Group 1 - The core point of the article is that Inspur Information announced the convening of its fourth extraordinary shareholders' meeting on December 25, 2025, to review multiple proposals, including the improvement of the company's governance system [2] Group 2 - The meeting will focus on the resolution of enhancing the company's governance structure, which is crucial for its operational efficiency and compliance [2] - The announcement reflects the company's commitment to maintaining robust governance practices, which may positively influence investor confidence [2] - The timing of the meeting is strategically set for the end of the year, potentially aligning with the company's annual review and planning processes [2]

浪潮电子信息产业股份有限公司 公 司 章 程 二○二五年十二月 | ৰী | | --- | | 第一章 | 总则 - | 3 | - | | --- | --- | --- | --- | | 第二章 | 经营宗旨和范围 | - 6 | - | | 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 - | 17 | - | | 第三节 | 股东会的一般规定 - | 18 | - | | 第四节 | 股东会的召集 - | 22 | - | | 第五节 | 股东会的提案与通知 - | 24 | - | | 第六节 | 股东会的召开 - | 26 | - | | 第七节 | 股东会的表决和决议 - | 30 | - | | 第五章 | 董事会 - | 36 | - | | 第一节 | 董事的一般规定 - | 36 | ...

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 北京市君致律师事务所 关于浪潮电子信息产业股份有限公司 2025 年第四次临时股东会的 法律意见书 君致法字[2025]360 号 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 12 月 25 日下午 3:00 召开的公 司 2025 年第四次临时股东会（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（试行）》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 ...

证券代码：000977 证券简称：浪潮信息 公告编号：2025-068 浪潮电子信息产业股份有限公司 2025 年第四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。 特别提示 （一）会议召开情况 1.召开时间 现场会议时间：2025 年 12 月 25 日 15:00 网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 25 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互 联网投票系统投票的具体时间为 2025 年 12 月 25 日 9:15 至 15:00 的任意时间。 2.会议地点：北京市海淀区凌霄路 15 号院 1 号楼一层东侧 102 会议室。 3.会议的召开方式：现场表决与网络投票相结合。 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； 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 6.本次会议的召集、召开符合《公司法》《深圳证券交易所股 ...

Core Insights - The global AI industry has transitioned from a model performance competition to a critical phase where cost reduction is essential for profitability and industry breakthroughs [1] - Inspur Information has launched the Yuan Nao HC1000 ultra-scalable AI server, achieving a significant cost reduction to 1 yuan per million tokens, which is expected to eliminate cost barriers for AI commercialization [1][12] - The current cost breakthrough is seen as a temporary victory, as future token consumption is expected to grow exponentially, necessitating further cost reductions to ensure AI becomes a fundamental resource [1][16] Industry Trends - The AI industry is at a pivotal point where the reduction of token costs is crucial for widespread application, similar to historical trends in internet infrastructure [3] - Data indicates a tenfold increase in token consumption, with ByteDance's Doubao model reaching an average daily usage of 50 trillion tokens, and Google's platforms processing 1.3 quadrillion tokens monthly [4][7] - The economic principle of Jevons Paradox is evident in the token economy, where increased efficiency leads to higher overall consumption [3] Cost Structure Challenges - Over 80% of current token costs stem from computing expenses, with significant inefficiencies in the architecture leading to high operational costs [8] - The mismatch between training and inference loads results in low hardware utilization during inference, with actual utilization rates as low as 5-10% [8] - Bottlenecks in storage and network communication further exacerbate cost issues, with communication overhead potentially consuming over 30% of total inference time [8] Technological Innovations - The Yuan Nao HC1000 server employs a new DirectCom architecture designed to optimize resource utilization and reduce latency, achieving a breakthrough in token cost efficiency [12][14] - The architecture allows for flexible configuration of computing resources, maximizing efficiency and reducing costs associated with token processing [14][16] - Future developments in AI computing will require a shift from scale-oriented approaches to efficiency-driven innovations, including the exploration of dedicated AI chips and hardware-optimized algorithms [16]

Core Viewpoint - The stock of Inspur Information has shown a significant increase in price and trading volume, indicating strong market interest and potential growth in the company's financial performance [1][2]. Financial Performance - For the period from January to September 2025, Inspur Information achieved a revenue of 120.67 billion yuan, representing a year-on-year growth of 45.16% [2]. - The net profit attributable to shareholders for the same period was 1.48 billion yuan, reflecting a year-on-year increase of 14.51% [2]. Stock Performance - As of December 24, the stock price of Inspur Information rose by 2.00% to 66.30 yuan per share, with a total market capitalization of 97.36 billion yuan [1]. - The stock has increased by 28.19% year-to-date, with a 5.49% rise over the last five trading days [1]. Shareholder Information - As of December 10, the number of shareholders for Inspur Information was 350,000, a decrease of 2.78% from the previous period [2]. - The average number of circulating shares per shareholder increased by 2.60% to 4,190 shares [2]. Dividends - Since its A-share listing, Inspur Information has distributed a total of 1.49 billion yuan in dividends, with 646 million yuan distributed over the last three years [3]. Major Shareholders - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 30.35 million shares, a decrease of 16.47 million shares from the previous period [3]. - Other significant shareholders include various ETFs, all of which have seen a reduction in their holdings [3].

Core Viewpoint - The Shenzhen State-Owned Enterprises ESGR Index (470055) closed at 1590.4 points on December 22, with a gain of 0.46% and a trading volume of 32.354 billion yuan, indicating a stable performance in the market [1]. Group 1: Index Performance - The ESGR Index had 25 stocks rising and 19 stocks falling on the reporting day, with Zhongtung High-Tech leading the gainers at an increase of 8.57%, while Xugong Machinery led the decliners with a drop of 2.67% [1]. - The index's turnover rate was 1.25%, reflecting moderate trading activity among its constituents [1]. Group 2: Component Stocks - The top ten constituent stocks of the ESGR Index include Hikvision (9.59% weight), Weichai Power (8.74% weight), and Wuliangye (8.73% weight), with total market capitalizations of 267.156 billion yuan, 154.753 billion yuan, and 428.258 billion yuan respectively [1]. - Notable price movements include Langchao Information with a 4.50% increase and Changchun Gaoxin with a 0.82% decrease [1]. Group 3: Capital Flow - On the reporting day, the main funds experienced a net outflow of 427 million yuan, while retail investors saw a net inflow of 167 million yuan [1]. - The detailed capital flow indicates that Langchao Information had a net inflow of 564 million yuan from main funds, despite a net outflow from retail investors [2]. Group 4: Index Adjustments - Recent adjustments to the ESGR Index included the addition of 15 new stocks and the removal of 15 stocks, reflecting a dynamic rebalancing of the index [3]. - Newly included stocks such as Yunda Co. (138.09 billion yuan market cap) and Tai Sheng Wind Power (77.41 billion yuan market cap) indicate a focus on sectors like power equipment and basic chemicals [3].

Market Overview - The Shanghai Composite Index rose by 0.69% on December 22, with 22 out of the 28 sectors experiencing gains, led by the communication and comprehensive sectors, which increased by 4.28% and 2.63% respectively [1] - The computer sector also saw a rise of 0.65%, while the media and banking sectors faced declines of 0.61% and 0.52% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 6.605 billion yuan, with 11 sectors experiencing net inflows [1] - The communication sector had the highest net inflow of 7.516 billion yuan, corresponding to its 4.28% increase, followed by the electronics sector with a 2.62% rise and a net inflow of 6.073 billion yuan [1] - Conversely, 20 sectors experienced net outflows, with the computer sector leading with a net outflow of 2.408 billion yuan, followed by the media sector with a net outflow of 2.263 billion yuan [1] Computer Sector Performance - Within the computer sector, 336 stocks were tracked, with 194 stocks rising and 131 stocks declining; one stock hit the daily limit [2] - The top three stocks with significant net inflows included Inspur Information with 489.26 million yuan, followed by Sifang Jingchuang with 124.25 million yuan, and Zhongke Xingtu with 100.17 million yuan [2] - The stocks with the highest net outflows included Zhina Zhen with 383.13 million yuan, Haixia Innovation with 336.96 million yuan, and Hikvision with 178.55 million yuan [4]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][6]. Core Insights - The release of Doubao Model 1.8 and the Seedance 1.5 pro video generation model at the Force conference highlights significant advancements in AI capabilities, particularly in multi-modal agent scenarios [5]. - Doubao Model 1.8 achieved a score of 67.6 in the BrowseComp evaluation, surpassing leading models like GPT-5 High (54.9) and Gemini-3-pro (37.8), indicating its top-tier performance in complex task planning and execution [5]. - The upgraded Seedance 1.5 pro model features breakthroughs in audio-visual synchronization and multilingual dialogue alignment, enhancing its practical and commercial potential [5]. - The AI industry is transitioning from technical validation to large-scale implementation, with Doubao Model's daily token usage exceeding 50 trillion, ranking third globally [5]. - Future investment focus areas include general agent development platform vendors, vertical industry agent solution providers, and small to medium enterprises benefiting from cost-reduction policies [5]. Summary by Sections Recent Developments - The Force conference held on December 18-19, 2025, showcased the launch of Doubao Model 1.8 and the Seedance 1.5 pro model [3][5]. Market Trends - The AI ecosystem in China is led by major companies, with a focus on agents, multi-modal capabilities, and low-code solutions, which are expected to drive continued investment in computing infrastructure [6]. Investment Recommendations - Key companies to watch include: - AI Computing: Cambrian-U (688256.SH), Haiguang Information (688041.SH), Inspur Information (000977.SZ) - Agent Solutions: Kingsoft Office (688111.SH), Dingjie Zhizhi (300378.SZ), Saiyi Information (300687.SZ) - Multi-modal Solutions: Wanjing Technology (300624.SZ), iFlytek (002230.SZ), Tuolisi (300229.SZ) - AI Programming: Zhuoyi Information (688258.SH), Jinxiandai (300830.SZ) [6].

Core Insights - The storage server industry is driven by multiple favorable factors, including supportive policies, technological breakthroughs in storage chips, and increasing demand across various sectors such as public services, internet, and finance [1][6][9] Industry Overview - Storage servers are specialized servers focused on data storage management, integrating hardware and software to provide high reliability and scalability for massive structured and unstructured data [2][6] - Compared to general servers, storage servers prioritize storage functionality, featuring more hard drive slots and supporting large-capacity storage media [3][4] Market Size and Growth - The overall server market in China is projected to reach 249.21 billion yuan in 2024, with the storage server market expected to reach 43.87 billion yuan, showing steady growth into 2025 [1][9] - The storage server market is anticipated to grow to 52.19 billion yuan by 2025, driven by AI demand and digital transformation [10] Policy Support - A series of significant policies have been introduced to support the storage server industry, focusing on technology standards, infrastructure development, and green transformation [6][9] Industry Chain - The storage server industry chain in China is tightly integrated, covering core components to end applications, with upstream focusing on key components and software supply [7][9] - Domestic companies are gradually breaking into high-end fields, supported by competitive pricing and customization services [7] Competitive Landscape - The industry features a competitive landscape characterized by leading companies dominating the market, ODM manufacturers providing customized solutions, and niche players focusing on specific segments [10][12] - Major players like Huawei and Inspur hold over 60% of the market share, while companies like Yihualu and Jiangbolong are carving out niches with differentiated technologies [10][12] Development Trends - The storage server industry is expected to evolve towards high performance and green technology, with distributed storage and NVMeoF protocols becoming mainstream [12][13] - The market will see a shift from single product competition to integrated solution offerings, with a focus on customized products for specific scenarios [14]