Oracle Corp. ORCL shares surged over 3% to $313 in pre-market trading on Tuesday, building on a 3.41% gain from Monday's regular session. This increase comes as investors prepare for possible updates on a TikTok acquisition and remain optimistic about the company's role in supporting AI infrastructure.See what is driving the ORCL stock movement here.TikTok Deal Framework Drives Early TradingThe early trading session jump comes after reports that the U.S. and China have outlined a preliminary framework for a ...

文章核心观点 - 海内外算力高景气度延续，AI基础设施建设保持高支出水平，英伟达和博通业绩及指引乐观，国内算力芯片公司业绩释放，寒武纪和海光等公司进展积极 [1][15] - 2026年国内偏先进产线扩产有望提速，带动设备板块订单预期和国产替代进程，存储、材料、SoC、封测等板块延续复苏态势 [1][14] - 行业景气度呈现结构性复苏，消费电子需求边际转暖，AI和汽车驱动端侧创新，但工业需求复苏仍乏力 [2][31] 行业景气跟踪 需求端 - 智能手机25Q2全球出货同比增速放缓至1%，中国同比下滑4%，第三方机构下调全年出货预测，华为和苹果发布新机，关注AI应用在本地设备落地 [2][35] - PC市场25Q2全球出货同比+6.5%至6840万台，IDC和Counterpoint预计25H2出货同比增速减弱，AI PC渗透率预计从2024年34%升至2027年78% [2][42][44] - AI眼镜25Q2全球销量87万台，同比+222%，Meta预计9月发布新品，智能手表和手环中国市场出货分别同比+18.8%和+20.2% [2][45] - VR头显25Q2全球销量126万台，同比-6.7%，AR头显销量15.1万台，同比+40%，2025年预计为VR小年，AR增长受AI热度驱动 [2][49][50] - TrendForce微幅下修2025年全球AI服务器出货量至年增24.3%，整体服务器出货年增约5%，北美云厂Capex指引超预期，信骅25M8营收8.7亿新台币，同比+28% [2][53] - 汽车市场25M7国内销量259.3万辆，同比+14.7%，环比-10.3%，新能源车销量126.2万辆，同比+27.4%，以旧换新政策效果显现 [2][57][58] 库存端 - 手机链芯片大厂25Q2库存周转天数81天，环比提升3天，国内手机链厂商库存周转天数环比下降17天至150天 [3][62] - PC链芯片厂商25Q2库存351亿美元，环比增31.6亿美元，库存周转天数105天，环比增14天 [3][64] - ADI FY25Q3库存环比增7200万美元，DOI降至160天，TI表示所有终端客户库存均处于低位，ST指引25Q4库存天数降至约140天 [3][67] 供给端 - 晶圆厂产能利用率持续复苏，UMC 25Q2产能利用率76%，环比+7pcts，SMIC 25Q2产能利用率92.5%，环比+2.9pcts，华虹25Q2稼动率102.7%，环比提升5.6pcts [4] - 2026年国内先进逻辑产线扩产进展有望提速，SMIC资本支出侧重偏先进制程，长江存储（三期）公司成立，存储产线扩产可期 [4][14] 价格端 - DDR4价格自3月开始上涨，二季度至今明显上升，NOR和SLC NAND价格维持温和增长，模拟和功率器件价格大部分稳定，部分消费级和车规级产品存在价格压力 [4] 销售端 - 全球半导体月度销售额25M7达621亿美元，同比+20.6%，环比+3.6%，美洲同比+29.3%，中国同比+10.4%，亚太及其他地区同比+35.6% [5] 产业链跟踪 设计/IDM - 英伟达指引本十年末全球AI基础设施支出达3-4万亿美元，中国AI芯片市场规模约500亿美元，博通第四家XPU客户2026年放量，潜在订单超100亿美元，上修FY26 AI收入指引 [6] - 寒武纪展望2025年营收50-70亿元，海光发布股权激励计划，2025-2027年营收同比增速目标+55%/+45%/+33% [6] - 存储海外大厂盈利能力改善，美光FY25Q3 HBM收入环比增近50%，SK海力士25Q2营收创单季新高，国内模组厂商25Q2收入和盈利能力环比改善 [8] - 模拟芯片TI/ADI/MPS预计25Q3营收环比+4%/+4%/+8%，国内模拟公司25Q2环比增速好于同比，工业、光伏复苏明显，汽车客户拉货节奏分化 [9] - 射频行业价格企稳，稳懋Q2产能利用率环比提升，预计Q3营收环比提升mid-teens百分比，国内厂商盈利承压但趋势改善 [10] - CIS国内厂商进军高端产品线，豪威集团25H1汽车和新兴业务驱动成长，手机业务同比下滑，思特威汽车电子和安防芯片出货提升 [10] - 功率半导体英飞凌/安森美/ST预计25Q3营收环比+3%/+3%/+15%，国内公司25H1营收恢复性增长，关注SiC在AI算力先进封装应用 [11] 代工 - 台积电AI数据中心需求强劲，保持2024-2028年AI加速芯片营收CAGR近45%指引，中芯国际和华虹拟收购优质资产，并入先进制程产能 [12] 封测 - 日月光封测业务势头持续至25Q3，25Q4营收环比增长，先进封测增长趋势延至2026年，国内封测公司25H1营收同比增长，算力和汽车需求增速较快 [13] 设备&材料&零部件 - 国内设备厂商签单进展较好，25Q2收入快速增长，2026年受益于先进制程扩产和国产替代，零部件厂商收入增长但短期折旧压力影响利润 [14] - 材料板块25Q2靶材、掩膜板、CMP等景气旺盛，伴随FAB稼动率提升复苏，部分电子气体和湿电子化学品价格环比持平，毛利率环比提升 [14] EDA/IP - 芯原股份25Q2营收5.84亿元，环比+50%，截至25Q2末在手订单30.25亿元创历史新高，国内EDA公司25Q2营收同环比增长 [15] 半导体板块行情回顾 - 2025年8月半导体（SW）行业指数+25.85%，电子（SW）行业指数+23.97%，A股半导体指数跑赢费城半导体指数（-2.05%）和中国台湾半导体指数（+0.24%） [1][21][23] - 细分板块中数字芯片设计涨幅39.86%领先，半导体设备涨幅13.41%相对较低，东芯股份、臻镭科技、芯原股份等个股涨幅居前 [23][25]

Back on Morning Movers. Arisa Networks hit a new all-time high Thursday after the company shared fullear guidance at an analyst J event. The company projecting 10 and a half billion in revenue for its fiscal year which would mark 20% increase in year-over-year growth.JP Morgan Chase, Barkclays, Wells Fargo, and Goldman are among the firms that raised price targets after the event. Keep in mind up nearly 40% this year. Time now for Options Corner.Joining us now to take a deeper look at Arista Networks is Ric ...

涉及的行业与公司 * 行业为大中华区科技硬件 特别是光模块收发器行业[1][2][12] * 涉及公司包括中际旭创 光迅科技 新易盛 天孚通信 中兴通讯 长飞光纤[2][3][4][5][7][10][39][45] 核心观点与论据 **行业观点与市场表现** * 所有光模块股票在过去几个月均大幅上涨 自4月1日起 中际旭创涨460% 新易盛涨312% 天孚通信涨269% 光迅科技涨62%[2] * 对AI基础设施的看涨情绪已延伸至所有相关业务公司 即使上半年盈利下滑的公司股价也跑赢指数 例如中兴通讯H股年内涨49% 尽管上半年盈利同比下降12% 长飞光纤H股年内大涨319% 尽管上半年盈利同比下降22%[3] * 经过强劲上涨后 认为多数基本面利好已反映在股价中 建议在市场情绪看涨时获利了结[1][12] **个股评级与目标价调整** * **中际旭创** 维持增持评级 目标价435元人民币 有21%上行空间 认为公司是1.6T新产品先锋 预计在2026年实现显著增长 定位优于同业[5][7][10][15] * **光迅科技** 双重下调至减持评级 目标价255元人民币 有19%下行空间 认为其二季度盈利同比增长338%后 增长速率可能在后续季度显著减速 可能引发估值下调 且当前估值已回到历史高位[4][7][10][15] * **天孚通信** 下调至减持评级 目标价142元人民币 有15%下行空间 认为其盈利增长潜力已反映在当前股价中 估值超过+1标准差水平[7][10][15] * **新易盛** 重申减持评级 目标价45元人民币 有23%下行空间 认为其因基本面较弱且估值较同业更贵 很可能表现不及同业[7][10][15] * **中兴通讯H股** 维持中性评级 目标价35港元 有8%上行空间 **中兴通讯A股** 维持减持评级 目标价32.71元人民币 有20%下行空间[7][15] * **长飞光纤H股** 维持中性评级 目标价47港元 有2%上行空间 **长飞光纤A股** 维持减持评级 目标价43.93元人民币 有50%下行空间[7][15] **财务表现与估值分析** * 四家收发器公司 光迅科技 天孚通信 中际旭创 新易盛 在二季度总盈利达到55.7亿元人民币 同比增长132% 环比增长53%[17][20] * 估值方面 中际旭创远期市盈率从2025年初的14倍升至24倍 光迅科技从8倍升至20倍 中际旭创估值低于+1标准差水平 而光迅科技和天孚通信均超过+1标准差水平 意味着基本面利好至少已被部分定价[22] **未来催化剂与风险** * 1.6T产品量的快速提升可能是下半年及2026年的潜在催化剂 其大规模生产将于2025-26年启动 预计下半年起出货将逐步增加[31][32][33] * 风险包括 1.6T上量速度慢于预期 共封装光学等新技术应用快于预期 主要客户5G资本支出削减超预期 国内外市场云资本支出下调超预期 以及因供需疲软或新供应商竞争加剧导致价格降幅超预期[70] 其他重要内容 * 摩根士丹利的盈利预测目前比市场共识平均高出12% 2026年高出25% 但对中兴通讯和新易盛2026年的预测比共识分别低10%和12%[66][67] * 行业订单偏好依次为 中际旭创 中兴通讯H股 长飞光纤H股 天孚通信 光迅科技 中兴通讯A股 新易盛 长飞光纤A股[7][63] * 报告包含了详细的残余收益模型 财务预测摘要 以及各公司的风险回报分析[79][86][104]

核心观点 - 公司全资子公司US Data Centers获得ANSI/TIA-942-C-2024 Tier 3认证 确认其ARMS 200模块化数据中心平台达到全球最高可靠性标准 [2][3] - 公司同步加速AI基础设施布局 包括深化与超微计算机合作及部署NVIDIA B200 GPU [4][7] - 该认证显著提升产品在超大规模企业和全球客户采购中的竞争力 为AI、企业及超大规模工作负载提供高可用性保障 [4][7] 认证细节 - 认证由EPI Certification Pte Ltd于2025年8月26日独立审计后颁发 涵盖站点选址、建筑、电气、机械、通信及安全等全球标准 [3][7] - Tier 3认证确保并发可维护性 对AI、企业和超大规模客户至关重要 [7] - 采用NVIDIA GPU性能与超微机架级系统结合 支持从1MW起步的模块化部署 [5] 业务战略 - 公司通过全资子公司开发并制造ARMS平台 专为AI、超大规模和区块链工作负载设计 [6] - 具备快速部署时间表、可定制配置及战略合作伙伴关系 为全球企业、云提供商和超大规模企业提供先进计算基础设施 [6] - 认证使产品在RFP、销售和投资者参与中立即具备更强竞争力 [7] 技术规格 - ARMS 200平台专为高密度AI集群设计 提供完整Tier 3弹性 [5] - 集成AI优化的机架级系统与NVIDIA B200 GPU 支持超大规模AI、企业和云工作负载 [7]

投资服务订阅 - Beyond the Wall Investing订阅服务可节省数千美元股权研究报告费用 提供最新高质量分析 [1] - 服务内容包括基本面投资组合构建 机构投资者洞察周度分析 技术信号短期交易提醒 读者需求个股反馈及社区讨论 [1] Celestica公司表现 - Celestica（NYSE: CLS）自2024年3月获看好评级以来股价上涨约344% [1] - 分析师通过股票、期权或其他衍生工具持有Celestica多头头寸 [1]

公司业绩表现 - Marvell Technology在8月28日发布第二季度财报后股价暴跌18% [1] 作者背景 - 作者Laura Bennett拥有亚马逊五年软件工程师经验 专注于大规模分布式系统和后端架构 [2] - 作者技术背景深厚 长期撰写关于软件基础设施 AI系统和云技术的文章 发表于TechCrunch等领先科技媒体 [2] - 作者目前在 algorithmic trading platforms 和低延迟基础设施公司工作 服务机构客户和对冲基金 [2] - 作者在Seeking Alpha专注于通过技术和基本面分析科技公司 覆盖企业软件 云基础设施 AI平台和交易技术领域 [2]

财务数据和关键指标变化 - 公司2025财年实现创纪录收入1.87亿美元 较上一季度增加4200万美元 [14] - 比特币挖矿业务收入达1.8亿美元 主要得益于50EH/s的运营规模 [14] - AI云业务收入为700万美元 [15] - 运营费用增至1.14亿美元 主要因数据中心平台扩张及硬件增加导致的折旧成本上升 [15] - 实现强劲净利润1.77亿美元 [15] - 比特币挖矿业务毛利率较高 每枚比特币全现金成本为3.6万美元 而平均实现价格为9.9万美元 [15] - 期末现金余额约为5.65亿美元 总资产达29亿美元 [16] - 调整后EBITDA接近6.5亿美元 [32] - EBITDA同比增长10倍 [7] 各条业务线数据和关键指标变化 - 比特币挖矿业务运营效率领先行业 达到15焦耳/太哈希 第四季度净电力成本为每千瓦时3.5美分 [15] - AI云业务快速扩张 已有超过1万个GPU在线或在未来几个月内投入使用 [9] - 比特币挖矿容量增长400%至50EH/s [7] - 运营数据中心容量增长三倍以上至810兆瓦 [7] - 合同电网连接电力增长超过三分之一至近3吉瓦 [7] 各个市场数据和关键指标变化 - 不列颠哥伦比亚省站点PUE低至1.1 采用风冷技术 [39][40] - 德克萨斯州Sweetwater站点PUE约为1.4 [39] - Horizon 1液体冷却设施平均PUE预计约为1.2 [41] - 公司在不列颠哥伦比亚省拥有60兆瓦运营容量 可部署超过6万个NVIDIA GV300 GPU [11] - Horizon 1和2项目可支持超过3.8万个NVIDIA GB300 GPU [27] - Sweetwater枢纽可支持超过60万个GB300 GPU [28] 公司战略和发展方向和行业竞争 - 公司战略重点是在整个AI基础设施堆栈上进行扩展 从电网连接的输电线路一直到数字世界计算 [10] - 垂直整合使公司能够控制关键瓶颈 包括近期的电网连接电力和为下一代高密度计算设计的数据中心 [18] - 新成为NVIDIA首选合作伙伴 增强供应访问并扩大客户渠道 [19] - 采用裸机服务模式 为复杂开发者和超大规模用户提供直接计算访问 [19] - 行业估计未来五年需要超过125吉瓦的新AI数据中心容量 [29] - 现有电网容量远不足以满足这一需求 [30] 管理层对经营环境和未来前景的评论 - AI云业务市场背景非常引人注目 企业采用AI解决方案和服务的速度加快 [17] - 需求加速快于供应 新模型开发、主权AI计划和企业采用推动GPU需求上升 [17] - 电力可用性和GPU就绪的高密度数据中心容量仍然稀缺 [18] - 公司处于独特地位来满足这一需求 因其控制关键瓶颈 [18] - 公司预计从AI云业务中获得20亿至25亿美元的年化收入 [33] - 行业处于非常激动人心的时期 公司已将其安全电力容量自IPO以来扩展了100倍以上 [30] 其他重要信息 - 公司已完成向美国国内发行人的过渡 从7月1日起按照美国GAAP和SEC规定报告 [14] - 公司以非稀释性个位数GPU融资支持GPU部署 [9] - 在Prince George校区建设新的10兆瓦液体冷却数据中心 支持超过4500个Blackwell GB300 GPU [22] - Horizon 1项目按计划进行 预计2025年第四季度完成 [11][26] - 已开始Horizon 2项目的早期工作和长周期采购 [27] - Sweetwater 1项目按计划进行 预计2026年4月通电 [12][28] - 公司以资本支出高效的方式资助增长 最近获得两批新的融资 以个位数利率资助100%的新GPU购买价格 [21][35] 问答环节所有的提问和回答 问题: 站点效率及备份发电 - 不列颠哥伦比亚省站点PUE为1.1 采用风冷技术 安装液体冷却设施后预计平均PUE仍远低于1.2 [39][40] - Horizon 1液体冷却设施平均PUE预计约为1.2 [41] - 部署更多由客户需求驱动 而非PUE [41] - 正在为所有GPU安装冗余备份发电和UPS系统 以提供最佳客户服务 [42][43] 问题: GB300 NVL72能力及融资影响 - Horizon 1设计调整是为了适应更广泛的机架密度 包括较低密度 [45] - 基础设计可轻松处理高达200千瓦的机架 能够容纳下一代GPU [45] - 调整是为了满足客户对较低密度的需求 对容纳Rubin GPU没有影响 [46] 问题: 云业务合同期限及HPC托管容量 - 合同期限从1个月滚动合同到3年合同不等 [50] - 对于新世代设备如Blackwell 通常看到较长期合同 [50] - 不断评估托管和云机会 寻求最大化风险调整回报 [51] - 托管合同通常5-20年 回报期超过7年 而云合同较短 但利润更高 回报期2-4年 [52] - 债务水平将根据现金流和机会发展 保持强健和有弹性的资产负债表 [53][54] 问题: Horizon 1和2的战略思考及FluidStack需求 - Horizon 1可支持略超过19,000个GB300 GPU 专为液体冷却GPU设计 [59][60] - 设计调整可容纳更广泛的GPU 同时保留为Vera Rubin服务的能力 [61] - 可通过云或托管货币化容量 取决于风险回报平衡 [62] - 可能重新分配挖矿容量 但不停止建设新数据中心 [64] - 了解FluidStack交易 但目前发现3年回报期更具吸引力 [65][66] 问题: Blackwells融资及可用容量 - 租赁融资提供灵活性 可在租期结束时归还设备或继续拥有和运营 [72] - GPU融资与托管融资不同 取决于客户组合和合同期限 [74] - 两种融资方式不互斥 可同时使用 [76] - 公司正在探索整个资本堆栈以优化资本成本 [77] 问题: 云和托管业务的关键招聘及销售策略 - 正在整个堆栈招聘 包括数据中心运营、网络、销售和营销 [83] - 通过会议、营销和口碑获得客户 混合 inbound 和 outbound 需求 [86][87] - 竞争优势包括端到端基础设施控制、性能垂直整合和无托管费用 [89] - 拥有可销售容量 与缺乏容量的提供商不同 [90] 问题: 云服务GPU采购策略及每GPU功耗 - 行业需要按需计算 公司提前订购GPU 因为需求强劲 [95][96] - 公司有良好的项目交付记录 能够满足时间表 [99] - 每GPU功耗随着每一代新产品而增加 [101] - 在Prince George的50兆瓦中可安装超过20,000个B200 GPU 在Horizon 1的50兆瓦IT负载中可安装约19,000个GB300 GPU [101] 问题: Horizon 1容量利用决策 - 可通过云、托管或组合货币化容量 具有灵活性 [105] - 将根据风险调整回报决定 可能随时间变化 [106] - 目前裸机服务需求强劲 适合复杂客户 [108] - 软件覆盖可能服务于较小客户 但目前需求不大 [110][112] 问题: NVIDIA DGX Cloud Leptin市场参与 - 目前参与Leptin市场 作为NVIDIA首选合作伙伴 [116] - 可能提供更广泛的覆盖范围和更简单的 onboarding [116] - 仍在与NVIDIA讨论整合 目前功能尚未完全上线 [123] 问题: Horizon 2开发决策及Sweetwater客户档案 - 开始Horizon 2早期工作以保持快速交付时间 [126] - 看到需求验证 但尚未承诺全部资本支出 [127] - 保持灵活性 适应动态市场 [128] - Sweetwater校园设计灵活 可满足整个AI基础设施堆栈的需求 [29] - 客户档案包括想要自我运营的合作伙伴、寻求速度的客户和想要端到端服务的客户 [29]

[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>AI Infrastructure - China Expert call: Liquid cooling penetration rate in China to rise to 35-50%; export to grow Industry Overview Liquid cooling penetration rate to rise to 35-50% We hosted an expert call with Junyuan Duan, CEO and founder of Air & Liquid Cooling Technology Limited, to discuss China liquid cooling market outlook and upside from AIDC. The expert is positive on liquid cooling market. He expects the liquid cooling penetration rate in China to increase to 35-50% (vs. currently 5%), driven by the government's guidance on data center construction and product requirement of new NVIDIA chips. Yet, the expert thinks that the coexistence of air cooling and liquid cooling will last long, with air-cooling penetration continuing at 50-60% in the future as only GPU with high computing power needs liquid cooling. In the newly constructed AIDC, over 70% of liquid cooling equipment is manufactured by domestic makers, and CDUs are mostly jointly developed by data center operators and cooling equipment suppliers.</doc> <doc id='2'>China cooling equipment makers exports expected to grow The overseas market comprises c.90% of the global liquid cooling market. Currently, CDU and UQD in the cooling supply chain in SEA are dominated by overseas brands, but secondary side piping and manifold are mainly supplied by Chinese manufacturers. It is difficult for Chinese brands to enter the supply chain of overseas liquid cooling system, as 1) it takes 2-4 months to get product certification; 2) the certification fee is as high as RMB300-500k. China Internet firms are building AIDC in Southeast Asia given 1) advanced chip import limitations; 2) lower power tariffs in SEA compared with tier-1 cities in China. Therefore, Chinese cooling equipment makers are expected to have more export opportunities with better pricing and relationships with China internet firms.</doc> <doc id='3'>Cold-plate cooling has 90%+ share vs immersion at 5-10% On data center construction cost, the expert said that on average the DC power supply system takes 50-60% of the cost and cooling system takes 30-40%, with liquid cooling/air cooling each accounting for half. On DC power demand, the cooling system takes only 10-30% of power consumption, while IT equipment consumes the majority. As such, compared with the government's PUE requirement, the expert thinks that it is mainly the product requirement of the advanced chips that drives liquid cooling demand. In terms of details, cold plate liquid cooling is the mainstream (c.90%+ market share) in China, driven by GB200, and immersion liquid cooling is in the trial stage, with market share at 5-10%. However, the expert believes that immersion liquid cooling penetration will grow on 1) simple design and 2) low risk of cooling liquid leakage and maintenance. The expert said that the possibility and cost to upgrade existing air cooling to liquid cooling depends on the current cooling source. For pure air cooling without piping, it is difficult to upgrade to liquid cooling. Yet, for others, liquid-to-liquid cooling can be applied on mid-/large-size equipment, and liquid-to-air cooling can be applied on small- scale equipment.</doc> <doc id='4'>>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.</doc> <doc id='5'>BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in their investment decision. Refer to important disclosures on page 2 to 3. 12869513 25 August 2025 Equity China AI Infrastructure Matty Zhao >> Research Analyst Merrill Lynch (Hong Kong) +852 3508 4001 matty.zhao@bofa.com Yibing Xia >> Research Analyst Merrill Lynch (Hong Kong) +852 3508 8045 yibing.xia@bofa.com AIDC: AI Data Center CDU: Cooling distribution units DC: Data center k: thousand PUE: Power Usage Effectiveness SEA: Southeast Asia UQD: Universal Quick Disconnect</doc> <doc id='6'>Disclosures Important Disclosures BofA Global Research personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. 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Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this document and should understand that statements regarding future prospects may not be realized. Any decision to purchase or subscribe for securities in any offering must be based solely on existing public information on such security or the information in the prospectus or other offering document issued in connection with such offering, and not on this document.</doc> <doc id='16'>Securities and other financial instruments referred to herein, or recommended, offered or sold by BofA Securities, are not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (including, Bank of America, N.A.). Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and liquidity risk. No security, financial instrument or derivative is suitable for all investors. Digital assets are extremely speculative, volatile and are largely unregulated. In some cases, securities and other financial instruments may be difficult to value or sell and reliable information about the value or risks related to the security or financial instrument may be difficult to obtain. Investors should note that income from such securities and other financial instruments, if any, may fluctuate and that price or value of such securities and instruments may rise or fall and, in some cases, investors may lose their entire principal investment. Past performance is not necessarily a guide to future performance. Levels and basis for taxation may change.</doc> <doc id='17'>This report may contain a short-term trading idea or recommendation, which highlights a specific near-term catalyst or event impacting the issuer or the market that is anticipated to have a short-term price impact on the equity securities of the issuer. Short-term trading ideas and recommendations are different from and do not affect a

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