Core Insights - Global technology investment enthusiasm remains high in 2025, but there is a structural differentiation characterized by "strong computing power, weak applications" [3] - Major global tech giants are significantly increasing capital expenditures, benefiting upstream computing chips and supporting hardware, while the computer/software sector faces three pressures: 1) Software companies' performance growth is overall lower than that of the computing chain; 2) Software company valuations are not cheap compared to hardware; 3) Concerns about "large models consuming software" continue to grow [3] - By Q3 2025, domestic public funds are underweight in the computer sector by 1.7 percentage points [10] Market Review: AI Applications' Concerns and Breakthroughs - The performance of the computer/software sector in both China and the US has been weak, with software and service-focused indices significantly underperforming hardware and semiconductor indices [5] - As of December 12, 2025, the A-share computer index has risen by 15.15%, lagging behind the 49.16% increase in the ChiNext index and the 45.90% increase in the electronic index [5] - In the US market, the IGV software index has only increased by 7.84%, underperforming the 22.52% rise in the Nasdaq Composite and the 39.75% increase in the SOXX semiconductor index [5] Opportunities in Chinese AI Applications 1. Deepening Industrial Applications - China possesses the world's only complete industrial system, providing high-value real-world data, application scenarios, and energy supply, which will foster diverse agent forms [27] - The construction of a modern industrial system is prioritized in the "14th Five-Year Plan," with expectations for intensive policy support for "Artificial Intelligence+" during this period [39] 2. Expanding Overseas - AI application teams in China can leverage "extreme efficiency + global pricing" arbitrage, with the engineer dividend in China continuing to expand [3] - Many computer companies prioritize overseas strategies, with overseas revenue growth generally outpacing domestic growth [64] 3. Reconstructing Edge AI - Internet giants and AI startups are actively exploring edge forms in the AI era, integrating deeply with existing consumer electronics and developing new AI-native hardware [3] - The shipment volume of related products is expected to have high growth potential as hardware and algorithms mature [3] Investment Recommendations - Focus on companies with industry know-how and data for industrial empowerment, such as Hikvision, Dahua Technology, and Han's Laser [3] - Prioritize AI application companies with high overseas revenue proportions, including Foxit Software and Kingsoft Office [3] - Pay attention to AI hardware brands and algorithm vendors benefiting from the emergence of blockbuster products, such as Rainbow Soft and iFlytek [3]

Investment Rating - The report maintains a "Positive" rating for the computer industry and an "Accumulate" rating for Hongsoft Technology (688088) [28] Core Insights - The approval for NVIDIA to sell H200 AI chips to China is expected to alleviate some supply constraints faced by domestic cloud computing companies [12] - Alibaba has established the Qianwen C-end business group, aiming to create a "super app" that serves as the primary entry point for users in the AI era [12] - Baidu is evaluating the spin-off and IPO of Kunlun Chip, with plans to submit an application to the Hong Kong Stock Exchange as early as Q1 2026 [13] - The AI application sector is experiencing rapid growth, driven by major internet companies accelerating their C-end smart applications [27] - The AI computing power industry is expected to maintain high prosperity, supported by the maturation of the domestic computing power industry chain [27] Industry News - The U.S. government will allow NVIDIA to sell H200 AI chips to China, with shipments starting in 2024. The H200 chip is designed for training and running AI models and offers significant performance improvements over its predecessor [12] - Alibaba's Qianwen C-end business group aims to integrate various services into a single app, enhancing user accessibility to AI technologies [12] - Baidu's Kunlun Chip, which focuses on general AI chip design, has shown rapid business growth and is preparing for a potential IPO [13] Industry Data - The rental prices for computing power remain stable, with specific configurations priced as follows: - V100-32GB*8 at 66.63 CNY/hour - A100-40GB*8 at 161.50 CNY/hour - A100-80GB*1 at 5.95 CNY/hour - A800-80GB*1 at 7.50 CNY/hour [14][15] Market Review - From December 4 to December 10, the Shanghai Composite Index rose by 1.34%, while the Shenwan Computer Industry Index increased by 1.13%. Most sub-sectors within the computer industry saw gains, with vertical application software leading at 2.45% [20][21] Weekly Strategy - The report emphasizes the growth potential of AI applications driven by technological advancements and market demand. It suggests focusing on leading companies with strong capabilities in AI technology implementation and scene adaptation [27][28]

Core Insights - The launch of the PSAI Enterprise Edition by Hongsoft Technology marks a significant advancement in the computer vision industry, transitioning from "point efficiency" to "systematic empowerment" in e-commerce visual production [1][12]. Group 1: Product Features - PSAI Enterprise Edition is designed as a comprehensive AI-driven platform that integrates team collaboration, scalable production, and visual derivative creation for the apparel e-commerce sector [1][4]. - The platform addresses the inefficiencies of traditional visual design processes, which are often cumbersome and costly, by providing a systematic solution that redefines e-commerce visual production [3][4]. Group 2: Production Efficiency - PSAI Enterprise Edition creates a seamless workflow from "raw materials" to "marketing hits," establishing a collaborative and intelligent "e-commerce visual production line" [4][5]. - The platform allows for "one input, multiple outputs," enabling the generation of various visual materials without the need for switching between tools or platforms, thus maximizing efficiency [5][8]. Group 3: Market Adaptation - The platform includes intelligent modules that address complex marketing design needs, such as promotional scenarios and platform-specific requirements, ensuring brand visual consistency across different channels [7][8]. - PSAI Enterprise Edition has been validated in the market, having generated tens of millions of visual materials and partnered with over 1,000 key accounts, demonstrating its reliability and competitive pricing [12][14]. Group 4: Organizational Impact - The platform's dual-drive model of "extreme computing power + agile collaboration" helps brands transition from manual processes to digital factories, significantly enhancing operational efficiency [8][10]. - PSAI Enterprise Edition integrates tools that can drastically reduce production cycles from 20-30 working days to just 1-2 days, with costs dropping by over 95% [8][12].

Core Viewpoint - Bohai Securities report highlights that Hongsoft Technology is deeply engaged in AI visual algorithms, with multiple curves driving growth [1] Group 1: Business Focus - The company specializes in the field of computer vision, providing algorithm licensing and system solutions [1] - The primary revenue source for the company is mobile intelligent terminal visual solutions [1] - The intelligent automotive solutions segment has shown rapid growth in recent years as an emerging business area [1] Group 2: Strategic Initiatives - The company is actively aligning with the trends of multimodal AI and AIGC, exploring cutting-edge businesses such as AI glasses and AI commercial photography [1] Group 3: Financial Performance - In the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 142 million yuan, representing a year-on-year growth of 60.51% [1] Group 4: Market Position - The company has established a product matrix of visual AI algorithms covering current mainstream smartphone models [1] - As a global leader in visual AI, the company is expected to enable deep empowerment across multiple business scenarios in the future [1] Group 5: Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1]

Core Viewpoint - The animal health sector experienced a decline of 0.7% on December 2, with Shenyuan Biological leading the drop. The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1][2]. Stock Performance Summary - The closing prices and performance of key stocks in the animal health sector are as follows: - Shenyuan Biological (688088) closed at 9.28, down 2.93% with a trading volume of 40,900 shares and a turnover of 38.24 million yuan [2]. - Shengong Holdings (002141) closed at 4.13, down 0.96% with a trading volume of 387,200 shares and a turnover of 159 million yuan [1]. - Other notable stocks include: - Biological Shares (600201) at 12.45, up 1.63% [1]. - Zhongmu Shares (600195) at 7.64, down 0.26% [1]. - Jinhai Biological (002688) at 6.17, down 0.32% [1]. Capital Flow Analysis - The animal health sector saw a net outflow of 10.78 million yuan from institutional investors, while retail investors had a net inflow of 16.68 million yuan [2][3]. - Key capital flow details include: - Shengong Holdings had a net inflow of 8.69 million yuan from institutional investors [3]. - ST Green Kang (002868) experienced a net inflow of 5.73 million yuan from institutional investors [3]. - Other stocks like Hailey Biological (603718) and Jinhai Biological (002688) showed mixed capital flows with varying net inflows and outflows [3].

Core Viewpoint - Hongsoft Technology's stock has shown a significant increase of 29.14% year-to-date, with a recent rise of 2.01% on November 25, 2023, indicating positive market sentiment towards the company [1]. Financial Performance - For the period from January to September 2025, Hongsoft Technology reported a revenue of 628 million yuan, representing a year-on-year growth of 9.39%. The net profit attributable to shareholders was 142 million yuan, showing a substantial increase of 60.51% compared to the previous year [2]. - The company has distributed a total of 613 million yuan in dividends since its A-share listing, with 387 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hongsoft Technology increased by 13.85% to 22,900, while the average number of circulating shares per person decreased by 12.16% to 17,513 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is a new entrant, holding 3.2452 million shares [3]. Market Activity - On November 25, 2023, Hongsoft Technology's stock price was 49.19 yuan per share, with a trading volume of 248 million yuan and a turnover rate of 1.27%. The total market capitalization reached 19.734 billion yuan [1]. - The net outflow of main funds was 8.8078 million yuan, with significant buying and selling activity from large orders [1]. Business Overview - Hongsoft Technology, established on February 25, 2003, specializes in the research and application of visual artificial intelligence technology, providing comprehensive solutions for smart devices such as smartphones, smart cars, and IoT [1]. - The company's revenue composition includes 82.69% from mobile intelligent terminal visual solutions, 15.76% from smart automotive and other AIoT visual solutions, and 1.55% from other sources [1]. Industry Classification - Hongsoft Technology is classified under the Shenwan industry category of Computer - IT Services II - IT Services III, and is associated with concepts such as holography, mixed reality, facial recognition, AEB concepts, and machine vision [1].

Group 1 - The core viewpoint of the news is that Hongsoft Technology's stock has increased by 5.19%, reaching a price of 48.02 CNY per share, with a total market capitalization of 19.264 billion CNY [1] - Hongsoft Technology specializes in the research and application of visual artificial intelligence technology, providing solutions for smart devices such as smartphones, smart cars, and IoT [1] - The revenue composition of Hongsoft Technology includes 82.69% from mobile intelligent terminal visual solutions, 15.76% from smart cars and other AIoT devices, and 1.55% from other sources [1] Group 2 - Hongfu Fund has a significant holding in Hongsoft Technology through its Hongfu Artificial Intelligence ETF, which holds 3,000 shares, accounting for 0.01% of the fund's net value [2] - The Hongfu Artificial Intelligence ETF has achieved a year-to-date return of 53.77% and a one-year return of 49.99%, ranking 206 out of 4,209 in its category [2] Group 3 - The fund managers of Hongfu Artificial Intelligence ETF include Zhang Ya, Li Xiaohua, and Gao Zhe, with varying tenures and performance records [3] - Zhang Ya has a tenure of 19 years and has achieved a best fund return of 215.97% during her management [3] - Li Xiaohua and Gao Zhe have tenures of 4 years and 7 years respectively, with their best fund returns being 73.56% and 55.96% [3]

Core Viewpoint - The Zhongzheng 1000 Enhanced ETF (561590) opened at a decline of 0.48%, priced at 1.250 yuan, indicating a challenging market environment for this fund [1] Group 1: Fund Performance - The Zhongzheng 1000 Enhanced ETF has a performance benchmark based on the Zhongzheng 1000 Index return rate [1] - Since its establishment on November 23, 2022, the fund has achieved a return of 25.46% [1] - Over the past month, the fund has experienced a return of -5.95% [1] Group 2: Top Holdings - Key stocks in the fund include: - Jucheng Co., which opened with a gain of 1.57% - Jingwei Hengrun, which increased by 0.61% - Dajin Heavy Industry, which rose by 5.67% - Anji Technology, up by 0.97% - Zhongrong Electric, gaining 0.83% - Hongsoft Technology, increasing by 0.70% - Juxin Technology, up by 0.33% - Huafeng Measurement and Control, which fell by 0.18% - Jinlei Co., which rose by 0.56% - Shannon Chip Creation, which increased by 1.91% [1]

Core Insights - The stock price of Hongsoft Technology increased by 2.01% on November 21, reaching 46.13 CNY per share, with a total market capitalization of 18.506 billion CNY [1] - The company has seen a year-to-date stock price increase of 21.10%, but a decline of 11.71% over the past 20 days [1] Financial Performance - For the period from January to September 2025, Hongsoft Technology reported a revenue of 628 million CNY, representing a year-on-year growth of 9.39%, and a net profit attributable to shareholders of 142 million CNY, which is a 60.51% increase compared to the previous year [2] - The company has distributed a total of 613 million CNY in dividends since its A-share listing, with 387 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 13.85% to 22,900, while the average circulating shares per person decreased by 12.16% to 17,513 shares [2] - Hong Kong Central Clearing Limited is now the ninth largest circulating shareholder, holding 3.2452 million shares as a new entrant, while previous shareholders such as Taixin Small and Medium Cap Selected Mixed Fund and Golden Eagle Technology Innovation Stock A have exited the top ten [3] Business Overview - Hongsoft Technology, established on February 25, 2003, specializes in the research and application of visual artificial intelligence technology, providing comprehensive solutions for smart devices including smartphones, smart cars, and IoT [1] - The company's revenue composition includes 82.69% from mobile intelligent terminal visual solutions, 15.76% from smart cars and other AIoT devices, and 1.55% from other sources [1]

Group 1 - The resignation of non-independent director Wang Jin is due to the adjustment of the company's governance structure, effective upon delivery of his resignation report to the board [2][3] - Wang Jin will continue to hold other positions within the company and has been elected as the employee representative director, with his term lasting until the end of the current board's term [2][4] - The board's operation remains unaffected as the resignation does not reduce the number of directors below the legal minimum [3] Group 2 - The company held a temporary shareholders' meeting on November 19, 2025, where it was decided to cancel the supervisory board and amend the articles of association, allowing for the election of an employee representative director [4][16] - Wang Jin's election as the employee representative director was confirmed during this meeting, and he will serve alongside the current non-employee representative directors [4][6] - The board now consists of nine members, with the number of employee representatives not exceeding half of the total board members, complying with relevant laws and regulations [4][10] Group 3 - The company announced the cancellation of a previously planned equity restructuring involving its affiliate Chengdu Shihai, maintaining its original investment amount of 8.5 million yuan [24][25] - The decision to cancel the restructuring was made after discussions with stakeholders, as the conditions for investment were deemed unattainable [28][30] - The cancellation does not constitute a major asset restructuring as defined by regulations, and the company retains its rights and interests in Chengdu Shihai [29][30]