近日，中国在海洋科技与数字经济融合领域取得一项世界级突破——全球首个商用海底数据中心的核心装备在海南陵水成功布放海底。这一壮举不仅标志 着中国在该领域实现了从技术概念到商业应用的全面领先，也为全球数据中心产业的可持续发展开辟了一条充满想象力的"蓝色道路"。项目由海南省国资 委牵头引进北京海兰云公司实施，标志着中国在数字基础设施领域取得重大突破。 为何要将耗电巨大的数据中心沉入海底？ 答案在于海洋带来的革命性优势。传统陆上数据中心最大的能耗与成本来自散热，而海底数据中心利用海水这 一天然、永恒的冷源，能近乎零成本地为服务器进行高效冷却。其能效比（PUE）可低至1.1以下，远优于国内平均水平，节能效益惊人。同时，它不占 用宝贵的陆地资源、无需消耗淡水，且海底无尘、无氧、无震动的稳定环境，能显著提升服务器可靠性并延长寿命。对于人工智能、金融交易等对延迟敏 感的沿海业务，就近部署更能提供极致速度。 本次部署的"海底数据舱"是一个重达1300吨的钢制密封舱体，通过海底电缆与岸站连接，内部承载了海量服务器，在高压深海中稳定运行。整个项目采用 模块化设计，像搭建积木一样灵活高效。预计在未来几年内，将分批部署上百个此类数据舱 ...

"我们把整个数据舱投放到海底，可以利用海水来进行降温。相比于陆地数据中心，海底数据中心能够 减少大量的冷却能耗，不仅可以减轻对生态的影响，还可以降低运营成本。"海兰云海底数据中心海南 示范项目总经理蒲定告诉记者。 当你对智能语音助手发出"周边美食推荐"的指令，或者用AI大模型生成旅行攻略时，或许不会想到：支 撑这些回答的海量数据（603138），既不在云端里"飘"着，也不在机房的机柜里"躺"着，而是沉在海南 陵水附近海域中35米深的海底。 在这片热带海域的海面下，一个个白色"巨罐"正安静运转——这就是全球首个商用海底数据中心的核心 装备"海底数据舱"，每个都重达1300吨，相当于1000辆小汽车的重量。当4500吨的起重船将它们缓缓放 入海底时，一个颠覆传统的"水下算力世界"便悄然成形。 这个位于海底的"超级大脑"，是全球首个商用海底数据中心，2023年3月底在海南陵水正式投运，一期 工程目前已全面竣工。 数据中心为啥要从陆地走向海底？带着这些疑问，记者跟随"活力中国调研行"采访团一同来到位于海南 陵水的海兰云海底数据中心项目部一探究竟。 承担着数据存储、计算和处理等"烧脑"工作，数据中心的一生都和高温"打架 ...

中国日报9月25日陵水电（记者 王卓琼 陈博文 马萌萌）在海南省陵水黎族自治县的清水湾30米至40米深的海底，一座海底机房正安静地运转着，这标志着 全球首个商用海底数据中心的成功运营，为我国"陆数海算"开启零碳算力新模式。 海南省提出了海洋经济发展的"十四五"规划，明确提出要促进海底数据中心研发及建设。而北京海兰云海底数据中心项目正是由海南省国资委牵头引进，落 地陵水的海洋新基建类项目。 项目自2022年启动，分三期进行，计划完成100个数据舱的建设。建成后，将为"东数西算"提供重要补充，同时向东南亚等"一带一路"国家延伸，为海南数 字经济发展提供支撑。 目前项目一期于2023年11月建设完成，今年2月海南海底智算中心集群启用。 公司目前聚焦海上风电融合型海底数据中心研发与建设。 随着数据公司需要时延要求越来越严格，物理距离不能过长，大部分发达城市都聚焦在沿海地区，科技公司也聚焦在这些发达城市。相较于陆地数据中心， 海底数据中心海底数据中心由岸站、海底光电复合缆、海底分电站及海底数据舱组成，使用海水自然冷却，具有PUE值低、能效高、模块化建设、 快捷部 署（90天）、布放海底节约土地以及高可靠性免维护等优点。 ...

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]

Group 1 - The development of generative AI is reshaping business processes and digital models across various industries while increasing demands on underlying computing infrastructure [2] - According to IDC, the compound annual growth rate (CAGR) for AI data center capacity is expected to reach 40.5% by 2027, with energy consumption projected to grow at a CAGR of 44.7%, reaching 146.2 terawatt-hours (TWh) [2] - In 2024, global data centers are expected to consume 415 TWh of electricity, accounting for 1.5% of total global electricity consumption, with the U.S. data centers consuming 180 TWh, representing 45% of the global share [2] Group 2 - AI servers are significantly increasing power consumption, with single racks now exceeding 50 kW, surpassing the cooling limits of traditional air cooling systems [3] - The traditional cooling systems in data centers accounted for 40% of energy consumption before the AI demand surge [3] Group 3 - The architecture of data centers is undergoing transformation to improve energy efficiency, with a focus on utilizing idle computing power effectively [4] - Data center operators are exploring advanced cooling technologies, such as liquid cooling and indirect evaporative cooling, to reduce energy consumption [5] Group 4 - Companies like Huawei and Hailan Cloud are innovating by building data centers in unique locations, such as underground or underwater, to enhance cooling efficiency and reduce energy costs [5][6] - Microsoft's underwater data center project demonstrated a significantly lower failure rate and a PUE value of 1.07, showcasing the benefits of natural cooling from seawater [6] Group 5 - The total cost of ownership (TCO) for underwater data centers is 15-20% lower than that of land-based centers, with significant annual savings on electricity and operational costs [7] - The underwater data center project in Hainan is expected to recover its investment within five years due to substantial savings on electricity and land costs [7] Group 6 - Despite the advantages, underwater data centers face operational challenges due to their isolation, necessitating innovative maintenance solutions [8] - The introduction of a 2.0 version of underwater data centers aims to facilitate maintenance by allowing access through a fixed pipeline [9] Group 7 - The construction of computing power scheduling platforms is becoming essential as companies shift from building their own infrastructure to purchasing computing power from service providers [10] - The integration of underwater data centers with computing power platforms is seen as a transformative step for the data center industry, creating a synergistic ecosystem [11]

Core Viewpoint - Hailanxin's stock price has experienced a decline, reflecting market volatility, while the company shows significant growth in revenue and profit in the first half of 2025 [1] Financial Performance - For the first half of 2025, Hailanxin achieved total operating revenue of 487 million yuan, representing a year-on-year increase of 208.66% [1] - The net profit attributable to the parent company was 34.14 million yuan, up 172.44% year-on-year [1] - The company's net profit after deducting non-recurring gains and losses was 19.2 million yuan, marking a turnaround from losses [1] - The net cash flow from operating activities improved significantly to 28.73 million yuan compared to the same period last year [1] Stock Market Activity - As of August 26, 2025, Hailanxin's stock price was 21.23 yuan, down 0.77 yuan or 3.50% from the previous trading day [1] - The stock opened at 21.82 yuan, reached a high of 21.92 yuan, and a low of 21.17 yuan, with a trading volume of 774,023 hands and a transaction amount of 1.664 billion yuan [1] - There was a net outflow of 254.84 million yuan from main funds on August 26, accounting for 1.83% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 760.34 million yuan, representing 5.46% of the circulating market value [1]

Core Viewpoint - Hailanxin Data Technology Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, indicating strong business performance and strategic focus on high-margin products [2] Financial Performance - The company achieved operating revenue of 487 million yuan, a year-on-year increase of 208.66% [2] - Net profit attributable to shareholders reached 34.14 million yuan, up 172.44% year-on-year [2] - Gross margin for the first half of the year was 25.03%, showing a decline due to the low-margin nature of a large project [2] - Operating cash flow improved significantly, with a net cash flow from operating activities of 28.73 million yuan, an increase of 203.34% year-on-year [2] Business Development - In the smart navigation sector, the company successfully participated in the commercial space industry, winning a bid for the Hainan maritime recovery vessel project [3] - The radar business saw nearly 300 new orders in the first half of 2025, with solid-state radar accounting for 30% of these orders [3] - The company is enhancing its international capabilities, which is improving the competitiveness of its radar products [3] Project Achievements - Hailanxin completed the acceptance of the Hainan marine disaster prevention project, which is a national key project that significantly enhances marine disaster monitoring capabilities [4] - The company developed a new generation of underwater data storage units, achieving significant improvements in efficiency and adaptability for deep-sea observation networks [4] - Hailanxin won a bid for the construction of the National Marine Comprehensive Test Field project, expected to be delivered by the end of 2025 [4] New Initiatives - The company is involved in the construction of an underwater data center project in Shanghai, which aligns with local infrastructure development needs and has garnered support from the local government [5] - The first phase of the underwater data center project is progressing rapidly, with expected operational delivery in the third quarter of 2025 [5]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry in China [5] Core Insights - The deep-sea industry possesses significant strategic value, impacting national energy security, technological self-reliance, and the establishment of a maritime power status [6][10] - The development of deep-sea technology is increasingly recognized as a strategic emerging industry, with government policies driving its growth [6][23] - The deep-sea sector is characterized by long commercialization cycles and high technological barriers, making it a typical "long slope, thick snow" investment track [3] Summary by Sections National Strategy and Policy - The Chinese government has significantly elevated the importance of deep-sea technology, integrating it into national strategies and policies since 2012 [23][26] - Recent policies emphasize the need for technological innovation and the development of a modern marine industry system [25][26] Resource Endowment and Industrial Foundation - China's deep-sea areas are rich in resources, with significant oil and gas reserves identified, particularly in the South China Sea [28][29] - The country has established a solid industrial foundation for deep-sea development, contributing approximately 8% to the national economy [30] Technological Development and Challenges - China has made substantial progress in deep-sea technology, particularly in manned submersibles and deep-sea drilling capabilities, achieving world-class standards [36][37][40] - However, there are still gaps in core component localization and foundational research, which need to be addressed to enhance self-sufficiency [46][49] Industry Structure and Components - The deep-sea industry comprises upstream raw materials and key components, midstream equipment manufacturing, and downstream resource development applications [50] - Key materials include high-strength metals and specialized composites, with a significant demand for domestic alternatives due to low localization rates [52] Investment Recommendations - Focus on critical materials and components with "bottleneck" risks, military applications, and the fastest commercial progress in deep-water oil and gas development [3][6] - Highlight potential investment targets such as high-end sensors, titanium alloys, and underwater unmanned combat equipment [3]

Core Viewpoint - The company, Hailanxin (300065.SZ), has developed an underwater data center equipped with 24-hour monitoring facilities for real-time management of equipment safety [1] Group 1 - The underwater data center features external and internal monitoring systems that operate continuously [1] - Hailan Universe's offshore monitoring network covers the water surface area above the underwater data center, enabling comprehensive management from surface to underwater [1]

Core Viewpoint - Hailanxin (300065.SZ) is advancing its asset restructuring to enhance the competitiveness of its marine electronics core business through the acquisition of 100% equity in Hainan Hailan Huanyu Marine Information Technology Co., Ltd. for a valuation of 1.051 billion yuan [1][3] Group 1: Acquisition Details - The acquisition involves a total valuation of 1.051 billion yuan, with a premium rate of 438.88% [1][5] - Hailanxin plans to raise up to 700 million yuan in supporting funds, with 360 million yuan allocated for cash compensation and related expenses, and the remainder for key projects [3][5] - The acquisition is expected to add approximately 841 million yuan in goodwill, representing 22.73% of total assets and 35.65% of net assets post-transaction [5][6] Group 2: Financial Performance - Hailanxin has experienced significant fluctuations in performance, with net profits of -789 million yuan, -116 million yuan, and 8.21 million yuan from 2022 to 2024 [4] - In Q1 2025, Hailanxin reported a revenue of 346 million yuan, a year-on-year increase of 639.08%, with net profit and non-recurring net profit of 34.8 million yuan and 27.6 million yuan, respectively [4] - Hailan Huanyu's revenue from its top five clients increased to 57% in Q1 2025, indicating a rising customer concentration [2][7] Group 3: Performance Commitments - The transaction includes performance commitments, with Hailan Huanyu expected to achieve a net profit of no less than 310 million yuan from 2025 to 2028 [6] - The performance coverage rate for the compensation is only 39.12%, raising concerns about the adequacy of compensation if actual profits fall short [6][7] - Hailan Huanyu's performance shows seasonal characteristics, with significant revenue concentration in the fourth quarter [2][7]