Group 1 - Southbound funds reduced their holdings in China Software International (00354.HK) by 8.87 million shares on March 10 [1] - Over the past 5 trading days, southbound funds increased their holdings for 4 days, with a total net increase of 22.23 million shares [1] - In the last 20 trading days, there were 14 days of net increases in southbound fund holdings, totaling 72.90 million shares [1] - Currently, southbound funds hold 932 million shares of China Software International, accounting for 34.1% of the company's issued ordinary shares [1] Group 2 - China Software International Limited is an investment holding company providing global technology software and IT services [1] - The company operates through two main segments: Technology Professional Services and Internet Information Technology Services [1] - The primary business focuses on generative artificial intelligence (AIGC) development, large model software and hardware sales, and digital transformation consulting services for enterprise resource planning (ERP) [1] - Key products include the "Question Series" solutions, large model application integrated machines, and Lingxi AI application platform [1] - Services are provided to various sectors including water conservancy, transportation, government platforms, military, energy, education, and finance [1] - The company operates in both domestic and overseas markets [1]

公司名稱: 中軟國際有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | | --- | | 2026年2月28日 | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00354 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.05 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.05 | HKD | | ...

Group 1 - The core viewpoint of the article highlights the recent trading activity of southbound funds in China Software International (00354.HK), indicating a reduction of 2.756 million shares on March 2, while also noting a net increase of 12.464 million shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have increased their holdings in China Software International for 13 days, resulting in a total net increase of 54.99 million shares [1] - As of now, southbound funds hold 913 million shares of China Software International, which accounts for 33.39% of the company's total issued ordinary shares [1] Group 2 - China Software International Limited is an investment holding company that provides global technology software and information technology services [1] - The company operates through two main segments: technology professional services and internet information technology services [1] - Its primary business focuses on the development of generative artificial intelligence (AIGC), sales of large model software and hardware, and digital transformation consulting services for enterprise resource planning (ERP) [1] - Key products include the "Question Series" solutions, large model application integrated machines, and the Lingxi AI application platform [1] - The company serves various sectors including water conservancy, transportation, government platforms, military, energy, education, and finance, operating in both domestic and international markets [1]

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The report highlights a significant increase in the weekly token usage of Chinese AI large models, surpassing that of the US for the first time, indicating a shift from "technology catch-up" to "application landing" [16][17] - The performance of domestic AI large models has improved significantly, with models like GLM-5 and MiniMax M2.5 closing the gap with international leaders, showcasing strong cost-performance advantages [30][35] - The rapid adoption of AI-assisted programming tools is driving token consumption, with companies like Anthropic experiencing substantial revenue growth due to high demand in software development scenarios [45][50] Summary by Sections Section 1: Token Usage Growth - From February 16 to February 22, 2026, the weekly token usage of Chinese AI large models reached 5.16 trillion, a 127% increase over three weeks, while US models dropped to 2.7 trillion [16][17] - The market for enterprise-level large models in China is showing a clear trend towards concentration, with the top three models accounting for 71.8% of daily usage by the second half of 2025 [17] Section 2: Performance and Cost-Effectiveness of Domestic Models - Domestic models like GLM-5, Qwen-3.5, and MiniMax M2.5 have entered the global top tier, with GLM-5 recognized as a benchmark in the open-source category [30][34] - The cost of API calls for domestic models is significantly lower than that of international counterparts, enhancing their attractiveness to developers and enterprises [24][35] Section 3: Coding and Agent Development - The report emphasizes that AI models like Claude from Anthropic dominate the coding space, with a 54% market share in AI coding tools, leading to a surge in revenue from $1 billion at the beginning of 2025 to $14 billion by February 2026 [45][49] - Domestic AI coding tools are rapidly evolving, with companies like ByteDance and Alibaba developing products that automate the entire software development process [50][52] Section 4: Investment Opportunities - The report suggests focusing on three investment dimensions: computing power (e.g., Cambrian, Inspur), tool software (e.g., Eazy Information, Star Ring Technology), and model and vertical applications (e.g., Zhiyuan, MiniMax, and others) [8][9]

Group 1 - Southbound funds increased their holdings in China Software International (00354.HK) by 11.508 million shares on February 26 [1] - Over the past 5 trading days, there were 4 days of net increases in holdings by southbound funds, totaling 13.884 million shares [1] - In the last 20 trading days, there were 13 days of net increases, amounting to 53.928 million shares [1] Group 2 - China Software International is a global technology software and IT services investment holding company [1] - The company operates through two main segments: Technology Professional Services and Internet Information Technology Services [1] - The primary business focuses on generative artificial intelligence (AIGC) development, large model hardware and software sales, and digital transformation consulting services for enterprise resource planning (ERP) [1] Group 3 - Major products include the "Question Series" solutions, large model application integrated machines, and Lingxi AI application platform [1] - The company provides services to various sectors including water conservancy, transportation, government platforms, military, energy, education, and finance [1] - The company operates in both domestic and international markets [1]

Group 1 - The board of China Software International (00354.HK) will hold a meeting on March 26, 2026, to discuss the annual report and audited financial statements for the year ending December 31, 2025 [1] - The meeting will also consider the declaration of a final dividend, if any [1] - Additionally, the board will discuss the potential suspension of share transfer registration procedures, if necessary [1] - Other business matters will also be addressed during the meeting [1]

（於開曼群島註冊成立之有限公司） （股份代號：354） 香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公 告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINASOFT INTERNATIONAL LIMITED 中軟國際有限公司 * 於本公佈刊發日期，董事會包括三名執行董事，即陳宇紅博士（主席兼首席執行 官），何 寧 博 士（副 主 席）及 唐 振 明 博 士，兩 名 非 執 行 董 事，即 張 亞 勤 博 士 及 高良玉先生，以及三名獨立非執行董事，即賴觀榮博士、巫麗蘭教授及楊德斌先生 太平紳士 。 * 僅供識別 董事會會議通告 中 軟 國 際 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）謹 此 公 佈，董事會將於 二零二六年三月二十六日星期四下午四時正假座中國北京市海淀區科學院南路 2號融科資訊中心C座12層北翼舉行會議，以商討下列事項： 承董事會命 中軟國際有限公司 主席兼首席執行官 陳宇紅博士 香港，二零二六年二月二十六日 1. 考慮及通過本公司截至二零二五 ...

Group 1 - The core viewpoint of the article highlights that southbound funds have increased their holdings in China Software International (00354.HK) by 916,000 shares on February 10, with a total net increase of 33.596 million shares over the last five trading days [1] - Over the past 20 trading days, southbound funds have increased their holdings on 14 days, resulting in a cumulative net increase of 61.662 million shares [1] - As of now, southbound funds hold 899.7 million shares of China Software International, accounting for 32.82% of the company's total issued ordinary shares [1] Group 2 - China Software International Limited is an investment holding company that provides global technology software and information technology services [1] - The company operates through two main segments: technology professional services and internet information technology services [1] - The primary business of the company includes the development of generative artificial intelligence (AIGC), sales of large model software and hardware, and digital transformation consulting services for enterprise resource planning (ERP) models [1] - Key products include the "Question Series" solutions, large model application integrated machines, and the Lingxi AI application platform [1] - The company provides services primarily to sectors such as water conservancy, transportation, government platforms, military, energy, education, and finance, operating in both domestic and overseas markets [1]

Core Viewpoint - Southbound funds reduced their holdings in China Software International (00354.HK) by 3.412 million shares on February 9, while experiencing a net increase of 36.868 million shares over the past five trading days [1] Group 1: Southbound Fund Activity - Over the last 20 trading days, Southbound funds have increased their holdings in China Software International on 14 occasions, resulting in a total net increase of 65.024 million shares [1] - Currently, Southbound funds hold 896 million shares of China Software International, accounting for 32.78% of the company's total issued ordinary shares [1] Group 2: Company Overview - China Software International is an investment holding company that provides global technology software and information technology services [1] - The company operates through two main segments: Technical Professional Services and Internet Information Technology Services [1] - The primary business focus includes the development of generative artificial intelligence (AIGC), sales of large model software and hardware, and digital transformation consulting services for enterprise resource planning (ERP) [1] - Key products include the "Question Series" solutions, large model application integrated machines, and Lingxi AI application platform [1] - Services are provided to various sectors including water conservancy, transportation, government platforms, military, energy, education, and finance, with operations in both domestic and international markets [1]

Core Viewpoint - Southbound funds have significantly increased their holdings in China Software International, indicating strong investor interest and confidence in the company's future prospects [1] Group 1: Investment Activity - On February 6, southbound funds increased their holdings by 28.48 million shares of China Software International (00354.HK) [1] - Over the past five trading days, there have been four days of net increases in holdings, totaling 39.41 million shares [1] - In the last 20 trading days, there were 15 days of net increases, amounting to 70.15 million shares [1] - Currently, southbound funds hold 899 million shares of China Software International, representing 32.9% of the company's total issued ordinary shares [1] Group 2: Company Overview - China Software International Limited is a global technology software and IT services investment holding company [1] - The company operates through two main divisions: Technology Professional Services and Internet Information Technology Services [1] - The primary business focus includes the development of generative artificial intelligence (AIGC), large model software and hardware sales, and digital transformation consulting services for enterprise resource planning (ERP) [1] - Key products include the "Question Series" solutions, large model application integrated machines, and Lingxi AI application platforms [1] - The company provides services to various sectors, including water conservancy, transportation, government platforms, military, energy, education, and finance, operating in both domestic and international markets [1]