政策驱动从合规走向自主可控。信创政策深化，以《金融科技发展规划（2022–2025年）》为指引，推动核心系统、数据库和中间件的国产化替代持续加 速。 技术创新引领底层架构变革。金融机构对云计算接受度显著提升，截至2025年约有75%、85%、90%的金融机构已分别完成核心业务系统、办公系统、外围 业务系统的云端部署。 AI大模型驱动业务智能化转型。AI正快速渗透核心业务，推动行业从规则驱动向智能决策转型；券商加快极速交易与GPU加速系统建设，以实现微秒级延 迟控制。 业务需求升级为价值创造引擎。财富管理、普惠金融等新兴业务场景，推动IT投资从"刚性支出"迈向"结构性增长"。 1月12日，截至9时34分，金融科技板块表现活跃，中证金融科技主题指数上涨超1.5%。成份股方面，AI金融概念股领涨，拓尔思、普元信息领涨超10%， 电科数字上涨8.73%，东信和平上涨6.67%。热门ETF方面，同类流动性最佳的金融科技ETF（159851）场内价格涨超2%，创2025年11月以来新高，放量成 交超2亿元。 多角度把握金融科技机会，建议重点关注金融科技ETF（159851）及其联接基金（A类013477、C类013478 ...

多角度把握金融科技机会，建议重点关注金融科技ETF（159851）及其联接基金（A类013477、C类 013478），按照申万一级行业，标的指数重仓计算机+非银金融，全面覆盖了互联网券商、金融IT、跨 境支付、AI应用、华为鸿蒙等热门主题。金融科技ETF（159851）近6个月日均成交8亿元，流动性在跟 踪同一标的指数的8只ETF中断层第一！ 数据来源：沪深交易所等。 1月12日，截至9时34分，金融科技板块表现活跃，中证金融科技主题指数上涨超1.5%。成份股方面， AI金融概念股领涨，拓尔思、普元信息领涨超10%，电科数字上涨8.73%，东信和平上涨6.67%。热门 ETF方面，同类流动性最佳的金融科技ETF（159851）场内价格涨超2%，创2025年11月以来新高，放 量成交超2亿元。 东吴证券指出，当前，政策、技术与业务三重共振重塑金融科技行业增长逻辑。 东吴证券指出，当前，政策、技术与业务三重共振重塑金融科技行业增长逻辑。 多角度把握金融科技机会，建议重点关注金融科技ETF（159851）及其联接基金（A类013477、C类 013478），按照申万一级行业，标的指数重仓计算机+非银金融，全面覆盖 ...

Core Insights - The AI boom is significantly impacting the global PC market, leading to a challenging year for the industry, with predictions of reduced shipments and increased prices [1][2][3] - The shift in demand from personal computers to AI data centers has permanently altered the resource allocation and growth drivers within the industry [2][3][4] Market Dynamics - High bandwidth memory (HBM) demand from data centers is causing a severe reduction in supply and price increases for consumer-grade DRAM and NAND, leading to overall cost hikes for core components like GPUs and CPUs [1][3][4] - IDC forecasts a 6% to 8% increase in average PC prices by 2026, with some systems seeing price hikes of 15% to 20%, while global PC shipments may decline by 5% under neutral conditions [1][3] Supply Chain Challenges - The transition of memory production towards higher-margin HBM has resulted in a deliberate shortage of standard memory for consumer PCs, pushing prices up and altering the cost structure of the entire industry [6][8] - The industry is experiencing a permanent increase in cost structures due to the high-end technologies developed for AI servers, which will affect the pricing of standard PC components [6][8] Strategic Responses - Semiconductor giants are cautiously adjusting their production capacities to meet AI demands but are hesitant to invest heavily in new factories due to concerns over a potential "AI bubble" [8][19] - The current supply chain crisis is expected to lead to a prolonged period of supply shortages for consumer electronics, as the demand for high-performance components outstrips supply [8][19] Regional Insights - The Chinese PC market exhibits unique resilience, driven by government policies and a strong demand for digital transformation, which may not align with global trends of reduced shipments and increased prices [12][13] - The demand structure in China is diverse, with a significant user base that is pragmatic about performance and price, allowing for adjustments in purchasing behavior based on market conditions [14][15] Future Outlook - The ongoing transition in the PC industry is seen as a necessary adjustment rather than a decline, with the potential for a new equilibrium as AI infrastructure stabilizes and new chip capacities come online [10][26][30] - The market is expected to experience a shift towards higher-value products and a focus on local intelligence capabilities, which will redefine the competitive landscape [30][32][34]

公 司 研 受益市场交投活跃，AI 赋能产品进阶 财富趋势(688318) 财富趋势跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | [Table_Target] 目标价格： | 181.08 | | 张盛海(研究助理) | 021-23183956 | zhangshenghai@gtht.com | S0880125042247 | | | 本报告导读： 当前市场交投活跃，公司未来业绩放量预期提升；公司发力 AI 赋能产品进阶，市场 竞争力进一步加强。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | ...

信创ETF（159537）跟踪的是国证信创指数（CN5075），该指数从沪深市场中选取涉及半导体、软件 开发、计算机设备等信息技术领域的上市公司证券作为指数样本，以反映信息技术创新领域相关上市公 司证券的整体表现。该指数偏重大盘风格，成分股平均市值较高，行业配置侧重于半导体、软件开发及 IT服务。 （文章来源：每日经济新闻） 申万宏源证券指出，半导体全产业链与生产制造工艺高度绑定，国产晶圆厂在设备限制下开发出新技术 路径，而海外EDA工具无法支撑分化的国产工艺，这为国产EDA厂商创造了独立市场空间。近期EDA 行业IPO和并购活跃，交易金额逐步放大，标的趋向数字IC设计核心环节，行业进入加速发展阶段。地 方政府及国家大基金对EDA产业的支持将推动头部厂商整合，形成2~3家平台型领军企业。中长期看， 国产EDA厂商将通过并购整合打通数字IC设计全流程，并布局先进制程制造类工具，与国产晶圆厂匹 配，未来随产线成熟将迎来收入释放。行业当前处于先进领域攻坚与并购活跃并行的阶段，政策、资本 及产业链协同将加速这一进程。 1月8日，信创ETF（159537）盘中涨超2.5%，行业壁垒与国产替代空间受关注。 ...

【中关村在线北京行情】近日，长城 擎天(EF723FT-2000+/64核/2.2GHz//128GB/550W1)在中关村在线商 家"北京神州普华(钻石经销商)"特价促销，现货32800元含 13%专票 ，【商家活动】赠品：京东E卡 (购 买一件及以上，赠完即止）更多优惠详情请致电或微信 13911719964。长城擎天EF723FT-2000+服务器 以国产飞腾FT-2000+/64处理器为核心，构建起高性能、高可靠性的自主计算平台。其64核架构与8通道 DDR4 ECC内存协同工作，为多线程并发任务提供坚实算力支撑，尤其在复杂业务处理与高密度虚拟化 环境中表现卓越。整机采用2U机架式紧凑设计，配合模块化扩展架构，支持多路PCIe高速扩展槽，可 灵活适配AI加速卡、高速网络接口与大容量存储设备，实现从通用计算到异构加速的无缝过渡。系统 深度集成国产BMC智能管理平台，支持远程监控、固件升级与故障预判，结合麒麟操作系统与PKS安 全架构，形成从芯片到软件的内生安全防护体系，确保关键业务在可信环境中稳定运行，满足信创环境 下对自主可控的严苛要求。 该服务器广泛应用于对数据主权与系统安全有核心诉求 的行业场景。 ...

Core Insights - The article emphasizes the necessity for high-performance desktop computers equipped with powerful processors, ample memory, and professional-grade graphics cards to meet the demands of professionals in fields such as video production, engineering simulation, architectural design, and data visualization [1][5][9] Product Summaries - Dell OptiPlex 7020MT Plus features a 14th Gen Core i7-14700 processor, 16GB RAM, and an A4000 16GB professional graphics card, priced at 5799.0 yuan. It is suitable for running large design software like Maya and Premiere Pro, making it ideal for content creators and engineers [1][6] - HP Pro Tower 288 G9 E is equipped with an Intel Core i7-14700 processor, 16GB RAM, and an RTX4060 8GB graphics card. It offers excellent multitasking capabilities and is designed for tasks such as graphic rendering and lightweight AI training, although the price is not disclosed [2][7] - Lenovo Kaitian M90h features a domestic Haiguang 3250 processor, 8GB RAM, and an RX550 graphics card, priced at 19800.0 yuan. It is tailored for government and research institutions requiring high information security, performing well in CAD drafting and multimedia presentations [4][8] - The flagship Dell OptiPlex 7020MT Plus model includes an i7-14700 processor, 32GB RAM, dual storage (2TB HDD + 512GB SSD), and an A4000 16GB graphics card, priced at 14899.0 yuan. It is optimized for professional applications like Revit and After Effects, supporting seamless workflows for high-end users [4][9] Market Trends - The market for high-performance desktops is evolving to meet diverse creative needs, balancing stability, expandability, and graphics processing capabilities, thus providing reliable and efficient solutions for professionals [1][5]

Stock Recommendations - Kage Precision Machinery (301338.SZ) shows significant performance growth with an EPS forecast of 2.10 for 2026, and a TTM PE of 63.46, indicating strong future potential[4] - Kingsoft Office (688111.SH) has a projected EPS of 4.57 for 2026, with a high TTM PE of 79.74, reflecting robust growth in its WPS personal business and software services[4] - Double Ring Transmission (002472.SZ) is expected to achieve an EPS of 1.85 in 2026, with a TTM PE of 34.01, supported by its leadership in precision gear for new energy vehicles[4] Market Performance - The monthly gold stock portfolio achieved a weighted return of 13.03%, outperforming the Shanghai Composite Index, which rose by 2.06%[12] - The best-performing stocks in December included Zhongtung High-tech with a return of 24.82% and Top Group at 22.49%[12] - The overall market indices showed positive growth, with the Shenzhen Component Index increasing by 4.17% and the ChiNext Index by 4.93%[12] Financial Metrics - Kingsoft Office has the highest market capitalization at 1422.28 billion RMB, while Kage Precision Machinery has a market cap of 93.75 billion RMB[17] - Kage Precision Machinery reported a remarkable net profit growth rate of 175.35%, indicating strong operational efficiency[17] - Giant Network (002558.SZ) reported a net profit of 1.417 billion RMB for the first three quarters, reflecting a year-on-year increase of 32.31%[5] Risk Factors - Economic recovery and policy support may fall short of expectations, posing risks to market performance[6] - Individual companies face operational risks that could impact their financial stability and growth prospects[6]

Group 1: Stock Recommendations - Torch Electronics (603678.SH) shows improving industry conditions with a 24.20% revenue growth to 17.72 billion CNY and a 59.04% increase in net profit to 2.61 billion CNY in H1 2025[10] - Huace Navigation (300627.SZ) achieved a revenue of 32.51 billion CNY in 2024, a 21.38% year-on-year growth, with a net profit of 5.83 billion CNY, up 29.84%[17] - Kingsoft Office (688111.SH) reported a revenue of 41.78 billion CNY for the first three quarters of 2025, a 15.21% increase, with a net profit of 11.78 billion CNY, up 13.32%[22] Group 2: Market Trends and Performance - The global MLCC market is projected to reach 132.6 billion CNY by 2029, with a CAGR of 5.7% from 2024 to 2029[13] - The lithium business of Zhongmin Resources (002738.SZ) saw a revenue increase of 34.99% to 48.18 billion CNY in the first three quarters of 2025, despite a net profit decline of 62.58%[36] - The automotive sealing strip market is benefiting from the rise of European-style door designs, with a projected revenue growth for Zhejiang Xiantong (603239.SH) to 14.7 billion CNY in 2025, a 20.2% increase[31] Group 3: Investment Ratings and Risks - Torch Electronics maintains a "recommended" rating with expected EPS of 1.09 CNY, 1.36 CNY, and 1.81 CNY for 2025-2027[14] - Huace Navigation is rated "recommended" with a target price indicating a potential upside of 16%-36%[22] - Risks include potential market fluctuations, increased competition, and technological advancements not meeting expectations[35]

Core Insights - The article discusses the recent B2 round financing of "Jiuke Information," an AI intelligent automation platform provider, which raised over 100 million RMB, led by Shenzhen Special Zone Construction Development Fund [1][11] - The company aims to use the funds for product development, market expansion, and international business layout [1] Company Overview - "Jiuke Information" was established in 2020 and incubated within the China Merchants Group, focusing on providing enterprise-level intelligent agent platforms and automation solutions for state-owned enterprises [1][3] - The company has developed a product matrix centered around its core product, bit-Agent, which integrates AI, RPA, low-code, and process mining technologies [1][3] Product Development - The company has achieved a significant breakthrough from "process automation" to "decision automation" with its bit-Agent product, which combines multi-modal large models and RPA capabilities [3][6] - The unique architecture of bit-Agent allows it to support multiple mainstream large models and effectively handle unanticipated interactions, significantly reducing manual intervention costs [3][6] Market Position and Competitive Landscape - The domestic intelligent automation sector is still in its early stages, with traditional RPA vendors struggling to move away from specific model dependencies [6] - "Jiuke Information" differentiates itself by embedding private knowledge bases and solidifying process mechanisms, ensuring controllability and safety in task execution [6][8] Market Expansion - The company has transitioned from single tool output to industry solutions, implementing comprehensive automation solutions in sectors like automotive, finance, and energy [8] - In a project with Industrial Bank, the company successfully migrated over 1,000 robots from the original UiPath platform, achieving an investment return rate exceeding 1300% in the first year [8] Team and Expertise - The core team of "Jiuke Information" comprises members from leading companies like CICC, Oracle, Huawei, Baidu, and Tencent, bringing over 20 years of experience in serving large enterprises [10] - The founder, Wan Zhengyong, has extensive experience in enterprise-level system development and team management, while the chief algorithm scientist, Dr. Deng Yan, has a background in Google's AI team [10] Future Prospects - Following the recent financing, "Jiuke Information" has initiated preparations for an IPO, indicating its growth ambitions and market confidence [10]