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]

Core Insights - Dingjie Smart (300378) has submitted a registration application to regulatory authorities for issuing convertible bonds to unspecified objects, aiming to raise no more than 828 million yuan [1] - The funds will primarily be used for constructing the "Dingjie Smart Ecological Empowerment Platform" and supplementing working capital, which aligns with national digital economy development strategies and the company's sustainable growth needs [1] Financial Performance - During the reporting period, Dingjie Smart achieved a revenue of 1.045 billion yuan, representing a year-on-year growth of 4.08% [1] - AI business revenue saw a significant increase of 125.91% year-on-year, indicating strong growth momentum in the intelligent technology sector [1] - The net profit attributable to shareholders reached 45.0267 million yuan, with a year-on-year increase of 6.09%, reflecting enhanced profitability [1] Strategic Direction - The company aims to enhance its global presence by focusing on Southeast Asia while actively seeking opportunities in other overseas markets to boost brand international influence [2] - Dingjie Smart believes that the deep integration of data and intelligent technology will provide robust support for the digital transformation of enterprises in China and globally, leading the industry towards a higher quality development phase [2]

Group 1 - The core viewpoint of the news is that Dingjie Smart has seen a stock price increase of 5.2%, reaching 53.66 yuan per share, with a total market capitalization of 14.563 billion yuan [1] - Dingjie Smart, established on December 26, 2001, and listed on January 27, 2014, specializes in providing digital transformation, smart manufacturing, and industrial internet solutions for manufacturing, circulation, and small and micro enterprises [1] - The revenue composition of Dingjie Smart includes 47.89% from smart technology services, 28.11% from self-developed smart software products, and 23.99% from integrated smart hardware and software solutions [1] Group 2 - According to data, the Fuyong Information Technology Mixed A Fund (013345) holds 278,200 shares of Dingjie Smart, accounting for 4.19% of the fund's net value, making it the fifth-largest holding [2] - The Fuyong Information Technology Mixed A Fund has a total scale of 71.3608 million yuan and has achieved a year-to-date return of 12.32%, ranking 5495 out of 8244 in its category [2] - The fund has a one-year return of 51.23%, ranking 2219 out of 8080 in its category, and a cumulative return since inception of 0.57% [2]

Core Viewpoint - Dingjie Zhizhi announced that the third lock-up period of its employee stock ownership plan will expire on September 27, 2025 [2] Summary by Relevant Sections - Company Announcement - Dingjie Zhizhi released a notice regarding the expiration date of its employee stock ownership plan's third lock-up period [2]

关于 2022 年员工持股计划第三个锁定期届满 的提示性公告 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。 鼎捷数智股份有限公司（以下简称"公司"）于 2022 年 8 月 31 日召开第四 届董事会第二十四次会议和第四届监事会第二十二次会议，并于 2022 年 9 月 16 日召开公司 2022 年第二次临时股东大会，审议通过了《关于<鼎捷软件股份有限 公司 2022 年员工持股计划（草案）>及其摘要的议案》《关于<鼎捷软件股份有 限公司 2022 年员工持股计划管理办法>的议案》《关于提请股东大会授权董事会 办理公司 2022 年员工持股计划相关事项的议案》，同意公司实施 2022 年员工持 股计划（以下简称"本员工持股计划"），并由股东大会授权董事会办理与本员 工持股计划相关的事宜。 公司 2022 年员工持股计划第三个锁定期于 2025 年 9 月 27 日届满，根据《关 于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》及公司《2022 年员工持股计划》 （以下简称"《持股计划》" ...

Core Viewpoint - During the "14th Five-Year Plan" period, Dingjie Smart has made a significant leap from the "software era" to the "smart era," aiming to become a leading provider of data and intelligent solutions [1] Group 1: Business Development - Dingjie Smart has established a nationwide service network, serving over 50,000 enterprises across various sectors including equipment manufacturing, semiconductors, automotive, electronics, and new energy [1] - The company has seen a revenue of 1.045 billion yuan in the first half of 2025, a year-on-year increase of 4.08%, with AI business revenue growing by 125.91% [2] - Dingjie Smart launched several AI applications in recent years, including the Athena Smart Native Base in 2022 and an industrial software AI suite in 2025 [2] Group 2: Strategic Focus - The company emphasizes the integration of AI into business processes, aiming to liberate human resources from repetitive tasks and enhance productivity [2] - Dingjie Smart is committed to sustainable development, incorporating ESG principles into its operations and maintaining an "AA" rating in Wind ESG assessments, ranking in the top 2% among over 180 software companies [3][4] - The company has been expanding its international presence since 2008, currently serving around 800 clients in Southeast Asia [4] Group 3: Future Directions - Looking ahead to the "15th Five-Year Plan," Dingjie Smart plans to focus on technological innovation and global expansion, enhancing its AI capabilities and collaborating with ecosystem partners [5][6] - The company aims to create replicable and scalable solutions for the software and digitalization market in China, driving high-quality development in the digital economy [5][6]

Core Viewpoint - During the "14th Five-Year Plan" period, Dingjie Smart has made a significant leap from the "software era" to the "smart era," aiming to become a leading provider of data and intelligent solutions in the context of industrial transformation towards smart manufacturing [1][2]. Company Overview - Dingjie Smart has established a comprehensive service network covering the entire country and extending to the Asia-Pacific region, providing deep digital transformation services to over 50,000 enterprises across various sectors, including equipment manufacturing, semiconductors, automotive, electronics, and new energy [1]. - The company has been actively embracing new technological changes since 2015, implementing the "Smart+" strategy to integrate industrial internet and artificial intelligence with the real economy [2]. Financial Performance - In the first half of 2025, Dingjie Smart achieved a revenue of 1.045 billion yuan, representing a year-on-year growth of 4.08%, with AI business revenue increasing by 125.91% [4]. - The net profit attributable to shareholders reached 45.03 million yuan, marking a year-on-year increase of 6.09% [4]. Strategic Directions - The company is committed to sustainable development, integrating the concept into every aspect of its operations, including driving green transformation for partner enterprises and exploring sustainable public welfare models [4][5]. - Dingjie Smart has maintained an "AA" rating in the Wind ESG rating for four consecutive years, ranking in the top 2% among over 180 companies in the software industry [4]. Global Expansion - Since 2008, Dingjie Smart has been expanding into overseas markets, establishing subsidiaries in countries such as Vietnam, Thailand, and Malaysia, and has served approximately 800 enterprise clients in Southeast Asia [6]. - The company plans to enhance its international presence by increasing investments and exploring potential demands in other overseas regions, aiming to elevate its brand influence globally [6]. Future Outlook - Looking ahead to the "15th Five-Year Plan," Dingjie Smart aims to promote the overall progress of China's software and digitalization market through data and intelligent technology, focusing on high-quality and sustainable development [6]. - The company intends to enhance its AI applications across various fields and collaborate with ecosystem partners to provide replicable and scalable solutions for the industry [6].

Core Viewpoint - Dingjie Digital's stock increased by 5.05% to 52.65 CNY per share, with a trading volume of 5.22 billion CNY and a market capitalization of 14.289 billion CNY as of September 25 [1] Group 1: Company Overview - Dingjie Digital Co., Ltd. is located at 22nd Floor, Green Central Plaza, 1377 Jiangchang Road, Jing'an District, Shanghai, established on December 26, 2001, and listed on January 27, 2014 [1] - The company specializes in providing digital transformation, intelligent manufacturing, and industrial internet solutions for manufacturing, circulation industries, and small and micro enterprises [1] - The revenue composition of Dingjie Digital includes: 47.89% from digital technology services, 28.11% from self-developed digital software products, and 23.99% from integrated software and hardware solutions [1] Group 2: Fund Holdings - In terms of fund holdings, one fund under Invesco Great Wall has a significant position in Dingjie Digital [2] - The Invesco Great Wall Junfa Balanced Pension Three-Year Holding Mixed FOF (015317) held 1,800 shares in the second quarter, unchanged from the previous period, accounting for 0.59% of the fund's net value, ranking as the seventh largest holding [2] - The fund has a total scale of 11.2579 million CNY and has achieved a return of 22.17% year-to-date, ranking 272 out of 1,047 in its category [2]