Core Points - The company announced the resignation of Wang Xifa as the board secretary due to reaching the legal retirement age, effective immediately upon delivery of his resignation [1][2] - The board expressed gratitude for Wang Xifa's contributions during his tenure [2] - The board appointed Ji Jianxiong as the new board secretary, with his term aligned with the current board [2][3] Company Governance - The board meeting was held on November 12, 2025, with all nine directors present, complying with legal and regulatory requirements [2][3] - The appointment of Ji Jianxiong was unanimously approved with 9 votes in favor, 0 against, and 0 abstentions [3] New Board Secretary Profile - Ji Jianxiong holds a bachelor's degree in economics and a master's degree in business administration from Harbin Institute of Technology [5] - He has held various positions within the company and has relevant qualifications, including a board secretary qualification certificate [5] - Ji Jianxiong has no relationships with the company's actual controllers or other board members, and he does not hold any shares in the company [5]

Group 1 - The core point of the news is the resignation of Mr. Wang Xifa as the Secretary of the Board of Directors of China Great Wall due to reaching the statutory retirement age, and the appointment of Mr. Ji Jianxiong as his successor [1] - As of November 12, 2023, the market capitalization of China Great Wall is 51.4 billion yuan [2] - For the first half of 2025, the revenue composition of China Great Wall is as follows: 80.86% from cybersecurity and information technology, 13.52% from high-tech electronics, and 5.62% from other businesses [1]

证券代码：000066 证券简称：中国长城 公告编号：2025-054 中国长城科技集团股份有限公司 第八届董事会第二十三次会议决议 暨变更董事会秘书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 中国长城科技集团股份有限公司（以下简称"公司"）董事会于近日收到董 事会秘书王习发先生的书面辞呈。王习发先生因达到法定退休年龄申请辞去公司 董事会秘书职务。退休后，王习发先生不再担任公司及下属公司任何职务。根据 有关法律法规及其他规范性文件的规定，王习发先生的辞呈自送达公司董事会之 日起生效，其辞职不会影响公司董事会工作的正常进行。截至本公告披露日，王 习发先生持有公司股票 100,000 股，其辞职后将严格遵守中国证券监督管理委员 会《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》《深圳证 券交易所上市公司自律监管指引第 18 号——股东及董事、高级管理人员减持股 份（2025 年修订）》等相关法律法规及规范性文件的规定。 季健雄先生联系方式如下： 电话：0755-26634759 王习发先生在公司担任董事会秘书期间，勤勉尽责，为公司发展做出了 ...

Core Insights - The quantum technology sector is experiencing significant advancements, with both policy support and technological breakthroughs driving growth [2][3][4] - The global quantum computing industry is projected to grow from $4.7 billion in 2023 to over $800 billion by 2035, indicating substantial market potential [4] - A total of over 60 A-share companies are involved in quantum technology, with significant R&D investments, particularly in quantum security chips and modules [4][5] Policy Developments - Anhui Province is focusing on scaling quantum technology applications, aiming to implement nearly 300 application scenarios by the end of this year and 1,000 by 2027 [2] Technological Breakthroughs - Domestic advancements include a new architecture for atomic quantum computing that addresses challenges in high parallelism, speed, and stability [3] - Internationally, a team from the University of Chicago has theoretically extended the connection distance between quantum computers to 2,000 kilometers [3] Industry Growth and Investment - In the first three quarters of this year, A-share companies involved in quantum technology reported a total R&D expenditure of 69.47 billion yuan, accounting for 3.86% of total revenue [4] - Notable companies with high R&D expenditure include China Mobile, ZTE, and China Telecom, with 国芯科技 leading at 89.03% of revenue spent on R&D [4][5] Market Opportunities - Quantum communication, particularly quantum key distribution (QKD), is identified as the most mature and commercially viable area within quantum technology [3] - Quantum measurement is also highlighted as an early revenue-generating sector, akin to "hidden champions" in niche markets [3]

- The report predicts the adjustment of sample stocks for the CSI 300, CSI 500, and STAR 50 indices in December 2025[1][6] - The CSI 300 Index selects companies with good operating conditions, no violations, no major financial report issues, and no significant stock price anomalies[7] - The CSI 500 Index excludes CSI 300 sample stocks and the top 300 stocks by average market value, selecting companies with good operating conditions and no major issues[9][10] - The STAR 50 Index selects companies listed on the STAR Market with good operating conditions, no violations, and no major financial report issues[13] - The report provides detailed predictions for stocks to be included and excluded from each index based on average market value and average trading volume[8][11][14]

Investment Rating - The report maintains a "Positive" investment rating for the computer industry [10] Core Insights - The computer industry has shown steady revenue growth in the first three quarters of 2025, with total revenue reaching 482.3 billion yuan, a year-on-year increase of 5.1% [2][4] - The industry has achieved a significant increase in net profit, with a total of 12.41 billion yuan, up 184.0% year-on-year, surpassing levels from the same period in 2022-2024 [5][24] - Cost control measures have proven effective, stabilizing gross profit margins and enhancing profitability [5][25] - The report suggests focusing on domestic AI chains as a core area for future investment [2] Revenue Summary - The computer industry’s total revenue for Q1-Q3 2025 reached 482.3 billion yuan, with a year-on-year growth of 5.1% [2][4] - As of Q3 2025, contract liabilities in the industry reached 95.57 billion yuan, reflecting a year-on-year increase of 9.6% and a quarter-on-quarter increase of 7.5% [20] Profit Summary - The overall net profit for the computer industry in Q1-Q3 2025 was 12.41 billion yuan, marking a substantial year-on-year increase of 184.0% [5][24] - The gross profit margin for the industry was 31.71%, showing a slight year-on-year decline of 1.1 percentage points, but indicating signs of stabilization [25][31] Cash Flow Summary - The operating cash flow for the computer industry improved, with a net cash flow of -19.69 billion yuan, an increase of 15 billion yuan or 43.3% year-on-year [6][38] - Accounts receivable decreased by 0.4% year-on-year, marking the first negative growth in five years, indicating improved cash flow management [6][37] Segment Analysis - AI Demand: The AI sector has shown robust revenue growth, with a total revenue of 21.84 billion yuan in Q1-Q3 2025, up 15.7% year-on-year [49] - G-end Demand: The traditional G-end demand is expected to gradually improve, with the Xinchuang sector benefiting from new rounds of bidding [46] - B-end Demand: Most segments in the B-end are experiencing recovery, although profit points remain unclear [48]

Core Insights - The World Internet Conference 2025 was held in Wuzhen, Zhejiang, where China Great Wall (000066) unveiled its flagship laptop, the Great Wall N90, marking a significant advancement in the domestic innovation industry [1][2] - The N90 features the new Feiteng D3000M processor, weighs only 990g, and has a thickness of 14.9mm, showcasing a complete evolution in design and performance [1] - The launch of the N90 is seen as a milestone towards high-end and experiential products in the domestic innovation sector, aiming to set a new standard for mobile office solutions in key sectors such as government, finance, energy, and transportation [1] Product Features - The N90 has a power consumption reduction of approximately 30%, with a battery life exceeding 7 hours, and supports WiFi 6 for a 174% increase in network speed [1] - The laptop meets military-grade reliability standards, with over 1200 tests and 200 certifications, and an MTBF (Mean Time Between Failures) of 1.2 million hours [1] - It supports a 180° flip screen, smart noise reduction technology, and versatile interface design, enhancing convenience and professionalism in mobile office settings [2] Ecosystem Integration - The N90 addresses the challenges of weak application ecosystems and low cross-platform efficiency by integrating with the Feiteng multi-ecosystem heterogeneous fusion suite "Jiuyi," enabling seamless operation across Windows, Android, Linux, and OpenHarmony [2] - This integration aims to eliminate the "ecological isolation" of domestic laptops, facilitating a more user-friendly experience [2]

Core Viewpoint - China Great Wall Technology Group Co., Ltd. has experienced fluctuations in stock performance, with a year-to-date increase of 11.81% but a recent decline in the last five trading days by 3.67% [1] Financial Performance - For the period from January to September 2025, China Great Wall achieved operating revenue of 10.295 billion yuan, representing a year-on-year growth of 7.18% [2] - The net profit attributable to shareholders for the same period was 16.067 million yuan, showing a significant year-on-year increase of 102.34% [2] Stock Market Activity - As of November 7, the stock price was 16.29 yuan per share, with a market capitalization of 52.548 billion yuan [1] - The stock has seen a net outflow of 41.5322 million yuan in principal funds, with large orders showing a buy of 32.196 million yuan and a sell of 59.2176 million yuan [1] - The company has appeared on the "龙虎榜" (Dragon and Tiger List) four times this year, with the most recent occurrence on August 14 [1] Shareholder Information - As of October 10, the number of shareholders was 390,400, a decrease of 1.30% from the previous period [2] - The average number of circulating shares per person increased by 1.31% to 8,261 shares [2] - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings by 4.6707 million shares to 43.0053 million shares [3]

Core Viewpoint - The launch of the Changcheng N90 flagship business notebook by China Great Wall Technology Group at the 2025 World Internet Conference marks a significant milestone in the high-end, experience-oriented development of domestic innovation terminals [1][2]. Group 1: Product Features - The Changcheng N90 is equipped with the Feiteng D3000M flagship processor, weighing only 990g and measuring 14.9mm in thickness, showcasing a comprehensive evolution in material craftsmanship and aesthetic design [1]. - The notebook features a new generation of power optimization design, reducing overall power consumption by approximately 30%, and achieving a battery life of over 7 hours [2]. - It incorporates a "vault-level" security system, including identity recognition, privacy control, physical protection, and system encryption, enhancing user security [2]. Group 2: Market Positioning - The Changcheng N90 aims to set a new benchmark for mobile office solutions in government and enterprise sectors, providing reliable, efficient, and secure options for key industries such as finance, energy, and transportation [1]. - The product is designed to balance power and elegance, allowing users to enjoy both high efficiency in work and the aesthetic appeal of technology [3]. Group 3: Ecosystem Integration - The notebook supports seamless integration across multiple operating systems, including Windows, Android, Linux, and OpenHarmony, breaking down the barriers of ecological isolation for domestic notebooks [2].

证券日报网讯 11月5日晚间，中国长城发布公告称，公司于2025年9月22日召开第八届董事会第二十次 会议审议通过了《关于提名公司董事候选人的议案》和《关于修订公司章程（含议事规则）的议案》， 2025年10月17日召开2025年度第二次临时股东大会审议通过了《选举于吉永先生为第八届董事会董事》 和《关于修订公司章程（含议事规则）的议案》。2025年10月27日公司工会召开职工代表大会，经全体 与会职工代表表决，选举才淦女士为公司第八届董事会职工代表董事，任期同第八届董事会。根据修订 后的《公司章程》，监事会的职权由董事会审计委员会行使；公司董事会设一名由职工代表担任的董 事，截至本公告日，公司第八届董事会由九名董事组成，符合《公司章程》的要求。近日，公司已完成 上述事项的工商变更及《公司章程》备案登记手续以及公司董事和监事变动的相关工商变更登记手续， 并取得深圳市市场监督管理局换发的《营业执照》。 （文章来源：证券日报） ...