Core Viewpoint - Northeast Securities initiates coverage of Guangdong-Hong Kong Bay Holdings (01396.HK) with a "Buy" rating, highlighting the company's strategic shift towards becoming a digital ecosystem operator through the acquisition of TianDun Data, a leading computing power enterprise [1] Group 1: Company Overview - Guangdong-Hong Kong Bay Holdings was listed on the Hong Kong Stock Exchange on October 31, 2013, and emphasizes long-termism while strengthening its industrial foundation and enhancing technological empowerment [1] - The company plans to implement a dual-driven business development strategy focusing on infrastructure and AI following the acquisition of TianDun Data on October 23, 2025 [1] Group 2: Strategic Acquisition - The acquisition of TianDun Data aligns with the company's capabilities in urban development, transforming idle factories and land resources into high-performance intelligent computing centers and AI computing infrastructure [1] - This strategic move is expected to fundamentally change the profitability logic of traditional industry operations [1] Group 3: Growth Potential - The integration of high-value B-end resources from major cloud service providers and leading AI companies into TianDun Data's client base opens new growth avenues for Guangdong-Hong Kong Bay Holdings [1] - The acquisition is anticipated to reconstruct capital logic, creating a dual-driven model of "industrial operation asset securitization + computing power operation revenue," which will reshape the company's valuation [1]