Core Viewpoint - A new microfluidic structure called "manifold-microjet-serrated microchannel" has been developed, achieving a super high heat flux density of 3000 W/cm² for chip cooling, while reducing cooling power consumption to 0.9 W/cm², providing a significant advancement for next-generation high-performance chip thermal management [1] Company and Industry Summary - Over 30 liquid cooling concept stocks in the A-share market, with 7 stocks doubling in price this year, including Siquan New Materials (301489) with a price increase of over 365%, primarily focusing on liquid cooling modules [1] - Other notable stocks that have doubled in price include Dayuan Pump Industry (603757), Yingweik (002837), Feilong Co., Ltd. (002536), and Rongyi Precision [1] - Since the second half of the year, multiple liquid cooling concept stocks have attracted institutional research, including Feilong Co., Ltd., Yimikang (300249), Yinlun Co., Ltd. (002126), Lingyi Zhizao (002600), Suzhou Tianmai (301626), and Huafeng Aluminum (601702) [1] - From the perspective of institutional interest, 15 liquid cooling concept stocks have received attention from 3 or more institutions, with Yinlun Co., Ltd., Inspur Information (000977), and Yingweik receiving attention from over 20 institutions [1]

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the **indigenous AI supply chain in China**, highlighting the growth potential and challenges within the sector [1][4]. Core Insights 1. **AI Chip Demand Growth**: - AI chip unit demand is projected to grow at a **CAGR of nearly 40% by 2027**, with locally developed chips expected to gain market share [1][4]. - Demand for **2-3 million AI chips** is estimated for 2025, with **Huawei** and **Cambricon** expected to ship **600k** and **140k** units respectively [3][4]. 2. **Local Memory Solutions**: - **CXMT**, China's largest DRAM maker, plans to build **HBM capacity**, with **HBM2e** already sampled and **HBM3** expected by the end of 2025 [3][4]. - The qualification of locally produced HBM chips is anticipated to take time, but capacity will support the ramp-up of AI chips in **2H26** [3][4]. 3. **Open Source Ecosystems**: - The industry is moving towards open-source ecosystems, with **China Mobile** announcing a **Rmb5.1 billion** AI server tender, where **70%** of servers are based on Huawei's open-sourced **CANN** platform [3][4]. 4. **Networking Bottlenecks**: - Local AI chip suppliers face performance losses due to inter-chip communication, with losses estimated at **40-50%** for local solutions compared to **20-30%** for Nvidia's offerings [4][5]. 5. **Indigenous AI Supply Chain Enablers**: - Companies like **Huaqin** and **Inspur** are positioned to benefit from the increasing shipments of local AI solutions, with a positive sentiment expected to persist in the market [4][5]. Additional Important Insights - The mix of AI chips in China is currently around **50:50** for training and inference, but it is estimated that **70%-75%** of future AI chips will be inference-based, primarily supplied by local vendors [3][4]. - The indigenous AI supply chain is expected to see a **3-4x year-on-year increase** in local capacity by 2025, which is particularly beneficial for non-Huawei players [3][4]. - The **A-share Tech index** increased by **27%** during the same period that **Cambricon** saw over a **100%** increase in stock value, indicating strong market performance [4][5]. Conclusion - The indigenous AI supply chain in China is poised for significant growth, driven by increasing demand for AI chips, advancements in local memory solutions, and a shift towards open-source ecosystems. Companies like Huaqin and Inspur are well-positioned to capitalize on these trends, while challenges such as networking bottlenecks remain to be addressed.

（2025年9月修订） 浪潮电子信息产业股份有限公司 股东会议事规则 第一章 总 则 第一条 为规范浪潮电子信息产业股份有限公司（以下简称 "公司"或"本公司"）股东会议事行为，提高议事效率，保证 股东合法权益，根据《中华人民共和国公司法》（以下简称《公 司法》）、《中华人民共和国证券法》（以下简称《证券法》）、 《上市公司股东会规则》《上市公司治理准则》《上市公司章程 指引》《深圳证券交易所股票上市规则》《深圳证券交易所上市 公司自律监管指引第1号—主板上市公司规范运作》等法律法规、 规范性文件以及《浪潮电子信息产业股份有限公司章程》（以下 简称《公司章程》）的有关规定，制定本议事规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用 本议事规则。 第三条 公司应当严格按照法律法规、规范性文件、《公司 章程》及本议事规则的相关规定召开股东会，保证股东能够依法 行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公 司全体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 - 1 - 第四条 股东会分为年度股东会和临时股东会。年度股东会 每年召开1次，应当于上一会计年度结束后的6个月内举行。 ...

浪潮电子信息产业股份有限公司 | | | | 第一章 | 总则 - | 3 | - | | --- | --- | --- | --- | | 第二章 | 经营宗旨和范围 | - 5 | - | | 第三章 | 股份 - | 7 | - | | 第一节 | 股份发行 | - 7 | - | | 第二节 | 股份增减和回购 | - 9 | - | | 第三节 | 股份转让 - | 11 | - | | 第四章 | 股东和股东会 - | 12 | - | | 第一节 | 股东的一般规定 - | 12 | - | | 第二节 | 控股股东和实际控制人 - | 16 | - | | 第三节 | 股东会的一般规定 - | 18 | - | | 第四节 | 股东会的召集 - | 21 | - | | 第五节 | 股东会的提案与通知 - | 23 | - | | 第六节 | 股东会的召开 - | 25 | - | | 第七节 | 股东会的表决和决议 - | 29 | - | | 第五章 | 董事会 - | 35 | - | | 第一节 | 董事的一般规定 - | 35 | - | | 第二节 | 董事会 - | 40 | ...

浪潮电子信息产业股份有限公司 董事会议事规则 （2025年9月修订） 第一章 总则 第一条 为维护浪潮电子信息产业股份有限公司（以下简称 "公司"或"本公司"）和全体股东的合法权益，规范董事会的 议事方式和表决程序，确保董事会落实股东会决议，提高工作效 率，保证科学决策，根据《中华人民共和国公司法》（以下简称 《公司法》）、《中华人民共和国证券法》、《上市公司治理准 则》、《上市公司章程指引》、《深圳证券交易所股票上市规则》 （以下简称《上市规则》）等法律法规、规范性文件及《浪潮电 子信息产业股份有限公司章程》（以下简称《公司章程》）的规 定，制定本议事规则。 第二条 董事会对股东会负责。董事会会议是董事会议事的 主要形式，董事按规定参加董事会会议是履行董事职责的基本方 式。 第二章 董事和董事会职权 第三条 董事会是股东会的执行机构，执行股东会审议通过 的各项决议，对股东会负责并报告工作。 - 1 - 第四条 董事会由七名董事组成，其中职工代表董事一名， 独立董事三名，设董事长一人、副董事长一人。董事长和副董事 长由董事会以全体董事的过半数选举产生。 第五条 有《公司法》第一百七十八条规定的情形及其他法 律 ...

特别提示 1.本次股东会无增加、否决或变更提案的情况。 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 证券代码：000977 证券简称：浪潮信息 公告编号：2025-049 浪潮电子信息产业股份有限公司 2025 年第三次临时股东会决议公告 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。 （一）会议召开情况 3.会议召开方式：现场投票与网络投票相结合的方式； 4.会议召集人：浪潮电子信息产业股份有限公司董事会； 5.会议主持人：董事长彭震先生； 6.本次会议的召集、召开符合《公司法》《股票上市规则》及《公司章程》 的有关规定。 （二）会议出席情况 1.股东出席的总体情况 1 1.召开时间 现场会议召开时间：2025 年 9 月 11 日（星期四）下午 15:00； 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 9 月 11 日上午 9:15-9:25，9:30-11:30；下午 13:00-15:00；通过深圳 证券交易所互联网投票系统进行网络投票的具体时间为：2025 年 9 月 11 日 9: ...

北 京 市 东 城 区 北 三 环 东 路 36 号环球 贸易中心 B 座 11 层 电话（Tel）： 52213236/7 邮编（P.C）： 100013 致：浪潮电子信息产业股份有限公司 北京市君致律师事务所（以下简称本所）受浪潮电子信息产业股份有限公司 （以下简称公司）的委托，指派律师出席 2025 年 9 月 11 日下午 3:00 召开的公 司 2025 年第三次临时股东会（以下简称本次股东会）；依据《中华人民共和国 公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》）、《上市公司股东会规则》（以下简称《股东会规则》）等现行法律、 法规和其他规范性文件及《公司章程》的规定，特就公司本次股东会相关事宜， 出具本法律意见书。 对本法律意见书的出具，本所特作如下声明： 1、本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理 办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以 前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用 原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整， 所发表的结论性意见合法、准确 ...

Group 1 - The core viewpoint of the news is that Inspur Information has seen a stock price increase of 5.07%, reaching 62.77 yuan per share, with a trading volume of 4.038 billion yuan and a turnover rate of 4.45%, resulting in a total market capitalization of 92.406 billion yuan [1] - Inspur Information, established on October 28, 1998, and listed on June 8, 2000, is primarily engaged in the development, production, sales, and system integration of computer software, hardware, and other information products [1] - The company's main business revenue composition includes 93.88% from server products, 6.03% from storage and switching products, and 0.09% from other sources [1] Group 2 - From the perspective of fund holdings, Huian Fund has a significant position in Inspur Information, with its Huian Quantitative Selection A fund holding 2,000 shares, accounting for 3.85% of the fund's net value, making it the fourth-largest holding [2] - The Huian Quantitative Selection A fund, established on July 26, 2018, has a latest scale of 359.9 million yuan, with a year-to-date return of 3.51% and a one-year return of 10.22% [2] - The fund manager, Wu Leyu, has been in position for 1 year and 27 days, overseeing total assets of 9.267 billion yuan, with the best and worst fund returns during his tenure being 2.59% and 0.39%, respectively [2]

Market Overview - The Shanghai Composite Index rose by 1.65% on September 11, with 31 out of 41 sectors experiencing gains, led by the communication and electronics sectors, which increased by 7.39% and 5.96% respectively [1] - The net inflow of capital in the two markets reached 34.518 billion yuan, with 11 sectors seeing net inflows, primarily in the electronics sector, which attracted 21.723 billion yuan [1] Computer Industry Performance - The computer industry saw a rise of 3.71%, with a net capital inflow of 8.479 billion yuan, and out of 335 stocks in this sector, 311 stocks increased in value, while 20 stocks declined [2] - The top three stocks by net capital inflow in the computer sector were Zhongke Shuguang with 1.878 billion yuan, followed by Zhinan Zhen and Inspur Information with 744 million yuan and 555 million yuan respectively [2] Capital Inflow and Outflow - The capital inflow leaderboard in the computer industry included Zhongke Shuguang (10.00% increase), Zhainan Zhen (9.20% increase), and Inspur Information (7.11% increase) [2] - The capital outflow leaderboard featured Gaweida with a slight decrease of 0.24%, followed by Langxin Group with a 4.27% decrease, and Jiadu Technology with a 0.14% decrease [3]

Market Overview - The computer equipment sector rose by 3.97% on September 11, with Huihan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Top Performers - Huihan Co., Ltd. (301600) closed at 134.60, up 20.00% with a trading volume of 74,600 shares and a transaction value of 956 million [1] - Shuguang Digital Innovation (872808) closed at 103.61, up 13.76% with a trading volume of 103,100 shares [1] - Zhongke Shuguang (603019) closed at 92.09, up 10.00% with a trading volume of 895,200 shares [1] - Chunzong Technology (603516) closed at 137.09, up 10.00% with a trading volume of 148,600 shares [1] Market Capital Flow - The computer equipment sector saw a net inflow of 2.906 billion yuan from institutional investors, while retail investors experienced a net outflow of 1.306 billion yuan [2] - The main stocks with significant net inflows included Zhongke Shuguang with 1.795 billion yuan and Langchao Information with 629 million yuan [3] Individual Stock Performance - Huihan Co., Ltd. had a net inflow of 112 million yuan from institutional investors, but a net outflow of 130 million yuan from retail investors [3] - Zhongke Shuguang had a net inflow of 1.795 billion yuan, representing 22.61% of its total trading volume [3] - Langchao Information experienced a net inflow of 629 million yuan, accounting for 8.48% of its trading volume [3]