第一条 为维护杭州安恒信息技术股份有限公司（以下简称"公司"）及公 司股东的合法权益，保证股东会依法行使职权，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》"）、 杭州安恒信息技术股份有限公司 股东会议事规则 杭州安恒信息技术股份有限公司 第一章 总 则 《上市公司股东会规则（2025 年修订）》和《杭州安恒信息技术股份有限公司章 程》（以下简称"《公司章程》"）以及国家相关法律、行政法规的规定，制定 本规则。 第二条 公司应当严格按照法律、行政法规、《公司章程》及本规则的相关 规定召开股东会，保证股东能够依法行使权利。 第三条 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体 董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 本规则适用于公司年度股东会和临时股东会（以下统称"股东 会"）。股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第五条 公司召开股东会，应当聘请律师对以下问题出具法律意见并公告： （一）会议的召集、召开程序是否符合法律、行政法规、本规则和《公司章 程》的规定； （二）出席会议人员的资格、召集 ...

杭州安恒信息技术股份有限公司 信息披露管理制度 杭州安恒信息技术股份有限公司 第一章 总 则 第一条 为规范杭州安恒信息技术股份有限公司（以下简称"公司"）信息 披露行为，加强信息披露事务管理，根据中国证券监督管理委员会（以下简称"中 国证监会"）有关上市公司信息披露的要求和《上市公司治理准则》、《上市公 司信息披露管理办法》（2025年修订）、《上海证券交易所科创板股票上市规则》 （2025年4月修订）以及《杭州安恒信息技术股份有限公司章程》 （以下简称"《公 司章程》"）等的规定，确保信息真实、准确、完整、及时、公平，特制定本制 度。 本制度由公司各部门、各分公司、子公司共同执行，公司有关人员应当按照 规定履行有关信息的内部报告程序进行对外披露的工作。 第二条 本制度所指信息主要包括： （一）公司依法公开对外发布的定期报告，包括季度报告、中期报告、年度 报告； （二）公司依法公开对外发布的临时报告，包括股东会决议公告、董事会决 议公告、收购、出售资产公告、关联交易公告、补充公告、整改公告和其他重大 事项公告等；以及证券交易所认为需要披露的其他事项； （三）公司的招股说明书、配股说明书、股票上市公告书等； ...

Core Insights - The focus of the market has shifted from "what AI can do" to "how to effectively build, deliver, and commercialize AI products" as AI technology moves into deeper industrial applications [1][2] - Companies are no longer debating whether to use AI but are instead considering how to implement it effectively [2][3] Group 1: Building AI Products - Companies are evolving from traditional SaaS models to AI-driven futures, with 31% embedding AI in existing products, 37% developing standalone AI products, and 32% building their core business around AI [4] - AI-native companies are significantly ahead in product development, with 47% in the scaling phase compared to only 13% of AI-enabled companies [6][9] - Nearly 80% of AI-native companies are developing Agentic Workflows, which have become a popular product direction [10] - The focus has shifted from performance to cost, with 57% of companies now prioritizing cost considerations in model selection [18] - Companies are increasingly adopting multi-model strategies, using an average of 2.8 different model providers, while OpenAI maintains a 95% adoption rate [20] Group 2: Market Entry and Compliance - AI-driven features are rapidly becoming central to product strategies, with projections showing that by the end of 2025, AI-driven features will account for 43% of high-growth companies' product roadmaps [31] - The most common pricing model for AI products is a hybrid approach, combining traditional subscription with usage-based billing [35] - Companies are exploring new pricing models linked to ROI, with 37% actively investigating changes [43] - Transparency and explainability in AI products are becoming essential as products mature, with 25% of companies providing detailed model transparency reports at the scaling stage [48] Group 3: Organizational Structure - Establishing dedicated AI leadership roles is a sign of maturity in AI strategy, with 61% of large companies having specialized AI leaders [56] - AI/ML engineers, data scientists, and AI product managers are critical roles, but hiring challenges persist, with an average recruitment cycle of 70 days for AI/ML engineers [60][64] - High-growth companies plan to allocate 37% of their engineering teams to AI projects by 2026, significantly higher than the 28% of other companies [68] Group 4: AI Cost Structure - Companies are allocating 10-20% of their R&D budgets to AI development, with plans to increase this share by 2025 [72] - The cost structure of AI projects shifts from talent costs dominating in the pre-launch phase (57%) to machine costs becoming significant in the scaling phase (nearly 50%) [80] - API usage fees are identified as the most challenging cost to control, with 70% of respondents highlighting this issue [81] Group 5: Internal AI Utilization - Companies are expected to double their internal AI budgets by 2025, with significant investments in productivity-enhancing AI tools [94] - Despite high availability of AI tools, actual usage rates reveal a gap, with only about 50% of employees consistently using them [97] - Coding assistance is the most popular internal AI application, with a 77% adoption rate, leading to productivity improvements of 15-30% [104][108] Group 6: AI Builder Technology Stack - Traditional deep learning frameworks like PyTorch and TensorFlow remain popular among developers, while managed platforms like AWS SageMaker are gaining traction [120] - Monitoring and observability tools are still dominated by traditional solutions, but ML-native platforms are beginning to gain early traction [122] - The market for AI tools is fragmented, with many teams still unaware of the specific tools they are using, indicating a knowledge gap [126]

【 导读】 宝信软件 董事长夏雪松辞职， 田国兵被提名为新董事候选人 见习记者 杨晨 任期即将届满前， 宝信软件 董事长夏雪松辞职 。 6月30日晚间 ，宝信软件发布公告 称，公司董事会于6月27日收到夏雪松辞去公司董事长、董事、战略委员会主任的书面辞职报告。根据 《公司章程》及相关治理文件，该辞职报告即日生效。 董事长夏雪松辞职 公告称，夏雪松因工作变动原因，辞去公司第十届董事会董事长、董事及战略委员会主任职务，同时不再担任公司法定代表人。辞职后， 其不在公司担任任何职务。 宝信软件2024年年报显示，夏雪松原定的任期起始日是从2022年8月2日到2025年8月1日。 | | | | 原定任 | | 是否继续 在上市公 | 具体职 | 是否存 在未履 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 离任 | 离任 | | 离任 | | | | | 姓名 | 职务 | 时间 | 期到期 | 原因 | 司及其控 | 务(如适 | 行完毕 | | | | | 日 | | 股子公司 | 用) | 的公开 | | | | | | | 任职 | | 承诺 ...

| 分析师：俞家宁 | S1050523070002 | | --- | --- | | yujn@cfsc.com.cn | | | 分析师：胡博新 | S1050522120002 | | hubx@cfsc.com.cn | | | 分析师：任春阳 | S1050521110006 | | rency@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 6-2 7 | | --- | --- | | 当前股价（元） | 10.83 | | 总市值（亿元） | 240 | | 总股本（百万股） | 2213 | | 流通股本（百万股） | 1913 | | 52 周价格范围（元） | 5.15-13.24 | | 日均成交额（百万元） | 679.41 | 2025 年 06 月 30 日 医疗智能化进程持续推进，AI 新品有望带动业 绩增长 买入(首次) 投资要点 ▌短期业绩承压，新一代产品有望推动业绩增长 2024 年，公司实现营业收入 27.82 亿元，同比减少 12.05%； 利润端，公司实现归母净利润 0.88 亿元，同比减少 75.45%， 2025 年一季度，公司实现收入 ...

Core Insights - The core viewpoint of the articles emphasizes the significant advancements in China's electricity market since the initiation of the "new round of electricity system reform" in 2015, highlighting the transition towards a market-oriented trading system and the increasing participation of various stakeholders in electricity trading [1][4][7]. Group 1: Market Development - By 2024, the national market-oriented trading electricity volume reached 6.2 trillion kilowatt-hours, accounting for 63% of the total electricity consumption, a substantial increase from 17% in 2016 [1]. - The electricity market is evolving with the full rollout of the spot market and the imminent entry of renewable energy generation, leading to the emergence of new trading models worth hundreds of billions to trillions [3][4]. - The establishment of a comprehensive electricity market is expected to significantly influence all electricity producers and consumers, optimizing resource allocation and promoting green economic benefits [4][10]. Group 2: Challenges for Small and Medium Enterprises - The complexity of the electricity trading market poses significant challenges for small and medium enterprises, as the need for real-time balancing and the high technical barriers to entry become apparent [5]. - Despite the continued role of the grid in providing basic services, the focus has shifted towards ensuring system stability rather than assisting users in market positioning [5]. - The value of technology-driven electricity sales companies is increasingly recognized, with companies like Langxin rapidly expanding their trading volumes and maintaining a 100% performance rate over three years [5][6]. Group 3: Renewable Energy Marketization - The recent policy changes, particularly the issuance of document 136 by the National Development and Reform Commission, mandate that renewable energy projects will primarily enter the electricity market, marking a pivotal shift in industry investment logic [7]. - By 2024, the market-oriented trading proportion of renewable energy generation is expected to approach 50%, reflecting the rapid growth in installed capacity and generation share of renewable sources [7][8]. - The market environment introduces greater revenue uncertainty for renewable energy projects, necessitating advanced strategies for price optimization and risk management [7]. Group 4: AI and Technology in Electricity Trading - The rapid development of AI technology is providing new methodologies for electricity trading decisions, enhancing predictive capabilities across various dimensions [9]. - Langxin Technology is leveraging AI to optimize trading decisions and customer management, demonstrating significant success in real-world applications [9][10]. - The future of the electricity market will see the emergence of new market entities such as virtual power plants and microgrids, where AI will play a crucial role in enhancing operational efficiency and market responsiveness [10].

Core Viewpoint - Sichuan Jiuyuan Yinhai Software Co., Ltd. has been recognized as a "2024 Sichuan ESG Benchmark Enterprise," highlighting its commitment to environmental, social, and governance (ESG) practices in its operations [3][4]. Group 1: ESG Commitment - The company has made significant investments in green development, social responsibility, and governance practices, which have been acknowledged through the ESG award [3]. - Jiuyuan Yinhai focuses on three main areas: healthcare insurance, digital government, and smart cities, serving over 700 million people across 29 provinces and 240+ cities [3][4]. Group 2: Environmental Responsibility - The company has implemented measures to promote energy conservation and resource utilization, achieving a reduction in carbon emissions by 66,552.17 kg in 2024, representing a 5.71% savings rate [4]. - Initiatives include promoting low-carbon office practices, encouraging healthy low-carbon diets, and creating a comfortable working environment [4]. Group 3: Social Responsibility - Jiuyuan Yinhai has contributed significantly to public welfare through its work in healthcare and digital governance, supporting the operation of national healthcare information platforms across 23 provinces [4]. - The company has won six awards at the "2024 National Smart Healthcare Competition," becoming the most awarded entity, and has developed various social security systems benefiting over ten million users [4]. Group 4: Governance Improvement - In 2024, the company has enhanced its governance level by introducing new policies and revising management methods to strengthen execution and control over critical processes [5]. - Jiuyuan Yinhai has maintained a AAA credit rating in the software service industry for 14 consecutive years, reflecting its operational excellence and governance standards [5].

作 者丨崔文静 又有上市公司被重罚！ 根据*ST紫天近日公告， 其收到证监会3份行政处罚告知。 2024年，*ST紫天曾联合审计机构拒绝、阻碍监管部门执法，市场即猜测目的是为隐瞒财务造 假重大违法行为。从如今处罚结果来看，坐实公司通过虚构短信发送服务业务、虚增互联网 广告费代充值业务等行为虚增收入及利润，并且虚增收入、利润金额大、比例高，违法行为 恶劣。 2022年至2023年财务造假、阻碍执法、未按期披露2024年定期报告，三者分别触及不同的强 制退市指标，使得*ST紫天同时面临三重退市风险——退市，成为*ST紫天难以扭转的结局。 多重罪状下，财产罚与资格罚同时到来。*ST紫天现任与过往管理层共12人共计被罚约4000万 元，2名主要责任人被终身市场禁入，另有部分责任人被处以5至10年市场禁入。 细看*ST紫天罚单，两个细节值得关注。 细节一，财务造假手段上，除了虚构业务等造假惯用伎俩外，通过总额法虚增收入，是*ST紫 天年报虚假记载的一大原因。 细节二，*ST紫天不仅财务造假，而且拒不配合执法。2024年，福建证监局曾要求*ST紫天报 送2021年至2023年完整财务明细账等相关资料，*ST紫天迟迟未曾提 ...

Group 1 - Siwei Tuxin (002405) has submitted an application for the initial public offering of overseas listed shares (H shares) to the Hong Kong Stock Exchange on June 27, 2025, and published the application materials on the same day [1] - The company holds 45.32% of the voting rights in Siwei Zhilian [1] - Megmeet Smart (002881) has had its application materials for the issuance of overseas listed shares (H shares) accepted by the China Securities Regulatory Commission [1] - Keyuan Pharmaceutical (301281) has had its application documents for issuing shares to purchase assets and raising supporting funds accepted by the Shenzhen Stock Exchange [1]

2025 年 06 月 30 日 保险行业高速增长，算力领域打造新成长极 —新致软件（688590.SH）公司动态研究报告 买入(维持) 投资要点 分析师：任春阳 S1050521110006 rency@cfsc.com.cn ▌全面布局数据及智算中心建设，打造第二成长极 公司 IT 产品销售及增值服务以数据及智算中心为场景，为用 户提供建云、上云及管云一体化方案，包括网络平台、系统 平台、存储平台、算力平台等。2024 年该业务实现收入 1.07 亿元，客户主要包括金融、政务、科研院所等。公司还联合 合作伙伴华为、海光，基于华为昇腾系列芯片及海光深算系 列芯片推出 AI 一体机产品，结合自研新致新知 98B 大模型、 新致新知人工智能平台等。依托国内算力基建扩容契机，公 司前瞻性切入智能算力布局赛道，成功落地多个标杆算力集 群项目。 | 基本数据 | 2 0 2 5-0 6-2 7 | | --- | --- | | 当前股价（元） | 20.31 | | 总市值（亿元） | 53 | | 总股本（百万股） | 263 | | 流通股本（百万股） | 263 | | 52 周价格范围（元） | 9.71- ...