Core Viewpoint - The China Securities Central Enterprises New Momentum Theme Index has shown positive performance, with a recent increase of 0.96% and a year-to-date rise of 2.60% [1] Group 1: Index Performance - The index has increased by 9.40% over the past month and 7.73% over the past three months [1] - The index was established on December 31, 2014, with a base point of 1000.0 [1] Group 2: Index Composition - The index includes 45 representative listed companies from central enterprises under the State-owned Assets Supervision and Administration Commission, focusing on manufacturing, technology, and modern service industries [1] - The top ten weighted companies in the index are Hikvision (9.41%), Changan Automobile (8.79%), AVIC Optoelectronics (6.8%), Shenzhen South Circuit (5.14%), AVIC Onboard (4.05%), China Software (3.62%), AVIC Chengfei (3.53%), China Merchants Highway (3.28%), AVIC High-tech (3.03%), and Baoxin Software (2.89%) [1] Group 3: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (62.29%), followed by the Shanghai Stock Exchange (37.35%) and the Beijing Stock Exchange (0.36%) [1] Group 4: Industry Breakdown - The industry composition of the index includes 45.74% in industrials, 38.10% in information technology, 9.25% in consumer discretionary, 4.46% in communication services, 1.55% in financials, and 0.91% in materials [2] Group 5: Sample Adjustment - The index samples are adjusted semi-annually, 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]

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [53]. Core Insights - The report highlights the significant advancements in the AI and computer sectors, particularly with the release of the Kimi K2 model, which has achieved state-of-the-art (SOTA) results in various benchmarks [5][6]. - The passage of the "Genius Act" by the U.S. House of Representatives is seen as a pivotal moment for the stablecoin market, providing a regulatory framework that could enhance the dollar's global dominance and promote financial innovation [30][36]. - The report emphasizes the growing integration of AI in various sectors, particularly in healthcare and government, as companies like 博思软件 (Bosso Software) develop AI solutions tailored to these industries [41][42]. Summary by Sections AI Model Developments - The Kimi K2 model, released on July 11, 2025, features a MoE architecture with a total of 1 trillion parameters and 32 billion active parameters, significantly improving code capabilities and reducing inference costs [7][10]. - The model has seen a daily usage of over 1 million tokens shortly after its launch, driven by increased demand due to the discontinuation of other AI programming tools in the region [10][11]. Regulatory Developments - The "Genius Act," passed on July 17, 2025, establishes a comprehensive regulatory framework for stablecoins, aiming to ensure that only licensed entities can issue them and mandating full reserve backing [30][33]. - This legislation is expected to enhance consumer trust and market stability while setting a benchmark for global stablecoin regulation [36]. Company Updates - 博思软件 is actively integrating AI into its operations across healthcare, public procurement, and government sectors, developing AI agents to improve efficiency in these areas [41][42]. - The company has launched several innovative applications, including AI solutions for medical billing and public procurement compliance [44]. Investment Opportunities - The report identifies key investment targets in the digital economy, AI applications, and companies involved in stablecoin issuance and cross-border payments, suggesting a diversified approach to capitalize on the sector's growth [27][36][39].

据央视新闻消息，7月10日，特朗普在社交媒体宣布，8月1日起对加拿大进口商品全面征收35%关税， 理由涉及芬太尼问题、乳制品关税等，称贸易逆差威胁美国"国家安全"。面对这一压力，加拿大没有正 面回应美国，反而将矛头转向中国。6月27日，加拿大工业部长梅拉妮·乔利以"国家安全"为由，要求海 康威视120天内关闭在加所有业务。7月16日，加拿大政府又对中国钢铁出手，宣布对非自由贸易伙伴国 家实施配额限制，超2024年进口量一半的部分加征50%关税；含"中国熔化和浇铸"的钢材额外课以25% 关税。 加拿大此举背后有其考量。该国75%的出口依赖美国市场，面对特朗普的关税压力，卡尼政府想通过打 压中国企业换取美国让步。就像宣布封杀海康威视后几小时，加拿大立即取消对美"数字服务税"，为美 加贸易谈判清障。但这种示好未获认可，特朗普反手加征35%关税，让加拿大沦为国际笑柄。海康威视 在加拿大已深耕12年，服务过温哥华冬奥会，占安大略省交通监控系统的30%。加拿大政府以"可能传 输敏感数据"要求其退出，却拿不出证据。 特朗普和卡尼（资料图） 海康威视起诉后，7月8日法院裁定暂缓执行禁令，业务恢复运营。这场风波暴露了加拿大所谓 ...

Group 1 - The core index of the China Internet Index (H30535) experienced a slight decline of 0.13%, closing at 3333.49 points, with a trading volume of 87.456 billion yuan [1] - Over the past month, the China Internet Index has increased by 14.66%, by 23.12% over the last three months, and by 11.25% year-to-date [1] - The index comprises 50 listed companies involved in various sectors such as internet hardware, cloud computing, data center infrastructure, intelligent application software, internet operations, and content services [1] Group 2 - The top ten weighted companies in the China Internet Index include: Xinyiseng (9.11%), Zhongji Xuchuang (8.08%), ZTE Corporation (5.55%), iFlytek (5.55%), Hikvision (5.21%), Zhongke Shuguang (5.12%), Kingsoft Office (3.41%), Tonghuashun (2.98%), Inspur Information (2.87%), and Hengsheng Electronics (2.57%) [1] - The market distribution of the index shows that 74.05% of the holdings are from the Shenzhen Stock Exchange, while 25.95% are from the Shanghai Stock Exchange [2] Group 3 - The industry composition of the index indicates that information technology accounts for 52.76% and communication services for 47.24% [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [3] Group 4 - Public funds tracking the internet sector include: Southern China Internet C and Southern China Internet A [4]

Group 1 - The core viewpoint of the news is that the China Securities Mobile Internet Index has shown significant growth, with a 7.70% increase over the past month and an 11.61% increase over the past three months, indicating a positive trend in the mobile internet sector [2] - The index is composed of companies that benefit from mobile internet, including mobile terminal providers, platform operators, and content service providers, reflecting the overall performance of the mobile internet theme [2] - The top ten weighted companies in the index include Zhongji Xuchuang (4.43%), Luxshare Precision (3.4%), and Industrial Fulian (3.08%), among others, highlighting the key players in the mobile internet industry [2] Group 2 - The index is primarily composed of companies listed on the Shenzhen Stock Exchange (68.51%) and the Shanghai Stock Exchange (31.49%), indicating a regional concentration in the Chinese market [2] - The industry composition of the index shows a significant focus on information technology (71.67%) and communication services (23.86%), with financials and consumer discretionary making up a smaller portion [2] - The index undergoes quarterly adjustments to its sample and weight factors, with specific implementation dates, ensuring that it remains reflective of the current market landscape [3]

Core Insights - The China Securities Artificial Intelligence Industry Index (931071) has shown a strong increase of 1.71% as of July 17, 2025, with notable gains in constituent stocks such as Xinyi Sheng (300502) up 7.98% and Tuowei Information (002261) up 6.72% [1][2] - The Artificial Intelligence ETF (515980) has also risen by 1.74%, achieving a five-day consecutive increase, with a trading volume of 1.40 billion yuan [1][2] - The index has demonstrated a 40.06% increase in net value over the past year, ranking in the top 17.63% among 2,915 index equity funds [1][2] Industry Overview - The index is constructed from 50 representative listed companies that provide foundational resources, technology, and application support for artificial intelligence, with the top ten stocks accounting for 52.07% of the index [2][3] - The upcoming World Artificial Intelligence Conference from July 26 to July 28, 2025, in Shanghai will showcase over 3,000 cutting-edge exhibits, including numerous AI models and products, marking the largest scale in history [2][3] Market Trends - Dongwu Securities indicates that AI applications have achieved significant cost reductions and rapid penetration, suggesting the industry is entering a fast growth phase [3] - Guojin Securities highlights strong momentum in AI hardware for smart driving and robotics, as well as software applications in education, finance, and enterprise services [3][5] - The Huafu Artificial Intelligence ETF (515980) is positioned as a small broad-based fund that captures opportunities in both computing infrastructure and application innovation within the AI sector [5][6]

Group 1 - The event "Never-ending Digital Expo 2025 Series - Direct Access to Digital Expo (Hangzhou) Special Session" was successfully held, showcasing Hikvision's contributions to digital transformation in the smart IoT sector [1] - Hikvision is not only a proactive practitioner of digitalization but also a service provider for digital transformation across various industries, with a comprehensive product system covering six major areas [3] - The company has developed technologies that demonstrate strong adaptability in various scenarios, including high-temperature camera applications and integration with business systems to enhance operational efficiency and safety [4] Group 2 - Hikvision's quality control solutions utilize advanced technologies such as X-RAY and ultrasonic methods to detect defects, thereby improving product quality and yield [4] - The integration of multi-modal AI models enhances safety inspection efficiency by creating a closed-loop management system for risk perception and event handling [5] - The company projects a revenue of 92.4 billion yuan for 2024, aiming to expand its product offerings by integrating various technologies to serve multiple industries [6]

从中证钱江30指数持仓的市场板块来看，深圳证券交易所占比56.60%、上海证券交易所占比43.40%。 从中证钱江30指数持仓样本的行业来看，信息技术占比22.09%、金融占比22.01%、工业占比16.91%、 可选消费占比15.96%、原材料占比13.62%、医药卫生占比7.24%、公用事业占比2.16%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。 据了解，中证钱江30指数从注册地在浙江省的上市公司中，根据总市值、营业收入以及净资产收益率三 个指标选取30只上市公司证券作为指数样本，以反映具备浙江经济代表性的上市公司证券的整体表现。 该指数以2009年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证钱江30指数十大权重分别为：海康威视（10.89%）、宁波银行（9.72%）、杭州 银行（9.06%）、三花智控（6.31%）、同花顺（6.25%）、小商品城（5.46%）、拓普集团（4.28%）、 ...

Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].

Core Viewpoint - Hikvision has launched a new model of bird detection and repelling integrated machine aimed at enhancing safety in the power industry by preventing bird-related disruptions and injuries [1][2]. Group 1: Product Features - The new bird detection and repelling machine utilizes an 8-megapixel camera combined with a bird recognition large model, which can accurately identify birds even in complex environments with dense power lines [1]. - The large model offers advantages over smaller models, including a larger parameter count, stronger feature extraction capabilities, better anti-interference, and enhanced generalization, making it more effective in handling complex scenarios and small-scale targets [1]. - The machine has demonstrated an 80% improvement in identification accuracy compared to smaller models during real-world tests at substations [1]. Group 2: Operational Mechanism - Upon detecting a bird, the machine activates a light wave repelling module that emits light waves at a frequency sensitive to birds, prompting them to leave the area and preventing nesting or perching on critical infrastructure [2]. - The device employs self-correction positioning technology to ensure accurate bird detection and effective repelling, maintaining long-term stability in its performance [2]. - Optional features include a sound module that can emit sounds of firecrackers and eagle calls, enhancing the repelling range when used in conjunction with light waves [2].