Core Viewpoint - The stock of Deepin Technology Co., Ltd. has experienced fluctuations, with a year-to-date increase of 89.25%, but recent declines in the short term indicate potential volatility in investor sentiment [1][2]. Financial Performance - For the period from January to September 2025, Deepin Technology reported a revenue of 5.125 billion yuan, reflecting a year-on-year growth of 10.62%. However, the net profit attributable to shareholders was a loss of 80.56 million yuan, which is an improvement of 86.10% compared to the previous year [2]. Stock Market Activity - As of December 23, the stock price was 108.51 yuan per share, with a market capitalization of 45.642 billion yuan. The trading volume was 300 million yuan, with a turnover rate of 0.98% [1]. - The stock has seen a net outflow of 10.969 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 11.92% to 30,900, with an average of 9,008 circulating shares per person, a decrease of 10.65% [2]. - The company has distributed a total of 297 million yuan in dividends since its A-share listing, with 47.07 million yuan distributed in the last three years [3]. Institutional Holdings - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 12.9537 million shares, a decrease of 460,400 shares from the previous period. Other notable shareholders have also reduced their holdings [3].

Core Viewpoint - The article discusses the performance of the China Securities Artificial Intelligence ETF (159381) on December 22, highlighting its opening increase and the performance of its constituent stocks [1] Group 1: ETF Performance - The China Securities Artificial Intelligence ETF (159381) opened with a gain of 1.33%, priced at 1.822 yuan [1] - Since its inception on March 14, 2025, the fund has achieved a return of 79.76%, with a monthly return of 13.06% [1] Group 2: Constituent Stocks Performance - Among the top holdings, Zhongji Xuchuang increased by 3.20%, Xinyi Sheng by 3.88%, and Tianfu Communication by 1.85% [1] - Other notable performances include: - Xiechuang Data decreased by 0.10% - Ruantong Power decreased by 0.17% - Quanzhi Technology increased by 0.49% - Shenxinfeng increased by 0.36% - Beijing Junzheng increased by 1.00% - Zhongke Chuangda increased by 1.05% - Jingjiamei increased by 0.20% [1]

Core Insights - The data desensitization system is becoming an essential component in ensuring data security within China's rapidly growing data economy, with a projected market size of approximately 1.273 billion yuan in 2024, reflecting a year-on-year growth of 6.35% [1][4] - The technology has evolved from static desensitization primarily for development and testing environments to dynamic desensitization that ensures real-time security for production systems, thereby safeguarding critical business processes [1][4] - The industry is experiencing a shift from "encouragement and guidance" to "mandatory compliance" in policy direction, which is pushing data desensitization systems from being cost centers to value creation centers [3][4] Industry Overview - Data desensitization systems utilize techniques such as transformation, replacement, and masking to protect sensitive information, aiming to reduce data sensitivity without compromising data usability [2] - The industry is categorized into static and dynamic data desensitization based on the timing of processing [2] Market Size - The market for data desensitization systems in China is expected to reach approximately 1.273 billion yuan in 2024, with a growth rate of 6.35% year-on-year [1][4] - The data element circulation industry is projected to grow to about 166.2 billion yuan in 2024, with a year-on-year increase of 24.77% [4] Key Companies - Major players in the data desensitization system industry include Anheng Information, Green Alliance Technology, and Deepin Technology, with a competitive landscape characterized by comprehensive platform leaders and specialized vendors [5][6] - Anheng Information's AiMask system supports over 240 desensitization algorithms and has a processing capability of over 300GB per hour [7] - Deepin Technology's dynamic desensitization system integrates with data loss prevention (DLP) and supports over 30 desensitization algorithms, significantly reducing compliance costs for manufacturing ERP upgrades [7][10] Industry Development Trends - Policies are driving the standardization and compliance innovation in the industry, with a focus on ensuring that desensitized data meets specific industry standards for circulation and transaction [8] - The integration of data desensitization systems with privacy computing, blockchain, and data governance tools is creating a comprehensive security ecosystem [8] - The demand for cloud data desensitization solutions is surging as enterprises accelerate their cloud adoption, leading to a preference for integrated data security platforms [9][10]

Core Insights - The storage server industry is driven by multiple favorable factors, including supportive policies, technological breakthroughs in storage chips, and increasing demand across various sectors such as public services, internet, and finance [1][6][9] Industry Overview - Storage servers are specialized servers focused on data storage management, integrating hardware and software to provide high reliability and scalability for massive structured and unstructured data [2][6] - Compared to general servers, storage servers prioritize storage functionality, featuring more hard drive slots and supporting large-capacity storage media [3][4] Market Size and Growth - The overall server market in China is projected to reach 249.21 billion yuan in 2024, with the storage server market expected to reach 43.87 billion yuan, showing steady growth into 2025 [1][9] - The storage server market is anticipated to grow to 52.19 billion yuan by 2025, driven by AI demand and digital transformation [10] Policy Support - A series of significant policies have been introduced to support the storage server industry, focusing on technology standards, infrastructure development, and green transformation [6][9] Industry Chain - The storage server industry chain in China is tightly integrated, covering core components to end applications, with upstream focusing on key components and software supply [7][9] - Domestic companies are gradually breaking into high-end fields, supported by competitive pricing and customization services [7] Competitive Landscape - The industry features a competitive landscape characterized by leading companies dominating the market, ODM manufacturers providing customized solutions, and niche players focusing on specific segments [10][12] - Major players like Huawei and Inspur hold over 60% of the market share, while companies like Yihualu and Jiangbolong are carving out niches with differentiated technologies [10][12] Development Trends - The storage server industry is expected to evolve towards high performance and green technology, with distributed storage and NVMeoF protocols becoming mainstream [12][13] - The market will see a shift from single product competition to integrated solution offerings, with a focus on customized products for specific scenarios [14]

Core Insights - The core value of hyper-converged infrastructure (HCI) is increasingly highlighted as the "cloud foundation" during the deepening digital transformation of enterprises, simplifying IT architecture and becoming the preferred solution for key industries such as finance, government, and healthcare [1][16] - The domestic hyper-converged market is expected to exceed 30 billion yuan in 2024, with leading vendors focusing on performance optimization, security integration, and cloud-native compatibility [1][16] Company Summaries Deepin Technology - Deepin Technology positions its HCI as the "first reliable choice" for enterprise cloud infrastructure, emphasizing stability and excellent performance [2][18] - Founded in 2000, Deepin Technology specializes in enterprise-level network security, cloud computing, IT infrastructure, and IoT, holding multiple national qualifications [2][18] - The product architecture includes four core components: computing virtualization (aSV), storage virtualization (aSAN), network virtualization (aNET), and security virtualization (aSEC), supporting various storage and network devices [2][18] Huawei FusionCube - Huawei's FusionCube is an integrated hyper-converged solution focusing on hardware adaptation, scenario-based solutions, and AI computing expansion for large enterprises [6][23] - The system features hardware optimization with a 20% performance improvement and supports multiple architectures [7][24] - It has achieved significant performance metrics, including over 450,000 IOPS for read operations and over 150,000 IOPS for write operations [7][24] H3C UIS - H3C UIS offers a hyper-converged solution with strong cross-cloud management and storage compatibility, focusing on hybrid cloud and edge computing needs [9][26] - The system integrates self-developed virtualization, storage, and security modules, reducing IT architecture complexity by 50% [10][27] - Performance metrics include over 800,000 IOPS per node and a data reconstruction efficiency improvement of 40% [10][27] Inspur InCloud Rail - Inspur's InCloud Rail targets small and medium enterprises with a focus on cost control and AI computing optimization [13][29] - The solution reduces hardware procurement costs by 15% compared to industry averages and supports elastic node expansion [14][30] - It has achieved over 200,000 IOPS in three-node clusters, meeting high-performance demands for AI inference and video rendering [14][30] Market Performance - Deepin Technology leads the market with over 26,000 users and is projected to maintain the highest market share from 2023 to 2025 [5][22] - Huawei's FusionCube received the best recommendation in the annual DCIG enterprise hyper-converged infrastructure category in 2023, serving over 5,000 global clients [8][25] - H3C UIS has been a top two player in the Chinese hyper-converged market for five consecutive years, covering key industries such as finance and healthcare [12][28] - Inspur is expected to achieve the second-highest domestic hyper-converged shipment volume by the first half of 2025, with a 16.7% year-on-year growth [15][32] Selection Summary - The domestic hyper-converged market has entered a phase of "differentiated competition," requiring enterprises to choose solutions based on their specific needs [16][33] - For stability and market validation, Deepin Technology is recommended as the first choice for medium and large enterprises [33] - For large enterprise AI scenarios and hardware collaboration, Huawei FusionCube offers superior capabilities [33] - For hybrid cloud and edge computing needs, H3C UIS is more aligned with requirements [33] - For cost-conscious small and medium enterprises focusing on AI transformation, Inspur InCloud Rail is an ideal choice [33]

Group 1 - The A-share technology sector experienced a rebound, with the AI index on the ChiNext board rising by 1.07% as of 13:06 on December 19, 2025 [1] - Notable stocks included Xinyi Sheng (300502) up by 3.80%, Zhongke Chuangda (300496) up by 3.26%, and Xingchen Technology (301536) up by 3.22% [1] - The Huaxia ChiNext AI ETF (159381) increased by 1.00%, reaching a latest price of 1.82 yuan, and has seen a cumulative increase of 6.58% over the past two weeks [1] Group 2 - The Huaxia ChiNext AI ETF has seen continuous net inflows over the past eight days, with a peak single-day inflow of 120 million yuan, totaling 504 million yuan, and reaching a new high in scale of 1.68 billion yuan [3] - The ByteDance Volcano Engine announced new pricing models and an "AI Savings Plan" at its conference, which could help enterprises save up to 47% on usage costs [3] - The Volcano Engine is rapidly growing as a dark horse in the cloud computing sector, leveraging its technological advantages and ecosystem [3] Group 3 - As of December 18, 2025, the Huaxia ChiNext AI ETF has achieved a net value increase of 89.94% over the past six months, ranking first among comparable funds [4] - The ETF's highest monthly return since inception was 37.61%, with a maximum consecutive monthly increase of 93.37% [4] - The management fee for the Huaxia ChiNext AI ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [4]

证券日报网讯12月18日晚间，深信服（300454）发布公告称，公司定于2025年12月26日召开2025年第二 次临时股东会。 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-082 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于召开 2025 年第二次临时股东会的 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。 根据深信服科技股份有限公司（以下简称"公司"）第三届董事会第三十四次 会议决议，公司定于 2025 年 12 月 26 日（星期五）下午 15:00 召开 2025 年第二 次临时股东会。为保护投资者的合法权益，现提醒公司股东参加本次股东会并行 使表决权，现将会议有关事项再次提示如下： 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会 2、股东会的召集人：董事会 3、会议召开的合法、合规性： （1）本次股东会召开符合《公司法》《证券法》《上市公司股东会规则》 等相关法律、法规和《公司章程》的有关规定。 （2）公司第三届董事会第三十四次会议审议通过了《关于召开 2025 年第二 次临时股东会的议案》。 4、会议时间： （1）现场会议时间 ...

Core Insights - The Chinese load balancer industry is undergoing rapid technological iteration and accelerated domestic substitution, driven by digital transformation, cloud computing becoming mainstream, and the surge in demand for 5G and edge computing scenarios. The market size is expected to reach approximately 18.65 billion yuan in 2024, reflecting a year-on-year growth of 6.88% [1][6]. Industry Overview - Load balancers are network devices, software, or services that intelligently distribute network or application traffic across multiple servers. They ensure balanced server load distribution and enhance system performance, availability, and fault tolerance [2][3]. Industry Development History - The development of the Chinese load balancer industry has evolved through four key stages, closely aligned with the rise of the internet, cloud computing, and digital transformation [3]. Industry Supply Chain - The upstream of the load balancer industry includes processors, chips, network interface modules, and various software and system components. The midstream involves the manufacturing of load balancers, while the downstream applications span finance, IT, telecommunications, government, public services, IoT, edge computing, and healthcare [4][5]. Market Size - The load balancer market in China is expanding, with a projected market size of approximately 18.65 billion yuan in 2024, marking a 6.88% increase year-on-year. This growth indicates a strong demand for traffic scheduling and high availability solutions, as domestic manufacturers advance in software-defined and cloud-native architectures [6][7]. Key Companies' Performance - The market is characterized by a dual oligopoly in hardware led by Deepin Technology and Sangfor Technologies, with cloud services dominated by Alibaba Cloud, Tencent Cloud, and Huawei Cloud. Sangfor has penetrated government and financial sectors, while Deepin excels in customized services for telecom operators and large enterprises [7][8]. Industry Development Trends 1. **Integration of Cloud Native and AI Technologies**: Load balancers are transitioning from traditional hardware to intelligent cloud-native solutions, utilizing AI-driven algorithms for dynamic resource allocation [10]. 2. **Accelerated Domestic Substitution**: Domestic manufacturers like Sangfor and Huawei are gaining market share through the use of domestic chips and operating systems, supported by policy and market demand [11]. 3. **Diversified Market Demand**: Emerging technologies such as 5G, IoT, and AI are driving the growth of load balancer demand across various sectors, including finance, healthcare, and education [12].

Core Insights - The Chinese firewall industry shows stable overall operating conditions among representative listed companies from 2020 to 2024, with average revenue levels expected to remain similar to those in 2020 despite some companies experiencing revenue declines [1] - The average sales gross margin for representative companies in the firewall industry has seen a slight increase from 60.05% in 2020 to 60.31% in 2024, with Tianrongxin showing significant growth from 37.37% to 61.04% during the same period [3] - The inventory turnover rate improved steadily from 2020 to 2021 but saw a significant decline from 2021 to 2023, dropping from 4.89% to 2.79%, before slightly recovering to 3.48% in 2024, indicating marginal improvement in operational capacity [6] - The average asset-liability ratio for listed companies in the firewall industry remained stable from 2020 to 2024, indicating controllable long-term debt repayment capabilities, while short-term liquidity remains sufficient with a current ratio of 2.77% in 2024 [7] Industry Overview - Key listed companies in the Chinese firewall industry include Deepin Technology (300454.SZ), Tianrongxin (002212.SZ), Hillstone Networks (688030.SH), Deep Technology (300768.SZ), Ruijie Networks (301165.SZ), Qimingxingchen (002439.SZ), Qihoo 360 (688561.SH), and Green Alliance Technology (300369.SZ) [1] - The overall revenue trend for the firewall industry is stable, with the average revenue of representative companies expected to align closely with 2020 levels by 2024, despite some companies like Tianrongxin and Qimingxingchen experiencing declines [1]