Group 1 - The core viewpoint of the article highlights that the financial technology sector is entering a phase of "quality improvement and expansion," driven by policy support and accelerated AI penetration, with expected investment growth to 651.5 billion yuan by 2028 [3][10]. - The scale of financial technology investment by domestic financial institutions has been increasing year by year, with projections showing a steady rise from 2,691 billion yuan in 2022 to 6,515 billion yuan in 2028 [4][10]. Group 2 - The financial technology sector is characterized by high elasticity and serves as a barometer, heavily investing in computer and non-banking financial sectors, which combine financial cycles and technology growth attributes [6][10]. - The thematic concept distribution within financial technology includes internet brokerage, financial IT, AI applications, mobile payments, and the Hongmeng concept, indicating a broad coverage of popular sectors [6][11]. Group 3 - The top ten weighted stocks in the financial technology index account for 51.09% of the index, focusing on leading internet financial companies such as Dongfang Caifu, Tonghuashun, and Guidan [12][14]. - The average market capitalization of the constituent stocks is 23.389 billion yuan, with over 47% of the stocks having a market cap below 10 billion yuan, highlighting the potential for growth in small-cap stocks [13][14].

恒生电子股份有限公司 为补充资金管理系统产品线，增强在复杂衍生品、结构性产品方面的软件产 品覆盖，增强为大中型银行金融市场部提供完整解决方案的能力，2021 年 11 月， 恒生电子股份有限公司（以下简称"恒生电子"或"公司"）控股子公司杭州云赢 网络科技有限公司（以下简称"云赢网络"），与 Finastra 公司签署交易协议，以 6,500 万美元（约合人民币 42155.1 万元）收购 Finastra 公司的 Summit 业务（指 Summit 在中国内地及港澳地区的业务）。 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《关于控 股子公司云赢网络收购 Finastra 公司 Summit 业务的公告》（公告编号：2021-058）。 二、进展情况 Finastra 公司已将其资金与资本市场（TCM）业务独立分拆为 TCMI UK 公司， 并出售给 Apax Partners 公司（大型私募股权投资机构）。Summit 业务包含在 TCM 业务范畴内。近日，相关方已签署权利义务转移协议，原由 Finastra 公司承担的与 云赢网络相关的后续权利与义务现由 TCMI UK ...

Group 1 - The core viewpoint of the news highlights the decline of the CSI Software Service Index by 2.64% as of February 4, 2026, with leading stocks such as Guanghuan New Network and others experiencing significant drops [1] - Clawdbot (OpenClaw), an open-source personal AI agent project, has rapidly gained over 136,000 stars on GitHub, marking it as one of the fastest-growing open-source projects at the beginning of 2026 [1] - Major domestic cloud service providers like Tencent Cloud, Alibaba Cloud, and UCloud have launched cloud-based deployment services for Clawdbot, indicating a shift in AI from being a "consultant" to becoming an embedded "digital employee" in workflows [1] Group 2 - Guotai Junan Securities anticipates that in 2026, AI applications will evolve from being merely usable to highly functional, with diverse business models emerging, positioning AI applications as a core theme in the AI industry market [1] - The top ten weighted stocks in the CSI Software Service Index as of January 30, 2026, include iFlytek, Kingsoft Office, and others, collectively accounting for 60.27% of the index [2] - Investors can also access AI software investment opportunities through the Software ETF (159852) and its linked fund (012620) [3]

Core Insights - The AI application sectors, including software, media, and fintech, are experiencing significant activity, with the CSI Software Service Index rising by 2.1% as of 13:50 on February 3rd [1] - Several domestic model manufacturers have updated their models, showcasing advancements in AI technology, with notable releases from companies like Kuaile AI, DeepSeek, Kimi, and Alibaba [1] - CITIC Securities reports that AI applications are showing structural highlights, particularly in fintech, healthcare, and data sectors, with overall profitability expected to improve significantly by 2026 [1] Group 1 - The CSI Software Service Index includes 30 stocks related to software development and services, covering various AI application scenarios such as AI + office, AI + finance, and AI + education [1] - The top ten weighted stocks in the index, including iFLYTEK, Kingsoft Office, and Tonghuashun, account for over 60% of the index, providing investors with a streamlined way to capture investment opportunities in the AI application field [1]

Summary of Conference Call Notes Industry Overview - The conference call discusses the AI industry, particularly focusing on major players like Tencent, Alibaba, and ByteDance, as well as emerging companies like DeepSeek. The context is centered around marketing strategies during the Chinese New Year and the impact of AI applications on consumer engagement. Key Points and Arguments - **Tencent's Yuanbao App**: - Yuanbao, a large model app under Tencent, achieved the top position in the iOS app store's free chart due to its special marketing activities during the Spring Festival, including "red envelope" giveaways and interactive features termed "AI family bucket" [1] - The success highlights the importance of traffic marketing in the current AI-to-consumer landscape [1] - **Alibaba's Initiatives**: - Alibaba plans to integrate its Qwen 3.5 app with Taobao and Fliggy, aiming to convert traffic into business decisions during the Spring Festival [1] - Qwen has previously targeted young and family demographics through sponsorships of events like Bilibili's New Year Gala and Jiangsu TV's Spring Festival Gala [1] - **ByteDance's Collaboration**: - ByteDance's Volcano Engine has become the exclusive AI cloud partner for the 2026 Central Radio and Television Station Spring Festival Gala, with its Doubao platform facilitating interactive features such as real-time voice bullet comments and AI-generated New Year paintings [2] - **DeepSeek's Upcoming Launch**: - DeepSeek is expected to release DeepSeek V4 around the Spring Festival, which will enhance capabilities, particularly in coding and multimodal functions, while reducing computational requirements [2] Additional Important Content - **Investment Recommendations**: - Suggested companies to watch include: - **DeepSeek-related**: Daily Interaction, Hangzhou Steel [3] - **Alibaba-related AI applications**: Hengsheng Electronics, Shiji Information, Langxin Group, Focus Media, Qianfang Technology [3] - **Alibaba-related computing**: Hongjing Technology, Hangzhou Steel, Dataport, Runjian Technology [3] - **AI healthcare applications**: Weining Health, Meinian Health, Sichuang Medical [3] - **ByteDance-related AI applications**: Hand Information, BlueFocus, Vision China, New Wisdom Software, Shengguang Shares, Tianyu Digital Science [3] - **ByteDance-related computing**: Cambrian, Dazhi Technology, Runze Technology, Century Interconnect [3]

Core Insights - The collaboration between Lianchu Securities and Hengsheng Electronics has led to the successful launch of an intelligent document sorting system, enhancing operational efficiency and service quality in the brokerage industry [1][2][3] - The system has received recognition by winning the "2024 Financial Technology Development Award" from the People's Bank of China, highlighting its innovative application of large model technology [1] Group 1: System Implementation and Efficiency - The intelligent document sorting system automates the entire process of "collection-sorting-archiving," significantly reducing the time required for document sorting from 30 minutes to under 1 minute [2] - The system achieves an automatic classification accuracy of over 95%, with a rejection rate of less than 5%, effectively controlling business risks [2] Group 2: Technological Innovation - The system incorporates advanced technologies such as large models and machine learning, enabling rapid classification and information extraction from a large volume of disordered documents [2] - It features a microservice architecture that allows seamless integration with core brokerage business systems, enhancing its functionality [2] Group 3: Impact on Workforce and Customer Experience - The implementation of the system simplifies operational processes, allowing frontline staff to focus on higher-value customer service tasks, thereby improving customer satisfaction [3] - The system supports additional functionalities such as real-time scanning and post-collection, enhancing the continuity of business operations and customer experience [2][3] Group 4: Future Prospects - The intelligent document sorting system has the potential to expand its application to areas such as customer service, compliance monitoring, and investment consulting, aiming to create an integrated intelligent operational platform for brokerages [3] - Hengsheng Electronics plans to continue collaborating with financial institutions to deepen the application of large models in core financial business processes, supporting the digital transformation of the industry [3]

Group 1 - The software development sector is experiencing fluctuations, with the CSI Software Service Index down by 0.81% as of 10:21 on February 2, 2026, and individual stocks showing mixed performance [1] - Alibaba has launched a localized intelligent Agent tool, QoderWork, designed for desktop office use, which operates entirely on user terminals without uploading data to the cloud, indicating a shift towards an "end-edge-cloud" collaborative AI software paradigm [1] - The introduction of QoderWork is expected to reshape the competitive landscape of office software and user interaction habits in China [1] Group 2 - AI Agents are transitioning from concept to large-scale implementation, with modern Agents requiring the ability to run hundreds to thousands of independent environment instances, increasing the operational pressure on CPU and memory bandwidth [2] - The DeepSeek Engram architecture and Anthropic Claude Cowork's introduction of a permanent knowledge base highlight the evolution of CPUs from traditional computing units to central hubs in the AI era [2] - As of January 30, 2026, the top ten weighted stocks in the CSI Software Service Index account for 60.27% of the index, including companies like iFlytek, Kingsoft Office, and 360 [2] Group 3 - The Software ETF (159852) tracks the CSI Software Service Index, providing a convenient tool for investing in the computer software industry [3] - Investors can also access AI software investment opportunities through the Software ETF linked fund (012620) [4]

Investment Rating - The investment rating for the computer industry is maintained as "Recommended" [8] Core Insights - The computer sector's fund holdings in Q4 2025 accounted for approximately 2.34% of total fund holdings, showing a slight decrease from previous quarters, indicating a historical low. The focus remains on leading companies in AI applications and computing power, with expectations for increased holdings as national industrial policies support the AI sector [4][21] - Recent developments in the industry include significant financing rounds and advancements in AI chip technology, highlighting the ongoing growth and innovation within the sector [22][23][25] Summary by Sections 1. Q4 2025 Holdings Analysis - The proportion of computer sector holdings in funds decreased slightly to 2.34%, down from 2.51% in Q3 2024 [11] - The number of computer companies in the top ten holdings decreased to 138 from 171 in the previous quarter, indicating a consolidation in holdings [14] - The top ten companies by fund holdings in Q4 2025 included iFlytek, Kingsoft Office, Hikvision, Inspur Information, and others, with notable changes in rankings compared to Q3 2025 [17] 2. Industry News - StepFun completed a B+ round financing exceeding 5 billion yuan, setting a record for single financing in the domestic large model sector [22] - Microsoft launched the second-generation AI chip Maia 200, which improves inference efficiency by 30% compared to its predecessor [23] - Alibaba's Pingtouge introduced the high-end AI chip "Zhenwu 810E," achieving full self-research in both hardware and software [25] 3. Company News - Inspur Information's chairman and vice president plan to reduce their holdings by a total of 30,000 shares, representing 0.002% of the total share capital [26] - Tianyang Technology's controlling shareholder plans to reduce holdings by up to 14.5 million shares, accounting for 3% of the total share capital [27] - Daily Interaction's controlling shareholder announced a plan to reduce holdings by up to 371,500 shares [29] 4. Market Review - During the week of January 26-30, the CSI 300 index rose by 0.08%, while the computer sector index fell by 4.47%. The top gainers included Wangsu Science and Technology and Youke Technology, while the biggest losers were Chuangzhong Technology and China Greatwall [30][37]

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《计算机板块持仓分析！CPU、沙箱、 Agent 全面分析！ ——计算机行业周报 20260119-20260124》 2026/01/24 《台积电 CapEx 指引算力需求确定性！ 2025 业绩前瞻！——计算机行业周报 20260112-20260116》 2026/01/17 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A0230525100001 chenqh@swsresearch.com 罗宇琦 A0230124070004 luoyq@swsresearch.com 联系人 王开元 A0230125030001 wangky ...

Group 1 - The market showed signs of recovery on January 30, with the AI application sector's decline narrowing, as the CSI Software Service Index fell by 2.5% [1] - The software ETF E Fund (562930) has attracted significant market attention, with net inflows exceeding 150 million yuan over six consecutive trading days [1] - DeepSeek is set to release its next-generation flagship AI model, DeepSeek V4, in February, which is expected to have a substantial impact on the current AI competitive landscape [1] Group 2 - Bohai Securities believes that the iteration and upgrade of domestic large models like DeepSeek V4 will accelerate technological innovation and application, maintaining a positive outlook on the growth potential of the AI application sector driven by both technological advancements and demand release [1] - The E Fund software ETF tracks the CSI Software Service Index, which consists of 30 stocks involved in software development and services, covering various AI application scenarios such as AI + office, AI + finance, and AI + education [1] - The top ten weighted stocks in the index include iFlytek, Kingsoft Office, Tonghuashun, Guiding Compass, and Hengsheng Electronics, collectively accounting for over 60% of the index, providing investors with a convenient tool for investing in the AI application sector [1]