Group 1 - Data Port's stock price has declined for three consecutive days, with a total drop of 5.83%, currently trading at 24.06 CNY per share and a market capitalization of 17.284 billion CNY [1] - The company, Shanghai Data Port Co., Ltd., was established on November 18, 2009, and listed on February 8, 2017, primarily engaged in data center server hosting services and network bandwidth services [1] - The revenue composition of Data Port's main business includes 99.39% from IDC services, 0.47% from IDC solutions, and 0.14% from cloud sales [1] Group 2 - Among Data Port's top ten circulating shareholders, a fund under Huatai-PineBridge has increased its holdings by 545,700 shares, now holding a total of 1.8599 million shares, representing 0.31% of circulating shares [2] - The fund, Zhongzheng Shanghai State-owned Enterprise ETF (510810), has experienced a loss of approximately 911,400 CNY today and a total loss of 2.7713 million CNY during the three-day decline [2] - The fund was established on July 28, 2016, with a current size of 7.495 billion CNY, showing a year-to-date loss of 3.62% and a one-year return of 23.37% [2]

中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...