Core Insights - Global technology investment enthusiasm remains high in 2025, but there is a structural differentiation characterized by "strong computing power, weak applications" [3] - Major global tech giants are significantly increasing capital expenditures, benefiting upstream computing chips and supporting hardware, while the computer/software sector faces three pressures: 1) Software companies' performance growth is overall lower than that of the computing chain; 2) Software company valuations are not cheap compared to hardware; 3) Concerns about "large models consuming software" continue to grow [3] - By Q3 2025, domestic public funds are underweight in the computer sector by 1.7 percentage points [10] Market Review: AI Applications' Concerns and Breakthroughs - The performance of the computer/software sector in both China and the US has been weak, with software and service-focused indices significantly underperforming hardware and semiconductor indices [5] - As of December 12, 2025, the A-share computer index has risen by 15.15%, lagging behind the 49.16% increase in the ChiNext index and the 45.90% increase in the electronic index [5] - In the US market, the IGV software index has only increased by 7.84%, underperforming the 22.52% rise in the Nasdaq Composite and the 39.75% increase in the SOXX semiconductor index [5] Opportunities in Chinese AI Applications 1. Deepening Industrial Applications - China possesses the world's only complete industrial system, providing high-value real-world data, application scenarios, and energy supply, which will foster diverse agent forms [27] - The construction of a modern industrial system is prioritized in the "14th Five-Year Plan," with expectations for intensive policy support for "Artificial Intelligence+" during this period [39] 2. Expanding Overseas - AI application teams in China can leverage "extreme efficiency + global pricing" arbitrage, with the engineer dividend in China continuing to expand [3] - Many computer companies prioritize overseas strategies, with overseas revenue growth generally outpacing domestic growth [64] 3. Reconstructing Edge AI - Internet giants and AI startups are actively exploring edge forms in the AI era, integrating deeply with existing consumer electronics and developing new AI-native hardware [3] - The shipment volume of related products is expected to have high growth potential as hardware and algorithms mature [3] Investment Recommendations - Focus on companies with industry know-how and data for industrial empowerment, such as Hikvision, Dahua Technology, and Han's Laser [3] - Prioritize AI application companies with high overseas revenue proportions, including Foxit Software and Kingsoft Office [3] - Pay attention to AI hardware brands and algorithm vendors benefiting from the emergence of blockbuster products, such as Rainbow Soft and iFlytek [3]

Core Viewpoint - Foxit Software's stock price has declined by 5.11% to 85.12 yuan, indicating a state of underperformance since its IPO [1] Group 1: IPO and Financial Performance - Foxit Software was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 8, 2020, with an issuance of 12.04 million shares at a price of 238.53 yuan per share [1] - The company raised a total of 2.872 billion yuan from its initial public offering, with a net amount of 2.586 billion yuan after deducting issuance costs [1] - The final net fundraising amount exceeded the original plan by 2.179 billion yuan, with initial plans set at 407 million yuan for various projects [1] Group 2: Stock Performance and Dividends - The stock reached its highest price of 373.00 yuan within nine trading days post-IPO but is currently in a state of decline [1] - The company announced a cash dividend of 0.8 yuan per share (including tax) and a stock bonus of 0.4 shares for the 2021 fiscal year, with the record date on June 27, 2022 [3] - For the 2022 fiscal year, a cash dividend of 0.5 yuan per share (including tax) and a stock bonus of 0.4 shares were proposed, with the record date on June 20, 2023 [3] Group 3: Underwriting and Strategic Investment - The issuance costs for the IPO amounted to 285 million yuan, with underwriting fees accounting for 267 million yuan [2] - Strategic placement involved 361,200 shares, with a total investment of 86.157 million yuan, representing 3% of the total issuance [2]

Group 1 - The core point of the news is that Fujian Foxit Software Co., Ltd. experienced a stock decline of 5.02%, with the current share price at 85.20 yuan, a trading volume of 225 million yuan, a turnover rate of 2.84%, and a total market capitalization of 7.784 billion yuan [1] - The company, established on September 29, 2001, and listed on September 8, 2020, specializes in the development, application, sales, and services of core PDF electronic document technologies [1] - The revenue composition of the company includes 88.17% from general document products and services, 10.63% from intelligent document processing platforms and applications, 1.08% from smart government products and services, and 0.11% from other supplementary services [1] Group 2 - From the perspective of fund holdings, one fund under Nuoan Fund has a significant position in Foxit Software, with the Nuoan Theme Selected Mixed Fund (320012) holding 100,100 shares, accounting for 4.54% of the fund's net value, ranking as the ninth largest holding [2] - The estimated floating loss for the fund today is approximately 450,300 yuan [2] - The Nuoan Theme Selected Mixed Fund (320012) was established on September 15, 2010, with a current size of 173 million yuan, and has achieved a year-to-date return of 19.26%, ranking 4,132 out of 8,098 in its category [2]

（编辑 王雪儿） 证券日报网讯 12月17日晚间，福昕软件发布公告称，公司2025年第二次临时股东会审议通过《关于调 整董事会人数、修订〈公司章程〉及〈董事会议事规则〉并办理工商变更登记的议案》等多项议案。 ...

证券日报网讯12月17日晚间，福昕软件发布公告称，同意选举邱添英女士为公司第五届董事会职工董 事。 ...

（文章来源：证券日报） 证券日报网讯 12月17日晚间，福昕软件发布公告称，公司第五届董事会第一次会议审议通过《关于选 举公司第五届董事会董事长的议案》《关于选举公司第五届董事会各专门委员会委员及主任委员的议 案》《关于聘任公司总裁的议案》等多项议案。 ...

证券日报网讯 12月17日晚间，福昕软件发布公告称，2025年12月17日，公司召开2025年第二次临时股 东会，采用累积投票制选举熊雨前先生、翟浦江先生、杨青先生担任公司第五届董事会非独立董事，选 举张国清先生、林涵先生、牛玉贞女士为公司第五届董事会独立董事；同日，公司召开职工代表大会， 选举邱添英女士为公司第五届董事会职工董事。2025年12月17日，公司召开第五届董事会第一次会议， 全体董事一致同意选举熊雨前先生担任公司第五届董事会董事长，并选举产生了第五届董事会专门委员 会委员及主任委员，任期三年。 （文章来源：证券日报） ...

根据《合伙协议》的相关约定，该情形触发基金解散条件。经基金管理人江右私募与其他合伙人友好协 商，一致同意终止设立数科基金。2025年12月16日，公司收到基金管理人江右私募发出的《终止通知 书》，《合伙协议》自通知送达之日起自动解除，《合伙协议》项下各方的权利和义务随之终止。 格隆汇12月17日丨福昕软件(688095.SH)公布，就认购数科基金事项，公司与合作方积极开展了前期准 备工作。由于市场环境发生变化，且合作方中部分主体尚未完成合伙企业成立的前期准备工作，数科基 金未完成工商设立登记手续，亦未能在《合伙协议》约定期限内于中国证券投资基金业协会完成基金备 案手续。 ...

Core Viewpoint - Foxit Software (688095.SH) announced the termination of the establishment of the Digital Science Fund due to changes in the market environment and incomplete preparatory work by some partners [1] Group 1: Fund Establishment and Termination - The company and its partners actively conducted preliminary preparations for the subscription of the Digital Science Fund [1] - The fund failed to complete the business registration procedures and the filing with the Asset Management Association of China within the agreed timeframe due to changes in the market environment [1] - The situation triggered the conditions for fund dissolution as per the partnership agreement, leading to a mutual agreement among the fund manager and partners to terminate the establishment of the fund [1] Group 2: Notification and Agreement - On December 16, 2025, the company received a termination notice from the fund manager, Jiangyou Private Equity [1] - The partnership agreement will automatically terminate upon the delivery of the notice, and the rights and obligations of all parties under the agreement will cease [1]

截至发稿，福昕软件市值为82亿元。 每经头条（nbdtoutiao）——海南封关政策红利全解析：零关税、低个税、投资准入放宽、跨境资金自 由、创业扶持…… （记者 曾健辉） 每经AI快讯，福昕软件（SH 688095，收盘价：90元）12月17日晚间发布公告称，公司第五届第一次董 事会会议于2025年12月17日在福州市鼓楼区软件大道89号福州软件园G区5号楼公司会议室以现场结合 通讯的方式召开。会议审议了《关于聘任公司董事会秘书的议案》等文件。 2025年1至6月份，福昕软件的营业收入构成为：软件和信息服务业占比99.89%，其他业务占比0.11%。 ...