证券代码：301396 证券简称：宏景科技 公告编号：2026-019 2026 年 3 月 27 日 宏景科技股份有限公司（以下简称"公司"）于 2026 年 2 月 11 日收到深圳 证券交易所（以下简称"深交所"）下发的《关于宏景科技股份有限公司申请向 特定对象发行股票的第二轮审核问询函》（审核函〔2026〕020014 号）（以下简 称"问询函"）。公司按照问询函的要求，会同相关中介机构对问询函所列问题进 行了认真研究和落实，对问询函进行了逐项回复和说明，并根据相关要求对问询 函 回 复 进 行 披 露 ， 具 体 内 容 详 见 公 司 2026 年 2 月 13 日 于 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露的相关公告和文件。 根据深交所的进一步审核意见，公司会同相关中介机构对上述《问询函》所 列 问 题 进 行 了 补 充 和 修 订 ， 具 体 内 容 详 见 公 司 同 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露的相关文件。 公司本次向特定对象发行 A 股股票事项尚需通过深交所审核通过，并经中 国证券监督管理委员 ...

关于宏景科技股份有限公司 申请向特定对象发行股票 第二轮审核问询函的回复报告 保荐机构（主承销商） （成都市青羊区东城根上街 95 号） 二〇二六年三月 1 关于宏景科技股份有限公司 申请向特定对象发行股票第二轮审核问询函的回复报告 深圳证券交易所： 贵所于 2026 年 2 月 11 日出具的《关于宏景科技股份有限公司申请向特定对 象发行股票的第二轮审核问询函》（审核函〔2026〕020014 号）（以下简称"第二 轮审核问询函"）已收悉。宏景科技股份有限公司（以下简称"宏景科技"、"公 司"、"本公司"、"发行人"）与国金证券股份有限公司（以下简称"国金证 券"、"保荐机构"）对第二轮审核问询函所列问题进行了逐项核查落实和书面 说明，现回复如下，请予审核。 如无特别说明，本回复所用释义与《宏景科技股份有限公司向特定对象发行 A 股股票募集说明书》一致，若出现合计数值与各分项数值之和尾数不符的情况， 均为四舍五入原因造成。 2 | | | 问题 1 申报材料及问询回复显示，发行人变更前次募投项目"智慧城市行业应用平 台升级项目""AIoT 基础平台开发项目""营销系统升级项目"，将变更用途的募 集资金投入到 ...

证券代码：301396 证券简称：宏景科技 公告编号：2026-018 宏景科技股份有限公司 关于对外担保的进展公告 公司于2025年12月15日召开第四届董事会第十四次会议、2026年1月5日召开 2026年第一次临时股东会，审议通过了《关于新增担保额度的议案》，同意公司 为控股子公司深圳宏景纵横科技有限公司新增提供不超过人民币620,000万元的 担保额度，用于宏景纵横向银行及其他金融机构、类金融机构、地方金融组织申 请综合授信及日常经营（包括但不限于相关业务合同的担保）。具体内容详见公 司于2025年12月17日刊登在巨潮资讯网（http://www.cninfo.com.cn）上的《关于 新增担保额度的公告》（公告编号：2025-102）。 二、担保进展情况 近日，公司与浦银金融租赁股份有限公司签订了《保证合同》，公司为控股 子公司宏景纵横与浦银金融租赁股份有限公司签订的《融资租赁合同》提供人民 币170,419.18万元的连带责任保证。以上担保属于已审议通过的担保额度范围， 无需再次提交公司董事会或股东会审议。 三、保证合同的主要内容 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 ...

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The demand for AI inference is continuously growing, driven by a significant increase in tokens usage, with a reported increase from 1.62 trillion tokens in March 2025 to 18 trillion tokens in March 2026, representing a growth of approximately 1011% [6][11] - Cloud service providers are raising prices for AI computing products due to rising hardware costs and increased demand for AI services, with price hikes ranging from 5% to 34% for various services [8][33] - The report highlights that the expansion of AI capabilities is expected to lead to a substantial increase in the number of active agents and token consumption, with annual token consumption projected to grow from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting a compound annual growth rate of 3418% [9][38] Summary by Sections Recent Trends - The computer industry has shown a relative performance decline of -10.1% over the past month, while the Shanghai Composite Index has remained stable [5] Price Adjustments - Major cloud providers like Alibaba Cloud and Baidu Cloud are increasing prices for AI computing services due to rising hardware procurement costs, with specific increases of up to 34% for Alibaba's AI computing services and 30% for Baidu's [8][27] Token Consumption Growth - The report indicates a significant rise in token consumption, with OpenClaw being a major contributor, achieving a monthly token call volume of 13.4 trillion as of March 2026 [17] - The share of domestic models in token consumption is increasing, with domestic models accounting for approximately 53.4% of the top models' total token calls as of March 2026 [14] Future Outlook - The report anticipates that the demand for AI computing and tokens will continue to rise, benefiting cloud service providers and related upstream and downstream companies [10][44] - The ongoing increase in hardware costs and the demand for AI services suggest that price adjustments in the cloud computing sector may persist [9][33]

Investment Rating - The report gives a "Positive" investment rating for the computer industry, expecting the industry index to outperform the market index by over 5% in the next six months [29]. Core Insights - The computer sector index fell by 0.92% last week, underperforming the CSI 300 index, which rose by 0.19%, resulting in a 1.11 percentage point lag [8]. - The top three gainers in the sector were Hongjing Technology (60.65%), ST Yingfeituo (16.30%), and Borui Data (16.10%), while the top three losers were Haoyun Technology (-22.26%), Hailianxun (-17.33%), and Xinghuan Technology-U (-13.23%) [11][12]. - Key developments include the launch of Anthropic's Code Review tool to address code review bottlenecks caused by AI programming, Oracle's revenue growth of 22% year-on-year in FY2026Q3, and Broadcom's mass production of the world's first 102.4 Tbps switch chip [2][3][25]. Market Performance - The computer industry has 335 listed companies, with 271 (80.9%) experiencing a rise in stock prices last week [11]. - The report highlights the performance of individual stocks within the sector, noting significant fluctuations in stock prices [12]. Recent Developments - Anthropic's Code Review tool aims to enhance code quality and security by identifying vulnerabilities before code integration [13][15]. - Oracle reported a total revenue of $17.2 billion for FY2026Q3, with cloud services contributing $8.9 billion, marking a 44% year-on-year increase [23]. - Broadcom's Tomahawk 6 series switch chip is now in mass production, enhancing AI network performance [25]. - Baidu launched the "Red Hand Operator" mobile application, enabling cross-app interactions [26]. - Apple announced a reduction in the App Store commission rate in China, effective March 15, 2026 [27].

Core Viewpoint - On March 18, brokerages provided target prices for listed companies, with notable increases for Nanjing Steel, Fuyao Glass, and Wancheng Group, showing target price increases of 47.23%, 45.45%, and 43.52% respectively, across the steel, automotive parts, and retail sectors [1][2]. Group 1: Target Price Increases - Nanjing Steel (600282) received a target price of 8.51 yuan, reflecting a target price increase of 47.23% [2] - Fuyao Glass (600660) has a target price of 84.00 yuan, with a target price increase of 45.45% [2] - Wancheng Group (300972) was assigned a target price of 280.00 yuan, indicating a target price increase of 43.52% [2] - Wanhua Chemical (600309) has a target price of 113.60 yuan, with a target price increase of 40.84% [2] - China Merchants Shekou (001979) received a target price of 12.80 yuan, reflecting a target price increase of 35.02% [2] Group 2: Brokerage Recommendations - A total of 34 listed companies received brokerage recommendations on March 18, with China Merchants Shekou, CITIC Publishing, Fuyao Glass, and Wancheng Group each receiving recommendations from three brokerages [3][4] - China Merchants Shekou (001979) closed at 9.48 yuan with three brokerage recommendations [4] - Fuyao Glass (600660) closed at 57.75 yuan, also receiving three brokerage recommendations [4] - Wancheng Group (300972) closed at 195.09 yuan, with three brokerages recommending it [4] Group 3: Rating Adjustments - On March 18, one company had its rating upgraded, with Zhongtai Securities raising Shanghai Bank's rating from "Hold" to "Buy" [5] - Shanghai Bank (601229) is now rated "Buy" by Zhongtai Securities [5] Group 4: First Coverage - Eight companies received initial coverage on March 18, with Hesheng Co. receiving a "Strong Buy" rating from Huachuang Securities [6] - Tian Gong Co. was given an "Add" rating by Dongwu Securities [6] - Neipu Mining (300818) received an "Add" rating from Guotai Junan Securities [6] - Bozhong Precision (688097) was rated "Add" by Northeast Securities [6] - Bojie Co. (002975) received a "Buy" rating from Zhongyou Securities [6]

Group 1: Food and Beverage Industry - The food and beverage industry is experiencing a transition phase with CPI recovering and PPI at low levels, indicating a shift towards initial price increases after a period of cost benefits [3][12] - In February 2026, China's CPI increased by 1.3% year-on-year, the highest since January 2023, suggesting a favorable environment for companies with strong pricing power [3][12] - Key raw materials account for 65%-85% of the operating costs for leading consumer goods companies, with significant variables including soybean, sugar, milk, barley, and packaging materials [3][12] - The report emphasizes the importance of companies with strong pricing power and market share, particularly in the condiment and restaurant supply chain sectors, recommending specific leading companies such as Haidilao and Qingdao Beer [2][11][13] Group 2: Real Estate Sector - Beike-W - Beike-W is positioned as a leading integrated online and offline real estate transaction platform, with a projected adjusted net profit of 52.16 billion, 57.35 billion, and 74.23 billion yuan for 2026-2028 [6][28] - The company is focusing on non-housing business development to mitigate cyclical risks and has improved its cost structure, with operating expenses decreasing by 5.6% in 2025 [6][28] - The 3P model's significance in Beike's business is increasing, with its share of net income rising from 11.3% in 2021 to 20.0% in 2025, indicating a strategic shift towards this model [7][29]

证券代码：301396 证券简称：宏景科技 公告编号：2026-014 特别提示： 公司对外提供担保总额超过公司最近一期经审计净资产的100%，前述担保均 为公司对合并报表范围内单位提供的担保，处于公司可控范围内，敬请广大投资 者充分关注并注意投资风险。 宏景科技股份有限公司（以下简称"宏景科技"或"公司"）于2026年3月18日召开 第四届董事会第十六次会议，审议通过《关于2026年度对外担保额度预计的议案》。 具体情况如下： 一、担保情况概述 为满足公司子公司（含额度有效期内新纳入公司合并报表范围内的子公司） 日常经营发展的资金需求，董事会同意公司及子公司拟在2026年度为合并报表范 围内子公司向银行及其他金融机构、类金融机构、地方金融组织申请综合授信 （包括但不限于办理长、短期贷款、银行承兑汇票、银行保函、信用证、融资租 赁、保理等各种银行业务）及日常经营业务提供担保，预计担保额度不超过人民 币5,000,000万元。担保方式包括但不限于信用担保（含一般保证、连带责任保证 等）、抵押担保、质押担保或各种担保方式相结合等形式。其中，公司为最近一 期资产负债率70%以上的下属公司提供担保的额度预计不超过人民 ...

证券代码：301396 证券简称：宏景科技 公告编号：2026-016 宏景科技股份有限公司 关于拟开展融资租赁售后回租业务的公告 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、融资租赁业务概述 宏景科技股份有限公司（以下简称"公司"）于2026年3月18日召开公司第 四届董事会第十六次会议，审议通过了《关于拟开展融资租赁售后回租业务的议 案》，同意公司及子公司拟与具有相应资质的融资租赁机构开展融资租赁售后回 租业务，融资总金额不超过800,000万元，融资额度授权期限自公司股东会审批 通过之日起12个月内有效。在上述融资租赁售后回租业务额度内的租赁标的、租 赁期限、租金及支付方式等具体内容以签订的合同或协议为准。 为便于上述业务开展，公司董事会提请股东会授权董事长或董事长指定的授 权代理人代表公司及子公司，在批准额度范围内办理公司及子公司融资租赁售后 回租业务相关事宜，包括但不限于签署协议和法律文件，办理相关手续等。 根据《深圳证券交易所创业板股票上市规则》《公司章程》等相关规定，该 事项尚须提交股东会审议。本次融资租赁售后回租事项不构成关联交易，亦不 ...

证券代码：301396 证券简称：宏景科技 公告编号：2026-012 宏景科技股份有限公司 关于对外担保的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 宏景科技股份有限公司（以下简称"公司"）对外提供担保总额超过公司最近 一期经审计净资产的100%，前述担保均为公司对合并报表范围内单位提供的担 保，处于公司可控范围内，敬请广大投资者充分关注并注意投资风险。 一、担保情况概述 公司于2025年7月24日召开第四届董事会第八次会议、第四届监事会第八次 会议，2025年8月13日召开2025年第二次临时股东大会，审议通过了《关于增加 2025年度担保额度及担保对象的议案》，同意公司为控股子公司深圳宏景纵横科 技有限公司（以下简称"宏景纵横"）提供不超过人民币500,000万元的担保额 度，用于宏景纵横向银行及其他金融机构申请综合授信及日常经营（包括但不限 于相关业务合同的担保）。具体内容详见公司于2025年7月29日刊登在巨潮资讯 网（http://www.cninfo.com.cn）上的《关于增加2025年度担保额度及担保对象的 公告》（公告编 ...