Core Viewpoint - The U.S. government, led by President Trump, announced a 100% tariff on all Chinese goods starting November 1, along with export controls on key software, which will accelerate the domestic software replacement process in China [2][3]. Group 1: U.S. Trade Measures - The U.S. will impose a 100% additional tariff on all Chinese imports and export controls on key software starting November 1 [2]. - The U.S. measures are seen as a strategic move to pressure China ahead of the APEC summit, with potential implications for negotiations [2][3]. Group 2: China's Response and Industry Impact - China's Ministry of Commerce has implemented export controls on various technologies, including chip production equipment and lithium batteries, which are crucial for modern industries [2][3]. - China is expected to dominate the rare earth industry by 2025, holding 49% of global reserves and 69% of production, making it a critical resource for the U.S. [2][3]. Group 3: Domestic Software Development - The export controls on key software will accelerate the domestic replacement process in China, particularly in the fields of EDA, CAD, CAE, MES, and PLM [3][4]. - The shift towards domestic software is seen as essential due to China's heavy reliance on imported industrial software [3][4]. Group 4: Industrial Digital Transformation - The announcement of using WPS format in government documents marks a significant milestone for domestic software, indicating a breakthrough in the software replacement strategy [4]. - "Lighthouse factories," which utilize advanced technologies for efficiency, are expected to be prioritized in national strategic development plans, driving demand for industrial software [4]. Group 5: Investment Opportunities - Companies in the EDA, industrial software, operating systems, databases, network security, and industry IT sectors are highlighted as potential investment opportunities due to the ongoing shift towards domestic solutions [4]. - Specific companies to watch include: - EDA: Huada Jiutian, Guangliwei, Gai Lun Electronics [4] - Industrial Software: Dingjie Zhizhi, Nengke Technology, Suochen Technology, Zhongwang Software, Zhongkong Technology [4] - Operating Systems: China Software, Ruantong Power, Runhe Software, Chengmai Technology [4] - Databases: Dameng Data, Taiji Co. [4] - Network Security: Deepin Technology, Qilin Security, Sanwei Security, Guotou Intelligent, Qimingxing Chen [4] - Industry IT: Keda Xunfei, Hehe Information, Hengsheng Electronics, Kingsoft Office, Foxit Software, Tuolisi, Tax Friend Shares, Caixun Shares, Dingdian Software, Jiuyuan Yinhai, Jiahe Meikang, Guanglian Da, Kingdee International, Yonyou Network, Fanwei Network, Yuxin Technology, Newland [4].

Group 1: Software ETF Performance - The software ETF has a turnover rate of 7.01% during trading, with a transaction volume of 405 million yuan [1] - The latest scale of the software ETF reached 5.793 billion yuan, marking a one-month high and ranking first among comparable funds [1] - The latest share count of the software ETF is 6.165 billion shares, also a one-month high and leading among comparable funds [1] - Over the past five days, the software ETF has seen continuous net inflows, with a single-day peak of 507 million yuan, totaling 937 million yuan in net inflows [1] - As of October 13, 2025, the software ETF's net value has increased by 26.80% over the past three years [1] - The highest monthly return since inception is 39.35%, with the longest consecutive monthly gains being three months and a maximum increase of 69.40%, averaging a monthly return of 10.06% [1] Group 2: Key Holdings in Software Sector - As of September 30, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Tonghuashun, Kingsoft Office, Guizhou Compass, Hengsheng Electronics, Runhe Software, 360, Tuo Wei Information, Yonyou Network, and Deepin Technology, collectively accounting for 62.41% of the index [1] Group 3: Industry Outlook - Changjiang Securities emphasizes that achieving complete autonomy and control in key areas is essential for China's technological development, with domestic software systems gradually gaining innovation capabilities [2] - Dongwu Securities anticipates a bidding boom in the domestic innovation sector, with 2025 being a critical year for government initiatives, indicating significant scale [2] - The AI software industry is expected to accelerate its development due to increasing technology restrictions from the U.S. towards China [2]

Summary of Key Points Core Viewpoint - On October 13, 2025, Shenxinfu executed a block trade involving 71,000 shares at a transaction price of 91.23 yuan, which represents a discount of 19.97% compared to the market closing price of 114 yuan [1][2]. Transaction Details - **Transaction Date**: October 13, 2025 [2] - **Securities Code**: 300454 [2] - **Securities Name**: Shenxinfu [2] - **Transaction Price**: 91.23 yuan [2] - **Transaction Volume**: 71,000 shares [2] - **Transaction Amount**: 647.73 thousand yuan [1][2] - **Buyer Brokerage**: CITIC Securities Co., Ltd. Shenzhen Baoan [2] - **Seller Brokerage**: CITIC Securities Co., Ltd. Shenzhen Baoan [2]

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].

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 一、回购股份的进展情况 截至 2025 年 9 月 30 日，公司通过股份回购专用证券账户以集中竞价交易方 式累计回购公司股份 364,900 股，累计回购的股份数量占公司当前总股本的 0.09%，最高成交价为 55.00 元/股，最低成交价为 54.22 元/股，成交总金额为人 民币 19,938,676.00 元（不含交易费用）。 二、其他情况 1 / 2 (一)公司回购股份的时间、回购股份数量及集中竞价交易的委托时段、交易 价格等符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》及公 司回购股份方案的相关规定。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的相关 规定，在回购股份期间，公司应当在每个月的前三个交易日内披露截至上月末的 回购进展情况。现将公司回购股份的进展情况公告如下： 深信服科技股份有限公司 关于回购股份进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 ...

Market Overview - On October 10, the software development sector experienced a decline of 4.26%, with Shenxinfu leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Individual Stock Performance - Notable gainers included: - Dipu Technology (300768) with a closing price of 20.07, up 5.35% [1] - ST Guohua (000004) at 12.26, up 4.97% [1] - Zhongdian Xindong (002298) at 14.01, up 4.47% [1] - Major decliners included: - Shenxinfu (300454) at 114.04, down 8.79% [2] - Dingjie Zhizhi (300378) at 56.27, down 8.36% [2] - Wanxing Technology (300624) at 75.04, down 7.90% [2] Capital Flow Analysis - The software development sector saw a net outflow of 5.834 billion yuan from institutional investors, while retail investors had a net inflow of 3.309 billion yuan [2][3] - The top stocks by net inflow from institutional investors included: - Zhongdian Xindong (002298) with a net inflow of 184 million yuan [3] - Pinming Technology (688109) with a net inflow of 50.97 million yuan [3] - Conversely, significant outflows were noted in stocks like Shenxinfu (300454) with a net outflow of 1.362 billion yuan [2][3]

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-065 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于 2025 年第三季度可转换公司债券 转股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 1、"信服转债"（债券代码：123210）的转股期限为 2024 年 2 月 2 日至 2029 年 7 月 26 日；"信服转债"最新的转股价格为 110.91 元/股。 2、2025 年第三季度，共有 2,678 张"信服转债"完成转股（票面金额共计 267,800 元），合计转成 2,412 股"深信服"股票（股票代码：300454）。 3、截至 2025 年 9 月 30 日，"信服转债"的债券余额为 12,143,888 张，剩 余票面总金额为 1,214,388,800 元。 根据《深圳证券交易所创业板股票上市规则》的有关规定，深信服科技股份 有限公司（以下简称"公司"）现将 2025 年第三季度可转换公司债券转股及公 司总股 ...

Group 1 - The core point of the news is that 深信服科技股份有限公司 (Deepin Technology Co., Ltd.) experienced a stock decline of 5.05%, with a current share price of 118.71 yuan and a total market capitalization of 500.82 billion yuan [1] - The company, founded on December 25, 2000, and listed on May 16, 2018, specializes in information security, with its main business revenue composition being 47.68% from network security, 46.36% from cloud computing and IT infrastructure, and 5.96% from basic networking and IoT [1] Group 2 - 弘毅远方消费升级混合A (Hongyi Yuanfang Consumption Upgrade Mixed A) fund holds a significant position in 深信服, with 28,000 shares, accounting for 6.68% of the fund's net value, making it the third-largest holding [2] - The fund has a current scale of 12.0353 million, with a year-to-date return of 4.38% and a one-year return of 5.51%, ranking 7050 out of 8166 and 6995 out of 8014 in its category, respectively [2] Group 3 - The fund manager of 弘毅远方消费升级混合A is 章劲, who has a tenure of 19 years and 265 days, with the fund's total asset size at 77.3506 million [3] - During his tenure, the best fund return achieved was 15.55%, while the worst return was -1.53% [3]

Summary of the Conference Call for 深信服 Company Overview - 深信服 operates primarily in the network security (60%-70% of revenue) and cloud computing sectors, with expectations for both to contribute equally by 2025-2026 [2][4] - The company has over 20 years of history, initially focusing on network security before expanding into cloud computing in 2015 [4] Key Insights and Arguments - **Network Security Business**: - Focuses on productization rather than operational services, maintaining a high gross margin of around 80% [5] - Products include VPNs, next-generation firewalls, and situational awareness tools, contributing 7%-8% to total revenue [5] - The business has stabilized and is expected to recover growth through AI-enhanced automated operations [6] - **Cloud Computing Development**: - The company leads the market in hyper-converged infrastructure, particularly benefiting from domestic substitution demand as foreign competitors exit [7] - Achieved nearly 20% growth in the first half of 2024, driven by increased demand from small and medium enterprises [7] - **AI Opportunities**: - 深信服 is well-positioned to leverage AI trends, providing comprehensive solutions for enterprises transitioning to AI, including data preparation, model training, and deployment [8] - The company’s strengths in cloud services and data governance allow it to integrate deeply with both foundational cloud and upper-level AI models [12] - **Financial Performance and Projections**: - Signs of recovery were noted in Q2 2025, with revenue growth, profit turnaround, and improved cash flow [13] - Projected cash flow for 2025 is estimated at 1.3-1.5 billion, with a valuation based on a 30x P/E ratio suggesting a safety margin of approximately 40-45 billion [13] - Long-term conservative valuation could reach 100 billion, significantly driven by cloud computing contributions [13] Additional Important Points - **Market Positioning**: - The company primarily serves mid-tier clients, avoiding direct competition with larger players like Alibaba [12] - **Future Growth Potential**: - If revenue growth reaches 10%-20% in 2026, the valuation could exceed 90 billion, with significant contributions from cloud computing [13] - The overall market sentiment towards the AI industry is positive, allowing for early investment without waiting for 2026 performance [13]

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [15]. Core Insights - The release of DeepSeek V3.2-Exp model is expected to drive the development of the domestic AI ecosystem, showcasing the synergy between domestic chips and large models, which leads to significant improvements in computational efficiency and cost reduction [5]. - The introduction of the DeepSeek Sparse Attention mechanism allows for a substantial enhancement in long text processing efficiency, overcoming traditional computational complexity limitations [5]. - The cost of AI applications is anticipated to decrease significantly, with the DeepSeek API prices reduced by over 50%, making advanced AI models more accessible to developers and businesses [5]. - Investment focus is recommended on domestic chip manufacturers like Cambricon and Hygon, as well as companies within the Huawei supply chain and various AI application firms [5]. Industry Basic Data - The computer industry comprises 337 listed companies with a total market capitalization of approximately 61,619.92 billion and a circulating market capitalization of about 55,710.57 billion [2]. Relative Index Performance - The absolute performance of the computer industry over the past 1 month, 6 months, and 12 months is -1.6%, 24.3%, and 72.1% respectively, while the relative performance is -4.3%, 6.3%, and 47.3% [3].