机构观点 资金面与技术面 港股万国数据在2月20日至23日期间区间振幅达3.36%，2月23日MACD柱状图转负（-0.483），显示短 期动能减弱。当日主力资金净流入321万港元，但散户净流出298万港元，反映内部分歧。 股价异动原因 资料显示，主要股东ST Telemedia（持股26.78%）曾考虑减持，此类信号可能引发市场对流动性的担 忧。尽管近期未公告实际减持，但预期仍对股价形成压制。 股票近期走势 万国数据在美股（GDS.OQ）2月23日单日下跌4.33%，而同日港股仅微涨0.64%，两者价差扩大。美股 表现疲软主要受其所属的信息科技服务板块当日下跌拖累，这种跨市场联动效应加剧了港股抛压。 板块表现 尽管AI算力需求长期向好，但短期市场情绪转向理性。例如，智谱GLM-5模型因上线问题致歉，引发 资金对AI概念股盈利兑现。万国数据作为算力基础设施提供商，虽基本面稳健，但仍受板块情绪波动 影响。 经济观察网 根据2026年2月23日及之前的市场数据，万国数据-SW（09698.HK）在港股大盘上涨背景下 出现股价承压，主要受以下几方面因素影响： 摩根大通等机构指出，万国数据2025年第三季度后新增订单 ...

Core Viewpoint - Ramsay Health Care Limited (RHC) has proposed to distribute its 52.79% shareholding in Ramsay Santé to its shareholders, marking a significant strategic shift for the Group [1][2]. Group Overview - Ramsay Santé is a major player in private hospital care in France and Europe, operating independently of RHC with its own management team and governance framework [3]. - The Group has a strong financial position, supported by a standalone balance sheet and financing structure [3]. Strategic Implications - The Proposal aims to enhance Ramsay Santé's ability to serve patients more closely, backed by a broader shareholding and the commitment of its employees and medical partners [4]. - Ramsay Santé plans to continue its strategic roadmap focused on innovation, operational excellence, and rigorous financial management [4]. Leadership Perspective - CEO Pascal Roché emphasized that the proposal represents a new chapter for Ramsay Santé, highlighting the Group's solid resources and commitment to providing high-quality care [5]. - RHC has decided to terminate its shareholders' agreement with Crédit Agricole Assurances, which holds a 39.82% stake in Ramsay Santé, effective October 1, 2026 [5]. Shareholder Commitment - Crédit Agricole Assurances reaffirmed its long-term commitment as a shareholder of Ramsay Santé and confidence in the Group's strategy, while indicating no intention to increase its shareholding [6]. Implementation Details - The Proposal will be executed through a scheme of arrangement under Australian law, requiring approval from RHC's Board of Directors, shareholders, and necessary regulatory authorizations [7]. - Ramsay Santé will assess the legal, financial, and operational implications of the transaction to ensure stability in its capital structure [7]. Timeline - The Proposal could be implemented in Q4 2026, subject to required approvals, with an indicative timetable including employee consultations [8][14]. - Key milestones include the publication of a demerger booklet in October 2026, a shareholders meeting in November 2026, and completion of the transaction in December 2026 [14]. Company Profile - Ramsay Santé is the European leader in private hospitalization and primary care, employing 40,000 staff and 10,000 practitioners, serving 13 million patients annually across 492 facilities in five countries [10]. - The Group covers a wide range of care pathways, emphasizing innovation and equitable access to quality healthcare [11].

Group 1 - GDS Holdings Limited (NASDAQ:GDS) is recognized as one of the top 12 mid-cap AI stocks to buy according to hedge funds [1] - J.P. Morgan analyst Gokul Hariharan raised the price target for GDS from $40 to $55, indicating an 18% upside potential from current levels, which aligns with the median upside estimate of 11% from 19 analysts [1] - The company recently filed a Form 6-K with the U.S. Securities and Exchange Commission regarding a $300 million private placement of convertible preferred shares to a Chinese institutional investor, enhancing its financial flexibility [2] Group 2 - GDS Holdings operates and develops data centers in the People's Republic of China, providing services such as colocation, consulting, managed hosting, managed cloud, and server middleware [3] - The company serves a diverse clientele, including large Internet companies, telecommunications carriers, IT service providers, multinational corporations, cloud service providers, financial institutions, and the domestic private sector [3]

Group 1 - The core viewpoint of the news highlights that GDS Holdings has completed significant capital operations, including a private placement of $300 million in convertible preferred shares to Huatai Capital, aimed at expanding data center capacity and general corporate operations [1] - The conversion price for the private placement is approximately $54.43 per GDS American Depositary Share, representing a premium over the previous market price [1] - GDS's DayOne data center platform completed a $2 billion Series C financing to accelerate AI-ready infrastructure expansion in Europe and Asia-Pacific [1] Group 2 - Institutions are optimistic about GDS's AI data center prospects, with JPMorgan raising its target price for GDS shares due to expected acceleration in AI data center projects in China, driven by increased domestic chip supply and clearer NVIDIA H200 GPU availability [2] - Bank of America Securities noted that advancements in China's AI industry, such as model iteration and cloud service pricing adjustments, could support data center demand, expressing a positive outlook on GDS and similar companies [2] Group 3 - GDS's stock price has shown mixed performance recently, with the Hong Kong stock closing at HKD 45.58, up 7.70% over five days, but down 0.78% on a single day; meanwhile, the US stock closed at $45.40, down 2.32% over five days and 3.07% on a single day [3] - Trading volume indicates active trading, with approximately HKD 970 million in turnover for the Hong Kong stock over the past five days [3] - Technical indicators suggest that the Hong Kong stock price is near the upper Bollinger Band, with a negative MACD histogram indicating potential short-term volatility [3]

Core Insights - The Chinese AI industry has reached a critical turning point, shifting from a technological arms race to tangible commercialization and demand explosion, driven by advancements in large models from companies like ByteDance and Zhipu AI [1] - The end of the prolonged price war in cloud computing is indicated by rising prices for API services and public cloud offerings, signaling a return of pricing power to sellers [1][5] Group 1: AI Model Developments - ByteDance's Seedance 2.0 showcases advanced multimodal capabilities, particularly in next-generation video generation technology [2] - Zhipu AI's flagship model GLM-5 has significantly enhanced programming and reasoning performance, contributing to a substantial increase in computational demand [2] - The computational requirements for generating video content are dramatically higher than for text, indicating a potential market shift towards increased demand for computational infrastructure [2] Group 2: Pricing Dynamics - Zhipu AI has raised its GLM code pricing by at least 30% for new users due to strong demand, while UCloud has announced price increases for all products and services [5] - The rising prices are attributed to increased hardware costs and a reversal in supply-demand dynamics driven by surging AI workloads [5] - The price increases from cloud service providers are expected to stabilize IDC rental prices, marking the establishment of a market bottom and the beginning of a profit recovery cycle [5] Group 3: Infrastructure Companies - Century Internet is positioned to benefit directly from ByteDance's AI expenditures, with a target price increase from $15.1 to $17.9, reflecting a faster revenue growth outlook [6] - For GDS Holdings, the target price has been raised from $50.0 to $56.7, with a valuation method that reflects a 14x EV/EBITDA for its China business and a higher multiple for its international operations [7] - Kingsoft Cloud is expected to benefit from Xiaomi's ecosystem strategy, with a maintained target price of $17.0, indicating a favorable position in the recovering cloud service market [8]

基于公开信息，截至2026年2月，万国数据-SW(09698.HK)有以下值得关注的事件： 近期事件 经济观察网万国数据-SW近期完成3亿美元可转换优先股配售，并获机构看好其AI数据中心建设将加速 推进。 股票近期走势 机构观点 未来订单交付计划：公司在2025年第三季度财报中展望，2026年预计交付超过70,000平方米的数据中心 订单，以把握AI需求增长机遇。 以上内容基于公开资料整理，不构成投资建议。 完成3亿美元可转换优先股配售：公司于2026年2月6日完成向华泰资本投资有限公司的私募配售，募集 资金将主要用于数据中心容量扩充及一般企业运营。该可转换优先股的转换价约为每股GDS美国存托股 54.43美元，较此前收市价有溢价。 AI数据中心建设预计加速：摩根大通在2026年2月的研报中预期，公司在中国的人工智能数据中心建设 项目将于2026年加速推进，原因包括国产芯片供应增长、英伟达H200GPU供应状况明朗化以及AI应用 部署增加。该行据此上调了美股目标价。 公司项目推进 国际业务平台融资与扩张：2026年1月，万国数据旗下DayOne数据中心成功完成20亿美元C轮融资，资 金将用于加速在欧洲(如芬兰 ...

股票近期走势 经济观察网万国数据近期完成3亿美元可转换优先股配售，旗下国际平台完成20亿美元融资，同时其人 工智能数据中心建设预计将加速。 根据近期公告和市场分析，万国数据-SW(09698.HK)将有以下值得关注的事件。 公司项目推进 公司于2026年2月6日完成向华泰资本投资有限公司的私募配售，募集资金将主要用于数据中心容量扩充 及一般企业运营。 机构观点 摩根大通在2026年2月的研报中预期，公司在中国的人工智能数据中心建设将于2026年加速，因国产芯 片供应增长、英伟达H200GPU供应明朗化及AI应用部署增加。 公司状况 2026年1月，万国数据旗下DayOne数据中心成功完成融资，资金将用于欧洲和亚太市场的AI就绪基础设 施扩张。 以上内容基于公开资料整理，不构成投资建议。 ...

Summary of GDS Holdings Conference Call Company Overview - **Company**: GDS Holdings (GDS.OQ) - **Industry**: Data Center Operations in China - **Market Position**: Leading carrier-neutral IDC player in China, providing colocation, managed hosting, and consulting services to various sectors including cloud service providers and financial institutions [13][24] Key Points Domestic Market Expansion - GDS is poised for domestic expansion, with expectations of accelerated demand for AI data centers (AIDC) in FY26F due to improved chip supplies [1] - Anticipated alleviation of GPU chip supply bottlenecks for domestic cloud service providers (CSPs) is expected to enhance new bookings for independent data center operators [1][2] Financial Performance and Projections - GDS has raised a total of USD 685 million year-to-date through share sales and private placements, which will support capacity expansion in the domestic market [2] - The forecast for annual new contract commitments has been increased from 100,000 to 115,000 square meters for FY26-27F, which is expected to bolster EBITDA growth in FY27F [2] - Revenue projections for FY26F and FY27F have been revised upwards by 1.7% to 5.1%, reflecting improved order intake [3] Valuation and Target Price - The target price has been raised to USD 54.50 from USD 41.50, based on a sum-of-the-parts (SoTP) valuation methodology [3][5] - The domestic business is valued at 14x FY27F EV/EBITDA, while the international business (DayOne) remains at 20x [3][14] - Current valuation of 14x FY27F EV/EBITDA is considered undemanding, presenting a favorable risk-reward scenario as a domestic AI play [3] Risks and Challenges - Potential risks include lower-than-expected demand for data centers related to AI, slower overseas expansion, intensified competition, and supply chain disruptions due to geopolitical tensions [15][19] Financial Metrics - **Revenue Projections**: - FY24: CNY 10,322 million - FY25F: CNY 12,691 million - FY26F: CNY 14,796 million [4] - **Net Profit**: - FY24: CNY 1,931 million - FY25F: CNY 592 million - FY26F: CNY -74 million [4] - **EBITDA**: - FY26F: CNY 5,366 million - FY27F: CNY 6,445 million [10] Market Performance - GDS's stock has shown strong performance with a 64.5% increase over the past 12 months [9] - The implied upside from the current price of USD 42.69 to the target price is +27.7% [5] ESG Initiatives - GDS is committed to energy conservation and has implemented renewable energy systems in its data centers, aiming to reduce greenhouse gas emissions [16] Conclusion GDS Holdings is strategically positioned for growth in the domestic data center market, supported by increased demand for AI-related services and improved chip supply. The company's financial outlook is optimistic, with revised revenue and EBITDA forecasts, although it faces several risks that could impact its performance. The raised target price reflects a positive assessment of its market position and growth potential.

Group 1 - The core viewpoint of the report emphasizes the transition of computing power demand towards inference, marking a golden period for AIDC retail services in Beijing [6][9] - The AIDC market in China is experiencing rapid growth, with a projected market size of 135.6 billion yuan in 2025, expected to rise to 288.6 billion yuan by 2028, driven by the proliferation of AI inference demand, model upgrades, and supportive policies [17][21] - Retail models in AIDC are more profitable than wholesale models, with retail vendors expected to achieve a net profit margin of 15% in 2024, compared to 6% for wholesale vendors, due to their focus on diverse industries and high-value services [22][25] Group 2 - The report constructs a quantitative evaluation model focusing on growth drivers (55% weight) and operational capabilities (45% weight) to assess AIDC retail service vendors in Beijing [2][31] - Century Internet ranks first in the evaluation model with a score of 4.30, followed by Qishang Online and WanGuo Data, highlighting the strengths and weaknesses of retail and wholesale vendors [42][44] - The future core value of AIDC will shift from resource supply to empowering AI application scenarios, with retail vendors playing a crucial role in building a self-controlled intelligent computing ecosystem [2][11] Group 3 - Beijing is identified as the core area for AIDC, with plans to expand computing power to over 200,000 P by 2027, representing a 3.4 times increase from the end of 2025 [25][26] - The scarcity of resources in Beijing, coupled with high demand from financial and governmental clients, creates a strategic advantage for AIDC vendors operating in this region [27][28] - The evaluation model assesses vendors based on their growth potential and operational resilience, emphasizing the importance of resource acquisition and customer management in a competitive environment [31][33]

Core Viewpoint - Chinese concept stocks collectively strengthened, with the Nasdaq China Golden Dragon Index rising nearly 2% [1] Group 1: Stock Performance - Zenggu and Bomei Group surged over 9% [1] - NIO and New Oxygen increased by more than 8% [1] - Li Auto, Century Internet, Aihuishou, and Hesai rose over 4% [1] - GDS Holdings, Kingsoft Cloud, Baozun, and Huya gained over 3% [1] - Pony.ai, XPeng Motors, Baidu, and Bilibili climbed over 2% [1] - Alibaba, NetEase, and JD.com saw an increase of over 1% [1]