Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Investment Rating - The report maintains a positive outlook on the communication industry, indicating an "Overweight" rating for the sector [2][22]. Core Insights - The report emphasizes three main lines for the communication industry in 2025: differentiation in computing networks, strengthening of the satellite industry, and optimization of the economic cycle [4][5]. - The AI industry is evolving towards inference-driven models, with a diversified approach to computing solutions. The supply-demand turning point for data centers has been observed, and technologies like liquid cooling are accelerating penetration [4][5]. - The satellite communication sector is experiencing intensive industry catalysis, forming a closed loop across the entire industry chain, with direct satellite connections expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a return of the investment "pendulum" [4][5]. Summary by Sections Computing Network - The AI industry trend is shifting towards inference dominance, with the upstream supply chain for domestic chips and modules beginning to integrate [4]. - Data center supply-demand dynamics are changing, with liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a significant catalyst for the satellite communication industry, with a complete industry chain now established [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, particularly in sectors like Beidou navigation and controllers, indicating a strong potential for cyclical stocks [4][5]. Performance Forecast for Key Companies - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [4][14]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures, with a focus on AI computing networks [6][14]. Related Companies - Key companies identified include Zhongji Xuchuang, NewEase, and Huagong Technology in the AI computing network segment, and operators like China Mobile and China Telecom [4][6][14].

Investment Rating - The report suggests to continue focusing on investment opportunities within the communication industry [2] Core Insights - The communication industry showed steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1785.003 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.432 billion yuan, up 11.26% year-on-year [4][7] - The AI computing industry chain is expected to continue accelerating its development in 2025, benefiting the communication industry [17][19] Summary by Sections H1 2025 Performance Overview - The communication industry achieved a total revenue of 1785.003 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and a net profit of 160.432 billion yuan, reflecting an 11.26% increase [4][7] Segment Performance Changes - In H1 2025, the optical module and device segment reported revenue of 47.988 billion yuan, a year-on-year increase of 64.88%, and net profit of 10.876 billion yuan, up 111.99% [25] - The communication PCB segment achieved revenue of 57.249 billion yuan, a year-on-year increase of 37.66%, and net profit of 8.058 billion yuan, up 80.79% [31] - The network equipment segment generated revenue of 507.111 billion yuan, a year-on-year increase of 28.86%, with net profit of 19.184 billion yuan, up 19.57% [37] AI Industry Chain Investment - Major overseas cloud companies are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, reflecting an 82.96% year-on-year increase [17] - Companies like Oracle and Nvidia are showing strong growth prospects in their AI-related businesses, with Oracle's unfulfilled revenue reaching 455 billion USD, a year-on-year increase of 359% [22][19]

Investment Rating - The report maintains a "Recommended" rating for the industry [4] Core Insights - The report highlights the significant impact of U.S. tariffs and export controls on Chinese products, particularly in the software and hardware sectors, emphasizing the need for domestic innovation and self-reliance [1] - The Chinese government is actively promoting domestic products through favorable procurement policies, including a 20% price deduction for local products in competitive bidding [1] - The report indicates that the domestic chip industry is gaining traction, particularly in the financial sector, with major projects like the Industrial and Commercial Bank of China's procurement of Huaguang chip servers valued at approximately 3 billion yuan [1] - The report notes a substantial increase in domestic server procurement by China Unicom, with 90.1% of the servers being domestically produced, reflecting a strong trend towards localization [2] - The report anticipates a turning point for the domestic innovation industry (Xinchang) driven by supportive policies and improving performance of listed companies in the sector [2][3] Summary by Sections - **Policy Support**: The government emphasizes high-level technological self-reliance as a key development focus, aiming to enhance core technology research and innovation capabilities [2] - **Market Performance**: Several listed companies in the Xinchang sector have shown improved performance compared to the previous year, indicating a positive outlook for the industry [3] - **Investment Recommendations**: The report suggests focusing on key players in the Xinchang sector, including China Software, Dameng Data, and others, as well as leaders in specific sub-sectors like industrial software and the Harmony OS ecosystem [3]

Core Viewpoint - Baoxin Software (600845) has shown a positive stock performance with a closing price of 23.5 yuan as of October 10, 2025, reflecting a 1.21% increase from the previous week [1] Company Announcements - The first meeting of the 11th Board of Directors was held on October 10, 2025, where Tian Guobing was elected as the chairman [2][5] - Wang Jianhu was appointed as the company's president, and Liu Ciling was designated as the board secretary [2][5] - The second extraordinary general meeting of shareholders approved the reappointment of the financial and internal control audit institutions for 2025, amendments to the Articles of Association, and a three-year shareholder return plan for 2025-2027 [3][5] - The meeting also elected the members of the 11th Board of Directors through a cumulative voting method [3][5] Shareholder Meeting Details - The extraordinary general meeting had a total voting power of 52.7715% from the represented shareholders [3] - The meeting was legally validated by Shanghai Huacheng Law Firm, confirming the legality of the convening, holding procedures, and voting results [3]

证券代码：600845 900926 证券简称：宝信软件 宝信B 公告编号：2025-043 上海宝信软件股份有限公司 2025年第二次临时股东大会决议公告 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法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 1、公司在任董事10人，出席2人，其他8位董事因工作原因无法出席本次会议； 2、公司在任监事3人，出席1人，其他2位监事因工作原因无法出席本次会议； 3、刘慈玲董事会秘书出席本次会议；公司部分高管列席了本次会议。 二、议案审议情况 (二)股东大会召开的地点：上海市宝山区湄浦路361号公司302会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，田国兵董事长主持本次股东大会现场会议。采用现场投票与网络投票 相结合的表决方式。本次股东大会的召集、召开、表决程序符合《公司法》及《公司章程》的规定。 (五)公司董事、监事和董事会秘书 ...

上海市长乐路 989 号世纪商贸广场 26-27 楼 邮编 200031 26-27th Floor, The Center, No.989 Changle Road, Shanghai 200031,P.R.C. Tel: (86-21) 5292-1111, (86-21) 6350-0777 Fax: (86-21) 5292-1001, (86-21) 6272-6366 www.watson-band.com.cn mail@watson-band.com.cn 上海市华诚律师事务所 关于上海宝信软件股份有限公司 2025 年第二次临时股东大会 所涉相关问题的 法律意见书 上海市华诚律师事务所 二零二五年十月 上 海 北 京 香 港 哈尔滨 兰 州 烟 台 广 州 芝加哥 东 京 S h a n g h a i B e i j i n g H o n g K o n g H a r b i n L a n z h o u Y a n t a i G u a n g z h o u C h i c a g o T o k y o 关于上海宝信软件股份有限公司 2025 年第二次临时股东大会所涉相关问题 ...

本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 10 月 10 日 证券代码：600845 900926 证券简称：宝信软件 宝信 B 公告编号：2025-043 上海宝信软件股份有限公司 2025年第二次临时股东大会决议公告 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法律责任。 重要内容提示： (二)股东大会召开的地点：上海市宝山区湄浦路 361 号公司 302 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 780 | | --- | --- | | 其中：A 股股东人数 | 671 | | 境内上市外资股股东人数（B 股） | 109 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,514,955,265 | | 股股东持有股份总数 其中：A | 1,437,979,503 | | 境内上市外资股股东持有股份总数(B 股) | 76,975,762 | | 3、出席会议的股东所持有表决权股份数占公 ...

董事会决议 上海宝信软件股份有限公司 第十一届董事会第一次会议决议 上海宝信软件股份有限公司第十一届董事会第一次会议通知于 2025 年 9 月 28 日以电子邮件的方式发出，于 2025 年 10 月 10 日以现场和视频相结 合的方式召开，应到董事 11 人，实到 11 人，高级管理人员列席了会议。 本次会议符合《公司章程》和有关法律、法规的要求，会议合法有效。 会议由田国兵董事长主持，审议了以下议案： 一、选举董事长的议案 选举田国兵为公司第十一届董事会董事长。 表决情况：同意 11 票，反对 0 票，弃权 0 票。是否通过：通过。 二、选举董事会各专门委员会委员、主任的议案 公司第十一届董事会设立战略和 ESG 委员会、审计委员会以及提名、 薪酬和考核委员会等 3 个专门委员会。 战略和 ESG 委员会由田国兵董事长、王剑虎董事、王成然董事、蒋立 诚董事、谢力董事和于伟霞独立董事 6 名委员组成，田国兵董事长任主任。 审计委员会由白云霞独立董事、程林独立董事、张卫东独立董事、孙 志祥独立董事和高银波职工董事 5 名委员组成，白云霞独立董事任主任。 提名、薪酬和考核委员会由程林独立董事、白云霞独立董事、 ...

上海宝信软件股份有限公司公告 股票代码：A600845 B900926 股票简称：宝信软件 宝信 B 编号：临 2025-044 上海宝信软件股份有限公司 第十一届董事会第一次会议决议公告 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法律责任。 上海宝信软件股份有限公司第十一届董事会第一次会议通知于 2025 年 9 月 28 日以电子邮件的方式发出，于 2025 年 10 月 10 日以现场和视频相结 合的方式召开，应到董事 11 人，实到 11 人，高级管理人员列席了会议。 本次会议符合《公司章程》和有关法律、法规的要求，会议合法有效。 会议由田国兵董事长主持，审议了以下议案： 一、选举董事长的议案 选举田国兵为公司第十一届董事会董事长。 表决情况：同意 11 票，反对 0 票，弃权 0 票。是否通过：通过。 二、选举董事会各专门委员会委员、主任的议案 公司第十一届董事会设立战略和 ESG 委员会、审计委员会以及提名、 薪酬和考核委员会等 3 个专门委员会。 战略和 ESG 委员会由田国兵董事长、王剑虎董事、王成然董事、蒋立 诚董 ...