摘要 IDC：国内建设持续，供需格局加速改善 20250822 IDC 板块受卡收限影响触底反弹，上架未受明显影响，大厂资本开支下 半年预计加速，TOKEN 消耗量爆发式增长预示大厂投资持续性强，当 前是相对低位布局时机。 二季度 IDC 头部标的业绩表现各异，润泽环比提升，奥菲利润表现不错， 光环受云业务影响全年承压但二季度预计优于一季度。三季度预期乐观， 润泽上架率快速提升，奥菲交付正常，光环利润环比向好。 看好四季度国产链及 IDC 链条机会，推荐润泽作为核心标的，其节点规 模与 AI 需求匹配，液冷技术领先适应高功率芯片需求，在手能评国内第 一，具备更大发展潜力和灵活性。 万国数据交付体量最大，但润泽数据扩容潜力更大，有望成为国内最大 IDC 运营商。润泽数据客户覆盖广，在手指标扩容潜力巨大，横向收并 购增强竞争力，数据中心业务成长潜力极大。 光环新网内蒙古项目能评审批通过将增加在手指标，去年中标大客户有 望继续获得新订单，积极拓展东南亚市场，但今年整体业绩承压，IDC 业务预计仍能实现增长。 Q&A 近期市场对 IDC 板块的关注度如何？基本面和业绩方面有哪些最新动态？ 近期市场开始呈现向国产链切换 ...

智算中心驱动电力需求，预计达 40GW，占新增量的 85%，标志着数 据中心建设从云计算转向 AI 算力需求，国内互联网巨头如阿里、腾讯自 2023 年 Q3 起增加资本投入，预计 2024 年高速增长后，2025 年全面 放量。 字节跳动引领国内 IDC 数据中心大规模资本开支，2024 年占据 2.5GW 招标总量的 2GW，相当于国内存量市场 1/10 的规模，其 TOKEN 数快 速增长，并对未来两年日均 TOKEN 数做出积极预期。 运营商在智算领域投资增长明确，2024 年起三大运营商平均每家落地 两个万卡集群，中国移动进行年度最大规模 AI 服务器招标，对高密度、 高能效技术方案需求强烈，逐步提升机架功率。 数据中心技术向更高密度和高能效发展，全球平均机架功率已提升至 10 千瓦以上，液冷机柜可超过百千瓦。万国、世纪互联等公司机柜建设能 力显著提高，反映行业对高性能解决方案的追求。 AI 算力集群推动单体数据中心规模扩大至四五十兆瓦以上，部分达 100 兆瓦以上，选址从一线城市向能耗宽松地区转移，乌兰察布成为新增数 据中心重要区域，2024 年总投资约 1,400 亿元，签约机架规模达 110 ...

中东商业网8月20日报道，阿布扎比可再生能源巨头"马斯达尔"（Masdar）近日表示，已将原本数 十亿美元的绿色氢能投资转向支持该酋长国在人工智能和数据中心领域的扩张，此举反映出全球清洁氢 能需求疲软，迫使企业重新评估投资方向。马斯达尔首席执行官穆罕默德·拉马希表示，全球对清洁氢 能产品的需求低于预期，而数据中心的电力需求正快速增长，这促使公司调整发展方向。目前公司斥资 60亿美元的沙漠太阳能项目所产生电力已被转用于为数据中心供电，借力能源密集型数据中心的电力消 费激增以弥补氢能计划推进缓慢的不足。上述转向令阿联酋此前提出的到2031年实现年产100万吨绿氢 的目标前景愈发渺茫。事实上，受制于成本高企和需求不足，全球多家能源企业已相继退出氢能项目， 马斯达尔的调整亦折射出整个行业的现实困境。 （原标题：阿联酋将对绿色氢能的投资转投人工智能领域，折射绿氢发展困境） ...

值得注意的是，万国数据股权投资对象DayOne近日宣布，将在芬兰拉赫蒂建设超大规模数据中心，预 计2027年投运，总投资额可达约12亿欧元，该数据中心的潜在总容量预计为128兆瓦，首个服务器集群 的容量为50兆瓦。此外，市场有消息称，目前该公司正在推进C轮股权融资，以支持后续项目建设和市 场拓展。管理层于业绩电话会议上称"股权融资第一天表现超出预期"，据悉DayOne目标在18个月内进 行首次公开募股。 智通财经APP获悉，万国数据-SW(09698)绩后高开逾6%，截至发稿，涨6.45%，报33.32港元，成交额 664.08万港元。 消息面上，万国数据发布业绩，于2025年上半年，实现净收入约56.23亿元，同比增长12.2%；毛利约 13.34亿元，同比增长22.71%；归属于万国数据控股有限公司普通股股东的净利润为约6.64亿元，同比 扭亏为盈。 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Views - The company achieved significant growth in net profit due to increased fair value of financial assets and investment income from joint ventures, with a notable increase in net profit of 156.26% year-on-year [1]. - The gaming business is expected to continue stable growth, supported by AI algorithms enhancing user experience and the expansion of digital marketing services [2]. - The company is deepening its digital technology layout, with ongoing advancements in data center infrastructure and AI applications in various sectors [3]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenue of 1.414 billion RMB, a year-on-year increase of 0.09%, and a net profit of 377 million RMB, up 156.26% year-on-year [1]. - In Q2 2025, revenue was 708 million RMB, down 3.66% year-on-year but up 0.16% quarter-on-quarter, with a net profit of 234 million RMB, reflecting a year-on-year increase of 386.45% [1]. Business Segments - The gaming business generated 706 million RMB in revenue, a year-on-year increase of 9.02%, while the subsidiary achieved 1.015 billion RMB in revenue, up 1.62% year-on-year [2]. - Digital marketing services saw significant growth, with revenue reaching 382 million RMB, a year-on-year increase of 13.97% [2]. Future Outlook - The company forecasts net profits of 673 million RMB, 773 million RMB, and 906 million RMB for 2025, 2026, and 2027, respectively, with growth rates of 31.57%, 14.88%, and 17.16% [4]. - The target price for the stock is set at 19.65 RMB, based on a sum-of-the-parts valuation method [10][14].

" 不懂电力的互联网人，做不好数据中心。 " 作者丨赵之齐 编辑丨 胡敏 2020 年前后，能源相关背景出身的汪冬宁，从蔚来离职，来到秦淮数据担任 CFO，现在也是公司总裁。 彼时，负责秦淮数据 IPO 的他，在每次季报发布与投资者的沟通中，都反复重申：用最高效的方式将电力 转换成算力。这是数据中心的第一性原理，也是秦淮一直秉承的业务使命。 然而，这类转化的第一道门槛，是"认知"这座大山： 做互联网的人不懂电力、做电力的人不懂互联网。 汪冬宁在职业生涯中常做的事，就是搭起"电力"和其它能量间的桥梁。在蔚来，他研究如何把电力高效转 化成动力；在秦淮数据见证生成式 AI 的爆发后，他更确信"电算结合"是数据中心业务的未来。 而搭起这一座座桥梁的"砖块"，是技术。早期，AI 尚未出现，数据中心仍是类房地产生意，技术未被行业 提上日程。后来，数据中心在 2021 年被列为"新基建"之一，热钱涌入，众多跨界玩家踏入行业分一杯 羹，热情第一，技术依然被往后排。 "大家容易被表面的现象迷惑"，汪冬宁感慨。在他眼中，这两年市场上越来越多数据中心面临退租，恰恰 反证数据中心行业的技术含量很高。对此，一方面，秦淮数据追求在液冷等 ...

Core Viewpoint - Analysts forecast a decline in American Tower's quarterly earnings and revenues, with EPS expected at $2.60, down 6.8% year-over-year, and revenues projected at $2.59 billion, down 10.9% from the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised 0.5% higher in the last 30 days, indicating a collective reevaluation by analysts [2]. - Revisions to earnings estimates are significant indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock performance [3]. Revenue Estimates - Analysts predict 'Total operating revenues - Data Centers' at $257.71 million, reflecting an 11.6% increase year-over-year [5]. - 'Total operating revenues - Services' is expected to reach $74.89 million, indicating a substantial increase of 59.3% from the prior year [5]. - 'Total operating revenues - Total Property' is projected at $2.50 billion, showing a decrease of 12.4% compared to the previous year [5]. Geographic Revenue Estimates - 'Geographic Revenues - Total International' is estimated at $942.78 million, down 27.9% year-over-year [6]. - 'Geographic Revenues - U.S. & Canada' is expected to be $1.30 billion, reflecting a slight decline of 1.2% [6]. - 'Geographic Revenues - Europe' is projected at $224.06 million, indicating a 10.4% increase from the prior year [6]. - 'Geographic Revenues - Latin America' is forecasted to reach $398.55 million, down 11.2% from the previous year [7]. Tenant Billings Growth - 'Organic Tenant Billings Growth - Total International' is expected at 5.8%, slightly up from 5.5% in the same quarter last year [8]. - 'Organic Tenant Billings Growth - U.S. & Canada' is projected at 3.7%, down from 5.1% year-over-year [8]. Ending Balance Estimates - 'U.S. & Canada - Ending Balance' is estimated at 41,824, down from 42,124 year-over-year [7]. - The total ending balance is projected to be 174,228, compared to 222,415 in the previous year [7]. - 'International - Ending Balance' is expected to be 107,433, down from 180,291 year-over-year [9]. Stock Performance - American Tower shares have returned +4.5% over the past month, compared to the S&P 500 composite's +5.7% change [9]. - With a Zacks Rank 2 (Buy), American Tower is expected to outperform the overall market in the near future [10].

Core Viewpoint - The Malaysian Investment Development Authority (MIDA) will approve all new data center projects and investments in Malaysia [1] Group 1 - The announcement indicates a strong governmental support for the data center industry in Malaysia [1] - This move is expected to attract more foreign and domestic investments in the technology and digital infrastructure sector [1] - The approval of new data center projects aligns with Malaysia's strategy to enhance its digital economy and infrastructure [1]

Core Insights - The global digital economy is driving the growth of data centers, which are essential for AI, cloud computing, and big data applications [1] - Zhisheng Group Holdings Limited is transitioning to a data center service provider and expanding into Southeast Asia, starting with Thailand [1][2] - The Thai data center market is experiencing significant investment and growth, supported by government initiatives and the entry of international tech giants [2] Company Developments - Zhisheng Group has acquired approximately 140,000 square meters of land in Rayong, Thailand, for the construction of a large data center [3] - The company raised approximately HKD 120 million through a special shareholder meeting to fund land acquisition and project development [3] - Strategic partnerships with influential local stakeholders, such as the Charoen Pokphand Group, enhance the company's operational capabilities in Thailand [3][4] Market Potential - The global AI data center market is projected to grow from USD 17.73 billion in 2025 to USD 936 billion by 2032, with a compound annual growth rate (CAGR) of 26.8% [2] - Thailand is positioned as a key player in Southeast Asia's data center development, driven by the Thailand 4.0 initiative and increasing demand for cloud services [2] Leadership and Strategy - CEO Lai Ningning has been instrumental in the company's transformation and international expansion since taking office in December 2024 [5] - The company is leveraging its strengths in land, capital, and connections to capitalize on opportunities in the Thai data center market [5] - Zhisheng Group aims to transition from traditional furniture manufacturing to becoming a significant player in the data center and digital infrastructure sectors [5] Company Background - Zhisheng Group primarily engages in furniture manufacturing and sales, with a focus on the domestic Chinese market [6] - The company began its data center operations in China in 2020 and has since expanded its business model to include data center construction management [6]

Summary of IDC Industry Conference Call Industry Overview - The conference call focuses on the IDC (Internet Data Center) industry, discussing the performance and outlook of various companies within this sector [1][2][3]. Key Points and Arguments 1. **Market Correction**: Following Tencent's earnings report on March 18, the IDC sector experienced a significant market correction, with domestic stocks declining by 20% to 30% and U.S. stocks showing even larger adjustments, returning to early-year levels [1]. 2. **Earnings Pressure**: The overall profit and earnings outlook for the IDC industry is expected to be under pressure throughout 2023, particularly in the first and second quarters. However, 2024 is anticipated to be a year of significant bidding activity for the industry [2][3]. 3. **Bidding and Delivery Cycle**: The bidding process in 2024 is expected to see a notable increase compared to previous years. However, the transition from bidding to delivery and revenue realization involves a lengthy preparation period, often taking six months or longer [2]. 4. **Revenue Recognition**: Revenue realization is expected to be concentrated in the second half of 2023, with profitability requiring utilization rates to reach approximately 50% to 60% [3]. 5. **Impact of Capital Expenditure (CapEx)**: Concerns regarding a potential decline in overseas capital expenditures, particularly from major companies like Microsoft, have contributed to market volatility. However, recent reports indicate that major firms are maintaining their CapEx plans [3][4]. 6. **Microsoft's CapEx Stability**: Microsoft clarified that the cancellation of certain data center leases was a normal adjustment based on project selection and delivery conditions, rather than a sign of reduced capital spending [4]. 7. **H20 Procurement Impact**: The procurement plans of major internet companies may face slight impacts due to recent developments regarding H20, but overall, the previous year's bidding volumes are expected to remain unaffected [5][6]. 8. **Domestic Chip Acceptance**: There is an increasing acceptance of domestic chips among major internet companies, which is a positive development for the industry [6]. 9. **Positive Market Sentiment**: Recent media reports suggest potential new chip releases tailored for the Chinese market, which could positively influence market sentiment [7]. 10. **Valuation Recovery**: The IDC sector has seen significant valuation adjustments, with some companies trading at around 20 times EV/EBITDA. The potential for a rebound in the sector is viewed favorably, especially following recent market corrections [8][9]. Additional Important Content - The call highlighted the strong performance of IDC companies during periods of increased demand, such as during the pandemic, where valuations reached as high as 45 times EV/EBITDA [9]. - The overall sentiment towards the IDC sector is cautiously optimistic, with expectations for a rebound in stock prices as the market stabilizes [10].