Group 1 - The Ministry of Finance issued a notice to guide insurance funds for long-term stable investment and to strengthen long-cycle assessments of state-owned commercial insurance companies. The assessment method for "return on net assets" has been adjusted to include annual, 3-year, and 5-year indicators with respective weights of 30%, 50%, and 20% [1][5][16] - The Ministry of Industry and Information Technology (MIIT) is promoting digital transformation in manufacturing and small and medium-sized enterprises (SMEs) through pilot programs and guidelines, aiming to enhance the digital capabilities of key industries [2][3] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the need for state-owned enterprises to focus on strategic emerging industries and enhance their role in technological innovation and industrial control [3] Group 2 - The Ministry of Finance allocated 197 million yuan to support agricultural disaster recovery in seven provinces affected by floods and typhoons, focusing on crop replanting and infrastructure repair [4] - The National Development and Reform Commission and the National Energy Administration announced plans to increase the green power consumption ratio for steel, cement, polysilicon industries, and new data centers by 2025 [2] - The Shanghai Stock Exchange released guidelines for the "Science and Technology Innovation Growth Layer," allowing 32 unprofitable companies to enter this new tier without additional listing thresholds [5] Group 3 - The China Securities Regulatory Commission (CSRC) has initiated investigations into companies suspected of financial misconduct, including Yuandao Communication for false financial reporting and Jiaoda Anlian for information disclosure violations [7][32] - The National Energy Administration reported that the new energy capacity connected to the grid exceeded 203 million kilowatts in the first half of the year, marking a 108.7% year-on-year increase [20] - The automotive industry in China is experiencing stability compared to other countries, with a noted decline of only 12% in the passenger car market from 2018 to 2020, indicating strong macroeconomic support [21]

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Viewpoints - The report highlights the strong performance of computing-related companies and maintains a positive outlook on the global AIDC (AI Data Center) industry chain, driven by increasing demand for data center infrastructure and AI applications [5][19] - The release of Grok 4 by XAI and the introduction of AWS's GB200 UltraServers are significant advancements in AI computing capabilities, enhancing the competitive landscape [16][17] Summary by Sections 1. Investment Insights - The report emphasizes the impressive earnings forecasts from several companies in the computing sector, with Ruijie Networks expecting a net profit of 400 million to 510 million yuan for H1 2025, representing a year-on-year growth of 160.11% to 231.64% [5][13] - Industrial Fulian anticipates a net profit of 6.727 billion to 6.927 billion yuan for Q2 2025, reflecting a year-on-year increase of 47.72% to 52.11% [15] - The demand for high-speed optical modules in computing centers is rapidly increasing, contributing to significant revenue growth for companies like Huagong Technology, which expects a net profit of 890 million to 950 million yuan for H1 2025, up 42.43% to 52.03% year-on-year [14] 2. Market Trends - As of May 2025, China has established 4.486 million 5G base stations, with a net increase of 235,000 stations since the end of 2024 [29] - The number of 5G mobile phone users reached 1.098 billion, marking a year-on-year growth of 21.3% [29] - The report notes a decline in 5G mobile phone shipments, with 21.19 million units shipped in May 2025, down 17.0% year-on-year [29] 3. Recommended Investment Targets - AIDC Infrastructure: Recommended stocks include New Idea Network Group, Baoxin Software, and Runze Technology; Beneficiary stocks include Guanghuan New Network, Aofei Data, and Century Interconnect [20] - IT Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Cambrian and Inspur [21] - Network Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Ruijie Networks and Yingtong Technology [22] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and China Unicom [25] - AI Applications: Beneficiary stocks include Guanghe Tong and Yiyuan Communication [26] - Satellite Internet & 6G: Beneficiary stocks include Haige Communication and Shenglu Communication [27]

Core Viewpoint - Ruijie Networks (301165) expects a net profit of 400 million to 510 million yuan in the first half of 2025, representing a growth of 160.11% to 231.64% compared to 154 million yuan in the same period last year [1] Group 1: Financial Performance - The projected net profit for the first half of 2025 is between 400 million and 510 million yuan [1] - This represents a significant increase of 160.11% to 231.64% year-on-year from 154 million yuan [1] Group 2: Market Dynamics - The acceleration of AI technology iteration is driving the global computing infrastructure upgrade process [1] - The internet industry is rapidly increasing the construction of data centers, leading to a faster delivery of data center switch product orders aimed at internet clients [1] Group 3: Revenue Growth - The SMB market revenue is steadily growing, contributing to an increase in product gross profit year-on-year [1]

证券代码：301165 证券简称：锐捷网络 公告编号：2025-024 锐捷网络股份有限公司 2025 年半年度业绩预告 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、本期业绩预计情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 本次业绩预告的相关数据未经会计师事务所审计。 三、业绩变动原因说明 报告期内，AI 技术迭代加速全球算力基础设施升级进程，互联网行业数据中 心加快建设，公司面向互联网客户的数据中心交换机产品订单加速交付；SMB 市 场收入稳步增长，产品毛利同比增加。同时，公司持续推进管理改进和效率提升 工作，期间整体费用率同比有所降低，共同推动业绩增长。 经初步测算，预计非经常性损益对当期净利润的影响约为 2,000 万元。 四、其他相关说明 1 本次业绩预告是公司财务部门初步测算的结果，具体财务数据将在 2025 年 半年度报告中详细披露。公司将严格依照有关法律法规的规定和要求，及时做好 信息披露工作。敬请广大投资者谨慎决策，注意投资风险。 □扭亏为盈 同向上升 □同向下降 | 项 ...

Group 1 - The ChiNext Index (399006) has seen a strong increase of 2.07% as of July 8, 2025, with notable gains in constituent stocks such as Sungrow Power (300274) up 9.32%, Ruijie Networks (301165) up 9.31%, and Guocera Materials (300285) up 8.76% [1] - Since June 24, the ChiNext Index and technology leaders have performed well, driven by trends such as "anti-involution" and the AI industry, with sectors like steel, new energy, building materials, media, communication, and electronics leading the gains [1] - The mid-term outlook suggests that "anti-involution" is a key driver for the index's bullish trend, as it encourages listed companies to reduce capital expenditures and eliminate excess capacity, improving the economic supply-demand relationship and enhancing corporate profitability [1] Group 2 - AI is identified as a crucial force driving the current technological revolution, with investment opportunities emerging from infrastructure development and applications related to AI, impacting multiple industries and themes within the A-share market [1] - The ChiNext ETF (159956) closely tracks the ChiNext Index, which consists of 100 stocks with large market capitalization and good liquidity, reflecting the performance of the ChiNext market [2]

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [6]. Core Viewpoints - The company is positioned to benefit significantly from the development of AI, with projected revenues increasing from 139.65 billion to 182.69 billion CNY from 2025 to 2027, and net profits expected to rise from 7.78 billion to 11.79 billion CNY during the same period [4][6]. Summary by Sections 1. Industry Leading Network Solutions Provider - The company focuses on three main product lines: network equipment, network security, and cloud desktop solutions, with network equipment contributing over 70% of revenue [15][21]. - The company emphasizes independent research and development, with over 50% of its workforce dedicated to R&D, and has established eight R&D centers globally [27][28]. - Revenue has shown consistent growth, with a compound annual growth rate (CAGR) of 17.48% from 2017 to 2024, and overseas revenue has significantly increased [36][45]. 2. New Development Opportunities in the Switch Market - The global and Chinese switch markets are steadily growing, with the Chinese market expected to reach 749 billion CNY by 2024 [50][52]. - The rise of white box switches, which offer cost advantages and operational flexibility, is notable, as they allow users to purchase hardware and install software independently [57][58]. - AI is driving the upgrade of data center switches, with significant growth in demand for high-speed ports, particularly 200G and 400G devices [64][67]. 3. Significant Competitive Advantages and Growth Value - The company targets large clients, successfully penetrating the high-end market for operators, and has won significant contracts with major telecom companies [98][100]. - The company maintains a strong focus on product development, achieving a leading market share in several sectors [105]. - The establishment of self-owned production lines ensures delivery capabilities, and the company has built a robust technical service system for rapid response [3][104]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 139.65 billion, 160.84 billion, and 182.69 billion CNY from 2025 to 2027, with net profits of 7.78 billion, 9.70 billion, and 11.79 billion CNY respectively [4][5]. - The report suggests that the company has substantial growth potential due to its deep engagement in the switch product market and active overseas expansion [4].

Summary of Conference Call for StarNet Ruijie Company and Industry Overview - The conference call pertains to StarNet Ruijie, a company operating in the network communication and data center sectors, with a focus on AI infrastructure and solutions [2][3][15]. Key Points and Arguments Business Performance - In Q1 2025, domestic business remained stable while export business grew over 50%, particularly in network switch sales [2][5]. - The overall gross margin for Ruijie Network is approximately 35%, showing a slight decline due to structural factors [2][6]. - The company is focusing on data centers and SMBs (Small and Medium-sized Businesses) for revenue growth, with direct sales expected to increase to 57% in 2024 [2][8]. Market Dynamics - Demand for internet intelligent computing center switches is driven by capital expenditures from major internet companies like Alibaba, Tencent, and ByteDance [2][5]. - Ruijie Network holds a leading market share in the domestic data center white-box switch market, with competition involving chip providers, demand-side internet companies, and equipment manufacturers [6][10]. Product and Production Insights - Data center products are produced in an automated factory in Fuzhou, with plans for capacity expansion in Q2 2025 [2][7]. - The company emphasizes inventory management to ensure timely delivery and revenue recognition, with inventory increasing to meet production needs [4][9]. Strategic Focus and Adjustments - The company has undergone personnel reductions and strategic refocusing towards more certain revenue-generating areas due to anticipated economic changes post-pandemic [7][13]. - The adjustment in focus has led to a shift in revenue structure, with data center and SMB businesses expected to drive future growth [7][14]. International Expansion and Future Plans - Ruijie Network has established a global presence since 2018, focusing on SMB products for international markets, with export growth rates exceeding 50% [10][11]. - Future international expansion plans include entering Southeast Asian markets for various product lines, including optical communication and financial technology [11][12]. AI Integration and Future Directions - The company recognizes AI's significant impact on future business, planning to develop infrastructure and applications in sectors like education, healthcare, and government [16][17]. - Specific initiatives include integrated machines for financial technology and partnerships with telecom operators to enhance computing efficiency [18][19]. Additional Important Insights - The company is exploring advanced technologies such as brain-computer interfaces and aims to create subscription-based services from AI-generated content in the metaverse [19][20]. - StarNet Ruijie's overall strategy focuses on providing high-quality solutions around AI applications across various industries, which is expected to enhance profitability and operational efficiency [20].

锐捷网络 20250625 摘要 瑞杰网络 2025 年战略重心转向数据中心市场，特别是互联网领域，预 计该市场将保持增长，而运营商市场因产品策略调整或将面临下滑，但 毛利率有望维持良好水平。 公司海外市场聚焦 SMB 和企业网产品，SMB 产品占比约 70%，园区网 和企业网相关网络设备及网关、软件产品约占 20%，预计海外业务需求 空间广阔。 2025 年二季度交付加速主要源于执行 2024 年四季度的字节跳动和腾 讯合同，以及去年合同的延续，并非新增资本开支。 400G PH5 产品已进入量产和批量交付阶段，毛利率预计回归至 15%- 20%之间，互联网数据中心所有品类产品综合毛利率约为 20%-21%。 公司正积极参与国内云厂商自研芯片架构带来的算力需求提升趋势，重 点关注 AI Fabric 和 Scale-up 超节点方案，并已推出相关产品应用于英 伟达系列算力连接。 公司已完成 B20 适配，并在海外数据中心实现 B20 与以太网交换设备 互联，搭建万卡级计算环境，解决 InfiniBand 交换机成本问题。 2025 年 1-5 月，瑞杰网络整体经营情况显示，数据中心交换业务保持高速增 长，I ...

通信 需求仍强劲，国产链再出发 20250624 摘要 AI 驱动算力需求激增，光模块用量环比增长 30%，AI 工具调用占比提 升至 30%，云厂商通过囤货和租赁保障算力，预计三季度后或有新的采 购方案，为国内产业链带来机遇。 国内光模块产业链受益于云厂商需求，如阿里巴巴大规模招标和 H 公司 增加高光模块配比订单，二线云厂商需求增加，自动驾驶等应用场景驱 动算力需求，预计下半年云厂商持续招标，国产厂商通过海外布局扩大 市场份额。 IDC 行业存量资产预计短期内消化，国产产业链超预期或改善行业情绪， CSP 大客户占比高及传统机柜无法满足需求加速 IDC 去化，IDC 运营行 业价格接近历史低点，供需结构失衡问题凸显，关注润泽科技等规模大、 贝塔属性强的标的。 算力租赁市场迎来布局时机，国内需求与产业紧密度相关，大厂资本开 支保持高位，AI 端侧需求增加将释放推理算力需求，Blackwell 芯片推 理能力更强，算力租赁成为大厂获取高端算力的重要途径，推荐具有稳 定芯片获取渠道公司。 Q&A 当前国内算力产业链的核心观点是什么？ 国内算力产业链在 2025 年第二季度的需求情况仍然非常强劲，相关主要公司 的 ...

Core Insights - The partnership between Ruijie Networks and AMD aims to address the increasing global demand for computing power and the acceleration of digital transformation in China [1][8] - The collaboration focuses on a dual-driven model of "computing architecture innovation and scenario innovation" to provide efficient solutions for key areas such as intelligent computing centers and cloud desktops [1][5] Group 1: Market Context - According to a report by IDC and Inspur, China's intelligent computing power is expected to reach 1037.3 EFLOPS by 2025, representing a 43% year-on-year growth, with an even higher growth rate of 74.1% anticipated for 2024 [1] - The increasing demand for computing power is driven by applications in generative AI and autonomous driving, making the integration of network infrastructure and computing capabilities a core issue for industrial intelligence [1] Group 2: Technical Collaboration - The fourth-generation AMD EPYC processors utilize a 5nm process with up to 96 cores and support for PCIe 5.0 and CXL 1.1 memory expansion, achieving a 2.7 times improvement in energy efficiency compared to previous generations [2] - The collaboration includes the development of a dual-A cloud desktop solution that reduces total cost of ownership (TCO) by 30% and an AI training cluster based on a Rack Scale architecture that supports 64 interconnected GPUs [5] Group 3: Product Features - Ruijie Networks has introduced intelligent gateways in the data center network field, integrating AMD processors to achieve deep collaboration between computing and networking [4] - The RG-CS7010 cloud server, equipped with dual EPYC processors, supports 128 physical cores and has improved virtualization performance by 200% compared to previous models, making it suitable for high-frequency interaction scenarios in education and healthcare [4] Group 4: Strategic Goals - The partnership aims to build a self-controlled computing ecosystem, leveraging Ruijie Networks' self-developed Rack Scale architecture compatible with domestic GPUs to create a differentiated competitive edge in AI training clusters [6] - The collaboration aligns with national strategies such as "East Data West Computing" and aims to meet the goal of achieving a Power Usage Effectiveness (PUE) of less than 1.25 for new data centers by 2025 [7] Group 5: Future Outlook - The companies plan to launch the next generation of EPYC processors based on the sixth-generation Zen6 architecture and Ruijie's next-generation intelligent switches by 2025, which will enhance computing density and network bandwidth [7] - This partnership represents a significant shift in industry logic, aiming to overcome traditional IT architecture performance bottlenecks through deep collaboration between computing and networking [7][8]