当前，我国正推动数字化转型与国产替代战略，明确要求到2027年央企国企100%完成信创替代，覆盖 芯片、基础软件、操作系统、中间件等全链条，为国内基础软件生态重塑带来了历史性机遇。这一政策 不仅让中间件国产化替代的范围从最初的政务领域，快速拓展至金融、能源、交通等国民经济重点行 业，更推动替代模式从"单一产品"向"全栈式"升级，直接拓宽了中创股份的市场边界，为业务规模扩张 提供了广阔空间，市场竞争力与行业影响力显著提升。 面向未来，中创股份表示，将在现有基础上进一步优化投资者回报体系，构建"长期稳定、双向赋能"的 投资者关系生态，聚焦基础软件主业，深化行业布局、优化产品结构，加大研发投入，发力新质生产力 培育，在AI+中间件、全栈替代等关键领域实现技术突破，以扎实的业绩增长为投资者提供长期稳定的 回报。 2024年3月13日登陆科创板，不仅让中创股份获得了稳定的融资渠道，也为核心技术研发、市场布局提 供了充足资金支持。截至2025年上半年，中创股份已累计获得国家授权发明专利165项，牵头或参与制 定国家标准19项，完全掌握中间件领域核心技术及全部核心源代码的自主知识产权，构建起高可靠、高 性能、高可用、高安全 ...

枫清科技创始人兼CEO高雪峰表示："此次合作将深度融合枫清科技的云边端AI架构与银河麒麟操作系 统的底层能力，为信创产业提供安全可控的智能化引擎。枫清科技作为麒麟软件的重要战略合作伙伴， 其云边端协同的AI智能体解决方案将持续推动企业知识资产高效复用和员工工作效率显著提升。未来 双方将通过生态共建整合产业链资源，依托联合解决方案，加速AI+信创技术在千行百业的落地应 用。" 前一日，枫清科技与银河麒麟操作系统共同打造的"云边端协同AI智能体联合解决方案"已正式发布。该 方案通过"云端大模型+边端企业知识中台+端侧个人超级智能体"架构，有效解决了企业知识难共享、 AI落地难、个人与企业协同难等痛点。该方案包含运行于银河麒麟桌面操作系统的个人专属智能体App 和运行于银河麒麟高级服务器操作系统的企业知识中台，可实现企业能力下沉与个人成果反哺，为企业 提供灵活的智能化升级路径。 北京商报讯（记者 魏蔚）11月21日，集成银河麒麟操作系统智算能力与枫清科技AI智能体平台的"坤智 国产化AI一体机"在2025京津冀信创产业集群对接交流活动上发布。枫清科技与麒麟软件就"共筑国产AI 新生态项目"正式签约，枫清科技与麒麟软 ...

本报讯 （记者张文湘）11月21日，2025京津冀信创产业集群对接交流活动在天津举办。大会上，集成 银河麒麟操作系统智算能力与北京枫清科技有限公司（以下简称"枫清科技"）AI（人工智能）智能体平 台的"坤智国产化AI一体机"隆重发布，旨在解决企业智能转型中的痛点。 作为本次大会重点展示的成果之一，"坤智AI一体机"解决方案依托银河麒麟操作系统的智算能力赋能， 融合枫清科技的AI智能体平台，凭借国产化AI一体机"开箱即用"的优势实现快速落地，助力各行业客户 结合自身属性特征，充分发挥"AI+"价值，加速推进行业智能化转型落地。 大会中，枫清科技与麒麟软件有限公司（以下简称"麒麟软件"）就"共筑国产AI新生态项目"正式签约， 双方将围绕AI技术创新、产品研发、市场拓展等方面开展深度合作，共同推动信创产业生态的完善与 发展。 枫清科技创始人兼CEO高雪峰表示："此次合作将深度融合枫清科技的云边端AI架构，与银河麒麟操作 系统的底层能力，为信创产业提供安全可控的智能化引擎。枫清科技作为麒麟软件的重要战略合作伙 伴，其云边端协同的AI智能体解决方案将持续推动企业知识资产高效复用和员工工作效率显著提升。 未来双方将通过生 ...

又一A股公司筹划发行H股，并在港交所挂牌上市。 11月20日晚，卓易信息(688258)公告，公司正在筹划发行境外股份（H股）并在香港联交所上市事宜。 公司正与相关中介机构就本次H股上市的具体推进工作进行商讨，相关细节尚未确定，本次H股上市不 会导致公司控股股东和实际控制人发生变化。 卓易信息专注于云计算产业链业务，主营业务是为CPU和计算设备厂商提供云计算设备核心固件 （BIOS、BMC）产品和服务，为政企客户提供端到端的云服务解决方案，2019年12月9日在上交所科创 板上市。 卓易信息称，本次H股上市，旨在充分借助国际资本市场的资源优化资本结构，拓宽融资渠道，进一步 推进公司全球化发展战略及海外业务布局的需要，提升品牌影响力与核心竞争力，巩固行业领先地位， 全面提升公司综合实力。 2025年前三季度，卓易信息营收2.63亿元，同比增长8.03%，净利润4460万元，同比增长122.02%。 记者注意到，卓易信息近日接受机构投资者调研时剧透了其未来发展规划。卓易信息称，未来3年至5 年，公司将持续关注业务经营及技术研发，坚持走自主研发、技术创新道路，不断突破国外技术垄断， 在计算设备核心固件、集成化开发工 ...

Core Insights - The Xinchuang sector is experiencing significant growth in the capital market, driven by strong policy support and a surge in demand for digital transformation [1][2] - The China Software Industry Association has released the "2025 China Xinchuang Software High-Quality Development Report," highlighting the sector's transition from technological breakthroughs to ecological leadership [1] Industry Opportunities - Four strategic opportunities are identified for the Xinchuang software development: 1. Accelerating effects of policy dividends 2. A trillion-level market demand released by digital transformation 3. Emergence of new tracks due to advancements in large model technology 4. Key replacement windows created by global supply chain restructuring [1] Company Performance - Zhongfu Information reported a total revenue of 477 million yuan for Q3 2025, a year-on-year increase of 9.06%, with a net loss reduced by 20.44% [4] - The company showed signs of recovery with a quarterly revenue of 181 million yuan, up 18.72% year-on-year [5] - In contrast, Inspur Software faced challenges, with a total revenue of 727 million yuan for the year-to-date, down 29.61%, and a net loss of 211 million yuan [5] Regional Development - Shandong Province is actively positioning itself in the Xinchuang industry, with initiatives to gather innovative IT application solutions across key sectors [6] - Jinan City, as a core area for Xinchuang development, has established six computing hubs, accounting for 44% of the city's total computing power [6] - Shandong has cultivated 11 provincial-level software parks, with over 11,000 enterprises and more than 220 R&D institutions [7] Market Growth - The software business revenue in Shandong exceeded 1.2 trillion yuan from January to September, marking a year-on-year growth of 13.4%, ranking fourth nationally [7] - The expectation for explosive growth in the Xinchuang industry by 2025 is becoming clearer, with regional policy support likely to enhance both performance and valuation for Shandong's Xinchuang enterprises [7]

Core Insights - Feiteng's desktop computer based on the Tengrui D3000 processor won a bid for nearly 4,000 units with a 100% market share, showcasing its competitive edge in the autonomous controllable computing sector [1][4] - The Tengrui D3000 is recognized as a "cost-performance benchmark" in the domestic market, featuring an ARMv8 architecture with 8 self-developed FTC862 cores and a clock speed of 2.5GHz, achieving a multi-core score of 5850 in GeekBench 6, which is 2.5 times higher than its predecessor D2000 [1][4] - Feiteng's processor sales have surpassed 10 million units, marking a significant milestone in its ten-year history and indicating the scalability of its CPU products [4] Market Expansion - The Tengrui D3000's successful bid for 13,000 units in a government procurement project further solidifies Feiteng's position in the government sector [4] - Feiteng has also secured a contract for 24,000 desktop terminals based on the D2000 processor for a major state-owned power enterprise, establishing itself as a key technology provider for the energy sector [6] - In the financial sector, Feiteng's processors have been selected for procurement projects by two large policy banks, with nearly 10,000 units being awarded, ensuring information security and operational stability [6][8] Technological Advancements - The Tengrui D3000 is the first domestic desktop CPU to support DDR5 and PCIe 5.0, achieving the highest memory access performance in its class [4] - The processor features a "computing core + trusted core" dual architecture, supporting Feiteng's self-defined PSPA2.0 security standard and integrating national encryption algorithms, which enhances supply chain security [8] - The series of successful bids reflects the high-quality development stage of China's autonomous CPU industry, with Feiteng poised for further breakthroughs in various sectors [8]

Core Insights - Global semiconductor sales are projected to reach $208.4 billion in Q3 2025, reflecting a quarter-on-quarter growth of 15.8%, driven by increased demand for memory and logic chips, particularly in the Asia-Pacific and Americas regions [1] - The adoption of 3D printing in consumer electronics is accelerating, marking the beginning of applications such as foldable device hinges and frames [1] - The reduction in AI training and inference costs is fostering application growth, with significant potential in edge AI, where headphones and glasses may become important carriers [1] - The NAND storage sector is experiencing a supply shortage, with SanDisk expecting this trend to continue until the end of 2026, while DRAM prices are on the rise [1] - The testing segment is seeing increased utilization rates, benefiting from the surge in demand for advanced packaging driven by AI chip requirements [1] Industry Overview - The Xinchang ETF (159537) tracks the Guozhen Xinchang Index (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors from the Shanghai and Shenzhen markets to reflect the overall performance of the Xinchang industry [1] - This index exhibits a large-cap style and focuses on innovation and development within the information technology sector, effectively representing the comprehensive market performance of companies in this field [1]

Group 1 - A series of innovative educational products were showcased at the "Ning Innovation Products" event, highlighting advancements in AI-driven grading systems that can complete class assignments in just 20 minutes [1][2] - The AI grading device developed by iFLYTEK features capabilities such as efficient data collection, printing of exam records, and precise analysis of student performance, allowing for targeted teaching based on individual weaknesses [1] - Chengmai Technology presented a multi-screen display computer designed for educational settings, enhancing teaching efficiency through collaborative screen management and interactive feedback [1] Group 2 - Various companies, including Chengmai Technology, Phoenix Media, iFLYTEK, and Jiyu Information, introduced software and hardware solutions tailored for educational environments, facilitating discussions on topics like "teaching software adaptation" and "AI teaching platform integration" [2]

Core Insights - The event themed "Digital Intelligence Leading, Innovation Creating the Future" aimed to promote the integration of the information technology application innovation and cybersecurity industries in Dongguan, facilitating policy implementation, project signing, and ecosystem development [1] Industry Overview - Dongguan's information technology innovation (IT innovation) industry has nearly reached a value of 200 billion yuan, establishing itself as a core procurement hub for IT hardware and an important distribution center for components in China [3] - The Guangdong province has hosted the "Maker China" information technology application competition, attracting 220 quality projects from 69 cities across 25 provinces, emphasizing the importance of small and medium-sized enterprises (SMEs) in driving regional economic development [3] Investment and Development - The Nancheng Investment Promotion Center highlighted the development of the IT innovation industry cluster in Nancheng, which is positioned as a core area for Dongguan's digital economy, leveraging strong industrial foundations and rich data resources [4] - Nancheng successfully applied for a provincial-level SME characteristic industry cluster, housing approximately 700 software and information enterprises, including 64 companies in the IT innovation sector [5][6] Collaborative Efforts - The event featured the unveiling of industry clusters and the signing of cooperation agreements with six quality parks, marking a new chapter in Dongguan's IT innovation industry development [6] - The "Maker China" competition facilitated four rounds of cooperation signing, involving over 20 companies, which will enhance industry chain connections and digital transformation efforts [8] Talent Development - The event also established a platform for school-enterprise cooperation, with Dongguan University of Technology signing agreements with several companies to foster talent development and practical application of research outcomes [10] - The success of the competition is seen as a significant step in implementing national and provincial policies to promote high-quality industrial development, with a focus on nurturing SMEs towards specialization and innovation [10]

Macro and Strategy Research - The U.S. government shutdown has reached a historical record duration, with both parties claiming some advantage in the ongoing negotiations [3] - In October, the U.S. ADP employment numbers exceeded expectations, but there are risks of layoffs from large companies and the federal government [3] - The ISM manufacturing PMI has been in contraction for eight consecutive months, indicating weak demand and supply, while the services PMI reached an eight-month high, potentially boosting Q4 economic activity [3][4] - In China, the manufacturing PMI fell below seasonal expectations, while the non-manufacturing PMI saw a slight recovery due to holiday and e-commerce promotions [4] - Trade data for October showed a decline in export growth, with only specific sectors like automobiles and integrated circuits contributing positively [4] Fixed Income Research - In October, the central bank's liquidity management led to a slight net withdrawal, with overall funding costs remaining low [6][7] - The issuance of government bonds decreased by nearly 700 billion yuan, with the issuance of special local government bonds remaining steady [7] - The bond market experienced fluctuations, with the 10-year government bond yield falling by 7 basis points to 1.80% by the end of October [7][9] - The outlook for the bond market remains cautious, with potential influences from economic pressures and policy measures expected to stabilize the market [8][9] Industry Research: Computer Industry - The "14th Five-Year Plan" emphasizes the implementation of the "Artificial Intelligence +" initiative, aiming to integrate AI into various sectors [10] - In September 2025, the producer price index (PPI) for the computer industry remained flat month-on-month but decreased by 1.3% year-on-year [12] - The software industry reported a business revenue of 1,111.26 billion yuan in the first nine months of 2025, reflecting a year-on-year growth of 13.0% [12] - The stock performance of the computer industry saw a decline of 2.28% from October 1 to October 31, with varying performances across sub-sectors [12] - The report suggests focusing on leading companies with AI technology application capabilities as the industry continues to show upward potential [12] Industry Research: Pharmaceutical and Biotechnology - The negotiation for the drug catalog has concluded successfully, with expectations for the commercial insurance innovative drug catalog to be published soon [14][15] - The pharmaceutical sector saw a slight increase in the Shanghai Composite Index, while the pharmaceutical biotechnology sector rose by 0.32% [15][16] - The report highlights the importance of monitoring pharmaceutical companies as the results of the centralized procurement and national medical insurance negotiations are expected to be released [16] - The overall valuation of the pharmaceutical and biotechnology sector remains high, with a price-to-earnings ratio of 29.97 times as of November 6, 2025 [16]