Market Performance - The IT services sector rose by 3.32% on September 11, with Jiechuang Intelligent leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Top Gainers in IT Services - Jiechuang Intelligent (301248) closed at 29.80, up 11.28% with a trading volume of 353,600 shares and a turnover of 1.071 billion [1] - Xinjun Network (605398) closed at 35.82, up 10.01% with a trading volume of 38,400 shares and a turnover of 138 million [1] - Ronglian Technology (002642) closed at 10.03, up 9.98% with a trading volume of 499,400 shares and a turnover of 499 million [1] Market Capital Flow - The IT services sector saw a net inflow of 2.123 billion from institutional investors, while retail investors experienced a net outflow of 921 million [2][3] - Major stocks like Ziguang Co. (000938) had a net inflow of 2.45 billion from institutional investors, but a net outflow of 3.37 billion from retail investors [3] Notable Decliners - Langxin Group (300682) closed at 23.32, down 4.27% with a trading volume of 570,600 shares and a turnover of 1.308 billion [2] - ST Haofeng (300419) closed at 7.19, down 3.88% with a trading volume of 454,000 shares and a turnover of 327 million [2]

Group 1 - Oracle's stock surged by 36% in a single day, marking its largest daily increase since 1992 and reaching an all-time high [1] - Nvidia's stock rose nearly 4%, while Broadcom increased by 9.77%, TSMC by 3.79%, and ARM by over 9%, all achieving historical highs [1] - The positive performance of Oracle is attributed to its better-than-expected earnings and significant AI capital expenditures [1] Group 2 - The CSI Artificial Intelligence Theme Index (930713) rose by 4.95%, with notable increases in constituent stocks such as Zhongji Xuchuang (10.04%) and Zhongke Shuguang (10.00%) [2] - The AI Artificial Intelligence ETF (512930) increased by 4.75%, with a recent price of 2.05 yuan, and has seen a 30.05% rise over the past month [2] - The AI Artificial Intelligence ETF has recorded a turnover rate of 6.93% and a total transaction volume of 199 million yuan [2] Group 3 - The CSI Artificial Intelligence Theme Index includes 50 companies involved in providing foundational resources, technology, and application support for AI [3] - The top ten weighted stocks in the index account for 60.82% of the total index weight, with companies like Xinyi Sheng (300502) and Zhongji Xuchuang (300308) leading [3][5]

Core Insights - The 2025 China Unicom Partner Conference was held in Shanghai, focusing on the theme "Co-creation of a New Ecosystem through Practical Collaboration" to explore digital technology integration and innovation in China [1] - Unisplendour's subsidiary, H3C Group, showcased its full-stack innovative achievements under the theme "Computing Power × Connectivity, AI × Future," emphasizing the dual drive of "AI in All" and "AI for All" to empower digital transformation across various industries [1][12] Group 1: Event Highlights - Key leaders from China Unicom, including Chairman Chen Zhongyue and General Manager Jian Qin, visited the H3C exhibition booth, where H3C's latest technological achievements and solutions in intelligent computing and smart home sectors were presented [3] - H3C's Senior Vice President He Ning provided detailed insights into the collaboration between H3C and China Unicom, receiving high praise from leaders for H3C's innovative technologies and applications [3] Group 2: Strategic Initiatives - H3C's participation in the launch of the "China Unicom Tongtong Huigou Enterprise Mall" aims to enhance procurement processes and service efficiency for government and enterprise clients [4] - The company was recognized with the "Outstanding Contribution Award" at the China Unicom Partner Conference for its achievements in the terminal ecosystem, particularly in FTTR products and smart home collaborations [6] Group 3: Technological Innovations - The "Lingxi Intelligent Computing Solution," central to the "AI in All" strategy, supports AIGC demands through six capabilities, including efficient computing power supply and intelligent energy management, while collaborating with over 15 major AI chip manufacturers [8] - H3C's BNC (Broadband Core Network) initiative aims to create a flexible and efficient broadband network architecture, enhancing service capabilities and operational efficiency [10] Group 4: AI Applications and Collaborations - The "Turing Town" initiative, part of the "AI for All" strategy, is being developed in multiple cities to create a closed-loop business model that integrates construction, ecology, operations, and sales [11] - H3C's AI solutions have been implemented in various sectors, including industrial manufacturing and smart healthcare, with a focus on accelerating industry intelligence transformation [11]

主力资金净流出的行业有25个，电子行业主力资金净流出规模居首，全天净流出资金171.72亿元，其次 是电力设备行业，净流出资金为95.73亿元，净流出资金较多的还有计算机、通信、机械设备等行业。 计算机行业今日下跌2.07%，全天主力资金净流出68.79亿元，该行业所属的个股共335只，今日上涨的 有51只，涨停的有1只；下跌的有282只。以资金流向数据进行统计，该行业资金净流入的个股有77只， 其中，净流入资金超亿元的有6只，净流入资金居首的是同花顺，今日净流入资金7.41亿元，紧随其后 的是四维图新、淳中科技，净流入资金分别为4.87亿元、2.09亿元。计算机行业资金净流出个股中，资 金净流出超亿元的有17只，净流出资金居前的有岩山科技、紫光股份、科大讯飞，净流出资金分别为 7.60亿元、5.05亿元、4.43亿元。（数据宝） 计算机行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300033 | 同花顺 | 1.28 | 5.25 | 74130.72 | | 002405 ...

9月9日，紫光股份跌5%，截至发稿，报26.41元/股，成交26.59亿元，换手率3.47%，总市值755.35亿 元。 数据显示，合煦智远基金旗下1只基金重仓紫光股份。合煦智远金融科技指数(LOF)A（168701）二季度 减持3.58万股，持有股数16.62万股，占基金净值比例为3.75%，位居第六大重仓股。根据测算，今日浮 亏损失约23.1万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 合煦智远金融科技指数(LOF)A（168701）成立日期2020年4月3日，最新规模5780.73万。今年以来收益 19.75%，同类排名2417/4222；近一年收益87.12%，同类排名554/3798；成立以来收益27.56%。 责任编辑：小浪快报 合煦智远金融科技指数(LOF)A（168701）基金经理为杨志勇。 资料显示，紫光股份有限公司位于北京市海淀区清华大学紫光大楼,香港铜锣湾告士打道311号皇室堡大 厦安达人寿大楼30楼3003-08室，成立日期1999年3月 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's core subsidiary, Xinhua San, has experienced rapid growth, driven by both domestic government and enterprise sectors as well as overseas business expansion. The revenue from ICT infrastructure has increased, with strong growth in server sales. However, the gross margin has declined due to changes in revenue structure and acquisition-related financial costs, which have impacted net profit. The company is committed to advancing its "Computing Power x Connectivity" strategy and is actively pursuing an H-share listing to optimize its capital structure for long-term development [5][11]. Summary by Sections Financial Performance - In the first half of 2025 (25H1), the company achieved a revenue of 47.42 billion yuan, a year-on-year increase of 25.0%. The net profit attributable to shareholders was 1.04 billion yuan, up 4.1% year-on-year, while the net profit after deducting non-recurring items was 1.12 billion yuan, reflecting a 25.1% increase year-on-year. In the second quarter of 2025 (25Q2), the revenue reached 26.64 billion yuan, marking a year-on-year growth of 27.2% and a quarter-on-quarter increase of 28.1% [5][11]. Subsidiary Performance - The core subsidiary, Xinhua San, reported a revenue of 36.40 billion yuan in 25H1, representing a year-on-year growth of 37.7% and a quarter-on-quarter increase of 27.1%. The net profit was 1.85 billion yuan, up 1.7% year-on-year. Domestic government and enterprise business benefited from the sustained demand for AI computing power, achieving a revenue of 31.04 billion yuan, a significant increase of 53.5% year-on-year. International business revenue reached 1.92 billion yuan, growing by 60.2% year-on-year [11]. Strategic Initiatives - The company is accelerating its overseas business expansion, which has become a second growth curve. In 25H1, overseas revenue reached 1.98 billion yuan, a year-on-year increase of 53.0%. The company has established 22 overseas subsidiaries and has over 3,300 certified overseas partners, focusing on regions such as Southeast Asia, Central Asia, the Middle East, and Europe [11]. Margin and Cost Analysis - The overall gross margin for 25H1 was 15.2%, a decrease of 3.8 percentage points year-on-year. The gross margin for the ICT infrastructure and services business was 18.1%, down 6.3 percentage points, attributed to the higher proportion of lower-margin server products. Financial expenses increased significantly due to acquisition-related costs, impacting overall profitability [11]. Future Outlook - The company is expected to maintain strong growth, with projected net profits for 2025-2027 at 1.942 billion yuan, 2.318 billion yuan, and 2.826 billion yuan, respectively, corresponding to year-on-year growth rates of 24%, 19%, and 22%. The price-to-earnings ratios are projected to be 40 times, 34 times, and 28 times for the respective years [11].

央视网消息：据"微言教育"微信公众号消息，近日，教育部公布第三批"全国高校黄大年式教师团队"创建示范活动认定名单和第四批"全国高校黄大年式 教师团队"创建示范活动入围名单。 第三批"全国高校黄大年式教师团队"创建示范活动认定名单 （按所在高校学校标识码排序） 第三批"全国高校黄大年式教师团队" 创建示范活动认定名单 (按所在高校学校标识码排序) | 序号 | 所在高校 | 团队名称 | 团队负责人 | | --- | --- | --- | --- | | 1 | 北京大学 | 天然药物学教师团队 | 屠鹏飞 | | 2 | 中国人民大学 | 习近平新时代中国特色社会主 义民商法学教师团队 | 王利明 | | 3 | 清华大学 | 大气复合污染治理教师团队 | 贺克斌 | | 4 | 北京交通大学 | 交通系统科学与工程教师团队 | 高自友 | | 5 | 北京工业大学 | 材料生命周期工程教师团队 | 崔素萍 | | 6 | 北京航空航天大学 | 惯性技术创新教师团队 | 房建成 | | 7 | 北京理工大学 | 飞行器动力学与控制教师团队 | 胡海岩 | | 8 | 北京化工大学 | 生命健康材料教师团队 ...

Group 1 - A-shares experienced a strong rebound in the afternoon, with the ChiNext Index rising by 6%, and companies like Zhongji Xuchuang and Xinyi Sheng both increasing by over 12% [1] - The AI ETF (515070) surged over 5.6% during trading, with significant gains from companies such as Jingsheng Electronics, Xiechuang Data, Cambricon, and Lanke Technology [1] - The trading volume of the AI ETF exceeded 470 million yuan, and its fund size surpassed 8 billion yuan [1] Group 2 - Yushu Technology announced plans to submit an IPO application to the stock exchange between October and December 2025, with sales from quadruped robots, humanoid robots, and component products expected to account for approximately 65%, 30%, and 5% of revenue, respectively, in 2024 [1] - Guotai Junan believes that the AI-driven semiconductor cycle recovery is resonating with new demand, highlighting unprecedented needs for high-performance GPUs, HBM storage, and advanced packaging, which are becoming significant demand drivers beyond mobile phones and PCs [1] - The traditional chip inventory destocking is nearing completion, and the synergy between AI and the recovery of traditional demand in consumer electronics, automotive, and industrial sectors is driving the semiconductor industry into a new prosperity cycle [1] Group 3 - The AI ETF (515070) tracks the CS AI Theme Index (930713), selecting component stocks that provide technology, basic resources, and applications for artificial intelligence, focusing on the midstream and upstream of the AI industry chain [2] - The top ten weighted stocks in the AI ETF include leading domestic technology companies such as Zhongji Xuchuang, Xinyi Sheng, Cambricon-U, Zhongke Shuguang, Keda Xunfei, Hoya Group, Hikvision, Lanke Technology, Kingsoft, and Unisplendour [2] Group 4 - Related products include the AI ETF (515070), the ChiNext AI ETF from Huaxia (159381), and the Sci-Tech Innovation AI ETF from Huaxia (589010) [3]

Core Viewpoint - The A-share market experienced a strong rebound, particularly in the ChiNext index, which surged by 6%, driven by significant gains in technology stocks related to artificial intelligence (AI) [1] Group 1: Market Performance - The ChiNext index rose by 6%, with Shenghong Technology hitting a 20% limit up, marking a new historical high [1] - Zhongji Xuchuang and Xinyi Sheng both increased by over 12% [1] - The AI ETF (515070) saw an intraday increase of over 5.6%, indicating strong investor interest in AI-related stocks [1] Group 2: AI ETF and Industry Focus - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713) and includes stocks that provide technology, basic resources, and applications in the AI sector [2] - The top ten weighted stocks in the AI ETF include major domestic technology leaders such as Zhongji Xuchuang, Xinyi Sheng, and Hanwha Technology [2] Group 3: Government Initiatives and Industry Outlook - The Shanghai Municipal Economic and Information Commission announced a notification to implement the national "Artificial Intelligence +" action plan, focusing on project applications for 2025 [1] - By the end of 2027, the goal is to establish at least 10 public service platforms for industrial innovation and achieve breakthroughs in at least 100 core technologies [1] - CITIC Construction Investment believes that the current AI user penetration rate is still low, and the development of large models is in its early to mid-stages, indicating a long industrialization cycle ahead [1]

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 30.24 CNY [2][8]. Core Insights - The company achieved a revenue of 47.425 billion CNY in the first half of 2025, representing a year-on-year growth of 24.96%. However, the total profit decreased by 25.56% to 1.401 billion CNY, while the net profit attributable to shareholders increased by 4.05% to 1.041 billion CNY. The non-recurring net profit saw a significant increase of 25.10% to 1.118 billion CNY [2][4]. - The company's growth is driven by dual engines: government and enterprise sectors alongside international expansion. The subsidiary, Xinhua San, reported a revenue of 36.404 billion CNY, up 37.75% year-on-year, with net profit reaching 1.851 billion CNY. The domestic government enterprise revenue surged by 53.55% to 31.035 billion CNY, while international revenue grew by 60.25% to 1.919 billion CNY [2][8]. - The company is focusing on AI technology integration across its product offerings, enhancing capabilities in computing clusters, network switching, storage, and security. Notable advancements include the launch of the S12500AI series core switch and the DeepSeek model machine, which are being applied in various industries [2][8]. Financial Summary - The projected total revenue for 2025-2027 is estimated at 93.346 billion CNY, 104.282 billion CNY, and 115.669 billion CNY, with corresponding growth rates of 18.1%, 11.7%, and 10.9% respectively. The net profit attributable to shareholders is forecasted to be 2.060 billion CNY, 1.543 billion CNY, and 1.803 billion CNY for the same period, with growth rates of 31.0%, -25.1%, and 16.9% respectively [4][8]. - The company’s financial ratios indicate a projected PE ratio of 42 for 2025, with a target price of approximately 30.24 CNY based on comparable company valuations and historical levels [4][8].