1月9日，润泽科技涨5.05%，截至发稿，报62.83元/股，成交3.17亿元，换手率0.31%，总市值1026.86亿 元。 兴合景气智选混合发起式A（024674）基金经理为梁辰星。 截至发稿，梁辰星累计任职时间2年156天，现任基金资产总规模1.66亿元，任职期间最佳基金回报 95.28%， 任职期间最差基金回报19.18%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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。 责任编辑：小浪快报 资料显示，润泽智算科技集团股份有限公司位于河北省廊坊经济技术开发区楼庄路9号，成立日期2007 年6月27日，上市日期2015年4月24日，公司主营业务涉及数据中心业务服务。主营业务收入构成为： IDC业务64.67%，AIDC业务35.33%。 从基金十大重仓股角度 数据显示，兴合基金旗下1只基金重仓润泽科技。兴合景气智选混合发起式A（024674）三季度持有股 数3.5万股，占基金净值比例为2.66%，位居第八大重仓股。根据测算，今日浮盈赚取约10.57万元。 兴合景气智 ...

1月8日，润泽科技盘中下跌2.01%，截至13:11，报59.36元/股，成交25.71亿元，换手率2.61%，总市值 970.15亿元。 资金流向方面，主力资金净流出2.05亿元，特大单买入2.53亿元，占比9.83%，卖出3.60亿元，占比 14.01%；大单买入6.66亿元，占比25.91%，卖出7.63亿元，占比29.69%。 资料显示，润泽智算科技集团股份有限公司位于河北省廊坊经济技术开发区楼庄路9号，成立日期2007 年6月27日，上市日期2015年4月24日，公司主营业务涉及数据中心业务服务。主营业务收入构成为： IDC业务64.67%，AIDC业务35.33%。 机构持仓方面，截止2025年9月30日，润泽科技十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1903.03万股，相比上期减少120.01万股。华泰柏瑞沪深300ETF（510300）位居第十大流 通股东，持股1123.05万股，相比上期减少107.73万股。易方达创业板ETF（159915）、易方达沪深 300ETF（510310）、华夏沪深300ETF（510330）退出十大流通股东之列。 责任编辑：小浪快报 润泽 ...

Core Viewpoint - Runze Technology's stock has shown a modest increase in price and significant revenue growth, indicating a positive trend in its financial performance and market interest [1][2]. Financial Performance - As of October 31, 2025, Runze Technology achieved a revenue of 3.977 billion yuan, representing a year-on-year growth of 15.05% [2]. - The net profit attributable to shareholders for the same period was 4.704 billion yuan, reflecting a substantial year-on-year increase of 210.74% [2]. - The company has distributed a total of 3.274 billion yuan in dividends since its A-share listing, with 2.437 billion yuan distributed over the last three years [3]. Stock Market Activity - On December 31, Runze Technology's stock price rose by 2.00%, reaching 52.45 yuan per share, with a trading volume of 408 million yuan and a turnover rate of 0.49% [1]. - The stock has increased by 1.98% year-to-date, with a 3.80% rise over the last five trading days and an 8.14% increase over the last 20 days [1]. - The company has appeared on the "龙虎榜" (a stock trading leaderboard) once this year, with a net buy of 260 million yuan on February 21 [1]. Shareholder Information - As of October 31, 2025, the number of shareholders for Runze Technology was 95,300, an increase of 11.76% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 10.52% to 17,080 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 19.03 million shares, a decrease of 1.20 million shares from the previous period [3].

Group 1: Macro Insights - The report highlights a significant decline in real estate sales, with both new and second-hand home sales dropping over 30% year-on-year, indicating a weak market [4][5] - Commodity prices are experiencing mixed trends, with copper prices rising strongly, while coal prices have seen a decline [4] - The automotive sector is also facing challenges, with passenger car sales in the first week of December down 32.3% year-on-year, attributed to tightened vehicle replacement subsidy policies [4] Group 2: Financial Market Performance - The A-share market is expected to transition from valuation-driven growth to earnings-driven growth in 2026, with a suggested neutral position of 80% in investment portfolios [6] - The report indicates that the overall market sentiment remains weak, with the Shanghai Composite Index experiencing a slight decline of 0.34% over the week [9] - Various sectors are showing different performance trends, with defense and military industries seeing gains, while coal and steel sectors are confirming declines [9] Group 3: Real Estate Investment Trusts (REITs) - The C-REITs market is showing mixed performance, with a total market capitalization of approximately 216.81 billion yuan, and 34 REITs increasing in value while 41 decreased [33] - The report emphasizes the potential for investment opportunities in the REITs market under a low-interest-rate environment, particularly focusing on resilient assets and quality projects [33] Group 4: Coal Industry Insights - The report notes a significant increase in U.S. natural gas prices, which is expected to drive a resurgence in coal power consumption, with coal electricity generation projected to increase by 21% year-on-year in the first quarter [35][36] - Investment recommendations include companies like China Coal Energy and Yanzhou Coal Mining, which are expected to benefit from the rising coal demand [36] Group 5: Banking Sector Analysis - Shanghai Bank reported a steady performance with a total operating income of 41.14 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 4.0% [40] - The bank's non-performing loan ratio remained stable at 1.18%, indicating solid asset quality [41] - The report highlights the bank's focus on supporting the real economy and meeting consumer needs through targeted lending strategies [42]

Investment Rating - The report maintains an "Accumulate" rating for the industry [6] Core Insights - In recent years, several Bitcoin mining companies have partnered with AI cloud providers, utilizing part of their electricity for GPU hosting and developing AIDC (AI Data Center) businesses, with contracts totaling $53.6 billion and involving 1.959 GW of power [1][11] - The market perceives that Bitcoin mining companies primarily have an advantage in electricity resources compared to other AIDC competitors, but many have prior experience in self-operated cloud services [4][10] - The report suggests that companies with more AI electricity capacity tend to have higher market valuations, with average valuations of $4.73 million/MW for total electricity, $12.26 million/MW for mining electricity, and $144 million/MW for AI electricity [4][55] Summary by Sections 1. Current Status of Bitcoin Mining Transformation to AIDC - As of November 3, 2025, six Bitcoin mining companies have signed contracts with at least five cloud providers, totaling $53.6 billion and involving 1.959 GW of power [1][11] - Over 50% of the AI cloud providers that signed contracts with Bitcoin mining companies are emerging firms, with Coreweave being the largest [2][13] - The average contract duration for AIDC projects is 14 years, with a minimum of 5 years and a maximum of 25 years [3][24] - The average price for key IT load contracts is $1.73 million/MW/year, indicating a consistent pricing structure across projects [3][27] 2. Reasons and Models for Transformation - The transition to AIDC is driven by the uncertainty in revenue and profitability from Bitcoin mining, which faces challenges such as fluctuating prices and increasing competition [33][35] - AIDC offers higher gross margins compared to Bitcoin mining, with various projects reporting net operating income margins between 80% and 88% [40][39] 3. Self-Operated Cloud Services by Mining Companies - Companies like Iris Energy, Hive Digital, and Bitdeer are actively developing self-operated AI cloud services, with Iris Energy expected to operate 140,000 GPUs by the end of 2026 [43][47] - Bitdeer plans to operate 1,160 GPUs by the end of 2025, while Hive Digital aims to exceed 11,000 GPUs by the end of 2026 [44][51] 4. Future Outlook for AIDC Transformation - The report anticipates an acceleration in the transformation of Bitcoin mining companies to AIDC, as companies with more AI electricity capacity are valued higher in the market [55] - The report highlights the importance of companies having substantial electricity reserves and experience in AI cloud services for future investment opportunities [4][55]

截至发稿，孙晟累计任职时间9年249天，现任基金资产总规模2.69亿元，任职期间最佳基金回报 38.12%， 任职期间最差基金回报-47.76%。 从基金十大重仓股角度 数据显示，建信基金旗下1只基金重仓润泽科技。建信中国制造2025股票A（001825）三季度减持4.96万 股，持有股数7.79万股，占基金净值比例为4.9%，位居第九大重仓股。根据测算，今日浮盈赚取约 18.62万元。 建信中国制造2025股票A（001825）成立日期2017年3月8日，最新规模7698.9万。今年以来亏损 14.43%，同类排名4205/4206；近一年亏损11.88%，同类排名4005/4008；成立以来收益38.12%。 建信中国制造2025股票A（001825）基金经理为孙晟。 12月1日，润泽科技涨5.01%，截至发稿，报50.11元/股，成交7.77亿元，换手率0.97%，总市值818.97亿 元。 资料显示，润泽智算科技集团股份有限公司位于河北省廊坊经济技术开发区楼庄路9号，成立日期2007 年6月27日，上市日期2015年4月24日，公司主营业务涉及数据中心业务服务。主营业务收入构成为： IDC业务64.6 ...

Core Viewpoint - Runze Technology's stock has shown fluctuations with a recent increase of 2.00%, while the company has experienced a year-to-date decline of 5.99% in stock price [1] Financial Performance - For the period from January to September 2025, Runze Technology achieved a revenue of 3.977 billion yuan, representing a year-on-year growth of 15.05%, and a net profit attributable to shareholders of 4.704 billion yuan, which is a significant increase of 210.74% [2] - The company has distributed a total of 3.274 billion yuan in dividends since its A-share listing, with 2.437 billion yuan distributed over the past three years [3] Stock Market Activity - As of November 25, the stock price was 48.35 yuan per share, with a market capitalization of 79.021 billion yuan and a trading volume of 320 million yuan [1] - The stock has seen a net inflow of 5.817 million yuan from major funds, with significant buying and selling activities recorded [1] Shareholder Information - As of October 31, the number of shareholders increased to 95,300, with an average of 17,080 shares held per shareholder, a decrease of 10.52% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 19.0303 million shares, a decrease of 1.2001 million shares from the previous period [3]

Core Viewpoint - Runze Technology's stock has experienced fluctuations, with a current price of 46.92 CNY per share and a market capitalization of 766.83 billion CNY, reflecting an 8.77% decline year-to-date [1] Financial Performance - For the period from January to September 2025, Runze Technology reported a revenue of 3.977 billion CNY, representing a year-on-year growth of 15.05%, and a net profit attributable to shareholders of 4.704 billion CNY, which is a significant increase of 210.74% [2] Stock Performance and Trading Activity - The stock has seen a net outflow of 24.9271 million CNY in principal funds, with large orders showing a buy of 48.1855 million CNY and a sell of 61.9401 million CNY [1] - Year-to-date, the stock has been on the leaderboard once, with a net buy of 260 million CNY on February 21, and total buys amounting to 712 million CNY, accounting for 12.11% of total trading volume [1] Shareholder Information - As of October 31, 2025, the number of shareholders increased by 11.76% to 95,300, while the average circulating shares per person decreased by 10.52% to 17,080 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 19.0303 million shares, a decrease of 1.2001 million shares from the previous period [3] Dividend Distribution - Runze Technology has distributed a total of 3.274 billion CNY in dividends since its A-share listing, with 2.437 billion CNY distributed over the past three years [3] Industry Classification - Runze Technology operates within the communication services sector, specifically in the value-added communication services sub-sector, and is associated with concepts such as industrial 4.0 and liquid cooling [2] Business Segmentation - The company's main business segments include IDC services, which account for 64.67% of revenue, and AIDC services, contributing 35.33% [1]

Core Viewpoint - Runze Technology's stock has shown fluctuations with a recent increase of 2.05%, while the company has experienced a year-to-date decline of 5.96% in stock price [1] Company Overview - Runze Technology, established on June 27, 2007, and listed on April 24, 2015, is located in Langfang Economic and Technological Development Zone, Hebei Province. The company primarily engages in data center services, with IDC business contributing 64.67% and AIDC business 35.33% to its revenue [1][2] Financial Performance - For the period from January to September 2025, Runze Technology reported a revenue of 3.977 billion yuan, reflecting a year-on-year growth of 15.05%. The net profit attributable to shareholders reached 4.704 billion yuan, marking a significant increase of 210.74% year-on-year [2] Shareholder Information - As of October 31, 2025, the number of shareholders for Runze Technology increased to 95,300, up by 11.76% from the previous period. The average number of circulating shares per shareholder decreased by 10.52% to 17,080 shares [2] Dividend Distribution - Since its A-share listing, Runze Technology has distributed a total of 3.274 billion yuan in dividends, with 2.437 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth largest circulating shareholder with 19.0303 million shares, a decrease of 1.2001 million shares from the previous period. Other notable changes include the exit of several ETFs from the top ten circulating shareholders [3]

Core Insights - The stock price of Runze Technology has decreased by 9.30% year-to-date, with a recent drop of 2.04% to 46.65 CNY per share [1] - The company reported a significant increase in revenue and net profit for the first nine months of 2025, with revenue reaching 3.977 billion CNY, up 15.05%, and net profit at 4.704 billion CNY, up 210.74% [2] Company Overview - Runze Technology, established on June 27, 2007, and listed on April 24, 2015, is located in Langfang Economic and Technological Development Zone, Hebei Province [1] - The company's main business involves data center services, with revenue composition of 64.67% from IDC services and 35.33% from AIDC services [1] Shareholder and Market Activity - As of October 31, 2025, the number of shareholders increased by 11.76% to 95,300, while the average circulating shares per person decreased by 10.52% to 17,080 shares [2] - The company has distributed a total of 3.274 billion CNY in dividends since its A-share listing, with 2.437 billion CNY distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder with 19.03 million shares, a decrease of 1.2001 million shares from the previous period [3] - The top ten circulating shareholders include Huatai-PB CSI 300 ETF, which holds 11.2305 million shares, also showing a decrease [3]