Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][6]. Core Insights - The government work report for 2025 emphasizes commercial aerospace as a leading emerging industry, shifting from "encouraging exploration" to "scale and standardized implementation," highlighting its core position in the national modernization industrial system [1][15]. - Manus, a Chinese startup, launched the world's first general-purpose AI agent, which can assist in various applications beyond stock analysis, marking a significant advancement in AI capabilities [2][12]. - The 2025 Mobile World Congress (MWC) showcased innovations in 5G-A technology from Huawei and ZTE, which are expected to accelerate technological progress and the adoption of AI terminals [3][32]. Summary by Sections Commercial Aerospace - The 2025 government work report prioritizes commercial aerospace, indicating a qualitative breakthrough in key technologies, market applications, and industrial ecology, which will inject new momentum into economic development [15][19]. - Various provinces, including Beijing, Shanghai, and Chongqing, are implementing special support policies for commercial aerospace, which is expected to enhance industrial cluster development [19][20]. AI Development - Manus's AI agent can perform tasks autonomously, utilizing a multi-agent architecture to simulate human workflows, and has achieved state-of-the-art performance in benchmark tests [2][10]. - The AI agent trend is becoming mainstream, with major tech companies accelerating their development, indicating a shift towards a more integrated AI application ecosystem [14][37]. 5G-A Innovations - Huawei's AI-Centric 5.5G solutions and ZTE's new 5G-A products were highlighted at MWC 2025, showcasing the integration of AI with 5G technology to enhance user experience and operational efficiency [23][24]. - The report notes that the communication sector index rose by 2.81%, outperforming the broader market, with specific sectors like military information technology and satellite internet showing strong performance [38][40]. Investment Recommendations - The report suggests focusing on companies benefiting from AI development, such as ZTE and Unisplendour, and highlights the high dividend potential of major telecom operators like China Mobile and China Telecom [43][44].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the launch of the domestic general-purpose AI Agent Manus, which outperforms OpenAI's DeepResearch in performance metrics [5][13] - Alibaba's release of the QwQ-32B reasoning model, with 32 billion parameters, accelerates the development of domestic AI models and applications [6][14] - The report emphasizes four key investment directions within the AIDC industry chain: AIDC data center construction, IT sector (domestic computing chips, servers, and power supplies), network sector (switches, chips, optical communication), and cloud computing [7][16] Summary by Sections 1. Investment Insights - The performance of the AI Agent Manus is noted as exceptional, with capabilities that extend beyond simple task execution to complex problem-solving [13] - The report anticipates a surge in AI applications driven by the open-source model trend, particularly with major cloud providers announcing significant investments [16] 2. Communication Data Tracking - By 2024, the total number of 5G base stations in China is projected to reach 4.251 million, with a net increase of 874,000 stations from the end of 2023 [24] - The number of 5G mobile phone users is expected to reach 1.014 billion, reflecting a year-on-year growth of 25.96% [24] - In December 2024, 5G mobile phone shipments are forecasted to be 30.433 million units, accounting for 88.1% of total shipments, with a year-on-year increase of 25.76% [24] 3. Operator Performance - The report details strong revenue growth in cloud services for major operators, with China Mobile's cloud revenue reaching 50.4 billion yuan in the first half of 2024, a 19.3% increase year-on-year [38] - China Telecom's Tianyi Cloud revenue for the same period is projected at 55.2 billion yuan, up 20.3% year-on-year [38] - China Unicom's cloud revenue for the first three quarters of 2024 is expected to be 43.9 billion yuan, reflecting a 19.5% increase [38]

深圳证券交易所： 培训情况报告 华泰联合证券有限责任公司关于 润泽智算科技集团股份有限公司持续督导期 2024年培训情况报告 华泰联合证券有限责任公司（以下简称"华泰联合证券""保荐机构"）作 为润泽智算科技集团股份有限公司（原公司名称为上海普丽盛包装股份有限公司， 经上海市工商行政管理局核准公司名称变更为润泽智算科技集团股份有限公司， 以下简称"润泽科技""上市公司""公司"）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之独立财务顾问，根据《深圳证券交易所上市公司 自律监管指引第 13 号——保荐业务》《深圳证券交易所创业板股票上市规则 （2024 年修订）》《深圳证券交易所上市公司自律监管指引第 2 号——创业板 上市公司规范运作（2023 年 12 月修订）》等法规和规则的相关规定以及润泽科 技的实际情况，认真履行保荐机构应尽的职责，对润泽科技的董事、监事、高级 管理人员等相关人员进行了有计划、多层次的后续培训，所培训的内容严格按照 中国证券监督管理委员会及深圳证券交易所有关持续督导的最新要求进行。 一、培训的主要内容 通过此次培训授课，润泽科技董事、监事、高级管理人员加深了对中国证券 监督 ...

国元证券股份有限公司 关于润泽智算科技集团股份有限公司 2024 年持续督导培训情况报告 深圳证券交易所： 国元证券股份有限公司（以下简称"国元证券"或"独立财务顾问"）作为 润泽智算科技集团股份有限公司（以下简称"润泽科技""上市公司"或"公司"） 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项目的独立财务顾 问及持续督导机构，根据《深圳证券交易所上市公司自律监管指引第 13 号—— 保荐业务》《深圳证券交易所创业板股票上市规则（2024 年修订）》《深圳证券交 易所上市公司自律监管指引第 2 号——创业板上市公司规范运作（2023 年 12 月 修订）》等法规和规则的相关规定，于 2025 年 2 月 19 日对润泽科技董事、监事、 高级管理人员等相关人员进行了培训，现将有关情况报告如下： 一、培训的主要内容 独立财务顾问培训小组通过现场授课和远程线上视频相结合的方式对公司 董事、监事、高级管理人员等相关人员进行了年度培训。本次培训重点介绍了上 市公司再融资、并购重组的相关规定、最新政策以及上市公司规范运作等相关内 容，从公司治理、公司董事、监事、高级管理人员行为规范、上市公司信息披露 规范等几 ...

现场检查报告 华泰联合证券有限责任公司 根据中国证监会《证券发行上市保荐业务管理办法》（以下简称《保荐办法》） 和《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关法律 法规的要求，华泰联合证券有限责任公司作为润泽智算科技集团股份有限公司 （原公司名称为上海普丽盛包装股份有限公司，经上海市工商行政管理局核准公 司名称变更为润泽智算科技集团股份有限公司，以下简称"润泽科技""上市公 司""公司"）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之 独立财务顾问，于 2025 年 2 月 19 日对润泽智算科技集团股份有限公司 2024 年 度有关情况进行了现场检查，报告如下： | 保荐机构名称：华泰联合证券有限责任公司 | 上市简称：润泽科技 | | --- | --- | | 独立财务顾问主办人： 蒋坤杰 | 联系电话：15094318338 | | 独立财务顾问主办人： 陈嘉 | 联系电话：13451938833 | | 现场检查人员姓名：蒋坤杰、王德健 | | | 现场检查对应期间：2024 年度 | | | 现场检查时间：2025 年 2 月 19 日 | | | 一、现场检查事 ...

国元证券股份有限公司 2 | 8.被担保债务到期后如继续提供担保，是否重新履行了相应的审批程序和披 | √ | | --- | --- | | 露义务 | | | （五）募集资金使用 | | | 现场检查手段：查阅公司募集资金四方监管协议；募集资金账户对账单；大额支出凭证等资料；对相关人员 | | | 进行访谈。 | | | 1.是否在募集资金到位后一个月内签订三方监管协议 | √ | | 2.募集资金三方监管协议是否有效执行 | √ | | 3.募集资金是否不存在第三方占用或违规进行委托理财等情形 | √ | | 4.是否不存在未履行审议程序擅自变更募集资金用途、暂时补充流动资金、 | | | 置换预先投入、改变实施地点等情形 | √ | | 5.使用闲置募集资金暂时补充流动资金、将募集资金投向变更为永久性补充 | | | 流动资金或者使用超募资金补充流动资金或者偿还银行贷款的，公司是否 | √ | | 未在承诺期间进行高风险投资 | | | 6.募集资金使用与已披露情况是否一致，项目进度、投资效益是否与招股说 √[注 2] | | | 明书等相符 | | | 7.募集资金项目实施过程中是否不存在重大风险 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Insights - The company is a leading third-party data center service provider in China, focusing on the construction and operation of data centers, with a strong emphasis on AI-driven demand and infrastructure [7][32] - The company has established seven AIDC intelligent computing infrastructure clusters across six major regions in China, with over 76,000 cabinets in operation and a mature data center utilization rate exceeding 90% [4][7] - The AI sector is significantly driving the demand for data center construction, with rental prices expected to rebound as high-quality facilities become scarce [4][25] Financial Performance - The company has shown impressive revenue growth, with total revenue projected to reach 43.51 billion yuan in 2023, growing by 60.3% year-on-year, and expected to continue growing to 112.91 billion yuan by 2026 [4] - Net profit attributable to shareholders is forecasted to increase from 17.62 billion yuan in 2023 to 40.45 billion yuan in 2026, reflecting a compound annual growth rate of 26.2% [4] - The company's gross margin is projected to stabilize around 50% for its IDC business, with a notable increase in profitability driven by AI-related services [4][17] Industry Dynamics - The data center industry is experiencing a rapid expansion, with the total supply of data centers in China expected to double in the next five years, driven by AI and cloud computing demands [36][39] - Major internet companies are significantly increasing their capital expenditures to enhance AI infrastructure, with ByteDance emerging as a key client for the company [47][49] - The competitive landscape is shifting, with third-party operators like the company gaining market share from traditional telecom operators, whose market share has declined from 60.2% to 56.9% [30][31]

Group 1 - A new company, Hebei Runhui Technology Development Co., Ltd., has been established with a registered capital of 10 million yuan [1] - The legal representative of the company is Li Li [1] - The business scope includes first-class value-added telecommunications services, artificial intelligence industry application system integration services, artificial intelligence basic software development, artificial intelligence public data platform, and data processing and storage support services [1] Group 2 - The company is wholly owned by Runze Technology through indirect shareholding [2]

北京市中伦（重庆）律师事务所 2024 年第四次临时股东大会的 法律意见书 二〇二四年十二月 重庆市江北区金融街 3 号 D 座中国人保寿险大厦 5-1 层 A 单元 邮编：400023 5-1A, Tower D, PICC Life Insurance Tower, 3 Financial Street, Jiangbei District, Chongqing 400023, P.R. China 电话/Tel : +86 23 8879 8388 传真/Fax : +86 23 8879 8300 www.zhonglun.com 北京市中伦（重庆）律师事务所 关于润泽智算科技集团股份有限公司 关于润泽智算科技集团股份有限公司 2024 年第四次临时股东大会的 法律意见书 致：润泽智算科技集团股份有限公司 北京市中伦（重庆）律师事务所（以下简称"本所"）受润泽智算科技集团 股份有限公司（以下简称"公司"）委托，指派律师出席公司 2024 年第四次临时 股东大会（以下简称"本次股东大会"），并就公司本次股东大会的召集和召开程 序、召集人资格、出席会议人员资格、本次股东大会的表决程序、表决结果等相 关问题 ...

华泰联合证券有限责任公司 关于润泽智算科技集团股份有限公司重大资产置换、发行 股份购买资产并募集配套资金暨关联交易项目之募投项目 结项并将节余募集资金永久补充流动资金及注销募集资金 专户的核查意见 华泰联合证券有限责任公司（简称"华泰联合""独立财务顾问"）作为润 泽智算科技集团股份有限公司（简称"上市公司"或"公司"）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项目的独立财务顾问及持续督导 机构，根据《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业 务管理办法》《深圳证券交易所创业板股票上市规则》（简称"《创业板上市规 则》"）、《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》（简称"《规范运作指引》"）及公司《募集资金管理制度》的相关规定 的要求，对公司重大资产置换、发行股份购买资产并募集配套资金暨关联交易项 目之募投项目结项并将节余募集资金永久补充流动资金及注销募集资金专户事 项进行了审慎核查，具体情况如下： 一、募集资金及募投项目基本情况 （一）募集资金基本情况 2022 年 6 ...