证券代码：300454 证券简称：深信服 转债代码：123210 转债简称：信服转债 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 2024 年度受托管理事务报告 债券受托管理人 第一节 本次债券概况 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）、 《深信服科技股份有限公司 2022 年创业板向不特定对象发行可转换公司债券之 受托管理协议》（以下简称"《受托管理协议》"）、《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》（以下简称"《募集说明书》"）、 《深信服科技股份有限公司 2024 年年度报告》及其它相关信息披露文件以及深 信服科技股份有限公司（以下简称"发行人"或"公司"）出具的相关说明文件和提 供的相关资料等，由受托管理人中信建投证券股份有限公司（以下简称"中信建 投证券"）编制。中信建投证券编制本报告所引用的财务数据，引自经安永华明 会计师事务所（特殊普通合伙）审计的 2024 年度审计报告。本报告其他内容及 信息来源于第三方专业机构出具的专业意见以及发行人提供的资料或说明，请投 资人关注并独立做出投资判断。 本报告不 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is recognized as a leading domestic alternative to VMware in the hyper-converged infrastructure (HCI) market, achieving a market share of 20.2% in Q4 2024 and 17.5% for the entire year, making it the top player in China's HCI market [7] - The acquisition of VMware by Broadcom has led to increased costs and customer churn due to higher subscription fees and bundled sales, creating an opportunity for the company to capture market share [7] - The company has developed a competitive edge with its virtualization performance, comprehensive migration tools, and future-proof architecture that supports AI upgrades without requiring significant infrastructure changes [7] - Key clients, including Guojin Securities and Jianghuai Automobile, have successfully migrated their critical operations to the company's solutions, indicating strong market acceptance [7] - The company is expected to benefit from a strategic shift in market sales and organizational structure, with revenue forecasts for 2025 and 2026 adjusted to 82.50 billion and 91.13 billion yuan, respectively [7] Financial Data and Profit Forecast - Total revenue is projected to be 8,250 million yuan in 2025, with a year-on-year growth rate of 9.7% [6] - The net profit attributable to the parent company is expected to reach 372 million yuan in 2025, reflecting an 89.2% increase compared to the previous year [6] - Earnings per share are forecasted to be 0.88 yuan in 2025, with a projected return on equity (ROE) of 3.9% [6]

Core Points - The Ministry of Finance announced that Shenxinfu Technology Co., Ltd. won the bid for the operation and security monitoring services of the Cloud Security Management Platform for the period 2025-2026 [1] - The total bid amount for the project is 113.5 million yuan [1] - The project includes daily operation monitoring, maintenance, and management of cloud security products, ensuring stable operation and effective protection strategies [2] Project Details - The project aims to provide comprehensive services including daily network security monitoring, risk monitoring, asset management, and vulnerability management [2] - The service period is from July 19, 2025, to July 31, 2026 [2] - The average score of the winning supplier in the comprehensive evaluation was 93.48 points [4] Financial Information - The total amount for the project agency fee is 1.9 million yuan [3]

Group 1 - The core viewpoint of the news highlights the performance of the digital economy theme index and its constituent stocks, indicating a positive trend in the market with specific stocks showing significant gains [1][2] - The digital economy ETF closely tracks the index, focusing on self-controllable technology and financial technology, with the electronic and computer sectors holding a combined weight of 82% [2][3] - The top ten constituent stocks of the index account for 50.98% of the total weight, with notable companies like 东方财富 (Orient Securities) and 中芯国际 (SMIC) leading the list [3][5] Group 2 - The digital economy ETF has seen a significant increase in scale, growing by 11.86 million yuan over the past week, ranking it in the top half among comparable funds [3] - The ETF's share volume increased by 6 million shares in the last month, also placing it in the top half of comparable funds [3] - The anticipated release of the DeepSeek R2 version is expected to enhance the AI industry's capabilities, benefiting the entire AI value chain [1]

Core Viewpoint - The software service index has shown strong performance, with significant increases in individual stocks and the software ETF, indicating a positive trend in the software sector [1][4]. Group 1: Market Performance - As of June 24, 2025, the software service index rose by 2.19%, with notable increases in stocks such as Guide Compass (up 12.82%) and Wealth Trend (up 6.27%) [1]. - The software ETF (159852) increased by 2.13%, and over the past year, it has accumulated a rise of 31.01% [1]. - The software ETF recorded a turnover rate of 4.32% and a transaction volume of 127 million yuan, with an average daily transaction volume of 155 million yuan over the past year, ranking first among comparable funds [4]. Group 2: Fund Growth and Performance - The software ETF experienced a significant growth of 45.33 million yuan in scale over the past two weeks, leading among comparable funds [4]. - In the last five trading days, the software ETF saw net inflows on four occasions, totaling 73.89 million yuan [4]. - The net value of the software ETF increased by 31.38% over the past year, ranking 396th out of 2869 index stock funds, placing it in the top 13.80% [4]. Group 3: Industry Insights - According to Guojin Securities, the computer and software development industry is currently in a relatively chaotic fundamental period, with products awaiting breakthroughs in large models [4]. - Investment perspectives are driven more by risk appetite, with potential for transformation into a prosperous investment as new technologies and policies emerge [4]. - Zhongyuan Securities anticipates a steady upward trend in the market, emphasizing the need to monitor policy, capital, and external market changes closely [5]. Group 4: Key Stocks - The top ten weighted stocks in the software service index account for 59.85%, with notable companies including iFlytek (11.19%), Kingsoft Office (8.92%), and Tonghuashun (7.79%) [5][7]. - The table of key stocks shows various performance metrics, indicating a diverse range of growth among leading companies in the sector [7].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 20, 2025, highlighting their respective valuations in billions of dollars [1]. Group 1: Market Capitalization Rankings - The top three companies by market capitalization are: 1. Alibaba: $1,000.00 billion 2. Tencent: $900.00 billion 3. Baidu: $290.62 billion [3][4]. - Other notable companies in the top 10 include: - Kuaishou: $308.94 billion - Semiconductor Manufacturing International Corporation (SMIC): $403.59 billion - JD.com: $459.34 billion [3][4]. Group 2: Additional Rankings - Companies ranked from 11 to 20 include: - Ideal Automotive: $282.81 billion - Beike: $217.69 billion - Xpeng Motors: $177.13 billion [3][4]. - The rankings continue with companies like: - New Oriental: $76.78 billion - Vipshop: $75.79 billion - Kingsoft: $70.42 billion [4][5]. Group 3: Valuation Trends - The article indicates a competitive landscape among Chinese tech firms, with significant valuations reflecting their market positions and growth potential [1]. - The data is based on the latest exchange rates, converting values from Hong Kong dollars to US dollars [5].

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]

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].