Core Insights - The strength of domestic large models has increased, showcasing competitive barriers in "local capability SOTA" and cost-effective computing power utilization [3] - The rapid iteration of models enhances reasoning capabilities, significantly benefiting upstream infrastructure, with cloud services and core computing components being the main beneficiaries [3] - The industrial software sector possesses a deep moat, as it requires a collaborative computing network across cloud, edge, and terminal, with higher security demands [3] - The synergy between computing power and electricity policies is driving the growth of intelligent power scheduling and trading services, while also promoting the export of tokens and energy [3] - Investment recommendations focus on midstream domestic large models, upstream cloud service providers, and downstream industrial AI solution providers [3] Section Summaries 01 Strengthening of Domestic Large Models - Domestic large models have entered a dual-driven phase of "agent engineering" and "native multimodal" [12] - Major companies like Alibaba and ByteDance have released flagship models that enhance agent capabilities, indicating a shift from mere conversational tools to execution agents [14] - Domestic large models have shown significant improvements in long context, multimodal, and collaborative capabilities, with many models achieving context window lengths of 256K and supporting native multimodal understanding [19] 02 Explosion of Token Demand - The daily average token usage in China is projected to increase from 100 billion in early 2024 to 100 trillion by the end of 2025, with a significant surge to 140 trillion in March 2026 [26] - The transition to Agentic AI has led to a paradigm shift in token consumption, with active agents expected to grow from approximately 28.6 million in 2025 to 2.216 billion by 2030, reflecting a compound annual growth rate of 139% [26] - The demand for reasoning computing power is structurally exploding, with significant capital expenditures from overseas firms projected to continue rising [27] 03 Industrial AI and Computing Power Synergy - The integration of computing power and electricity is expected to optimize energy consumption and stabilize power systems, with a strong growth outlook under the "East Data West Computing" initiative [3] - The domestic computing power landscape is shifting towards increased localization, with significant percentages of domestic chip usage in various AI computing centers [34] - The demand for optical communication components is expected to rise sharply, driven by the need for high-speed interconnects in AI computing clusters [50]

Investment Rating - The report rates the computer industry as "Positive" [1] Core Insights - Domestic large model capabilities are strengthening, with Chinese manufacturers demonstrating competitive barriers in "local capability SOTA" and cost-effective computing power utilization [3] - The rapid iteration of large models enhances reasoning capabilities, significantly benefiting upstream infrastructure, with cloud services and core computing components being the main beneficiaries [3] - The industrial software sector possesses a deep moat, as it requires a collaborative computing network across cloud, edge, and terminal, with higher security demands that general large models cannot meet [3] - The synergy between computing and electricity policies is accelerating the growth of intelligent power scheduling and trading services, while also promoting the export of tokens and energy [3] - Investment recommendations focus on midstream domestic large models, upstream cloud service providers, and hardware companies capable of domestic substitution, as well as downstream industrial AI solution providers [3] Summary by Sections 01 Strengthening of Domestic Large Models - Domestic large models have entered a dual-driven phase of "intelligent agent engineering" and "native multimodal" [12] - Major companies like Alibaba and ByteDance have released flagship models that enhance agent capabilities, marking a shift from mere conversational tools to execution agents [14] - Domestic large models have shown significant improvements in long context, multimodal, and collaborative capabilities [19] 02 Explosion of Token Demand - The daily average token usage in China is projected to increase from 100 billion in early 2024 to 100 trillion by the end of 2025, with a current surge to 140 trillion [26] - The transition to Agentic AI has led to a structural explosion in reasoning power demand, with active agents expected to grow from approximately 28.6 million in 2025 to 2.216 billion by 2030 [26][36] - The demand for reasoning power is expected to drive significant increases in cloud computing prices, with major cloud providers already implementing price hikes [51] 03 Industrial AI and Computing-Electricity Synergy - The integration of computing and electricity is expected to optimize energy consumption and stabilize power systems, with a focus on achieving carbon neutrality [3] - The report highlights the importance of industrial AI solutions that can provide intelligent scheduling and trading services in the context of computing-electricity synergy [3]

Investment Rating - The investment rating for the computer industry is "Recommended" [2] Core Insights - MiniMax released its new flagship model M2.7, achieving a breakthrough with "self-evolution" capabilities, which allows the model to participate deeply in its training and optimization processes, resulting in approximately a 30% performance improvement on internal evaluation sets [6][14][17] - The price increases by AI companies, including Zhizhu and Alibaba Cloud, are driven by the explosive global demand for AI, leading to increased costs in hardware procurement and cloud services [18][19] - The report suggests that domestic AI manufacturers are entering an innovation cycle, with efficiency improvements expected to accelerate AI applications in various sectors, benefiting related application ecosystem and solution companies [20] Summary by Sections 1. Recent Developments - MiniMax's M2.7 model can execute over 100 cycles of "analyze-improve-validate," significantly enhancing its capabilities in software engineering and project delivery [6][14] - Zhizhu's API prices increased by 50% and 20% in two instances, while Alibaba Cloud announced price hikes for AI computing and storage services, marking a shift from discounting to a new pricing cycle in the cloud computing industry [18][19] 2. Market Performance - The computer index fell by 4.74% from March 16 to March 20, 2026, with notable stock performances among various companies [9] 3. Investment Recommendations - The report highlights key companies to watch in AI infrastructure and applications, including Haiguang Information, Cambricon, and Zhaoyi Technology, among others [20][21]

兴业证券股份有限公司 关于鼎捷数智股份有限公司 2026 年度持续督导培训报告 深圳证券交易所： 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为鼎捷 数智股份有限公司（以下简称"鼎捷数智"或"公司"）向不特定对象发行可转 换公司债券的保荐机构及持续督导机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 13 号——保荐业务》等相关法律法规的要求，于 2026 年 3 月 6 日对鼎捷数 智的董事、高级管理人员、中层以上管理人员等进行了持续督导培训。现将本次 培训的具体情况报告如下： 一、培训时间 2026 年 3 月 6 日。 二、培训地点 鼎捷数智会议室及线上会议。 三、培训内容 在本次培训中，保荐机构主要解读了新《中华人民共和国公司法》《深圳证 券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》下董事及 高级管理人员职责、审计委员会的工作要求，以及结合法规及相关案例对上市公 司董事及高级管理人员证券交易、信息披露等常见违规行为进行了讲解；结合《上 市公司募集资金监管规则》以及相关案例对公司规范募集资金的存 ...

Core Insights - The report highlights the establishment of a national-level merger fund by the National Development and Reform Commission (NDRC), which is expected to leverage over 1 trillion yuan in various funds [4] - The People's Bank of China plans to flexibly and efficiently utilize various monetary policy tools, including reserve requirement ratio cuts and interest rate reductions, throughout the year [4] - The report emphasizes the importance of expanding high-quality high school education and undergraduate capacity as part of the "14th Five-Year Plan" to address the peak of school-age population [4] Industry Dynamics - The Ministry of Industry and Information Technology will vigorously promote the "AI + manufacturing" initiative, which is expected to catalyze the industrial intelligence sector, with related stocks including Zhongkong Technology (688777) and Dingjie Smart (300378) [5] - The commercialization path for large models is expected to drive sustained demand for computing power, with related stocks such as Henghua Technology (300365) and Hailanxin (300065) [5] - Rapid advancements in AI are driving demand, with institutions predicting that the price increase cycle for MLCC (multi-layer ceramic capacitors) may continue until 2026, involving stocks like Guoci Materials (300285) and Hongda Electronics (300726) [5] Company Focus - Xinguang Optoelectronics (688011) has won a bid for a composite projection and switching optical system project worth 45.51 million yuan [6] - Huicheng Environmental Protection (300779) has developed a proprietary deep catalytic cracking technology for mixed waste plastics, converting them into high-value chemical raw materials [6] - Zhonglun New Materials (301565) has confirmed that its procurement and transportation of electrical-grade polypropylene do not involve the Middle East [6] - Hualian Holdings (000036) has completed its full technology chain layout for high-purity lithium hydroxide through participation in an industrial fund [6] Market Review and Outlook - On March 6, the Shanghai Composite Index and Shenzhen Component Index opened lower but closed higher, while the ChiNext Index experienced a pullback after a brief surge [7] - The total trading volume in the Shanghai and Shenzhen markets was 2.2 trillion yuan, a decrease of 189.9 billion yuan from the previous trading day [7] - The report anticipates a continued upward trend in A-shares through 2026, despite potential external conflicts affecting market rhythm [7] - Key investment themes include price increase sectors and technology, with a focus on service consumption opportunities, particularly in non-ferrous metals, chemicals, oil, and coal [7] - The report projects that by the end of the "14th Five-Year Plan," the core industries of the digital economy will account for 12.5% of GDP, with significant growth expected in AI applications and the new energy sector [7]

| 证券代码：300378 | 证券简称：鼎捷数智 公告编码：2026-03016 | | --- | --- | | 债券代码：123263 | 债券简称：鼎捷转债 | | 股东名称 | 减持方式 | | 减持期间 | | | 减持价格区间 | 减持均价 | 减持股数 | 减持比例 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | （元/股） | （元/股） | （万股） | | | | 集中竞价交易 | 2026 年 | 1 月 | 8 | 日至 | 50.00~67.01 | 51.29 | 267.3381 | 0.99% | | | | 2026 | 年 2 月 | 10 | 日 | | | | | 鼎捷数智股份有限公司 关于持股 5%以上股东减持计划期限届满暨减持结果 的公告 本公司持股5%以上股东富士康工业互联网股份有限公司保证向 本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 鼎捷数智股份有 ...

Group 1 - Jin Modern focuses on digitalization and low-code development, providing information solutions in power and chemical industries, leveraging AI to enhance project delivery and reduce costs, benefiting from the widespread adoption of AI applications [1][34] - Saiyi Information is a leading digital service provider in China, specializing in smart manufacturing and ERP implementation, utilizing AI to enhance production efficiency and quality in the electronics and photovoltaic sectors [2][35] - Zhongke Chuangda is a global leader in smart operating systems, providing solutions for smart cars and AIoT, benefiting from partnerships with major tech companies to enhance AI capabilities [3][36] Group 2 - Giant Network is a well-known game developer, integrating AI technology into the entire game lifecycle to improve content generation and player experience, positioning itself advantageously in the gaming and metaverse sectors [4][37] - Zhonggong Education is a leading provider of employment and vocational education services, actively integrating AI into its training programs to enhance learning efficiency and student experience [5][38] - Zhejiang University NetNew focuses on digital transformation for government and infrastructure, leveraging AI and big data to enhance service delivery and operational efficiency [6][39] Group 3 - Dou Shen Education specializes in K12 and quality education, utilizing AI to develop intelligent teaching assistants and personalized learning content, aiming to enhance educational outcomes [7][40] - Jingye Da is a core supplier in smart education and rail transit, developing AI-driven educational tools and enhancing its smart rail business through AI applications [8][41] - Angli Education is a prominent education training institution, exploring AI applications to improve teaching efficiency and adapt to changing educational evaluation systems [9][42] Group 4 - Jiafa Education is a pioneer in educational information technology, integrating AI into exam management and teaching evaluation to enhance educational quality [10][43] - Zhengyuan Wisdom provides solutions for smart campuses and enterprises, leveraging AI to optimize service delivery and operational costs [11][44] - Xinkai Pu is a leader in campus card systems and smart enterprise solutions, collaborating with major tech firms to enhance AI applications in educational and governmental contexts [12][45] Group 5 - Shengtong Co. focuses on technology education, developing AI-driven educational systems to enhance teaching effectiveness and meet growing demand in youth education [13][46] - Shiji Tianhong is a K12 education content provider, leveraging AI to improve educational products and services, aiming for a competitive edge in the market [14][47] - Ouma Software specializes in exam information technology, applying AI to optimize evaluation processes and enhance data analysis capabilities [15][48] Group 6 - iFLYTEK is a leading player in intelligent voice and AI, leveraging its advanced models to penetrate various sectors including education, justice, and healthcare [16][49] - Huina Technology focuses on digital solutions for commercial real estate and retail, utilizing AI for customer behavior analysis and operational decision-making [17][50] - Jiuqi Software specializes in digitalization for government and enterprise sectors, integrating AI into various applications to enhance operational efficiency [18][51]

Group 1 - The core point of the article is that Dingjie Zhizhi has approximately 44,000 shareholders as of January 30 [2]

鼎捷数智股份有限公司简式权益变动报告书 鼎捷数智股份有限公司 简式权益变动报告书 上市公司名称：鼎捷数智股份有限公司 股票上市地点：深圳证券交易所 股票简称：鼎捷数智 股票代码：300378 信息披露义务人一：富士康工业互联网股份有限公司 住所：深圳市龙华区龙华街道东环二路二号富士康科技园 C1 栋二层 通讯地址：深圳市龙华区龙华街道东环二路二号富士康科技园 C1 栋二层 信息披露义务人二：TOP PARTNER HOLDING LIMITED 住所：RM 2702-03 CC WU BLDG,302-8 HENNESSY RD,WANCHAI,HONGKONG 通讯地址：中国台湾新北市新店区中兴路一段 222 号 12 楼 信息披露义务人三：叶子祯 住所：上海市静安区江场路 1377 弄 1 号楼 22 层 通讯地址：上海市静安区江场路 1377 弄 1 号楼 22 层 信息披露义务人四：孙蔼彬 住所：上海市静安区江场路 1377 弄 1 号楼 22 层 通讯地址：上海市静安区江场路 1377 弄 1 号楼 22 层 信息披露义务人五：新蔼企业管理咨询（上海）有限公司 住所：上海市汾西路 650 弄 3 号 ...

| 证券代码：300378 | 证券简称：鼎捷数智 公告编码：2026-02014 | | --- | --- | | 债券代码：123263 | 债券简称：鼎捷转债 | 鼎捷数智股份有限公司 关于披露简式权益变动报告书的提示性公告 3、本次权益变动不会导致公司控制权发生变化，不会对公司治理结构及未 来持续经营产生重大影响。 公司于近日收到工业富联出具的《关于富士康工业互联网股份有限公司减持 鼎捷数智股份有限公司股份进展情况的告知函》、工业富联及其一致行动人出具 的《简式权益变动报告书》，具体情况如下： 一、本次权益变动的基本情况 1、本次权益变动的情形 本公司持股5%以上股东富士康工业互联网股份有限公司及其一 致行动人TOP PARTNER HOLDING LIMITED、叶子祯先生、孙蔼彬先生、 新蔼企业管理咨询（上海）有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 特别提示： 1、本次权益变动系鼎捷数智股份有限公司（以下简称"公司"）持股 5%以 上股东富士康工业互联网股份有限公司（以下简称 ...