Jin Mao Partners 金 茂 凯 德 律 师 事 务 所 13F,HongKong New World Tower, No.300 Huaihai Zhong Rd, Shanghai, 200021,P.R.C. 中国上海淮海中路 300 号香港新世界大厦 13 层邮编：200021 Tel/电话:(8621)63872000 Fax/传真:(8621)63353272 上海金茂凯德律师事务所 关于上海汉得信息技术股份有限公司 2025 年第二次临时股东会的法律意见书 致：上海汉得信息技术股份有限公司 上海汉得信息技术股份有限公司（以下简称"公司"）2025 年第二次临时股 东会（以下简称"本次股东会"）于 2025 年 12 月 22 日下午在上海市青浦区汇联 路 33 号公司 A 栋 1 楼会议室召开。上海金茂凯德律师事务所（以下简称"本所"） 经公司聘请委派游广律师、张博文律师（以下简称"本所律师"或"经办律师"） 出席会议，并根据《中华人民共和国公司法》（以下简称"《公司法》"）《中 华人民共和国证券法》（以下简称"《证券法》"）《上市公司股东会规则》 （以下简称"《股东会规则》"）《深 ...

证券代码：300170 证券简称：汉得信息 公告编号：2025-069 上海汉得信息技术股份有限公司 2025 年第二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。 特别提示： 1．本次股东会无增加、变更、否决提案的情况； 2．本次股东会以现场投票表决、网络投票表决相结合的方式召开； 3．本次股东会不涉及变更前次股东会决议。 一、会议召开和出席情况 1、本次股东会的召开时间： （3）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 12 月 22 日上午 9:15—9:25，9:30—11:30，下午 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 12 月 22 日上午 9:15 至 2025 年 12 月 22 日下午 15:00 期间的任意时间。 （4）会议召开方式：本次会议采用现场投票表决、网络投票表决相结合的 方式。 （5）会议召集人：公司董事会。 （6）现场会议主持人：董事长陈迪清先生。 （7）本次会议的召集、召开符合《中华人民共和国公司法》《上市公司股 ...

Investment Rating - The report maintains a positive outlook on the computer industry, recommending key targets such as Hand Enterprise, Wuxi Unicomp Technology Co., Ltd., Beijing Kingsoft Office Software, Newland Digital Technology, Hikvision, Hygon, and Dawning Information Industry [3][9]. Core Insights - The AI foundation model industry in China is experiencing accelerated productization and capitalization, with significant advancements from Volcengine, which released Doubao 1.8 and Seedance 1.5 Pro, achieving global leadership in multimodal capabilities and processing over 50 trillion tokens daily [10]. - Zhiyuan AI and MiniMax have successfully passed HKEX hearings and are expected to list in early 2026, providing a quantifiable market valuation benchmark for the industry [10]. - The Ministry of Industry and Information Technology has issued L3 autonomous driving permits, marking a transition to conditional commercialization, with specific models from Changan and BAIC Arcfox approved for limited road use [11]. - Domestic GPU companies are actively pursuing capital market entry to support R&D and market expansion, with TianShu ZhiXin planning to raise 300 to 400 million USD and other companies like Biren Technology and Kunlun Chip Technology advancing their listings [12]. Summary by Sections AI Foundation Models - The report highlights the rapid advancements in AI technology, particularly with the release of Doubao 1.8 and Seedance 1.5 Pro, which have significantly reduced operational costs for enterprises [10]. - The successful IPO preparations of Zhiyuan AI and MiniMax are expected to enhance the industry's financial landscape and provide a basis for future valuations [10]. Autonomous Driving - The issuance of L3 autonomous driving permits signifies a critical step towards commercial applications, with safety regulations emphasizing the responsibility of manufacturers over drivers [11]. GPU Market Developments - The report notes a surge in domestic GPU companies seeking public listings to fund advanced chip development, reflecting strong market interest and a shift towards self-reliance in semiconductor technology [12].

Investment Rating - The report maintains an "Overweight" rating for the computer sector, recommending stocks such as Han's Information, Rilian Technology, Kingsoft Office, Hehe Information, Hikvision, Newland, Daotong Technology, and Haiguang Information, with Zhongke Shuguang as a related stock [3][4]. Core Insights - The domestic AI large model industry is experiencing a critical phase of accelerated technological productization and deepening capital market engagement. Volcano Engine released the Doubao large model 1.8 and the video generation model Seedance 1.5 Pro, achieving significant technological breakthroughs and reducing enterprise usage costs through innovative business models [3][4]. - The Ministry of Industry and Information Technology has issued the first L3 level autonomous driving vehicle permits, marking a transition to "conditional commercial application" for autonomous driving in China. This includes specific models from Changan and BAIC Arcfox, with speed limits set for initial operations [3][4]. - Domestic GPU companies are actively pursuing capital market opportunities, with TianShu ZhiXin and BiRan Technology having passed listing hearings, aiming to raise funds for advanced chip development and market expansion. The successful listings of MoEr Thread and MuXi shares on the STAR Market have demonstrated strong market interest in domestic high-end chip sectors [3][4]. Summary by Sections AI Large Model Development - Volcano Engine's Doubao large model 1.8 and Seedance 1.5 Pro have entered the global first tier in multi-modal and intelligent capabilities, with daily token processing exceeding 50 trillion [3][4]. - The listings of Zhizhu AI and MiniMax on the Hong Kong Stock Exchange are expected to provide quantifiable secondary market valuation benchmarks for the large model industry [3][4]. Autonomous Driving - The issuance of L3 level permits signifies a cautious regulatory approach prioritizing safety, with vehicles' operational responsibilities assigned to manufacturers rather than drivers [3][4]. - Initial sales of these vehicles will be limited to designated operators, providing essential practical data for refining technical standards and legal frameworks [3][4]. GPU Market Dynamics - Domestic GPU firms are intensifying their efforts to enter the capital market, with TianShu ZhiXin planning to raise $300 to $400 million and BiRan Technology also pursuing a listing [3][4]. - The successful market entries of MoEr Thread and MuXi have highlighted the strong investor interest in the domestic semiconductor industry, particularly in high-end chip design [3][4].

Core Insights - Global technology investment enthusiasm remains high in 2025, but there is a structural differentiation characterized by "strong computing power, weak applications" [3] - Major global tech giants are significantly increasing capital expenditures, benefiting upstream computing chips and supporting hardware, while the computer/software sector faces three pressures: 1) Software companies' performance growth is overall lower than that of the computing chain; 2) Software company valuations are not cheap compared to hardware; 3) Concerns about "large models consuming software" continue to grow [3] - By Q3 2025, domestic public funds are underweight in the computer sector by 1.7 percentage points [10] Market Review: AI Applications' Concerns and Breakthroughs - The performance of the computer/software sector in both China and the US has been weak, with software and service-focused indices significantly underperforming hardware and semiconductor indices [5] - As of December 12, 2025, the A-share computer index has risen by 15.15%, lagging behind the 49.16% increase in the ChiNext index and the 45.90% increase in the electronic index [5] - In the US market, the IGV software index has only increased by 7.84%, underperforming the 22.52% rise in the Nasdaq Composite and the 39.75% increase in the SOXX semiconductor index [5] Opportunities in Chinese AI Applications 1. Deepening Industrial Applications - China possesses the world's only complete industrial system, providing high-value real-world data, application scenarios, and energy supply, which will foster diverse agent forms [27] - The construction of a modern industrial system is prioritized in the "14th Five-Year Plan," with expectations for intensive policy support for "Artificial Intelligence+" during this period [39] 2. Expanding Overseas - AI application teams in China can leverage "extreme efficiency + global pricing" arbitrage, with the engineer dividend in China continuing to expand [3] - Many computer companies prioritize overseas strategies, with overseas revenue growth generally outpacing domestic growth [64] 3. Reconstructing Edge AI - Internet giants and AI startups are actively exploring edge forms in the AI era, integrating deeply with existing consumer electronics and developing new AI-native hardware [3] - The shipment volume of related products is expected to have high growth potential as hardware and algorithms mature [3] Investment Recommendations - Focus on companies with industry know-how and data for industrial empowerment, such as Hikvision, Dahua Technology, and Han's Laser [3] - Prioritize AI application companies with high overseas revenue proportions, including Foxit Software and Kingsoft Office [3] - Pay attention to AI hardware brands and algorithm vendors benefiting from the emergence of blockbuster products, such as Rainbow Soft and iFlytek [3]

Investment Rating - The report assigns a "Buy" rating for the computer industry, consistent with the previous rating [2]. Core Insights - The report highlights the significant growth in the usage of the Doubao large model, with daily token usage surpassing 50 trillion, reflecting a 417-fold increase since its launch [14][47]. - The competitive landscape is shifting from business model innovation to hard technology capabilities, emphasizing the importance of foundational research and engineering in AI development [5]. - The integration of AI capabilities into various applications, such as travel planning and local services, is expected to benefit companies involved in AI chips, servers, and foundational software tools [24]. Summary by Sections 1. Doubao Large Model Token Growth - The Doubao large model's daily token usage has exceeded 50 trillion, marking a significant increase from 30 trillion in September 2025, with a monthly growth rate of 22% [14][15]. - The model's commercial viability is improving as the cost of reasoning decreases, with the latest version, Doubao 1.8, optimizing for multi-modal tasks and reducing redundant computational costs [15][20]. 2. Performance Enhancements of Doubao Large Model - The Doubao 1.8 model has shown substantial improvements in multi-modal understanding and task execution, outperforming competitors like Qwen3 in various metrics [27][32]. - New models such as Seedance 1.5 Pro and Seedream 4.5 have been introduced, enhancing capabilities in video generation and image creation, respectively [33][43]. 3. Integration of Qianwen APP with Gaode - The Qianwen APP has integrated with Gaode, enabling it to transition from understanding user intent to executing real-world services, significantly enhancing user experience in travel and local services [56][58]. - The app's public testing has resulted in rapid user adoption, with over 3 million active users within 23 days of launch [53]. 4. Investment Recommendations - Companies expected to benefit from the increase in reasoning-side computational power include AI chip and server firms like Cambricon, Inspur, and Unisoc, as well as foundational software companies like Fourth Paradigm and StarRing Technology [24].

Market Overview - The IT service sector increased by 0.68% on December 19, with Hanxin Technology leading the gains [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] Top Performers - Hanxin Technology (code: 920092) closed at 43.50, up 10.02% with a trading volume of 85,300 shares and a transaction value of 372 million [1] - Parallel Technology (code: 920493) closed at 139.35, up 7.37% with a trading volume of 36,600 shares [1] - Qianfang Technology (code: 002373) closed at 11.20, up 5.36% with a trading volume of 659,700 shares and a transaction value of 730 million [1] Underperformers - Pingao Co., Ltd. (code: 688227) closed at 63.86, down 5.81% with a trading volume of 50,200 shares [2] - Xingtum Control (code: 920116) closed at 85.70, down 2.92% with a trading volume of 63,400 shares and a transaction value of 559 million [2] - Hande Information (code: 300170) closed at 17.11, down 2.40% with a trading volume of 151,200 shares and a transaction value of 887 million [2] Capital Flow - The IT service sector experienced a net outflow of 522 million from institutional investors and 295 million from retail investors, while retail investors saw a net inflow of 817 million [2][3] - Major stocks like Huasheng Tiancai (code: 600410) and Dazhi Technology (code: 600589) had significant net inflows from institutional investors [3] Summary of Capital Flow by Stock - Hanxin Technology had a net inflow of 36.65 million from institutional investors, while retail investors had a net outflow of 10.96 million [3] - Parallel Technology saw a net inflow of 100 million from institutional investors, with minimal retail investor activity [3] - Qianfang Technology had a net inflow of 30.01 million from institutional investors, while retail investors experienced a net outflow of 38.12 million [3]

Core Viewpoint - Han's Information has experienced a stock price increase of 42.41% this year, but has seen a recent decline of 5.23% over the last five trading days [2]. Group 1: Stock Performance - As of December 18, Han's Information's stock price was 17.59 CNY per share, with a market capitalization of 17.981 billion CNY [1]. - The stock has fluctuated with a 3.11% increase over the last 20 days and a 4.97% decrease over the last 60 days [2]. - The company has appeared on the trading leaderboard eight times this year, with the most recent occurrence on March 7, where it recorded a net buy of -517 million CNY [2]. Group 2: Financial Performance - For the period from January to September 2025, Han's Information reported a revenue of 2.439 billion CNY, reflecting a year-on-year growth of 3.67%, and a net profit attributable to shareholders of 145 million CNY, which is a 6.96% increase [3]. - The company has distributed a total of 415 million CNY in dividends since its A-share listing, with 125 million CNY distributed over the last three years [4]. Group 3: Shareholder Information - As of December 10, the number of shareholders for Han's Information was 123,000, a decrease of 3.91% from the previous period [3]. - The average number of circulating shares per shareholder increased by 4.28% to 7,943 shares [3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 11.1169 million shares, and Southern CSI 1000 ETF, which decreased its holdings by 95,600 shares [4].

Core Viewpoint - The AI industry chain is experiencing a surge in investment sentiment, particularly in optical module stocks, leading to significant gains in related companies and ETFs [1][4][7]. Group 1: Market Performance - Optical module stocks, particularly leading companies like LianTe Technology and XinYiSheng, saw substantial price increases, with LianTe Technology hitting a 20% limit up and XinYiSheng rising over 9% to a new closing high [1][2][7]. - The ChiNext AI ETF (159363) also performed well, rising 5% with a trading volume of 779 million yuan and a net subscription of 162 million units in a single day [2][8]. Group 2: Industry Drivers - The demand for 800G and 1.6T optical modules is expected to grow significantly, driven by the needs of high-performance GPUs from companies like Moer Thread and Muxi Co., which are essential for AI training and inference scenarios [4][9]. - LightCounting predicts that the global optical module market could exceed $37 billion by 2029, with 800G module shipments expected to reach 18-19 million units by 2025, doubling year-on-year [4][9]. Group 3: Future Outlook - The optical module and related supply chain are anticipated to enter a new growth phase, with significant infrastructure investments expected to continue, particularly in North America [10]. - The ChiNext AI ETF is highlighted as a key investment vehicle, focusing on leading optical module companies, with over 70% of its portfolio allocated to computing power and over 20% to AI applications [10].

民生证券指出，当前软件产业在国产替代与AI赋能双轮驱动下呈现强劲增长态势。一方面，协同办公 信创、效率办公信创等细分市场空间广阔，预计到2027年相关市场规模有望突破30亿元；另一方面，国 产算力与国产软件的深度融合正加速技术生态协同，推动产业链从"可用"向"好用"升级。中长期看，工 业软件、基础软件等关键领域在政策支持与需求拉动下，有望成为推动产业数字化进程的核心引擎。 （文章来源：每日经济新闻） 12月16日，A股三大指数午后持续调整，盘面上，零售、免税、网约车等板块涨幅居前，贵金属、影视 院线、海南等板块跌幅居前，创业板软件ETF华夏（159256）跌1.16%，其持仓股四方精创异动拉升， 大涨超7%，银之杰、长亮科技、指南针等股领涨，航天智装、汉得信息、万兴科技等股领跌。 消息方面，2025年12月29日，四川省软件行业协会将在成都举办"四川省软件产业大会暨第六届会员代 表大会第五次会议"，会议主题为"标准赋能·提质增效"，旨在通过宣贯解读《软件过程能力成熟度模 型》《信息化项目费用测算标准》《软件研发项目管理规范》等关键标准，推动省内软件企业以规范驱 动发展提质，夯实核心竞争力。此次大会将聚焦软件过 ...