Core Insights - The Shanghai Composite Index rose by 0.66% on August 4, with the total margin trading balance reaching 1,991.31 billion yuan, an increase of 11.456 billion yuan from the previous trading day [1] Margin Trading Overview - As of August 4, the margin trading balance in the Shanghai market was 1,014.72 billion yuan, up by 6.534 billion yuan; in the Shenzhen market, it was 970.35 billion yuan, increasing by 4.912 billion yuan; and in the Beijing Stock Exchange, it was 6.244 billion yuan, up by 0.96997 million yuan [1] - The total margin trading balance across Shanghai, Shenzhen, and Beijing markets combined was 1,991.31 billion yuan, reflecting an increase of 11.456 billion yuan [1] Industry Performance - Among the industries tracked by Shenwan, 26 sectors saw an increase in margin trading balances, with the pharmaceutical and biological sector leading with an increase of 1.367 billion yuan; followed by machinery and electrical equipment sectors with increases of 1.228 billion yuan and 1.043 billion yuan, respectively [1] Individual Stock Performance - A total of 1,999 stocks experienced an increase in margin trading balances, accounting for 53.85% of the total; 350 stocks had an increase exceeding 5% [1] - The stock with the highest increase in margin trading balance was Longzhu Technology, which saw a balance of 10.5554 million yuan, up by 178.58% from the previous trading day, and its stock price rose by 5.79% [1] - Other notable stocks with significant increases included Beifang Changlong and Shanshi Network Technology, with increases of 43.96% and 36.81%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the highest increase in margin trading balances, the average increase in stock prices was 5.75%, with Beifang Changlong, Jinke Environment, and Xingyun Co., Ltd. leading with increases of 20.00%, 15.30%, and 14.90%, respectively [2] - Conversely, the stocks with the largest declines included Dingjia Precision, Poli Clean, and Keli Co., Ltd., with declines of 4.91%, 1.92%, and 0.83%, respectively [2] Margin Trading Balance Changes - The top 20 stocks with the largest increases in margin trading balances included Longzhu Technology, Beifang Changlong, and Shanshi Network Technology, with respective increases of 178.58%, 43.96%, and 36.81% [3][4] - In contrast, 1,713 stocks saw a decrease in margin trading balances, with 178 stocks experiencing declines exceeding 5%; the largest decline was observed in Hongyu Packaging, which saw a decrease of 64.96% [4][5] - Other significant declines were noted in Feilihua and Tiancheng Technology, with decreases of 26.56% and 22.93%, respectively [4][5]

Summary of Key Points Core Viewpoint - The recent block trade of Shanshi Network Technology on August 1 indicates significant trading activity, with a notable discount compared to the closing price, suggesting potential interest from institutional investors [2]. Trading Activity - A block trade occurred on August 1 with a volume of 310,000 shares and a transaction value of 5.0468 million yuan, at a price of 16.28 yuan, which is a 13.45% discount relative to the closing price of the day [2]. - Over the past three months, Shanshi Network has recorded a total of four block trades, amounting to 12.5512 million yuan [2]. Stock Performance - The closing price of Shanshi Network on the day of the report was 18.81 yuan, reflecting a 4.33% increase, with a turnover rate of 2.62% and a total trading volume of 87.9081 million yuan [2]. - In the last five days, the stock has increased by 5.97%, although there has been a net outflow of funds totaling 4.7042 million yuan [2]. Margin Financing - The latest margin financing balance for Shanshi Network is 52.4535 million yuan, which has increased by 2.9706 million yuan over the past five days, representing a growth rate of 6.00% [2].

Core Viewpoint - The company aims to transform its technical advantages into commercial value under the leadership of the new CEO, Ye Haiqiang, who emphasizes the need for a cultural shift towards profitability and market competitiveness [3][4][5]. Company Strategy - The company has set short to medium-term goals to reduce losses and achieve profitability while aiming to rank among the top five in the industry [4][10]. - Ye Haiqiang has introduced a departmental system requiring independent accounting for inputs and outputs, focusing on profit metrics to instill a cost-awareness culture among engineers [5][6]. - The company plans to leverage its self-developed ASIC security chips as a key driver for business growth, with the first successful chip production expected in October 2024 [7][9]. Market Positioning - The partnership with Digital China Group is seen as mutually beneficial, combining the company's technical strengths with Digital China's marketing and cost control capabilities [5][11]. - The company is focusing on key industries such as finance and telecommunications to expand its market presence and deepen customer engagement [6][10]. Product Development - The self-developed ASIC security chip, which has been in development since 2021, is expected to enhance product performance and cost-effectiveness, with a significant reduction in power consumption compared to traditional firewalls [7][9]. - The company anticipates that the application of the ASIC chip will allow for a shift in supply strategy, potentially increasing revenue by 80 million to 100 million yuan [7]. Financial Performance - In Q1 2025, the company's revenue reached 158 million yuan, with a reduced net loss of 74.41 million yuan, indicating a positive trend in financial performance [9]. - The company's gross margin is approximately 70%, with expectations for cost reductions as the transition to ASIC chips progresses [9]. Future Outlook - The company aims to enter the top five cybersecurity firms in China by 2028, with a revenue structure targeting one-third from domestic sales, one-third from overseas markets, and one-third from strategic partnerships [10]. - The integration of AI technology is expected to further enhance the company's business growth and operational efficiency [10][11].

Summary of Key Points Core Viewpoint - The recent block trade of Shanshi Network Technology on July 31 involved a transaction of 150,000 shares at a price of 16.00 yuan, representing an 11.26% discount compared to the closing price of the day [2] Trading Activity - The total transaction amount for the block trade was 2.4 million yuan [2] - Over the past three months, Shanshi Network has recorded three block trades with a cumulative transaction value of 7.5044 million yuan [2] Stock Performance - The closing price of Shanshi Network on the day of the block trade was 18.03 yuan, reflecting a 0.39% increase [2] - The stock's turnover rate for the day was 1.82%, with a total trading volume of 59.8074 million yuan [2] - There was a net outflow of 7.0381 million yuan in main funds throughout the day, and over the past five days, the stock has increased by 3.86% with a total net outflow of 5.5201 million yuan [2] Margin Financing - The latest margin financing balance for Shanshi Network is 52.2518 million yuan, which has increased by 5.4706 million yuan over the past five days, marking an increase of 11.69% [2]

7月31日，山石网科大宗交易成交15万股，成交额240万元，占当日总成交额的3.86%，成交价16元，较市场收盘价18.03元折价11.26%。 | 2025-07-31 | 山石网科 | 688030 | 16 | 240 2 15 | 机构专用 | 东吴证券股份有限 公司苏州工业园区 11. 11. | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | ...

证券代码：688030 证券简称：山石网科 公告编号：2025-055 转债代码：118007 转债简称：山石转债 山石网科通信技术股份有限公司 关于为全资子公司提供担保的进展公告 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。 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 20,000.00 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 21.68 | | 特别风险提示 | □对外担保总额超过最近一期经审计净资产 | | | 100% | | | □担保金额超过上市公司最近一期经审计净 | | | 资产 50% | | | □对合并报表外单位担保金额达到或超过最 | | | 近一期经审计净资产 30%的情况下 | | | 对资产负债率超过 70%的单位提供担保 | 一、担保情况概述 （一）担保的基本情况 山石网科通信技术股份有限公司（以下简称"公司"或"山石网科"）于近 日与中信银行股 ...

Summary of Key Points Core Viewpoint - The company, 山石网科通信技术股份有限公司, plans to provide a guarantee of up to RMB 200 million for its wholly-owned subsidiary, 北京山石网科信息技术有限公司, to support its operational needs and business development [1][4]. Group 1: Guarantee Details - The guarantee amount is set at RMB 200 million, with the actual guarantee balance currently at RMB 0 million [1]. - The guarantee will be provided in various forms, including but not limited to guarantees, mortgages, and pledges, with specific terms to be defined in the guarantee contract [1][4]. - The guarantee is within the company's recent audited total assets limit of 30%, thus not requiring shareholder approval [2][4]. Group 2: Internal Decision Process - The board of directors approved the guarantee on July 22, 2025, with a unanimous vote of 9 in favor and no opposition [2][4]. - The authorized period for the guarantee is 12 months from the date of board approval, allowing the chairman and authorized agents to manage related business within the approved limit [2][4]. Group 3: Financial Overview of the Subsidiary - 北京山石网科信息技术有限公司 has a registered capital of RMB 31 million and is fully owned by 山石网科 [3]. - As of the latest audited financials, the subsidiary's total assets were RMB 149.25 million, with total liabilities of RMB 120.11 million, resulting in a net asset value of RMB 29.15 million [3]. - The subsidiary reported a net profit of RMB 2.50 million for the audited year, indicating a stable financial position [3]. Group 4: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to support the subsidiary's daily operations and is expected to facilitate its healthy development [4]. - The company maintains full control over the subsidiary, which helps in effectively managing and mitigating guarantee risks [4].

证券代码：688030 证券简称：山石网科 公告编号：2025-054 转债代码：118007 转债简称：山石转债 山石网科通信技术股份有限公司 关于为全资子公司提供担保的公告 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： 担保对象及基本情况 | | 被担保人名称 本次担保金额 | 北京山石网科信息技术有限公司 20,000.00 万元 | | | --- | --- | --- | --- | | 担保 | 实际为其提供的担保余额 | 0.00 | 万元 | | 对象 | 是否在前期预计额度内 | □是 | □否 | | | | 不适用：公司前期不存在预计额度情形 | | | | 本次担保是否有反担保 | □是 □不适用：_________ | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股子 公司对外担保总额（万元） | 20,000.00 | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | 2 ...

股票代码: 688030 债券代码: 118007 股票简称:山石网科 债券简称: 山石转债 山石网科通信技术股份有限公司 2022 年向不特定对象发行可转换公司债券 第五次临时受托管理事务报告 (2025年度) 债券受托管理人 二〇二五年七月 重要声明 本报告依据《公司债券发行与交易管理办法》《关于山石网科通信技术股份 有限公司向不特定对象发行可转换公司债券之债券受托管理协议》（以下简称 "《受托管理协议》"）《山石网科通信技术股份有限公司向不特定对象发行可 转换公司债券募集说明书》（以下简称"《募集说明书》"）等相关规定,由本 期债券受托管理人中国国际金融股份有限公司编制。中金公司编制本报告的内容 及信息均来源于山石网科通信技术股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相关 事宜做出独立判断,而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下,投资者依据本报告所进行的任何作为或不作为,中金公 司不承担任何责任。 中国国际金融股份有限公司(以下简称"中金公司")作为山石网科通信技 术股份有限公司 2022年向不特定对象发行可转换公司 ...

Group 1 - The core viewpoint of the announcement is that the company has decided to use its own funds to pay for the required capital for investment projects and will replace it with raised funds, which is expected to improve the efficiency of fund usage and project implementation [1][2] - The third meeting of the third supervisory board was held on July 14, 2025, with all three supervisors present, confirming compliance with relevant laws and regulations [1] - The supervisory board unanimously approved the proposal regarding the use of self-owned funds for investment projects, indicating no adverse impact on the normal conduct of these projects [1][2] Group 2 - The voting result for the proposal was 3 votes in favor, with no votes against or abstentions [2] - The detailed content of the proposal will be published on the Shanghai Stock Exchange website [2]