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]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the successful IPO application of Moore Threads, which is expected to accelerate its development with the support of the capital market. The company has launched four generations of GPU chip architectures and achieved a revenue of 702 million yuan in the first half of 2025, surpassing the total revenue of the previous three years, with a compound annual growth rate exceeding 208% [5][11] - The report emphasizes the national policy promoting the construction of a nationwide integrated computing power network, which is expected to drive the development of domestic computing power infrastructure. The integration of computing power resources across 31 provinces is expected to enhance the efficiency of resource discovery and matching [6][12] Summary by Sections Market Review - During the week of September 22-26, 2025, the CSI 300 index rose by 1.07%, while the computer index fell by 0.02% [4][14] Company Dynamics - State Grid Information's wholly-owned subsidiary won a contract worth 600 million yuan [15] - Chuangshi Huikang announced a draft employee stock ownership plan for 2025 [16] Industry Dynamics - Alibaba released the Qwen3-Max large model, outperforming GPT-5, and JD.com announced plans to invest in building a trillion-scale AI ecosystem over the next three years [25][26] - OpenAI, Oracle, and SoftBank announced the establishment of five new AI data centers in the U.S. as part of the Stargate project, with a total investment of up to 500 billion dollars [30][33]

Group 1: AI Development and Product Launches - The company has established an AI Engineering Research Institute to enhance its AI engineering capabilities and collaborate with industry leaders on computing power, algorithms, and frameworks [2][3] - Recent product launches include the AI Engineering System, which encompasses data engineering, model engineering, knowledge base engineering, and intelligent agent engineering, aimed at supporting enterprise intelligent transformation [3] - The company has released several solutions, including the AI+ toolchain solution and the Tianxuan AI Data Engineering platform, to facilitate the practical application of AI [3] Group 2: HarmonyOS Ecosystem and Innovations - As a core contributor to the OpenHarmony ecosystem, the company has developed a full-stack OpenHarmony technology and product solution, including the Tianhong operating system and Honghu cloud management platform [4] - The company has adapted nearly 10 domestic chips and has established a unique advantage in the mining sector, completing over 60 certification projects and serving nearly 100 mining equipment certifications [4] Group 3: Recent Product Innovations - The company launched a "Smart Travel Solution" for two- and three-wheeled vehicles, integrating voice and gesture interaction systems to enhance user experience [5] - A unified equipment solution for mining has been developed, addressing challenges in multi-manufacturer equipment protocols and data silos [6] Group 4: Financial Technology Services - The company focuses on digital innovation services for the financial sector, serving banks, insurance companies, and large corporate finance firms [8] - It has successfully expanded its client base in the banking sector, maintaining a leading market share, and has achieved significant results in insurance and enterprise finance [8][9] Group 5: Financial Performance - In the first half of 2025, the company reported a revenue of 15.781 billion yuan, a 25.99% increase year-on-year, with a net profit showing improvement [10] - The computing products and intelligent electronics segment generated 6.756 billion yuan, a 72.77% increase, accounting for 42.81% of total revenue [10] - The second quarter of 2025 saw a revenue of 8.770 billion yuan, a 23.93% year-on-year increase, with a significant improvement in net profit and cash flow [10]

Investment Rating - The report maintains a positive outlook on the ASIC industry, indicating a favorable investment rating for the sector [2]. Core Insights - The report highlights the significant cost-effectiveness and efficiency advantages of ASICs over GPUs, particularly in the context of AI model inference, with Google's TPU v5 demonstrating an energy efficiency ratio 1.46 times that of NVIDIA's H200 [3][19]. - The increasing penetration of AI applications is driving a surge in inference demand, expanding the market for ASICs, with projections indicating the global AI ASIC market could reach $125 billion by 2028 [3][32]. - The report emphasizes the complexity of ASIC design, underscoring the critical role of design service providers like Broadcom and Marvell, which are expected to benefit from the growing demand for custom ASIC solutions [4][44]. Summary by Sections 1. Demand Driven by Large Model Inference - The global AI chip market is projected to reach $500 billion by 2028-2030, with significant growth in AI infrastructure spending anticipated [13]. - ASICs are specialized chips that offer strong cost and efficiency advantages, particularly in specific applications like text and video inference [14][19]. - The report notes that the demand for ASICs is expected to rise sharply due to the increasing consumption of tokens in AI applications, exemplified by the rapid growth of ChatGPT's user engagement [25][31]. 2. High Complexity of ASIC Design and Value of Service Providers - ASIC design involves a complex supply chain, with cloud vendors often relying on specialized design service providers for chip architecture and optimization [41][44]. - Broadcom's ASIC revenue is projected to exceed $12 billion in 2024, driven by the success of its TPU designs for Google and other clients [60]. - The report identifies the importance of a complete IP system and design experience as key factors for service providers to secure new orders in the ASIC market [63]. 3. Domestic Developments: Not Just Following Trends - Leading Chinese cloud providers like Alibaba and Baidu are making significant strides in self-developed ASICs, indicating a robust domestic ecosystem [3][4]. - The report highlights the emergence of domestic design service providers such as Chipone and Aowei Technology, which are positioned to capitalize on the growing demand for ASICs [3][4]. - The trends of PD separation and supernodes are identified as critical developments in the domestic ASIC landscape, with companies like Huawei and Haiguang leading the way [4][44]. 4. Key Trends in Domestic ASIC Development - PD separation involves using different chips for prefill and decode tasks, enhancing efficiency in specific applications [4]. - Supernodes are being developed to create unified computing systems through high-bandwidth interconnections, with early implementations seen in domestic companies [4][44].

文/华夏ESG观察联盟 企业介绍 软通动力信息技术（集团）股份有限公司（简称"软通动力"，301236.SZ）于2005年在北京成立，提供 软件与数字技术服务、计算产品与智能电子、数字能源与智算服务以及国际化服务，共有员工90000 人。 软通动力拥有软通咨询、软通金科、软通工业互联、机械革命、软通华方、软通国际等业务子品牌，并 在全球60余个城市布局业务，构建北美、日韩、亚太、中东四大国际交付中心，在北京通州、江苏无锡 建设两大智能制造基地。设立30个能力中心，拥有1个国家级工程实验室，6个省市政府认定的工程、技 术实验室及研发中心，1个博士后科研工作站，50+技术合作伙伴的生态合作体系，旗下软通教育拥有 一家全日制本科学院郑州西亚斯学院数字技术产业学院。 实践案例 专家点评：软通动力以系统性合规管理筑牢可持续发展根基，通过ESG架构整合、国际标准认证、全链 条碳管理、员工权益保障及社会责任实践，构建了覆盖环境、治理、社会三重底线的合规体系，为行业 提供了可复制的绿色转型与责任经营范本。（辛斌-SGS通标） 编辑：麻晓超 软通动力建立健全内部控制体系，设置三道防线和多级监管体系，强化合规管理与风险应对，每年 ...

证券代码：301236 证券简称：软通动力 公告编号：2025-082 软通动力信息技术（集团）股份有限公司 关于股东股份质押的公告 刘天文先生保证向公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 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。 软通动力信息技术（集团）股份有限公司（以下简称"公司"）于近日接到股 东刘天文先生函告，获悉其质押了持有的公司部分股份，具体事项如下： 一、股东股份质押基本情况 截至公告披露日，刘天文先生及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股数量（股） | 持股比例 | 本次质押前质押 | 本次质押后质押股 | 占其所 持股份 | 占公司 总股本 | 已质押 | 占已 | 未质押 | 占未 | | | | | 股份数量（股） | 份数量（股） | | | 股份限 | 质押 ...

24 September 2025 | 11:45PM HKT Equity Research China Software: IT services new projects towards AI computing and AI models; Integrated solution to accelerate AI deployment Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. Ting Song +852-2978-6466 | ting.song@gs.com Goldman Sachs (Asia) L.L.C. Exhibit 1: ~50% of new project-wins were from AI related solution 15% 25% 10% 25% 25% Data analysis ERP and management system OS and platform AI computing AI model and applications Key IT ser ...

Company Overview - SoftTech Power is located in Haidian District, Beijing, and was established on November 4, 2005, with its listing date on March 15, 2022 [1] - The company provides digital innovation services, general technology services, and digital operation services across various industries, including telecommunications, internet services, fintech, high-tech, and manufacturing [1] Financial Performance - For the first half of 2025, SoftTech Power achieved a revenue of 15.781 billion yuan, representing a year-on-year growth of 25.99%, while the net profit attributable to shareholders was -143 million yuan, an increase of 7.60% year-on-year [2] - Since its A-share listing, the company has distributed a total of 584 million yuan in dividends over the past three years [3] Stock Performance - As of September 25, SoftTech Power's stock price increased by 2.00% to 57.58 yuan per share, with a total market capitalization of 54.870 billion yuan [1] - Year-to-date, the stock price has decreased by 1.76%, with a 1.02% increase over the last five trading days, a 6.28% decrease over the last 20 days, and an 8.70% increase over the last 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 134,900, a decrease of 4.89% from the previous period, with an average of 5,040 circulating shares per person, an increase of 5.14% [2] - The top ten circulating shareholders include notable entities such as E Fund's ChiNext ETF and Hong Kong Central Clearing Limited, with varying changes in their holdings [3]

Market Performance - As of September 24, 2025, the Shanghai Composite Index rose by 0.83% to close at 3853.64 points, the Shenzhen Component Index increased by 1.80% to 13356.14 points, and the ChiNext Index climbed by 2.28% to 3185.57 points [1] - The overnight performance of U.S. markets showed the Dow Jones Industrial Average decreased by 0.37%, the Nasdaq Composite fell by 0.33%, and the S&P 500 dropped by 0.28% [1] - The Philadelphia Semiconductor Index declined by 0.18%, with notable movements in individual stocks such as NXP Semiconductors rising by 0.90%, Micron Technology falling by 2.82%, and ARM increasing by 2.35% [1] Industry Insights - At the 2025 Cloud Summit, Alibaba Cloud's CTO announced seven new large model technology products covering various fields including language, speech, vision, multimodal, and code models, alongside a global infrastructure expansion plan [2] - The collaboration between Alibaba Cloud and NVIDIA in the Physical AI domain aims to promote the application of embodied intelligence [2] - Jingzhida announced the delivery of its first high-speed testing machine for semiconductor memory testing, enhancing its competitive position in the semiconductor storage testing equipment market [3] - CICC noted that the PCB industry has entered a capital expenditure expansion cycle driven by global AI server demand, with a positive outlook for PCB equipment and consumables investment opportunities [3] - The current PCB capital expenditure cycle is expected to last around two years, with potential for an extended boom due to infrastructure demand [3] ETF Information - The Sci-Tech Semiconductor ETF (588170) tracks the Sci-Tech Board Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (59%) and materials (25%) [4] - The Semiconductor Materials ETF (562590) also emphasizes semiconductor equipment (59%) and materials (24%), benefiting from the AI-driven expansion in semiconductor demand and the ongoing technology advancements [4]

Group 1 - Huawei Pangu concept declined by 3.69%, ranking among the top declines in the concept sector as of September 23 [1] - ST Chuangyi experienced a 20% limit down, while other companies like Tuo Wei Information, Sunshine Nuohe, and Huakai Yibai also saw significant declines [1] - The concept sector saw a net outflow of 1.889 billion yuan, with 22 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 50 million yuan [2] Group 2 - The stock with the highest net outflow was Tuo Wei Information, with a net outflow of 694 million yuan, followed by Changshan Beiming and Ruantong Power with outflows of 265 million yuan and 205 million yuan respectively [2] - The top net inflow stocks included Xinkai Pu, Fanwei Network, and Jihong Co., with net inflows of 26.29 million yuan, 9.72 million yuan, and 7.12 million yuan respectively [2] - The trading volume for Tuo Wei Information was 12.61%, with a decline of 6.68%, indicating significant trading activity despite the drop [3]