Group 1 - The report highlights that national top-level policies are guiding the rapid development of six key areas in "AI+ applications" as outlined in the State Council's opinion released on August 26, 2025 [2][8] - The six key areas include "AI+" in scientific technology, industrial development, consumer quality enhancement, public welfare, governance capabilities, and global cooperation [2][8] - By 2027, it is expected that AI will be widely integrated into these six areas, with the application penetration rate of new intelligent terminals exceeding 70% [9] Group 2 - The report identifies 50 representative stocks across A-shares, Hong Kong stocks, and US-listed Chinese companies that are actively engaged in "AI+ applications" within the six key areas [3] - Key recommended stocks include: - Shuanghuan Transmission (002472.SZ) for AI+ industrialization and intelligent robotics - Orbbec (688322.SH) for AI+ hardware - Shengye (6069.HK) for AI+ supply chain finance [3] - Stocks to watch include: - Xindong Company (2400.HK) for AI+ gaming - Huazhu Gaoke (688433.SH) for AI+ intelligent manufacturing - Guodun Quantum (688027.SH) for AI+ quantum technology [3] Group 3 - The report elaborates on the "AI+" scientific technology direction, which includes accelerating scientific discovery processes, driving innovation in technology research and development models, and innovating social science research methods [12][17][24] - Specific companies mentioned in the "AI+" scientific technology sector include: - iFlytek (002230.SZ) focusing on AI core technology and applications in various fields [13] - Zhongke Shuguang (603019.SH) emphasizing AI-driven digital infrastructure [13] - BGI Genomics (688114.SH) integrating AI into life sciences [13] Group 4 - The "AI+" industrial development direction aims to cultivate new intelligent native models and promote the intelligent transformation of traditional industries [28] - Companies highlighted in this sector include: - Daotong Technology (688208.SH) for AI+ automotive diagnostics [30] - Dingjie Smart (300378.SZ) for AI+ manufacturing digitalization [30] - Huichan Co., Ltd. (688500.SH) for AI+ data intelligence [30] Group 5 - The "AI+" consumer quality enhancement direction focuses on expanding service consumption scenarios and improving the quality of life services [49] - Companies in this area include: - Xindong Company (2400.HK) for AI+ gaming [51] - Giant Network (002558.SZ) integrating AI into core gaming products [51] - Perfect World (002624.SZ) utilizing AI tools in game development [51]

今天分享的是：鼎捷数智：2025年中国工业PLM细分市场观察报告 报告共计：19页 2025年中国工业PLM细分市场观察报告总结 近五年，我国规模以上工业企业利润总额增长放缓，企业数量波动明显，但研发经费投入持续增加，数智转型成为行业提升竞 争力的关键。装备制造、高科技电子、汽车制造三大重点行业呈现差异化发展态势。装备制造业企业单位数和利润稳步增长， 智能化水平有较大提升空间；高科技电子行业规模扩张，但利润总额略有下降，区域发展不均衡；汽车制造业企业数量稳健增 长，新能源汽车市场增长迅猛，2024年销量占比预计达40.93%，成为行业增长新动力。 工业制造领域PLM应用迎来机遇与挑战。多地出台政策推动企业数字化研发，明确提高数字化研发设计工具普及率的目标，但 行业面临数据孤岛、系统割裂等核心挑战。在三大重点行业中，PLM应用各具特色且发展迅速。装备制造领域研发设计类软件 应用率快速提升，2024年预估达84%，国产PLM厂商凭借本土化优势占据市场领先地位；高科技电子行业PLM聚焦高级仿真虚 拟验证及AI与知识工程融合，本土企业在市场份额TOP5中赶超国际厂商；汽车制造行业PLM助力跨学科协同设计与增材制造技 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [16]. Core Insights - The report emphasizes the concept of "Lighthouse Factories," which are leading the intelligent upgrade of the manufacturing industry by integrating advanced technologies such as artificial intelligence, IoT, and big data analytics [6]. - A total of 201 factories have been recognized as Lighthouse Factories globally, with 85 located in China, showcasing their exceptional manufacturing capabilities and performance in areas like production efficiency and supply chain resilience [6]. - Industrial software is identified as the digital foundation for Lighthouse Factories, playing a crucial role in enhancing production intelligence and efficiency across four core areas: R&D design, manufacturing, operational management, and maintenance services [6]. - The report suggests focusing on companies that are positioned to benefit from the growth of industrial software and intelligent manufacturing, including Zhongwang Software, Huada Jiutian, and Yonyou Network, among others [6]. Industry Overview - The computer industry consists of 337 listed companies with a total market capitalization of approximately 60,881.53 billion and a circulating market value of about 55,021.98 billion [3]. - The absolute performance of the industry over the past 12 months has been 52.1%, while the relative performance against the benchmark index has improved by 33.9% [4].

10月14日，鼎捷数智跌5.05%，截至发稿，报51.57元/股，成交8.28亿元，换手率5.73%，总市值139.96 亿元。 资料显示，鼎捷数智股份有限公司位于上海市静安区江场路1377弄绿地中央广场1号楼22层，成立日期 2001年12月26日，上市日期2014年1月27日，公司主营业务涉及制造业、流通业及小微企业提供数字化 转型、智能制造与工业互联网解决方案。主营业务收入构成为：数智技术服务47.89%，自研数智软件 产品28.11%，数智一体化软硬件解决方案23.99%。 从基金十大重仓股角度 数据显示，华商基金旗下1只基金重仓鼎捷数智。华商计算机行业量化股票发起式A（007853）二季度 持有股数24.9万股，占基金净值比例为2.34%，位居第六大重仓股。根据测算，今日浮亏损失约68.23万 元。 华商计算机行业量化股票发起式A（007853）成立日期2019年10月30日，最新规模2.45亿。今年以来收 益20.77%，同类排名2660/4220；近一年收益39.06%，同类排名1409/3857；成立以来收益36.03%。 华商计算机行业量化股票发起式A（007853）基金经理为艾定飞。 截至 ...

鼎捷数智所属申万行业为：计算机-软件开发-横向通用软件。所属概念板块包括：AIAgent（智能 体）、无人零售、ERP概念、国产软件、MCP概念等。 10月14日，鼎捷数智盘中上涨2.01%，截至09:43，报55.40元/股，成交1.92亿元，换手率1.31%，总市值 150.35亿元。 资金流向方面，主力资金净流出1166.72万元，特大单买入986.02万元，占比5.13%，卖出1189.22万元， 占比6.18%；大单买入4966.86万元，占比25.83%，卖出5930.38万元，占比30.84%。 鼎捷数智今年以来股价涨114.40%，近5个交易日涨4.47%，近20日涨10.03%，近60日涨44.46%。 今年以来鼎捷数智已经6次登上龙虎榜，最近一次登上龙虎榜为8月8日，当日龙虎榜净买入-1.40亿元； 买入总计1.42亿元 ，占总成交额比4.73%；卖出总计2.82亿元 ，占总成交额比9.40%。 资料显示，鼎捷数智股份有限公司位于上海市静安区江场路1377弄绿地中央广场1号楼22层，成立日期 2001年12月26日，上市日期2014年1月27日，公司主营业务涉及制造业、流通业及小微企业提供 ...

Investment Rating - The report maintains a positive outlook for the computer industry, expecting a continued "scissor difference" in Q3 2025, indicating structural growth despite varying performance among companies [3][4][11]. Core Insights - The report predicts that 22% of the tracked companies will see net profit growth exceeding 50%, with notable performers including 深信服 (1528%), 卡莱特 (998%), and 新国都 (235%) [4][5]. - The report highlights a trend of cost reduction through layoffs and non-essential cost cuts, leading to improved efficiency and profitability across the industry [3][4]. - The report identifies key investment targets in various segments, including AIGC, digital economy leaders, and data innovation [3][4]. Summary by Sections Q3 2025 Performance Forecast - Among 54 tracked companies, 11 are expected to exceed 50% profit growth, while 9 will see growth between 30%-50% [4][5]. - 36% of companies are projected to have growth between 0%-30%, and 22% are expected to experience a decline [5][6]. Key Company Performances - 深信服 is projected to achieve a staggering 1528% profit growth, while 卡莱特 is expected to see 998% growth [4][5]. - Companies like 海康威视 and 金山办公 are expected to maintain stable growth rates of around 9% and 15%, respectively [8][10]. - 联想集团 is forecasted to face a significant decline of 99% in profit, indicating challenges in its operational strategy [6][10]. Investment Targets - The report categorizes investment targets into four segments: AIGC, digital economy leaders, data innovation, and AIGC computing power [3][4]. - Notable companies in the AIGC segment include 金山办公 and 道通科技, while 海光信息 and 软通动力 are highlighted in the data innovation category [3][4].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Since August, the pace of changes in the supply - demand structure of the convertible bond market has accelerated. On the demand side, insurance funds have rapidly and significantly reduced their holdings of convertible bonds, while the demand from public funds has remained stable. On the supply side, although the number of forced redemptions has increased significantly since August, the enthusiasm for new convertible bond proposals has been high, and the review speed has marginally accelerated [1][10][14]. - The A - share market fluctuated sharply this week. The current A - share market valuation has significantly recovered. Large - scale equipment renewal and consumer product trade - in measures are expected to boost domestic demand, and the export growth rate may decline. The Fed has re - entered the interest rate cut cycle, and the weak resonance between the domestic economic fundamentals and the capital side is expected to gradually start [27]. - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is expected to be low. The risk of a correction in convertible bond valuations has been temporarily alleviated. However, in the context of stock market volatility and the strong "taking - profits" sentiment of institutions in the fourth quarter, the short - term profit - making effect of the convertible bond market may be weak. Attention should be paid to the band - trading opportunities of convertible bonds in a volatile market [28]. 3. Summary According to the Directory 1. Convertible Bond Weekly Special Topic and Outlook 1.1 What are the Highlights of New Convertible Bond Issues? - Since August, the demand - side of the convertible bond market has seen insurance funds significantly reducing their holdings, while public funds have increased their positions. On the supply - side, new convertible bond proposals have been actively submitted, and the review speed has accelerated. For example, in August, 18 new convertible bond proposals passed the board of directors, reaching the level of March 2023. In September, 17 proposals passed the general meeting of shareholders, and 7 passed the listing committee review, reaching the level of January 2024 [1][10][14]. - As of October 10, there are 4 convertible bond proposals awaiting issuance after obtaining the CSRC's approval for registration, and 8 public convertible bond proposals have passed the listing committee review, with a total scale of 530.5 million yuan. The industry distribution of these convertible bonds is mainly in TMT, advanced manufacturing, and cyclical industries [15][20]. 1.2 Weekly Review and Market Outlook - This week, the A - share market fluctuated sharply. Before the holiday, the A - share market rose, with the new energy industry chain and semiconductors leading the gains. After the holiday, the market first rose and then fell. The current A - share market valuation has recovered, and domestic demand is expected to be boosted, but the export growth rate may decline [27]. - In the convertible bond market, the subsequent issuance pressure is expected to be low. The short - term profit - making effect may be weak, and attention should be paid to band - trading opportunities. Industries to focus on include popular themes such as semiconductors and AI, domestic - demand - oriented sectors, and central state - owned enterprises under the China - specific valuation system [28][29]. 2. Weekly Tracking of the Convertible Bond Market 2.1 The Equity Market Style is Differentiated, and Pro - cyclical Sectors are Strengthening - From September 29 to October 10, the equity market showed mixed performance. The market style was more inclined to large - cap growth stocks. 26 Shenwan industry indices rose, and 5 declined. The non - ferrous metals, steel, and basic chemical industries led the gains [32][34]. 2.2 The Convertible Bond Market Rose Narrowly, and the Premium Rate for 100 - yuan Par Value Rebounded - From September 29 to October 10, the convertible bond market rose. The average daily trading volume decreased. Most individual bonds rose. The non - ferrous metals, beauty care, and non - bank financial industries led the gains in the convertible bond market, while the communication industry declined [38][39]. - The weighted conversion value of the entire market increased, and the premium rate rose. The median price of convertible bonds increased, and the number of medium - and low - priced convertible bonds decreased [45][49]. 2.3 High - frequency Tracking of Different Types of Convertible Bonds 2.3.1 Classification Valuation Changes - This week, the valuations of equity - biased and balanced convertible bonds increased. Among different par - value convertible bonds, the valuation of 80 - 90 yuan par - value convertible bonds increased more significantly. The valuations of AA + and AA - rated convertible bonds decreased, while those of other ratings increased. The valuations of large - cap and small - cap convertible bonds increased significantly, while those of other scales decreased [60]. - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from the bottom [60]. 2.3.2 Market Index Performance - This week, convertible bonds of all ratings and scales rose. Since 2023, high - rated AAA convertible bonds have shown stable performance, while low - rated convertible bonds have shown weaker anti - decline ability and greater rebound strength [71]. 3. Tracking of Convertible Bond Supply and Terms 3.1 This Week's Primary Proposals Issuance - This week, there were no newly listed convertible bonds, and there were 3 convertible bonds awaiting listing, with a total scale of 730.2 million yuan. The number of primary approvals was 10 [76]. - From the beginning of 2023 to October 10, 2025, there were 103 convertible bond proposals in total, with a total scale of 15.8329 billion yuan. The number and scale of proposals at different stages vary [77]. 3.2 Downward Revision & Redemption Clauses - This week, 9 convertible bonds were expected to trigger downward revisions, 4 announced no downward revisions, 0 proposed downward revisions, and 1 actually carried out a downward revision. Six convertible bonds were expected to trigger redemptions, 0 announced no redemptemptempt 0 announced no redemptions, and 5 announced early redemptions [5][83][84]. - As of the end of this week, there were 0 convertible bonds in the put - option declaration period and 9 in the company's capital - reduction repayment declaration period [88].

Investment Rating - The report maintains a "Recommended" rating for the industry [4] Core Insights - The report highlights the significant impact of U.S. tariffs and export controls on Chinese products, particularly in the software and hardware sectors, emphasizing the need for domestic innovation and self-reliance [1] - The Chinese government is actively promoting domestic products through favorable procurement policies, including a 20% price deduction for local products in competitive bidding [1] - The report indicates that the domestic chip industry is gaining traction, particularly in the financial sector, with major projects like the Industrial and Commercial Bank of China's procurement of Huaguang chip servers valued at approximately 3 billion yuan [1] - The report notes a substantial increase in domestic server procurement by China Unicom, with 90.1% of the servers being domestically produced, reflecting a strong trend towards localization [2] - The report anticipates a turning point for the domestic innovation industry (Xinchang) driven by supportive policies and improving performance of listed companies in the sector [2][3] Summary by Sections - **Policy Support**: The government emphasizes high-level technological self-reliance as a key development focus, aiming to enhance core technology research and innovation capabilities [2] - **Market Performance**: Several listed companies in the Xinchang sector have shown improved performance compared to the previous year, indicating a positive outlook for the industry [3] - **Investment Recommendations**: The report suggests focusing on key players in the Xinchang sector, including China Software, Dameng Data, and others, as well as leaders in specific sub-sectors like industrial software and the Harmony OS ecosystem [3]

公司董事长兼总经理叶子祯表示，鼎捷数智以"领先的数据和智能方案提供商"为核心定位，正通过数据 与智能技术重塑工业软件边界，推动企业数字化转型进程。 未来，鼎捷数智将以更加务实的态度推进全球化布局，在持续深耕东南亚市场的同时，积极寻求其他海 外区域的市场机会，提升品牌国际影响力。公司坚信，通过数据与智能技术的深度融合，将为中国乃至 全球企业的数智化转型提供有力支持，引领行业迈向更高质量的发展阶段。 近日，鼎捷数智（300378）拟向不特定对象发行可转换公司债券的申请已正式向监管部门提交注册。本 次发行募集资金总额不超过8.28亿元，将主要用于建设"鼎捷数智化生态赋能平台"及补充流动资金。该 项目旨在打造具备全面数智能力的智慧企业赋能平台，通过数据驱动与知识封装的技术路径，助力企业 实现全链路数智化升级，有效提升市场竞争力。 此次募投项目不仅紧密契合国家数字经济发展战略，也充分满足公司自身可持续发展的需求。鼎捷数智 将继续坚持技术创新，围绕雅典娜平台提升Agent协同调度能力和多模态能力，深化AI技术在各业务领 域的创新应用，为中国软件及数智化市场提供更多可复制、可推广的解决方案。 报告期内鼎捷数智业绩表现稳健， ...

富荣信息技术混合A（013345）成立日期2021年10月28日，最新规模7136.08万。今年以来收益 12.32%，同类排名5495/8244；近一年收益51.23%，同类排名2219/8080；成立以来收益0.57%。 富荣信息技术混合A（013345）基金经理为李延峥。 截至发稿，李延峥累计任职时间4年105天，现任基金资产总规模2.88亿元，任职期间最佳基金回报 73.43%， 任职期间最差基金回报-31.03%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 9月29日，鼎捷数智涨5.2%，截至发稿，报53.66元/股，成交5.38亿元，换手率3.76%，总市值145.63亿 元。 资料显示，鼎捷数智股份有限公司位于上海市静安区江场路1377弄绿地中央广场1号楼22层，成立日期 2001年12月26日，上市日期2014年1月27日，公司主营业务涉及制造业、流通业及小微企业提供数字化 转型、智能制造与工业互联网解决方案。主营业务收入构成为： ...