Group 1 - The A-share market indices continued to rise on September 30, with the technology sector showing strong performance, particularly the AI-focused ETF Huaxia (159381), which saw an intraday increase of over 2% [1] - The National Development and Reform Commission (NDRC) announced plans to support various enterprises, including private companies, in participating in the "Artificial Intelligence +" initiative, emphasizing the development of domestic computing power model corpus and increasing support for private enterprises [1] - Tianfeng Securities expressed optimism that 2025 could be a pivotal year for domestic AI infrastructure competition and application development, highlighting ongoing advancements in AI in both China and the U.S. [1] Group 2 - The Huaxia AI ETF (159381) tracks the AI index of the ChiNext board, focusing on leading companies in the AI industry chain, with over 50% weight in optical modules and coverage of domestic software and AI application firms [2] - The ChiNext board has a 20% daily price fluctuation limit, showcasing high growth and elasticity characteristics, with management fees at 0.15% and custody fees at 0.05%, the lowest in its category, facilitating low-cost investment in AI [2]

Core Viewpoint - The digital economy sector is experiencing strong growth, driven by advancements in semiconductor technology, AI demand, and domestic production capabilities [1][2]. Group 1: Market Performance - As of September 30, 2025, the CSI Digital Economy Theme Index (931582) rose by 1.28%, with notable gains from stocks such as Zhaoyi Innovation (603986) up 5.85% and Deepin Technology (300454) up 4.19% [1]. - The Digital Economy ETF (560800) increased by 1.11%, with a trading volume of 3.29 million yuan and a turnover rate of 0.46% [1]. - Over the past month, the average daily trading volume of the Digital Economy ETF was 33.59 million yuan [1]. Group 2: Technological Advancements - The Wuhan National Information Optoelectronics Innovation Center achieved a significant breakthrough by launching a fully autonomous 12-inch silicon photonics solution, which has been deployed in over 40 domestic research institutions and enterprises [1]. - Global semiconductor foundry prices are experiencing significant fluctuations, with TSMC's 2nm process pricing up 50% compared to the previous 3nm process, and major players like Samsung and Micron raising DRAM and NAND flash prices by over 30% for certain models [1]. Group 3: Industry Insights - The semiconductor industry is showing robust performance, driven by AI computing demand, domestic substitution logic, and policy support [2]. - The digital chip sector is propelled by AI computing needs, while the semiconductor equipment sector benefits from AI data center demand and deepening domestic substitution [2]. - The CSI Digital Economy Theme Index includes companies involved in digital economy infrastructure and high digitalization applications, reflecting the overall performance of digital economy-related stocks [2]. Group 4: Key Stocks - As of August 29, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 53.36% of the index, with notable companies including Dongfang Wealth (300059) and Cambricon (688256) [2].

Core Viewpoint - The company announced the establishment of a joint venture named Shanghai YunYue WuJie Technology Co., Ltd. with several partners, indicating a strategic move to expand its business operations in the technology sector [1] Group 1: Investment Details - The board meeting on September 29, 2025, approved the proposal for external investment to set up the joint venture [1] - The registered capital for the new company is set at 10 million yuan [1] - The investment breakdown includes: - Deepin Technology Investment contributing 4 million yuan for a 40% stake - Wanji Technology contributing 3 million yuan for a 30% stake - Huiyun HeRong contributing 2 million yuan for a 20% stake - Ruizhi Investment contributing 1 million yuan for a 10% stake [1]

Group 1 - The core viewpoint of the article highlights the performance of the ChiNext AI ETF (159381), which opened down by 0.97% at 1.632 yuan on September 29 [1] - The major holdings of the ChiNext AI ETF include stocks such as Zhongji Xuchuang, which opened down by 0.87%, and Xinyi Sheng, which fell by 1.04% [1] - The fund's performance benchmark is the ChiNext AI Index return, with a return of 64.43% since its inception on March 14, 2025, and a return of 10.42% over the past month [1] Group 2 - The fund is managed by Huaxia Fund Management Co., Ltd., with the fund manager being Dan Kuan [1] - Other notable stock performances include Tianfu Communication down by 2.21%, Softcom Power up by 1.10%, and Beijing Junzheng up by 2.43% [1] - The article provides a snapshot of the ETF's performance and its key holdings, indicating a mixed performance among its top stocks [1]

Summary of the Conference Call for 深信服 Company Overview - **Company**: 深信服 (Sangfor Technologies) - **Industry**: Cloud Computing, AI, and Cybersecurity Key Financial Metrics - **Revenue**: In the first half of 2025, revenue reached 3.009 billion yuan, a year-on-year increase of 11.16% [2][5] - **Overseas Revenue**: Increased by 35% to 254 million yuan, indicating strong growth potential in international markets [2][5] - **Net Loss**: Reduced to 228 million yuan, with the second quarter marking the first profitable quarter [2][5] - **Future Revenue Projections**: Expected revenues for 2025, 2026, and 2027 are 8.424 billion, 9.467 billion, and 10.699 billion yuan, respectively, with year-on-year growth rates of 12%-13% [4][9] Business Segments - **Cloud Computing**: Grew by 26% in the first half of 2025, nearing 1.4 billion yuan in revenue, becoming a key growth driver [2][3] - **AI Initiatives**: Launched the fourth version of Security GPT, applied in over 400 enterprises, enhancing product competitiveness [2][3][16] - **Cybersecurity**: Maintains a leading position with high market share despite overall industry slowdown; expected stable growth in the next three years [2][19] Strategic Initiatives - **Channel Strategy**: Over 90% of sales are achieved through channel partners, with a focus on diversifying sales models by developing direct sales projects [2][17] - **Cost Control**: Sales and R&D expense ratios have decreased, contributing to improved profitability [4][13][22] Market Trends - **Cybersecurity Industry**: Expected global market growth of 11.92% from 2023 to 2028, with China's growth at 9.2% [14] - **Cloud Computing Industry**: China's cloud computing market is projected to grow significantly faster than the global average, driven by government initiatives [15] Future Outlook - **Profitability Forecast**: Expected net profits for 2025, 2026, and 2027 are 413 million, 500 million, and 752 million yuan, with growth rates of 109.7%, 42.7%, and 27.7% respectively [4][9] - **Cloud Computing Revenue Growth**: Anticipated growth rates of 25%, 23%, and 20% for 2025, 2026, and 2027 [20] - **International Market Expansion**: Strong growth in overseas markets, particularly in Southeast Asia, with expectations of maintaining a 30-40% growth rate [18] Additional Insights - **AI and Cloud Integration**: The introduction of large models like Deepseek is lowering the cost of AI applications, facilitating rapid growth in AI infrastructure and cloud services [3][20] - **Overall Financial Health**: The company is expected to maintain a strong rating due to diverse growth potential across its business segments and effective cost management [23]

Group 1: Market Outlook - The mid-term upward momentum in the market is expected to continue, with the upcoming 20th Central Committee's Fourth Plenary Session discussing the "14th Five-Year Plan" serving as an important policy window[3] - Investment recommendations focus on sectors benefiting from policy dynamics and industrial prosperity, particularly technology growth (AI, semiconductors, consumer electronics, innovative pharmaceuticals), advanced manufacturing (new energy), and cyclical sectors (non-ferrous metals, building materials)[3] Group 2: Recommended Stocks - Gannee Pharmaceutical (603087.SH): Steady growth in core business with innovative products expanding overseas, total market value of ¥476 billion, PE of 51.7, PB of 4.4[4] - Kailai Pharmaceutical (002821.SZ): Industry recovery with new business driving growth, total market value of ¥397 billion, PE of 37.7, PB of 2.4[13] - Zhuhai Guanyu (688772.SH): Major supplier of consumer batteries, benefiting from partnerships with brands like Apple and Huawei, total market value of ¥274 billion, PE of 61.4, PB of 4.0[20] - Tuojing Technology (688072.SH): Leading in film deposition equipment with significant growth potential, total market value of ¥697 billion, PE of 106.6, PB of 12.9[24] - Haiguang Information (688041.SH): Leading domestic computing power enterprise with substantial growth in H1 2025, total market value of ¥6,227 billion, PE of 273.2, PB of 29.5[32] - Shenxinfeng (300454.SZ): Cloud computing driving revenue growth, achieved profitability in Q2, total market value of ¥521 billion, PE of 92.8, PB of 5.8[37] - Penghui Energy (300438.SZ): Leading position in small-scale energy storage cells, total market value of ¥184 billion, PE of -48.1, PB of 3.7[44] - Mingyang Smart Energy (601615.SH): High demand in offshore wind power, total market value of ¥321 billion, PE of 108.6, PB of 1.2[52] - Xingye Silver Tin (000426.SZ): Strong resource positioning with expected silver price recovery, total market value of ¥482 billion, PE of 33.4, PB of 5.7[55] - Huaxin Cement (600801.SH): Rapid overseas business development with expected domestic price recovery, total market value of ¥332 billion, PE of 13.0, PB of 1.2[62]

Group 1 - The report highlights the top ten convertible bonds for October, emphasizing companies like Zhengfan Technology, Wentai Technology, and Huanxu Electronics, which are positioned for growth in their respective sectors [1][2][57]. - Zhengfan Technology's non-equipment business is a key driver of its continuous performance growth, focusing on high-tech industries such as integrated circuits and biopharmaceuticals [8][9]. - Wentai Technology is recognized as a global leader in automotive semiconductors, with a strong focus on high ASP products that support its future growth [38][39]. Group 2 - Huanxu Electronics provides comprehensive manufacturing services for electronic products, with a strong presence in cloud computing and data centers, indicating robust demand in these sectors [46][48]. - The report suggests that the "反内卷" (anti-involution) trend may create opportunities for midstream sectors like new energy and steel, which could see price recoveries [2][58]. - The report anticipates that the inflow of fixed-income funds into the convertible bond market will continue, supporting valuations and reducing the likelihood of significant declines in October [2][58]. Group 3 - The report identifies specific convertible bonds to watch, including those from companies like TianNeng Heavy Industry, which is a domestic leader in wind power tower manufacturing, and is expected to benefit from increasing demand in the renewable energy sector [42][43]. - The agricultural chemical sector is highlighted through Hebang Biological, which is experiencing improved profitability due to favorable supply-demand dynamics in glyphosate products [24][27]. - The report also notes that companies like Youfa Group are poised to benefit from the new round of supply-side reforms, enhancing their national and international market presence [19][20].

Company Overview - Deepin Technology Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on December 25, 2000. The company went public on May 16, 2018. Its main business involves information security, with revenue composition as follows: 47.68% from network security, 46.36% from cloud computing and IT infrastructure, and 5.96% from basic networking and IoT [1]. Stock Performance - As of September 26, Deepin's stock price decreased by 2.15%, trading at 120.80 CNY per share, with a total market capitalization of 50.964 billion CNY. The stock has increased by 110.68% year-to-date, with a 1.40% increase over the last five trading days, a 6.72% decrease over the last 20 days, and a 35.23% increase over the last 60 days [1]. - The company has seen a net outflow of 7.7519 million CNY in principal funds, with significant buying and selling activity from large orders [1]. Financial Performance - For the first half of 2025, Deepin reported a revenue of 3.009 billion CNY, representing a year-on-year growth of 11.16%. However, the net profit attributable to shareholders was -228 million CNY, which is a 61.54% increase compared to the previous period [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 14.04% to 27,600, with an average of 10,081 circulating shares per person, an increase of 16.35% [2]. - The company has distributed a total of 297 million CNY in dividends since its A-share listing, with 47.074 million CNY distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 13.4141 million shares, a decrease of 2.6082 million shares from the previous period. Other notable shareholders include Wanjiayouxuan and E Fund's ChiNext ETF, with varying changes in their holdings [3].

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 price increase of 5.02%, reaching 126.05 CNY per share, with a trading volume of 569 million CNY and a turnover rate of 1.65%, resulting in a total market capitalization of 53.178 billion CNY [1] - The company, founded on December 25, 2000, and listed on May 16, 2018, is primarily engaged in information security, with its 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 - From the perspective of fund holdings, 太平基金 (Taiping Fund) has one fund heavily invested in 深信服, specifically the 太平睿庆混合A (Taiping Ruiqing Mixed A) fund, which held 10,100 shares in the second quarter, accounting for 0.83% of the fund's net value, ranking as the tenth largest holding [2] - The 太平睿庆混合A fund, established on December 21, 2021, has a current size of 112 million CNY, with a year-to-date return of 3.09% and a one-year return of 6.18%, ranking 7312 out of 8003 in its category [2] - The fund manager, 甘源 (Gan Yuan), has been in the position for 4 years and 217 days, overseeing total assets of 6.266 billion CNY, with the best fund return during his tenure being 8.84% and the worst being -0.84% [2]

（编辑 任世碧） 证券日报网讯 9月24日晚间，深信服发布公告称，公司于2025年9月24日召开第三届董事会第三十一次 会议及第三届监事会第二十四次会议，审议通过了《关于调整募集资金投资项目实施期限的议案》，同 意公司将2023年度向不特定对象发行可转债募集资金投资项目之一的"软件定义IT基础架构项目"延期。 ...