虹软科技股份有限公司 独立董事 2024 年度述职报告（李青原） 本人作为虹软科技股份有限公司（以下简称公司）的独立董事，在 2024 年度任职 期间内严格按照《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》）、《上市公司独立董事管理办法》《上海证券交易 所科创板股票上市规则》（以下简称《上市规则》）、《上海证券交易所科创板上市公 司自律监管指引第 1 号——规范运作》以及《公司章程》、公司《独立董事工作制度》 等规定和要求，本着对全体股东负责的态度，诚实、勤勉、独立地履行独立董事职责， 积极发挥独立董事的作用，主动了解公司的经营和发展情况，出席公司召开的股东大 会、董事会及董事会审计委员会会议，参与公司的重大决策，充分发挥自身的财会专 业优势，切实维护公司整体利益，维护全体股东尤其是中小股东的合法权益。现将 2024 年度履职情况汇报如下： 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 李青原先生，1977 年 4 月出生，中国国籍，无境外永久居留权，中国注册会计师 非执业会员，2005 年毕业于武汉大学，博士学历。2005 年 8 月至今任职 ...

一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 葛云松先生，1970 年 11 月出生，中国国籍，无境外永久居留权，2002 年毕业于 北京大学，博士学历。1995 年至今任教于北京大学法学院，历任讲师、副教授、教授。 2024 年 12 月起任虹软科技独立董事。 （二）是否存在影响独立性情况的说明 作为公司的独立董事，经自查，除本人在公司担任独立董事及董事会各相关专门 委员会成员外，本人及本人的直系亲属、主要社会关系均未在公司或者公司附属企业 任职；本人及本人的直系亲属均未直接或间接持有公司已发行股份比例 1%以上，不是 公司前十名股东，未在直接或间接持有公司已发行股份 5%以上的股东单位或在公司前 五名股东单位任职，未在公司控股股东、实际控制人的附属企业任职；本人未与公司 及其控股股东、实际控制人或其各自的附属企业有重大业务往来，亦未在有重大业务 往来的单位及其控股股东、实际控制人任职，不存在为公司及公司控股股东、实际控 制人或其各自附属企业提供财务、法律、咨询、保荐等服务的情形。本人作为公司独 立董事符合《上市公司独立董事管理办法》《规范运作》等规定中对独立董事独立性的 相关要求，并在履 ...

朱凯先生，1974 年 3 月出生，中国国籍，无境外永久居留权，中共党员，会计学 博士。现任东北财经大学校长助理（挂职）、上海财经大学研究生院副院长、教授。1999 年 6 月于南京大学会计学硕士研究生毕业，1999 年 7 月至 2001 年 1 月任职南京大学 商学院会计系讲师，2001 年 3 月至 2004 年 3 月于上海财经大学会计学博士研究生毕 业，自 2004 年 4 月至今任职上海财经大学会计学院教授，2016 年 2 月至 2023 年 9 月 任职上海财经大学会计学院副院长。现兼任东方证券股份有限公司独立非执行董事， 并于 2024 年 12 月起任虹软科技独立董事。 虹软科技股份有限公司 独立董事 2024 年度述职报告（朱凯） 本人作为虹软科技股份有限公司（以下简称公司、虹软科技）的独立董事，在 2024 年度任职期间内严格按照《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》）、《上市公司独立董事管理办法》《上海证券交 易所科创板股票上市规则》（以下简称《上市规则》）、《上海证券交易所科创板上市公 司自律监管指引第 1 号——规范运作》（ ...

虹软科技公告，2025年第一季度营收为2.09亿元，同比增长13.77%；净利润为4966.4万元，同比增长 45.36%。 ...

Summary of Conference Call on Computer Sector Industry Overview - The conference call focused on the computer sector, highlighting recent market adjustments and their impacts on various companies within the industry [2][4]. Key Points and Arguments - **Market Adjustment Impact**: The computer index dropped by 12.55% on Monday, with a near 1% recovery on Tuesday. Many computer stocks experienced a 20% adjustment, with around 180-190 companies seeing declines over 15% [2][3]. - **Overseas Revenue**: In 2023, overseas revenue for the computer sector was only 12%, with the U.S. market contributing 2%. This limited exposure means that overall performance is less affected by international market fluctuations [4]. - **Stable IT Spending**: Downstream IT spending remains stable, and the risk from tariff increases is limited due to the low overseas revenue share [4]. - **Investment Opportunities**: Companies with solid fundamentals and good Q1 performance are highlighted as potential investment opportunities, such as: - **New大陆**: Expected Q1 profit growth over 20% and has initiated stock buybacks [5]. - **通行宝**: Anticipated annual growth of 70%-100% [5]. - **新国都**: Currently undervalued with a projected profit of approximately 7 billion yuan and a market cap of 90 billion yuan [7]. - **科远智慧**: Expected to achieve 3.2-3.5 billion yuan in revenue this year, with a market cap of 48 billion yuan and a P/E ratio of 14, indicating it is undervalued [8]. - **鸿泉物联**: Potential for significant profit growth if domestic policies are fully implemented by 2027 [9]. - **云赛智联**: Projected growth of over 20% this year, with involvement in Shanghai's smart computing initiatives [10]. - **Market Sentiment**: Market sentiment has a diminishing marginal effect on the computer sector. As confidence returns, the sector is expected to rebound more robustly [6]. - **AI Sector Performance**: Companies in the AI application field, such as 赛意信息, 合合信息, and 虹软科技, have strong fundamentals despite market volatility. Their revenue is not heavily reliant on the U.S. market, mitigating risks from international fluctuations [11]. - **信创 Industry Development**: The 信创 industry is accelerating due to international environmental changes, with companies like 华大九天 and 海天瑞声 poised to benefit. Mergers and acquisitions in the tech sector are expected to strengthen foundational capabilities [12]. Additional Important Insights - The overall sentiment in the computer sector suggests that while recent adjustments have been significant, the underlying fundamentals of many companies remain strong, presenting potential investment opportunities in a recovering market [2][6][12].

Core Viewpoint - Central financial institutions in China, including Central Huijin and China Chengtong, have announced significant stock purchases, indicating confidence in the Chinese capital market and the value of A-shares [1][2] Group 1: Market Performance - As of April 8, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) rose by 2.72%, with notable increases in constituent stocks such as Hongsoft Technology (688088) up 9.11% and Chipsea Technologies (688595) up 8.11% [1] - The Sci-Tech AI ETF (588790) increased by 1.96%, with the latest price at 0.52 yuan [1] Group 2: Institutional Actions - Central Huijin announced further purchases of exchange-traded funds (ETFs) to support market stability, emphasizing a positive outlook on the development of the Chinese capital market [1] - China Guoxin stated that its investment arm will increase holdings in central enterprise stocks, technology innovation stocks, and ETFs, with an initial amount of 80 billion yuan [1] Group 3: ETF Performance Metrics - The Sci-Tech AI ETF recorded a turnover rate of 3.06% and a transaction volume of 76.25 million yuan on April 7, 2025, with an average daily transaction volume of 333.2 million yuan over the past month, ranking first among comparable funds [3] - The latest scale of the Sci-Tech AI ETF reached 2.43 billion yuan, placing it in the top fifth among comparable funds [4] - The ETF's share count reached 4.792 billion, marking a new high since its inception and also ranking in the top fifth among comparable funds [5] Group 4: Fund Inflows and Returns - The Sci-Tech AI ETF experienced continuous net inflows over six days, with a peak single-day net inflow of 145 million yuan, totaling 354 million yuan, averaging 59.04 million yuan in daily net inflows [6] - Since its inception, the ETF achieved a maximum monthly return of 15.59%, with a historical holding period of three months showing a 100% probability of profit [6] Group 5: Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, making it the lowest among comparable funds [7] - As of April 7, 2025, the ETF's tracking error over the past month was 0.010%, indicating the highest tracking precision among comparable funds [8] Group 6: Top Holdings - As of March 31, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board Artificial Intelligence Index accounted for 70.57% of the index, with companies like Lattice Semiconductor (688008) and Cambricon Technologies (688256) among the top performers [8][10]

Investment Rating - The report suggests a focus on leading domestic generative model companies such as iFlytek, AI hardware companies like Yingshi Network and Hongsoft Technology, and AI-related applications that can enhance user engagement and payment rates, recommending companies like Kingsoft Office and Wanjing Technology [2] Core Insights - The AI industry chain is expected to maintain high prosperity, with computing power remaining stable and application growth accelerating. Other sectors like intelligent driving and financial IT are also projected to show steady growth [11][12] - The report highlights the recent advancements in AI products, including the launch of free intelligent products by Zhiyuan and significant funding for OpenAI, which will enhance AI research and infrastructure [4][13] - The impact of the recent tariff policy announced by Trump is expected to have a limited effect on the overall performance of the computing sector, as overseas revenue accounts for only about 10% of demand [11] Summary by Sections 1. Industry Perspective - The report discusses the launch of Zhiyuan's free intelligent product "AutoGLM" and the advancements in AI capabilities by Baidu and OpenAI, emphasizing the competitive landscape and technological advancements in the AI sector [11][13] - It notes that the computing sector's performance is likely to be influenced by domestic demand policies and the ongoing trend of domestic substitution and self-control in technology [11] 2. Subsector Insights - AI Industry Chain: High prosperity maintained, with computing power stable and application growth accelerating [10] - Intelligent Driving: Growth is expected to accelerate, particularly in areas like LiDAR and vehicle-road cloud integration [10] - Financial IT: The sector is experiencing steady growth, supported by high trading volumes and favorable policies [14] - Industrial Software: Anticipated breakthroughs in industrial AI applications, with significant projects underway [15] 3. Market Performance - The computing industry index saw a decline of 1.87% from March 31 to April 4, 2025, underperforming compared to the CSI 300 index [16] - The report identifies the top-performing companies in the computing sector during this period, highlighting both gains and losses among key players [22] 4. Upcoming Events - The report outlines several upcoming industry events, including technology exchange days and conferences focused on 6G, drones, and machine learning, suggesting potential investment opportunities in related sectors [29]

Core Viewpoint - The article discusses the investment journey of Dunhong Asset in Yushu Technology, highlighting the strategic decisions and market conditions that led to the investment in a company that has become a significant player in the robotics sector. The narrative emphasizes the importance of timing, technological innovation, and market adaptability in the investment landscape [4][5][6]. Investment in Yushu Technology - Dunhong Asset's investor, Yu Wenchao, recognized Yushu Technology's potential after its robotic dog appeared on a major television event, which sparked interest despite the company being relatively unknown at the time [6][12]. - The investment decision was influenced by Yushu's ability to cross the survival line and its existing B2B business model, which provided a safety net for potential returns [7][14]. - Yushu's first consumer product, the Go1 robot, was seen as a groundbreaking entry into the consumer robotics market, with expectations that future iterations could significantly lower prices and expand market reach [13][22]. Market Conditions and Competitive Landscape - The investment landscape in 2021 was dominated by consumer sectors, with significant funding directed towards companies in food and beverage, while robotics was perceived as lacking commercial viability [6][7]. - Despite the competitive environment, Dunhong Asset managed to secure a leading position in the investment round for Yushu, competing against well-known institutions [15][16]. Team and Leadership - The leadership of Yushu, particularly CEO Wang Xingxing, is characterized by a strong technical background and a keen business sense, which has been crucial for the company's adaptability and growth [18][19]. - The team structure at Yushu combines technical expertise with strong sales capabilities, allowing for effective market engagement and product development [19]. Future Outlook for Robotics - The article posits that China is poised to lead in the field of embodied intelligence and humanoid robotics due to its manufacturing capabilities and existing application scenarios [21][22]. - Yushu's pricing strategy for its humanoid robots has made them accessible to a broader range of customers, which could accelerate market adoption [22]. Transition to Hard Technology Investment - Dunhong Asset shifted its focus from TMT (Technology, Media, and Telecommunications) to hard technology investments around 2018, recognizing the diminishing returns in the former sector [30][31]. - The investment strategy emphasizes targeting leading companies in emerging sectors, such as Yushu in robotics and Rokid in AR, to build a comprehensive supply chain around these key players [32][34].

Investment Rating - Electronic Industry: Buy (Maintain) [6] - Communication Industry: Overweight (Maintain) [6] - Computer Industry: Buy (Maintain) [6] Core Insights - NVIDIA introduced the concept of Agentic AI, which represents a new reasoning paradigm that will continue to drive global data center construction. This evolution is categorized into three stages: Generative AI, Agentic AI, and Physical AI [12][13] - The global investment in data center construction is expected to reach $1 trillion by 2028, driven by the need for larger computational resources and data for training better models [2][17] - The Blackwell Ultra chip, designed for AI inference needs, will be supplied in the second half of 2025, with significant performance improvements over its predecessor [20][22] - NVIDIA's new AI inference service software, Dynamo, aims to maximize token yield in AI models and supports the development of AI agents [33][35] Summary by Sections 1. Agentic AI and Data Center Development - The introduction of Agentic AI is seen as a pivotal shift in AI technology, emphasizing autonomy and complex problem-solving capabilities [12][13] - The Scaling Law remains relevant, as it will expand to include inference and long-term reasoning, requiring substantial computational resources [14][17] 2. Blackwell Ultra Chip and Future Releases - The Blackwell Ultra chip will enhance AI performance significantly, with a 1.5 times improvement in AI capabilities compared to the previous generation [22] - The Vera Rubin series is expected to launch in 2026, featuring advanced architecture and enhanced memory capacity [22][23] 3. Quantum-x CPO Switch Launch - NVIDIA plans to release the 115.2T 800G Quantum-x CPO switch in the second half of 2025, which will offer substantial improvements in energy efficiency and network resilience [26][29] 4. Introduction of Dynamo and AI Frameworks - Dynamo will facilitate efficient AI inference by optimizing GPU resource utilization across different processing phases [33][35] - NVIDIA also introduced the AI-Q framework to enhance AI agents' reasoning capabilities and reduce development costs [37] 5. Investment Recommendations - The report suggests focusing on companies within the electronic communication and computer industries that are positioned to benefit from the advancements in AI and data center infrastructure [45][46] - Specific companies to watch include those involved in AI computing, robotics, and data platforms, highlighting a diverse range of investment opportunities [46][47]

Investment Rating - The investment rating for the information services industry is "Outperform the Market" and is maintained [2]. Core Insights - The report highlights that Tencent's recent investment in computing power is a necessary step in the context of AI development, indicating a sustained growth in demand for computing resources as AI applications expand [7]. - Upcoming conferences by Huawei and NVIDIA are expected to attract market attention towards the AI industry, with new AI products likely to accelerate overall industry development [7]. - The report suggests monitoring companies such as Kingsoft Office, Hongsoft Technology, Hehe Information, Runze Technology, Guoneng Rixin, Tongxingbao, Newland, and Saiyi Information for potential investment opportunities [7]. Summary by Sections Market Performance - The report provides a comparative performance analysis showing a decline of -27.29% for the information services sector from March 2024 to December 2024, while the Haidong Composite Index shows a lesser decline of -14.60% [3]. Related Research - The report references several related studies, including topics on Huawei's AI initiatives and the global launch of the first general AI agent, Manus, which are pivotal in understanding the current trends in the AI sector [4][5]. Upcoming Events - Huawei's Ascend AI Conference and Partner Conference are scheduled for March 21, 2025, focusing on the impact of large model development on the AI industry and showcasing new products [6]. - NVIDIA's GTC 2025 will take place from March 17 to 21, 2025, featuring discussions on AI infrastructure and the unveiling of the next-generation AI chip, Vera Rubin [6].