Market Performance - On September 25, 2025, the Shanghai Composite Index fell by 0.01%, while the Shenzhen Component Index rose by 0.67% and the ChiNext Index increased by 1.58%[2] - The total market turnover was 23,917.64 billion yuan, an increase of 446.17 billion yuan from the previous trading day[2] - A total of 1,474 stocks rose, while 3,879 stocks fell across the market[2] Sector and Style Analysis - The top-performing sectors included Communication (up 2.21%), Media (up 2.05%), and Power Equipment & New Energy (up 1.77%)[19] - The worst-performing sectors were Home Appliances (down 1.30%), Textiles & Apparel (down 1.19%), and Agriculture, Forestry, Animal Husbandry & Fishery (down 1.14%)[19] - Fund-heavy stocks outperformed the CSI All Share Index[19] Capital Flow - On September 25, 2025, the net outflow of main funds was 287.78 billion yuan, with large orders contributing to a net outflow of 232.40 billion yuan[23] - Small orders saw a continuous net inflow of 364.71 billion yuan[23] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -7.58 billion yuan and -10.42 billion yuan respectively[28] - The total trading volume for the major ETFs was as follows: Huaxia SSE 50 ETF (17.21 billion yuan), Huatai-PB CSI 300 ETF (36.14 billion yuan), and others[28] Global Market Overview - On September 25, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index down 0.13% and the Nikkei 225 Index up 0.27%[32] - European indices also had mixed performances, with the DAX Index up 0.23% and the CAC 40 Index down 0.57%[33]

国际数据公司（IDC）近日发布《全球人工智能和生成式人工智能支出指南》。数据显示，2024年全球 人工智能IT总投资规模为3159亿美元，并有望在2029年增至12619亿美元（折合人民币近9万亿元），五 年复合增长率（CAGR）为31.9%。 另据华尔街日报报道，全球AI领域领导企业OpenAI近日正式宣布启动全球运算基础设施大规模扩张计 划，总投资额预计高达1万亿美元。标志着AI产业从模型创新竞争正式迈入基础设施建设"竞赛"新阶 段。 值得注意的是，就在上万亿美元投资计划公布前一日，OpenAI与AI芯片巨头英伟达达成一项价值1000 亿美元的深度合作伙伴关系。分析师认为，OpenAI跟英伟达合作将为OpenAI提供高效能运算硬体的关 键保障，既解决其算力硬体供应的后顾之忧，也消除市场对OpenAI资金永续性的质疑，为后续大规模 基础建设奠定了坚实基础。 此外，OpenAI当地时间本周二也宣布与甲骨文、软银达成重要合作，三方将共同在美国新建5座AI资料 中心并对现有设施升级，具体包括OpenAI与甲骨文共建3个资料中心，与软银合作兴建2个资料中心， 同时扩建位于德州一座甲骨文现有资料中心。 另外，IDC的 ...

Market Closure Arrangements - Shanghai Stock Exchange will be closed from October 1 to October 8, 2025, and will resume trading on October 9, 2025 [1] - Shenzhen Stock Exchange will have the same closure schedule as Shanghai, with trading resuming on October 9, 2025 [2] 6G Adoption Forecast - By 2035, approximately 22.3% of global users are expected to adopt 6G technology, compared to 26.6% for 5G at the same development stage [3] AI Investment Growth - Global AI IT investment is projected to reach $1261.9 billion by 2029, with a compound annual growth rate (CAGR) of 31.9% from $315.9 billion in 2024 [4] - The generative AI market is expected to grow at a CAGR of 56.3%, reaching $607.1 billion by 2029, accounting for 48.1% of total AI market investment [4] NAND Flash Price Increase - NAND Flash prices are expected to rise by 5-10% in Q4 due to demand shifts towards QLC Enterprise SSDs and supply shortages in HDDs [5] Second-Hand Car Market - The second-hand car transaction volume in China is expected to reach 1.77 million units in September, reflecting a 4.5% increase compared to the same period in August [5] Fund Manager Incident - West China Li De Fund has terminated the employment of its bond fund manager due to gambling-related administrative detention, emphasizing a commitment to enhancing employee conduct management [6] Company Announcements - Saisir has received approval from the China Securities Regulatory Commission for the issuance of up to 331 million H-shares [7] - China Communication Signal has won four significant railway projects totaling approximately 1.36 billion yuan, representing 4.19% of its projected 2024 revenue [8] - China Railway has secured 11 major engineering projects with a total bid price of approximately 50.215 billion yuan, accounting for 4.34% of its expected 2024 revenue [9] - China Merchants Energy has taken delivery of two new ships, expanding its LNG and dry bulk fleet [10] - Jihong Co. anticipates a net profit increase of 55-65% year-on-year for the first three quarters of 2025 [11] - Dongjie Intelligent has signed a framework agreement for a 3.387 billion yuan automated warehousing project in Malaysia [12] - Hongrun Construction has pre-qualified for a 1.36 billion yuan EPC project [13] - Huakang Clean has won a 136 million yuan engineering project for a new hospital facility [14] Market Performance - The ChiNext Index rose by 1.58%, reaching a three-year high, with significant trading volume and multiple stocks hitting record highs [15]

Core Viewpoint - Since 2024, the technology wave represented by generative AI and spatial computing is reshaping various industries with unprecedented depth and breadth, placing display technology at the center of this transformation, presenting both opportunities and challenges [1]. Industry Evolution - The display industry has experienced significant internal evolution over the past year, with major technology routes competing fiercely and moving towards new development inflection points: - Micro LED's development path is becoming clearer, with accelerated industrialization [1]. - Mini LED has successfully transitioned from a "technology pioneer" to a "market mainstay" after market trials [1]. - OLED maintains its dominance in flagship smartphones due to its mature advantages in flexibility, thinness, and color performance [1]. - Micro OLED is currently regarded as the "golden solution" for near-eye displays and is expected to hold a significant market share for a long time [1]. Upcoming Event - The global display industry is at a crossroads of opportunities and challenges, necessitating a "compass" for guidance. The 2025 Self-Luminous Display Industry Seminar will be held on October 30, 2025, organized by TrendForce's LEDinside and Display divisions, inviting industry participants to engage in deep dialogue to calibrate direction and navigate challenges together [1].

故事越讲越大！ 国际数据公司（IDC）近日发布《全球人工智能和生成式人工智能支出指南》。数据显示，2024年全球人工智 能IT总投资规模为3159亿美元，并有望在2029年增至12619亿美元（折合人民币近9万亿元），五年复合增长率 （CAGR）为31.9%。 另据华尔街日报报道，全球AI领域领导企业OpenAI近日正式宣布启动全球运算基础设施大规模扩张计划，总 投资额预计高达1万亿美元。标志着AI产业从模型创新竞争正式迈入基础设施建设"竞赛"新阶段。 总投资规模增至9万亿元 国际数据公司（IDC）近日发布《全球人工智能和生成式人工智能支出指南》。数据显示，2024年全球人工智 能（AI）IT总投资规模为3159亿美元，并有望在2029年增至12619亿美元，五年复合增长率（CAGR）为 31.9%。聚焦生成式AI，IDC预测，全球生成式AI市场五年复合增长率或达56.3%，到2029年全球生成式AI市 场规模将达6071亿美元，占AI市场投资总规模的48.1%。 另外，IDC的数据显示，亚太地区（不含日本和中国）（APeJC）人工智能（AI）平台市场在2024年实现67% 的显著同比增长，规模突破22亿美元 ...

方直科技（300235）(300235.SZ)公告，公司近日发布"阳仔"AI陪伴机以及"开口喵"、"同步喵"AI英语学 习产品。 公告显示，公司首款儿童智能硬件产品"阳仔"AI陪伴机定位于4-8岁儿童的成长伙伴，以"懂孩子、伴成 长"为核心理念。公司携手阿里云共创儿童专属AI智能体，并联合儿童心理学专家及香港中文大学(深 圳)冥想研究中心MOCICI深度合作，聚焦儿童专注力与情绪管理的培养。区别于传统AI设备，"阳仔"采 用拟人化交互逻辑，打造"能听懂、会回应、善引导"的儿童专属AI伙伴。该产品具备情绪识别与共情回 应、童趣化自然对话和成长引导三大核心能力，既能理解孩子的情绪并温暖回应，又能以契合认知规律 的交流方式进行互动，同时在习惯养成、情绪安抚和专注力培养等方面持续赋能，帮助儿童逐步形成稳 定的心理基础与良好的适应能力。 "开口喵"AI口语系统专为6-15岁学生设计，深度融合生成式AI与数字人技术，提供"剑桥标准课程+自由 对话+趣味训练"三维口语提升方案。通过实时纠错、情感交互、学情跟踪，解决"哑巴英语"痛点，实 现"开口提分"双目标。"同步喵"是一款基于小学英语知识学习设计的移动端学习平台，利用人工 ...

编号：2025-006 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 调研单位及人员： 申万菱信：梁国柱 公司接待人员： 董事会秘书兼财务总监：李斌 时间 2025 年 9 月 23 日下午 16:00-16:30 地点 南京中新赛克科技有限责任公司会议室 形式 现场会议 交流内容及具体 问答记录 互动问答： 1、请问公司今年经营情况？ 答：2025 年上半年，公司在数字化转型与全球市场重构中实 现创新转型与业务增长的双向突破。公司结合互联网普惠深入 推进、生成式 AI 应用不断发展的现状，在传统领域持续优化 产品外，加大 AI 赋能和国际化市场建设的投入，积极落实战 略部署。其中海外业务发展尤其突出，品牌知名度逐步提升， 亚太、非洲、拉美等地域订单量与销售收入均实现同比显著增 长，在多个国家实现空白市场突破。 2、公司在对外投资方面的计划？ 答：公司始终将对外投资作为公司实现战略目标的重要手段之 证券代码：002912 证券简称：中新赛克 深圳市中新赛克科技股份有限公司投资者关系活动记录表 | | 一。公司将对同业 ...

文｜刘士武 当大多数AI产品仍停留在办公场景和效率工具时，我们可能在今年云栖大会现场，触摸到了下一代AI硬件的轮廓——不是手机，不是眼镜，而是一把吉 他。 因为长期关注人机交互与AI应用，我们率先体验了这把生成式AI吉他，并在完全没有吉他基础的情况下，尝试了它的追光独奏模式——落地拨弦、光轨 跟随，整个过程几乎没有学习成本，上手即玩。 不同于市面上的所有智能乐器，体验过程中所有显示在屏幕上的谱面，全部来自其内置的自研大模型「天谱乐」——也就是说，我们并非是单纯地"操作 设备"，而是全程都在"与AI一起享受音乐"。 用户不再需要反复练习复杂和弦以及乐理知识，只需将自己喜欢的歌曲，甚至是哼唱的一段旋律上传至天谱乐大模型，吉他就可在几分钟内生成带有改编 风格的吉他指弹旋律，并自动适配为琴身屏幕上的可视化谱面——"脑海中任何旋律，都能变为可演奏的现实"。 此外，我们在现场还体验了它的AI领唱功能，清唱辅助、分段练习，甚至自动适配调性。它把传统枯燥的乐器学习，拆解成了"先跟弹、再跟唱、最后独 立演奏"的渐进式游戏体验，显著降低了新手的挫败感。 而针对已有一定基础的用户，TemPolor也提供自由演奏模式，不仅完整模拟了 ...

Group 1: Global AI Market Overview - The global AI IT investment is projected to reach $315.9 billion in 2024 and is expected to grow to $1,261.9 billion by 2029, with a five-year CAGR of 31.9% [1] - The generative AI market is anticipated to have a five-year CAGR of 56.3%, reaching $607.1 billion by 2029, accounting for 48.1% of the total AI market investment [1] Group 2: Regional Insights - The global AI market is divided into nine core regions, with the US and China being the primary drivers, collectively accounting for nearly 70% of the market [4] - By 2029, the European AI market is expected to reach approximately $250 billion, with Western Europe representing over 90% of this market [4] - The Middle East, Africa, and Latin America are experiencing rapid AI industry growth, with a five-year CAGR of 40%, indicating potential as new growth points in the global AI market [4] Group 3: China AI Market Insights - China's total AI investment is projected to reach $111.4 billion by 2029, with a five-year CAGR of 25.7% [7] - The "AI+" initiative is driving the integration of AI across various sectors, elevating its status to a national strategic priority [7] Group 4: Generative AI in China - In 2024, generative AI is expected to account for 18.2% of China's total AI market investment, with this share increasing to 41.1% by 2029, translating to over $45 billion in investment [8] - Generative AI is enhancing automation and intelligence across various verticals, improving efficiency in strategic decision-making and software development [8] Group 5: Industry Investment Trends - The software and information services, telecommunications, and banking sectors are the top three industries investing in AI, projected to account for 43.5%, 7.0%, and 6.0% of the market by 2029, respectively [9] Group 6: AI Application Scenarios in China - Intelligent infrastructure allocation is the largest application scenario in China's AI market, accounting for approximately 40% of the total market [10] - Customer service and self-service powered by AI is the second-largest application scenario, enhancing customer interaction and support [10] - Enhanced contact centers and field services are also significant, utilizing digital channels and intelligent systems to optimize customer service [10] Group 7: Challenges and Future Directions - The complexity and scale of generative AI models are rapidly increasing, driving the growth of the AI market in China [12] - There is a need for improved intelligent computing power and model capabilities, as well as the establishment of high-level open-source communities to foster innovation [12]

智通财经APP获悉，根据TrendForce集邦咨询观察，由于消费市场需求提前在上半年被透支，下半年旺 季未能如预期发挥效应，市场原本普遍预估4Q25价格将进入盘整。然而，HDD供给短缺与过长交期， 使CSP(云端服务供应商)将储存需求快速转向QLC Enterprise SSD，短期内急单大量涌入，造成市场明显 波动。同时，SanDisk(闪迪)率先宣布调涨10%，Micron(美光)也因价格与产能配置考量暂停报价，使得 供应端氛围由保守转为积极。在此外溢效应带动下，预估NAND Flash第四季各类产品合约价将全面上 涨，平均涨幅达5-10%。 | | 3Q25E | 4Q25F | | --- | --- | --- | | Broom 15 | | | | Total NAND Flash | up 3~8% | up 5~10% | | 331 - Marce - Dixto Market Colors of | | And Callery of Con- | TrendForce集邦咨询指出，从供给面来看，NAND Flash受惠于上半年减产与优先去化库存，市场供需平 衡明显改善，原厂库存与价格压 ...