Core Viewpoint - The company, Jiuqi Software, is actively involved in providing asset management services to various provincial governments in China, particularly focusing on the management of state-owned assets. Group 1: Company Performance - As of October 22, 2025, Jiuqi Software's stock closed at 7.26 yuan, down 3.71%, with a turnover rate of 8.71%, a trading volume of 688,200 shares, and a transaction value of 501 million yuan [1]. Group 2: Services Provided - The company has developed software services for the Hubei Provincial Finance Department to support the management of state-owned assets, specifically through the provision of a one-account-one-table software solution [2]. - Jiuqi Software also offers asset revitalization and debt management services to finance departments in other provinces, including Jilin and Chongqing, adhering to unified standards and policies [2]. Group 3: Market Activity - On October 22, 2025, there was a net outflow of 57.50 million yuan from major funds, indicating a trend of major investors exiting the market [3][4]. - Conversely, retail investors showed a net inflow of 36.47 million yuan, suggesting a contrasting sentiment among smaller investors [4].

Core Viewpoint - The company has no plans to enter the AIDC (Automatic Identification and Data Capture) industry [1] Company Summary - The company, Jiuqi Software (002279.SZ), stated on its investor interaction platform that it currently does not intend to venture into the AIDC sector [1]

Core Insights - The stock price of Jiuxi Software increased by 2.05% on October 21, reaching 7.47 CNY per share, with a total market capitalization of 6.441 billion CNY [1] - The company has seen a year-to-date stock price increase of 19.14%, with significant gains in the last five trading days (11.83%) and the last 20 days (7.79%) [1] Financial Performance - For the first half of 2025, Jiuxi Software reported a revenue of 856 million CNY, a year-on-year decrease of 51.22%, while the net profit attributable to shareholders was -75.39 million CNY, showing a year-on-year increase of 49.67% [2] - Cumulative cash dividends since the company's A-share listing amount to 214 million CNY, with no dividends paid in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 6.08% to 101,500, while the average number of tradable shares per shareholder increased by 6.48% to 7,777 shares [2] - The fifth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 12.1651 million shares, an increase of 3.7017 million shares compared to the previous period [3] Business Overview - Jiuxi Software, established on August 16, 1999, and listed on August 11, 2009, operates in sectors including e-government, group management, big data, mobile internet, mobile advertising services, and video application products [1] - The company's revenue composition includes information services (61.55%), technical services (30.39%), software products (6.66%), hardware products (0.93%), and other services (0.47%) [1] Market Position - Jiuxi Software is categorized under the software development industry, specifically in the horizontal general software segment, and is associated with concepts such as AMC (debt resolution), financial technology, and rural revitalization [1]

Core Viewpoint - Jiuqi Software's stock price has shown a significant increase this year, with a 19.94% rise, indicating positive market sentiment despite recent financial challenges [1][2]. Financial Performance - For the first half of 2025, Jiuqi Software reported a revenue of 856 million yuan, a year-on-year decrease of 51.22% [2]. - The company experienced a net loss attributable to shareholders of 75.39 million yuan, although this represents a 49.67% increase compared to the previous period [2]. Stock Market Activity - On October 20, Jiuqi Software's stock rose by 2.04%, reaching 7.52 yuan per share, with a trading volume of 394 million yuan and a turnover rate of 6.77% [1]. - The stock's market capitalization stands at 6.484 billion yuan [1]. - The stock has seen a net outflow of 322,500 yuan from major funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 101,500, a reduction of 6.08% [2]. - The average number of circulating shares per shareholder increased by 6.48% to 7,777 shares [2]. Dividend History - Since its A-share listing, Jiuqi Software has distributed a total of 214 million yuan in dividends, with no dividends paid in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 12.1651 million shares, an increase of 3.7017 million shares from the previous period [3].

Market Overview - The main board led the gains with notable stocks such as Jiuqi Software (+10.03%), Xingsen Technology (+10.02%), and New Clean Energy (+10.01%) [1] - The ChiNext board saw significant increases with Changying Precision (+14.19%) and Weier High (+13.16%) [1] - The Sci-Tech Innovation board was led by Pinming Technology (+18.00%) and Hengshuo Co., Ltd. (+11.21%) [1] - Active sub-industries included SW Passive Components (+4.77%) and SW Printed Circuit Boards (+4.76%) [1] Domestic News - New Kai's subsidiary Qiyunfang launched two EDA design software with fully independent intellectual property, achieving a 30% performance improvement over industry benchmarks [1] - Advanced packaging factory K18B by Dayu Light in Kaohsiung commenced construction with a total investment of 17.6 billion NTD, expected to be completed by Q1 2028 [1] - China's Ministry of Commerce issued an export control announcement prohibiting Anshi Semiconductor and its subcontractors from exporting specific finished parts and subcomponents produced in China [1] - JD.com announced a collaboration with CATL and GAC Group to launch a new car on November 9, focusing on consumer insights and exclusive sales [1] Company Announcements - Haiguang Information reported a total operating income of 9.49 billion yuan for the first three quarters of 2025, a year-on-year increase of 54.65%, with a net profit of 1.961 billion yuan, up 28.56% [3] - Zhongke Shuguang's net profit for the first three quarters of 2025 was 955 million yuan, a 24.05% increase, attributed to optimized product structure and improved operational efficiency [3] - Tailin Micro announced an estimated operating income of approximately 766 million yuan for the first three quarters of 2025, a year-on-year increase of about 30%, with a net profit of around 140 million yuan, up 118% [3] - Yilian Network projected an operating income of 4.192 billion to 4.356 billion yuan for the first three quarters of 2025, a growth of 2%-6%, while net profit is expected to decline by 3%-8% [3] Overseas News - The semiconductor materials and equipment market is projected to reach approximately $70 billion by 2030, up from over $50 billion in 2025, with front-end materials expected to reach $56 billion [2] - Broadcom launched the industry's first Wi-Fi 8 chip solution aimed at the broadband wireless edge ecosystem, designed to meet the demands of AI-era edge networks [2] - IDC reported that global smartphone shipments reached 322.7 million units in Q3 2025, a year-on-year increase of 2.6%, driven by high-end market recovery [2] - Samsung Electronics reported an operating profit of 12.1 trillion KRW (approximately $8.5 billion) for Q3, a 31.8% year-on-year increase, with revenue growing by 8.7% [2]

Market Overview - The three major indices in China experienced a rise, with the Shanghai Composite Index increasing by 1.22% to return above 3900 points, the Shenzhen Component rising by 1.73%, and the ChiNext Index soaring by 2.35%. Over 4300 stocks in the market saw gains [1]. - The Hang Seng Technology Index also rebounded, gaining over 2% as internet technology stocks stopped their decline [2]. Economic Indicators - The Chinese yuan's midpoint rose to 7.10, the strongest level since November of the previous year. The Producer Price Index (PPI) for September showed a year-on-year decline of 2.3%, with the decline narrowing by 0.6 percentage points from the previous month. The core Consumer Price Index (CPI) increased by 1.0% year-on-year, marking the first return to 1% in nearly 19 months [3]. - U.S. Federal Reserve Chairman Jerome Powell indicated a potential for interest rate cuts this month, despite ongoing government shutdown impacts on economic assessments [3]. Sector Performance - The power equipment, automotive, electronics, and pharmaceutical sectors saw significant gains, while rare earth and military stocks underperformed [3]. - The innovative drug sector led the early market surge, with stocks like Guangsheng Tang and Shutaishen rising over 10%. Other notable performers included Jimin Health and Lianhuan Pharmaceutical, which hit the daily limit [5][7]. Investment Trends - The period of October to November is traditionally a peak season for business development (BD) transactions, with Chinese innovative drug BD transactions accounting for 15.37% of the global total by number and 51.73% by value as of August 17 [8]. - The domestic software sector also saw a significant uptick, with stocks like Junqi Software and Geer Software experiencing substantial gains [10]. Technology Sector Developments - The technology sector showed a strong recovery, particularly in power equipment, with stocks like Heshun Electric and Jinpan Technology hitting the daily limit [11]. - NVIDIA announced new specifications for its MGX architecture server, with over 20 industry partners showcasing new technologies, indicating a robust market for high-voltage direct current (HVDC) data centers [11]. - The robotics sector saw a surge, with companies like Sanhua Intelligent Control and Weikang Robot experiencing significant stock price increases [12]. Market Sentiment and Future Outlook - The market's recent volatility has led to increased sensitivity to events, but the recent adjustments may present better reallocation opportunities for investors [13]. - Historical patterns suggest that after significant downturns, markets often rebound strongly, as seen in April of this year [15][24]. - Investors are advised to monitor growth sectors like AI for potential rebounds, as these areas are likely to attract market interest once the current corrections conclude [18][20].

Market Overview - On October 15, the software development sector rose by 1.86%, with Pinming Technology leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Top Gainers in Software Development Sector - Pinming Technology (688109) closed at 118.00, up 18.00% with a trading volume of 60,500 shares and a transaction value of 681 million [1] - Jingwei Hengrun (688326) closed at 130.00, up 10.06% with a trading volume of 23,600 shares and a transaction value of 294 million [1] - Jiuqi Software (002279) closed at 7.35, up 10.03% with a trading volume of 855,400 shares [1] - Geer Software (603232) closed at 16.39, up 10.00% with a trading volume of 198,300 shares and a transaction value of 323 million [1] - Haochen Software (688657) closed at 60.32, up 9.63% with a trading volume of 64,200 shares [1] Market Capital Flow - The software development sector saw a net inflow of 893 million from institutional investors, while retail investors experienced a net outflow of 77.85 million [2][3] - The top stocks by net inflow from institutional investors included: - Jiuqi Software (002279) with a net inflow of 241 million, accounting for 38.98% of its trading volume [3] - Geer Software (603232) with a net inflow of 116 million, accounting for 35.87% of its trading volume [3] - Four-dimensional Tushin (002405) with a net inflow of 158 million, accounting for 10.11% of its trading volume [3]

Core Points - The Shanghai Composite Index closed at 3869.25 points, above the annual line, with a slight increase of 0.10% [1] - The total trading volume of A-shares reached 12,804.95 billion yuan [1] - A total of 94 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Stocks with the highest deviation rates include: - Jiuqi Software (002279) with a deviation rate of 8.41% and a daily increase of 10.03% [1] - Lehui International (603076) with a deviation rate of 5.48% and a daily increase of 6.69% [1] - Jida Zhengyuan (003029) with a deviation rate of 5.05% and a daily increase of 5.51% [1] - Other notable stocks with lower deviation rates include: - Zhong An Ke (002331) with a deviation rate of 4.83% and a daily increase of 5.13% [1] - Yan Hua Intelligent (002906) with a deviation rate of 4.63% and a daily increase of 5.25% [1] Trading Activity - The trading turnover rates for some of the top-performing stocks are as follows: - Jiuqi Software (002279) at 10.00% [1] - Lehui International (603076) at 3.08% [1] - Jida Zhengyuan (003029) at 7.18% [1] - The overall trading environment shows a mix of high and low turnover rates among stocks that have recently crossed the annual line [1] Additional Stock Insights - Other stocks with notable performance include: - Haoyang Co., Ltd. (300833) with a daily increase of 4.72% and a deviation rate of 3.92% [1] - Panda Dairy (300898) with a daily increase of 5.13% and a deviation rate of 3.78% [1] - The data indicates a positive trend in the market with several stocks gaining momentum above the annual line [1]

Core Viewpoint - The article highlights the significant growth potential in the domestic software sector, driven by policy support, technological breakthroughs, and market penetration opportunities, particularly in the context of the "信创" (Xinchuang) industry [4][10][11] Group 1: Market Performance - A-shares in the domestic software sector experienced a strong rally, with companies like 久其软件 (Jiuqi Software), 榕基软件 (Rongji Software), and 格尔软件 (Geer Software) hitting the daily limit up [4][5] - As of 10:30 AM, 品茗科技 (Pinming Technology) surged over 16%, with other companies like 浩辰软件 (Haocen Software) and 麒麟信安 (Qilin Xinan) also showing significant gains [5] Group 2: Product Launches - 新凯来 (Xinkailai) subsidiary 启云方 (Qiyunfang) launched two EDA (Electronic Design Automation) software products with complete independent intellectual property rights at the 2025 Bay Area Semiconductor Industry Expo, achieving a 30% improvement in performance compared to industry benchmarks [7][9] - The software reduces hardware development cycles by 40% and increases the success rate of intelligent assisted design by 30%, enhancing overall efficiency and quality [7] Group 3: Industry Trends - The domestic software sector is in a golden period of growth, with substantial potential for domestic replacement across various fields, particularly in industrial software, which is crucial for enhancing the self-controllability and global competitiveness of China's manufacturing industry [9][10] - The 信创 (Xinchuang) sector is positioned as a core strategic area for China's technological self-reliance, with significant policy backing, including a proposed issuance of long-term special bonds to support this industry [10][11] Group 4: Policy Support - The 2025 Central Economic Work Conference emphasized the issuance of special bonds to support the 信创 and artificial intelligence sectors, indicating strong governmental backing for domestic software development [10] - New government procurement requirements mandate that terminal devices' CPUs and operating systems must meet security assessments, accelerating the implementation of domestic software solutions in government and industry [10]

Market Overview - On October 15, the market experienced fluctuations, with the Shanghai Composite Index rising by 0.1%, the Shenzhen Component Index remaining flat, and the ChiNext Index increasing by 0.22%. The half-day trading volume exceeded 1.28 trillion yuan [1]. Sector Performance - The market showed a mixed performance with notable activity in sectors such as pharmaceuticals, domestic software, and consumer goods. The domestic software sector rebounded strongly, with stocks like Jiuqi Software and Geer Software hitting the daily limit. The innovative drug sector also saw significant gains, with stocks like Angli Kang and Yatai Pharmaceutical reaching their daily limits [2][4]. Domestic Software Sector - The domestic software sector saw a notable rise, with Geer Software and Jiuqi Software both hitting the daily limit. Other companies like Pinming Technology and Haocen Software also experienced substantial increases, with Haocen Software rising by 15% [2][3]. EDA Software Development - The launch of two domestically developed EDA (Electronic Design Automation) software products by Wuhan Qiyunfang Technology Co., a subsidiary of Xinkailai, is seen as a milestone for China's semiconductor and electronic software autonomy. The domestic EDA market currently has a localization rate of less than 20%, dominated by overseas giants. The new products reportedly improve performance by 30% and reduce hardware development cycles by 40% [4]. Innovative Drug Sector - The innovative drug sector showed strong performance, with several stocks reaching their daily limits. Notable mentions include Guangsheng Tang, which rose by 20%, and Shutaishen, which increased by 14.4% [5][7]. - Recent approvals for clinical trials of multiple injectable drugs by Heng Rui Pharmaceutical are expected to boost the sector. Analysts suggest that the recent market pullback in pharmaceuticals presents a buying opportunity, with expectations of a recovery in innovative drug research and development [7]. Investment Outlook - Analysts remain optimistic about the long-term growth of the innovative drug sector, highlighting the trend of innovative drugs entering overseas markets. The end of the year is anticipated to see a surge in business development (BD) activities, which could lead to significant opportunities for investors [7].