Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

7月10日，福布斯中国正式发布2025年度"中国最佳CEO"榜单。协创数据（300857）（300857.SZ）董事 长耿康铭凭借卓越的领导力和公司亮眼的业绩表现，成功入选。 据悉，此次评选通过参考数千家上市公司市值、区间股价涨跌幅、净利润及增长率、ROE 等基础财务 指标与股东回报指标，并特别关注公司连续两年的经营业绩表现。此次荣誉的获得，不仅是对耿康铭个 人的肯定，更是对协创数据创新能力和市值表现的高度认可。 协创数据聚焦"云—边—端"一体的智慧存储与智能物联体系，深耕智慧存储、智能物联、云服务、算力 服务器、服务器再制造等业务条线，持续推出具备竞争力的产品并不断优化商业模式和盈利能力。2023 年，公司营业收入同比增速录得47.95%，净利润同比增速录得118.61%；2024年，协创数据经营业绩再 创新高，全年实现营业收入74.1亿元，同比增幅达59.08%；扣非归母净利润飙升至6.71亿元，同比大增 144.33%。 核心盈利指标的跨越式增长，也为公司市值攀升注入了强劲动能。据统计，协创数据近两年内（2023年 1月1日—2025年7月14日）股价涨幅超过320%，市值从39.72亿元攀升至280亿 ...

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, specifically focusing on Real World Assets (RWA) [4] Core Insights - RWA represents a transformative innovation in financial technology by converting real-world assets into digital assets on the blockchain, potentially leading to exponential growth in the sector [2][6] - The global RWA asset market reached $24.5 billion as of June 2025, with projections to exceed $16 trillion by 2030, indicating a significant opportunity for investment [6][18] - The report emphasizes the importance of regulatory frameworks being established globally to support the growth of RWA, with regions like Hong Kong and the EU leading the way [26][30] Summary by Sections RWA: Connecting Real World Assets to Blockchain - RWA involves the tokenization of tangible and intangible assets through blockchain technology, enhancing liquidity and reducing transaction costs [11][12] - The RWA market is rapidly expanding, with a diverse range of assets including real estate, bonds, and commodities being tokenized [15][16] RWA Issuance Process and Regulatory Framework - The RWA issuance process consists of five key steps: asset selection, legal and compliance framework establishment, technology implementation, token issuance, and ongoing management [21][23] - Various countries are developing regulatory frameworks for RWA, with Hong Kong adopting a sandbox approach to foster innovation while ensuring compliance [26][30] Expansion of Asset Classes and RWA Market - RWA assets can be categorized into cash flow, equity, and non-cash flow assets, with credit and bonds currently leading the market [35][36] - The report highlights the significant growth potential in the RWA sector, particularly in tokenized real estate and securities, which are becoming increasingly popular [46][53] RWA Industry Ecosystem - The RWA ecosystem is forming a collaborative industry chain involving asset providers, technology firms, platforms, compliance custodians, and investors [4][6] - Key players in the blockchain and fintech sectors are recommended for investment, including companies like 恒生电子 and 新国都 [2][6]

协创数据技术股份有限公司 章 程 二〇二五年七月 | 目 录 | | --- | | 第一章 | 总 则 2 | | --- | --- | | 第二章 | 经营宗旨和范围 3 | | 第三章 | 股份 4 | | 第一节 | 股份发行 4 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 6 | | 第四章 | 股东和股东会 7 | | 第一节 | 股东的一般规定 7 | | 第二节 | 控股股东和实际控制人 10 | | 第三节 | 股东会的一般规定 11 | | 第四节 | 股东会的召集 15 | | 第五节 | 股东会的提案与通知 177 | | 第六节 | 股东会的召开 18 | | 第七节 | 股东会的表决和决议 211 | | 第五章 | 董事和董事会 25 | | 第一节 | 董事的一般规定 25 | | 第二节 | 董事会 28 | | 第三节 | 独立董事 33 | | 第四节 | 董事会专门委员会 356 | | 第六章 | 高级管理人员 37 | | 第七章 | 财务会计制度、利润分配和审计 40 | | 第一节 | 财务会计制度 40 | | 第二节 | 内部审计 ...

证券代码：300857 证券简称：协创数据 公告编号：2025-087 协创数据技术股份有限公司 关于公司变更经营范围并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、具体情况概述 协创数据技术股份有限公司（以下简称"公司"）分别于2025年 6月12日、2025年6月30日召开第三届董事会第三十六次会议、2025年 第四次临时股东会，审议通过了《关于变更经营范围、修订<公司章 程>并授权办理工商变更登记的议案》，具体内容详见公司于2025年6 月13日及2025年6月30日在巨潮资讯网（www.cninfo.com.cn）上披露 的《关于变更经营范围、修订<公司章程>并授权办理工商变更登记的 公告》及相关公告。 近日，公司完成了工商变更登记手续，并取得了深圳市市场监督 管理局下发的《登记通知书》，公司变更后的工商登记信息如下： 公司名称：协创数据技术股份有限公司 统一社会信用代码：914403007798542523 类型：股份有限公司（港澳台投资、上市） 住所：深圳市福田区深南大道耀华创建大厦1座12层1209号房 产权服务（专 ...

Group 1 - The "Smart Computing Power" seminar hosted by the Shenzhen Listed Companies Association focused on the integration of artificial intelligence and intelligent manufacturing, featuring discussions among industry leaders, investment institutions, and technical experts [1][2] - Co-creation Data's Fcloud has developed a high-performance network infrastructure based on GPU, supporting large-scale AI training and inference services, and has integrated NVIDIA's AI robotics technology into its Omnibot platform for innovative robot motion training [1][2] - The CreaFlow platform showcased at the seminar utilizes AIGC technology for creating innovative short dramas, set to launch on major video platforms in July and August [2] Group 2 - Co-creation Data plans to increase its investment in computing power services by injecting 940 million yuan into its wholly-owned subsidiary, Co-creation Cloud Computing Technology, to enhance data center layout and cloud platform capabilities [3] - The registered capital of Co-creation Cloud Computing will rise from 10 million yuan to 950 million yuan, positioning it as the core entity for the company's computing power business [3] - Co-creation Data has signed server procurement contracts worth up to 3 billion yuan and is progressing with a planned investment of 4 billion yuan for additional server purchases, aimed at strengthening its computing power leasing capabilities [3]

协创数据技术股份有限公司 关于全资子公司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、概述 证券代码：300857 证券简称： 协创数据 公告编号：2025-086 法定代表人：潘文俊 注册资本：95,000 万元 成立日期：2025 年 4 月 3 日 营业期限：永续经营 经营范围:数据处理服务;计算机软硬件及辅助设备零售;软件销 售;信息安全设备销售;云计算设备销售;人工智能应用软件开发;网 络与信息安全软件开发;软件开发;云计算装备技术服务;数据处理和 存储支持服务;互联网数据服务;工业互联网数据服务;信息咨询服务 (不含许可类信息咨询服务);人工智能基础资源与技术平台;数字技 术服务;技术服务、技术开发、技术咨询、技术交流、技术转让、技术 推广。(除依法须经批准的项目外，凭营业执照依法自主开展经营活 动) 协创数据技术股份有限公司（以下简称"公司"）于 2025 年 6 月 30 日召开了第四届董事会战略委员会第一次会议及第四届董事会第 一次会议，审议通过了《关于对全资子公司增资的议案》，同意公司 以自有资金 94,000 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Insights - The report highlights significant opportunities in the storage sector driven by continuous price increases, AI catalysis, and accelerated domestic production [2][3][5] - The semiconductor storage market is expected to gradually recover starting from the end of March 2025, with both DRAM and NAND entering an upward price channel [3][16] - The demand for storage is being propelled by AI applications, with expectations for substantial growth in HBM and DDR5 demand by 2025 [4][81] Summary by Sections Price Analysis - The report anticipates sustained price increases in Q3 and Q4, with DDR4 leading the market due to supply-side reforms and production cuts by major manufacturers [15][19] - DRAM and NAND prices are expected to rise significantly, with PC DDR4 contract prices projected to increase by 18-23% in Q3 [24][31] Supply Side - The Chinese semiconductor storage market is projected to grow from approximately 394.3 billion yuan in 2023 to 458 billion yuan in 2025, with DRAM holding the largest market share [59][61] - Major overseas manufacturers are reducing production, benefiting domestic companies and increasing their market share [59][63] Demand Side - The report indicates that DRAM and NAND are entering a long growth cycle, with DRAM demand capacity expected to grow by 16% in 2024 and 15% in 2025 [81][83] - The demand for enterprise-level SSDs is expected to rise significantly, with AI infrastructure driving performance and capacity upgrades [4][81] Technology Trends - The report discusses advancements in 3D NAND technology and the transition to higher efficiency DRAM processes, with expectations for 300-layer NAND production by 2025 [72][73] - The integration of AI technologies is expected to enhance the performance and capacity of storage solutions, particularly in enterprise applications [4][5] Company Dynamics - Domestic storage manufacturers are accelerating their technological advancements and production capabilities, with companies like Jiangbolong and Baiwei Storage leading the charge in high-end storage solutions [5][6][63] - The report emphasizes the importance of self-developed controllers and high-end technology in building competitive advantages for domestic firms [5][6]

Core Viewpoint - The company plans to increase its investment in its subsidiary, Xiechuang Cloud Computing, by 940 million yuan to expand its computing power service scale and enhance its cloud platform capabilities [1][2]. Group 1: Financial Performance - In Q1 2025, the company reported revenue of 2.077 billion yuan, representing an 18.11% year-on-year increase, and a net profit of 169 million yuan, up 4.29% year-on-year [1][3]. - Total assets reached 9.997 billion yuan, reflecting a 36.85% year-on-year growth [1]. Group 2: Investment and Expansion - The planned capital increase will raise Xiechuang Cloud Computing's registered capital from 10 million yuan to 950 million yuan, positioning it as the core entity for the company's computing power business [2]. - The company has signed server procurement contracts worth up to 3 billion yuan, which will further strengthen its computing power leasing service capabilities [2]. Group 3: Business Development - The company is focusing on four main business areas: smart storage, intelligent IoT, cloud services, and computing power services, which are all showing growth [3]. - In the smart storage sector, the company is expanding its storage market presence while developing self-researched storage chips [3]. - The intelligent IoT business has expanded its product matrix to 12 categories, covering various applications in home, security, medical, and industrial sectors [3]. Group 4: Innovation and R&D - The company has seen a significant increase in patent numbers, surpassing 460 patents as of Q1 2025, indicating a strong focus on innovation [4]. - R&D expenditures have consistently increased, reaching 24.41 million yuan in Q1 2025, a 3.19% year-on-year growth [4].

证券代码：300857 证券简称： 协创数据 公告编号：2025-085 协创数据技术股份有限公司 一、担保情况概述 公司分别于 2025 年 3 月 28 日、2025 年 4 月 21 日召开第三届董 事会第三十三次会议、2024 年度股东会，审议通过了《关于公司及子 公司 2025 年度向银行等金融机构申请综合授信暨有关担保的议案》， 同意公司及合并报表范围内子公司向银行等金融机构申请总计不超 过人民币 1,250,000 万元或等值外币的授信额度。授信额度期限为自 公司 2024 年度股东会审议通过之日起至 2025 年度股东会召开之日 止（授信银行、授信额度及授信期限将以最终银行等金融机构实际审 批为准），该授信项下额度可循环使用，公司在该授信额度内同意接 受合并报表范围内子公司为公司提供担保。 同时，为满足子公司的日常经营的需要，同意公司及子公司为全 资子公司安徽协创物联网技术有限公司、协创数据技术（香港）有限 公司和 Sharetronic Data Technology (Thailand) Co., Ltd.等子 公司（含未来新设立或纳入合并报表范围的子公司）向银行等金融机 构申请的授信提供 ...