Group 1: AI Industry Developments - The European Union is investing in the construction of 13 AI super factories, with a total investment goal of €200 billion, including a dedicated fund of €20 billion for these projects [1] - Each AI super factory will be equipped with over 100,000 high-end AI processors, with the best-performing factories hosting up to 25,000 processors [1] Group 2: Film Industry Response - The National Film Administration of China plans to moderately reduce the import of American films in response to the U.S. government's imposition of tariffs on Chinese goods, which may decrease the audience's favorability towards American films [1] Group 3: Telecommunications and 5G - Beijing aims to achieve comprehensive 5G large-scale applications by the end of 2027, establishing itself as a leading city in 5G applications, enhancing industrial support, network service capabilities, and ecological collaboration [2] Group 4: Corporate Financial Performance - TSMC reported March revenue of NT$285.96 billion, a year-on-year increase of 46.5%, and Q1 revenue of NT$839.25 billion, up 41.6% year-on-year [3] - Meixin Sheng expects Q1 2025 net profit to be between RMB 2 million and 5 million, marking a significant turnaround from losses, driven by a 30% to 35% increase in revenue [5] - Huaxi Biological's 2024 revenue reached RMB 5.371 billion, with skin-related medical revenue exceeding RMB 1 billion, reflecting a 43.57% year-on-year growth [6] Group 5: Corporate Actions and Shareholder Commitments - Kingsoft WPS Corporation Limited, the controlling shareholder of Kingsoft Office, has committed not to reduce its shareholding from April 10, 2025, to December 31, 2025 [4] - Jincheng Co. plans to repurchase shares worth between RMB 50 million and 100 million for employee stock ownership or equity incentives [6] - Guangge Technology intends to repurchase shares with a total amount between RMB 10 million and 20 million for employee stock ownership plans [6] Group 6: Investment and Financing Activities - Stardust Intelligence has completed several rounds of financing, raising several hundred million yuan, with participation from prominent investors [7] - Shenzhen Ruisi Zhixin Technology has received equity financing from multiple investors, indicating strong market interest [8] - Anhui Zhongsheng Traceability Biotechnology has completed B+ round financing of RMB 85 million, continuing its trend of successful fundraising [9]

2025 年 4 月 10 日，北京金山办公软件股份有限公司（以下简称"公司"） 收到公司控股股东 Kingsoft WPS Corporation Limited（以下简称"WPS 香港"） 出具的《关于自愿不减持北京金山办公软件股份有限公司股份的承诺》，现将有 关情况公告如下： 基于对公司未来发展前景的信心及对公司内在投资价值的认可，同时为增强 广大投资者信心，切实维护投资者权益和资本市场的稳定。WPS 香港自愿承诺： 自 2025 年 4 月 10 日起至 2025 年 12 月 31 日将不以任何方式减持所持有的公司 股份（包括因公司资本公积转增股本、派送股票红利、配股、增发等事项取得的 新增股份）。 北京金山办公软件股份有限公司 关于公司控股股东自愿承诺不减持公司股份的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：688111 证券简称：金山办公 公告编号：2025-016 截至本公告披露日，WPS 香港持有公司股份 238,387,351 股，占公司总股本 的 51.52%。 北京金山办公软件股份 ...

Core Viewpoint - The technology innovation sector, particularly the STAR Market, is experiencing a strong rebound driven by multiple positive signals, including significant policy support and increased capital inflow [1][2]. Group 1: Market Performance - The STAR Market Index ETF, Huatai-PineBridge (589080), saw a sharp rebound, rising nearly 3% and at one point exceeding 4%, with a trading volume surpassing 31 million yuan, indicating a significant increase in trading activity compared to the previous day [1]. - Major component stocks of the STAR Market ETF experienced substantial gains, with Tongyi rising over 18%, and other companies like Xindong Lian Ke and Guokai Military Industry increasing by over 14% [1]. Group 2: Policy and Institutional Support - Recent policies, including stock buybacks and increased investments from state-owned enterprises, are creating a synergistic effect that is expected to enhance the attractiveness of A-share core assets [1][2]. - Guoxin Investment Co. plans to increase its holdings in central enterprise stocks and technology innovation stocks through stock buybacks and special re-loans, with an initial amount of 80 billion yuan [1]. Group 3: Market Outlook - According to China International Capital Corporation (CICC), the risk of further declines in the A-share market is limited, supported by historical trends where state-owned enterprises tend to increase stock holdings during liquidity risk phases [2]. - Guoxin Securities emphasizes that technological self-reliance and autonomy are crucial for overcoming challenges posed by trade conflicts, particularly for the domestic electronics industry [2].

Core Viewpoint - Kingsoft Office (688111.SH) has achieved record-high performance, with shareholders inquiring about transferring equity [2][5] Group 1: Shareholder Equity Transfer - Shareholders, including Tianjin Qiwen Yiwei Enterprise Management Consulting Partnership, are transferring a total of 7.76 million shares, accounting for 1.68% of the total share capital, at a price of 267.5 CNY per share, totaling 2.076 billion CNY [2][3] - The transfer has attracted 19 institutional investors, with a total effective subscription of 12.264 million shares, resulting in a subscription multiple of approximately 1.6 times [3] Group 2: Financial Performance - Kingsoft Office reported record-high revenues of 5.121 billion CNY and net profits of 1.645 billion CNY for 2024, representing year-on-year growth of 12.4% and 24.84% respectively [5][6] - The company’s revenue and net profit for the years 2021 to 2023 were 3.280 billion CNY, 3.885 billion CNY, and 4.556 billion CNY, and 1.041 billion CNY, 1.118 billion CNY, and 1.318 billion CNY respectively, with significant year-on-year growth rates [5] Group 3: Research and Development Investment - Kingsoft Office has maintained high R&D investment, with cumulative R&D expenses of 5.581 billion CNY from 2021 to 2024, and an R&D expense ratio of 33.14% [7] - The company plans to further integrate AI as a core technology in its products over the next five years [7] Group 4: New Headquarters in Wuhan - Kingsoft Office announced the relocation to a new headquarters in Wuhan with a total investment of 4 billion CNY, aimed at enhancing technology R&D and talent cultivation [8][9] - The new campus will serve as the largest R&D base for Kingsoft Group, with plans to expand the workforce to 10,000 [9]

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The AI chip and CPU sectors are moving towards self-sufficiency, with significant growth potential in domestic chip production as companies like Alibaba, Tencent, and Huawei increase their investments in chip development [3][10]. - The domestic software industry is expected to accelerate, with the foundational software market projected to grow from approximately 153.8 billion RMB in 2023 to 432.76 billion RMB by 2025, reflecting a compound annual growth rate (CAGR) of about 48% [48]. - The autonomous driving chip market is also seeing a shift towards domestic production, with a notable increase in the output of domestic chips as the new energy vehicle industry expands [3][10]. Summary by Sections 01: AI Hardware: AI Chips + CPUs - The U.S. has added several Chinese AI companies to its entity list, increasing the difficulty of importing related components, which emphasizes the need for self-sufficiency in the AI industry [5]. - In 2024, China's AI chip shipments are estimated at 2.7 million units, with domestic brands accounting for only 30% of the market, indicating a significant reliance on imports [15]. - The market for AI chips in China is projected to grow rapidly, with a CAGR of 66.4% from 2020 to 2024, reaching a market size of approximately 1.412 trillion RMB in 2024 [15]. 02: Accelerated Development of the Trustworthy Computing Industry - The trustworthy computing industry is expected to grow significantly, with a market size projected to reach 3.38 trillion RMB by 2025, driven by increased domestic demand and government support [48]. - The foundational software market is anticipated to see rapid growth, with key segments such as operating systems and databases showing substantial potential for domestic replacement [48][51]. 03: Domestic Autonomous Driving Chips - In 2024, the output of domestic autonomous driving chips is expected to increase, with domestic manufacturers gradually catching up in terms of technology and production capacity [3][10]. - The market for intelligent cockpit chips is also expanding, with domestic chips currently accounting for only 10% of the market, indicating significant room for growth [3][10]. 04: Investment Recommendations - The report suggests actively monitoring the trustworthy computing industry chain due to the ongoing U.S. trade policies and technology restrictions, which are likely to drive domestic production and innovation [3].

Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Viewpoints - The emphasis on "technology domestic demand" is highlighted, with a focus on self-reliance and control as a core theme in the context of major power competition [3][10][22] - The report suggests that the domestic computing demand and self-reliance will be the main drivers for investment opportunities in the technology sector [3][22] - The report identifies key areas of focus including domestic AI computing, national software innovation (信创), military information technology, and the Harmony OS ecosystem [3][22] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.37%, the SME Index by 2.93%, and the ChiNext Index by 2.95% during the week of March 31 to April 3 [30] Industry News - The report discusses the release of the national measurement list which is expected to accelerate the domestic innovation industry [14] - It notes the importance of the Harmony OS as a significant new player in the domestic operating system market, particularly in PCs [15] Company Dynamics - Highwei Technology plans to reduce its shareholding by up to 4,400,000 shares, accounting for 1% of the total share capital [27] - The report mentions that Lai Si Information has completed the registration and filing procedures for changing its legal representative [27] Investment Suggestions - The report recommends focusing on companies involved in domestic AI computing, national software innovation, military information technology, and key players in the Harmony OS ecosystem [22] - Specific companies highlighted include Haiguang Information, Cambrian, Inspur Information, China Software, and others across various segments [22][21]

"数"说科创板 2025年3月 总体情况 截至2025年3月底，科创板上市公司共计586家。其中，集成电路领域公司总数 达119家，占A股同类上市公司的"半壁江山"，涵盖上游芯片设计、中游晶圆代工及 下游封装测试，形成上下游链条完整、产业功能齐备的发展格局；生物医药领域上 市公司总数112家，重点介入癌症、艾滋病、乙肝、丙肝等治疗领域，已成为美国、 香港之外全球主要上市地；新能源领域，已有17家光伏企业，20家动力电池产业链 公司，绿色经济发展势头良好；工业机器人、轨道交通等产业链也已初具规模。 01 地区分布情况 截至3月底，科创板上市公司已覆盖全国23省（自治区、直辖市），家数排名前五的省市为江苏 省113家，上海93家，广东省91家，北京76家，浙江省51家，合计424家，占比72%。长三角三省一市 合计281家，占比48%。 02 募集资金情况 科创板586家公司合计首发募集资金总额9,207.82亿元。科创板公司平均募集资金金额为15.74亿 元，最大值为中芯国际532.3亿元，中位数为9.90亿元。 科创板公司募集资金前五名 科创板公司募集资金分布情况 | 证券代码 | 证券简称 | 募资总额 | ...

中国国际金融股份有限公司 关于北京金山办公软件股份有限公司股东 向特定机构投资者询价转让股份的核查报告 中国国际金融股份有限公司（以下简称"中金公司""组织券商"）受北京金 山办公软件股份有限公司（以下简称"金山办公""上市公司"）股东天津奇文 一维企业管理咨询合伙企业（有限合伙）（以下简称"奇文一维"）、天津奇文二 维企业管理咨询合伙企业（有限合伙）（以下简称"奇文二维"）、天津奇文三维 企业管理咨询合伙企业（有限合伙）（以下简称"奇文三维"）、天津奇文四维企 业管理咨询合伙企业（有限合伙）（以下简称"奇文四维"）、天津奇文五维企业 管理咨询合伙企业（有限合伙）（以下简称"奇文五维"）、天津奇文六维企业管 理咨询合伙企业（有限合伙）（以下简称"奇文六维"）、天津奇文七维企业管理 咨询合伙企业（有限合伙）（以下简称"奇文七维"）、天津奇文九维企业管理咨 询合伙企业（有限合伙）（以下简称"奇文九维"）、天津奇文十维企业管理咨询 合伙企业（有限合伙）（以下简称"奇文十维"）（以上股东合并简称"奇文 N 维" "转让方"）托，组织实施本次金山办公首次公开发行股票并在科创板上市前股 东向特定机构投资者询价转让（以下简 ...

Group 1 - Kingsoft Office disclosed the results of a shareholder inquiry transfer report, indicating a share transfer price of 267.50 CNY per share for 7,761,767 shares [1] - After the transfer, the shareholding of Qiwenn Wei decreased from 7.57% to 5.89%, holding a total of 27,269,747 shares [1] - The transfer will not result in a change of the company's controlling shareholder or actual controller [2] Group 2 - Kingsoft Office was listed on the STAR Market on November 18, 2019, with an initial offering price of 45.86 CNY per share, raising a total of 463.186 million CNY [2] - The actual net fundraising amount exceeded the original plan by 240.92774 million CNY, with funds allocated for various development projects [2] - The total issuance costs (excluding tax) amounted to 17.24573 million CNY, with underwriting fees of 15.03186 million CNY [3] Group 3 - The lead underwriter for Kingsoft Office is China International Capital Corporation (CICC), with specific representatives assigned [4] - CICC's subsidiary received an allocation of 2,180,549 shares, representing 2.16% of the total shares issued, with a total allocation amount of approximately 100 million CNY [4]

Group 1 - The core index of the software sector, the CSI All Share Software Index, opened lower but experienced a slight increase of 0.67%, closing at 14,174.3 points with a trading volume of 20.589 billion yuan [1] - Over the past month, the CSI All Share Software Index has decreased by 6.92%, while it has increased by 5.78% over the past three months and year-to-date [2] - The index is composed of publicly listed companies involved in software development, reflecting the overall performance of this sector [2] Group 2 - The top ten weighted companies in the CSI All Share Software Index include: iFlytek (10.46%), Kingsoft Office (8.08%), Tonghuashun (7.06%), Hang Seng Electronics (4.95%), Runhe Software (4.83%), 360 (4.3%), Yonyou Network (3.6%), Tuwei Information (3.37%), Sangfor Technologies (3.02%), and China Software (3.01%) [2] - The index's holdings are primarily listed on the Shenzhen Stock Exchange, accounting for 58.79%, while the Shanghai Stock Exchange accounts for 41.21% [2] - The index is entirely composed of companies in the information technology sector, with a 100% allocation [3] Group 3 - The CSI All Share Software Index undergoes adjustments every six months, with the next adjustment scheduled for the second Friday of June and December [3] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers and acquisitions [3] - Public funds tracking the software index include various ETFs and fund products from Guotai, Zhaoshang, and Huatai [3]