Investment Rating - The report maintains a positive investment rating for the domestic computing power and AI application sectors, highlighting significant growth potential in these areas [6]. Core Insights - A new round of AI "arms race" has commenced globally, with the release of major models like Grok4 and Kimi K2 expected to significantly boost domestic computing power demand and application ecosystems [4][10]. - The report emphasizes the importance of focusing on domestic AI computing power, particularly in chip design, advanced wafer manufacturing, and liquid cooling technologies [4]. - Various AI application sectors are highlighted, including office automation, programming, terminal AI, ERP/CRM, judicial applications, financial/taxation services, education, healthcare, and customer service [4]. Summary by Sections Market Review - During the week of July 7-11, the CSI 300 index rose by 0.82%, the SME index increased by 0.73%, and the ChiNext index saw a rise of 2.36%. The computer sector (CITIC) experienced a growth of 3.37% [2]. Industry News - Notable company developments include Zhuoyi Information's plan to reduce its shareholding by up to 2,271,445 shares, representing no more than 1.88% of total shares [3]. - Wanjie Technology received nine invention patent certificates from the National Intellectual Property Administration [3]. Weekly Insights - The report suggests focusing on key players in the domestic AI computing power sector, such as Cambrian and Haiguang Information in chip design, and SMIC in advanced wafer manufacturing [4]. - The report also identifies various AI application companies across different sectors, including Kingsoft Office, Hehe Information, and Keda Xunfei in office automation and education [4]. Recent Developments - The report outlines significant investments and acquisitions in the AI sector, including Amazon's potential additional investment in Anthropic and Google's acquisition of AI programming startup Windsurf's core talent and technology [16][17]. - The report notes that xAI, led by Elon Musk, is negotiating a new funding round that could value the company at up to $200 billion, reflecting the growing interest and investment in AI technologies [10][18]. AI Application Ecosystem - The report highlights the rapid growth of AI applications, with OpenAI and Anthropic achieving annual recurring revenues (ARR) of $10 billion and $3 billion, respectively [22]. - Domestic AI applications like deepseek and Doubao are showing significant commercial potential, with user engagement metrics comparable to leading international AI applications [22]. Global AI Company Rankings - The report provides a ranking of global AI companies based on their ARR, with OpenAI leading at $10 billion, followed by Anthropic at $3.008 billion [23].

Group 1: Policy and Development - The State Council issued an opinion to enhance the "efficient handling of key matters" mechanism, emphasizing efficient resource allocation and the prevention of waste in government services [1] - The opinion aims to promote the application of new technologies like AI in government services while ensuring safety and improving user experience [1][2] - China's digital government development index (EGDI) improved from 0.8119 in 2022 to 0.8718 in 2024, ranking 35th globally, an increase of 8 places from 2022 [2] Group 2: Market Growth and Trends - The overall market size for government cloud services in 2024 is projected to be 93.94 billion RMB, with a year-on-year growth of 18.4% [2] - The dedicated government cloud market is expected to reach 66.33 billion RMB, growing by 19.0% year-on-year, while the public government cloud market is projected at 17.24 billion RMB, with a growth of 12.2% [2] - The cloud operation service market is anticipated to grow by 26.1%, reaching 10.36 billion RMB [2] Group 3: Industry Insights - The government cloud market is experiencing stable growth, with infrastructure holding a significant market share, driven by increased demand for computing power due to AI model development [3] - The integration of AI in government services is expected to enhance efficiency and reduce costs, with a broad market potential across various sectors like procurement, finance, and taxation [3] - The push for AI in government services is largely driven by top-down initiatives, indicating a rapid implementation of AI+government services [3] Group 4: Key Companies and Innovations - China Telecom is focusing on "AI + digital government" initiatives, leveraging data value and enhancing security in public services [4] - SenseTime, a leading AI algorithm provider, is applying its technology in smart city and public management projects, improving service efficiency through AI solutions [4] - China Software International is providing comprehensive AI + government services, helping governments transition to intelligent operations through AI, big data, and cloud computing [4] - Tencent is utilizing its social media platforms and cloud capabilities to create digital solutions for public services, integrating various government services into its ecosystem [5]

Core Viewpoint - The strategic partnership between ChinaSoft International and Beijing Silicon Flow Technology marks a significant step in addressing industry pain points and advancing digital transformation in enterprises, indicating a new phase of collaborative efforts in the digital intelligence wave [1][2]. Group 1: Partnership Overview - ChinaSoft International has over 20 years of experience in various industries, including finance, telecommunications, and manufacturing, with a portfolio of more than 1,000 large-scale projects [2]. - Silicon Flow Technology, established in August 2023, focuses on AI infrastructure and has made notable achievements in adapting domestic chips, enhancing model efficiency on Ascend chips [2][3]. - The collaboration aims to tackle the "last mile" issue in enterprise digital transformation by leveraging the complementary strengths of both companies [2]. Group 2: Technological Developments - In February 2025, Silicon Flow launched the DeepSeek R1/V3 inference service in collaboration with Huawei Cloud, achieving performance comparable to high-end GPU deployments [4]. - The partnership has developed four core platforms that address key aspects of enterprise digital transformation, creating a complete ecosystem from computing power support to application implementation [4][5]. Group 3: Platform Features - The high-performance AI platform integrates AI algorithms and computing resources to assist enterprises in data analysis, particularly beneficial in the financial sector for investment decision-making and risk assessment [5]. - The model service platform offers various AI model resources for customized development, enabling businesses to create tailored solutions, such as product recommendation models in e-commerce [6]. - The knowledge management platform organizes internal and external knowledge for efficient employee access, enhancing problem-solving capabilities in manufacturing [7]. - The intelligent application development platform allows enterprises to automate business processes, such as developing intelligent customer service applications to handle high volumes of inquiries during peak sales periods [8]. Group 4: Future Directions - The partnership is expected to expand into sectors like energy, transportation, and education, focusing on AI-driven solutions such as intelligent grid scheduling and personalized learning platforms [10]. - This collaboration not only addresses current digital transformation challenges but also proposes a replicable and scalable model for other enterprises, encouraging further exploration in the digital intelligence landscape [11].

Core Viewpoint - China Software International (00354) has signed a strategic cooperation agreement with Beijing Silicon Flow Technology Co., Ltd. to jointly develop solutions that accelerate computing power and AI full-stack services, empowering enterprises in their digital transformation [1][2]. Group 1: Strategic Cooperation - The agreement aims to create a solution that integrates high-performance AI platforms with heterogeneous computing power, vector databases, graph databases, and search engines [1]. - The joint solution includes four core platforms: high-performance AI platform, model service platform, knowledge management platform, and intelligent application development platform [1][2]. Group 2: Implementation and Support - The "Three Stages and Nine Steps" AI professional service will be utilized to optimize customer model development efficiency and performance [2]. - Silicon Flow will provide product and technical support, while China Software International will handle project implementation and custom AI application development [2]. Group 3: Future Collaboration - The two companies will deepen their strategic collaboration to help enterprises seize AI opportunities and accelerate the large-scale application of technology [2]. - Key industries targeted for intelligent transformation include energy, finance, government, transportation, manufacturing, and public services [2].

中软国际公告，公司于2025年6月21日与北京硅基流动科技有限公司签署战略合作协议，旨在联合打造 解决方案，通过算力加速与AI全栈服务协同，赋能企业数智化转型。合作方案包含企业高性能AI平 台、模型服务平台、知识库管理平台和智能体应用开发平台四大核心平台。中软国际与硅基流动将提供 产品及技术支撑、项目实施服务及周边AI应用定制开发，确保项目成功交付。未来，双方将持续深化 战略协同，推动重点行业实现智能跃迁。 ...

Core Insights - The Beijing software industry has experienced a 38% growth in scale over the past three years, with industrial software and AI companies now accounting for over 30% of the sector [1][11] Group 1: Company Innovations - Ruijizhi Interactive has developed a smart campus management system that enhances cross-department collaboration efficiency by 35% and an AI personalized learning platform that improves average student performance by 20% [2] - Ruijikaigao's AI scheduling system at Yangshan Port has increased port turnover efficiency by 18% and improved fault response speed by 50% [3] - A smart operation and maintenance platform developed for a shipbuilding group has achieved a fault prediction accuracy of over 85% and reduced maintenance costs by 20% [5] - Baidu Smart Cloud's deep learning framework has improved automation labeling accuracy to 99% and increased model training efficiency by 40 times [8] - Tencent's digital twin technology has reduced fault response time in Shanghai Metro operations by 35% [9] Group 2: Industry Trends - The integration of low-code and AI technologies is making complex system development more efficient, akin to assembling Lego blocks [2] - The Beijing software industry has formed a "three-core multi-pole" collaborative ecosystem, focusing on basic software development, industrial software clusters, and consumer application innovation [11] - The financial technology sector has seen cross-border payment platforms processing over 100,000 transactions daily, with settlement efficiency improving by over 30% [4] - The modular development architecture supports agile delivery, shortening project cycles by 30% compared to industry averages [4]

买入 全面升级为全栈 AI 产品和服务商，探索数字货币和 RWA 中国软件国际（354.HK） 2025-6-9 星期一 【投资要点】 ➢ 2024 年收入和利润相对稳定，AIGC 新业务成增长亮点 2024 全年公司实现收入 169.5 亿元人民币（-1.0%），归母净利润 5.1 亿元 人民币（-28.1%）。H2 财务环比回升，显示新业务拉动初现。全年经营活 动现金流净额 6.03 亿元，同比下降 16.3%。 ➢ 全栈 AIGC 能力体系加速成型，战略转型进入规模化落地阶段 公司加快 AIGC 战略落地，构建以"模型工场 2.0"和"Agent 工厂"为核 心的一体化能力体系，推动 AI 产品在多个行业场景中规模化复制，标志公 司由技术投入迈向商业化阶段。2024 年"全栈 AI 产品及服务"收入达人民 币 9.57 亿元，占集团总收入的 5.6%。其中，下半年该板块收入环比大幅上 升 135.44%，成为推动集团业绩触底反弹的关键动力之一。 ➢ 持续深化与华为生态合作，推动信创产品化落地 公司深化与华为合作，拓展 KaihongOS 在智能终端与开发工具链应用，并 完成超 200 个华为云 CTSP ...

Group 1 - The article highlights the market capitalization rankings of companies, with Xiaomi Group leading at $178.685 billion, showing a rise of three positions [3] - The second position is held by Yuewen Group with a market cap of $3.874 billion, which has increased by one position [3] - China Software International ranks third with a market cap of $1.793 billion, also moving up by one position [3] Group 2 - PNG Feitian Trust and PNG Qiming Information are ranked fourth and fifth respectively, with market caps of $1.118 billion and $1.057 billion [3] - *ST Dongtong PNG is in sixth place with a market cap of $0.422 billion [3] - Xinyang ranks seventh with a market cap of $0.091 billion, having dropped four positions [3]

事项： 事件：5 月21 日，中国香港特区立法会三读通过《稳定币条例草案》，以在香港设立法定货币稳定币发 行人的发牌制度，完善对虚拟资产活动在香港的监管框架，以保持金融稳定；5 月30 日，中国香港特区 政府在宪报上刊登《稳定币条例》，正式成立法例。 国信计算机观点：1）中国香港《稳定币条例》正式成为法例，稳定币市场规模快速增长，2028 年市场 规模有望达到2 万亿美金；2）中软国际深耕数字化金融领域，面向运营机构、接入机构提供基于自主 研发微服务技术平台Toplink 的数字人民币系统假设及全生态链解决方案，有望受益于稳定币规模增 长；3）投资建议：预计2025-2027 年归母净利润为6.93/9.14/10.45 亿元，对应当前PE 为19/14/12 倍，维 持"优于大市"评级。4）风险提示：基石业务复苏不及预期、稳定币发行规模不及预期、宏观经济波动 等。 评论： 机构：国信证券 研究员：熊莉/艾宪 中软国际深度参与中国香港基建，全面布局海外市场。中软国际深度参与香港启德体育园建设项目，承 建智慧场馆核心业务系统和集成服务，交付了3 个智慧场馆运营管理软件和1 个体育场馆场地预定生产 软件，且包含了 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5] Core Viewpoints - The Hong Kong Special Administrative Region has officially enacted the "Stablecoin Ordinance," which is expected to enhance the regulatory framework for virtual asset activities and maintain financial stability. The stablecoin market is projected to grow rapidly, potentially reaching a market size of USD 2 trillion by 2028 [2][3] - The company is deeply engaged in the digital finance sector, providing digital RMB system solutions based on its proprietary microservices technology platform, Toplink. This positions the company to benefit from the growth of the stablecoin market [2][6] - The projected net profit attributable to the parent company for 2025-2027 is estimated at CNY 693 million, CNY 914 million, and CNY 1.045 billion, corresponding to current P/E ratios of 19, 14, and 12 times, respectively [2][9] Summary by Relevant Sections Regulatory Developments - The "Stablecoin Ordinance" was passed by the Hong Kong Legislative Council on May 21 and officially published on May 30, establishing a licensing system for stablecoin issuers [2][3] Market Outlook - The global stablecoin market was approximately USD 227.3 billion as of June 3, 2025, with major players like Tether and Circle holding significant market shares of 67.5% and 27.0%, respectively. The market is expected to grow significantly, with forecasts suggesting a potential size of USD 2 trillion by 2028 [3][4] Company Positioning - The company is actively involved in the digital RMB ecosystem, offering comprehensive solutions that cover various operational scenarios, including wallet systems, interconnectivity, and cross-border payment solutions [6][7] - The company is also expanding its international presence, participating in infrastructure projects in Hong Kong and establishing joint ventures in the Middle East to promote digital transformation [7][8]