<p style="margin-top: 8px;margin-bottom: 8px;" data-pm-slice="0 0 []"><span style="font-family: å®ä½;font-size: 12pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æ ¹æ®é«ç</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">2025å¹´8æ14æ¥åå¸çç æ¥ï¼å ³äºä¸å½æ°æ®ä¸å¿è¡ä¸2025年第äºå£åº¦ä¸ç»©åè¡ä¸å¨æçæ ¸å¿å 容æ»ç»å¦ä¸ï¼</span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><h3 style="margin-top: 8px;margin-bottom: 8px;"><b style=""><span style="font-family: å®ä½;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ä¸ãæ ¸å¿è§ç¹ä¸è¡ä¸è¶å¿</span></span></font></span></b><b><span style="font-family: å®ä½;font-weight: bold;font-size: 13.5pt;"><o:p></o:p></span></b></h3><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: "Times New Roman";font-size: 12pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">1.</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ä¸ç»©é¢æ</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">GDS</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ä¸å½æ°æ®ï¼</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼é¢è®¡</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">Q2</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è¥æ¶åæ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">+11%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼è°æ´å</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">EBITDA</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">åæ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">+6%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ç¬¦åå¸åºå ±è¯ã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">VNET</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ä¸çºªäºèï¼</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼é¢è®¡è¥æ¶åæ¯</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">+15%</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼è°æ´å</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">EBITDA</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">åæ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">+21%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">订åç²è½¯åå </span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼è¯çä¾åºéå¶</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;"> + </span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">头é¨äºååèµæ¬å¼æ¯ç¼©åï¼å¦è ¾è®¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">Q2</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">èµæ¬æ¯åºç¯æ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">-30%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">26.6</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">亿ç¾å ï¼ã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: "Times New Roman";font-size: 12pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">2.</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è¡ä¸å¬åå</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å½å 订åè½è§åº¦</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ä¸åå¹´ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">2H25</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼è®¢åå±ææ¯è¡ä»·å ³é®é©±å¨å ç´ ï¼åç¾å½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">H20</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è¯çåºå£å®¡æ¹åä¸å½å¯¹</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">H20</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">使ç¨è°¨æ æ度影åã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æ°æ®ä¸å¿</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">REITs</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">表ç°</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ä¸å½é¦æ¹ä¸¤åªæ°æ®ä¸å¿</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">REITs</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼åæ¹</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">GDS REIT +37%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼åæ¹æ¶¦å¥</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">REIT +36%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ä¸å¸åæ¶¨å¹ æ¾èã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: "Times New Roman";font-size: 12pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">3.</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å½é æ©å¼ 亮ç¹ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">DayOne</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æ°å å¡</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">20MW</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">项ç®ï¼å </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">GDS</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æ»è§å容éç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">25%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼å·²å¨å·¥ï¼æ¯ææ··åå·å´ææ¯ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">100%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å¯åçè½æºä¾çµï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å¹´æè¿ã </span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">马æ¥è¥¿äºï¼æä½å·ï¼</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è·</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">35.4</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">亿ç¾å å¤å¸ç§èèµï¼æ¯æ</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">761MW</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å¨å»º</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è§å项ç®ã </span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æ°çµä»·æºå¶æå¢å </span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">10-14%</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ç¨çµææ¬ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">100MW</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æ°æ®ä¸å¿å¹´å¢</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">1500-2000</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ä¸ç¾å ï¼ã </span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ä¸å½è½ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">TNB</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ç¾è®¢</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">21</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å¹´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">500MW</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å¯åçè½æºåè®®ã </span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å°å°¼ï¼å·´æ·¡å²ï¼</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼è·</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">4.12</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">亿ç¾å 贷款å¼å</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">72MW</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æ°æ®ä¸å¿ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">Oracle</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å·²å ¥é©»æä¸ºå ¶ç¬¬ä¸ä¸åäºäºå¯ç¨åºã </span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æ¥æ¬</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">/</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æ³°å½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è¬å °</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ä¸äº¬</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">18MW</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">项ç®ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">Apollo 1</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼å¨å»ºï¼æ»è§å</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">80MW</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ã </span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æ³°å½æ¥æ¦é</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">180MW</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">项ç®å¨å·¥ï¼æèµ</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">10</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">亿ç¾å ã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è¬å °é¡¹ç®ææ¨å¨ä¸åå¹´æ°å¢</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">220MW</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">订åï¼æ»è§åè¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">750MW</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><h3 style="margin-top: 8px;margin-bottom: 8px;"><b style=""><span style="font-family: å®ä½;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">äºãåºåå¸åºç«äºååæ</span></span></font></span></b><b><span style="font-family: å®ä½;font-weight: bold;font-size: 13.5pt;"><o:p></o:p></span></b></h3><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: "Times New Roman";font-size: 12pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">1.</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ä¸åäºï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">SIJORI</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼æ°æ®ä¸å¿æ ¼å±</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;"> </span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ç°æ容é</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">DayOne</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">8%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å¸åºä»½é¢ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">SIJORI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å°åºï¼ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">AirTrunk</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">9%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ã</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">Bridge DC</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">8%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼é¢å ã </span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è§å容é</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">DayOne</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å¨</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">SIJORI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å·²éå®</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">974MW</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼å åºåæ»é</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">25%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ï¼å± è¡ä¸ååã </span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">äºéæ±å¢é¿</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ä¸å½äºååï¼é¿éäº</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">/</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è ¾è®¯äºçï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å¹´æ¶å ¥é¢è®¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">+21%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ã </span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ç¾å½äºååï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">AWS/Azure</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">çï¼é¢è®¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">+28%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ä¸åäºåçäº</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">éæ±å¤æº¢ã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><h3 style="margin-top: 8px;margin-bottom: 8px;"><b style=""><span style="font-family: å®ä½;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ä¸ãéç¹å ¬å¸è¯çº§ä¸ç®æ ä»·</span></span></font></span></b><b><span style="font-family: å®ä½;font-weight: bold;font-size: 13.5pt;"><o:p></o:p></span></b></h3><table style="border-collapse:collapse;width:571px;"><tbody><tr style="height:36.00pt;"><td data-colwidth="72" width="72" style="height: 36pt;"><section><span leaf="">å ¬å¸</span></section></td><td data-colwidth="72" width="72"><section><span leaf="">è¯çº§</span></section></td><td data-colwidth="107" width="72"><section><span leaf="">ç®æ ä»·</span></section></td><td data-colwidth="320" width="72"><section><span leaf="">æ ¸å¿é»è¾</span></section></td></tr><tr style="height:36.00pt;"><td data-colwidth="72" width="72" style="height: 36pt;"><section><span leaf="">GDSä¸å½æ°æ®</span></section></td><td data-colwidth="72" width="72"><section><span leaf="">ä¹°å ¥</span></section></td><td data-colwidth="107" width="72"><section><span leaf="">40ç¾å /39港å </span></section></td><td data-colwidth="320" width="72"><section><span leaf="">- ä¸å½æ¹ååIDCé¾å¤´ï¼DayOneå½é ä¸å¡æ§è¡å强ï¼æ°å å¡/马æ¥è¥¿äºé¡¹ç®è¿å±ï¼ã - SOTPä¼°å¼ï¼ä¸å½ä¸å¡+DayOneï¼ï¼10%æ§è¡æä»·ã</span></section></td></tr><tr style="height:36.00pt;"><td data-colwidth="72" width="72" style="height: 36pt;"><section><span leaf="">VNETä¸çºªäºè</span></section></td><td data-colwidth="72" width="72"><section><span leaf="">ä¹°å ¥</span></section></td><td data-colwidth="107" width="72"><section><span leaf="">12ç¾å </span></section></td><td data-colwidth="320" width="72"><section><span leaf="">- 转åæ¹åIDCè§æï¼2024-27Eæ¹åä¸å¡EBITDAå¤åå¢é45-50%ã - ç®æ 12x 2026E EV/EBITDAã</span></section></td></tr><tr style="height:36.00pt;"><td data-colwidth="72" width="72" style="height: 36pt;"><section><span leaf="">Sinnetå ç¯æ°ç½</span></section></td><td data-colwidth="72" width="72"><section><span leaf="">ååº</span></section></td><td data-colwidth="107" width="72"><section><span leaf="">10.5å 人æ°å¸</span></section></td><td data-colwidth="320" width="72"><section><span leaf="">- IDCæ¶å ¥å æ¯ä» 30%ï¼å¸åºä»½é¢æµå¤±ï¼ä¼ ç»äºä¸å¡ï¼å«AWS代çï¼é¢ä¸´å®ä»·ååã - æµ·å¤/AIDC项ç®ä»å¤æå ¥æï¼ä¼°å¼åé«ï¼15.5xè¿æEV/EBITDAï¼ã</span></section></td></tr></tbody></table><section><span leaf=""><br /></span></section><table style="mso-cellspacing:1.5000pt;margin-left:3.9000pt;mso-padding-alt:0.7500pt 0.7500pt 0.7500pt 0.7500pt;width:595px;"><tbody><tr></tr></tbody></table><section><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;font-weight: bold;">åãå ³é®é£é©æ示</span></span><b><span style="font-family: å®ä½;font-weight: bold;font-size: 13.5pt;"><o:p></o:p></span></b></section><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: "Times New Roman";font-size: 12pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">1.</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è¡ä¸é£é©</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;"> </span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è¯çä¾åºæç»ç´§å¼ </span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;"> + </span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">äºååèµæ¬å¼æ¯ä¸åé¢æã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">马æ¥è¥¿äº</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">/</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å°å°¼çå°çæ¿çåå¨ï¼å¦çµä»·ãå¤èµéå¶ï¼ã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: "Times New Roman";font-size: 12pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">2.</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å ¬å¸é£é©</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;"> </span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">GDS</span></span></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼æµ·å¤çå©ç¬å¡æ ¢ãä¸å½å®ä»·ååãå»æ æ延è¿ã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">VNET</span></span></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼èèµè½åãå°ç¼æ¿æ²»ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">AI</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è¯ç管å¶ï¼ãææ¯è¿ä»£å²å»ã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">Sinnet</span></span></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">IDC</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">éæ±å¤èä¹åãæ°é¡¹ç®æå ¥æç´¯ç°éæµã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><h3 style="margin-top: 8px;margin-bottom: 8px;"><b style=""><span style="font-family: å®ä½;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">äºãéå½ï¼é«çå©çæ«é²</span></span></font></span></b><b><span style="font-family: å®ä½;font-weight: bold;font-size: 13.5pt;"><o:p></o:p></span></b></h3><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æè¡å ³ç³»</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼é«çææ</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">GDS ADR 33.92%</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">è¡æã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æè¡ä¸å¡</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼è¿å»</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">12</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">个æ为</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">VNET</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æä¾æè¡æå¡å¹¶æ¶åè´¹ç¨ã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">åå¸å</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ä¸º</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">GDS</span></span><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ã</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">VNET</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ç¸å ³è¯å¸æä¾åå¸æå¡ã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;margin-top: 8px;margin-bottom: 8px;"><span style="font-family: Symbol;font-size: 10pt;"><span style=""><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">·</span></span></span></span><b style=""><span style="font-family: Calibri;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">å²çªæ示</span></span></font></span></b><span style="font-family: Calibri;font-size: 10.5pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼æ¥åå¯è½åä¸å¡å ³ç³»å½±åï¼æèµè éç¬ç«å³çã</span></span></font></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><p style="margin-top: 8px;margin-bottom: 8px;"><b style=""><span style="font-family: å®ä½;font-size: 12pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">æ»ç»</span></span></font></span></b><span style="font-family: å®ä½;font-size: 12pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">ï¼ä¸å½æ°æ®ä¸å¿</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;letter-spacing: 1px;">Q2ä¸ç»©æ´ä½ç¬¦åé¢æï¼ä½å½é æ©å¼ ï¼å°¤å ¶DayOneå¨ä¸åäºç产è½+èèµè¿å±ï¼æ为亮ç¹ãGDSä¸VNETå 转ååå¢é¿æ½åè·âä¹°å ¥âè¯çº§ï¼Sinnetå å¸åºä»½é¢æµå¤±è¢«ç空ãè¡ä¸çæå ³æ³¨ä¸å年订åè½è§åº¦åå°ç¼æ¿çåå¨ã</span></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><section style="margin-top: 8px;margin-bottom: 8px;line-height: 1.5em;"><span style="color: rgba(0, 0, 0, 0.86);font-family: "PingFang SC", "Microsoft YaHei", "Arial Regular";font-size: 14px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 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