Core Insights - The event held on November 21, 2025, in Tianjin focused on the integration of the Galaxy Kirin operating system's intelligent computing capabilities with Fengqing Technology's AI platform, launching the "Kunzhi Domestic AI Integrated Machine" to address pain points in enterprise intelligent transformation [1][2] - The "Kunzhi AI Integrated Machine" solution leverages the intelligent computing power of the Galaxy Kirin operating system and Fengqing Technology's AI platform, promoting rapid deployment and enhancing the "AI+" value across various industries [1] - Fengqing Technology and Kirin Software signed a formal agreement to collaborate on AI technology innovation, product development, and market expansion, aiming to enhance the domestic AI ecosystem [1][2] Company and Industry Summary - Fengqing Technology's CEO highlighted the deep integration of their cloud-edge-end AI architecture with the underlying capabilities of the Galaxy Kirin operating system, providing a secure and controllable intelligent engine for the domestic AI industry [2] - The collaboration is expected to improve the efficient reuse of corporate knowledge assets and significantly enhance employee productivity through their AI intelligent agent solutions [2] - The partnership aims to accelerate the application of AI and domestic innovation technologies across various sectors by building an integrated ecosystem and leveraging joint solutions [2]

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]

Core Viewpoint - The launch of the Changcheng N90 flagship business notebook by China Great Wall Technology Group at the 2025 World Internet Conference marks a significant milestone in the high-end, experience-oriented development of domestic innovation terminals [1][2]. Group 1: Product Features - The Changcheng N90 is equipped with the Feiteng D3000M flagship processor, weighing only 990g and measuring 14.9mm in thickness, showcasing a comprehensive evolution in material craftsmanship and aesthetic design [1]. - The notebook features a new generation of power optimization design, reducing overall power consumption by approximately 30%, and achieving a battery life of over 7 hours [2]. - It incorporates a "vault-level" security system, including identity recognition, privacy control, physical protection, and system encryption, enhancing user security [2]. Group 2: Market Positioning - The Changcheng N90 aims to set a new benchmark for mobile office solutions in government and enterprise sectors, providing reliable, efficient, and secure options for key industries such as finance, energy, and transportation [1]. - The product is designed to balance power and elegance, allowing users to enjoy both high efficiency in work and the aesthetic appeal of technology [3]. Group 3: Ecosystem Integration - The notebook supports seamless integration across multiple operating systems, including Windows, Android, Linux, and OpenHarmony, breaking down the barriers of ecological isolation for domestic notebooks [2].

Core Viewpoint - The domestic software sector is experiencing significant growth, driven by a combination of favorable policies, technological advancements, and increasing market demand, creating a multi-trillion yuan opportunity [4][12]. Group 1: Market Performance - The domestic software sector has shown strong performance in Q3, with 79 out of 112 listed companies reporting year-on-year revenue growth, representing 70.5% of the companies [5]. - Notably, AI software and related sectors have outpaced the average growth of the sector, serving as key drivers for the upward trend [5]. - Kingsoft Office reported a revenue of 1.521 billion yuan in Q3, a year-on-year increase of 25.33%, with a net profit of 431 million yuan, reflecting a growth rate of 35.42% [6]. Group 2: Policy and Technological Support - The rise of domestic software is significantly supported by strong government policies, such as the recent guidelines for government procurement favoring domestic products [8]. - The urgency for self-reliance in technology has been heightened by external pressures, including U.S. export controls on critical software [8]. - Domestic software has made substantial technological breakthroughs, moving from isolated advancements to a more integrated competitive ecosystem [8][9]. Group 3: Market Demand Dynamics - Digital transformation has become essential for enterprises, with AI technology creating new demand scenarios [10]. - The government’s push for digital governance and AI applications has opened up substantial market opportunities [11]. - The increasing adoption of AI features by users, as evidenced by the growth in active users of Kingsoft Office's WPS AI, highlights the demand for intelligent office tools [11]. Group 4: Investment Opportunities - Investors are encouraged to focus on companies with high technological barriers, stable performance, and strong cash flow, emphasizing the importance of R&D investment and sustainable growth [12]. - Key sectors for investment include the extension of the domestic software industry into finance, energy, and healthcare, as well as the integration of AI technology into various industry applications [13]. - Caution is advised regarding companies with insufficient R&D, misaligned orders and performance, or reliance on a single customer [13]. Group 5: Conclusion - The rise of domestic software not only signifies an industrial upgrade but also reflects the enhancement of national technological capabilities [14]. - As the domestic software market continues to expand, the performance of related companies is expected to improve steadily, increasing their investment value [14].