 2025 [3] Group 2: Market Demand and Expansion Plans - The aggressive expansion of Aofei Data is driven by the real demand from the AI industry, with global data volume expected to reach 291 ZB by 2027, nearly doubling from 2023 [4] - Major cloud providers are significantly increasing their capital expenditures, with Alibaba planning to invest at least 380 billion yuan in cloud computing and AI infrastructure over the next three years, creating a vast market space for data center service providers [4] - Aofei Data plans to raise 1.75 billion yuan to build a new generation cloud computing and AI industrial park in Langfang, which will include five new data center buildings with a total of 8,925 cabinets [4][5] Group 3: Financial Performance and Challenges - Despite the promising expansion plans, Aofei Data faces financial challenges, with revenue growth not translating into profit increases; revenues for 2023 and 2024 are projected at 1.335 billion yuan and 2.165 billion yuan, respectively, while net profits are declining [7] - The company's gross margin has decreased from 29.51% in 2020 to 26.40% in 2024, attributed to a higher proportion of low-margin businesses [10] - The asset-liability ratio has risen from 55.77% in 2020 to 71.12% by the end of 2024, indicating increasing financial risk due to a heavy asset operation model [10] Group 4: Investment Returns and Risk Management - Aofei Data anticipates an internal rate of return of 11.49% and a payback period of 7.4 years for the new investment project, which poses challenges for cash flow management [12] - To mitigate risks, Aofei Data is engaging potential customers early in the project investment process and aims to expedite the commissioning of new data centers to enhance cabinet utilization [12]

公司研究 CoreWeave (CRWV.O)：收购 Core Scientific，加速布局 AI 数据中心 CoreWeave (CRWV.O)：收购 Core Scientific，加速布局 AI 数据中心 事件：当地时间 7 月 7 日（周一），AI 云服务巨头 CoreWeave (CRWV.O) 宣布将以约 90 亿美元的全股票交易收购加密货币数据中心运营商 Core Scientific (CORZ.O)。CoreWeave 股价当日下跌 3%，7 月 8 日续跌 5%； CoreScientific 股价当日则重挫近 18%，7 月 8 日续跌 5%。此前，在媒体 报道双方正在进行收购谈判后，两家公司股价于 6 月底均出现上涨。 交易条款 交易影响 表 1：财务预测 | 截至 12 月 31 日 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | （百万美元） | | | | | | | 营业收入 | 229 | 1,915 | 5,050 | 11,530 | 16,418 | | ...

海外大厂引领高压直流革命，800V 产业化进程有望加速 20250708 海外大厂在 HVDC 方面有哪些布局？ 微软、谷歌和 Meta 在 HVDC 方面推进积极。微软去年发布 Mont Diablo 分离 式电源架构，将服务器与电源分开，目前使用 50 伏直流供电，未来可替换为 400 伏 HVDC。谷歌去年在 OCP 大会上介绍了短期过渡方案和终极方案，终 极方案直接设计为正负 400 伏直流配电，实现数据中心级整合，并与新能源构 成微网，提高能效 0.5 个百分点。Meta 今年发布下一代高功率机架的三步走 解决方案，从现阶段 100 多千瓦到 200 千瓦的机柜内集成，到 250 千瓦边柜 电源，再到兆瓦级别正负 400 伏 HVDC。 英伟达在数据中心供电方面有哪些进展？ 英伟达今年 5 月推出 800 伏供电架构。从 2022 年起，其产品采用 3.3 千瓦 PSU 六个一组的 power shelf 供 50 伏直流；2024 年升级至 5.5 千瓦 PSU； 2025 年下半年将推出 8.5 至 12 千瓦 PSU 产品，其功率密度显著提升。预计 2026 年继续使用 12 千瓦 PSU，而 ...

Summary of the Conference Call for Guanghuan Xinnet Industry Overview - The IDC sector is currently valued at approximately 20 times earnings, which is considered the lower limit during high prosperity phases, indicating a high cost-performance ratio and suggesting investment opportunities in this sector [2][4]. Company Profile: Guanghuan Xinnet - Guanghuan Xinnet, established in 1999, is a veteran IDC provider that initially focused on internet broadband access and later expanded into IDC services in Beijing. The company went public in 2014 and has since expanded its data center operations through acquisitions and self-construction across various regions including Beijing, the Yangtze River Delta, Changsha, and Xinjiang [5]. - The company entered the cloud computing sector in 2016 through a partnership with Amazon to operate AWS services in Beijing, adopting a dual-driven growth model of "IDC + Cloud Computing" [5]. Financial Performance - The company has maintained stable revenue in recent years; however, a goodwill impairment of 1.35 billion yuan in 2022 led to a net loss. In 2023, net profit has returned to positive territory [2][6]. Future Prospects - Guanghuan Xinnet is viewed as being on a "new journey" due to several key developments: - In 2024, the company secured its first major project with a leading internet giant in Tianjin, with a demand close to 300 megawatts, which is expected to become its largest client [2][7]. - The company has planned projects in Inner Mongolia and Hohhot with a total capacity of 360-380 megawatts, which, if approved, could expand its capacity to nearly 1 gigawatt, significantly enhancing its market competitiveness [2][7]. - The company has made significant strides in Southeast Asia, having invested in a base in Johor, Malaysia, and completed the registration of an overseas company, laying the groundwork for future international expansion [2][7]. Delivery and Client Acquisition - By the end of 2024, Guanghuan Xinnet is expected to have delivered approximately 280 megawatts, with an additional 100 megawatts projected for delivery in 2025. The company has also broken into new client segments, which could catalyze future order fulfillment [2][8]. Competitive Advantages - Guanghuan Xinnet possesses several unique advantages compared to its peers: - It has a relatively low valuation, being the lowest among the three recommended companies [3][9]. - The company leads its peers in overseas expansion, having made tangible progress in the Southeast Asian market, which provides strategic support for future growth [9][10]. - Successful entry into the supply chain of major internet companies and the planning of projects in Inner Mongolia further demonstrate its strong growth potential [9][10]. Conclusion - Guanghuan Xinnet's combination of a low valuation, strategic overseas positioning, and significant project developments positions it as a compelling investment opportunity within the IDC sector [3][10].