消息面上，中国软件国际2024年实现收入169.51亿元，其中，全栈AI产品及服务贡献收入达9.57亿元， 占收比达到5.65%。此外，Windows对华为授权到期，3月27日，Google宣布将停止Android开源项目 （AOSP）。方正证券认为，行业变革预计加速鸿蒙操作系统的推广，及应用生态的适配。中软国际始 终处于开源鸿蒙生态领先地位，在OpenHarmony 社区代码贡献量稳居前位。公司依托KaihongOS+超级 设备管理平台KaihongOS Meta，研发了20款自研产品，服务400多家企业，为500多款应用提供迁移服 务，接入设备数量达千万级。 海通证券指出，公司积极布局"1+3"，形成全栈AI有机体。"1+3"即云智能+鸿蒙智能物联网与数字孪生/ 企业数字化转型与ERP咨询实施/AIGC业务；公司持续保持华为云业务生态份额第一，以云智能业务密 切抵达AI价值客户；公司在鸿蒙原生应用和元服务方面深度融入华为纯血鸿蒙生态体系；加速AIGC创 新和Agent工场布局，促进算力/模型/数据/应用全栈AI优势融合。打造AI原生ERP咨询实施和自研服务 能力，公司成功交付某电力央企自研ERP原型系统研 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 公司股票交易于2025年4月3日、7日、8日连续3个交易日内日收盘价格涨幅偏离值累计超过20%。 ● 经公司自查，并经公司控股股东及实际控制人书面确认，截至目前，公司不存在应披露而未披露的重 大事项。 ● 相关风险提示：公司于2025年1月18日披露《中国软件2024年年度业绩预亏公告》，预计2024年度实 现归属于上市公司股东的净利润-46,500万元到-39,000万元；预计2024年度实现归属于上市公司股东的 扣除非经常性损益后的净利润-63,000万元到-53,000万元，以上预告数据仅为初步核算数据，具体准确 的财务数据以公司正式披露的经审计后的2024年年报为准。 一、股票交易异常波动的具体情况 本公司股票交易于2025年4月3日、7日、8日连续3个交易日内日收盘价格涨幅偏离值累计超过20%；根 据《上海证券交易所交易规则》的有关规定，已构成股票交易异常波动。 （三）媒体报道、市场传闻、热点概 ...

证券代码：600536 证券简称：中国软件 公告编号：2025-009 中国软件与技术服务股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 公司股票交易于 2025 年 4 月 3 日、7 日、8 日连续 3 个交易日内日收盘 价格涨幅偏离值累计超过 20%。 （二）重大事项情况 -1- 经公司自查，并经公司控股股东及实际控制人书面确认，截至目前，公 司不存在应披露而未披露的重大事项。 相关风险提示：公司于 2025 年 1 月 18 日披露《中国软件 2024 年年度业 绩预亏公告》，预计 2024 年度实现归属于上市公司股东的净利润-46,500 万元 到-39,000 万元；预计 2024 年度实现归属于上市公司股东的扣除非经常性损益 后的净利润-63,000 万元到-53,000 万元，以上预告数据仅为初步核算数据，具 体准确的财务数据以公司正式披露的经审计后的 2024 年年报为准。 一、股票交易异常波动的具体情况 本公司股票交易于 2025 年 4 月 3 日 ...

关于对中国软件股票交易异常波动询证的复函 中国软件与技术服务股份有限公司: 你公司股票交易于 2025年4月3日、7日、8日连续 3个交易日 内日收盘价格涨幅偏离值累计超过20%,根据《上海证券交易所交易 规则》的有关规定,已构成股票交易异常波动。现就你公司向我公司 询证事宜答复如下: 截至2025年4月8日,除中国软件与技术服务股份有限公司 2024 年度向特定对象中国电子、中电金投发行 A 股股票,募集资金用于麒 2025年4月3日、7日、8日连续3个交易日内,我公司及一致 行动人不存在买卖你公司股票的情况。 特此函复。 中国电子信息庆 8 F 关于对中国软件股票交易异常波动询证的复函 中国软件与技术服务股份有限公司: 你公司股票交易于 2025年4月3日、7日、8日连续 3个交易日 内日收盘价格涨幅偏离值累计超过20%,根据《上海证券交易所交易 规则》的有关规定,已构成股票交易异常波动。现就你公司向我公司 询证事宜答复如下: 截至2025年4月8日,除中国软件与技术服务股份有限公司 2024 年度向特定对象中国电子、中电金投发行 A 股股票,募集资金用于麒 麟软件实施研发项目事项外,未筹划涉及你公司的重 ...

Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Viewpoints - The emphasis on "technology domestic demand" is highlighted, with a focus on self-reliance and control as a core theme in the context of major power competition [3][10][22] - The report suggests that the domestic computing demand and self-reliance will be the main drivers for investment opportunities in the technology sector [3][22] - The report identifies key areas of focus including domestic AI computing, national software innovation (信创), military information technology, and the Harmony OS ecosystem [3][22] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.37%, the SME Index by 2.93%, and the ChiNext Index by 2.95% during the week of March 31 to April 3 [30] Industry News - The report discusses the release of the national measurement list which is expected to accelerate the domestic innovation industry [14] - It notes the importance of the Harmony OS as a significant new player in the domestic operating system market, particularly in PCs [15] Company Dynamics - Highwei Technology plans to reduce its shareholding by up to 4,400,000 shares, accounting for 1% of the total share capital [27] - The report mentions that Lai Si Information has completed the registration and filing procedures for changing its legal representative [27] Investment Suggestions - The report recommends focusing on companies involved in domestic AI computing, national software innovation, military information technology, and key players in the Harmony OS ecosystem [22] - Specific companies highlighted include Haiguang Information, Cambrian, Inspur Information, China Software, and others across various segments [22][21]

Group 1 - The core index of the software sector, the CSI All Share Software Index, opened lower but experienced a slight increase of 0.67%, closing at 14,174.3 points with a trading volume of 20.589 billion yuan [1] - Over the past month, the CSI All Share Software Index has decreased by 6.92%, while it has increased by 5.78% over the past three months and year-to-date [2] - The index is composed of publicly listed companies involved in software development, reflecting the overall performance of this sector [2] Group 2 - The top ten weighted companies in the CSI All Share Software Index include: iFlytek (10.46%), Kingsoft Office (8.08%), Tonghuashun (7.06%), Hang Seng Electronics (4.95%), Runhe Software (4.83%), 360 (4.3%), Yonyou Network (3.6%), Tuwei Information (3.37%), Sangfor Technologies (3.02%), and China Software (3.01%) [2] - The index's holdings are primarily listed on the Shenzhen Stock Exchange, accounting for 58.79%, while the Shanghai Stock Exchange accounts for 41.21% [2] - The index is entirely composed of companies in the information technology sector, with a 100% allocation [3] Group 3 - The CSI All Share Software Index undergoes adjustments every six months, with the next adjustment scheduled for the second Friday of June and December [3] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers and acquisitions [3] - Public funds tracking the software index include various ETFs and fund products from Guotai, Zhaoshang, and Huatai [3]

Core Viewpoint - The China Securities Central Enterprises New Momentum Theme Index has experienced a decline, reflecting the overall performance of selected central enterprise listed companies in manufacturing, technology, and modern services sectors [1][2] Group 1: Index Performance - The index opened lower and fluctuated, closing down 0.23% at 1593.32 points with a trading volume of 17.177 billion yuan [1] - Over the past month, the index has decreased by 0.93%, and it has fallen by 2.38% over the last three months and year-to-date [1] Group 2: Index Composition - The index comprises 45 representative listed companies from central enterprises under the State-owned Assets Supervision and Administration Commission, focusing on R&D investment, profitability, and industry cross-integration [1] - The top ten weighted stocks in the index are Hikvision (10.25%), Guodian NARI (9.28%), Changan Automobile (8.8%), AVIC Optoelectronics (7.12%), China Merchants Highway (3.75%), AVIC On-board (3.65%), Shenzhen South Road (3.58%), China Software (3.51%), Baoxin Software (3.4%), and AVIC High-Tech (2.74%) [1] Group 3: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (58.81%), followed by the Shanghai Stock Exchange (40.91%) and the Beijing Stock Exchange (0.28%) [1] - The industry distribution of the index holdings shows that industrials account for 47.74%, information technology for 34.27%, consumer discretionary for 9.20%, financials for 4.14%, communication services for 3.83%, and materials for 0.83% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

中软国际公布2024年全年业绩：收入同比下滑1.0%至169.5亿元，略低于市场预期，主要系基石业务修 复进展慢于预期;归母净利润同比下滑28.7%至5.04亿元，低于市场预期，主要系坏账拨备增加以及政府 补助少于预期。 智通财经APP获悉，中金发布研报称，维持中国软件国际(00354)中性评级，考虑行业估值中枢修复，上 调目标价31%至5.5港元(基于17倍2025年市盈率)。公司目前交易于15.9倍市盈率，对应9%上行空间。鉴 于头部客户需求释放及新业务确收节奏不确定性尚存，该行下调2025年收入预测5.4%至175亿元;考虑头 部客户价格压力或逐步消化，维持2025年归母净利润预测基本不变。引入2026年收入180亿元和归母净 利润8.88亿元。 中金主要观点如下： 2024年全年业绩低于市场预期 利润率亟待改善 2024年全年毛利率为22.1%，同比下降1.3个百分点，主要系1)公司在鸿蒙、ERP等领域战略投入加大， 2)2023年下半年以来的扩张策略对公司整体定价产生一定影响。归母净利率为3.0%，同比下降1.1个百 分点，主要系毛利率下滑影响。展望2025年，伴随公司收入逐步筑底企稳、新兴业务盈利 ...

证 券 研 究 报 告 中国软件（600536）深度研究报告 推荐（首次） 打造操作系统、数据库央企龙头 当前价：42.82 元 ❖ 风险提示：宏观经济波动；政策落地进展不及预期；行业竞争加剧。 [ReportFinancialIndex] 主要财务指标 | | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,723 | 5,758 | 6,545 | 7,459 | | 同比增速(%) | -30.3% | -14.4% | 13.7% | 14.0% | | 归母净利润(百万) | -233 | -393 | 117 | 228 | | 同比增速(%) | -613.4% | -69.0% | 129.9% | 93.8% | | 每股盈利(元) | -0.27 | -0.46 | 0.14 | 0.27 | | 市盈率(倍) | -160 | -95 | 317 | 164 | | 市净率(倍) | 16.4 | 19.9 | 18.7 | 16.8 | 资料来源：公司公告，华创证券预测 注： ...

Core Insights - The core viewpoint is that all AI applications are essentially shell applications, and the focus should be on establishing long-term barriers through deep integration of workflows, proprietary hardware/IP, and data delivery capabilities [1][2]. Group 1: AI Applications and Market Trends - AI applications lack real barriers, and any claims of barriers are misleading; the emphasis should be on building barriers in non-AI capabilities [2][4]. - Concepts like the metaverse and SaaS have quickly lost traction, but the emergence of DeepSeek has led to explosive revenue growth for software companies, indicating a potential resurgence for Chinese software firms [2][4]. - Some SaaS companies have reported revenue growth exceeding 300% year-on-year, particularly those embracing AI and DeepSeek, suggesting a promising future for disciplined software companies [4]. Group 2: Perspectives on Emerging Technologies - The current trend is towards embodied intelligence, but the commercial pathways remain unclear, especially concerning humanoid robots [5][8]. - There is a public disagreement regarding the viability of humanoid robots, with some industry leaders asserting that this sector will eventually yield significant companies despite current skepticism [8][10].