德阳农村商业银行股份有限公司 中国长城资产管理股份有限公司四川省分公司 2025年4月21日 中国长城资产管理股份有限公司四川省分公司 联系人：曾先生 联系电话：028-85133618 住所 地：成都市高升桥东路1号注：1.本公告清单列示截至基准日的贷款本金余额，借款人和担保人应 支付给中国长城资产管理股份有限公司四川省分公司的利息按借款合同、担保合同及中国人民银 行的有关规定计算。2、若债务人、担保人因各种原因更名、改制、歇业、吊销营业执照或丧失民 事主体资格的，请相关承债主体及/或主管部门代位履行义务或履行清算责任。3、清单中"担保 人"包括保证人、抵押人、出资人。 | | | 公情清题 | | GALLER BILL | | --- | --- | --- | --- | --- | | 41 11 BST - 7 | BEA | 10.4 | | 18-27-24-22 | | @ 20 | | RS. PER. RE. BURLERSANDLE | DRIAN ROTTLE | : 25/6000 365 | | 】 200000000000000 | PRETARIE REGION | 后,即在 ...

Summary of Conference Call on China Great Wall Technology and Feiteng Company Industry and Company Overview - The conference focused on the operational situation of China Great Wall Technology and its subsidiary Feiteng Company in the context of the ongoing US-China tariff war [1][2] - China Great Wall is recognized as a pioneer in the domestic computer brand sector, having been involved in the self-research and development of computing technology for nearly 40 years [5][6] Key Points and Arguments - **Tariff Impact**: The current tariffs are seen as a phase in the broader US-China geopolitical competition, with no significant change in the overall industry trend expected [2][3] - **CPU Market**: The tariffs have a pronounced effect on the CPU market, particularly due to the high volume of semiconductor imports from the US, with Intel and AMD generating significant revenues in China [2][3] - **Feiteng's Position**: Feiteng is positioned as the third-largest player in China's server CPU market, with revenues reaching approximately 2 billion RMB last year. The company is expected to grow significantly with the launch of its S5000 series [3][4] - **Diverse Business Operations**: China Great Wall not only focuses on server systems but also has a substantial power supply business and military-related operations, indicating potential growth areas despite geopolitical tensions [4][5] - **State-Owned Enterprise Support**: The company is backed by China Electronics, which holds a 39.35% stake, providing a robust support system for its operations and strategic direction [6][7] Financial Performance - The company reported a revenue growth of approximately 19.27% year-on-year for the first three quarters, although it faced a net loss of 688 million RMB [8][12] - Future revenue projections for the company are estimated at 15.5 billion, 18.8 billion, and 21.7 billion RMB from 2024 to 2026, with expected profitability improving over time [15] Strategic Initiatives - The company is focusing on expanding its business scope and enhancing profitability through a strategy that emphasizes integrated hardware and software solutions, particularly in the computing industry [8][9] - The ongoing demand for AI and computing power is expected to drive growth, with the company planning to develop a range of chips including CPU, GPU, and XPU [11][12] Risks and Challenges - Potential risks include macroeconomic impacts, increased market competition, supply chain uncertainties, and technological innovation challenges [15] Additional Insights - The conference highlighted the importance of the "self-controllable" narrative in the context of national policy and the push for domestic technology development [10][11] - The company is expected to benefit from the growing demand for computing power infrastructure, particularly in the AI sector, which remains a significant trend [11][12] This summary encapsulates the key discussions and insights from the conference call regarding China Great Wall Technology and its strategic positioning within the current geopolitical and economic landscape.

Core Viewpoint - The company plans to engage in daily related transactions with its controlling shareholder, China Electronics Corporation, and its subsidiaries, with an estimated total amount not exceeding 1.63 billion yuan for the year 2025 [2][6][7]. Group 1: Daily Related Transactions Overview - The company expects to conduct daily related transactions involving procurement and sales of raw materials and finished products, provision and acceptance of services, and leasing activities, with a total estimated amount of up to 163 million yuan [2][6][7]. - The estimated amounts for specific transaction categories in 2025 are as follows: procurement not exceeding 55 million yuan, sales not exceeding 51 million yuan, and services not exceeding 9.5 million yuan [2][13]. - The company will also engage in leasing transactions, with an estimated contract amount of approximately 500,000 yuan for 2025 and 47 million yuan for 2024 [2][13]. Group 2: Approval and Governance - The proposal for the 2025 daily related transactions was reviewed and unanimously approved by the independent directors in a special meeting [3][15]. - The resolution requires submission to the company's most recent shareholders' meeting for approval, with related directors abstaining from voting [4][15]. - The board meeting held on April 14, 2025, confirmed the approval of the related transactions, with all eight participating directors voting in favor [4][7]. Group 3: Transaction Necessity and Impact - The related transactions are deemed necessary for the company's normal business operations and are expected to support the stability and continuity of its business activities [14]. - The transactions are characterized as fair and reasonable, with no adverse effects on the company's financial status or operational results [14][15]. - The company maintains that these transactions do not compromise its independence and that there is no dependency on the controlling shareholder [14].

证券代码：000066 证券简称：中国长城 公告编号：2025-015 中国长城科技集团股份有限公司 2025年度日常关联交易预计公告 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。 一、日常关联交易基本情况 1、概述 鉴于中国长城科技集团股份有限公司（以下简称"公司"）开展日常生产运 营的实际需要，预计 2025 年度将与实际控制人中国电子信息产业集团有限公司 （以下简称"中国电子"）及其下属企业、公司联营企业及其他关联方等发生日 常关联交易，涉及向关联方采购原材料及产成品、销售原材料及产成品、提供劳 务、接受劳务、出租（承租）房屋，预计总金额不超过 163,000 万元。具体业务 合同将于原租赁期届满或实际发生时签署。提议股东大会授权经理层在股东大会 批准的关联交易总额范围内，根据日常经营需要对 2025 年度日常关联交易进行 合理调整。 2025 年 4 月 14 日，公司召开第八届董事会第十三次会议审议通过了前述 2025 年度日常关联交易预计事宜，关联董事戴湘桃先生、郭涵冰先生、许明辉 女士、郑波先生回避表决，具体表决情况详见同日公告《第八届董事会第 ...

此议案需提交公司最近一次股东大会审议。 第八届董事会第十三次会议决议公告 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"）第八届董事会第十三 次会议通知于 2025 年 4 月 10 日以电子邮件方式发出，会议于 2025 年 4 月 14 日以邮件/专人送达方式召开，应参加会议董事八名，实际参加会议董事八名， 符合《公司法》和《公司章程》的有关规定。会议审议通过了《关于 2025 年度 日常关联交易预计的议案》（具体详见同日公告 2025-015 号《2025 年度日常关 联交易预计的公告》）。 鉴于公司开展日常生产运营的实际需要，预计 2025 年度将与实际控制人中 国电子信息产业集团有限公司（以下简称"中国电子"）及其下属企业、公司联 营企业及其他关联方等发生日常关联交易，涉及向关联方采购原材料及产成品、 销售原材料及产成品、提供劳务、接受劳务、出租（承租）房屋，预计总金额不 超过 163,000 万元。（1）公司预计与中国电子、联营企业及其他关联方 2025 年 度日常关联交易采购类金额不超过人民币 55 ...

金十数据4月14日讯，4月14日，沪深两市全天成交额合计12774.73亿元，较上一日缩量711.92亿元。其 中，沪市成交额为5438.11亿元（上一交易日为5807.91亿元），成交量为4.71亿手（上一交易日为4.76亿 手）；深市成交额为7336.62亿元（上一交易日为7678.74亿元），成交量为6.3亿手（上一交易日为6.38 亿手）。立讯精密成交额居首，为115.06亿元。其次是紫金矿业、中国长城、赛力斯、寒武纪-U，成交 额分别为58.93亿元、57.47亿元、57.02亿元、55.42亿元。 沪深两市今日成交额合计12774.73亿元，立讯精密成交额居首 ...

Investment Rating - The report maintains a positive outlook on the domestic consumption electronics industry chain, suggesting a focus on companies related to this sector due to the resilience expected under the "reciprocal tariffs" policy [3]. Core Viewpoints - The report highlights that electronic products are a major category in China's exports to the US, with a total export scale of USD 125.8 billion in 2024, accounting for 24% of total exports to the US [3]. - It emphasizes the acceleration of domestic substitution due to increased tariffs, with a recommendation to focus on domestic companies in sectors significantly impacted by import tariffs, such as analog chips, CPUs, and semiconductor equipment [3]. - The report notes that the import tariff rate on all goods from the US has risen to 125%, enhancing the cost advantage of domestic products [3]. Summary by Sections Market Weekly Review - The TMT sector experienced declines across major industries, with electronics down 3.89%, computers down 5.79%, media down 6.78%, and communications down 7.67%, underperforming the CSI 300 index which fell 2.87% [3]. - The top-performing sub-industries included analog chip design (up 6.04%) and semiconductor equipment (up 2.23%), while the worst performers were communication network equipment and devices (down 11.74%) and printed circuit boards (down 10.16%) [3]. Industry News and Key Company Announcements - Significant events in the industry include the Siemens Data Center Ecosystem Conference and the 13th China Electronic Information Expo [16]. - The report mentions that global AI IT investment is projected to reach USD 315.8 billion in 2024, with a compound annual growth rate (CAGR) of 32.9% expected until 2028 [26]. - It also notes that the global generative AI market is anticipated to grow at a CAGR of 63.8%, reaching USD 284.2 billion by 2028, representing 35% of the total AI market investment [26].

截至4月11日，市场融资余额合计1.80万亿元，较前一交易日减少40.31亿元，其中，沪市融资余额 9182.22亿元，较前一交易日减少24.98亿元；深市融资余额8748.61亿元，较前一交易日减少14.77亿元； 北交所融资余额51.99亿元，较前一交易日减少5628.76万元。 证券时报·数据宝统计显示，具体到个股，4月11日共有1476只股获融资净买入，净买入金额在千万元以 上的有281只，其中24只融资净买入额超5000万元。胜宏科技融资净买入额居首，当日净买入5.13亿 元，其次是中国长城、四方精创，融资净买入金额分别为1.23亿元、1.21亿元，融资净买入金额居前的 还有中微公司、贝因美、宁波银行等。 分行业统计，获融资客净买入超5000万元个股中，电子、计算机、有色金属等行业最为集中，分别有5 只、2只、2只个股上榜。板块分布上，大手笔净买入个股中，主板有19只，创业板有3只，科创板有2 只。 | 代码 | 简称 | 4月11日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1]. Core Viewpoints - The "reciprocal tariff" policy is expected to further impact the global industrial landscape, accelerating China's technological self-reliance and self-control process, with positive prospects for the development of domestic software and hardware markets [7][9]. - The implementation of "reciprocal tariffs" by the U.S. is leading to increased tariffs on Chinese imports, which may result in a shift towards domestic alternatives in software and hardware sectors [24]. Summary by Sections Tariff Impact Overview - The U.S. has enacted "reciprocal tariffs," which may accelerate China's self-reliance process in technology [13]. - The tariffs imposed by the U.S. include a 34% increase on all imports from the U.S. to China, which is expected to raise the costs of imported software and hardware products, thus promoting a shift towards domestic alternatives [24]. Software Impact - The trend towards model autonomy remains unchanged, with significant potential for self-replacement in foundational and industrial software [7]. - China's large model industry is rapidly catching up, with domestic models like DeepSeek and Qwen continuously improving their capabilities [7]. Hardware Impact - The domestic chip industry is expected to accelerate, with significant growth potential in domestic computing power [8]. - In 2024, NVIDIA and Intel's revenues in China were $17.1 billion and $15.5 billion respectively, while domestic CPU and GPU manufacturers are increasingly competitive [8]. Investment Recommendations - The report suggests that the "reciprocal tariff" policy will influence the global industrial structure and accelerate China's technological self-reliance, maintaining a "Recommended" rating for the computer industry [9]. Related Targets - Key software companies include China Software, Taiji, and DaMeng Data, while hardware targets include Haiguang Information, Inspur, and Huawei [10][11].

中国长城 2025041011 Q&A 如何看待中美关税战对中国自主可控产业的影响？ 中美关税战是国际大国博弈背景下的一个阶段性现象，但它加速了中国自主可 控产业的发展。关税政策对进口美国商品，尤其是半导体产品产生了直接影响。 具体而言，中国从美国进口的半导体产品占比较大，2024 年英特尔在中国的 收入接近 155 亿美元，AMD 在中国区的收入也超过 60 亿美元。因此，关税对 这些公司的影响尤为显著。在此背景下，中国国内企业如飞腾信息等迎来了替 代机会。飞腾信息作为中国第三大服务器 CPU 供应商，其 2024 年收入接近 20 亿元人民币，并且随着新产品 S5,000 的推出和国产供应链逐步磨合，未来 有望在服务器市场取得更大的成长空间。 • 飞腾公司作为中国领先的自主核心芯片提供商，2024 年营收超过 20 亿美 元，总体销售量突破 1,000 万片。未来十年将加大研发投入，加速通用计 算芯片迭代及智算芯片研发，拓展金融、电信等行业应用。 • 预计中国长城 2024-2026 年营收分别为 155 亿元、188 亿元和 217 亿元， 对应归母净利润分别为负 12 亿元、0.39 亿元和 2.80 ...