中信建投证券股份有限公司 关于 软通动力信息技术（集团）股份有限公 司向特定对象发行股票 之 发行保荐书 保荐人 二〇二五年十一月 保荐人出具的证券发行保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人许杰、谌泽昊根据《中华人 民共和国公司法》《中华人民共和国证券法》等有关法律、法规和中国证监会的 有关规定以及深圳证券交易所的有关业务规则，诚实守信，勤勉尽责，严格按照 依法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证发行 保荐书的真实性、准确性和完整性。 3-1-1 | 释 | 义 3 | | --- | --- | | 第一节 | 本次证券发行基本情况 4 | | | 一、本次证券发行具体负责推荐的保荐代表人 4 | | | 二、本次证券发行项目协办人及项目组其他成员 4 | | | 三、发行人基本情况 6 | | | 四、保荐人与发行人关联关系的说明 10 | | | 五、保荐人内部审核程序和内核意见 11 | | | 六、保荐人对私募投资基金备案情况的核查 12 | | 第二节 | 保荐人承诺事项 13 | | 第三节 | 关于有偿聘请第三方机构和个人等相关行为 ...

中信建投证券股份有限公司 关于 软通动力信息技术（集团）股份有限公司向 特定对象发行股票 之 上市保荐书 保荐人 中信建投证券股份有限公司及本项目保荐代表人许杰、谌泽昊已根据《中华 人民共和国公司法》《中华人民共和国证券法》等法律法规和中国证监会及深圳 证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和 行业自律规范出具本上市保荐书，并保证所出具文件真实、准确、完整。 3-3-1 | 释 义 3 | | --- | | 一、发行人基本情况 4 | | 二、发行人本次发行情况 15 | | 三、本次证券发行上市的保荐代表人、协办人及项目组其他成员情况、联系地址、 | | 电话和其他通讯方式 18 | | 四、关于保荐人是否存在可能影响公正履行保荐职责情形的说明 20 | | 五、保荐人按照有关规定应当承诺的事项 20 | | 六、保荐人关于发行人是否已就本次证券发行上市履行了《公司法》《证券法》 | | 和中国证监会及深圳证券交易所规定的决策程序的说明 21 | | 七、保荐人关于发行人是否符合板块定位及国家产业政策所作出的专业判断以及 | | 相应理由和依据，以及保荐人的核查内容和核查过程 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively promoting private investment and revitalizing the private sector through various initiatives, including regular communication mechanisms with private enterprises [1][6]. Group 1: Communication Mechanisms - The NDRC has established a multi-level communication mechanism with private enterprises, including 20 "breakfast meetings" hosted by Director Zheng Zhanjie and over 160 discussions by other NDRC members [1][4]. - The "breakfast meetings" serve as a unique and efficient way to engage with business leaders, allowing for direct dialogue on key issues [2][4]. - Local development and reform departments have conducted over 20,000 meetings with private enterprises, indicating a strong commitment to ongoing dialogue [4][5]. Group 2: Policy Initiatives - The NDRC has implemented a closed-loop workflow for problem collection, resolution, feedback, and follow-up to address urgent issues faced by private enterprises [5]. - A comprehensive service platform for private economic development will be launched in December 2024, integrating policy interpretation, project promotion, financing connections, and problem-solving [5]. Group 3: Economic Indicators and Challenges - Recent data shows a slowdown in private investment growth, with private investment's share dropping from approximately 53.6% to below 49% over the past five years [6][7]. - Key economic indicators for private enterprises, such as employment capacity and industrial growth, have also shown signs of deceleration, particularly in comparison to state-owned enterprises [6][7]. Group 4: Future Directions - The NDRC aims to enhance the implementation of the Private Economy Promotion Law and improve mechanisms to support private investment, including allowing private capital to hold over 10% in qualifying projects [7]. - There is a call for a shift in traditional perceptions of private enterprises and increased enforcement of legal policies to bolster confidence among private entrepreneurs [7].

Investment Rating - The report initiates coverage with a rating of "Accumulate" for the company [6]. Core Insights - The company is a leader in IT infrastructure, actively promoting a domestic ecosystem in the server and storage sectors, which are expected to maintain high growth [2][11]. - The merger with Haiguang Information is anticipated to provide significant growth opportunities, with projected EPS for 2025-2027 being 1.71, 2.16, and 2.62 yuan respectively [11][18]. - The target price for the company is set at 133.91 yuan based on valuation methods including PE and PS [21]. Financial Summary - Total revenue is projected to grow from 14,353 million yuan in 2023 to 20,522 million yuan in 2027, with a CAGR of approximately 15.8% [5]. - Net profit attributable to the parent company is expected to increase from 1,836 million yuan in 2023 to 3,830 million yuan in 2027, reflecting a CAGR of 21.3% [5]. - The company’s net asset return rate is forecasted to rise from 9.8% in 2023 to 13.5% in 2027 [5]. Revenue and Profit Forecast - The IT equipment business is expected to see revenue growth of 15%, 18%, and 16% for 2025-2027, with gross margins of 28.34%, 29.34%, and 30.34% respectively [15][16]. - The software system integration and technical services related to high-end computers are projected to grow at rates of 12%, 15%, and 14% for the same period, with stable gross margins [15][16]. Industry Overview - The server market in China is projected to reach 249.21 billion yuan in 2024, with a year-on-year growth of 41.3%, and is expected to grow to 282.35 billion yuan in 2025 [15]. - The global server market is anticipated to reach 366 billion USD in 2025, with a year-on-year growth of 44.6% [32]. - The storage market in China is also expected to grow steadily, with the semiconductor storage market projected to reach 458 billion yuan by 2025 [41]. Competitive Landscape - The domestic server market is dominated by local manufacturers, with Inspur holding a 30.8% market share in the x86 server segment in 2024 [45][49]. - The company’s storage products include a comprehensive range, such as ParaStor distributed storage series and FlashNexus centralized all-flash storage series, which are well-positioned to benefit from market growth [47].

Core Points - Softcom Power has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors [1] - The total amount to be raised from this issuance is not more than RMB 334,832.03 million, which will be used for various projects including the Beijing-Tianjin-Hebei Soft Communication Intelligent Manufacturing Base [1][2] - The issuance will involve up to 285,882,353 shares, representing no more than 30% of the total share capital prior to the issuance [2] Summary by Sections - **Issuance Approval** - The Shenzhen Stock Exchange's listing review center has deemed that Softcom Power meets the conditions for issuing shares [1] - The final approval from the China Securities Regulatory Commission (CSRC) is still pending, introducing uncertainty regarding the timing and outcome of the registration [1] - **Details of the Share Issuance** - The shares will be domestic RMB ordinary shares (A-shares) with a par value of RMB 1.00 each [2] - The issuance will target no more than 35 specific investors, including qualified institutional investors and other eligible entities [2] - The pricing will be based on the average trading price over the 20 trading days prior to the pricing benchmark date, with a minimum price set at 80% of that average [2] - **Sponsorship** - The sponsor for this issuance is CITIC Securities Co., Ltd., with representatives Xu Jie and Chen Zehao [3]

Core Viewpoint - Softcom Power (301236) has received approval for its application to issue shares to specific targets, aiming to raise approximately 3.348 billion yuan through the issuance of up to 286 million shares [1] Group 1 - The company plans to issue a maximum of 286 million shares [1] - The expected fundraising amount is 3.348 billion yuan [1] - The sponsor for this issuance is CITIC Construction Investment Securities Co., Ltd. (601066) [1]

中新网南宁11月12日电(记者黄艳梅)广西南宁市官方12日介绍，南宁市聚焦人工智能(AI)、低空经济、 数字经济等新赛道，打造要素集聚的"强磁场"，着力构筑面向东盟的人工智能合作新高地。 今年10月下旬，总投资超150亿元、预计产值超300亿元的多氟多氟芯电池全产业链项目签约，南宁市电 池规划产能规模超过200GWh(吉瓦时)，已投产90GWh，总体产能规模进入中国前列，成为全球重要的 新能源电池产业集聚区。 南宁还引入智能驾驶和智能网联技术强力赋能本地新能源汽车产业，落地中国—东盟国际数字体育产业 园项目，激活南宁数字体育全产业链。 南宁市投资促进局局长黄辉称，南宁市主动拥抱人工智能时代，依托中国—东盟信息港南宁核心基地等 重要平台和载体，高标准建设中国—东盟国家人工智能应用合作中心(下称"南A中心")，已引入包括科 大讯飞、软通动力、奇安信、360集团、诚迈科技等人工智能知名企业。 据悉，南A中心是中国—东盟人工智能应用合作的公共服务门户、交流展示窗口、运营管理中枢和资本 赋能平台，推动中国与东盟国家在人工智能、数字经济等领域更广泛合作，打造面向东盟的全链条产业 生态。今年以来，南A中心已签约国内人工智能 ...

Core Points - The company, Softstone Information Technology (Group) Co., Ltd., has received a notice from the Shenzhen Stock Exchange regarding its application for a specific object stock issuance [2] - The Shenzhen Stock Exchange's listing review center has determined that the company meets the conditions for issuance, listing, and information disclosure requirements [2] - The Shenzhen Stock Exchange will proceed with the relevant registration procedures with the China Securities Regulatory Commission as per regulations [2]

Core Insights - The 2025 Fortune China 500 Summit held in Shanghai focused on the theme "Harnessing Momentum, Expanding Frontiers: The Next 25 Years of the 21st Century," bringing together leaders from top companies to discuss how to navigate the new order shaped by intelligence, resilience, and sustainability [1][3]. Group 1: Key Themes and Discussions - Five parallel sessions were held, covering topics such as the next phase of the global energy revolution, the new maritime era of Chinese manufacturing, the path to building high-end brands, AI-enabled digital innovation for long-term growth, and the technology and capital driving high-quality future living [3][43][53]. - The summit included discussions on the importance of adapting to efficiency in logistics, emphasizing flexibility and rapid resource allocation to create value and achieve sustainability [9]. - The banking sector's digital transformation over the past two decades has created opportunities and challenges, particularly with the rise of generative AI, which banks must leverage through organizational restructuring [11]. Group 2: Globalization and Localization - Globalization presents new opportunities for Chinese companies, allowing them to showcase their brand, management, and social value on the world stage despite challenges [12]. - Effective globalization requires extreme localization, ensuring that companies adapt to local markets while maintaining their global strategies [17]. - The future of Chinese enterprises going global involves deeper participation in global value chains rather than merely exporting products [20]. Group 3: Industry Innovations and Trends - The automotive industry is highly competitive, with Chinese companies excelling in scale, speed, and cost, while European firms offer deep expertise in quality and safety [25]. - The demand for smarter products necessitates a focus on material innovation and collaboration across the supply chain to achieve integrated solutions [26]. - The consumer goods sector is evolving, with brands needing to balance rational spending with emotional value, reflecting consumers' increasing expectations [36][39]. Group 4: Technology and Sustainability - The integration of AI in industries is seen as a means to overcome challenges and drive new value, with a focus on combining technology with specific applications to ensure return on investment [77][83]. - The healthcare sector is embracing technology to create a comprehensive ecosystem that addresses health and wellness needs, emphasizing the importance of data and compliance [89][92]. - The energy sector is shifting towards quality over quantity, with a focus on sustainable practices and the assetization of distributed solar power to create a win-win scenario for stakeholders [96].

Core Viewpoint - The company, Softstone Technology (301236.SZ), has received a positive review from the Shenzhen Stock Exchange regarding its application for a specific stock issuance, indicating compliance with issuance and listing conditions [1] Group 1 - The Shenzhen Stock Exchange issued a notice on November 12, 2025, regarding the company's application for a specific stock issuance [1] - The listing review center of the Shenzhen Stock Exchange has determined that the company meets the requirements for stock issuance, listing conditions, and information disclosure [1] - The Shenzhen Stock Exchange will proceed to report to the China Securities Regulatory Commission for the relevant registration process as per regulations [1]