Core Viewpoint - The stock of Nanguang Digital experienced a decline of 3.49% with a turnover rate of 38.46%, indicating significant trading activity and potential volatility in the market [2]. Trading Activity - The total trading volume for the day was 2.06 billion yuan, with a price fluctuation of 9.42% [2]. - Institutional investors net sold 188 million yuan, while brokerage seats collectively net sold 19.57 million yuan [2]. - The stock was listed on the Dragon and Tiger list due to its high turnover rate, with institutional proprietary seats contributing to the net selling [2]. Institutional Participation - The top five trading brokerage seats accounted for a total transaction volume of 508 million yuan, with buying transactions amounting to 150 million yuan and selling transactions totaling 358 million yuan, resulting in a net selling of 207 million yuan [2]. - Among the brokerage seats, five institutional proprietary seats were involved, with total buying amounting to 82.43 million yuan and total selling amounting to 270 million yuan, leading to a net selling of 188 million yuan [2]. Fund Flow - The stock saw a net outflow of 50.26 million yuan in main funds, with a significant outflow of 80.10 million yuan from large orders, while smaller orders saw a net inflow of 29.84 million yuan [2]. - Over the past five days, the main funds experienced a net outflow of 796 million yuan [2]. Historical Performance - In the past six months, the stock has appeared on the Dragon and Tiger list six times, with an average price increase of 5.17% the day after being listed and an average decline of 2.92% in the following five days [2].

- The report discusses the IPO performance in November 2025, highlighting that 11 new stocks were listed across the Shanghai, Shenzhen, and Beijing stock exchanges, raising a total of 101.88 billion yuan [2][8] - The average first-day increase for the six new stocks listed on the Shanghai and Shenzhen markets was 209%, with notable variations among individual stocks [2][11] - The report provides a detailed breakdown of the IPO performance by market segment, including the main board, STAR Market, and ChiNext, with specific examples such as Daming Electronics and Hengkun New Materials [11][14] - The report also includes a comprehensive analysis of the monthly IPO subscription returns, with A/B class accounts earning 73.17/71.87 million yuan respectively in November 2025 [14][16] - The report suggests that the "inclusion" strategy remains optimal, recommending active participation in low-priced, small-cap new stocks with high first-day increase potential, as well as large-cap stocks with significant offline allocation [15][17]

证券日报网讯12月2日，南网数字（301638）在互动平台回答投资者提问时表示，为保证所有投资者平 等地获悉公司信息，根据信息披露公平性原则，公司会根据相关规定在定期报告披露股东人数，敬请关 注公司定期报告。公司将严格按照相关法律法规的要求，在股东会召开前通过指定信息披露媒体发布公 告，明确会议时间、召开方式等具体安排，敬请关注。 ...

Core Viewpoint - The company, Nanwang Digital (301638), provides comprehensive digital construction solutions primarily for clients in the electric power and energy sectors, focusing on digital grid, enterprise digitalization, and digital infrastructure [1] Group 1: Business Overview - The company offers three main business systems: digital grid, enterprise digitalization, and digital infrastructure [1] - The Fuxi chip and its modules have been applied in various smart products for medium and low voltage distribution networks, including distribution automation terminals, low-voltage smart switches, and distribution smart gateways [1] Group 2: Product Application - The relevant product information can be found in the company's prospectus [1]

Core Insights - The event "South Network Digital Entering Pengcheng" showcased the company's commitment to digital transformation and innovation in the energy sector [2] - The launch of the "Sihai Zhizi ERP" system represents a significant advancement in digital management for state-owned enterprises, emphasizing a fully domestic and AI-driven approach [2][3] Group 1: Event Overview - The event gathered nearly 150 representatives from various sectors, including state-owned enterprises, technology companies, and academic institutions, to explore innovative paths for digital transformation [2] - Keynote speeches highlighted the development value and core technological capabilities of South Network Digital since its listing [2] Group 2: Sihai Zhizi ERP System - The Sihai Zhizi ERP is tailored for heavy asset industries, integrating ISO55000 asset management and TOGAF enterprise architecture, covering all business modules from investment to human resources [3] - The system features a "middle platform" architecture that enhances the management of asset life cycles and provides a viable path for hardware and software replacement in key national industries [3] Group 3: AI Integration and Functionality - The ERP system has developed over 150 AI application scenarios, including intelligent analysis for bidding and supply chain risk inspections, with plans to expand functionalities in 2024 [3][4] - It aims to improve decision-making efficiency through over 60 visual decision-making scenarios and 360 management probes, significantly reducing the burden on operational staff [4] Group 4: Implementation and Future Plans - The Sihai Zhizi ERP has been successfully implemented in several heavy asset enterprises, demonstrating its stability and applicability [5] - South Network Digital plans to deepen the integration of AI with business processes to enhance operational efficiency and market competitiveness for its partners [5]

Group 1 - The core viewpoint of the news highlights the performance of Nanfang Electric Power Digital Network Research Institute Co., Ltd. on December 1, with a stock price drop of 4.00% and a trading volume of 1.689 billion yuan [1] - On December 1, the company had a financing buy-in amount of 117 million yuan, with a net financing buy-in of -8.3957 million yuan, indicating a higher repayment than new financing [1][2] - As of December 1, the total balance of margin trading for Nanfang Electric Power Digital is 322 million yuan, accounting for 5.77% of its circulating market value [2] Group 2 - The company was established on March 31, 2017, and is located in Guangzhou, Guangdong Province, with its main business segments including digital grid, enterprise digitalization, and digital infrastructure [2] - The revenue composition of the company includes: digital grid IoT sensing devices (30.37%), digital grid intelligent operation systems (18.11%), enterprise operation management systems (15.76%), cloud-integrated infrastructure (13.48%), data center (IDC) business (11.33%), enterprise asset management systems (10.54%), and other businesses [2] - As of November 18, the number of shareholders reached 201,700, a significant increase of 1,440,400% compared to the previous period, with an average of 1,165 circulating shares per person [3] Group 3 - For the period from January to September 2025, the company achieved a revenue of 2.779 billion yuan, representing a year-on-year growth of 31.88%, while the net profit attributable to the parent company was 158 million yuan, showing a substantial increase of 464.76% [3]

Core Viewpoint - Nanfang Digital (301638.SZ) provides comprehensive digital construction solutions primarily for clients in the electric power and energy sectors, focusing on grid digitization, enterprise digitization, and digital infrastructure [1] Group 1: Business Overview - The company offers three main business systems: grid digitization, enterprise digitization, and digital infrastructure [1] - The Fuxi chip and its modules have been applied in various intelligent products for medium and low voltage distribution networks, including distribution automation terminals, low-voltage smart switches, and distribution smart gateways [1]

- The report introduces a quantitative model for calculating IPO returns based on the formula: **Single account IPO return = min(account size, subscription limit) * winning rate * return rate** **A/B class investors full subscription return = subscription limit * A/B class offline winning rate * return rate** The winning rate considers actual offline IPO results, and the return rate is calculated using the first-day average transaction price relative to the issue price for registered IPOs, or the average transaction price on the opening day for non-registered IPOs[42][43][48] - The model evaluates IPO returns across different market segments (Main Board, ChiNext, STAR Market) and investor classes (A/B). For November 2025, the calculated IPO return rates for a 5-billion-scale account are: **Main Board:** A class: 0.037%, B class: 0.035% **ChiNext:** A class: 0.058%, B class: 0.058% **STAR Market:** A class: 0.046%, B class: 0.045%[43][44][47] - The cumulative IPO return rates for 2025 are: **A class:** 1.716% **B class:** 1.399% These values are based on a 5-billion-scale account participating in all IPOs during the year[49][50][51] - Full subscription returns for November 2025 are calculated as follows: **Main Board:** A class: 19 million yuan, B class: 17.9 million yuan **ChiNext:** A class: 31.3 million yuan, B class: 31.2 million yuan **STAR Market:** A class: 22.8 million yuan, B class: 22.6 million yuan[52][53][55]

Market Overview - The Shanghai Composite Index rose by 0.65% on December 1, with 28 out of 31 sectors experiencing gains, led by the non-ferrous metals and communication sectors, which increased by 2.85% and 2.81% respectively [1] - The computer sector also saw a rise of 0.64% [1] - The sectors that declined included agriculture, forestry, animal husbandry, and fishery, environmental protection, and real estate, with decreases of 0.43%, 0.23%, and 0.06% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 775 million yuan, with 11 sectors experiencing net inflows [1] - The electronics sector had the highest net inflow, amounting to 7.22 billion yuan, with a daily increase of 1.58% [1] - The communication sector followed with a net inflow of 5.56 billion yuan and a daily increase of 2.81% [1] - Conversely, 20 sectors experienced net outflows, with the power equipment sector leading at a net outflow of 2.99 billion yuan, followed by the computer sector with a net outflow of 2.30 billion yuan [1] Computer Sector Performance - The computer sector had a net outflow of 2.30 billion yuan, with 336 stocks in the sector, of which 164 rose and 160 fell [2] - The top three stocks with the highest net inflow were HanDe Information (net inflow of 448 million yuan), Daily Interaction (182 million yuan), and Guide Compass (164 million yuan) [2] - The stocks with the highest net outflow included 360 (net outflow of 518 million yuan), Guotou Intelligent (298 million yuan), and South Network Digital (235 million yuan) [2][3] Top Gainers in Computer Sector - The top gainers in the computer sector included: - HanDe Information: +4.43%, turnover rate 17.90%, net inflow 448 million yuan - Daily Interaction: +7.04%, turnover rate 11.20%, net inflow 182 million yuan - Guide Compass: +1.58%, turnover rate 3.08%, net inflow 164 million yuan [2] Top Losers in Computer Sector - The top losers in the computer sector included: - 360: -2.64%, turnover rate 3.49%, net outflow 518 million yuan - Guotou Intelligent: -4.88%, turnover rate 8.07%, net outflow 298 million yuan - South Network Digital: -4.00%, turnover rate 30.24%, net outflow 235 million yuan [3]

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