Core Viewpoint - The stock of Hehe Information has experienced fluctuations, with a current price of 175.28 CNY per share, reflecting a year-to-date increase of 22.43% and a recent 5-day increase of 4.78% [1] Company Overview - Hehe Information Technology Co., Ltd. was established on August 8, 2006, and is located in Shanghai, China. The company specializes in intelligent text recognition and commercial big data technologies, providing digital and intelligent products and services to both C-end users and various B-end clients [1] - The company's revenue composition includes: 81.65% from intelligent text recognition C-end products, 9.44% from commercial big data B-end products and services, 4.87% from intelligent text recognition B-end products and services, 3.48% from commercial big data C-end products, and 0.38% from other sources [1] Financial Performance - For the first half of 2025, Hehe Information reported a revenue of 843 million CNY, representing a year-on-year growth of 22.51%. The net profit attributable to shareholders was 235 million CNY, with a year-on-year increase of 6.63% [2] - The company has distributed a total of 200 million CNY in dividends since its A-share listing [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Hehe Information was 8,894, a decrease of 4.82% from the previous period. The average number of circulating shares per person increased by 47.08% to 3,148 shares [2] - The top circulating shareholders include: - Taixin Small and Medium Cap Selected Mixed Fund (290011) as the largest shareholder with 1.18 million shares, an increase of 385,000 shares from the previous period - Taixin Xinxuan Mixed A (001970) as the third largest shareholder with 770,000 shares, an increase of 340,000 shares - New entrants include Morgan Stanley Digital Economy Mixed A (017102) with 606,500 shares and Bosera SSE Sci-Tech Innovation Board AI ETF (023520) with 279,600 shares [3]

Group 1 - The People's Bank of China Shanghai Branch has imposed a fine of 115,500 CNY on Shanghai Shengteng Data Technology Co., Ltd. for two violations related to credit reporting [1][2] - The violations include failure to report the required template and content of credit reports, and failure to report the evaluation methods, models, and key dimensional elements of credit evaluation products [2] - Shanghai Shengteng Data Technology Co., Ltd. is a wholly-owned subsidiary of Shanghai Hehe Information Technology Co., Ltd., which is listed with the stock code 688615 [2] Group 2 - The core product of Shanghai Shengteng Data Technology is "Qixinbao," an enterprise information query tool that provides various industry professionals with access to company information, including business registration, investment bidding information, and legal disputes [2] - This is not the first time "Qixinbao" has faced penalties for compliance issues; it was previously required to rectify its practices for "excessive collection of personal information" in November 2021 [2] - As of October 23, the stock price of Hehe Information has decreased by 1.85%, closing at 174.05 CNY per share, with a total market capitalization of 24.367 billion CNY [2][4]

Core Viewpoint - Three companies, Zhongxin Co., Ltd. (603091.SH), Hehe Information (688615.SH), and Yinuosi Biotechnology (688710.SH), will begin trading under the "Shanghai-Hong Kong Stock Connect" mechanism starting October 27, 2025, and will be included as eligible securities in the central settlement system [2] Group 1: Company Information - Zhongxin Co., Ltd. (603091) will be traded under the English name "ZHEJIANG ZHON-A" [2] - Hehe Information (688615) will be traded under the English name "INTSIG INFORM-A" [2] - Yinuosi Biotechnology (688710) will be traded under the English name "SHANGHAI INNO-A" [2] Group 2: Trading Mechanism - The trading of these companies will be conducted in Renminbi and will follow the general rules and operational procedures of Hong Kong settlement [2] - The central settlement system will not provide physical stock custody and withdrawal services for these securities [2]

Core Points - Three companies, Zhongxin Co., Ltd. (603091.SH), Hehe Information (688615.SH), and Innos (688710.SH), will start trading under the "Shanghai-Hong Kong Stock Connect" from October 27, 2025 [1] - These companies will be included as eligible securities in the Central Clearing System, with trading conducted in Renminbi [1] - The Hong Kong Clearing will not provide physical stock custody and withdrawal services for these securities [1] Summary by Category Company Information - Zhongxin Co., Ltd. (603091) will be trading under the English name "ZHEJIANG ZHON-A" [2] - Hehe Information (688615) will be trading under the English name "INTSIG INFORM-A" [2] - Innos (688710) will be trading under the English name "SHANGHAI INNO-A" [2] Trading Mechanism - The trading of these companies will follow the general rules and operational procedures of Hong Kong Clearing [1] - The settlement and clearing will be conducted under the continuous net settlement system of the Central Clearing System [1]

Core Insights - The development of multimodal large models is becoming a significant direction in AI, with a recent forum focusing on "Multimodal Text Intelligence Models" attracting considerable attention from experts and scholars [1][4]. Group 1: Multimodal AI Development - Multimodal AI integrates various forms of information, including text, images, audio, and video, to enhance understanding and communication [4]. - The 2025 Gartner AI maturity curve indicates that multimodal AI will become a core technology for enhancing applications and software products across industries in the next five years [4]. Group 2: Technical Innovations - The "Multimodal Thinking Chain" technology presented by Harbin Institute of Technology breaks down reasoning logic into interpretable cross-modal steps, leading to more accurate conclusions [4]. - A systematic OCR illusion mitigation solution was introduced to improve the visual text perception capabilities of multimodal large models [4]. Group 3: Practical Applications - The "Multimodal Text Intelligence Technology" solution by Hehe Information aims to provide a comprehensive understanding of multimodal information, addressing the challenges of semantic disconnection and layout relationships in complex scenarios [15]. - This technology extends the processing of text from traditional documents to various media, including reports, financial statements, and videos, enhancing AI's ability to understand and interpret complex information [14][15]. Group 4: Industry Impact - The demand for AI systems is shifting from mere functionality to business empowerment, with the "Multimodal Text Intelligence Technology" solution designed to evolve AI from a supportive tool to a decision-making business partner [15]. - Applications of this technology have been initiated in sectors such as finance, healthcare, and education, focusing on intelligent reconstruction of business processes through precise perception and reliable decision-making [15].

Market Overview - The software development sector experienced a decline of 1.48% on October 16, with Yingjianke leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable gainers in the software development sector included: - Pinming Technology (6018889) with a closing price of 126.87, up 7.52% and a trading volume of 49,400 shares, totaling 608 million yuan [1] - Information Development (300469) closed at 80.65, up 6.30% with a trading volume of 173,500 shares, totaling 1.392 billion yuan [1] - Tuo Wei Information (002261) closed at 36.09, up 5.62% with a trading volume of 1.3226 million shares, totaling 4.661 billion yuan [1] - Major decliners included: - Xujian Technology (300935) with a closing price of 30.73, down 7.72% and a trading volume of 78,700 shares, totaling 24.7 million yuan [2] - Zhongke Tongda (688038) closed at 19.48, down 5.34% with a trading volume of 96,100 shares, totaling 194 million yuan [2] - Haochen Software (688657) closed at 57.34, down 4.94% with a trading volume of 40,400 shares, totaling 234 million yuan [2] Capital Flow - The software development sector saw a net outflow of 3.131 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.596 billion yuan [2][3] - Key stocks with significant capital flow included: - Information Development (300469) had a net inflow of 215 million yuan from institutional investors, but a net outflow of 66.793 million yuan from retail investors [3] - Tianyuan Dike (300047) saw a net inflow of 68.854 million yuan from institutional investors, with a net outflow of 65.862 million yuan from retail investors [3] - Pinming Technology (6018889) experienced a net inflow of 62.221 million yuan from institutional investors, alongside a net outflow of 42.500 million yuan from retail investors [3]

Core Viewpoint - The stock of Hehe Information has shown a significant increase in price and trading activity, indicating positive market sentiment and potential growth in the company's business operations [1][2]. Company Overview - Hehe Information, established on August 8, 2006, is located in Shanghai and specializes in intelligent text recognition and commercial big data technologies, providing digital and intelligent products and services to both C-end users and B-end clients [2]. - The company's revenue composition includes 81.65% from C-end intelligent text recognition products, 9.44% from B-end commercial big data products and services, 4.87% from B-end intelligent text recognition products and services, 3.48% from C-end commercial big data products, and 0.55% from other sources [2]. Stock Performance - As of October 16, the stock price of Hehe Information increased by 20.69% year-to-date, with a 3.60% rise over the last five trading days, an 11.35% increase over the last 20 days, and a 3.38% increase over the last 60 days [2]. - The stock was trading at 172.80 CNY per share with a market capitalization of 24.192 billion CNY [1]. Financial Performance - For the first half of 2025, Hehe Information reported a revenue of 843 million CNY, representing a year-on-year growth of 22.51%, and a net profit attributable to shareholders of 235 million CNY, which is a 6.63% increase compared to the previous year [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 4.82% to 8,894, while the average circulating shares per person increased by 47.08% to 3,148 shares [3]. - The top circulating shareholders include institutions such as Taixin Small and Medium Cap Selected Mixed Fund and others, with notable increases in holdings [4].

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index has decreased by 0.70% as of October 15, 2025, with mixed performance among constituent stocks [3] - Kuaishou's Kwaipilot team has open-sourced a new programming model, KAT-Dev-72B-Exp, achieving a score of 74.6% on the SWE-Bench Verified benchmark, surpassing several other models [3] - Oracle plans to deploy 50,000 AMD's upcoming MI450 AI chips starting in the second half of 2026 to enhance its AI computing capabilities [4] - Nanjing Microelectronics has made progress in developing advanced 800V DC GaN and SiC power devices to support NVIDIA's latest AI computing platform [4] Industry Trends - The decreasing cost of domestic large models is a sustained trend, with 2025 expected to be a pivotal year for the practicality, comprehensiveness, and cost-effectiveness of models, likely boosting cloud and hardware demand [5] - The domestic AI application monetization and Agent commercialization investment opportunities are anticipated to benefit from these trends [5] ETF Performance - The Sci-Tech AI ETF (588790) has seen a 40.94% increase over the past three months, with a recent price of 0.8 yuan and a turnover rate of 1.85% [3][6] - The ETF has experienced significant growth, with a recent increase of 1.53 million shares over the past week, ranking third among comparable funds [6] - The ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, which includes 30 large-cap stocks providing foundational resources and technology for AI [7] Fund Flows - The latest net outflow for the Sci-Tech AI ETF was 71.89 million yuan, but there has been a net inflow of 138 million yuan over the last four trading days [7] - The top ten weighted stocks in the index account for 71.9% of the total, including companies like Lianqi Technology and Cambricon [7]

Core Insights - The stock of Shanghai Hehe Information Technology Co., Ltd. increased by 5.01% on October 15, reaching a price of 173.03 CNY per share, with a trading volume of 312 million CNY and a turnover rate of 1.92%, resulting in a total market capitalization of 24.224 billion CNY [1] Company Overview - Shanghai Hehe Information was established on August 8, 2006, and is located in Shanghai and Hong Kong. The company specializes in intelligent text recognition and commercial big data technologies, providing digital and intelligent products and services to both C-end users and various B-end clients [1] - The revenue composition of the company includes: - Intelligent text recognition - C-end products: 81.65% - Commercial big data - B-end products and services: 9.44% - Intelligent text recognition - B-end products and services: 4.87% - Commercial big data - C-end products: 3.48% - Other: 0.38% - Other (supplementary): 0.17% [1] Fund Holdings - According to data, one fund under China Merchants Fund holds shares in Hehe Information. The China Merchants Fengli Flexible Allocation Mixed Fund A (000679) held 5,732 shares in the second quarter, accounting for 4.12% of the fund's net value, making it the seventh largest holding. The estimated floating profit today is approximately 47,300 CNY [2] - The China Merchants Fengli Flexible Allocation Mixed Fund A was established on August 12, 2014, with a latest scale of 20.7879 million CNY. Year-to-date returns are 23.86%, ranking 3,485 out of 8,161 in its category; the one-year return is 33.25%, ranking 2,077 out of 8,015; and since inception, the return is 63.5% [2] Fund Manager Information - The fund manager of China Merchants Fengli Flexible Allocation Mixed Fund A is Kuang Chong. As of the report date, Kuang Chong has been in the position for 2 years and 243 days, managing total assets of 999.7 million CNY. The best fund return during his tenure is 21.41%, while the worst return is 6.23% [3]

Core Points - The Shanghai Composite Index is currently at 3870.35 points, above the annual line, with a decline of 0.49% and a total trading volume of 20,965.31 billion yuan [1] - A total of 67 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Stocks with the highest deviation rates include: - Ainoju (艾能聚) with a deviation rate of 8.12% and a daily increase of 9.39% [1] - LiuGong (柳工) with a deviation rate of 5.44% and a daily increase of 5.69% [1] - Asia Optical (亚世光电) with a deviation rate of 5.10% and a daily increase of 9.99% [1] - Other stocks that have just crossed the annual line include: - Guangzhou Restaurant (广州酒家) and Junzheng Group (君正集团) with smaller deviation rates [1] Trading Data - The trading data for stocks that broke the annual line includes: - Ainoju: Latest price 20.62 yuan, annual line 19.07 yuan, turnover rate 22.19% [1] - LiuGong: Latest price 11.51 yuan, annual line 10.92 yuan, turnover rate 7.78% [1] - Asia Optical: Latest price 23.13 yuan, annual line 22.01 yuan, turnover rate 12.90% [1]