Core Insights - The company reported a revenue of 5.125 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.62% with a net profit attributable to shareholders of -0.081 billion yuan [1] - In Q3 2025, the company achieved a revenue of 2.116 billion yuan, a year-on-year increase of 9.86%, and a net profit attributable to shareholders of 0.147 billion yuan, reflecting a significant growth of 1097.40% [1] - The company's gross margin stood at 60.94%, slightly down by 0.53 percentage points compared to the same period last year, while the decrease in expense ratio contributed to improved profit performance [1] Financial Performance - The net cash flow from operating activities for the first three quarters was 0.013 billion yuan, showing a substantial improvement year-on-year [1] - The company’s adjusted net profit (excluding non-recurring items) for Q3 was 0.123 billion yuan, marking a year-on-year increase of 3276.12% [1] Market Position - The company maintained a stable industry position, ranking first in the overall hyper-converged market and full-stack hyper-converged market in China for H1 2025 according to IDC [1] - In Q2 2025, the company was also ranked first in the application delivery market in China [1] - The company received top rankings in various categories during the 2025 Cybersecurity Awareness Week Technology Summit, including "AI-based automated analysis and response for cybersecurity" and "noise reduction for cybersecurity alert logs" [1] Product Development - The company launched the AI Coding platform CoStrict, aimed at enhancing end-to-end R&D efficiency and shortening overall development cycles for enterprises [2] - The new generation AICP computing platform is compatible with various mainstream GPUs and open-source models, improving activation efficiency [2] - The company continues to advance in AI and security, providing large model safety solutions [2] Investment Outlook - The company is expected to perform well in the cybersecurity and cloud computing sectors, with projected EPS for 2025, 2026, and 2027 being 0.87, 1.25, and 1.74 yuan respectively, maintaining a "buy" rating [2]

Market Overview - On November 5, the software development sector declined by 1.43%, with Keda Guochuang leading the drop [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Notable gainers in the software development sector included: - Pinming Technology (6018889) with a closing price of 142.40, up 6.43% [1] - Guoneng Rixin (301162) at 59.81, up 4.78% [1] - Kexin Information (300730) at 19.50, up 4.73% [1] - Major decliners included: - Keda Guochuang (300520) at 42.45, down 7.42% [2] - Geer Software (603232) at 23.22, down 6.30% [2] - Information Development (300469) at 62.21, down 5.81% [2] Capital Flow - The software development sector experienced a net outflow of 3.246 billion yuan from institutional investors, while retail investors saw a net inflow of 2.523 billion yuan [2][3] - The top stocks by net inflow from retail investors included: - Zhongdian Xilong (002298) with a net outflow of 90.87 million yuan [3] - Pinming Technology (6018888) with a net inflow of 36.79 million yuan [3] - Fangzhi Technology (300235) with a net inflow of 32.16 million yuan [3]

北京市金杜（深圳）律师事务所 关于深信服科技股份有限公司 2025 年第一次临时股东会之法律意见书 致：深信服科技股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受深信服科技股份有限公司（以 下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中 华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以下简称 中国证监会）发布的《上市公司股东会规则》（以下简称《股东会规则》）等中华人民 共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、 中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、规章、规范性文件和 公司章程的有关规定，指派律师出席了公司于 2025 年 11 月 4 日召开的 2025 年第一次 临时股东会（以下简称本次股东会），并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2024 年 12 月 9 日公司召开的第三届董事会第二十三次会议、2024 年 12 月 30 日公司召开的 2024 年第二次临时股东大会审议通过的《深信服科技股份 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于注销部分回购股份并减少注册资本 暨通知债权人的公告 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。 一、通知债权人的原因 深信服科技股份有限公司（以下简称"公司"）分别于 2025 年 8 月 20 日召开 第三届董事会第三十次会议，于 2025 年 11 月 4 日召开 2025 年第一次临时股东 会，审议通过了《关于注销部分回购股份暨减少注册资本的议案》。具体内容详 见公司在指定信息披露媒体巨潮资讯网(http://www.cninfo.com.cn)上披露的《关 于注销部分回购股份暨减少注册资本的公告》（公告编号：2025-058）、《2025 年第一次临时股东会决议公告》（公告编号：2025-071）。 鉴于公司于 2022 年 3 月 29 日至 2023 年 3 月 1 日回购的 1,255,715 股存续时 间即将届满三年，且目前公司暂 ...

| 证券代码：300454 | 证券简称：深信服 公告编号：2025-071 | | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | 深信服科技股份有限公司 2025 年第一次临时股东会决议公告 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。 1. 本次股东会未出现否决议案的情形。 2. 本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 (一)会议召开情况 1.会议召开时间： （1）现场会议召开时间：2025 年 11 月 4 日下午 15:00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 11 月 4 日上午 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证 券交易所互联网投票系统投票的具体时间为：2025 年 11 月 4 日 9:15 至 15:00 期 间的任意时间。 2.现场会议召开地点：广东省深圳市龙华区致远中路 2 号维也纳国际酒店(深 圳北站店)负一楼会议室。 3.会议召集人：深信服科技股份有限公司（以下简称"公司"）董事 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； 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 ...

Group 1: Software ETF Performance - The Software ETF has a turnover rate of 2.14% during trading, with a transaction volume of 1.26 billion yuan. Over the past week, the average daily transaction volume reached 600 million yuan, ranking first among comparable funds [2] - The latest scale of the Software ETF has reached 5.936 billion yuan, marking a new high since its inception and also ranking first among comparable funds. In the past week, the ETF's shares increased by 80 million, achieving significant growth and leading among comparable funds [2] - The Software ETF has recorded a net inflow of 136 million yuan recently. Over the past 18 trading days, it has attracted a total of 963 million yuan [2] - As of November 3, the net value of the Software ETF has increased by 12.40% over the past three years. The highest monthly return since inception was 39.35%, with the longest consecutive monthly increase being three months and a maximum increase of 69.40%. The average return during the rising months was 10.06% [2] Group 2: Computer Sector Insights - According to Open Source Securities, the computer sector has seen improvements in revenue and profit in the first three quarters of 2025, with a year-on-year revenue growth of 3.10% and a net profit growth of 3.93%. The non-recurring net profit increased by 0.42%. This indicates a recovery in revenue growth while many companies in the sector have initiated cost-cutting and efficiency-enhancing strategies, leading to significant profit recovery [3] - Longjiang Securities highlights that in the context of intensified technological competition, achieving complete autonomy and control in key areas is essential for China's technological development. The domestic software systems have gradually developed the capability for domestic substitution [3] - As of October 31, 2025, the top ten weighted stocks in the CSI Software Service Index include iFLYTEK, Kingsoft Office, Tonghuashun, and others, collectively accounting for 63.09% of the index [3]

Group 1 - The AI application sector continues to show positive momentum, with the Xinchuang ETF (562030) experiencing a price increase of 0.35%, indicating a bullish trend over the past nine trading days, with six days of gains [1] - Key stocks within the ETF, such as Xinghuan Technology and 360, have seen significant price increases, with gains exceeding 7% and 6% respectively [1] - The report from QuestMobile indicates that the number of monthly active users for AI applications on mobile devices in China has surpassed 700 million, reaching 729 million by September 2025 [3] Group 2 - The Xinchuang industry is transitioning from being policy-driven to a dual-driven model of policy and market, with significant growth expected in the market size, projected to reach over 2.6 trillion yuan by 2026 [4] - The Xinchuang ETF tracks the Zhongzheng Xinchuang Index, which encompasses core segments of the Xinchuang industry, including hardware, software, and information security, highlighting its high growth and elasticity characteristics [7] - The investment logic for the Xinchuang industry includes geopolitical factors, increased local debt efforts, technological breakthroughs by domestic manufacturers, and the critical timing of procurement standards [7]

Group 1: Liquidity and Scale of Software ETF - The software ETF had an intraday turnover of 6.26% and a transaction volume of 366 million yuan [1] - Over the past month, the software ETF's average daily transaction volume reached 569 million yuan, ranking first among comparable funds [1] - In the past week, the software ETF's scale increased by 19.89 million yuan, also ranking first among comparable funds [1] - Over the last 17 trading days, the software ETF attracted a total of 827 million yuan in inflows [1] Group 2: Performance and Returns - As of October 31, the software ETF's net value has increased by 10.46% over the past three years [1] - The highest monthly return since inception was 39.35%, with the longest consecutive monthly gains being three months and the longest cumulative gain reaching 69.40% [1] - The average return during the months of increase was 10.06% [1] Group 3: Policy and Industry Outlook - The 20th Central Committee's Fourth Plenary Session emphasized high-level technological self-reliance as a key development goal [1] - In the context of major power technology competition, the trend towards domestic core software and hardware is expected to accelerate [1] - The "Suggestions" highlight the need for "extraordinary measures" to promote breakthroughs in key areas such as integrated circuits and foundational software [1] - Collaborative innovation between emerging technologies and foundational software is anticipated to be a significant driver of high-quality technological development during the 14th Five-Year Plan period [1] Group 4: Major Stocks in Software Service Index - As of October 31, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Kingsoft Office, and Tonghuashun, collectively accounting for 63.09% of the index [2] - The weightings of the top stocks are as follows: iFlytek (13.80%), Tonghuashun (8.49%), Kingsoft Office (7.78%), and others [4] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [4]

Summary of Conference Call Records Industry Overview - The focus is on the computer sector, particularly the AI application segment, with major players like OpenAI shifting resources towards application development, exemplified by the launch of the Sora APP [1][2] - AI revenue for leading companies is expected to exceed 20% of total revenue by 2026, indicating a shift from concept to actual profit growth [1][2] - The computer sector's performance has shown significant improvement since Q3 2025, with companies like Hikvision, Dahua, and Sangfor experiencing accelerated profit growth [1][2][4] Key Insights and Arguments - The ChatGPT effect is becoming evident, combined with a recovery in downstream demand and policy support, driving growth in the computer sector [1][2][4] - The "信创" (Xinchuang) sector is benefiting from policy initiatives, with a complete replacement of systems like OA email and document management required by 2027, which will drive business growth for related companies [1][3] - The current allocation in the computer sector is low, at around 3% in Q3 2025, compared to a market capitalization share of over 4.5%, indicating significant upside potential [1][5] Notable Companies and Performance - Companies such as Hikvision, Kingsoft, Hehe Information, Sangfor, and iFlytek are highlighted for their strong performance and robust revenue growth expectations, making them attractive investment opportunities [1][7] - Specific performance metrics include: - Hikvision's profit growth exceeding 20% in Q3 2025 [4] - Kingsoft's projected revenue of 6 billion RMB this year, increasing to 7 billion RMB next year [7] - Hehe Information's expected profit of 650 million RMB next year [7] Investment Opportunities - The AI sector presents two main investment directions: AI computing power and AI applications, with companies like Kingsoft, Hehe Information, Hikvision, and Sangfor showing significant advantages in AI applications [8] - The technology self-reliance sector is also gaining attention, with companies like Dameng Database and Huawei Jiutian showing strong growth potential [9][10] Market Environment and Future Expectations - The computer sector is entering a favorable investment window, with a historical trend of improved performance during the November to April period due to a lack of new earnings reports and increased risk appetite [5] - Despite a 20% increase in the computer sector this year, it still lags behind other sectors like telecommunications (70%), electronics (50%), and media (30%) [6] - New regulations from the China Securities Regulatory Commission may encourage fund managers to increase allocations to underweighted sectors like computers, potentially driving market performance upward [6]