Core Insights - The article highlights that Shenxinfu Technology Co., Ltd. has applied for a patent for a method related to path management, which aims to enhance the reliability and performance of storage systems [1] Company Overview - Shenxinfu Technology Co., Ltd. was established in 2000 and is located in Shenzhen, primarily engaged in software and information technology services [1] - The company has a registered capital of 4,199.70744 million RMB [1] - Shenxinfu has invested in 13 companies and participated in 5,000 bidding projects [1] - The company holds 136 trademark registrations and 2,649 patent registrations, along with 115 administrative licenses [1] Patent Details - The patent, titled "A Path Management Method, Device, Medium, and Program Product," was published under the number CN120416103A and was applied for on June 2025 [1] - The method involves identifying abnormal paths based on delay data and thresholds, and applying isolation strategies to mitigate the impact on storage system performance [1]

Group 1 - The core viewpoint of the news is that 深信服 (Shenxinfu) has shown significant financial growth in its latest quarterly report, with a notable increase in revenue and net profit [1] - As of August 1, 2025, the stock price of 深信服 closed at 111.43 yuan, reflecting a 3.18% increase with a trading volume of 136,400 lots and a transaction amount of 1.508 billion yuan [1] - The company experienced a net inflow of main funds amounting to 75.48 million yuan, which constitutes 5.0% of the total transaction amount, indicating strong investor interest [1] Group 2 - For the first quarter of 2025, 深信服 reported total operating revenue of 1.262 billion yuan, representing a year-on-year growth of 21.91% [1] - The net profit attributable to shareholders was 249.62 million yuan, showing a year-on-year increase of 48.93%, while the non-recurring net profit was 261.44 million yuan, up 48.75% year-on-year [1] - The company's liquidity ratios are strong, with a current ratio of 2.077 and a quick ratio of 1.988, alongside a debt-to-asset ratio of 34.24% [1] Group 3 - 深信服 was established in 2000 and is primarily engaged in software and information technology services, with a registered capital of 4.1997 billion yuan [2] - The company has made investments in 13 enterprises and has participated in 5,000 bidding projects, showcasing its active role in the industry [2] - 深信服 holds 136 trademarks and 2,649 patents, along with 115 administrative licenses, indicating a strong intellectual property portfolio [2]

Group 1 - The company announced a share buyback program, with a total of 364,900 shares repurchased as of July 31, 2025 [2] - The repurchased shares represent 0.09% of the company's current total share capital [2]

格隆汇8月1日丨深信服(300454.SZ)公布，截至2025年7月31日，公司通过股份回购专用证券账户以集中 竞价交易方式累计回购公司股份36.49万股，累计回购的股份数量占公司当前总股本的0.09%，最高成交 价为55.00元/股，最低成交价为54.22元/股，成交总金额为人民币1993.8676万元(不含交易费用)。 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于回购股份进展情况的公告 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。 深信服科技股份有限公司（以下简称"公司"）于 2025 年 1 月 15 日召开第 三届董事会第二十六次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司部分社会公众股份（以下简称 "本次回购"），用于实施员工持股计划或股权激励计划。本次回购的资金总额 不低于人民币 1 亿元且不超过人民币 2 亿元（均含本数），回购价格不超过人民 币 80 元/股（含本数），具体回购股份的数量及占公司总股本的比例以回购期届 满或回购完毕时公司实际回购的股份数量和占公司届时总股本的比例为准。本次 回购实施期限为自公司董事会审议通过本次回购股份方案之日起不超过 12 个月。 具体内容详见公司在指定信息披露媒体巨潮资讯网（www.cninfo.com.cn ...

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of August 1, 2025, highlighting significant shifts in rankings and valuations [1]. Group 1: Market Capitalization Rankings - TSMC leads the list with a market capitalization of $125.32 billion [3]. - Tencent Holdings ranks second with a market capitalization of $64.22 billion [3]. - Alibaba has moved up to the third position with a market capitalization of $28.77 billion, showing a notable increase from its previous rank of 12 [3]. Group 2: Notable Companies and Changes - Xiaomi Group is ranked fourth with a market capitalization of $17.57 billion [3]. - Pinduoduo follows closely in fifth place with a market capitalization of $16.11 billion [3]. - Meituan and NetEase are ranked sixth and seventh, with market capitalizations of $9.46 billion and $8.25 billion, respectively [3][4]. Group 3: Additional Rankings - Semiconductor Manufacturing International Corporation (SMIC) is in eighth place with a market capitalization of $5.23 billion [4]. - JD.com is ranked tenth with a market capitalization of $4.54 billion [4]. - Kuaishou and Tencent Music are ranked 11th and 12th, with market capitalizations of $4.17 billion and $3.25 billion, respectively [4]. Group 4: Lower Rankings - Companies ranked from 25 to 50 include Kingdee International at $0.83 billion and Yuyuan at $0.40 billion, indicating a diverse range of valuations among the lower-ranked firms [5][6].

截至2025年8月1日 09:51，中证软件服务指数上涨0.29%，成分股深信服上涨5.32%，卫宁健康上涨3.31%，中国软件上涨1.90%，东华软件上涨1.73%，同花 顺上涨1.55%。软件ETF(159852)上涨0.35%。 流动性方面，软件ETF盘中换手2.51%，成交1.29亿元。拉长时间看，截至7月31日，软件ETF近1周日均成交4.07亿元，排名可比基金第一。 规模方面，软件ETF近1周规模增长1618.51万元，实现显著增长，新增规模位居可比基金第一。资金流入方面，拉长时间看，软件ETF近5个交易日内有4日 资金净流入，合计"吸金"1.48亿元。 截至7月31日，软件ETF近3年净值上涨8.43%。从收益能力看，截至2025年7月31日，软件ETF自成立以来，最高单月回报为39.35%，最长连涨月数为3个 月，最长连涨涨幅为69.40%，上涨月份平均收益率为9.75%。 7月31日国务院常务会议召开，会议审议通过《关于深入实施"人工智能+"行动的意见》。会议指出，要深入实施"人工智能+"行动，大力推进人工智能规模 化商业化应用，充分发挥我国产业体系完备、市场规模大、应用场景丰富等优势，推动 ...

Group 1 - The technology sector in the US saw a significant rise, leading to a new high for the Nasdaq index [1] - The AI industry chain in the A-share market performed exceptionally well, with AI ETF (515070) holdings such as Youyuan Network (600588) rising by 8.05%, Deepin Technology (300454) by 6.75%, and others showing similar gains [1] - The AI ETF (515070) accumulated over a 10% increase in July [1] Group 2 - The State Council meeting approved the "Artificial Intelligence +" action plan, emphasizing the acceleration of AI technology iteration and the promotion of large-scale commercial applications [1] - The plan aims to leverage China's complete industrial system, large market scale, and rich application scenarios to enhance the integration of AI in various economic and social development areas [1] Group 3 - CITIC Securities believes that the next-generation large models will be a key variable determining the prospects of the AI industry [2] - The research framework for the next-generation large models will analyze aspects such as model foundation, performance, ecosystem, and industry, with expectations of achieving 2-3 times the parameter scale and nearly 10 times the intelligence level [2] - Breakthroughs in logical reasoning, native multimodal capabilities, and memory systems in next-generation large models will accelerate the application in high-value complex industry scenarios [2]

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the given report. 2. Core Viewpoints of the Report - With the expansion of global AI demand and the capital expenditure on computing power by North American cloud - computing giants, the domestic computing hardware supply chain is expected to continue its high - growth trend. Domestic large - models are predicted to iterate rapidly in the second half of the year, and the AIDC scale is expected to further expand. The pan - AI sector is a relatively scarce high - growth area, and investment opportunities in this sector are recommended to be focused on in Q3 [1][10]. - Currently, convertible bond valuations are at a relatively high historical level due to the continuous inflow of fixed - income funds and the recovery of stock market expectations. The idea of achieving excess returns in the high - valuation range is to bet on the elasticity of the underlying stocks of convertible bonds. When the capital situation of convertible bonds is stable and the stock market expectations do not change significantly, the valuation of the convertible bond market is unlikely to shrink actively. Buying convertible bonds corresponding to high - elasticity underlying stocks (such as those in the AI sector) at a high - risk preference position can easily generate excess returns during an upward wave [1][10]. 3. Summary by Relevant Catalog 3.1 Overall Logic and Layout Ideas - The domestic computing hardware supply chain is expected to maintain high growth due to global AI demand expansion and North American cloud - computing giants' capital expenditure on computing power. Domestic large - models will iterate quickly in the second half, and AIDC will expand. The pan - AI sector is a high - growth area, and Q3 investment opportunities are recommended [1][10]. - For convertible bond investment, with high valuations, the strategy is to invest in convertible bonds of high - elasticity underlying stocks to gain excess returns in an upward market [1][10]. 3.2 Individual Bond Selection 3.2.1 Unex Electronics/Unex Convertible Bond - Unex is a global leader in electronic design and manufacturing services, leading in the SiP module field. It has 30 manufacturing service sites across four continents, providing comprehensive services to global brand customers [16]. - In 2024, its revenue was 60.691 billion yuan, almost flat year - on - year. Cloud and storage product revenue increased by 13.35% due to AI - driven server demand [16]. - In 2025, it aims to accelerate business in AI accelerator cards. It is also developing power modules and motherboards for AI servers. It participates in providing Wi - Fi SiP modules for a North American AI glasses customer's third - generation product and has obtained an order for N - in - one motherboard modules, expected to bring significant revenue in 2026 [2][22][24]. 3.2.2 Huamao Technology/Huamao Convertible Bond - Huamao is a leader in the automotive passive safety field, with products covering airbags, seat belts, etc. In 2024, it released an action plan, strengthening its automotive parts business and entering the semiconductor and computing manufacturing fields [25]. - In 2024, its revenue was 2.213 billion yuan, up 7.67% year - on - year. Net profit was 277 million yuan, up 14.64%. It plans to expand in the semiconductor and computing manufacturing sectors by increasing investment and integrating the supply chain of Fuchuang Youyue [25][30]. - Fuchuang Youyue provides one - stop electronic manufacturing services, especially in high - speed optical module manufacturing for global computing industry chains. It has shipped to 7 of the top 20 global optical module manufacturers in 2024, with over 3.5 million 800G optical module PCBA shipments [31][32]. 3.2.3 Bowei Alloy/Bo 23 Convertible Bond - Bowei's main businesses are new materials and international new energy. Its new materials are high - performance non - ferrous alloy products, widely used in AI, 6G, etc. In 2024, its alloy strip business sales increased by 42.23% and net profit increased by 171.12% [33]. - Its high - speed connector, shielding, and lead - frame materials are crucial for computing servers and data centers. Products like boway19920 and boway70318 meet the requirements of high - computing servers [35]. 3.2.4 Sangfor Technologies/Sangfor Convertible Bond - Sangfor focuses on enterprise - level network security, cloud computing, and IT infrastructure. Its network security business uses cloud security and AI for active monitoring and protection [36]. - It has been developing cloud computing since 2012, launching multiple products. In 2024, it released the AICP platform for large - model development, aiming to lower the threshold of using AI technology [37]. 3.2.5 Minglida/Mingli Convertible Bond - Minglida's products are mainly used in photovoltaic, energy storage, new - energy vehicles, and security. In 2024, its sales declined due to the inventory reduction in the photovoltaic and energy - storage industries. However, demand is recovering in 2025 [39]. - It has made breakthroughs in the new - energy vehicle business with leading global customers. It plans to expand in the robot and liquid - cooling industries and expects increased revenue from server and automotive liquid - cooling [39][43][44].

东方证券研报指出，AI本地化部署需求兴起，深信服有望充分受益。公司对一朵云解决方案面向AI进 行全新升级，为用户打造更匹配大模型场景的智算承载、应用构建的AI平台。其中，AICP高性能算力 平台在多实例、高并发场景下，性能相比传统Ollama架构方案提升5-10倍，可广泛适配包括DeepSeek在 内的最新大模型。此外，公司的AI应用创新平台，助力用户快速构建大模型应用，让AI应用的开发运 营更加简单。公司的全栈化能力为大模型本地化部署提供了"高性能、高安全、高价值"的一站式解决方 案，随着国产化替代与AI需求的持续增长，公司有望在各行业智能化转型的过程中不断受益。根据可 比公司25年的PS水平，给予公司25年6.10倍PS，对应目标价为119.00元，维持"买入"评级。 ...