集团已订立基石投资协议，据此，基石投资者已同意(在若干条件规限下)按发售价认购一定数目的发售 股份，总金额为8030万港元。根据发售价每股发售股份11.0港元(即发售价范围的中位数)计算，基石投 资者将认购的发售股份总数将为729.9万股H股，占发售股份约39.67%及紧随全球发售完成后(假设超额 配股权未获行使)公司已发行股本总额约7.70%。基石投资者包括香港临泰微科技有限公司("香港临 泰"，由茅志理女士全资拥有)、曹柯先生(彼为湖南大井电源技术有限公司的行政总裁)、林小坚先生、 中晟集团有限公司("中晟集团")、李舒菡女士、Main Achieve Holdings Limited("Main Achieve")、以及伍 志发先生。 集团是一家销售网络遍及全球的自动识别与数据收集(AIDC)装置及解决方案供应商，从事打印设备、 衡器、POS终端机及PDA的设计、研发、制造及营销。集团竭力透过引入AIDC装置及物联网技术、云 端打印及人工智能合成等功能，协助企业及个人不断提高日常营运及日常生活的效率及精准度。除了能 够提供符合客户特定需求的定制产品外，于最后可行日期，集团提供超过100种标准产品，并广泛 ...

Core Viewpoint - Rongda Hezhong (Xiamen) Technology Group Co., Ltd. is preparing for its main board listing on the Hong Kong Stock Exchange, with Yuexiu Finance as its exclusive sponsor [1]. Company Overview - Rongda Hezhong is a global supplier of Automatic Identification and Data Capture (AIDC) devices and solutions, involved in the design, research and development, manufacturing, and marketing of printing devices, scales, POS terminals, and PDAs [6]. - The company aims to enhance operational efficiency and accuracy for businesses and individuals through the integration of AIDC devices, IoT technology, cloud printing, and AI synthesis [6]. - As of May 23, 2025, the company offers over 100 standard products, applicable across various industries including retail, education, catering, logistics, warehousing, manufacturing, hospitality, healthcare, and environmental sectors [6]. AIDC Technology - AIDC refers to various technologies used for automatic object identification and data collection, which directly inputs data into computer systems without manual intervention [7]. - AIDC systems manage data related to inventory, delivery, assets, security, and logistics, significantly improving efficiency and accuracy by reducing processing time and human errors [7]. - Core AIDC technologies include barcode scanning, smart cards, optical character recognition, RFID scanning, and biometric systems, which are essential for reading or collecting data from items, individuals, or environments [7]. Sales Network and Clientele - The company has a mature international sales network that includes direct sales and sales through distributors, with products sold in over 30 provinces in China and more than 140 countries [8]. - Major clients include a Fortune 500 company based in the U.S. involved in aerospace technology and a Chinese company selling a leading brand of portable learning printers [8]. Business Model and Financial Performance - The business model combines the sale of standard Rongda and Aima Xun brand products with customized products, covering both domestic and international markets [9]. - The company believes that a comprehensive product portfolio can provide one-stop AIDC solutions and facilitate digital upgrades for clients [9]. - Financial performance for the fiscal years 2022, 2023, and 2024 shows revenues of approximately CNY 393.27 million, CNY 348.75 million, and CNY 350.06 million respectively, with net profits of CNY 37.45 million, CNY 27.60 million, and CNY 41.35 million [9][10].

中金研究 近年来，国内外头部云计算厂商持续加码AI基建。大缸径发动机是数据中心备用电源柴油发电机组的核心零部件，技术门槛较高，国产化率较低。 我 们认为，当下AIDC建设需求高增，数据中心用柴油发电机组及大缸径发动机迎来量价齐升机遇，全产业链国产替代已成趋势，建议关注自主品牌大缸 径发动机厂商及其供应链厂商。 点击小程序查看报告原文 Abstract 大缸径发动机高壁垒高价值，市场规模广阔。 围绕核心部件气缸，发动机具备缸径、行程、缸数、排量等物理参数，直接影响发动机的动力性与经济性 表现。一般而言，发动机缸径越大、排量越高、马力越大，对应着结构更加复杂、技术难度越高、价值量越大。大缸径发动机是指排量在16L及以上、功 率在550kW及以上且缸径在150mm及以上的发动机，主要用在发电、船舶、工业领域，系高技术壁垒、高价值量的发动机产品。我们测算得到大缸径发动 机2023年全球规模超千亿元人民币。 乘AIDC基建东风，大缸径柴油发动机需求高增。 大缸径发动机是数据中心备用电源柴油发电机组的核心部件，决定柴油发电机组的核心功率。我们产业 链调研得到大缸径发动机占柴油发电机组BOM成本约70-80%。受AI驱动下 ...

Core Viewpoint - The company held its 2024 annual performance briefing on May 27, 2025, focusing on investor engagement and addressing key concerns regarding its market strategies and financial performance [1]. Group 1: Company Performance and Financials - In 2024, the company reported a revenue of 2.591 billion yuan, a decrease of 785 million yuan year-on-year, but a growth of 4.53% when excluding certain impacts [4]. - The net cash flow from operating activities was 291 million yuan, down 37.40% from the adjusted figure of 464 million yuan, primarily due to changes in payment collection timing and accounts payable [4]. - Despite a decline in revenue, the net profit increased by nearly 30%, driven by non-recurring gains and cost optimization efforts [8]. Group 2: Market Strategies and Initiatives - The company is actively implementing a "quality improvement, efficiency enhancement, and return to shareholders" strategy, focusing on transparent investor relations and ESG governance [2]. - The company has initiated its first ESG report, emphasizing sustainable development and a three-tier governance structure for effective ESG implementation [2]. - The acquisition of Qingyang Xingrui Energy, which represents a strategic move in the northwest LNG market, aims to enhance market share and operational efficiency [5]. Group 3: Future Outlook and Innovations - The company is committed to advancing its digital transformation in the gas sector, focusing on safety operations and efficiency upgrades through technological innovation [5]. - The company is exploring opportunities in the AIDC sector, anticipating increased electricity demand and positioning itself to provide integrated energy services [10]. - Future plans include enhancing green and low-carbon initiatives, focusing on the efficient use of natural gas and renewable energy integration [10].

Group 1 - The core viewpoint of the article highlights the acceleration of AI applications and capital expenditures by major companies, indicating a positive trend in the industry [3][4]. - Major AI companies are releasing new models and applications, with Google's Gemini series being upgraded and set to launch across multiple platforms [3]. - OpenAI's announcement of the Responses API supporting MCP is expected to enhance AI Agent development efficiency and interaction capabilities, further driving the demand for the AIDC industry chain [3]. Group 2 - In Q1 2025, major overseas companies showed strong capital expenditures: Meta's CAPEX was $13.7 billion (up 104% YoY, down 8% QoQ), Amazon's was $26.3 billion (up 74% YoY, down 7% QoQ), and Google's was $17.2 billion (up 43% YoY, up 20% QoQ) [3]. - Domestic companies also increased their capital expenditures significantly: Alibaba's CAPEX was 24.6 billion yuan (up 120.6% YoY, down 22.6% QoQ), while Tencent's was 27.5 billion yuan (up 91% YoY, down 25% QoQ) [4]. - The ongoing investment in IDC construction by both domestic and international companies suggests a high level of certainty in the domestic AIDC computing power industry chain [4].

停牌3个交易日核查结束后，*ST宇顺强势回归。 今日，*ST宇顺股价一字涨停，实现26天23板，最新报15.27元/股，总市值42.79亿元。 自去年7月股价触底以来，*ST宇顺股价连续走高，11个月累计涨幅达455.3%，从最低的2.47元/股涨到了如今的15.27元/股。 此前5月21日，由于股价涨幅较大，*ST宇顺申请停牌进行核查。经过3个交易日的停牌，今日重新复牌。 在复牌的同时，*ST宇顺还公布了公司资产重组、向深交所申请撤销其他风险警示的进展情况。 跨界布局数据中心 *ST宇顺原本的主业为显示屏及模组、触摸屏及模组、触摸显示一体化模组等产品的研发、生产和销售，正在计划通过并购重组将业务扩展到算力服务、 AIDC领域。 5月26日，*ST宇顺公告，拟以支付现金方式收购中恩云(北京)数据科技有限公司、北京申惠碧源云计算科技有限公司、中恩云(北京)数据信息技术有限公司 100%股权，预计构成重大资产重组。 目前，*ST宇顺及各中介机构正在对标的公司开展尽职调查、审计、评估等核查工作，实施包括不限于访谈、盘点、函证、实地走访等核查程序。 同时，*ST宇顺还在与包括交易对方在内的有关各方就交易方案的核心问题 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" with a target price reflecting a potential return of over 20% within the next six months [6][16]. Core Insights - The company has shown steady revenue growth, achieving a total revenue of 6.95 billion yuan in 2024, representing a year-over-year increase of 20.86%. The net profit attributable to the parent company reached 715.59 million yuan, up 14.09% year-over-year [1]. - The company is expected to continue its robust growth trajectory, with revenue projections for 2025 set at 8.22 billion yuan, reflecting an 18.29% growth rate [4]. Summary by Sections Business Performance - In 2024, the company achieved revenue of 6.95 billion yuan, with a net profit of 715.59 million yuan and a gross margin of 32.33%, which is a slight decrease of 2.11 percentage points year-over-year [1]. - The first quarter of 2025 saw revenue of 1.83 billion yuan, a year-over-year increase of 18.34%, and a net profit of 241 million yuan, up 33.38% year-over-year [1]. Business Segmentation - The company’s revenue from grid automation in 2024 was 3.31 billion yuan, a year-over-year increase of 13.18%, with a gross margin of 41.54% [2]. - Revenue from power plant and industrial automation reached 3.12 billion yuan, marking a 25.35% increase year-over-year, with a gross margin of 25.48% [2]. Future Outlook - The company plans to expand its core business by targeting industry users and regional distribution markets, focusing on high-quality development in renewable energy and energy storage [3]. - The company aims to enhance its international presence, particularly in Southeast Asia and Africa, by strengthening local market strategies and expanding its product offerings [3]. - The data center segment is expected to contribute to growth, with the company providing core telecommunications equipment for major domestic data center projects [3]. Financial Forecast - Revenue forecasts for 2025, 2026, and 2027 are adjusted to 8.22 billion yuan, 9.43 billion yuan, and 10.75 billion yuan, respectively, with net profit projections of 856.96 million yuan, 993.13 million yuan, and 1.15 billion yuan [4]. - The company’s valuation is projected at 16X, 13X, and 12X PE for the years 2025, 2026, and 2027, respectively [4].

Group 1: Business Performance and Strategy - In 2024, the company's operating revenue was 925.09 million CNY, a decrease of 28.97% compared to the previous year [7] - The net profit attributable to shareholders was -378.94 million CNY, representing a significant decline of 426.02% year-on-year [7] - The company plans to focus on IDC rack sales and enhance the rack utilization rate as a core indicator for 2025 [1][4] Group 2: Technological Development and Market Expansion - The company is leveraging LightBeeOS and BeeHiveCS technologies to provide comprehensive solutions, transitioning from a product provider to a software and hardware integrated solution provider [2] - Plans to deepen financial technology services in key markets such as finance, healthcare, and property management, while also targeting small and medium-sized banks [4] - The company aims to expand its presence in Africa, Southeast Asia, and the Middle East, offering localized products and services [4] Group 3: Operational Improvements and Financial Health - Management emphasizes strengthening internal controls, accounts receivable management, and financial health to enhance asset efficiency and operational performance [5] - The company is committed to cost reduction measures and improving cash flow safety while optimizing its financing structure [5] - The company has built approximately 18,000 standard racks, with 12,000 located in the core area of the Guangdong-Hong Kong-Macao Greater Bay Area [6] Group 4: Future Projects and Developments - Ongoing construction includes the Changsha Cloud Valley Data Center with approximately 3,240 planned racks and the Hunan Health Medical Big Data Center with about 3,000 planned racks [6] - The company is in the approval stage for the Wuhan Intelligent Computing Center investment project [7] - Expected completion of the Changsha Cloud Valley Phase III project by the end of this year [7]

Core Viewpoint - AIDC capital expenditure is experiencing rapid growth, driven by strong industry demand, with global tech giants expected to invest over 2 trillion RMB by 2025, maintaining a growth rate of over 50% to support generative AI model training, cloud computing expansion, and real-time data processing [1] Group 1: HVDC Demand and Power Supply - Increased power demand is expected to drive HVDC demand, as data centers globally adopt UPS for power assurance, with HVDC offering advantages such as efficiency, reliability, and low cost [1] - The integration of BBU and supercapacitors in power systems is anticipated to enhance power supply safety, especially with the rise in server power requirements [2] Group 2: Energy Quality and Renewable Energy - The demand for power quality equipment is likely to increase due to the growing reliance on renewable energy in data centers, necessitating precise reactive power and harmonic management [3] Group 3: Server Power Supply Market - The value per watt of server power supplies is expected to improve due to increased power density, with potential advancements including the replacement of silicon-based devices with SiC and GaN, and the adoption of liquid cooling methods [4] - The server power supply market is becoming more concentrated, with Taiwanese companies dominating, particularly Delta holding over 50% market share, while mainland firms like Megmeet are beginning to enter the supply chain [4]

份额方面，新能源ETF近半年份额增长5400.00万份，实现显著增长，新增份额位居可比基金前2。 值得注意的是，该基金跟踪的中证新能源指数估值处于历史低位，最新市净率PB为2.05倍，低于指数近 3年81.88%以上的时间，估值性价比突出。 流动性方面，新能源ETF盘中换手2.73%，成交2505.87万元。拉长时间看，截至5月20日，新能源ETF近 1年日均成交3628.80万元，居可比基金前2。 截至2025年5月21日 13:04，中证新能源指数强势上涨1.58%，成分股国轩高科10cm涨停，盟固利上涨 8.88%，贝特瑞上涨6.21%，当升科技、宁德时代等个股跟涨。新能源ETF(159875)上涨1.38%。 数据显示，截至2025年4月30日，中证新能源指数前十大权重股分别为宁德时代、隆基绿能、阳光电 源、中国核电、三峡能源、特变电工、亿纬锂能、华友钴业、通威股份、赣锋锂业，前十大权重股合计 占比44.26%。 新能源ETF紧密跟踪中证新能源指数，中证新能源指数选取涉及可再生能源生产、新能源应用、新能源 存储以及新能源交互设备等业务的上市公司证券作为指数样本，以反映新能源产业相关上市公司证券的 整体 ...