润泽智算科技集团股份有限公司 关于控股孙公司增资并引入投资者进展暨完成工商变更登记的公告 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。 一、交易概述 润泽智算科技集团股份有限公司（简称"公司"）分别于 2024 年 12 月 11 日、2024 年 12 月 27 日召开第四届董事会第二十六次会议、2024 年第四次临时 股东大会，审议通过了《关于公司控股孙公司增资并引入投资者的议案》。公司 子公司润泽科技发展有限公司（简称"润泽发展"）以 1 亿元认购控股孙公司广 东润惠科技发展有限公司（简称"广东润惠"）新增注册资本 9,444,000 元，且 在此基础上，引入中金瑞晟（济南）投资合伙企业（有限合伙）、中国东方资产 管理股份有限公司、中信证券投资有限公司、浙江宸浩贸易有限公司、魏巍等五 位投资人合计以 15.6 亿元认购广东润惠新增注册资本 147,326,400 元（简称"本 轮前次增资"）。截至 2024 年 12 月 31 日，本轮前次增资已交割完毕。本轮前 次增资的详情请见公司分别于 2024 年 12 月 12 日、2024 年 12 月 31 ...

证券代码：300442 证券简称：润泽科技 公告编号：2025-041 公司将根据通知书的要求，按照《非金融企业债务融资工具注册发行规则》 1 润泽智算科技集团股份有限公司 关于短期融资券获准注册的公告 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。 润泽智算科技集团股份有限公司（简称"公司"）分别于 2025 年 4 月 22 日 召开的第四届董事会第二十九次会议及 2025 年 5 月 20 日召开的 2024 年年度股 东大会审议通过了《关于拟注册发行银行间债券市场非金融企业债务融资工具的 议案》，同意公司向中国银行间市场交易商协会（简称"交易商协会"）申请注 册发行不超过人民币 40 亿元（含 40 亿元）的银行间债券市场非金融企业债务融 资工具，发行品种包括超短期融资券、短期融资券、中期票据等相关监管部门认 可的债务融资工具品种。具体情况详见公司于 2025 年 4 月 24 日在中国证券监督 管理委员会指定的创业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于拟注册发行银行间债券市场非金融企业债务融资工具的 ...

证券代码：300442 证券简称：润泽科技 公告编号：2025-042 润泽智算科技集团股份有限公司 关于回购股份的进展公告 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"）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） 的自有资金或自筹资金（回购专项贷款）以集中竞价交易方式回购公司部分人民 币普通股（A 股）股份，回购价格不超过人民币 75.00 元/股（含）。按照回购价 格上限和回购金额上限测算，预计可回购股份数量为 13,333,333 股，约占公司总 股本的 0.77%；按照回购价格上限和回购金额下限测算，预计可回购股份数量为 6,666,667 股，约占公司总股本的 0.39%，具体回购股份数量以回购实施完成时实 际回购的股份数量为准。本次回购股份的实施期限为自公司董事会审议通过本次 回购股份方案之日起 12 个月内。公司分别于 2025 年 4 月 24 日、2 ...

Market Overview - The Shanghai Composite Index rose by 0.39% on July 1, with 20 industries experiencing gains, led by the comprehensive and pharmaceutical sectors, which increased by 2.60% and 1.80% respectively [2] - Conversely, the computer and retail sectors saw declines of 1.18% and 0.79% [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 27.907 billion yuan, with 8 industries seeing net inflows [2] - The pharmaceutical sector led the net inflow with 2.422 billion yuan, followed by the banking sector with an inflow of 886 million yuan and a daily increase of 1.53% [2] Communication Industry Performance - The communication sector fell by 0.45%, with a net capital outflow of 1.623 billion yuan [3] - Out of 127 stocks in this sector, 31 rose, including one that hit the daily limit, while 92 declined, with one hitting the lower limit [3] - The top net inflow stocks included Yongding Co. with 387 million yuan, followed by Chutian Long and ZTE Corporation with 160 million yuan and 93.3125 million yuan respectively [3] Top Gainers and Losers in Communication Sector - The top gainers in the communication sector included: - Yongding Co. (+7.05%, 22.42% turnover, 386.8616 million yuan net inflow) - Chutian Long (+4.08%, 25.09% turnover, 159.9422 million yuan net inflow) - ZTE Corporation (+0.46%, 1.77% turnover, 93.3125 million yuan net inflow) [4] - The top losers included: - Hengbao Co. (-3.97%, 37.28% turnover, -270.3572 million yuan net outflow) - Zhongguang Fang Lei (-7.88%, 34.59% turnover, -194.0401 million yuan net outflow) - Runze Technology (-3.84%, 4.91% turnover, -121.9459 million yuan net outflow) [5]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the bond market, specifically focusing on the insurance subordinated debt market, credit bonds, and data center REITs [1][5][11]. Key Insights and Arguments Bond Market Outlook - The interest rate bond market is expected to experience narrow fluctuations in 2025, with limited upward potential due to low likelihood of policy tightening by the central bank [1][2]. - Credit spreads are anticipated to compress further, prompting institutions to seek lower-rated credits for higher yields [3][5]. Insurance Subordinated Debt Market - The insurance subordinated debt market is relatively small, with a total scale of approximately 500 billion, compared to 6-7 trillion for bank-related instruments [5][6]. - The investment structure is shifting towards market-oriented institutions, which may enhance trading volume and market recognition [6]. - Risk assessments should focus on state-owned large insurance companies due to the significant spread loss risks faced by life insurance companies [6][9]. Investment Recommendations - Long-term insurance subordinated debt with yields above 2.5% is recommended, particularly products from Huatai Life and Sunshine Life [9]. - Investors are advised to be cautious with subordinated debt from smaller insurance companies due to potential non-redemption risks [7][8]. City Investment Bonds - City investment bonds offer high yields without exchange rate risks, with offshore yields reaching 5-6%, significantly higher than the domestic 2.5% [10]. - Investors with QD quotas are encouraged to purchase these bonds through Hong Kong for better value [10]. Data Center REITs - Data center REITs have shown strong performance since 2024, with a total market value exceeding 200 billion and a 15% increase in the index this year [11][12]. - These REITs are characterized by high customer stickiness, long lease terms, and stable revenue, making them attractive investments [13][14]. - The operational model of data center REITs differs significantly from traditional property REITs, focusing on technology and operational capabilities [16]. Investment Strategy for Data Center REITs - Investors are encouraged to participate in the issuance of newly approved data center REITs due to their strong underlying assets and potential for initial premium returns [17][18]. - The unique characteristics of data center REITs, including their dual nature of real estate and technology, position them favorably in the market [18]. Additional Important Points - The shift in investor structure towards more market-oriented institutions in the insurance subordinated debt market could lead to increased trading activity and recognition [6]. - The potential risks associated with smaller insurance companies' subordinated debt require careful monitoring of their performance and redemption practices [8].

Summary of AIDC Industry Update and Q&A Industry Overview - The AIDC (Artificial Intelligence Data Center) industry is experiencing a recovery in overseas computing infrastructure, with companies like Nvidia and Corewave showing positive performance focused on training and inference demand [1][2] - Domestic AIDC is constrained by chip limitations, model breakthroughs, and application deployment, but major data centers like GDS and Century Internet are maintaining stable deployment rates despite the H20 ban [1][2][3] Key Insights - **Overseas Market Recovery**: Nvidia's focus is on training demand, while Corewave caters to large enterprises like Microsoft. Companies such as Broadcom and Marvell have optimistic revenue expectations for ASICs, and Oracle's OCI business reflects growth in inference demand [1][2][5] - **Domestic Market Dynamics**: Despite short-term impacts from trade wars, major Chinese internet companies like Alibaba and ByteDance are investing heavily in AI. Long-term solutions for domestic AI challenges include breakthroughs in chips (e.g., Cambricon, Huawei Cloud Matrix 384) and improvements in model capabilities [1][3][4] - **Investment Recommendations**: Companies with stable deployment rates and core leading customer orders, such as Runze Technology, Aofei Data Port, Century Internet, and GDS, are recommended for investment due to their low valuations and potential for significant improvement [1][4] Performance Trends - **Overseas Demand Trends**: The overseas computing market is showing strong growth, particularly in GPU and ASIC demand. Nvidia has launched new GB series chips, and companies like Marvell and Broadcom have revised their market demand expectations upward [7][8] - **Domestic Market Performance**: The domestic computing market faced some disruptions in Q2 due to geopolitical factors and chip restrictions, but overall guidance remains stable. The AIDC sector is expected to see improved order visibility and capital expenditure growth in the coming quarters [8][9] Future Outlook - **Upcoming Quarters**: The outlook for the domestic computing market in the next two quarters is positive, with expectations of accelerated capital expenditure and construction progress, particularly in the AIDC core hardware supply chain [9] - **AI Data Center Growth**: AI data center-related sectors are showing good business growth elasticity, with significant order increases in server power supplies and UPS systems [10][14] - **HVDC Development**: Both domestic and international markets are seeing increased adoption of HVDC solutions, with major Chinese internet companies pushing for its application [11][12] Global AI Demand - **Inference Demand Growth**: Global inference demand is rapidly increasing, with companies like Google and ByteDance significantly ramping up their requirements [16] - **US vs. China AI Demand**: The US is entering a new model iteration cycle with large clusters, while China's AI demand is primarily focused on inference due to limited resources for training [17] Market Sentiment - **US AI Industry Expectations**: The US AI industry is expected to see significant changes in the next six months, with rapid stock price increases in sectors like NV and ASIC, indicating a potential expansion from overseas to domestic supply chains [18] - **AI Business Models**: The US has a stronger likelihood of successful AI business models due to higher payment willingness, while China's market faces challenges in this regard, potentially affecting profit margins [19] Conclusion - The AIDC industry is poised for growth, driven by both domestic and international demand for AI capabilities. Investment in key players with stable growth prospects is recommended, while monitoring the evolving landscape of AI business models and market dynamics is crucial for future success [20]

Group 1 - The fund is a publicly offered infrastructure securities investment fund, with a total issuance of 1 billion shares, of which 700 million shares are allocated for strategic placement, 210 million for offline issuance, and 90 million for public investors [5][10][18] - The fund aims to invest over 80% of its assets in the Southern Capital - Runze Technology Data Center Phase 1 infrastructure asset-backed securities, focusing on obtaining stable cash flows from infrastructure project custodial service fees [3][4] - The fund's initial strategic placement includes 340 million shares from original equity holders and 360 million shares from other strategic investors, while the offline issuance is set at 210 million shares [6][18] Group 2 - The offline inquiry will take place on July 1, 2025, with a price range set between 3.020 yuan and 4.531 yuan per share [8][39] - Investors must complete registration and qualification verification by June 30, 2025, to participate in the offline inquiry [27][36] - The fund management will determine the final issuance price based on the median and weighted average of the bids received from offline investors [45] Group 3 - The fund's strategic investors are required to hold at least 20% of the total issuance for a minimum of 60 months, while the remaining shares must be held for at least 36 months [12][20] - The fund's management has the right to adjust the allocation of shares between strategic, offline, and public investors based on demand and market conditions [49][50] - The fund aims to leverage the growing demand for data centers driven by advancements in generative AI and large models, which is expected to stabilize service fees in the industry [4][10]

Group 1 - The core viewpoint of the news highlights the performance of the digital economy theme index and its constituent stocks, indicating a positive trend in the market with specific stocks showing significant gains [1][2] - The digital economy ETF closely tracks the index, focusing on self-controllable technology and financial technology, with the electronic and computer sectors holding a combined weight of 82% [2][3] - The top ten constituent stocks of the index account for 50.98% of the total weight, with notable companies like 东方财富 (Orient Securities) and 中芯国际 (SMIC) leading the list [3][5] Group 2 - The digital economy ETF has seen a significant increase in scale, growing by 11.86 million yuan over the past week, ranking it in the top half among comparable funds [3] - The ETF's share volume increased by 6 million shares in the last month, also placing it in the top half of comparable funds [3] - The anticipated release of the DeepSeek R2 version is expected to enhance the AI industry's capabilities, benefiting the entire AI value chain [1]

Core Viewpoint - The Southern ChiNext AI ETF (159382) continues its upward trend, reflecting strong performance in the AI sector, driven by advancements in technology and increasing adoption of AI applications in various industries [1][2]. Group 1: ETF Performance - The Southern ChiNext AI ETF (159382) experienced a nearly 2% increase during trading, marking a potential three-day rally [1]. - The underlying index, the ChiNext AI Index, rose by 1.11%, with significant gains from constituent stocks such as Runze Technology (up 5.41%), Ruijie Networks (up 5.30%), and Xiechuang Data (up 5.02%) [1]. Group 2: Technological Advancements - AI company MiniMax announced breakthroughs in foundational models, multimodal technology, and general intelligence agents during its recent "Technology Release Week" [1]. - MiniMax launched five new AI products within five days, including the world's first open-source large-scale hybrid architecture inference model and the first domestic complete creation assistant [1]. Group 3: Industry Outlook - CITIC Securities highlighted the acceleration of AI data center construction in China and the government's push for comprehensive AI technology innovation and industrial development [1]. - The report suggests that 2025 will be a pivotal year for AI agents to be implemented in specific scenarios, with early adopters expected to achieve cost reduction and efficiency improvements, positively impacting their financial performance [1]. - AI applications are showing promising results in e-commerce, office environments, and healthcare sectors [1].

Core Viewpoint - The approval of the first batch of data center REITs in China, including the Southern Runze Technology REIT, marks a significant expansion of REITs into new infrastructure sectors, supporting the digital economy and innovative financing mechanisms [1][2]. Group 1: REITs Approval and Details - The Southern Runze Technology REIT has been officially registered by the China Securities Regulatory Commission (CSRC) and is the first data center REIT on the Shenzhen Stock Exchange, with underlying assets from the Runze (Langfang) International Information Port A-18 data center, which has 5,897 cabinets and an occupancy rate exceeding 99% [1][2]. - The approval of this REIT is seen as a crucial step in promoting the market-oriented financing mechanism for the "East Data West Computing" project, providing a practical example for activating new infrastructure [2]. Group 2: Market Context and Future Prospects - The data center sector is recognized as a core infrastructure for the digital economy, supporting technologies such as cloud computing and artificial intelligence, with increasing demand for data centers as REIT assets [3][4]. - The approval of the Southern Runze Technology REIT is expected to facilitate financial innovation in the industry, transitioning from heavy asset operations to a closed-loop model of investment, management, and exit, thereby accelerating capital recovery [4]. Group 3: REITs Market Growth - As of June 5, 2025, the total market capitalization of REITs in China has surpassed 200 billion yuan, making it the largest REITs market in Asia and the second largest globally [6]. - The REITs market has shown strong performance, with an overall profitability rate of 104% for 18 REITs that disclosed annual reports for 2024, and a total dividend distribution of 2.273 billion yuan [6]. Group 4: Regulatory and Market Developments - The CSRC has been actively enhancing the policy framework to support new infrastructure and technology enterprises in issuing REITs, aiming to broaden funding sources for these sectors [3]. - The Shenzhen Stock Exchange plans to continue promoting the issuance of REITs, focusing on stabilizing the market and expanding the types of assets included in REITs [7].