Core Viewpoint - The company, through its wholly-owned subsidiary Nanjing Bai'ao Software Co., Ltd., is the only independent BIOS supplier authorized by Intel in mainland China, indicating a significant partnership and unique market position [1] Group 1 - The company confirmed its relationship with Intel in response to an investor inquiry, highlighting its status as the sole authorized independent BIOS supplier in mainland China [1] - The specific cooperation details between the company and its clients will be disclosed through statutory information channels, including regular reports and relevant announcements [1]

格隆汇12月2日丨卓易信息(688258.SH)在投资者互动平台表示，公司的全资子公司南京百敖软件有限公 司是中国大陆唯一获得英特尔授权的独立BIOS供应商，公司与客户的具体合作情况以公司在法定信息 披露渠道披露的定期报告与相关公告为准。 ...

格隆汇12月2日丨卓易信息(688258.SH)在投资者互动平台表示，公司的全资子公司南京百敖软件有限公 司是中国大陆唯一获得英特尔授权的独立BIOS供应商，公司与客户的具体合作情况以公司在法定信息 披露渠道披露的定期报告与相关公告为准。 ...

Core Viewpoint - The company, 卓易信息, is the only independent BIOS supplier in mainland China authorized by Intel, highlighting its unique position in the market [1] Company Summary - 卓易信息's subsidiary has received authorization from Intel, making it the sole independent BIOS supplier in mainland China [1]

Core Insights - The report emphasizes the upward synchronization of performance cycles and technology cycles in the computer industry, driven by AI empowerment and structural improvements in fundamentals [1][2][3] - The computer sector is characterized as a "bull market leader," with a significant resonance between fundamentals and liquidity, reflecting strong market recognition of revenue expansion potential [3][20] - The report forecasts substantial growth in various AI applications, including AI Coding, AI in office software, AI in finance, network security, intelligent driving, and industrial software, indicating a broad market opportunity [3][11][12][13][14][16][17] Group 1: AI Applications - AI Coding is projected to reshape software development paradigms, with a global market value expected to grow from $6.7 billion in 2024 to $25.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 25.2% [3][11][12] - The Chinese AI code generation market is anticipated to expand from 6.5 billion RMB in 2023 to 33 billion RMB by 2028, with a CAGR of 38.4% [3][12] - AI in office software is expected to reach a market size of 30.86 billion RMB in 2024, growing to 191.14 billion RMB by 2028, with a CAGR of 57.75% [3][12] - The network security market is projected to grow to $1.6 billion by 2028, with a CAGR exceeding 230%, driven by the integration of AI technologies [3][14] - Intelligent driving technologies are evolving towards L3 commercial applications, with significant growth in high-speed NOA penetration from 8.7% to 35.7% between 2023 and 2025 [3][16] Group 2: Investment Recommendations - The report suggests focusing on companies involved in AI Coding, such as Zhuoyi Information, and those in AI office software like Kingsoft Office and Foxit Software [3][11][12] - In the AI finance sector, companies like Tonghuashun and Jiufang Zhitu are highlighted for their innovative applications [3][13] - For network security, firms such as Deepin and Anheng Information are recommended due to their advancements in AI-driven security solutions [3][14] - In the intelligent driving space, companies like Desay SV and Zhongke Chuangda are noted for their leadership in high-performance driving solutions [3][16] - Industrial software firms like Zhongkong Technology and Rongzhi Rixin are recognized for their contributions to AI-driven industrial transformations [3][17]

Macro Economic Overview - Manufacturing and construction sectors show signs of low-level recovery, while the service sector is weakening, as indicated by the November PMI data [3][5] - The PMI for manufacturing increased by 0.3 percentage points to 50.0%, with improvements in new orders and export orders [3][4] - The construction PMI improved by 0.5 percentage points to 49.6%, supported by the acceleration of special bond issuance [5][6] Corporate Profit Trends - In the first ten months of 2025, the cumulative profit of large-scale industrial enterprises increased by 1.9% year-on-year, down from 3.2% [8][9] - October saw a significant decline in profits, with a year-on-year drop of 5.5%, attributed to a high base effect and rising costs [9][10] - The profit structure indicates a shift, with midstream profits increasing while upstream profits are declining [11][41] Investment Strategies - The report suggests early positioning for the upcoming spring market rally, with December being a crucial macroeconomic window [14][15] - Growth style is expected to continue, with a focus on technology and cyclical sectors [19][27] - The report highlights the potential of small-cap stocks, particularly in a liquidity-rich environment [18][22] Sector-Specific Insights - The real estate sector is seeing a shift towards infrastructure REITs, with a notable performance in affordable housing REITs [3][5] - The coal mining sector is experiencing price stability, with coal prices expected to remain firm [3][5] - The pharmaceutical sector is advancing rapidly in clinical trials for PD-1/VEGF dual antibodies, with four candidates entering registration trials [3][5] ETF and Index Performance - The report discusses the core investment value of the China Securities 2000 Enhanced Strategy ETF, emphasizing its growth potential and resilience [20][21] - The index is characterized by high growth and elasticity, particularly benefiting from liquidity easing and stimulus policies [21][22] Financial Engineering and Asset Allocation - The report recommends a multi-asset allocation strategy favoring short-term bonds, undervalued convertible bonds, and gold assets [55][56] - The bond market is expected to experience upward pressure on yields, with a shift in asset allocation from safe-haven assets to risk assets [43][48]

Core Viewpoint - The trend of A-share companies planning to list in Hong Kong continues, with 18 companies disclosing their intentions to issue H-shares and list on the Hong Kong Stock Exchange in November [1] Group 1: Companies Planning to List - 18 A-share listed companies have announced plans to issue H-shares and list in Hong Kong from November 1 to November 29 [1] - Zhongji Xuchuang announced on November 10 its intention to issue H-shares and list on the Hong Kong Stock Exchange [1] Group 2: Specific Company Announcements - Runjian Co., Ltd. announced on November 25 its plan to issue H-shares and list in Hong Kong [2] - Ningbo Yunsheng authorized management on November 24 to initiate preparations for issuing H-shares and listing in Hong Kong [2] - Igor announced on November 24 its plan to issue H-shares and list in Hong Kong [2] - Miao Exhibition announced on November 24 its intention to issue H-shares and list in Hong Kong [2] - Zhuoyi Information announced on November 20 its plan to issue H-shares and list in Hong Kong [2] - Yuanjie Technology announced on November 19 its intention to issue H-shares and list in Hong Kong [2] - Dashang Co., Ltd. announced on November 18 its plan to issue H-shares and list in Hong Kong [2] - Sifang Jingchuang announced on November 14 its intention to issue H-shares and list on the main board of the Hong Kong Stock Exchange [2] - Zejing Pharmaceutical announced on November 14 its plan to issue H-shares and list in Hong Kong [2] - Juxin Technology announced on November 14 its intention to issue H-shares and list in Hong Kong [2] - Deye Co., Ltd. announced on November 13 its plan to issue H-shares and list in Hong Kong [2] - Tuosida announced on November 12 its intention to issue H-shares and list in Hong Kong [2] - Marumi Bio announced on November 12 its plan to issue H-shares and apply for listing in Hong Kong [2] - Transsion Holdings announced on November 12 its intention to issue H-shares and list in Hong Kong [2] - Anker Innovations announced on November 11 its plan to issue H-shares and list in Hong Kong [2] - Visual China announced on November 4 that it is planning to issue H-shares [2] - Juhe Materials announced on November 3 its plan to issue FF shares and list in Hong Kong [2]

Group 1 - The report suggests that after the recent market adjustment, growth stocks are expected to continue to outperform, with a focus on sectors such as military, media (gaming), AI applications, Hong Kong internet, and power equipment [3][12] - The financial engineering team has developed a sector rotation model, recommending a December industry portfolio that includes beauty care, social services, home appliances, oil and petrochemicals, retail, communication, transportation, automotive, media, and food and beverage [4][15] - Alibaba (9988.HK) is highlighted for its significant investment in AI infrastructure, which is expected to accelerate cloud business growth, alongside increased user traffic and revenue from e-commerce technology services [4][17] Group 2 - Zhongji Xuchuang (300308.SZ) is recognized as a global leader in optical modules, with a strong focus on cutting-edge research and commercial applications, gaining wide recognition from clients [4][20] - Yuekang Pharmaceutical (688658.SH) has several innovative drugs entering critical clinical or approval stages, indicating potential breakthroughs from research to commercialization [4][22] - Ximai Co., Ltd. (002956.SZ) continues to focus on the oat category, driving high growth through product structure adjustments and category innovations, benefiting from falling raw material prices [4][24] Group 3 - China Life Insurance (601628.SH) is expected to exceed expectations in its life insurance segment, with ongoing high growth in the bancassurance channel and improved investment returns [4][27] - Shangmei Co., Ltd. (2145.HK) is leveraging a multi-brand strategy and strong operational capabilities, with promising performance during the Double Eleven shopping festival [4][30] - Giant Network (002558.SZ) is anticipated to achieve new highs in key metrics due to seasonal events and successful game titles, indicating strong growth potential [4][33] Group 4 - Northern Huachuang (002371.SZ) is positioned to benefit from the growth of domestic semiconductor equipment and is expected to see significant order growth in 2026 [4][35] - Zhuoyi Information (688258.SH) is focusing on AI programming and related trends, with promising commercial prospects for its new products [4][37] - Midea Group (000333.SZ) is experiencing high growth in its ToB business and significant retail sales increases in its high-end brand strategy, contributing to sustained performance [4][40]

Core Viewpoint - ZTE Information's stock price has increased by 94.25% year-to-date, with a recent decline of 2.06% on November 28, 2023, indicating volatility in the market [1] Company Overview - Jiangsu ZTE Information Technology Co., Ltd. was established on May 12, 2008, and went public on December 9, 2019. The company focuses on cloud computing equipment core firmware and cloud platform technology [1] - The main revenue sources are: core firmware business (35.09%), cloud services (33.64%), and PB business (27.98%), with IoT cloud services contributing 22.80% and enterprise cloud services 10.84% [1] Financial Performance - For the period from January to September 2025, ZTE Information reported revenue of 263 million yuan, a year-on-year increase of 8.03%, and a net profit attributable to shareholders of 44.6 million yuan, reflecting a significant growth of 122.02% [2] - Cumulative cash dividends since the A-share listing amount to 74.25 million yuan, with 35.75 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 8.61% to 8,970, while the average circulating shares per person decreased by 7.93% to 13,505 shares [2] - Notable institutional shareholders include: - Second largest: Fortune New Emerging Industries Stock A (001048) with 2.0493 million shares - Fifth largest: Nuoan Active Return Mixed A (001706) with 1.2645 million shares, down by 196,300 shares from the previous period - Seventh largest: Debon Stable Growth Flexible Allocation Mixed A (004260) as a new shareholder with 902,200 shares [3]

Market Overview - The Shanghai Composite Index rose by 0.87% on November 25, with 29 out of the 31 sectors experiencing gains, led by the communication and media sectors, which increased by 3.54% and 2.85% respectively [2] - The computer sector also saw an increase of 1.10% [2] Capital Flow - The net inflow of capital in the two markets was 13.215 billion yuan, with 19 sectors receiving net inflows [2] - The electronics sector had the highest net inflow of 5 billion yuan, followed closely by the communication sector with a net inflow of 4.881 billion yuan [2] Computer Sector Performance - In the computer sector, 336 stocks were tracked, with 273 stocks rising and 53 stocks declining [3] - The top three stocks with the highest net inflow were Rongji Software (4.25 billion yuan), South Network Digital (4.06 billion yuan), and Dahua Intelligent (1.90 billion yuan) [3] - The sector experienced a net outflow of 3.072 billion yuan, with the largest outflows from Zhongke Shuguang (7.75 billion yuan), Sanliu Ling (4.34 billion yuan), and Nanwei Software (2.04 billion yuan) [3][5] Top Gainers in Computer Sector - The top gainers in the computer sector included: - Rongji Software: +10.03%, turnover rate 47.81%, net inflow 425.13 million yuan - South Network Digital: +19.99%, turnover rate 55.02%, net inflow 406.37 million yuan - Dahua Intelligent: +10.02%, turnover rate 12.05%, net inflow 190.23 million yuan [4] Top Losers in Computer Sector - The top losers in the computer sector included: - Zhongke Shuguang: -0.44%, turnover rate 2.69%, net outflow -775.37 million yuan - Sanliu Ling: +1.15%, turnover rate 7.60%, net outflow -433.98 million yuan - Nanwei Software: -2.29%, turnover rate 22.81%, net outflow -204.03 million yuan [5]