2025.10. 13 本文字数：1562，阅读时长大约2分钟 作者 | 一财 阿驴 11:31 A股午盘｜沪指跌1.3% 沪指跌1.30%，深成指跌2.56%，创业板指跌3%。 盘面上，稀土永磁、光刻机、操作系统板块集体大涨，军工、小金属、锂电池概念局部活跃；消费电 子、机器人、CRO概念跌幅居前，有色铜明显回调。 | 板块名称 | 深幅带 | 涨速 | 涨停数 | | --- | --- | --- | --- | | 稀土永磁 | +5.22% | -0.07% | | | 金属新材料 | +3.39% | -0.10% | 1 | | 兵装重组概念 | +3.12% | +0.07% | - | | 贵金属 | +2.18% | +0.39% | | | 转基因 | +1.81% | +0.12% | | | 小金属 | +0.96% | -0.14% | = | | 2025三季报预增 | +0.96% | -0.02% | - | | 玉米 | +0.95% | +0.06% | . | | 军工装备 | +0.85% | -0.07% | r | | ) 大豆 | +0.85% | +0.08% ...

Core Viewpoint - The semiconductor industry in China is poised for strategic advancements through high-profile events, enhancing international competitiveness and innovation efficiency [2]. Group 1: Market Performance - As of October 10, 2025, the STAR Market New Generation Information Technology Index has increased by 0.37%, with notable gains from companies like Huahong Semiconductor (up 13.54%) and Kingsoft Office [1]. - The STAR Information Technology ETF (588100) has risen by 0.20%, with a one-month cumulative increase of 10.86% as of October 10, 2025 [1]. - The STAR Information Technology ETF has seen a net value increase of 143.41% over the past three years, ranking 29th out of 1883 index equity funds [1]. Group 2: Industry Events - The 2025 Bay Area Semiconductor Industry Ecological Expo will gather key decision-makers from the global semiconductor industry to outline new development strategies [1]. - The concurrent International Third-Generation Semiconductor Innovation and Entrepreneurship Competition will focus on cutting-edge technologies in the third-generation semiconductor field [1]. Group 3: Investment Insights - Huaxi Securities suggests that such high-level industry events will provide strategic leverage for China's semiconductor industry amid global value chain restructuring [2]. - CITIC Securities indicates that the market remains focused on technology, particularly in the semiconductor sector, with a strong emphasis on upcoming technology releases and product iterations in the second half of the year [2]. - As of September 30, 2025, the top ten weighted stocks in the STAR Market New Generation Information Technology Index account for 57.93% of the index, with companies like Haiguang Information and SMIC leading the list [2].

Core Viewpoint - The domestic software sector is experiencing a surge in activity, particularly in industrial software and the "Xinchuang" (self-reliance) direction, despite global trade tensions impacting the market [1] Group 1: Market Performance - The Xinchuang 50 ETF (560850) saw an intraday increase of over 4%, currently up by 2%, with trading volume exceeding 22 million CNY [1] - The Software 50 ETF (159590) also rose nearly 1%, with a net inflow of 24 million CNY during the session [2] - Key stocks in the Xinchuang 50 ETF include Huada Jiutian, which increased by over 15%, and Kingsoft, which rose by over 10% [5] Group 2: Sector Analysis - The Xinchuang 50 ETF's index is heavily weighted towards computer software (43%), cloud services (23%), computer equipment (18%), and semiconductors (13%), indicating a strong correlation with the "domestic substitution" trend [7] - The software sector is seen as critical for national security and economic stability, with a focus on key software that supports essential operations [6] Group 3: Regulatory and Policy Developments - The Ministry of Commerce's recent announcement regarding export controls on certain rare earth items has sparked discussions, particularly due to the use of WPS format for official documents, highlighting a push for self-reliance in technology [4] - The Ministry of Industry and Information Technology, along with six other departments, has launched a plan to promote service-oriented manufacturing, aiming to establish 50 leading brands and 100 innovation hubs by 2028 [4]

Group 1: Software ETF Performance - The Software ETF has a turnover rate of 13.16% and a trading volume of 720 million yuan, indicating active market participation [1] - The latest scale of the Software ETF reached 5.434 billion yuan, marking a one-month high and ranking first among comparable funds [1] - The latest share count of the Software ETF is 5.827 billion shares, also a one-month high and leading among comparable funds [1] - Over the past four days, the Software ETF has seen continuous net inflows, with a maximum single-day net inflow of 507 million yuan, totaling 620 million yuan [1] - As of October 10, 2025, the net value of the Software ETF has increased by 34.34% over the past three years [1] - The highest monthly return since inception is 39.35%, with the longest consecutive monthly increase being three months and a maximum increase of 69.40% [1] - The average return during the months of increase is 10.06% [1] Group 2: Key Holdings in Software Sector - As of September 30, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Tonghuashun, Kingsoft Office, Zhinan Zhen, Hengsheng Electronics, Runhe Software, 360, Tuo Wei Information, Yonyou Network, and Deepin Technology, collectively accounting for 62.41% of the index [1] Group 3: Industry Developments - The Ministry of Commerce announced export controls on certain foreign rare earth-related items containing Chinese components, with the announcement format changing to WPS, which has sparked discussions [2] - Huachuang Securities noted that the demand for domestic software is accelerating due to the need for self-reliance in technology, driving the development of secure and controllable industrial software and computing power industries [2] - The Ministry of Finance's procurement standards for 2024 emphasize self-reliance, and continuous updates to security assessments are expected to lead to high-quality industry development [2] - The domestic software industry's performance is gradually improving, confirming a turning point [2]

近日，"商务部公告，附件首次改为WPS格式"登上热搜，业内认为，这是国家推动关键技术自主可控、 保障信息安全的重要体现。 此外，工信部网站10月11日消息，工信部等七部门近日印发《深入推动服务型制造创新发展实施方案 （2025-2028年）》， 《方案》提出的重点生产性服务业包括科技服务业、工业设计、软件和信息服 务、生产性金融服务、知识产权服务、节能环保服务等。 值得关注的是，工信部等七部门发文中提到，加强新型信息基础设施建设，深化"5G+工业互联网"融合 应用，按需布局算力基础设施，提升工业数据要素供给，推动人工智能技术与服务型制造融合创新，提 升网络和数据安全保障能力。 平安证券指出，在美国限制先进芯片出口中国，以及打压国产算力芯片、国产大模型的行业大背景下， 国产算力替代的紧迫性持续提升。申港证券认为，随着算力基础设施的持续投入，国产算力在模型侧和 算力芯片方面或将持续突破，有望维持较好景气度，展望中期，国产算力有望获得领先于海外算力的增 长弹性。 业内人士指出，关税骤然再升级，这对于科技成长有情绪面影响，不过这个影响更多是短期，因为AI 满足了产业趋势+全球共振+业绩基本面+资金面，一旦市场风险偏好 ...

Core Points - The Shanghai Composite Index is currently at 3860.37 points, with a decrease of 0.94%, and the total trading volume of A-shares is 1.242 trillion yuan [1] - A total of 26 A-shares have surpassed their annual line today, with notable stocks showing significant deviation rates including Kingsoft Office, Rongji Software, and Meiyan Jixiang [1] Summary by Category Stock Performance - Kingsoft Office (688111) has a price increase of 10.34% and a deviation rate of 9.60%, with the latest price at 327.72 yuan [1] - Rongji Software (002474) increased by 10.04% with a deviation rate of 9.03%, latest price at 7.34 yuan [1] - Meiyan Jixiang (600868) rose by 8.36% with a deviation rate of 7.79%, latest price at 2.98 yuan [1] Trading Activity - The trading turnover rate for Kingsoft Office is 4.10%, while Rongji Software has a turnover rate of 6.46% [1] - Other stocks with notable trading activity include Hason Co. (603958) with a turnover rate of 2.67% and ST Guohua (000004) at 4.74% [1] Additional Stocks - Stocks with smaller deviation rates that have just crossed the annual line include Yubang New Material (301266) and Xinhai Technology (688595), with deviation rates of 0.01% and 0.04% respectively [2]

Core Insights - Kingsoft Office achieved a record trading volume of 6.01 billion yuan, marking the highest since its IPO [2] - The latest stock price increased by 11.57%, indicating strong market interest [2] - The turnover rate reached 3.89%, reflecting active trading activity [2]

Core Viewpoint - The Hong Kong stock market experienced a collective decline, with significant fluctuations in the Hang Seng Tech Index, reflecting a downturn in tech stocks and gold shares [1] Group 1: Market Performance - The Hang Seng Tech Index ETF (513180) fell over 2%, with major holdings like Bilibili, Sunny Optical Technology, Kuaishou, and Lenovo Group leading the decline [1] - A few companies, such as Kingsoft and Huahong Semiconductor, saw gains, with Kingsoft's stock rising over 16% at one point [1] Group 2: Company Insights - Citic Securities noted that Kingsoft Office's WPS software reported a revenue of 542 million yuan for the first half of 2025, a year-on-year decrease of 2.08%, but an improvement from a 21% decline in Q1 [1] - The company is actively participating in government and enterprise tenders for domestic office software, with expectations for continued improvement in the second half of the year as funding for domestic innovation gradually materializes [1] Group 3: Valuation Metrics - As of October 10, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was 23.82 times, which is approximately 34.04% below the historical average since the index's inception, indicating it remains in a relatively undervalued range [1] - The characteristics of high elasticity and high growth suggest that the index has greater upward momentum potential [1]

计算机ETF南方(159586)，跟踪中证全指计算机指数，成份股覆盖计算机硬件、软件、互联网服务等细 分领域的龙头企业，如科大讯飞、金山办公、同花顺等，最新规模为4.24亿元，基金份额年内飙涨 294%。 西部证券指出，美国宣布将对所有关键软件实施出口管制，为国内软件创造了一个国产替代及生态建设 的黄金窗口期，长远来看将加速国内关键软件全产业链自主化进程，关注国产操作系统、工业软件、数 据库、办公软件等替代机遇。 格隆汇10月13日｜今日A股低开高走，科创指数强势翻红上涨1%，国产软件概念逆势走强，金山办公 涨超10%，带动计算机ETF南方(159586)翻红上涨0.55%，年内涨幅扩大至22%。 消息面上，10月9日，商务部发布2025年第61号公告，首次将附件格式由Word或PDF改为WPS格式。市 场认为美国政府管制"关键软件"以及官方文件开始使用WPS格式的消息，体现了国产化导向，是推动国 产办公软件在政务系统进一步普及的体现。 MACD金叉信号形成，这些股涨势不错！ ...

Beijing Kingsoft Office Software’s shares surge after the Chinese government used the company’s product for a major policy announcement, reflecting optimism about future demand https://t.co/4d7JdtnJhQ ...