Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Views - The turning point for AI software is approaching, with the computer sector showing signs of recovery in revenue and profit, particularly among leading software companies [5][6][7] - Institutional holdings in the computer sector are at historical lows, indicating significant underweighting, which suggests increasing allocation value [5][6] - The performance of major software companies such as Kingsoft Office, Dameng Data, and Foxit Software has been notably strong, indicating a positive trend in the sector [6][8] Summary by Sections Market Review - During the week of October 27 to October 31, 2025, the CSI 300 index fell by 0.43%, while the computer index rose by 1.82 [4][16] Institutional Holdings - As of September 30, 2025, the fund's holding ratio in the computer sector was 2.92%, remaining at historical lows. The total market capitalization of the computer sector accounted for 4.61% of the A-share market [5][12] Revenue and Profit Improvement - In the first three quarters of 2025, the computer sector saw a revenue increase of 3.10% year-on-year and a net profit increase of 3.93%. Cost control measures have significantly improved profit recovery [6][13] AI Model Development - The capabilities of AI models are continuously improving while costs are decreasing, leading to a flourishing application market. For instance, the cost of GPT-5 has dropped significantly compared to its predecessor [7][14] Investment Recommendations - The report recommends several companies for investment, including Kingsoft Office, Hehe Information, and others, highlighting their potential benefits from the ongoing trends in the computer sector [8][15]

证 券 研 究 报 告 深信服（300454）2025 年三季报点评 强推（维持） 营收保持增长，利润持续改善 目标价：157 元 事项： 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 ❖ 10 月 27 日，公司发布 2025 年三季度业绩报告：公司实现营业收入 51.25 亿 元，同比增长 10.62%；实现归母净利润亏损 0.81 亿元，去年同期亏损 5.80 亿元，实现扣非净利润亏损 1.36 亿元，去年同期亏损 6.51 亿元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,520 | 8,424 | 9,467 | 10,699 | | 同比增速(%) | -1.9% | 12.0% | 12.4% | 13.0% | | 归母净利润(百万) | 197 | 586 | 829 | 1,045 | | 同比增速(%) | -0.5% | 197.8% | 41.5% | ...

计算机周报 20251102 从三季报看低位 AI Agent 机遇 2025 年 11 月 02 日 ⚫ 市场回顾 本周（10.27-10.31）沪深 300 指数下跌 0.43%，中小板指数上涨 0.87%，创业 板指数上涨 0.50%，计算机（中信）板块上涨 2.66%。板块个股涨幅前五名分别 为：海峡创新、神州信息、科大国创、深信服、格尔软件；跌幅前五名分别为： 佳发教育、熙菱信息、乐鑫科技、启明信息、开普云。 ⚫ 行业要闻 ➢ ⚫ 公司动态 ➢ 凌志软件：10 月 27 日消息，公司正筹划以发行股份并支付现金方式收购 凯美瑞德（苏州）信息科技股份有限公司控股权并募集配套资金。因关键参数尚 待审计评估，交易是否构成重大资产重组或关联交易仍未可知。公司股票自 2025 年 10 月 28 日起停牌，预计停牌不超过 10 个交易日。 ➢ 中新赛克：10 月 29 日消息，合计持股 4,832,060 股（占 2.83%）的股 东广东红土、南京红土、昆山红土及郑州百瑞（深创投一致行动人）因基金退出 需求，拟在本公告披露 15 个交易日后的 3 个月内，通过集中竞价与大宗交易 合计减持不超过上述股份（占总股本 ...

Core Insights - Several cybersecurity companies reported revenue growth or reduced losses in Q3 2023, driven by diversification into new business scenarios and the adoption of AI technology [1] Group 1: Revenue Growth and Loss Reduction - 360 achieved revenue of 6.068 billion yuan in the first three quarters, an increase of 8.18% year-on-year, while net losses narrowed to 122 million yuan from 579 million yuan, a reduction of approximately 78.93% [1] - Green Alliance Technology reported revenue of 1.28 billion yuan, a slight increase compared to the previous year, with net losses of 196 million yuan, a year-on-year reduction of 39.85% [1] - Companies are exploring new markets such as satellite internet and industrial control to drive revenue growth [1] Group 2: AI Integration and Innovation - AI has become a key efficiency booster in the cybersecurity industry, with 97% of surveyed companies using or planning to deploy AI-enabled cybersecurity solutions [3] - Fortinet's report indicates that 87% of industry experts expect AI to enhance efficiency, while 80% of respondents noted improvements in team productivity due to AI [3] - Companies like Green Alliance Technology are focusing on AI security, data security, and practical defense, integrating intelligent capabilities into traditional security products [4] Group 3: Investment in R&D and Technology - Shengbang Security's R&D investment reached 66.65 million yuan in the first three quarters, a year-on-year increase of 22.98%, accounting for 42.90% of revenue [6] - Qi An Xin's R&D investment totaled 835 million yuan, representing 29.41% of revenue, focusing on proactive defense and privacy computing [6] - Companies are continuously investing in technology innovation to enhance competitiveness and adapt to industry trends [6]

"近一年来，新应用、新业务涌现，海洋领域使用卫星互联网的船舶数量从2022年的500艘增至近期7.5 万艘，航空领域飞机适配数量从2024年的160架增至2025年的2000架，相关应用爆发式增长。"盛邦安全 董事长权晓文近日在公开活动中称。 北信源在语言智能与安全通信融合方面进行探索，借助AI语音翻译大模型，布局企业端和消费端市 场。一方面通过"信源密信"服务政企用户，另一方面推出"爱传"（AItran）APP，具备1至2秒低延迟、 多语同步翻译、口音识别与术语智能匹配等功能，适用于外交、政务、商用等多类场景。此外，北信源 9月还在投资者互动平台表示，公司将关注低空经济领域的发展趋势和技术进步，丰富公司产品应用。 奇安信深入探索更"专"、更高要求的工业控制领域。在投资者关系活动中，奇安信高管表示，过去安全 服务主要面向互联网领域，而生产领域有较为复杂的系统、装置，以及比较独特的协议，每个行业各有 不同。"在工业控制领域中，尤其是能源和特种行业，所需产品与整个装置装备相结合，都有明显的行 业特征。我们这部分叫作小批量行业专用产品，盈利能力较强且进入壁垒很高。今年上半年公司在这个 领域的新签订单额同比增长超过6 ...

10月31日下午，深圳河套，暖灯之下，企业代表分批获颁"生成式人工智能服务备案证明"，迈向合规发 展新阶段。这场以"备案赋能，粤创未来"为主题的广东省备案大模型发布会，在粤港澳大湾区生成式人 工智能安全发展联合实验室举办。截止到今年10月24日，广东通过备案的大模型达到105款，数量位居 全国第二。最新一批有11款生成式人工智能服务完成备案，涵盖教育、传媒、商业地产、跨境电商等多 个专业领域。 "安全是创新的压舱石""备案是技术落地的'入场券'""合规让我们在千行百业中走得更稳、更远"……备 案大模型企业代表接受南都采访时纷纷讲述备案对企业发展的重要意义。从政策锚定方向，到企业合规 创新，再到产业生态协同，以备案制度为核心的AI治理实践，正推动广东人工智能产业实现高质量发 展与高水平安全的良性循环。 政策支撑： 让AI既能放手创新、又可安全奔跑 政策不仅是规则的制定，更是产业生态的塑造。当备案从监管要求转化为发展动能，广东正在构建一个 让AI"既能放手创新、又可安全奔跑"的系统性发展场域。 广东人工智能产业规模已突破2200亿元，核心企业超1500家，国家级专精特新"小巨人"企业达147家， 数量全国第一。在 ...

深信服科技股份有限公司成立于2000年12月25日，于2018年5月16日在深圳证券交易所上市，注册地址和 办公地址均为广东省深圳市。该公司是国内网络安全及云计算领导厂商，在信息安全领域具备较强的技术 实力和市场竞争力。 公司主营业务为信息安全，所属申万行业为计算机 - 软件开发 - 横向通用软件，涉及态势感知、AIGC概 念、国产软件核聚变、超导概念、核电等概念板块。 经营业绩：营收行业第四，净利润第二十二 2025年三季度，深信服营业收入为51.25亿元，在行业35家公司中排名第4。行业第一名科大讯飞营收 169.89亿元，第二名三六零营收60.68亿元，行业平均数为18.38亿元，中位数为8.71亿元。当期净利润为 - 8056.38万元，行业排名22/35，行业第一名金山办公净利润11.64亿元，第二名泛微网络（维权）净利润1亿 元，行业平均数为 - 9814.69万元，中位数为 - 5790.17万元。 A股股东户数较上期增加11.92% 截至2025年9月30日，深信服A股股东户数为3.09万，较上期增加11.92%；户均持有流通A股数量为 9008.36，较上期减少10.65%。十大流通股东中， ...

东方证券研报指出， 深信服前三季度实现归母净利-0.81亿（+86.10%），其中Q3单季度实现归母净利 1.47亿（+1097.40%），业绩改善明显，系费用端控制所致。公司整体研发战略向AI智能化倾斜，逐渐 在各个产品落地AI相关技术和能力，如安全GPT、AICP、AIPaaS、SAVE3.0、AIOps等。认为AI带来公 司产品新功能和新范式的补足，进一步提升公司产品竞争力。公司上半年率先发布了"HCI+AICP新一 代超复制选中秒转数据融合"解决方案，帮助用户在原有集群基础上仅增加一台GPU节点，就能基于本 地集群快速部署并承载DeepSeek在内的企业级大模型。凭借优秀的产品创新能力以及全渠道优势，公 司有望充分受益于日渐兴起的大模型本地化部署需求。根据可比公司25年的PS水平，维持给予公司25 年6.10倍PS，对应目标价为119.00元，维持"买入"评级。 ...

Group 1 - Over 7.6 billion in main capital has flowed into the software development industry, making it the second-highest sector in terms of capital inflow among all Shenwan secondary industries [1] - The Xinchuang ETF (562030), which heavily invests in the software development sector, has seen an increase of 2.14% in its market price, indicating strong buying momentum with a real-time premium rate of 0.37% [1] - Key stocks such as 360 and Foxit Software have hit the daily limit, while companies like Deepin, Qi Anxin, and Star Ring Technology have also shown significant gains [1] Group 2 - According to QuestMobile, the number of active mobile users in China's AI application sector has surpassed 700 million [3] - CITIC Securities notes that major companies like OpenAI and Google have updated their large model capabilities, which is beneficial for the implementation of AI applications, suggesting a potential turning point for domestic AI applications [3] - Huatai Securities highlights a shift in the AI industry from competition in large model technology to the penetration of application scenarios, recommending focus on cloud infrastructure service providers and advertising/vertical application sectors [3] Group 3 - Dongguan Securities indicates that the Xinchuang industry is progressing steadily with a dual drive of policy and market, expecting market growth rates of 17.84% and 26.82% in 2025 and 2026, respectively, with the market size projected to exceed 2.6 trillion yuan by 2026 [4] - The expansion of special government bonds and the implementation of debt reduction plans provide financial support for Xinchuang procurement, with detailed government procurement standards further solidifying the replacement pace [4] Group 4 - The Xinchuang ETF (562030) and its linked funds are designed to track the CSI Xinchuang Index, covering core segments of the Xinchuang industry chain, which includes hardware, software, application software, information security, and external devices [7] - The index is characterized by high growth and elasticity, with four key investment rationales: geopolitical disturbances necessitating self-control, increased local debt efforts, breakthroughs in technology by domestic manufacturers, and the critical timing of Xinchuang advancement [7]

Group 1: ETF Performance and Market Trends - The software ETF experienced a turnover of 7.16% during trading, with a transaction volume of 410 million yuan [3] - Over the past month, the software ETF's scale increased by 615 million yuan, indicating significant growth [3] - In the last 16 trading days, the software ETF attracted a total of 831 million yuan in inflows [3] - As of October 30, the software ETF's net value has risen by 12.61% over the past three years [3] - The highest monthly return since inception was 39.35%, with the longest consecutive monthly gains being three months and a maximum increase of 69.40% [3] - The average return during the months of increase was 10.06% [3] Group 2: Software Industry Performance - According to the Ministry of Industry and Information Technology, the software and information technology service industry in China showed a positive performance in the first three quarters of 2025, with software business revenue reaching 1111.26 billion yuan, a year-on-year increase of 13.0% [3] - The total profit of the software industry was 143.52 billion yuan, reflecting a year-on-year growth of 8.7% [3] - Software business exports amounted to 45.94 billion USD, marking a year-on-year increase of 6.6% [3] - Software product revenue maintained stable growth, reaching 238.54 billion yuan in the first three quarters, a year-on-year increase of 10.9%, accounting for 21.5% of the total industry revenue [3] - Basic software product revenue was 13.83 billion yuan, up 11.2% year-on-year, while industrial software product revenue was 23.59 billion yuan, reflecting a 9.8% increase [3] Group 3: Future Outlook and Investment Opportunities - Longjiang Securities noted that in the context of intensified Sino-U.S. technology competition, achieving complete autonomy in key areas is essential for China's technological development [4] - The domestic software systems have gradually developed innovative capabilities, transitioning from "usable" to "user-friendly" [4] - As key policy assessment years (such as 2025 and 2027) approach, the domestic chip and operating system industries related to the Xinchuang industry are expected to benefit [4] - As of September 30, 2025, the top ten weighted stocks in the CSI Software Service Index included companies like iFLYTEK, Tonghuashun, and Kingsoft Office, collectively accounting for 62.41% of the index [4] - Investors can also consider the software ETF linked fund (012620) to capitalize on AI software investment opportunities [4]