Core Viewpoint - The A-share market, particularly in the AI and chip sectors, experienced a strong rebound due to the dual catalysts of the Federal Reserve's interest rate cut expectations and the launch of the "Genesis Plan" aimed at transforming scientific research through AI [1][7]. Market Performance - As of 10:13 AM, the AI-focused ETF (589560) surged over 2.5%, while the chip-focused ETF (588750) rose more than 2% [1]. - Notable stocks included: - Chip Yuan Co. increased by over 7% - SourceJet Technology rose by over 6% - Hengxuan Technology gained over 4% [4]. Key Stocks in ETFs - For the Chip ETF (588750), the top ten stocks included: - Haiguang Information: 0.15% increase, 11.11% weight - Zhongben International: 1.34% increase, 9.05% weight - Cambrian-U: -0.09% decrease, 8.78% weight - SourceJet Technology: 6.64% increase, 2.42% weight [5]. - For the AI ETF (589560), the top ten stocks included: - Cambrian-U: 0.16% increase, 13.90% weight - Kingsoft Office: -0.60% decrease, 10.67% weight - SourceJet Technology: 3.38% increase, 10.66% weight [6]. Economic Indicators - The market's optimism was fueled by comments from the San Francisco Fed President, who supported a potential rate cut in December, raising expectations from 40% to 80% for a 25 basis point cut [7]. - The "Genesis Plan" aims to leverage AI for scientific advancements, further boosting market sentiment [7]. Semiconductor Market Insights - Analysts noted a "fully sold out" market condition for storage chip suppliers, with DDR5 DRAM experiencing the most significant tightness [7]. - The semiconductor cycle is expected to continue its upward trend, driven by AI demand, with the global AI-driven storage market projected to grow from $28.7 billion in 2024 to $255.2 billion by 2034, reflecting a compound annual growth rate of 24% [9]. Investment Strategy - The focus on AI and domestic substitution in the semiconductor sector presents a compelling investment opportunity, particularly through the Sci-Tech Chip ETF (588750), which emphasizes high-quality chip companies [10][13]. - The ETF's index is expected to show a net profit growth rate of 94% for the first three quarters of 2025, with an anticipated 100% growth for the entire year [14].

Group 1 - Seven fund companies, including Huatai-PB, E Fund, ICBC Credit Suisse, Yongying, Invesco Great Wall, Penghua, and Morgan Asset Management, announced the launch of their AI-focused ETF on November 28 [1] - The ETF tracks the CSI Sci-Tech Innovation and Entrepreneurship Artificial Intelligence Index, which consists of 50 leading companies in AI technology research, hardware support, and commercial applications across various verticals [1] - The top three weighted industries in the index are communication equipment (37.92%), semiconductors (31.21%), and software development (9.29%), representing the forefront of "hard technology" and "high growth" in China [1] Group 2 - The top five weighted stocks in the index are Zhongji Xuchuang, Xinyisheng, Cambricon Technologies-U, Lanke Technology, and Kingsoft Office, all of which are well-recognized and representative leaders in the AI sector [1]

Group 1 - The A-share market saw all three major indices rise collectively, with a notable performance in AI applications, particularly the domestic AI industry chain ETF (589520) which rose by 1.28% and had a trading volume of 29.48 million yuan [1][3] - AI-related stocks led the gains, with notable performers including Foxit Software up over 8%, Hehe Information up over 7%, and Kingsoft Office up over 5% [3] - The AI industry is experiencing multiple positive catalysts, including Alibaba's AI assistant Qianwen achieving over 10 million downloads in just seven days, surpassing other well-known AI applications [3][4] Group 2 - Google has released two new models, Gemini 3 Pro and NanoBananaPro, showcasing its platform's collaborative capabilities and leading performance metrics [4] - Analysts express optimism regarding the domestic AI industry chain, highlighting the urgency for development amid global AI competition and the significant opportunities for domestic AI chip manufacturers [5] - The investment outlook for the domestic AI sector is positive, with expectations of a long-term bullish trend similar to the US market in 2023, driven by advancements in computing power and applications [5][6] Group 3 - The ETF (589520) focuses on the domestic AI industry chain, emphasizing companies with strong domestic replacement characteristics, benefiting from the acceleration of AI integration in chips and software [6] - The top ten holdings of the ETF account for over 70% of its weight, with the semiconductor sector representing more than half, indicating a high concentration and aggressive investment strategy [6]

Group 1 - The A-share market saw all three major indices turn positive on November 24, with the Sci-Tech 50 ETF (588000) experiencing a maximum increase of over 1% [1] - The Sci-Tech 50 ETF has attracted significant capital inflow, with a net inflow of 3.479 billion in the last five days and 5.979 billion in the last ten days [1] - Google announced a plan to expand its computing power by 1000 times over the next 4-5 years, doubling its capacity every six months to support AI infrastructure competition [1] Group 2 - The Sci-Tech 50 ETF (588000) tracks the Sci-Tech 50 Index, with 69.3% of its holdings in the electronics sector and 5.17% in the computer sector, totaling 74.47%, aligning well with the development of cutting-edge industries like AI and robotics [2] - The ETF also covers various sub-sectors such as semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [2]

Core Insights - The Computer ETF (159998) has seen a significant increase in trading volume and net inflows, indicating strong investor interest in the technology sector [1][2] - The Guangdong government has set ambitious targets for AI and computing power development, aiming for a core industry scale exceeding 440 billion yuan by 2027 [4] - Google DeepMind is expanding its AI research network by establishing a lab in Singapore, focusing on foundational AI research and applications [5] - Harvard University has made a breakthrough in quantum error correction, advancing the development of practical quantum computers [6] Group 1: Computer ETF Performance - The Computer ETF (159998) recorded a turnover of 3.02% with a transaction volume of 73.08 million yuan, while the underlying index rose by 2.45% [1] - Over the past week, the Computer ETF has seen a substantial increase of 55.2 million shares, reflecting strong demand [2] - The ETF has experienced continuous net inflows over the last four days, totaling 55.1 million yuan [2] Group 2: Sector Developments - The Computer ETF covers a wide range of sectors, including IT services, application software, and communication equipment, featuring leading companies in AI and hardware manufacturing [3] - The Guangdong province's plan includes building a robust data infrastructure and promoting AI and robotics initiatives to enhance its digital economy [4] - Google DeepMind's new lab in Singapore aims to leverage local talent and infrastructure to enhance its AI capabilities in the Asia-Pacific region [5] Group 3: Technological Advancements - Harvard's recent achievement in quantum error correction is a significant step towards the realization of scalable quantum computing [6] - Citic Securities has highlighted the ongoing growth in the AI industry, particularly in the PCB sector, which is expected to benefit from advancements in AI chip technology [6]

Group 1 - Software concept stocks showed strong performance, with 360 increasing over 8%, Yonyou Network rising over 4%, and Kingsoft Office and Hang Seng Electronics both up over 3% [1] - Software-related ETFs also experienced gains, with an increase of over 2% [1] Group 2 - Specific ETF performance includes Software 50 ETF at 1.136, up 2.43%, Software ETF at 0.890, up 2.30%, and Software Leader ETF at 0.891, also up 2.30% [2] - Institutions indicate that in the context of increasing global technological competition, the autonomy of basic software is essential for national security and sustainable industrial development [2] - Future prospects for basic software companies include facing higher technical requirements and stronger competitive pressures, but also more market opportunities [2] - The ongoing push for domestic substitution and the deepening of financial services in the industrial chain are expected to help basic software companies transition from "catching up" to "keeping pace" and eventually to "leading," providing solid technical support for China's new industrialization and high-quality development [2]

易米开泰混合A（015703）基金经理为贺文奇。 截至发稿，贺文奇累计任职时间2年326天，现任基金资产总规模7830.64万元，任职期间最佳基金回报 30.01%， 任职期间最差基金回报0.33%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 11月24日，金山办公涨5%，截至发稿，报321.00元/股，成交18.53亿元，换手率1.28%，总市值1486.81 亿元。 资料显示，北京金山办公软件股份有限公司位于北京市海淀区小营西路33号金山软件大厦，成立日期 2011年12月20日，上市日期2019年11月18日，公司主营业务涉及从事WPS Office办公软件产品及服务的 设计研发及销售推广。主营业务收入构成为：WPS个人业务65.80%，WPS软件业务20.38%，WPS365业 务11.62%，其他2.19%。 从基金十大重仓股角度 数据显示，易米基金旗下1只基金重仓金山办公。易米开泰混合A（015703）三季度减持560股，持有股 数6 ...

Investment Rating - The report maintains an "Overweight" rating for the computer sector, recommending specific stocks such as Wuxi Unicomp Technology, Kingsoft Office, Hand Enterprise, Hikvision, Newland Digital Technology, Autel Robotics, Hygon, and related target Dawning Information Industry [3][12]. Core Insights - Google has launched Gemini 3 and Nano Banana Pro, establishing a leading position in multimodal technology, while Tencent and Alibaba are promoting AI application accessibility through their respective platforms [3][12]. - The Chinese hard tech sector is witnessing significant capitalization with Moore Threads and Unitree Robotics advancing their IPO processes, marking an acceleration in AI computing power and robotics industrialization [3][12][15]. Summary by Sections Google’s Product Launches - Google released the Gemini 3 model on November 18, achieving top scores in math, reasoning, and multimodal understanding, surpassing competitors like GPT-5.1 and Claude Sonnet 4.5 [13]. - The Nano Banana Pro model enhances text rendering accuracy in images and supports generating professional-grade images up to 4K resolution, integrating with major creative software [13]. Chinese AI Application Ecosystem - The AI application ecosystem in China is advancing with significant developments in multimodal generation and general assistants, particularly from companies in Hangzhou [14]. - Alibaba launched the "Qianwen" App, expanding its AI strategy from B2B to B2C, while Ant Group introduced the "Lingguang" AI assistant for mobile applications [14]. Hard Tech Capitalization - Moore Threads is set to launch an IPO at RMB 114.28 per share, aiming to raise RMB 8 billion for AI training and inference chip development [15]. - Unitree Robotics is also progressing towards a domestic stock issue, with a product line that includes quadruped and humanoid robots [15].

Group 1 - The core viewpoint of the news highlights the strong performance of the AI sector, particularly with the rise of the Zhongzheng AI Theme Index and its constituent stocks, indicating a positive market sentiment towards AI-related investments [1][2] - The Zhongzheng AI Theme Index (930713) has shown an increase of 0.49%, with notable gains from constituent stocks such as Guangxun Technology (up 4.85%) and Sanliu Ling (up 4.84%) [1] - The AI Artificial Intelligence ETF (512930) also experienced a rise of 0.47%, reflecting the overall positive trend in the AI investment landscape [1][2] Group 2 - Nvidia's AI server shipments are expected to accelerate in Q4, indicating a robust demand for AI hardware and a potential surge in the ASIC market, which is likely to benefit the AI-PCB and core computing hardware sectors [2] - The top ten weighted stocks in the Zhongzheng AI Theme Index account for 63.29% of the index, with companies like Zhongji Xuchuang and Xinyi Sheng leading the list, showcasing the concentration of investment in key players within the AI industry [2]

Core Viewpoint - Kingsoft Office's stock price has shown a slight increase recently, with a year-to-date growth of 9.26%, despite recent declines in the short term [1][2]. Financial Performance - For the period from January to September 2025, Kingsoft Office reported a revenue of 4.178 billion yuan, representing a year-on-year growth of 15.21%, and a net profit attributable to shareholders of 1.178 billion yuan, which is a 13.32% increase compared to the previous year [2]. - Cumulatively, since its A-share listing, Kingsoft Office has distributed a total of 1.897 billion yuan in dividends, with 1.159 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Kingsoft Office reached 34,800, an increase of 14.09% from the previous period, while the average number of circulating shares per person decreased by 12.35% to 13,304 shares [2]. - The top ten circulating shareholders include significant institutional investors, with notable reductions in holdings for several ETFs [3]. Stock Market Activity - On November 24, Kingsoft Office's stock price rose by 2.04% to 311.94 yuan per share, with a trading volume of 589 million yuan and a turnover rate of 0.41% [1]. - The net inflow of main funds was 6.4892 million yuan, with large orders accounting for a significant portion of both buying and selling activities [1]. Business Overview - Kingsoft Office, established on December 20, 2011, and listed on November 18, 2019, primarily focuses on the design, development, and sales of WPS Office software products and services [1]. - The revenue composition of Kingsoft Office includes 65.80% from WPS personal business, 20.38% from WPS software business, 11.62% from WPS365 business, and 2.19% from other sources [1].