新华财经北京12月22日电四大证券报内容精华摘要如下： 中国证券报 ·"游戏+"跨界融合打开产业新空间 曾经主要被视为娱乐产品的游戏，正在打开新的可能性。随着数字技术的演进，游戏产业积累的技术能 力、设计思维与用户基础，开始系统性地溢出原有边界，与医疗、教育、文旅、制造等传统领域深度融 合。业内人士表示，游戏正从提供娱乐消遣的载体，演进为驱动实体产业数字化发展、服务社会多元需 求的柔性工具。这种转变，重塑着人们对游戏的认知，也开辟出新的产业增长点。 ·锚定高质量发展万亿元级"游戏经济"生态浮现 在政策环境持续优化、版号供给充足的背景下，中国游戏产业正从高速增长阶段，坚定迈向以"高质量 发展"为核心的新阶段。《2025年中国游戏产业报告》显示，2025年，国内游戏市场实际销售收入达 3507.89亿元，同比增速达7.68%，产业基本盘稳固。更为深刻的变化在于，行业的价值认知与发展脉络 正在重构——"游戏经济"展现出市场规模超1.2万亿元的广阔生态；以人工智能为代表的技术革新与以 传统文化为内核的内容深耕，正构筑起产业新的竞争壁垒；而出海与履责并重，标志着行业寻求可持续 发展的成熟姿态。多位从业者表示："游戏产业 ...

根据公司最新指引，其人工智能数据中心(AIDC)收入将由2025年预期的10亿元人民币，倍增至26年的 20亿元人民币，并于27年进一步增至40亿元人民币。公司又预期，明年本地及海外AIDC新订单将分别 同比增长50%及92.3%，至15亿及25亿元人民币。 花旗发布研报称，基于AIDC相关新订单强劲及盈利预测更高，将威胜控股(03393)2025至27年的净利润 预测调高1%至5%，目标价由15.5港元升至21港元，评级"买入"，认为该股极有可能于明年3月获纳入互 联互通机制。花旗早于11月25日对公司开启90天正面催化观察。 ...

根据公司最新指引，其人工智能数据中心(AIDC)收入将由2025年预期的10亿元人民币，倍增至26年的 20亿元人民币，并于27年进一步增至40亿元人民币。公司又预期，明年本地及海外AIDC新订单将分别 同比增长50%及92.3%，至15亿及25亿元人民币。 智通财经APP获悉，花旗发布研报称，基于AIDC相关新订单强劲及盈利预测更高，将威胜控股 (03393)2025至27年的净利润预测调高1%至5%，目标价由15.5港元升至21港元，评级"买入"，认为该股 极有可能于明年3月获纳入互联互通机制。花旗早于11月25日对公司开启90天正面催化观察。 ...

花旗发表研究报告指，根据威胜控股最新指引，其人工智能数据中心(AIDC)收入将由2025年预期的10 亿元，倍增至26年的20亿元，并于27年进一步增至40亿元。公司又预期，明年本地及海外AIDC新订单 将分别按年增长50%及92.3%，至15亿及25亿元。基于AIDC相关新订单强劲及盈利预测更高，该行将 2025至27年的净利润预测调高1%至5%，目标价由15.5港元升至21港元，评级"买入"，认为该股极有可 能于明年3月获纳入互联互通机制。花旗早于11月25日对公司开启90天正面催化观察。 ...

Core Insights - The market sentiment in the U.S. AI data center sector is experiencing a significant reversal, with excitement from large-scale transactions and record contracts fading due to project delays and blame-shifting among stakeholders [1][2] - Supply chain tensions are beginning to materially impact corporate performance, as evidenced by CoreWeave's warning of a potential revenue hit of $100 million to $200 million due to delays from third-party developers [1][3] - The delays are not isolated to individual companies but reveal systemic bottlenecks within the industry, as GPU delivery speeds have outpaced facility construction, leading to idle hardware waiting for deployment [1][6] Project Delays and Accountability - CoreWeave has become a case study in the blame game, as CEO Mike Intrator indicated that revenue would be severely impacted due to delays attributed to third-party data center developers, speculated to be Core Scientific [3][4] - Microsoft previously reduced contracts with CoreWeave due to delays at a Texas data center, which is powered by Core Scientific, highlighting the interconnected nature of these delays [3][4] - Core Scientific's CEO Adam Sullivan criticized the unrealistic timelines for AI data centers and noted that public disclosures of delays can create market confusion and erode confidence [4] Financial Pressures and Contractual Obligations - The stakes in the AI compute race are high, with strict financial terms in contracts often including penalties for missed deadlines or operational failures, which can significantly impact the already thin margins of GPU cloud leasing businesses [5] - The urgency to assign blame for missed deadlines is heightened, as even minor delays can have substantial financial repercussions for companies committed to rapid delivery schedules [5] Hardware Backlog and Strategic Adjustments - The mismatch between hardware supply and facility readiness has led to a backlog of GPUs, with some companies forced to store idle units while awaiting deployment instructions [6] - Major tech companies are adjusting their strategies to build buffers, with Meta acknowledging the need for phased data center construction to quickly scale capacity when needed [6] - The increasing difficulty in securing power and other resources may lead more clients to diversify their partnerships with multiple data center providers to mitigate risks [6]

Financial Data and Key Metrics Changes - KULR Technology Group reported approximately $6.9 million in revenue for Q3 2025, representing a 116% year-over-year growth and a 75% sequential increase from the previous quarter [4][23] - The company achieved a new trailing 12-month revenue record of $16.7 million, marking the fifth consecutive quarter of revenue growth compared to the prior year [23] - Product revenue grew by 112%, while services revenue declined by 74%, indicating a strategic shift towards a product-driven business model [23] Business Line Data and Key Metrics Changes - The transition from services to product revenue is evident, with product revenue more than doubling [4] - The launch of KULR One Air has resulted in over 150 battery SKUs, positioning the company in a rapidly growing market segment [5][11] Market Data and Key Metrics Changes - The UAV and drone battery market is projected to grow from approximately $1.5 billion in 2025 to over $2.4 billion by 2030, driven by increased adoption in various sectors [12] - KULR is expanding its KULR One platform into AI data centers and telecom infrastructure, tapping into some of the fastest-growing energy markets globally [5][14] Company Strategy and Development Direction - KULR aims to grow its energy storage and management business tenfold over the next three years, supported by a strong financial foundation and strategic investments [5] - The company plans to expand its Texas headquarters to over 100,000 sq ft and scale production significantly to meet rising demand [6][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering a super growth cycle as demand surges for advanced energy storage solutions across core markets [8] - The company is well-positioned to capitalize on the increasing demand for high-performance energy systems, particularly in the context of AI and telecom infrastructure [9][10] Other Important Information - KULR holds approximately $120 million in Bitcoin, reflecting a disciplined approach to its digital asset strategy [26][34] - The company has no debt and a strong cash position, allowing it to navigate market volatility effectively [34] Q&A Session Summary Question: What is KULR's strategic priorities today as a Bitcoin treasury company with operations? - KULR's priorities are focused on its core energy management and storage business, alongside vibration reduction technologies, both of which are expected to drive strong revenue growth for 2026 [27] Question: What is the long-term strategy for the Bitcoin treasury and mining operations? - The company believes in a favorable long-term pricing outlook for Bitcoin and has shifted to growing its position through mining, which also aligns with its energy storage solutions [29] Question: What outcomes have been achieved in terms of institutional participation and market perception since the reverse split? - Since the reverse split in June 2023, institutional ownership has more than doubled, and there are no plans for another reverse split [30] Question: Can management provide updates on partnerships with government, military, aerospace, and corporate sectors? - KULR is making steady progress on partnerships, which involve multi-stage qualification and certification processes, and these engagements are crucial for establishing long-term pathways for product integration [31] Question: What concrete steps is management taking to stabilize the stock price? - The primary focus is on accelerating revenue growth in core markets, with significant traction in autonomous systems and energy storage solutions [33]

Core Viewpoint - The A-share market continues to show weakness, with the ChiNext New Energy ETF experiencing a decline, while the storage industry is poised for growth driven by policy support and market demand [1][2]. Group 1: Market Performance - The A-share indices continued to decline in the afternoon session, with the ChiNext New Energy ETF (159368) falling over 4% [1]. - The ChiNext New Energy ETF (159368) saw a net inflow of 37.43 million yuan yesterday, leading comparable funds, with its share surpassing 480 million [1]. - The trading volume of the ChiNext New Energy ETF (159368) exceeded 60.7 million, ranking first among similar products [1]. Group 2: Policy and Industry Outlook - The State Council issued an implementation opinion to accelerate the cultivation of new scenarios and promote large-scale applications, focusing on the demand for new productive forces [1]. - The stability and greening of energy supply for Artificial Intelligence Data Centers (AIDC) are increasingly important, with storage technology being a key support [1]. - CITIC Securities predicts a high prosperity development period for the storage industry, driven by both policy and market factors, particularly in the context of power shortages in the U.S. due to AIDC integration and manufacturing return [1]. Group 3: Company and Product Details - The ChiNext New Energy ETF (159368) is the largest ETF tracking the ChiNext New Energy Index, covering various sectors including batteries and photovoltaics [2]. - The ETF has the highest elasticity, with a potential increase of up to 20%, and the lowest fee rate, with a total management and custody fee of only 0.2% [2]. - As of October 31, 2025, the ETF's scale reached 829 million yuan, with an average daily trading volume of 90.05 million over the past month, and it contains 59% storage and 32% solid-state battery components [2].

Core Viewpoint - IREN Limited has been identified as one of the "12 most promising blockchain and cryptocurrency mining stocks" according to hedge fund assessments, with BTIG raising its target price from $32 to $75 while maintaining a "buy" rating [1] Group 1: Company Developments - IREN Limited has signed a multi-year cloud service contract with an AI company, involving the deployment of NVIDIA's Blackwell series GPUs, covering 11,000 out of 23,000 GPUs [1] - The contracts are expected to enhance IREN's GPU presence in data centers located in British Columbia, Canada, and Texas, USA, with a projected AI cloud service revenue of $225 million by the end of 2025 [1] Group 2: Market Trends - The demand for on-demand power from hyperscalers and new cloud service providers focused on artificial intelligence is increasing, positioning IREN to capitalize on high-performance computing (HPC) hosting opportunities [1]

Core Insights - The rapid evolution of artificial intelligence technology has made computing power a core engine driving the digital economy, leading to increased investment in Artificial Intelligence Data Centers (AIDC) by leading companies in the technology and telecommunications sectors [1][2] - The AIDC industry is expected to experience rapid growth over the next two to three years, with significant opportunities emerging as companies collaborate to address challenges and develop industry standards [1][2] Industry Overview - As of June 2025, China is projected to have 10.85 million standard racks in use for computing power centers, with intelligent computing power expected to reach 788 EFLOPS [1] - The share of intelligent computing power in total computing power in China is anticipated to rise from 3% in 2016 to 35% by 2025 [1] - The market size of China's intelligent computing center is expected to reach 135.6 billion yuan by 2025, marking a significant milestone in the AI infrastructure competition [3] Challenges Faced - The AIDC industry faces multiple challenges, including heat, electricity, and space constraints, as well as a lack of standards and long construction cycles [2][5] - The need for standardization and productization in infrastructure is viewed as a crucial path to address these challenges [5] Company Initiatives - Major companies like JD Cloud and iFlytek are accelerating their AIDC construction efforts, with JD Cloud managing 22,000 racks across four self-built data centers [3] - China Mobile is developing an "N+X" intelligent computing center layout, having established two national nodes and twelve regional nodes, integrating its self-developed "Jiutian" model [3][4] Standardization Efforts - The establishment of systematic standards for AIDC infrastructure is critical for efficient and interconnected development, with industry leaders advocating for modularization and standardization of products [5] - The Global Computing Coalition (GCC) is working with industry players to develop standards that will support high-quality AIDC construction and optimization [5]

Summary of Key Points from Conference Call Records Industry Overview - **Solid-State Battery Industry**: Major lithium battery manufacturers are expected to initiate large-scale tenders and production line layouts, focusing on dry electrode, interface coating, and high-voltage components [1][2] - **AIDC (Artificial Intelligence Data Center)**: Solid-state transformers are anticipated to become the ultimate solution for power supply systems, with domestic and international companies actively investing in this area [1][4] - **Photovoltaic Industry**: Currently at a cyclical bottom, with silicon material prices recovering; major manufacturers' signing prices are around 50,000 yuan per ton [1][7] Core Insights and Arguments - **Solid-State Battery Developments**: Significant advancements in solid-state battery technology, such as Mercedes testing a vehicle with a solid-state battery achieving a range of 1,205 kilometers and an energy density of 450 Wh/kg [1][2] - **Investment Opportunities**: Investors should focus on incremental segments in solid-state batteries, including new equipment or materials compared to liquid batteries, and monitor feedback from downstream companies [2] - **Power Supply Challenges**: The PJM report indicates that existing power supply may not meet the demands of large data centers, highlighting the importance of energy storage systems [1][4] Investment Recommendations - **Solid-State Battery Equipment**: Suggested companies include Nacknor for dry coating, Soft Control for dry mixing, and leading firms in various segments such as Shanghai Xiba and Yicheng New Materials [3] - **AIDC Technologies**: Key players include Eaton, ABB, and domestic companies like Xidian and Guoxuan High-Tech, with solid-state transformers offering advantages over traditional HVDC and UPS solutions [4] - **Photovoltaic Material Companies**: Focus on companies like Tongyu Co. and Daitian Energy for silicon materials, and consider firms in auxiliary materials and new battery technologies [7][8] Additional Important Insights - **Human-Robot Interaction**: Tesla's Optimus robot is expected to reach a production of 50,000 units by 2026, with significant developments in the humanoid robot sector [5][6] - **Energy Storage and Wind Power**: Companies like Sungrow are pivotal in the energy storage sector, while offshore wind power opportunities are emerging due to relaxed regulations in the UK [9] - **Grid Industry Growth Potential**: The grid industry is currently at a low point but has growth potential, with expected annual revenue growth of over 6% for traditional power equipment from 2025 to 2026 [10]