关于实际控制人部分股份质押的公告 证券代码：300339 证券简称：润和软件 公告编号：2025-060 江苏润和软件股份有限公司 注：上表中"已质押股份限售和冻结、标记数量"中限售部分为高管锁定股，无冻结股 份，无标记股份；"未质押股份限售和冻结数量"中限售部分为高管锁定股，无冻结股份。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏润和软件股份有限公司（以下简称"本公司"、"公司"、"上市公司"） 于近日接到本公司实际控制人周红卫先生的通知，获悉周红卫先生将其持有的本 公司部分股份办理了质押业务，具体事项如下： | | 是否为控股 | | 占其所 | 占公司 | 是否 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 股东或第一 | 本次质押 | 持股份 | 总股本 | 为限 | 为补 | 质押起 | 质押到 | 质权人 | 质押 | | | 大股东及其 | 数量（股） | | | | 充质 | 始日 | 期日 | | ...

Core Viewpoint - The A-share market experienced a rebound on December 8, with the financial technology ETF Huatai (159103) opening higher and achieving a three-day consecutive increase, closing up by 1.03% after rising over 2% at one point [1]. Group 1: Financial Technology ETF Performance - The financial technology ETF Huatai (159103) showed strong performance, with significant gains in its component stocks, including Sifang Jingchuang and Yinzhijie, which rose over 3%, and Hengsheng Electronics, which increased over 2% [6]. - The index of the financial technology ETF covers various sectors, including internet brokerage, financial IT, AI applications, and cross-border payments, highlighting its high elasticity and growth potential in a favorable liquidity environment [7]. Group 2: Regulatory Changes Impacting Insurance Companies - Recent adjustments to the risk factors for insurance companies' stock investments aim to enhance their solvency and encourage long-term capital investment in the equity market. The risk factor for stocks held over three years has been reduced from 0.3 to 0.27, and for stocks held over two years, it has been lowered from 0.4 to 0.36 [4]. - The adjustments are expected to release a minimum of 326 billion yuan in capital, with potential market inflows of 1,086 billion yuan if the insurance funds increase their allocation to the CSI 300 index stocks [5].

Group 1 - The company is continuously focusing on research and application of emerging technologies and fields [1] - The Star Flash technology is currently in the technical verification stage for adaptation in satellite networking scenarios [1] - Investors are advised to invest rationally and be aware of investment risks [1] Group 2 - An investor inquired about the company's existing Star Flash industry solutions and their adaptability to satellite networking and space-related scenarios [3] - The investor asked if the HH-M series Star Flash modules' low latency and high concurrency characteristics meet the requirements for real-time data transmission and control of satellite equipment clusters [3] - The company has implemented the Star Flash solution in complex environments and is exploring its extension to satellite networking scenarios [3]

Group 1 - The core viewpoint is that the financial technology sector is experiencing strong growth, with the China Securities Finance Technology Theme Index rising by 2.48% and several constituent stocks showing significant gains [1] - The China Securities Regulatory Commission (CSRC) announced on December 6 that it will enhance classified regulation, optimize evaluation indicators for quality institutions, and moderately expand capital space and leverage limits to improve capital utilization efficiency [1] - Non-bank financials are currently undervalued, providing a safety margin, with the insurance sector benefiting from economic recovery and rising interest rates, particularly in health and pension insurance [1] Group 2 - The Financial Technology ETF closely tracks the China Securities Finance Technology Theme Index, which reflects the overall performance of listed companies in the financial technology sector [2] - As of November 28, 2025, the top ten weighted stocks in the index account for 53.31% of the total, including companies like Tonghuashun and Dongfang Caifu [2]

Group 1 - The MLOps concept has declined by 3.32%, ranking among the top declines in concept sectors, with companies like Transsion Holdings, New Juwang Network, and Oriental Guoxin experiencing significant drops [1][2] - The MLOps sector saw a net outflow of 839 million yuan in main funds today, with 17 stocks experiencing net outflows, and 5 stocks seeing outflows exceeding 30 million yuan [2] - Transsion Holdings led the outflow with a net outflow of 331 million yuan, followed by Runhe Software, Zhongke Chuangda, and Tuolisi with net outflows of 147 million yuan, 143 million yuan, and 47.83 million yuan respectively [2][3] Group 2 - The top gainers in concept sectors included Cultivated Diamonds with a gain of 2.72%, while the Kuaishou concept saw a decline of 3.56% [2] - Other sectors with notable declines included DRG/DIP at -3.21% and Web3.0 at -3.15% [2] - The trading volume for Transsion Holdings was 3.20%, while other companies like Runhe Software and Zhongke Chuangda had turnover rates of 2.81% and 4.70% respectively [2][3]

Group 1 - The core viewpoint of the articles highlights the resilience of the AI sector, particularly in the context of the recent performance of the ChiNext AI ETF and the growth prospects for companies involved in AI and related technologies [1][4] - New Yi Sheng, a leading optical module CPO, has seen a significant increase in stock price, indicating strong market interest and performance in the optical module sector [1] - Morgan Stanley's report indicates a substantial upward revision in Google's TPU production forecasts, suggesting a robust demand for AI-related hardware, which could benefit optical module suppliers [3] Group 2 - The AI industry is experiencing a clear upward trend, with short-term adjustments providing good opportunities for investment, particularly in the computing power and AI application sectors [4] - The optical module industry is expected to see a capacity release in Q1 2026, driven by the high demand in the computing power supply chain, which is likely to enhance the performance of leading optical module manufacturers [3] - The first ChiNext AI ETF is highlighted as a key investment vehicle, with a significant portion of its holdings focused on optical module leaders, reflecting the growing importance of this sector in the AI landscape [4]

Core Viewpoint - Runhe Software's stock price has experienced a decline recently, with a notable drop in trading volume and market capitalization, indicating potential investor concerns about the company's performance and market position [1][2]. Financial Performance - As of September 30, 2025, Runhe Software reported a revenue of 2.719 billion yuan, reflecting a year-on-year growth of 12.86%. However, the net profit attributable to shareholders decreased by 29.01% to 78.5726 million yuan [2]. - The company has not distributed any dividends in the past three years, with a total payout of 322 million yuan since its A-share listing [3]. Stock Market Activity - On December 2, 2025, Runhe Software's stock price fell by 2.01% to 50.83 yuan per share, with a trading volume of 569 million yuan and a turnover rate of 1.43%. The total market capitalization stood at 40.482 billion yuan [1]. - The stock has seen a year-to-date increase of 1.60%, but has declined by 4.63% over the past five trading days, 19.39% over the past 20 days, and 23.45% over the past 60 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 233,500, with an average of 3,331 circulating shares per person, a decrease of 1.41% from the previous period [2]. - The top ten circulating shareholders include notable ETFs, with changes in their holdings indicating shifts in institutional investment [3].

Core Insights - The article highlights the strong performance of sectors such as consumer electronics, components, and communication devices, with a focus on AI infrastructure and applications driving growth in cloud computing ETFs [1] Group 1: AI Computing Developments - Google's TPU has introduced a new direction for AI computing with its OCS next-generation optical interconnect solution, designed specifically for accelerating AI and machine learning tasks, marking it as a significant support following GPUs [6] - Alibaba has raised its AI investment guidance, confirming a potential increase in capital expenditures to 380 billion yuan over the next three years, with cloud business growth reported at 34% [7] - Beijing has launched a "space computing" plan to build large-scale data centers in low Earth orbit, aiming to transfer substantial AI computing power to space [8][9] Group 2: Market Growth Projections - According to the China Academy of Information and Communications Technology, the global computing power scale is projected to grow to over 16 ZFLOPS by 2030, with a compound annual growth rate exceeding 50% [3] - The global cloud computing market is expected to reach $692.9 billion in 2024, reflecting a year-on-year growth of 20.3%, while China's cloud computing market is anticipated to grow to 828.8 billion yuan, a 34.4% increase [3] - The cloud computing ETF (159890) tracks the CSI Cloud Computing and Big Data Theme Index, which includes leading companies in optical modules, electronic terminals, and software development [3][13] Group 3: Investment Opportunities - The investment landscape for computing power is evolving, with new stock offerings from companies like Moore Threads and Muxi indicating a potential shift in the investment paradigm [2] - The demand for AI computing infrastructure is expected to remain robust, with significant opportunities in the supply chain for optical modules and related technologies [18][19]

Group 1 - The Zhongzheng Cloud Computing and Big Data Theme Index (930851) has shown strong growth, with notable increases in constituent stocks such as Zhongji Xuchuang (300308) up 14.48%, Xinyi Sheng (300502) up 10.61%, and Shiji Information (002153) up 10.00% [1] - The Big Data ETF (159739) has risen by 3.96%, with the latest price reported at 1.55 yuan [1] - The AI industry chain is experiencing a broad rally, particularly in computing hardware stocks, with active performance in AI applications [2] Group 2 - Meta is negotiating with Google to use TPU chips worth billions of dollars in its data centers by 2027, which could generate significant revenue for Google [2] - Alphabet recently achieved a quarterly revenue exceeding $100 billion for the first time in Q3 2025, marking a 16% year-on-year growth [2] - The total potential market size for Optical Circuit Switching (OCS) is expected to exceed $1.6 billion by 2029, driven by advancements in Google's AI processes [2] Group 3 - The Zhongzheng Cloud Computing and Big Data Theme Index includes 50 listed companies involved in cloud computing services, big data services, and related hardware, reflecting the overall performance of these sectors [3] - As of October 31, 2025, the top ten weighted stocks in the index account for 61.58% of the total, including Zhongji Xuchuang (300308), Xinyi Sheng (300502), and Keda Xunfei (002230) [3]

Market Overview - The Shanghai Composite Index rose by 0.87% on November 25, with 29 out of the 31 sectors experiencing gains, led by the communication and media sectors, which increased by 3.54% and 2.85% respectively [2] - The computer sector also saw an increase of 1.10% [2] Capital Flow - The net inflow of capital in the two markets was 13.215 billion yuan, with 19 sectors receiving net inflows [2] - The electronics sector had the highest net inflow of 5 billion yuan, followed closely by the communication sector with a net inflow of 4.881 billion yuan [2] Computer Sector Performance - In the computer sector, 336 stocks were tracked, with 273 stocks rising and 53 stocks declining [3] - The top three stocks with the highest net inflow were Rongji Software (4.25 billion yuan), South Network Digital (4.06 billion yuan), and Dahua Intelligent (1.90 billion yuan) [3] - The sector experienced a net outflow of 3.072 billion yuan, with the largest outflows from Zhongke Shuguang (7.75 billion yuan), Sanliu Ling (4.34 billion yuan), and Nanwei Software (2.04 billion yuan) [3][5] Top Gainers in Computer Sector - The top gainers in the computer sector included: - Rongji Software: +10.03%, turnover rate 47.81%, net inflow 425.13 million yuan - South Network Digital: +19.99%, turnover rate 55.02%, net inflow 406.37 million yuan - Dahua Intelligent: +10.02%, turnover rate 12.05%, net inflow 190.23 million yuan [4] Top Losers in Computer Sector - The top losers in the computer sector included: - Zhongke Shuguang: -0.44%, turnover rate 2.69%, net outflow -775.37 million yuan - Sanliu Ling: +1.15%, turnover rate 7.60%, net outflow -433.98 million yuan - Nanwei Software: -2.29%, turnover rate 22.81%, net outflow -204.03 million yuan [5]