其二，引入与规范多元资本力量，构建促进新型要素开发与价值转化的投融资生态。资本是助推要素市场化配置的活水。 各地区要积极稳妥地引导各类资本参与新型要素的开发利用。一方面，鼓励风险投资、产业基金等市场化资本投向数据清洗标 注、算力基础设施、低空经济、卫星互联网等关键领域，支持创新型企业发展。另一方面，要完善监管框架，防止资本无序扩 张，确保投资流向符合国家战略导向和公共利益。探索数据资产入表、数据信贷、算力金融等创新工具，为要素价值转化提供 多元化金融支持。 其三，以场景开放为牵引，推动新型要素融合应用与产业赋能落地见效。要素的价值最终体现在赋能实体经济上。试点地 区可主动开放智慧城市、智能制造、数字文旅、低空物流等丰富的应用场景，通过"揭榜挂帅""赛马"等机制，促进新技术、新 业态、新模式的测试验证和规模化应用。重点支持传统产业利用新型要素实现转型升级，培育一批具有国际竞争力的数字产业 集群，让改革成果切实体现为产业竞争力的提升和经济高质量发展的实效。 各试点地区应勇于担当，率先形成一批可复制、可推广的新型要素配置创新模式和制度成果，为在全国范围内深化要素市 场化改革、充分释放数字经济新动能闯出新路、作出示范 ...

Core Viewpoint - Dongyangguang Group is acquiring 100% equity of Qinhuai Data China for 28 billion yuan, marking a significant step in integrating into the "East Data West Computing" project and enhancing the national integrated computing network [1][2][6] Group 1: Acquisition Details - The acquisition involves a cash payment of 28 billion yuan to Bain Capital for Qinhuai Data China's operations in China [1][2] - Qinhuai Data China is recognized as a leading third-party large-scale computing infrastructure solution provider, ranking first in three key indices: intensive development, international layout, and green low-carbon [2] - The projected revenue for Qinhuai Data China in 2024 is 6.048 billion yuan, with a net profit of 1.309 billion yuan [2] Group 2: Strategic Importance - The acquisition aligns with Dongyangguang Group's strategy to embrace the digital economy and transition from manufacturing to intelligent manufacturing [3][6] - The move is seen as a vital step in enhancing the company's capabilities in green computing and artificial intelligence [6] Group 3: Synergy and Collaboration - Post-acquisition, both companies will collaborate across four dimensions: regional layout, technology, product, and demand [4] - Dongyangguang Group will leverage its clean energy resources to provide low-cost green electricity to Qinhuai Data China, supporting its low-carbon development goals [4] - The integration of Dongyangguang's liquid cooling technology with Qinhuai Data's operations aims to create a comprehensive solution that enhances energy efficiency in data centers [5] Group 4: National Strategy Alignment - The acquisition reflects Dongyangguang Group's commitment to aligning its business strategy with national initiatives, particularly in building advanced computing infrastructure [6] - The company aims to enhance its autonomous control over data assets, contributing to the broader goal of integrating digital and physical economies in China [6]

9月10日，深圳市东阳光实业发展有限公司（东阳光集团）宣布携手上市公司东阳光（600673.SH）及 其他联合投资人组成买方团，通过现金支付方式，拟以280亿元向贝恩投资收购秦淮数据中国业务公司 100%股权。 秦淮数据中国是第三方超大规模算力基础设施解决方案运营商，在行业内具有显著地位。东阳光集团董 事长张寓帅表示，本次收购是东阳光集团主动融入"东数西算"工程、服务构建全国一体化算力网络的关 键一步。未来，集团将优先保障业务的平稳过渡与持续运营，并重点推动双方在液冷材料、AIDC（智 算中心）、清洁能源等领域的资源整合，共同打造"绿电-硬件-算力-AI-运营"一体化数字基础设施生 态，致力于建设服务人工智能的超大规模绿色智慧算力中心。 ● 本报记者 彭勇 张兴旺 转型升级：拥抱数字经济 9月10日晚间，东阳光公告称，东阳光与关联方、控股股东东阳光集团拟共同增资宜昌东数一号投资有 限责任公司，增资金额分别为35亿元、40亿元。同时，东数一号通过全资孙公司宜昌东数三号投资有限 责任公司拟收购秦淮数据中国区业务经营主体100%股权。 公告显示，秦淮数据中国区业务2024年实现营收60.48亿元，净利润为13.09 ...

证券时报记者 严翠 AIDC（算力基础设施）领域首份标准文件即将发布。 （原标题：首份AIDC标准文件将发布 行业发展更加规范） 届时，业界首个针对AIDC建设的系统性标准文件《AIDC基础设施规范》也将预发布。这部由GCC牵 头，联合产业链数十家头部企业共同编撰的规范，有望令AIDC建设从"各自摸索"的探索期，迈向"有章 可循"的规范化发展新阶段。 据了解，随着人工智能技术的爆发式增长，我国AI算力需求随之激增，算力已成为驱动数字经济发展 的核心引擎。然而，在这场奔向智能未来的竞赛中，"AI机房"的产业困局正日益凸显，成为制约AI产业 高质量发展的瓶颈。 具体而言，当前AI大模型训练与推理带来的高算力密度，正对传统数据中心在"热、电、空间"三方面发 起挑战。机柜功率密度需求从几千瓦飙升至数百千瓦，传统风冷技术难以为继，液冷成为必然选择。更 严峻的是，AI应用迭代以"天"为单位，而AIDC的建设或改造周期却仍以"年"为单位。现有规范已难以 适配AIDC高密、高耗的特性，业界各自摸索建设路径，不仅推高了成本，更极大地拉长了交付周期。 为破解上述难题，本次大会以"释放澎湃算力，开启AIDC新纪元"为主题，旨在凝聚 ...

Core Viewpoint - The recent investment of $1.5 billion by the Abu Dhabi Investment Authority (ADIA) in GLP Pte Ltd marks a significant upgrade in their partnership, transitioning ADIA from a limited partner to a strategic investor, which is expected to enhance GLP's financial strength and strategic alignment in capturing new opportunities in the new economy sector [2][4][6]. Group 1: Investment Details - ADIA's investment consists of an initial deployment of $500 million, with the remaining amount to follow, indicating a strong commitment to GLP's growth [4][6]. - GLP's asset management scale has reached $80 billion, focusing on supply chain, big data, and new energy sectors, which positions it well for future expansion [5][9]. Group 2: Strategic Implications - The collaboration is seen as a mutual recognition of the potential in the new economy sector, combining GLP's logistics and technology innovation with ADIA's diversified asset allocation experience [3][6]. - ADIA's investment strategy has shifted towards the new economy, as evidenced by its recent investments in AI and data analytics, indicating a broader trend of sovereign wealth funds targeting high-growth sectors [5][11]. Group 3: Market Position and Performance - GLP has established a strong presence in China, particularly in the public REIT market, with its GLP REIT being the largest in terms of market capitalization and asset scale among logistics REITs in China [8][9]. - The company has built a comprehensive logistics and manufacturing infrastructure network across 70 regional markets, serving nearly 3,000 clients, which demonstrates its operational capabilities and market reach [9][10]. Group 4: Future Growth and Expansion - GLP is actively expanding into new economic infrastructure areas, including data centers and cold chain logistics, reflecting its strategic pivot towards high-demand sectors [10][11]. - The partnership with ADIA is expected to provide GLP with enhanced strategic resources and funding support, facilitating its growth in emerging markets and technology sectors [7][11].

Core Viewpoint - The strategic investment of $1.5 billion by Abu Dhabi Investment Authority (ADIA) in Prologis signifies a strong commitment to China's new economy sectors, highlighting a new model for global capital to engage deeply with China's real economy [1][2]. Group 1: Investment Details - ADIA's initial $500 million investment is allocated to logistics supply chains, digital infrastructure, and new energy projects, indicating a focus on high-growth sectors [1]. - Prologis has established itself as a dual-identity entity, functioning as both an infrastructure operator and a capital hub, managing nearly $80 billion in global assets [1][3]. Group 2: Partnership Evolution - The collaboration between ADIA and Prologis has evolved from financial investment to a strategic partnership, reflecting a deeper commitment to the latter's business model and growth potential [2][4]. - Prologis has a history of successful collaborations with ADIA, having previously engaged in multiple fund investments across various markets [2]. Group 3: Business Model and Ecosystem - Prologis operates as an alternative asset investment and management institution, focusing on new economy sectors while providing operational services linked to infrastructure assets [3][5]. - The company has developed a closed-loop value creation system that integrates industry and capital, which is highly valued by long-term capital investors like ADIA [4]. Group 4: Market Potential and Economic Indicators - The logistics and warehousing industry in China has shown resilience, with a social logistics total exceeding 200 trillion yuan and a year-on-year growth of 5.2% [7]. - The demand for digital economy infrastructure, particularly in AI and renewable energy, is rapidly increasing, driven by national strategies and market needs [7][8]. Group 5: Future Prospects - Prologis is reportedly planning a potential IPO in Hong Kong, which could provide global capital with easier access to investment opportunities in China [8]. - The recent strategic investment from Zhejiang state capital into Prologis's computing center business underscores the synergy between international and local capital in promoting AI and industrial integration [8].

Core Viewpoint - The company plans to raise a total of RMB 1,353.70 million through a targeted issuance of A-shares, with the net proceeds intended for investment in key projects, particularly in the artificial intelligence and computing power infrastructure sectors [1][5][18]. Group 1: Fundraising and Investment Plans - The total amount to be raised is RMB 1,353.70 million, which will be allocated to various projects after deducting issuance costs [1]. - The company will adjust the specific use of funds based on the importance and urgency of the projects if the actual raised amount is less than planned [1]. - A portion of the funds, RMB 300 million, will be used to supplement working capital to support the company's expanding operations [16][17]. Group 2: Industry Background and Market Trends - The government is strongly supporting the development of the artificial intelligence industry, emphasizing the integration of digital technology with the real economy [1][2]. - The demand for computing power infrastructure is expected to grow exponentially as the AI industry enters a rapid growth phase, with the scale of intelligent computing power in China projected to reach 1,037.3 EFLOPS by 2025 [2][6]. - The intelligent computing service market is also anticipated to grow significantly, with a projected compound annual growth rate of 57.3% from 2023 to 2028 [7]. Group 3: Company Strategy and Development - The company is aligning its strategy with national policies on digital economy and AI, focusing on high-quality development and the creation of new productive forces [4][16]. - The company aims to enhance its core competitiveness by improving personnel quality, introducing external talent, and increasing management efficiency [16]. - The company has a solid foundation in IT and computing equipment implementation, with extensive experience in project execution and operation [14][15]. Group 4: Project Details and Implementation - The main project involves the construction and operation of an intelligent computing cluster, which includes purchasing high-performance computing servers [5][12]. - The project is expected to significantly enhance the company's computing power capabilities, providing robust intelligent computing services to clients [5][12]. - The company has already secured substantial contracts in its computing power business, with revenues showing significant growth [13].

Core Viewpoint - The A-share market is experiencing a surge in investor sentiment, with private equity firms actively increasing their positions, as evidenced by over 60% of large private equity firms nearing full investment capacity [1][2]. Group 1: Market Trends - As of August 15, the average position of large-cap stock private equity firms rose to 82.29%, a significant increase of 8.16 percentage points from the previous week [1][2]. - The proportion of large-cap private equity firms with positions above 80% reached 61.97%, up 24.81 percentage points from the previous week [2]. - The overall sentiment in the market is optimistic, with a notable increase in trading activity and investor confidence [3]. Group 2: Investment Strategies - Private equity firms are focusing on technology growth, small and mid-cap stocks, and high-prosperity sectors, with a general strategy of increasing positions and maintaining high investment levels [1][2]. - Specific sectors of interest include AI applications, high-end manufacturing, and semiconductor equipment, with significant capital allocated to these areas [4][5]. - The liquidity in the market is driving the adjustment of investment strategies, with a focus on sectors like robotics, domestic AI chip companies, and innovative pharmaceuticals [5][6]. Group 3: Future Outlook - Private equity firms maintain a positive outlook on the long-term market trend, anticipating a potential long-cycle upward movement in the market [6]. - The macroeconomic narrative appears favorable, with increasing liquidity and a positive sentiment expected to drive market performance [6][7]. - Despite the optimistic outlook, there are warnings about potential market volatility due to high turnover rates, which have reached historical highs since 2021 [6].

Core Viewpoint - Industrial Fulian's stock price reached the daily limit, with a market capitalization approaching 1 trillion yuan and a trading volume of nearly 12 billion yuan [1] Group 1: Market Performance - The Communication ETF (515880) rose over 3.7%, with a gain of over 100% since the rebound on April 9, as of August 19 [1] - In the past 10 trading days, there has been a net inflow of over 1.5 billion yuan into the Communication ETF (515880), which currently has a scale exceeding 5 billion yuan [1] Group 2: Industry Insights - The current liquidity remains loose, with AI being a core direction for the technology sector in this bull market [1] - According to CITIC Construction Investment Securities, the development of large models is still in the early to mid-stages, and the industrial application cycle has just begun [1] - Investment in computing power is expected to grow alongside the revenue from large models, indicating a high potential ceiling for investments [1] Group 3: Investment Recommendations - The Communication ETF (515880) has over 40% of its index in optical modules, with servers and copper connections making up over 60%, indicating a significant representation in mainstream AI and communication indices [1] - Continuous attention is recommended for the Communication ETF (515880) due to its strong positioning in the computing power infrastructure supply chain [1]

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][66]. Core Insights - The communication industry is experiencing robust growth driven by AI infrastructure and high demand for related products, particularly in the optical communication and AI server sectors [4][66]. - Major domestic optical communication companies are seeing rapid revenue growth, with significant contributions from high-speed optical modules [2][31]. - The three major telecom operators are showing stable performance with increasing dividends, indicating a solid investment opportunity [4][42]. Summary by Sections Industry News Tracking - Industrial Fulian reported a revenue of 360.76 billion yuan in H1 2025, a year-on-year increase of 35.58%, with net profit rising by 38.61% [13]. - Lumentum's cloud computing and networking business grew by 66.5%, with Q4 revenue reaching $480.7 million, up 55.9% year-on-year [21][22]. - AVC's revenue for H1 2025 was 52.927 billion New Taiwan dollars, a 66.48% increase, driven by strong demand for AI server cooling and chassis products [25]. Domestic Optical Communication Companies - Huagong Technology's revenue in H1 2025 was 7.629 billion yuan, up 44.66%, with net profit increasing by 44.87% [31]. - Taicheng Technology achieved a revenue of 828 million yuan in H1 2025, a 62.49% increase, with net profit rising by 118.02% [36][37]. Telecom Operators Performance - China Mobile reported a revenue of 543.8 billion yuan, a slight decrease of 0.5%, but net profit increased by 5.0% [48]. - China Telecom's revenue grew by 1.3% to 269.4 billion yuan, with net profit increasing by 5.5% [48]. - China Unicom's revenue reached 200.2 billion yuan, up 1.5%, with net profit growing by 5.1% [48]. Market Performance Review - The communication sector index rose by 7.66%, outperforming the Shanghai and Shenzhen 300 index, which increased by 2.37% [3][62]. - The optical module and device sectors showed strong performance, with significant gains in stock prices [63]. Investment Recommendations - The report suggests focusing on AI computing infrastructure, particularly in optical communication and domestic computing sectors [4][66]. - Long-term investment in the three major telecom operators is recommended due to their stable operations and increasing dividend payouts [4][66].