Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the continuous recommendation of domestic investment opportunities due to increasing external technology controls and the ongoing promotion of domestic innovation policies, indicating a clear trend towards self-sufficiency in key technologies [6][13] - The performance of leading domestic computing companies is showing significant revenue growth, validating the trend of domestic industrial development [7][14] Summary by Sections Weekly Perspective - The report highlights the sustained recommendation of domestic investment opportunities, noting a decline in the CSI 300 index by 2.22% and a 5.61% drop in the computer index during the week of October 13-17, 2025 [5][12] Company Dynamics - Haiguang Information reported a revenue of 40.26 billion yuan for Q3 2025, marking a year-on-year growth of 69.60% and a net profit of 759.99 million yuan, up 13.04% [16] - Cambricon Technologies achieved a revenue of 1.727 billion yuan in Q3 2025, with a staggering year-on-year increase of 1332.52%, and a net profit of 567 million yuan, indicating a strong turnaround [14] Investment Recommendations - Key domestic software companies recommended include Kingsoft Office, Dameng Data, and others, while leading domestic computing companies such as Haiguang Information and Sugon are also highlighted for their growth potential [8][15]

Group 1 - The stock of Zhiyuan Interconnect (688369.SH) closed at 24.00 yuan, with a decline of 4.50%, currently in a broken state [1] - Zhiyuan Interconnect was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 31, 2019, with an issuance of 19,250,000 shares at a price of 49.39 yuan per share [1] - The total amount raised from the initial public offering was 950.7575 million yuan, with a net amount of 840.6460 million yuan, exceeding the originally planned fundraising by 49.12729 million yuan [1] Group 2 - The company announced a cash dividend of 3 yuan (including tax) for every 10 shares and a capital reserve conversion of 4.9 shares for every 10 shares, with the record date on June 15, 2023 [2] - Zhiyuan Interconnect plans to issue convertible bonds to unspecified objects, raising up to 703.8650 million yuan, with net proceeds intended for various projects including AICOP R&D and working capital [2] - The company received authorization from the shareholders' meeting to issue stock to specific objects, with a total financing amount not exceeding 300 million yuan, representing no more than 20% of the net assets at the end of the most recent year [2][3]

Group 1 - The core point of the news is that Zhiyuan Huilian's stock price dropped by 5.13% to 23.84 CNY per share, with a trading volume of 153 million CNY and a turnover rate of 5.45%, resulting in a total market capitalization of 2.747 billion CNY [1] - Zhiyuan Huilian, established on April 2, 2002, and listed on October 31, 2019, is based in Beijing and specializes in providing collaborative management software products, solutions, platforms, and cloud services [1] - The company's main revenue sources are collaborative management software products (84.68%), technical services (15.15%), and market sponsorship services (0.17%) [1] Group 2 - According to data from the top ten holdings of funds, one fund under Jiao Yin Schroder has a significant position in Zhiyuan Huilian, specifically the Jiao Yin Qi Heng Mixed A fund, which held 222,000 shares in the second quarter, unchanged from the previous period, accounting for 3.26% of the fund's net value [2] - The Jiao Yin Qi Heng Mixed A fund was established on November 30, 2022, with a latest scale of 103 million CNY, achieving a year-to-date return of 25.21% and a one-year return of 27.25% [2] - The fund manager, Rui Chen, has been in the position for 10 years and 155 days, with the fund's total asset size at 2.691 billion CNY, achieving a best return of 178.68% and a worst return of -19.9% during the tenure [3]

Core Viewpoint - ZhiYuan Interconnect's stock has experienced fluctuations, with a year-to-date increase of 22.67% but a recent decline over various trading periods, indicating potential volatility in its market performance [1][2]. Company Overview - ZhiYuan Interconnect, established on April 2, 2002, and listed on October 31, 2019, is based in Haidian District, Beijing. The company specializes in providing collaborative management software products, solutions, platforms, and cloud services, with revenue primarily derived from collaborative management software products (84.68%), technical services (15.15%), and market sponsorship services (0.17%) [1][2]. Financial Performance - For the first half of 2025, ZhiYuan Interconnect reported a revenue of 338 million yuan, a year-on-year decrease of 15.98%. The net profit attributable to shareholders was -135 million yuan, reflecting a significant decline of 98.02% compared to the previous year [2]. - The company has distributed a total of 145 million yuan in dividends since its A-share listing, with 37.28 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 5.36% to 6,976, while the average circulating shares per person decreased by 5.09% to 16,516 shares [2]. - Notable institutional shareholders include Nuoan Active Return Mixed A and Yifangda New Normal Mixed, with the latter being a new entrant among the top ten circulating shareholders [3].

Core Insights - The strategic partnership between Zhiyuan Interconnect and Kingsoft Office aims to enhance productivity through AI integration and collaborative efforts in various sectors [1][5][7] Group 1: Company Overview - Kingsoft Office is a leading provider of office software in China, offering products like WPS Office and WPS AI, and serves various sectors including government, finance, education, and healthcare [3][7] - Zhiyuan Interconnect has 23 years of experience in collaborative operation management and is transitioning to become a collaborative operation AI service provider [3][7] Group 2: Partnership Development - The collaboration has evolved through three key stages: 1. Tool Integration Stage: Basic integration of document editing and collaborative office systems [4] 2. Capability Fusion Stage: Enhanced data flow and sharing across systems [4] 3. Intelligent Collaboration Stage: Deep integration of AI with organizational collaboration [4] Group 3: Strategic Focus Areas - The partnership focuses on five main areas to drive intelligent productivity: 1. Ecosystem and Strategic Integration: Building a new foundation for integrated digital operations [5] 2. Product and Solution Integration: Creating a unified solution combining collaborative office and intelligent document capabilities [5] 3. Co-creation and Joint Development: Targeting key scenarios for deep AI application [5] 4. Market and Business Expansion: Joint branding and customized industry solutions to enhance market reach [5] 5. Domestic Innovation and Control: Strengthening local technology adaptation to meet national strategic needs [5] Group 4: Industry Impact - The collaboration sets a benchmark for integrated cooperation in the office software industry, shifting from isolated tools to a model focused on technology integration and scenario empowerment [7] - By leveraging AI throughout the office process, the partnership aims to enhance decision-making efficiency and reduce management costs for organizations [7]

Core Insights - The strategic partnership between Kingsoft Office and Zhiyuan Interconnect aims to enhance productivity through AI integration, focusing on five dimensions including ecological strategy collaboration and product solution integration [2][3] - This collaboration signifies a shift from isolated tool usage to an integrated model of "intelligent collaboration + document services," setting a benchmark for the office software industry [2] - The partnership is expected to empower organizations by providing a closed-loop capability of "intelligent document processing + collaborative operation management," facilitating digital transformation and sustainable evolution [2] Company Developments - Zhiyuan Interconnect will leverage Kingsoft Office's intelligent document capabilities to enhance its "collaborative AI ecosystem" strategy, thereby improving product competitiveness [2] - Kingsoft Office aims to transition from a tool service provider to a productivity solution provider by expanding enterprise-level collaborative scenarios [2] Industry Trends - The collaboration represents an innovative exploration of enterprise collaboration paradigms in the AI era, aiming to drive productivity upgrades across various industries [3] - The partnership is positioned to lead the transformation of the office software industry from single-function competition to a model focused on "technology integration + scenario empowerment" [2]

中国经济网北京10月10日讯 致远互联(688369.SH)今日收报25.05元，跌幅7.15%，总市值28.86亿 元。目前该股处于破发状态。 致远互联于2019年10月31日在上交所科创板上市，发行数量为19,250,000股，发行价格为49.39元/ 股。 2025年4月25日，致远互联发布的关于提请股东大会授权董事会以简易程序向特定对象发行股票的 公告显示，公司于2025年4月24日召开第三届董事会第十七次会议审议通过了《关于提请股东大会授权 董事会以简易程序向特定对象发行股票的议案》，董事会提请股东大会授权董事会决定向特定对象发行 融资总额不超过人民币三亿元且不超过最近一年末净资产百分之二十的股票，授权期限自公司2024年年 度股东大会审议通过之日起至公司2025年年度股东大会召开之日止。 2025年5月21日，致远互联发布的2024年年度股东大会决议公告显示，关于提请股东大会授权董事 会以简易程序向特定对象发行股票的议案通过。 （责任编辑：魏京婷） 致远互联的保荐机构（主承销商）是中德证券有限责任公司，保荐代表人是黄庆伟、吴娟。致远互 联发行费用总计11,011.15万元（不含增值税金额），其中中 ...

Group 1 - The core point of the news is that Zhiyuan Huilian's stock price dropped by 5.04% to 25.62 CNY per share, with a total market capitalization of 2.952 billion CNY as of the report date [1] - Zhiyuan Huilian, established on April 2, 2002, specializes in providing collaborative management software products, solutions, platforms, and cloud services, with 84.68% of its revenue coming from collaborative management software products [1] - The company's trading volume reached 90.7073 million CNY, with a turnover rate of 3.03% [1] Group 2 - Among the top ten circulating shareholders of Zhiyuan Huilian, the Noan Fund's Noan Active Return Mixed A (001706) holds 1.9342 million shares, unchanged from the previous period, representing 1.68% of the circulating shares [2] - The estimated floating loss for Noan Active Return Mixed A today is approximately 2.6305 million CNY [2] - The fund was established on September 22, 2016, with a current scale of 1.4887 billion CNY and a year-to-date return of 10.07%, ranking 6028 out of 8166 in its category [2] Group 3 - The fund manager of Noan Active Return Mixed A is Liu Huiying, who has been in the position for 3 years and 70 days [3] - Under Liu's management, the fund's total asset scale is 23.674 billion CNY, with the best return during the tenure being 82.69% and the worst return being 18.15% [3]

中国经济网北京9月29日讯致远互联(688369.SH)日前发布了2025年半年度报告。 今年上半年，公司营业收入3.38亿元，同比减少15.98%；归属于上市公司股东的净利润-1.35亿元，上年 同期-6842.48万元；归属于上市公司股东的扣除非经常性损益的净利润-1.34亿元，上年同期-7047.12万 元；经营活动产生的现金流量净额-1.62亿元，上年同期-1.68亿元。 | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比 上年同期增 | | | | | 减(%) | | 营业收入 | 337.867.983.27 | 402, 139, 344, 52 | -15. 98 | | 利润总额 | -142.723.388.60 | -75.684.056.32 | 不适用 | | 归属于上市公司股东的净利润 | -135, 491, 445. 53 | -68. 424. 809. 24 | 不活用 | | 归属于上市公司股东的扣除非经 | -134. 146. 336. 49 | ...

Core Points - The stock of Zhiyuan Interconnect increased by 5.11% on September 25, reaching a price of 27.75 CNY per share, with a trading volume of 76.71 million CNY and a turnover rate of 2.45%, resulting in a total market capitalization of 3.197 billion CNY [1] Company Overview - Zhiyuan Interconnect Software Co., Ltd. is located in Haidian District, Beijing, and was established on April 2, 2002. The company went public on October 31, 2019. Its main business involves providing collaborative management software products, solutions, collaborative management platforms, and cloud services, integrating design, research and development, sales, and services of collaborative management products [1] - The revenue composition of the company is as follows: 84.68% from collaborative management software products, 15.15% from technical services, and 0.17% from market sponsorship services [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Jiao Yin Schroder has a significant position in Zhiyuan Interconnect. The Jiao Yin Qiheng Mixed A Fund (016541) held 222,000 shares in the second quarter, unchanged from the previous period, accounting for 3.26% of the fund's net value, ranking as the fifth-largest holding. The estimated floating profit today is approximately 299,600 CNY [2] - The Jiao Yin Qiheng Mixed A Fund (016541) was established on November 30, 2022, with a current scale of 103 million CNY. Year-to-date returns are 30.64%, ranking 3119 out of 8173 in its category; the one-year return is 49.76%, ranking 3007 out of 8003; and since inception, the return is 18.79% [2] Fund Manager Information - The fund manager of Jiao Yin Qiheng Mixed A Fund (016541) is Rui Chen. As of the report date, Rui Chen has a cumulative tenure of 10 years and 134 days, with the total asset size of the fund being 2.691 billion CNY. The best fund return during the tenure is 194.68%, while the worst return is -19.9% [3]