证券代码：000034 证券简称：神州数码 公告编号：2025-126 神州数码集团股份有限公司 关于为子公司担保的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 神州数码集团股份有限公司（以下简称"公司"）2025 年 3 月 27 日召开的 第十一届董事会第十三次会议、2025 年 4 月 22 日召开的 2024 年年度股东大会 审议通过了《关于预计担保额度的议案》，同意公司和控股子公司向业务相关方 （包括但不限于银行、金融机构及供应商等）申请授信或其他履约义务，同意为 下属控股子公司提供担保或控股子公司之间提供担保。其中，为资产负债率低于 70%的控股子公司提供担保的额度不超过人民币 20 亿元，为资产负债率 70%以上 的控股子公司提供担保的额度不超过人民币 630 亿元，预计提供担保总额不超过 等额 650 亿元人民币，担保方式为保证担保、抵押担保、质押担保等，且任一时 点的担保余额不超过股东大会审议通过的额度。同时，在此担保额度范围内，公 司合并报表范围内控股子公司之间提供的担保，按照控股子公司的审议程序决定， 控股子公司在其履行审议程序 ...

Group 1 - Investment Rating: Maintain 'Outperform' rating with a target price of RMB 42.15 [1][43] - Core Viewpoint: The company's data-cloud integration strategy is effective, with high growth expected in proprietary brand and export businesses [1][44] - Revenue and Profit Forecast: For 2024, revenue is projected at RMB 128.17 billion, up 7.14% YoY, with net profit attributable to shareholders at RMB 753 million, down 35.77% YoY [3][44] Group 2 - Financial Summary: Revenue is expected to grow from RMB 136.36 billion in 2025 to RMB 147.25 billion in 2027, with net profit increasing from RMB 1.20 billion to RMB 1.62 billion during the same period [3][5] - Business Segmentation: IT distribution and value-added services dominate, with revenue from IT distribution expected to reach RMB 130.67 billion in 2025, while proprietary brand revenue is forecasted at RMB 5.96 billion [17][19] - Cloud Services Growth: Revenue from cloud services is expected to grow significantly, with a projected increase of 20% in 2025 [19][20] Group 3 - Core Business Strategy: The company focuses on a "data-cloud integration" strategy, enhancing digital capabilities across various industries [23][30] - Competitive Advantage: The company has a comprehensive cloud and digital technology capability, providing a full range of AI services and cloud professional services [26][29] - International Expansion: The company is pursuing an overseas strategy, leveraging its proprietary products and services to enhance its global presence [30][39]

Core Viewpoint - The demand for AI integrated machines is rapidly increasing as AI large model applications accelerate, with several leading companies launching new products in this space [1][2]. Group 1: Market Demand and Product Launches - The AI integrated machine market is experiencing explosive growth due to the application of AI technology across various industries [2]. - Companies like Pingao Software, Zhongke Shuguang, and Digital China have recently introduced new AI integrated machines tailored for specific needs [1][3]. - The Pingyuan AI integrated machine is the first in China to feature 16 Jiangyuan D10 AI inference cards, supporting private deployment and offering a controllable core technology [2]. Group 2: Advantages of AI Integrated Machines - AI integrated machines provide high stability, simplified deployment, customizable models, lower costs, and enhanced data security compared to cloud computing [2]. - These machines are designed to improve performance and energy efficiency through deep hardware and software integration [2]. Group 3: Industry Applications - AI integrated machines are being utilized in various sectors, including government, education, research, healthcare, and finance, for applications such as disease diagnosis and risk assessment [2]. - The technology is expected to expand rapidly in the enterprise market as costs decrease and capabilities improve [2]. Group 4: Competitive Landscape - Several A-share listed companies, including Inspur, CloudWalk, Tianrongxin, and Deepin Technology, are actively entering the AI integrated machine market and achieving significant progress [3]. - CloudWalk has launched a training and inference integrated machine in collaboration with Huawei, achieving a 50% cost reduction for financial and government applications [3]. - Tianrongxin's intelligent computing integrated machine has passed industry capability verification, helping clients build AI application infrastructure [3][4]. Group 5: Sales Performance - Tianrongxin reported sales of over 2 million yuan for its intelligent computing integrated machine in the first quarter, with signed orders exceeding 20 million yuan, indicating rapid growth potential [4].

Group 1 - The People's Bank of China has increased its gold reserves for eight consecutive months, with the latest figures showing a rise of 70,000 ounces to a total of 73.9 million ounces as of the end of June [2] - By the end of 2027, China aims to have over 100,000 high-power charging facilities nationwide, focusing on local economic development and the promotion of new energy vehicles [2] - The Shanghai Stock Exchange and the China Securities Index Company will launch several specialized indices on July 21, including the Shanghai Stock Exchange Specialized New Index and the China Securities Specialized New 100 Index [3] Group 2 - A new mandatory national standard for passenger car braking systems will take effect on January 1, 2026, introducing requirements for electric transmission braking systems and emergency braking signals [3] - An international standard for testing scenarios of autonomous vehicle systems has been officially released, detailing evaluation processes and testing methods [4] - The U.S. President has signed an executive order extending the delay for "reciprocal tariffs" until August 1, affecting imports from 14 countries with varying tariff rates [8][5] Group 3 - The U.S. stock market saw declines across major indices, with the Dow Jones down 0.94%, the Nasdaq down 0.92%, and the S&P 500 down 0.79%, impacting stocks of Japanese and Korean companies listed in the U.S. [5] - Companies such as Nissan and Toyota experienced significant stock drops, with Nissan down over 7% and Toyota down nearly 4% [5] - The market sentiment is shifting towards a balanced approach, with a focus on large-cap stocks and potential inflows of incremental capital in July [8][9]

Group 1 - The stock price of Digital China (000034) closed at 36.5 yuan as of July 4, 2025, down 2.64% from the previous week [1] - The company's total market capitalization is 25.961 billion yuan, ranking 10th in the IT services sector and 594th among all A-shares [1] - The company announced a share buyback plan with a total fund of no less than 200 million yuan and no more than 400 million yuan, with a maximum buyback price of 43 yuan per share [1] Group 2 - As of June 30, 2025, Digital China has repurchased a total of 3,629,162 shares, accounting for 0.50% of the total share capital, with a total payment of 130,863,754.46 yuan [1][3] - Independent director Peng Long is under disciplinary review and investigation by the Central Commission for Discipline Inspection and the Shanxi Provincial Supervisory Commission, but this will not significantly impact the company's operations [2]

Group 1: Macro Trends and Innovations - The report discusses the potential transformation of the global monetary and financial systems due to the development of stablecoins and RWA (Real World Assets), suggesting that these innovations may create a parallel decentralized financial system alongside the existing centralized one [2][3] - It is anticipated that the changes brought by stablecoins and RWA could be as significant as the impact of AI on the global economy, indicating a major shift in how currencies and financial systems operate [2][3] Group 2: Steel Industry Insights - Recent data shows a slight decrease in steel demand, with total inventory shifting from a reduction to an increase, indicating a potential weakening in demand as the industry enters a traditional off-season [5][6] - The apparent consumption of five major steel products was 8.7985 million tons, down by 4.33 million tons week-on-week, while total inventory rose to 13.4003 million tons, marking a 1.14% increase [5][6] - The report forecasts that steel demand may stabilize gradually, with construction and manufacturing sectors expected to support demand, despite ongoing challenges in the real estate sector [6] Group 3: Cement and Building Materials - The cement industry is showing signs of stabilization after price adjustments, with competition and profitability continuing to improve [4] - The report notes that the national average cement price has seen a slight decline of 1.2%, with certain regions experiencing price increases due to demand fluctuations [8] - The building materials sector is expected to enter a low base period starting June 2024, which may improve demand metrics as previous high demand levels are compared against lower future figures [9] Group 4: Glass and Fiberglass Market - The domestic float glass market is experiencing a downturn, with average prices dropping to 1250.27 yuan per ton, reflecting a weak demand environment [8] - The fiberglass market is also facing challenges, with limited order growth and competitive pressures affecting pricing and profitability [8] Group 5: Investment Recommendations - The report recommends several steel companies that are expected to benefit from industry consolidation and high-quality development, including Baosteel and Hualing Steel [7] - In the cement sector, leading companies such as Anhui Conch Cement and Huaxin Cement are highlighted as strong investment opportunities due to their market positions [10] - For the glass industry, companies like Fuyao Glass and Xinyi Glass are recommended based on their competitive advantages and market resilience [10]

Group 1 - Independent director Peng Long of New Hope, Yuandong Bio, and Digital China is under investigation for serious violations of discipline and law [1][2] - Peng Long has held various academic and administrative positions, including professor and doctoral supervisor at Southwest University of Finance and Economics [1] - In 2024, Peng Long received pre-tax compensation of 100,000 yuan from New Hope, 240,000 yuan from Yuandong Bio, and 132,800 yuan from Digital China [2] Group 2 - All three companies confirmed that Peng Long only performed duties at the board level and did not participate in specific business operations [2] - New Hope stated that Peng Long "does not participate in the daily management of the company" [2] - Digital China and Yuandong Bio emphasized that his responsibilities "do not involve the daily operations of the company" [2]

Group 1 - The China Securities Regulatory Commission emphasizes maintaining market stability as a primary regulatory task and aims to create a favorable environment for high-quality capital market development [2] - The People's Bank of China issued a notice on anti-money laundering and anti-terrorist financing management for precious metals and gemstones, effective from August 1, 2025, requiring institutions to report large cash transactions [3] - The first batch of 10 science and technology innovation bond ETFs has been approved, enhancing the bond ETF market in China [3] Group 2 - The Longhua District of Shenzhen released a three-year action plan to promote the cultivation of listed companies, encouraging social participation and cooperation with financial research institutions [4] - The Guangzhou Housing Provident Fund Management Center announced a draft for public consultation regarding the implementation of commercial housing loans transitioning to provident fund loans, with specific thresholds for action based on loan rates [4] Group 3 - The Civil Aviation Administration and China Railway Group jointly issued a task list for promoting high-quality development of "air-rail intermodal transport" from 2025 to 2027, focusing on collaboration and integration [5] - Guizhou Moutai reported a total of 3.3821 million shares repurchased by the end of June 2025, with a total expenditure of 5.202 billion yuan [7] - Jiangnan Waterworks received a stake increase from Anren Life Insurance, raising its holding to 5.03% [9] - Hainan Highway is planning to acquire a 51% stake in Jiaokong Petrochemical, which is expected to constitute a major asset restructuring [17]

Core Viewpoint - The independent director Peng Long of New Hope, Yuandong Bio, and Digital China is under investigation for serious violations of discipline and law, but this situation is not expected to significantly impact the companies' operations [1][2]. Group 1: Company Announcements - New Hope announced that its independent director, Peng Long, is under investigation by the Central Commission for Discipline Inspection and the Shanxi Provincial Supervisory Commission, but his role does not involve daily management, thus not affecting the company's operations [1]. - Digital China also reported that Peng Long is under investigation, emphasizing that he does not participate in the company's daily operations, which will not have a significant impact on the company's business activities [1]. - Yuandong Bio confirmed that Peng Long is under investigation and reiterated that he does not engage in the company's daily management, ensuring that the investigation will not significantly affect the company's operations [2]. Group 2: Peng Long's Roles - Peng Long serves as an independent director and holds various committee positions in New Hope, including the Compensation and Assessment Committee, Risk Control Committee, and Nomination Committee [1][2]. - In Digital China, Peng Long is an independent director and a member of the Audit Committee and the Strategy and ESG Committee [1][2]. - At Yuandong Bio, he is the independent director, the chair of the Strategy Committee, and a member of the Nomination and Audit Committees [2].

Group 1 - The China Securities Regulatory Commission emphasizes maintaining market stability as a primary task and aims to create a favorable environment for high-quality capital market development [1] - The People's Bank of China issued a notice regarding anti-money laundering and anti-terrorist financing management for precious metals and gemstone institutions, effective from August 1, 2025 [2] - The first batch of 10 science and technology innovation bond ETFs has been approved, enhancing the bond ETF market in China [2] Group 2 - The Longhua District of Shenzhen released a three-year action plan to promote listing cultivation, encouraging social participation and cooperation with financial research institutions [3] - The Guangzhou Housing Provident Fund Management Center is seeking public opinion on a draft implementation plan for converting commercial housing loans to provident fund loans, with specific measures based on loan rate thresholds [3] Group 3 - The Civil Aviation Administration and China National Railway Group jointly issued a task list for promoting high-quality development of "air-rail intermodal transport" from 2025 to 2027, focusing on collaboration and integration [4] Group 4 - Kweichow Moutai has repurchased a total of 3.3821 million shares as of June 30, 2025, with a total expenditure of 5.202 billion yuan [6] - Jiangnan Water Services has been targeted by Life Insurance Company of China, increasing its shareholding to 5.03% [8] - Hainan Highway plans to acquire a 51% stake in Jiaokong Petrochemical, which is expected to constitute a major asset restructuring [8]