Core Viewpoint - CITIC Securities initiates coverage on Weishi Jiajie (00856) with a "Buy" rating, projecting significant revenue and profit growth for 2025-2026 driven by various market trends [1][2] Group 1: Financial Projections - Total revenue for Weishi Jiajie is expected to reach HKD 102.9 billion and HKD 116.5 billion in 2025 and 2026, representing year-on-year growth of 15.5% and 13.2% respectively [1] - The company's net profit attributable to shareholders is projected to be HKD 1.286 billion and HKD 1.482 billion for 2025 and 2026, with growth rates of 22.24% and 15.28% respectively [1] Group 2: Market Trends - The Chinese Xinchuang market is experiencing steady growth, with potential for accelerated expansion in the future [1] - The AI market is expanding due to the iterative upgrades of large model technologies, while the edge AI market is also growing rapidly with diverse application scenarios [1] - The cloud computing market is undergoing significant changes, with AI Infrastructure as a Service (AIIaaS) becoming a key growth driver [1] Group 3: Business Strategy - The company has established competitive barriers through its extensive channel network, which supports its cloud computing business driven by the AI wave [2] - Collaboration between consumer electronics and fintech is creating synergistic business effects [2] - Weishi Jiajie has comprehensively covered the AI industry chain, seizing new opportunities in AI development [2] Group 4: Regional Focus - The Southeast Asian market is experiencing rapid growth in computing power demand, which is leading to a second wave of growth for the company [2] - The company is leveraging its profitability advantages in Southeast Asia and plans to continue capitalizing on market opportunities to support the international expansion of domestic brands [2]

根据亿欧智库发布的《2024中国信创+AI趋势洞察报告》，海光DCU具备完整的软件栈，包括 DTK(DCU Toolkit)、开发工具链、模型仓库等，完全兼容ROCm生态，支持TensorFlow、Pytorch等主流 深度学习框架，或将有效降低国内大模型适配成本。 工商银行与中国联通采购数十亿元海光芯片，海光芯片加速渗透 智通财经APP获悉，国泰海通发布研报称，根据芯语，AMD与OpenAI签订6GW算力芯片合作协议，基 于技术与股权合作，预计将加速ROCm生态建设。海光DTK软件栈完全兼容ROCm生态，或可降低国内 大模型适配成本。根据芯智讯与新浪财经援引第一财经，工商银行与中国联通采购数十亿元海光芯片， 金融、运营商等信创体系有望率先实现全面国产化，加速海光芯片渗透。推荐标的：海光信息 (688041.SH)、寒武纪-U(688256.SH)、中芯国际(688981.SH)、兆易创新(603986.SH)、盛科通信- U(688728.SH)，相关标的：芯原股份(688521.SH)。 国泰海通主要观点如下： AMD与OpenAI签订6GW算力芯片合作协议，ROCm生态加速完善 根据芯语，2025年10 ...

科技专场-2025 研究框架线上培训 摘要 计算机板块经历了四个阶段，从 2013-2015 年的互联网+到 2018 年 底的低谷，再到信创产业的兴起，目前正处于第四段牛市行情，受政策 推动和市场预期带动，板块波动性大，涨跌幅度显著。 信创产业受益于国产替代政策，但发展与政府及国央企投资密切相关， 具有周期性。2022 年国务院 79 号文推动办公软件替换，计划 2027 年 前完成，为相关企业带来机会，同时也带来周期性波动。 软件行业高估值源于边际扩张成本低，但中国市场定制化需求导致毛利 率低于海外。纯产品化公司毛利率 70%-80%，解决方案类 40%- 60%，外包类 10%-20%，集成类低于 10%。 AI 应用和算力端发展趋势良好，日 TOKEN 调用量从 2024 年 1 月至今 增长 300 多倍。国产算力占比提升，预计将从 85%的英伟达下降到 40%-50%，国产算力具有高景气成长潜力。 全球 Token 消耗量仍在高速增长，各大厂商对 Token 消耗量的预期增 长仍然是 10 倍左右。AI 对传统应用软件的赋能推动了 Token 消耗量的 大幅增加，如炒股软件和谷歌生态体系。 Q&A ...

Group 1 - The macroeconomic stability and supportive policies are expected to lead to a steady A-share market, with institutional investors, including insurance funds, likely to increase their equity asset allocation, becoming a significant source of incremental capital [1] - Investment opportunities in the technology growth sector are favored, particularly in the AI industry, including domestic computing power supply chains and AI applications [1] - A balanced allocation between technology and cyclical sectors is anticipated, with cyclical industries like petrochemicals currently showing low valuations and investment value [1] Group 2 - The focus on investment opportunities in the technology sector remains strong, with particular attention on domestic innovation and localization [1] - Opportunities in cyclical industries such as non-ferrous metals and petrochemicals are being considered, driven by supply-side capacity optimization and demand-side economic growth [1]

Group 1 - In the third quarter, nearly 3,000 listed companies in the A-share market received institutional research, with over 400 institutions focusing on the leading robotics company, Huichuan Technology [1][3] - The focus of institutional research is on companies in the "hard technology" sectors, including integrated circuits, electronic components, and application software [3] - Huichuan Technology plans to invest 8% to 10% of its revenue in R&D, emphasizing software development to address domestic shortcomings and expand into overseas markets [3] Group 2 - The technology sector, particularly AI, remains a key focus in the A-share market, with expectations for continued growth in the computer industry through Q3 2025 [4] - Institutions suggest focusing on AI applications and computing power in Q4, including management software, office software, computing chips, servers, cloud vendors, and smart driving [4] - Upstream capital expenditure in AI is expected to benefit sectors like servers and data centers, while caution is advised for communication and chip leaders in the short term [4]

Group 1 - The National Development and Reform Commission has allocated 69 billion yuan of special bonds to support the consumption upgrade policy of replacing old products with new ones, completing the annual target of 300 billion yuan [2] - The manufacturing Purchasing Managers' Index (PMI) for September is reported at 49.8%, indicating a slight improvement in manufacturing activity, while the non-manufacturing business activity index is at 50.0%, showing a slight decline [1][2] - The China Securities Regulatory Commission (CSRC) is working on high-quality capital market planning for the 14th Five-Year Plan, engaging with representatives from listed companies and industry institutions for feedback [3] Group 2 - The CSRC and the Ministry of Finance have revised the regulations on whistleblower rewards for securities and futures violations, significantly increasing the reward standards [4][5] - The Ministry of Finance announced arrangements for the issuance of government bonds in the fourth quarter of 2025, including two super long-term bonds with maturities of 50 years and 20 years [6] - The State Administration of Foreign Exchange reported a net inflow of 37.3 billion USD in foreign investment in China's securities market in the first half of 2025, with stock investments accounting for 76% of this inflow [6] Group 3 - Cambricon Technologies announced a private placement of shares at a price of 1195.02 yuan per share, raising approximately 3.985 billion yuan for projects related to AI chip platforms and software platforms [7] - *ST Zhengping's stock price increased by 101.86% from September 1 to September 30, leading to a suspension of trading due to significant deviation from the market and industry trends [8] - Zhong无人机 signed a sales contract for drone systems worth approximately 615.48 million yuan, which represents 89.82% of the company's audited revenue for the last fiscal year [9]

Group 1 - The company has confirmed its involvement in the "信创" (Xinchuang) market through its subsidiary Tianji Zhigu (Hubei) Information Technology Co., Ltd. [2] - The company has established cooperation intentions with several industry clients and plans to advance its market development in an orderly manner based on project effectiveness [2]

Core Insights - The report emphasizes that the commercialization of AI applications is approaching a critical turning point, with a focus on domestic computing power and rapidly advancing application verticals [6][7][8] - The demand for AI applications is reflected in the significant increase in Tokens consumption, indicating a rapid expansion of AI application needs across various sectors such as AI programming, AI multimodal, AI advertising, AI education, and AI healthcare [7][8] - The report highlights the strong performance of the overseas computing power chain, with a 255% increase since April 9, 2025, while domestic computing power, particularly the Huawei chain, has seen a more modest increase of 71% [9] Market Performance - The Shanghai Composite Index closed at 3862.53, up 0.90%, while the Shenzhen Component Index rose by 2.05% to 13479.43 [3] - The performance of various industry indices shows that non-bank financials increased by 3.84%, and metals by 3.78%, while coal and oil sectors experienced declines [4] Industry Focus - The report identifies key investment opportunities in the domestic computing power and AI application sectors, particularly those related to Huawei's computing power and software chains, which are expected to yield favorable performance in the near term [9] - The AI application business model is transitioning from concept validation to revenue generation, with a clear need for established overseas business models to guide domestic market development [7][8]

Market Performance - On September 29, the A-share market showed a strong upward trend with all three major indices rising. The Shanghai Composite Index increased by 0.90% to 3862.53 points, the Shenzhen Component Index rose by 2.05% to 13479.43 points, and the ChiNext Index climbed by 2.74% to 3238.01 points. The total trading volume in the Shanghai and Shenzhen markets reached 2.16 trillion yuan, an increase of 146 billion yuan compared to the previous trading day [2][3] - Over 3500 stocks in the market experienced gains, with significant performance observed in the large financial sector and the renewable energy sector. Notably, green methanol concept stocks were active, and energy storage concept stocks rebounded. The non-ferrous metals sector also saw gains throughout the day, while the semiconductor industry chain showed recovery in the afternoon. Conversely, education stocks weakened throughout the day [2] International Market Overview - On the same day, major U.S. stock indices also rose, with the Dow Jones Industrial Average increasing by 68.78 points (0.15%) to close at 46316.07 points, the S&P 500 rising by 17.51 points (0.26%) to 6661.21 points, and the Nasdaq Composite gaining 107.09 points (0.48%) to 22591.15 points [3] - European stock indices also experienced gains, with the FTSE 100 rising by 15.01 points (0.16%) to 9299.84 points, the CAC 40 increasing by 10.19 points (0.13%) to 7880.87 points, and the DAX rising by 5.59 points (0.02%) to 23745.06 points [3] Commodity Prices - International oil prices fell on September 29, with light crude oil futures for November delivery dropping by $2.27 to $63.45 per barrel (a decrease of 3.45%), and Brent crude oil futures for November delivery falling by $2.16 to $67.97 per barrel (a decrease of 3.08%) [4] Policy Developments - The National Development and Reform Commission announced a new policy financial tool with a total scale of 500 billion yuan, aimed at supporting project capital and promoting effective investment. The funds will be allocated to specific projects to accelerate construction and enhance economic stability [6] - The National Development and Reform Commission also plans to develop policy guidelines for new-generation smart terminals and intelligent systems, focusing on technology support, application promotion, and safety governance [6] Company Announcements - Fulin Precision announced plans to jointly increase capital in its subsidiary with CATL, which is expected to constitute a major asset restructuring [10] - DeepSeek released a new version of its model, DeepSeek-V3.2-Exp, which optimizes inference efficiency and reduces API costs by over 50% [7] - The mechanical industry in China aims for an average revenue growth rate of approximately 3.5% from 2025 to 2026, with a target of exceeding 10 trillion yuan in revenue by 2026 [8]

Core Viewpoint - The China Securities Regulatory Commission has emphasized the importance of digital finance and technology in enhancing the capital market, which aligns with the strategic initiatives of First Capital Securities to leverage financial technology for improved customer service and operational efficiency [1][2]. Group 1: Technological Empowerment - First Capital Securities is actively exploring cutting-edge financial technologies, increasing investments in AI, big data, blockchain, and cloud computing to optimize business processes and enhance service capabilities [2]. - The company has developed six core AI capabilities, including a large model platform and an internal knowledge base, which have significantly improved operational efficiency across various business scenarios [2]. - The company's AI collaboration project has been recognized as a typical case of financial technology innovation in the asset management industry by China Fund News [2]. Group 2: Independent R&D and System Upgrades - Following the launch of the securities industry's innovation work in 2024, First Capital Securities has integrated innovation governance into its IT development plan, establishing a "145 digital strategy" to support system construction [3]. - The company has enhanced its fixed income business by developing pricing models and trading systems, embedding AI models to create a fully intelligent ecosystem [3]. - In wealth management, the company has developed a comprehensive platform matrix through its "One Creation Smart Wealth" app, achieving a closed-loop of intelligent operations [3]. Group 3: Risk Management - First Capital Securities places a high priority on building a systematic information security framework, having obtained ISO27001 certification in 2022 and enhancing its security management processes [4]. - The company has implemented a network security management strategy that separates technical and business operations, ensuring a secure environment for partners and clients [4]. - Future plans include continuing to deepen innovation construction and optimizing customer experience while maintaining a focus on compliance and risk control [4].