中信建投证券股份有限公司 一、 募集资金基本情况 根据中国证券监督管理委员会《关于同意四川川润股份有限公司向特定对象 发行股票注册的批复》(证监许可（2024）232 号)，公司于 2024 年初完成向特 定对象发行人民币普通股股票 50,166,300 股,发行价格为 5.10 元/股,募集资金 总额为人民币 255,848,130.00 元，扣除各项发行费用人民币 4,787,735.85 元〈不 含增值税）后,实际募集资金净额为人民币 251,060,394.15元。上述募集资金到 位情况已经北京兴华会计师事务所(特殊普通合伙)审验,并出具了《四川川润 股份有限公司验资报告》([2024]京会兴验字第 00020002 号)。 为规范公司募集资金的存放、使用和管理,保护投资者的合法权益,根据《上 市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第１号 -- 主板上市公司规范运作》《深圳证券交易所股票上市规则》等有关法律法规和规 范性文件的规定，结合公司实际情况，公司制定了《募集资金管理办法》,对募 集资金采用专户存储制度。公司及子公司分别开设募集资金专项账户,用于本次 募集资金的专项存放、管 ...

证券代码：002272 证券简称：川润股份 公告编号：2026-006号 四川川润股份有限公司 关于向特定对象发行股票募投项目结项并将节余募集资金 永久补充流动资金的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 四川川润股份有限公司（以下简称"公司"）于 2026 年 3 月 13 日召开第七届 董事会第六次会议，审议通过《关于向特定对象发行股票募投项目结项并将节余 募集资金永久补充流动资金的议案》，同意将公司向特定对象发行股票募集资金 投资项目中的"川润液压液冷产品产业化及智能制造升级技术改造项目"进行结 项。同时为提高资金使用效率，结合公司实际经营情况，拟将上述募投项目的节 余募集资金（含现金管理收益、专户存款利息和扣除银行手续费的净额，不包括 后续预估尚需支付的尾款及质保金，下同）永久补充流动资金。公司仍将保留募 集资金专户，直至尚需支付的尾款及质保金支付完毕后注销相关募集资金专户。 依据《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》等有关规定，本事项尚需提交公司股东会 审议，具体情况如下： 市 ...

证券代码：002272 证券简称：川润股份 公告编号：2026-007号 四川川润股份有限公司 关于召开2026年第一次临时股东会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 四川川润股份有限公司（以下简称"公司"）于2026年3月13日召开第七届董 事会第六次会议，会议审议通过《关于提请召开2026年第一次临时股东会的议案》， 公司拟定于2026年3月30日（星期一）下午14:30召开公司2026年第一次临时股东 会。现将有关事宜公告如下： 一、召开会议的基本情况 1、股东会届次：2026年第一次临时股东会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东会的召集召开符合《公司法》《上 市公司股东会规则》等有关法律法规、部门规章、规范性文件及《公司章程》等 有关规定。 4、会议召开时间 其中，通过深圳证券交易所交易系统进行网络投票的时间为：2026年3月30 日上午9:15-9:25,9:30-11:30 和13:00-15:00；通过深圳证券交易所互联网投票系统 投票的时间为2026年3月30日9:15-15:00期间的任意时间。 5 ...

四川川润股份有限公司（以下简称"公司"）第七届董事会第六次会议于 2026 年 3 月 13 日以现场结合通讯的方式在四川省成都市召开。本次会议通知于 2026 年 3 月 9 日以电话、邮件相结合的方式向全体董事发出。本次会议应参会董事 9 人，实际参会董事 9 人。公司部分高级管理人员列席会议。会议召集、召开符合 《中华人民共和国公司法》等法律、行政法规、规范性文件和《公司章程》的有 关规定。会议由罗永忠先生主持，以投票方式进行表决。 二、董事会会议审议情况 经审议形成如下决议： 证券代码：002272 证券简称：川润股份 公告编号：2026-005号 （一）以赞成：9 票，反对：0 票，弃权：0 票，审议通过《关于向特定对象 发行股票募投项目结项并将节余募集资金永久补充流动资金的议案》 四川川润股份有限公司 公司向特定对象发行股票募集资金投资项目中的"川润液压液冷产品产业化 及智能制造升级技术改造项目"已达到预定可使用状态，为提升资金使用效率， 公司决定将募投项目进行结项。并将募投项目结项后的节余募集资金（含现金管 理收益、专户存款利息和扣除银行手续费的净额，不包括后续预估尚需支付的尾 款及质保金，具体 ...

Group 1 - The report highlights the strong performance of the wind power hydraulic lubrication leader, Chuanrun Co., which is advancing into AIDC liquid cooling, benefiting from the rising industry demand [4] - The company has a solid global layout in high-end energy equipment manufacturing, focusing on offshore wind power and liquid cooling, with overseas revenue reaching 43.64 million yuan in the first half of 2025, a year-on-year increase of 375.7% [4] - The liquid cooling technology is expected to gain traction due to stricter energy consumption regulations for data centers, with NVIDIA's next-generation Rubin chip adopting a fully liquid cooling solution, enhancing market potential [5][6] Group 2 - The asset allocation report emphasizes the continuity of the policy framework for 2026, with a focus on expanding domestic demand and managing financial risks in real estate and local debts [8][9] - The macroeconomic environment is supported by a strong fiscal policy and moderate monetary easing, which is expected to stabilize the equity market [9] - The report outlines a shift towards more execution-oriented industrial policies, enhancing visibility for commercial applications and orders in various sectors [9] Group 3 - The AI demand is projected to exceed expectations, with Shengquan Group positioned to benefit from the high-performance resin market, which is expected to see rapid growth [11] - The company is the largest domestic supplier of electronic chemical materials, with a comprehensive product matrix for high-frequency and high-speed copper-clad laminates [12] - Shengquan Group is expanding its production capacity with new projects set to come online in 2026, including 2000 tons/year of PPO/OPE resin and 1500 tons/year of hydrocarbon resin [12] Group 4 - The automotive industry report discusses the competitive landscape of Robotaxi in the US and China, highlighting Waymo and Tesla as key players in the US market [16][17] - In China, companies like Pony.ai and WeRide are leading the Robotaxi sector, with significant advancements in operational areas and regulatory support for autonomous driving [18] - The report suggests investment opportunities in leading Robotaxi companies and related technologies, emphasizing the acceleration of commercialization in both markets [19] Group 5 - The macroeconomic commentary on the government work report for 2026 outlines a growth target of 4.5%-5%, with a focus on expanding domestic demand and optimizing supply [20][22] - The report emphasizes the importance of employment, with a target of over 12 million new urban jobs, aligning with the economic growth objectives [23] - The fiscal policy remains proactive, with a projected budget expenditure of 30 trillion yuan for 2026, reflecting a commitment to sustainable growth [25][26] Group 6 - The report indicates a strong emphasis on technology innovation as a driver for new economic momentum, with significant increases in R&D investment expected [36][37] - The focus on high-level self-reliance in technology is set to support the development of new industries and enhance the digital economy's contribution to GDP [37][38] - The report outlines plans for substantial investments in modernizing the industrial system, with a focus on high-quality development and technological advancements [38]

Group 1 - The liquid cooling server concept has seen a significant surge, with companies like Chuanrun Co., Ltd. hitting the daily limit up, and others such as Feilong Co., Yinvike, and others following suit [1] - Nvidia's AI infrastructure head showcased the next-generation Vera Rubin computing system, which is the company's first system to utilize 100% liquid cooling technology due to increased power consumption [1][3] - Vigorous growth in the liquid cooling industry is evidenced by the recent financial performance of global liquid cooling company, Vidi, which reported a sales figure of $2.88 billion for Q4 2025, marking a 23% year-over-year increase [3] Group 2 - Nvidia's acquisition of Groq for $20 billion highlights its commitment to the inference market and LPU products, with plans to integrate Groq's LPU technology into future platforms [3] - The strong performance and rapid growth of Vidi's orders confirm the robust trends in the liquid cooling industry, leading to recommendations for various companies benefiting from this trend, including Yinvike and Chuanrun Co., Ltd. [3]

Market Overview - The market experienced a rebound after a dip, with mixed performance across the three major indices. Notable gains were seen in computing hardware stocks, particularly in CPO, PCB, and liquid cooling servers, with companies like Fenghuo Communication, Chuanrun Co., and ShenNan Circuit hitting the daily limit up. Conversely, the film industry continued to decline, with Bona Film Group facing a three-day limit down. Overall, approximately 2,900 stocks in the Shanghai and Shenzhen markets declined, with a total trading volume of 2.56 trillion yuan [1]. Key Sectors Optical Communication - The optical communication sector saw significant gains, with stocks like Farsens and Tongding Interconnection hitting the daily limit up. The surge was catalyzed by a 5.83% increase in Corning, a major player in the fiber optics market, which reached a historical high. Additionally, CPO leader Lumentum rose by 5.1%, also setting a new record [4][6]. Liquid Cooling - The liquid cooling sector strengthened, with companies such as Jialitu and Chuanrun Co. achieving daily limit up. This was influenced by NVIDIA's showcase of its next-generation Vera Rubin computing system, which is the first to utilize 100% liquid cooling technology [8][10]. Analysts predict that the liquid cooling server market in China will experience a compound annual growth rate of 46.8% from 2024 to 2029, reaching a market size of $16.2 billion by 2029 [10]. PCB (Printed Circuit Board) - The PCB sector also saw a notable increase, with stocks like ShenNan Circuit and Guanghe Technology hitting the daily limit up. Market expectations are high for the upcoming GTC conference, where the Feynman chip utilizing LPU low-latency architecture is anticipated to be showcased, potentially boosting PCB demand [10][12]. Analysts from Zheshang Securities believe that the upgrade of NVIDIA's GPU architecture will increase both the quantity and value of PCB used in their servers [12]. Company Highlights - Farsens, a leader in optical communication, has seen a four-day consecutive limit up, indicating strong market confidence [4][6]. - Jialitu and Chuanrun Co. are recognized for their advancements in liquid cooling technology, with Jialitu's stock rising by 9.98% [9]. - ShenNan Circuit, a key player in the PCB market, has also experienced a 10% increase in stock price, reflecting positive market sentiment [11].

Currency and Market Overview - The offshore RMB exchange rate surged by 200 points on February 26, breaking the 6.83 mark, reaching its highest level in nearly three years [3] - The central parity rate of RMB against USD was adjusted up by 93 basis points to 6.9228 on the same day [3] - Analysts attribute the RMB appreciation to strong settlement demand, improved China-US relations, and a weakening dollar [5] A-Share Market Performance - On February 26, the A-share market experienced fluctuations, with the Shanghai Composite Index down by 0.01%, the Shenzhen Component Index up by 0.19%, and the ChiNext Index down by 0.29% [6] - The STAR Market Index performed well, increasing by over 1% [6] - A total of 2,485 stocks rose, with 78 hitting the daily limit up, while 2,870 stocks declined [6] Sector Performance - Significant gains were observed in computing hardware stocks, with companies like Fenghuo Communication, Chuanrun Co., and Shennan Circuit hitting the daily limit up [7] - Electric power and grid equipment stocks also saw a rise, with companies such as Shenneng Electric and Xinlian Electronics reaching the daily limit up [12] Declining Sectors - The film and entertainment sector continued to adjust, with Bona Film Group experiencing a three-day limit down [13] - Other notable declines included Hengdian Film and Light Media, which saw significant drops in their stock prices [13]

Group 1 - The top 20 stocks with significant capital inflow as of February 26 include: Huadian Co., Ltd. (1.55 billion), Shenghong Technology (1.40 billion), Hengtong Optic-Electric (1.09 billion), and others [1] - Huadian Co., Ltd. experienced a price increase of 10% with a capital inflow of 1.55 billion [2] - Shenghong Technology saw a price rise of 7.75% with a capital inflow of 1.40 billion [2] Group 2 - Hengtong Optic-Electric had a 10% increase in stock price with a capital inflow of 1.09 billion [2] - Huasheng Technology's stock rose by 10% with a capital inflow of 940 million [2] - Runze Technology achieved a significant price increase of 17.71% with a capital inflow of 843 million [2] Group 3 - Aerospace Power's stock increased by 10.02% with a capital inflow of 812 million [2] - Jufei Optoelectronics saw a remarkable 20% increase in stock price with a capital inflow of 809 million [2] - Zhongtian Technology's stock rose by 10.01% with a capital inflow of 705 million [2] Group 4 - Chipone Technology experienced a 4.26% increase with a capital inflow of 660 million [2] - Gaolan Co., Ltd. had a significant price increase of 20.01% with a capital inflow of 650 million [2] - Dongfang Electric's stock rose by 10.01% with a capital inflow of 633 million [3] Group 5 - Huayin Electric saw a 10.06% increase with a capital inflow of 609 million [3] - Dongshan Precision's stock increased by 8.01% with a capital inflow of 595 million [3] - Shiyun Circuit experienced a 4.95% increase with a capital inflow of 555 million [3] Group 6 - Chuanrun Co., Ltd. had a 10.02% increase with a capital inflow of 504 million [3] - Saiwei Electronics saw a 4.95% increase with a capital inflow of 481 million [3] - Yongding Co., Ltd. experienced a 5.34% increase with a capital inflow of 456 million [3]

Core Viewpoint - The market experienced a mixed performance with the three major indices showing varied results, indicating a volatile trading environment [1] Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 2.54 trillion yuan, an increase of 759 billion yuan compared to the previous trading day [1] - Over 2800 stocks in the market experienced declines, highlighting a broad market weakness despite some sector-specific gains [1] Sector Performance - The computing hardware sector showed strong gains, with significant performances from PCB, CPO, liquid cooling servers, and computing chip concepts, leading to stocks like Shenzhen South Circuit and Dazhu Laser hitting the daily limit [1] - The power sector also performed well, with Ganneng Co. achieving two consecutive limit-ups and Huayin Power hitting the daily limit [1] - The gas turbine concept saw a collective surge, with stocks such as Yingliu Co., Wanze Co., Dongfang Electric, and Changbao Co. all reaching the daily limit [1] - The small metals sector was active, with Yunnan Zhenye and Zhangyuan Tungsten both achieving two consecutive limit-ups [1] - Environmental stocks saw a late rally, with Zhongke Environmental and Qidi Environment hitting the daily limit [1] Declining Sectors - The film and television industry, insurance, and real estate sectors faced significant declines, with the film and television concept stocks experiencing continuous drops, including Bona Film Group hitting the daily limit down [1] - The Shanghai Composite Index fell by 0.01%, while the Shenzhen Component Index rose by 0.19%, and the ChiNext Index decreased by 0.29% [1]