Market Review - The A-share market is gradually forming a slow bull trend, with technology growth as the main driver. As of November 28, 2025, the Shanghai Composite Index, ChiNext Index, and Sci-Tech 50 Index have increased by 16.0%, 42.5%, and 34.2% respectively, with sectors such as non-ferrous metals, telecommunications, and power equipment leading the gains [10][15][18]. Market Environment - The external economic environment is expected to recover moderately, with the U.S. potentially entering a phase of "loose monetary + loose fiscal" policies. This is likely to sustain technology investment and maintain resilient consumer spending [23][24]. - Domestic new growth drivers continue to strengthen, with corporate profit expectations improving. The "14th Five-Year Plan" emphasizes economic construction, and fiscal policies are expected to support technology innovation, livelihood security, and infrastructure investment [23][31]. - A-share corporate profitability is anticipated to continue improving, with certain industries such as military industry, power equipment, TMT (Technology, Media, and Telecommunications), pharmaceuticals, non-ferrous metals, and steel expected to see upward trends in profitability [23][26]. Structural Opportunities - The "14th Five-Year Plan" outlines four major industrial directions, with technology and manufacturing as dual cores leading the way. Key areas include: 1. **Technology Innovation**: Focus on high-level technological self-reliance and nurturing emerging industries, with AI as a core investment theme. Global AI capital expenditure is expected to grow significantly, supporting high prosperity in related industries [23][31]. 2. **Advanced Manufacturing**: Strengthening the global leading position in advantageous manufacturing sectors, particularly in new energy and defense industries, which are expected to benefit from national security demands and military trade upgrades [23][31]. 3. **Domestic Circulation**: Building a strong domestic market to boost consumption and address internal competition issues. Policy support is expected to release new consumer demand potential [23][31]. 4. **Resource Security**: Enhancing the protection and utilization of strategic resources, with macroeconomic and fundamental resonance likely to drive up non-ferrous metal prices [23][31]. Market Outlook - The report suggests focusing on four main lines for investment opportunities: 1. **Technology Innovation**: Emphasizing the AI industry chain, including semiconductors, communications, PCB, applications, and robotics [23][31]. 2. **Advanced Manufacturing**: Paying attention to new energy and defense industries [23][31]. 3. **Upstream Cycles**: Monitoring price signals in non-ferrous metals and chemicals [23][31]. 4. **Domestic Consumption**: Focusing on new consumption trends [23][31].

（原标题：光谷创投集团将于年底前完成组建） 经济观察网 程久龙 实习生 雷宇 12月3日，经济观察网从武汉市东湖高新区（以下简称"光谷"）获悉，光谷即将新组建专业化、市场化创投集团， 打造矩阵式"光谷资本"体系，赋能科技创新和产业创新。 据介绍，光谷创投集团将于年底前完成组建。作为光谷"投早、投小、投长期、投硬科技"国有创投资本专业化运作主体和"光谷资本"品牌的实施 主体，光谷创投集团将与现有区级国有企业共同构建覆盖企业全生命周期的国有创投资本支持体系。 据经济观察网了解，光谷创新资源丰富，是武汉建设具有全国影响力的科技创新中心核心承载区，已有上市企业70家、高新技术企业5800多家， 企业总数突破16.5万家。光谷创投集团将围绕光谷光电子信息、生物医药、集成电路、智能制造等重点产业及人工智能、人形机器人、量子科技 等未来产业方向，采取市场化的决策机制、激励机制和运营模式开展运营。 ...

Group 1 - The number of specialized and innovative small and medium-sized enterprises (SMEs) in China has increased from less than 40,000 to over 140,000 during the 14th Five-Year Plan period, representing a growth of more than 2.5 times [1] - The average number of invention patents held by "little giant" enterprises is 26.6, with an average R&D investment exceeding 30 million yuan [1] - "Little giant" enterprises account for 3.5% of the total number of industrial SMEs in China, contributing 9.6% of total revenue and 13.7% of total profits [1] Group 2 - Specialized and innovative SMEs focus on their core businesses and play a crucial role in enhancing the stability of industrial supply chains and promoting economic development [1] - Companies like Shanghai Yutian Guanjia Technology Co., Ltd. and Wuhu Churui Intelligent Technology Co., Ltd. are examples of SMEs that have successfully broken foreign technology monopolies and integrated into international supply chains [2] - The Ministry of Industry and Information Technology plans to strengthen the innovation capabilities of enterprises, optimize the development environment, and explore the establishment of specialized innovation empowerment centers [2]

3、2025年8月27日互动易：公司深入研究机密计算，参与了全球计算联盟发起的《机密计算白皮书》编 写，提供了技术和解决方案。近年来，公司与华为多方面合作，目前已完成基于鲲鹏CPU的可信执行环 境（TEE）的密码产品的研制，并获得商用密码产品认证二级密码证书。公司基于鲲鹏TEE可信执行环 境的机密计算解决方案，深度融合鲲鹏硬件级安全能力，实现密钥在可信环境中的全生命周期管理、核 心密码运算及传统密码应用场景，破解了数据流通与数据保护的矛盾，构建自主创新的密码安全基座。 该方案目前已经服务于部分金融客户。 公司和华为昇腾方面的合作主要是人工智能方向的探索和实 践，进行大模型的训练及应用部署验证。 4、信安世纪是科技创新型的信息安全产品和解决方案提供商，以密码技术为基础支撑，致力于解决网 络环境中的身份安全、通信安全和数据安全等信息安全问题。在信息技术互联网化、移动化和云化的发 展趋势下，公司形成了身份安全、通信安全、数据安全、移动安全、云安全和平台安全六大产品系列。 5、2025年9月8日互动易：信安世纪在数字人民币相关领域涉及技术主要包括身份认证、数据加密、通 信加密、PKI/CA、密钥管理以及区块链、隐私计 ...

Group 1 - The "14th Five-Year Plan" has emphasized the development of specialized, refined, distinctive, and innovative small and medium-sized enterprises (SMEs) in China, with an average of 26.6 invention patents and over 30 million yuan in R&D investment per "little giant" enterprise by 2024 [1][2] - The number of specialized and innovative SMEs has increased from less than 40,000 to over 140,000 during the "14th Five-Year Plan" period, representing a growth of more than 2.5 times [1] - "Little giant" enterprises have grown from over 5,000 to 17,600, accounting for 3.5% of the total number of industrial SMEs, contributing 9.6% of revenue and 13.7% of profits [1] Group 2 - Specialized and innovative SMEs focus on their core businesses and play a crucial role in enhancing the stability of industrial and supply chains, thus driving economic and social development [1] - These SMEs are recognized as "single champions" and "supporting experts" in niche markets, with over 60% engaged in industrial foundational sectors and nearly 80% located in key industrial chain segments [1] - The Ministry of Industry and Information Technology plans to strengthen the innovation capabilities of enterprises, enhance the support role of quality enterprises in the industrial chain, and optimize the development environment for SMEs [2]

Group 1 - The meeting focused on building a modern industrial system with international competitiveness, emphasizing the integration of technological and industrial innovation [1][2] - The provincial government has made significant progress in addressing key issues and implementing practical measures to enhance the industrial system [1] - The importance of advanced manufacturing as a driving force for revitalizing traditional industries and leading emerging industries was highlighted [2] Group 2 - The need for a strong legal framework to support the construction of a competitive industrial system was emphasized, including legislative plans for emerging fields such as artificial intelligence and quantum technology [3] - Collaboration among various stakeholders is crucial for achieving the industrial development goals, with a focus on horizontal and vertical coordination [3] - The provincial government aims to create a market-oriented, law-based, and international business environment to support industrial growth [2][3]

"十五五"规划建议明确提出，促进中小企业专精特新发展。2024年我国专精特新"小巨人"企业户均拥有 发明专利26.6项，研发平均投入超3000万元，专精特新中小企业用创新夯实立身之本，已成为推动经济 增长的关键力量。 "十四五"期间，专精特新中小企业聚焦主业，精耕细作，在提升产业链供应链稳定性、推动经济社会发 展中发挥更加重要的作用。 它们是细分领域的"单打冠军"和"配套专家"。专精特新"小巨人"企业超六成深耕工业基础领域，近八成 企业分布在重点产业链环节，九成企业至少为3家国内外知名大企业直接配套；布局量子科技等未来产 业领域的"小巨人"企业近6000家。 在苏州清越光电科技股份有限公司模组车间，生产人员对硅基OLED微显示产品进行检测。该公司为国 家级专精特新"小巨人"企业，产业化成果曾荣获国家制造业单项冠军产品称号。新华社记者 季春鹏 摄 以专注铸专长，以配套强产业，以创新赢市场，"小体量"淬炼高"含金量"。 上海毓恬冠佳科技股份有限公司深耕汽车天窗等零部件研发生产，突破国外供应商技术垄断，市场份额 持续提升；芜湖楚睿智能科技有限公司聚焦芯片、算力等关键领域，成功嵌入国际电源龙头供应链…… 在提升产业链 ...

Group 1 - The "14th Five-Year Plan" emphasizes the development of specialized, refined, distinctive, and innovative (referred to as "specialized and new") small and medium-sized enterprises (SMEs) in China, which are crucial for economic growth [1] - By 2024, specialized and new "little giant" enterprises are expected to have an average of 26.6 invention patents and an average R&D investment exceeding 30 million yuan [1] - During the "14th Five-Year Plan" period, the number of specialized and new SMEs increased from less than 40,000 to over 140,000, representing a growth of more than 2.5 times [1] Group 2 - The number of "little giant" enterprises rose from over 5,000 to 17,600, accounting for 3.5% of the national industrial SMEs, contributing 9.6% of revenue and 13.7% of profits [1] - Specialized and new SMEs focus on their core businesses and play a significant role in enhancing the stability of industrial and supply chains, as well as promoting economic and social development [1] - Over 60% of specialized and new "little giant" enterprises are deeply engaged in industrial foundational fields, with nearly 80% located in key industrial chain segments [1] Group 3 - Companies like Suzhou Qingyue Optoelectronics and Shanghai Yutian Guanjia Technology are examples of specialized and new SMEs that have successfully broken foreign technology monopolies and increased market share [3] - The Ministry of Industry and Information Technology plans to strengthen the innovation capabilities of enterprises, enhance the support role of quality enterprises in the industrial chain, and optimize the development environment for enterprises [3] - Future initiatives include establishing specialized and new empowerment centers and improving the support mechanisms for the growth of SMEs, leveraging financial resources for targeted support [3]

Summary of Conference Call Records Industry Overview - The conference call discusses the technology sector, particularly focusing on the TMT (Technology, Media, and Telecommunications) industry, with a strong emphasis on AI applications and infrastructure [1][2][4]. Key Points and Arguments 1. **Market Sentiment and Economic Conditions** - After a period of low market sentiment, a rebound is expected due to an 80% probability of Federal Reserve interest rate cuts, alongside global liquidity easing and domestic monetary conditions [1][2]. 2. **Investment Opportunities in Technology** - The technology sector is anticipated to lead the market in the upcoming bull market, particularly in the AI industry chain and Google’s computing power [1][2][4]. 3. **Performance of Growth Factors** - Strong performance of mid to large-cap growth styles is expected, with the ChiNext and Sci-Tech Innovation Board showing significant investment value due to low valuations and improving earnings expectations [1][4]. 4. **Focus on TMT Sector** - Key areas of interest include AI infrastructure, particularly in computing power, storage, and electricity. Storage chip prices have surged by 360% since the beginning of the year, and DRAM contract prices have increased by up to 30% [1][4]. 5. **AI Application Growth** - Several A-share AI application companies have shown performance inflection points, with notable increases in net profit growth, indicating a rise in AI application penetration and mature business models [1][4][5]. 6. **2026 AI Industry Chain Investment Focus** - Investment in the AI industry chain will focus on power and storage capacity shortages, as well as AI application tracks. The overseas market will concentrate on Google’s computing infrastructure supply chain, while the domestic market will focus on TSMC’s allocation of computing chips [6][7]. 7. **Key Players in PCB and Optical Module Sectors** - Important companies in the PCB sector include Shenghong Technology and Huitian Technology, while leading firms in the optical module sector are expected to benefit from a supply-demand imbalance [8]. 8. **Emerging Materials Technology** - New materials technology is expected to see significant upgrades, with high-performance materials like new copper foils and quartz fabrics becoming increasingly important in both traditional electronics and new computing demands [9]. 9. **AI Edge Application Ecosystem** - The AI edge application ecosystem is projected to accelerate with improvements in large model accuracy, with companies like ByteDance and Meta making significant investments in smart glasses [10]. 10. **Consumer Electronics Market Trends** - Anticipated price increases in storage may lead to higher consumer product prices and lower shipment volumes, but strong demand from Apple and Samsung is expected to provide resilience [11][12]. 11. **Computer Sector Development** - The computer sector is poised for growth, particularly in emerging technologies like quantum computing and brain-computer interfaces, with significant market potential projected for the coming years [13][14]. 12. **Recent Advances in AI Applications** - Notable advancements in AI applications include Google’s Gemini 3 and Alibaba’s AI assistant, indicating a strong growth trajectory in the sector [15]. 13. **Trends in Autonomous Driving and Humanoid Robots** - The autonomous driving sector is witnessing significant developments, with companies like Tesla and Huawei making strides in Robot Taxi services. The humanoid robot industry is also moving towards commercialization, with several contracts signed for industrial applications [16][17]. 14. **Brain-Computer Interface Developments** - The brain-computer interface sector is gaining traction with increased policy support and the introduction of new medical devices, indicating a promising future for this technology [18]. 15. **Investment Targets in the Computer Sector** - Potential investment targets include companies involved in AI applications, humanoid robots, autonomous driving, and brain-computer interfaces, all of which show strong growth potential [19][20].

Core Viewpoint - The company is actively monitoring developments in the quantum technology sector and is exploring the application of quantum technology in network security, as well as providing security services for quantum communication scenarios [1] Group 1 - The company is focused on the advancements in quantum technology [1] - The company is investigating the implementation of quantum technology in the field of network security [1] - The company aims to offer network security assurance services for quantum communication applications [1]