转自：证券时报 人民财讯8月26日电，奥飞数据(300738)8月26日晚间披露半年报，2025年上半年，公司实现营业收入为 11.48亿元，同比增加8.2%；归属于上市公司股东的净利润为8789.69万元，同比增加16.09%；基本每股 收益为0.0895元。报告期内，随着人工智能行业的进一步发展，数据中心尤其智算中心的需求将进一步 增加，公司积极推进廊坊固安、天津武清、张家口怀来、广州南沙、成都双流等大型数据中心、智算中 心项目的建设与交付工作，营收规模及EBITDA（息税折旧摊销前利润）实现大幅增长。 ...

Market Overview - The A-share market saw a collective decline in the three major indices last Friday, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component Index down by 0.17%, and the ChiNext Index down by 0.24%. The total trading volume in the Shanghai and Shenzhen markets was 15,981.54 billion yuan [2][7]. - In terms of industry performance, sectors such as environmental protection, media, and light manufacturing led the gains, while oil and petrochemicals, national defense and military industry, and steel sectors faced declines. Concept stocks related to animal vaccines, DRG/DIP, and BC batteries saw the highest increases, while those related to the China Shipbuilding Industry Corporation, military equipment restructuring, and domestic aircraft carriers experienced the largest declines [2][7]. Important News - The U.S. non-farm payroll data for July fell short of expectations, with only 73,000 jobs added, marking a nine-month low and significantly below the anticipated 110,000. The unemployment rate slightly rose to 4.2%. This data indicates a rapid slowdown in the U.S. labor market, raising concerns about a potential recession [3][8]. - OPEC+ has agreed to significantly increase oil production in September, with a planned increase of approximately 548,000 barrels per day, reversing the previous reduction of 2.2 million barrels per day in August [3][8]. Industry Insights Communication Industry - The communication industry index has significantly outperformed the Shanghai Composite and ChiNext indices in the first seven months of 2025, ranking third among 31 primary industries. The valuation level of the communication industry at the end of July 2025 is comparable to the beginning of the year, remaining within a reasonable range but higher than the historical three-year average [9]. - The industry is expected to benefit from the deep coverage of 5G infrastructure and the ongoing optimization of computing power infrastructure by the three major operators. The government is promoting the development of commercial aerospace and low-altitude economies, as well as nurturing future industries like quantum technology and 6G [9][10]. AI Computing Power Industry - The AI computing power industry is experiencing a surge in capital expenditure from leading domestic and international companies, with a significant increase in the usage of Tokens, which are essential for AI processing. This indicates a robust demand for computing power [10][11]. - The demand for AI infrastructure is expected to grow, with a focus on liquid cooling technology and high-speed optical connections. The growth in AI applications is driving the demand for optical modules and copper connections, with domestic suppliers positioned favorably in the global market [11]. Low-altitude Economy and Satellite Internet - The low-altitude economy is seeing infrastructure optimization, with leading eVTOL companies obtaining necessary licenses, indicating a move towards commercial operations. The government is actively promoting policies to support the development of this sector [12]. - The satellite internet industry in China is progressing with the launch of low-orbit satellites, and advancements in technology are accelerating the commercialization of satellite internet services, including mobile direct satellite connections [12][13]. Investment Recommendations - The report suggests focusing on the AI computing power industry and the low-altitude economy as key investment opportunities. Specific areas of interest include the enhancement of AI infrastructure, the surge in Token usage, and the development of low-altitude economic infrastructure [13][19]. - Investors are encouraged to monitor the growth of AI applications and the demand for computing power, as well as the advancements in satellite internet technology and its commercial applications [19].

Core Viewpoint - Jinlong Co., Ltd. is shifting its focus from traditional brokerage business to computing power services, driven by continuous losses and debt pressure, with plans to acquire a 29.31% stake in Shenzhen Benmao Technology Co., Ltd. to facilitate this transition [2][3][4]. Group 1: Financial Performance - Jinlong Co., Ltd. has reported losses for four consecutive years, with total losses exceeding 900 million yuan from 2021 to 2024, including losses of 1.31 billion yuan in 2021, 3.92 billion yuan in 2022, 3.84 billion yuan in 2023, and 890 million yuan in 2024 [5][6]. - The company's debt-to-asset ratio has remained high, reaching 81.09% by the end of 2024, with overdue debts exceeding 700 million yuan [5][6]. - The recent sale of a 20% stake in Dongguan Securities generated 2.271 billion yuan, which helped Jinlong Co., Ltd. achieve a profit of 105 million to 153 million yuan in the first half of the year [5]. Group 2: Strategic Shift - The acquisition of Shenzhen Benmao is seen as a necessary step for Jinlong Co., Ltd. to find new growth points and reduce reliance on traditional brokerage operations [4][6]. - The computing power sector is experiencing significant growth due to favorable policies, market demand, and technological innovations, making this acquisition timely for Jinlong Co., Ltd. to capitalize on industry trends [4][6]. - The company plans to invest up to 1 billion yuan in building computing power centers in collaboration with other partners, although progress on this project has not been disclosed [3][4]. Group 3: Market Conditions - The computing power market is currently facing challenges, including overcapacity and idle resources, which may pose risks for new entrants like Jinlong Co., Ltd. [4][6]. - Experts suggest that the acquisition may require substantial cash or increased debt, raising concerns about the company's financial flexibility and operational sustainability [6].

Core Viewpoint - Jinlong Co., Ltd. is planning to invest in computing power by acquiring a 29.3% stake in Shenzhen Benmao Technology Co., Ltd., leveraging the 2.271 billion yuan from the recent sale of Dongguan Securities shares, marking a strategic shift after years of financial struggles [3][7][10]. Group 1: Investment Strategy - The investment in Shenzhen Benmao is part of Jinlong's broader strategy to transition into the computing power sector, which began over a year ago with a proposed 1 billion yuan computing power leasing plan that has yet to show tangible progress [4][8]. - The company aims to collaborate with experienced partners in the computing power field, sharing revenue from client sales, with an initial investment of approximately 1.03 million yuan for the first phase of the project [8][9]. Group 2: Financial Background - Jinlong has faced significant financial challenges, including continuous losses and high debt levels, prompting the sale of core assets to stabilize its finances [5][6]. - The successful completion of the sale of 20% of Dongguan Securities shares for 2.271 billion yuan allowed Jinlong to turn a profit in the first half of the year, enabling the new investment initiative [7][10]. Group 3: Historical Context - Shenzhen Benmao, which has seen its revenue double over four years, is now facing profitability challenges as it prepares for Jinlong's acquisition [4][10]. - The exit of Shenzhen Media Group from its investment in Benmao after four years reflects a shift in strategy, as the anticipated IPO did not materialize [10][14].

Group 1 - The core point of the article is that Jinlong Co., Ltd. plans to acquire a 29.3151% stake in Shenzhen BMT Technology Co., Ltd., which will position Jinlong as the second-largest shareholder of Shenzhen BMT if the transaction is completed [1][2] - This acquisition is expected to facilitate Jinlong's business transformation towards the digital economy infrastructure sector, particularly focusing on intelligent computing centers and computing power services [2] - Following the announcement, Jinlong's stock surged and reached a market capitalization of 13.31 billion yuan [2] Group 2 - Shenzhen BMT has total assets of 1.978 billion yuan and net assets of 485 million yuan as of the end of 2024, with projected revenue of 869 million yuan and net profit of 53.62 million yuan for the same year, indicating a solid asset scale and profitability [3] - Jinlong has faced continuous losses from 2021 to 2024, with net profits of -131 million yuan, -392 million yuan, -384 million yuan, and -89 million yuan respectively, and an increasing debt ratio from 74.86% in 2021 to 81.09% in 2024 [3] - After selling 300 million shares of Dongguan Securities, Jinlong expects to achieve profitability in the first half of 2025, with projected net profit ranging from 105 million yuan to 153 million yuan, although the net profit after deducting non-recurring items is still expected to be a loss of 112 million yuan to 95 million yuan [3]

Core Insights - The rapid development of artificial intelligence technology has led to a surge in demand for intelligent computing centers, but many of these centers are underutilized, with an average utilization rate of only 30% across the country [2][3][4] - The construction of intelligent computing centers has often been driven by blind expansion without a clear understanding of market needs, resulting in a significant amount of idle computing power [4][5] - The demand for computing power is evolving, with a shift from large-scale training needs to more fragmented and flexible requirements driven by smaller companies and AI startups [7][8] Group 1: Current State of Intelligent Computing Centers - As of November 2024, nearly 150 intelligent computing centers are operational in China, with around 400 more under construction or planned [2] - The total computing power in China is projected to reach 280 EFLOPS by the end of 2024, with intelligent computing power accounting for 90 EFLOPS, representing 32% of the total [3] - The demand for intelligent computing power in 2023 was estimated at 123.6 EFLOPS, while supply was only 57.9 EFLOPS, indicating a shortfall of over 50% [3] Group 2: Challenges in the Industry - Many intelligent computing centers, especially in smaller cities, have utilization rates below 30%, primarily due to blind construction driven by local government incentives and subsidies [4][5] - The lack of understanding among investors about the industry has led to a proliferation of centers that do not meet the complex demands of the market, resulting in oversupply of low-quality computing power [5][6] - High-performance computing centers often fail to meet the necessary power density requirements, with some centers operating below the minimum needed for effective AI training [6] Group 3: Evolving Demand and Market Opportunities - The shift from training to inference models in AI is changing the landscape of computing power demand, with smaller companies and startups increasingly seeking flexible and cost-effective solutions [7][8] - The emergence of a large number of small and medium-sized enterprises (SMEs) is expected to drive demand for computing resources, as they represent a significant portion of the market [8][9] - Initiatives like the computing power town in Hangzhou are creating platforms to match supply and demand, facilitating better resource allocation for SMEs [9] Group 4: Policy and Infrastructure Development - The Chinese government is actively working to enhance the efficiency of computing resource allocation through the establishment of unified computing service systems and platforms [11][12] - Policies such as the issuance of "computing power vouchers" are being implemented to lower barriers for SMEs and encourage broader participation in the computing ecosystem [12][13] - The development of integrated computing power trading platforms aims to streamline resource distribution and improve overall utilization rates [11][12]

Core Viewpoint - Jinlong Co., Ltd. plans to acquire a 29.3151% stake in Shenzhen Benmao Technology Co., Ltd., marking a strategic move to deepen its presence in the computing power sector [1][2]. Group 1: Acquisition Details - The acquisition involves the second-largest and fifth-largest shareholders of Shenzhen Benmao, who will transfer a combined 29.3151% stake to Jinlong Co., Ltd. [3][5]. - Shenzhen Benmao, established in 1997, focuses on intelligent computing centers and provides comprehensive solutions for the entire lifecycle of these centers [2][3]. Group 2: Financial Performance - As of the end of 2024, Shenzhen Benmao reported total assets of 1.978 billion yuan and net assets of 485 million yuan, with an annual revenue of 869 million yuan and a net profit of 53.62 million yuan [3][6]. - Jinlong Co., Ltd. has faced financial difficulties, with consecutive losses from 2021 to 2024, primarily due to underperformance in its securities business [7]. Group 3: Strategic Implications - The acquisition is expected to accelerate Jinlong's business transformation and enhance its revenue and profitability, creating more value for shareholders and ensuring sustainable development [5][6]. - Jinlong's move into the computing power sector aligns with national policies promoting artificial intelligence and aims to establish a foothold in Guangdong's intelligent computing industry [6][7].

Group 1 - The core viewpoint of the article highlights the initiation of the development of 5 national standards and 4 industry standards in the field of intelligent manufacturing within the steel industry, led by Baogang Group, aimed at addressing common technical challenges and establishing a modern intelligent manufacturing system [1][5]. Group 2 - Baogang Group is leveraging the opportunities presented by the integration of digitalization, networking, and intelligence, positioning intelligent manufacturing as a key driver for transformation and upgrading, with significant achievements in smart mines, intelligent factories, and industrial internet platforms [3]. - The company has established a comprehensive system consisting of a data asset platform, a network deployment, a series of digital projects, and a smart mine, which includes the development of the world's first autonomous mining truck transportation system [3]. Group 3 - The newly established standards reflect Baogang Group's technical strength and service capabilities in the field of intelligent manufacturing, and the company aims to deepen its innovative practices and participate in more standard-setting efforts to support national industrialization strategies [5].

成立全国首个政府直属机构区人工智能（机器人）署为产业发展保驾护航、3年拿出百亿元政府订单为 新技术新产品新服务提供支持、推出系列"城市+AI"应用场景……作为深圳市的产业大区和工业强区， 龙岗区抢抓人工智能发展的历史性机遇，全面实施"All in AI"战略，通过"技术+资金+场景+订单"组合 拳，推动人工智能产业高质量发展。 深圳市龙岗区委书记余锡权表示，龙岗区将以AI产业化、产业AI化"双向驱动"为核心路径，通过供给端 构建全要素生态、需求端激活全场景变革，加速打造技术创新与产业升级的闭环；推动人工智能技术深 度融入龙岗现有"3+4+N"产业等领域，重塑千行百业底层逻辑，培育更多"+人工智能""+机器人"产业新 赛道。 乘势而上 走进深圳云天励飞技术股份有限公司的全球创新展示中心，AI芯片、智算中心、AI拍学机、AI眼镜等 一系列创新成果呈现眼前。这家在龙岗区成长起来的上市企业基于自主研发AI芯片，打造了诸多创新 应用和产品。 "当前，人工智能应用已深度融合到生产生活各方面，云天励飞基于自主研发的神经网络处理器核心IP 和芯片，构建了AI推理芯片生态，赋能消费者、企业和行业的各类场景。"云天励飞公司副总裁 ...

Core Viewpoint - The company, Huasheng Co., plans to acquire 100% of Yixin Technology through a combination of share issuance and cash payment, while also raising matching funds from its controlling shareholder, Hunan Xingxiang Investment Holding Group Co., Ltd. [1][4] Group 1: Acquisition Details - The acquisition involves 28 shareholders of Yixin Technology, with a framework agreement signed by 26 of them, excluding Huojuchuangtou and Luo Xianwen [4] - The transaction is expected to constitute a major asset restructuring and an associated transaction, with key shareholders of Yixin Technology potentially becoming related parties post-transaction [5] - Yixin Technology specializes in computing power infrastructure, operating multiple high-performance intelligent computing centers across various regions, and is expanding its presence in central China [5] Group 2: Financial Performance - In 2024, Huasheng Co. reported revenue of 778 million yuan, a 34% increase year-on-year, but a net loss of 49.34 million yuan, a decline of 333% compared to previous years [6] - The company attributed the decline in gross profit margin to increased competition and a shift in the textile supply chain to Southeast Asia, leading to lower product prices and acceptance of low-margin orders [6] - The gross profit margins across the company's three main business sectors—trade, textile production, and others—declined by 4.95%, 1.59%, and 66.26% respectively in 2024 [6] Group 3: Future Direction - The company has identified digital transformation in the textile industry as an irreversible trend, viewing it as a key path to enhance competitiveness and achieve sustainable development [7] - The market appears optimistic about the company's strategic shift into the intelligent computing center business, which aligns with the high-growth sector the company is targeting [8] - The acquisition of Yixin Technology is seen as a potential opportunity for valuation reconstruction as the company transitions from traditional textiles to a high-growth business model [8]