证券代码：000034 证券简称：神州数码 公告编号：2025-178 神州数码集团股份有限公司 关于取消召开2025年第七次临时股东大会的公告 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。 经神州数码集团股份有限公司（以下简称"神州数码"、"公司"）第十一届董事 会第二十二次会议审议通过，公司拟定于 2025 年 12 月 8 日（星期一）下午 14：30 召开公司 2025 年第七次临时股东大会，具体内容详见公司于 2025 年 11 月 22 日披露 的《关于召开 2025 年第七次临时股东大会的通知》（公告编号：2025-173）。 公司第十一届董事会第二十三次会议于 2025 年 12 月 3 日审议通过了《关于取消 召开 2025 年第七次临时股东大会的议案》和《关于召开 2025 年第七次临时股东会的 议案》，同意取消原定于 2025 年 12 月 8 日（星期一）召开的 2025 年第七次临时股东 大会，并于 2025 年 12 月 24 日（星期三）召开 2025 年第七次临时股东会，审议内容 不变。现将有关事宜公告如下： 一、取消的股东大会 ...

证券代码：000034 证券简称：神州数码 公告编号：2025-179 神州数码集团股份有限公司 关于召开2025年第七次临时股东会的通知 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。 经神州数码集团股份有限公司（以下简称"神州数码"、"公司"）第十一届董事 会第二十三次会议审议通过，公司拟定于 2025 年 12 月 24 日（星期三）下午 14：30 召开公司 2025 年第七次临时股东会。现将有关事宜公告如下： 一、召开会议的基本情况 1、股东会届次：2025 年第七次临时股东会 2、股东会的召集人：董事会 5、会议的召开方式：本次临时股东会采取现场表决与网络投票相结合的方式。同 一表决权只能选择现场投票、网络投票表决方式的一种。同一表决权出现重复表决的 以第一次投票结果为准。 6、会议的股权登记日：2025 年 12 月 19 日 7、出席对象： （1）截止 2025 年 12 月 19 日 15:00 收市时在中国证券登记结算有限责任公司深 圳分公司登记在册的公司全体普通股股东均有权出席本次临时股东会及参加表决；不 能亲自出席现场会议的股东可授权他人 ...

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、 董事会会议召开情况 神州数码集团股份有限公司（以下简称"公司"）第十一届董事会第二十三 次会议通知于 2025 年 12 月 3 日以电子邮件方式向全体董事发出，会议以传签方 式于 2025 年 12 月 3 日形成决议。会议应当参加表决的董事 7 名，实际参加表决 的董事 7 名。本次会议的召开和表决程序符合《公司法》和《公司章程》等有关 规定。 二、 董事会会议审议情况 证券代码：000034 证券简称：神州数码 公告编号：2025-177 神州数码集团股份有限公司 第十一届董事会第二十三次会议决议公告 （一）审议通过《关于取消召开 2025 年第七次临时股东大会的议案》 公司董事会决定取消原定于 2025 年 12 月 8 日（星期一）召开的 2025 年第 七次临时股东大会。具体内容详见公司同日登载于《证券时报》、《上海证券报》 和巨潮资讯网(www.cninfo.com.cn)的《关于取消召开 2025 年第七次临时股东大 会的公告》。 2025 年第七次临时股东会的通知》。 表决结果：表决票 7 ...

Core Insights - A total of 21 buy ratings were issued by institutions today, covering 20 stocks, with Guizhou Moutai receiving the highest attention with two buy ratings [1][2] - Among the rated stocks, 11 provided future target prices, with 7 stocks showing an upside potential exceeding 20%, led by Guizhou Moutai with a target price of 2600.00 CNY, indicating a potential increase of 79.56% [1][2] - The average increase for stocks with buy ratings today was 0.82%, outperforming the Shanghai Composite Index, with notable gainers including Hu Guang Co., Sophia, and Shenzhou Digital [1][2] Company Summaries - Guizhou Moutai received a strong buy rating from Huachuang Securities with a target price of 2600.00 CNY, compared to the latest closing price of 1448.00 CNY [2] - Dongpeng Beverage also received a strong buy rating from Huachuang Securities with a target price of 340.00 CNY, latest closing at 269.03 CNY [2] - Shenzhou Digital was rated as "Increase" by Guotai Junan with a target price of 55.97 CNY, latest closing at 41.27 CNY [2] - Hu Guang Co. was rated as "Strong Buy" by Huachuang Securities with a target price of 37.90 CNY, latest closing at 31.30 CNY [2] - Other notable stocks include Jerry Shares, which was rated "Increase" with a target price of 73.20 CNY, latest closing at 62.07 CNY [2] Industry Insights - The basic chemical industry was the most favored, with stocks like Huhua Co. and Chuanheng Co. receiving buy ratings [2] - The computer and automotive industries also attracted attention, with two stocks each receiving buy ratings [2]

Core Viewpoint - The IT service sector experienced a rise of 0.86% on December 1, with notable gains from companies like Xingtu Measurement and Control, which led the sector's performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3914.01, up by 0.65% [1]. - The Shenzhen Component Index closed at 13146.72, up by 1.25% [1]. - The IT service sector stocks showed varied performance, with significant gainers including: - Xingtu Measurement and Control (up 8.22% to 78.77) [1]. - Kaipu Cloud (up 6.86% to 172.48) [1]. - Zhuoyi Information (up 6.10% to 71.88) [1]. Group 2: Stock Performance Summary - The following companies experienced notable increases in stock prices: - Aerospace Hongtu (up 5.77% to 28.96) with a trading volume of 389,000 shares and a transaction value of 1.136 billion [1]. - Yacon Co., Ltd. (up 5.58% to 55.66) with a trading volume of 44,500 shares and a transaction value of 247 million [1]. - Jingsong Intelligent (up 4.88% to 28.36) with a trading volume of 61,400 shares and a transaction value of 175 million [1]. Group 3: Capital Flow Analysis - The IT service sector saw a net outflow of 591 million from institutional investors, while retail investors contributed a net inflow of 674 million [2]. - The capital flow for specific stocks included: - Han De Information with a net inflow of 457 million from institutional investors [3]. - Kaipu Cloud with a net inflow of 40.88 million from institutional investors [3]. - Aerospace Hongtu with a net inflow of 1.08 billion from institutional investors [3].

Shipping Sector - The shipping sector experienced a strong rebound in the afternoon, with the oil transportation segment leading the gains. China Merchants Energy Shipping (招商轮船, 601872) hit the daily limit up, while other companies like COSCO Shipping Energy Transportation (中远海能), COSCO Shipping Specialized Carriers (中远海特), and China Merchants Jinling Shipping (招商南油) also saw significant increases [2]. Storage Chip Sector - The storage chip concept stocks surged, with Kexiang Co., Ltd. (科翔股份) reaching the daily limit up of 20%, while other companies such as Leike Defense (雷科防务) also hit the limit up. Hangyu Microelectronics (航宇微) and Beijing Junzheng (北京君正) rose over 10% [5][8].

Core Viewpoint - Shenzhou Digital is facing significant financial pressure due to high debt levels, deteriorating cash flow, and declining profitability, raising concerns about its operational stability and future growth prospects [1][5][10]. Financial Performance - As of the end of September 2025, Shenzhou Digital reported a total external guarantee amount of 66.064 billion yuan, indicating substantial financial commitments [1]. - The company’s monetary funds stood at 6.574 billion yuan, while interest-bearing liabilities reached 17.869 billion yuan, leading to considerable repayment pressure [1][8]. - For the first three quarters of 2025, Shenzhou Digital achieved a revenue of approximately 102.365 billion yuan, a year-on-year increase of about 11.79%, but the net profit attributable to shareholders dropped by approximately 25.01% to 670 million yuan [2][4]. Cash Flow and Debt Situation - The operating cash flow for the first three quarters of 2025 was -790 million yuan, marking the first negative cash flow in this period since 2016, with a year-on-year decline of approximately 136.52% [6][7]. - The company’s total liabilities amounted to 17.869 billion yuan, with a debt-to-asset ratio of 76.37%, indicating a heavy reliance on debt for operations [7][9]. - Short-term debt constituted 72.66% of total liabilities, primarily from bank loans, which are associated with higher financial costs [9]. Accounts Receivable and Profitability - Shenzhou Digital's accounts receivable exceeded 11.424 billion yuan, with a significant increase in credit impairment losses, which rose by 244% year-on-year to 129 million yuan [4][10]. - The gross profit margin has been declining, with figures of 3.73%, 3.30%, and 3.69% for the first three quarters of 2025, reflecting a downward trend [3]. Business Segments and R&D Investment - The main business segments include IT distribution and value-added services, proprietary brand products, and cloud services, with the IT distribution segment contributing 95.54% of total revenue but only a 2.7% gross margin [3][4]. - R&D investment remains low, with only 0.27% of revenue allocated to R&D in the first three quarters of 2025, raising concerns about the company’s innovation capabilities [4]. External Guarantees and Control Risks - The total external guarantees provided by Shenzhou Digital amounted to 66.064 billion yuan, significantly exceeding the regulatory limit of 50% of net assets, indicating potential risks [10]. - The company’s control is at risk due to ongoing legal issues involving the actual controller, which may impact stability [10].

Group 1 - The core viewpoint of the news is that Digital China Holdings Limited has seen a stock price increase of 5.01%, reaching 41.71 CNY per share, with a trading volume of 633 million CNY and a turnover rate of 2.57%, resulting in a total market capitalization of 30.175 billion CNY [1] - Digital China was established on June 1, 1982, and listed on May 9, 1994. The company is primarily engaged in IT product distribution and services [1] - The revenue composition of Digital China includes 71.30% from consumer electronics, 24.24% from enterprise value-added services, 4.33% from proprietary brand products, 2.30% from cloud services and software, and 0.19% from headquarters and other sources [1] Group 2 - Among the top ten circulating shareholders of Digital China, a fund under Southern Fund holds a position. The Southern CSI 500 ETF (510500) reduced its holdings by 162,100 shares in the third quarter, now holding 8.2754 million shares, which accounts for 1.38% of the circulating shares [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 140.098 billion CNY. Year-to-date returns are 24.71%, ranking 1914 out of 4206 in its category, while the one-year return is 23.98%, ranking 1933 out of 4008 [2]

Core Viewpoint - Shenzhou Digital is facing significant financial pressure, with a high level of debt and deteriorating cash flow, raising concerns about its operational sustainability and profitability [1][5][6]. Financial Performance - As of the end of September 2025, Shenzhou Digital reported a total external guarantee amount of 66.064 billion yuan [1]. - The company’s monetary funds stood at 6.574 billion yuan, while interest-bearing liabilities reached 17.869 billion yuan, indicating substantial repayment pressure [1][5]. - For the first three quarters of 2025, the company achieved operating revenue of approximately 102.365 billion yuan, a year-on-year increase of about 11.79%, but the net profit attributable to shareholders decreased by approximately 25.01% to 670 million yuan [2][3]. Cash Flow and Debt Situation - The operating cash flow for the first three quarters of 2025 was -790 million yuan, marking the first negative cash flow since 2016, with a year-on-year decline of approximately 136.52% [5][6]. - The company’s total debt reached 17.869 billion yuan, with a debt-to-asset ratio of 76.37%, indicating a high level of financial leverage [5][6]. - Short-term debt accounted for 72.66% of total debt, primarily from bank loans, leading to high financial costs [6][7]. Accounts Receivable and Profitability - Shenzhou Digital's accounts receivable exceeded 11.424 billion yuan, with a significant increase in credit impairment losses, which rose by 244% year-on-year to 129 million yuan [4][5]. - The gross profit margin has been declining, with figures of 3.73%, 3.30%, and 3.69% for the first three quarters of 2025, reflecting a downward trend [3][4]. Strategic Concerns - The company’s investment in research and development remains low, with R&D expenditures of only 0.27% of operating revenue in the first three quarters of 2025 [4]. - The AI-driven cloud integration strategy has yet to significantly contribute to profitability, as the revenue from high-margin segments remains limited [3][4]. External Guarantees and Control Risks - The total amount of external guarantees provided by Shenzhou Digital and its subsidiaries reached 66.064 billion yuan, with actual usage of 27.849 billion yuan, exceeding the regulatory threshold of 50% of net assets [7]. - The company’s control risk is heightened due to ongoing legal issues involving the actual controller, which may impact stability [7].

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector's performance compared to the overall market [61]. Core Insights - The report emphasizes the importance of AI Infrastructure (AI Infra) as a foundational system for AI workloads, which includes computing power, storage, and networking [5][11]. - The AI Infra market in China is projected to grow significantly, reaching CNY 3.45 billion in 2024 and CNY 6.73 billion in 2025, representing a year-on-year growth of 95.1% [7][10]. - Key players in the AI Infra space include both domestic and international companies, with a focus on data layer software and models [4][36]. Summary by Sections AI Infra Overview - AI Infra is defined as the hardware and software systems designed to support AI workloads, aiming for efficient and large-scale AI model training and inference [5][11]. - The infrastructure consists of several layers, including computing, storage, and networking, with a focus on optimizing AI model performance [8][11]. Market Growth and Trends - The AI Infra market is expected to see rapid growth, with a significant increase in the number of AI applications anticipated in 2024 [29][32]. - The demand for private deployment and data integration solutions is rising, particularly in sectors with stringent data security requirements [29][36]. Key Players and Technologies - Major players in the AI Infra market include Alibaba Cloud, Huawei Cloud, and various startups focusing on Machine as a Service (MaaS) [12][13]. - Technologies such as virtualization and containerization are central to the computing management layer, enhancing resource utilization and efficiency [12][22]. Investment Opportunities - The report identifies several investment targets across different categories, including AIGC applications, digital economy leaders, and data infrastructure [52][53]. - Companies like Snowflake and MongoDB are highlighted as international benchmarks for data layer software, with strong revenue growth trends [36][38]. Future Outlook - AI infrastructure providers are expected to maintain high growth potential due to their critical role in supporting AI applications and the increasing integration of AI into traditional industries [51].