Market Overview - The low-altitude economy sector increased by 1.77% compared to the previous trading day, with Zhenyu Technology leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Notable gainers in the low-altitude economy sector included: - Nongyu Technology (300953) with a closing price of 178.03, up 11.28% and a trading volume of 100,500 shares, totaling 1.716 billion yuan [1] - Guangdian Jigu (002967) closed at 20.97, up 10.02% with a trading volume of 256,900 shares, totaling 518 million yuan [1] - Huajian Group (600629) closed at 33.85, up 10.01% with a trading volume of 849,400 shares, totaling 2.737 billion yuan [1] - New Clean Energy (605111) closed at 40.13, up 10.01% with a trading volume of 920,300 shares, totaling 3.651 billion yuan [1] Capital Flow - The low-altitude economy sector experienced a net outflow of 27.7962 million yuan from institutional investors, while retail investors saw a net inflow of 785 million yuan [2] - The capital flow for specific stocks showed: - Chang'an Automobile (000625) had a net inflow of 651 million yuan from institutional investors, while retail investors had a net outflow of 386 million yuan [3] - New Clean Energy (605111) had a net inflow of 650 million yuan from institutional investors, with retail investors experiencing a net outflow of 270 million yuan [3] - Siwei Tuxin (002405) had a net inflow of 158 million yuan from institutional investors, while retail investors had a net outflow of 983 million yuan [3]

Core Viewpoint - The financial technology sector is experiencing significant activity, with multiple stocks showing strong performance, indicating a potential bullish trend in the market [1][3]. Group 1: Market Performance - Financial technology stocks are actively rising, with notable gains such as Geer Software hitting the daily limit and Xin'an Century increasing over 8% [1]. - The financial technology ETF (159851) has rebounded, with a price increase of over 1% and a real-time transaction volume exceeding 1 billion CNY [1][4]. Group 2: Industry Trends - The sentiment around domestic innovation (信创) is expected to continue expanding, potentially serving as a catalyst for the financial technology sector's recent performance [3]. - The financial technology sector is projected to benefit from a significant market opportunity, with the domestic innovation industry expected to reach a trillion-level scale by 2025 [3]. - The replacement of financial PCs and core systems is anticipated to be completed by the end of 2023, indicating a rapid pace of technological upgrades in the financial sector [3]. Group 3: Investment Opportunities - The financial technology ETF (159851) is highlighted as a key investment opportunity, with over 120 billion CNY in size and an average daily trading volume exceeding 10 billion CNY [4]. - The ETF's index primarily consists of computer-related stocks, aligning with the current trends of self-sufficiency and domestic substitution [3]. - The capital market's high activity level is seen as a major support factor for opportunities in the financial technology sector, with a focus on internet brokerages [3].

Group 1 - The core point of the news is that Beijing Xinan Century Technology Co., Ltd. has seen a stock price increase of 5.02%, reaching 15.49 CNY per share, with a total market capitalization of 4.913 billion CNY [1] - The company, established on August 31, 2001, focuses on information security solutions based on cryptographic technology, addressing identity security, communication security, and data security issues in network environments [1] - The revenue composition of the company is primarily from information security products, accounting for 76.97%, while services contribute 23.03% [1] Group 2 - Huabao Fund's Huabao CSI Financial Technology Theme ETF (159851) has entered the top ten circulating shareholders of Xinan Century, holding 1.3373 million shares, which is 0.44% of the circulating shares [2] - The ETF has achieved a year-to-date return of 29.59% and a one-year return of 58.91%, ranking 1990 out of 4221 and 591 out of 3848 in its category, respectively [2] - Since its inception, the ETF has generated a return of 85.5% [2] Group 3 - The fund manager of Huabao CSI Financial Technology Theme ETF, Chen Jianhua, has a tenure of 12 years and 295 days, with a total fund asset size of 15.533 billion CNY and a best return of 174.9% during his tenure [3] - Co-manager Cao Xucheng has been in the position for 141 days, managing assets totaling 22.062 billion CNY, with a best return of 89.89% during his tenure [3]

Core Insights - The stock price of Xinan Century increased by 2.06% on September 30, reaching 14.85 CNY per share, with a total market capitalization of 4.71 billion CNY [1] - The company has seen a year-to-date stock price increase of 68.18%, despite a recent decline of 2.94% over the last five trading days [1] - Xinan Century's main business involves information security solutions, with 76.97% of revenue coming from security products and 23.03% from services [1] Financial Performance - For the first half of 2025, Xinan Century reported revenue of 198 million CNY, a year-on-year increase of 6.70%, and a net profit of 10.37 million CNY, reflecting a significant growth of 130.97% [2] - The company has distributed a total of 141 million CNY in dividends since its A-share listing, with 59.13 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 49.62% to 14,600, while the average number of circulating shares per person decreased by 33.16% to 20,755 shares [2] - New institutional shareholders include Huashang Zhenxuan Return Mixed A and Huashang Lexiang Internet Flexible Allocation Mixed A, among others [3]

Summary of Quantum Computing and Post-Quantum Cryptography Conference Call Industry Overview - The conference call discusses the implications of quantum computing on traditional cryptographic systems, emphasizing the need for a transition to post-quantum cryptography to ensure data security. [2][11] Key Points and Arguments 1. **Threat of Quantum Computing**: Quantum computing poses a significant threat to traditional cryptographic systems, necessitating a migration to post-quantum algorithms at least five years ahead of quantum computer commercialization to prevent data breaches. [2][3] 2. **U.S. Plans for Cryptography**: The U.S. plans to ban traditional asymmetric encryption algorithms by 2030 and fully eliminate quantum-vulnerable algorithms by 2035, with key milestones set for 2028. [4][9] 3. **Post-Quantum Algorithm Selection**: The U.S. National Institute of Standards and Technology (NIST) will select three post-quantum algorithms in 2024, which will become FIPS standards (203, 204, 205). [4][5] 4. **China's Initiatives**: China is also advancing its post-quantum cryptography efforts, with a global call for algorithms initiated in 2025, aiming for completion and standardization by 2027. [6][17] 5. **Performance Comparison**: Current post-quantum algorithms show a performance gap of approximately 10 times compared to SM2, but can be twice as fast as RSA2048, indicating commercial potential. [2][7] 6. **Agile Migration Plans**: The migration to post-quantum algorithms requires agile migration plans that consider existing user tokens and systems, as complete replacement of traditional algorithms is not feasible. [8][9] 7. **Industry Adoption**: Financial and energy sectors are leading the migration efforts, with several banks already conducting assessments and planning for post-quantum transitions. [7][15] 8. **Hardware vs. Software Migration**: Current hardware upgrades are premature due to the lack of established standards for post-quantum algorithms, making software migration a priority. [12][13] 9. **User Preparedness**: Users have begun developing agile migration plans to ensure readiness for the upcoming standards, with expectations for rapid adaptation once standards are finalized. [14][18] Additional Important Content - **Urgency in Adoption**: There is a heightened urgency among industries, particularly in finance and telecommunications, to replace traditional cryptographic methods due to the imminent threats posed by quantum computing. [15][16] - **Standardization Timeline**: The domestic standardization process for post-quantum algorithms is expected to be more efficient than previous efforts, with a projected completion within three years. [17]

Core Viewpoint - The company is actively advancing research and implementation of post-quantum cryptography and privacy computing solutions, targeting key industries such as banking, insurance, and telecommunications [1] Group 1: Post-Quantum Cryptography - The company is continuously progressing in post-quantum cryptography algorithm research, migration, and industry application [1] - The company has obtained relevant patents for key technologies in post-quantum cryptography [1] - Multiple core products support post-quantum cryptography algorithms, facilitating their replacement and migration in critical business scenarios for clients in banking, insurance, telecommunications, and securities [1] Group 2: Privacy Computing - The company has launched the NetPEC privacy computing platform and secured related technical patents [1] - The platform enables collaborative computing, data fusion, and joint modeling among multiple institutions, enhancing the ability to extract and utilize the immense value of data elements [1] - The company addresses two major issues: data silos and data privacy protection, promoting data security integration and shared circulation in finance, insurance, and government sectors [1] Group 3: Cloud Native Security - The company does not currently offer cloud-native security products, but its existing security products support cloud-native environments [1]

Core Viewpoint - The company, Xinan Century, is actively involved in the digital currency sector, focusing on various cryptographic technologies that support both national and international standards, aligning with financial compliance requirements [1] Group 1: Technological Involvement - Xinan Century's key technologies in the digital RMB field include identity verification, data encryption, communication encryption, PKI/CA, key management, blockchain, and privacy computing [1] - The cryptographic technologies employed by the company are compatible with both national and international algorithms, ensuring they meet financial business applications and compliance standards [1] Group 2: Business Development - The company has been early in exploring and researching digital currency business solutions, which has positioned it well as the digital RMB initiative progresses [1] - Xinan Century has provided cryptographic security products and network security products to business center nodes, six primary issuing banks, and several secondary issuing banks [1]

Group 1 - The software development sector experienced a decline of 2.21% on September 18, with *ST Dongtong leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] - Notable gainers in the software development sector included Xinghuan Technology, which rose by 7.65% to a closing price of 62.76, and Xinan Century, which increased by 7.42% to 15.50 [1] Group 2 - *ST Dongtong saw a significant decline of 19.88%, closing at 2.70, with a trading volume of 112,900 shares [2] - The sector experienced a net outflow of 7.379 billion yuan from institutional funds, while retail investors contributed a net inflow of 5.749 billion yuan [2] - Major stocks that faced declines included Anbotong, which fell by 8.92% to 67.68, and Dazhihui, which decreased by 8.83% to 15.48 [2]

Group 1 - The stock prices of companies such as 信安世纪 (Xinan Century) increased by over 14%, 星环科技 (Star Ring Technology) by over 13%, and 飞荣达 (Feirongda) by over 11% [1] - Other companies including 意华股份 (Yihua Co.), 烽火通信 (Fenghuo Communication), and 海量数据 (Mass Data) also saw their stocks hit the daily limit [1]

Group 1 - The Shanghai Stock Exchange's Innovation Value Index (950333) rose by 1.85%, with notable stock performances including Nanya New Materials (688519) up 17.07%, and Xinan Century (688201) up 14.07% [1] - Nearly 400 foreign institutions have conducted intensive research on A-share listed companies, with a total of around 1800 research instances, indicating sustained interest in Chinese assets [1] - Foreign institutions are focusing on high-end manufacturing and technological innovation sectors, particularly in industrial machinery, electrical equipment, electronic instruments, and healthcare [1] Group 2 - According to CITIC Securities, AI technology is rapidly integrating into various industries, leading to a continuous increase in demand for computing power due to large-scale AI models and massive data [1] - The semiconductor industry is a key battleground in the new wave of technological transformation, with semiconductor equipment being crucial for this sector [1] - The ongoing technological transformation is expected to accelerate domestic substitution, with significant replacement potential in areas with low domestic production rates [1] Group 3 - From a global liquidity perspective, the limited rise in U.S. inflation and a weakening job market have strengthened market expectations for a Federal Reserve interest rate cut [2] - The weakening U.S. dollar index may support the performance of A-shares, enhancing the outlook for the market [2] - The Innovation Value ETF closely tracks the Shanghai Stock Exchange's Innovation Value Index, which includes 100 companies with strong technological innovation capabilities, low valuations, and good profit quality [2]