Core Viewpoint - The software service index has shown strong performance, with significant increases in individual stocks and the software ETF, indicating a positive trend in the software sector [1][4]. Group 1: Market Performance - As of June 24, 2025, the software service index rose by 2.19%, with notable increases in stocks such as Guide Compass (up 12.82%) and Wealth Trend (up 6.27%) [1]. - The software ETF (159852) increased by 2.13%, and over the past year, it has accumulated a rise of 31.01% [1]. - The software ETF recorded a turnover rate of 4.32% and a transaction volume of 127 million yuan, with an average daily transaction volume of 155 million yuan over the past year, ranking first among comparable funds [4]. Group 2: Fund Growth and Performance - The software ETF experienced a significant growth of 45.33 million yuan in scale over the past two weeks, leading among comparable funds [4]. - In the last five trading days, the software ETF saw net inflows on four occasions, totaling 73.89 million yuan [4]. - The net value of the software ETF increased by 31.38% over the past year, ranking 396th out of 2869 index stock funds, placing it in the top 13.80% [4]. Group 3: Industry Insights - According to Guojin Securities, the computer and software development industry is currently in a relatively chaotic fundamental period, with products awaiting breakthroughs in large models [4]. - Investment perspectives are driven more by risk appetite, with potential for transformation into a prosperous investment as new technologies and policies emerge [4]. - Zhongyuan Securities anticipates a steady upward trend in the market, emphasizing the need to monitor policy, capital, and external market changes closely [5]. Group 4: Key Stocks - The top ten weighted stocks in the software service index account for 59.85%, with notable companies including iFlytek (11.19%), Kingsoft Office (8.92%), and Tonghuashun (7.79%) [5][7]. - The table of key stocks shows various performance metrics, indicating a diverse range of growth among leading companies in the sector [7].

其 他 报 告 2025年06月24日 研究分析师 : 郭子睿 投资咨询资格编号 : S1060520070003 研究分析师 : 陈瑶 投资咨询资格编号 : S1060524120003 研究分析师 : 任书康 投资咨询资格编号 : S1060525050001 研究助理 : 高越 一般证券从业资格编号 : S1060124070014 研究助理 : 胡心怡 一般证券从业资格编号 : S1060124030069 核心观点 : 基金投顾组合总体情况：截至2025年5月末，上线天天基金APP的基 金投顾组合共441只，相比上月末增加11只组合；新增股债中枢型中稳健型组合5 只、进取型和货币型组合各2只、平衡型组合1只，赛道型中的科技组合1只。 投 顾组合业绩表现跟踪：股债中枢型基金，过去一年，各类中枢型组合的收益率中 位数均跑赢同类型FOF产品。月内，进取型、平衡型、稳健型组合的收益率中位 数均跑赢同类型FOF产品。与基准业绩比较，月内，进取型、平衡型、稳健型、 货币型组合的收益率中位数均跑赢基准。 持仓基金仓位跟踪：稳健型投顾组合减 持主动债券基金，增持固收+基金；平衡型投顾组合减持量化基金，增持主动权 益 ...

Core Viewpoint - The China Securities Index for the big data industry has shown a decline over the past month, three months, and year-to-date, indicating potential challenges in the sector [2]. Group 1: Index Performance - The China Securities Big Data Industry Index rose by 1.41% to 2782.91 points with a trading volume of 22.184 billion yuan on June 23 [1]. - Over the past month, the index has decreased by 4.79%, by 18.02% over the last three months, and by 3.58% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in big data storage, analysis, operations, production, and applications, reflecting the overall performance of listed companies in the big data sector [2]. - The top ten weighted companies in the index are: Zhongke Shuguang (10.63%), Keda Xunfei (9.87%), Inspur Information (5.41%), Unisplendour (4.97%), Hengsheng Electronics (4.91%), Runze Technology (3.26%), Tuo Wei Information (3.23%), China Software (3.0%), China Great Wall (3.0%), and Yonyou Network (2.84%) [2]. Group 3: Industry Breakdown - The index's holdings are primarily in the information technology sector (74.94%), followed by communication services (23.52%), and industrials (1.54%) [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Public funds tracking the index include: Fuguo China Securities Big Data Industry Link A, Fuguo China Securities Big Data Industry Link C, Huaxia China Securities Big Data Industry Link A, Huaxia China Securities Big Data Industry Link C, Fuguo China Securities Big Data Industry ETF, Huaxia China Securities Big Data Industry ETF, and Huabao China Securities Big Data Industry ETF [3].

Core Viewpoint - The fiscal and tax digitalization concept has shown a significant increase of 3.64%, ranking 8th among concept sectors, with notable stocks like Zhongke Jincai and Shenzhou Information hitting the daily limit up [1][2]. Group 1: Market Performance - As of June 23, the fiscal and tax digitalization sector saw 63 stocks rise, with Tianyuan Dike, Changliang Technology, and Digital Certification leading with increases of 14.56%, 8.08%, and 7.68% respectively [1]. - The sector experienced a net inflow of 1.571 billion yuan, with 38 stocks receiving net inflows, and five stocks exceeding 50 million yuan in net inflow [2]. Group 2: Key Stocks - Tianyuan Dike had the highest net inflow of 613 million yuan, followed by China Software with 312 million yuan, Shenzhou Information with 189 million yuan, and Zhongke Jincai with 184 million yuan [2]. - The net inflow ratios for leading stocks were 42.68% for Shenzhou Information, 23.67% for Tianyuan Dike, and 16.86% for Zhongke Jincai [3].

截至6月23日收盘，华为鲲鹏概念上涨3.52%，位居概念板块涨幅第9，板块内，159股上涨，达实智 能、吉大正元、中科金财等涨停，天源迪科、麒麟信安、先进数通等涨幅居前，分别上涨14.56%、 13.50%、12.87%。跌幅居前的有荣科科技、拓维信息、嘉和美康等，分别下跌1.76%、0.81%、0.58%。 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 兵装重组概念 | 5.82 | 同花顺出海50 | -0.26 | | 电子身份证 | 5.58 | 超级品牌 | -0.04 | | 数字货币 | 5.20 | 猪肉 | 0.09 | | 跨境支付(CIPS) | 4.47 | 白酒概念 | 0.10 | | 可燃冰 | 4.25 | 芬太尼 | 0.10 | | 移动支付 | 3.89 | 养鸡 | 0.24 | | 数据确权 | 3.89 | 特钢概念 | 0.46 | | 财税数字化 | 3.64 | 青蒿素 | 0.46 | | 华为鲲鹏 | 3.52 | 高股息精选 | 0.53 | | Web3.0 | 3.49 | ...

（原标题：计算机行业6月23日资金流向日报） 沪指6月23日上涨0.65%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为计算机、国防军工，涨幅分别为2.25%、1.97%。计算机行业位 居今日涨幅榜首位。跌幅居前的行业为食品饮料、家用电器、钢铁，跌幅分别为0.80%、0.43%、0.11%。 计算机行业今日上涨2.25%，全天主力资金净流入31.75亿元，该行业所属的个股共336只，今日上涨的有305只，涨停的有6只；下跌的有27只。以 资金流向数据进行统计，该行业资金净流入的个股有171只，其中，净流入资金超亿元的有12只，净流入资金居首的是天源迪科，今日净流入资金 6.13亿元，紧随其后的是中国软件、四方精创，净流入资金分别为3.12亿元、2.22亿元。计算机行业资金净流出个股中，资金净流出超3000万元的 有7只，净流出资金居前的有同花顺、金桥信息、拓维信息，净流出资金分别为8330.40万元、6022.94万元、5485.30万元。（数据宝） 计算机行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- ...

Group 1 - The electronic ID concept sector saw a significant increase of 5.58%, ranking second among concept sectors, with 39 stocks rising, including 20% limit-up stocks like Guankang Technology and Youboshun [1] - Major stocks in the electronic ID sector that performed well include Xiongdi Technology, Digital Certification, and Jingbeifang, which rose by 9.54%, 7.68%, and 6.96% respectively [1] - The electronic ID sector attracted a net inflow of 1.417 billion yuan from main funds, with 27 stocks receiving net inflows, and five stocks exceeding 100 million yuan in net inflow [1] Group 2 - Leading stocks by net inflow ratio include Jida Zhengyuan, *ST Jinglun, and Guankang Technology, with net inflow ratios of 51.06%, 37.78%, and 18.84% respectively [2] - The top stock by net inflow was Hengbao Co., with a net inflow of 427.36 million yuan, followed by China Software, Jida Zhengyuan, and Youboshun with net inflows of 311.73 million yuan, 188.28 million yuan, and 184.52 million yuan respectively [2][3] - The trading volume and turnover rates for key stocks in the electronic ID sector indicate strong investor interest, with Hengbao Co. showing a turnover rate of 48.43% [2]

Core Viewpoint - The computer sector is experiencing a rise, particularly in software ETFs, driven by increased interest in stablecoins and advancements in AI technology [1][3][4]. Group 1: Software ETFs Performance - Software 50 ETF (159590) rose by 2.14%, marking two consecutive days of net inflow [1]. - The majority of the underlying index components for Software 50 ETF showed positive performance, with notable gains from companies like Four Directions Technology (20% limit up), Hengsheng Electronics, and Jingbeifang, which rose over 6% [3]. - The stablecoin sector has garnered significant attention, with at least 16 brokerages publishing over 24 research reports focused on stablecoins in the past week [3]. Group 2: Stablecoin Developments - The U.S. has passed a stablecoin bill, leading to a continuous rise in Circle's stock price, while Hong Kong's stablecoin regulations will take effect on August 1, 2025 [3]. - Analysts believe that the global regulatory landscape is improving, which is expected to promote the compliant and stable development of the stablecoin industry [3]. Group 3: AI and Technology Advancements - Huawei's Developer Conference (HDC 2025) showcased the official release of HarmonyOS 6, emphasizing a new all-scenario architecture and the launch of over 50 Harmony agents [3]. - The AI sector is witnessing rapid commercialization, with OpenAI announcing an ARR of $10 billion, nearly doubling year-on-year, and Kuaishou reporting over 150 million yuan in revenue for its AI products [3][4]. Group 4: Investment Opportunities - Key investment opportunities for the second half of 2025 include domestic substitution in the chip sector, with significant advancements in AI chips and the release of the DeepSeek-R1 model [4][5]. - The domestic computing power infrastructure is expected to see concentrated deliveries, with advancements in liquid cooling technology driving growth in the cloud computing market [5]. Group 5: Index Composition - The DeepSeek concept stocks hold a weight of 48.1% in the Zhongzheng Xinchuang Index, with significant allocations in computer software (43%), cloud services (23%), and semiconductor sectors (13%) [6]. - The Software 50 ETF focuses on a comprehensive layout of the AI software industry chain, with approximately 67% of its weight in application software and over 15% in AI-related fields [6].

Core Viewpoint - China Software International (00354) has signed a strategic cooperation agreement with Beijing Silicon Flow Technology Co., Ltd. to jointly develop solutions that accelerate computing power and AI full-stack services, empowering enterprises in their digital transformation [1][2]. Group 1: Strategic Cooperation - The agreement aims to create a solution that integrates high-performance AI platforms with heterogeneous computing power, vector databases, graph databases, and search engines [1]. - The joint solution includes four core platforms: high-performance AI platform, model service platform, knowledge management platform, and intelligent application development platform [1][2]. Group 2: Implementation and Support - The "Three Stages and Nine Steps" AI professional service will be utilized to optimize customer model development efficiency and performance [2]. - Silicon Flow will provide product and technical support, while China Software International will handle project implementation and custom AI application development [2]. Group 3: Future Collaboration - The two companies will deepen their strategic collaboration to help enterprises seize AI opportunities and accelerate the large-scale application of technology [2]. - Key industries targeted for intelligent transformation include energy, finance, government, transportation, manufacturing, and public services [2].

金十图示：2025年06月23日（周一）中国科技互联网公司市值排名TOP 50一览 | 25 | | 新东方 | 76.22 | | | --- | --- | --- | --- | --- | | 26 | | 恒生电子 | 76.05 | | | 27 | | 好未来 | 63.07 | 11 | | 28 | | 金蝶国际 | 61.36 | 1 t | | 29 | | 奇富科技 | 57.56 | 3 1 | | 30 | | 同程旅行 | 57.3 | 11 | | 31 | | 巨人网络 | 56.49 | 2 t | | 32 | | 万国数据 | 55.83 | 2 1 | | 33 | | 昆仑万维 | 55.18 | 2 ↑ | | 34 | | 中国软件 | 53.9 | 4 1 | | 35 | HD 1114 | 润和软件 | 52.96 | 11 2 1 | | 36 | 34.44 | 柏楚电子 | 52.55 | | | 37 | | 深信服 | 51.37 | 3 1 | | 38 | | 拓维信息 | 50.86 | 11 | | 39 | | 三七互娱 | 50.53 ...