Investment Rating - The report maintains an "Overweight" rating for the computer industry, highlighting the potential benefits for enterprise service SaaS vendors from the AI Agent boom [2][3]. Core Insights - The AI Agent market is expected to experience significant growth, with a projected market size increase from $7.84 billion in 2025 to $52.62 billion by 2030, reflecting a compound annual growth rate (CAGR) of 46.3% [3][20]. - The report emphasizes that 2025 is anticipated to be the year of commercial explosion for AI Agents, driven by advancements in large models and the introduction of protocols like MCP and A2A, which facilitate better integration and collaboration within the AI ecosystem [3][20]. - Enterprise-level AI Agents are expected to surpass consumer-level Agents in market share by 2025, as they focus on specific business needs and operational efficiencies [25][27]. Summary by Sections AI Agent Market Overview - AI is transitioning to the L3 intelligent agent era, moving from mere tools to intelligent collaborators that can enhance productivity and efficiency [10][12]. - Major tech companies are rapidly launching AI Agent products, indicating a competitive landscape that is intensifying [15][16]. Enterprise Service SaaS Vendors - SaaS companies are well-positioned to benefit from the AI Agent trend due to their existing data resources and customer bases, allowing for seamless integration of AI capabilities into workflows [27][28]. - Companies like Salesforce and ServiceNow have successfully transitioned AI Agent concepts into revenue-generating products, showcasing clear commercialization paths [31][32]. Key Domestic Companies - Han's Information has pioneered the development of an enterprise-level AI middle platform, significantly increasing its AI-related revenue [43][44]. - Other notable companies include Dingjie Smart and Kingsoft Office, which are also making strides in the AI Agent space, indicating a growing domestic market [28][30]. Investment Strategy - The report suggests focusing on enterprise service SaaS vendors that emphasize scenario attributes, as they are likely to be the first to benefit from the AI Agent wave [27][30].

Core Insights - The recent release of the "Artificial Intelligence+" top-level policy by the State Council marks AI as a national strategic development direction, aiming to transition the industry from "technical exploration" to "scaled implementation" [1][2][4] Group 1: Policy Overview - The "Artificial Intelligence+" policy emphasizes the need for intelligent transformation across various industries, with a goal to achieve deep integration of AI in six key areas by 2027, and over 90% application penetration by 2030 [2][3] - The policy outlines a three-pronged development strategy focusing on models, data, and computing power to create a closed-loop value system for AI [4] Group 2: Key Areas of Action - Six key areas for AI application include: 1. AI in scientific technology to accelerate discovery and innovation [3] 2. AI in industrial development to foster new business models and smart agriculture [3] 3. AI in consumer quality enhancement to create new service consumption scenarios [3] 4. AI in improving public welfare through smarter work and learning methods [3] 5. AI in governance to establish a new paradigm of human-machine coexistence [3] 6. AI in global cooperation to promote shared benefits and governance [3] Group 3: Recommendations for Investment - Companies to watch in the AI sector include: - AI Agents: Dingjie Zhizhi, Shiyuan Co., Fanwei Network, and others [5] - AI Terminals: Yuntian Lifi, Hongsoft Technology, Xiaomi Group, and others [5] - AI Computing Power: Cambrian, Yuntian Lifi, and others [5]

Core Viewpoint - Dingjie Smart recently responded to the Shenzhen Stock Exchange's second round of inquiry regarding its application for issuing convertible bonds, detailing the necessity, rationality, technical feasibility, and market demand of its fundraising projects [1] Fundraising Project Rationality and Necessity - The fundraising project, "Dingjie Smart Ecological Empowerment Platform Project," includes the "Dingjie Smart R&D Training Base" and "Platform Project R&D," aimed at upgrading the existing platform rather than launching new businesses [2] - Post-project completion, the demand for R&D personnel will remain stable due to ongoing needs for platform upgrades, new SaaS applications, ISV partner empowerment, and industry technology R&D collaboration [2] - The current average office space per person in mainland China is 13.86 square meters, below the industry average of 20.67 square meters; the project plans for an average of 30.80 square meters, with a temporary need of 18.81 square meters during development phases [2] Advantages of Self-Built R&D Training Base - Building the R&D training base will enhance land use efficiency, allowing for more office space and improved management efficiency through centralized R&D personnel [3] - This aligns with the company's future growth plans in product design, R&D, and training, while also being more economical by saving on rent and training costs [3] Training and Demonstration Activities - The increasing digitalization demand in manufacturing necessitates functional demonstrations and systematic training for industrial software [4] - Dingjie Smart has a long history of training and demonstration activities, hosting over 500 events annually, reaching more than 30,000 participants, which helps build a competitive customer outreach system [4] - The project includes constructing a demonstration reception center and training center, which is necessary and reasonable in scale, with a low proportion of total fundraising [4] Technical and Market Support for Project Advancement - The company has extensive experience in industrial software development since 1983, covering four major categories and continuously integrating cutting-edge technologies [5] - R&D personnel constitute 33.72% of the workforce, and significant progress has been made in the R&D modules of the fundraising project, indicating low risk of R&D failure [5] - The market demand for industrial management software is on the rise, with a total order amount of 52.65 million yuan related to the project, corresponding to over 500 downstream customers, ensuring capacity absorption [5] Compliance of R&D Expense Capitalization and Supplementary Flow Ratio - The R&D expenses related to the fundraising project meet the capitalization requirements, with no significant differences in accounting policies compared to comparable companies [7] - The proportion of funds used for supplementary working capital is 20.83%, which is below the 30% threshold, complying with regulations [7] - Overall, the fundraising project has clear strategic significance and market orientation, demonstrating feasibility and rationality across technical, market, and financial aspects, enhancing the company's core competitiveness and promoting the development of the smart ecological system [7]

Group 1 - The core point of the article is that Dingjie Smart has submitted a revised response to the second round of inquiry from the Shenzhen Stock Exchange regarding its application to issue convertible bonds to unspecified objects [1] - On July 7, 2025, Dingjie Smart received an inquiry letter from the Shenzhen Stock Exchange regarding its application for the issuance of convertible bonds, and the company, along with relevant intermediaries, addressed the listed issues and updated the offering documents [1] - Following further review comments from the Shenzhen Stock Exchange, the company made additional revisions to its responses and updated the offering documents again, with the specific content disclosed on August 25, 2025 [1] Group 2 - It is important to note that the issuance of convertible bonds by Dingjie Smart is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, and the timing of these approvals is uncertain [1] - The company will fulfill its information disclosure obligations as required and remind investors to pay attention to investment risks [1]

鼎捷数智股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐机构（主承销商） 兴业证券股份有限公司 （福州市湖东路 268 号） 关于 2025 年 8 月 鼎捷数智股份有限公司 上市保荐书 保荐机构及保荐代表人声明 兴业证券股份有限公司（以下简称"兴业证券"、"保荐人"或"保荐机 构"）及其保荐代表人已根据《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》）等法律法规和中国证券监督管 理委员会（以下简称"中国证监会"）及深圳证券交易所的有关规定，诚实守信， 勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具上市保荐书，并保 证所出具文件真实、准确、完整。 3-3-1 | 保荐机构及保荐代表人声明 | 1 | | --- | --- | | 目 | 录 2 | | 释 | 义 3 | | 一、发行人基本情况 4 | | | 二、发行人本次发行情况 13 | | | 三、本次证券发行上市的保荐代表人、协办人及项目组其他成员情况 13 | | | 四、保荐机构与发行人关联关系说明 14 | | | 五、保荐机构承诺事项 15 | | | 六、保荐机构关 ...

法律意见书 北京海润天睿律师事务所 关于鼎捷数智股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书 （二） [2025]海字第 021-2 号 北京市朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 电话：010-65219696 传真：010-88381869 法律意见书 北京海润天睿律师事务所 关于鼎捷数智股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书（二） [2025]海字第 021-2 号 致：鼎捷数智股份有限公司 根据发行人与本所签订的《法律服务协议》，本所接受发行人的委托， 担任发行人本次发行的特聘专项法律顾问。本所律师根据《公司法》《证券 法》《管理办法》《编报规则 12 号》《律师证券业务管理办法》《律师证券 执业规则》等有关法律、法规、规范性文件和中国证监会的其他有关规定， 以及本所与发行人签订的法律服务协议，按照律师行业公认的业务标准、道 德规范和勤勉尽责精神，出具了[2025]海字第 021 号《北京海润天睿律师事务 所关于鼎捷数智股份有限公司向不特定对象发行可转换公司债券的法律意见 书》（以下简称"《法律意见书》"）、[2025]海字第 02 ...

股票简称：鼎捷数智 股票代码：300378 鼎捷数智股份有限公司 （DIGIWIN CO.,LTD.） （上海市静安区江场路 1377 弄 7 号 20 层） 公告日期：二〇二五年八月 向不特定对象发行可转换公司债券 （福州市湖东路268号） 募集说明书 （修订稿） 保荐机构（主承销商） 鼎捷数智股份有限公司 募集说明书 声明 中国证券监督管理委员会、深圳证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 鼎捷数智股份有限公司 募集说明书 重大事项提示 本公司特别提请投资者注意，在作出投资决策之前，务必仔细阅读本募集说 明书正文内容，并特别关注以下重要事项。 一、特别风险提示 在这一背景下，工业软件企业不仅需要长期 ...

上会会计师事务所（特殊普通合伙） 关于鼎捷数智股份有限公司 深圳证券交易所： 贵所《关于鼎捷数智股份有限公司申请向不特定对象发行可转换公司债券的 第二轮审核问询函》（审核函〔2025〕020027 号）（以下简称"问询函"）已收悉。 上会会计师事务所（特殊普通合伙）(以下简称"我们"或"申报会计师")作为 鼎捷数智股份有限公司(以下简称"鼎捷数智"、"公司"或"发行人") 向不特定 对象发行可转换公司债券聘请的审计机构，对贵所问询函中提出的问题进行了认 真落实，现对问询函回复如下，请予审核。 本回复中所用的术语、名称、简称，除特别注明外，与其在《鼎捷数智股份 有限公司向不特定对象发行可转换公司债券募集说明书（修订稿）》中的含义相 同。 | 字体 | 含义 | | --- | --- | | 黑体加粗 | 问询函所列问题 | | 宋体 | 对问询函所列问题的回复 | | 楷体加粗 | 对问询回复、募集说明书的修订补充 | 本问询函回复报告中的字体代表以下含义： 本回复中若各加数直接相加之和与合计数在尾数上存在差异，均为四舍五入 所致。 向不特定对象发行可转换公司债券的第二轮审核问询函的 回复 上会业函字(202 ...

关于鼎捷数智股份有限公司 向不特定对象发行可转换公司债券的 第二轮审核问询函 之回复报告 保荐机构（主承销商） （福州市湖东路 268 号） 二〇二五年八月 深圳证券交易所： 贵所《关于鼎捷数智股份有限公司申请向不特定对象发行可转换公司债券的 第二轮审核问询函》（审核函〔2025〕020027 号）（以下简称"问询函"）已收悉。 根据贵所要求，鼎捷数智股份有限公司（以下简称"鼎捷数智"、"发行人" 或"公司"）会同兴业证券股份有限公司（以下简称"兴业证券"、"保荐人"或 "保荐机构"）、北京海润天睿律师事务所（以下简称"发行人律师"）、上会会计 师事务所（特殊普通合伙）（以下简称"申报会计师"）等中介机构对问询函中所 提问题逐项核查，作如下回复，请予审核。 本回复中所用的术语、名称、简称，除特别注明外，与其在《鼎捷数智股份 有限公司向不特定对象发行可转换公司债券募集说明书（修订稿）》中的含义相 同。 | 字体 | 含义 | | --- | --- | | 黑体加粗 | 问询函所列问题 | | 宋体 | 对问询函所列问题的回复 | | 楷体加粗 | 对问询回复、募集说明书的修订补充 | 本问询函回复报告中的字体 ...

证券代码：300378 证券简称：鼎捷数智 公告编码：2025-08080 鼎捷数智股份有限公司 关于公司向不特定对象发行可转换公司债券申请文件 的第二轮审核问询函回复（修订稿）及募集说明书等 申请文件更新的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 鼎捷数智股份有限公司（以下简称"公司"）于 2025 年 7 月 7 日收到深圳证 券交易所（以下简称"深交所"）出具的《关于鼎捷数智股份有限公司申请向不 特定对象发行可转换公司债券的第二轮审核问询函》（审核函〔2025〕020027 号） （以下简称"审核问询函"）。 公司收到审核问询函后，会同相关中介机构对审核问询函所列问题进行了逐 项落实并作出回复，同时对募集说明书等申请文件进行了相应补充和更新。具体 内容详见公司于 2025 年 7 月 15 日于巨潮资讯网（http://www.cninfo.com.cn） 披露的《鼎捷数智股份有限公司与兴业证券股份有限公司关于鼎捷数智股份有限 公司向不特定对象发行可转换公司债券的第二轮审核问询函之回复报告》等相关 公告文件。 根据深交所的进一步审核意见 ...