Accessible version Software - China (H/A) 2026 Year Ahead: Unlocking Growth via AI, Xinchuang, Overseas Expansion Rating Change AI monetization set to accelerate; focus on quality names Share prices of software companies under our coverage went up by 16% on average in 2025, compared to +23% for MSCI China Index. On a quarterly basis, share prices of software companies under our coverage went up by 35% on average in 9M25 (similar to the MSCI China Index), while underperforming in 4Q25 amid a pullback in AI-t ...

Group 1 - The core point of the article is that China Software International (00354) has seen its stock price increase by over 4%, currently trading at 5.45 HKD with a transaction volume of 141 million HKD [1] - On January 12, China Software International announced that its investment platform JointForce Fund I LP has invested in MiniMax Group Inc., which is set to be listed on the Hong Kong Stock Exchange on January 9, 2026, under the stock code 0100 [1] - The company holds 403,000 shares of MiniMax indirectly through JointForce, with an estimated value change of approximately 89.92 million RMB based on MiniMax's closing price of 345 HKD per share on January 9, 2026 [1] Group 2 - The value of the shares held by the company in MiniMax may fluctuate due to secondary market price changes, leading to uncertainty in the company's performance [1] - Looking ahead, China Software International plans to deepen its strategic layout in full-stack and full-scenario AI products and services, aiming to enhance its independent innovation capabilities with next-generation AI technology [1] - The company is progressing towards becoming a core software service provider in the technology-driven innovation sector [1]

格隆汇1月12日丨中国软件国际(00354.HK)发布公告，公司通过旗下投资平台JointForce Fund I LP(以下 简称"JointForce")投资的MiniMax Group Inc.(以下简称"MiniMax")于2026年1月9日在香港联合交易所(简 称"港交所")主板上市，股票代码0100。中软国际通过JointForce间接持有MiniMax 40.30万股。以 MiniMax 2026年1月9日收盘价每股345港元为基准初步估算，公司持有的股份累计价值变动损益金额为 人民币约8992万元(未经审计)。 展望未来，中软国际将继续深化在全栈全场景AI产品和服务的战略布局，以新一代人工智能技术持续 提升自主创新能力，朝着科技型信创核心软件服务商的方向升维进阶。投 ...

智通财经APP讯，中国软件国际(00354)发布公告，公司通过旗下投资平台JointForce Fund I LP(JointForce)投资的MiniMax Group Inc.(MiniMax)于2026年1月9日在香港联合交易所主板上市，股票代 码0100。中软国际通过JointForce间接持有MiniMax 40.3万股。以MiniMax 2026年1月9日收盘价每股345 港元为基准初步估算，公司持有的股份累计价值变动损益金额为人民币约8992万元(未经审计)。 受股票二级市场价格波动影响，公司所间接持有的MiniMax股份的价值也会相应变动，对公司业绩影响 存在不确定性，对公司业绩的影响，最终请以公司定期报告为准。公司股东及有意投资者于买卖公司股 份时务请审慎行事。 展望未来，中软国际将继续深化在全栈全场景AI产品和服务的战略布局，以新一代人工智能技术持续 提升自主创新能力，朝着科技型信创核心软件服务商的方向升维进阶。 ...

Core Viewpoint - China Software International (00354) announced that its investment platform JointForce Fund I LP has invested in MiniMax Group Inc., which is set to be listed on the Hong Kong Stock Exchange on January 9, 2026, under stock code 0100 [1] Group 1: Investment Details - China Software International indirectly holds 403,000 shares of MiniMax through JointForce [1] - Based on MiniMax's closing price of HKD 345 per share on January 9, 2026, the estimated value change of the shares held by the company is approximately RMB 89.92 million (unaudited) [1] Group 2: Market Impact - The value of the shares held by the company may fluctuate due to secondary market price changes, leading to uncertainty in the company's performance [1] Group 3: Future Outlook - The company plans to deepen its strategic layout in full-stack and full-scenario AI products and services, aiming to enhance its independent innovation capabilities with next-generation AI technology [1] - The company is progressing towards becoming a core software service provider in the technology-driven innovation sector [1]

Group 1 - China Software (600536) is a leading enterprise in electronic government and cybersecurity, aligning with the national "Digital China" strategy, focusing on the core scenarios of e-ID in government services [1][25] - The company has developed a foundational platform for electronic identity authentication, enabling seamless data communication between e-ID and various government systems such as social security and taxation [1][25] - It has participated in the formulation of national electronic government informatization standards and is adapting to upcoming national security standards for e-ID, providing technical support for standardized access [1][25] Group 2 - Newland (000997) has over 20 years of experience in identity recognition technology and is a benchmark enterprise in e-ID hardware and core technology development [2][26] - The company has developed a secure QR code system for online and offline verification of e-IDs, significantly improving efficiency in high-frequency scenarios like hotel check-ins [2][26] - Newland is integrating multi-modal recognition technologies and blockchain anti-counterfeiting technology to expand the application of e-IDs in various sectors [2][26] Group 3 - Aerospace Information (600271) is a key player in the e-ID field, having participated in the development of critical identity documents and systems [3][27] - The company is leveraging its market channels to integrate e-IDs with tax, social security, and military sectors, simplifying processes significantly [3][27] - It is incorporating AI and big data technologies into e-ID applications for dynamic risk assessment and anomaly detection [3][27] Group 4 - Qiming Star (002439) focuses on the full-process security protection of e-IDs and has developed a comprehensive security system to prevent identity theft and information breaches [4][29] - The company has adapted its security products to comply with upcoming national standards and provides customized security solutions for sensitive sectors like finance and government [4][29] - Qiming Star is expanding its solutions into industrial internet and vehicle networking, addressing identity authentication challenges in IoT devices [4][29] Group 5 - Hengbao Co., Ltd. (002104) has been deeply involved in the e-ID sector for years, focusing on data security and identity authentication solutions [5][30] - The company is integrating blockchain technology with digital identity to create a trustworthy storage and traceability system for e-IDs [5][30] - Hengbao is also exploring applications of digital currency in conjunction with e-IDs, enhancing service models that combine identity and payment [5][30] Group 6 - Nanwei Software (603636) is a leading provider of smart policing and government information solutions, with a focus on e-licenses including e-IDs [6][31] - The company has developed a system that enables interoperability between e-IDs and other government licenses, facilitating quick verification processes [6][31] - It is actively upgrading its e-ID verification terminals to support features for the elderly, enhancing accessibility [6][31] Group 7 - Digital Certification (300579) is a core support enterprise in the e-ID security certification field, providing essential cryptographic products for the CTID platform [7][33] - The company has participated in the formulation of national identity authentication standards, ensuring compliance with data protection laws [7][33] - Digital Certification is expanding its services to include cross-border digital identity authentication, aligning with international trade facilitation needs [7][33] Group 8 - Shen Si Electronics (300479) is a leader in the offline identity authentication terminal market, focusing on multi-modal biometric recognition technologies [8][34] - The company has developed a terminal that supports multiple verification modes, significantly improving service efficiency in high-frequency scenarios [8][34] - Shen Si Electronics is actively participating in the construction of a "10-minute government service circle," enhancing its market penetration [8][34]

Group 1: Metal Futures and Market Impact - Recent rapid increases in precious and industrial metal futures prices have led to heightened volatility risks, prompting the CME Group to raise margin requirements for trading metals including gold, silver, palladium, and lithium [1] - The new margin requirements, effective after the close of trading on the upcoming Monday, include a 10% increase for gold futures, approximately 13.6% for silver, and 23% for platinum [1] - Following the announcement, international metal futures prices experienced multiple rounds of declines, with gold prices falling below the $4500 per ounce mark, closing at $4497.9 per ounce, a decrease of 1.20% [1] Group 2: AI and Investment Insights - Jinglin Asset Management, a major private equity firm, has indicated that 2026 may mark the true beginning of the widespread adoption of AI Agents [1] Group 3: Fund and Market Adjustments - Guotou Silver LOF announced a temporary suspension of trading on December 30, 2025, to protect investor interests, with the possibility of extending the suspension if market price premiums do not decrease [2] Group 4: Airline Fuel Charges - Starting January 5, 2026, domestic airlines in China will reduce the fuel surcharge for passenger transport, with fees decreasing by 10 yuan for flights under 800 kilometers and 20 yuan for longer flights [3] Group 5: Energy and Technology Developments - The first 30MW pure hydrogen gas turbine has successfully achieved stable operation, marking a significant advancement in hydrogen power generation technology [3] - The Chinese government has confirmed the continuation of the "national subsidy" for consumer goods, which has significantly boosted the sales of mid-to-high-end products in recent years [4] Group 6: Corporate Changes and Developments - Financial adjustments include the appointment of Bi Chunhui as the deputy director of the research institute at Zheshang Securities [5] - Zero Run Technology's CEO confirmed that the company will maintain control by the founding team despite the investment from FAW [6] - China Software plans to sell 555 X86 servers and two properties to optimize idle assets [7] Group 7: Market Transactions and Contracts - Financial services firm Caitong Securities has received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 150 billion yuan [8] - Southeast Network Frame has won an EPC project worth 8.87 billion yuan [11] - Shanxi Expressway intends to acquire a 15% stake in Shanxi Transportation Development Group for 74.8 million yuan [12] - Rima Precision's subsidiary has been designated as a supplier for a new energy vehicle project, with expected sales of approximately 1.342 billion yuan over its lifecycle [13] - Nankuang Group signed a 3 billion yuan equipment procurement contract for iron ore processing [14] - Guangdong Yuedian A's Dapu Power Plant's second phase has successfully commenced commercial operations [15] - China Energy Construction's subsidiary has won an EPC project worth approximately 6.864 billion yuan [16] Group 8: Stock Market Updates - ST Dongtong's stock will resume trading on December 30, 2025, entering a delisting preparation period [17] - The Shanghai Composite Index recorded a slight increase, marking a nine-day rise, while the Shenzhen Component Index experienced a decline [18][19]

格隆汇12月29日丨中国软件(600536.SH)公布，公司及子公司麒麟软件与关联方等各合伙人拟对共同投 资的信创共同体同比例减资，减资规模为1.2亿元，信创共同体的注册资本将由9.2亿元减少至8亿元。其 中公司和麒麟软件的认缴金额和实缴金额将由0.3833亿元和0.9583亿元（合计1.3416亿元）调整至0.3333 亿元和0.8333亿元（合计1.1666亿元），持有份额比例不变，仍分别为4.1667%和10.4167%（合计 14.5834%），公司及麒麟软件将分别收到返还款500万元和1250万元。 ...

本报告依据中国资产评估准则编制 资产评估报告 沃克森评报字(2025)第2215号 (共一册 第一册) 沃克森（北京）国际资产评估有限公司 二〇二五年十一月十五日 中国软件与技术服务股份有限公司拟处置房地产项目涉及的秦皇岛市富堡商城 D-307 号、D-308 号办公用途 房地产市场价值资产评估报告 目 录 中国软件与技术服务股份有限公司 拟处置房地产项目涉及的秦皇岛市富堡商城D-307号、D-308 号办公用途房地产市场价值 | 资产评估报告·声明 | | --- | | 资产评估报告·摘要 | | 资产评估报告·正文 | | í 委托人、产权持有人及资产评估委托合同约定的其他资产评估报告使用人……..6 | | 二、 评估目的 . | | 三、 评估对象和评估范围 . | | 四、 价值类型 | | 五、 评估基准日 . | | 六、 评估依据 | | 评估方法 七、 | | 八、 评估程序实施过程和情况 . | | 九、 评估假设 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...

中信证券股份有限公司关于 中国软件与技术服务股份有限公司 与关联方对共同投资企业减资的关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为中国软件与 技术服务股份有限公司（以下简称"中国软件"、"公司"）2024年度向特定对象发 行股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集资金 监管规则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监 管指引第1号——规范运作》《上海证券交易所上市公司自律监管指引第11号—— 持续督导》等有关规定，对中国软件与关联方对共同投资企业减资的关联交易事 项进行了核查，核查情况及核查意见如下： 一、关联交易概述 （一）基本情况 中电信创控股（深圳）合伙企业（有限合伙）（简称信创共同体）为公司及 子公司麒麟软件有限公司（简称麒麟软件）与关联方等共同投资的有限合伙企业， 其普通合伙人为公司关联方中国教育电子有限责任公司（简称中教电子），有限 合伙人包括公司及子公司麒麟软件在内的14家企业/事业单位，其他有限合伙人 中国长城科技集团股份有限公司（简称中国长城）、华大半导体有限公司（简称 华大半导体）、中国中电国际信息服务有限公 ...