证券代码：300442 证券简称：润泽科技 公告编号：2026-008 润泽智算科技集团股份有限公司 第五届董事会第五次会议决议公告 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。 一、董事会会议召开情况 2026 年 2 月 13 日，润泽智算科技集团股份有限公司（简称"公司"或"上 市公司"）第五届董事会通过现场和通讯相结合的方式召开了第五次会议，根据 《润泽智算科技集团股份有限公司章程》（简称"《公司章程》"）的规定，经 全体董事一致通过，本次会议豁免提前 2 天发出会议通知。 本次会议由董事长周超男主持。会议召集和召开程序符合《中华人民共和国 公司法》（简称"《公司法》"）等法律、行政法规和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过了《关于公司发行可转换公司债券购买资产并募集配套资 金符合相关法律法规规定的议案》 公司拟以发行可转换公司债券的方式购买广东润惠科技发展有限公司（简称 "广东润惠"或"标的公司"）除上市公司（含子公司）所持股权以外的剩余少 数股权（简称"本次购买资产"）并募集配套资金（简称"本次交易"）。本次 交易完成后， ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [3][6]. Core Insights - The AI application landscape is rapidly evolving, with significant advancements expected in 2026, which will impact traditional sectors such as software, film, and media [6]. - Domestic AI models are increasingly competitive with international counterparts, particularly in terms of performance and cost, suggesting a potential shift in the global AI model competition landscape [6][39]. - The demand for AI inference is rising sharply, leading to increased pricing actions from model and cloud service providers, which benefits companies within the industry [6]. Industry Data Summary 1. Industry Data - The software industry in China is projected to generate revenues of 15.48 trillion yuan in 2025, reflecting a year-on-year growth of 13.2% [12]. - The IC design sector is expected to grow by 18.9% in 2025, while cloud computing and big data services are anticipated to grow by 13.6% [12][19]. - The information technology service revenue is expected to increase by 14.7%, further solidifying its share of the overall software business revenue [27]. 2. AI Developments - Major AI models are being released, with significant competition expected in the market, particularly with the upcoming launches of models like DeepSeek-V4 and others in February 2026 [33][38]. - The pricing of domestic models is significantly lower than that of international models, enhancing their attractiveness for various applications [39][41]. - The user engagement for AI applications is increasing, with notable growth in active users for platforms like Gemini and ChatGPT [44][49]. 3. Domestic Market Dynamics - Domestic chip manufacturers are expected to benefit from restrictions on foreign competitors, with companies like Huawei and Dawning making significant advancements in AI computing capabilities [6][19]. - The report highlights the increasing importance of AI model services (MaaS), with a projected market size of 17.7 billion yuan by 2030, growing at a compound annual growth rate of 72% from 2025 to 2030 [56].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [3]. Core Insights - The AI application landscape is rapidly evolving, with significant advancements expected in 2026, which will impact traditional sectors such as software, film, and media [6]. - Domestic AI models are increasingly competitive with international counterparts, particularly in terms of performance and cost, suggesting a potential shift in the global AI model competition [6]. - The demand for AI inference is rising sharply, leading to increased pricing actions from model and cloud service providers, which benefits companies within the industry [6]. Industry Data Summary 1. Industry Data - The software industry in 2025 is projected to generate revenues of 15.48 trillion yuan, reflecting a year-on-year growth of 13.2% [12]. - The IC design sector is expected to grow by 18.9% in 2025, while cloud computing and big data services are anticipated to grow by 13.6% [19]. - The information technology service revenue is expected to increase by 14.7%, further solidifying its share of the overall software business revenue to 68.7% [27]. 2. AI Developments - Major AI models are being released, with significant competition expected in the market, particularly with the upcoming launches of models like DeepSeek-V4 and others in February 2026 [33]. - The pricing of domestic models is significantly lower than that of international models, enhancing their attractiveness for various applications [39]. - The user engagement for AI applications is increasing, with notable growth in active users for platforms like Gemini and ChatGPT [44]. 3. Domestic Market Dynamics - Domestic chip manufacturers are expected to benefit from restrictions on foreign competitors, with companies like Huawei and Dawning making significant advancements in AI computing capabilities [6]. - The report highlights the increasing capital expenditures from overseas tech firms, raising concerns about market dynamics [6]. - The MaaS (Model as a Service) market is projected to grow rapidly, with significant contributions from companies like ByteDance and Alibaba [56].

Core Viewpoint - The software sector experienced fluctuations, with the创业板软件ETF华夏 (159256) declining by 0.61% as of 10:55 AM on February 13, indicating potential capital inflow despite the drop [1] Group 1: Company News - Runze Technology announced plans to issue convertible bonds to acquire assets and raise matching funds, leading to a suspension of its securities from February 6, 2026, until relevant information is disclosed by March 2, 2026 [1] - Runze Technology is the second-largest holding in the创业板软件ETF华夏 (159256), with a weight of 6.58% [1] - The company projected a significant increase in net profit for 2025, estimating a range of 5 billion to 5.3 billion yuan, representing a year-on-year growth of 179.28% to 196.03% [1] Group 2: Market Performance - The创业板软件ETF华夏 (159256) recorded a trading volume of 170 million yuan, nearing the previous day's total of 180 million yuan, suggesting active trading and potential investor interest [1] - As of January 30, 2026, the top ten weighted stocks in the创业板软件指数 (399264) include Tonghuashun, Runze Technology, and others, with these stocks collectively accounting for 48.61% of the index [1]

大位科技这几天的连板最主要炒的是字节算力，润泽科技停牌，东阳光市值大，就剩大位有真正的合作和足够的 弹性，如果按业务看的话，字节的张北数据中心本来就是AIDC，是数据中心机房的建设交付，而非算力租赁，所 以并不是什么实质性的利空，但是也会影响那些不研究基本面只看所谓算力租赁概念表格的散户传播发酵的顶板 意愿，所以短期涨幅较大的情况下对这种情绪性利空要做好充分应对，可适当减仓放大盈利安全垫来应对短期的 波动，后面还有周末2月13或14日豆包2.0 大位科技这几天的连板最主要炒的是字节算力，润泽科技停牌，东阳光市值大，就剩大位有真正的合作和足够的 弹性，如果按业务看的话，字节的张北数据中心本来就是AIDC，是数据中心机房的建设交付，而非算力租赁，所 以并不是什么实质性的利空，但是也会影响那些不研究基本面只看所谓算力租赁概念表格的散户传播发酵的顶板 意愿，所以短期涨幅较大的情况下对这种情绪性利空要做好充分应对，可适当减仓放大盈利安全垫来应对短期的 波动，后面还有周末2月13或14日豆包2.0的发布以及春节春晚期间更进一步的字节相关催化，字节的首批招标也 会在春节前后落地，东阳光同样有中标预期。 ...

Group 1 - The three major indices collectively declined, with the ChiNext software sector experiencing a rise followed by a pullback, indicating mixed performance among constituent stocks [1] - The ChiNext software ETF from Huaxia has recently shown a trend of capital inflow, with a net subscription of 24.66 million yuan over the past three days [1] - Guotai Junan emphasizes that by 2026, AI applications are expected to transition from "usable" to "user-friendly," becoming a core theme in the AI industry market [1] Group 2 - The top ten weighted stocks in the ChiNext software index account for 48.61% of the index, with notable companies including Tonghuashun, Runze Technology, and Kunlun Wanwei [2] - The performance of key stocks within the index shows varied results, with some stocks like Huada Jiutian and Softcom Power showing positive changes, while others like Deepin Technology and Kunlun Wanwei experienced declines [3]

而这将推动AIDC、云与算力服务、 【国金计算机&科技】坚守产业逻辑，国内算力吹 哨人 复盘近期观点，我们始终坚定看好国内算力产业链的"高景气行情"。 逻辑核心在于供需态势的深刻变化： 【国金计算机&科技】坚守产业逻辑，国内算力吹 哨人 复盘近期观点，我们始终坚定看好国内算力产业链的"高景气行情"。 逻辑核心在于供需态势的深刻变化： 2026年是"训练+推理"双轮共振的转折点，多模态Scaling-law的延续与AI现象级应用的爆发，令需求侧斜率超预期陡 峭；供给侧得益于国产芯片成熟、晶圆产能释放、海外芯片供应，瓶颈渐解。 ——1月4日，发布计算机年度策略《两仪生四象，超级时代》，率先指明2026年AI路径清晰，一切核心指向算 力，预判国内算力扩容斜率极高； ——1月11日，发布行业深度《国内算力斜率陡峭》，强调AI入口之争开启，大厂CAPEX意愿增强，国内算力爆发 在即； ——1月12日，召开《产业与价值不会缺席——掘金AI算力》电话会，详细拆解国内算力的增长空间与演绎路径； ——1月26日，在市场波动中召开《继续相信算力》电话会，鲜明提出"国内云服务走向通胀"的判断； ——2月8日，针对Seedance ...

Core Insights - The release of Seedance 2.0 by ByteDance marks a significant advancement in AI video creation, transitioning from low-deterministic "blind box generation" to a highly controllable and reusable creative process, achieving "director-level" precision [1][3][8] - Seedance 2.0 introduces four major breakthroughs: automatic storyboard and camera movement planning, multi-modal reference input, synchronized audio-visual generation, and multi-shot narrative capability [7][8] - The model has already been applied in real commercial scenarios, such as transforming novels into short dramas and remastering classic animation IPs [2][6] Industry Impact - The launch of Seedance 2.0 is seen as a new starting point for the AI video creation industry, with expectations for rapid growth in AI applications, particularly in AI short dramas and film IPs, as the industry enters a favorable cycle by 2026 [3][8] - Analysts predict that the cost and efficiency advantages of AI short dramas will amplify, potentially reducing production costs and timelines significantly [2][3] - The release is expected to accelerate industry penetration and volume growth, with applications extending to movies and TV shows as the model's narrative completeness and visual quality improve [10][11] Market Reaction - Following the announcement, AI-related stocks experienced significant gains, with notable increases in companies such as Zhiyuan (up 39.56%) and MINIMAX-W (up 14.62%) [2][6] - The pragmatic announcement approach by ByteDance contrasts with previous high-profile model releases, indicating a focus on continuous improvement and alignment with human feedback [8][9] Value Proposition - Seedance 2.0 allows creators to focus more on content and creativity rather than technical generation capabilities, shifting the competitive focus in AI video technology [9][10] - The model's capabilities are expected to enhance the efficiency of content production, benefiting various sectors within the media and entertainment industry [3][9] Industry Chain Analysis - Key upstream players include Inspur Information and Sugon, providing essential AI computing power and infrastructure for Seedance [4][11] - Midstream companies like Wanjun Technology and SenseTime are integrating Seedance capabilities into their platforms, enhancing video generation and scene understanding [5][11] - Downstream content producers such as Zhongwen Online and Huace Film & TV are leveraging Seedance for efficient content creation and IP transformation [12]

证券代码：300442 证券简称：润泽科技 公告编号：2026-007 润泽智算科技集团股份有限公司 关于筹划发行可转换公司债券购买资产并募集配套资金 事项的停牌进展公告 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"）正在筹划发行可转换公司 债券购买资产并募集配套资金事项（简称"本次交易"）。因有关事项尚存不确 定性，为了维护投资者利益，避免对公司证券交易造成重大影响，根据深圳证券 交易所的相关规定，经公司申请，公司证券（证券简称：润泽科技，证券代码： 300442）自 2026 年 2 月 6 日（星期五）开市时起开始停牌。 特此公告。 润泽智算科技集团股份有限公司 董事会 2026 年 2 月 12 日 2 公司预计在不超过 10 个交易日的时间内披露本次交易方案，即最晚将于 2026 年 3 月 2 日开市前按照《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》的要求披露相关信息。具体内容详见公司于 2026 年 2 月 6 日在中国证券监督管理委员会（简称"中国证监会"）指定的 ...

Core Insights - GLM-5 is reported to be comparable to Claude Opus 4.5 [1] Group 1: Model Updates - DeepSeek has updated its context window to 1M Token level [5] - MiniMax M2.5 model is in overseas agent beta testing and will be launched soon [5] Group 2: Companies in the Computing Power Layer - Notable companies include: - Zhongke Shuguang - Haiguang Information - Cambrian - Runze Technology - Youke De - W - Inspur Information - Qingyun Technology - U - Capital Online - Parallel Technology - Aofei Data - Hongxin Electronics [6] Group 3: Companies in the Model Algorithm Layer - Key players include: - iFLYTEK - Kunlun Wanwei - Tuoerchen - Giant Network [6] Group 4: Companies in the Application Tool Layer - Important companies are: - Puyuan Information - Zhuoyi Information - Jin Modern - Baolande - Keda Guochuang - Zhongcheng Technology [6] Group 5: Companies in the Industry Solution Layer - Significant companies include: - Saiyi Information - Hengsheng Electronics - Xinjun Network - Nengke Technology - BlueFocus - Entropy Technology - Lingyun Technology - Zhongke Chuangda [6]