Market Overview - The A-share market experienced a collective decline in the morning session, with the Shanghai Composite Index closing down 0.18% at 3821 points, briefly dipping below 3800 points during the day [1] - The Shenzhen Component Index fell by 0.29%, while the ChiNext Index rose by 0.21%. The North Star 50 Index saw a significant drop of 2.63% [1] - Total trading volume reached 2.52 trillion yuan, an increase of 376 billion yuan compared to the previous trading day, with over 4200 stocks declining across the market [1] Sector Performance - The tourism and hotel sector faced heavy losses, with stocks like Tibet Tourism, Yunnan Tourism, and Huatian Hotel hitting the daily limit down [1] - The real estate sector also declined, with stocks such as Electronic City experiencing limit down [1] - The CRO sector weakened, led by Sunshine Nuohua and Medici, while the small metals sector saw widespread declines, with Yunnan Zhiye and Guiyan Platinum dropping over 5% [1] - Other sectors that performed poorly included recombinant proteins, 3D glass, digital currency, and software development [1] Gainers - The port and shipping sector saw gains, with Nanjing Port and Ningbo Shipping both hitting the daily limit up [1] - Bank stocks were active, with Nanjing Bank leading the gains [1] - The superconducting concept stocks rose, with Woer Nuclear Materials hitting the daily limit up [1] - Other sectors that showed positive performance included wheel motors, SMIC concept stocks, and precious metals [1] Index Performance - Shanghai Composite Index: 3821.83, down 6.74 points (-0.18%) [1] - Shenzhen Component Index: 13119.82, down 38.16 points (-0.29%) [1] - ChiNext Index: 3114.55, up 6.67 points (+0.21%) [1] - North Star 50 Index: 1547.4, down 41.74 points (-2.63%) [1] - Other indices such as the CSI 300 and CSI 500 also showed declines [1]

SW 计算机行业2025上半年业绩向好，盈利能力及经营质量均有所提升 ——计算机行业 跟踪报告 单季度看，SW计算机行业25Q2业绩稳健增长，盈利能力提升。25Q2，SW计算机行业 实现营业收入3,296.60亿元，同比增长8.28%，同比增速较Q1有所放缓；行业实现归母 净利 润105.41亿元，同比增长19.77%，增速较Q1有所放缓，主要是由于24Q1归母净利 润基数很 低导致25Q1的同比增速较高，但25Q2行业归母净利润仍然呈现稳健增长态势， 且高于同期 营收同比增速，盈利能力有所提升。 9月23日，万联证券发布万联晨会。以下为晨报精选： 重要新闻：我国资本市场实现量的稳步增长和质的有效提升 9月22日国新办举行的"高质量完 成'十四五'规划"系列主题新闻发布会。"十四五"时期， 我国资本市场实现了量的稳 步增长和质的有效提升，为"十五五"高质量发展打下坚实基 础。中国证监会主席吴清在 会上表示，"十四五"时期，面对不确定、不稳定因素明显增多 的复杂严峻形势，党中央、 国务院对资本市场作出一系列重大决策部署，在中央金融办统 筹协调下，证监会与各方面 一起认真抓好贯彻落实，一体推进防风险、强监管、促高 ...

Core Insights - The SW computer industry showed significant recovery in the first half of 2025, with revenue and net profit attributable to shareholders increasing year-on-year, indicating improved profitability and operational quality [9][10] - In H1 2025, the SW computer industry achieved operating revenue of 611.408 billion, a year-on-year increase of 11.77%, with a growth rate improvement of 4.56 percentage points [9] - The net profit attributable to shareholders reached 12.859 billion, a substantial year-on-year growth of 40.99%, reflecting enhanced profitability [9] Market Review - On September 22, 2025, the A-share market saw all three major indices rise, with the Shanghai Composite Index up by 0.22%, the Shenzhen Component Index up by 0.67%, and the ChiNext Index up by 0.55% [2][7] - The total trading volume in the Shanghai and Shenzhen markets was 2,121.246 billion [2][7] - The electronic, computer, and non-ferrous metal sectors led the gains, while social services, beauty care, and retail sectors lagged [2][7] Important News - The Chinese capital market has achieved steady growth in quantity and effective improvement in quality during the 14th Five-Year Plan period, laying a solid foundation for high-quality development in the 15th Five-Year Plan [3][8] - The Chairman of the China Securities Regulatory Commission emphasized the importance of risk prevention, strong regulation, and promoting high-quality development to stabilize the market and expectations [3][8] Investment Highlights - In Q2 2025, the SW computer industry recorded operating revenue of 329.660 billion, a year-on-year increase of 8.28%, while net profit attributable to shareholders was 10.541 billion, up 19.77% year-on-year [10] - The industry experienced a decline in gross margin by 2.55 percentage points to 23.25%, attributed to rising costs in raw materials, labor, and logistics [11] - The overall period expense ratio decreased by 2.57 percentage points to 21.21%, indicating effective cost management [11] Subsector Performance - The performance of various subsectors within the SW computer industry showed divergence, with computer equipment outperforming IT services and software development [11] - The IT services subsector had high revenue but low gross margins, while the security equipment subsector maintained stable revenue and strong profitability [11] - The demand in AI and trusted computing sectors significantly boosted revenue in related fields, while traditional sectors like industrial IT and medical IT saw revenue declines [11][12] Investment Recommendations - Focus on AI and trusted computing as key investment themes, emphasizing the acceleration of AI product commercialization and the demand for computing power in AI applications [12] - Monitor the growth of central procurement needs and the penetration of trusted computing products in various sectors [12]

Core Insights - Fourth Paradigm launched the "ModelHub XC" platform, addressing industry pain points by breaking down barriers between clients, computing power, and developers [1] - The "ModelHub XC" features an AI engine system called EngineX, which adapts various models to domestic computing power, reducing time and repetitive labor [1] - The platform currently supports over 100 certified models and aims for rapid updates in the number of adapted models [1] Group 1 - The "ModelHub XC" provides a wide variety of downloadable models, with a focus on adapting to domestic computing power [1] - The platform has already adapted to several mainstream domestic computing powers, including Huawei Ascend, Cambricon, and others, with plans to cover more in the future [1] - Fourth Paradigm offers value-added services for model adaptation, ensuring that users can have models adjusted to fit specific domestic computing power needs [1]

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating an expected relative increase of over 10% compared to the broader market in the next six months [5][40]. Core Insights - The SW computer industry showed significant recovery in the first half of 2025, with revenue and net profit increasing year-on-year, reflecting improved profitability and operational quality. The industry achieved a revenue of 611.41 billion yuan, a year-on-year growth of 11.77%, and a net profit of 12.86 billion yuan, a substantial increase of 40.99% [2][14][16]. Summary by Sections 1. Performance Overview - In the first half of 2025, the SW computer industry experienced a notable recovery, with revenue reaching 611.41 billion yuan, up 11.77% year-on-year, and net profit at 12.86 billion yuan, up 40.99% year-on-year. The performance varied significantly among companies, with larger firms benefiting from scale effects [2][14][16]. 2. Subsector Performance - The performance across subsectors was mixed, with computer equipment showing better revenue and profitability compared to IT services and software development. The IT services III and other computer equipment subsectors saw higher revenue growth, while the vertical application software sector experienced a decline [8][31][34]. 3. Investment Recommendations - The report suggests focusing on two main investment themes: AI and domestic innovation (信创). Key areas of interest include the commercialization of AI products, demand for AI applications, and growth in the domestic innovation sector driven by government procurement and market demand [9][37].

Group 1 - The National Internet Information Office has released the "National Cybersecurity Incident Report Management Measures," effective from November 1, 2025, highlighting the urgency of developing a self-controlled information technology industry for national security [1] - Shenwan Hongyuan Securities emphasizes that the development of the information technology industry is crucial for ensuring national security, driven by factors such as "deepening policy support," "ongoing external disturbances," and "frequent security incidents" [1] Group 2 - Huawei Cloud has fully launched its CloudMatrix384 Ascend AI cloud service, with plans to upgrade the supernode specifications from 384 cards to 8192 cards, enabling ultra-large clusters of 500,000 to 1,000,000 cards [1] - During the Huawei Connect conference, Huawei's CEO of Cloud Computing shared innovations and practical applications in AI cloud services, large models, embodied intelligence, and AI agents [1] Group 3 - On September 13, Haiguang Information opened its CPU interconnect bus to full-stack industry partners, which is expected to address the current lack of uniformity in domestic computing chip technology and enhance the performance of chip computing power [2] - Guosen Securities notes that global AI computing power demand continues to grow, driven by increased capital expenditure from overseas companies, while domestic AI computing power demand is also rising due to the development of domestic large models and AI applications [2] Group 4 - As of September 22, 2025, the Guozheng Information Technology Innovation Theme Index rose by 3.04%, and the Xinchuang ETF Guangfa (159539) increased by 3.31%, with significant gains in component stocks such as Chip Origin Co., Ltd. rising by 18.96% [2] - The top ten weighted stocks account for 47.32% of the index, with notable increases in stocks like Zhongke Shuguang rising by 7.09% and Zhaoyi Innovation rising by 5.81% [2]

Core Insights - The company showcased its competitive advantages and growth potential in the financial technology service sector during the 2025 Shanghai-listed companies collective reception day and mid-year performance briefing [1][2] Client Expansion - The company recently acquired large banking clients such as Minsheng Bank and Hangzhou Bank, which have over one trillion in assets, indicating a significant positive impact on future business [1] - Winning the framework contracts with these banks allows the company to undertake all internal development projects, laying a solid foundation for future business growth [1] Cash Flow Status - The company reported positive operating cash flow for the past three years, with figures of 35.95 million, 79.99 million, and 92.07 million yuan, respectively [1] - The net cash outflow of 105 million yuan in the first half of the year was primarily due to seasonal fluctuations in business receivables [1] - The company's main clients are financial institutions with good credit quality, minimizing the risk of bad debts [1] Innovation and Technology - The company's capabilities in the Xinchuang (信创) sector, particularly with Ascend and Kunpeng technologies, are crucial for its development [2] - The latest version of the company's cash management software, V5.0, received technical certification from Ascend in June 2025, demonstrating its recognized technical strength in the Xinchuang field [2] Financial Stability - The company's current debt-to-asset ratio stands at 63.13%, primarily due to interest-bearing liabilities, but it maintains sufficient working capital and controllable financing costs [2] - This financial stability supports the company's business expansion and technology research and development [2] Market Competitiveness - The exchange highlighted the company's professional strength and market competitiveness in the financial technology service sector, with promising prospects for future development as it expands its large banking client base and makes breakthroughs in the Xinchuang field [2]

Core Insights - The "2025 China Top 500 Enterprises" list highlights nearly a hundred companies that have deep collaborations with Zhiyuan Interconnect, showcasing their strength in various sectors such as manufacturing, finance, energy, construction, and consumption [1] - Zhiyuan Interconnect focuses on intelligent operations and collaborative office management, utilizing cloud computing, big data, and AI to create a new category of management software (AI-COP) [1][2] Company Overview - Zhiyuan Interconnect has launched the CoMi Agent 2.0 platform, which includes five core capabilities: intelligent workstations, multimodal interaction, multi-agent collaboration, data-driven processes, and digital employees [2] - The AI-COP platform is built on a cloud-native, microservices architecture, allowing for multi-tenant deployment and rapid application development [2] Industry Practices - Zhiyuan Interconnect has successfully empowered numerous large state-owned and private enterprises to achieve intelligent upgrades and transformations [3] - Major state-owned enterprises like China State Construction and China National Pharmaceutical Group have implemented comprehensive digital transformation strategies using Zhiyuan Interconnect's platforms [4] Case Studies - China State Construction has established a unified platform across its headquarters and 25 subsidiaries, enhancing governance efficiency through a fully digitalized management chain [4] - China National Pharmaceutical Group has achieved seamless information flow across different levels of the organization, improving operational efficiency [4] - Shandong Gold Group has reported a 30% increase in approval efficiency by utilizing the AI-COP collaborative operation platform [5] - Zhongtian Steel has integrated mobile internet and AI technologies into its collaborative operation platform, enhancing supply chain integration [6] Future Outlook - Zhiyuan Interconnect aims to align with national strategies on "Artificial Intelligence+" and domestic innovation, leveraging its AI-COP platform to help enterprises restructure processes and enhance decision-making capabilities [7]

Core Viewpoint - Taiji Computer Co., Ltd. is actively engaging with investors to discuss its competitive strategies in the Xinchuang market, advancements in AI commercialization, and future development plans [1] Group 1: Xinchuang Market Competitive Strategy - Taiji is leveraging its leading position in the Xinchuang industry under China Electronics Technology Group to provide integrated services to key industry clients [2] - The company is increasing R&D investment in core technologies and products, with specific expansions in operating systems and database solutions targeting critical industry scenarios [2] - New product launches, including the Taiji Tianwei series terminals and Ziwei series servers, have shown initial success in the government sector [2] - Taiji is integrating AI technology into its Xinchuang products, with several innovative AI-driven products launched by its subsidiaries [2] Group 2: AI Commercialization - The "Xiao Ke 3.0" model and "Jizhi" intelligent platform released by China Electronics in June demonstrate significant advantages in training efficiency and complex task processing [3] - In 2025, Taiji's AI projects have transitioned from concept validation to practical implementation, focusing on enterprise-level market solutions [3] - The company is targeting government and state-owned enterprise clients across four market segments: general tools, deep business tools, digital employees, and development platforms [3] Group 3: Future Development Layout - Taiji has proposed a "One Body, Two Wings, Three Engines" strategy to drive transformation in the post-Xinchuang era [4] - The "One Body" focuses on industry digitalization, promoting the integration of IT and OT [4] - The "Two Wings" consist of product industrialization and service platformization, aimed at fostering product innovation and new service models [4] - The "Three Engines" are centered on trustworthiness, data, and intelligence, providing reliable digital services and driving industry digital transformation [4]

Group 1: Market Position and Strategy - The company is a leading unit in the domestic innovation and creation (信创) industry, continuously enhancing its competitive edge and uniqueness in the face of major competitors like Huawei and Inspur [2][3]. - The market for the信创 industry is expanding, with significant growth in sectors such as government, finance, telecommunications, healthcare, education, energy, and transportation [2][3]. - The company has completed 158 domestic and international chip adaptations, with 37 vehicle manufacturers and 342 component manufacturers utilizing its solutions, establishing itself as a leader in the automotive operating system field [3]. Group 2: Product Development and Innovation - The company has launched several innovative products, including the KES V9 2025 database and KEMCC unified management platform, integrating AI technology to meet diverse industry needs [4][6]. - The introduction of the "Hui Pearl" private domain intelligent platform and the "Extreme Small Easy" intelligent solution demonstrates the company's commitment to providing comprehensive intelligent services across various sectors [4][6]. - The company has shifted its AI projects from concept validation to practical implementation, focusing on enterprise-level markets and developing customized solutions for government and state-owned enterprises [6]. Group 3: Future Development and Core Competencies - The company has proposed a development strategy of "one body, two wings, and three engines," focusing on trustworthy, data-driven, and intelligent business development [6][7]. - The strategy emphasizes the importance of digital government, public safety, smart cities, and industrial digitalization, aiming to innovate and accelerate the digital transformation of industry solutions [7]. - The company aims to enhance its service platform by developing cloud services, trusted data space operations, and intelligent platform applications, thereby achieving a platform-based service model [7].