Investment Rating - The report maintains a "Positive" investment rating for the industry [7]. Core Insights - The computer sector experienced a volatile correction last week, with an overall decline of 2.59%, ranking 32nd among primary industries in the Yangtze River region [2][4]. - Key developments include the launch of the commercial quantum computer Helios by Quantinuum, the establishment of a national data element comprehensive pilot zone in Beijing, and the release of the Kimi K2 Thinking model by Moonlight [5][10]. - The report emphasizes the potential investment opportunities in the space computing industry, particularly focusing on satellite manufacturers, space-hardened computing hardware suppliers, and space computing operators [6][52]. Summary by Sections Market Performance - The computer sector's trading volume accounted for 7.47% of the total market, with active mergers and acquisitions [2][4]. - The Shanghai Composite Index fluctuated around the 4000-point mark, closing at 3997.56 points with an overall increase of 1.08% [4][12]. Key Developments - Quantinuum's Helios quantum computer aims to accelerate the adoption of hybrid quantum-classical computing, featuring high fidelity and the highest accuracy among commercial quantum computers [20][23]. - Beijing's initiative to create a national data element comprehensive pilot zone is expected to enhance the data element industry, with a goal to complete pilot tasks by 2027 [24][25]. - The Kimi K2 Thinking model showcases advancements in agent and reasoning capabilities, achieving state-of-the-art performance in various benchmarks [31][34]. Investment Recommendations - The report suggests focusing on the space computing sector, particularly on companies involved in satellite manufacturing, launch services, and resilient computing hardware [6][52]. - The ongoing developments in space computing are seen as a critical direction for future computational resources, driven by the increasing energy demands of AI and data centers [42][43].

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 北京打造国家数据要素综合试验区，关注数据要 素产业进展 [Table_Summary] 11 月 6 日，北京市发布了《关于建设数据要素综合试验区 深化数据要素市场化配置改革的实 施意见》（以下简称《实施意见》）。11 月 7 日，北京市人民政府新闻办公室召开国家数据要素 综合试验区（北京）新闻发布会，对《实施意见》进行解读。当前时点，以北京为代表的数据 要素试点工作正加速开展，并带动数据规范流通与高效利用，因此我们认为当前数据要素有望 随着试点工作的完成进入落地阶段，进而迎来数据要素价值的重估，惠及全产业链，建议关注 具备海量数据资源的企业，以及在数据处理、管理和分析方面具备深厚积累的企业。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 报告要点 事件评论 风险提示 1、政策推进不及预期； 2、数据要素市场交易额扩张速度不及 ...

Core Viewpoint - Huatai Co., Ltd. announced that its wholly-owned subsidiary, Shunjie Digital Technology (Shandong) Co., Ltd., won third place in the national finals of the 2025 "Data Element ×" competition for its project titled "'Data Element' Empowering New Industrialization Solutions for the Paper Industry" [1] Group 1 - The project focuses on applying data elements to enhance the industrialization process within the paper industry [1] - The competition aims to promote innovative solutions leveraging data elements across various industries [1]

Core Insights - The National Data Bureau is actively engaging with private enterprises to enhance the development of the data industry and artificial intelligence, emphasizing the importance of private sector involvement in the digital economy [1] Group 1: Industry Overview - As of November 10, there are 751,900 existing big data service-related companies in China, primarily concentrated in new first-tier and first-tier cities, accounting for 30.08% and 21.3% respectively [2][5] - Over 40% of these companies belong to the information transmission, software, and information technology services sector, with a significant 40.14% share, followed by scientific research and technical services at 26.2% [6][5] Group 2: Registration Trends - The annual registration of big data service-related companies has shown an upward trend over the past decade, with 186,600 companies registered this year, surpassing the total registration for the previous year [9][6] - In the first ten months of this year, 181,700 companies were registered, reflecting a year-on-year growth of 28.28% [9] Group 3: Future Projections - The Chinese data industry is projected to reach a scale of 5.8 trillion yuan by 2025, with an expected annual growth rate of over 15%, potentially exceeding 13 trillion yuan by 2030 [9]

人民财讯11月10日电，华泰股份（600308）11月10日公告，根据2025年"数据要素×"大赛组委会发布的 获奖项目名单，公司全资子公司瞬捷数字科技申报的"'数据要素'赋能造纸产业新型工业化解决方案"项 目，在2025年"数据要素×"大赛全国总决赛中荣获三等奖。此次大赛由国家数据局等多部委联合主办， 是国内聚焦数据要素赋能发展的国家级赛事。 ...

Group 1 - Weichai Power is a leading enterprise in China's internal combustion engine sector, achieving the highest global sales of heavy-duty engines with a total engine sales volume of 734,000 units in 2024 [2] - The company is building a new intelligent manufacturing ecosystem driven by data, utilizing high-quality datasets to enhance efficient data circulation and collaborative applications within the industrial ecosystem [2] - By integrating over 4TB of daily vehicle network data, 30TB of R&D data, and 8,000 technical standards, the company has reduced R&D cycles by 20% and improved fault diagnosis efficiency by 98% [2] Group 2 - Weichai Power is enhancing collaborative ecosystems to upgrade power equipment clusters, achieving a 10% increase in process execution efficiency through AI data governance [3] - The innovative integration of computing and networking has led to a 40% improvement in inventory turnover rates and a 6% reduction in procurement costs, facilitating the digital collaborative leap of manufacturing enterprises [3] - The company has established a replicable new paradigm of industrial data elementization, providing robust data and technical support for the construction of a manufacturing powerhouse and enhancing its core competitiveness in the global supply chain [3]

Core Insights - Huatai Co., Ltd. (600308.SH) announced that its wholly-owned subsidiary, Shunjie Digital Technology (Shandong) Co., Ltd., won third place in the national finals of the 2025 "Data Element ×" competition for its project titled "'Data Element' Empowering New Industrialization Solutions for the Papermaking Industry" [1] Group 1 - The award recognizes Shunjie Digital Technology's technical strength and innovation capability in the field of data element integration applications [1] - This recognition is expected to help the company further expand its digital service market [1]

国内市场综述 窄幅震荡 小幅收跌 5. 政府"停摆"有望结束？美参议院多数党领袖：已 有潜在协议 6. 全球重要经济数据发布 周五（11 月 7 日）大盘窄幅震荡，小幅收跌。截至收 盘，上证综指收于 3997.56 点，下跌 0.25%；深成指 收于 13404.06 点，下跌 0.36%；科创 50 下跌 1.47%； 创业板指下跌 0.51%，万得全 A 成交额共 20202 亿元， 较前一日略有下降。 行业方面，30 个中信一级行业有 14 个行业上涨，其 中基础化工、石油石化及消费者服务涨幅居前，而计 算机、电子及汽车则跌幅居前。概念方面，锂电电解 液、培育钻石及氟化工等指数表现活跃。 海外市场综述 美股三大指数收盘涨跌不一，特斯拉跌近 4% 周五（11 月 7 日），美国三大股指收盘涨跌不一，道 指涨 0.16%，标普 500 指数涨 0.13%，纳指跌 0.21%。 可口可乐涨超 2%，宣伟涨近 2%，领涨道指。万得美国 科技七巨头指数跌 0.56%，特斯拉跌近 4%，谷歌跌超 2%。中概股多数下跌，小鹏汽车跌超 6%，再鼎医药跌 逾 5%。 新闻精要 1. 2025 年 10 月 CPI 由降转 ...

Core Viewpoint - The stock of Baoxiniang has shown fluctuations with a recent increase of 2.01%, while the company has experienced a year-to-date decline of 6.88% in its stock price [1] Group 1: Stock Performance - As of November 10, Baoxiniang's stock price reached 4.06 CNY per share, with a total market capitalization of 5.925 billion CNY [1] - The stock has seen a net inflow of 13.44 million CNY from main funds, with significant buying activity from large orders [1] - Over the past five trading days, the stock has increased by 3.31%, while it has decreased by 1.22% over the last 20 days [1] Group 2: Company Overview - Baoxiniang Holdings Co., Ltd. was established on June 20, 2001, and went public on August 16, 2007, focusing on the production, research, and sales of branded clothing [2] - The company's revenue composition includes T-shirts (19.20%), pants (17.26%), and shirts (15.34%), among other categories [2] - As of September 30, the number of shareholders increased by 17.31% to 75,400, while the average circulating shares per person decreased by 14.76% [2] Group 3: Financial Performance - For the period from January to September 2025, Baoxiniang reported a revenue of 3.48 billion CNY, a year-on-year decrease of 1.59%, and a net profit attributable to shareholders of 236 million CNY, down 43.18% year-on-year [2] - The company has distributed a total of 2.325 billion CNY in dividends since its A-share listing, with 832 million CNY distributed in the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 13.6687 million shares, an increase of 755,000 shares from the previous period [3] - The Southern CSI 1000 ETF and Huaxia CSI 1000 ETF have seen slight changes in their holdings, with the former decreasing by 10,400 shares and the latter by 7,307 shares [3]

Core Viewpoint - The stock of Sanliuwu Network has shown a slight increase recently, but the company has faced significant revenue decline year-to-date, indicating potential challenges ahead [1][2]. Financial Performance - As of September 30, 2025, Sanliuwu Network reported a revenue of 72.67 million yuan, a year-on-year decrease of 25.28% [2]. - The company recorded a net profit attributable to shareholders of -6.63 million yuan, which represents a year-on-year increase of 21.53% [2]. Stock Performance - The stock price increased by 2.22% to 13.33 yuan per share, with a trading volume of 21.81 million yuan and a turnover rate of 0.99% [1]. - Year-to-date, the stock has decreased by 19.75%, but it has seen a 1.76% increase over the last five trading days and a 9.26% increase over the last 20 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 22,700, with an average of 7,367 shares held per shareholder, a decrease of 0.91% [2]. - The company has cumulatively distributed 239 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Major Shareholders - Notable new institutional shareholders include Nuoan Multi-Strategy Mixed A and Southern Financial Theme Flexible Allocation Mixed A, holding 1.10 million shares and 1.07 million shares respectively [3].