证券研究报告 科技 AI 顶层纲领发布，开启 AI 应用浪潮 华泰研究 2025 年 8 月 27 日│中国内地 动态点评 《"人工智能+"行动意见》：战略高度空前，开启 AI 应用浪潮 8 月 26 日，国务院印发《关于深入实施"人工智能+"行动的意见》（以下简 称《意见》），该《意见》是继"互联网+"之后，国家层面推动新一轮产业 变革的纲领性文件。《意见》将 AI 定位为培育"新质生产力"的核心引擎， 并通过"6 大重点行动"和"8 项基础支撑"构建了清晰的"施工图"。我 们认为，该《意见》标志着中国人工智能产业的发展重心，正从技术研发与 概念验证阶段，全面转向与实体经济深度融合、商业化落地和价值兑现的关 键阶段。 亮点一：AI 应用成为主旋律，破解落地"最后一公里"难题 《意见》关键词在于"深入实施"，我们预计后续各部委、地方政府将密集出 台配套细则，通过专项资金、税收优惠、应用试点等方式，将政策红利传导 至企业端。为解决 AI 应用落地存在'最后一公里'障碍等问题，政策提出 了明确的量化目标：2027/2030 年重点领域融合普及率超 70%/90%，并布 局一批"国家人工智能应用中试基地"。通过顶层 ...

Group 1 - The State Council released opinions on the implementation of the "Artificial Intelligence +" initiative, aiming for over 70% application penetration of new intelligent terminals and intelligent agents by 2027, and over 90% by 2030 [1] - The initiative includes building national AI application pilot bases, promoting the intelligent transformation of software and information service companies, and developing AI application service providers [1] - The focus is on creating a smart product ecosystem, with significant development in smart connected vehicles, AI smartphones and computers, smart robots, smart homes, and wearable devices [1] Group 2 - Huatai Securities believes that generative AI is entering a new development stage dominated by AI agents, which are seen as "digital employees" capable of understanding, planning, and executing complex tasks [2] - The demand for energy and semiconductors is rapidly increasing as AI agents transition from experimental to large-scale deployment, making these resources strategic and bottleneck factors for AI development [2] - Northeast Securities highlights that edge AI is evolving terminal devices from "single-function" to "scene intelligence," creating a core technology foundation for the Internet of Everything [2] Group 3 - Companies involved in AI applications across various sectors include: - AI + Government: Taiji Co., South威 Software, Newpoint Software, Digital Government, and Tuoer Si [3] - AI + Justice: Jinqiao Information, Huayu Software, and Tongda Hai [3] - AI + Finance and Tax: Tax Friend Co., Zhongke Jiangnan, and Bosi Software [3] - AI + Enterprise Services: Kingsoft Office, Yonyou Network, Kingdee International, Inspur Digital Enterprise, Guangyun Technology, Zhiyuan Interconnection, and Fanwei Network [3] - AI + Programming: Jin Modern and Puyuan Information [3] Group 4 - Companies such as Kute Intelligent and Nanxing Co. are identified as active entities in the AI agent space [4]

天眼查商业履历信息显示，泛微网络科技股份有限公司，成立于2001年，位于上海市，是一家以从事软 件和信息技术服务业为主的企业。企业注册资本26060.3073万人民币，实缴资本26060.3073万人民币。 公司法定代表人为韦利东。 通过天眼查大数据分析，泛微网络科技股份有限公司共对外投资了10家企业，参与招投标项目5000次， 知识产权方面有商标信息73条，专利信息92条，此外企业还拥有行政许可7个。 来源：金融界 金融界消息 截至2025年8月25日收盘，泛微网络（603039）报收于67.9元，上涨1.39%，换手率1.8%， 成交量4.70万手，成交金额3.20亿元。 资金流向方面，今日主力资金净流入1367.25万元，占比成交额4.27%。其中，超大单净流入1369.50万 元、占成交额4.28%，大单净流出2.25万元、占成交额0.01%，中单净流出流入70.29万元、占成交额 0.22%，小单净流出1437.55万元、占成交额4.49%。 泛微网络最新一期业绩显示，截至2025中报，公司营业总收入8.08亿元、同比减少8.79%，归属净利润 6569.46万元，同比增长38.46%，扣非净利润5 ...

计算机行业 行业研究 | 动态跟踪 国产模型绑定国产芯片，国产 AI 芯片、交 换芯片、应用值得关注 核心观点 投资建议与投资标的 我们认为，国内 AI 大模型频频取得突破、国产 AI 芯片、国产交换芯片性能持续提升， 我国 AI 算力、AI 应用、国产交换芯片有望得到持续发展。投资者们对我国 AI 发展的信 心亦有望持续提升。 风险提示 AI 发展不及预期；行业竞争加剧。 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 08 月 25 日 看好（维持） | 浦俊懿 | 021-63325888*6106 | | --- | --- | | | pujunyi@orientsec.com.cn | | | 执业证书编号：S0860514050004 | | 宋鑫宇 | songxinyu@orientsec.com.cn | | | 执业证书编号：S0860524090002 | | 陈超 | 021-63325888*3144 | | | chenchao3@orientsec.com.cn | | | 执业证书编号：S0860521050002 | 有关分析师的申明，见本报告最后部分。其他 ...

泛微网络科技股份有限公司 会议资料 二零二五年九月 泛微网络科技股份有限公司 二〇二五年度第一次临时股东大会会议议程 一、会议时间 现场会议：2025 年 9 月 1 日上午 10:00 时 网络投票：2025 年 9 月 1 日采用上海证券交易所网络投票系统，通过交易系统 投票平台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30， 二、会议地点：上海市三鲁公路 3419 号泛微软件大厦一楼公司会议室 三、会议主持人：董事长、总经理 韦利东先生 参会人员：公司股东、董事、监事、高级管理人员、律师 议案一： 泛微网络科技股份有限公司 关于《2025 年半年度利润分配方案》的议案 各位股东及股东代表： 现向与会各位宣读 2025 年半年度利润分配方案，请各位审议。 实现净利润 77,382,510.07 元。母公司以 2025 年半年度净利润 77,382,510.07 元为 基数，加往年累积的未分配利润 1,372,467,436.34 元，减 2024 年年度现金股利 配的利润为 1,430,813,318.52 元。 公司 2025 年半年度利润分配预案为：公司拟以实施 ...

2025年度第一次临时股东大会 泛微网络科技股份有限公司 2025 年度第一次临时股东大会 会议资料 二零二五年九月 1 2025年度第一次临时股东大会 目录 一、会议时间 | 二〇二五年度第一次临时股东大会会议议程 | | 3 | | --- | --- | --- | | 议案一：关于《2025 | 年半年度利润分配方案》的议案 | 5 | | 议案二：关于修改《公司章程》并办理工商变更登记的议案 | | 6 | | 议案三：关于修改《股东会议事规则》的议案 | | 67 | | 议案四：关于修改《董事会议事规则》的议案 | | 85 | | 议案五：关于取消监事会并废止《监事会议事规则》的议案 | | 90 | | 议案六：关于修改《独立董事工作制度》的议案 | | 91 | | 议案七：关于修改《对外担保管理办法》的议案 | | 97 | | 议案八：关于修改《关联交易管理办法》的议案 | | 99 | | 议案九：关于修改《对外投资决策管理制度》的议案 | | 106 | | 议案十：关于修改《募集资金管理制度》的议案 | | 113 | | 议案十一：关于修改《信息披露管理制度》的议案 | | 1 ...

每经记者｜吴泽鹏 每经编辑｜文多 商业场景里，一键导入合同后数秒即可完成审查，匹配实时司法数据后可快速查清合作方诉讼风险和履约能力；司法实践中，案件焦点识别准确率达到 100%，证据识别精准率达到90%，文书撰写时间减少了75%；即使是法律"小白"，只需口语化表达，也能快速查询法律问题并得到专业回复……在复杂的法 律领域，这些看似"不可能的任务"如今正被一一实现。 8月16日，《每日经济新闻》记者在广州举行的"人工智能＋法学实验室建设研讨会"现场了解到，从法律咨询助手到智能合同审查工具，再到垂类大模型 等，当下，华南师范大学、武汉大学、清华大学等高校法学院的学者正深度参与人工智能（AI）＋法律相关产品开发，且有不少项目已落地推广，成为人 工智能与法律行业融合的真实写照。 例如，由华南师范大学法学院教授王燕玲主导的法律领域垂类大模型"小包公法律内容大模型"就在研讨会当日发布。该模型分别与广东省湛江市司法局、泛 微网络（603039.SH，股价64.42元，市值167.88亿元）旗下平台"今承达"签署合作协议，继续围绕行政复议智能化、企业合同与法务管理、案件管理等场景 深化落地。 与此同时，"如何利用AI提升法律 ...

Core Viewpoint - The recent financial report of Fanwei Network (603039) shows a decline in total revenue but an increase in net profit, indicating improved profitability despite challenges in revenue generation [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 808 million yuan, a decrease of 8.79% year-on-year [1]. - Net profit attributable to shareholders reached 65.69 million yuan, an increase of 38.46% year-on-year [1]. - The second quarter saw total revenue of 479 million yuan, down 11.62% year-on-year, while net profit for the quarter was 39.58 million yuan, up 103.46% year-on-year [1]. - Gross margin improved slightly to 93.93%, up 0.32% year-on-year, while net margin increased significantly to 8.13%, up 51.79% year-on-year [1]. - Total expenses (sales, management, and financial) amounted to 552 million yuan, accounting for 68.31% of revenue, a decrease of 3.27% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.25 yuan, up 31.58% year-on-year [1]. - Cash flow from operating activities per share was -0.36 yuan, a decrease of 46.77% year-on-year [1]. - The company's net assets per share rose to 8.5 yuan, an increase of 10.18% year-on-year [1]. Changes in Financial Position - Cash and cash equivalents increased by 90.95% due to the reclassification of short-term deposits [2]. - Other current assets rose by 91.12% due to an increase in prepaid taxes [2]. - Accounts payable decreased by 31.25% as a result of reduced expenses for authorized operational center fees [2]. - Employee compensation liabilities increased by 42.03% due to higher wages and bonuses [3]. Operational Insights - The company's return on invested capital (ROIC) was 7.95%, indicating average capital returns, with a historical median ROIC of 17.04% since its listing [7]. - The business model relies heavily on research and marketing efforts, necessitating a thorough examination of these driving factors [8]. Market Position and Expectations - Analysts project that the company's performance for 2025 will reach 252 million yuan, with an average EPS forecast of 0.97 yuan [9]. - The largest fund holding in Fanwei Network is the Changcheng Intelligent Industry Mixed Fund, which has recently increased its position [10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company reported a revenue of 810 million RMB for the first half of 2025, a year-on-year decline of 8.8%, while the net profit attributable to the parent company after deducting non-recurring gains and losses was 58 million RMB, a significant increase of 79.9% [2]. - The decline in revenue is attributed to a drop in both software and technical service revenues, with software revenue down 10.2% and technical service revenue down 6.5% [3]. - The increase in net profit is primarily due to cost reduction measures, with total costs and expenses decreasing by 10.1%, outpacing the revenue decline [3]. Summary by Sections Performance Review - In Q2 2024, the company achieved a revenue of 480 million RMB, down 11.6% year-on-year, while the net profit attributable to the parent company was 34 million RMB, up 130.2% year-on-year [2]. Business Analysis - The company is actively expanding overseas and has established localized teams in countries such as Singapore and Indonesia to address challenges in its domestic business [3]. - The company has developed a product matrix with fourteen specialized products and introduced the Xiaoe.AI platform, which supports customizable training for various business functions [3]. Profit Forecast and Valuation - Revenue projections for 2025 to 2027 are estimated at 2.21 billion RMB, 2.07 billion RMB, and 1.995 billion RMB, reflecting a year-on-year decline of 7.7%, 6.3%, and 3.6% respectively [4]. - The net profit attributable to the parent company is forecasted to be 250 million RMB for 2025, with a growth rate of 41.0%, followed by a slight decline in subsequent years [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 第一节 重要提示 1.1 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者应 当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3 公司全体董事出席董事会会议。 本预案尚需提交公司2025年第一次临时股东大会审议通过后方可实施。 第二节 公司基本情况 2.1 公司简介 2.2 主要财务数据 单位：元 币种：人民币 2.3 前10名股东持股情况表 1.4 本半年度报告未经审计。 1.5 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司将根据第五届董事会第十四次会议决定通过的2025年半年度利润分配议案，2025年半年度归属于上市公司股 东的净利润人民币65,694,644.36元，母公司实现净利润77,382,510.07元。母公司以2025年半年度净利润 77,382,510.07元为基数，加往年累积的未分配利润1,37 ...