Core Viewpoint - The company has successfully implemented its backup product i2Backup V9 in the banking sector, specifically replacing Veritas NetBackup in projects like that of the Industrial and Commercial Bank of China [1] Group 1 - The i2Backup V9 product is currently being adopted in the banking industry [1] - The company is committed to adhering to disclosure regulations and will timely disclose business updates [1]

Core Viewpoint - The stock of Shanghai Yingfang Software Co., Ltd. experienced a decline of 5.01%, trading at 54.83 CNY per share, with a total market capitalization of 4.578 billion CNY as of November 25 [1] Company Overview - Shanghai Yingfang Software was established on August 12, 2011, and went public on January 19, 2023. The company specializes in providing data replication software, integrated hardware and software solutions, and related services [1] - The revenue composition of the company is as follows: software products account for 60.37%, software-related services for 20.57%, integrated hardware and software products for 15.97%, and other services for 3.09% [1] Fund Holdings - One fund under Dongfang Fund holds a significant position in Yingfang Software. The Dongfang Quantitative Growth Flexible Allocation Mixed A Fund (005616) held 20,800 shares in the third quarter, representing 0.59% of the fund's net value, making it the eighth largest holding [2] - The fund has reported a floating loss of approximately 60,200 CNY as of the latest data [2] Fund Performance - The Dongfang Quantitative Growth Flexible Allocation Mixed A Fund was established on March 21, 2018, with a current size of 108 million CNY. Year-to-date, it has achieved a return of 32.3%, ranking 1810 out of 8136 in its category [2] - Over the past year, the fund has returned 32.04%, ranking 1900 out of 8058, and since inception, it has delivered a return of 110.46% [2] Fund Management - The fund manager of Dongfang Quantitative Growth Flexible Allocation Mixed A is Wang Huaixun, who has been in the position for 3 years and 194 days. The total asset size of the fund is currently 799 million CNY [3] - During Wang's tenure, the best fund return was 50.98%, while the worst return was -2.62% [3]

Core Viewpoint - The company, Yingfang Software, is focused on data replication and has shown significant growth in revenue and product offerings, positioning itself as a key player in the data security and digital economy sectors. Company Overview - Yingfang Software, established on August 12, 2011, is located in Shanghai and specializes in providing data replication software, integrated hardware-software solutions, and related services. The revenue composition includes 60.37% from software products, 20.57% from software-related services, 15.97% from integrated hardware-software products, and 3.09% from other sources [9]. Product and Technology - The company has developed nearly 30 standardized products based on three core technologies: dynamic file byte-level replication, database semantic-level replication, and volume block-level replication. These products are categorized into four main product lines: disaster recovery, backup, big data, and cloud disaster recovery [3]. - Yingfang Software's products are widely used in various sectors, including finance, government, healthcare, and telecommunications, ensuring data security and business continuity while facilitating digital transformation [4]. Market Position and Performance - As of September 30, the company had 6,509 shareholders, with an average of 7,248 circulating shares per person, indicating a slight increase in shareholder engagement [9]. - For the period from January to September 2025, Yingfang Software achieved a revenue of 132 million yuan, reflecting a year-on-year growth of 11.26%. However, the net profit attributable to the parent company was -14.71 million yuan, showing a significant increase in losses by 53.56% compared to the previous year [9]. Recent Developments - On November 14, 2024, the company announced its support for the Huawei Euler operating system and its active participation in the openEuler community, aiming to promote innovation and self-sufficiency in the domestic software industry [2]. - The company's data replication software has been successfully applied in numerous core business systems of domestic financial institutions, showcasing its strong market presence [4].

融券方面，英方软件11月21日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，上海英方软件股份有限公司位于上海市闵行区浦锦路2049弄15号楼，成立日期2011年8月12 日，上市日期2023年1月19日，公司主营业务涉及为客户提供数据复制相关的软件、软硬件一体机及软 件相关服务。主营业务收入构成为：软件产品60.37%，软件相关服务20.57%，软硬件一体机产品 15.97%，其他3.09%。 来源：新浪证券-红岸工作室 11月21日，英方软件跌0.80%，成交额4.05亿元。两融数据显示，当日英方软件获融资买入额5153.06万 元，融资偿还4178.29万元，融资净买入974.77万元。截至11月21日，英方软件融资融券余额合计2.73亿 元。 融资方面，英方软件当日融资买入5153.06万元。当前融资余额2.73亿元，占流通市值的10.40%，融资 余额超过近一年90%分位水平，处于高位。 截至9月30日，英方软件股东户数6509.00，较上期增加0.91%；人均流通股7248股，较 ...

Market Overview - The Sci-Tech Innovation Board (科创板) index fell by 3.19%, closing at 1285.83 points, with a total trading volume of 4.022 billion shares and a turnover of 172.61 billion yuan, resulting in an average turnover rate of 2.09% [1] - Among the tradable stocks on the Sci-Tech Innovation Board, 33 stocks closed higher, with 3 stocks rising over 10%, while 559 stocks closed lower, with 12 stocks declining over 10% [1] Stock Performance - The stock with the highest turnover rate was C Hengkun, a new stock listed for 5 days, which saw a decline of 11.47% and a turnover rate of 46.22%, with a trading volume of 1.25 billion yuan and a net outflow of 13.49 million yuan [1] - Other notable stocks with high turnover rates included Yingfang Software, Qingyun Technology, and Tengjing Technology, with turnover rates of 15.29%, 14.95%, and 14.62% respectively [1] High Turnover Stocks - Among stocks with a turnover rate exceeding 5%, C Hengkun was noted as a new listing, while the top gainers included He Xin Instrument, Aike Saibo, and Dekeli, with increases of 20.00%, 13.31%, and 5.06% respectively [2] - The electronic industry had the highest representation among high turnover stocks, with 22 stocks, followed by the power equipment and computer sectors with 12 and 8 stocks respectively [2] Fund Flow Analysis - In terms of fund flow, 16 stocks experienced net inflows, with Dekeli, Woerde, and Yuanjie Technology receiving the most significant inflows of 110 million yuan, 95.93 million yuan, and 78.53 million yuan respectively [2] - Conversely, stocks with the largest net outflows included Rongbai Technology, Guo Dun Quantum, and Dongxin Co., with outflows of 383 million yuan, 350 million yuan, and 320 million yuan respectively [2] Leverage Fund Movements - Recent data indicated that 32 stocks received net purchases from leveraged funds, with Dongxin Co., Huafeng Technology, and Huasheng Lithium receiving the largest increases in financing balances of 332 million yuan, 260 million yuan, and 206 million yuan respectively [3] - Stocks that saw significant reductions in financing balances included Aters, Tengjing Technology, and Woerde, with decreases of 176 million yuan, 126 million yuan, and 122 million yuan respectively [3] Key Stocks on November 21 - A table of key stocks on the Sci-Tech Innovation Board highlighted C Hengkun with a closing price of 51.54 yuan and a daily decline of 11.47%, alongside other stocks like Yingfang Software and Qingyun Technology, which had notable turnover rates and net fund flows [4][5]

Core Viewpoint - The company, Yingfang Software, specializes in data replication and has made significant strides in the domestic software market, particularly in data security and disaster recovery solutions. Company Overview - Yingfang Software, established on August 12, 2011, is located in Shanghai and was listed on January 19, 2023. The company focuses on providing data replication software, integrated hardware-software solutions, and related services. Its revenue composition includes 60.37% from software products, 20.57% from software-related services, 15.97% from integrated hardware-software products, and 3.09% from other sources [9]. Product and Technology - The company has developed nearly 30 standardized products based on three core technologies: dynamic file byte-level replication, database semantic-level replication, and volume block-level replication. These products are categorized into four main product lines: disaster recovery, backup, big data, and cloud disaster recovery [3]. - Yingfang Software's products are widely used in various sectors, including financial institutions, government agencies, healthcare, and telecommunications, ensuring data security and business continuity while facilitating digital transformation [4]. Market Position and Performance - As one of the top three suppliers in the domestic data replication and protection software market, Yingfang Software has received recognition from the Shanghai Data Exchange as a "Data Delivery Service Provider" [3]. - For the period from January to September 2025, the company achieved a revenue of 132 million yuan, reflecting a year-on-year growth of 11.26%. However, the net profit attributable to the parent company was a loss of 14.71 million yuan, although this represented a 53.56% improvement compared to the previous year [9]. Recent Developments - On November 14, 2024, the company announced its support for the Huawei Euler operating system and its active participation in the openEuler community, indicating a commitment to promoting domestic software innovation and self-sufficiency [2]. - The company's data replication software has been successfully implemented in numerous core business systems of domestic securities firms, banks, insurance companies, and asset management companies, showcasing its strong performance in the financial sector [4].

Market Overview - The Sci-Tech Innovation Board (STAR Market) index fell by 1.24%, closing at 1328.19 points, with a total trading volume of 3.128 billion shares and a turnover of 142.69 billion yuan, resulting in a weighted average turnover rate of 1.63% [1] - Among the tradable stocks on the STAR Market, 121 stocks closed higher, with 3 stocks rising over 10% and 13 stocks rising between 5% and 10%. Conversely, 465 stocks closed lower [1] Trading Activity - The distribution of turnover rates for STAR Market stocks shows that 2 stocks had turnover rates exceeding 20%, 8 stocks had rates between 10% and 20%, 43 stocks had rates between 5% and 10%, 54 stocks had rates between 3% and 5%, 305 stocks had rates between 1% and 3%, and 181 stocks had rates below 1% [1] - C Hengkong, a newly listed stock, had the highest turnover rate at 47.40%, closing down by 3.05% with a trading volume of 1.454 billion yuan and a net outflow of 34.016 million yuan in main funds [1] - Other notable stocks include Bibet, which rose by 7.73% with a turnover rate of 21.08%, and several others like Yingfang Software, Huasheng Lithium, and Weidao Nano, with turnover rates of 18.95%, 13.99%, and 13.26% respectively [1] High Turnover Stocks - Among stocks with a turnover rate exceeding 5%, C Hengkong is noted as a newly listed stock. In terms of market performance, 21 stocks in this category rose today, with San Da Membrane, Gongda High-Tech, and Qingyun Technology leading with increases of 13.74%, 10.80%, and 10.76% respectively. Conversely, Huasheng Lithium, Hexin Instruments, and Jindike saw declines of 9.33%, 7.43%, and 6.87% respectively [2] - The electronic industry had the highest representation among high turnover stocks, with 21 stocks, followed by the power equipment and computer sectors with 9 and 5 stocks respectively [2] Fund Flow - In terms of fund flow, 24 stocks in the high turnover category experienced net inflows, with Dekeli, Dongxin Co., and Haibo Sichuang receiving the most significant net inflows of 99.676 million yuan, 86.0429 million yuan, and 66.7609 million yuan respectively. On the other hand, Baiwei Storage, Shijia Photon, and Shijia Technology faced substantial net outflows of 276 million yuan, 141 million yuan, and 135 million yuan respectively [2] - Recent movements in leveraged funds indicate that 33 stocks have seen net purchases of leveraged funds, with Dongxin Co., Huasheng Lithium, and Huafeng Technology showing significant increases in financing balances of 294 million yuan, 261 million yuan, and 227 million yuan respectively. Conversely, Artis, Shijia Photon, and Tengjing Technology experienced notable decreases in financing balances of 136 million yuan, 113 million yuan, and 103 million yuan respectively [3] Key Stocks - The top stocks by turnover rate on November 20 include: - C Hengkong: Closing price 58.22 yuan, daily change -3.05%, turnover rate 47.40%, net outflow -34.016 million yuan [4] - Bibet: Closing price 29.98 yuan, daily change +7.73%, turnover rate 21.08%, net inflow +35.5901 million yuan [4] - Yingfang Software: Closing price 56.00 yuan, daily change +0.90%, turnover rate 18.95%, net inflow +55.9331 million yuan [4] - Huasheng Lithium: Closing price 103.99 yuan, daily change -9.33%, turnover rate 13.99%, net outflow -94.0686 million yuan [4] - Weidao Nano: Closing price 59.12 yuan, daily change -1.63%, turnover rate 13.26%, net outflow -90.0089 million yuan [4]

Core Insights - Huawei Euler concept stock rose by 0.74%, ranking fifth among concept sectors, with 22 stocks increasing in value [1] - The leading gainers included *ST Dongtong with a 20% limit up, Aerospace Development also hitting the limit up, and Qingyun Technology, Chengmai Technology, and Dongfang Guoxin with increases of 10.76%, 3.78%, and 3.68% respectively [1] - The sector experienced a net outflow of 356 million yuan, with 18 stocks seeing net inflows, and 10 stocks receiving over 30 million yuan in net inflows [2] Sector Performance - The top-performing concept sectors included Hainan Free Trade Zone with a 2.20% increase and Salt Lake Lithium Extraction with a 1.43% increase, while Silicon Energy and Pre-made Dishes saw declines of 2.66% and 2.37% respectively [2] - Huawei Euler concept was among the top gainers, while the dairy industry faced a decline of 2.27% [2] Fund Flow Analysis - Key stocks with significant net inflows included Donghua Software with a net inflow of 158.23 million yuan, followed by Dongfang Guoxin and Tuo Wei Information with inflows of 133.80 million yuan and 130.78 million yuan respectively [3] - The net inflow ratios for stocks like Kela Software, Qingyun Technology, and Yingfang Software were 12.71%, 11.49%, and 11.27% respectively, indicating strong interest from major funds [3] Stock Specifics - Notable stocks in the Huawei Euler concept included Donghua Software with a 3.68% increase and a turnover rate of 4.70%, and Qingyun Technology with a significant 10.76% increase and a turnover rate of 13.12% [4] - Conversely, stocks like Dahong Technology and China Software experienced declines of 3.16% and 2.86% respectively, with significant net outflows [5]

Core Viewpoint - The total margin balance of the STAR Market on November 19 was 258.339 billion yuan, showing a decrease of 1.162 billion yuan from the previous trading day [1] Group 1: Margin Balance - The financing balance amounted to 257.412 billion yuan, down by 1.166 billion yuan compared to the previous trading day [1] - The margin trading balance increased by 0.04 billion yuan, reaching 0.927 billion yuan [1] Group 2: Stock Performance - On November 19, 267 stocks in the STAR Market experienced net financing inflows, with 11 stocks having net inflows exceeding 30 million yuan [1] - Rongbai Technology topped the list with a net financing inflow of 145 million yuan, followed by Guangyun Technology, Dongxin Co., Changguang Huaxin, Huasheng Lithium Battery, and Yingfang Software [1]

Group 1 - The core point of the news is that Yingfang Software experienced a decline in stock price and significant changes in financing activities on November 18, with a net financing outflow of 26.15 million yuan [1] - On November 18, Yingfang Software's stock price fell by 2.50%, with a trading volume of 302 million yuan [1] - The financing buy amount for Yingfang Software on the same day was 21.89 million yuan, while the financing repayment was 48.05 million yuan, leading to a net financing buy of -26.15 million yuan [1] Group 2 - As of November 18, the total financing and securities lending balance for Yingfang Software was 204 million yuan, accounting for 8.42% of its circulating market value, which is above the 90th percentile level over the past year [1] - On the same day, there were no shares sold or repaid in the securities lending market, indicating a high level of inactivity in this area [1] - Yingfang Software was established on August 12, 2011, and went public on January 19, 2023, focusing on providing data replication software and related services [1] Group 3 - As of September 30, Yingfang Software had 6,509 shareholders, an increase of 0.91% from the previous period, with an average of 7,248 circulating shares per person, up by 1.32% [2] - For the period from January to September 2025, Yingfang Software reported revenue of 132 million yuan, representing a year-on-year growth of 11.26% [2] - The company's net profit attributable to shareholders was -14.71 million yuan, showing a year-on-year increase of 53.56% [2]