为了让人工智能未来深度参与企业经营，中国企业目前正加快全要素、全过程的数字化转型。26%的中 国首席执行官将推进业务数字化、互联化转型作为未来3年企业的首要战略举措，这一占比高于全球平 均水平的18%。 中证报中证网讯(记者倪铭娅)毕马威日前发布的《2025全球首席执行官展望》显示，88%的中国首席执 行官对未来三年中国经济发展有信心，这一比例较去年大幅提升17个百分点，并创近年新高。 这是毕马威第11次发布《全球首席执行官展望》，报告基于2025年8月5日至9月10日期间对1350名首席 执行官进行的调查。 毕马威中国主席邹俊表示，中国经济在重重考验中稳步向前，特别是一系列增量政策的落地实施有效提 振了社会预期。在调查中，高达88%的中国首席执行官对未来三年的中国经济发展有信心，占比较去年 大幅提升。 根据报告，近四分之三(71%)的首席执行官将人工智能列为2026年的重点投资领域，其中69%的受访者 计划在未来一年内将10%至20%的预算投入该领域。 报告显示，随着人工智能应用价值初步兑现，全球范围内预期人工智能投资回报期在三年之内的首席执 行官达到67%，中国这一占比从去年的18%大幅提升至86%。其中 ...

Core Insights - The 138th China Import and Export Fair (Canton Fair) highlighted the growing importance of emerging markets for foreign trade enterprises, supported by improved cross-border payment infrastructure [1] - XTransfer aims to provide secure and reliable cross-border financial services for businesses of all sizes, facilitating global operations without concerns [1] Group 1: Emerging Market Opportunities - Emerging markets such as Africa, Southeast Asia, and Latin America present significant opportunities for foreign trade, but face challenges due to weaker financial infrastructure [1] - XTransfer's local collection account service allows foreign trade enterprises to open local accounts in export countries, enabling overseas buyers to pay in local currency [1] - From January to September this year, XTransfer reported a 123.6% year-on-year increase in total collections from Africa, Southeast Asia, and Latin America, with specific growth rates of 369.1%, 102.2%, and 93% respectively [1] Group 2: Risk Management and Compliance - Security and compliance in cross-border payments are critical for foreign trade enterprises, and XTransfer has developed a standardized risk control system based on extensive data and experience [2] - The company has identified potential risks in 10,027 transactions for 7,445 enterprises over the past year, preventing risk losses amounting to $473 million [2] - XTransfer launched the 2.0 version of its TradePilot model, which enhances risk assessment and transaction safety through analysis of product, industry, and regional characteristics [2]

Core Insights - The company has launched three new electric smart sofa products, emphasizing a shift from competition based on channels and scale to a focus on core technology and precise user needs [1][2] - The new products feature "zero gravity, zero wall, and true high legs" functionalities, enhancing sitting and lying comfort to meet upgraded user experience demands [1] - The self-developed K-TRON Space Z function frame is a key innovation in electric sofa technology, reinforcing the company's differentiated competitive edge [1] Financial Performance - In the first half of the year, the company achieved operating revenue of 9.801 billion yuan, a year-on-year increase of 10.02% [1] - The net profit attributable to the parent company was 1.021 billion yuan, reflecting a year-on-year growth of 13.89% [1] - The net cash flow from operating activities reached 1.094 billion yuan, showing a significant year-on-year increase of 71.89% [1] Industry Trends - The company’s approach to driving category value elevation through core technology establishes a differentiated advantage and serves as a model for the transformation of the Chinese home furnishing industry [2] - This shift may lead the industry competition to transition from price-based competition to a focus on user value through technological innovation and ecosystem building [2]

Core Viewpoint - The recent seminar hosted by Tianyang Technology focused on the integration of quantum computing and AI in the financial sector, aiming to establish a self-controlled "quantum finance" computing ecosystem, which is expected to drive the next generation of financial technology development [1][2]. Group 1: Seminar Highlights - The seminar addressed two main themes: "Quantum Computing + AI: Building the 'Next Engine' for Financial Markets" and "Empowering New Productive Forces: Creating a Quantum Technology Industry Corps" [1]. - Participants engaged in deep discussions to identify key upgrades in the industry, providing a clear path for the transition from traditional computing power to a "quantum + AI integrated" approach [1]. Group 2: Strategic Initiatives - Tianyang Technology announced the "Quantum Enhancement Plan" to explore the deep integration of technology and financial services, with a focus on the financial market as a strategic direction [1]. - The company has secured exclusive permanent licensing for Algo market risk software and source code in mainland China, and launched the Tianyang Technology Innovation Version in the financial market [1]. Group 3: Competitive Positioning - The company plans to increase investments in next-generation computing and AI to enhance its competitive edge in the financial market, while also deepening collaborations in semiconductors and AI [2]. - Tianyang Technology's strategic layout includes acquiring Algo market risk software, investing in AI unicorns, and establishing joint ventures, forming a comprehensive strategy around "data + algorithms + computing power" [2]. Group 4: Industry Evolution - The competition in the industry has evolved from focusing on single products or solutions to a comprehensive ecosystem that covers core technologies, application scenarios, computing support, and industrial empowerment [2]. - The collaborative construction of a self-controlled quantum finance ecosystem is expected to reduce reliance on external technologies and accelerate the realization of core technology autonomy and intelligent business scenarios [3].

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, indicating a solid position in the LED epitaxial wafer and chip industry [1][2] Financial Performance - The company achieved operating revenue of 2.499 billion yuan, a year-on-year increase of 23.59% [1] - Net profit attributable to shareholders reached 173 million yuan, up 8.43% year-on-year [1] - The non-recurring net profit grew by 11.89% year-on-year, reflecting operational efficiency [1] Business Strategy and Operations - The company focuses on resource allocation and strengthening its core business, emphasizing structural adjustment, performance improvement, and brand building [1] - The GaN blue-green light business has seen steady production efficiency improvements through equipment upgrades and management optimization [2] - The red-yellow arsenide gallium project commenced production in early 2025, achieving a monthly output exceeding 50,000 pieces, marking a strategic shift to a full-color chip supplier [1][2] Research and Development - R&D expenses reached 101 million yuan, a year-on-year increase of 7.17%, contributing to cost reductions in product manufacturing [2] - The company is committed to continuous innovation and management improvements to enhance product quality and reduce costs [2] Capital Management - The company implemented a rights distribution plan of 4.5 shares for every 10 shares, maintaining stable dividends for seven consecutive years [2] - A share buyback of 300 million yuan was completed, accounting for 3.38% of total share capital, reflecting confidence in long-term growth [2] - The introduction of a restricted stock incentive plan aims to motivate employees and support strategic goals [2] Future Outlook - The company plans to continue focusing on its LED core business and expand into high-end, high-value-added products, including projects for red-yellow epitaxial wafers and chips, as well as Mini/Micro LED development [2]

Core Insights - The CEO of the company highlighted four key trends for the future: the importance of storytelling in the content explosion era, originality as the soul of works in the AIGC era, IP as a super leverage in the new consumption era, and Chinese stories as a global language in the era of global co-creation. The next decade is expected to be the golden age for Chinese super IPs [1] Group 1: Expansion into New Content Areas - The company is entering the "manga drama" sector following its success in short dramas, supported by its vast IP reserves, animation production capacity, and AI technology [2] - Four major initiatives have been launched to build the manga drama ecosystem, including opening access to 100,000 premium IPs, establishing a billion yuan creative fund, launching AIGC tools like "Manga Drama Assistant," and creating a collaborative ecosystem across the entire production and distribution chain [2] - Currently, 30 manga drama works have surpassed 10 million views, indicating strong audience engagement [2] Group 2: Development of Merchandise - In the first half of the year, the company's derivative product GMV reached 480 million yuan, nearing last year's total, showcasing the potential of the trendy toy market [3] - The company announced a "Global Trendy Toy Co-Creation Plan" to collaborate with top global artists for the incubation of original trendy toy IPs and to leverage its entire industrial chain for product design, production, and marketing [3] - The company has already invested in niche enterprises like Super Vitality Factory to strengthen its capabilities in popular categories such as plush toys [3] Group 3: AI Application Upgrades - AI technology is a crucial direction for the company's sustainable development, with three major AI application upgrades announced: "Miao Bi Tong Jian," "Copyright Assistant," and "Manga Drama Assistant," covering various stages of content creation and IP development [4] - "Miao Bi Tong Jian" provides deep understanding of millions of words in web literature, assisting in detail review, plot summary, character organization, and foreshadowing [4] - The "Copyright Assistant" efficiently matches the company's extensive work library with downstream IP adaptation needs, while the "Manga Drama Assistant" offers comprehensive support for manga drama creation [4]

中证智选银行总资产加权指数选取全部符合流动性筛选条件的银行行业上市公司证券作为指数样本，并 以总资产加权构建指数，以反映总资产加权规则下银行行业上市公司证券的整体表现。 中证指数网站10月16日发布公告称，中证指数有限公司将于10月17日正式发布中证智选银行总资产加权 指数，为市场提供更丰富的投资标的。 ...

Group 1 - BOE (京东方) and OPPO, along with OnePlus, launched the flexible OLED flagship product, "Oriental Screen 3.0," featuring the world's first native 165Hz ultra-high refresh rate and ultra-low brightness of 1 nit [1] - The Oriental Screen 3.0 is a significant upgrade from previous versions (1.0 and 2.0), enhancing smooth display, eye health, and immersive picture quality, and will be featured in the OnePlus 15 flagship smartphone [1] Group 2 - BOE is a leading global display enterprise, maintaining a comprehensive lead in flexible OLED display technology, production capacity, and market performance [2] - Since launching its first technology brand in 2021, BOE's f-OLED technology brand has become an industry benchmark, with over 30,000 patent applications in the flexible OLED field [2] - BOE has three mass production 6th generation flexible OLED production lines and is expanding its technological boundaries, with the first 8.6 generation AMOLED production line in China set to complete equipment installation by May 2025 [2] - According to Omdia data, BOE's flexible OLED shipment volume ranks first in China and second globally, solidifying its leadership position in the high-end display sector [2]

中证报中证网讯（王珞）10月15日，由中国证券报主办的"固本 砺新 行远——2025私募基金高质量发展 大会暨国信证券杯·第十六届私募金牛奖颁奖典礼"在深圳举行。凭借产品的出色表现，恒基浦业蝉联金 牛私募管理公司（年度债券策略）奖。 金牛奖是由新华社旗下中国证券报主办的权威奖项，凭借着对评选规则的严格执行和对资管行业发展规 律的尊重，金牛奖评选赢得了资管行业和社会各界的普遍认可，是中国资本市场财富管理领域最具公信 力的奖项之一。 在当前行业面临低利率环境挑战的背景下，公司始终坚持"资产为核、风控为先、稳健为舵、交易为 桨"的理念，立足投资者需求，加大策略创新力度以适应债券市场变化，与投资人和合作方共创价值， 本次获奖是对公司恪守初衷的再次肯定。 过去3年，债券市场经历了数次调整，债券类固定收益产品遭遇了以往少有的净值回撤与赎回压力。面 对市场压力，恒基浦业保持了产品净值与管理规模的稳定，再次经受住了市场的考验。这主要归因于以 下两点：首先，公司始终坚持敬畏市场的投资哲学。在投资过程中，从宏观维度做好布局规划，以投行 思维筛选相关标的；投资团队秉持攻守兼备的策略，跳出配置型策略的"舒适区"，通过提升主动交易的 ...

Core Viewpoint - The rapid breakthroughs in frontier technologies, particularly artificial intelligence, are driving high-quality economic development, with public funds actively engaging in long-term value investment to seize opportunities in technological innovation [1][2]. Group 1: Industry Trends - The A-share market is experiencing structural differentiation, with the technology sector, especially the AI industry chain, leading the gains and becoming a focal point for capital markets [2]. - The current technology market rally is underpinned by solid industrial foundations, with AI driving global industrial chain restructuring and creating a virtuous cycle of "technological breakthroughs - application landing - commercial feedback" [2][3]. - The characteristics of China's large-scale market enhance the potential for innovation returns, while the evolution of the "anti-involution" mechanism is expected to optimize the competitive ecosystem and improve overall capital market returns [3]. Group 2: Investment Strategies - The construction of active equity investment capabilities has been elevated to a strategic level within public funds, focusing on deepening research capabilities, diversifying investment strategies, and leveraging technology to build a sustainable investment ecosystem [4]. - The integration of industry insights with long-term value investment principles is essential for capturing true alpha in structural markets, as demonstrated by the experience of the investment research team at Hongde Fund [4]. - Fund managers are encouraged to avoid short-term thinking and instead engage in deep industry research to identify structural opportunities, while also adapting to market changes and expanding their investment knowledge [4]. Group 3: Future Outlook - With ongoing technological innovation and continuous improvement of capital market systems, public funds are expected to play a more significant role in serving the real economy and promoting high-quality development [5].