特别提示： | 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于信服转债恢复转股的提示性公告 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。 董事会 二〇二五年六月十二日 1 / 1 1、债券代码：123210 债券简称：信服转债； 2、转股起止日期：2024 年 2 月 2 日至 2029 年 7 月 26 日； 3、暂停转股日期：2025 年 6 月 5 日至 2025 年 6 月 12 日； 4、恢复转股日期：2025 年 6 月 13 日。 深信服科技股份有限公司（以下简称"公司"）因实施 2024 年度权益分派， 根据《深信服科技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》 及相关规定，"信服转债"自 2025 年 6 月 5 日至本次权益分派股权登记日止暂 停转股，具体内容详见公司于 2025 年 6 月 4 日 在 巨 潮 资 讯 网 （http://www.cninfo.co ...

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

Core Viewpoint - The digital economy theme index has experienced a decline, with significant drops in key component stocks, indicating a challenging market environment for the sector [1][2]. Group 1: Market Performance - As of June 10, 2025, the CSI Digital Economy Theme Index (931582) fell by 1.99%, with major declines in stocks such as Deepin Technology (300454) down 7.14% and Yonyou Network (600588) down 6.22% [1]. - The Digital Economy ETF (560800) also decreased by 1.98%, with a latest price of 0.74 yuan and a trading volume of 21.44 million yuan [1]. - The Digital Economy ETF has reached a recent high in scale at 788 million yuan and a recent high in shares at 1.042 billion, ranking in the top half of comparable funds [2]. Group 2: Investment Trends - Shenwan Hongyuan suggests that a structural bull market in A-shares may require significant technological catalysts, particularly in AI, embodied intelligence, and defense industries [1]. - The report highlights key products to watch in the second half of the year, including DeepSeekR2, GPT5, and the mass production version of Tesla's Optimus [1]. - There is a noted increase in leveraged funds, with the Digital Economy ETF seeing net inflows of 13.6 million yuan and a total of 12.12 million yuan over the last five trading days [2]. Group 3: Key Holdings - As of May 30, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 50.98% of the index, with notable companies including Dongfang Wealth (300059) and SMIC (688981) [3][5]. - The performance of these key stocks varied, with Dongfang Wealth down 2.47% and Hikvision (002415) down 1.55%, while Haiguang Information (688041) saw an increase of 2.86% [5].

Group 1 - The market experienced fluctuations on June 6, with mixed performance across the three major indices [1] - The Computer ETF (159998) saw a slight decline of 0.11% at the close, with a premium rate of 0.88% and a trading volume of nearly 100 million yuan [1] - The Computer ETF has attracted significant capital inflow, with over 54 million yuan net inflow on June 5, marking the first position among similar products [1] Group 2 - The Computer ETF tracks the CSI Computer Theme Index, which includes stocks from companies involved in information technology services, application software, system software, and computer hardware [1] - As of March 31, the top ten holdings of the ETF included leading companies such as Hikvision, Zhongke Shuguang, and Keda Xunfei, with Zhongke Shuguang accounting for 6.86% of the fund's net value [1] - According to a report from Shenwan Hongyuan Securities, the computer industry is currently at a historical low in terms of valuation and profitability, similar to the telecommunications sector before its 2019 rally [2] Group 3 - The computer industry's return on equity (ROE) has been in a downtrend since 2015, with a TTM ROE of 1.7% as of Q1 2025, reaching a historical low [2] - The PB ratio stands at 2.6, which is at the 40th percentile since 2010, indicating potential for recovery as trends in artificial intelligence and domestic innovation progress [2] - The outlook for the computer and media sectors suggests a potential rebound in ROE as AI penetration increases and content industries are restructured [2]

Group 1 - The core viewpoint of the news highlights the positive performance of the artificial intelligence sector, with the China Securities Artificial Intelligence Industry Index showing an increase of 0.14% and several constituent stocks experiencing significant gains [1] - The artificial intelligence ETF (515980) has seen a trading volume of 72.55 million yuan and a recent average daily trading volume of 125 million yuan over the past month, indicating strong market interest [3] - The total scale of the artificial intelligence ETF has reached 3.538 billion yuan, with a total inflow of 53.59 million yuan over the last 22 trading days, suggesting robust investor confidence [3] Group 2 - The upcoming Global Artificial Intelligence Technology Conference (GAITC 2025) in Hangzhou will feature prominent figures from academia and industry, focusing on AI technology breakthroughs and industry trends [3] - The computer sector has experienced a new wave of growth driven by AI and self-controllable themes, despite facing fundamental pressures due to limited downstream spending [4] - UBS notes that international market interest in Chinese assets is increasing, particularly in new productivity sectors like artificial intelligence and high-end manufacturing, which are reshaping the narrative of the Chinese stock market [4] Group 3 - The artificial intelligence ETF is currently the only product tracking the artificial intelligence industry index, providing investors with exposure to high-growth potential companies in the sector [5] - Investors can also consider the Hua Fu Artificial Intelligence ETF linked funds to gain access to the artificial intelligence sector [5]

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于信服转债转股价格调整的公告 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。 重要提示： 1.债券代码：123210 债券简称：信服转债 2.调整前转股价格：110.97 元/股 3.调整后转股价格：110.91 元/股 4.转股价格调整生效日期：2025 年 6 月 13 日 一、 可转债的基本情况 (一)可转债发行上市情况 （3）因实施 2023 年年度权益分派，"信服转债"的转股价格由 111.31 元/股 调整为 111.26 元/股，调整后的转股价格自 2024 年 6 月 5 日起生效。 （4）公司 2022 年度限制性股票激励计划预留授予部分（第二批）的限制性 股票于 2024 年 11 月 6 日上市流通，公司总股本由 419,848,962 股增加至 419,970,712 股。"信服转债"的转股价格由 111.26 元/股调整为 1 ...

| 证券代码：300454 | 证券简称：深信服 公告编号：2025-044 | | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | 深信服科技股份有限公司 2024 年年度权益分派实施公告 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。 特别提示： 1、公司回购专用证券账户中的股份（5,148,347 股）不享有利润分配权利， 不参与本次权益分派。本次权益分派将以公司现有总股本（421,881,295 股）剔除 已回购股份后的 416,732,948 股为基数。本次现金分红总额（税前）=实际参与现 金分红的股本×每 10 股分红金额÷10 股=416,732,948 股×0.63 元÷10 股= 26,254,175.72 元。 2、本次权益分派实施后，根据股票市值不变原则，实施权益分派前后公司 总股本保持不变，现金分红总额分摊到每一股的比例将减小。因此，本次权益分 派实施后除权除息价格计算时，按总股本折算每 10 股现金红利=现金分红总额÷ 总股本（含已回购股份）×10 股=26,254,175.72 元÷421,881,2 ...

Group 1 - The Industrial Internet ETF (159778.SZ) increased by 0.61%, with its associated index, Industrial Internet (931495.CSI), rising by 0.42% [1] - Key constituent stocks such as Industrial Fulian rose by 2.99%, GoerTek by 2.13%, Inspur Information by 1.78%, State Grid NARI by 0.91%, and Deepin Technology by 3.06% [1] - CITIC Securities research report indicates that the commercialization of L4 level autonomous driving is accelerating, with leading Robotaxi companies experiencing a 400% year-on-year increase in weekly orders [1] Group 2 - Changjiang Securities highlights that distributed low-orbit constellations built using commercial aerospace capabilities possess strong anti-jamming and anti-destruction capabilities, which are fundamental drivers of defense demand in commercial aerospace [2] - The satellite wireless interconnection market is projected to have significant potential, with estimates that by 2030, the domestic "Thousand Sails" and GW constellation networking will create a market space exceeding 270 billion yuan for satellite manufacturing and 80 billion yuan for rocket launch services [2] - Shenwan Hongyuan research shows that the midstream structural components/subsystem segment of the military industry chain saw a 12.09% year-on-year increase in advance payments and contract liabilities in Q1 2025, while the downstream assembly segment's inventory growth rate reached 17.73%, indicating a sequential transmission of industry chain prosperity [2]

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于实施权益分派期间信服转债 暂停转股的提示性公告 1 / 3 1、债券代码：123210 债券简称：信服转债 2、转股起止日期：2024 年 2 月 2 日至 2029 年 7 月 26 日 3、暂停转股日期：2025 年 6 月 5 日至 2024 年度权益分派股权登记日 4、恢复转股日期：2024 年度权益分派股权登记日后的第一个交易日 深信服科技股份有限公司 董事会 二〇二五年六月四日 2 / 3 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。 特别提示： 深信服科技股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日召开 2024 年年度股东会，审议通过了《公司 2024 年度利润分配预案》。公司将根据 相关规定实施 2024 年年度权益分派。根据《深信服科技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》中"转股价格的调 ...

本报告导读： 发布AICP 平台，布局XaaS、安全GPT 等。①网安业务，2024 年公司通过云端和本地交付安全服务。 云计算业务，2024 年公司发布了超融合/云平台6.10.0 版本，面向大模型开发场景，发布AI 算力平台 （简称AICP）。物联网业务，公司旗下信锐网科持续投入网络联接，将研发创新应用于用户网络 的"云、网、端"环节的产品、服务及解决方案。②重点布局的产品集中在网络安全和云计算及基础设施 业务。深信服在这两块业务上都面向未来布局了XaaS 业务、安全GPT、AI 算力平台、EDS 等新业务。 聚焦XaaS 和AI 业务，市场管理内外结合。①2025 年公司聚焦持续提升产品品质和推进产品创新上，包 括XaaS 业务和AI 相关业务。市场方面会积极开拓头部行业客户和海外市场，并深化渠道体系建设。内 部会加强组织能力建设，提高公司精细化管理水平和盈利能力。②未来3-5 年，公司业务将集中在如下 方面：1.聚焦关键产线和XaaS 业务；推动AI 与网安、云计算融合的创新业务产品。 2.加大拓展KA 行业头部市场和海外市场。3.持续提升产品质量，深化渠道体系建设。4.继续加强组织能 力建设和人才培 ...