Summary of IDC Industry Update and Company Recommendations Industry Overview - The IDC industry is shifting its core competitiveness from energy consumption metrics to scale effects and first-mover advantages in the AI era, with ultra-large IDC clusters, especially high-power clusters, becoming crucial. The power demand per cabinet has increased to over 100 kilowatts [1][4][6]. Key Points and Arguments - Long-term trends in computing power investment remain unchanged, although short-term adjustments may occur due to chip procurement and deployment rhythms. The growth in TOKEN volume and model iteration value continues to support ongoing investments, altering industry logic [1][5]. - The IDC sector has previously faced demand concerns, chip bans, and regulatory guidance, but the outlook is improving. The demand for computing power for AI model training is rapidly increasing, with major overseas companies accelerating data center construction [1][2][9]. - The chip ban previously led to a significant inventory write-down for NVIDIA's H20 servers, affecting approximately 390,000 server sales, corresponding to 160-200 megawatts of IT capacity. NVIDIA plans to launch the RTX Pro GPU, and domestic GPUs will also be delivered, alleviating tender and listing issues [1][10][11]. - Regulatory guidance has extended the approval time for energy consumption metrics, limiting local capacity oversupply, which benefits leading companies. The first batch of energy consumption metrics is expected to be approved in the third quarter [1][12]. Company-Specific Insights - Runze Technology has resumed its IDC renovation and is expected to achieve an 80%-90% listing rate by year-end, with a projected quarter-on-quarter performance increase. The company anticipates selling 200 megawatts of projects and delivering 220 megawatts of new projects, with a successful public REITs issuance expected to yield over 2 billion in investment returns [3][13][14]. - The company has a robust cash reserve of over 5 billion and plans to utilize public REITs for light asset operations, aiming to acquire related companies in the IDC industry [15]. - Runze Technology's energy consumption metrics have increased by 130% by the end of 2024, with all projects having the necessary metrics, laying a solid foundation for long-term growth [16]. Investment Opportunities and Risks - Despite recent pressures, the IDC sector is showing signs of recovery, with demand for high-power cabinets increasing. Short-term adjustments may present investment opportunities, particularly in companies with high-quality existing resources and listing rates [7][8]. - Recommended companies for further attention include: - GDS Holdings - Century Internet - Huayun Data - David Technology - Aofei Data - Data Port These companies have received high recognition in the market for their public REITs offerings and have various development highlights [17]. Overall Industry Outlook - The IDC sector's previous stock price suppression factors are improving, leading to a more optimistic outlook for future development. Runze Technology is the primary recommendation, with continued attention on other listed companies [18].

Summary of Key Points from Conference Call Records Industry or Company Involved - **AIDC and AI Education Sector**: The records discuss developments in the AIDC industry, particularly related to NVIDIA's H20 chip, and advancements in AI applications in education. Core Points and Arguments 1. **NVIDIA H20 Chip Release**: NVIDIA's CEO announced the approval of the H20 chip for sales to China, which is expected to accelerate domestic data center construction. The H20 chip has one-sixth the computing power of the H100 but offers competitive advantages in bandwidth and memory [2][12]. 2. **Increased Capital Expenditure**: Institutions predict that major domestic companies will increase their capital expenditures (Capex) due to the availability of the H20 chip, marking a turning point in AI infrastructure development in China [2][12]. 3. **AI in Education**: A shift towards "proactive output" AI products in education is anticipated, with several companies expected to launch AI agents that can replace human teachers in certain capacities. This trend is expected to gain momentum starting in 2025 [6][7]. 4. **Growth in AI Applications**: A report from A16Z indicates that global budgets for AI applications are expected to grow significantly, with an average increase of about 75% in the coming year as companies explore more use cases for AI [9][10]. 5. **Core Companies in AI Education**: Companies like Fangzhitech and Dou Shen Education are highlighted for their innovative AI educational products, which are expected to drive growth in the sector [7][8]. Other Important but Possibly Overlooked Content 1. **Market Dynamics**: The records mention that the AI application forum will take place on July 18, 2025, focusing on the integration of software and hardware in AI applications [9]. 2. **Financial Performance**: Companies like Lio Co. are expected to report significant improvements in net profit, driven by optimized customer structures in their digital marketing segments [19][20]. 3. **Regulatory Developments**: The approval of new drugs by companies like Lisheng Pharmaceutical indicates a growing market for innovative healthcare solutions, particularly in the treatment of Alzheimer's disease [16][17]. 4. **Investment Opportunities**: The records suggest potential investment opportunities in companies involved in AI, healthcare, and data center infrastructure, particularly those that are adapting to new technologies and market demands [19][20]. This summary encapsulates the key insights and developments from the conference call records, providing a comprehensive overview of the current trends and future expectations in the AIDC and AI education sectors.

Group 1 - AI computing hardware sector experienced a significant rally, with the ChiNext AI index rising over 6% and approaching historical highs [1][4] - Notable stocks included Xinyi Technology, which hit a 20% limit up, and Zhongji Xuchuang, which surged over 16%, leading the market [1][2] - The ChiNext AI ETF, Huabao (159363), saw a price increase of 7.07%, reaching a historical high in trading volume of 389 million yuan [2][4] Group 2 - The ChiNext AI index has shown a cumulative increase of nearly 45% since the low in April, outperforming other AI indices [4][5] - Xinyi Technology projected a net profit of 3.7 billion to 4.2 billion yuan for the first half of 2025, marking a year-on-year growth of 327.68% to 385.47% [6][7] - Nvidia confirmed the resumption of H20 GPU sales in China, which is expected to benefit domestic optical module leaders and increase demand for high-speed optical products [7][8]

| | 代码 7 | 简称 | 收盘价(原始币种) | 权重 | | --- | --- | --- | --- | --- | | 1 | 300308.SZ | 中际旭创 | 149.82 | 12.4085% | | 2 | 300502.SZ | 新易盛 | 130.90 | 11.6006% | | 3 | 300394.SZ | 天孚通信 | 84.99 | 4.1995% | | ব | 301236.SZ | 软通动力 | 53.15 | 3.9140% | | 5 | 300442.SZ | 润泽科技 | 48.38 | 2.9276% | | 6 | 300458.SZ | 全志科技 | 38.27 | 2.8722% | | 7 | 300474.SZ | 景嘉微 | 71.51 | 2.8116% | | 8 | 300454.SZ | 深信服 | 89.83 | 2.7406% | | ə | 300223.SZ | 北京君正 | 66.93 | 2.7002% | | 10 | 300017.SZ | 网宿科技 | 10.31 | 2.6805% | 从投资逻辑来看，中国软科技实力 ...

Group 1 - The A-share computing power leasing concept has shown strong performance in the market, with several companies experiencing significant gains [1] - Kehua Data has reached the daily limit up, indicating strong investor interest and confidence [1] - Other companies such as Yimikang and Litong Electronics have also seen substantial increases, with Yimikang rising over 10% and Litong Electronics touching the daily limit [1] Group 2 - Additional companies in the sector, including Runze Technology, Guanghuan Xinwang, Inspur Information, and Aofei Data, have also experienced upward movement in their stock prices [1]

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Viewpoints - The report highlights the strong performance of computing-related companies and maintains a positive outlook on the global AIDC (AI Data Center) industry chain, driven by increasing demand for data center infrastructure and AI applications [5][19] - The release of Grok 4 by XAI and the introduction of AWS's GB200 UltraServers are significant advancements in AI computing capabilities, enhancing the competitive landscape [16][17] Summary by Sections 1. Investment Insights - The report emphasizes the impressive earnings forecasts from several companies in the computing sector, with Ruijie Networks expecting a net profit of 400 million to 510 million yuan for H1 2025, representing a year-on-year growth of 160.11% to 231.64% [5][13] - Industrial Fulian anticipates a net profit of 6.727 billion to 6.927 billion yuan for Q2 2025, reflecting a year-on-year increase of 47.72% to 52.11% [15] - The demand for high-speed optical modules in computing centers is rapidly increasing, contributing to significant revenue growth for companies like Huagong Technology, which expects a net profit of 890 million to 950 million yuan for H1 2025, up 42.43% to 52.03% year-on-year [14] 2. Market Trends - As of May 2025, China has established 4.486 million 5G base stations, with a net increase of 235,000 stations since the end of 2024 [29] - The number of 5G mobile phone users reached 1.098 billion, marking a year-on-year growth of 21.3% [29] - The report notes a decline in 5G mobile phone shipments, with 21.19 million units shipped in May 2025, down 17.0% year-on-year [29] 3. Recommended Investment Targets - AIDC Infrastructure: Recommended stocks include New Idea Network Group, Baoxin Software, and Runze Technology; Beneficiary stocks include Guanghuan New Network, Aofei Data, and Century Interconnect [20] - IT Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Cambrian and Inspur [21] - Network Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Ruijie Networks and Yingtong Technology [22] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and China Unicom [25] - AI Applications: Beneficiary stocks include Guanghe Tong and Yiyuan Communication [26] - Satellite Internet & 6G: Beneficiary stocks include Haige Communication and Shenglu Communication [27]

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.288 RMB per 10 shares, totaling approximately 221.73 million RMB to be distributed to shareholders [1][2]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the annual general meeting held on May 20, 2025 [1]. - The total cash dividend to be distributed is 221,726,836.39 RMB (including tax) [1]. - The distribution will not involve capital reserve conversion to share capital or stock dividends, with remaining undistributed profits carried forward to future years [1]. Group 2: Shareholder and Tax Information - The cash dividend distribution will be adjusted if the company's total share capital changes due to new share issuance, stock options, convertible bonds, or share buybacks [1]. - For shareholders holding shares before the initial public offering, the cash dividend will be 1.1592 RMB per 10 shares after tax [2]. - Different tax rates will apply for individual shareholders based on their holding period, with no tax due for those holding shares for more than one year [3]. Group 3: Key Dates and Methods - The record date for the distribution is set for July 17, 2025, and the ex-dividend date is July 18, 2025 [3]. - Cash dividends will be directly credited to shareholders' accounts through their custodial securities companies on the ex-dividend date [3]. Group 4: Adjustments and Announcements - Any adjustments to the repurchase price limit and quantity of shares will be made following the distribution in accordance with relevant regulations [4]. - Further details regarding adjustments will be announced separately [4].

Core Points - The controlling shareholder of Runze Technology, Jingjin Jirunze, and its concerted party, Beijing Tianxinghui, have reduced their shareholding due to unfulfilled performance commitments, resulting in a total decrease of 1.97% in the company's shares [1] - Specifically, Jingjin Jirunze decreased its holdings by 85.3174 million shares, while Beijing Tianxinghui reduced its holdings by 370,400 shares, totaling a reduction of 85.6878 million shares [1] - Following this repurchase and cancellation, the total share capital of the company decreased from 1.721 billion shares to 1.634 billion shares [1]

证券代码：300442 证券简称：润泽科技 公告编号：2025-047 润泽智算科技集团股份有限公司 关于 2024 年年度权益分派实施后调整回购股份价格上限和 数量的公告 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、调整前回购股份价格上限：不超过人民币 75.00 元/股（含本数）； 2、调整后回购股份价格上限：不超过人民币 74.87 元/股（含本数）； 3、调整前回购股份数量：约为 6,666,667 股至 13,333,333 股（依照调整前回 购价格上限测算）； 4、调整后回购股份数量：约为 6,678,242 股至 13,356,485 股（依照调整后回 购价格上限测算）； 5、回购股份价格上限和数量调整生效日期：2025 年 7 月 18 日（权益分派 除权除息日）。 一、回购股份的基本情况 润泽智算科技集团股份有限公司（简称"公司"）于 2025 年 4 月 22 日召开 第四届董事会第二十九次会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用不低于人民币 5 亿元（含本数）且不超过人民币 10 亿元（含本数） ...

证券代码：300442 证券简称：润泽科技 公告编号：2025-046 润泽智算科技集团股份有限公司 1 4、本次实施利润分配方案距离公司 2024 年年度股东大会审议通过的时间未 超过两个月。 2024 年年度权益分派实施公告 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。 润泽智算科技集团股份有限公司（简称"公司"）2024 年年度利润分配预案 （简称"本次利润分配方案"或"2024 年年度利润分配方案"）已获 2025 年 5 月 20 日召开的公司 2024 年年度股东大会审议通过，现将权益分派事宜公告如 下： 一、股东大会审议通过利润分配方案的情况 1、公司 2024 年年度利润分配方案为：以公司总股本 1,721,481,649 股为基 数，向全体股东按每 10 股派发现金红利 1.288 元（含税），合计派发现金红利 人民币 221,726,836.39 元（含税）。本次利润分配不进行资本公积转增股本，不 送红股，剩余未分配利润结转以后年度。本次利润分配方案实施前，若公司总股 本由于增发新股、股权激励行权、可转债转股、公司回购股份等原因发生变动的 ...