证券代码：300857 证券简称：协创数据 公告编号：2025-139 协创数据技术股份有限公司 2025 年第八次临时股东会决议公告 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： 本次股东会无否决议案的情形。 本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： （1）现场会议召开时间：2025年11月6日（星期四）14:30 （2）网络投票起止时间：2025年11月6日 其中，通过深圳证券交易所交易系统网络投票的具体时间为2025 年11月6日9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交 易所互联网投票系统进行投票的具体时间为：2025年11月6日9:15至 15:00期间的任意时间。 2、现场会议召开地点：广东省深圳市福田区深南大道6023号耀 华创建大厦1座12层1209号房会议室。 3、会议召开方式：现场表决和网络投票相结合。 4、会议召集人：公司第四届董事会。 5、会议主持人：董事长耿康铭先生。 6、本次会议的召开符合《中华人民共和国公司法》（以下 ...

广东信达律师事务所 股东会法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 11&12F.,TAIPINGFINANCETOWER,YITIANROAD6001,FUTIAN,SHENZHEN,CHINA 电话(Tel.)：(0755)88265288 邮政编码：518038 网址(Website)：www.sundiallawfirm.com 传真(Fax.)：(0755)88265537 广东信达律师事务所 关于协创数据技术股份有限公司 2025年第八次临时股东会 法律意见书 信达会字（2025）第333号 致：协创数据技术股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）《上市公司股东会规则》 （下称"《股东会规则》"）等法律、法规、规范性文件及现行有效的《协创数据技术股 份有限公司章程》（下称"《公司章程》"）的规定，广东信达律师事务所（下称"信达"） 接受贵公司的委托，指派赖凌云律师、杨尚东律师（下称"信达律师"）出席贵公 司 2025年第八次临时股东会（下称"本次股东会"），在进行必要验证工作的基础 上，对贵公司本次股东会的召集、召开程序、出席会议人员和召集人 ...

Investment Rating - The report maintains an "Buy-A" rating for the company [1][8] Core Insights - The company has achieved significant revenue growth, with a 54.43% year-on-year increase in revenue for the first three quarters of 2025, totaling 8.331 billion yuan. The net profit attributable to shareholders rose by 25.30% to 698 million yuan during the same period [4][5] - The company's computing power business is driving accelerated revenue growth, supported by synergies from server remanufacturing and data storage businesses. The gross margin for the first three quarters of 2025 was 17.65%, slightly down by 0.19 percentage points year-on-year [5][6] - The company is actively expanding its computing power leasing business and has applied for a credit limit of up to 24.5 billion yuan from financial institutions to support this expansion. It has also announced plans to list on the Hong Kong Stock Exchange [6][8] Financial Performance - For Q3 2025, the company reported revenue of 3.387 billion yuan, a year-on-year increase of 86.43%. The net profit for the quarter was 266 million yuan, up 33.44% year-on-year [4][5] - The company’s earnings per share (EPS) are projected to be 3.29 yuan, 5.65 yuan, and 8.38 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 47.7, 27.8, and 18.7 [8][12]

Core Insights - The report from Pacific Securities highlights that Xiechuang Data's net profit attributable to shareholders for the first three quarters of 2025 reached 698 million yuan, representing a year-on-year increase of 25.30% [1] - In Q3, the company achieved revenue of 3.387 billion yuan, marking a significant year-on-year growth of 86.43%, with accelerated revenue growth and increased R&D investment [1] - The rapid revenue growth is primarily driven by a substantial increase in intelligent computing service revenue, while the server remanufacturing and data storage equipment businesses remain highly prosperous [1] Financial Performance - As of the end of Q3 2025, the company's total assets amounted to 18.194 billion yuan, reflecting a substantial increase of 149.08% compared to the beginning of the year [1] - Inventory rose to 3.001 billion yuan, showing a year-on-year growth of 66.86%, mainly due to increased stock for computing and storage business [1] Strategic Initiatives - The company is planning a listing on the Hong Kong Stock Exchange to optimize its overseas layout [1] - The company is actively expanding its computing service business, which is expected to benefit from the rapidly growing demand for computing power driven by the AI wave [1]

Core Insights - MSCI announced the results of its November index review, which includes the addition of 17 new stocks to the MSCI China A-share index and the removal of 16 stocks. The changes will take effect after the market closes on November 24, 2025 [1][6]. Summary of Adjustments - **Newly Added Stocks**: The list includes stocks such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) among others [4]. - **Removed Stocks**: Stocks such as Zhongzhi Co., Ltd. (600038.SH), Bertli (603596.SH), and Dong'e Ejiao (000423.SZ) are among those being removed from the index [4]. - **Hong Kong Stocks**: In addition to A-share stocks, the MSCI China index also added nine Hong Kong stocks including Zijin Mining International and GF Securities, while removing four stocks such as Beijing Enterprises Water Group [4]. Global Index Adjustments - **Global Standard Index Changes**: MSCI's global standard index (ACWI) added 69 stocks and removed 64 stocks, with notable additions including CoreWeave, Nebius Group, and Insmed [5]. - **Emerging Markets Index**: The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy from Indonesia, Zijin Mining International, and GF Securities [5]. Adjustment Frequency and Impact - MSCI conducts four routine adjustments annually, with the May and November adjustments typically being more significant. Adjustments are based on objective quantitative metrics such as market capitalization and liquidity [6].

Group 1 - The A-share market for consumer electronics stocks has shown strong performance, with notable increases in share prices for several companies [1] - Lens Technology (蓝思科技) saw a rise of 11.22%, with a total market capitalization of 167.7 billion and a year-to-date increase of 48.06% [2] - Dongshan Precision (东山精密) reached a 10% increase, with a market cap of 138.2 billion and a year-to-date increase of 159.06% [2] Group 2 - Other companies such as Hongfuhuan (鸿富瀚) and Dongtianwei (东田微) experienced increases of over 8%, while Igor (伊戈尔) rose by over 7% [1] - The overall trend indicates a positive momentum in the consumer electronics sector, supported by the formation of MACD golden cross signals for these stocks [1]

Core Viewpoint - The AI hardware sector is experiencing a rebound, driven by strong demand for computing power and related hardware, as evidenced by the performance of key companies and recent contracts in the industry [1] Group 1: Market Performance - The AI hardware sector saw a rebound with companies like Guangku Technology, Ruijie Networks, and Xiechuang Data all rising over 4%, contributing to a more than 2% increase in the Southern AI ETF (159382) during intraday trading [1] - North America's four major CSP manufacturers have raised their capital expenditure plans for the year, indicating sustained demand for computing hardware and an increase in optical module demand [1] Group 2: Company Performance - Hon Hai, a server manufacturer for NVIDIA, reported a year-on-year revenue growth of 11.3% in October, continuing its growth momentum driven by strong demand for AI accelerators [1] - First Shanghai Securities believes that the fluctuations in the third-quarter performance of domestic computing power leaders are a one-time event, with supply chains addressing raw material shortages and customer delivery schedules not affecting the high demand [1] Group 3: Industry Contracts - Amazon has signed a $38 billion computing power contract with OpenAI, highlighting significant investment in AI infrastructure [1] Group 4: Index Composition - The Southern AI ETF (159382) tracks an index with over 50% weight in the three major CPO giants, indicating a high concentration of CPO content in the AI index [1]

Core Insights - MSCI announced the results of its November index review, which includes changes to the MSCI China A-shares index and the MSCI China index [1][2]. Group 1: MSCI China A-shares Index Changes - The MSCI China A-shares index will add 17 new stocks and remove 16 stocks, with the changes effective after the market close on November 24, 2025 [2]. - New additions to the index include companies such as Qianli Technology, Dongyangguang, and Changchuan Technology [4]. - Stocks removed from the index include China Everbright Bank and Huazhong Medicine [4]. Group 2: MSCI China Index Changes - The MSCI China index will also add 9 new Hong Kong stocks, including Zijin Mining International and Ganfeng Lithium [2]. - The index will remove 4 Hong Kong stocks, including Beijing Enterprises Water Group [2]. Group 3: Global Index Changes - The MSCI All Country World Index (ACWI) will add 69 stocks and remove 64 stocks globally [3].

Group 1 - MSCI announced changes to its indices, including the addition of 17 new A-share stocks and the removal of 16 stocks, effective after the market close on November 24, 2025 [1] - The newly added A-share stocks include 千里科技 (601777.SH), 东阳光 (600673.SH), and 长川科技 (300604.SZ), while stocks like 中直股份 (600038.SH) and 海澜之家 (600398.SH) were removed [1] - In addition to A-shares, 9 Hong Kong stocks were added to the MSCI China Index, including 紫金黄金国际 and 广发证券, while 4 stocks were removed [1] Group 2 - MSCI's global standard index (ACWI) added 69 stocks and removed 64, with notable additions including CoreWeave and Nebius Group [2] - The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy, 紫金黄金国际, and 广发证券 [2] - MSCI conducts four routine adjustments to its indices annually, with May and November adjustments typically being more significant [2]

Core Insights - MSCI announced the results of its November index review, which includes the addition of 17 new stocks to the MSCI China A-share index and the removal of 16 stocks. The changes will take effect after the market closes on November 24, 2025 [1][4]. Group 1: A-Share Index Adjustments - New additions to the MSCI China A-share index include stocks such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) [4]. - Stocks removed from the index include Zhongzhi Co., Ltd. (600038.SH), Berteli (603596.SH), and Dong'a Ejiao (000423.SZ) [4]. Group 2: Hong Kong Stock Adjustments - In addition to A-share stocks, the MSCI China index also added nine Hong Kong stocks, including Zijin Mining International and GF Securities, while removing four stocks such as Beijing Enterprises Water Group [4]. Group 3: Global Index Adjustments - MSCI's global standard index (ACWI) added 69 stocks and removed 64, with notable new additions including CoreWeave, Nebius Group, and Insmed [5]. - The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy, Zijin Mining International, and GF Securities [5]. Group 4: Adjustment Frequency and Impact - MSCI conducts four routine adjustments to its indices annually, with the May and November adjustments typically having a larger impact compared to the February and August adjustments [6]. - Adjustments are based on objective quantitative indicators such as market capitalization and liquidity, and historical analysis suggests that the overall market impact of MSCI's routine adjustments is manageable [6].