Investment Rating - Rating: Outperform [1] - Target Price: RMB 114.94 [1] Core Insights - The company focuses on AI and cloud computing, with both sectors contributing nearly half of its revenue. The launch of the AICP platform and products like XaaS and security GPT are key developments [1][5] - The company is expected to maintain growth driven by increased demand for cloud services and a turning point in cybersecurity, with projected EPS for 2025-2027 at RMB 0.77, RMB 1.18, and RMB 1.54 respectively [5][15] - The report highlights a recovery in growth for Q1 2025, with significant year-on-year revenue increases and a focus on enhancing product quality and innovation [5][16] Financial Summary - Revenue projections show a slight decline in 2024 to RMB 7.52 billion, followed by growth to RMB 8.08 billion in 2025, and reaching RMB 10.07 billion by 2027 [3][6] - Net profit attributable to shareholders is forecasted to increase significantly from RMB 197 million in 2024 to RMB 649 million by 2027, reflecting a strong growth trajectory [3][6] - The company’s gross profit margins for security and cloud services are 79.31% and 44.24% respectively, indicating robust profitability in these segments [5][17] Strategic Focus - The company plans to enhance its product offerings in XaaS and AI, while also expanding its market reach to key industry clients and overseas markets [5][19] - Future strategies include focusing on key production lines, promoting innovation in AI and cybersecurity, and strengthening organizational capabilities [5][20] - The company aims to deepen its channel system and improve management efficiency to boost profitability over the next 3-5 years [5][20]

截至2025年6月19日 13:17，中证软件服务指数下跌1.39%。成分股方面涨跌互现，电科网安10cm涨停， 中科星图上涨3.10%，启明星辰上涨1.53%；同花顺领跌，恒生电子、财富趋势跟跌。软件ETF(159852) 回调蓄势。 规模方面，软件ETF近1周规模增长2998.16万元，实现显著增长，新增规模位居可比基金第一。份额方 面，软件ETF最新份额达38.23亿份，创近1月新高，位居可比基金第一。 资金流入方面，软件ETF最新资金净流入2311.20万元。拉长时间看，近5个交易日内，合计"吸 金"4169.81万元。 截至6月18日，软件ETF近1年净值上涨29.42%，指数股票型基金排名419/2857，居于前14.67%。从收益 能力看，截至2025年6月18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10.18%。 流动性方面，软件ETF盘中换手2.59%，成交7601.35万元。拉长时间看，截至6月18日，软件ETF近1年 日均成交1.54亿元，居可比基金第一。 6月17日至19日，2025南京软件大会在南京 ...

Group 1 - The A-share TMT sector shows a mixed performance, with PCB, optical module, and computing hardware stocks being active, as evidenced by the 1.46% increase in the 5G Communication ETF (515050) and significant gains in stocks like Huadian Co., Ltd. (002463) up over 9% [1] - The acceleration of AI commercialization by global tech giants and high capital expenditure growth is noted, with the recent removal of AI diffusion rules leading to a surge in sovereign AI demand, providing strong support for computing infrastructure [1] - PCB, a key component for AI servers, is expected to see a rise in both volume and price, particularly HDI PCBs, which offer advantages such as high-density interconnection and excellent thermal performance, with several domestic manufacturers speeding up product development [1] Group 2 - The创业板人工智能ETF华夏 (159381) tracks the entrepreneurial board AI index, focusing on AI-centric companies, with a daily price fluctuation limit of ±20% and a low management fee rate of 0.15% [2] - The industry distribution shows that optical module CPO concept stocks account for over 26.6% of the index, indicating a high "light" content in the AI category [2] - The top five constituent stocks include leading optical module companies such as Xinyi Technology (300502) and Zhongji Xuchuang (300308), along with major chip design firms and cloud computing industry leaders [2]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 18, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - The leading company is Taiwan Semiconductor Manufacturing Company (台棋电) with a market cap of approximately 11,093.97 million [3]. - Tencent Holdings (腾讯控股) ranks second with a market cap of about 5,904.61 million [3]. - Alibaba (阿里巴巴) follows in third place with a market cap of 2,743.28 million [3]. - Xiaomi Group (小米集团-W) is fourth with a market cap of 1,775.54 million [3]. - Pinduoduo (拼多多) ranks fifth with a market cap of 1,455.56 million [3]. Group 2: Additional Notable Companies - Meituan (美团-W) is ranked sixth with a market cap of 1,042.23 million [4]. - NetEase (网易) holds the seventh position with a market cap of 820.69 million [4]. - JD.com (京东) is eighth with a market cap of 478.15 million [4]. - Dongfang Caifu (东方财富) ranks ninth with a market cap of 470.88 million [4]. - SMIC (中芯国际) is in tenth place with a market cap of 395.97 million [4]. Group 3: Companies Ranked 11-50 - Kuaishou (快手-W) is ranked eleventh with a market cap of 314.66 million [5]. - Baidu (百度) follows in twelfth place with a market cap of 295.68 million [5]. - Li Auto (理想汽车) is thirteenth with a market cap of 288.38 million [5]. - Tencent Music (腾讯音乐) ranks fourteenth with a market cap of 281.90 million [5]. - Bilibili (哔哩哔哩) is twenty-second with a market cap of 86.69 million [6].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 17, 2025, highlighting their respective valuations and changes in rankings [1]. Group 1: Market Capitalization Rankings - JD.com ranks 8th with a market cap of $482.61 billion, showing a decrease of 1 position [3]. - Dongfang Caifu is in 9th place with a market cap of $475.74 billion, also down by 1 position [3]. - SMIC (Semiconductor Manufacturing International Corporation) holds the 10th position with a market cap of $400.54 billion, down by 1 position [3]. - Kuaishou ranks 11th with a market cap of $323.12 billion, maintaining its position [3]. - Li Auto is 12th with a market cap of $301.86 billion, down by 1 position [3]. - Baidu is in 13th place with a market cap of $299.94 billion, down by 1 position [3]. - Tencent Music ranks 14th with a market cap of $292.12 billion, down by 1 position [3]. - Beike holds the 15th position with a market cap of $230.42 billion, down by 1 position [3]. - Tonghuashun is 16th with a market cap of $189.32 billion, down by 1 position [3]. - XPeng Motors ranks 17th with a market cap of $177.51 billion, down by 1 position [3]. Group 2: Additional Rankings - ZTO Express is in 18th place with a market cap of $141.56 billion [3]. - 360 Security Technology ranks 19th with a market cap of $97.11 billion [3]. - Baoshan Iron & Steel is 20th with a market cap of $95.21 billion [3]. - Hengsheng Electronics ranks 22nd with a market cap of $80.56 billion [4]. - NIO is in 23rd place with a market cap of $79.71 billion [4]. - VIPSHOP ranks 25th with a market cap of $77.34 billion [4]. - Kingsoft is 26th with a market cap of $68.72 billion [4]. - Tongcheng Travel ranks 27th with a market cap of $68.57 billion [4]. - Kingdee International is in 28th place with a market cap of $64.98 billion [4]. - TAL Education Group ranks 29th with a market cap of $64.01 billion [4].

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 ...

截至2025年6月12日 11:27，中证软件服务指数上涨0.13%，成分股电科网安上涨2.72%，光环新网上涨 1.78%，指南针上涨1.76%，同花顺上涨1.30%，恒生电子上涨1.25%。软件ETF(159852)红盘震荡。 流动性方面，软件ETF盘中换手1.47%，成交4193.47万元。拉长时间看，截至6月11日，软件ETF近1周 日均成交1.69亿元，居可比基金第一。 规模方面，软件ETF近1周规模增长5487.51万元，实现显著增长，新增规模位居可比基金第一。份额方 面，软件ETF近1周份额增长1.42亿份，实现显著增长，新增份额位居可比基金第一。资金流入方面， 软件ETF最新资金净流入7481.28万元。 数据显示，杠杆资金持续布局中。软件ETF最新融资买入额达1125.87万元，最新融资余额达1.15亿元。 天风证券指出，信创是国家基于国产芯片和操作系统的PC服务器、网络设备、存储设备、数据库、中 间件等基础设施的技术创新。从产业结构来看，主要分为基础硬件、基础软件、应用软件和信息安全四 大类别，形成了从底层芯片到上层应用的完整技术栈。国际环境的变化是推动信创产业发展的重要外部 因素。 中泰 ...

证券研究报告 2025年06月11日 行业报告： 行业专题研究 Agent 有望定义万亿劳动力市场 作者： 分析师 缪欣君 SAC执业证书编号：S1110517080003 分析师 刘鉴 SAC执业证书编号：S1110525040001 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 计算机 摘要 技术拐点已至，2025~2026年有望成为Agent商业化启动时刻。2024年，大模型能力跃迁推动Agent规划、记忆、工具、行动四大核心要 素持续突破，以Manus为代表的通用Agent工具代表着技术端或已经到达临界点。2024年下半年，OpenAI、Anthropic、微软、谷歌等 科技巨头纷纷公布相关进展，将自家Agent实力当作牌桌上的重要筹码。24年以来，Agent四大关键要素均取得了进步，有望带来独属于 AI 2.0时代的交互⽅式、产品形态和商业模式，从订阅模式转向按量抽成的模式企业能够更直观的算出ROI，实现Agent更快在B端落地。 综上，我们认为，2025~2026年有望成为Agent商业化启动时刻。 总体看，Agent创造价值空间可等效于 ...

截至2025年6月10日 13:22，中证数字经济主题指数(931582)下跌1.99%。成分股方面，深信服(300454)领跌7.14%，用友网络(600588)下跌6.22%，金山办公 (688111)下跌5.22%，龙芯中科(688047)下跌4.98%，拓荆科技(688072)下跌4.59%。数字经济ETF(560800)下跌1.98%，最新报价0.74元。流动性方面，数字经 济ETF盘中换手2.74%，成交2143.73万元。（以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代 表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场有风险，投资需谨慎。) 申万宏源指出，A股重回结构牛行情，大概率需要等待科技重磅产业催化兑现。国内AI、具身智能、国防军工都具备成为结构牛核心产业趋势的潜力。下半 年值得重点关注的产品包括：DeepSeekR2、GPT5和特斯拉Optimus量产版本。但在重磅产业催化前，科技也是震荡市，重点把握高性价比区域的反弹和主 题机会。鼓励并购重组和创投一级市场联动形成共振，第三次大的新经济一二级联动行情正徐徐展开。从一级市场创投融 ...

证券研究报告 科技 AI 展望：New Scaling，New Paradigm，New TAM 华泰研究 2025 年 6 月 10 日│中国内地 中期策略 全球 AI 展望：New Scaling，New Paradigm，New TAM 展望全球 AI 发展趋势，1）模型端新架构正逐步探索，预训练 Scaling Law 有望呈现新起点；2）算力端训练与推理共同推动算力需求持续上行，有望 开启新 TAM，同时算力硬件设计进入新范式；3）应用端商业模式变革带来 新范式，Agent 在细分领域率先落地带来新 TAM。持续看好 AI 产业投资主 线，看好全球 AI 应用进入业绩收获期。 模型：预训练 Scaling Law 有望开启新起点 回顾近三个季度以来的大模型迭代情况，强化学习（RL）带来的后训练 test-time compute 依然是大模型的主流迭代方向。经典 transformer 架构下 模型参数规模或已达到了瓶颈，人类现有公开数据已接近被使用完。但值得 注意的是科技巨头在预训练阶段仍在继续尝试，以腾讯混元 Turbo S 与 Gemini Diffusion 为代表的大模型开始尝试在架构上进 ...