证券代码：001339 证券简称：智微智能 公告编号：2025-061 深圳市智微智能科技股份有限公司 关于开立理财产品专用结算账户的公告 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。 深圳市智微智能科技股份有限公司（以下简称"公司"）于 2025 年 3 月 7 日 召开第二届董事会第十六次会议、第二届监事会第十二次会议，审议通过了 《关于使用部分闲置募集资金及闲置自有资金进行现金管理的议案》，同意公 司及子公司在确保不影响公司正常运营和募集资金投资项目建设的情况下，使 用额度不超过人民币 20,000.00 万元的闲置募集资金和不超过 200,000.00 万元 （含等值外币）的闲置自有资金进行现金管理，有效期为自公司股东大会审议 通过之日起 12 个月内有效。在上述额度及有效期内，资金可循环滚动使用。具 体内容详见巨潮资讯网（www.cninfo.com.cn）披露的《关于使用部分闲置募集 资金及闲置自有资金进行现金管理的公告》（公告编号：2025-010）。 为规范募集资金使用，确保资金安全，近日，公司开立了募集资金理财产 品专用结算账户，相关情况公 ...

Group 1 - The core viewpoint of the news is that Hongdao Investment has conducted research on a listed company, Zhimi Intelligent, focusing on its business segments and revenue distribution [1] - Zhimi Intelligent's revenue breakdown shows that the industry terminal business accounts for 64.38%, ICT infrastructure business 15.65%, industrial IoT business 3.75%, and intelligent computing business 7.46% [1] - The company is developing multiple products based on various chip platforms for its robotics controller business and is paying attention to companies in the robotics supply chain [1] Group 2 - The intelligent computing business provides high-performance infrastructure lifecycle services and plans to offer flexible computing power leasing services through the HT computing power service cloud platform [1] - Zhimi Intelligent's proprietary brand business covers multiple application areas, with major clients including Aopu Te, BYD, and Li Auto [1] - Hongdao Investment, founded in March 2010, is a well-known private equity investment fund in China, with a strong team and a successful track record in investment management [2]

Company Overview - Shenzhen Zhimi Intelligent Technology Co., Ltd. is a leading provider of intelligent internet hardware products and solutions in China, recognized as a national high-tech enterprise and a "specialized, refined, and innovative" small giant enterprise [1] - The company focuses on building a robust hardware foundation for industrial digitalization, promoting intelligent internet applications across various scenarios [1] Business Segments and Revenue - The main business segments include: - **Industry Terminals**: Revenue of CNY 2.597 billion, accounting for 64.38% of total revenue in 2024 [3] - **ICT Infrastructure**: Revenue of CNY 631 million, accounting for 15.65% [3] - **Industrial IoT**: Revenue of CNY 151 million, accounting for 3.75% [3] - **Intelligent Computing**: Revenue of CNY 301 million, accounting for 7.46% [3] Product Development and Innovation - The company is actively developing a range of robot controllers based on advanced chip platforms, focusing on various types of robots including industrial, mobile, and service robots [4] - The intelligent computing business offers a full lifecycle service for AI infrastructure, including planning, delivery, operation, and maintenance [5] Market Focus and Clientele - The company emphasizes its ODM+OBM dual-drive strategy, focusing on the "Zhimi Industrial" brand to meet market demands [6] - Key clients in the industrial IoT sector include major companies such as Aopu Te, BYD, Li Auto, and Hikvision [6]

Group 1 - Shenzhen Zhimi Intelligent Technology Co., Ltd. has applied for a patent titled "Method and System for Power Loss Control Function Based on Feiteng CPU," with publication number CN120179301A, and the application date is March 2025 [1] - The patent involves a method and system that adds code in the BIOS to enable communication between the BIOS and MCU, allowing users to set Power Loss strategies such as Power Off, Power On, and Last State parameters [1] - The system enables the MCU to communicate with the BIOS, store relevant instructions, and control the computer's power state based on user-defined Power Loss strategies, addressing the industry challenge of current Feiteng CPU applications lacking Power Loss control [1] Group 2 - Shenzhen Zhimi Intelligent Technology Co., Ltd. was established in 2011 and is primarily engaged in software and information technology services [2] - The company has a registered capital of 250.336859 million RMB and has invested in 12 enterprises while participating in 41 bidding projects [2] - The company holds 1,011 patent information records and has 41 trademark information records, along with 20 administrative licenses [2]

Core Viewpoint - Zhimi Intelligent has experienced a decline for eight consecutive trading days, with a cumulative drop of -7.08% [1] Company Overview - Shenzhen Zhimi Intelligent Technology Co., Ltd. is a pioneer and leader in IoT digital core solutions, recognized as a national high-tech enterprise and a "little giant" enterprise specializing in innovation [1] Shareholder Activity - Two funds under Baoying Fund have entered the top ten shareholders of Zhimi Intelligent. Baoying Strategy Growth Mixed Fund and Baoying Technology 30 Mixed Fund both reduced their holdings in the first quarter of this year [1] Fund Performance - Baoying Strategy Growth Mixed Fund has a year-to-date return of 19.30%, ranking 327 out of 4345 in its category. Baoying Technology 30 Mixed Fund has a year-to-date return of 15.83%, ranking 150 out of 2255 [2] Fund Manager Profile - The fund manager for both Baoying Strategy Growth Mixed Fund and Baoying Technology 30 Mixed Fund is Rong Zhineng, who has a master's degree in Electronic Science and Technology from Zhejiang University. He has held various positions in the industry, including project manager and industry researcher [5][6]

Core Insights - The report maintains an "outperform" rating for the computer industry, emphasizing the rapid iteration of AI technology and the promising outlook for AI Agents and computing power leasing [2][3][7] - The global AI Agent market is projected to reach $790 million by 2025 and grow to $52.6 billion by 2030, with a compound annual growth rate (CAGR) of approximately 46% [4] Market Trends - Google has reestablished its position in the AI sector with the launch of Gemini 2.5 Pro, which has significantly increased its token processing capacity from 97 trillion to 480 trillion tokens monthly [5][14] - Alibaba's Qwen3 model has achieved a substantial performance improvement, becoming the strongest open-source model globally, with a data scale nearly double that of its predecessor [6][26] Company Developments - Google has introduced the A2A protocol to facilitate collaboration between AI Agents, aiming to create a new ecosystem for AI applications [19][20] - Alibaba's Qwen3 model supports multiple thinking modes and has enhanced capabilities for Agent development, significantly improving its performance in various applications [32][34] Investment Recommendations - The report suggests focusing on companies actively involved in AI applications and Agent development, such as Kingsoft Office, Hehe Information, and Yonyou Network [7][8] - The computing power leasing sector is highlighted as a key area for investment, with companies like Zhiwei Intelligent and others benefiting from increased demand [7][8]

Group 1 - The core viewpoint of the news is that Shenzhen Zhimi Intelligent Technology Co., Ltd. has experienced a decline in stock price over five consecutive trading days, with a cumulative drop of -6.39% [1] - Zhimi Intelligent is recognized as a pioneer and leader in IoT digital core solutions and is classified as a national high-tech enterprise and a "little giant" enterprise [1] - E Fund's Supply-side Reform Mixed Fund has entered the top ten shareholders of Zhimi Intelligent, marking its new investment in the first quarter of this year [1] Group 2 - The fund manager of E Fund's Supply-side Reform Mixed Fund is Yang Zongchang, who holds a Ph.D. in chemistry and has been with E Fund since April 23, 2019 [3][4] - Yang Zongchang has managed various funds, including the E Fund Resource Industry Mixed Fund and the E Fund New Silk Road Flexible Allocation Mixed Fund, with a total management experience of over six years [4] - The performance of E Fund's Supply-side Reform Mixed Fund this year has yielded a return of -0.38%, ranking 1687 out of 2306 in its category [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The upcoming Huawei Developer Conference (HDC) from June 20-22, 2025, marks a new phase in the domestic operating system landscape, with a focus on Ascend computing power, the HarmonyOS ecosystem, and robotics [1][2] - Historically, HDC has been a key event for Huawei to launch significant products, and it is anticipated that HarmonyOS 6.0 will be showcased at this year's conference [2] - The conference agenda emphasizes HarmonyOS, Huawei Cloud, and AI applications, aiming to empower developers and enhance the developer ecosystem, which will further promote the rise of the HarmonyOS in the domestic market [3] Summary by Sections Section: Developer Conference Highlights - The HDC will feature sessions on HarmonyOS, CloudMatrix 384 super-node technology, and AI application development, showcasing Huawei's latest products and technologies [3] Section: HarmonyOS Ecosystem - HarmonyOS has become the second-largest operating system in the Chinese market, with a brand recognition rate of 91%, over 7.2 million registered developers, and more than 1 billion users across various devices [4] - The ecosystem includes over 20,000 native applications and meta-services, covering 18 verticals, and aims to meet 99.9% of user usage time needs [4] Section: Related Companies - Companies to watch include Runhe Software, Softcom Power, Dongfang Zhongke, Zhiwei Intelligent, Chipsea Technology, Changshan Beiming, Jiulian Technology, Sichuan Changhong, and Tuwei Information [5]

Investment Rating - The industry maintains a "Recommended" investment rating, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [3]. Core Insights - The demand for AI inference has significantly increased, with Broadcom reporting AI revenue exceeding expectations, highlighting ongoing investment in the AI sector [6][9]. - Circle, the first publicly traded stablecoin company, saw its stock price surge nearly 250% shortly after its IPO, reflecting strong market interest and potential for rapid growth in the stablecoin sector [6][14]. - The report emphasizes the importance of AI infrastructure investment and the anticipated growth of stablecoins as regulatory frameworks develop, positioning them as a bridge between traditional finance and Web3 [6][14]. Summary by Sections Section 1: Overseas AI Computing Power - Broadcom's Q2 2025 revenue reached $15.004 billion, a 20% year-over-year increase, with AI revenue surpassing $4.4 billion, growing 46% year-over-year [9][10]. - The company anticipates continued growth in AI semiconductor sales, projecting revenue to accelerate to $5.1 billion in Q3 2025 [11]. - The market for AI XPU and networks is expected to reach a serviceable available market (SAM) of $60 billion to $90 billion by 2027, with Broadcom aiming for a leading market share [11]. Section 2: Circle's Market Performance - Circle's stock price increased by approximately 168.48% on its first trading day, closing at $83.23, significantly above its IPO price of $31 [14]. - As of May 23, 2025, the circulating supply of USDC exceeded $61 billion, making it the second-largest stablecoin globally [14][15]. Section 3: Market Performance Review - The computer sector rose by 2.80% in the first week of June 2025, with notable gains from companies such as Huijin Co., Qingyun Technology, and Zhongdian Xilong [18][19].

Summary of AIDC Industry and Company Insights Industry Overview - The global AI computing power industry is experiencing a rebound, driven by increased capital expenditures from major companies like Meta, Microsoft, Google, and Amazon, which are expected to maintain growth in AI investments in 2026 [1][5] - The domestic AIDC industry has seen a recovery in demand, with companies like ByteDance and Alibaba showing signs of order fulfillment and project approvals exceeding expectations [1][6] Key Points and Arguments - **Capital Expenditure Trends**: Meta has raised its capital expenditure guidance for 2025, while Microsoft, Google, and Amazon are expected to continue their AI investments, indicating a positive outlook for the AIDC sector [5] - **Chip Supply Improvements**: The anticipated release of NVIDIA's B30/B40 chips is expected to alleviate previous supply shortages that delayed projects in the domestic AIDC industry [1][7] - **Market Demand**: The demand for high-performance chips such as H100, H200, and B200 is increasing, with companies like Runjian and Guanghuan Xinwang reporting busy operations and full order books [8] - **Investment Opportunities**: The AIDC industry is entering a phase of global resonance, presenting investment opportunities across various sectors, including data center construction, IT equipment, network devices, cloud computing platforms, and AI applications [4][12] Additional Important Insights - **Domestic Market Sentiment**: Despite previous pessimism, the domestic AIDC industry is showing optimism, with companies reporting full orders and recovering demand from major players [6] - **Technological Adaptation**: The adaptation of domestic computing power cards, such as those from Cambricon and Huawei, is progressing well, which is crucial for the industry's recovery [2][10] - **Long-term Outlook**: By 2026, the significant easing of chip supply constraints is expected to provide long-term benefits to the AIDC industry, enhancing overall market confidence [8][10] - **Commercialization of AI Applications**: The commercialization of AI applications is accelerating, with major companies pushing for monetization, although specific timelines remain uncertain [11] Investment Directions - Key investment areas identified include: 1. AIDC data center construction 2. Information technology equipment (domestic AI chips, AI servers) 3. Network devices (switches, optical modules) 4. Computing power leasing 5. Cloud computing platforms 6. AI applications 7. Satellite internet and 6G technologies [12]