万国数据-SW(09698)午前涨近3%，截至发稿，涨2.96%，报42.38港元，成交额8865.31万港元。 摩根大通发布研报称，预期万国数据于中国的AI数据中心建设项目将于2026年加速推进，因国产芯片 供应开始加速增长、英伟达H200GPU的供应状况变得更为明朗，而且内地供应商正在部署更多AI应 用。基于更强劲的核心业务及其股权投资的潜在价值释放，该行将其美股目标价由40美元上调至55美 元，重申"增持"评级。 消息面上，1月30日，万国数据宣布，已与华泰资本投资有限公司达成协议，通过私募配售方式发行3亿 美元B系列可转换优先股。本次募得资金将主要用于数据中心扩张及一般企业运营。 ...

消息面上，1月30日，万国数据宣布，已与华泰资本投资有限公司达成协议，通过私募配售方式发行3亿 美元B系列可转换优先股。本次募得资金将主要用于数据中心扩张及一般企业运营。 智通财经APP获悉，万国数据-SW(09698)午前涨近3%，截至发稿，涨2.96%，报42.38港元，成交额 8865.31万港元。 摩根大通发布研报称，预期万国数据于中国的AI数据中心建设项目将于2026年加速推进，因国产芯片 供应开始加速增长、英伟达H200 GPU的供应状况变得更为明朗，而且内地供应商正在部署更多AI应 用。基于更强劲的核心业务及其股权投资的潜在价值释放，该行将其美股目标价由40美元上调至55美 元，重申"增持"评级。 ...

Group 1 - Kingsoft Cloud experienced a decline of 7.81% [1] - GDS Holdings saw a drop of 6.95% [1] - Bilibili fell by 6.63% [1] - Neng Chain Intelligent Electric decreased by 5.64% [1] - Wanwu Xingsheng dropped by 5.63% [1]

Market Overview - On February 4, US stock indices opened mixed, with the Nasdaq down 0.87%, the Dow Jones up 0.21%, and the S&P 500 down 0.29% [1] - Most tech stocks declined, with AMD dropping over 13% due to Q1 guidance falling short of some analysts' expectations [1][2] - Other notable declines included Meta down 1.86%, Nvidia down 0.9%, Amazon down 0.62%, and Microsoft down 0.29% [1] Company Performance - AMD's stock price was reported at $209.22, reflecting a decrease of 13.58% [2] - Meta Platforms' stock price was $678.826, down 1.86% [2] - Nvidia's stock price was $178.710, down 0.90% [2] - Amazon's stock price was $237.150, down 0.62% [2] - Microsoft’s stock price was $410.030, down 0.29% [2] - Tesla's stock price was $421.385, down 0.14% [2] - Intel's stock price was $49.345, up 0.19% [2] - Qualcomm's stock price was $150.990, up 2.59% [2] - Apple's stock price increased by 2.98% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell over 2%, closing at 7457.16 points [3] - Major Chinese stocks experienced declines, with Kingsoft Cloud down 7.39%, NetEase down 6.93%, and Bilibili down 6.12% [3][4] - Baidu and Futu Holdings both dropped over 4.7%, while Tencent Music fell over 4.2% [3] Commodity Market - On February 4, spot gold rose by 0.93% to $4987.59, while spot silver increased by over 4.1%, reaching $89.57 per ounce [5][6] - Brent crude oil rose by 0.07% to $67.38 per barrel, while WTI crude oil fell to $63.19 per barrel, down 0.03% [6] Employment Data - In January, the US ADP employment numbers increased by 22,000, below the forecast of 45,000 and the previous value of 41,000 [8]

Market Overview - The U.S. stock market opened mixed on February 4, with the Nasdaq down 0.87%, the Dow Jones up 0.21%, and the S&P 500 down 0.29% [1] - Major tech stocks mostly declined, with AMD dropping over 13% due to Q1 guidance falling short of some analysts' expectations [1][2] - Other notable declines included Meta down 1.86%, Nvidia down 0.9%, Amazon down 0.62%, and Microsoft down 0.29% [1] Company Performance - AMD's stock price fell to $209.22, reflecting a decrease of 13.58% [2] - Meta Platforms reported a stock price of $678.83, down 1.86% [2] - Nvidia's stock price was $178.71, down 0.90% [2] - Amazon's stock price was $237.15, down 0.62% [2] - Microsoft reported a stock price of $410.03, down 0.29% [2] - Tesla's stock price decreased by 0.14% to $421.39 [2] - Intel's stock price increased by 0.19% to $49.35, while Qualcomm rose by 2.59% to $150.99, and Apple increased by 2.98% to $XXX [2] Chinese Stocks - The Nasdaq Golden Dragon China Index fell over 2%, closing at 7457.16 points [3] - Notable declines among popular Chinese stocks included Kingsoft Cloud down 7.39%, NetEase down 6.93%, and Bilibili down 6.12% [3][4] - Baidu and Futu Holdings both dropped over 4.7%, while Tencent Music fell over 4.2% [3] Commodity Market - On February 4, spot gold rose by 0.93% to $4987.59, while spot silver increased by over 4.1%, reaching $89.57 per ounce [5][6] - Brent crude oil rose by 0.07% to $67.38 per barrel, while WTI crude oil fell to $63.19 per barrel, down 0.03% [6] Employment Data - In January, the U.S. ADP employment numbers increased by 22,000, which was below the forecast of 45,000 and the previous value of 41,000 [8]

相关事件 摩根大通发表研报，预期万国数据于中国的AI数据中心建设项目将于2026年加速推进，因国产芯片供 应开始加速增长、英伟达H200 GPU的供应状况变得更为明朗，而且内地供应商正在部署更多AI应用。 基于更强劲的核心业务及其股权投资的潜在价值释放，该行将其美股目标价由40美元上调至55美元，重 申"增持"评级。 万国数据-SW(09698.HK)私人配售3亿美元可转换优先股予华泰资本 万国数据-SW(09698.HK)：收回 DayOne投资本金约95% 回报率近6.5倍 大行评级丨小摩：上调万国数据目标价至55美元，预期AI数据中 心建设加速 万国数据-SW(09698.HK)私人配售3亿美元可转换优先股予华泰资本 ...

摩根大通发表研报，预期万国数据于中国的AI数据中心建设项目将于2026年加速推进，因国产芯片供 应开始加速增长、英伟达H200 GPU的供应状况变得更为明朗，而且内地供应商正在部署更多AI应用。 基于更强劲的核心业务及其股权投资的潜在价值释放，该行将其美股目标价由40美元上调至55美元，重 申"增持"评级。 来源：滚动播报 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on China's online entertainment, data centers, and software sectors, with potential catalysts identified that could impact share prices in the near future [1][2]. Company-Specific Insights Beijing Kingsoft Office Software Inc (688111.SS) - **2025 Profit Alert**: Forecasted revenue growth of 16.5% and normalized profit growth of 11% for 2025 [7] - **Sustainability Concerns**: Expected revenue/profit beat driven by Xinchuang, but sustainability is questioned due to a one-off business model and reliance on government budgets [7] Bilibili Inc (BILI.O) - **CNY B2C AI App Marketing Campaign**: Major B2C AI apps expected to launch aggressive marketing during the CNY holiday, with Bilibili positioned to benefit due to its neutral ad platform and younger user base [7] - **New Game Launch**: Targeting another round of testing for "Three Kingdoms: N Card" after CNY, with user feedback deemed critical [7] GDS Holdings Ltd (GDS.O) - **GPU Import Regulation Update**: Anticipated Chinese government approval with conditions, which could also affect data center peers like VNET [7] - **New Booking Guidance**: Forecasting 500MW new booking target in the domestic market for 2026, up from 300MW in 2025, indicating a strong outlook [7] Kuaishou Technology (1024.HK) - **2026 Guidance**: Analysts are more bearish than consensus on Kuaishou's 2026 profit growth due to higher depreciation and normalization of income tax rates [8]. Meitu Inc (1357.HK) - **2026 Adjusted Net Profit Guidance**: Estimated adjusted net profit for 2026 is Rmb12.6 billion, with guidance expected to align with this estimate [8]. NetEase, Inc (NTES.O) - **Game Launch Timeline**: Anticipated release of "Sea of Remnants" before summer 2026, with expected annualized grossing of Rmb5 billion [8]. Tencent Music Entertainment Group (TME.N) - **Ximalaya Acquisition**: Expected Rmb1.7 billion profit contribution from Ximalaya post-acquisition, with low user base duplication anticipated [9]. - **KPOP Concert Regulations**: Loosening of restrictions on KPOP stars hosting concerts in mainland China could provide a boost [9]. Trip.com Group Ltd (TCOM.O) - **Antitrust Investigation Update**: One-off fines expected to have minimal impact, but changes in business model or commission rates could harm long-term profitability [9]. Additional Insights - The 2026 CNY holiday is projected to be nine days long, a record length, which could positively influence travel demand and consumption growth [9]. - The overall performance of the Greater China IT Services and Software industry is viewed as "In-Line" with market expectations [3]. Important Considerations - Investors should be aware of potential conflicts of interest as Morgan Stanley conducts business with companies covered in the research [4]. - The report emphasizes the importance of considering multiple factors in investment decisions, rather than relying solely on this research [4]. This summary encapsulates the key points and insights from the conference call, highlighting the potential catalysts and challenges within the specified sectors and companies.

该可转换优先股首六年每年累计股息不低于3.75%，第六周年起最低股息率提升至6.75%且每季度调升 50个基点;转换价约为每股GDS美国存托股54.43美元，较2026年1月30日香港收市价溢价17.5%。 董事会认为私人配售对公司及股东整体有利，因为其显示公司与中国领先金融机构之一的关系得以巩 固，使公司能够在投票权方面进一步加强中国籍人士的"控制"，进而使公司能够继续服务中国内地的主 要客户。 万国数据-SW(09698)公布，私人配售3亿美元B轮可转换优先股予一名中国机构投资者华泰资本投资有 限公司。万国数据将动用私人配售所得款项扩充数据中心容量及作一般企业用途。 ...

该可转换优先股首六年每年累计股息不低于 3.75%，第六周年起最低股息率提升至 6.75% 且每季度调升 50 个基点;转换价约为每股GDS美国存托股54.43美元，较2026年1月30日香港收市价溢价 17.5%。 董事会认为私人配售对公司及股东整体有利，因为其显示公司与中国领先金融机构之一的关系得以巩 固，使公司能够在投票权方面进一步加强中国籍人士的"控制"，进而使公司能够继续服务中国内地的主 要客户。 智通财经APP讯，万国数据-SW(09698)公布，私人配售3亿美元B轮可转换优先股予一名中国机构投资者 华泰资本投资有限公司。万国数据将动用私人配售所得款项扩充数据中心容量及作一般企业用途。 ...