Report Industry Investment Rating No relevant content provided. Core Views of the Report - The Fourth Plenary Session of the 20th CPC Central Committee provides a favorable risk - preference environment for the bull market of Chinese - funded stocks. The overall tone of the plenary session rules out the probability of macro - tail risks and emphasizes the continuous and timely strengthening of macro - policies to achieve annual economic and social development goals [2][3]. - During the 15th Five - Year Plan period, the development of the science and technology industry will be placed in a relatively prominent position. The three important main lines of the 15th Five - Year Plan are national security, scientific and technological self - reliance and industrial innovation, and benefiting people's livelihood and promoting consumption [4][5][6]. - "Science and technology" is the main investment line during the 15th Five - Year Plan period. Strategic emerging industries such as artificial intelligence and biological manufacturing are key investment opportunities, and some new consumption tracks are also worthy of attention [8][9]. - Currently, the valuation of Chinese - funded stocks is in a reasonable range. Structurally, the valuation cost - performance of the technology sectors in A - shares and Hong Kong stocks is higher than that of the broader market indices. The high valuation of Chinese technology assets matches the high growth rate, and the valuation gap between Chinese and US technology assets is expected to narrow [10][14][18]. - The trend of emerging industries represented by the AI industry chain is becoming clearer. A - shares focus on upstream computing power hardware, while Hong Kong stocks focus on mid - stream Internet giants and downstream software applications. The performance realization path of the AI industry chain of Chinese - funded stocks generally follows the order of computing power chips → infrastructure giants' IaaS → application - end software/media [22][23][26]. - The emerging industry trend represented by innovative drugs is becoming clearer. The innovative drug sector has begun to release performance, and the shift from "local commercialization" to "going global" is the key driving force for the leap - forward development of the innovative drug sector [33][34][35]. - In the short term, the earnings season may increase the volatility of the Chinese - funded stock market. TACO trading can be "batch - wise" bought at low prices, with a focus on technology assets. In the medium term, Chinese - funded stocks maintain a barbell strategy, with A - shares for offense and Hong Kong stocks for defense [37][38]. Summary by Relevant Catalogs 1. Policy Environment and Investment Direction during the 15th Five - Year Plan - **Policy Timeline**: In October 2025, the Fourth Plenary Session of the 20th CPC Central Committee released a communiqué to set the direction for the 15th Five - Year Plan. In 2026, the central government will release a draft proposal for the plan, and the Two Sessions will review and release the "Outline" with specific quantitative targets. In the second half of 2026, ministries may start to promote the implementation of special and industry plans [2]. - **Policy Focus**: The Fourth Plenary Session emphasized the continuous and timely strengthening of macro - policies, aiming to achieve annual economic and social development goals, stabilize employment, enterprises, markets, and expectations, and resolve local government debt risks [3]. - **Investment Main Lines**: The three main lines are national security, scientific and technological self - reliance and industrial innovation, and benefiting people's livelihood and promoting consumption. The frequency of mentions of "science and technology" and "industry" in the Fourth Plenary Session communiqué has significantly increased compared to the Third Plenary Session, indicating that the 15th Five - Year Plan may prioritize the development of these two dimensions [5][6]. 2. Valuation Analysis of Chinese - Funded Stocks - **Forward PE**: The forward PE of the broader market indices of A - shares and Hong Kong stocks (Hang Seng Index/Shanghai Composite Index) has reached around the average + 1 STD in the past 10 years, while the forward PE of the technology sector indices (Hang Seng Information Technology Index/GEM Index) has only reached around the 10 - year average, indicating that the technology sectors in A - shares and Hong Kong stocks have higher valuation cost - performance [14]. - **PEG**: Based on the 3 - year EPS compound growth rate, the PEG of the Hang Seng Technology Index, Hang Seng Information Technology Index, and GEM Index is lower than that of the Nasdaq and S&P 500, showing that the high valuation of Chinese technology assets matches the high growth rate [18]. - **PB - ROE**: With the continuous improvement of the profitability of Chinese technology companies, the valuation gap between Chinese and US technology assets is expected to narrow due to factors such as the mapping of overseas AI assets, the huge domestic demand potential of the Chinese market, and long - term strategic policy support [19][21]. 3. AI Industry Chain Analysis - **Industrial Focus**: A - shares focus on upstream computing power hardware, including chips, PCBs, AI server assembly, and network solution providers. Hong Kong stocks focus on mid - stream Internet giants and downstream software applications, covering model development, deep - learning frameworks, and various AI - related application fields [22][23][24]. - **Performance Realization Path**: The performance realization path of the AI industry chain of Chinese - funded stocks generally follows the order of computing power chips → infrastructure giants' IaaS → application - end software/media. Upstream, the performance of A - share light modules, PCBs, and server OEMs driven by external demand is realized first, followed by GPU/chip manufacturing and AI infrastructure platforms driven by domestic demand. In the application layer, the payment willingness for AI products is relatively lagging, and the monetization business models in most fields are still being verified [26][27]. - **Market Performance**: Benefiting from the explosive growth of global AI computing power demand, some advantageous segments of the A - share AI industry chain (PCB/light module/server assembly segments) have achieved significant stock price increases driven by EPS. The capital expenditure of cloud service providers in China and the US is still rising, and the prosperity of the AI industry chain is expected to continue to climb [28][30][32]. 4. Innovative Drug Industry Analysis - **Performance Release**: The innovative drug sector has begun to release performance, with many innovative drug companies showing positive revenue year - on - year growth rates. In contrast, the traditional drug sector and some CXO companies have relatively poor performance [34]. - **Development Trend**: The shift from "local commercialization" to "going global" is the key driving force for the leap - forward development of the innovative drug sector. The innovative drug index still has about a 40% recovery space compared to the high point in 2021, indicating considerable growth potential [34][35]. 5. Investment Strategy for Chinese - Funded Stocks - **Short - Term Strategy**: In the short term, the earnings season may increase the volatility of the Chinese - funded stock market. TACO trading can be "batch - wise" bought at low prices, with a focus on technology assets such as the AI industry chain, innovative drugs, and self - controllable sectors. The Hang Seng Technology Index with higher odds and cost - performance is the top - recommended direction for Hong Kong stocks [37][38]. - **Medium - Term Strategy**: In the medium term, Chinese - funded stocks maintain a barbell strategy. A - shares are more suitable for offense, focusing on technology themes and anti - involution industries. Hong Kong stocks are more suitable for defense, including Internet, new consumption, innovative drugs, and banking and large - scale financial sectors [38].

Core Insights - The average stock price on the STAR Market is 42.20 yuan, with 76 stocks priced over 100 yuan, and the highest priced stock is Cambrian-U at 1461.00 yuan [1][2] - A total of 296 stocks rose today while 293 stocks fell, with the average price of stocks over 100 yuan increasing by 1.32% [1][2] - C He Yuan-U's stock price reached 113.22 yuan, marking a 24.28% increase on its second day of trading, with a turnover rate of 50.96% and a transaction volume of 2.171 billion yuan [1][2] Stock Performance - Cambrian-U closed at 1461.00 yuan, down 1.19%, while GuoDun Quantum and YuanJie Technology closed at 511.00 yuan and 508.74 yuan respectively [1][2] - Among the stocks priced over 100 yuan, 49 stocks increased, with C He Yuan-U, HaiBo SiChuang, and GuoDun Quantum leading the gains [1][2] - The stocks with the largest declines included Jingwei Hengrun-W, ZhongKe FeiCe, and AnJi Technology [1][2] Premium Analysis - The average premium of stocks priced over 100 yuan relative to their issue price is 495.38%, with the highest premiums seen in Shangwei New Materials, Cambrian-U, and AnJi Technology at 4349.73%, 2168.99%, and 1613.46% respectively [2] - The sectors with the highest concentration of stocks priced over 100 yuan include electronics, pharmaceuticals, and computers, with 38, 11, and 10 stocks respectively [2] Capital Flow - There was a net outflow of 2.914 billion yuan from stocks priced over 100 yuan today, with HuaHong Company, LanQi Technology, and WeiCe Technology seeing the largest net inflows [2] - The stocks with the highest net outflows included ZhongXin International, XinYuan Shares, and HaiGuang Information [2] Margin Trading - As of October 28, the total margin balance for stocks priced over 100 yuan is 103.561 billion yuan, with ZhongXin International, Cambrian-U, and HaiGuang Information having the highest margin balances [2] - The total short selling balance is 0.487 billion yuan, with HaiGuang Information, Cambrian-U, and ZhongXin International leading in short selling balances [2]

Group 1 - Nvidia has acquired a stake in Intel, and both companies will collaborate on AI infrastructure and personal computing [1] - Intel will customize x86 CPUs for Nvidia, which will be integrated into Nvidia's AI platform [1] - Nvidia will incorporate its RTX GPUs into Intel's x86 system-on-chip (SoC) [1] Group 2 - The company (Haiguang Information) acknowledges the investor's suggestion and emphasizes the importance of strategic vision for sustainable development [1] - The company will continue to monitor industry trends and adjust its strategic layout according to market demands and technological advancements [1]

证券代码：688041 证券简称：海光信息 公告编号：2025-044 根据上海证券交易所的相关规定，经公司申请，公司 A 股股票（证券简称： 海光信息，证券代码：688041）自 2025 年 5 月 26 日（星期一）开市起停牌，具 体内容详见公司于 2025 年 5 月 26 日在上海证券交易所网站（www.sse.com.cn）披 露的《海光信息技术股份有限公司关于筹划重大资产重组的停牌公告》（公告编号： 2025-019）。 2025 年 5 月 31 日，公司披露了《海光信息技术股份有限公司关于筹划重大资 产重组事项的停牌进展公告》（公告编号：2025-020），为维护投资者利益，避免公 司股价异常波动，根据上海证券交易所的相关规定，公司 A 股股票继续停牌。 2025 年 6 月 6 日，公司召开第二届董事会第十二次会议，审议通过了《关于< 海光信息技术股份有限公司换股吸收合并曙光信息产业股份有限公司并募集配套 资金暨关联交易预案>及其摘要的议案》等与本次交易相关的议案，具体内容详见 1 公司于 2025 年 6 月 10 日刊登在上海证券交易所网站（www.sse.com.cn）的相关公 告。 ...

Group 1 - The company plans to conduct a stock swap to absorb Zhongke Shuguang and raise supporting funds, which constitutes a related party transaction and a major asset restructuring [1] - The company's A-share stock will be suspended from trading starting May 26, 2025, and a board meeting will be held on June 6 to review the transaction proposal [1] - The trading will resume on June 10, 2025, after the proposal disclosure, with all parties actively promoting the transaction-related work [1] Group 2 - The transaction plan requires approval from the boards, shareholders, and securities regulatory authorities of both parties, indicating uncertainty in the process [1]

Core Viewpoint - Chengdu is initiating a systematic practice of industry investment through institutional innovation, marked by the launch of the "Investment 28 Plan" and the signing of the first projects under the future industry fund, indicating a shift from opportunistic investment to a more structured and nurturing investment ecosystem [3][4]. Group 1: Investment Strategy - The "Investment 28 Plan" aims to establish a predictable investment rhythm by designating the 28th of each month as a city-level innovation day, providing a platform for capital and resources to converge for emerging projects [6][8]. - This plan is designed to cultivate a comprehensive ecosystem that supports the entire lifecycle of startups, from seed stage to IPO, through a dual approach of direct investment and sub-funds [6][12]. - The initiative reflects a departure from traditional venture capital models, which often seek quick returns, towards a long-term investment strategy that accommodates the lengthy R&D cycles typical in hard technology sectors [7][12]. Group 2: Ecosystem Development - The "Investment 28 Plan" is not merely about financial returns but focuses on building a stable and efficient interaction platform that reduces transaction costs and enhances resource allocation efficiency [10][12]. - The plan incorporates a "12345" service framework that connects various elements of the innovation ecosystem, ensuring that funded enterprises gain access to a network that includes market validation, policy support, physical space, and media exposure [11][12]. - By fostering a collaborative environment where government and enterprises share risks and rewards, the initiative aims to create a sustainable and resilient industrial ecosystem in Chengdu [17][19]. Group 3: Future Outlook - The recent signing of 15 projects with a total investment of nearly 500 million yuan highlights the targeted approach of the "Investment 28 Plan," aligning with Chengdu's modern industrial system [21][23]. - The strategy aims to enhance the local supply chain's resilience and self-sufficiency, particularly in the context of global supply chain disruptions, thereby contributing to national security and industrial stability [23]. - The ongoing commitment to the "Investment 28 Plan" signifies Chengdu's long-term confidence in its industrial ecosystem, with the potential for future success stories akin to the "Haiguang" narrative [23][24].

Core Insights - The digital economy is being elevated as a core national strategy under the "14th Five-Year Plan," focusing on market-oriented data reforms, industrial internet upgrades, AI integration across industries, and governance of platform economies [1][2] - The digital economy ETF has shown positive performance, with a 0.65% increase, and significant trading volume, indicating strong market interest [1][2] - The potential market size for data transactions is projected to exceed 200 billion yuan by 2025, driven by AI as a core growth engine [1][2] Industry Developments - The current policy environment is seen as a golden period for realizing the benefits of the digital economy, with substantial funding for domestic computing power projects and industrial internet transformation orders expected to generate over 1.2 trillion yuan in annual output [2] - The revaluation potential of data assets could reach up to 45% of corporate net assets, creating historic opportunities for capital market valuation [2] - The competition for AI chip resources among tech giants is intensifying, with Chinese companies increasingly seeking to reduce reliance on foreign computing power [2] Index Performance - As of September 30, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 54.31% of the index, indicating a concentrated investment in key players [3] - The leading stocks include Dongfang Caifu, SMIC, and Cambrian, reflecting a focus on companies with significant roles in the digital economy [3][5]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index decreased by 0.14% as of October 29, 2025, with mixed performance among constituent stocks [1] - Baiwei Storage led the gains with an increase of 9.48%, while Anji Technology experienced the largest decline [1] - The Sci-Tech Chip ETF (588200) saw a turnover of 3.35% and a transaction volume of 1.414 billion yuan, indicating significant trading activity [1] Group 2 - The Sci-Tech Chip ETF's scale increased by 2.203 billion yuan over the past week, ranking first among comparable funds [1] - The ETF's shares grew by 12 million over the past week, also the highest among comparable funds [1] - Over the last five trading days, the ETF attracted a total of 276 million yuan in inflows [1] Group 3 - As of September 30, 2025, the top ten weighted stocks in the Sci-Tech Chip Index accounted for 59.69% of the index, with Haiguang Information leading at 11.09% [2][4] - The semiconductor materials sector is expected to experience structural growth driven by the "14th Five-Year Plan" and AI industry trends [2] - The storage industry is entering a new upward cycle, with AI accelerating storage demand, starting from Q2 2025 [2] Group 4 - The highest monthly return for the Sci-Tech Chip ETF since inception was 35.07%, with an average monthly return of 9.90% during rising months [1] - The ETF has achieved a net value increase of 136.21% over the past three years, ranking 27th out of 1903 index stock funds [1]

Group 1 - In the third quarter, 467 Sci-tech Innovation Board stocks appeared in the fund's heavy holdings list, with 54 new additions, 196 increased holdings, and 212 reduced holdings compared to the previous quarter [1] - The total holding amount of these stocks reached 4.594 billion shares, with a total market value of 571.853 billion yuan at the end of the period [1] - The top three stocks by fund holding volume are SMIC, Lattice Semiconductor, and Haiguang Information, with holdings of 396 million shares, 292 million shares, and 207 million shares respectively [1] Group 2 - The stocks with the highest fund holding ratios include BeiGene, Baillie Gifford, and Lattice Semiconductor, with holding ratios of 26.78%, 26.63%, and 25.49% respectively [2] - A total of 186 stocks are held by more than 10 funds, while 89 stocks saw collective new investments from 5 to 9 funds [1][2] - The stock with the most fund holders is Cambricon Technologies, with 925 funds collectively holding 53.816 million shares, accounting for 12.86% of its circulating shares [1] Group 3 - In terms of changes in holdings, 54 new stocks were added, with the most significant new positions in China Shipbuilding Gas, SANY Heavy Energy, and World, holding 15.456 million shares, 2.5973 million shares, and 1.9851 million shares respectively [2] - The stocks with the highest increase in holdings include Yunzhong Technology, Jiachi Technology, and Yandong Micro, with increases of 180930.52%, 113289.44%, and 56633.22% respectively [2] - The stocks with the largest reductions in holdings include Baotai, Xingfu Electronics, and Yingstone Network, with reductions of 99.88%, 99.52%, and 99.29% respectively [2]

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The allocation of residents' assets is gradually increasing in the equity market, which is expected to benefit dividend assets first [1] - Technology assets represent the trend of economic development and have strong long-term growth certainty [1] - The Shanghai Stock Exchange 180 Index follows a barbell strategy with 90% in dividend and 10% in technology, making it a good choice for equity market allocation [1] Group 2: Index Performance - As of October 29, 2025, the Shanghai Stock Exchange 180 Index (000010) rose by 0.31%, with notable increases in component stocks such as Industrial Fulian (601138) up 7.37% and Huaneng International (600011) up 6.86% [1] - The Shanghai Stock Exchange 180 ETF Index Fund (530280) is experiencing a tug-of-war in the market, with the latest quote at 1.24 yuan [1] - Over the week leading up to October 28, 2025, the Shanghai Stock Exchange 180 ETF Index Fund accumulated a rise of 1.97%, ranking 1/10 among comparable funds [1] Group 3: Top Holdings - As of September 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange 180 Index (000010) include Kweichow Moutai (600519), Zijin Mining (601899), and others, accounting for a total of 26.75% of the index [2]