Core Viewpoint - The software development sector experienced a 1.4% increase on December 12, with Hehe Information leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3889.35, up 0.41% [1] - The Shenzhen Component Index closed at 13258.33, up 0.84% [1] Group 2: Individual Stock Performance - Hehe Information (688615) closed at 222.00, up 13.80% with a trading volume of 85,800 shares and a transaction value of 1.802 billion [1] - Shengbang Security (688651) closed at 44.55, up 6.58% with a trading volume of 54,800 shares [1] - Xinghuan Technology (688031) closed at 75.05, up 5.70% with a trading volume of 73,900 shares and a transaction value of 541 million [1] - Yingshisheng (300377) closed at 21.82, up 5.16% with a trading volume of 1,358,600 shares and a transaction value of 2.946 billion [1] - Dameng Data (688692) closed at 270.00, up 4.92% with a trading volume of 33,400 shares and a transaction value of 880 million [1] - Desay SV (002920) closed at 113.51, up 4.80% with a trading volume of 126,000 shares and a transaction value of 1.412 billion [1] - Foxit Software (688095) closed at 91.34, up 4.59% with a trading volume of 33,200 shares [1] - Kingsoft Office (688111) closed at 307.90, up 4.02% with a trading volume of 77,100 shares and a transaction value of 2.333 billion [1] - Gallen Electronics (688206) closed at 35.58, up 3.85% with a trading volume of 58,000 shares [1] - Jingwei Hengrun (688326) closed at 93.66, up 3.77% with a trading volume of 12,600 shares [1] Group 3: Capital Flow - The software development sector saw a net inflow of 320 million from main funds, while retail funds experienced a net outflow of 119 million [1] - Speculative funds had a net outflow of 201 million [1]

Core Viewpoint - The 2025 Wide Temperature Range Fuel Cell and Hydrogen Energy Drone Forum will be held on December 18-19 in Suzhou, focusing on advancements in fuel cell technology and hydrogen energy applications in drones [2]. Registration and Attendance - Participants are required to register and sign in at the designated area to receive conference materials, including badges and meal vouchers [3][2]. - The forum will feature a closed-door high-level discussion on the fuel cell industry on the afternoon of December 18, limited to 30 invitees [16]. Venue and Accommodation - The forum will take place at the Suzhou Shangri-La Hotel, located at 168 Ta Yuan Road, Suzhou, Jiangsu Province [5][6]. - Special accommodation rates are available for attendees, with rooms priced at 400 RMB per night [6]. Transportation - The hotel is approximately 11 km from Suzhou Station (25 minutes by car), 23 km from Suzhou North Station (35 minutes), 20 km from Suzhou Industrial Park Station (30 minutes), and 40 km from Wuxi Sunan Shuofang International Airport (55 minutes) [7]. Agenda Overview - The forum will include various presentations on topics such as wide temperature range proton exchange membrane fuel cells, hydrogen energy drone development, and key technological advancements in fuel cells [16][17]. - Notable speakers include experts from Wuhan University of Technology, Guohong Hydrogen Energy Technology, and Zhejiang Industrial University [16][17]. Additional Events - The 2025 (Third) Hydrogen Storage and Transportation Key Technology Development Forum will also take place from December 16-18, offering a special package price for participants attending both forums [14].

Investment Rating - The industry investment rating is "Outperform the Market" [1][29] Core Viewpoints - The establishment of the Commercial Space Administration by the National Space Administration marks a new phase of high-quality development in China's commercial space industry, with a focus on space computing as a core area where AI and commercial space intersect [2][8] - The rapid evolution of artificial intelligence has significantly increased global demand for computing power, while traditional ground data centers face limitations such as energy consumption and land use, making space-based data centers a viable solution [15][16] - The successful launch of the first space computing satellite constellation by Guoxing Aerospace represents a significant milestone in the development of space computing capabilities [18][19] Summary by Sections Industry Investment Rating - The report rates the industry as "Outperform the Market," indicating expectations for the industry index to perform better than the benchmark index over the next 6-12 months [1][29] Key Developments - The National Space Administration has initiated the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)," aiming for significant advancements in the commercial space sector by 2027 [8][9] - Major tech companies like Google and OpenAI are entering the space computing arena, with projects aimed at enhancing satellite communication and processing capabilities [12][13] Demand Side - The demand for computing power is driven by the rapid advancement of AI, with space offering advantages such as abundant solar energy and superior cooling conditions compared to ground data centers [15][16] Technology Side - The successful launch of the Zhuque-3 rocket signifies the beginning of China's reusable rocket era, which is expected to lower launch costs and increase the frequency of satellite deployments [16][17] Industry Progress - The first space computing satellite constellation has been successfully launched, marking a significant step in establishing a space-based computing network capable of real-time data processing and analysis [18][19] - The construction of space data centers is anticipated to accelerate, creating new application scenarios and business models [22]

Core Insights - The company, Shengbang Security (688651.SH), has announced its "integrated air-space-ground" security strategy, establishing partnerships with key enterprises across the industry chain, including satellite manufacturing, communication operations, and terminal applications [2] Strategic Developments - The company has made strategic investments in satellite manufacturing unicorn, Weina Starry Sky, and satellite communication equipment provider, Xingzhan Measurement and Control, to deepen cooperation in satellite internet security, low-altitude economy scenarios, and emergency rescue [2] - These collaborations lay a solid foundation for future participation in satellite constellation construction and the expansion of satellite application scenarios [2] Future Focus - The company will continue to focus on core aspects of satellite internet and deepen investment cooperation within the industry chain, exploring new directions such as 6G and cloud computing [2] - Recent years have seen increased R&D investment aimed at consolidating technological barriers and broadening the product matrix to meet the demands of integrated air-space-ground development [2] R&D Priorities - R&D efforts are concentrated in three core areas: 1. Deepening the core technology system, focusing on the iteration of advantageous technologies such as vulnerability and weakness detection, and application security defense [2] 2. Layout in emerging sectors, with R&D resources prioritized for satellite internet security, including the recent launch of a 200G high-speed link encryption gateway product [2] 3. Enhancing the integration of AI and cybersecurity in research and development [2]

Group 1 - The company, Yuanjiang Shengbang Security Technology Group Co., Ltd., received a government subsidy of 1.5 million yuan, which accounts for 35.92% of the company's audited net profit for the most recent fiscal year [2] - The subsidy is related to the company's daily operations and is expected to have a positive impact on the company's operating performance [2] - The financial data regarding the subsidy is unaudited, and the specific accounting treatment and its impact on the company's profit and loss will be confirmed after the annual audit by the auditing agency [2]

Group 1 - The core point of the article is that Shengbang Security announced a government subsidy of 1.5 million yuan, which represents 35.92% of the company's audited net profit for the most recent fiscal year [2] Group 2 - The government subsidy is received by Beijing Tianyu Cloud Security Technology Co., Ltd., a subsidiary of Shengbang Security [2] - The announcement was made on the evening of December 2 [2]

Core Points - The stock of Shengbang Security (688651) closed at 39.25 yuan on December 2, 2025, down 0.86% from the previous trading day, with a total market capitalization of 2.959 billion yuan [1] - The stock opened at 39.59 yuan, reached a high of 39.68 yuan, and a low of 38.87 yuan, with a trading volume of 51.0825 million yuan and a turnover rate of 4.02% [1] - The company announced that its subsidiary, Beijing Tianyu Cloud Security Technology Co., Ltd., received a government subsidy of 1.5 million yuan, which accounts for 35.92% of the company's audited net profit for the most recent fiscal year [1] - This subsidy is related to the company's regular business activities and is expected to have a positive impact on the company's operating performance [1] Financial Summary - The total market capitalization of Shengbang Security is 2.959 billion yuan [1] - The government subsidy of 1.5 million yuan is significant, representing 35.92% of the company's latest audited net profit [1] - The trading volume on the day was 51.0825 million yuan, indicating active trading [1]

Group 1 - The core point of the article is that Shengbang Security (688651) announced a government subsidy of 1.5 million yuan, which is 35.92% of the company's audited net profit for the most recent fiscal year, and this is expected to have a positive impact on the company's operating performance [1] Group 2 - The government subsidy received by the subsidiary Beijing Tianyu Cloud Security Technology Co., Ltd. is related to revenue [1] - The amount of the subsidy is significant in relation to the company's recent financial performance, indicating potential for improved profitability [1] - The announcement highlights the importance of government support in enhancing the financial health of companies in the industry [1]

二、补助的类型及其对上市公司的影响 根据《企业会计准则第 16 号——政府补助》的相关规定，上述补助确认为与收 益相关的政府补助，预计对公司经营业绩产生一定积极影响。上述政府补助数据未 经审计，具体的会计处理以及对公司损益的影响须以审计机构年度审计确认后的结 果为准。敬请广大投资者注意投资风险。 远江盛邦安全科技集团股份有限公司 获得政府补助的公告 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、准确性和完整性依法承担法律责任。 一、获得补助的基本情况 远江盛邦安全科技集团股份有限公司（以下简称"公司"）控股子公司北京天 御云安科技有限公司（以下简称"天御云安"）近日收到与收益相关的政府补助款 150万元，占公司最近一个会计年度经审计净利润的比例为35.92%。上述政府补助与 公司日常经营活动有关。 证券代码：688651 证券简称：盛邦安全 公告编号：2025-036 特此公告。 远江盛邦安全科技集团股份有限公司董事会 2025 年 12 月 3 日 ...

Core Viewpoint - The company Shengbang Security (688651.SH) announced that its subsidiary, Beijing Tianyu Cloud Security Technology Co., Ltd. (referred to as "Tianyu Cloud Security"), received a government subsidy of 1.5 million yuan, which accounts for 35.92% of the company's audited net profit for the most recent fiscal year [1] Group 1 - The government subsidy is related to the company's daily operational activities [1]