Market Overview - On June 23, 2025, the Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) closed down 0.72%, with leading declines from Hengxuan Technology down 5.46%, Lanke Technology down 4.36%, and Stone Technology down 3.62% [1] - The Robotics ETF (562500) closed up 0.50%, with East杰智能 leading gains at 10.47%, Tianzhihang up 7.27%, and Kuaike Intelligent up 3.04% [1] - The trading volume for the day was 359 million yuan, making it the most active ETF in its category, indicating good liquidity [1] Key Developments - Huawei and Softcom Power are collaborating to develop humanoid robots for manufacturing scenarios, focusing on general humanoid applications and 3C manufacturing [2] - KPMG's 2025 China Banking Industry Survey Report indicates that the banking sector is leading in the application of large models, with significant efficiency improvements and innovations across various banking operations [2] - Galaxy General announced the completion of a new financing round of 1.1 billion yuan, marking the largest single financing in the field of embodied large model robots, with total financing exceeding 2.4 billion yuan over two years [2] Institutional Insights - China Galaxy Securities states that A-shares are currently at a historical average valuation, relatively low compared to mature overseas markets, suggesting high investment value [3] - The report anticipates a stable upward trend for A-shares in the second half of 2025, driven by policy support and capital inflows, while cautioning about external uncertainties and domestic economic recovery [3] - The focus on technology innovation is highlighted as a core driver for A-share supply-side reform, with recommendations to pay attention to AI computing, AI applications, embodied intelligence, and innovative pharmaceuticals [3] ETF Highlights - The Robotics ETF (562500) is noted as the only ETF in the market with over 10 billion yuan in scale, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) is described as the "brain" of robotics, capturing the "singularity moment" in the AI industry with a 20% fluctuation range and small to mid-cap elasticity [4]

本次业绩说明会将采用网络远程方式举行，投资者可登录证券日报网的路演 平台（http://www.zqrb.cn/huiyi/lyhd/index.html），参与本次业绩说明会互动。出席 本次业绩说明会的人员如下：董事长兼总经理刘天文先生；董事、副总经理兼财 务总监张成先生；独立董事简建辉先生；董事会秘书王悦先生；保荐代表人许杰 先生。 证券代码：301236 证券简称：软通动力 公告编号：2025-058 软通动力信息技术（集团）股份有限公司 关于举行2024年度及2025年第一季度业绩说明会的公告 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。 软通动力信息技术（集团）股份有限公司（以下简称"公司"）已披露了《2024 年年度报告》和《2025 年第一季度报告》。为便于广大投资者更加全面深入地了 解公司经营情况及未来发展规划，增进公司与广大投资者的沟通与交流，公司定 于 2025 年 6 月 27 日（星期五）下午 15：00-16：00 举办 2024 年度及 2025 年第 一季度业绩说明会。 2025 年 6 月 23 日 为充分尊重投资者、提升交流 ...

Group 1 - Huawei and Softcom Power are collaborating to develop intelligent loading and unloading robots for manufacturing scenarios, focusing on humanoid robots for general and 3C manufacturing applications [1] - Huawei is also partnering with Xinjie Electric and Yadea to create a six-legged assembly robot for vehicle frames, leveraging Yadea's open scenarios and Xinjie Electric's capabilities [1] - The collaboration aims to achieve automated assembly of vehicle frames, integrating resources from Huawei Cloud's AI innovation center in Wuxi [1] Group 2 - Daohe Tongtai Robotics and Huawei Cloud are jointly developing an "integrated ground and aerial cluster intelligence solution," marking a significant partnership in Huawei Cloud's intelligent inspection capabilities [1] - This solution has already been implemented in a pilot project at a domestic oil field, successfully demonstrating a full-process intelligent closed loop [1]

Group 1 - 58.com is reportedly undergoing a large-scale layoff affecting multiple departments, with a layoff ratio of 20-30% [3] - MiniMax, an AI unicorn, is considering an IPO in Hong Kong, currently in the preliminary preparation stage, with a post-financing valuation exceeding $2.5 billion [4][5] - Audi has paused its comprehensive electrification plan and will not set a clear timeline for phasing out internal combustion engine vehicles [4][5] Group 2 - JD.com has officially entered the hotel and tourism industry, offering hotel operators a membership plan with up to three years of zero commission [5] - Meituan's food delivery service maintains a market share of around 70%, with daily payment orders exceeding 90 million [5] - OpenAI's CEO revealed that Meta attempted to lure OpenAI employees with offers up to $100 million [6] Group 3 - NIO is discussing bringing in strategic investors for its chip self-research department, aiming to maintain control while offering a small equity stake [14] - JD.com plans to expand its full-time delivery rider workforce to 150,000 by the end of the current quarter [16] - Amazon anticipates a reduction in its workforce in the coming years due to the increased use of AI technologies [16] Group 4 - Saint Bella has set an IPO price of HKD 6.58 per share, planning to issue approximately 95.42 million shares [18] - Fuwai Group, under Li Zekai, has passed the Hong Kong Stock Exchange hearing, with losses exceeding $1 billion over the past three years [18] - Black Sesame Intelligence plans to acquire an AI chip company focused on low-power AI system chips [18] Group 5 - IDC reported that China's smart glasses shipments in Q1 2025 increased by 116.1% year-on-year, with audio and AR/VR glasses showing significant growth [27] - The retail sales of new energy vehicles in China reached 402,000 units in the first half of June, a year-on-year increase of 38% [27]

Core Viewpoint - The A-share market has undergone a series of index adjustments effective from June 16, impacting various indices including the Shanghai Composite and Shenzhen Composite indices, with a total of 187 sample changes across six cross-market indices [1][3][4]. Group 1: Index Adjustments - The Shanghai and Shenzhen indices have collectively replaced 61 samples, with the Shanghai 50 index changing 4 samples, the Shanghai 180 index changing 18 samples, the Shanghai 380 index changing 38 samples, and the Sci-Tech 50 index changing 1 sample [21][30]. - The six cross-market indices have replaced a total of 187 samples, with the CSI 300 index changing 7 samples, the CSI 500 index changing 50 samples, and the CSI 1000 index changing 100 samples [4][19]. Group 2: New Index Launch - The Shanghai 580 index has been officially launched, focusing on smaller market capitalization stocks within the Shanghai market, reflecting the overall performance of smaller listed companies [2][31]. - Approximately 30% to 60% of the sample weight in the Shanghai 580 index is attributed to sectors such as the Sci-Tech board, specialized and innovative companies, private enterprises, and emerging industries, highlighting its innovative small-cap characteristics [33]. Group 3: Industry Representation - The adjustments have led to an increase in the representation of information technology, communication services, and industrial sectors within the indices, enhancing market representation [18][19]. - The manufacturing sector's weight in the Shenzhen Component Index remains high at 73%, with 211 companies projected to achieve revenue and profit growth in 2024 [30].

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]

Group 1 - The company reported a revenue of 7.011 billion yuan for Q1 2025, representing a year-on-year growth of 28.65% [1] - The net profit attributable to shareholders was -198 million yuan, an improvement from -277 million yuan in the same period last year [1] - The net cash flow from operating activities was -1.837 billion yuan, compared to -1.383 billion yuan in the previous year [1] Group 2 - In 2024, the company achieved a revenue of 31.316 billion yuan, with a year-on-year increase of 78.13% [1] - The net profit attributable to shareholders decreased by 66.21% to 180 million yuan [1] - The net cash flow from operating activities declined by 15.01% to 741 million yuan [1] Group 3 - The company raised a total of 4.630 billion yuan from its initial public offering, with a net amount of 4.342 billion yuan after deducting issuance costs [2] - The final net amount raised exceeded the original plan by 842 million yuan [2] - The funds will be allocated to various projects including new construction and expansion of delivery centers, digital transformation solutions, and operational platform upgrades [2] Group 4 - The total issuance costs for the IPO amounted to 288 million yuan, including a sponsorship fee of 3 million yuan and an underwriting fee of 246 million yuan [2] - The company plans to raise up to 3.378 billion yuan through a specific issuance of shares, with net proceeds allocated to several strategic projects [2]

Core Insights - The financial technology (FinTech) industry is experiencing significant growth, driven by technological innovation and policy support, with an expected compound annual growth rate (CAGR) of approximately 13.3%, reaching over 650 billion yuan by 2028 [1] Group 1: Industry Overview - The report emphasizes the construction of a technology-driven financial value enhancement system, focusing on a "technology-industry-finance" cycle [1] - The domestic FinTech market is thriving due to the rapid development of the technology sector and the flourishing financial market [1] Group 2: Evaluation Metrics - The evaluation model for FinTech service providers includes four core dimensions: industry depth, product and technology capability, service capability, and ecosystem capability [2] Group 3: Top Service Providers - The "iResearch - Excellence" list for 2025 includes the top 50 FinTech service providers, categorized into four types: comprehensive technology service providers, FinTech IT service providers, core technology application service providers, and digital innovation service providers [5] Group 4: Case Studies - Softstone Technology is leveraging GenAI to drive innovation in financial applications, focusing on AI-driven transformations in various financial processes [11] - Chexiao Technology specializes in credit risk control, providing a comprehensive suite of platforms for automotive finance and risk management [15][16] - China Mobile Financial Technology is developing a full-scenario enterprise consumption management platform, addressing corporate spending needs [22] Group 5: Trends and Future Directions - The integration of cloud-native and AI-native technologies is becoming mainstream in the financial sector, with a focus on enhancing business value and compliance [34][41] - The industry is moving towards a dual development phase of technology deepening and value release, emphasizing the importance of customized and scenario-based solutions [41]

1、股东减持股份情况 | 股东名称 | 减持期间 | 减持方式 | 减持价格区 | 减持均价 | 减持股数 | 减持比例 | 股份来源 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 间（元/股） | （元/股） | （万股） | （%） | | | CEL Bravo | 2025/5/27 至 2025/6/5 | 集中竞价 交易 | 51.85-54.94 | 53.07 | 952.93 | 1.00 | 首次公开发行股票前 持有及实施权益分派 | | | | | | | | | 取得的股份 | 注：上表若出现总数与各分项数之和尾数不符的情况，均为四舍五入原因造成。 证券代码：301236 证券简称：软通动力 公告编号：2025-057 软通动力信息技术（集团）股份有限公司 关于股东股份减持计划实施完成的公告 信息披露义务人 CEL Bravo Limited 承诺向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 软通动力信息技术（集 ...

Core Viewpoint - The company has announced its 2024 profit distribution plan, which includes a cash dividend of 95,294,117.70 yuan to be distributed to shareholders based on the total share capital as of December 31, 2024 [1][2]. Group 1: Shareholder Meeting and Approval - The 2024 annual shareholder meeting was held on May 16, 2025, where the profit distribution proposal was approved [1]. - The cash dividend distribution is set at 1.000000 yuan per 10 shares (before tax) for all shareholders [2]. Group 2: Dividend Distribution Details - The cash dividend will be distributed based on the existing total share capital of 952,941,177 shares [2]. - For certain investors, such as those holding shares through the Hong Kong market or specific institutional investors, the cash dividend will be 0.900000 yuan per 10 shares after tax [2]. Group 3: Key Dates - The record date for the dividend distribution is June 12, 2025, and the ex-dividend date is June 13, 2025 [3]. Group 4: Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians on the ex-dividend date [3]. Group 5: Adjustments and Commitments - Following the profit distribution, the minimum selling price for shares held by certain shareholders will be adjusted accordingly [4].