Core Viewpoint - The successful listing of Southern Runze Technology Data Center REIT marks a significant milestone in the asset securitization of China's data center industry, reflecting profound changes in the digital infrastructure sector [1][5]. Group 1: Underlying Asset Logic - The core value of Southern Runze Technology REIT lies in its ownership of the A-18 data center, which has a unique geographical advantage, being only 20 kilometers from Beijing's South Sixth Ring and 29 kilometers from Daxing Airport, catering to the high demands of the Beijing region [2]. - The A-18 data center has 5,897 cabinets and a total power of 42.5 MW, achieving a 100% signing rate and over 99% listing rate for three consecutive years since its operation began in December 2020, positioning it as a leader among similar projects in China [2]. Group 2: Model Innovation - The REIT's success is attributed to its unique "data center + green electricity" model, which addresses the challenges of heavy asset investment and long payback periods in the data center industry [3]. - By securitizing the A-18 data center with a valuation of 3.725 billion yuan, the company has created a virtuous cycle of "investment-operation-securitization-reinvestment," allowing for accelerated national computing network layout without significantly increasing debt [3][4]. Group 3: Industry Significance - The REIT model provides a replicable framework for the industry, enabling companies to transition from heavy asset holders to light asset operators, focusing on high-value-added services like computing power scheduling and customer service [4]. - The introduction of REITs allows for the transformation of illiquid fixed assets into tradable standardized products, reducing corporate debt ratios and providing social capital with access to the digital economy's benefits [4]. Group 4: Policy and Market Resonance - The successful listing of Southern Runze Technology REIT is supported by a robust policy framework, including the 2024 notice from the National Development and Reform Commission promoting the regular issuance of REITs in infrastructure [5]. - The REIT's launch enhances the multi-tiered capital market system in China, with a total of 68 public REITs issued by June 2025, expanding the asset spectrum to include technology-intensive assets like data centers [6]. Group 5: Valuation Logic Restructuring - The emergence of REITs introduces a new valuation method based on NAV (Net Asset Value), shifting the focus from PE (Price-to-Earnings) ratios, which are volatile due to heavy asset characteristics [7]. - This shift may lead the industry to prioritize operational efficiency and cash flow stability over mere scale competition [7]. Group 6: New Opportunities from Asset Securitization - The listing of Southern Runze Technology REIT initiates a new wave of asset securitization in the data center sector, vital for supporting the construction of digital infrastructure during the 14th Five-Year Plan period [8]. - The REIT model creates a closed loop of "construction-operation-securitization," potentially becoming a crucial financial infrastructure for building a digital China [8]. Group 7: Industry Development and Green Transition - The successful issuance of data center REITs promotes healthy development across the industry, with third-party IDC service providers holding over 50% market share, indicating room for increased concentration [9]. - The green attributes of the A-18 project, recognized as a "National Green Data Center," are essential for its approval, and future REITs will likely consider green metrics as key valuation factors [9].

Core Insights - The launch of the first batch of closed-end infrastructure REITs based on data centers marks a significant advancement in China's REITs market, indicating a new phase of development for infrastructure assets [1][6] - The strong market response to the debut of data center REITs reflects investor confidence in the industry's growth potential, driven by the increasing importance of data centers in the digital economy [2][4] Group 1: Market Performance - On the first day of trading, both the Southern Wanguo Data Center REIT and Southern Runze Technology REIT saw a 30% increase, with trading volumes of 234 million yuan and 452 million yuan respectively [1] - During the issuance phase, the two REITs attracted over 470 billion yuan in subscription funds, indicating high demand from various investors [2] Group 2: Industry Growth Potential - The data center market in China is projected to reach 318 billion yuan by 2025, with a year-on-year growth rate of 32%, and could exceed 1.2 trillion yuan by 2030, reflecting a compound annual growth rate of over 25% [2] - The "East Data West Computing" strategy is expected to further enhance the development opportunities for the data center industry, leading to a sustained increase in demand for quality data center assets [2] Group 3: Asset Characteristics and Benefits - Data centers are characterized by stable cash flows and long-term operational value, often located in prime areas with robust infrastructure and efficient management [2] - The successful listing of data center REITs provides a pathway for companies to unlock capital tied up in fixed assets, facilitating reinvestment into new projects and technology development [4][5] Group 4: Broader Economic Impact - The introduction of data center REITs enriches the asset landscape of public REITs, complementing traditional infrastructure assets like highways and industrial parks, thus enhancing the market's ability to support new productive forces [5] - The development of data centers as a foundational element of the digital economy is crucial for advancing the digitalization and intelligent transformation of the economy, contributing to high-quality economic growth [5][6]

Core Viewpoint - The listing of the Southern Runze Technology Data Center REIT marks a significant expansion of China's REITs market and provides a new channel for investors to share in the digital economy's benefits [3][4] Group 1: Fund Overview - The Southern Runze Technology Data Center REIT, managed by Southern Fund, officially listed on the Shenzhen Stock Exchange on August 8 [1][3] - This REIT is the first public data center REIT in the Shenzhen Stock Exchange and represents a key achievement in integrating new infrastructure construction with capital market support for the real economy [3][4] Group 2: Underlying Assets - The REIT's underlying asset is the International Information Cloud Gathering Port (ICFZ) A-18 data center project, located in a core area of the national integrated computing network [3] - The data center is designed with high standards and green low-carbon principles, providing stable, safe, and efficient operational capabilities to support advanced technology industries such as artificial intelligence, cloud computing, and big data [3][4] Group 3: Company Background - Runze Technology has been a leading comprehensive computing center company for 16 years, focusing on building high-performance, low-carbon computing infrastructure [4] - The listing of the REIT reflects the capital market's recognition of the value of data center assets and exemplifies the financial empowerment of the real economy [4] Group 4: Future Plans - Southern Fund aims to leverage its collaborative advantages and work closely with partners to enhance the fund's operational efficiency and asset allocation, thereby continuously creating value for investors [4] - The initiative is part of a broader effort to inject new momentum into the construction of a digital China and support the establishment of a new high-quality development pattern [4]

来源：金融界 润泽科技最新一期业绩显示，截至2025一季报，公司营业总收入11.98亿元、同比增长21.40%，归属净 利润4.30亿元，同比减少9.29%，扣非净利润4.28亿元，同比减少8.97%，流动比率1.611、速动比率 1.336、资产负债率63.56%。 天眼查商业履历信息显示，润泽智算科技集团股份有限公司，成立于2007年，位于廊坊市，是一家以从 事互联网和相关服务为主的企业。企业注册资本172148.1649万人民币，实缴资本85386.7583万人民币。 公司法定代表人为周超男。 通过天眼查大数据分析，润泽智算科技集团股份有限公司共对外投资了5家企业，参与招投标项目29 次，专利信息45条，此外企业还拥有行政许可31个。 金融界消息 截至2025年8月8日收盘，润泽科技（300442）报收于48.42元，上涨0.5%，换手率1.6%，成 交量26.00万手，成交金额12.64亿元。 资金流向方面，今日主力资金净流入1.39亿元，占比成交额11.04%。其中，超大单净流入4986.49万 元、占成交额3.95%，大单净流入8959.76万元、占成交额7.09%，中单净流出流出1820.53万 ...

Core Viewpoint - The successful listing of the Southern Runze Technology Data Center REIT marks a significant expansion of public REITs' underlying assets in China, particularly in the data center sector, providing an innovative financing model for the industry [1][2]. Group 1: REIT Overview - The Southern Runze Technology Data Center REIT is one of the first data center REIT products in China, with its underlying asset being the A-18 data center located in Langfang, Hebei Province [1]. - The A-18 data center has a total of 5,794 standard cabinets with a power capacity of 7.04 kW, 100 high-power cabinets at 16.5 kW, and 3 ultra-high-power cabinets at 30.36 kW, offering integrated server hosting services [1]. - The REIT raised 4.5 billion yuan by issuing 1 billion shares, with the funds primarily allocated for the construction of the Chongqing Runze (Southwest) International Information Port project [1]. Group 2: Investor Interest and Market Response - The REIT received significant interest from investors, with over 40,000 effective subscriptions during the issuance period, leading to a sell-out of the public offering portion in one day [2]. - Institutional investors held 93.94% of the fund's shares, with Runze Technology being the largest holder, owning over 30% of the shares [2]. - The issuance process was supported by favorable policies from the China Securities Regulatory Commission aimed at promoting REITs in technology and infrastructure sectors [2][3]. Group 3: Industry Implications - The issuance of the Southern Runze Technology Data Center REIT is expected to enhance the company's financing channels and reinvestment capabilities, providing a solid financial foundation for long-term development [3]. - The successful launch of this REIT is anticipated to lead to a broader trend in the industry, transitioning from mere scale expansion to value creation within the data center sector, thereby injecting sustainable financial resources into the digital economy [4].

Core Insights - The Southern Runze Technology Data Center REIT, a significant milestone in China's data center industry, will be listed on the Shenzhen Stock Exchange on August 8, 2025, with a total issuance of 1 billion shares and a fundraising scale of 4.5 billion yuan, marking a new phase of asset securitization in the sector [1] - The A-18 data center, located in Langfang, Hebei, serves as the underlying asset for the REIT, benefiting from its strategic location and achieving a 100% signing rate and over 99% shelf rate since its operation began in December 2020 [2] Asset Logic - The core value of the Southern Runze Technology REIT lies in the A-18 data center, which has a unique geographical advantage, fulfilling the high demands for low latency and reliability from clients in the Beijing area [2] - The A-18 data center features 5,897 cabinets and a total power of 42.5 MW, positioning it as a leading project in the domestic market [2] Innovative Model - The REIT's success is attributed to its unique "data center + green electricity" model, which addresses the funding challenges faced by traditional heavy asset models in the data center industry [3] - By securitizing the A-18 data center at a valuation of 3.725 billion yuan, the company has created a virtuous cycle of investment, operation, securitization, and reinvestment, allowing for accelerated national computing network layout without significantly increasing debt [3] Industry Significance - The introduction of REITs provides a solution to the long-standing dilemma of "scale expansion vs. funding constraints" in the data center industry, enabling the transformation of illiquid fixed assets into tradable standardized products [4] - The company's practices offer a replicable model for the industry, with plans for further asset securitization of its upcoming projects [4] Policy and Market Resonance - The successful listing of the Southern Runze Technology REIT is supported by a favorable policy environment, including recent measures from the National Development and Reform Commission and the China Securities Regulatory Commission to promote REITs in the technology sector [5] - The REIT's launch enhances the multi-tiered capital market system in China, with a total of 68 public REITs issued by mid-2025, expanding the asset spectrum to include technology-intensive assets [6] Valuation Logic Transformation - The emergence of REITs introduces a shift in valuation methods for data center companies from PE (Price-to-Earnings) to NAV (Net Asset Value), promoting a focus on asset operational efficiency and cash flow stability [7] New Opportunities in Asset Securitization - The listing of the Southern Runze Technology REIT signifies the beginning of data center asset securitization, facilitating a capital cycle that supports the construction of digital infrastructure in China [8] - The successful issuance of data center REITs is expected to foster healthy development across the industry, with companies possessing core location advantages and technological leadership likely to achieve higher asset premiums [9]

Core Insights - The launch of the Southern Runze Technology Data Center REIT marks a significant milestone in financial innovation for the computing power era, filling a gap in the Chinese public REITs market for digital infrastructure [1][3] - This REIT represents a shift from traditional infrastructure to new infrastructure, recognizing the importance of data centers in supporting the digital economy and artificial intelligence [1][3] Group 1: Market Position and Innovation - The Southern Runze Technology Data Center REIT is one of the first public REITs in China to use data centers as underlying assets, indicating a new model for asset securitization in the industry [1] - The underlying asset, A-18 Data Center, has been recognized as a "National Green Data Center," showcasing high operational standards with a cabinet occupancy rate exceeding 99% [1] Group 2: Financing and Investment Cycle - The REIT provides a new paradigm for addressing financing challenges in the data center sector, allowing original stakeholders to recover funds quickly and reinvest in new projects, thus creating a virtuous cycle of investment and operation [2] - The REIT structure is seen as a key step in facilitating a healthy cycle for IDC assets, improving liquidity and enabling efficient expansion while reducing debt [2] Group 3: Investor Interest and Performance Metrics - The REIT has garnered significant investor interest, with public investors subscribing to 28.616 billion shares, resulting in a subscription ratio of nearly 318 times, indicating strong market demand [3] - Forecasted cash distribution rates for 2025 and 2026 are projected at 6.38% and 5.32% respectively, which are higher than the average for other property-type REITs, highlighting its attractiveness as a rare quality asset [3]

③ 消息面上，财政部、税务总局宣布，今日起，对在该日期之后(含当日)新发行的国债、地方政府债 券、金融债券的利息收入，恢复征收增值税。(张韵) 中证网讯①8月8日，首批数据中心REITs——南方润泽科技（300442）数据中心REIT、南方万国数据中 心REIT上市交易。前者募资45亿元，后者募资24亿元。 ② 8月8日，招商资管智达红利优选、格林科技成长、鑫元中证800自由现金流指数、华宝中证制药ETF 联接等多只基金开启发售。相关基金主投方向均为今年以来的热门投资方向。 ...

智通财经APP获悉，8月8日共有2家上市公司的限售股解禁，解禁总市值约367.75亿元。 今日具体限售解禁股情况如下： 股票简称 股票代码 限售股类型 解禁股数 润泽科技 300442 增发A股法人配售上市 11.01亿 魅视科技 001229 发行前股份限售流通 7059.41万 ...

证券代码：300442 证券简称：润泽科技 公告编号：2025-050 （一）向特定对象发行股票购买资产概况 2022 年 6 月 2 日，公司收到中国证券监督管理委员会（简称"中国证监会"） 于 2022 年 5 月 27 日出具的《关于同意上海普丽盛包装股份有限公司2重大资产 置换及向京津冀润泽（廊坊）数字信息有限公司等发行股份购买资产并募集配套 资金注册的批复》（证监许可〔2022〕1100 号，简称"《1100 号文》"）。中 润泽智算科技集团股份有限公司 关于发行股份购买资产暨关联交易限售股份 解禁上市流通的提示性公告 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。 特别提示： 1、本次解除限售的股份系润泽智算科技集团股份有限公司（简称"公司" 或"上市公司"）2022 年实施重大资产置换、发行股份购买资产并募集配套资 金暨关联交易（简称"本次交易"或"本次重组"或"2022 年重大资产重组"） 时，为向特定对象购买资产而发行的有限售条件股份及上市公司本次重组前的控 股股东、实际控制人及其一致行动人在本次交易前持有的上市公司股份。本次解 除限售的股份 ...