北 京 上 海 深 圳 杭 州 广 州 昆 明 天 津 成 都 宁 波 福 州 西 安 南 京 南 宁 济 南 重 庆 苏 州 长 沙 太 原 武 汉 贵 阳 乌 鲁 木 齐 郑 州 石 家 庄 合 肥 海 南 青 岛 南 昌 大 连 银 川 拉 孜 香 港 巴 黎 马 德 里 斯 德 哥 尔 摩 纽 约 马 来 西 亚 柬 埔 寨 乌 兹 别 克 斯 坦 哈 萨 克 斯 坦 广州市天河区华夏路 32 号太平洋金融大厦 19 楼 邮编：510620 电话：(+86)(20) 3879 9346 、38799348 传真：(+86)(20) 3879 9348-200 国浩律师(广州)事务所 关于天融信科技集团股份有限公司 2025 年第四次临时股东会的法律意见 天融信科技集团股份有限公司： 根据中国证券监督管理委员会发布的《上市公司股东会规则》(以下简称《股 东会规则》)的要求，国浩律师(广州)事务所(以下简称"本所")接受天融信科 技集团股份有限公司(以下简称"天融信")的委托，指派郭佳、李莎莎律师(以 下简称"本所律师")出席天融信 2025 年第四次临时股东会(以下简称"本次股 东会")，对本次股东会的 ...

Core Viewpoint - The A-share market experienced its first significant adjustment after a slow bull run in November, with various brokerages providing research reports that serve as important guides for understanding company values and predicting future trends [2][9]. Group 1: Key Insights from Citic Securities - Citic Securities believes the market adjustment may present a good opportunity for building positions, with a focus on structural selection amid macroeconomic challenges [2][3]. - In November, Citic Securities covered 186 listed companies, with the highest target price increase for Great Wall Motors at 73.52%, indicating significant upside potential [3][5]. Group 2: High Target Price Companies from Huatai Securities - Huatai Securities identified seven major investment themes for 2026, with 27 companies having target price increases exceeding 50%, including SAIC Motor and China State Construction [7][8]. - Notably, Huatai Securities adjusted the target price for SMIC from 238 yuan to 196 yuan, still reflecting a 72.54% upside potential [7]. Group 3: Insights from Guotai Junan - Guotai Junan sees a favorable window for policy and liquidity in late 2025 to early 2026, with 23 companies having target price increases over 50%, led by Beijing Human Resources with a target price of 35.6 yuan [9][10]. - The company has seen a decline of 5.68% this year despite the bullish outlook [9]. Group 4: Focus on Baijiu Stocks from Huachuang Securities - Huachuang Securities maintains an optimistic long-term outlook, particularly for liquor stocks, with 10 companies having target price increases over 50%, including Kweichow Moutai with a target price of 2600 yuan [11][13]. - Kweichow Moutai has repurchased over 6 billion yuan worth of shares this year, indicating strong confidence in its future performance [11]. Group 5: Insights from Guotou Securities - Guotou Securities highlighted a structural shift in the A-share market, with 2 companies having target price increases over 50%, including Yunda Co. with a target price of 27.94 yuan [15][16]. - The firm anticipates significant profit recovery in wind turbine manufacturing due to rising prices [15]. Group 6: Insights from Dongfang Securities - Dongfang Securities covered 74 companies in November, with 3 having target price increases over 50%, including Aikodi with a target price of 30.5 yuan [17][21]. - The company is expected to expand its robot parts product matrix, projecting significant profit growth in the coming years [17].

Group 1 - The digital watermark concept declined by 0.75%, ranking among the top declines in the concept sector, with notable declines from companies such as Green Alliance Technology, Nanwei Software, and ST Yilianzhong [1][2] - Among the digital watermark concept stocks, 11 companies saw price increases, with Visual China, Haitai Ruisheng, and Digital Vision leading the gains at 2.04%, 1.53%, and 1.06% respectively [1][2] - The digital watermark concept experienced a net outflow of 307 million yuan in main funds today, with 24 stocks seeing net outflows, and 5 stocks with outflows exceeding 30 million yuan, led by Nanwei Software with a net outflow of approximately 89.9 million yuan [2][3] Group 2 - The top net inflow stocks in the digital watermark concept included Visual China, Haitai Ruisheng, and Hengxin Oriental, with net inflows of 63.97 million yuan, 38.94 million yuan, and 7.96 million yuan respectively [2][3] - The stocks with the largest net outflows in the digital watermark concept included Nanwei Software, Beixin Source, and ST Lingnan, with net outflows of 89.9 million yuan, 40.17 million yuan, and 36.82 million yuan respectively [2][3] - The trading activity in the digital watermark concept showed a significant turnover rate, with Nanwei Software at 15.10% and other companies like Beixin Source and ST Lingnan also showing notable turnover rates [3]

Core Insights - The report emphasizes the upward synchronization of performance cycles and technology cycles in the computer industry, driven by AI empowerment and structural improvements in fundamentals [1][2][3] - The computer sector is characterized as a "bull market leader," with a significant resonance between fundamentals and liquidity, reflecting strong market recognition of revenue expansion potential [3][20] - The report forecasts substantial growth in various AI applications, including AI Coding, AI in office software, AI in finance, network security, intelligent driving, and industrial software, indicating a broad market opportunity [3][11][12][13][14][16][17] Group 1: AI Applications - AI Coding is projected to reshape software development paradigms, with a global market value expected to grow from $6.7 billion in 2024 to $25.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 25.2% [3][11][12] - The Chinese AI code generation market is anticipated to expand from 6.5 billion RMB in 2023 to 33 billion RMB by 2028, with a CAGR of 38.4% [3][12] - AI in office software is expected to reach a market size of 30.86 billion RMB in 2024, growing to 191.14 billion RMB by 2028, with a CAGR of 57.75% [3][12] - The network security market is projected to grow to $1.6 billion by 2028, with a CAGR exceeding 230%, driven by the integration of AI technologies [3][14] - Intelligent driving technologies are evolving towards L3 commercial applications, with significant growth in high-speed NOA penetration from 8.7% to 35.7% between 2023 and 2025 [3][16] Group 2: Investment Recommendations - The report suggests focusing on companies involved in AI Coding, such as Zhuoyi Information, and those in AI office software like Kingsoft Office and Foxit Software [3][11][12] - In the AI finance sector, companies like Tonghuashun and Jiufang Zhitu are highlighted for their innovative applications [3][13] - For network security, firms such as Deepin and Anheng Information are recommended due to their advancements in AI-driven security solutions [3][14] - In the intelligent driving space, companies like Desay SV and Zhongke Chuangda are noted for their leadership in high-performance driving solutions [3][16] - Industrial software firms like Zhongkong Technology and Rongzhi Rixin are recognized for their contributions to AI-driven industrial transformations [3][17]

Group 1 - Beijing Tianrongxin Network Security Technology Co., Ltd., Beijing Tianrongxin Technology Co., Ltd., and Beijing Tianrongxin Software Co., Ltd. have obtained a patent titled "Data Interaction Method, Device, and Storage Medium," with authorization announcement number CN119814386B, and the application date is December 2024 [1] - Beijing Tianrongxin Network Security Technology Co., Ltd. was established in 1995, located in Beijing, and primarily engaged in software and information technology services, with a registered capital of 350 million RMB. The company has invested in 46 enterprises, participated in 5,000 bidding projects, holds 223 trademark records, and has 2,836 patent records, along with 5 administrative licenses [1] - Beijing Tianrongxin Technology Co., Ltd. was established in 2003, also located in Beijing, focusing on technology promotion and application services, with a registered capital of approximately 75.76 million RMB. The company has invested in 11 enterprises, participated in 500 bidding projects, holds 2 trademark records, and has 2,759 patent records, along with 5 administrative licenses [1] - Beijing Tianrongxin Software Co., Ltd. was established in 2012, located in Beijing, and primarily engaged in software and information technology services, with a registered capital of 50 million RMB. The company has invested in 1 enterprise, participated in 6 bidding projects, holds 0 trademark records, and has 2,735 patent records, along with 4 administrative licenses [2]

Group 1 - Beijing Tianrongxin Network Security Technology Co., Ltd. has obtained a patent for "Network Traffic Detection Method, Device, Storage Medium, and Computer Program Product" with authorization announcement number CN119766557B, applied on December 2024 [1] - The company was established in 1995 and is primarily engaged in software and information technology services, with a registered capital of 350 million RMB [1] - The company has made investments in 46 enterprises, participated in 5,000 bidding projects, and holds 2,836 patents along with 223 trademark registrations [1] Group 2 - Beijing Tianrongxin Technology Co., Ltd. was founded in 2003, focusing on technology promotion and application services, with a registered capital of approximately 75.76 million RMB [1] - This company has invested in 11 enterprises, participated in 500 bidding projects, and holds 2,759 patents and 2 trademark registrations [1] - The company also possesses 5 administrative licenses [1] Group 3 - Beijing Tianrongxin Software Co., Ltd. was established in 2012, primarily engaged in software and information technology services, with a registered capital of 50 million RMB [2] - The company has invested in 1 enterprise, participated in 6 bidding projects, and holds 2,735 patents along with 4 administrative licenses [2]

Core Viewpoint - Tianrongxin (002212.SZ) has launched its virtualization security products, including firewall, VPN, WAF, and EDR, on the Alibaba Cloud marketplace, providing cloud security solutions for customers [1] Group 1 - The company has introduced multiple virtualization security products to enhance its offerings in the cloud security sector [1] - The products available on Alibaba Cloud include firewall, VPN, WAF, and EDR, indicating a comprehensive approach to cloud security [1]

Core Viewpoint - The Chinese firewall market is experiencing rapid growth, driven by the digital transformation of enterprises and increasing network security demands, with the market size expected to reach $2.8 billion by 2024 [15]. Industry Overview - Firewalls are essential network security devices that monitor, filter, and control network traffic based on predefined security policies, serving as the first line of defense against cyber threats [1]. - Firewalls can be categorized into traditional firewalls, Unified Threat Management (UTM) firewalls, Next-Generation Firewalls (NGFW), and AI firewalls, with NGFW integrating multiple security functions for improved performance [1][2]. Industry Chain Analysis - The firewall industry chain consists of upstream hardware components (chips, hard drives, etc.), midstream firewall products, and downstream application sectors including government, finance, telecommunications, and energy [5]. - Key upstream hardware companies include Loongson Technology and Huawei, while midstream product suppliers include Huawei, Sangfor, and Hillstone Networks [5]. Industry Development History - The firewall industry has evolved from simple packet filtering in 1989 to advanced AI firewalls that utilize machine learning for threat detection, addressing complex cyber threats [7]. Policy Background - The Chinese government emphasizes the importance of network security in its "14th Five-Year Plan," establishing a solid policy foundation for the firewall industry [9]. Market Size and Growth - The Chinese firewall market is projected to grow significantly, with a compound annual growth rate (CAGR) of 4.9% from 2025 to 2030, reaching approximately $3.7 billion by 2030 [25]. Competitive Landscape - The firewall industry is concentrated in Beijing and Guangdong, with major players like Qihoo 360 and Sangfor located in these regions, facilitating collaboration and resource sharing [17][21]. - The market features numerous participants, with competition and cooperation occurring simultaneously among various companies [20]. Future Trends and Predictions - The industry is shifting towards intelligent firewalls and adapting to new architectures, with AI and machine learning becoming core upgrade directions [23]. - The market is also seeing a transition from product sales to service-oriented models, such as "Firewall as a Service," which lowers initial costs for small and medium enterprises [24].

Core Viewpoint - Tianrongxin is actively laying out its strategy in the low-altitude economy sector, focusing on providing cybersecurity, data security, and intelligent cloud computing products and solutions [1] Group 1 - The company is involved in the low-altitude economy, which includes infrastructure, base stations, and aircraft scenarios [1]

Group 1 - The company is actively engaged in the "low-altitude economy" sector, providing cybersecurity, data security, and intelligent computing cloud products and solutions [2] - The solutions cover infrastructure, base stations, and aircraft scenarios related to the low-altitude economy [2]