Group 1 - The core viewpoint of the news highlights significant developments in the humanoid robot industry, particularly with Figure completing a Series C funding round exceeding $1 billion, leading to a post-money valuation of $39 billion [1] - The humanoid robot sector is expected to enter a sales growth phase, with Elon Musk planning internal meetings at Tesla to focus on AI/autonomous driving systems and the production plans for the Optimus robot [1] - According to Xinda Securities, the launch of Optimus 3 is anticipated to become a global benchmark, with the design and structure of humanoid robots expected to converge from the current diversity [1] Group 2 - By 2026, humanoid robots are projected to see significant volume production, while 2025 will focus on design upgrades, data accumulation, and generalized training [1] - The automotive parts ETF closely tracks the CSI Automotive Parts Theme Index, which includes many stocks related to the robotics industry, experiencing a rise of over 1.3% during trading [1] - The CSI Automotive Parts Theme Index comprises 100 listed companies involved in automotive systems, interiors, exteriors, electronics, and tires, reflecting the overall performance of automotive parts theme stocks [2]

Group 1 - Junsheng Electronics, as a Tier 1 supplier, provides head assemblies to major North American clients, with a total value of approximately 20,000 yuan for three generations of products, and has achieved robot revenue of 30 million yuan, with automotive business recovering to double-digit growth since August [1] - In Abu Dhabi, nearly 150 Robotaxis have been deployed, while operational efficiency in Beijing and Guangzhou has improved to 15-17 orders per day, with tests ongoing in Switzerland and Singapore following suit [1] - CATL has secured a designated factory for M clients in Wuhan, with a single vehicle ASP of 700 yuan, expected to ramp up production by 2026 [1] - Weipai's Gaoshan series is projected to exceed annual sales of 10,000 units, with the Tank 500 Hi4-Z accounting for 65%, and Haval's domestic sales in September are expected to approach 40,000 units [1] - As of September 17, 09:38, the Intelligent Connected Vehicle ETF (159872.SZ) rose by 0.84%, with its related index CS Vehicle Networking (930725.CSI) increasing by 0.92%; major constituent stocks such as Junsheng Electronics, Desay SV, and CATL saw significant gains [1] Group 2 - Minsheng Securities highlights that Honda Motor has developed a preventive safety matrix system that significantly reduces riding risks, integrating a 360° perception system with radar, lidar, and cameras, marking the first application of passenger car-level ADAS systems in two-wheel platforms [2] - GF Securities reports that the gross margin of the automotive electronics sector increased by 1.3 percentage points year-on-year to 19.2% in H1 2025, with component manufacturers having a higher overseas revenue share achieving a gross margin of 21.2%, indicating a differentiated competitive landscape in the intelligent connected industry chain [2] - Related products include the Intelligent Connected Vehicle ETF (159872) [2] - Related stocks include CATL (300750), Inovance Technology (300124), Desay SV (002920), Dahua Technology (002236), SAIC Motor (600104), Junsheng Electronics (600699), Hongfa Technology (600885), Huayu Automotive (600741), OFILM (002456), and Zhongke Chuangda (300496) [2]

Group 1 - The company, Zhongke Chuangda (300496), confirmed its ongoing collaboration with global chip manufacturers during a response to investor inquiries on September 16 [1]

Group 1 - The company, Zhongke Chuangda, confirmed on September 16 that it maintains collaborations with well-known domestic and international automotive manufacturers [2]

证券日报网讯中科创达9月16日在互动平台回答投资者提问时表示，公司业务根据客户需求提供不同产 品与服务，收费模式也会不同。 （文章来源：证券日报） ...

Core Viewpoint - The China Automobile Industry Association has released an initiative to standardize payment practices between vehicle manufacturers and suppliers, aiming to enhance cooperation and promote high-quality development in the automotive industry [1][2]. Group 1: Initiative Details - The initiative emphasizes compliance with the "Regulations on Payment to Small and Medium-sized Enterprises," ensuring that large enterprises do not exploit their advantageous positions to harm suppliers' interests [1]. - Key aspects of the initiative include confirming order dates, timely delivery, and acceptance of goods, with manufacturers required to complete acceptance within three working days [1]. - Payment terms are set to a maximum of 60 calendar days from the date of delivery and acceptance, with provisions for concentrated reconciliation for continuous suppliers [1]. Group 2: Long-term Cooperation - The initiative advocates for establishing long-term and stable cooperative relationships, with contracts having a minimum validity period of one year [2]. Group 3: Market Impact - The automotive parts ETF closely tracks the CSI Automotive Parts Theme Index, benefiting from improved industry payment terms and cash flow, with an intraday increase of over 1.5% [3]. - The CSI Automotive Parts Theme Index includes 100 listed companies involved in various automotive components, reflecting the overall performance of the sector [3]. - As of August 29, 2025, the top ten weighted stocks in the index account for 41.54% of the total, including companies like Huichuan Technology and Fuyao Glass [3].

Summary of Key Points from the Equity Research Report on China Software Equities Industry Overview - The report focuses on the **China Software Industry**, particularly in the context of **AI monetization** and competition dynamics within the sector [2][3]. Core Insights 1. **AI Monetization Stage**: - AI monetization is still in its early stages, with significant policy support leading SOEs to prioritize AI projects, particularly in finance, healthcare, and education [3][4]. - SMEs in the manufacturing sector show strong demand for cost control, benefiting software companies like Yonyou and Nancal, which are experiencing good order momentum [3][4]. - Consumer-oriented software companies are currently focused on user acquisition and loyalty rather than immediate monetization of AI functionalities [3][4]. 2. **Competition Landscape**: - Simpler AI applications face intense competition, leading to a decline in Average Selling Price (ASP) [4]. - Complicated software, such as ERP systems, is less likely to be replaced by AI due to the necessity of industry-specific knowledge, which AI cannot easily replicate [4]. 3. **Stock Recommendations**: - **Sangfor (Buy)**: Expected to benefit from AI-driven IT infrastructure upgrades, with a target price of RMB143.00, implying a 30% upside from the current price [5][13]. - **Yonyou (Buy)**: Notable for its rapid AI order ramp-up, with 1H25 AI orders reaching RMB320 million, approximately 9% of total revenue. Target price set at RMB22.00, indicating a 54% upside [5][13]. - **ThunderSoft (Buy)**: Positioned to benefit from strong software upgrade demand from AI IoT suppliers, with a target price of RMB90.00, suggesting a 25% upside [5][13]. - **Kingsoft Office (Buy)**: Unique position as the only office software vendor in China with a closed-loop system for AI, targeting a price of RMB353.00, reflecting a 20% upside [5][13]. Financial Metrics - **Yonyou**: 1H25 AI orders at RMB320 million, with expectations for further growth in 2H25 [5][9]. - **Sangfor**: Revenue CAGR of 15% from 2018-2024, with a projected revenue of RMB9.1 billion by 2026 [13]. - **Kingsoft Office**: Historical average PS multiple of 33x, with a projected revenue CAGR of 15% for 2024-2026 [13]. Additional Insights - The report highlights the importance of **on-device AI** products, such as AI glasses and toys, which are seeing robust demand [3]. - Companies like Arcsoft and ThunderSoft are noted for their strong order momentum in the AI hardware space [3][5]. - The report emphasizes the potential for AI to enhance existing software capabilities rather than completely replace them, particularly in complex applications [4]. Risks and Challenges - Key risks include fierce competition, weaker-than-expected business expansion due to macroeconomic challenges, and potential chip shortages impacting production [13]. This summary encapsulates the critical insights and financial metrics from the report, providing a comprehensive overview of the current state and future outlook of the China software industry, particularly in relation to AI monetization and competitive dynamics.

证券日报网讯 9月11日晚间，中科创达发布公告称，公司于2025年9月11日召开了职工代表大会，经全 体与会职工代表表决，选举胡丹女士为公司第五届董事会职工代表董事，与其他董事共同组成公司第五 届董事会，任期自本次职工代表大会审议通过之日起至公司第五届董事会任期届满之日止。 （文章来源：证券日报） ...

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。 证券代码：300496 证券简称：中科创达 公告编号：2025-049 中科创达软件股份有限公司 关于选举职工代表董事的公告 中科创达软件股份有限公司（以下简称"公司"）于 2025 年 9 月 11 日召开了职工 代表大会，经全体与会职工代表表决，选举胡丹女士（简历见附件）为公司第五届董事 会职工代表董事，与其他董事共同组成公司第五届董事会，任期自本次职工代表大会审 议通过之日起至公司第五届董事会任期届满之日止。胡丹女士符合《公司法》等规定的 职工代表董事任职资格和条件，当选公司职工代表董事后，公司第五届董事会中兼任高 级管理人员职务以及由职工代表担任的董事人数未超过公司董事总数的二分之一，符合 相关法律法规的要求。 特此公告 中科创达软件股份有限公司董事会 2025 年 9 月 11 日 1 附件： 职工代表董事简历 胡丹女士，1979 年出生，中国国籍，无境外永久居留权，毕业于武汉大学计算机 科学与技术系计算机应用专业，工学硕士。 现任公司经营管理部总监。曾任公司项目经理、运营经理、职工代表监事，日电卓 越 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于中科创达软件股份有限公司 2025年第二次临时股东会的法律意见书 致：中科创达软件股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受中科创达软件股份有 限公司（以下简称"公司"）的委托，指派本所律师列席公司于 2025 年 9 月 11 日下午 14:30 在北京市海淀区清华东路 9 号院 3 号楼创达大厦召开的公司 2025 年第二次临时股东会（以下简称"本次股东会"），并依据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司股东会规则》《深圳证券交易所创 业板股票上市规则》等中国现行法律、法规和其他规范性文件（以下简称"中国 法律法规"）及《中科创达软件股份有限公司章程》（以下简称"《公司章程》"） 的规定，就本次股东会的召集和召开程序、出席会议人员资格、召集人资格、会 议表决程序和表决结果等事宜（以下简称"程序事宜"）出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提 ...