上市公司：中国长城（000066），浪潮信息（000977），新大陆（000997），魅视科技（001229），智 微智能（001339），纳思达（002180），证通电子（002197），大华股份（002236），电科网安 （002268），中威电子（300270），智迪科技（301503），中润光学（688307），萤石网络 （688475），三未信安（688489） 2025年1-4月，计算机、通信和其他电子设备制造业企业数（以下数据涉及的企业，均为规模以上工业 企业，从2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收 入2000万元）为29833个，和上年同期相比，增加了1554个，同比增长5.5%，占工业总企业的比重为 5.75%。 2016-2025年1-4月计算机、通信和其他电子设备制造业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产 ...

Core Viewpoint - The financial technology sector is experiencing significant activity and capital inflow, driven by a favorable trading environment and the integration of AI technologies in financial services [1][3][4]. Group 1: Market Activity - Financial technology stocks such as Hengbao Co., Newland, Tonghuashun, and Yingshisheng have seen gains exceeding 2% [1]. - The financial technology ETF (159851) reached a peak increase of nearly 1% during trading, with a transaction volume surpassing 2 billion CNY and net subscriptions exceeding 1.4 million shares [1][4]. - The trading volume in the two markets has exceeded 1.5 trillion CNY for 44 consecutive trading days, indicating a robust trading environment [3]. Group 2: Factors Driving Growth - Three main factors are contributing to the recent activity in the financial technology sector: 1. The continuous increase in trading volume and the recovery of internet brokerage fundamentals, with expectations of a 70% increase in net profits for the third quarter [3]. 2. The integration of AI in financial services, enhancing product value and customer loyalty, with leading firms expected to maintain a competitive edge [3]. 3. Increased market risk appetite due to expectations of overseas interest rate cuts, benefiting small-cap stocks sensitive to financing costs [3]. Group 3: Investment Opportunities - The financial technology ETF (159851) and its associated funds are recommended for investment, as they cover a wide range of themes including internet brokerages, financial IT, cross-border payments, and AI applications [4]. - As of September 15, the financial technology ETF (159851) has a scale exceeding 10 billion CNY, with an average daily trading volume of over 1.4 billion CNY in the past month, indicating strong liquidity [4].

Core Viewpoint - Newland Technology Group showcased its cross-border payment capabilities at the 25th China International Investment and Trade Fair, emphasizing its role in empowering a new ecosystem for global trade [1][3]. Group 1: Event Overview - The 25th China International Investment and Trade Fair took place from September 8 to 11 in Xiamen, attracting representatives from over 120 countries and regions, along with 11 international organizations [1]. - The theme of the fair was "Join Hands with China, Invest in the Future," making it a significant platform for showcasing cutting-edge technology, discussing industry trends, and promoting international cooperation [1]. Group 2: Company Innovations - Newland Technology Group presented a series of innovative technology products and smart scene solutions, particularly in cross-border and foreign card payment sectors, highlighting its leading position in digital commerce and global layout [3]. - The company has obtained the U.S. Money Services Business (MSB) license and launched a one-stop cross-border payment solution, focusing on the needs of outbound merchants and providing multi-currency B2B payment services [3]. Group 3: Product Developments - Newland's subsidiary, Guotong Xingyi Network Technology Co., Ltd., has enhanced terminal products, including the T9 smart terminal, which processes mainstream foreign card transactions quickly and addresses power outage issues [5]. - The non-contact scanning box redefines the "Card Code PAY" payment method, improving user experience by enabling instant payment and reducing transaction time, thus addressing pain points in traditional foreign card payments [5]. Group 4: Strategic Goals - Newland aims to leverage the investment fair to deepen its engagement in the digital commerce sector, expand its international vision and cooperation network, and drive the globalization of its product and service offerings [5].

Investment Rating - The report maintains an "Overweight" rating for the computer sector [6]. Core Insights - Oracle's $455 billion order exceeded expectations, indicating a high level of global computing investment; Microsoft has also reached a five-year $17.4 billion computing agreement with Nebius [2][6]. - NVIDIA's launch of the Rubin CPX targets long-context reasoning and video generation, highlighting the trend towards customized chips [4][6]. - The implementation of "AI+" in energy development is expected to enhance smart grid construction [7]. Summary by Sections Oracle's Performance - Oracle reported a remaining performance obligation of $455 billion, a year-on-year increase of 359%, with IaaS revenue at $3.3 billion, up 55% year-on-year [6]. - The company has signed large-scale cloud contracts with AI firms like OpenAI, positioning itself as a key infrastructure provider for AI training [6]. NVIDIA's Innovations - NVIDIA's Rubin CPX offers up to 30 PFLOPS of computing power at NVFP4 precision, with 128GB GDDR7, achieving approximately three times the acceleration in attention calculations compared to previous models [4]. - The focus on customized chips is expected to enhance the marginal value of high-end GDDR7 and high-speed interconnect solutions [4]. AI in Energy Sector - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote "AI+" in energy, aiming to improve smart grid management and disaster response capabilities [7]. - Local software service providers with expertise in power industry applications are anticipated to gain orders as AI technologies are integrated into the sector [7]. Recommended Stocks - The report recommends stocks such as Kingdee International, Kingsoft Office, Newland, Longxin Group, Daotong Technology, and Hand Information, with a focus on companies that have long-term contract fulfillment certainty [6][8].

Group 1 - CoGoLinks has obtained a payment business license in the UAE, becoming the first Chinese cross-border payment platform to do so [1] - The UAE's e-commerce market is projected to grow from 32.3 billion AED (approximately 8.8 billion USD) in 2024 to over 50.6 billion AED (approximately 13.8 billion USD) by 2029, with a compound annual growth rate of 56% [1] - The UAE's free trade zone policies, including zero corporate income tax and 100% foreign ownership, enhance its attractiveness for cross-border e-commerce and payment services [2] Group 2 - The UAE's Ministry of Economy has launched the "Free Zone Strategy 2030" and "Digital Economy Strategy 2025," further strengthening the region's appeal for cross-border payment services [2] - The process of obtaining payment licenses varies by country, with significant regulatory and cultural differences posing challenges for companies [2] - Several payment institutions, including Payoneer and PingPong, have announced obtaining overseas licenses this year, indicating a trend of Chinese payment companies expanding internationally [3]

Core Viewpoint - The financial technology sector experienced a significant surge, with the China Securities Financial Technology Theme Index rising nearly 2%, driven by over 50 constituent stocks increasing in value [1][3]. Group 1: Market Performance - The financial technology sector saw notable stock performances, with Yinzhijie leading with a 7% increase, and Zhinancun rising over 6%, approaching previous highs [1]. - The Financial Technology ETF (159851) experienced a price increase of 1.93%, with a total trading volume of 875 million yuan and a net subscription of 11.4 million units on the same day [1][4]. Group 2: Factors Behind the Surge - The continuous high trading volume, exceeding 1.5 trillion yuan for 44 consecutive trading days, indicates a strong recovery trend for internet brokerages, with projected net profit growth of 70% for the third quarter [3]. - The integration of AI in financial services is creating new growth opportunities, enhancing product value and customer loyalty, with leading firms expected to maintain their competitive edge [3]. - Expectations of overseas interest rate cuts are improving market risk appetite, benefiting small-cap stocks, particularly in the financial technology sector, where over 42% of constituent stocks have a market capitalization below 10 billion yuan [3]. Group 3: Investment Recommendations - The financial technology sector is viewed as having significant allocation value due to its low current fundamentals and valuations, with expectations of a gradual upward trend supported by policy initiatives and economic stabilization [4]. - The Financial Technology ETF (159851) and its associated funds are recommended for investment, as they comprehensively cover popular themes such as internet brokerages, financial IT, cross-border payments, and AI applications [4].

Core Viewpoint - The implementation of the "National Network Identity Authentication Public Service Management Measures" by six departments, including the Ministry of Public Security and the National Internet Information Office, aims to protect citizens' identity information and support the healthy and orderly development of the digital economy starting from July 15, 2025 [1] Company Summary - The company, Newland, is committed to "empowering people with codes and serving the public," focusing on personal information protection and data interoperability [1] - Newland has developed a comprehensive "one code for all" identity authentication system that integrates online and offline services, facilitating secure data interconnection across different domains [1] - The company possesses multiple self-developed decoding chips and utilizes artificial intelligence technology to create customized intelligent hardware products and solutions that align with various industry application scenarios [1] - As of now, Newland's self-developed series of applications based on trusted digital identity authentication and QR code scenario solutions have been deployed in over ten cities, telecom operators, banks, and industry enterprises in China, providing secure interaction capabilities for trusted digital identities [1]

Group 1 - The company has completed the repurchase and cancellation of shares, totaling 18,965,022 shares, which accounts for 1.84% of the total shares before cancellation [1] - The actual amount spent on the repurchase and cancellation was RMB 281,123,045 [1] - Following the repurchase, the total number of shares has changed from 1,032,062,937 to 1,013,097,915 [1]

Group 1 - The 25th China International Investment and Trade Fair (CIFIT) was held in Xiamen from September 8 to 11, attracting representatives from over 120 countries and regions, and 11 international organizations, making it a significant platform for showcasing cutting-edge technology and discussing industry trends [1] - Newland Technology Group showcased a series of innovative technology products and smart scene solutions in the Fujian Pavilion, highlighting its leading position in the digital commerce sector and its global layout, providing valuable "Chinese solutions" for the digital transformation of global commerce [3] - The company has obtained the Money Services Business (MSB) license in the United States and launched a one-stop cross-border payment solution, focusing on the needs of outbound merchants and supporting multiple trade scenarios, significantly improving fund circulation efficiency [3] Group 2 - Newland's subsidiary, Fujian Guotong Xingyi Network Technology Co., Ltd., is enhancing terminal product upgrades and innovations, with the T9 smart terminal achieving high-speed processing of mainstream foreign card transactions, addressing issues of frequent power outages [5] - The non-contact scanning box redefines the "Card Code PAY" payment method, improving user experience by enabling instant payment and reducing transaction complexity and wait times, thus helping merchants retain customers [5] - The company aims to leverage CIFIT to deepen its engagement in the digital commerce sector, expand its international vision and cooperation network, and inject new momentum into the rapid development of digital commerce and the digital transformation of global trade [7]

Group 1 - The core viewpoint of the articles highlights the recent performance and financial metrics of Newland Digital Technology Co., Ltd, including stock price movements and trading volumes [1][2] - As of September 16, Newland's stock price increased by 2.04% to 27.97 CNY per share, with a total market capitalization of 28.336 billion CNY [1] - Year-to-date, Newland's stock has risen by 41.72%, with a recent 5-day increase of 1.93%, but a decline of 3.72% over the last 20 days and 7.40% over the last 60 days [1] Group 2 - For the first half of 2025, Newland reported a revenue of 4.02 billion CNY, reflecting a year-on-year growth of 10.54%, and a net profit attributable to shareholders of 595 million CNY, up 12.36% [2] - The company has distributed a total of 2.694 billion CNY in dividends since its A-share listing, with 1.062 billion CNY distributed in the last three years [2] - As of June 30, 2025, major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 11.51 million shares, and Southern CSI 500 ETF, which increased its holdings by 260,400 shares [2]