Core Insights - The AI corpus concept has seen a rise of 3.42%, ranking fourth among concept sectors, with 45 stocks increasing in value, including Fushi Holdings and 360, which both hit the daily limit up [1][2] Market Performance - The top-performing concept sectors today include: - Recombinant proteins: +3.72% - Cultivated diamonds: -2.96% - Cell immunotherapy: +3.58% - National big fund holdings: -2.96% - Sora concept (text-to-video): +3.51% - AI corpus: +3.42% [2] Capital Flow - The AI corpus sector attracted a net inflow of 3.646 billion yuan, with 36 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflow. The leading stock in net inflow is 360, with 1.908 billion yuan, followed by Vision China and Chinese Online with 454 million yuan and 360 million yuan respectively [2][3] Stock Performance - Key stocks in the AI corpus sector include: - 360: +10.02%, net inflow rate of 37.89% - Vision China: +7.20%, net inflow rate of 17.00% - Chinese Online: +8.15%, net inflow rate of 9.97% - Fushi Holdings: +20.09%, net inflow rate of 36.64% [3][4] Declining Stocks - Notable declining stocks include: - Kaipu Cloud: -1.15%, net outflow of 49.602 million yuan - Tonghuashun: -1.04%, net outflow of 271.768 million yuan [5]

Core Insights - Hefei Linghan Technology Co., Ltd. has recently been established with a registered capital of 1 million RMB [1] - The company is involved in various sectors including engineering and technology research, computer system services, data processing services, software development, and information system integration services [1] - The ownership structure reveals that the company is jointly held by Anhui Xunfei Cloud Creation Technology Co., Ltd., a subsidiary of iFlytek Co., Ltd., and two limited partnership enterprises [1] Company Overview - The legal representative of Hefei Linghan Technology Co., Ltd. is Sun Shufang [1] - The company’s business scope includes wholesale and retail of computer hardware and software, as well as data processing and storage support services [1] Ownership Structure - The company is co-owned by Anhui Xunfei Cloud Creation Technology Co., Ltd. and two other limited partnership entities [1]

Core Viewpoint - The shift from reliance on foreign components to confidence in domestic technology in the Chinese automotive industry is exemplified by the decline of foreign audio brands in vehicle marketing, particularly in the context of in-car audio systems [1][3][12] Group 1: Industry Transformation - The "de-Westernization" of in-car audio reflects the broader evolution of the Chinese automotive industry from dependency on foreign brands to a focus on self-developed technologies [3][12] - Early Chinese automakers emphasized foreign components due to a lack of technological accumulation, but as the industry has advanced, consumer perceptions have shifted towards valuing experience over brand prestige [3][11] - The rise of domestic suppliers like iFLYSOUND demonstrates that Chinese products can match or exceed the quality of established international brands, particularly in smart audio experiences [5][9] Group 2: Technological Advancements - iFLYSOUND's technology has been recognized for its high fidelity and immersive sound quality, competing directly with luxury brands [5][6] - The innovative features of iFLYSOUND, such as the no-mic karaoke mode and sound field zoning, enhance user experience and address common consumer needs [8][9] - By 2025, iFLYSOUND's solutions are expected to be integrated into over 80 models from various mainstream automakers, indicating widespread market acceptance [9] Group 3: Market Recognition and Global Expansion - The collaboration between Chery and iFLYSOUND to create the "Boya Sound" brand signifies a deeper partnership between domestic automakers and suppliers, moving away from reliance on foreign brands [6][9] - iFLYSOUND's technology is not only recognized domestically but is also being adopted in international markets, showcasing the global potential of Chinese automotive innovations [9][12] - The transformation of the Chinese automotive industry is evident in its ability to create a self-sufficient supply chain and innovative technology platforms, leading to increased brand value and global competitiveness [12]

Market Overview - On October 31, the software development sector rose by 2.38%, with Foxit Software leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Top Gainers in Software Development Sector - Foxit Software (688085) closed at 107.40, up 20.00% with a trading volume of 105,700 shares and a transaction value of 1.056 billion [1] - Hehe Information (688615) closed at 216.85, up 14.14% with a trading volume of 112,200 shares and a transaction value of 2.378 billion [1] - Deepin Technology (300454) closed at 131.00, up 13.62% with a trading volume of 209,000 shares and a transaction value of 2.625 billion [1] - Other notable gainers include Star Ring Technology (688031) up 11.18%, 360 (601360) up 10.02%, and Zhong An Ke (600654) up 9.88% [1] Top Losers in Software Development Sector - Geer Software (603232) closed at 23.40, down 8.91% with a trading volume of 772,100 shares and a transaction value of 1.928 billion [2] - Keda Guochuang (300520) closed at 42.27, down 7.75% with a trading volume of 857,800 shares and a transaction value of 3.704 billion [2] - Other notable losers include Gai Lun Electronics (688206) down 4.38% and ST Zhisheng (002253) down 3.25% [2] Capital Flow Analysis - The software development sector saw a net inflow of 2.114 billion from institutional investors, while retail investors experienced a net inflow of 158 million [2] - Notable stocks with significant capital flow include 360 (601360) with a net inflow of 1.720 billion from institutional investors, despite a net outflow of 954 million from retail investors [3] - Other stocks like Keda Xunfei (002230) and Yonyou Network (600588) also showed mixed capital flows with institutional inflows and retail outflows [3]

Core Insights - The event held on October 26, 2025, during the iFlytek Global 1024 Developer Festival, showcased the upgrade of iFlytek's "AI + Cultural Tourism" products, aiming to enhance the tourism experience from mere visits to deep engagement [1] Group 1: Product Innovations - iFlytek introduced digital human technology that brings cultural tourism IPs to life, featuring an IP image library that allows for one-click customization to create site-specific digital personas from a single photo [1] - The iFlytek virtual human interaction platform enables these IPs to be interactive, allowing generated images to be quickly integrated into mini-programs and apps [1] - The AI Companion App can activate a virtual tour guide named "Wanwan" in Hefei, providing restaurant recommendations and responding in English [1] Group 2: Smart Terminal Developments - iFlytek's virtual human interactive machine and mobile digital human possess sound source localization and autonomous obstacle avoidance capabilities, suitable for various guided tour scenarios [1] - The iFlytek Dual-Screen Translation Machine 2.0 supports over 80 foreign languages and more than 200 dialects, with a dual-screen design for more natural communication [1] Group 3: Technological Integration - The combination of large models and XR technology allows for the restoration of historical scenes, enhancing the immersive experience in cultural tourism [1] - iFlytek's products have already been implemented in locations such as Hefei Luogang Central Park, collaborating with global developers to realize the value of "AI that understands you better" [1]

Group 1: ETF Performance and Market Trends - The software ETF experienced a turnover of 7.16% during trading, with a transaction volume of 410 million yuan [3] - Over the past month, the software ETF's scale increased by 615 million yuan, indicating significant growth [3] - In the last 16 trading days, the software ETF attracted a total of 831 million yuan in inflows [3] - As of October 30, the software ETF's net value has risen by 12.61% over the past three years [3] - The highest monthly return since inception was 39.35%, with the longest consecutive monthly gains being three months and a maximum increase of 69.40% [3] - The average return during the months of increase was 10.06% [3] Group 2: Software Industry Performance - According to the Ministry of Industry and Information Technology, the software and information technology service industry in China showed a positive performance in the first three quarters of 2025, with software business revenue reaching 1111.26 billion yuan, a year-on-year increase of 13.0% [3] - The total profit of the software industry was 143.52 billion yuan, reflecting a year-on-year growth of 8.7% [3] - Software business exports amounted to 45.94 billion USD, marking a year-on-year increase of 6.6% [3] - Software product revenue maintained stable growth, reaching 238.54 billion yuan in the first three quarters, a year-on-year increase of 10.9%, accounting for 21.5% of the total industry revenue [3] - Basic software product revenue was 13.83 billion yuan, up 11.2% year-on-year, while industrial software product revenue was 23.59 billion yuan, reflecting a 9.8% increase [3] Group 3: Future Outlook and Investment Opportunities - Longjiang Securities noted that in the context of intensified Sino-U.S. technology competition, achieving complete autonomy in key areas is essential for China's technological development [4] - The domestic software systems have gradually developed innovative capabilities, transitioning from "usable" to "user-friendly" [4] - As key policy assessment years (such as 2025 and 2027) approach, the domestic chip and operating system industries related to the Xinchuang industry are expected to benefit [4] - As of September 30, 2025, the top ten weighted stocks in the CSI Software Service Index included companies like iFLYTEK, Tonghuashun, and Kingsoft Office, collectively accounting for 62.41% of the index [4] - Investors can also consider the software ETF linked fund (012620) to capitalize on AI software investment opportunities [4]

Core Insights - The China Securities Index for online consumption (931481) has shown a 0.70% increase as of October 31, 2025, with notable gains in constituent stocks such as Kunlun Wanwei (300418) up by 4.27% and Yidian Tianxia (301171) up by 4.13% [1][2] - The online consumption ETF fund (159793) has risen by 1.48%, with a latest price of 1.1 yuan, and has accumulated a 1.60% increase for the month as of October 30, 2025 [1] - The index comprises 50 listed companies from mainland China and Hong Kong, focusing on sectors like online shopping, digital entertainment, online education, and telemedicine [1] Index Composition - As of September 30, 2025, the top ten weighted stocks in the online consumption index account for 55.76% of the total index, with Alibaba-W (09988) and Tencent Holdings (00700) being the largest contributors [2] - The weightings of the top ten stocks are as follows: Alibaba-W (11.77%), Tencent Holdings (10.24%), Kuaishou-W (6.37%), Meituan-W (5.50%), JD Health (4.86%), Giant Network (3.82%), Bilibili-W (3.74%), iFLYTEK (3.52%), Kaiying Network (2.98%), and Kunlun Wanwei (2.69%) [4]

Core Viewpoint - Keda Xunfei's stock price has shown a positive trend with a year-to-date increase of 14.33%, reflecting strong market interest and performance in the AI and software development sector [1][2]. Financial Performance - For the period from January to September 2025, Keda Xunfei achieved a revenue of 16.989 billion yuan, representing a year-on-year growth of 14.41% [2]. - The company's net profit attributable to shareholders was -66.68 million yuan, which is an impressive year-on-year increase of 80.60% [2]. Stock Market Activity - On October 31, Keda Xunfei's stock rose by 2.05%, reaching a price of 55.13 yuan per share, with a trading volume of 9.54 billion yuan and a turnover rate of 0.80% [1]. - The total market capitalization of Keda Xunfei is approximately 127.44 billion yuan [1]. Capital Flow - The net inflow of main funds was 45.37 million yuan, with large orders accounting for 21.03% of purchases and 21.62% of sales [1]. - A significant single purchase amounted to 116 million yuan, representing 12.20% of the total [1]. Shareholder Information - As of September 30, 2025, Keda Xunfei had 356,000 shareholders, an increase of 3.42% from the previous period [2]. - The average circulating shares per person decreased by 3.31% to 6,149 shares [2]. Business Segmentation - Keda Xunfei's main business segments include Smart Education (32.36%), Open Platform and Consumer Business (24.97%), and various other AI and smart city solutions [2].

Group 1: Economic Growth and Service Industry - Xuanwu District of Nanjing has a service industry proportion exceeding 98%, with a year-on-year growth of 7.6% in the first nine months, ranking first among the main urban areas [1] - The district has achieved service industry growth for three consecutive quarters, driven by a digital transformation that leverages resource advantages and stimulates technological innovation [1] Group 2: Digital Transformation and Technological Innovation - Jiangsu Jin Siwei Software Co., Ltd. is collaborating with the Hubei Hanjiang Water Conservancy and Hydropower Hub, implementing a digital management system to enhance operational efficiency [2] - Keda Xunfei's national headquarters for code large models will settle in Xuanwu District, focusing on AI applications in software development, achieving over 30 million yuan in business volume within six months [2] Group 3: Cultural and Tourism Industry Development - The cultural tourism sector is a key industry in Xuanwu District, with digital transformation creating innovative consumption experiences, such as coffee robots and VR projects [3] - Dasky, a digital tourism company, has successfully implemented its products in various well-known night tourism projects, becoming a recognized case for national tourism equipment technology enhancement [3] Group 4: Data Industry and Ecosystem Development - Xuanwu District is leading in the data industry by initiating the construction of Jiangsu International Data Port and establishing a large model factory [4] - The district has attracted major enterprises, including Baidu and Keda Xunfei, and has accumulated 38 AI companies with a revenue scale of 5 billion yuan [5] - The internet, software, and information technology service industries in Xuanwu District grew by 7.9%, contributing 24.8% to the overall service industry growth [5]

Core Viewpoint - The report highlights significant shifts in the holdings of actively managed equity funds in the third quarter of 2025, with a notable rise in technology stocks and a decline in traditional consumer stocks like Kweichow Moutai [3][4][6]. Group 1: Fund Holdings Overview - As of September 2025, the total assets under management in the public fund industry reached 35.85 trillion yuan, a quarter-on-quarter increase of 6.30% [3]. - The top three holdings of actively managed equity funds are dominated by technology companies, with CATL reclaiming the top position, surpassing Tencent Holdings [3][4]. - Kweichow Moutai's total market value held by active equity funds decreased to 29.958 billion yuan, down from 30.616 billion yuan in the previous quarter, dropping from third to seventh place among top holdings [3][6]. Group 2: Technology Sector Performance - The technology sector emerged as the primary focus for public fund investments, with seven out of the top ten holdings being technology-related companies [4]. - Notable performers include Xinyi Technology and Zhongji Xuchuang, both of which ranked among the top three heavyweights [4]. - The current market trend indicates a strong and sustained interest in technology stocks, driven by China's economic transformation towards a hard-tech model [4][5]. Group 3: Challenges in Traditional Consumer Sector - The traditional consumer sector, particularly the liquor industry, is facing significant challenges, with 59.7% of liquor companies reporting a decrease in operating profits [6][7]. - The white liquor market is undergoing a deep adjustment phase due to policy changes, consumption structure transformation, and intense competition [6][7]. - The overall sales volume in the liquor industry is expected to decline by over 20% year-on-year, reflecting macroeconomic fluctuations and slow recovery in consumer spending [7][8]. Group 4: Fund Manager Strategies - The top five stocks with increased holdings include Zhongji Xuchuang, Industrial Fulian, ST Huatuo, Dongshan Precision, and Hanwha Technology, all of which are technology companies [9][10]. - Conversely, the top stocks with reduced holdings include Shenghong Technology and Haiguang Information, with significant sell-offs attributed to internal management's actions [11]. - Despite CATL being the top holding, it also appears on the list of reduced holdings, indicating a complex strategy among institutional investors [11].