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巨额算力合同解约，海南华铁经受冲击波_我的网站

普罗米修斯

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A BYD flagship store at the Ulmen car dealership on H?herweg Auto Mile in Düsseldorf, Germany, with new cars on display out front. Photo: VCG
Germany's industrial woes have increasingly become a hot topic of discussion. The latest Engineer Monitor report from professional association Verein Deutscher Ingenieure and the German Economic Institute offers a new look at the issue.
The report showed that there were 58,392 unemployed individuals in the engineering and information technology (IT) professions in the fourth quarter of 2025, the highest level since the survey began in 2011.
Compared with the previous year, the number of unemployed increased by 16.7 percent, according to German media reports on Sunday.
These figures lay bare the challenges confronting the country's manufacturing sector. The reasons for the industrial woes are multiple. The soaring energy costs caused by geopolitical conflicts, the decline in exports caused by rising protectionism and low external demand, and the structural pain caused by industrial chain restructuring are all squeezing the space of German manufacturing.
Manufacturing is the backbone of Germany's economy, and engineers and IT specialists constitute the core force that sustains this pillar. For decades, the country's reputation for "Made in Germany" excellence was built on the expertise of these skilled professionals. Regardless of the macroeconomic ups and downs, preserving the stability and continuity of its industrial talent pool represents a strategic bottom line for Germany.
Should large numbers of highly skilled technical professionals leave the industry or sit idle, industrial research and development (R&D) and production cycles will be disrupted. Over the longer term, such a waste of human capital will erode Germany's industrial innovation capacity and, ultimately, undermine the foundations of its global competitiveness.
In this context, the urgent task for Germany is to create sufficient quality positions for its technical talent. Should it fail to do so in the short term, then Germany needs to embrace a more open‑minded development approach. Shoring up its manufacturing base cannot be achieved solely through protecting domestic companies; it also requires a significant expansion of effective investment to create enough high‑quality jobs that can attract and retain skilled talent.
This is exactly where China‑Germany cooperation could deliver tangible results. According to the FDI Report 2025 published by Germany Trade & Invest (GTAI), the total number of foreign investment projects in Germany fell 9.3 percent overall to 1,564 in 2025. Nonetheless, Chinese companies became the largest source of foreign investment projects in Germany in 2025, overtaking the US for the first time since 2017.
Chinese companies launched 228 investment projects in Germany in 2025, up 14.6 percent year-on-year. More than one in five Chinese investment projects involved production and R&D activities, above the overall average for foreign investment projects in Germany. This is a sign that Chinese firms are deepening their integration into the local industrial base, according to GTAI.
Observers noted the trend, pointing out that China is becoming an important force in driving German re‑industrialization. In industries where Germany urgently needs to rebuild its competitive edge, such as electric vehicles, batteries, energy technology, digital manufacturing, and automation, China is emerging as an increasingly significant complementary partner. In these critical areas that will determine industrial competitiveness in the coming decades, the relationship between China and Germany is not merely one of rivalry; there are clear and substantial complementarities. Germany still boasts world‑leading engineering expertise, precision manufacturing capabilities, and a strategic location at the heart of the European market.
China has complete and highly integrated supply chains for raw materials and intermediate goods and large capacity for increasing production. When Chinese automakers set up R&D centers in Germany, or when Chinese tech firms collaborate with German factories to build smart production lines, the beneficiaries are not only the Chinese companies but also the German engineers who would otherwise face redundancy.
Cross‑border investment cannot flourish without a sound policy environment. Chinese companies are apparently willing to develop in Germany, but it can only happen on the premise that the German side provides a fair, reasonable and predictable business environment, reduces non-market interference in commercial activities, and allows capital to operate in accordance with market rules.
If the two countries are able to reach a deeper level of cooperation in investment, many of Germany's trade‑related concerns may well find more pragmatic solutions. The deep integration of industrial value chains would facilitate two‑way trade, creating renewed momentum for German exports of machinery, vehicles, chemicals, and other competitive products to China.
。近37亿元的算力大单突然终止，海南华铁（603300.SH）正承受由此带来的冲击。 9月30日晚间，海南华铁发布公告称，其子公司海南华铁大黄蜂建筑机械设备有限公司（下称“华铁大黄蜂”）与杭州X公司签署的、总金额达36.9亿元的《算力服务协议》正式终止。海南华铁在公告中表示，该份协议签订以来，未收到任何采购订单。对于终止合同的原因，海南华铁解释称，原协议所涉交易及设备的市场环境及供需情况已较签署时发生较大变化。结合海南华铁2024年年报数据，这份订单金额相当于海南华铁2024年营业收入的七成。今年3月，该算力大单首次披露时，一度成为资本市场关注的焦点。

B | 海南华铁巨额算力合同告吹，市场仍存在诸多疑问：海南华铁披露的这份巨额合同是否真实？此次解约是否有更详尽的解释？解释中所提及的市场环境和供需变化是否属实？在海南华铁对外宣布合同终止的同时，上海证券交易所也就此事向公司及其董监高下发监管函，明确针对重大合同终止事项提出监管要求。

C | 10月16日晚间，海南华铁被中国证监会立案，理由是“涉嫌信息披露违法违规”。巨额算力合同解约海南华铁前身是华铁应急，主营业务为设备租赁，主要涉及高空作业平台租赁服务、建筑支护设备租赁服务。年报显示，2021年至2024年，该公司的营收从26.07亿元增长至51.71亿元，但同期净利润分别为4.98亿元、6.40亿元、8.01亿元和6.05亿元，业绩波动较为明显。

D | 2024年，海南省国资委成为这家公司的新实际控制人。在实控人变更后，海南华铁迅速布局算力租赁行业，试图从较为传统的工程设备租赁行业向新兴行业转型，为公司开拓新的业务增长点。 2024年5月7日，海南华铁发布《关于投资智算中心建设的公告》，创新拓展裸金属算力服务模式，正式进军算力业务。

E | 同时，海南华铁与上海无问芯穹智能科技有限公司、北京科蓝软件系统股份有限公司等多家算力产业链核心企业达成深度战略合作，重点围绕算力设备、DeepSeek生态链持续加大在智算领域的投资。根据披露，截至2024年末，海南华铁累计签订算力服务订单金额达24.75亿元，完成资产交付近7亿元。从此前披露的信息来看，此次被取消的37亿元订单，是海南华铁涉足算力租赁领域以来金额最大的一笔订单。根据今年3月海南华铁披露的公告，华铁大黄蜂与杭州X公司签订《算力服务协议》，约定华铁大黄蜂为X公司提供为期5年的算力服务，预计合同总金额为36.9亿元。在公告中，海南华铁未披露该X公司的名称及相关信息。海南华铁解释称：“鉴于本次交易中客户名称等信息涉及商业秘密，按照规则披露将导致违约或可能引致不当竞争，因此公司对本次交易的部分信息进行了豁免披露。” 一位知情人士表示，一家杭州的公司能够一次性订下如此巨额的算力订单，其身份其实并不难猜。通常情况下，上市公司会将合同信息向监管部门报备。X公司在公告中被匿名一事，本身应已获得了豁免披露的许可。一位拥有算力租赁业务的上市公司董秘向记者解释称，算力租赁行业目前所采用的算力卡，大多来自英伟达，而英伟达高性能算力卡在国内的获取和使用受到一定限制，“从事算力租赁的企业可以通过各种方式拿到这些算力卡，但自身拥有算力卡的情况以及客户是谁，通常不能对外说”。解约背后的算力租赁市场在海南华铁获得该笔巨额订单前后，正值国内算力需求爆发与高端算力卡供给紧缺的时期。 2025年2月，阿里巴巴集团CEO吴泳铭宣布，未来三年，阿里巴巴将投入超过3800亿元用于建设云和AI硬件基础设施，该投入总额超过去十年总和。腾讯在去年四季度资本开支达365.78亿元，环比增长114%，同比增长386%，实现连续四个季度同比三位数增长；2024年全年资本开支突破767亿元，同比增长221%，创历史新高，其中AI相关研发投入为707亿元。腾讯在财报中表示，已重组AI团队以聚焦于快速产品创新及深度模型研发，并增加了AI相关的资本开支。国信证券计算机分析师团队指出，互联网大厂2025年资本开支有望持续扩张，主要原因是这些大厂对AI基础设施建设的需求快速提升。满足大厂算力需求主要有两种途径：一是自建算力基础设施；二是租赁算力基础设施。

F | 国信证券指出，若采用租赁方式，互联网大厂通常会与被租赁公司签订算力服务合同，约定服务年限及合同金额，相关服务器、AI芯片采购以及IDC（互联网数据中心）等基建由被租赁公司完成。国信证券通信行业分析师袁文翀称，在全球高端AI芯片供给紧缺的背景下，以租赁代替购买的商业模式应运而生，这种租赁模式因地制宜且性价比更高。为何海南华铁的相关算力订单还会被取消？ 10月15日，海南华铁相关负责人向经济观察报表示，海南华铁与X公司签订的协议是真实的，双方签订的是具备刚性履约义务的实质性合同。

G | 解约原因在于上游设备供给方价格发生较大波动，下游客户对设备需求也有变化。上述负责人表示，签订协议后，公司需在市场中寻找合适价格并进行数量级采购，每次采购数量规模会在几百台。根据公告，以37亿元的订单量来说，前期公司要垫资20亿元进行设备采购，后续对方按照既定的结算方式付款。合同执行进度会受到市场价格波动、国际政策等多方面因素影响。今年2月，由于DeepSeek火爆引发算力需求爆发，高端算力芯片价格波动加剧，公司需考虑毛利率等综合指标。

H | 海南华铁在9月30日的终止公告中表示，截至公告披露日，原协议尚未履行，未产生实际采购成本或资本性支出，也未对公司的经营成果、财务状况及现金流量产生实质性影响。事实上，海南华铁的情况并非个例。今年4月份，莲花控股因“宏观政策影响”终止了5.55亿元算力合同，并支付200万元补偿金。这类情况在去年也并不鲜见。2024年11月12日，锦鸡股份公告称，公司全资子公司英智创新在1月与缔息云联价值超过9亿元的算力租赁合同终止。2024年10月25日，北京飞利信发布公告称，终止了总金额近11亿元的算力租赁服务合同，原因是服务器缺货。一位不愿具名的券商计算机行业分析师说，目前算力行业需求呈现两极分化。市场对高端算力的需求仍然十分紧俏，而低端算力则需求表现不佳，存在租赁困难的情况。

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Published on:13:06:38