在合作方面，公司算力业务客户结构多元，与诸多优秀公司存在良好合作关系。对于后续合同拓展节 奏，公司称将持续紧密跟进市场需求，积极开拓境外业务，业务及业绩情况以公告为准。 智算中心建设及运营项目按实际情况有序推进，盈利实现情况以定期报告为准。算力运营服务多为以年 为单位的中长期合同，客户结构多元、均衡。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 宏景科技于2025年9月19日15:30 - 17:00，通过全景网"全景路演"（https://rs.p5w.net）参加2025年广东上 市公司投资者网上集体接待日活动，接受线上投资者调研。参与接待的公司人员包括董事长欧阳华、副 总经理兼财务总监夏明以及董事会秘书张铁舰 。 此次投资者关系活动类别 ...

证券代码：301396 证券简称：宏景科技 宏景科技股份有限公司投资者关系活动记录表 编号：2025-005 尊敬的投资者，您好！感谢您的建议！公司将持续以为股 东创造更多价值为目标，促进公司高质量发展。感谢您的关注。 5、请问宏景科技的芯片什么时候发布？ 尊敬的投资者，您好！公司是具备自主研发能力的智算中 心、智慧城市综合服务商，在算力业务方面，公司凭借多年的 创新研发团队建设、计算集群技术积累和持续的研发投入的基 础上，依托完善、高性价比的算力供应链及出色的供应链整合 能力，在丰富的智算资源池及大型客户服务经验的基础上，能 够根据客户需求，提供系统设计、设备供应、安装部署、测试 调优等销售及技术服务，可为客户提供 GPU 硬件采购、集算 力组网一体化解决方案，实现服务器的上架、集群、调优、组 网以达到客户要求的算力水平，从而为客户提供全方位、多元 化、高效、低成本的 AI 解决方案，以推动大模型应用持续创 新与发展。公司通过高速网络将分散的计算资源连接起来，形 成统一的、可弹性调度的计算能力池，以支持客户的高性能计 算、人工智能训练、大数据分析等任务，帮助客户实现算力的 高效聚合、协同共享，突破单机算力限 ...

Core Viewpoint - Hongjing Technology's stock price has shown significant growth this year, with a year-to-date increase of 275.21%, indicating strong market interest and performance [2]. Group 1: Stock Performance - As of September 19, Hongjing Technology's stock price was 75.12 CNY per share, with a market capitalization of 11.532 billion CNY [1]. - The stock has experienced a slight increase of 0.16% over the last five trading days, a 21.93% increase over the last 20 days, and an 18.73% increase over the last 60 days [2]. - The company has appeared on the trading leaderboard 25 times this year, with the most recent appearance on August 28, where it recorded a net buy of -135 million CNY [2]. Group 2: Financial Performance - For the first half of 2025, Hongjing Technology reported a revenue of 1.188 billion CNY, representing a year-on-year growth of 567.14%, and a net profit attributable to shareholders of 60.28 million CNY, up 725.73% year-on-year [3]. - The company has distributed a total of 49.3449 million CNY in dividends since its A-share listing [4]. Group 3: Shareholder and Institutional Holdings - As of July 31, the number of shareholders for Hongjing Technology was 26,800, a decrease of 12.10% from the previous period, while the average number of circulating shares per person increased by 13.77% to 2,842 shares [3]. - The top ten circulating shareholders include Yongying Digital Economy Mixed Fund, which increased its holdings by 1.8504 million shares, and Guangfa Technology Innovation Mixed Fund, which is a new shareholder [4].

证券代码：301396 证券简称：宏景科技 公告编号：2025-080 为进一步加强与投资者的互动交流，宏景科技股份有限公司（以下简称"公 司"）将参加由广东证监局、广东上市公司协会联合举办的"2025 广东上市公司 投资者关系管理月"活动，现将相关事项公告如下： 本次投资者网上集体接待日活动将采用网络远程的方式举行，投资者可登录 "全景路演"网站（https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 19 日（周五）15:30-17:00。 届时公司高级管理人员等有关负责人将在线就公司 2025 年半年度业绩、公 司治理、发展战略等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投 资者踊跃参与！ 特此公告。 宏景科技股份有限公司董事会 2025 年 9 月 17 日 宏景科技股份有限公司 关于参加 2025 年广东上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 ...

Investment Rating - The report maintains a "Buy" rating for the power equipment sector [7][18]. Core Insights - The demand for overseas computing power has exceeded expectations, leading to a significant acceleration in the domestic ecosystem [5][6]. - The AI computing infrastructure is experiencing a dual resonance of supply and demand, with the liquid cooling server industry poised for a clear breakout point [15][16]. - Major cloud service providers are expected to invest heavily in liquid cooling technology due to the advanced process of the new generation of chips [5][15]. - The domestic AI industry chain is becoming increasingly competitive, with significant fundraising efforts by leading companies to enhance their capabilities [6][16]. Summary by Sections Investment Viewpoints - The report highlights strong AI beta resonance across various companies, from established overseas firms to domestic players [17]. - The power generation sector is identified as a logical area for growth, with specific recommendations for companies such as KOTAI Power and AIDC leasing firm Hongjing Technology [7][17]. Industry Dynamics - The report notes that the global capital expenditure for data center infrastructure is projected to reach $3-4 trillion over the next five years [15]. - Oracle's latest financial report anticipates a 77% surge in cloud infrastructure revenue, indicating robust market demand [5][15]. - The report also discusses the recent approval of large-scale fundraising by domestic AI companies, which is expected to enhance their competitive edge [6][16]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several companies in the power equipment sector, including: - KOTAI Power (Buy) - Yingweike (Buy) - Macromit (Buy) - Shunling Environment (Buy) - Hewei Electric (Buy) [10][20][19].

Core Viewpoint - The article discusses the recent surge in the A-share market, particularly focusing on the structural changes and opportunities within the data center and AI sectors, driven by significant capital expenditures from major companies like Tencent and Alibaba [5][9]. Group 1: Market Movements - A-share market has seen notable movements in the computing power concept stocks, with companies like Data Port and Ronglian Technology experiencing sharp increases, including a limit-up on Ronglian Technology [3][6]. - The computing power sector is compared to the previous liquid cooling sector, indicating it is on the verge of a breakout, with significant gains observed in related stocks [6]. Group 2: Capital Expenditure Trends - Major companies are ramping up capital expenditures, with Tencent and Alibaba reporting increases of 119% and 220% respectively in Q2 this year, and Alibaba planning to invest over 100 billion yuan in AI infrastructure and products [5][9]. - The report highlights that the capital expenditure (CAPEX) for major cloud service providers like Microsoft, Amazon, and Google is expected to grow significantly, with projected CAGR of 33.74% from 2021 to 2024 [9]. Group 3: AI and Data Center Dynamics - The rapid development of AI technology is reshaping the data center industry, with increasing demand for AI-driven services expected to be the main growth driver [6][9]. - The Chinese AI cloud market is projected to reach 22.3 billion yuan by the first half of 2025, supported by favorable policies aimed at avoiding redundant construction in the industry [7]. Group 4: Policy and Industry Outlook - The "East Data West Calculation" initiative is expected to provide a clear direction for the scalable and intensive development of data centers, combining low-cost resources in the west with high market demand in the east [9]. - The "dual carbon" policy context is pushing for a transformation in data centers towards greener practices, which may lead to increased capital expenditure pressures in the short term [10].

Core Viewpoint - The article discusses the recent surge in A-share computing power concept stocks, driven by significant capital expenditures from major domestic companies and the rapid development of AI technology, indicating a potential turning point for the data center sector [2][4][9]. Group 1: Market Movements - Afternoon trading saw notable movements in computing power concept stocks, with Data Port and Ronglian Technology hitting the daily limit, while Yitian Intelligent and Huichen shares also saw significant increases [2][6]. - By the end of trading, Yitian Intelligent rose by 11.02%, Ronglian Technology reached the daily limit, and Huichen shares increased by 7%, with several other stocks also showing gains of over 5% [6]. Group 2: Capital Expenditure Insights - Market rumors suggest that a major company's substantial capital expenditure guidance (up to 2030) is a key factor behind the stock price increases of related companies [4]. - In Q2 of this year, Tencent and Alibaba reported capital expenditure growth of 119% and 220%, respectively, with Alibaba investing over 100 billion yuan in AI infrastructure and products over the past four quarters, aiming for a total of 380 billion yuan in capital expenditures over three years [4]. Group 3: Industry Trends - Analysts believe that the data center sector is on the verge of a breakout, similar to the previous surge in the liquid cooling sector, with AI technology reshaping the industry landscape [6][9]. - The AI cloud market in China is projected to reach 22.3 billion yuan by the first half of 2025, supported by favorable policies aimed at avoiding redundant construction in the sector [7]. Group 4: Future Outlook - Tianfeng Securities indicates that AI development is driving upgrades in data centers, with increasing power demands and larger-scale deployments expected [9]. - The capital expenditure (CAPEX) of major overseas cloud providers like Microsoft, Amazon, Google, and Meta is showing strong growth, with projected compound annual growth rates (CAGR) of 33.74% to 26.13% from 2021 to 2024 [9]. - Domestic internet giants are also ramping up AI investments, with Tencent's capital expenditure expected to reach 96.05 billion yuan in 2024, reflecting a year-on-year growth of 102.6% [9]. Group 5: Regulatory Environment - The introduction of IDC industry policies is expected to support healthy and orderly development in the sector, with initiatives like "East Data West Calculation" providing clear directions for the scaling and intensive development of data centers [10].

Group 1 - The core viewpoint of the news is that Hongjing Technology has experienced a significant stock price increase, with a 10.25% rise over three consecutive days, reaching a price of 78.75 yuan per share and a market capitalization of 12.09 billion yuan [1] - Hongjing Technology, established on March 7, 1997, and listed on November 11, 2022, focuses on providing smart city solutions in three main areas: smart healthcare, smart education, and smart community management, with 91.28% of its revenue coming from computing services and 8.72% from smart city business [1] - The stock turnover rate for Hongjing Technology is reported at 14.80%, with a trading volume of 836 million yuan [1] Group 2 - According to data, GF Fund's Guangfa Technology Innovation Mixed A Fund (008638) has entered the top ten circulating shareholders of Hongjing Technology, holding 2.5579 million shares, which is 3.36% of the circulating shares [2] - The fund has gained approximately 9.59 million yuan in floating profit today and 17.83 million yuan during the three-day stock price increase [2] - Guangfa Technology Innovation Mixed A Fund has achieved a year-to-date return of 51.91% and a one-year return of 99.24%, ranking 749th out of 8246 and 499th out of 8054 in its category, respectively [2]

北京市中伦（广州）律师事务所 关于宏景科技股份有限公司 2025 年第四次临时股东会之 广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 北京市中伦（广州）律师事务所 关于宏景科技股份有限公司 2025 年第四次临时股东会之法律意见书 致：宏景科技股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受宏景科技股份有限 公司（以下简称"公司"）委托，指派程俊鸽律师、张梦麟律师（以下简称"本 所律师"）出席公司 2025 年第四次临时股东会（以下简称"本次股东会"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人 ...

1、本次股东会没有出现否决议案的情况； 2、本次会议不涉及变更以往股东会已通过的决议的情况。 证券代码：301396 证券简称：宏景科技 公告编号：2025-079 宏景科技股份有限公司 2025 年第四次临时股东会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 一、会议召开及出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025年9月12日（星期五）15:00 （2）网络投票时间：2025年9月12日。其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为：2025年9月12日上午9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025年9 月12日9:15-15:00期间的任意时间。 2、会议召开地点：广州市黄埔区映日路111号8楼会议室 3、会议召开方式：本次股东会采用现场投票与网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：董事长欧阳华 6、本次会议的召集、召开符合《公司法》《证券法》《深圳证券交易所创 业板股票上 ...