策 略 研 究 申 购 策 略 相关研究 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 30 日 南方润泽科技数据中心 REIT（180901）申购价 值分析 投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 申购策略观点：南方润泽科技数据中心 REIT 底层资产为批发型数据中心，位于京津冀交汇处， 锁定核心环一线稀缺资源，具备区位及规模优势，可扩容能力强，PUE 可进一步下调，且具备高 效液冷改造能力。项目深度绑定北京电信，为终端客户互联网公司 A 提供一站式含电托管服务， 签约率 100%，上架率超 99%。原始权益人润泽发展为廊坊在运营机柜数量最大的 IDC 服务商， 母公司润泽科技是全国领 ...

Core Insights - The implementation of the "Action Plan" by the China Securities Regulatory Commission (CSRC) has significantly influenced the capital market, enhancing index investment through product innovation and ecosystem optimization [1][2] - The Shenzhen series indices have seen a notable increase in product offerings and scale, with 159 products and a total scale of 283.8 billion yuan, reflecting a 15% and 12% growth respectively since the beginning of the year [1] - The long-term investment value of core indices is steadily increasing, with the ChiNext Index showing impressive growth rates in revenue and net profit of 21% and 14% respectively [2] Product Innovation and Ecosystem Optimization - The Shenzhen series indices have introduced various thematic indices focused on strategic emerging industries and green finance, providing investors with precise tools to capture new opportunities [1] - The ChiNext Index has undergone optimization, incorporating ESG negative screening and individual stock weight limits to better meet diverse investor needs [3] - The market has seen a surge in thematic index products, particularly in artificial intelligence and renewable energy, with the number of related funds increasing significantly [5] Expansion of Unique Indices - The "Chuang Series" indices are continuously evolving, showcasing the advantages of the ChiNext market and expanding their influence [4] - The introduction of multi-asset indices and fixed-income products is responding to the growing demand for diversified asset allocation, enhancing the overall investment ecosystem [6] Future Trends - The future of index investment is expected to focus on accelerated product innovation, with a shift towards thematic and multi-asset offerings, and increased international collaboration [5] - The integration of AI technology in index compilation is anticipated to provide personalized investment solutions and enhance risk management tools [5] Market Dynamics - The demand for diversified asset allocation is driving the development of new products in the bond and multi-asset sectors, providing investors with tools to optimize returns and manage risks [6] - The deepening of the capital market's index investment ecosystem is expected to foster a more vibrant and competitive market environment [7]

Core Viewpoint - The rise of new flexible employment forms driven by digital technology and internet platforms has become a significant part of the labor force in China, highlighting the need for social security and vocational education for this group [1][2]. Group 1: Employment Statistics - The new flexible employment group in China has surpassed 80 million individuals, with estimates suggesting a total of around 240 million flexible workers by the end of 2024 [2]. - A survey indicated that 19.95% of respondents are currently engaged in or have previously engaged in flexible employment, predominantly in economically developed cities [2]. - The average working hours for flexible employees are 37.6 hours per week, with 41.97% working over 40 hours weekly, indicating that flexible employment does not equate to a relaxed work schedule [5]. Group 2: Income and Challenges - Over 65% of flexible workers earn an average monthly income exceeding 5,000 yuan, but 79.68% report income instability as a primary challenge [5][8]. - The lack of social security is a significant concern, with 74.55% of respondents highlighting the absence of benefits such as pensions and medical insurance [8]. Group 3: Skills and Training Needs - There is a strong demand for skills training among flexible workers, with 83.76% expressing a desire for training support, particularly in professional skills enhancement [11]. - The report identifies a dynamic classification model for flexible employment based on digital technology involvement and skill requirements, suggesting pathways for skill development and career advancement [10]. Group 4: Recommendations for Development - The report emphasizes the importance of establishing a complete career development pathway for flexible employment to ensure sustainable growth [11]. - It suggests the creation of a special fund for skill enhancement in flexible employment and the establishment of a unified online certification platform to address the challenges of skill recognition and recruitment costs [20].

Core Views - The recent decline in bank stocks has led to a focus on investment opportunities in technology-themed stocks, with semiconductor and consumer electronics sectors showing strong performance [2][3][19] - The A-share market is experiencing a divergence, with the Shanghai Composite Index facing short-term corrections while the ChiNext and Shenzhen Composite indices remain strong [2][19] - The macroeconomic environment presents challenges for banks, including reduced credit demand and pressure on net interest margins, leading to a potential short-term decline in bank stock performance [2][16] Market Overview - On the last trading day, the three major indices opened high but showed divergent trends, with the Shanghai Composite Index turning negative while the ChiNext and Shenzhen Composite indices remained positive [5][6] - The overall market sentiment was mixed, with approximately 60% of stocks closing in the green, indicating that funds flowing out of the banking sector are being reinvested in more elastic technology growth areas [3][19] - The total trading volume across the two markets was 1.54 trillion yuan, suggesting a relatively strong market performance despite the index adjustments [17] Investment Opportunities - Three main investment themes are highlighted: 1. Focus on companies with better-than-expected mid-year performance as the reporting season approaches [4][17] 2. Technology sectors such as robotics, AI, semiconductors, and digital economy (including digital currency) are recommended for low-cost entry, with caution advised against speculative investments [4][17] 3. Look for rebound opportunities in sectors like new energy and brokerage firms during market corrections [4][17] Sector Performance - The metals sector, particularly non-ferrous metals, has shown significant gains, driven by expectations of increased demand from the digital economy and energy transition [8][10] - Digital currency stocks have experienced volatility but remain a focus due to favorable regulatory developments in both domestic and international markets [9][11] - The new energy sector, particularly solid-state batteries, is gaining traction with advancements in technology and increasing demand for sustainable energy solutions [10][12] Financial Sector Insights - The banking sector has seen a pullback after a period of strong performance, with high dividend yields attracting conservative investors [14][16] - The brokerage sector is benefiting from policy support and market reforms, with expectations of continued growth in trading volumes and investment activities [13][14] - The military and aerospace sectors are also active, with ongoing government support and geopolitical tensions potentially driving future growth [12][14]

工业和信息化部火炬中心副总工程师李文雷在致辞时表示，中小企业高质量发展离不开金融的大力支 持。"近年来，在贯彻落实构建科技产业金融良性循环体系和做好科技金融大文章的战略部署方面，火 炬中心从推动政策落实落地，引导金融机构完善金融产品和服务，搭建金融机构和企业沟通交流平台， 推动大中小企业融通发展，推动科技成果转移转化等方面重点发力。" 同时，来自中国工商银行、中国农业银行、中国银行（601988）、中国建设银行、交通银行 （601328）、中国邮政储蓄银行、招商银行（600036）、北京国家金融标准化研究院、天逸金融服务集 团、画龙科技、百望股份等机构业务负责人在大会分享了数字普惠金融创新实战案例。 本报讯(记者李冰)日前，工业和信息化部2025年全国中小企业服务月重点活动——第七届数字普惠金融 大会在北京举行。本次大会以"数智新动能，普惠新未来"为主题，总结、探讨我国金融业如何利用数字 化、智能化技术创新与转型发展机遇，扎实做好普惠金融大文章，全力促进中小企业和实体经济高质量 发展。 中国人民银行原副行长李东荣表示，未来推动数字普惠金融高质量发展，一是不断深化普惠金融在金融 改革发展中重要性的认识；二是继续 ...

Core Insights - The report highlights the rapid growth and innovation within Chengdu's internet industry, with 3,725 internet-related companies achieving a total revenue of approximately 742.9 billion yuan in 2024 [2] Group 1: Financing and Investment - Chengdu's financing market is thriving, exemplified by the listing of Chengdu Great Wall Development Technology Co., Ltd., which raised 1.017 billion yuan, setting a record since the North Exchange's inception in 2021 [3] - In 2024, the internet sector in Chengdu saw 167 investment events, a 72% increase year-on-year, with 149 companies receiving funding, marking a 59% rise [4] - Notable companies like Guanyan Technology and Tuomi Shuangdu have secured multiple rounds of investment, totaling nearly several hundred million yuan [6] Group 2: Innovation and Development - Chengdu's internet companies are recognized for their strong innovation capabilities, with over 190 national and provincial innovation platforms and approximately 39,000 effective patents, covering 52.7% of enterprises [8] - The animation industry in Chengdu has shown remarkable growth, with the film "Nezha 2" achieving a box office of 15.9 billion yuan, showcasing the vitality of the local animation sector [9] - The gaming industry in Chengdu is robust, with over 300 core R&D companies and a workforce of about 50,000, making it the fourth largest in the country [10] Group 3: Application and Technology - Chengdu is advancing smart city initiatives with applications like autonomous vehicles and drones, enhancing urban competitiveness [11] - The artificial intelligence sector in Chengdu is developing comprehensive advantages in computing power, core software, and chip design, with companies like Kaola Youran leading in AI platforms [12] - The e-commerce sector is thriving, with significant growth in digital consumption, cross-border, and live-streaming e-commerce [14]

Core Insights - The article highlights the thriving business environment in the Mian Dong New District, particularly in the Jin Yue Hui and Yun Shang Tian Jie commercial areas, which have achieved impressive customer traffic and revenue figures in 2024 [1][3]. Group 1: Business Performance - The Jin Yue Hui and Yun Shang Tian Jie commercial areas have over 250 merchants, with an occupancy rate exceeding 80%, indicating a strong demand for food stalls [3]. - A specific restaurant reported a monthly revenue exceeding 500,000 yuan, showcasing the financial success of businesses in the area [1]. Group 2: Consumer Demographics - The establishment of the Sichuan University Meishan campus is expected to create a stable consumer base of over 50,000 students and faculty, enhancing local economic activity [5][6]. - The "campus economy" is fostering unique consumer experiences, such as graduation markets and music festivals, which are attracting a youthful demographic [6]. Group 3: Infrastructure and Connectivity - The upcoming S5 line, set to open in 2026, will connect Mian Dong New District to the Chengdu metro network, facilitating integration into a half-hour economic and living circle [7]. - Major roads have been seamlessly connected to Chengdu, with several developers investing in high-quality living areas, further enhancing the district's appeal [7]. Group 4: Strategic Development - The district aims to develop four key industries: digital economy, headquarters economy, cultural tourism, and education-industry integration, leveraging the two commercial areas as a foundation for future growth [8].

Core Insights - The article discusses the challenges and opportunities in selecting B2B systems in the context of digital transformation, emphasizing the need for advanced systems to enhance supply chain collaboration and efficiency [1][10] - It highlights the significant improvements in supply chain efficiency and order processing times achieved by companies adopting advanced B2B systems, with an average efficiency increase of 30% and a 25% reduction in order processing cycles [1] Group 1: B2B System Selection Criteria - Functionality matching is crucial, with industry-specific customization determining the value of implementation, as demonstrated by a 40% reduction in procurement cycles and a 25% increase in inventory turnover for a large machinery manufacturer [1][2] - System performance and stability are essential, with the ability to handle high transaction volumes, as evidenced by a B2B platform supporting over 100,000 SKUs and achieving a 30% improvement in logistics efficiency [2][3] - Security and compliance are paramount, with blockchain technology ensuring data integrity and regulatory adherence, resulting in a 15% reduction in financing costs for a chemical company [2][4] - User experience and ease of use are important, with specific needs varying by industry, such as production planning in manufacturing and traceability in pharmaceuticals [2][5] Group 2: Technological Innovations by the Company - The company employs a microservices architecture to enhance system availability, achieving 99.99% uptime during peak traffic periods [5][6] - Blockchain technology is utilized to create a trust economy, reducing procurement costs by 12% and transaction times from 7 days to 3 days for an electronics trading company [5][8] - An AI platform is integrated for intelligent recommendations and demand forecasting, leading to a 25% increase in sales for a new bag brand [5][8] - A low-code development platform is available, reducing customization time by 60% and costs by 40% for manufacturing enterprises [5][8] Group 3: Industry Practices and Future Trends - The company’s technical team comprises members from leading tech firms, ensuring expertise in B2B system development and support [6][10] - The service process includes comprehensive management from requirement analysis to system deployment, with 24/7 technical support ensuring rapid issue resolution [6][10] - Future trends indicate a shift towards intelligent, globalized, and ecosystem-oriented B2B systems, with the company positioned as a leader in driving technological innovation [10][12]

Core Viewpoint - The 2025 Shanghai Cooperation Organization (SCO) Digital Economy Forum will be held in Tianjin from July 10 to 11, focusing on leveraging the digital economy to enhance cooperation and development among SCO member states [1][2]. Group 1: Forum Objectives and Themes - The forum aims to utilize the digital economy as a connector and enabler, expanding development opportunities for the SCO region and sharing the benefits of digital economic growth with its people [1]. - Key discussion areas will include data circulation and trading, industrial digital transformation, digital infrastructure development, artificial intelligence applications, smart cities, and digital talent training [1][2]. - The forum will feature four thematic sub-forums focusing on industry empowerment, digital economy education, data governance, and digital infrastructure innovation [2]. Group 2: Economic Impact and Cooperation - The network retail market size of SCO member countries is projected to exceed $3.2 trillion by 2024, indicating significant growth potential in digital economic cooperation [2]. - Recent years have seen notable achievements in digital economic collaboration between China and other SCO nations, resulting in numerous effective and innovative projects [2]. - The initiative aims to lower trade barriers and establish a "Digital Silk Road" as a core hub for open and inclusive digital economic ecosystems, contributing to global governance [2].

核心观点 本周焦点:政策与实践共振,数字货币加速落地。 0 近期,央行数字货币、稳定币等数字货币领域重要事件频发,市场关注度提升。 一是美国《GENIUS法案》顺利通过参议院审议,该法案是数字资产行业首次 获得联邦层面的法律规范,为稳定币市场发展与规范带来新的契机与挑战,或 将对国际货币秩序、美元资产体系具有潜在重构效应。二是中国提出设立数字 人民币国际运营中心,进一步推动数字人民币的国际化运营与金融市场业务 发展。三是国泰君安国际证券交易牌照升级为可提供虚拟资产交易服务,成为 首家获批加密货币交易的中资券商。 随着数字货币再次成为市场焦点,应理解央行数字货币、稳定币和比特币虽均 为数字货币的重要组成部分,但存在本质上的不同。货币属性方面,央行数字 货币是法币的数字化,稳定币是挂钩货币的代币,比特币只是资产而非货币。 市场规模方面,在国际市场中比特币的市值占据主导,稳定币的交易量占据主 导。价格稳定性方面,稳定币如 USDT、USDC 等币值基本稳定,而比特币涨 跌极易受到全球货币政策、重大行业事件冲击、通胀预期等因素影响。 2025年6月 30 日 分析师 数字经济周报(202506 第 3 期) 政策与实 ...