随着人工智能工作负载的爆炸式增长，传统数字基础设施正面临前所未有的能源与物理极限挑战，迫使 行业重新构想数据中心的物理形态。从利用服务器废热为社区水疗中心供能，到将计算节点发射至地球 轨道以利用全天候太阳能，一场旨在解决能源瓶颈的激进架构变革正在云计算行业展开。 据CNBC 29日报道，联想企业AI负责人Simone Larsson警告称，行业即将迎来一个"临界点"，届时现有 的数据中心架构将不再适用。随着越来越多的AI任务涌入这些能源密集型设施，电力供应链面临的压 力将急剧增加，这迫使科技巨头和基础设施开发商必须跳出传统思维，探索能够缓解电网压力并满足可 持续发展目标的"开箱即用"解决方案。 这一趋势正在催生新的投资赛道，从地面基础设施的改造延伸至太空领域。欧洲航天局资助的研究项目 以及由英伟达支持的初创公司Starcloud正在加速"轨道数据中心"的竞赛，Thales Alenia Space计划在2028 年进行首次轨道演示任务。与此同时，尽管面临巨大的技术与成本门槛，自2020年以来，已有约7000万 欧元（约合8200万美元）的私人资本投入到太空数据中心项目中。 然而，分析人士指出，尽管这些创新愿景 ...

《国资报告》：对于党的二十届四中全会精神，您有哪些学习体会？ 马咏华：党的二十届四中全会，是我党在向第二个百年奋斗目标进军的新征程上举行的一次十分重要的会议，让我们倍感振奋、催人奋进。四中全会要 求，要深化国资国企改革，做强做优做大国有企业和国有资本，推进国有经济布局优化和结构调整，增强国有企业核心功能，提升核心竞争力。四中全会 还指出，要高标准推进海南自由贸易港建设，都为海南的国资国企改革发展，指明了方向，提供了根本遵循。我们要按照中央和海南省委省政府的要求， 进一步推进海南国资国企，做强做优做大，在自贸港建设中发挥好主力军和顶梁柱的作用，为自贸港高水平建设海南自由贸易港和推进海南高质量发展发 挥战略支撑作用。具体来说，我们要进一步把资源、资产、资本、资金向优势产业、优秀企业集中，向旅游业、现代服务业、高新技术产业和热带特色高 效农业集中，聚焦"向天图强、向海图强、向种图强、向数图强、向绿图强"，培育新质生产力，为海南打造最有海南特色和优势的现代化产业体系做出我 们的贡献。我们还将进一步完善国有企业履行战略功能的评价体系，让国有企业为海南经济高质量发展和民生保障、基础设施建设发挥更好的作用。 今年10月底， ...

2025年12月17日（周三）17:00，36氪OpenTalk举办「从水上到水下：海洋装备开辟新航道」直播活动，特别邀请欧卡智舶创始人&CEO朱健楠、昊野科 技集团创始人&董事&CEO高万良两位嘉宾，分别围绕「水面具身，智能船舶的AI技术与产业化落地逻辑」、「水中装备的发展方向」两大主题，聚焦智 能船舶、水面无人驾驶系统、水下推进器、新能源船舶动力系统等热点话题，探讨海洋科技的"破局点"与"未来式"。 2025年，政府工作报告首次将"深海科技"列为新兴产业核心，中央也强调要"推动海洋经济高质量发展"；海洋经济概念股在资本市场一度掀起涨停潮，年 内多家领域内创业公司获得融资。在政策和市场的双重驱动下，海洋科技赛道正展现出万亿元级蓝海的巨大潜力。 在技术突破层面，海洋科技正从"浅海探索"向"深海开发"迈进。水下机器人、智能传感、海底数据中心等关键技术加速迭代，推动海洋装备制造、海洋新 能源等新兴产业快速崛起。与此同时，深海材料、水下能源动力等底层技术逐步突破，为构建"海陆空天一体化"的海洋数字底座奠定了基础。 在这场全球深蓝竞速中，中国凭借着持续的研发投入、丰富的应用场景以及完善的产业生态跻身国际前列。但海洋科 ...

Core Insights - The report highlights that deep-sea technology is expected to seize significant opportunities due to the resonance between policy planning and industry trends. The 2025 Government Work Report has for the first time included deep-sea technology as a strategic emerging industry alongside commercial aerospace and low-altitude economy, emphasizing the promotion of safe and healthy development of emerging industries [4][16][23] - The report suggests focusing on three core investment themes: 1) Deep-sea equipment, 2) Marine digitalization, and 3) Deep-sea wind power [4][8][36] Policy Support - National policies have clearly defined deep-sea technology as a strategic emerging industry, with a shift from technological exploration to marine economic development. The 2025 Government Work Report emphasizes the promotion of deep-sea technology alongside other emerging industries [7][16][20] - Local governments are actively supporting the development of marine industries through funding, technology platform construction, and industrial cluster development [24][27] Industry Trends - The report indicates that by 2024, China's marine production value is expected to exceed 10 trillion yuan, with a year-on-year growth of 5.9% in constant prices. The deep-sea technology sector is anticipated to continue expanding, driven by domestic technological breakthroughs [20][36] - The deep-sea technology industry is characterized by the "three deep" technologies: deep diving, deep drilling, and deep networking, which are essential for resource development, scientific research, and national defense applications [32][34] Investment Opportunities - The investment landscape is categorized into three main segments: 1) Breakthroughs in deep-sea equipment technology, particularly in manned submersibles and autonomous underwater vehicles, 2) Marine digitalization, with underwater data centers achieving energy savings of over 30%, and 3) Deep-sea wind power, which is entering a critical window for large-scale development [8][36][42] - The report emphasizes the importance of domestic technological breakthroughs in deep-sea technology, which are expected to facilitate the transition from technology validation to large-scale implementation [42][43]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 580 million yuan, a year-on-year increase of 128.52%, and a net profit of 39.81 million yuan, up 290.58% compared to the previous year [1][7] - The growth in revenue is primarily driven by concentrated deliveries of smart navigation and subsea data center orders, which have led to a substantial increase in operating profit [7] - The company has a lower asset-liability ratio of 21.83%, down 3.4 percentage points year-on-year, indicating a stronger financial position for future expansion [7] Financial Performance Summary - Revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 753.69 million, 383.94 million, 1,037.75 million, 1,188.89 million, and 1,365.33 million yuan respectively, with a notable year-on-year growth of 170.29% in 2025E [1][8] - The forecasted net profit for 2025E is 98.93 million yuan, reflecting a significant increase of 1,105.68% compared to the previous year [1][8] - The company's earnings per share (EPS) is projected to be 0.14 yuan in 2025E, with a price-to-earnings (P/E) ratio of 148.42 [1][8] Cash Flow and Operational Efficiency - The operating cash flow for the first three quarters of 2025 was -28 million yuan, primarily due to upfront equipment procurement costs for subsea data center projects [7] - The company expects to achieve positive operating cash flow by the end of the year as customer payments peak in Q4 [7] - The inventory has decreased by 17.35% year-on-year, indicating manageable inventory risk [7]

Core Insights - The ESG China Innovation Conference (2025) and the first ESG International Expo were held in Beijing from October 24 to 26, highlighting the progress of state-owned enterprises in Hainan Province [1][4]. Group 1: Economic Growth and Development - As of September 2025, the total asset scale of Hainan's state-owned enterprises reached 732.3 billion, which is 3.5 times that of 2020 [1]. - There are currently 18 state-owned enterprises in Hainan, with 8 of them having asset scales exceeding 10 billion [4]. Group 2: Innovation and R&D Investment - Hainan's state-owned enterprises have significantly increased their R&D investment, reaching 1.316 billion in 2025, over 10 times the amount in 2020 [7]. - The province is expanding its focus from traditional sectors to new productive forces, including commercial aerospace, semiconductor manufacturing, and underwater data centers [7]. Group 3: Green Transformation - Hainan's state-owned enterprises are actively pursuing green transformation in various sectors, including construction and transportation, aligning with national ecological development goals [7]. - The theme of the conference, "Full-chain Innovation Leading Green Transformation Future," aligns with the central government's directives for the development of Hainan Free Trade Port [7].

Core Insights - China has achieved a world-class breakthrough in the integration of marine technology and digital economy with the successful deployment of the world's first commercial underwater data center core equipment in Hainan Ling Shui, marking a significant advancement in digital infrastructure [1] Project Overview - The project was initiated in 2022 and is divided into three phases, with plans to deploy 100 data pods [3] - The first underwater data center is expected to be completed by November 2023, with the Hainan Underwater Intelligent Computing Center cluster set to be operational by February 2024 [3] Technological Advantages - The underwater data center utilizes seawater for natural cooling, achieving low energy consumption (PUE value below 1.1) and high reliability (server failure rate only one-eighth that of land-based data centers) [5] - The modular design allows for rapid deployment within 90 days, enhancing operational efficiency [3][5] Strategic Significance - This breakthrough provides robust green computing support for China's "East Data West Computing" initiative, addressing the urgent demand for efficient, low-carbon digital infrastructure in coastal regions [7] - It exemplifies the deep integration of the "Marine Power" and "Digital China" strategies, showcasing China's global leadership in cross-disciplinary technological innovation [7]

Core Insights - The world's first commercial underwater data center, located 35 meters deep in the sea near Hainan Lingshui, officially began operations in March 2023, with the first phase completed [1][2] - This underwater data center utilizes seawater for cooling, significantly reducing energy consumption and operational costs compared to traditional land-based data centers [2][3] - The data center's design incorporates advanced sealing technology and underwater electromechanical equipment to ensure safety and efficiency, even in extreme weather conditions [3] Industry Developments - The demand for data storage and processing is increasing rapidly due to advancements in artificial intelligence and cloud computing, leading to a greater need for energy-efficient solutions [2] - The Hainan provincial plan aims to establish a comprehensive marine new technology industrial park centered around the underwater data center, with plans to deploy 100 data pods [4] - The underwater data center is seen as a key technology for China to participate in global digital rule-making, with future upgrades planned for locations like Shanghai Lingang [4] Technical Specifications - Each data pod can house 400 to 500 servers and has improved overall energy efficiency by 40% to 60% compared to equivalent land-based data centers [3] - When fully operational, the underwater data center can process 4 million high-definition photos in just 30 seconds, equating to a year's worth of computing for a standard computer in one second [3]

Core Insights - The world's first commercial underwater data center has successfully commenced operations in Hainan, marking a new zero-carbon computing model for China [1] - The project is part of Hainan's "14th Five-Year Plan" for marine economic development, focusing on the research and construction of underwater data centers [1] - The underwater data center will support the "East Data West Computing" initiative and extend services to Southeast Asia and Belt and Road countries [1] Project Overview - The project, initiated in 2022, is divided into three phases with plans to construct 100 data pods [1] - The first phase is expected to be completed by November 2023, with the Hainan Underwater Intelligent Computing Center cluster already operational since February [2] - The center integrates offshore wind power with data center infrastructure, creating a new model for renewable energy and computing [2] Technical Advantages - Underwater data centers utilize natural seawater cooling, resulting in a low Power Usage Effectiveness (PUE) and high energy efficiency [2] - The server failure rate in underwater data centers is only one-eighth that of traditional land-based data centers [2] - The modular construction allows for rapid deployment within 90 days, saving land and ensuring high reliability with minimal maintenance [2] Market Demand and Future Outlook - The demand for intelligent computing centers in China is expected to grow significantly, with AI computing needs projected to increase by 500 times and general computing needs by 10 times by 2030 [3] - The development of underwater data centers positions China to gain a competitive edge in the global digital infrastructure landscape [3]

Group 1: AI and Data Center Energy Consumption - The development of generative AI is reshaping business processes and digital models across industries, while also increasing demands on underlying computing infrastructure [1] - IDC estimates that by 2027, the compound annual growth rate (CAGR) for AI data center capacity will reach 40.5%, with energy consumption expected to grow at a CAGR of 44.7%, reaching 146.2 terawatt-hours (TWh) [1] - In 2024, global data centers are projected to consume 415 TWh of electricity, accounting for 1.5% of total global electricity consumption [1] Group 2: Cooling Systems and Power Consumption - Prior to the surge in AI demand, cooling systems in data centers accounted for 40% of energy consumption, with AI servers' power per rack increasing from 10 kW to over 50 kW, surpassing traditional cooling limits [2] - Microsoft Azure found that the Power Usage Effectiveness (PUE) of traditional air-cooled data centers increased from 1.3 to 1.8 after deploying H100 GPUs, leading to server outages in high-heat areas [2] Group 3: Innovations in Data Center Design - The data center industry is undergoing transformation to improve energy efficiency, with a focus on reducing power consumption of auxiliary equipment and utilizing idle computing power effectively [4] - Companies like Huawei are exploring innovative designs, such as building data centers in mountains to reduce cooling costs, while others like Hailanxin are constructing underwater data centers to leverage seawater for cooling [5] Group 4: Underwater Data Centers - Microsoft pioneered underwater data centers, achieving a PUE of 1.07 and a failure rate one-eighth that of land-based centers, demonstrating the effectiveness of natural cooling [6] - Hailanxin's underwater data center project in Hainan aims for a PUE of approximately 1.1, with energy consumption reduced by over 10% and efficiency improved by up to 30% [6] Group 5: Cost Efficiency and Environmental Impact - Underwater data centers can lower total cost of ownership (TCO) by 15-20% compared to land-based centers, with significant annual savings on electricity and land costs [6][7] - The recovery of waste heat from underwater data centers can also support local fisheries and create additional economic value [7] Group 6: Operational Challenges and Solutions - Despite the advantages, underwater data centers face operational challenges due to their isolation, necessitating costly retrieval for maintenance [8] - Hailan Cloud is developing a 2.0 version of underwater data centers that allows for easier maintenance access while maintaining operational stability [9] Group 7: Integration with Computing Platforms - The construction of computing power scheduling platforms is becoming essential as companies shift from building their own infrastructure to purchasing computing power [10] - The integration of underwater data centers with computing platforms is seen as a potential solution to enhance efficiency and meet the growing demands of AI applications [11]