Group 1 - The software service index of Zhongzheng has decreased by 1.21% as of July 2, 2025, with mixed performance among constituent stocks [1] - The leading stocks include Zhongke Xingtou up by 0.61%, Zhinan Compass up by 0.46%, and Zhongke Software up by 0.36%, while Weining Health led the decline [1] - The software ETF (159852) has seen a cumulative increase of 3.62% over the past week as of July 1, 2025 [1] Group 2 - The software ETF recorded a turnover rate of 1.48% with a transaction volume of 46.95 million yuan, and the average daily transaction volume over the past week was 239 million yuan, ranking first among comparable funds [4] - The latest scale of the software ETF reached 3.209 billion yuan, a three-month high, and the latest share count reached 4.004 billion, a one-year high, both ranking first among comparable funds [4] - The software ETF has seen a net inflow of 48.96 million yuan, with three out of the last five trading days showing net inflows totaling 178 million yuan [4] Group 3 - In the commercialization of AI large models, the revenue contribution from AI applications is experiencing rapid growth, particularly in code generation, visual understanding, and advanced reasoning [5] - The AI application and financial technology era has arrived, with AI agents leading a software revolution at a pivotal point, opening new opportunities for financial technology innovation [5] - As of June 30, 2025, the top ten weighted stocks in the Zhongzheng software service index accounted for 60.56% of the index, including Keda Xunfei, Kingsoft Office, and Tonghuashun [5] Group 4 - The top ten stocks by weight in the software service index have shown varying declines, with Keda Xunfei down by 1.36% and Kingsoft Office down by 1.83% [7] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [7]

Core Viewpoint - The establishment of three industry colleges by Guangzhou Applied Technology University in collaboration with leading companies like Huawei, iFlytek, and UBTECH aims to enhance the integration of education and industry, addressing the demands of the digital economy and AI revolution [1][6]. Group 1: Industry Colleges Overview - The three industry colleges include the Smart Industry College (Huawei ICT College), iFlytek AI Industry College, and UBTECH Intelligent Robotics Industry College, with a total enrollment plan of 1,000 students in 2025 [1][6]. - These colleges represent a significant step in aligning the university's educational approach with national innovation strategies and the development of the Guangdong-Hong Kong-Macao Greater Bay Area [1][6]. Group 2: Educational Framework and Collaboration - The colleges aim to break traditional school-enterprise cooperation models by establishing a new collaborative framework focused on "joint talent cultivation, shared management processes, and shared outcomes" [2]. - Jointly developed talent training programs and standards will closely align with industry needs, utilizing advanced resources from Huawei, iFlytek, and UBTECH [2]. Group 3: Specific Programs and Enrollment Plans - The Smart Industry College will offer three innovative classes, including the Huawei AI Innovation Class (200 students), Huawei Big Data Innovation Class (100 students), and Huawei Harmony Innovation Class (100 students), all set to enroll in 2025 [3]. - The iFlytek AI Industry College will focus on software engineering with a target of 300 students, emphasizing AI applications and practical training [4]. - The UBTECH Intelligent Robotics Industry College will introduce two majors: Robotics Engineering (200 students) and Automation (100 students), with a focus on smart logistics and core robotics technologies [5]. Group 4: Strategic Impact on Regional Development - The establishment of these industry colleges is a strategic move to optimize academic ecosystems, empower industrial upgrades, and support national strategies, particularly in the fields of ICT, AI, and robotics [6]. - The colleges are expected to address the talent gap in the Greater Bay Area by providing nearly 1,000 practical talents annually, contributing to the development of a world-class digital industry cluster [6].

Group 1 - The emergence of large models like ChatGPT has rapidly increased the demand for intelligent computing, leading to a surge in the construction of intelligent computing centers by local governments, telecom operators, and internet companies [1] - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan" to improve the efficiency and service level of public computing resources and promote high-quality development of computing power [1][8] - The total computing power in China is projected to reach 280 EFLOPS by 2024, with intelligent computing accounting for 32% of the total [2] Group 2 - There has been an increase in the termination of computing service contracts among listed companies, attributed to policy impacts and changes in the business environment [3] - The utilization rate of enterprise-level general computing centers is reported to be only 10% to 15%, with some intelligent computing centers having GPU utilization rates below 30% [4] - The mismatch between supply and demand for computing power is a significant issue, exacerbated by the shift in market demand from training to inference due to the emergence of products like DeepSeek [4][9] Group 3 - The selection of locations for intelligent computing centers is crucial for improving utilization rates, as it must consider the geographical preferences of talent and actual demand [5] - Industry representatives emphasize the need for deep engagement in local economic demands to transform AI technology into a growth engine for regional economies [6] - The operational capabilities of intelligent computing centers are critical, requiring a focus on network construction, scheduling integration, and system operation [4][7] Group 4 - The "Computing Power Internet" is a new infrastructure aimed at enhancing capabilities for computing applications and scheduling needs, with a goal to establish a standardized interconnection system by 2026 [8] - Innovation in chip technology and service ecosystems is essential to address structural contradictions in computing power supply and demand [9] - Companies are encouraged to integrate existing computing resources to avoid redundancy and optimize overall efficiency [7][9]

Core Insights - Beijing Zhen Shitong Technology Co., Ltd. (Zhen Shitong) held its anniversary celebration and AI ecosystem launch event, signing strategic cooperation agreements with three companies and launching multiple new products [1][2] Group 1: Strategic Partnerships - Zhen Shitong signed a strategic cooperation agreement with Beijing Cloud Co., Ltd. to collaborate on the research and optimization of audio-visual large models and content creation [1] - A partnership was established with Softcom Power (301236) Information Technology Group Co., Ltd. to jointly develop full-scene intelligent applications across various business sectors [1] - Zhen Shitong collaborated with Guangzhou Radio and Television Wuzhou Technology Co., Ltd. to work on GPU chips and server cooling products [1] Group 2: New Product Launches - Zhen Shitong, in collaboration with Guangzhou Radio and Television Wuzhou Technology Co., Ltd. and Hangyuan Solar Thermal (Beijing) Technology Co., Ltd., launched a two-phase liquid cooling high-efficiency cooling server that supports eight 600W liquid-cooled graphics cards, addressing industry pain points such as low efficiency and high noise [1] - The company also introduced a pump-driven two-phase liquid cooling integrated cabinet, developed in partnership with Guangxi Beitou Xinchuan Technology Investment Group Co., Ltd. and Hangyuan Solar Thermal (Beijing) Technology Co., Ltd., which offers high cooling efficiency, low energy consumption, and high-density computing integration [2] - An AI industry application software was launched, developed in collaboration with Guangxi Beitou Xinchuan Technology Investment Group Co., Ltd., providing customized solutions based on mainstream AI large models to meet various industry needs [2] Group 3: Future Strategy - Zhen Shitong's chairman, Wang Guohong, emphasized a "left embrace right hug" strategy, focusing on core technologies and products while expanding into AI, information innovation, and dual carbon initiatives to build a second growth curve through AI predictive computing and intelligent meetings [2]

Core Insights - The establishment of the Zhen Shitong Green Computing Power Energy Saving Research Institute aims to address clients' needs in green transformation and contribute to high-quality low-carbon development [1][3] - Strategic partnerships were formed with Beijing Cloud Co., Softcom Power Information Technology Group, and Guangzhou Broadcasting Five Boat Technology to enhance collaboration in various fields including audio-visual content creation and GPU chip development [3] - New products launched include a two-phase liquid cooling high-efficiency server and a pump-driven two-phase liquid cooling integrated cabinet, both designed to improve performance and reduce energy consumption in data centers [3] - The company is expanding its multimedia business and leveraging AI technologies to create a second growth curve, focusing on innovation and social responsibility [4] - The Fengtai Technology Park is committed to optimizing the business environment for AI companies, supporting talent acquisition and global innovation resource linkage [5] - Zhen Shitong is recognized as a national-level specialized enterprise, achieving significant results in various sectors including cloud video and AI, while integrating energy-saving concepts into its products and services [7] - The company is exploring practical applications of AI in remote meetings and smart exhibitions, addressing common industry challenges such as profitability and implementation difficulties [8]

Group 1 - The software service index of China has decreased by 1.06% as of July 1, 2025, with mixed performance among constituent stocks [1] - Donghua Software led the gains with an increase of 0.42%, while Guiding Compass and other stocks like Hengsheng Electronics and Yonyou Network experienced declines [1] - The software ETF (159852) has undergone adjustments, showing a cumulative increase of 7.85% over the past week, ranking first among comparable funds [1] Group 2 - The software ETF recorded a turnover rate of 3.39% and a transaction volume of 108 million yuan, with an average daily transaction of 250 million yuan over the past week, leading among comparable funds [4] - The latest scale of the software ETF reached 3.195 billion yuan, marking a three-month high and ranking first among comparable funds [4] - The software ETF saw a significant increase in shares, with a growth of 15.8 million shares over the past week, also ranking first among comparable funds [4] Group 3 - The software ETF experienced a net inflow of 17.7697 million yuan, accumulating a total of 82.5867 million yuan over the last five trading days [4] - Leveraged funds are actively participating, with the latest margin buying amounting to 10.0713 million yuan and a margin balance of 107 million yuan [4] - Over the past year, the software ETF's net value has increased by 47.88%, ranking 195th out of 2889 index stock funds, placing it in the top 6.75% [4] Group 4 - According to research from交银国际, AI technology innovation is a key focus for building a strong technological nation, with policy benefits expected to boost technological iteration and local government/enterprise demand [5] - DeepSeek is breaking the limitations of OpenAI's closed-source and high costs through computational innovation, promoting the acceleration of AI application implementation and enhancing market confidence in AI technology development [5] - As regional political influences ease, domestic substitution and AI application support are expected to accelerate revenue and profit growth, potentially leading to further valuation recovery in the software industry [5] Group 5 - As of June 30, 2025, the top ten weighted stocks in the software service index include iFlytek, Kingsoft Office, and others, collectively accounting for 60.56% of the index [5] - The performance of the top ten stocks shows mixed results, with iFlytek slightly down by 0.06% and Hengsheng Electronics down by 4.03% [7] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [7]

Group 1 - Huawei announced the open-source release of the Pangu model with 70 billion parameters and the Pro MoE 72B model with 720 billion parameters, enhancing the development of large model technology on domestic computing platforms [1] - The Pro MoE 72B model achieves superior performance comparable to trillion-parameter models by dynamically activating a network of experts, with only 160 billion parameters activated during operation [1] - The latest Super CLUE ranking places Huawei's large model as the top domestic model within the trillion-parameter category, indicating significant advancements in the field [1] Group 2 - Huawei's Ascend chips and CANN heterogeneous computing architecture are part of a fully autonomous and optimized closed-loop solution, marking a shift in global AI computing competition towards large-scale system efficiency and ecosystem development [2] - The Ascend super node has been commercially deployed in data centers such as China Telecom, contributing to the growth of the domestic supply chain [2] Group 3 - Huasen Tiancheng has collaborated with Huawei on Ascend chips and AICC intelligent contact center initiatives, indicating a strategic partnership in AI technology [3] - Softcom Power has launched the Softcom Ascend AI workstation to enhance local AI inference and production efficiency, reflecting the industry's push towards localized AI solutions [4]

Core Viewpoint - The news highlights the upcoming IPO of Zhaoyi Innovation, a leading storage chip manufacturer in China, aiming to expand its overseas business footprint while celebrating its 20th anniversary [2]. Group 1: Company Background and Growth - Zhaoyi Innovation, known as a prominent non-foundry Flash supplier globally, has achieved significant milestones with the support of long-term capital partners like Yingfu Tech [2]. - The company was founded in 2005 by Zhu Yiming and initially received its first round of financing from Yingfu Tech and Tsinghua Science Park, with Yingfu Tech investing 1.03 million yuan for a 24.03% stake [2]. Group 2: Investment and Partnerships - Yingfu Tech is recognized as a seasoned investment institution in the technology sector, holding a 7.77% stake in Zhaoyi Innovation before its public listing [3]. - In August 2023, Zhaoyi Innovation announced a significant investment of 50 million yuan as a limited partner in a fund managed by Yingfu Tech, aiming to leverage the expertise and resources of the investment firm to enhance its industry positioning and profitability [3]. Group 3: Fund and Industry Relationships - Yingfu Tech has invested in nearly 150 projects over its 25-year history, nurturing 23 companies to go public, with several of these companies now contributing as limited partners in the Beijing Science and Technology Innovation Fund [4]. - The collaboration between Yingfu Tech and its portfolio companies exemplifies a mutual growth dynamic, fostering a robust network of resources and channels for future investment opportunities and value-added services [4].

其 他 报 告 2025年06月30日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3424 | -0.70 | -0.51 | | 深证成份指数 | 10379 | 0.34 | -1.16 | | 沪深300指数 | 3922 | -0.61 | -0.45 | | 创业板指数 | 2124 | 0.47 | -1.66 | | 上证国债指数 | 226 | 0.03 | 0.21 | | 上证基金指数 | 6931 | -0.03 | -0.11 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24284 | -0.17 | -1.52 | | 中国香港国企指数 | 8762 | -0.47 | -1.48 | | 中国台湾加权指数 | 22580 | 0.39 | -0.12 | | 道琼斯指数 | 4381 ...

Group 1 - The software service index in China increased by 0.87%, with notable gains from companies such as Hengsheng Electronics (up 6.53%) and Zhina Compass (up 5.48%) [1] - The software ETF (159852) rose by 0.74%, marking its fourth consecutive increase, with a trading volume of 348 million yuan and a turnover rate of 11.53% [1] - The software ETF's net asset value increased by 48.65% over the past year, ranking it 178 out of 2878 in the index stock fund category [1] Group 2 - The "Cross-Border Payment Link" was officially launched, enhancing the connectivity between the payment systems of mainland China and Hong Kong, which is expected to facilitate remittances and further the internationalization of the RMB [2] - The financial technology sector is anticipated to benefit from improved liquidity and increased trading volumes, with internet brokerage firms and financial IT services expected to see positive fundamental changes [2] - The top ten weighted stocks in the software service index account for 59.85% of the index, with notable companies including iFlytek, Kingsoft Office, and Tonghuashun [2][4]