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].

（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） | | --- | --- | --- ...

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 ...

Core Insights - Huawei announced the launch of HarmonyOS 6 at the HDC2025, marking a significant advancement in its operating system and AI capabilities, with a developer public beta now available [1] - The new HarmonyOS 6 features a fully self-developed architecture, achieving a 30% improvement in system smoothness, a reduction of 1.5GB in running memory, and an increase in battery life by nearly 1 hour [1] - The introduction of the HarmonyOS Intelligent Agent framework aims to enhance human-machine interaction and collaboration, with over 50 intelligent agents set to launch across various applications [1] Group 1 - HarmonyOS 6 has been developed just 8 months after the public beta of HarmonyOS 5, showcasing Huawei's rapid innovation cycle [1] - The system supports efficient multi-device collaboration, enabling interactions between smartphones, vehicles, and robots [1] - The new Pangu Model 5.5 has been released, with upgrades in natural language processing and multimodal capabilities [1] Group 2 - Over 40 Huawei terminal products are currently running HarmonyOS 5, with more than 260 new features added [2] - The introduction of a new "full-scene interconnection architecture" in HarmonyOS 6 is expected to drive innovation in intelligent applications [2] - The ecosystem is expanding as more developers and enterprises join, enhancing the collaborative technology community [2] Group 3 - More than 30,000 applications and meta-services are in accelerated development, covering nearly 20 industries including government, healthcare, and manufacturing [3] - The number of HarmonyOS developers has surpassed 8 million, making it the fastest-growing open-source operating system with over 130 million lines of code [3] - Approximately 120 listed companies are involved in the HarmonyOS ecosystem, with significant participation from companies like Softcom and Tuowei [3] Group 4 - The continuous iteration of HarmonyOS is expected to lead industry development, accelerate ecosystem prosperity, and enhance global competitiveness [4]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 20, 2025, highlighting their respective valuations in billions of dollars [1]. Group 1: Market Capitalization Rankings - The top three companies by market capitalization are: 1. Alibaba: $1,000.00 billion 2. Tencent: $900.00 billion 3. Baidu: $290.62 billion [3][4]. - Other notable companies in the top 10 include: - Kuaishou: $308.94 billion - Semiconductor Manufacturing International Corporation (SMIC): $403.59 billion - JD.com: $459.34 billion [3][4]. Group 2: Additional Rankings - Companies ranked from 11 to 20 include: - Ideal Automotive: $282.81 billion - Beike: $217.69 billion - Xpeng Motors: $177.13 billion [3][4]. - The rankings continue with companies like: - New Oriental: $76.78 billion - Vipshop: $75.79 billion - Kingsoft: $70.42 billion [4][5]. Group 3: Valuation Trends - The article indicates a competitive landscape among Chinese tech firms, with significant valuations reflecting their market positions and growth potential [1]. - The data is based on the latest exchange rates, converting values from Hong Kong dollars to US dollars [5].

Group 1: AI Industry Insights - The AI theme index (930713) has seen a slight increase of 0.17%, with notable gains from companies like Zhongke Xingtou (688568) up by 4.50% and Zhongji Xuchuang (300308) up by 2.18% [1] - OpenAI's CEO Sam Altman revealed that GPT-5 is expected to be released sometime this summer, indicating a shift in their model naming and release strategy due to increasing complexity [1] - Altman emphasized the importance of "superintelligence," which he defines as a system's ability to autonomously discover new science or significantly enhance human scientific discovery capabilities [2] Group 2: Market Performance - The AI ETF (512930) has increased by 0.08%, with a recent price of 1.32 yuan, and has shown a net value increase of 8.82% over the past five years [1] - The AI ETF has experienced significant growth in scale, with an increase of 64.78 million yuan over the past two weeks and a total of 61.11 million yuan over the last ten trading days [1] - The consumption electronics index (931494) rose by 0.20%, with companies like Dongshan Precision (002384) and Xingsen Technology (002436) showing gains of 2.65% and 1.85% respectively [4] Group 3: Sector Trends - The AI sector is identified as a core driver of a new wave of productivity growth, with the potential to significantly enhance overall factor productivity [2] - The online consumption ETF has shown a net value increase of 37.04% over the past year, reflecting strong performance in the online shopping and digital entertainment sectors [6] - The consumption electronics ETF has seen a net value increase of 14.51% over the past year, indicating robust growth in the sector [4]

Group 1: Software ETF Performance - The Software ETF has a turnover rate of 1.91% and a transaction volume of 55.7683 million yuan as of June 17 [1] - Over the past two weeks, the Software ETF's scale increased by 69.475 million yuan, ranking first among comparable funds [1] - The latest net inflow for the Software ETF is 32.4673 million yuan, with a total of 93.3988 million yuan in net inflows over the last five trading days [1] - The Software ETF's net value has risen by 31.57% over the past year, ranking 376 out of 2854 index equity funds, placing it in the top 13.17% [1] - The highest monthly return since inception for the Software ETF is 39.35%, with the longest consecutive monthly gains being three months and a maximum increase of 69.40% [1] Group 2: Industry Insights - The Industrial Software Forum recently held in Wuhan highlighted the integration of industrial software and AI as a key driver for future industry development [1] - Experts believe that domestic industrial software is rapidly closing the gap with international standards due to AI empowerment [1] - Minsheng Securities noted the establishment of 10 national data factor comprehensive experimental zones to promote the development of the data factor market [2] - The Ministry of Industry and Information Technology emphasized the need for a coordinated layout of general and industry-specific large models to enhance the intelligence level of products and equipment [2] - Nvidia's Fast-dLLM framework has improved AI diffusion model inference speed by up to 27.6 times, indicating ongoing breakthroughs in AI technology [2] Group 3: Key Stocks in Software Sector - The top ten weighted stocks in the CSI Software Service Index include iFlytek, Kingsoft Office, Tonghuashun, and others, collectively accounting for 59.85% of the index [2] - The performance of key stocks includes iFlytek at -0.21%, Kingsoft Office at +0.33%, and Tonghuashun at -1.28% [4] - Investors can also access AI software investment opportunities through the Software ETF linked fund (012620) [4]

Group 1 - The annual Huawei Developer Conference (HDC 2025) will be held from June 20 to 22 in Dongguan Songshan Lake, featuring keynote speeches, forums, and hundreds of developer-focused activities [1] - Keynote speeches will include topics such as "Building a Shared Harmony New World" by Huawei's Executive Director Yu Chengdong and "All-Scenario Intelligent New Experience" by CEO He Gang [1] - The conference will also host a summit forum on June 22, where industry leaders like Huawei, Wankong Technology, and GAC Group will share AI practices and explore how AI capabilities can create productivity around specific scenarios [1] Group 2 - Wankong Technology, a strategic partner of Huawei Cloud, will showcase its latest AI developments at the conference, following a strategic cooperation agreement signed in April 2025 [2] - The agreement focuses on optimizing Wankong's "Tianmu" platform using Huawei Cloud's Pangu multimodal model, aiming to enhance capabilities in audio and video applications [2] - Other partners, such as Tuowei Information, will also participate, showcasing integrated hardware and software products based on open-source Harmony and AI research [3] Group 3 - Companies like Boyan Technology and Daotong Technology will also be present, with Daotong participating in a closed-door roundtable meeting focused on industrial embodied intelligence [4] - The conference is expected to attract over 10,000 developers from around the world, highlighting its significance in the global tech community [4] - The previous year's conference saw the launch of Harmony NEXT and Pangu Model 5.0, which are expected to continue driving innovation in domestic AI and consumer electronics [4]