2025 年 11 月 18 日│中国香港 动态点评 证券研究报告 科技 "千问"项目官宣引领国内 AI 2C 应 用发展新潮 华泰研究 科技 增持 (维持) | 11 月 17 日，阿里巴巴正式宣布启动"千问"项目，同日千问 APP 公测版 | | --- | | 上线。据智东西，阿里核心管理层将"千问"项目视为"AI 时代的未来之 | | 战"，其千问 APP 公测版凭借免费以及与各类生活场景生态的结合，将与 | | ChatGPT 展开全面竞争。此外，据晚点 LatePost，新的千问应用对标 | | ChatGPT 最新的 5.1 版本，它由此前的通义 app 和夸克 AI 对话助手升级而 | | 来，接入阿里通义实验室最新的 Qwen3-Max 模型。阿里此次行动在我们看 | | 来标志着国内 AI 之争进一步延申至应用层面，建议持续关注阿里巴巴的相 | | 关业务进展及相应受益的 AI 基础设施上游标的。 | 持续迭代的模型实力和内部数据的打通为 C 端应用发展奠定基础 据晚点 LatePost，千问团队表示推出千问 APP 原因在于：1）模型成熟度 和 Qwen3-Max 整体性能效果已达全球领 ...

中证2000增强ETF（159552）业绩比较基准为中证2000指数收益率，管理人为招商基金管理有限公司， 基金经理为邓童，成立（2024-06-19）以来回报为103.45%，近一个月回报为5.62%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月18日，截止午间收盘，中证2000增强ETF（159552）跌1.18%，报2.011元，成交额3063.41万元。中 证2000增强ETF（159552）重仓股方面，豪鹏科技截止午盘跌2.01%，亚太股份跌1.78%，富春环保跌 3.35%，福斯达涨0.82%，春秋电子涨0.07%，海利得跌2.45%，骏亚科技涨0.32%，星网锐捷涨1.23%， 新亚电子跌0.89%，焦点科技涨3.73%。 来源：新浪基金∞工作室 ...

Core Viewpoint - StarNet RuiJie has shown a significant increase in stock price and revenue, indicating strong business performance despite recent fluctuations in stock value [1][2]. Financial Performance - As of September 30, StarNet RuiJie reported a revenue of 14.168 billion yuan for the first nine months of 2025, representing a year-on-year growth of 19.20% [2]. - The net profit attributable to shareholders for the same period was 344 million yuan, reflecting a year-on-year increase of 31.06% [2]. - The company's stock price has increased by 37.61% year-to-date, although it has experienced a decline of 1.94% in the last five trading days and 10.42% over the past 20 days [1]. Shareholder Information - As of September 30, the number of shareholders decreased by 8.99% to 49,000, while the average number of circulating shares per person increased by 9.88% to 11,913 shares [2]. - The company has distributed a total of 1.145 billion yuan in dividends since its A-share listing, with 353 million yuan distributed in the last three years [3]. Major Shareholders - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 70.764 million shares, an increase of 25.151 million shares from the previous period [3]. - Other notable shareholders include E Fund's various funds, which have increased their holdings, while some have exited the top ten list [3]. Business Overview - StarNet RuiJie's main business segments include enterprise-level network equipment (72.69% of revenue), communication products (13.69%), and other services [1]. - The company operates in several sectors, including network communication, cloud services, digital entertainment, and vehicle networking [1].

Core Viewpoint - StarNet Ruijie experienced a decline of 1.20% on November 11, with a trading volume of 298 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On November 11, StarNet Ruijie had a financing buy-in amount of 26.52 million yuan and a financing repayment of 28.27 million yuan, resulting in a net financing outflow of 1.75 million yuan [1] - As of November 11, the total financing and securities lending balance for StarNet Ruijie was 601 million yuan, with the financing balance at 599 million yuan, accounting for 4.03% of the circulating market value, which is above the 60th percentile level over the past year [1] - In terms of securities lending, 500 shares were repaid and 200 shares were sold on November 11, with a selling amount of 5,094 yuan, while the securities lending balance was 1.68 million yuan, also above the 50th percentile level over the past year [1] Business Performance - For the period from January to September 2025, StarNet Ruijie achieved an operating income of 14.168 billion yuan, representing a year-on-year growth of 19.20%, and a net profit attributable to shareholders of 344 million yuan, reflecting a year-on-year increase of 31.06% [2] - The company has cumulatively distributed dividends of 1.145 billion yuan since its A-share listing, with 353 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders for StarNet Ruijie was 49,000, a decrease of 8.99% from the previous period, while the average circulating shares per person increased by 9.88% to 11,913 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 70.764 million shares, an increase of 25.151 million shares from the previous period [3] - New entrants among the top ten shareholders include Dongfanghong Rui Feng Mixed Fund and E Fund Information Industry Mixed A, while E Fund Strategic Emerging Industries Stock A has exited the list [3]

Core Insights - The "New Three Samples" sectors, including electric power equipment, communication, and new energy, have shown significant stock price performance and robust financial results in 2023, reflecting a profound transformation in the Chinese economy [1][2][4]. Electric Power Equipment Sector - The electric power equipment industry in the Shenzhen market achieved a total revenue of 1.32 trillion yuan, a year-on-year increase of 10%, and a net profit of 946.09 billion yuan, up 29.53% [2]. - The average stock price increase for electric power equipment companies was nearly 51%, with 90% of companies experiencing positive growth, and 26 companies seeing their stock prices more than double [4][5]. Communication Sector - The communication sector reported a total revenue of 292.38 billion yuan, a year-on-year growth of 14.34%, and a net profit of 308.09 billion yuan, up 36.65% [2]. - Key players like NewEase (300502.SZ) and Guangxun Technology (002281.SZ) demonstrated substantial growth, with NewEase's revenue increasing by 221.70% and net profit by 284.37% [6][7]. New Energy Sector - The new energy sector generated a total revenue of 1.06 trillion yuan, reflecting a year-on-year increase of 10.56%, and a net profit of 787.05 billion yuan, up 31.87% [3]. - Notable growth was observed in specific segments, with battery, photovoltaic equipment, and wind power equipment net profits increasing by 30.60%, 16.89%, and 82.56% respectively [3]. Leading Companies - Leading companies in the electric power equipment sector, such as Siyuan Electric (002028.SZ), reported a revenue of 138.27 billion yuan, up 32.86%, and a net profit of 21.91 billion yuan, up 46.94% [5]. - In the new energy sector, CATL (300750.SZ) achieved a revenue of 283.07 billion yuan, a 9.28% increase, and a net profit of 490.34 billion yuan, up 36.20% [6][7].

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) listed companies reported significant growth in revenue and net profit in the first three quarters of 2025, indicating a robust performance and high-quality development in China's capital market, contributing positively to macroeconomic stability [1] Group 1: Power Equipment Industry - The power equipment sector achieved a total revenue of 1.32 trillion yuan, a year-on-year increase of 10%, and a net profit of 946.09 billion yuan, up 29.53% [2] - Companies in this sector are heavily investing in research and development, with a focus on technological innovation to drive growth [2][3] - For instance, Siyi Electric achieved a revenue of 13.83 billion yuan, growing by 32.86%, and a net profit of 2.19 billion yuan, increasing by 46.94% [2] Group 2: Communication Industry - The communication sector reported a total revenue of 292.38 billion yuan, a year-on-year increase of 14.34%, and a net profit of 30.81 billion yuan, up 36.65% [4] - Companies like NewEase achieved a revenue of 16.51 billion yuan, growing by 221.70%, and a net profit of 6.32 billion yuan, increasing by 284.37% [4][5] - The growth is attributed to breakthroughs in core technologies that help overcome industry barriers [5] Group 3: New Energy Sector - The new energy sector generated a total revenue of 1.06 trillion yuan, a year-on-year increase of 10.56% [6] - The net profit growth in sub-sectors includes battery (30.60%), photovoltaic equipment (16.89%), and wind power equipment (82.56%) [7] - CATL reported a revenue of 283.07 billion yuan, growing by 9.28%, and a net profit of 49.03 billion yuan, increasing by 36.20% [7][8] Group 4: Consumer Sector - The consumer sector, particularly the home appliance industry, saw a revenue increase of 5.17% and a net profit growth of 9.14% in the first three quarters [9] - Midea Group achieved a total revenue of 364.72 billion yuan, growing by 13.85%, and a net profit of 37.88 billion yuan, increasing by 19.51% [9][10] - Companies are focusing on technological innovation and brand enhancement to capture market opportunities [9]

Core Viewpoint - The company, Fujian Star-net Rui-jie Communication Co., Ltd., has announced the convening of its fourth extraordinary general meeting of shareholders for 2025, scheduled for November 25, 2025, to discuss various proposals approved by the board of directors [4][14]. Meeting Details - The meeting will be held on November 25, 2025, at 2:30 PM, with both on-site and online voting options available [5][6]. - The record date for shareholders to attend the meeting is November 20, 2025 [9]. - All shareholders registered by the record date are entitled to attend and vote, either in person or through a proxy [10]. Voting Procedures - Voting will be conducted through a combination of on-site and online methods, with specific time slots for online voting [8][23]. - Shareholders can express their voting opinions as "agree," "disagree," or "abstain" for each proposal [20]. - The first valid vote will be considered final for any repeated voting on the same proposal [21]. Registration and Attendance - Shareholders must register to attend the meeting, with specific requirements for both individual and corporate shareholders [15][16]. - Registration for on-site attendance will take place on November 20, 2025, from 3:00 PM to 5:30 PM [16]. Contact Information - The company has provided contact details for inquiries related to the meeting, including phone numbers and email addresses [22].

福建星网锐捷通讯股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范福建星网锐捷通讯股份有限公司（以下简称"公司"）董事、 高级管理人员离职程序，确保公司治理结构的稳定性和连续性，维护公司及股东 的合法权益，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》"）《深圳证券交易所股票上 市规则》《上市公司治理准则》《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》等相关法律、法规和，结合《福建星网锐捷通讯股 份有限公司章程》（以下简称"《公司章程》"）等规定，制定本制度。 第二条 本制度适用于公司董事（含非独立董事、职工代表董事、独立董事）、 高级管理人员因任期届满、辞职、被解除职务、退休或其他原因离职的情形。 第二章 离职情形与生效条件 第三条 公司董事、高级管理人员可以在任期届满前辞职，董事、高级管理 人员辞任应当提交书面辞职报告，报告中应说明辞任或辞职原因。董事辞任的， 自董事会收到辞职报告之日起辞任生效；高级管理人员辞职的，自公司收到辞职 报告之日起辞职生效，高级管理人员与公司之间的劳动或劳务合同另有约定 ...

第一章 总则 第一条 为规范福建星网锐捷通讯股份有限公司（以下简称"公司"）领导人 员的产生，优化董事会和高级管理人员的组成，完善公司治理结构，根据《中华 人民共和国公司法》《深圳证券交易所股票上市规则》《上市公司治理准则》《上 市公司独立董事管理办法》《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》《福建星网锐捷通讯股份有限公司公司章程》（以下简称： "《公司章程》"）及其他有关规定，公司特设立董事会提名委员会，并制定本工 作细则。 第二条 董事会提名委员会是董事会设立的专门工作机构，主要负责对公司 董事、高级管理人员的人选及其任职资格进行遴选、审核。提名委员会在董事会 领导下开展工作，对董事会负责。 福建星网锐捷通讯股份有限公司 董事会提名委员会工作细则 第三条 本细则所称董事是指由股东会选举产生的董事长、董事；高级管理 人员是指董事会聘任的总经理、副总经理、财务负责人、董事会秘书、网络通讯 研究院院长。 第三章 职责权限 第八条 提名委员会的主要职责权限： 第二章 人员组成 第四条 提名委员会委员由 3 名董事组成，独立董事过半数。 第五条 提名委员会委员由董事长、1/2 以上 ...

福建星网锐捷通讯股份有限公司 第三章境外长期股权投资 境外投资管理办法 第一章总则 第一条 为加强福建星网锐捷通讯股份有限公司（以下简称"公司"）境外 投资管理，规范投资行为，防范投资风险，根据《中华人民共和国公司法》和《企 业境外投资管理办法》（国家发展和改革委员会令2017年第11号）《境外投资管 理办法》（商务部令2014年第3号）等国家法律、法规和规范性文件及《福建星 网锐捷通讯股份有限公司章程》等相关规定，结合公司境外投资特点，制定本办 法。 第二条 本办法规定了公司境外投资的原则、决策程序和管理流程等内容。 适用于公司及子公司的境外投资项目。 本制度所称境外投资事项是指在我国境外（含港澳台地区）开展的固定资产 投资、长期股权投资以及其他投资项目。子公司是指公司纳入合并报表范围内的 全资、控股及有控制权的企业。投资项目管理部门是指公司境外投资项目主管部 门。 第二章一般规定 第三条 公司境外投资须符合以下原则，并遵循公司相关规章制度：遵循国 家境外投资指引，符合国家境外投资产业政策；遵守投资所在国（地区）法律和 政策，符合其投资产业发展方向，尊重当地习俗；符合公司国际化发展方向，实 现全球资源配置， ...