Investment Rating - The report maintains a "Neutral" rating for the computer industry and an "Overweight" rating for Hongsoft Technology (688088) [41] Core Insights - The "Artificial Intelligence + Manufacturing" policy has been jointly issued by eight departments, marking a significant step towards the integration of AI and manufacturing [7] - Nvidia has announced the full production of its Rubin chip platform, which shows significant performance improvements over the previous Blackwell architecture [10][11] - The software industry in China has shown robust growth, with business revenue reaching 139,777 billion yuan, a year-on-year increase of 13.3% [16] Industry News - The "Artificial Intelligence + Manufacturing" initiative aims to achieve reliable supply of core AI technologies and maintain a leading position in industrial scale and empowerment by 2027 [7] - Super Fusion, a leading computing power company, has initiated its listing guidance [7] - Nvidia's Rubin platform integrates six chips and boasts a peak computing power of 50 Petaflops, with significant improvements in energy efficiency [10] Industry Data - In November 2025, the Producer Price Index (PPI) for the computer industry decreased by 0.2% month-on-month and 0.5% year-on-year [12] - From January to November 2025, the cumulative output of electronic computers in China was 31,690.5 million units, a decrease of 1.1% year-on-year [12] - The software industry reported a total profit of 16,954 billion yuan, reflecting a year-on-year growth of 6.6% [16] Company Announcements - Haohan Deep announced an investment and acquisition agreement to gain control of 54% of Cloud Edge Cloud Technology [28] - Nengke Technology plans to raise up to 1 billion yuan through a private placement to fund various AI projects [29][30] Market Review - From December 1 to December 31, the Shenwan Computer Industry index fell by 0.25%, with mixed performance across sub-sectors [31] - As of December 31, 2025, the price-to-earnings ratio for the Shenwan Computer Industry was 208.15 times, with a premium of 1447.27% compared to the CSI 300 [32] Monthly Strategy - The report emphasizes the potential of AI computing power and applications, particularly with the advancements from Nvidia and the new policy initiatives [40] - It suggests focusing on leading companies that have strong capabilities in AI technology implementation and scene adaptation [40]

Macro and Strategy Research - The central bank's 2026 work meeting emphasizes "counter-cyclical and cross-cyclical adjustments" to enhance support for high-quality economic development, with a focus on expanding domestic demand and optimizing supply [2] - The monetary policy will maintain a "moderately loose" stance, prioritizing stable prices as a key goal for the year [2] - The capital market will see mechanisms established to provide liquidity to non-bank institutions under specific scenarios, indicating continued support for market stability [2] Financial Engineering Research - All major indices in the A-share market rose last week, with the ChiNext Index showing the smallest increase of 2.36% and the STAR 50 Index the largest at 5.11% [5] - The margin trading balance reached 25,716.11 billion yuan, an increase of 243.18 billion yuan from the previous week, indicating growing investor participation [5][6] - The average daily trading volume in the two markets was 2.75 trillion yuan, a significant increase compared to the previous period [2] Industry Research - The "Artificial Intelligence + Manufacturing" policy has been launched, creating favorable conditions for AI applications in the manufacturing sector [8][10] - The computer industry saw a 13.3% year-on-year increase in business revenue, reaching 139,777 billion yuan, while profit totaled 16,954 billion yuan, up 6.6% [8] - The AI computing power sector is expected to accelerate with the launch of NVIDIA's next-generation AI chip platform "Rubin," enhancing the AI computing capabilities of cloud service providers [11]

晨会纪要 证券研究报告 2026 年 01 月 09 日 核心结论 分析师 【汽车】奇瑞汽车（09973.HK）首次覆盖报告：五大品牌各有亮点，先发 优势助力出海领先 预计 2025-2027 年公司营业收入分别为 3077 亿元、3570 亿元、3944 亿元， 分别同比增长 14%/16%/10%；归母净利润分别为 181 亿元、214 亿元、248 亿元，同比 28%/18%/16%，当前股价对应 PE 估值为 8.7/7.4/6.4 倍。首次 覆盖，给予"买入"评级。 【计算机】从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 【计算机】数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 【石油石化】石油石化行业点评：石化行业拐点或已出现，26 年长丝供需 格局改善盈利有望增长 1、全球炼化宏观条件逐步改善，石化行业拐点或已出现。2、25 年长丝链 条景气度上行，预计 26 年供需格局将进一步改善。3、反内卷有望带动行业 盈利增长，对应公 ...

Investment Rating - The industry investment rating is "Overweight" [4][8] Core Insights - Google introduced its Gemini AI to Google TV in November 2025, enhancing its functionality with features like natural language content discovery, educational deep learning, and multimedia content integration [1] - The Gemini AI's "Deep Dives" feature allows for interactive thematic overviews with narration, making it suitable for family learning across various subjects [1] - The AI can manage personal content through natural language commands, enabling users to search for specific photos and apply AI-driven enhancements to images [1] - The "voice optimization settings" significantly improve user experience by allowing voice commands to adjust screen brightness and audio without navigating complex menus [1] - The "Doubao" large model is being rapidly integrated into vehicles, with partnerships including major automakers like Mercedes-Benz and BYD, covering a wide price range and vehicle types [2] - Collaborations with automakers focus on enhancing smart cockpit features and AI-driven user interactions, aiming to create a more intuitive human-machine interface [2] Summary by Sections - **Google's Gemini AI Enhancements**: The introduction of Gemini AI to Google TV includes features that enhance user interaction and content management, making the experience more immersive and user-friendly [1] - **Doubao Large Model Integration**: The Doubao model is being adopted by various car manufacturers, enhancing smart driving and user experience through advanced AI capabilities [2] - **Investment Opportunities**: Recommended companies to watch include Dongyangguang, Runze Technology, and others in the automotive intelligence sector, indicating potential growth areas within the industry [3]

Group 1 - The core viewpoint is that the AI industry in Shanghai has shown significant growth, with a reported revenue of 4,354.92 billion yuan and a year-on-year increase of 39.6% in the first three quarters of 2025 [1] - The Shanghai AI industry is expected to exceed 550 billion yuan in scale for the entire year, with a growth rate surpassing 30% [1] - The 科创人工智能ETF (589010) has demonstrated strong performance, with a 1.17% increase and a turnover rate exceeding 8.12%, indicating active capital engagement in the AI sector [1] Group 2 - Dongwu Securities highlights that the global AI industry continues to evolve rapidly, transitioning from "model competition" to "systematic construction," driven by technological breakthroughs and policy support [2] - The 科创人工智能ETF closely tracks the Shanghai Stock Exchange's AI index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy dividends [2] - The AI sector is entering a critical phase of cross-domain collaboration, showcasing strong momentum for long-term industrial upgrades [2]

Core Viewpoint - The software services sector is entering a new phase of differentiation, driven by AI, with opportunities becoming more concentrated but of higher quality [2]. Group 1: Industry Overview - By 2025, the A-share software services industry is expected to show a moderate but certain recovery, with an overall market value growth of approximately 18%, increasing from 3.32 trillion yuan at the beginning of the year to 3.9 trillion yuan by year-end [3]. - The market perception is shifting from "growth anxiety" to "capability reassessment," indicating a more mature evaluation of companies in the sector [3]. - The growth in market value across different segments is relatively balanced but still shows tiered differences, with the highest growth seen in Information Technology Consulting and Other Services at +19.6%, reflecting a renewed demand for IT consulting and industry solutions [3][4]. Group 2: Market Segmentation - The market performance of various segments in 2025 is as follows: - Internet Services and Infrastructure: 5,156.09 billion yuan (+16.16%) - System Software: 632.39 billion yuan (+16.12%) - Information Technology Consulting and Other Services: 11,274.12 billion yuan (+19.61%) - Application Software: 21,970.58 billion yuan (+17.00%) - Total: 39,033.18 billion yuan (+17.62%) [4]. - The software services market has evolved from a broad-based growth model to one focused on industry depth, organizational replacement capabilities, and long-term cash flow [4]. Group 3: Leading Companies - As of the end of 2025, there are 319 software service companies listed in A-shares, with a focus on those excelling in R&D innovation, profitability, growth potential, and market performance [5]. - The top ten companies identified include: 1. Kingsoft Office 2. Tonghuashun 3. Runze Technology 4. Huada Jiutian 5. 360 6. Dameng Data 7. Hengniu Shenzi 8. Hongsoft Technology 9. Baoxin Software 10. Hehe Information [7][8]. Group 4: R&D and Financial Health - The R&D innovation performance in the software services sector shows significant polarization, with 57 companies scoring above 400 points (17.9%) and a majority scoring between 200 and 400 points (65.5%) [9]. - Financial health scores indicate that many companies are under pressure, with 87.5% of firms scoring between 300 and 500 points, reflecting challenges such as narrowing profit margins and increased cash flow pressures [11]. Group 5: Growth Potential and Future Trends - Growth potential scores reveal a clear differentiation in the sector, with standout companies in two categories: those benefiting from AI infrastructure and emerging platforms, and those driven by AI and data intelligence technologies [12]. - The structural growth in the software services industry validates the logic of AI technology and domestic substitution, with a focus on three main lines for 2026: 1. Deepening AI applications in system software and entertainment software [15]. 2. Increasing domestic substitution in foundational software like operating systems and databases [15]. 3. Expanding global presence in gaming and industrial software [15].

Market Overview - The Shanghai Composite Index closed at 3968.84 points, above the annual line, with a slight increase of 0.09% [1] - The total trading volume of A-shares reached 24,617.43 billion yuan [1] Stocks Breaking Annual Line - A total of 92 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Wajingke (8.82%) - Zhangyue Technology (8.44%) - Suoling Co., Ltd. (7.81%) [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Wajingke: 20.00% increase, turnover rate of 14.94%, latest price at 37.80 yuan [1] - Zhangyue Technology: 10.00% increase, turnover rate of 12.20%, latest price at 22.12 yuan [1] - Suoling Co., Ltd.: 10.00% increase, turnover rate of 10.69%, latest price at 6.05 yuan [1] - Other stocks with significant increases include: - Desheng Technology: 10.03% increase - Nanxing Co., Ltd.: 10.00% increase [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Guifaxiang - Guangkang Biochemical - Shunwang Technology [1]

华西证券表示，Google相较于openAI、Anthropic、xAI等大模型企业头部玩家，是唯一持续投入自研芯 片且具备商业可用性有效产出的厂商，叠加其自研芯片和云的优势，能够保证其相比于利用通用算力迭 代的大模型产品具备更强的性能优势，并能够在产业算力军备竞争中具备一定自主性。 科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼具高 研发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 截至13点20分，科创人工智能ETF（589010）上涨0.29%，在科创板整体震荡调整的环境下展现出较强 韧性，盘中价格站稳分时均线，走出独立行情。持仓股方面，核心个股迎来爆发，星环科技-U、合合 信息联袂飙涨超10%，虹软科技、中科星图等涨幅居前，板块赚钱效应显现。流动性方面，午后开盘不 久成交额即突破6000万元，市场热度不减。 消息方面，据华尔街日报，财务数据显示，OpenAI正向员工支付近年来几乎所有科技初创公司中最高 的薪酬，该公司约4000名员工的人均股票薪酬约为150万美元。据《华尔街日报》对Equilar数据的分 析，过去25年主要科 ...

Core Viewpoint - The company, Hongsoft Technology (688088.SH), positions itself as a global leader in computer vision artificial intelligence, focusing on algorithm licensing and system solutions across various industries, including smartphones, smart vehicles, and AI glasses [1] Group 1: Technology Advantages - The company specializes in computer vision algorithms that are versatile and extendable, enabling rapid deployment of mature solutions across multiple sectors [1] - It provides high-performance, efficient solutions with strong hardware platform adaptability and excellent power consumption control, lowering the barriers for clients to adopt advanced technologies [1] Group 2: Market Position and Clientele - In the smartphone sector, the company is one of the largest suppliers of visual AI algorithms, with major clients including Samsung, Xiaomi, OPPO, vivo, Honor, and Moto, and its solutions are integrated into most mainstream Android devices [1] - In the smart automotive sector, the company offers comprehensive in-car visual software solutions and is a leading visual algorithm supplier based on Qualcomm's smart cockpit platform, serving various domestic and international automotive brands [1] - The company is expanding its presence in the AI glasses market through a dual strategy of "deep technology cultivation + ecosystem co-construction," collaborating with several well-known AI glasses brands to develop customized imaging algorithm solutions [1]

Group 1 - The article emphasizes the importance of asset allocation for investors, which involves distributing funds across various asset types based on risk tolerance, investment goals, and time horizon to achieve risk diversification and optimize returns [1] - The Zhejiang Investor Education Base promotes a "communication creates value" philosophy, focusing on interactive investor relations and financial information services [1] - The organization explores an "Internet + Investor Education" model, combining online and offline methods to make investor education services easily accessible [1]