Core Viewpoint - The company is currently focusing on the full industry chain layout in the storage sector, specifically targeting NAND Flash and DRAM as the two main related products and technologies [1] Group 1 - The company is engaged in the storage field with a comprehensive industry chain strategy [1] - The primary focus is on NAND Flash technology [1] - The secondary focus is on DRAM technology [1]

Core Viewpoint - The company, Xiechuang Data (300857.SZ), has clarified that it does not have any collaboration with Huawei [1] Group 1 - The company responded to inquiries on its investor interaction platform [1]

Core Viewpoint - The company, Xiechuang Data, has established a comprehensive storage business that spans the entire industry chain from storage chip packaging and testing to storage module assembly, focusing on NAND Flash and DRAM as the two main products and technologies [1] Group 1 - The storage business of the company covers the entire industry chain [1] - The company is concentrating on NAND Flash and DRAM technologies [1]

Core Viewpoint - The company has established a comprehensive storage business that spans the entire industry chain from storage chip packaging and testing to storage module assembly, focusing on NAND Flash and DRAM as the two main products and technologies [1] Group 1 - The company's storage business covers the entire industry chain [1] - The focus is on NAND Flash and DRAM technologies [1]

Core Viewpoint - The company has submitted an application for overseas public offering of H-shares and listing on the Hong Kong Stock Exchange on October 22, 2025 [1] Group 1 - The company has filed the application with the Hong Kong Stock Exchange and submitted the necessary documentation to the China Securities Regulatory Commission (CSRC) [1] - The application materials for the issuance and listing have been accepted by the CSRC recently [1] - The issuance and listing are subject to approvals from the CSRC, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, indicating potential uncertainties in the process [1]

根据相关规定，公司已向中国证券监督管理委员会（以下简称"中国证监 会"）报送了本次发行上市的备案申请材料，并于近日获中国证监会接收。 协创数据技术股份有限公司 关于发行境外上市股份（H 股）备案申请材料获中国证监会 接收的公告 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。 协创数据技术股份有限公司（以下简称"公司"）已于 2025 年 10 月 22 日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了在境外公开发行 股票（H 股）并在香港联交所主板上市（以下简称"本次发行上市"）的申请， 并于同日在香港联交所网站刊登了本次发行上市的申请材料。具体内容详见公 司于 2025 年 10 月 23 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于向香 港联合交易所有限公司递交 H 股发行及上市申请并刊发申请资料的公告》。 证券代码：300857 证券简称：协创数据 公告编号：2025-146 公司本次发行上市尚需取得中国证监会、香港证券及期货事务监察委员会 和香港联交所等相关监管机构、证券交易所的批准、核准或备案，该事项仍存 在不确定性。 ...

Group 1 - The core focus of broker research in November has been on Chinese companies expanding overseas, with a total of 1990 research sessions conducted covering 398 A-share listed companies [1] - The most frequently researched stock this month is Trina Solar, which has been surveyed 39 times, followed by Luxshare Precision and Anji Technology, each with 36 surveys [1] - The industrial machinery and electronic components sectors have seen the highest interest, with 37 and 28 companies respectively being researched [1] Group 2 - Among the 398 stocks, 220 have seen price increases, with the highest increase being 189.46% for Huasheng Lithium Battery [1] - In terms of broker participation, CITIC Securities led with 102 research sessions, followed by Guotai Junan and Changjiang Securities with 99 and 77 sessions respectively [2] - The overseas expansion of Chinese companies has been a key topic during broker inquiries, with Trina Solar reporting significant growth in orders from high-margin markets like the US and Europe [2] Group 3 - The trend of Chinese companies going global is expected to significantly enhance their profit growth potential, as indicated by the performance of some representative companies exceeding market expectations [3] - The active research by brokers not only aids in value discovery and risk warning but also helps in understanding the cross-border financial needs of Chinese companies [3]

Investment Rating - The overall industry rating is positive, expecting returns to exceed the CSI 300 index by more than 5% in the next six months [33] Core Insights - The computer industry index fell by 3.03% during the week of November 10-16, 2025, ranking 29th among 31 first-level industries, but has risen 18.24% year-to-date, outperforming the CSI 300 index by 0.62 percentage points [3][27] - OpenAI launched the GPT-5.1 series flagship model, focusing on enhancing user experience and conversation engagement, with two models: GPT-5.1 Instant for daily interactions and GPT-5.1 Thinking for advanced reasoning [4][11] - Alibaba and Tencent are actively developing AI intelligent agents, with Alibaba's "Qianwen" project aiming to compete directly with ChatGPT, and Tencent planning to introduce an AI agent within WeChat to assist users [15][17] - Kimi K2 Thinking, a new generation of open-source thinking agent, has achieved significant advancements in reasoning and tool usage capabilities, outperforming other models in various benchmarks [20][23] Summary by Sections Industry Key Events Review - OpenAI released GPT-5.1, optimizing user experience with enhanced models for different interaction types [11] - Alibaba initiated the "Qianwen" project to create a personal AI assistant, leveraging its leading position in the open-source model market [15] - Tencent is exploring AI capabilities within WeChat, aiming to enhance user task completion through AI [17] Market Review - The computer industry index decreased by 3.03% for the week, but has increased by 18.24% since the beginning of the year, outperforming the CSI 300 index [27] - The top five gainers in the computer industry for the week included Haixia Innovation (+33.1%) and Yingfang Software (+19.3%), while the top five losers included Fangzhi Technology (-19.91%) and Chunzong Technology (-17.43%) [29][31] Investment Recommendations - The report recommends focusing on companies like Kingsoft Office, Feng Assistant, and Yonyou Network, as well as those involved in AI applications and computing power demands, such as Haiguang Information and Lenovo Group [5][31]

Core Insights - The consumer electronics sector experienced a decline of 3.49% on November 14, with major losses led by Xiechuang Data [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable gainers in the consumer electronics sector included: - Jiale Technology (002855) with a closing price of 19.47, up 10.00% [1] - Heertai (002402) with a closing price of 48.77, up 5.91% [1] - Zhuoman Technology (002369) with a closing price of 9.02, up 3.68% [1] - Major decliners included: - Xiechuang Data (300857) with a closing price of 149.00, down 7.52% [2] - Industrial Fulian (601138) with a closing price of 64.27, down 5.47% [2] - Deep Technology (000021) with a closing price of 24.74, down 5.43% [2] Capital Flow - The consumer electronics sector saw a net outflow of 3.475 billion yuan from main funds, while retail investors contributed a net inflow of 2.757 billion yuan [2]

Group 1 - The company, Xiechuang Data Technology Co., Ltd., announced its participation in the "2025 Annual Online Collective Reception Day for Investors of Listed Companies in Shenzhen" [2] - The event is organized under the guidance of the Shenzhen Securities Regulatory Bureau and the China Securities Investor Services Center, in collaboration with the Shenzhen Listed Companies Association and Shenzhen Panorama Network Co., Ltd. [2] - The event is scheduled to take place on November 20, 2025 [2]