Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].

Investment Rating - The report suggests a focus on leading domestic generative large model companies such as iFLYTEK, and highlights potential in AI hardware applications with recommendations for companies like Yingshi Network, Hongsoft Technology, and Hesai [2] Core Insights - The report emphasizes that the AI industry is currently in a relatively chaotic fundamental period, with some high-frequency data showing resilience, while investor expectations remain low. The willingness to use AI products is increasing, but payment capabilities are still limited, necessitating further breakthroughs in large models [11][12] - It identifies high-growth sectors for 2025, including AI computing power and lidar, while noting that AI applications are accelerating upward. Stable growth is expected in software outsourcing, financial IT, quantum computing, data elements, EDA, and overseas expansion [11][12] Summary by Sections Industry Perspective - The report discusses the launch of Tencent's 3D generative model Hunyuan3D-PolyGen, which can generate complex geometric models with thousands of faces, and highlights the advancements of Musk's Grok 4 model, which has shown significant improvements in training efficiency [11] - It notes that the computer industry is expected to perform better in the second half of the year due to base effects, new technology/product launches, and policy implementations [11] Subsector Insights - The report categorizes the computer industry into various subsectors with their respective growth outlooks: - High growth maintained: AI computing power, lidar - Accelerating growth: AI applications - Stable growth: Software outsourcing, financial IT, quantum computing, data elements, EDA, overseas expansion, and domestic innovation [10][12] - Turning points: Education IT, cybersecurity, enterprise services - Stabilizing: Smart transportation, government IT, security, construction real estate IT - Slightly pressured: Industrial software, medical IT [10][12] Market Performance Review - From July 7 to July 11, 2025, the computer industry index (Shenwan) rose by 3.22%, outperforming the CSI 300 index by 2.40 percentage points, ranking 6th among 31 Shenwan first-level industry indices [13] Upcoming Key Events - The report highlights upcoming events such as the second AI glasses industry innovation application summit and the 2025 World Artificial Intelligence Conference, suggesting that investors pay attention to related industry chain opportunities [25][26]

Group 1 - The major shareholder, Nanjing Ruilian New Industry Investment Fund Partnership (Limited Partnership), held 46,070,332 shares, accounting for 11.48% of the total share capital before the reduction plan [1][2] - The reduction plan was disclosed on March 17, 2025, allowing for a maximum reduction of 3% of the total shares within a specified period [1][2] - The actual reduction amounted to 12,035,112 shares, completed between April 9, 2025, and July 3, 2025, with a total amount of approximately 502.88 million yuan [2][3] Group 2 - The reduction was executed through both block trading and centralized bidding, with 4,011,704 shares sold via centralized bidding and 8,023,408 shares through block trading [2] - The share price during the reduction ranged from 40.00 to 48.12 yuan per share [2] - After the reduction, the current holding of the major shareholder is 34,035,220 shares, representing 8.48% of the total share capital [2][3]

Summary of Key Points Core Viewpoint - The announcement from Hongsoft Technology Co., Ltd. indicates a reduction in the shareholding percentage of a major shareholder, Nanjing Ruilian New Industry Investment Fund Partnership, from 10.00% to 8.98% through block trading, which does not trigger mandatory tender offer obligations [1][2]. Group 1: Shareholding Changes - The major shareholder, Nanjing Ruilian New Industry Investment Fund, reduced its shareholding by 4,100,000 shares, resulting in a decrease from 10.00% to 8.98% of the total share capital [1]. - The reduction in shareholding does not violate any prior commitments made by the shareholder [1]. Group 2: Compliance and Disclosure - The company assures that the information provided by the shareholder is true, accurate, and complete, with no misleading statements or significant omissions [1]. - The board of directors of Hongsoft Technology confirms that the announcement content is consistent with the information provided by the shareholder [1].

本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： 大股东持股的基本情况 证券代码：688088 证券简称：虹软科技 公告编号：临 2025-029 虹软科技股份有限公司 股东减持股份结果公告 第 1 页 / 共 3 页 一、减持主体减持前基本情况 本次股份减持计划实施前，南京瑞联新兴产业投资基金合伙企业（有限合伙） （以下简称瑞联新产业）持有虹软科技股份有限公司（以下简称公司）46,070,332 股，占公司总股本的 11.48%。上述股份来源均为公司 IPO 前取得的股份，且已 于 2020 年 7 月 22 日起解除限售并上市流通。 减持计划的实施结果情况 公司于 2025 年 3 月 17 日披露了《股东减持股份计划公告》（公告编号：临 2025-006），瑞联新产业因资金安排需要，拟自减持计划公告之日起十五个交易 日后的三个月内，通过大宗交易、集中竞价方式减持公司股份数量合计不超过 12,035,112 股，即合计不超过公司总股本的 3%。其中，采取集中竞价交易方式 减持的，在任意连续 9 ...

证券代码：688088 证券简称：虹软科技 公告编号：临 2025-028 虹软科技股份有限公司关于 持股 5%以上股东权益变动触及 1%刻度的提示性公告 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | √其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用于无控 | | | 股股东、实际控制人） | | | □其他 / | 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | | □ | 控股股东/实控人 | | | 南京瑞联新兴产业投资基 | | | √ 91110000MA006XHD4U | | 金合伙企业（有限合伙） | □ | 控股股东/实控人的一致行动人 | □ 不适用 | | | √ | 其他直接持股股东 | | 3.一致行动人信息 上述信息披露义务人无一致行动人。 二、权 ...

Core Viewpoint - The announcement details a change in shareholder equity for Hongsoft Technology Co., Ltd., specifically regarding the stake held by Nanjing Ruilian New Industry Investment Fund Partnership (Limited Partnership), which has reached a 10% ownership after a series of share reductions and a decrease in total share capital due to share buybacks [1][5]. Group 1: Shareholder Equity Change - The equity change is a result of Nanjing Ruilian fulfilling a previously disclosed share reduction plan and a passive increase in shareholding percentage due to the company's share buyback, which reduced the total share capital [1][6]. - After the equity change, Nanjing Ruilian holds 40,117,040 shares, representing 10.00% of the current total share capital of 401,170,400 shares [1][5]. - This change does not affect the company's controlling shareholder or actual controller, as it involves a reduction by a non-major shareholder and a passive increase [1][7]. Group 2: Shareholding Details - Prior to the equity change, Nanjing Ruilian held 65,331,250 shares, which accounted for 16.09% of the total share capital of 406,000,000 shares at that time [5][7]. - The total number of shares held by Nanjing Ruilian decreased by 25,214,210 shares, or 6.09%, through various trading activities, including competitive bidding and block trading [5][6]. - The passive increase in shareholding percentage occurred due to the company's buyback of 4,829,600 shares, which reduced the total share capital and consequently increased the percentage of shares held by Nanjing Ruilian [6][7].

Core Viewpoint - The report outlines the equity change of Nanjing Ruilian Emerging Industry Investment Fund Partnership (Limited Partnership) in Hongsoft Technology Co., Ltd., indicating a reduction in shareholding from 16.09% to 10% due to both voluntary share reduction and passive increase from share buybacks [1][5][9]. Group 1: Equity Change Details - The equity change was driven by the need for fund arrangement, leading to a reduction in shares held by the information disclosing party [5]. - The total number of shares held before the change was 65,331,250, which represented 16.09% of the total share capital of 406,000,000 shares [6]. - After the equity change, the number of shares held decreased to 40,117,040, accounting for 10% of the current total share capital of 401,170,400 shares [6][9]. Group 2: Future Shareholding Plans - The information disclosing party plans to reduce its holdings by up to 12,035,112 shares, which is no more than 3% of the total share capital, through block trades and centralized bidding within the next 12 months [5]. - As of the report date, there is uncertainty regarding any further increase or decrease in shareholding in the next 12 months [5][9]. Group 3: Compliance and Disclosure - The information disclosing party has confirmed that the report does not contain any false records, misleading statements, or significant omissions, and it assumes legal responsibility for the accuracy and completeness of the information [2][8]. - The report has been prepared in accordance with the relevant laws and regulations, ensuring full disclosure of the equity change situation [2][5].

Meeting Overview - The third meeting of the third Supervisory Board of the company was held with all three supervisors present, complying with relevant regulations and company rules [1]. Financial Management Proposals - The Supervisory Board approved the proposal to use part of the temporarily idle self-owned funds for entrusted financial management, with a limit of up to RMB 2,000 million, which is expected to enhance the efficiency of fund usage and generate investment returns [1][2]. - The proposal to use part of the temporarily idle over-raised funds for cash management was also approved, with a limit of up to RMB 94.2 million, ensuring compliance with regulatory requirements and not affecting the normal implementation of fundraising projects [2][3]. - The board approved the use of self-owned funds to pay for the required funds of fundraising projects, with an equivalent replacement of the raised funds, which is expected to improve the efficiency of fund usage without altering the intended use of the raised funds [3][4].

信息披露义务人：南京瑞联新兴产业投资基金合伙企业（有限合伙） 住所：南京市建邺区白龙江东街 9 号 B2 幢北楼 401-114 室 通讯地址：北京市朝阳区新源路 3 号北京平安国际金融中心 A1906 单元 邮政编码：100020 虹软科技股份有限公司 简式权益变动报告书 上市公司名称：虹软科技股份有限公司 股票上市地点：上海证券交易所 股票简称：虹软科技 股票代码：688088 联系电话：010-57610700 股份变动性质：股份减少 签署日期：2025 年 6 月 25 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称《证券法》）、 《上市公司收购管理办法》（以下简称《收购办法》）、《公开发行证券的公司 信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称准则 15 号） 及相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人合伙协议或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》《收购办法》、准则 15 号的规定，本报告书已全面披 露了信息披露义务人在虹软科技股份有限公司中拥有权益的 ...