Group 1 - The core viewpoint of the article is that Yushu Technology has responded to false reports regarding its IPO, clarifying that it has not applied for a "green channel" and is proceeding with its listing process normally [1][2] - Yushu Technology has stated that the misleading reports have seriously infringed on its legal rights and has reported the matter to the relevant authorities, indicating potential legal action against the parties involved [1] - Market speculation suggests that Yushu Technology's IPO guidance may have concluded, but there is uncertainty due to the lack of official documentation from domestic stock exchanges [2] Group 2 - Yushu Technology plans to submit its IPO application documents to the stock exchange between October and December 2025, with operational data to be disclosed at that time [1] - The company has released a new video showcasing its humanoid robot H2, which demonstrates various skills, indicating ongoing developments in its product offerings [2] - Several listed companies have made indirect investments in Yushu Technology through participating funds, although their shareholding ratios are relatively limited [2]

Group 1 - The core viewpoint of the news is that Yushu Technology has responded to false reports regarding its IPO, asserting that the information is misleading and has harmed the company's rights [1] - Yushu Technology has stated that it is progressing normally with its IPO plans and will disclose relevant operational data in accordance with regulations [1] - There are market speculations about Yushu Technology's IPO progress, with some suggesting it may have adopted a pre-review mechanism similar to that of Changxin Technology [2] Group 2 - On January 4, Yushu Technology released a new video showcasing its humanoid robot H2, which demonstrates various skills [2] - Several listed companies, including Jingxing Paper, Langke Intelligent, and others, have made indirect investments in Yushu Technology through investment funds, although their shareholding ratios are relatively limited [2]

1月4日晚，宇树科技针对相关媒体的IPO不实报道，回应记者称，近日某媒体发布宇树科技上市相关报道（下称"该报道"），并被众多媒体、网络平台及 自媒体大规模转载。该报道涉及公司上市工作相关动态情况的内容与事实情况不符，公司未涉及申请"绿色通道"相关事宜。 宇树科技明确表示，相关报道误导公众认知，已严重侵害公司合法权益。公司已向主管部门反映，同时督促相关方撤回不实报道。"我司在此严正声明， 后续将保留通过法律手段追责的权利。" "目前，我司上市工作正常推进，相关进展将依法依规进行披露。"宇树科技表示。 1月4日下午，有市场消息称"宇树科技A股上市的绿色通道被叫停，但上市并未叫停。" 一位已投资宇树科技的创投人士彼时向记者称，目前未收到任何宇树科技IPO进程有变化的消息。 二级市场方面，据记者不完全统计，景兴纸业、朗科智能、实益达、吉华集团、金发科技、深信服、卧龙电驱、中科创达等多家上市公司通过参投基金的 方式，间接投资了宇树科技，但持股比例均较为有限。 同日，宇树科技官方还更新了人形机器人的"日常训练"视频。1月4日傍晚，宇树科技发布人形机器人H2最新视频，宇树科技创始人、CEO王兴兴参与出 镜。Ｈ2身高超过一米 ...

Group 1 - The core viewpoint of the article is that Yushu Technology has clarified misinformation regarding its IPO process, stating that recent media reports about its listing status are inaccurate and have harmed the company's rights [3][4]. - Yushu Technology has not applied for a "green channel" for its IPO, contrary to claims made in the media [3][5]. - The company is progressing normally with its IPO work and will disclose relevant updates in accordance with legal regulations [3][4]. Group 2 - Market speculation suggests that Yushu Technology's IPO guidance has concluded, but there has been no official documentation from domestic stock exchanges regarding this [4][5]. - There are indications that Yushu Technology may be utilizing a pre-review mechanism similar to that of Changxin Technology, which allows for a preliminary review of IPO application documents before formal submission [5]. - Several listed companies, including Jingxing Paper and Langke Intelligent, have made indirect investments in Yushu Technology through investment funds, although their shareholding ratios are relatively low [5].

Investment Rating - The industry investment rating is maintained as "Recommended" [2] Core Insights - The report highlights a divergence in technology market performance between US and Hong Kong stocks during the holiday period, with AI and commercial aerospace sectors showing frequent information catalysts, suggesting continued focus on core industry players [1][6] - The report emphasizes the importance of AI applications and the acceleration of large model iterations, recommending continued attention to companies like Alibaba, Kingsoft, and others in the AI infrastructure space [6] Summary by Sections Holiday Technology Dynamics - During the New Year holiday, US and Hong Kong stock markets exhibited divergent trends, with technology stocks being the main market drivers. Notably, AI and storage chips led the gains, with Micron Technology rising over 10% to reach a historical high, and significant increases in other tech stocks [9] - The Hong Kong market saw a "New Year rally," with the Hang Seng Index rising 2.76% and the Hang Seng Technology Index increasing by 4% [9] Market Performance Review - In the last week of 2025, the computer sector rose by 1.16%, with the top-performing stocks being Yuyin Co., Digital Certification, and others, while the report also lists the top gainers and losers in the market [24]

Core Viewpoint - A total of 65 stocks in the A-share market experienced block trading today, with a total transaction value of 1.12 billion yuan, indicating active trading activity in the market [1] Group 1: Trading Activity - The top three stocks by transaction value were Jinfakeji (1.12 billion yuan), Zhiwei Intelligent (71.23 million yuan), and Changying Precision (63.91 million yuan) [1] - Among the stocks traded, 4 were at par value, 1 at a premium, and 60 at a discount; Muyuan Foods had a premium rate of 0.61% [1] - The highest discount rates were observed in Xiangming Intelligent (22.13%), Tianyin Electromechanical (21.64%), and Shenxinfeng (21.22%) [1] Group 2: Institutional Trading - The top buying amounts from institutional special seats were led by Zhiwei Intelligent (36.18 million yuan), Baosheng Co. (28.99 million yuan), and Bai'ao Chemical (13.52 million yuan) [1] - The top selling amounts from institutional special seats included Senqilin (10.59 million yuan) and Kangtai Biological (7.33 million yuan) [1]

Group 1 - The core transaction involved 380,000 shares of Shenxinfu, with a total transaction value of 34.4736 million yuan, accounting for 5.02% of the total trading volume on that day [1] - The transaction price was 90.72 yuan per share, which represents a discount of 21.22% compared to the market closing price of 115.16 yuan [1] - The buyer and seller of the transaction were both from CITIC Construction Investment Securities Co., Ltd., specifically from the Shenzhen Baoan and Chuangye Second Road branches [2]

Group 1 - The core viewpoint of the news is that 深信服科技股份有限公司 (Deepin Technology Co., Ltd.) has shown a slight increase in stock price, reaching 114.55 yuan per share, with a total market capitalization of 48.183 billion yuan [1] - The company was established on December 25, 2000, and went public on May 16, 2018, focusing on information security as its main business [1] - The revenue composition of the company includes 47.68% from network security, 46.36% from cloud computing and IT infrastructure, and 5.96% from basic networking and IoT [1] Group 2 - From the perspective of fund holdings, 德邦基金 (Debon Fund) has a significant position in 深信服, with its fund 德邦稳盈增长灵活配置混合A (Debon Stable Growth Flexible Allocation Mixed A) holding 299,700 shares, accounting for 5.2% of the fund's net value [2] - The fund has a total scale of 44.4476 million yuan and has reported a year-to-date return of 3.39%, ranking 7174 out of 8085 in its category [2] - The fund managers 雷涛 (Lei Tao) and 陆阳 (Lu Yang) have varying tenures and performance records, with 雷涛 having a tenure of 4 years and 5 days and a best return of 305.81% during his management period [2]

Group 1 - The event "Shenzhen Stock Exchange · Innovation Forum" focused on the development and challenges in the field of intellectual property, emphasizing its role as a core institutional arrangement for protecting and incentivizing innovation [1] - China is transitioning from being a major importer of intellectual property to a creator, aiming to improve the quality of intellectual property during the 14th Five-Year Plan period [1] - Experts from various sectors, including government, research institutions, listed companies, and investment agencies, gathered to share insights on intellectual property protection and transformation [1] Group 2 - Current challenges faced by listed companies in intellectual property include a large number of patents with a scarcity of high-quality patents that can form barriers, potential disputes due to lack of due diligence in mergers and acquisitions, and neglecting open innovation and corporate venture capital (CVC) [3] - Proposed strategic shifts include integrating patent navigation and concept validation in R&D, involving intellectual property departments in strategic decision-making, and utilizing CVC to invest in early-stage hard technology projects [3] Group 3 - The significance of patents as a "moat" in the battery sector was highlighted, with companies using intellectual property risk management to secure supply chains and mitigate collaboration risks [4] - Companies emphasized the importance of a "prevention + warning" mechanism to address potential risks associated with talent mobility and data governance [4] Group 4 - The discussion also focused on bridging the gap between patents and industrial application, with a call for standardized mechanisms to enhance communication efficiency and reduce costs [6][7] - The National Intellectual Property Administration is promoting initiatives such as deepening patent open licensing trials, building a financial ecosystem for intellectual property, and enhancing data empowerment for intelligent matching of supply and demand [7] Group 5 - The Shenzhen Stock Exchange aims to support the integration of technology, industry, and capital, contributing to the construction of a strong intellectual property nation [8]

中信建投证券股份有限公司 关于深信服科技股份有限公司 李林 李波 公司前三季度净利润为-80,563,843.03 元，持续督导机构督促公司及管理层 做好经营管理工作。 针对上述情形，公司将继续积极应对内外部环境变化带来的挑战和机遇，提 升产品市场竞争力，增加公司业绩。重点做好以下几方面工作：一是抓住国内信 创建设及国产化替代的深入推进的机遇，持续提高业务规模；二是持续进行海外 布局，提高国际市场收入；三是持续实施降本增效措施，降低公司费用开支，提 高公司利润水平。 （此页无正文，为《中信建投证券股份有限公司关于深信服科技股份有限公司 2025 年度定期现场检查报告》之签字盖章页） 保荐代表人签名：______________ ______________ 2025 年度定期现场检查报告 | 保荐人名称：中信建投证券股份有限公司 上市公司简称：深信服（300454.SZ） | | | | | | --- | --- | --- | --- | --- | | 保荐代表人姓名：李林 联系电话：0755-23953869 | | | | | | 保荐代表人姓名：李波 联系电话：0755-23953869 | | ...