Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Insights - The ongoing technological competition among major countries necessitates the localization of AI computing power in China. Although H20 has been approved for sale, long-term localization remains a priority. The development of the chip and underlying software ecosystem will be crucial for the domestic AI industry. The new round of global AI "arms race" has begun, with the release of significant models and products like ChatGPT Agent and Kimi K2 expected to significantly boost domestic computing power demand. The long-term development prospects for domestic computing power are optimistic [3][36]. Summary by Sections Market Review - During the week of July 14-18, the CSI 300 Index rose by 1.09%, the SME Index increased by 2.26%, and the ChiNext Index grew by 3.17%. The computer sector (CITIC) saw a 2.32% increase. The top five gainers in the sector were Xiling Information, Chunz中科技, Information Development, Dingjie Smart, and Tuoer Si. The top five decliners were Dazhi Hui, Jinzheng Shares, Jingbeifang, Xinyada, and Changliang Technology [1][44]. Industry News - The Ministry of Industry and Information Technology (MIIT) is promoting the synergy between industrial internet and artificial intelligence, accelerating the development of 6G technology [38]. OpenAI has released ChatGPT Agent, which can think independently and select tools to complete complex tasks [39]. The MIIT will also organize the "Artificial Intelligence + Software" initiative to accelerate the software intelligence process [40]. Company Dynamics - Capital Online's shareholder Zhao Yongzhi reduced his stake by 5,200,000 shares, accounting for 1.036% of the total share capital. Guanglian Da repurchased 8,732,100 shares, approximately 0.53% of its total share capital, with a total transaction amount of 121,956,165.8 yuan [2][42]. Investment Suggestions - The report suggests focusing on domestic AI computing power, particularly in the following areas: 1. Chip design: Key players include Cambrian and Haiguang Information 2. Advanced wafer manufacturing: Focus on leading companies like SMIC 3. Domestic AI computing liquid cooling: Companies like Highlan and Yingweike 4. Domestic AI servers: Notable companies include Inspur, Softcom, China Great Wall, Shenzhou Data, Huibo Yuntong, Tuo Wei Information, Zhongke Shuguang, ZTE, Fenghuo Communication, Unisplendour, Industrial Fulian, and Gaoxin Development [3][36].

2025 年 07 月 20 日 广联达(002410.SZ) 发布 CIM 平台和建筑 AI 白皮书，赋能城市高质量发展 事件概述 1)7 月 14-15 日，中央城市工作会议在北京举行，习近平总书记针对 城市工作提出明确要求：以推动城市高质量发展为主题，以推进城市 更新为重要抓手，走出一条中国特色城市现代化新路子。广联达致力 于从建筑数字化向城市数字化拓展，基于 CIM 平台赋能数字城市建 设，未来有望迎来更大的发展机会。 2）7 月初，广联达在"2025 产业互联网创新发展论坛"正式发布行 业白皮书《建筑企业 AI 应用行动指南》，系统提出了可操作、可落地 的行动框架，为建筑企业推进 AI 应用提供了清晰可行的行动参考。 从建筑数字化向城市数字化拓展 广联达作为数字建筑平台服务商，近年来积极拓展数字城市业务，打 造 CIM（城市信息模型）平台形成孪生城市数字底座，并开展 CIM+ 应用，提供城市的规建管运、智慧生态、城市更新等综合解决方案， 为城市可持续发展提供有力支撑。根据公司官网披露，今年上半年， 广联达推出新一代 CIM 基础平台——"广联达城市信息模型（CIM）基 础平台 4.0"， 全面支撑智 ...

Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].

《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn）披露的《关于回购股份方案 的公告》（公告编号：2025-026）。 截至本公告披露之日，公司本次回购股份数量已超过回购方案下限，未超过回购方案上限， 本次回购股份方案实施完成。根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股 份》等相关规定，现将本次回购结果公告如下： 证券代码：002410 证券简称：广联达 公告编号：2025-049 广联达科技股份有限公司 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。 广联达科技股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日召开第六届董事会第 十八次会议，审议通过《关于回购股份方案的议案》，公司拟以不超过 21 元/股（含）的回购 价格，回购不低于 500（含）万股且不超过 1,000（含）万股公司已发行的人民币普通股（A 股）股票，用于股权激励或员工持股计划，本次回购实施期限为自公司董事会审议通过回购股 份方案之日起十二个月内。具体详见公司在 2025 年 4 月 1 日在《中国证券报》 《证券时报》 《证 券 ...

证券代码：002410 证券简称：广联达 公告编号：2025-049 一、回购公司股份实施情况 公司于 2025 年 4 月 7 日首次通过股票回购专用证券账户以集中竞价交易方式实施回购股 份，具体详见公司在 2025 年 4 月 8 日在《中国证券报》《证券时报》《证券日报》《上海证券报》 和巨潮资讯网（http://www.cninfo.com.cn）披露的《关于首次回购公司股份的公告》（公告编号： 2025-033）。 在回购股份方案实施过程中，公司取得中国工商银行北京市分行出具的《贷款承诺函》， 为公司回购提供不超过 1.5 亿元贷款额度。具体详见公司在 2025 年 4 月 19 日在《中国证券报》 《证券时报》《证券日报》《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于取得金融机构股票回购专项贷款承诺函的公告》（公告编号：2025-034）。 2025 年 5 月至 2025 年 7 月，公司在每个月的前三个交易日内均披露了回购进展情况。具 体内容详见《中国证券报》《证券时报》《证券日报》《上海证券报》和巨潮资讯网 （http://www.cninfo. ...

Group 1 - Guanglian Da has been awarded the title of "Best Managed Company" in China for three consecutive years, recognizing its continuous innovation and excellence in digital construction [1][4] - The BMC project is one of the most influential corporate management evaluations globally, covering nearly 50 countries and regions, focusing on adaptability and sustainable growth in rapidly changing environments [3] - The evaluation process lasted six months and involved closed-door recommendations, entrepreneur interviews, and expert research, with assessments based on Deloitte's BMC excellence management standards across four dimensions: strategy, capability, commitment, and financial strength [3] Group 2 - Guanglian Da is a leader in the digital transformation of the construction industry, achieving significant breakthroughs in AI technology applications [4] - The company's self-developed "One Horizontal, One Vertical, One AI" technology system has become a core engine for promoting intelligent upgrades in the construction industry, enhancing project efficiency and management precision [4] - Guanglian Da has established a comprehensive software product system covering the entire lifecycle of construction projects, achieving a transition from "construction" to "intelligent manufacturing" [4] Group 3 - The recognition of Guanglian Da in the BMC awards highlights the company's technological innovation, management capabilities, and global layout, showcasing the rising strength of Chinese construction enterprises in the global supply chain [4] - The company plans to continue leveraging AI as a core driving force, collaborating with industry partners to create a new ecosystem for an intelligent, efficient, and sustainable construction industry [4]

广联达科技股份有限公司（以下简称"公司"）于2025年3月31日召开第六届董事会第十八 次会议，审议通过《关于回购股份方案的议案》，公司拟以不超过21元/股（含）的回购价格， 回购不低于500（含）万股且不超过1,000（含）万股公司已发行的人民币普通股（A股）股票， 用于股权激励或员工持股计划，本次回购实施期限为自公司董事会审议通过回购股份方案之日 起十二个月内。具体详见公司在2025年4月1日在《中国证券报》《证券时报》《证券日报》《上 海证券报》和巨潮资讯网（http://www.cninfo.com.cn）披露的《关于回购股份方案的公告》（公 告编号：2025-026）。 公司于2025年4月7日首次通过股票回购专用证券账户以集中竞价交易方式实施回购股份， 具体详见公司在2025年4月8日在《中国证券报》《证券时报》《证券日报》《上海证券报》和巨 潮资讯网（http://www.cninfo.com.cn）披露的《关于首次回购公司股份的公告》（公告编号： 2025-033）。 证券代码：002410 证券简称：广联达 公告编号：2025-048 广联达科技股份有限公司 关于回购股份方案的实施进展公告 ...

Group 1: AI Strategy and Advantages - The company has developed a large model, AecGPT, specifically for the construction industry, which was released in 2024 and can pass the national construction examination with high scores [2] - Key elements for successful industrial AI include high-quality data, valuable scenarios, and reliable models [2] - The company possesses a comprehensive engineering construction knowledge base that supports the construction large model [2] Group 2: AI Application Scenarios - The company focuses on three main directions for AI scenario implementation: integrated design, refined cost management, and precise construction management [3][4] - In integrated design, AI is used to enhance design workflows and assist in construction drawing design [3] - Refined cost management leverages AI and data to drive detailed cost management throughout the project lifecycle [4] Group 3: Value Measurement and Commercialization - High-value AI applications should be able to deliver a complete task process, be measurable in value, and continuously learn and optimize [5] - The AI intelligent bidding product has been implemented in 716 construction bidding projects in Hainan, resulting in an average bid reduction rate of 8% and saving approximately CNY 4.56 billion [5] - The commercial value of AI products is closely linked to technological maturity and the ability to meet new demands [6] Group 4: Future AI Opportunities - Future high-value AI scenarios will emerge from both technological breakthroughs and evolving market demands [7] - The upcoming market reforms in September 2025 will drive the need for effective data management and cost control in the construction industry [7] - The company is developing an automatic database construction product that will enhance data collection and analysis efficiency [7]

Core Viewpoint - Company is expanding its investment strategy by participating in a new venture capital fund focused on advanced technology sectors, particularly in artificial intelligence and green technology [1][2]. Group 1: Investment Details - Company plans to invest through its wholly-owned subsidiary, Beijing Guanglian Da Chuangyuan Investment Center, in the Guangzhou Aiyisai Venture Capital Fund, with a target size of RMB 40.76 million [1]. - The company will contribute RMB 8.15 million, representing a 20% stake in the fund [1]. - The fund aims to invest in early-stage enterprises, small and medium-sized enterprises, and high-tech companies in the fields of artificial intelligence, smart construction, digital technology, and green low-carbon initiatives [1]. Group 2: Fund Registration and Management - The fund has completed its registration with the Asset Management Association of China and has obtained the Private Investment Fund Registration Certificate [2]. - The fund's new name is Guangzhou Aiyisai Venture Capital Fund, and it is managed by Guangji Huida Investment Management (Tianjin) Co., Ltd. [2]. - The custodian bank for the fund is China Minsheng Banking Corp., Ltd. [2].

托管人名称：中国民生银行股份有限公司 广联达科技股份有限公司 关于全资企业参与基金备案登记完成的公告 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。 为推动广联达科技股份有限公司（以下简称"公司"）技术进步和业务拓展，公司拟通过全 资企业北京广联达创元投资中心（有限合伙）（以下简称"创元投资"）投资广州广建科创业投 资基金合伙企业（以下简称"广州基金"或"合伙企业"），并于2025年2月19日签署了相关合伙协 议。该合伙企业重点投资于新一代信息技术有关的硬科技领域，聚焦人工智能技术、智能建造、 数字科技、绿色低碳等早期企业、中小企业和高新技术企业。目标规模为人民币4,076万元。创 元投资将作为有限合伙人，以自有资金815万元认购合伙企业份额，预计占比20%。具体内容 详见公司于2025年2月20日在《证券时报》《中国证券报》《上海证券报》《证券日报》和巨 潮资讯网（www.cninfo.com.cn）披露的《关于全资企业参与认购合伙企业份额的公告》（公告 编号：2025-002）。 2025 年 2 月 27 日，经基金管理人沟通，并根据广州市市场监督管理局 ...