| 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 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-042 | | --- | --- | --- | | 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 ...

Group 1 - The report highlights investment hotspots in May, focusing on robotics, particularly unmanned logistics vehicles, controllable nuclear fusion, digital currencies (stablecoins & RWA), mergers and acquisitions, and military industry, with a market preference for small-cap companies [6][22][23] - The robotics sector, especially unmanned logistics vehicles, showed strong performance, transitioning from 0 to 1 stage with companies like Jiushi and New Stone achieving significant order volumes and commercial deployment [6][24][25] - The report indicates that the AI sector continues to evolve, with major advancements in AI models and applications, including the DeepSeek-R1 model's upgrade, which significantly improved reasoning capabilities and performance metrics [47][49][50] Group 2 - The report notes that the controllable nuclear fusion sector is gaining momentum, supported by U.S. policy changes and accelerated project developments in China, with significant milestones achieved in the CRAFT project [39][40] - The digital currency sector is experiencing regulatory advancements, with the U.S. Senate passing the GENIUS Act and Hong Kong establishing a regulatory framework for stablecoins, indicating a growing acceptance and potential for market expansion [42][43] - The mergers and acquisitions landscape is evolving with new regulations aimed at simplifying processes and enhancing market-driven approaches, exemplified by the merger plans between Haiguang Information and Zhongke Shuguang [44][45]

Core Insights - The rapid development of generative artificial intelligence (AI) is creating new opportunities across various industries, with many companies accelerating their investments in edge AI to reduce costs associated with large models and promote the evolution of intelligent terminals like embodied robots and digital humans [1][2] Group 1: Industry Trends - The integration of AI and edge computing is expected to drive significant advancements in the industry, with edge AI becoming a competitive focus for major tech companies [1][3] - According to Gartner, by 2026, 80% of global enterprises will utilize generative AI, and 50% of global edge deployments will incorporate AI [3] Group 2: Company Developments - Companies like Deepin Technology and Digital Video are enhancing their capabilities in edge AI, with Deepin achieving efficient deployment of security large models, significantly improving processing speed and reducing operational costs [3] - Intel is launching a modular platform specifically designed for edge and network AI, facilitating faster development and application of AI across various sectors, including manufacturing, transportation, and healthcare [3] Group 3: Market Potential - STL Partners predicts that the global edge computing market could reach $445 billion by 2030, with a compound annual growth rate of 48% [4] - The lightweight large language models for edge inference are expected to drive growth in edge AI computing and accelerate the upgrade of edge hardware markets [4]

Core Viewpoint - In 2024, the company achieved operating revenue of 7.52 billion yuan, a year-on-year decrease of 1.86%, and a net profit attributable to shareholders of 197 million yuan, a year-on-year decrease of 0.49% [1][2] - In the first quarter of 2025, the company achieved operating revenue of 1.26 billion yuan, a year-on-year increase of 21.91%, and a net profit attributable to shareholders of -250 million yuan, a year-on-year reduction in loss of 48.93% [1][2] - As of the end of the first quarter of 2025, the company's contract liabilities reached 1.43 billion yuan, a year-on-year increase of 16.36%, which may provide momentum for future growth [1][5] Financial Performance - In 2024, the company's operating revenue was 7.52 billion yuan, with a net profit of 197 million yuan and a non-recurring net profit of 77 million yuan, reflecting a decline of 1.86%, 0.49%, and 30.45% year-on-year respectively [2][3] - In Q4 2024, the company reported operating revenue of 2.89 billion yuan, a year-on-year increase of 1.13%, and a net profit of 777 million yuan, a year-on-year increase of 4.46% [3] - In Q1 2025, the company achieved significant revenue growth of 1.26 billion yuan, with a net profit of -250 million yuan, marking a substantial reduction in loss [3] Business Segments - In 2024, the company's cybersecurity product revenue was 3.63 billion yuan, a year-on-year decrease of 6.75%, while cloud computing and IT infrastructure revenue was 3.38 billion yuan, a year-on-year increase of 9.51% [4] - The company’s focus on strategic businesses like XDR and MSS has led to faster growth despite overall industry weakness [4] - The company’s cloud business orders continued to grow well in Q1 2025, driven by the AICP computing platform addressing enterprise private model deployment challenges [4] Customer Demand and Future Outlook - In 2024, the company's enterprise customer revenue grew by 1.82%, supported by resilient IT construction demand [5] - As of Q1 2025, the company's contract liabilities reached 1.43 billion yuan, indicating potential for future growth [5] - The company expects operating revenues for 2025-2027 to be 8.27 billion, 9.43 billion, and 10.93 billion yuan, with corresponding net profits of 398 million, 536 million, and 696 million yuan, reflecting significant growth rates [1][5]

Group 1 - The core viewpoint of the news is the performance and holdings of the Wanjiay Economic New Momentum Mixed C Fund, which has shown a decline in recent value but positive returns over longer periods [1] - As of May 23, 2025, the latest net value of the fund is 1.6007 yuan, reflecting a decrease of 1.79% [1] - The fund's one-month return is -4.46%, ranking 4362 out of 4480 in its category, while its six-month return is 22.90%, ranking 161 out of 4322, and its year-to-date return is 28.00%, ranking 90 out of 4372 [1] Group 2 - The top ten stock holdings of the Wanjiay Economic New Momentum Mixed C Fund account for a total of 75.95%, with significant positions in companies such as Ruixin Micro (9.12%), BeiGene-U (8.80%), and Deepin Technology (8.64%) [1] - The fund was established on February 7, 2018, and as of March 31, 2025, it has a total scale of 1.223 billion yuan [1] - The fund manager, Huang Xingliang, has a strong academic background with a Ph.D. from Tsinghua University and extensive experience in the investment management industry [2]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 23, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - Xiaomi Group ranks 4th with a market capitalization of 1754.49 billion [3]. - Pinduoduo follows in 5th place with a market capitalization of 1700.74 billion [3]. - Meituan is ranked 6th with a market capitalization of 1086.84 billion [3]. - JD.com holds the 8th position with a market capitalization of 485.64 billion [4]. - Dongfang Caifu is in 9th place with a market capitalization of 468.01 billion [4]. - SMIC (Semiconductor Manufacturing International Corporation) ranks 10th with a market capitalization of 428.82 billion [4]. Group 2: Additional Notable Companies - Li Auto is ranked 11th with a market capitalization of 306.9 billion [4]. - Baidu is in 12th place with a market capitalization of 289.01 billion [4]. - Kuaishou is ranked 13th with a market capitalization of 268.52 billion [4]. - Tencent Music holds the 14th position with a market capitalization of 262.23 billion [4]. - Beike ranks 15th with a market capitalization of 219.97 billion [4]. - XPeng Motors is in 16th place with a market capitalization of 195.11 billion [4]. Group 3: Lower Rankings - 36Kr Holdings is ranked 21st with a market capitalization of 99.46 billion [5]. - NIO is in 22nd place with a market capitalization of 87.87 billion [5]. - New Oriental Education ranks 23rd with a market capitalization of 76.79 billion [5]. - Bilibili is in 24th place with a market capitalization of 76.7 billion [5]. - Vipshop is ranked 25th with a market capitalization of 74.92 billion [5]. - Kingsoft is in 26th place with a market capitalization of 69.3 billion [5].

Core Viewpoint - HSBC forecasts a 3.8% year-on-year growth in A-share earnings for Q1 2025, led by the materials (+40.3%) and information technology (+24.7%) sectors, with a continued outperformance of growth style over the market [1][2] Investment Themes Artificial Intelligence (AI) - The penetration rate of AI is rising, with 68% of A-share companies mentioning "AI" in their 2024 annual reports, up from 43% in the first half of 2024 [3] - Market expectations indicate accelerated profit growth in the AI value chain for 2025, with infrastructure companies expected to grow faster than technology enablers and applicators [3] Globalization - Recent breakthroughs in US-China trade negotiations serve as a catalyst for globalization-themed stocks [4] - In 2024, overseas revenue accounted for 11.7% of total revenue for CSI 300 constituents, an increase of 1.4 percentage points year-on-year, with the information technology sector having the highest overseas revenue share at 31.4% [4] Cyclical Recovery - Cyclical industries are expected to see profit improvements, with overall earnings projected to grow by 18.8% in Q1 2025, compared to a decline of 17.9% in Q3 2024 [5] - Factors contributing to structural opportunities in cyclical industries include steady policy rollout, structural recovery in the real estate market, and attractive valuations [5] Recommended Stocks - Based on the three investment themes and bottom-up research, HSBC recommends the following 10 stocks with buy ratings: - AI Theme: Xiaomi Group-W (01810), Deepin Technology (300454.SZ), Zhangqu Technology (300315.SZ) [6] - Globalization Theme: HAPO (02142), Luxshare Precision (002475.SZ), Anker Innovations (300866.SZ), Giant Star Technology (002444.SZ) [6] - Cyclical Recovery Theme: Suzhou Bank (002966.SZ), Proya Cosmetics (603605.SH), SF Holding (002352.SZ) [6]

Group 1 - The A-share market saw all three major indices rise collectively, with active performances in sectors such as power batteries, lithium battery anodes, and coal mining, while AI-related concepts experienced a pullback [1] - The ChiNext AI ETF (159381) experienced a slight decline of 0.68%, but its constituent stocks like Tianfu Communication, Advanced Digital Technology, and Runhe Software rose against the trend [1] - The ChiNext AI ETF (159381) has seen a net inflow of 7.04 million yuan over the past five trading days, with a total increase in circulation scale of 22.68 million yuan over the past month [1] Group 2 - Recent quarterly reports from domestic cloud service providers indicate that the demand for computing power may be deferred to the second quarter due to the ongoing iteration needs of large models [2] - The demand for domestic computing chips is expected to experience explosive growth [2]