登录新浪财经APP 搜索【信披】查看更多考评等级 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、对外投资概述 深圳科士达科技股份有限公司（以下简称"公司"）于近日与时石私募基金管理（嘉兴）有限公司（以下简称"时石 私募"）、宁波汇鑫富企业管理有限公司（以下简称"宁波汇鑫富"）、广东申菱环境系统股份有限公司（以下简 称"申菱环境"）签订了《嘉兴沐桐股权投资合伙企业（有限合伙）合伙协议》（以下简称"合伙协议"或"本协 议"），各方共同投资嘉兴沐桐股权投资合伙企业（有限合伙）（以下简称"合伙企业"或"基金"）。公司以数据中 心业务为核心主业，并布局新能源赛道，双轨业务持续拓展，本次拟投资的合伙企业的投资方向亦是以数据中心 产业为核心的上下游产业链、硬科技、AI及新能源(风电、光伏、储能）等相关领域，具有较高的行业匹配性及业 务协同性。 合伙企业总出资额为人民币20,010万元，出资方式均为货币，公司作为有限合伙人以自有资金认缴出资5,000万元 人民币，占合伙企业总出资额的24.99%，公司对该合伙企业不产生重大影响。 本次对外投资事项不构成关联交易，亦不构成《 ...

Core Viewpoint - The competition in industries characterized by "hard technology" and "new quality productivity" is reshaping the M&A logic in capital markets, with companies shifting their focus from traditional scale expansion to strategic positioning in next-generation key technologies. Group 1: M&A Trends - Companies like Ningbo Tianlong Electronics and Zhongwei Semiconductor Equipment are engaging in acquisitions to quickly enter and secure next-generation technologies, indicating a strategic intent to build competitive advantages through external M&A [1] - The rapid pace of innovation in fields such as artificial intelligence, high-end semiconductors, and new energy necessitates that companies act quickly to avoid being locked out by patent barriers and established ecosystems [1] Group 2: Transition in M&A Strategy - The shift from "buying technology" to "cultivating capabilities" emphasizes that successful M&A requires not just acquisition but also deep integration and innovation post-acquisition, moving from "owning technology" to "mastering technology" and finally to "iterating technology" [2] - The focus is on enhancing high-value areas represented by "new quality productivity" through M&A, which serves as an efficient tool for filling technological gaps and seizing market opportunities [2] Group 3: Ecosystem Building - The modern competitive landscape requires a shift from merely addressing weaknesses to consciously building an industrial ecosystem, integrating strong innovative capabilities from SMEs and tech teams to create a resilient and collaborative industry chain [3] - For instance, Zhongwei Semiconductor Equipment's acquisition of Hangzhou Zhonggui Electronic Technology not only fills a product gap but also lays the foundation for a world-class semiconductor equipment platform, highlighting the importance of systematic layout [3] Group 4: Long-term Strategic Focus - Companies are encouraged to maintain rationality and focus on long-term foundations rather than chasing short-term valuation trends, as historical experiences show that superficial M&A can lead to market bubbles [4] - The current regulatory environment reflects a push against "hype-driven" M&A, emphasizing the importance of thorough due diligence and compliance, which aligns with the need for companies to transition from external acquisition to internal cultivation and from short-term responses to long-term strategic stability [4]

本报讯 （记者昌校宇）记者获悉，继摩根资产管理旗下的摩根上证科创板新一代信息技术ETF发行上市后，摩根上证科创 板新一代信息技术ETF联接基金将于1月12日起正式发行。该基金聚焦具备高"锐度"的"硬科技"领域，旨在帮投资者把握科技创 新的产业机遇，并提供更便捷的投资工具。 由于科创板个股投资门槛较高，需满足"50万元资产+2年交易经验"的条件，而摩根上证科创板新一代信息技术ETF联接基 金的核心运作模式是将90%以上的基金资产投资于目标ETF，达到间接跟踪科创信息指数表现的目的。此外，联接基金降低了 ETF的申购门槛，投资者可以在场外渠道便利地申赎交易。 展望未来，摩根资产管理认为，在推动全球经济转型中，随着AI、半导体、云计算等新兴技术的快速发展，信息技术行业 占据了越来越重要的位置。目前，我国资产仍处于蓬勃发展的轨道，但背后的投资逻辑正在发生深刻演变，市场关注点逐渐从 过去泛主题式的概念炒作，或转向真正拥有技术"护城河"，且业绩增长路径明确的细分领域与龙头企业。 从行业分布来看，科创信息指数行业特色鲜明，成份股高度集中于半导体领域，Wind资讯数据显示，截至2025年12月31 日，依据中证二级行业分类， ...

Group 1 - The core point of the article is that Shenling Environment (301018.SZ) has signed a partnership agreement with several investment firms to jointly invest in a private equity fund focused on various high-tech industries [1] - The total investment amount for the partnership is approximately 200 million yuan, with the company committing 50 million yuan, representing a 24.99% stake in the fund [1] - The fund aims to invest in sectors related to the data center industry, hard technology, artificial intelligence, and renewable energy, including wind power, photovoltaics, and energy storage [1]

格隆汇1月7日丨申菱环境(301018.SZ)公布，根据广东申菱环境系统股份有限公司战略规划的需要，公 司于近日与时石私募基金管理（嘉兴）有限公司（简称"时石私募"）、宁波汇鑫富企业管理有限公司 （简称"宁波汇鑫富"）、深圳科士达科技股份有限公司（简称"科士达"）签订了《嘉兴沐桐股权投资合 伙企业（有限合伙）合伙协议》，各方共同投资嘉兴沐桐股权投资合伙企业（有限合伙）（简称"产业 投资基金"、"合伙企业"）。合伙企业总出资额为人民币20,010万元，公司认缴出资5,000万元人民币， 持有合伙企业24.99%的份额比例。本次投资旨在借助专业基金管理团队的力量，整合各方资源，发掘 具有高成长潜力的优质项目。通过与专业投资机构合作投资产业投资基金的方式搭建投资基金平台，投 向以数据中心产业为核心的上下游产业链、硬科技、AI及新能源(风电、光伏、储能）等相关领域，有 利于公司紧跟产业发展趋势，拓展业务机会。 ...

格隆汇1月7日丨申菱环境(301018.SZ)公布，根据广东申菱环境系统股份有限公司战略规划的需要，公 司于近日与时石私募基金管理（嘉兴）有限公司（简称"时石私募"）、宁波汇鑫富企业管理有限公司 （简称"宁波汇鑫富"）、深圳科士达科技股份有限公司（简称"科士达"）签订了《嘉兴沐桐股权投资合 伙企业（有限合伙）合伙协议》，各方共同投资嘉兴沐桐股权投资合伙企业（有限合伙）（简称"产业 投资基金"、"合伙企业"）。合伙企业总出资额为人民币20,010万元，公司认缴出资5,000万元人民币， 持有合伙企业24.99%的份额比例。本次投资旨在借助专业基金管理团队的力量，整合各方资源，发掘 具有高成长潜力的优质项目。通过与专业投资机构合作投资产业投资基金的方式搭建投资基金平台，投 向以数据中心产业为核心的上下游产业链、硬科技、AI及新能源(风电、光伏、储能）等相关领域，有 利于公司紧跟产业发展趋势，拓展业务机会。 ...

人民财讯1月7日电，申菱环境（301018）1月7日公告，公司参与投资嘉兴沐桐股权投资合伙企业(有限 合伙)，认缴出资5000万元，持有合伙企业24.99%的份额比例。产业投资基金总出资额为2亿元，投资方 向以数据中心产业为核心的上下游产业链、硬科技、AI及新能源(风电、光伏、储能)等相关领域。 ...

Core Insights - The digital economy is becoming a focal point for funds as they adjust their strategies for the new year, indicating a shift in investment focus towards AI applications and away from traditional hard technology sectors [1][3]. Group 1: Digital Economy Performance - The digital economy sector has shown strong performance at the beginning of the year, with significant gains in various thematic funds, highlighting its explosive potential [1]. - Specific funds like Huayin Health Life and others have reported substantial single-day net value increases, indicating a strong market response to digital economy investments [1]. - QDII products have also benefited from the robust performance of the digital economy sector, with notable net value elasticity [1]. Group 2: Fund Holdings and Market Trends - Major funds are heavily invested in digital economy stocks, with significant holdings in companies like Jingtai Holdings and Bilibili, reflecting strong market confidence [2]. - The recent market rally, termed "开门红," has been building since late December 2025, confirming a trend towards digital economy investments [2]. - Analysts suggest that the strong performance of the digital economy sector indicates a critical phase in the tech stock narrative, shifting focus from hard assets to software's role in productivity [2]. Group 3: Fund Strategy Adjustments - Public funds are employing a strategy of "high-low switching" in their asset allocation, moving from overexposed hard technology sectors to the more promising digital economy [3]. - Data shows that as of Q3 2025, the highest allocated sectors for public funds were electronics, pharmaceuticals, power equipment, and communications, with electronics being the most heavily weighted [3]. - The shift in strategy is seen as a response to profit-taking in hard technology, with digital economy sectors viewed as ideal for new investments [3]. Group 4: Future Outlook - Fund managers are optimistic about the upcoming performance of the digital economy sector, anticipating a transition from infrastructure investment to commercial realization of AI applications [6]. - The consensus among fund managers is that the digital economy is on the verge of significant earnings releases, as AI applications begin to materialize [6]. - Predictions indicate that the technology sector will maintain a balanced growth trajectory, with an emphasis on both domestic and international AI capabilities [7].

Core Viewpoint - The company Keda (002518.SZ) has signed a partnership agreement with several investment firms to jointly invest in a fund focused on the data center industry and related sectors, indicating a strategic move to enhance its core business and expand into new energy sectors [1] Group 1: Investment Details - The total investment amount for the partnership is RMB 200.10 million, with the company contributing RMB 50 million, representing 24.99% of the total investment [1] - The investment direction of the fund includes the upstream and downstream industries of the data center sector, hard technology, AI, and new energy (wind power, photovoltaics, and energy storage), showcasing a high degree of industry alignment and business synergy [1] Group 2: Company Strategy - The company is focusing on its core business in data centers while also expanding into the new energy sector, indicating a dual-track business development strategy [1] - The partnership with investment firms reflects the company's commitment to leveraging external resources to enhance its capabilities in high-growth areas [1]

科士达公告称，公司近日与相关方签订合伙协议，共同投资嘉兴沐桐股权投资合伙企业，总出资额2.00 亿元。公司作为有限合伙人，以自有资金认缴出资5000万元，占比24.99%。该基金投资方向为数据中 心产业上下游、硬科技、AI及新能源等领域，存续期7年。本次投资在董事长审批权限内，不构成关联 交易和重大资产重组，对合伙企业不产生重大影响，或强化产业协同，提升竞争力，但存在投资失败或 亏损风险。 ...