Investment Rating - The report maintains a "Buy" rating for several companies, including Alibaba, StarNet Ruijie, and WanGuo Data [2][9]. Core Insights - Alibaba's "Qianwen" project is seen as a significant move in the AI 2C application landscape, aiming to compete with ChatGPT by integrating various life scenarios into its app [3][4]. - The report highlights the potential for growth in the domestic AI market, noting that there is still considerable room for development in C-end AI applications [4]. - Increased investment in AI infrastructure is anticipated, with Alibaba planning to invest 380 billion in AI infrastructure, which is expected to benefit hardware ecosystem partners [5]. Summary by Sections Company Developments - Alibaba has launched the "Qianwen" project, which is viewed as a strategic initiative for the AI era, with the app expected to compete directly with ChatGPT [3][4]. - The "Qianwen" app is based on the Qwen3-Max model and aims to connect with Alibaba's other business lines, enhancing its competitive edge in the AI space [4]. Market Potential - The report indicates that the domestic AI market has not yet seen a high penetration of C-end AI applications, suggesting significant growth potential [4]. - Data from QuestMobile shows that major competitors have lower daily active users compared to ChatGPT, indicating an opportunity for Alibaba's "Qianwen" to capture market share [4]. Infrastructure Investment - Alibaba's commitment to expanding its AI infrastructure is expected to drive demand for data centers, with a projected tenfold increase in energy consumption by 2032 [5]. - The report suggests that companies involved in data center operations and equipment, such as Data Port and Invec, will benefit from this increased demand [5][10]. Stock Recommendations - The report recommends a "Buy" rating for several companies, including: - StarNet Ruijie (002396 CH) with a target price of 39.16 [9][11] - WanGuo Data (9698 HK) with a target price of 45.83 [9][14] - Alibaba (BABA US) with a target price of 215.60 [9][14] - Huagong Technology (000988 CH) with a target price of 92.01 [9][14] - The report also suggests an "Increase" rating for companies like Unigroup (000938 CH) and Invec (002837 CH) [9][11].

限售期限为自公司首次公开发行的股票上市之日起36个月，上市流通日期为2025年11月21日。本次解除 限售前后股本结构变动情况如下： 11月18日，锐捷网络（301165）发布公告，本次解除限售并上市流通的股份为公司首次公开发行前已发 行的股份，解除限售股份的股东户数为2户，解除限售股份数量为7亿股，占公司总股本的比例为88%。 2025年前三季度，锐捷网络实现收入106.80亿元，归母净利润6.80亿元。 本次解除限售股份的股东分别为福建星网锐捷通讯股份有限公司和厦门锐进东方企业管理咨询合伙企业 （有限合伙）。 | 类别 | 本次变动前 | | 本次变动股份 | 本次变动后 | | | --- | --- | --- | --- | --- | --- | | | 数量 | 占总股本比 | 数 | 数量 | 占总股本比 | | | | 例 | | | 例 | | 一、有限售条 件流通股 | 700,000,000 | 88.00% | -700,000,000 | | | | 其中:高管锁 定股 | | | | | | | 首 发 前 限售股 | 700,000,000 | 88.00% | -700,00 ...

中信证券股份有限公司 关于锐捷网络股份有限公司 首次公开发行前已发行股份解除限售并上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为锐捷网络 股份有限公司（以下简称"锐捷网络"、"公司"）首次公开发行股票并在创业板 上市的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》等相关法律法规和规范性文件的规定，对锐捷网络首次公开发行战略配售股 份上市流通事项进行了审慎核查，核查意见如下： 一、首次公开发行股份及股本变动情况 根据中国证券监督管理委员会《关于同意锐捷网络股份有限公司首次公开发行 股票注册的批复》（证监许可[2022]2002 号），公司首次公开发行人民币普通股 （A 股）共计 68,181,818 股，于 2022 年 11 月 21 日在深圳证券交易所创业板上市。 首次公开发行股票前，公司总股本为 500,000,000 股。首次公开发行股票完成 后，公司总股本为 568,181,818 股，其中无限售条件流通股为 57,684,230 股，占发 行后总股本的比例为 1 ...

证券代码：301165 证券简称：锐捷网络 公告编号：2025-044 锐捷网络股份有限公司 关于首次公开发行前已发行股份解除限售并上市流通的提示性公告 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。 特别提示： 1、本次解除限售并上市流通的股份为锐捷网络股份有限公司（以下简称"公 司"或"锐捷网络"）首次公开发行前已发行的股份。解除限售股份的股东户数为 2 户，解除限售股份数量为 700,000,000 股，占公司总股本的比例为 88.00%。限售 期限为自公司首次公开发行的股票上市之日起 36 个月。 2、本次解除限售股份的上市流通日期为 2025 年 11 月 21 日（星期五）。 一、首次公开发行股份及股本变动情况 根据中国证券监督管理委员会《关于同意锐捷网络股份有限公司首次公开发 行股票注册的批复》（证监许可[2022]2002 号），公司首次公开发行人民币普通股 （A 股）共计 68,181,818 股，于 2022 年 11 月 21 日在深圳证券交易所创业板上 市。 首次公开发行股票前，公司总股本为 500,000,000 股。首次公开发行股票 ...

Group 1 - The People's Bank of China announced the November Loan Prime Rates (LPR) for one-year and five-year terms [2][3] - A total of 39 stocks will be unlocked this week, with a combined market value of approximately 951.97 billion yuan [2][3] - The highest market value of unlocked shares is from Ruijie Networks, amounting to 480.34 billion yuan, followed by Innovation New Materials at 105.42 billion yuan [4][5] Group 2 - The State Council held a meeting to enhance the adaptability of supply and demand for consumer goods, aiming to stimulate consumption and promote economic circulation [7] - The Ministry of Finance emphasized the importance of counter-cyclical and cross-cyclical adjustments to maintain economic support through various fiscal tools [8] - The China Securities Regulatory Commission is focusing on enhancing market resilience and attractiveness, aiming for higher quality and value in listed companies [9] Group 3 - The State Administration for Market Regulation released a draft for public consultation on antitrust compliance guidelines for internet platforms [10] - The Ministry of Commerce announced stricter management of second-hand car exports to prevent new cars from being exported under the guise of second-hand vehicles [11] - Yushun Technology has completed its IPO counseling, preparing for its public offering in China [12]

Core Viewpoint - A total of 39 companies will have their restricted shares unlocked next week (November 17-21), amounting to 4.722 billion shares with a total market value of 95.194 billion yuan based on the closing price on November 14 [1] Summary by Category Unlocking Schedule - The peak unlocking day is November 20, with 2 companies having a combined unlocking market value of 51.075 billion yuan, accounting for 53.66% of the total unlocking scale for the week [1] Companies with Highest Market Value Unlocking - The top three companies by unlocking market value are: - Ruijie Networks: 48.034 billion yuan - Chuangxin New Materials: 10.542 billion yuan - Xinnuo Wei: 5.34 billion yuan [1] Companies with Highest Share Unlocking Volume - The top three companies by unlocking share volume are: - Chuangxin New Materials: 2.287 billion shares - Ruijie Networks: 700 million shares - Xintiandi: 291 million shares [1] Types of Restricted Shares Being Unlocked - The types of restricted shares include: - 14 companies with original shareholders' restricted shares - 7 companies with equity incentive restricted shares - 6 companies with general equity incentive shares - 4 companies with original institutional placement shares - 4 companies with targeted placement institutional shares - 1 company with restricted shares from equity division - 1 company with other types - 1 company with strategic placement shares - 1 company with additional commitment restricted shares [1]

Group 1 - The company, Chongda Technology, confirmed a good cooperative relationship with Ruijie in the PCB application field for servers and switches [2]

Group 1 - The company Ruijie Networks (SZ 301165) announced that its fourth board meeting will be held on November 11, 2025, via telecommunication to discuss the proposal for changing the company's registered capital [1] - For the year 2024, Ruijie Networks' revenue composition is entirely from the ICT industry, accounting for 100.0% [1] Group 2 - As of the latest report, Ruijie Networks has a market capitalization of 55.6 billion yuan [2]

锐捷网络股份有限公司 董事、高级管理人员 所持本公司股份及其变动管理制度 第一章 总则 第一条 为加强对锐捷网络股份有限公司（以下简称"公司"或"本公司"）董事、 高级管理人员所持本公司股份及其变动的管理，进一步明确相关办理程序，依据 《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》"）、《上市公司董事和高级管理人员所持本公司股份及其 变动管理规则》《深圳证券交易所上市公司自律监管指引第 10 号——股份变动管 理》《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、高级管理 人员减持股份》等法律、法规、部门规章、规范性文件及《锐捷网络股份有限公 司章程》（以下简称"《公司章程》"）的相关规定，制定本制度。 第二条 本制度适用于公司董事、高级管理人员及本制度第二十一条规定的 自然人、法人或其他组织持有及买卖本公司股票及其衍生品的相关管理。 第三条 公司董事和高级管理人员所持本公司股份，是指登记在其名下和利 用他人账户持有的所有本公司股份。公司董事和高级管理人员从事融资融券交易 的，其所持本公司股份还包括记载在其信用账户内的本公司股份。 第四条 公 ...

锐捷网络股份有限公司 对外担保管理制度 第一章 总则 第一条 为规范锐捷网络股份有限公司（以下简称"公司"）对外担保行为，有效控 制公司对外担保风险，保证公司资产安全，根据《中华人民共和国民法典》《中华人民 共和国公司法》《深圳证券交易所创业板股票上市规则》等法律、法规、规范性文件及 《锐捷网络股份有限公司章程》（以下简称"《公司章程》"）的相关规定，制定本制 度。 第二条 本制度所称对外担保，是指公司根据法律、法规和规范性文件、《公司章程》 的规定，为他人提供担保，包括公司对直接或间接控股子公司（以下统称"子公司"）、 子公司相互之间、公司及子公司为第三方提供的保证、抵押、质押及其他方式的担保， 但不包括公司为公司自身债务提供的担保。 第三条 未经公司董事会或股东会批准，公司不得提供对外担保。 第二章 对外担保的审批 第四条 公司对外担保事项的审批权限根据《公司章程》的有关规定执行。 第五条 董事会指定公司财务部门为对外担保具体事项的经办部门（以下简称"经办 部门"）。 第六条 董事在审议对外担保议案前，应当积极了解被担保方的基本情况，如经营和 财务状况、资信情况、纳税情况等。 董事在审议对外担保议案时，应 ...