每经AI快讯，12月26日，神州数码（000034）在互动平台表示，公司是英伟达的代理商，在合规前提 下，可以开展包括H200在内的各种型号产品的经销。 ...

Core Viewpoint - The company, Digital China, confirmed that it is an authorized distributor of NVIDIA products, including the H200 model, under compliance regulations [1] Group 1 - Investors inquired about Digital China's status as an agent for NVIDIA's H200 [1] - Digital China responded affirmatively, stating it can distribute various models, including the H200, within compliance [1]

Group 1 - The company, Digital China, has stated on its interactive platform that it is an authorized distributor for NVIDIA and can engage in the distribution of various models, including the H200, under compliance conditions [1]

Group 1 - As of December 25, a total of 466 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - The stock with the longest continuous net outflow is YunSai ZhiLian, with 23 days of outflows, followed by ZhiFei Bio with 20 days [1] - The largest total net outflow amount is from HeErTai, with a cumulative outflow of 5.034 billion yuan over 15 days [1] Group 2 - MoEr XianCheng-U follows with a net outflow of 4.095 billion yuan over 10 days [1] - The stock with the highest proportion of net outflow relative to trading volume is *ST BaoYing, which has seen a 6.31% decline over the past five days [1] - The cumulative decline in stock prices for HeErTai is 26.54%, while MoEr XianCheng-U has declined by 33.18% [1] Group 3 - Other notable stocks with significant net outflows include SaiWei Electronics (2.759 billion yuan), HangTian JiDian (1.928 billion yuan), and SanLiuLing (1.855 billion yuan) [1] - The data indicates a trend of sustained selling pressure in the market, particularly in the technology and healthcare sectors [1][2]

Core Viewpoint - The company is facing significant challenges due to its reliance on a low-margin, high-turnover business model, particularly in its IT distribution and real estate sectors, which has led to a decline in profitability despite revenue growth [2][5][7]. Group 1: Financial Assistance and Debt - The company announced a shareholder loan of up to 150 million yuan at an interest rate of 4.52% to its subsidiary, which has historically received annual loans since its establishment in 2016 [1]. - The total amount of external guarantees provided by the company and its subsidiaries has reached 65.245 billion yuan, with 60.5 billion yuan guaranteed for subsidiaries with over 70% debt-to-asset ratios [1]. Group 2: Business Model and Profitability - The company's traditional IT distribution business has a net profit margin consistently below 1%, indicating a clear trend of revenue growth without corresponding profit increases [3][5]. - Despite a significant increase in revenue from 40.531 billion yuan in 2016 to 128.166 billion yuan in 2024, the net profit has remained below 1 billion yuan for most years, with only slight increases in 2022 and 2023 [4][5]. Group 3: Inventory and Financing - The company's inventory has increased from 4.6 billion yuan to 17.3 billion yuan since its listing, leading to a significant rise in short-term liabilities, which have nearly tripled [5]. - The cash on hand is only 6.574 billion yuan, creating a substantial gap between cash and short-term debt [5]. Group 4: Real Estate Investment Impact - The company's investment in the Shenzhen Bay headquarters project, totaling over 7 billion yuan, has negatively impacted its financial statements, particularly with a fair value change of -386 million yuan in 2024 [6]. Group 5: Transition to New Business Models - The company is attempting to shift its business model by increasing R&D investments, which have grown at over 20% annually since 2019, and expanding its workforce in this area [8][9]. - The revenue contribution from self-branded and cloud services remains low, at around 7%, despite these segments showing high growth potential [9][10]. Group 6: Strategic Outlook - The management has identified key areas for growth, including the domestic PC market and AI applications, indicating a strategic pivot towards higher-margin business opportunities [10][11].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company's microelectronics business, primarily focused on the distribution of general-purpose and AI-specific chips, is experiencing rapid growth, with IT distribution and value-added services accounting for 95.54% of revenue in the first half of 2025 [1]. - The company is advancing its "Digital Cloud Integration" strategy, with its AI-driven digital cloud services and software business achieving revenue of 1.64 billion yuan, a year-on-year increase of 14.1% [2]. - The company has established a robust ecosystem with over 1,500 partners through its "Thousand Sails Program," enhancing its channel network and industry coverage [1]. - The proprietary brand business is stable, with the company developing AI computing servers suitable for various applications, and has completed product mutual certification with nearly 300 ISV partners [3]. Financial Summary - Revenue projections for 2025-2027 are 144.87 billion yuan, 156.93 billion yuan, and 168.46 billion yuan, respectively, with corresponding net profits of 1.10 billion yuan, 1.55 billion yuan, and 1.76 billion yuan [3][4]. - The company’s PE ratios are projected to be 24.82, 17.60, and 15.47 for 2025, 2026, and 2027, respectively [3][4]. - The net profit margin is expected to improve, with net profit growth rates of 45.83% in 2025 and 41.05% in 2026 [4][17].

（记者 胡玲） 神州数码（000034.SZ）12月24日在投资者互动平台表示，目前公司已经与多家医院合作，具体涉及肿 瘤术后康复诊断等诊疗场景。医疗行业是公司开展AI业务的重点行业之一，现阶段以试点应用为主， 随着未来逐步铺开市场空间广阔，公司现阶段的技术与产品积累会帮助公司构筑竞争优势。 每经AI快讯，有投资者在投资者互动平台提问：公司以及子公司神州鲲泰的微信公众号上，多次发表 过自有品牌AI一体机在医院里的部署，并且取得了不错的效果，请问目前合作的医院有多少了？以及 未来AI医疗进展是否会快速发展？公司的这个技术是否有一定的护城河，是否是硬件+软件的模式，具 有一定的优势？ ...

Group 1 - The core viewpoint emphasizes that listed companies in China are not only the main force behind data growth but also serve as a stabilizing factor in the industry ecosystem, focusing on long-term value and comprehensive governance [2] - In 2025, the capital market aims for steady progress and quality improvement amidst multiple risks, enhancing market resilience and risk resistance, leading to reasonable quantitative growth and effective qualitative enhancement [2] - The market's expectations for listed companies have shifted from short-term performance to long-termism and comprehensive value, including governance structure, stable returns, strategic layout in frontier fields, and deep ESG practices [2] Group 2 - The 2025 T-EDGE Global Dialogue, organized by Titanium Media Group, NextFin.AI, and Barron’s China, highlights the importance of recognizing companies that redefine industry boundaries and emphasizes the core logic of "value investment" [3] - The EDGE AWARDS annual list includes categories such as Most Socially Responsible Company, Best Board Secretary, Most Investment Value Company, and Best Investor Relations Management Company, recognizing outstanding performance in governance, investment value, social responsibility, and investor relations [3][4] Group 3 - Aier Eye Hospital is recognized as a leader in ESG practices, integrating ESG into its core business and governance structure, while actively engaging in public welfare projects to enhance national eye health [5] - Betaini Group focuses on creating a skin health ecosystem and incorporates green development into its strategy, promoting biodiversity and sustainable practices [6] - Kweichow Moutai leads the liquor industry with a brand value of 468.718 billion, actively engaging in ecological protection and social responsibility initiatives [7] - JD Group has created significant employment opportunities and is committed to improving living conditions for its delivery personnel, with plans to invest 22 billion in housing projects [8] - Quantitative Group, listed on the Hong Kong Stock Exchange, leverages AI technology to reshape online consumption and has achieved a compound annual growth rate of 44.59% in revenue from 2022 to 2024 [9] - Seres focuses on new energy vehicles and has established a robust ESG governance framework, with significant growth in revenue and sales projected for 2024 [10] - Shui Jing Fang integrates social responsibility into its corporate strategy, setting clear environmental goals and contributing to community development [11] - China Baoan actively engages in social responsibility through its subsidiaries, contributing to community welfare and healthcare improvements [13] Group 4 - The Best Board Secretary category highlights the importance of effective communication between listed companies and the public, emphasizing the role of board secretaries in enhancing corporate governance [14] - Ren Shunying from Anfu Technology is recognized for her expertise in capital operations and corporate governance, significantly contributing to the company's compliance and investor relations [15] - Xia Ping from Jiahe Intelligent is noted for her effective investor relations management and participation in strategic planning [16] - Li Liangyu from Robotech is acknowledged for his role in maintaining corporate governance and enhancing market recognition [17] - Zhang Wenyu from Tianqi Lithium is recognized for his contributions to market value management and investor relations [18] Group 5 - The Most Investment Value Company category identifies companies with clear business models and significant breakthroughs in technology or policy, indicating strong growth potential [19][20] - Orbbec, a leader in 3D vision technology, has achieved over 70% market share in key sectors and continues to lead industry advancements [20] - BYD maintains its position as a global leader in new energy, with significant growth in overseas markets and a strong investment outlook [21] - Cambrian has entered a critical profitability phase, with substantial revenue growth and a strong market position in AI chips [22] - Hanlan Environment focuses on environmental services and has achieved consistent profit growth, attracting long-term investors [23] - Geely Auto has demonstrated strong financial performance and strategic integration, positioning itself for sustained growth [24] - Kanghong Pharmaceutical emphasizes innovation in drug development and has shown robust revenue growth, indicating long-term investment value [25] - Lens Technology maintains a strong market position with solid cash flow and growth potential in the automotive and consumer electronics sectors [26]

神州数码集团股份有限公司 2025年员工持股计划第一次持有人会议决议公告 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。 一、持有人会议召开情况 证券代码：000034 证券简称：神州数码 公告编号：2025-191 神州数码集团股份有限公司（以下简称"公司"）2025年员工持股计划（以 下简称"本持股计划"）第一次持有人会议于2025年12月22日形成有效决议，会 议由公司董事会秘书陈振坤先生召集。参加本次持有人会议的持有人共741名， 代表本持股计划203,500,000份，占本员工持股计划已认购总份额(不含预留部分) 的90.08%。本次会议的召集、召开和表决符合本持股计划的有关规定，合法有效。 二、持有人会议审议情况 本次持有人会议以记名投票表决方式审议通过了以下议案： （一）审议通过《关于设立神州数码集团股份有限公司 2025 年员工持股计 划管理委员会的议案》 为保证本持股计划的顺利实施，保障持有人的合法权益，同意根据《神州数 码集团股份有限公司 2025 年员工持股计划》和《神州数码集团股份有限公司 2025 年员工持股计划管理办法》的相关规定，设 ...

来源：新浪证券-红岸工作室 12月22日，神州数码跌0.18%，成交额5.32亿元，换手率2.31%，总市值273.39亿元。 异动分析 AI PC+英伟达概念+液冷服务器+物联网+网络安全 1、2025年9月1日互动易：日前公司联合京东推出"灵觅"品牌AIPC，计划于近期上架销售。 2、2023年5月17日互动易回复：公司是英特尔、英伟达的分销合作伙伴。 3、2023年5月22日互动易：公司目前正在进行液冷整机柜产品的需求设计和开发。目前液冷共有两种主 流的技术方案，分别是浸没方案和冷板方案，分别适用于不同的数据中心场景，公司当前规划的液冷整 机柜产品会基于冷板开发。 4、公司是目前国内唯一同时获得AWS、Azure、阿里云国内最高等级合作伙伴身份的公司，也是首批 通过Oracle Cloud MSP认证的大中华区合作伙伴及华为战略合作伙伴；同时，以Salesforce、SAP、 Oracle、MS Office365为主力，公司构建起汇聚120余种主流云应用SaaS资源、500余家云生态合作伙伴 资源的云资源池。最广泛的云资源确保公司能提供满足多种行业和不同应用场景、个性化和多元化的云 服务。 区间今日近 ...