格隆汇2月13日丨新点软件(688232.SH)公布，截至本公告披露日，公司已完成本次回购。公司通过上海 证券交易所交易系统以集中竞价交易方式累计回购股份182.72万股，占公司总股本的比例为0.57%，回 购成交的最高价为31.15元/股，最低价为24.21元/股，回购均价为27.01元/股，支付的资金总额为人民币 4935.67万元（不含印花税、交易佣金等交易费用）。公司回购股票金额已超过回购方案中回购资金总 额下限且未超过回购资金总额上限，本次回购方案实施完毕。 ...

Core Viewpoint - The company, New Point Software (688232.SH), announced a total surplus amount of 151.87 million yuan, which includes cash management income and interest revenue, and plans to allocate part of this surplus for new project investments [1] Group 1: Investment Allocation - The company intends to use 90.81 million yuan of the surplus funds for new project investments [1] - The "AI-driven three-code integration software development new paradigm key technology research project" is planned with an investment of 50.81 million yuan [1] - The "AI large model empowering the new generation of cost calculation key technology research and productization project" is planned with an investment of 40 million yuan [1] Group 2: Other Fund Utilization - An additional 20 million yuan of the surplus funds will be allocated for other fundraising project constructions [1] - The remaining surplus of 41.06 million yuan will be used to permanently supplement working capital [1]

南财智讯2月13日电，新点软件公告，公司于2026年2月13日召开第三届董事会第三次会议，审议通过 《关于部分募投项目结项并将节余募集资金投资建设新项目、其他募投项目及永久补充流动资金的议 案》，同意将募投项目"新点软件区域运营中心建设项目"予以结项，该项目已于2025年12月31日达到预 定可使用状态；节余募集资金金额为15186.54万元（包括现金管理收益和利息收入，实际金额以资金转 出当日专户余额为准）；公司拟使用节余募集资金9081.00万元用于投资建设新项目，其中"AI驱动的三 码融合软件开发新范式关键技术研究项目"5081.00万元、"AI大模型赋能新一代造价算量关键技术研究 及产品化落地项目"4000.00万元；拟使用节余募集资金2000.00万元用于其他募投项目"行业大模型及数 据要素运营平台技术与应用研发项目"；剩余4105.54万元用于永久补充流动资金；待预留支付的工程款 项完成支付、节余募集资金全部转出后，公司将注销相应募集资金专户。 ...

王屿熙 天风证券计算机分析师: 各位领导，大家上午好，我是天风计算机的分析师王雨曦。那今天也是非常荣幸邀请到咱 们新点软件的两位领导。何总和杨总专门开一个这个相关的这个电话会，给大家解读在昨 天发布的关于这个招投标领域人工智能推广应用的这个相关的政策。那我们其实从产业调 研和过去的研究来看，这个政策其实相对于之前的这个相关的通知，其实有非常大的这个 进步和和推进。那同时对于这个招投标领域，不管是这个招标端，还是投标端，相关的这 个 AI 呀、AI 工具、A 型的工具，其实都有非常大的这个进步和变化。 那同时这个也是在快速的这个推进落地的。那所以其实因此，我们是很看好在招投标领域 这个 AI 的这个推广和快速落地的。那今天也是先有请咱们这个新点软件的两位领导，首 先对于这个政政策，做一个这个相关的这个解读。那后续，再进一步地对咱们相公司的这 个相关的这个业务进展，来给大家做一个分享。那在之后，再开启这个相关的这个问答的 环节。那首先有请这个何总和杨总。 新点软件何总: 好的，各位投资人，大家上午好，很荣幸那个有机会在这里跟大家共同解读一下这个文， 那个国家发改委 20195 号文。实际上这个文件前一段时间，实际 ...

分析师：吕伟 分析师：郭新宇 执业证书：S0590525110033 执业证书：S0590525110034 计算机行业事件点评 AI+招采迎来政策红利 glmszqdatemark 2026 年 02 月 11 日 [Table_Author] 邮箱：lvwei_yj@glms.com.cn 邮箱：guoxinyu@glms.com.cn 推荐 维持评级 相对走势 -20% 0% 20% 40% 2025/2 2025/8 2026/2 计算机 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 事件：2026 年 2 月 10 日，国家发展改革委联合工业和信息化部、住房城乡建设 部等 8 部门正式印发《国家发展改革委等部门关于加快招标投标领域人工智能推 广应用的实施意见》（发改法规〔2026〕195 号）。 发展目标明确，在 20 个重点场景提出发展规划。1）规定总体目标：按 2026 年 底和 2027 年底两个节点提出工作目标。2026 年底，招标文件检测、智能辅助评 标、围串标识别等重点场景；2027 年底，更多重点场景在全国范围内推广应用， 形成一批 ...

Core Viewpoint - The company is forecasting a significant decline in revenue and a potential first-time loss in net profit since its listing, alongside ongoing share buyback efforts and executive changes [1][2]. Group 1: Performance and Financial Situation - The company expects its 2025 annual revenue to be 1.82 billion yuan, a year-on-year decrease of 15.20% [2]. - The net profit attributable to shareholders is projected to be between 26.4 million yuan and 39.6 million yuan, representing a decline of 80.61% to 87.08% year-on-year [2]. - The company anticipates a loss in net profit excluding non-recurring items, estimated between 24.98 million yuan and 38.18 million yuan, marking the first time it will report a loss in this category since its listing [2]. Group 2: Capital Movements - As of January 31, 2026, the company has repurchased a total of 1,478,127 shares, accounting for 0.46% of its total share capital, with a total expenditure of 39.357 million yuan [3]. - The share buyback plan, initiated in September 2025, aims to stabilize the stock price [3]. Group 3: Executive Changes - Vice President Zhu Bin resigned on January 23, 2026, for personal reasons but will continue to hold shares in the company [4]. - The company has undergone a change in its continuous supervision sponsor representative, with Tian Xin replacing Xia Jingbo [5]. - The board of directors was re-elected on December 8, 2025, with Cao Libin continuing as chairman and new executives appointed [5].

Core Viewpoint - The focus is on the growth of the domestic computing power and AI application sectors, particularly through the performance of the Huabao Big Data ETF (516700), which has shown significant gains in the market [1][8]. Market Performance - The Huabao Big Data ETF (516700) saw an intraday increase of 1.35%, currently up by 0.90%, recovering above the 20-day moving average and aiming for a fifth consecutive daily gain [1][8]. - Notable stocks include Wangsu Science & Technology, which surged by 11.30%, and Dongfang Guoxin, which rose by 8.57% [2][10]. Industry Insights - According to Omdia, the Chinese cloud infrastructure service market is projected to reach $13.4 billion by Q3 2025, reflecting a year-on-year growth of 24% and maintaining over 20% growth for two consecutive quarters [2][12]. - The demand for AI is accelerating the deployment of cloud services and significantly impacting core cloud infrastructure, leading to a shift in cloud resource consumption towards production-level workloads [12]. Policy Developments - The National Development and Reform Commission has issued guidelines to promote the application of AI in the bidding and tendering process, identifying 20 key scenarios for implementation [12]. - The rise in demand for tokens is leading to price increases that are being passed from upstream to CPUs and cloud services, with AWS initiating price hikes, indicating a potential revaluation for cloud computing and related service providers [12]. Sector Focus - The Huabao Big Data ETF (516700) passively tracks the CSI Big Data Industry Index, heavily investing in sectors such as data centers, cloud computing, and big data processing, with significant holdings in leading companies like Inspur, iFlytek, and China Software [4][12]. - By the end of 2025, the index's composition will see computing power concepts accounting for 40.91% and AI application concepts for 37.43% [12]. Future Outlook - The government is emphasizing "technology as a priority," which is expected to drive new productive forces [6]. - The top-level design for a digital China aims to activate digital productivity and accelerate the process of domestic substitution [6]. - The "Xinchuang 2.0" wave is anticipated to accelerate, presenting a broad outlook for technology self-reliance [6].

Group 1 - The company, Guotai Xindian Software Co., Ltd., won a procurement project from the Hengqin Guangdong-Macao Deep Cooperation Zone Urban Planning and Construction Bureau with a bid amount of 4.5868 million yuan [1] - The company reported a revenue of 2.146 billion yuan for 2024, with a revenue growth rate of -12.08% [2][3] - The net profit attributable to the parent company for 2024 was 204 million yuan, showing a net profit growth rate of 4.88% [2][3] Group 2 - In the first half of 2025, the company's revenue was 670 million yuan, reflecting a revenue growth rate of -14.57% [2][3] - The net profit attributable to the parent company for the first half of 2025 was -62 million yuan, indicating a net profit growth rate of -162.73% [2][3] - The company operates in the information technology industry, with main product types including monitoring equipment and systems, system integration services, and industry-specific software [2][3] Group 3 - The main business composition for 2024 includes smart procurement (44.19%), smart government (40.1%), digital construction (15.26%), and rental income (0.45%) [2][3]

一、回购股份的基本情况 2025 年 9 月 24 日，公司召开第二届董事会第二十次会议，审议通过了《关于 以集中竞价交易方式回购股份方案的议案》，同意公司使用自有资金以集中竞价交 易方式回购公司已发行的部分人民币普通股（A 股）股票，回购的股份将在未来适 宜时机全部用于股权激励及/或员工持股计划，回购价格不超过 42 元/股（含）， 回购资金总额不低于人民币 3,000 万元（含），不超过人民币 5,000 万元（含）， 回购期限自公司董事会审议通过回购方案之日起 12 个月内。 具体内容详见公司于 2025 年 9 月 25 日、2025 年 9 月 27 日披露在上海证券交 易所网站（www.sse.com.cn）的《新点软件关于以集中竞价交易方式回购股份的 预案》（公告编号：2025-039）、《新点软件关于以集中竞价交易方式回购股份的回 购报告书》（公告编号：2025-045）。 证券代码：688232 证券简称：新点软件 公告编号：2026-006 国泰新点软件股份有限公司 关于股份回购进展公告 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、 ...

Investment Rating - The report assigns an "Overweight" rating for the computer industry [1] Core Insights - The establishment of a closed-loop system for data elements, combined with the catalysis of AI, is expected to accelerate the release of data value and the blossoming of the industry in 2026 [2][32] - The demand for AI applications is creating a significant supply gap in the data market, with daily token consumption for AI applications in China skyrocketing from 100 billion at the beginning of 2024 to over 30 trillion by mid-2025, reflecting a growth of over 300 times in just a year and a half [37] Summary by Sections Investment Recommendations - The report emphasizes the importance of focusing on various segments of the data supply chain, including data supply, data trading, data application development, data services, data security, computing power, and network infrastructure [7][8] The Fifth Production Element - Data has been officially recognized as the "fifth production element" by the Chinese government, alongside labor, capital, land, and technology, highlighting its critical role in modern production activities [11] - The top-level design and policy framework for data elements have become increasingly refined, with a focus on activating the potential of data elements and establishing a sound market environment [13][14] Recent Policy Developments - Since 2024, the pace of policy implementation regarding data elements has accelerated, transitioning from top-level design to actionable policies, thereby establishing a solid institutional foundation for the industrialization of data elements [18] - Key policies include the promotion of public and enterprise data resource development, the establishment of a high-efficiency data circulation market, and the enhancement of data infrastructure [19][20][24] AI and Data Market - The report highlights the emergence of a trillion-dollar blue ocean market in the data industry, with the industry value surpassing 2 trillion yuan in 2023 and expected to maintain a growth rate of over 20% annually in the coming years [43][44] - The integration of AI applications is expected to further stimulate the demand for high-quality data, creating a reciprocal relationship that enhances both AI performance and data value [39] Future Policy Outlook - The year 2026 is designated as the "Year of Data Element Value Release," with a focus on improving data flow and resource allocation channels, thereby enhancing the overall market ecosystem [32][33]