Core Insights - The A-share computing power industry chain is experiencing significant growth, with 143 out of 147 listed companies reporting profits in the first three quarters of the year, driven by the global AI wave and accelerated domestic infrastructure deployment [2][3] Group 1: Company Performance - Among the 143 companies, 118 achieved profitability, with 32 companies doubling their profits year-on-year [2] - Industrial Fulian emerged as the "profit king" with a net profit of 22.487 billion yuan, a year-on-year increase of 48.52% [2][10] - Zhongji Xuchuang reported a net profit of 7.132 billion yuan, marking a remarkable growth of 90.05% [2][10] - Han's Semiconductor turned a loss of 724 million yuan last year into a profit of 1.605 billion yuan, with revenue soaring by 2386.38% to 4.607 billion yuan [4][10] - New Yisheng's revenue reached 16.505 billion yuan, up 221.70%, with a net profit of 6.327 billion yuan, increasing by 284.38% [6][10] Group 2: Sector Analysis - The server sector is the main driver of growth, with Industrial Fulian's revenue reaching 243.172 billion yuan, a 42.81% increase, and a net profit of 10.373 billion yuan, up 62.04% [3][10] - The PCB industry is also witnessing growth, with Shenghong Technology's revenue increasing by 83.40% to 14.117 billion yuan and net profit soaring by 324.38% to 3.245 billion yuan [7][10] - The light module sector is experiencing a positive cycle of "technological breakthroughs, product volume, and performance realization," with Zhongji Xuchuang's revenue growing by 44.43% to 25.005 billion yuan [5][10] Group 3: Market Trends - The demand for AI computing power is expected to remain high, with light module companies like New Yisheng anticipating continued growth in 1.6T products [6][8] - The PCB industry is moving towards high-end products, driven by AI data center construction needs, with increased technical barriers and capital requirements [8]

Core Viewpoint - Chengdu Industrial Investment Group (Chengdu Investment) is leveraging its investment strategy of "investment promotes production" by collaborating with Zhongke Electric to develop the negative electrode materials industry, following its successful investment in Haiguang Information, which yielded significant returns [2][3][4]. Group 1: Investment Strategy - Chengdu Investment holds shares in Haiguang Information valued at 400.18 billion yuan, achieving a capital return rate exceeding 100 times from an initial investment of 4 million yuan over ten years [4][8]. - The partnership with Zhongke Electric aims to establish a competitive production base for negative electrode materials in Sichuan Province and to create a national headquarters for Zhongke Electric's negative electrode business in Chengdu [5][6]. Group 2: Collaboration Details - The strategic cooperation agreement between Chengdu Investment and Zhongke Electric focuses on enhancing the latter's capacity, upgrading production lines, and improving material industry layout to position it as a global leader in negative electrode materials [5][6]. - The collaboration will also involve setting up key research and development centers for lithium-ion, sodium-ion, and solid-state batteries in Chengdu or Sichuan Province [5][6]. Group 3: Market Position and Performance - Zhongke Electric reported a revenue of 3.446 billion yuan from its lithium battery negative electrode segment in the first half of the year, marking a year-on-year growth of 65.79%, with a shipment volume of 157,000 tons, up 70.47% [8]. - The company has established a customer base that includes major players like CATL, BYD, and Zhongchuang Innovation, with a net profit growth of 118.85% year-on-year in the first three quarters [8].

Core Viewpoint - The report highlights significant shifts in the holdings of actively managed equity funds in the third quarter of 2025, with a notable rise in technology stocks and a decline in traditional consumer stocks like Kweichow Moutai [3][4][6]. Group 1: Fund Holdings Overview - As of September 2025, the total assets under management in the public fund industry reached 35.85 trillion yuan, a quarter-on-quarter increase of 6.30% [3]. - The top three holdings of actively managed equity funds are dominated by technology companies, with CATL reclaiming the top position, surpassing Tencent Holdings [3][4]. - Kweichow Moutai's total market value held by active equity funds decreased to 29.958 billion yuan, down from 30.616 billion yuan in the previous quarter, dropping from third to seventh place among top holdings [3][6]. Group 2: Technology Sector Performance - The technology sector emerged as the primary focus for public fund investments, with seven out of the top ten holdings being technology-related companies [4]. - Notable performers include Xinyi Technology and Zhongji Xuchuang, both of which ranked among the top three heavyweights [4]. - The current market trend indicates a strong and sustained interest in technology stocks, driven by China's economic transformation towards a hard-tech model [4][5]. Group 3: Challenges in Traditional Consumer Sector - The traditional consumer sector, particularly the liquor industry, is facing significant challenges, with 59.7% of liquor companies reporting a decrease in operating profits [6][7]. - The white liquor market is undergoing a deep adjustment phase due to policy changes, consumption structure transformation, and intense competition [6][7]. - The overall sales volume in the liquor industry is expected to decline by over 20% year-on-year, reflecting macroeconomic fluctuations and slow recovery in consumer spending [7][8]. Group 4: Fund Manager Strategies - The top five stocks with increased holdings include Zhongji Xuchuang, Industrial Fulian, ST Huatuo, Dongshan Precision, and Hanwha Technology, all of which are technology companies [9][10]. - Conversely, the top stocks with reduced holdings include Shenghong Technology and Haiguang Information, with significant sell-offs attributed to internal management's actions [11]. - Despite CATL being the top holding, it also appears on the list of reduced holdings, indicating a complex strategy among institutional investors [11].

Core Insights - Yingstone Innovation reported a significant increase in R&D investment, exceeding 1 billion yuan in the first three quarters, surpassing its total profit for the previous year, which was 999.5 million yuan in 2024 [1] - The Sci-Tech Innovation Board, where Yingstone was listed, focuses on supporting high-tech industries and companies with strong technological innovation and stable business models [1] R&D Investment Trends - Among 35 companies on the ChiNext board with a net profit over 500 million yuan last year, 10 companies reported R&D investments exceeding their entire net profit from the previous year [2] - 22 companies had R&D expenses accounting for over 10% of their revenue, with 9 of those exceeding 20% [2] Leading Companies in R&D Investment - The top five companies in R&D investment for the first three quarters include Haiguang Information, Zhongwei Company, Transsion Holdings, United Imaging Healthcare, and Baile Tianheng, with the first three being in the electronics sector, particularly in semiconductor chip design and manufacturing [4][6] - Haiguang Information led with an R&D investment of 2.935 billion yuan, representing 30.92% of its revenue, and its net profit reached 1.961 billion yuan in the first three quarters, exceeding its total profit from the previous year [6] Biopharmaceutical Sector Insights - Baile Tianheng, a biopharmaceutical company, reported an R&D investment of 1.772 billion yuan, a 90.23% increase year-on-year, accounting for 85.79% of its revenue [8] - Despite high R&D spending, Baile Tianheng's revenue dropped by 63.52% to 2.066 billion yuan, resulting in a net loss of 495 million yuan [8] Semiconductor Industry Focus - Several companies, including Jinghe Integrated, Zhongwei Company, and Haiguang Information, have made "All in" investments in R&D, with their expenditures surpassing last year's net profits [10] - Jinghe Integrated's R&D investment reached 1.079 billion yuan, more than double its previous year's net profit, while Zhongwei Company invested 2.523 billion yuan, 156% of its last year's net profit [12] Digital Chip Design Developments - Companies like Fudan Microelectronics and Amlogic have also invested heavily in R&D, exceeding their previous year's net profits [13] - The focus on artificial intelligence and high-performance computing is driving significant growth in the semiconductor sector, with a strong emphasis on domestic production and technological independence [13]

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 2.79% and a transaction volume of 1.193 billion yuan [3] - The latest scale of the Sci-Tech Chip ETF reached 43.045 billion yuan, marking a new high since its establishment and ranking first among comparable funds [3] - In the past week, the ETF's shares increased by 17.4 million, leading in new share growth among comparable funds [3] - The ETF has seen a net inflow of 908 million yuan recently [3] - As of October 29, the net value of the ETF has risen by 137.22% over the past three years, ranking 27th out of 1903 index equity funds, placing it in the top 1.42% [3] - The highest monthly return since inception was 35.07%, with the longest consecutive monthly gains being 4 months and a maximum cumulative increase of 74.17% [3] - The average return during the months of increase is 9.90% [3] Group 2: Top Holdings - As of September 30, 2025, the top ten weighted stocks in the Sci-Tech Chip Index include Haiguang Information, Lanke Technology, SMIC, Cambricon, Zhongwei Company, Chipone, Huahong Group, Hushi Silicon Industry, Huahai Qingke, and Amlogic, collectively accounting for 59.69% of the index [3] Group 3: Industry Insights - The recent IEEE International ASIC Conference highlighted that Changxin Storage announced the mass production of LPDDR5X, marking a significant advancement in the domestic high-end mobile storage industry [3] - Longcheng Securities emphasized the need to accelerate high-level technological self-reliance and innovation, aiming to enhance the overall effectiveness of the national innovation system and seize the high ground in technological development [4] - The semiconductor sector has become a market focus, driven by price increase expectations and policy catalysts, with the dual impetus of AI computing demand and accelerated domestic substitution highlighting the value of the semiconductor industry chain [4] Group 4: Stock Performance - The performance of key stocks in the Sci-Tech Chip Index shows varied changes, with Haiguang Information down by 2.86% and holding an 11.09% weight, while Zhongwei Company increased by 2.58% with a 7.35% weight [6] - Other notable stocks include Lanke Technology down by 0.16% (9.96% weight), SMIC down by 1.71% (9.58% weight), and Amlogic down by 7.33% (2.11% weight) [6] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [6]

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]