Core Viewpoint - The report by Haitao Securities emphasizes the importance of identifying stocks with potential short-term or long-term performance discrepancies or surprises in AI advancements as a core task for 2026 [1] Group 1: Investment Strategy - The main investment strategy is to focus on value investing in the Hang Seng Technology Index, leveraging volatility from the Hong Kong stock market and short-selling mechanisms [1] - The key to successful operations lies in selecting fundamentally strong companies with sustainable development capabilities [1] Group 2: Recommended Stocks for 2026 - Stocks currently at the bottom or adjusting, with a high likelihood of fundamental reversal in 2026: Meituan, Xiaomi Group (planning next vehicle), BYD Electronics [2] - Stocks expected to benefit from EPS gains and potential valuation uplift: Tencent Holdings, Trip.com Group, JD Health, Lenovo Group [2] - Stocks with controllable elasticity: Alibaba, Baidu Group, SMIC, Hua Hong Semiconductor [2] - AI elastic stocks: Kuaishou, Bilibili, Kingdee International, Horizon Robotics, Xpeng Motors, Yueda Group, NetEase, Sunny Optical Technology, UBTECH [2] - Potential small-cap companies: Inspur Digital Enterprise, Xindong Company, Huiliang Technology [2] Group 3: Individual Stock Insights - Kuaishou, Bilibili, Horizon Robotics, Xpeng Motors, Sunny Optical Technology, UBTECH are highlighted as key stocks with positive outlooks [2] - Inspur Digital Enterprise and Huiliang Technology are noted as quality small-cap stocks with promising prospects [2] - Tencent Holdings is identified as a top pick due to its strong research framework [2] - Alibaba is considered a leading asset in AI technology [2] - Lenovo Group is expected to achieve profitability in its server business next year due to accelerated AIPC penetration [2] - Trip.com Group is positioned well for growth driven by domestic stability and overseas acceleration [2] - JD Health is recognized as a leading player in internet healthcare with a clear growth path [2] - Meituan is noted for its resilience and potential turning point in competitive landscape [2] - Kingdee International's growth is constrained by macroeconomic factors, but AI and overseas expansion provide additional elasticity [2] - Xiaomi Group is expected to see improvements as negative factors gradually clear [2] - SMIC is experiencing an increase in advanced manufacturing proportion and continuous technological breakthroughs [2] - Hua Hong Semiconductor is benefiting from growth driven by computing and consumer electronics [2] - Yueda Group focuses on IP as a core asset, with expectations for further expansion and monetization [2] - NetEase is anticipated to enter a new product cycle with upcoming releases [2] - BYD Electronics is expected to see growth from Apple's foldable phone production and has significant potential in the new energy vehicle and data center sectors [2] - Xindong Company is driven by gaming and Taptap, with expectations for the launch of an overseas version [2]

Core Insights - The IDC report highlights that the growth rate of the equipment manufacturing MES market in China for 2024 is significantly higher than the overall market, with Inspur Digital Enterprise maintaining the top market share in MES solutions for equipment manufacturing due to its technological advantages and industry experience [1][4]. Group 1: Market Overview - MES is identified as the most focused, largest market segment in China's manufacturing digital transformation, characterized by a high concentration of vendors and intense competition, serving as a key indicator of digital maturity in the manufacturing sector [4]. Group 2: Company Profile - Inspur Digital Enterprise is a leading provider of industrial software products and comprehensive digital industrial solutions, having developed the Inspur Haiyue Manufacturing Operation Management (MOM) platform, which integrates various advanced technologies such as IoT, big data, machine vision, and digital twins [4][5]. - The MOM platform covers all levels of enterprise, factory, edge, and equipment, enabling comprehensive management of resources including personnel, equipment, materials, and energy, thus facilitating intelligent control across the entire production process [4]. Group 3: Applications and Achievements - The Inspur Haiyue MOM has been widely adopted in key manufacturing sectors such as shipbuilding, infrastructure equipment, and power transmission, collaborating with major companies to create exemplary smart manufacturing models [5]. - For instance, Shanxi Coal Machine integrated multiple systems through the MOM platform, achieving data visualization and real-time monitoring, which earned it the IDC 2025 China Future Digital Industry Leader Award [5]. - In TBEA, the MOM platform enhanced production efficiency by 25% and reduced unit product costs by 16% through deep integration of IT and OT, leading to its recognition as a smart manufacturing demonstration factory by the Ministry of Industry and Information Technology [5]. Group 4: Future Outlook - Inspur Digital Enterprise plans to continue investing in R&D to develop next-generation intelligent native MOM software while focusing on deep industry development to support the high-end, intelligent, and green transformation of industrial processes [5].

呈交日期: 2025年12月2日 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: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浪潮數字企業技術有限公司 I. 法定/註冊股本變動 | 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) | 00596 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/ ...

Group 1 - The company maintains an "overweight" rating, expecting net profit attributable to shareholders to reach 553 million, 703 million, and 892 million yuan for the years 2025, 2026, and 2027 respectively, with EPS projected at 0.48, 0.61, and 0.77 yuan [1] - The company has entered into a placement agreement to issue up to 68 million shares at a price of 7.30 HKD per share, expecting total proceeds of approximately 494 million HKD, with net proceeds of about 490 million HKD [1] - The net proceeds from the placement will be allocated approximately 70% for long-term funding in AI, cloud, and industrial software R&D, and 30% for general working capital [1] Group 2 - The board of directors proposes to change the company's registered location from the Cayman Islands to Hong Kong, which is expected to simplify compliance and legal structures while enhancing investor confidence [2] - The company’s AI model, "Haiyue," has been recognized as a typical case for deepening the reform of state-owned enterprises, contributing to high-quality development and national strategy implementation [2]

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Views - The company has successfully completed a placement to introduce strategic investors and is increasing its investment in artificial intelligence (AI) and other technology sectors, reinforcing its AI-first strategy and outlook for value recovery [2][10]. - The company plans to use approximately 70% of the net proceeds from the placement for long-term funding in AI, cloud, and industrial software development, while the remaining 30% will be allocated for general working capital [10]. - The board has proposed changing the company's registered location to Hong Kong, which is expected to simplify compliance and enhance investor confidence [10]. Financial Summary - Total revenue is projected to grow from 8,294 million RMB in 2023 to 11,001 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.1% [4]. - Net profit is expected to increase significantly from 202 million RMB in 2023 to 892 million RMB in 2027, with a notable growth rate of 69.9% in 2023 and 90.8% in 2024 [4]. - The company’s price-to-earnings (PE) ratio is forecasted to decrease from 38.13 in 2023 to 8.71 by 2027, indicating improving profitability [4]. Market Data - The current stock price is 7.32 HKD, with a market capitalization of approximately 8,935 million HKD [1][7]. - The stock has traded within a range of 3.07 to 10.83 HKD over the past 52 weeks [7]. Earnings Forecast - The company’s earnings per share (EPS) is projected to rise from 0.34 RMB in 2024 to 0.77 RMB in 2027 [10][13]. - The expected net profit for the years 2025, 2026, and 2027 is 553 million RMB, 703 million RMB, and 892 million RMB, respectively [10].

（股份代號：596） 截至二零二四年及二零二三年十二月三十一日止年度的 年報補充公告 茲提述浪潮數字企業技術有限公司（「本公司」）日期為二零二五年三月三十一日的年 報（「二零二四年年報」）、日期為二零二四年三月二十八日的年報（「二零二三年年 報」）及本公司日期為二零二四年八月十九日的補充公告（「該補充公告」）。除另有 說明外，本公告所用詞彙與二零二四年年報及二零二三年年報所界定者具有相同涵 義。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，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分內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 浪潮數字企業技術有限公司 （於開曼群島註冊成立的有限公司） 除二零二四年年報及二零二三年年報「購股權計劃」一節所載資料外，本公司董事會 （「董事會」）謹此補充：就購股權計劃而言，於二零二四年年報日期及二零二三年 年報日期根據購股權計劃可供發行的股份總數分別為107,529,173股及111,927,173 股，分別佔本公司於 ...

Group 1 - The core viewpoint of the report is that the company maintains a "buy" rating for Inspur Digital Enterprise (00596) with a target price of HKD 13.25, highlighting its plan to raise approximately HKD 4.9 billion through a share placement to enhance R&D in AI and other fields [1] - The company has entered into a placement agreement to issue up to 68 million shares at a price of HKD 7.30 per share, with expected net proceeds of approximately HKD 4.90 billion, allocating about 70% for AI, cloud, and industrial software R&D and 30% for general working capital [1] - The company plans to change its registered office from the Cayman Islands to Hong Kong to simplify compliance and boost investor confidence, which is expected to enhance its market position in Hong Kong [2] Group 2 - The "Inspur Haiyue" large model has been recognized officially and is seen as a significant contributor to the intelligent transformation of state-owned enterprises, demonstrating the company's capabilities in supporting high-quality development and national strategic implementation [3] - The Haiyue model integrates enterprise knowledge bases and best practices, providing a framework for intelligent agent development, visual development configuration, and intelligent dialogue platforms, indicating a broad development space in the field of enterprise service intelligence [3]

Group 1 - The core viewpoint of the report is that the company maintains a "buy" rating for Inspur Digital Enterprise (00596) with a target price of HKD 13.25, highlighting its plan to raise approximately HKD 4.9 billion through a share placement to enhance R&D in AI and other fields [1] - The company has entered into a placement agreement to issue up to 68 million shares at a price of HKD 7.30 per share, expecting net proceeds of approximately HKD 4.90 billion, with 70% allocated for AI, cloud, and industrial software R&D and 30% for general working capital [1] - The company plans to change its registered office from the Cayman Islands to Hong Kong to simplify compliance and boost investor confidence, which is expected to enhance its market position in Hong Kong [2] Group 2 - The "Inspur Haiyue" large model has been recognized officially and is seen as a significant contributor to the intelligent transformation of state-owned enterprises, demonstrating the company's capabilities and prospects in this area [1][3] - The Haiyue model has been included in the seventh batch of typical cases for deepening the reform of state-owned enterprises by the Shandong Provincial State-owned Assets Supervision and Administration Commission, indicating its role in promoting high-quality development and supporting national strategies [3] - The model integrates enterprise knowledge bases and best practices, providing capabilities such as intelligent agent R&D frameworks and visual development configurations, indicating a broad development space in the field of enterprise service intelligence [3]

Core Insights - On November 26, 2025, shareholders of Inspur Digital Enterprise (00596) deposited shares into UBS Securities Hong Kong Limited, with a total market value of HKD 495 million, representing 5.87% of the company [1] - The company announced that all conditions of the placement agreement had been met, and the placement was completed on the same day [1] - According to the terms of the placement agreement, the placement agent sold a total of 67.634 million shares at a placement price of HKD 7.30 per share, which accounts for approximately 5.54% of the company's enlarged issued share capital after the placement [1]

呈交日期： 2025年11月26日 公司名稱： 浪潮數字企業技術有限公司 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00596 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出 ...