东 兴 晨 报 东兴晨报 P1 2025 年 11 月 4 日星期二 经济要闻 4.央行：11 月 3 日，央行官网显示，中国人民银行与韩国银行续签双边本币 互换协议。据悉，此次互换规模为 4000 亿元人民币/70 万亿韩元，协议有效 期五年，经双方同意可以展期。中国人民银行指出，双方再次续签双边本币 互换协议，有助于进一步深化两国货币金融合作，促进双边贸易便利化，维 护金融市场稳定。（资料来源：同花顺） 5.上海证券报：近期，集装箱运输市场运价表现活跃，运价持续攀升。不少 上市公司纷纷开辟新航线，抢占市场先机，调整战略布局，以更好地满足货 物运输需求。业内人士一致认为，我国出口集装箱运输需求基本盘较为稳固， 绝大多数航线市场呈现平稳向上态势。展望未来，地缘政治等因素或将加剧 航运市场不确定性，国际集装箱运输市场运价分航线呈现波动走势。（资料来 源：同花顺） 6.美联储：美东时间 11 月 3 日，美联储理事斯蒂芬·米兰（Stephen Miran） 表示，如果未来的经济数据符合预期，美联储应再次降息 50 个基点。美联储 理事丽莎·库克（Lisa Cook）表示，支持近期联邦公开市场委员会的降息决 定，愿 ...

| http://www.cninfo.com.cn/new/disclosure/detail?stockCode=000952&announcementId=122472 | 000952 | 广济药业 | 4919&orgId=gssz0000952&announcementTime=2025 | -10-23 | | | --- | --- | --- | --- | --- | --- | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002554&announcementId=122472 | 002554 | 惠博普 | 4785&orgId=9900018066&announcementTime=2025 | -10-23 | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002728&announcementId=122472 | 002728 | 特一药业 | 4740&orgId=9900023186&announcementTime=202 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [2][56]. Core Insights - The computer sector is currently in a low allocation state, with a heavy stock allocation ratio of only 2.76%, significantly lower than the 8.6% peak in 2023, indicating substantial room for recovery [7][10]. - The performance of the computer sector has improved significantly in Q3 2025, with notable revenue and profit growth in the domestic AI application and innovation sectors, suggesting a turning point in the industry [7][22]. - The domestic AI application market is on the verge of a large-scale commercial explosion, with leading companies showing impressive revenue and profit growth in Q3 2025, reinforcing the certainty of their performance [7][43]. Summary by Sections 1. Low Allocation: The Value of Computer Sector Configuration is Highlighted - The computer sector's heavy stock allocation ratio is at 2.76%, remaining in the 2%-3% range since Q2 2024, with significant recovery potential compared to 8.6% in Q1 2023 [10]. - The sector's ranking has dropped to 11th among TMT sectors, indicating a low allocation compared to others [10]. - The software segment's allocation has decreased, contrasting with increases in the electronics and communications sectors [10][16]. 2. Performance Resonance: Q3 2025 Performance of Innovation and Application Sectors is Impressive - The innovation sector's revenue and profit have shown strong recovery, with notable performances from companies like Zhongke Shuguang and Damo Data [22]. - The average gross margin for the innovation sector is approximately 44.47%, with a year-on-year increase of 0.91 percentage points [22]. - The SaaS and enterprise service sectors have also seen significant revenue growth, with companies like Foxit Software and Hehe Information leading the way [33]. 3. Focus on AI Applications: Domestic Companies' Performance Reinforces Certainty - The trend of AI application commercialization is becoming clearer, with domestic companies showing significant revenue and profit growth in Q3 2025 [43]. - Hehe Information reported revenue of 460 million yuan, a year-on-year increase of 27.49%, and a net profit of 116 million yuan, up 34.93% [43][44]. - Kingsoft Office achieved revenue of 1.521 billion yuan, a 25.33% increase year-on-year, with a net profit of 431 million yuan, up 35.42% [44][46]. - Foxit Software's revenue reached 254 million yuan, a 47.80% increase year-on-year, with a net profit of 6.2848 million yuan, up 126.36% [46][51]. Investment Recommendations - The report suggests focusing on investment opportunities in the application layer, particularly in companies with strong data barriers, customer resources, and technological investments, such as Tuolisi, Hehe Information, Tonghuashun, and Kingsoft Office [52].

数据宝统计，截至10:37，福昕软件成交额10.73亿元，创2023年4月28日以来新高。最新股价上涨 4.08%，换手率10.51%。上一交易日该股全天成交额为10.56亿元。 据天眼查APP显示，福建福昕软件开发股份有限公司成立于2001年09月29日，注册资本9143.9524万人 民币。（数据宝） （文章来源：证券时报网） ...

Group 1 - The three major indices opened lower on November 3, with the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index down 0.81%. Among the constituent stocks, Foxit Software rose over 5%, while companies like Hehe Information, Aobi Zhongguang-UW, and Haitan Ruisheng also saw gains, whereas Stone Technology and Hengxuan Technology dropped over 4% [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) fell 1.07% with a trading volume exceeding 20 million yuan and a premium rate of 0.04%, indicating frequent premium trading during the session [1] - The ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, which selects 30 large-cap stocks involved in providing foundational resources, technology, and application support for artificial intelligence [1] Group 2 - The National Development and Reform Commission, in collaboration with other financial and regulatory bodies, has accelerated the deployment of new policy financial tools, successfully investing 500 billion yuan to support over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on digital economy, artificial intelligence, and urban renewal sectors [2] - NVIDIA has reached an agreement with major South Korean companies, including Samsung Electronics, Hyundai Motor Group, and SK Group, to supply over 260,000 accelerated chips to support AI projects in Korea, although financial terms were not disclosed [2] Group 3 - Dongwu Securities indicated that the current AI market's stagnation in downstream applications is primarily due to insufficient short-term certainty, as no breakout products or smooth business models have emerged, leading to a lack of visibility in company performance [3] - The long-term perspective suggests that AI's empowerment of various sectors will ultimately be realized through application-level breakthroughs, which are expected to have mid-term certainty and broader potential compared to upstream hardware, as validated by past trends during the "Internet+" wave [3]

财报季，社保基金持股动向曝光！三季度末社保基金共现身73只个股前十大流通股东榜，新进27只，增 持20只。 市场表现方面，获社保基金持有的科创板股10月以来平均下跌2.52%。从具体个股看，福昕软件累计涨 幅36.59%，表现最好，西部超导、源杰科技等分别上涨20.14%、18.43%位居其后。跌幅最大的是乐鑫 科技，累计下跌22.85%。（数据宝） 社保基金持有的科创板股 | 代码 | 简称 | 社保基金家 | 社保基金持股量（万 | 环比 | 占流通股比例 | 持股市值（万 | | --- | --- | --- | --- | --- | --- | --- | | | | 数 | 股） | （%） | （%） | 元） | | 688036 | 传音控股 | 2 | 3271.84 | -14.49 | 2.87 | 308207.06 | | 688538 | 和辉光电 | 1 | 2671.38 | 新进 | 0.46 | 7747.01 | | | U | | | | | | | 688122 | 西部超导 | 1 | 2058.09 | 不变 | 3.17 | 133960.93 | | 68 ...

Core Insights - The technology growth sector experienced a decline, with the domestic AI industry-focused ETF (589520) falling by 1.93% on October 31, 2025, while still showing strong buying interest as indicated by its continuous premium in the market [1][7]. ETF Performance - The ETF's trading volume reached 37.03 million yuan, showing a slight increase compared to previous trading sessions [1]. - The ETF's top-performing stocks included software development companies, with Fuxin Software hitting a 20% limit up, and Hehe Information and Xinghuan Technology rising over 14% and 11% respectively [3][4]. Sector Analysis - The ETF's performance was negatively impacted by declines in hardware-related stocks, such as Stone Technology and Lanqi Technology, which fell over 12% and 10% respectively [3][4]. - The ETF's top ten stocks showed significant gains, with Fuxin Software leading at a total market value of 9.8 billion yuan and a trading volume of 1.056 billion yuan [4]. Policy and Market Trends - The new five-year plan emphasizes the implementation of "AI+" initiatives, aiming for significant advancements in data-driven urban economic development by the end of 2027 [4]. - A report from QuestMobile indicated that the number of active mobile users in AI applications in China surpassed 729 million as of September 2025, with 200 million on PC [5]. Financial Performance - As of October 31, 2025, 20 out of 30 stocks in the ETF reported profits, with 22 showing year-on-year growth in net profit. Notably, Cambrian's net profit surged by 321% year-on-year [5][6]. - The top ten stocks in terms of net profit growth included Cambrian Technology, which reported a total revenue of 46.07 billion yuan and a net profit of 2.386 billion yuan [6]. Future Outlook - Analysts from CITIC Securities anticipate a turning point for domestic AI applications, driven by external environmental changes and domestic policy support, suggesting a significant increase in AI application and computing power demand [5][7]. - The ETF has shown a cumulative increase of 60.36% since its low point on April 8, 2025, outperforming other indices such as the Sci-Tech Innovation Index and the Sci-Tech 50 [7][8].

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Views - The turning point for AI software is approaching, with the computer sector showing signs of recovery in revenue and profit, particularly among leading software companies [5][6][7] - Institutional holdings in the computer sector are at historical lows, indicating significant underweighting, which suggests increasing allocation value [5][6] - The performance of major software companies such as Kingsoft Office, Dameng Data, and Foxit Software has been notably strong, indicating a positive trend in the sector [6][8] Summary by Sections Market Review - During the week of October 27 to October 31, 2025, the CSI 300 index fell by 0.43%, while the computer index rose by 1.82 [4][16] Institutional Holdings - As of September 30, 2025, the fund's holding ratio in the computer sector was 2.92%, remaining at historical lows. The total market capitalization of the computer sector accounted for 4.61% of the A-share market [5][12] Revenue and Profit Improvement - In the first three quarters of 2025, the computer sector saw a revenue increase of 3.10% year-on-year and a net profit increase of 3.93%. Cost control measures have significantly improved profit recovery [6][13] AI Model Development - The capabilities of AI models are continuously improving while costs are decreasing, leading to a flourishing application market. For instance, the cost of GPT-5 has dropped significantly compared to its predecessor [7][14] Investment Recommendations - The report recommends several companies for investment, including Kingsoft Office, Hehe Information, and others, highlighting their potential benefits from the ongoing trends in the computer sector [8][15]

Core Insights - On October 31, Foxit Software (688095) closed at 107.40 CNY, reaching the daily limit with a trading volume of 10.56 billion CNY and a turnover rate of 11.56% [2] - The stock was listed on the daily trading leaderboard due to a price increase of 15% [2] Trading Activity - The top five trading departments accounted for a total transaction of 4.19 billion CNY, with a net buying amount of 51.07 million CNY [2] - The leading buying department was the Shanghai-Hong Kong Stock Connect, with a purchase amount of 101.95 million CNY, while the second-largest was an institutional special seat buying 51.37 million CNY [3] - The top selling department was also the Shanghai-Hong Kong Stock Connect, with a selling amount of 73.47 million CNY, and an institutional special seat selling 23.98 million CNY [3] Fund Flow - The stock experienced a net inflow of 54.74 million CNY from main funds throughout the day [3]

Core Viewpoint - Foxit Software announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 30% in closing prices over two consecutive trading days (October 30 and October 31, 2025) [1] Company Information - The company conducted a self-examination and confirmed with its controlling shareholder and actual controller that there are no undisclosed significant information as of the announcement date [1] - The company's operational status is normal, and no significant changes have occurred [1]