宏景科技股份有限公司 关于公司及子公司申请综合授信额度 并接受关联方提供担保的公告 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。 宏景科技股份有限公司（以下简称"公司"或"宏景科技"）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《关于公司及子公司申请综 合授信额度并接受关联方提供担保的议案》。具体情况如下： 一、申请综合授信额度及接受关联方担保事项概述 为了满足公司日常经营所需资金和业务发展需要，积极拓宽资金渠道，保障 业务拓展，增强公司可持续发展能力，公司及子公司拟向银行及其他金融机构、 类金融机构、地方金融组织申请不超过人民币 6,000,000 万元的综合授信额度， 使用期限自董事会审议通过之日起 12 个月内有效，在前述额度和期限范围内可 循环使用。授信品类包括但不限于公司日常生产经营的长、短期贷款、银行承兑 汇票、贸易融资、保函、信用证、融资租赁等。具体综合授信额度、品类、期限 及其他条款要求最终以公司与各机构签订的协议实际审批的授信额度及期限为 准。以上授信额度不等于公司的实际融资金额，实际融资金额应在授信额度内以 银 ...

证券代码：301396 证券简称：宏景科技 公告编号：2026-017 宏景科技股份有限公司 关于召开 2026 年第三次临时股东会的通知 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、股东会届次：2026 年第三次临时股东会 2、股东会的召集人：董事会 一、召开会议的基本情况 4、会议时间： （1）现场会议时间：2026 年 04 月 03 日 15:00 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—创 业板上市公司规范运作》等法律、行政法规、部门规章、规范性文件及《公司 章程》的有关规定。 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间 为 2026 年 04 月 03 日 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 2026 年 04 月 03 日 9:15 至 15:00 的任意 时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：202 ...

第四届董事会第十六次会议决议公告 证券代码：301396 证券简称：宏景科技 公告编号：2026-013 宏景科技股份有限公司 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。 一、董事会会议召开情况 宏景科技股份有限公司（以下简称"公司"）第四届董事会第十六次会议通 知于 2026 年 3 月 13 日以通讯方式送达各位董事。会议于 2026 年 3 月 18 日以现 场结合通讯会议方式在公司会议室召开。本次会议应出席董事 5 人，实际出席董 事 5 人。本次会议由董事长欧阳华先生召集并主持，公司高级管理人员列席了本 次会议。本次会议的召开符合《公司法》《公司章程》《董事会议事规则》等有 关法律、法规、规范性文件的规定，程序合法。 具体内容详见公司同日刊登在巨潮资讯网（http://www.cninfo.com.cn）上的 《关于 2026 年度对外担保额度预计的公告》。 表决结果：同意 5 票；反对 0 票；弃权 0 票。 该议案尚需提交公司股东会审议。 二、董事会会议审议情况 经与会董事认真讨论，审议并通过如下事项： 1、审议通过《关于 2026 年度对外担保额 ...

国金证券股份有限公司 关于宏景科技股份有限公司及子公司申请综合授信额度并接受关联方提供担保 的核查意见 国金证券股份有限公司（以下简称"保荐机构"）作为宏景科技股份有限公 司（以下简称"宏景科技"或"公司"）向特定对象发行股票的持续督导保荐机 构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市 规则》及《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范 运作》等有关规定，对宏景科技公司及子公司申请综合授信额度并接受关联方提 供担保的事项进行了审慎核查，并发表本核查意见，具体情况如下： 一、申请综合授信额度及接受关联方担保事项概述 为了满足公司日常经营所需资金和业务发展需要，积极拓宽资金渠道，保障 业务拓展，增强公司可持续发展能力，公司及子公司拟向银行及其他金融机构、 类金融机构、地方金融组织申请不超过人民币 6,000,000 万元的综合授信额度， 使用期限自董事会审议通过之日起 12 个月内有效，在前述额度和期限范围内可 循环使用。授信品类包括但不限于公司日常生产经营的长、短期贷款、银行承兑 汇票、贸易融资、保函、信用证、融资租赁等。具体综合授信额度、品类、期限 及其他条 ...

- The report does not contain any quantitative models or factors related to financial engineering or quantitative analysis[1][2][4][6] - The content primarily focuses on market data, financing and securities lending balances, industry characteristics, ETF financing, and individual stock performance[9][12][27][41][46] - No quantitative models, factors, or related testing results are discussed in the provided documents[1][2][4][6]

Investment Rating - The report assigns a rating of "Buy" for the company, with a target price of 178.68 CNY [5][11]. Core Insights - The company is positioned as a comprehensive service provider in the computing power and smart city sectors, with a strategic transformation that builds core ecological barriers. It benefits from high growth driven by the AI wave, showcasing strong profitability resilience and significant growth potential, indicating long-term investment value [2][11]. - The company is expected to achieve revenues of 21.76 billion CNY, 32.17 billion CNY, and 44.29 billion CNY from 2025 to 2027, with net profits of 0.37 billion CNY, 2.11 billion CNY, and 3.68 billion CNY respectively [18][22]. Financial Summary - Total revenue is projected to be 771 million CNY in 2023, decreasing to 658 million CNY in 2024, before surging to 2,176 million CNY in 2025, 3,217 million CNY in 2026, and 4,429 million CNY in 2027, reflecting a growth rate of 230.8% in 2025 [4][18]. - The net profit attributable to the parent company is forecasted to be 42 million CNY in 2023, with a loss of 76 million CNY in 2024, followed by profits of 37 million CNY, 211 million CNY, and 368 million CNY in the subsequent years [4][18]. - The company’s gross margin is expected to improve from 12.2% in 2024 to 26.2% by 2027, indicating a positive trend in profitability [17][18]. Revenue Breakdown - The computing power service segment is anticipated to be the largest revenue contributor, with expected revenues of 10.84 billion CNY in the first half of 2025, accounting for 91.28% of total revenue, and a gross margin of 11.75% [15][17]. - The smart city business, while historically significant, is projected to contribute less as the focus shifts to computing power services, with revenues expected to stabilize around 6-7% growth from 2025 to 2027 [16][17]. Valuation Analysis - The report employs both PE and PS valuation methods, concluding a reasonable valuation of 274.3 billion CNY based on a cautious approach, with a PE of 130 times for 2026 [19][23][26]. - The company is positioned in a high-growth segment, with a significant increase in market share and a strong order backlog, enhancing its growth certainty compared to peers [25][26].

Investment Rating - The report initiates coverage with a rating of "Buy" for the company, with a target price of 178.68 CNY [5][11]. Core Insights - The company is positioned as a comprehensive service provider in the computing power and smart city sectors, demonstrating strong strategic foresight and building core ecological barriers. It benefits from high-quality technical services and full-chain integration capabilities, with significant overseas expansion results and robust profit resilience, indicating substantial long-term investment value [2][11]. - The company is expected to benefit significantly from the AI wave, with projected revenues of 21.76 billion CNY, 32.17 billion CNY, and 44.29 billion CNY for the years 2025 to 2027, respectively. The net profit attributable to the parent company is forecasted to be 0.37 billion CNY, 2.11 billion CNY, and 3.68 billion CNY for the same period [18][11]. Financial Summary - Total revenue is projected to be 771 million CNY in 2023, decreasing to 658 million CNY in 2024, before surging to 2.176 billion CNY in 2025, 3.217 billion CNY in 2026, and 4.429 billion CNY in 2027, reflecting a growth rate of 230.8% in 2025 [4][11]. - The net profit attributable to the parent company is expected to recover from a loss of 76 million CNY in 2024 to a profit of 37 million CNY in 2025, 211 million CNY in 2026, and 368 million CNY in 2027 [4][11]. - The company’s gross margin is anticipated to improve from 12.2% in 2024 to 26.2% by 2027, indicating a positive trend in profitability [17][11]. Business Segments - The computing power service segment is the largest revenue contributor, expected to generate 10.84 billion CNY in the first half of 2025, accounting for 91.28% of total revenue, with a gross margin of 11.75% [15][11]. - The smart city business, while historically a major revenue source, is projected to contribute 1.04 billion CNY in the first half of 2025, representing 8.72% of total revenue, with a gross margin of 16.02% [16][11]. Valuation Analysis - The report employs both PE and PS valuation methods, concluding a reasonable valuation of 274.3 billion CNY based on a cautious approach, with a target PE of 130 times for 2026 [19][23][26]. - The company is expected to maintain a competitive edge in the AI computing power market, with a significant increase in market share and profitability anticipated due to its strong order backlog and partnerships with major tech firms [25][26].

Investment Rating - Neutral (Maintain) [5] Core Insights - The "Lobster" AI Agent framework is gaining significant traction, leading to a restructuring of the industry landscape, with strong synergy between industry layout and policy support, accelerating the transition of AI Agent applications [3] - The TMT sector has experienced a notable overall pullback, with specific ETFs such as gaming and cloud computing facing declines, while AI and big data ETFs have shown resilience and growth [10][11] - The new game market in February highlighted strong performances from leading domestic products, with innovative niche categories driving market growth [34] Summary by Sections Market Review - The TMT sector has seen a significant pullback, with gaming ETFs (516010), cloud computing ETFs (517390), and internet leader ETFs (159856) among the hardest hit. Conversely, AI-focused ETFs (588760) and big data ETFs (516000) have performed well, indicating a divergence in fund flows towards more stable performance [10][11] - The overall market sentiment has been influenced by geopolitical tensions, a contraction in market risk appetite, and profit-taking from previous gains [11] Industry Dynamics - The new game market in February showcased strong performances from top domestic titles, with "Diver Dave" achieving over 100,000 downloads and an estimated revenue of over $1.13 million. Other titles like "Infinite Reincarnation" and "Pam's Battle Diary" also performed well, indicating the impact of innovative niche categories on market growth [34] - In the AI application space, the competition landscape during the Spring Festival saw "Doubao" leading in both total downloads (85.04 million) and average daily active users (77.99 million), followed by "Qianwen" and "Yuanbao" [2] Investment Recommendations - The report suggests focusing on three main investment lines: comprehensive cloud vendors like Alibaba and Tencent, cloud service and AIDC vendors such as UCloud and Wangsu Technology, and large model and AI Agent application vendors like Minimax and Kimi [3]

证券代码：301396 证券简称：宏景科技 公告编号：2026-011 宏景科技有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况 宏景科技股份有限公司（以下简称"公司"或"本公司"）股票于 2026 年 3 月 11 日、3 月 12 日、3 月 13 日连续 3 个交易日收盘价格涨幅偏离值累计超过 30%， 根据《深圳证券交易所交易规则》，属于股票交易异常波动的情形。 二、公司关注并核实情况的说明 针对公司股票交易异常波动情况，公司董事会对公司、控股股东及实际控制 人就相关事项进行了核实，有关情况说明如下： 特此公告。 （一）公司前期披露的信息不存在需要更正、补充之处。 （二）近期公司经营情况正常，内外部经营环境未发生重大变化。截至目前， 公司主营业务未发生变动。 （三）经核实，公司、控股股东和实际控制人不存在关于本公司的应披露而 未披露的重大事项，或处于筹划阶段的重大事项。 （四）经核实，公司控股股东、实际控制人以及本公司董事、高级管理人员 在股票交易异常波动期间均不存在买卖本公司股票的行为。 三、是 ...

Investment Rating - The report assigns a "Buy" rating for the industry, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [49]. Core Insights - OpenClaw is an open-source autonomous AI virtual assistant software project designed to perform complex tasks autonomously based on user instructions, marking a significant advancement from traditional chatbots [4][15]. - The demand for AI agents is expected to accelerate, with the number of agents in Chinese enterprises projected to exceed 350 million by 2031, achieving a compound annual growth rate of over 135% [5][24]. - The release of GPT-5.4 enhances the capabilities of AI agents, allowing them to perform complex workflows across software applications, which is crucial for the commercial viability of OpenClaw [5][28][31]. - OpenClaw's rise is anticipated to have three major impacts on the industry: it will likely become one of the first application scenarios for AI agents, increase token consumption significantly, and boost the demand for domestic large models [6][34]. Summary by Sections 01 OpenClaw: A New Era of AI Employees - OpenClaw is an open-source AI agent project developed by Peter Steinberger, initially released as Clawdbot in late 2025 and later renamed [11]. - It is designed to autonomously execute tasks for users, offering capabilities such as file operations, process orchestration, and multi-platform interactions [15][19]. 02 Demand Side: Expansion of Agent Demand - AI agents are seen as a feasible direction for application deployment, with their proactive capabilities distinguishing them from traditional AI assistants [21]. - The growth in agent numbers and token consumption in China is expected to accelerate, driven by advancements in local models and supportive industrial policies [24]. 03 Supply Side: Continuous Iteration of Large Models and Strengthening of Underlying Technologies - The release of GPT-5.4 marks a significant advancement in AI capabilities, particularly in enhancing agent functionalities [28]. - The ongoing improvements in large model technologies are crucial for the commercial success of AI agents like OpenClaw [31]. 04 Impact of OpenClaw's Emergence on the Industry - OpenClaw is gaining rapid popularity, surpassing many established projects on GitHub, indicating its potential as a leading application scenario for AI agents [34]. - The increase in token consumption associated with OpenClaw is expected to drive demand for computing power and cloud services [40]. - The demand for domestic large models is anticipated to rise, with OpenClaw primarily utilizing Chinese models, which may accelerate their international expansion [41]. 05 Investment Recommendations - Beneficial stocks include companies involved in large models and applications, as well as those providing computing infrastructure, indicating a broad investment opportunity in the AI sector [46].