Core Insights - The report emphasizes that the computer industry is driven by model iteration, application breakthroughs, and domestic computing power leadership, with a buy rating for the sector [2][4][17]. Industry Overview - The AI infrastructure sector is transitioning from "testing and trial" to "large-scale rollout in 2026" for domestic AI chip replacements, with a narrowing gap between domestic and international leading models [8][17][26]. - The AI application sector is categorized into three types of companies: those with recognized benchmark clients but in early stages, those with long-term trends but uncertain timelines, and those leveraging AI with reachable inflection points [8][17][19]. - The EDA and R&D software sector is seeing rapid improvement in domestic product capabilities, with mergers and acquisitions expected to accelerate due to policy support [8][17][21]. - In the intelligent driving and robotics sector, the report suggests focusing on competitive chip tracks, overseas expansion, and new autonomous driving opportunities, recommending global AMR leader Geek+ [8][18][21]. - The report notes that traditional trust and innovation directions are facing funding delays, while the release of HarmonyOS PC in 2025 is seen as a catalyst for business growth and technological upgrades [8][18][21]. - The energy information sector is expected to benefit from stable capital expenditures and market reforms, although policy implementation timelines need to be monitored [8][18][21]. Key Companies - In the AI infrastructure sector, recommended companies include Cambricon, Inspur, and Unisoc, with attention to Sugon [8][19]. - For AI applications, notable companies are Jingtaikong, Rainbowsoft, and Kingdee International, with additional focus on Hancloud and Guangyun Technology [8][19][21]. - In the intelligent driving and robotics sector, key players include Geek+, Black Sesame Intelligence, and Rui Ming Technology, with recommendations to monitor Desay SV and SOTER [8][19][21]. - In the EDA and R&D software sector, companies like GigaDevice, Gexin Electronics, and BGI are highlighted, with attention to Zhongkong Technology and Haocen Software [8][19][21]. - For trust and innovation, recommended companies include Kingsoft and Softcom, with additional focus on Taiji Co. and China Software International [8][19][21]. - In the energy information sector, notable companies are Guoneng Rixin and Longxin Group, with attention to State Grid Information and South Grid Digital [8][19][22].

| 交易日期 | 证券简称 | 证券代码 | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-12 | 星环科技 | 688031 | 62.48 | 249.92 | 一 一 小气温 200 ব | | 中国国际金融股公 | | | 2025-12-12 | 星环科技 | 688031 | 62.48 | 200.56 | 3.21 | 有限公司北京望祭 | 中国国际金融股公 | | | 2025-12-12 | 星环科技 | 688031 | 62.48 | 200.56 | 3.21 | 华泰证券股份有限公司广东分公司 | 中国国际金融股公 | | 12月12日，星环科技大宗交易成交45.73万股，成交额2857.2万元，占当日总成交额的5.02%，成交价62.48元，较市场收盘价75.05元折价16.75%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) | 成交金额(万元) | | 成交量( *) 买入营业部 ...

从资金流向上来看，当日软件开发板块主力资金净流入3.2亿元，游资资金净流出2.01亿元，散户资金净 流出1.19亿元。软件开发板块个股资金流向见下表： 证券之星消息，12月12日软件开发板块较上一交易日上涨1.4%，合合信息领涨。当日上证指数报收于 3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。软件开发板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688615 | 合合信息 | 222.00 | 13.80% | 8.58万 | | 18.02亿 | | 688651 | 盛邦安全 | 44.55 | 6.58% | 5.48万 | | 2.40 Z | | 688031 | 星环科技 | 75.05 | 5.70% | 7.39万 | | 5.41亿 | | 300377 | 赢时胜 | 21.82 | 5.16% | 135.86万 | | 29.46亿 | | 688692 | 达梦数据 | 270.00 | 4.9 ...

12月8日，三大指数集体高开，科创板人工智能ETF（588930）高开，成分股中，复旦微电涨超4%，中 科星图、星环科技-U、道通科技等跟涨。 中信证券表示，当前仍处于人工智能应用的早期。即便没有最终实现AGI，AI仍将释放互联网30年积累 的数据红利，低成本提升知识和智能获取的便利性，从而提高效率和生产力。我们预计，2030年的全球 AI Capex有望在2025年的基础上增至5-7倍，中国AI Capex有望增至7-9倍。AI投资远没有见顶。但如美 国AI投资出现季度波动，仍可能导致高估值的美股科技股出现大幅波动。外资对中国科技股持股比例 持续偏低，未来如中国AI投资超预期，或技术进步超预期，中国AI公司的投资吸引力将进一步提升。 科技巨头加码端侧AI。据证券时报，近期，海内外各大科技巨头动作频频。11月27日，阿里巴巴集团 首款自研夸克AI眼镜正式发布，该产品深度整合千问大模型与阿里生态服务，具备导航、支付、AI问 答等功能；12月1日，字节跳动联合中兴通讯推出搭载豆包手机助手技术预览版的努比亚M153工程样机 并少量发售。国外方面，无论是OpenAI，还是谷歌等科技巨头，均有多款智能终端产品发布。 科 ...

Investment Rating - The report maintains an "Overweight" rating for the computer industry [1] Core Insights - The emergence of AI inference necessitates a new storage architecture centered around GPU directly connected to SSD, which will replace the CPU-dominated era [9][14] - The shift from CPU-centric to GPU-centric architecture will drive significant changes in database software design, optimizing for GPU's data processing capabilities [18][19] - The industry is witnessing accelerated advancements in both hardware and software, with notable collaborations and innovations aimed at enhancing performance for AI workloads [22][24] Summary by Sections AI Inference Era and New Storage Architecture - AI inference requires different I/O demands compared to training, with a focus on small data blocks and high concurrency, leading to the need for a new storage architecture [9][10] - The traditional CPU-centric data loading architecture is becoming a bottleneck for AI workloads, necessitating a shift to GPU as the primary controller for data access [11][14] Changes in Database Architecture - The transition to GPU-centric architecture will require a complete redesign of database software, with GPU taking on the role of the main computing unit [18][19] - Key components such as storage engines and query execution engines will need to be restructured to optimize for GPU capabilities and direct SSD connections [19][21] Industry Progress - Hardware advancements include the development of High Bandwidth Flash (HBF) technology, which is expected to play a crucial role in the future of AI storage solutions [22] - Collaborations between companies like SanDisk and SK Hynix aim to standardize HBF technology, with initial products expected by 2027 [22] - Software improvements are being made to enhance data orchestration and performance, such as Hammerspace's advancements in metadata reading and Cloudian HyperStore's object storage capabilities [24] Investment Recommendations - The report suggests that as AI inference grows, the importance of GPU will increase, leading to new opportunities in the database industry as software architectures adapt to these changes [25][26]

Core Viewpoint - On December 5, 2023, Star Ring Technology-U (688031) closed at 72.96 CNY, marking a 17.02% increase, with a trading volume of 1.15 billion CNY and a turnover rate of 17.30% [2] Trading Activity - The stock was listed on the daily trading list due to its closing price increase of 15% or more [2] - The top five trading departments accounted for a total transaction of 362 million CNY, with a net buying amount of 85.02 million CNY [2] - The largest buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 83.83 million CNY [3] - The total selling amount from the top selling departments was 77.47 million CNY, with the second largest selling department also being the Shanghai-Hong Kong Stock Connect, selling 30.74 million CNY [3] Fund Flow - The stock experienced a net inflow of 150 million CNY from main funds throughout the day [3]

Core Points - The Sci-Tech Innovation Board (STAR Market) index closed flat at 1326.10 points, with a total trading volume of 3.22 billion shares and a turnover of 173.32 billion yuan, resulting in an average turnover rate of 1.67% [1] - Among the tradable stocks on the STAR Market, 484 stocks closed higher, with 12 stocks rising over 10% and 30 stocks rising between 5% and 10%, while 106 stocks closed lower [1] - The highest turnover rate was recorded by C-More, a newly listed stock, which surged 425.46% with a turnover rate of 85.49% and a trading volume of 15.31 billion yuan, attracting a net inflow of 2.92 billion yuan [1][2] Trading Performance - In the high turnover stocks, C-More, which was newly listed, saw a significant increase of 425.46%, while other notable gainers included Changguang Huaxin, Xinghuan Technology, and Ruihua Tai, with increases of 20.00%, 17.02%, and 16.58% respectively [2] - Conversely, stocks with the largest declines included Zhongke Lanyun, Dongxin Shares, and Yingshi Innovation, which fell by 9.29%, 6.92%, and 6.01% respectively [2] - The electronic industry had the highest representation among high turnover stocks, with 22 stocks, followed by the power equipment and machinery equipment sectors with 9 and 8 stocks respectively [2] Capital Flow - Among high turnover stocks, 39 stocks experienced net inflows of main funds, with C-More, Changguang Huaxin, and Guodun Quantum receiving the most significant inflows of 2.92 billion yuan, 320 million yuan, and 317 million yuan respectively [2] - Stocks with the largest net outflows included Dongxin Shares, Baiwei Storage, and Zhongke Lanyun, with outflows of 356 million yuan, 130 million yuan, and 119 million yuan respectively [2] Leverage Fund Movements - A total of 42 stocks in the high turnover category received net purchases from leveraged funds, with Baiwei Storage, Dongxin Shares, and Bolite gaining the most in financing balance, increasing by 315 million yuan, 249 million yuan, and 157 million yuan respectively [3] - Conversely, stocks with the largest reductions in financing balance included Yuanjie Technology, Artes, and Tengjing Technology, decreasing by 347 million yuan, 246 million yuan, and 194 million yuan respectively [3] Top Performing Stocks - The top performing stocks on December 5 included: - C-More (688795): Closed at 600.50 yuan, up 425.46%, turnover rate 85.49%, net inflow 2.92 billion yuan - Aerospace Huanyu (688523): Closed at 43.80 yuan, up 3.03%, turnover rate 35.30%, net inflow 607.60 million yuan - Xinghuan Technology (688031): Closed at 72.96 yuan, up 17.02%, turnover rate 17.30%, net inflow 14.97 million yuan [4] - Other notable stocks included Changguang Huaxin (688048) with a 20.00% increase and a net inflow of 319.89 million yuan [4]

Core Viewpoint - The lithium battery separator industry is experiencing a significant price increase, driven by a reversal in supply-demand dynamics, cost pressures, and policy guidance, marking a shift from price competition to product quality competition [10][12][15]. Group 1: Price Adjustments and Market Dynamics - Leading separator manufacturer Xingyuan Material announced a 30% price increase for its wet-process separator products, attracting significant market attention [5]. - The separator industry began a reversal trend in August 2025, with wet-process separator prices rising by 10% by the end of October [7]. - The price increase from leading companies signals a clear shift in the supply-demand balance, indicating that the industry has reached a turning point after two years of price wars [8]. Group 2: Supply-Demand Reversal and Structural Shortages - The core feature of the lithium battery separator industry in 2025 is a structural shortage due to supply-demand mismatch, with a 47.6% year-on-year increase in separator shipments [12]. - The demand for high-end wet-process separators is driven by the energy density and power performance requirements in the energy storage market, leading to a significant increase in their market share [12]. - Major manufacturers are operating at over 90% capacity utilization, with wet-process separators rapidly replacing dry-process ones due to performance advantages [13]. Group 3: Cost Pressures and Policy Influence - Rising raw material costs and previous price wars have led to thin or negative profit margins for many companies, making price increases a necessary step for profit recovery [15]. - The Ministry of Industry and Information Technology's meetings aimed at curbing "involution" in the industry have fostered a policy environment conducive to price recovery, breaking the cycle of irrational competition [10][11]. Group 4: Future Outlook and Strategic Moves - If the current price increases are successful, it will shift the pricing model from cost-based to market-driven, enhancing the industry's confidence in further price hikes [17]. - Major separator manufacturers are expected to strengthen strategic partnerships with battery manufacturers to ensure stable supply amid rising prices [17]. - The industry is likely to face a continued structural shortage of high-end separators, particularly 5μm products, due to high production requirements and limited capable manufacturers [19].

Market Overview - A-shares experienced a strong rally on the afternoon of the 5th, with the Shanghai Composite Index surpassing 3900 points, and the ChiNext Index rising over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.739 trillion yuan, an increase of 177.3 billion yuan compared to the previous day [1] Financial Sector Performance - The financial sector, particularly insurance and brokerage stocks, saw significant gains, with China Ping An rising nearly 6% and China Life increasing by nearly 5% [2][5] - Brokerage stocks also performed well, with Zhongyin Securities and Ruida Futures hitting the daily limit, and other firms like Industrial Securities and Dongfang Wealth rising over 4% [2][3] Insurance Sector Insights - The National Financial Regulatory Administration announced adjustments to risk factors for insurance companies, reducing the risk factor for certain long-term holdings in the CSI 300 Index from 0.3 to 0.27 [5][6] - This regulatory change is expected to encourage insurance companies to increase their equity investments, potentially bringing in over 1.2 trillion yuan in equity investment funds [6] Aerospace and Defense Sector - The aerospace and defense sector saw strong performance, with stocks like Aerospace Power and Aerospace Technology hitting the daily limit [7] - The successful launch of the Zhuque-3 rocket and the establishment of a dedicated regulatory body for commercial aerospace are expected to drive growth in this sector [9] Rare Earth Sector Activity - The rare earth sector experienced a notable surge, with stocks like Ningbo Yunsheng and Jinli Permanent Magnet hitting the daily limit [10] - The issuance of general export licenses for certain rare earth companies is anticipated to streamline export processes and boost demand in the industry [11][12]

科创人工智能ETF华夏(589010)紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼具高研 发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 （文章来源：每日经济新闻） 消息方面，阿里千问推出面向办公与写作场景的全新能力，宣布将文档生成、智能排版、在线编辑、多 格式转换等整合为一站式操作。同时，全新的PPT生成能力上线，千问可基于图片、文档、语音等多种 输入内容精准提炼、智能匹配模版。目前，上述能力向所有用户免费开放。现在，用户无需再打开各类 Office 软件，只需与千问对话。千问会根据用户需求，自动生成主题清晰、结构合理并智能排版后的 Word 文档，实现从思考到成稿的一步直达。 华西证券表示，伴随阿里QWEN大模型等同类竞品处于快速迭代状态，国内包括豆包大模型、Deepseek 后续同样有望实现迭代速，AI产业整体景气度有望继续提升。 截至14:09，科创人工智能ETF(589010) 在经历早盘短暂回调后强势收复失地，午后维持红盘震荡，展现 出较强的韧性。持仓股方面多点开花，星环科技一骑绝尘，盘中飙涨超17%，带动凌云光、思看科技等 个股集体走强。流动性方面，盘中 ...