"这是一场可以媲美模拟转数字、标清转高清的技术机遇。"日前，证券时报记者在海康威视（002415） （002415）桐庐生产基地实地探访时，公司相关负责人如此形容正在兴起的AI对智能物联领域带来的 影响。 从成立之初数十人，到如今拥有近6万名员工，海康威视因抓住多次技术范式变革的机遇，成长为全球 安防龙头以及智能物联领域的代表性企业。 如今，基于多年来对AI的持续投入、技术积累、资源优势和应用实践，海康威视正在将AI的"技术力"加 速转化为公司在新一轮成长周期的"增长力"，推动多模态大模型技术落地实践，持续拓展AI应用能力边 界，赋能千行百业的数字化转型。 海康威视桐庐生产基地，是浙江省首批认定的"未来工厂"，也是海康威视系列AI产品的"试验田"。在这 个智能高效的生产基地里，记者实地探访时发现，智能制造的实践探索已遍地开花。 海康威视桐庐生产基地，正是AI技术赋能千行百业的一个缩影。通过应用大量自研的物联感知、AI等 技术和产品，如移动机器人集群和工业相机等，这座"未来工厂"已构建起一个高度智能化的生产体系。 "现在，通过大模型技术，可实时识别生产线的作业动作，一旦出现少拿、错放等情况，系统可即时预 警。" ...

计算机行业今日上涨1.67%，全天主力资金净流入72.11亿元，该行业所属的个股共335只，今日上涨的 有273只，涨停的有13只；下跌的有56只。以资金流向数据进行统计，该行业资金净流入的个股有182 只，其中，净流入资金超亿元的有19只，净流入资金居首的是三六零，今日净流入资金15.67亿元，紧 随其后的是华胜天成、中电鑫龙，净流入资金分别为12.85亿元、9.10亿元。计算机行业资金净流出个股 中，资金净流出超5000万元的有8只，净流出资金居前的有海康威视、同花顺、德赛西威，净流出资金 分别为2.67亿元、1.76亿元、1.14亿元。（数据宝） 沪指11月17日下跌0.46%，申万所属行业中，今日上涨的有17个，涨幅居前的行业为计算机、国防军 工，涨幅分别为1.67%、1.59%。计算机行业位居今日涨幅榜首位。跌幅居前的行业为医药生物、银 行，跌幅分别为1.73%、1.31%。 资金面上看，两市主力资金全天净流出319.53亿元，今日有6个行业主力资金净流入，计算机行业主力 资金净流入规模居首，该行业今日上涨1.67%，全天净流入资金72.11亿元，其次是国防军工行业，日涨 幅为1.59%，净流入资金 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300659 | 中孚信息 | 17.82 | 20.00% | 35.73万 | | 6.05亿 | | 002512 | 达华智能 | 5.90 | 10.07% | 263.17万 | | 15.19亿 | | 001229 | 魅视科技 | 40.76 | 10.01% | 4.61万 | | 1.83亿 | | 002990 | 盛视科技 | 32.27 | 9.99% | 15.07万 | | 4.70亿 | | 300333 | 兆日科技 | 12.35 | 7.30% | 38.71万 | | 4.79亿 | | 603660 | 苏州科达 | 10.17 | 6.94% | 65.82万 | | 6.72亿 | | 002197 | ST证通 | 10.86 | 4.22% | 9.85万 | | 1.05亿 | | 300941 | 创识科技 | 26.65 | 4.06% | 11.12万 | | 2.93亿 ...

Group 1 - The core viewpoint of the article highlights a strategic collaboration between China State Construction Third Engineering Bureau Digital Engineering Co., Ltd. and Hikvision, focusing on smart city initiatives and digital transformation of urban infrastructure [1] - The discussion included topics such as smart cities, digital housing, smart firefighting, and urban lifelines, indicating a comprehensive approach to urban development [1] - A strategic cooperation agreement was signed between Hubei Urban Lifeline Technology Co., Ltd. and Hikvision, emphasizing the commitment to enhance technological and model innovation during the digital transformation of urban pipelines [1] Group 2 - Both parties expressed their intention to seize the opportunity presented by the digital transformation of urban pipelines to achieve sustainable development in urban lifeline construction [1]

11月17日，海康威视盘中下跌2.01%，截至09:55，报30.68元/股，成交5.42亿元，换手率0.19%，总市值 2811.78亿元。 资金流向方面，主力资金净流出7489.76万元，特大单买入2266.72万元，占比4.18%，卖出5438.04万 元，占比10.03%；大单买入9260.40万元，占比17.08%，卖出1.36亿元，占比25.04%。 海康威视今年以来股价涨3.63%，近5个交易日跌3.55%，近20日跌5.19%，近60日涨5.21%。 资料显示，杭州海康威视数字技术股份有限公司位于浙江省杭州市滨江区物联网街518号，成立日期 2001年11月30日，上市日期2010年5月28日，公司主营业务涉及安防视频监控产品的研发、生产和销 售。主营业务收入构成为：主业产品及服务70.00%，机器人业务7.50%，智能家居业务6.58%，汽车电 子业务5.63%，热成像业务4.80%，存储业务2.47%，主业建造工程1.87%，其他创新业务1.15%。 截至9月30日，海康威视股东户数38.72万，较上期减少6.45%；人均流通股23362股，较上期增加 6.10%。2025年1月-9月，海 ...

November 14, 2025 05:45 PM GMT Investor Presentation | Asia Pacific Greater China Technology Hardware: AI Tech Hardware in High Gear M Foundation Morgan Stanley Taiwan Limited+ Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com +886 2 2730-2865 Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy.Meng@morganstanley.com +852 2239-7689 Morgan Stanley Taiwan Limited+ Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com +886 2 2730-2862 Howard Kao Equity Analyst Howard.Kao@morganstanley.c ...

Core Insights - The Shenzhen Leading Index (399653) closed at 3104.35 points, up 1.73%, with a trading volume of 105.65 billion yuan and a turnover rate of 0.96% [1] - Among the index constituents, 36 stocks rose while 12 fell, with Ruida Futures leading the gainers at an increase of 8.07%, and Binjiang Group leading the decliners with a drop of 3.33% [1] Index Constituents Summary - The top ten constituents of the Shenzhen Leading Index include: - Ningde Times (20.44% weight) at 415.60 yuan, up 7.56%, with a market cap of 1896.42 billion yuan [1] - Zhongji Xuchuang (8.35% weight) at 481.00 yuan, down 2.19%, with a market cap of 534.45 billion yuan [1] - Midea Group (7.67% weight) at 79.60 yuan, up 0.14%, with a market cap of 611.73 billion yuan [1] - Luxshare Precision (6.06% weight) at 57.38 yuan, down 0.68%, with a market cap of 417.85 billion yuan [1] - Sungrow Power (5.67% weight) at 190.51 yuan, up 1.53%, with a market cap of 394.97 billion yuan [1] - BYD (5.25% weight) at 99.83 yuan, up 2.11%, with a market cap of 910.17 billion yuan [1] - Wugong Liquor (4.41% weight) at 121.20 yuan, up 0.68%, with a market cap of 470.45 billion yuan [1] - Gree Electric (3.53% weight) at 41.00 yuan, down 0.36%, with a market cap of 229.66 billion yuan [1] - ZTE Corporation (2.83% weight) at 40.35 yuan, up 1.56%, with a market cap of 193.02 billion yuan [1] - Yuanlefang A (2.75% weight) at 4.04 yuan, unchanged, with a market cap of 151.15 billion yuan [1] Capital Flow Analysis - The net inflow of main funds into the Shenzhen Leading Index constituents totaled 3.862 billion yuan, while retail investors experienced a net outflow of 684 million yuan [1] - Notable capital flows include: - Ningde Times saw a net inflow of 2.655 billion yuan from main funds, while retail investors had a net outflow of 448 million yuan [2] - BYD had a net inflow of 607 million yuan from main funds, with retail investors experiencing a net outflow of 208 million yuan [2] - Zhongji Xuchuang had a net inflow of 409 million yuan from main funds, while retail investors had a negligible outflow [2]

Core Viewpoint - The Central Enterprise ETF (159959) opened with a slight increase of 0.44%, priced at 1.602 yuan, reflecting the performance of its underlying assets and market conditions [1] Group 1: ETF Performance - The Central Enterprise ETF (159959) has a benchmark performance index of the CSI Central Enterprise Structural Adjustment Index [1] - Since its establishment on October 22, 2018, the fund has achieved a return of 59.39% [1] - The fund's return over the past month has been -0.19% [1] Group 2: Major Holdings - Key stocks in the ETF include: - 澜起科技 (Lianqi Technology) down 0.55% - 中芯国际 (SMIC) down 0.53% - 海康威视 (Hikvision) down 0.10% - 国电南瑞 (Guodian NARI) down 0.29% - 招商银行 (China Merchants Bank) up 0.09% - 宝钢股份 (Baosteel) up 0.26% - 中国神华 (China Shenhua) up 0.21% - 长安汽车 (Changan Automobile) up 0.16% - 中国电信 (China Telecom) unchanged - 中国建筑 (China State Construction) unchanged [1]

Core Viewpoint - The global AI industry is experiencing a bearish impact due to recent negative comments, while the domestic AI sector shows resilience, particularly in application stocks [1] Group 1: Market Performance - The AI ETF (515070) saw a slight decline of 0.8%, but stocks like Beijing Junzheng rose over 4%, with other companies such as Stone Technology, Deepin Technology, Qihoo 360, and Dahua Technology performing well [1] - In the third quarter, public funds and northbound capital reached a historical high in their holdings of the communication sector, with AI computing power being a significant contributor to this increase [1] Group 2: Industry Developments - On November 10, Intel's AI infrastructure head Sachin Katti moved to OpenAI, indicating an intensifying competition for AI talent globally [1] - Meituan launched its first AI programming assistant, CatPaw, which focuses on agent collaboration and large-scale code generation, marking a significant step in the domestic "AI + software engineering" sector [1] Group 3: Investment Recommendations - With the decline in inference costs driven by open-source models like DeepSeek, there is a simultaneous release in demand for domestic 1.6T optical modules, liquid-cooled servers, and AI power supplies [1] - It is recommended to pay attention to leading companies in the infrastructure segments such as IDC, servers, and domestic computing chips [1] Group 4: ETF Composition - The AI ETF (515070) tracks the CS AI theme index (930713), selecting component stocks that provide technology, basic resources, and application end stocks, focusing on the midstream and upstream of the AI industry chain [2] - The top ten weighted stocks include leading domestic technology companies such as Zhongji Xuchuang, Xinyi Sheng, Cambrian, Zhongke Shuguang, iFlytek, OmniVision, Hikvision, Lanke Technology, Kingsoft, and Unisplendour [2]

Core Insights - The integration of AI technology into the securities industry is accelerating, with a focus on utilizing large language models for investment decision-making and risk management [1][4] - The "Large Model Stable 50" index, launched by GaoHua Securities, has achieved a cumulative return of 23.2% since its inception, outperforming other indices [1][2] - The index primarily includes banking stocks, indicating a preference for stable, dividend-paying companies [2][6] Index Performance - The "Large Model Stable 50" index reached a point of 2007.24, with a monthly increase of 3.75% and a year-to-date increase of 16.8%, reflecting a historical annualized return of 20.5% [2] - The "Large Model New Quality Productivity" index, focusing on sectors like semiconductors and AI, has a year-to-date increase of 41.28% and a historical annualized return of 17.61% [2] - The top ten constituents of the "Large Model Stable 50" index are predominantly banks, with over 40% of the index's weight in the financial sector [2][3] Sector Focus - The "Large Model New Quality Productivity" index has a high concentration of technology stocks, with the top three constituents being New Yi Sheng, Hikvision, and Tianfu Communication [2][3] - The information technology sector comprises over half of the companies in the index, followed by communication services and industrial sectors [3] Investment Themes - The themes of dividends and growth are highlighted as significant for A-share investments, with a noted increase in the popularity of dividend-focused strategies over the past few years [6][7] - The integration of AI in investment strategies is expected to strengthen as the trend of index-based investing continues to grow [4][5] - The use of AI models for portfolio adjustments is based on comprehensive assessments of market data, fundamentals, and sentiment, ensuring a systematic approach to risk management [7]