Core Insights - The report emphasizes that computational power is accumulating, leading to significant advancements in applications, particularly in AI, with a projected 10% impact point approaching in 2026 [3] - Institutional holdings in the computer sector are at a historical low of 2.4%, indicating potential for growth in valuations [3][21] - The report identifies three key focus areas for 2026: large models, computational power, and applications, all showing significant changes and accelerated iterations [3] Group 1: Market Overview - The computer index has shown a year-to-date increase of 18%, ranking 12th among all sectors, with AI computing, embodied intelligence, and AI applications as the main themes [9][10] - The report notes a basic performance turning point, with net profit rebounding and a stable overall performance expected for 2025 [10][13] Group 2: Valuation and Holdings - The report indicates that the computer sector's valuation is at a historical mid-to-high level, with PE (TTM) at 85.4, PS (TTM) at 3.6, and PCF (TTM) at 46.6 [18] - The report highlights that the computer sector's fund allocation is at a historical low, with a 2.4% allocation in Q3 2025 [21] Group 3: AI Model Developments - The report discusses the rapid narrowing of the performance gap between Chinese and American large models, with significant advancements in commercial applications expected [3][26] - It highlights the emergence of various large models in 2025, focusing on monetization, AI programming, and multi-modal capabilities [26][29] Group 4: Key Companies and Trends - The report identifies key companies in the computer sector, such as Zhongke Shuguang and Inspur Information, which have seen significant increases in their market values due to rising domestic computational capacity [23] - The report notes that the demand for AI applications is driving growth in various sectors, with companies like Alibaba and ByteDance leading in AI-related job creation [40]

证券日报网讯12月2日，纳思达（002180）在互动平台回答投资者提问时表示，公司一直严格按照法律 法规的要求履行信息披露义务，不存在应披露而未披露的事项。二级市场股价受资本市场环境、宏观经 济、投资者预期等诸多因素的影响。公司目前生产经营正常，并始终以为股东创造更多价值为目标，通 过持续创新和优化运营，努力实现公司价值长期健康可持续增长。 ...

证券日报网讯12月2日，纳思达（002180）在互动平台回答投资者提问时表示，截至2025年9月30日，公 司普通股股东总数为62222户。 ...

Group 1 - The core viewpoint of the article highlights the strategic partnership between Bentu and Huawei's HarmonyOS, marking a significant milestone in the adaptation of domestic operating systems [2] - Bentu is the first third-party printer company to conduct adaptation development for the HarmonyOS and has received Huawei's adaptation certification [2] - The company has achieved deep adaptation with over 10 domestic operating systems, including Tongxin UOS and Kirin OS, as well as more than 20 domestic office software applications, positioning itself as a leader in the industry for technical adaptation to domestic operating systems [2]

Core Viewpoint - The company Nasta (002180.SZ) has established a strategic partnership with Huawei's HarmonyOS, marking a significant step in the adaptation of domestic operating systems in the printing industry [1] Group 1: Partnership and Collaboration - Nasta's subsidiary, Bentu, successfully held a signing ceremony for the strategic cooperation with Huawei's HarmonyOS in June this year in Dongguan [1] - Bentu is the first third-party printer company to conduct adaptation development for the HarmonyOS and has received Huawei's adaptation certification [1] Group 2: Industry Position and Technological Adaptation - The comprehensive adaptation of Bentu to the HarmonyOS demonstrates the progress of domestic operating systems achieving full autonomy from the kernel to the application layer [1] - Currently, Bentu has completed deep adaptation with over 10 domestic operating systems, including Tongxin UOS and Kirin OS, as well as more than 20 domestic office software applications, positioning itself as a leader in the industry for technological adaptation [1]

纳思达在投资者互动平台回答称，公司重大资产重组完成后，公司负债规模及资产负债率均实现大幅下 降，改善财务状况，偿债能力大幅提升。损益表方面，2025年前三季度公司财务费用实现同比下降 34.20%。 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

南财智讯12月1日电，纳思达公告，公司于2025年12月1日召开第八届董事会第四次会议，审议通过了 《关于使用部分闲置募集资金进行现金管理的议案》。为提高募集资金使用效率，在确保不影响募集资 金项目建设和使用的情况下，公司拟使用最高额度不超过1.30亿元的暂时闲置募集资金进行现金管理， 适时购买安全性高、流动性好的低风险产品。该事项自董事会审议通过之日起12个月内有效，资金在额 度范围内可滚动使用。公司强调，此举不会影响募集资金投资项目进度和公司正常生产经营，不存在变 相改变募集资金用途的情形。 ...

华泰联合证券有限责任公司 关于纳思达股份有限公司 截至2025年9月30日，公司本次发行募集资金使用情况如下： 单位：万元 | 项目名称 | 投资总额 | 募集资金承诺 | 截至 年 2025 | 09 | 月 | | --- | --- | --- | --- | --- | --- | | | | 投资金额 | 30 日已投入金额 | | | | | 1 | | | | | | 项目名称 | 投资总额 | 募集资金承诺 | 截至 | 年 2025 09 | 月 | | --- | --- | --- | --- | --- | --- | | | | 投资金额 | 30 | 日已投入金额 | | | 高性能高安全性系列激光打印机 研发及产业化项目 | 104,061.00 | 62,260.13 | | 45,351.50 | | | 合肥奔图打印机及耗材生产基地 项目二期项目 | 31,682.73 | 21,339.87 | | 5,731.47 | | | 支付收购标的资产的现金对价、支 付中介机构费用及相关税费 | 164,000.00 | 164,000.00 | | 161,336.98 | ...

证券代码：002180 证券简称：纳思达 公告编号：2025-086 纳思达股份有限公司 关于控股子公司为其全资子公司提供信用担保额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 纳思达股份有限公司（以下简称"公司"）于 2025 年 12 月 1 日召开第八届 董事会第四次会议，审议通过了《关于控股子公司为其全资子公司提供信用担保 额度的议案》，公司控股子公司极海微电子股份有限公司（以下简称"极海微"） 为支持其全资子公司珠海极海半导体有限公司（以下简称"极海半导体"）、成 都极海科技有限公司（以下简称"成都极海"）、极海半导体（深圳）有限公司 （以下简称"极海半导体（深圳）"）、杭州朔天科技有限公司（以下简称"杭 州朔天"）的经营业务发展，极海微为上述子公司提供不超过 3.20 亿元的信用 担保额度（以下简称"本次担保"）。现将具体情况公告如下： 一、 本次担保概述 极海微为全力支持其全资子公司极海半导体、成都极海、极海半导体（深圳）、 杭州朔天的经营业务发展，为上述全资子公司提供不超过 3.20 亿元的信用担保 额度，本次担保额度及授权的有效期 ...