Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The computer sector saw an overall increase of 2.52% last week, ranking 7th among major industries, with a trading volume accounting for 7.92% of the total market [2][4] - The release of DeepSeek-V3.2-Exp, an experimental version with 685 billion parameters, is expected to enhance AI applications, particularly in video generation [20][11] - The government has issued a notice to implement domestic product standards in procurement, which is anticipated to strengthen the trend of domestic substitution [30][32] Summary by Sections Market Performance - The computer sector experienced a slight increase due to the National Day holiday, with the Shanghai Composite Index closing at 3882.78 points, up 1.43% [4][16] - AI application-related stocks were notably active, with significant gains in companies like Danghong Technology (+19.30%) and Dingjie Smart (+9.29%) [18] Key Developments - The launch of Sora 2 by OpenAI is seen as a pivotal moment for AI video applications, introducing features that significantly enhance video generation quality and interactivity [36][40] - The new Sora App, described as an "AI version of TikTok," aims to innovate social interactions in short video content creation [43][47] Government Policy Impact - The new procurement policy will provide a 20% price advantage for domestic products, potentially altering the competitive landscape in favor of local manufacturers [32][34] - The policy is set to take effect on January 1, 2026, with a transition period of 3-5 years to gradually establish the domestic product standard system [34][35] Recommendations - Continued focus on the AI infrastructure industry and leading AI video players is advised, particularly as AI video adoption increases [49]

行业研究丨点评报告丨软件与服务 [Table_Title] 政府采购将采用本国产品标准，国产替代趋势有 望进一步加强 报告要点 [Table_Summary] 9 月 30 日，国务院办公厅印发《关于在政府采购中实施本国产品标准及相关政策的通知》，自 2026 年 1 月 1 日起施行。《通知》旨在构建统一开放、竞争有序的政府采购市场体系，完善政 府采购制度，保障各类经营主体平等参与政府采购活动。此次本国产品标准的出台完善了政府 采购制度，进一步增加了政府采购政策的公平性和透明度，同时，有望推动重点产业供应链国 产化，国产替代提速值得期待。建议重点关注受益于信创产业的国产芯片产业链、国产操作系 统产业链和华为产业链等方向。 丨证券研究报告丨 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 政府采购将采用本国产品标准，国产替代趋势 2] 有望进一 ...

丨证券研究报告丨 联合研究丨公司点评丨影石创新（688775.SH） [Table_Title] 发布激励计划，利好长期发展 报告要点 [Table_Summary] 本次股权激励计划覆盖公司骨干员工，考核目标相对温和，有望绑定员工利益，也有助于吸引 优秀人才加入，利好公司长期发展。基于此我们认为公司有望立足深厚全景技术积淀持续挖掘 增量，成长空间值得期待。 分析师及联系人 [Table_Author] SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 陈亮 李锦 杨洋 霍博 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 影石创新（688775.SH） cjzqdt11111 [Table_Title2] 发布激励计划，利好长期发展 [Table_Summary2] 事件描述 事件描述：公司发布 2025 年股权激励计划草案，本激励计划拟向激励对象授予第二类限制性 股票合计 138.7146 万股，约占本激励计划草案公告时公司股本总 ...

丨证券研究报告丨 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车：i6 正式上市，年轻化转型明显，上市 即交付 报告要点 [Table_Summary] 理想 i6 正式上市，定价 24.98 万元，首销权益 3.5 万元，上市即交付。理想汽车产品优势和品 牌设计深入人心，后续车型规划清晰，直营渠道结构持续优化，"双能战略"有望进一步扩大理 想汽车的优势，未来销量空间广阔。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 理想汽车-W（2015.HK） cjzqdt11111 [Table_Title 理想汽车：2] i6 正式上市，年轻化转型明显，上市 即交付 1、全球经济复苏弱于预期； 2、行业竞争加剧削弱企业盈利。 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-09-30 港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 [Tab ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector experienced a decline of 0.39% in the 39th week of 2025, ranking 15th among primary industries in the Yangtze River region. However, since the beginning of 2025, the sector has risen by 62.96%, ranking 1st among primary industries [2][4]. - OpenAI and NVIDIA plan to jointly build a 10GW AI computing cluster with a maximum investment of $100 billion, announcing a long-term infrastructure blueprint valued at $1 trillion, with an initial phase adding approximately 7GW of capacity [5][7]. - Alibaba is advancing its AI infrastructure investment of 380 billion yuan, unveiling the "Panjun 128 Card Super Node" and the UPN Scale-Up architecture, with optical interconnect expected to be a core component for super node expansion [6][7]. Summary by Sections Market Performance - In the 39th week of 2025, the communication sector fell by 0.39%, while it has increased by 62.96% since the start of the year, leading the primary industries [2][4]. - Among companies with a market capitalization above 8 billion yuan, the top three gainers this week were Yongding Co. (+23.9%), Chaoxun Communication (+22.6%), and Cambridge Technology (+18.8%). The top three decliners were Dekeli (-22.3%), Changxin Bochuang (-14.8%), and Changfei Optical Fiber (-14.6%) [4]. Major Developments - OpenAI and NVIDIA's collaboration includes the construction of a 10GW AI computing cluster, with the first phase expected to be operational by the second half of 2026 [5]. - The initial phase of the AI infrastructure will involve the construction of five data centers in the U.S. with a total planned capacity of approximately 7GW [5]. - Alibaba's new AI infrastructure includes a super node with 128 GPUs and a high-performance network card, aiming for significant scalability and low latency [6]. Investment Recommendations - The report suggests continued optimism for AI and computing power, recommending operators such as China Mobile, China Telecom, and China Unicom. It also highlights specific companies in various segments, including optical modules, liquid cooling, and satellite applications [7].

分析师及联系人 [Table_Author] 丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 2025 年第 39 周计算机行业周报： 从云栖大会看后续中国 AI 发展之路 报告要点 [Table_Summary] 上周计算机板块持续震荡调整，小幅下跌 0.33%，在长江一级行业中排名第 14 位，两市成交 额占比为 8.62%，算力相关标的活跃。上周中央政府采购网发布国机采〔2025〕22 号《关于更 新中央国家机关台式计算机、便携式计算机批量集中采购配置标准的通知》；工业和信息化部部 长李乐成表示要开辟脑机接口、量子信息等新赛道开源鸿蒙 6.0 Release 版本发布。本周建议 关注：1）AI Infra：AI Infra 有望核心受益；2）AI Agent 相关厂商；3）中国推理算力产业链； 4）CSP 厂商方面关注推理需求带来的推动；5）IDC，重点关注与头部大厂合作的 IDC。 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.955 ...

Market Performance - The weekly trading volume slightly decreased, with the Shanghai Composite Index showing a minor increase, while the ChiNext Index rose nearly 2% for the week[2] - Growth styles continued to recover, particularly mid-cap growth, high volatility, and high beta stocks, which performed well[2] Trading Activity - The trading activity of dividend and low-valuation styles continued to rebound, while growth styles saw a slight pullback before rising again[2] - The crowding degree of micro-cap stocks continued to decline, indicating reduced congestion in this segment[2] Sector Analysis - Among primary sectors, oil and gas, food and beverage, and insurance remain at low crowding levels, suggesting potential opportunities[2] - The information technology and hardware sectors led the weekly performance within industry segments[2] Fund Performance - The fund-heavy index significantly outperformed the CSI 300 Index since the beginning of 2025, indicating strong institutional support for these stocks[2] - The top 50 fund-heavy stocks led the fund-heavy series indices, showcasing a robust performance relative to the broader market[2] Thematic Trends - The new tobacco and specialized innovation indices were among the top performers in thematic trading for the week[2]

Core Insights - The A-share market experienced a strong upward trend today, with all three major indices rising, led by the ChiNext Index, while brokerage stocks rebounded strongly and both the new energy and non-ferrous metal sectors surged [5][9]. Market Performance - The Shanghai Composite Index rose by 0.90%, the Shenzhen Component increased by 2.05%, and the ChiNext Index climbed by 2.74%. The Shanghai 50 Index was up by 1.09%, the CSI 300 Index increased by 1.54%, the STAR 50 Index rose by 1.35%, and the CSI 1000 Index saw a 1.36% increase. The total market turnover reached 2.18 trillion yuan, with 3,574 stocks rising across the market [9][5]. Sector Performance - On September 29, 2025, the leading sectors in the A-share market included comprehensive finance (+4.65%), metal materials and mining (+3.42%), and power and new energy equipment (+3.12%). Conversely, coal (-0.83%), banking (-0.48%), and social services (-0.14%) saw declines. In terms of concepts, lithium battery electrolyte (+7.69%), stock trading software (+6.77%), lithium battery anode (+5.82%), and lithium iron phosphate batteries (+4.99%) led the gains, while cultivated diamonds, superhard materials, coal mining, and poultry industries faced declines [9][5]. Market Drivers - The market's upward movement was driven by several factors, including the "New Energy Storage Scale Construction Special Action Plan," which aims for over 180 million kilowatts of new energy storage capacity by 2027, potentially driving an investment of approximately 250 billion yuan. Additionally, advancements in solid-state battery polymer electrolytes by Tsinghua University's Zhang Qiang team contributed to the surge in new energy sectors. The central bank's emphasis on utilizing securities, funds, and insurance company swaps, along with stock repurchase loans, also supported market stability [9][5]. Future Outlook - The report maintains a bullish outlook on the Chinese stock market, advocating for holding positions through the holiday and anticipating a favorable October market. The focus remains on technology as a key theme, with expectations for more incremental policies following the 20th Central Committee's Fourth Plenary Session. The report reiterates the views from the "Source of Living Water - 2025 A-share Annual Investment Strategy" and "China Asset Revaluation Trio - 2025 A-share Mid-term Investment Strategy," suggesting that the key macroeconomic clue for 2025 is "the liquidity of currency," with a gradual recovery in the fundamentals expected to lead to a bull market [9][5]. Investment Direction - The report suggests continued focus on the technology sector and value-oriented investments that are gradually bottoming out. Specific areas of interest include: 1. Technology growth sectors, particularly "Double Innovation" and the Hang Seng Technology Index, as well as lithium batteries, military industry, and Hong Kong internet stocks. 2. Value sectors, focusing on industries with consecutive increases in revenue growth and gross margin over the past two quarters, such as fiberglass, cement, paper, fine chemicals, oil services, and medical services. 3. In the medium to long term, attention should be given to the non-bank sector within the slow bull market context [9][5].

Investment Rating - The investment rating for the industry is "Positive" and is maintained [8] Core Insights - At the 2025 Cloud Summit, Alibaba unveiled flagship models including Qwen3-Max, next-generation foundational model architecture Qwen3-Next, and a series of other models such as Qwen3-VL for visual understanding and Qwen3-Omni for multimodal applications. Additionally, the Qwen3-Coder programming model received significant upgrades [2][5] - The report highlights promising segments within the AI industry, including AI toys and tools, internet giants with advantages in traffic, models, and data, vertical sectors in advertising, e-commerce, and education that have successfully established business models overseas and are expected to replicate domestically, as well as AI+ gaming companies [2][10] Summary by Sections Event Description - Alibaba launched several advanced AI models at the 2025 Cloud Summit, including Qwen3-Max, Qwen3-Next, Qwen3-VL, Qwen3-Omni, and the upgraded Qwen3-Coder [5] Event Commentary - Qwen3-Max ranks among the top three globally, with over one trillion parameters and strong coding and agent tool capabilities. It is available for free experience on QwenChat and through Alibaba Cloud's API [10] - Qwen3-VL significantly enhances visual agent capabilities, allowing for interaction with computer and mobile interfaces, and excels in visual programming and spatial awareness [10] - Alibaba's open-source model matrix is the largest globally, with over 300 models and more than 600 million downloads, showcasing a comprehensive competitive edge across various dimensions [10] - The report suggests focusing on specific AI segments, including interactive AI products, large companies leveraging traffic and data, and gaming companies actively integrating AI [10]

请阅读最后评级说明和重要声明 丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] 广告行业跟踪（12）：7 月户外广告整体下滑， 网站行业投放大幅增加 报告要点 [Table_Summary] 根据中天盈信（CODC）数据，2025 年 7 月户外广告投放总额为 224.67 亿元，同比减少 4%， 环比减少 5%，剔除范围和刊例增长的净值同比减少 10%，其中户外视频媒体广告投放总额为 153.61 亿元，同比减少 7%。分渠道来看，楼宇液晶媒体受媒体收集周期变化影响，7 月广告 刊例花费同比减少 12%、环比减少 17%；电子屏媒体广告刊例花费同比增长 14%、环比增长 18%。分行业来看，受外卖大战和暑期效应影响，网站、饮料和娱乐休闲行业成为 7 月户外视 频媒体投放主力军。 分析师及联系人 [Table_Author] 高超 朱子愉 SAC：S0490516080001 SFC：BUX177 %% %% %% %% research.95579.com 1 [Table_Title 广告行业跟踪（2] 12）：7 月户外广告整体下滑， 网站行业投放大幅增加 [Table_Summ ...