上海妙道企业管理咨询有限公司 二〇二五年七月 上海妙道企业管理咨询有限公司 独立财务顾问报告 上海妙道企业管理咨询有限公司 独立财务顾问报告 关于 远光软件股份有限公司 第二个行权期行权条件成就相关事项 之 独立财务顾问报告 独立财务顾问： 第一章 声 明 上海妙道企业管理咨询有限公司接受委托，担任远光软件股份有限公司（以 下简称"远光软件""上市公司"或"公司"）2021 年股票期权激励计划（以下 简称"本激励计划""本次激励计划"）的独立财务顾问（以下简称"本独立财 务顾问"），并制作本独立财务顾问报告。本独立财务顾问报告是根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》《深 圳证券交易所上市公司自律监管指南第 1 号——业务办理》等法律、法规和规范 性文件的有关规定，在远光软件提供有关资料的基础上，发表独立财务顾问意见， 以供远光软件全体股东及有关各方参考。 一、本独立财务顾问报告所依据的文件、材料由远光软件提供，远光软件已 向本独立财务顾问承诺：其所提供的有关本激励计划的相关信息真实、准确和完 整，保证该等信息不存在虚假记载、误导性陈述或者重大遗漏。 二、本独立财务顾 ...

美股高开高走，纳指率先涨超1%，标普500指数、道指涨0.6%。英伟达(NVDA.O)现涨2.6%，微软 (MSFT.O)涨1.6%，亚马逊(AMZN.O)涨1.8%。 ...

智通财经7月9日电，微软公司股价站上500美元/股关口，日内涨1.66%，总市值达到3.75万亿美元，仅 次于英伟达的4万亿美元。 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - Microsoft is undergoing significant organizational restructuring, including a layoff of approximately 9,000 employees, which represents about 4% of its total workforce. This move is aimed at reallocating resources to better support its long-term AI strategy and enhance operational efficiency [1][4]. - The integration of generative AI capabilities into core products like Office, Windows, and Azure is reshaping job roles within Microsoft, leading to a reduced demand for traditional sales and management positions [2][3]. - The layoffs reflect a proactive adjustment to the talent structure, prioritizing roles that can leverage AI tools and create composite value, such as AI solution architects and data center schedulers [3][5]. Summary by Sections Organizational Changes - Microsoft is focusing on enhancing its AI capabilities by reallocating resources from traditional roles to positions that support AI and cloud services, particularly in Azure, which is expected to grow at a rate of 34% in FY2025 [7]. - The restructuring involves cutting positions in non-core areas like Xbox while increasing hiring for technical roles that align with AI product development [5][7]. AI Integration - The report highlights that approximately 20-30% of code is now generated by AI, indicating a significant shift in how work is performed within the company [2]. - The demand for sales roles is evolving, requiring a shift towards more technically skilled personnel who can engage in solution-oriented sales rather than traditional relationship-driven sales [7]. Long-term Strategy - The layoffs are not merely cost-cutting measures but are part of a broader strategy to support the growth of AI and cloud services, indicating a clear prioritization of AI talent and resources over traditional business functions [5][6].

盘前市场动向 1. 7月9日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.29%，标普500指数期货涨 0.22%，纳指期货涨0.20%。 2. 截至发稿，德国DAX指数涨1.18%，英国富时100指数涨0.24%，法国CAC40指数涨1.24%，欧洲斯托 克50指数涨1.09%。 3. 截至发稿，WTI原油涨0.20%，报68.47美元/桶。布伦特原油涨0.16%，报70.26美元/桶。 市场消息 美银：企业韧性是底气，标普500目标看高至6600点。在美国企业界展现惊人韧性的背景下，美国银行 策略师团队大幅上调了对美股的前景预测。该行指出，尽管面临特朗普混乱贸易政策的冲击，美国企业 仍能维持盈利指引水平。包括Savita Subramanian和Jill Carey Hall在内的策略师团队将标普500指数年终 目标位从5600点上调至6300点，并设定6600点的12个月目标价。他们补充道，虽然美国经济表现平平， 但美国企业却独树一帜，企业盈利预测保持稳定，这为股票投资者提供了重要参考依据。策略师在一份 报告中写道："尽管暂定贸易协定、《大而美》法案的出台以及衰退风险消退，但政策不确定 ...

Core Points - The company announced a cash dividend of 0.0066 RMB per share for its A shares [1][2] - The dividend distribution plan was approved at the annual shareholders' meeting on May 22, 2025 [1] - The record date for the dividend is July 17, 2025, with the last trading day on July 18, 2025, and the ex-dividend date also on July 18, 2025 [2] Dividend Distribution Details - The total share capital before the distribution is 1,096,494,683 shares [2] - The cash dividend will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch [2] - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax [3] Taxation Information - For individual shareholders holding shares for less than one year, the company will not withhold personal income tax at the time of dividend distribution [3] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied, resulting in a net cash dividend of 0.00594 RMB per share [4][5] - Hong Kong investors will also be subject to a 10% withholding tax, with the possibility of applying for tax treaty benefits if applicable [5]

编号： 20250014 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 其他 参与单位名称及 人员姓名 中信证券王盛乾，真科基金曾维江、张聪 时间 2025 年 7 月 9 日 地点 现场会议 上市公司接待人 员姓名 副总裁、董事会秘书袁绣华，证券事务代表刘多纳 投资者关系活动 主要内容介绍 1.请问公司在智慧能源领域有哪些布局和应用？ 远光软件智慧能源业务聚焦能源电力市场化业务、低碳 管理、智慧配电三大方向，通过数字化技术助力能源电力企 业高效响应新型电力系统建设的目标要求。在能源电力市场 化业务领域，提供能源规划、建设、运维、交易等服务。围 绕微电网、虚拟电厂、园区能源等应用场景，构建从能源规 划优化、协同调度到能效管理的服务体系；为新能源电站、 负荷聚合商等新兴市场主体开发了电力交易服务平台。在低 碳管理业务领域，远光软件提供企业碳资产、碳交易策略、 产品碳足迹核算等服务，形成绿色低碳服务体系，助力企业 实现低碳转型和价值挖掘。在智慧配电业务领域，远光软件 聚焦研发配电融合终端以及配电网运维及能量管理，形成了 配电数字化系列产品，并满足分 ...

Core Insights - Microsoft has adopted a unique strategy in the AI era by focusing on monetizing AI capabilities without developing foundational models, resulting in a market capitalization increase from $2 trillion to $3 trillion in three years [1] - The concept of a "future company" is defined as a human-machine hybrid organization that allows humans to focus on creativity while AI handles routine tasks [3][4] - The integration of AI into Microsoft 365 aims to address the "modern work digital dilemma," where 60% of work time is spent on routine tasks, leaving only 40% for deep thinking and value creation [2] Group 1: Microsoft's Vision for Future Companies - Microsoft envisions a future where AI acts as a colleague, enhancing productivity by allowing humans to concentrate on creative tasks [3] - The company is leveraging insights from neuroscience to reshape the relationship between humans and work, creating a new organizational structure that integrates AI as a core asset [3][4] Group 2: AI Colleagues and Their Capabilities - Microsoft has introduced AI colleagues with five core functions: chat, search, note-taking, design, and intelligent execution, transforming AI from a standalone tool into an omnipresent work partner [6][7] - These AI colleagues can perform complex tasks such as deep multi-step reasoning and cross-domain information integration, significantly enhancing productivity [7] Group 3: Milestones in AI Integration - Key milestones in Microsoft's AI integration include embedding AI capabilities into Office applications, enhancing hardware specifications for AI processing, and developing a comprehensive AI ecosystem [8][9] - The timeline outlines the evolution from initial integration in 2023 to the establishment of an AI agent store and the ability for enterprises to train their own AI agents by 2025 [8] Group 4: Building an AI Agent Network - Microsoft is constructing an "agent network" that facilitates seamless collaboration between AI and humans across various applications, enhancing organizational efficiency [10][11] - This network aims to support complex problem-solving and improve productivity by allowing AI agents to communicate and share knowledge within the organization [10] Group 5: Commercialization Strategy - Microsoft's approach to AI commercialization involves three stages: offering models as a service, embedding AI into products, and creating an ecosystem for third-party agents [12][13] - The company is transitioning from a model of selling APIs to building a comprehensive ecosystem that includes various AI functionalities and third-party integrations [12][13] Group 6: Organizational Transformation through AI - The integration of AI into business processes is seen as a transformative force, reshaping how organizations operate and interact with technology [21][22] - Companies are encouraged to measure AI usage as a key performance indicator, reflecting the importance of human-agent collaboration in driving productivity [22][23] Group 7: Future Implications - The evolution of AI in the workplace suggests that the true winners will be those who can harmonize technology, talent, processes, and organizational structures [24] - The concept of "human-agent ratio" is emerging as a critical metric for companies to assess their AI strategies and enhance competitive advantage [24]

今年以来，随着二级市场行情反转，越来越多的公司在股价拉升的时候，选择了逢高减持。不过在一众 减持企业当中，也有在行情利好下，股价持续低迷却选择减持的。 2025年7月8日，超图软件(300036.SZ)的控股股东、实控人和一众高管因自身资金需求，抛出了减持 单。 股价低迷，实控人及部分高管宣布减持 公开资料显示，超图软件早在2009年就已经上市，是一家焦地理信息系统相关软件技术研发与应用服 务，下设基础软件、应用软件、云服务三大GIS业务块板。 据了解，超图软件发行价为19.80元/股，公司股价曾一度涨至69元/股。不过近几年以来，公司股价一直 处于震荡下降的趋势。 即使在今年整体大盘回暖的时候，超图软件的股价也持续表现低迷。数据显示，截至到7月9日收盘，超 图软件报价14.76元/股，年内跌幅达到13.07%，就目前来看，公司股价已经连续两年持续下跌趋势当 中。 昨日晚间，超图软件宣布了公司控股股东和一众高管的减持预披露公告。 公告指出，公司控股股东、实际控制人及董事钟耳顺计划以集中竞价或大宗交易方式减持不超过965.61 万股，占公司总股本2%。公司副总经理白杨建、谭飞艳、荆钺坤拟分别通过集中竞价方式减持 ...

股票代码：300645 股票简称：正元智慧 债券代码：123196 债券简称：正元转 02 浙商证券股份有限公司 关于 债券受托管理人 本报告依据《可转换公司债券管理办法》《公司债券发行与交易管理办法》 （以下简称《管理办法》）、《公司债券受托管理人执业行为准则》（以下简称 《执业行为准则》）、《浙商证券股份有限公司关于浙江正元智慧科技股份有限 公司可转债公司债券之受托管理协议》（以下简称"《受托管理协议》"）等相关 规定及其它相关信息披露文件、正元智慧集团股份有限公司（以下简称"正元智 慧"，"发行人"或"公司"）出具的相关说明文件以及提供的相关资料等，由本期公 司债券受托管理人浙商证券股份有限公司（以下简称"浙商证券"）编制。浙商证 券编制本报告的内容及信息均来源于正元智慧提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为浙商证券所做承诺或 声明。 一、受托管理债券的基本情况 本次发行已经公司 2022 年 5 月 26 日召开的第四届董事会第五次会议和第 四届监事会第四次会议，2022 年 6 月 13 日召开的公 ...