市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 海康威视公告，2025年上半年营业收入418.18亿元，同比增长1.48%。净利润56.57亿元，同比增长 11.71%。 ...

证券代码：002415 证券简称：海康威视 公告编号：2025-032 号 杭州海康威视数字技术股份有限公司 关于公司回购股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 62,791,259 股，占公司目前总股本的 0.6801%，最高成交价为 32.70 元/股，最 低成交价为 27.06 元/股，成交总金额为 1,858,599,601.06 元（不含交易费用）。 本次回购股份资金来源为公司自有资金及股票回购专项贷款，回购价格未超 过回购方案中拟定的价格上限。本次回购符合相关法律法规及公司既定的回购股 份方案。 二、其他说明 杭州海康威视数字技术股份有限公司（以下简称"海康威视"或"公司"） 于 2024 年 12 月 9 日、2024 年 12 月 25 日召开公司第六届董事会第四次会议、 2024 年第二次临时股东大会，审议通过了《关于回购公司股份方案的议案》，同 意公司通过深圳证券交易所交易系统以集中竞价交易方式回购公司部分已在境 内发行的人民币普通股（A 股）股票。回购资金总额不超过人民币 25 亿元（含）， 不低于人民币 20 亿 ...

Core Insights - The Central State-Owned Enterprises Innovation-Driven Index (000861) has shown a 0.31% increase as of July 29, 2025, with notable stock performances from companies like Changfei Fiber (9.58% increase) and China Railway Construction Heavy Industry (5.43% increase) [3] - The Central State-Owned Enterprises Innovation-Driven ETF (515900) has risen by 0.32%, with a recent price of 1.55 yuan, and has accumulated a 3.77% increase over the past two weeks [3] - Market consensus remains focused on "low valuation cycle recovery" and "technology growth industry trends," with sector rotation intensifying [3] Performance Metrics - The Central State-Owned Enterprises Innovation-Driven ETF has seen a significant scale increase of 1.16 billion yuan over the past two weeks, ranking in the top quarter among comparable funds [4] - The ETF's net value has increased by 11.25% over the past year, with a maximum monthly return of 15.05% since inception [4] - The ETF has a year-to-date relative drawdown of 0.08%, with the fastest recovery time among comparable funds at 105 days [5] Fee and Tracking Precision - The management fee for the Central State-Owned Enterprises Innovation-Driven ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest among comparable funds [5] - The ETF has a tracking error of 0.038% over the past five years, indicating the highest tracking precision among comparable funds [5] Index Composition - The Central State-Owned Enterprises Innovation-Driven Index comprises 100 representative listed companies evaluated for innovation and profitability, with the top ten weighted stocks accounting for 34.87% of the index [5]

Group 1: Liquidity and Scale of AI ETF - The AI ETF has a turnover rate of 4.87% with a half-day trading volume of 173 million yuan, and an average daily trading volume of 204 million yuan over the past week [3] - The latest scale of the AI ETF reached 3.515 billion yuan, with continuous net inflows over the past six days, peaking at 167 million yuan in a single day, totaling 271 million yuan [3] - Leveraged funds are actively participating, with the latest margin buying amounting to 15.1914 million yuan and a margin balance of 106 million yuan [3] Group 2: Performance Metrics of AI ETF - As of July 28, the AI ETF's net value has increased by 55.46% over the past year, ranking 336 out of 2938 index equity funds, placing it in the top 11.44% [3] - The highest monthly return since inception was 30.38%, with the longest consecutive monthly gains being three months and the longest cumulative gain being 43.97%, averaging a monthly return of 6.80% [3] Group 3: Index Composition and Major Stocks - The CSI Artificial Intelligence Industry Index includes 50 representative listed companies, selected based on their AI business proportion, growth level, and market capitalization [3] - As of June 30, 2025, the top ten weighted stocks in the index account for 52.07% of the total weight, with notable companies including Zhongji Xuchuang, Xinyi Sheng, and Keda Xunfei [4][6] Group 4: Government Initiatives and Market Outlook - The Shanghai Municipal Economic and Information Commission has issued measures to expand AI applications, including a 600 million yuan subsidy for computing power and support for enterprise R&D in large models [7] - The current AI wave is driven by technological innovations from companies like DeepSeek, showcasing China's competitive strength in the global AI sector, which may lead to a reevaluation of the value of Chinese tech assets by global investors [7]

Group 1 - The integration of digital technology with quality management is essential for companies to achieve transformation and enhance core competitiveness [1] - The implementation of the "Accelerate the Digital Upgrade of Quality Management" initiative in the Quality Strong District Construction Implementation Plan aims to support policy guidance [1] - The establishment of 72 digital workshops and 10 advanced intelligent factories in the district strengthens the foundation for digital quality management [1] Group 2 - The establishment of the Small and Medium Enterprises Digital Transformation Empowerment Center addresses challenges faced by companies in digital transformation [2] - The center has signed partnerships with numerous digital service providers, including Huawei and Hikvision, to offer comprehensive digital services [2] - Successful projects include the digital management of the entire process for Qijin Food Group, resulting in a 40% increase in production efficiency [2] Group 3 - The market supervision bureau is promoting pilot projects to leverage the advantages of leading enterprises in digital quality management [3] - The implementation of a digital quality management platform by Chongqing Qingshan Industrial Co., Ltd. has led to over 75% online quality business process activity [3] - The company has successfully integrated over 140 suppliers into a fully online supply chain management system [3] Group 4 - The market supervision bureau is selecting 20 enterprises with solid digital foundations to establish a digital quality management demand list and service provider project database [4] - Companies like Chongqing Fudi Lithium Battery Co., Ltd. have significantly improved quality management capabilities through automated systems [4] - The bureau plans to continue supporting digital industrialization and transformation by promoting tailored solutions and training composite talents [4]

Quantitative Models and Construction Methods Model Name: Central Enterprise Innovation Index (000861.CSI) - **Model Construction Idea**: The index selects 100 representative listed companies under the State-owned Assets Supervision and Administration Commission (SASAC) based on their innovation and profitability to reflect the overall performance of innovative central enterprises[8] - **Model Construction Process**: - **Sample Space**: All listed companies under SASAC[9] - **Step 1**: Rank the securities in the sample space by average daily trading volume over the past year and exclude the bottom 20%[9] - **Step 2**: Select the remaining securities controlled by SASAC and its subsidiaries[9] - **Step 3**: Exclude securities with negative operating cash flow in the past year and negative net profit excluding non-recurring items in the past two years[9] - **Step 4**: Calculate the innovation score for non-financial companies based on R&D expenditure, R&D personnel ratio, patent quality score, and participation in national or industry standards. For financial companies, use revenue, net profit, patent quality score, and participation in standards[9] - **Step 5**: Rank the remaining securities by innovation score and select the top 50% as innovation-themed securities[9] - **Step 6**: Calculate the quality score for non-financial companies based on ROE, net profit growth, earnings quality, and financial leverage. For financial companies, use ROE and net profit growth. Combine the quality score with the scale score (based on market cap) to get a comprehensive score[9] - **Step 7**: Select the top 100 securities by comprehensive score as index samples[9] - **Adjustment**: The index samples are adjusted semi-annually[9] - **Model Evaluation**: The index is designed to reflect the performance of innovative central enterprises, with a focus on maintaining representativeness and accuracy through regular adjustments[8][9] Model Backtesting Results - **Central Enterprise Innovation Index**: - **Cumulative Return Since Inception**: 138.08%[5][10] - **Excess Return Over Major Indices**: - CSI 300: 79.25%[5] - SSE Composite Index: 83.67%[5] - CSI 500: 54.40%[5] - CSI 800: 74.09%[5] - **5-Year Cumulative Return**: 33.70%[10] - **Excess Return Over Major Indices in 5 Years**: - CSI 300: 49.24%[10] - SSE Composite Index: 29.47%[10] - CSI 800: 47.94%[10] Quantitative Factors and Construction Methods Factor Name: Innovation Score - **Factor Construction Idea**: Evaluate the innovation capability of non-financial and financial companies based on specific indicators[9] - **Factor Construction Process**: - **Non-Financial Companies**: - R&D expenditure to market cap ratio (40% weight) - R&D personnel ratio (10% weight) - Patent quality score (40% weight) - Participation in national or industry standards (10% weight)[9] - **Financial Companies**: - Revenue (40% weight) - Net profit (10% weight) - Patent quality score (40% weight) - Participation in national or industry standards (10% weight)[9] - **Calculation**: Sum the weighted scores to get the innovation score[9] Factor Name: Quality Score - **Factor Construction Idea**: Assess the financial quality of companies based on profitability and financial stability[9] - **Factor Construction Process**: - **Non-Financial Companies**: - ROE (30% weight) - Net profit growth (35% weight) - Earnings quality (25% weight) - Financial leverage (10% weight)[9] - **Financial Companies**: - ROE (50% weight) - Net profit growth (50% weight)[9] - **Calculation**: Sum the weighted scores to get the quality score[9] Factor Backtesting Results - **Innovation Score**: - **Top 50% Selection**: Used to identify innovation-themed securities[9] - **Quality Score**: - **Comprehensive Score Calculation**: Combined with scale score to select top 100 securities[9]

Core Insights - The smart building market in China is projected to reach a scale of 675.397 billion yuan in 2024, with segments including smart residential buildings at 232.752 billion yuan, smart public buildings at 156.376 billion yuan, and smart industrial buildings at 286.269 billion yuan [1][10] - The demand for smart buildings is driven by the application of smart technologies in new constructions and the intelligent renovation of existing buildings [10][12] - The global smart building market is expected to grow to 335.637 billion USD in 2024, with a year-on-year increase of 1.54% [8] Smart Building Industry Classification and Characteristics - Smart buildings integrate building equipment, office automation, and communication network systems to provide a safe, efficient, comfortable, and convenient environment [2][4] - The technological foundation of smart buildings includes building automation, communication automation, office automation, fire safety automation, and security automation [2] Current Development Status of the Smart Building Industry - The smart building sector has expanded from office buildings to residential areas, utilizing modern control technologies and integrating various systems [4][10] - The market is characterized by increasing competition, with both international brands and domestic companies actively participating [4][10] Smart Building Industry Development Trends - The future of smart buildings is focused on sustainable development technologies, with innovations in eco-friendly materials, advanced energy management, and the integration of AI and IoT [25] - The industry is expected to continue growing, driven by technological advancements that enhance efficiency and improve living quality [25] Smart Building Industry Competitive Landscape - Major international players like Johnson Controls, Honeywell, and Schneider dominate the high-end market, while domestic companies such as Huawei, Haier Smart Home, and Dashi Intelligent focus on mid to low-end markets [18][20] - The competition encompasses various dimensions, including technology, pricing, branding, and ecosystem development [18] Key Companies in the Smart Building Sector - Haier Smart Home reported a global revenue of 285.981 billion yuan in 2024, with a year-on-year growth of 4.29% [21] - Dashi Intelligent achieved a total revenue of 3.171 billion yuan in 2024, with significant contributions from its smart space solutions [23]

Investment Rating - The report maintains a positive outlook on the computer industry, indicating a "Look Favorably" investment rating for the sector [6][7]. Core Insights - The computer industry is experiencing a low holding ratio, with public fund allocation at 2.6% in Q2 2025, down 0.6 percentage points from the previous quarter, ranking 13th among 30 primary industries [8][9]. - AI remains the main theme for the computer sector throughout 2025, supported by three key factors: the introduction of domestic super-node solutions improving cost-performance, the launch of several foundational large models driving AI applications into commercialization, and continuous innovations across various fields such as stablecoins and 3D printing [9][11]. - The report highlights significant company updates, particularly the official upgrade of iFLYTEK's reasoning large model X1, which enhances capabilities in multiple languages and applications [38][43]. Summary by Sections Investment Allocation - In Q2 2025, the computer industry's public fund allocation decreased to 2.6%, marking a historical low since 2010, with a configuration coefficient of 0.56, down from 0.67 in Q1 2025 [8][9]. - The report suggests increasing positions in Hong Kong-listed computer stocks such as Kingdee and Meitu [6][7]. AI Development - The report identifies three main drivers for the future performance of the computer industry: 1. The launch of domestic super-node solutions that enhance cost-performance and reduce the gap with overseas solutions [9][10]. 2. The introduction of multiple foundational large models that facilitate the commercialization of AI applications [10][11]. 3. Ongoing innovations in various sectors, including stablecoins and 3D printing, which are expected to gain traction [11][12]. Valuation Metrics - As of July 22, 2025, the computer industry’s PE (TTM) stands at 85.4x, placing it in the 93.40% historical percentile, while the PS (TTM) is at 3.4x, in the 48.90% historical percentile [24][25]. - The report notes that current valuation levels exceed those of 2020 and 2023, reflecting optimistic market expectations regarding potential profitability [24][25]. Company Updates - iFLYTEK's reasoning large model X1 has been officially upgraded, showcasing improvements in comprehensive capabilities and multi-language support, with applications in education, healthcare, and enterprise solutions [38][43]. - The report emphasizes the growth trend in AI revenue for iFLYTEK, with significant increases in both consumer and enterprise AI solutions [44]. Market Dynamics - The report discusses the varying rhythms of different technology sectors, influenced by the certainty and traceability of new technologies, with AI applications expected to follow a similar trajectory to cloud computing [36][37]. - The report anticipates a rapid increase in market capitalization for AI-related companies as performance metrics begin to materialize in the latter half of 2025 [37][38].

Group 1 - The core index of the artificial intelligence industry, the CSI Artificial Intelligence Industry Index (931071), has shown a positive performance with a 0.56% increase as of July 25, 2025, with notable gains from key stocks such as iFlytek (002230) up by 2.92% and Chipone (688521) up by 2.49% [1][3] - The artificial intelligence ETF (515980) has experienced a trading volume of 40.216 million yuan with a turnover rate of 1.22%, and its latest scale reached 3.255 billion yuan [3] - The artificial intelligence ETF has seen continuous net inflows over the past four days, totaling 81.6296 million yuan, with the highest single-day net inflow reaching 36.6568 million yuan [3] Group 2 - The CSI Artificial Intelligence Industry Index is constructed from 50 representative listed companies based on their AI business proportion, growth level, and market capitalization, with the top ten stocks accounting for 52.07% of the index [4][7] - The top ten weighted stocks in the index include companies like Zhongji Xuchuang (300308) and iFlytek (002230), with respective weights of 8.20% and 6.63% [7] - The report from Industrial Securities indicates that the media industry will benefit significantly from AI technology applications, with 2025 expected to be a breakout year for AI applications [8]

Core Points - The China Securities Central Enterprises New Momentum Theme Index (央企新动能, 931522) rose by 1.33% to 1683.98 points, with a trading volume of 25.443 billion yuan [1] - Over the past month, the index has increased by 6.81%, 7.24% over the last three months, and 1.58% year-to-date [1] - The index includes 45 representative listed companies from central state-owned enterprises in manufacturing, technology, and modern services, reflecting the overall performance of these companies [1] Index Composition - The top ten weighted stocks in the index are: Hikvision (9.55%), Changan Automobile (8.66%), AVIC Optoelectronics (6.72%), Shenzhen South Circuit (4.8%), AVIC Onboard (4.06%), China Software (3.6%), AVIC Chengfei (3.44%), China Merchants Highway (3.3%), AVIC High-Tech (3.03%), and Baoxin Software (2.95%) [1] - The market segments of the index holdings are: Shenzhen Stock Exchange (61.98%), Shanghai Stock Exchange (37.67%), and Beijing Stock Exchange (0.35%) [1] Industry Breakdown - The industry composition of the index holdings is as follows: Industrial (45.99%), Information Technology (38.00%), Consumer Discretionary (9.13%), Communication Services (4.42%), Financials (1.54%), and Materials (0.92%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]