Investment Rating - The report does not explicitly state an investment rating for the intelligent software development industry Core Insights - The intelligent software development industry focuses on developing and applying AI technologies to provide intelligent solutions that enhance business efficiency, optimize decision-making, and improve user experience. The industry is characterized by strong technological dependence, short product iteration cycles, and diverse cross-domain applications. China's robust capabilities in this field are driving continuous industry growth, with an expanding market size expected to continue [4][5][12] Industry Overview - The intelligent software development industry can be categorized into various application areas, including office software, embedded software, emerging technology software, information security software, and innovative software [5][10] - The market size of the intelligent software development industry is projected to grow from 1.4669 trillion RMB in 2019 to 2.8223 trillion RMB in 2024, with a compound annual growth rate (CAGR) of 13.98%. From 2025 to 2029, the market size is expected to increase from 3.1977 trillion RMB to 5.2693 trillion RMB, with a CAGR of 13.30% [31][32] Industry Characteristics - The industry exhibits strong technological dependence, with a reliance on diverse development tools and environments, including integrated development environments (IDEs), version control systems, and automated testing tools. As of April 2024, nearly 40 intelligent software development tools have been launched in China, showcasing the sector's technological vitality and innovation [13] - The product iteration cycle in the intelligent software development industry is short, allowing teams to quickly respond to market changes and user feedback, thereby enhancing user experience and satisfaction [14] - The industry demonstrates high diversity and cross-domain applications, with intelligent software being utilized in natural language processing, computer vision, voice recognition, autonomous driving, and financial analysis [15] Development Stages - The intelligent software development industry has evolved through four stages: 1. Emergence (1960-1969): Establishing the foundation for independent development and technological innovation 2. Initiation (1970-2000): The rise of independent database companies laid the groundwork for data processing and management 3. Rapid Growth (2001-2021): The industry began to focus on flexible, efficient, and responsive development methods 4. Maturity (2022-present): The industry has seen widespread penetration across various sectors, driving intelligent transformation and industrial upgrades [16][20] Industry Chain Analysis - The intelligent software development industry chain consists of three main segments: 1. Upstream: Hardware and basic software supply, including computer hardware, embedded chips, and operating systems 2. Midstream: Intelligent software development and research, covering demand research, design, coding, testing, and delivery 3. Downstream: Application and service sectors, including industry-specific software and intelligent solutions [21][22] Competitive Landscape - The market concentration in the intelligent software development industry is high, with leading companies such as iFLYTEK, Yonyou Network Technology, and Shanghai Baoxin Software in the first tier. The second tier includes China Software and Technology Service Corporation and Kingsoft Office Software, while the third tier consists of Beijing SuperMap Software and Inspur Software [38][39]

Summary of Conference Call Notes Company Overview - The conference call focuses on Shanghai Baoxin Software Co., Ltd, a publicly listed software enterprise controlled by Baosteel Group, specializing in digital solutions for the steel and advanced materials industries [1] - The company has over 40 years of experience and aims to be a leader in industrial intelligence and smart manufacturing [1] Core Business Segments Information Technology Business - The IT business focuses on digital upgrades in manufacturing, providing comprehensive solutions for industries such as steel, non-ferrous metals, chemicals, and mining [3] - Utilizes the Baolian platform to integrate process control and digital intelligence, offering new-generation industrial software products [3] Automation Business - The automation segment emphasizes industrial automation, providing smart factory solutions through a fully domestic product system [4] - Integrates new technologies like industrial internet, AI, and edge computing to create a digital monitoring system for factories [4][5] Robotics Business - The robotics segment develops a complete product matrix for industrial robots, covering various applications in sectors like 3C, new energy, and metal processing [5] - Focuses on creating embedded applications for manufacturing processes and offers comprehensive solutions for the automotive industry [6] Smart Transportation Business - The smart transportation segment provides solutions for urban rail transit, integrating big data and AI for enhanced operational efficiency [6] - The company has received recognition for its innovative smart station technology, which has been implemented in multiple cities [7] Computing Power Center - The Baozhi Cloud brand represents the company's computing power center, offering comprehensive lifecycle management and infrastructure solutions [8] - Recently won a significant contract for an IDC project, reinforcing its market position in North China [8] Financial Performance - For 2024, the company reported total revenue of 13.644 billion yuan, with an average annual growth rate of approximately 16.12% from 2017 to 2024 [9] - The net profit for the year was 2.265 billion yuan, reflecting an 11% decrease compared to the previous year, attributed to macroeconomic conditions and industry impacts [9] - The weighted average return on equity for 2024 was 20.67%, showing slight decline from the previous year [9] Strategic Goals - The company aims to enhance its value through engineering excellence, product scalability, and platformization, focusing on high-quality development and becoming a leading industrial internet technology company [10]

Group 1 - Recent significant personnel changes occurred at Baoxin Software, with the resignation of former chairman Xia Xuesong, drawing attention to the executive team, particularly Deputy General Manager Huang Yinglei [1] - Huang Yinglei, aged 52, has a background in industrial electrical automation and computer technology, and was appointed as Deputy General Manager on August 17, 2023, responsible for daily operations and management [3] - Huang Yinglei's salary increased significantly from 908,200 yuan in 2023 to 1,234,400 yuan in 2024, marking a rise of 326,200 yuan, making him the only Deputy General Manager to receive a salary increase in 2024 [3] Group 2 - In 2024, Huang Yinglei reduced his holdings in the company, selling 210 shares at an average price of 29.32 yuan per share on September 25, resulting in a transaction amount of 61,600 yuan, leaving him with 297,400 shares [4] - On September 27, he further sold 1,790 shares at an average price of 29.98 yuan per share, amounting to 536,600 yuan, with his holdings remaining at 297,500 shares afterward [4]

股东大会会议资料 上海宝信软件股份有限公司 会 议 五、本次大会采取记名方式投票表决。第 1 项议案实行累积投票制， 以普通决议表决通过，股东在所拥有的有效表决票数范围内选择表决票数。 现场表决前，推举两名股东代表参加计票、监票；表决时，由律师、股东 代表与监事代表共同负责计票、监票，将现场表决情况与网络投票情况合 并统计后当场公布表决结果。 六、股东参加股东大会，应当认真履行其法定义务，不得侵犯其他股 东的权益，不得扰乱大会的正常程序。 资 料 第 1 页 股东大会会议资料 根据法律、法规和公司章程相关规定，为确保股东大会的顺利召开， 特制定大会会议须知如下，望出席股东大会的全体人员遵守执行。 一、股东大会有关事宜具体由董事会秘书室负责。 二、股东大会期间，董事会应以维护股东的合法权益，保证大会正常 秩序和议事效率为原则，认真履行法定职责。 三、股东凭有效证件出席股东大会，并依法享有发言权、咨询权、表 决权等各项权利。 四、股东如要求在大会发言，应在大会前向董事会秘书室报告，由董 事会秘书室负责安排。股东发言时，应首先报告其持有公司股份的数量， 每一名股东发言一般不超过两次，每次发言一般不超过 5 分钟。公 ...

股东大会会议资料 料 2025 年 7 月 21 日 第 1 页 股东大会会议资料 2025 年第一次临时股东大会会议须知 根据法律、法规和公司章程相关规定，为确保股东大会的顺利召开， 特制定大会会议须知如下，望出席股东大会的全体人员遵守执行。 上海宝信软件股份有限公司 2025 年第一次临时股东大会 会 议 资 一、股东大会有关事宜具体由董事会秘书室负责。 二、股东大会期间，董事会应以维护股东的合法权益，保证大会正常 秩序和议事效率为原则，认真履行法定职责。 三、股东凭有效证件出席股东大会，并依法享有发言权、咨询权、表 决权等各项权利。 四、股东如要求在大会发言，应在大会前向董事会秘书室报告，由董 事会秘书室负责安排。股东发言时，应首先报告其持有公司股份的数量， 每一名股东发言一般不超过两次，每次发言一般不超过 5 分钟。公司董事 会或经营管理人员应认真负责、有针对性地回答股东提出的问题，回答问 题的时间一般不超过 15 分钟。 五、本次大会采取记名方式投票表决。第 1 项议案实行累积投票制， 以普通决议表决通过，股东在所拥有的有效表决票数范围内选择表决票数。 现场表决前，推举两名股东代表参加计票、监票；表 ...

Group 1 - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 14, 2025 [1] - The leading company by market capitalization is 台棋电 (Taiwan Semiconductor Manufacturing Company) with a valuation of 11,949.75 million [3] - Tencent Holdings ranks second with a market cap of 5,815.18 million, followed by Alibaba at 2,546.4 million [3][4] Group 2 - Xiaomi Group is ranked fourth with a market capitalization of 1,889.61 million, while Pinduoduo follows in fifth place with 1,489.35 million [3][4] - Meituan and NetEase are positioned sixth and seventh, with market caps of 929.41 million and 812.27 million respectively [3][4] - Other notable companies in the top 10 include 东方财富 (East Money) at 523.39 million and 中芯国际 (SMIC) at 476.15 million [4][5] Group 3 - The rankings continue with companies like 京东 (JD.com) at 448.31 million and 快手 (Kuaishou) at 356.11 million [4][5] - Baidu, 理想汽车 (Li Auto), and 贝壳 (Beike) are also included in the top 15, with market caps of 298.84 million, 296.08 million, and 221.89 million respectively [4][5] - The list concludes with 云费智联 (Yunfei Zhili) at 41.76 million, marking the 50th position [6]

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Viewpoints - The report highlights the strong performance of computing-related companies and maintains a positive outlook on the global AIDC (AI Data Center) industry chain, driven by increasing demand for data center infrastructure and AI applications [5][19] - The release of Grok 4 by XAI and the introduction of AWS's GB200 UltraServers are significant advancements in AI computing capabilities, enhancing the competitive landscape [16][17] Summary by Sections 1. Investment Insights - The report emphasizes the impressive earnings forecasts from several companies in the computing sector, with Ruijie Networks expecting a net profit of 400 million to 510 million yuan for H1 2025, representing a year-on-year growth of 160.11% to 231.64% [5][13] - Industrial Fulian anticipates a net profit of 6.727 billion to 6.927 billion yuan for Q2 2025, reflecting a year-on-year increase of 47.72% to 52.11% [15] - The demand for high-speed optical modules in computing centers is rapidly increasing, contributing to significant revenue growth for companies like Huagong Technology, which expects a net profit of 890 million to 950 million yuan for H1 2025, up 42.43% to 52.03% year-on-year [14] 2. Market Trends - As of May 2025, China has established 4.486 million 5G base stations, with a net increase of 235,000 stations since the end of 2024 [29] - The number of 5G mobile phone users reached 1.098 billion, marking a year-on-year growth of 21.3% [29] - The report notes a decline in 5G mobile phone shipments, with 21.19 million units shipped in May 2025, down 17.0% year-on-year [29] 3. Recommended Investment Targets - AIDC Infrastructure: Recommended stocks include New Idea Network Group, Baoxin Software, and Runze Technology; Beneficiary stocks include Guanghuan New Network, Aofei Data, and Century Interconnect [20] - IT Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Cambrian and Inspur [21] - Network Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Ruijie Networks and Yingtong Technology [22] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and China Unicom [25] - AI Applications: Beneficiary stocks include Guanghe Tong and Yiyuan Communication [26] - Satellite Internet & 6G: Beneficiary stocks include Haige Communication and Shenglu Communication [27]

Core Viewpoint - The China Securities Central Enterprise New Momentum Theme Index has shown a mixed performance, with a recent increase in value but a year-to-date decline, reflecting the overall market dynamics and the performance of selected central enterprise stocks [1][2]. Group 1: Index Performance - The China Securities Central Enterprise New Momentum Theme Index opened high and fluctuated, rising by 0.5% to 1629.68 points, with a trading volume of 19.58 billion yuan [1]. - Over the past month, the index has increased by 3.32%, while it has risen by 4.02% over the last three months, but has decreased by 0.88% 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 manufacturing, technology, and modern service industries [1]. - The top ten weighted stocks in the index include Hikvision (9.61%), Changan Automobile (8.91%), AVIC Optoelectronics (7.0%), and others, indicating a concentration in specific companies [1]. Group 3: Market Segmentation - The index's holdings are primarily concentrated in the Shenzhen Stock Exchange (62.23%), followed by the Shanghai Stock Exchange (37.40%) and a minimal presence in the Beijing Stock Exchange (0.37%) [1]. - In terms of industry distribution, the index shows a significant allocation to industrials (45.87%) and information technology (37.72%), with smaller allocations to consumer discretionary (9.36%), communication services (4.62%), financials (1.60%), and materials (0.84%) [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances, such as delisting or corporate restructuring [2].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 11, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - TSMC leads the list with a market capitalization of approximately $11,916.56 million [3]. - Tencent Holdings ranks second with a market capitalization of about $5,885.24 million [3]. - Alibaba is in third place with a market capitalization of around $2,544.49 million [3]. - Pinduoduo follows in fourth place with a market capitalization of $1,490.20 million [3]. - Meituan and NetEase are also notable, with market capitalizations of $947.31 million and $807.83 million, respectively [3][4]. Group 2: Additional Notable Companies - Semiconductor Manufacturing International Corporation (SMIC) has a market capitalization of $472.08 million, ranking eighth [4]. - JD.com and Tencent Music are positioned ninth and tenth, with market capitalizations of $450.04 million and $309.78 million, respectively [4]. - Baidu and Li Auto are also significant players, with market capitalizations of $304.03 million and $291.16 million [4]. Group 3: Emerging and Smaller Companies - Companies like Xpeng Motors and ZTO Express have market capitalizations of $166.15 million and $154.59 million, respectively [4]. - Other companies in the list include iFlytek with $149.34 million and Baosight Software with $95.10 million [4][5]. - The list also features companies like Kingdee International and Wancloud Data, with market capitalizations of $70.72 million and $67.09 million, respectively [5].

Core Viewpoint - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 8, 2025, highlighting significant players in the industry and their respective valuations [1]. Group 1: Top Companies by Market Capitalization - TSMC leads the list with a market capitalization of approximately $11,885.95 million [3]. - Tencent Holdings follows with a valuation of about $5,867.71 million [3]. - Alibaba ranks third with a market cap of $2,535.66 million [3]. - Xiaomi Group is positioned fourth with a market capitalization of $1,935.90 million [3]. Group 2: Additional Notable Companies - JD.com is ranked eighth with a market cap of $461.57 million [4]. - SMIC (Semiconductor Manufacturing International Corporation) is close behind at $456.82 million, ranking ninth [4]. - Kuaishou is in the tenth position with a valuation of $356.39 million [4]. - Tencent Music and Baidu are also notable, with market caps of $310.40 million and $308.67 million, respectively [4]. Group 3: Emerging Players - Li Auto and Beike are valued at $286.24 million and $216.73 million, respectively, indicating their growing presence in the market [4]. - Xpeng Motors and iFlytek have market caps of $170.73 million and $149.98 million, showcasing their potential in the automotive and AI sectors [4]. - Other companies like Zhongtong Express and Baoson Software are also making strides with valuations of $143.32 million and $94.87 million [4]. Group 4: Market Trends - The rankings reflect the competitive landscape of the Chinese technology sector, with significant fluctuations in market capitalizations among various companies [1]. - The data is calculated based on the daily market values, indicating the dynamic nature of the industry [6].