Core Viewpoint - The company Jida Zhengyuan (003029.SZ) has signed a strategic cooperation agreement with Changsha Jingjia Microelectronics Co., Ltd. to establish a long-term partnership focused on mutual benefits and resource integration [1] Group 1: Strategic Cooperation - The agreement emphasizes equal cooperation, complementary advantages, and integrity in collaboration [1] - Both companies will integrate their strengths in branding, products, and technology to provide secure and reliable solutions for government and enterprise users [1] Group 2: Product Integration - The companies will develop integration plans based on the GPU product JM11's graphics and computing capabilities to meet the security product needs of Jida Zhengyuan [1] - Jida Zhengyuan will deeply integrate the JM11 GPU into its core products and solutions, enhancing graphical security operations and efficient data processing capabilities [1] Group 3: Resource Optimization - Both parties will open confirmed hardware interfaces and software adaptation tools to optimize the user experience of the joint solutions [1] - The integration includes the high-definition full-stack domestic GPU cloud desktop hyper-converged all-in-one machine, aiming to provide high-performance, secure, and controllable cloud and desktop computing bases that meet domestic requirements through a model of "ecological integration, product integration, and industry integration" [1]

Core Viewpoint - The strategic cooperation agreement between Jingjia Micro (300474) and Changchun Jida Zhengyuan (003029) aims to leverage complementary strengths to provide secure and reliable products and solutions for government and enterprise users [1][2]. Group 1: Cooperation Details - The collaboration will focus on integrating the GPU product JM11 with Jingjia Micro's security products to enhance graphical security operations and efficient data processing capabilities [1]. - Both companies will share confirmed hardware interfaces and software adaptation tools to optimize the user experience of their joint solutions [1][2]. - The partnership will involve the integration of JM11 with Jingjia Micro's high-definition domestic GPU cloud desktop hyper-converged all-in-one machine, aiming to provide high-performance and secure cloud and desktop computing solutions that meet domestic requirements [1]. Group 2: Marketing and Support - Both parties will prioritize recommending each other's solutions, products, and services to their respective customer bases under equal conditions [2]. - Jingjia Micro will promote security solutions featuring the JM11 GPU to government and financial clients, while Jida Zhengyuan will ensure stable production capacity and delivery of the JM11 GPU [2]. - Joint efforts will include participation in industry exhibitions and technical seminars, with Jingjia Micro establishing a dedicated service team and Jida Zhengyuan providing after-sales technical support for the JM11 GPU [2].

Core Viewpoint - The strategic cooperation agreement between Jingjia Micro (300474.SZ) and Changchun Jida Zhengyuan Information Technology Co., Ltd. aims to integrate resources and provide secure and reliable products and solutions for government and enterprise users [1][2]. Group 1: Cooperation Details - The cooperation will focus on the integration of GPU product JM11 with Jingjia Micro's security products, enhancing graphical security operations and efficient data processing capabilities [1]. - Both parties will share confirmed hardware interfaces and software adaptation tools to optimize the user experience of the joint solutions [1][2]. - The collaboration includes the integration of products with Jingjia Micro's high-definition domestic GPU cloud desktop hyper-converged all-in-one machine, aiming to provide high-performance and secure cloud and desktop computing solutions that meet domestic requirements [1]. Group 2: Mutual Benefits and Promotion - Both companies will prioritize recommending each other's solutions, products, and services to their respective customer bases under equal conditions [2]. - Jingjia Micro will promote security solutions featuring the JM11 GPU to government and financial clients, while Jida Zhengyuan will ensure stable production capacity and delivery of the JM11 GPU [2]. - Joint efforts will be made in industry exhibitions and technical seminars, with Jingjia Micro opening market channels and establishing dedicated service teams, while Jida Zhengyuan will provide after-sales technical support for the JM11 GPU [2].

Core Viewpoint - The CEO of Wanlian, a subsidiary of Xinkailai, emphasized the importance of understanding customer needs in the development of next-generation ultra-high-speed real-time oscilloscopes, aiming to outperform Western competitors despite challenges [1] Industry Summary - The domestic oscilloscope market is currently dominated by several international brands, with leading companies being Tektronix, Keysight, and LeCroy, all of which are based in the United States [1] - There is a trend of decreasing import product share in the domestic market as local production continues to advance [1]

Core Viewpoint - The digital economy theme index has experienced a decline, with significant movements in constituent stocks, while the government is promoting the cultivation of innovative enterprises in the digital economy sector [1][2]. Group 1: Market Performance - As of October 17, 2025, the CSI Digital Economy Theme Index (931582) fell by 2.39%, with major declines in stocks such as Desay SV Automotive (002920) and others [1]. - The digital economy ETF (560800) saw a trading volume of 16.07 million yuan, with a turnover rate of 2.36% [1]. - Over the past month, the average daily trading volume of the digital economy ETF was 31.11 million yuan [1]. Group 2: Share Growth - The digital economy ETF has seen a significant increase in shares, growing by 12 million shares over the past two weeks [1]. Group 3: Government Initiatives - On October 4, the National Development and Reform Commission and other departments issued measures to strengthen the cultivation of innovative enterprises in the digital economy, aiming to foster more "unicorn" and "gazelle" companies [1]. Group 4: Industry Outlook - Securities firms are optimistic about the continued stabilization and improvement of the fundamentals in advanced manufacturing and digital economy sectors, suggesting potential investment opportunities in technology growth companies and dividend assets [1][2]. - Financial analysts emphasize the importance of domestic opportunities in key areas such as advanced processes, AI computing chips, and semiconductor equipment, highlighting the potential for growth in domestic enterprises benefiting from localization [2]. Group 5: Index Composition - As of September 30, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 54.31% of the index, with companies like Eastmoney (300059) and SMIC (688981) among the leaders [2].

Group 1: Macro Analysis - The financial data for September shows stable performance, with expectations for credit demand to recover as policy financial tools are implemented and fiscal spending accelerates [2] - The significant year-on-year increase in household deposits indicates a slowdown in the "migration" of deposits, potentially linked to the decline in the stock market's "profit effect" [2] - The growth rates of M1 and M2 are showing a contrasting trend, reflecting the current liquidity conditions [2] Group 2: Company Research - Semiconductor Equipment - Shengmei Shanghai (688082.SH) has completed a private placement and continues to see high growth in orders for the first three quarters of 2025, with net profit forecasts of 1.476 billion, 1.829 billion, and 2.285 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 59x, 47x, and 38x [3] - Huafeng Measurement and Control (688200.SH) reported steady revenue growth in H1 2025, with significant increases in overseas sales, and net profit forecasts of 459 million, 605 million, and 763 million yuan for 2025, 2026, and 2027 respectively, with PE ratios of 56x, 43x, and 34x [4] Group 3: Company Research - Beverage Industry - Mixue Group (2097.HK) is projected to achieve net profits of 5.690 billion, 6.694 billion, and 7.699 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 14.99, 17.63, and 20.28 yuan, leading to PE ratios of 27x, 23x, and 20x [5] - The company benefits from industrial capabilities and a cost structure that is improving due to economies of scale, reinforcing its competitive advantage in the sub-10 yuan price segment [5] - The establishment of a robust supply chain and the operational streamlining of its sub-brand Lucky Coffee are expected to continue attracting consumers through a "low price + explosive products" strategy [5]

Summary of Key Points from Conference Call Industry Focus - **AI Technology Sector**: The call discusses various aspects of the AI technology sector, including overseas and domestic computing power, edge AI, and application endpoints [1][4][5]. Core Insights and Arguments 1. **Investment Opportunities in AI Technology**: - Four key areas to focus on: overseas computing power (e.g., Xuchuang, New Yisheng), domestic computing power (e.g., SMIC, Huahong), edge AI (e.g., Luxshare Precision, Lens Technology), and application endpoints [1][4]. - Overseas computing power is currently undervalued, while domestic computing power has high long-term certainty due to China's need to catch up with the U.S. in AI capabilities [1][4]. - Edge AI companies are expected to benefit from major tech firms launching new AI smartphones, although their Q3 performance may not fully reflect this potential [1][4]. 2. **Market Adjustment and Timing**: - The technology sector has been adjusting since September 3, with historical adjustments lasting between 40 to 60 trading days. The current adjustment is nearing its end, with many leading stocks approaching a 20-30% decline [2][3]. 3. **Storage Industry Performance**: - The storage industry is experiencing strong price trends, with significant price increases for DDR4 and SSD products. The outlook for Q3 and Q4 remains optimistic due to AI-driven demand [3][19]. 4. **Gaming Sector Insights**: - The gaming sector performed well during the National Day holiday, with revenues exceeding summer levels by 50%. Q3 is noted as the strongest quarter since 2019, with several companies showing triple-digit profit growth [3][15]. 5. **Quantum Computing**: - Quantum computing holds significant importance in global academia and research, with key players like Guandun Quantum and Hexunqi being highlighted for their potential [1][5]. 6. **Domestic Software Development**: - The domestic software sector is still at a low level but has substantial growth potential. Key areas include Xinchuang, Hongmeng, industrial software, and EDA [1][6]. 7. **Impact of U.S.-China Relations**: - The technology sector's volatility is influenced by U.S.-China tensions, but the AI computing direction remains strong. The supply chain for optical modules is stable, and demand is robust [3][7]. 8. **Future Market Recovery**: - A market recovery is expected by Q4 2026, with overseas computing power companies like Xuchuang and New Yisheng showing strong performance despite current market concerns [10][12]. Other Important Insights - **AI's Influence on Gaming**: AI technology is expected to significantly impact the gaming industry, with potential for cost reduction and efficiency improvements leading to blockbuster AI game products by 2026 [18]. - **Investment Recommendations**: Companies such as Giant Network, Kaiyin Network, and ST Huayun are recommended for their strong performance and growth potential [15][17]. - **Price Trends in Storage**: Recent price increases in the storage industry are driven by supply control and demand from AI applications, indicating a long-term positive outlook [19]. This summary encapsulates the key points discussed in the conference call, providing insights into the AI technology sector, market trends, and specific company performances.

Core Viewpoint - The strategic cooperation agreement between SenseTime and Cambricon aims to enhance the optimization of software and hardware, fostering an open and win-win industrial ecosystem in the artificial intelligence sector [2][4]. Group 1: Strategic Cooperation - SenseTime and Cambricon will leverage their respective technological and industrial resource advantages to develop domestic AI infrastructure, explore vertical business opportunities, and promote technology exports [2][3]. - The collaboration aligns with the national "AI+" strategy, combining SenseTime's strengths in large model development and AI infrastructure with Cambricon's expertise in intelligent computing chips [2][3]. Group 2: Market Response - Following the announcement of the partnership, SenseTime's stock surged over 5%, while Cambricon's shares increased by nearly 4% [1][2]. - The rapid response in stock prices indicates strong market sentiment towards the collaboration and its potential impact on the AI industry [1][2]. Group 3: Product Development - The two companies will focus on adapting the latest hardware and software products to create service solutions for the computing power market [3]. - They will also develop integrated solutions targeting vertical industry scenarios, enhancing their combined software and hardware capabilities [3]. Group 4: Industry Trends - The current phase of the tech stock market is characterized by significant volatility, with analysts suggesting that the market is in the early stages of a potential explosive growth phase [4][5]. - The ongoing trade tensions have reinforced the logic of domestic substitution, particularly in software, as companies seek to mitigate risks associated with foreign dependencies [4][5].

Core Viewpoint - A revolution in the industrial chain surrounding technological autonomy is accelerating, with capital focusing on cost-effectiveness and security. Recent insights from multiple brokerages outline potential directions within the wave of domestic production [1]. Group 1: Investment Opportunities - Huatai Securities emphasizes the importance of cost-effectiveness in the "domestic chain," suggesting a focus on semiconductor equipment and end-side products within the AI sector, which remains a key area of growth [1]. - CITIC Construction highlights the significance of technological self-reliance, particularly in the domestic software sector, with advancements in AI and industrial software driving the domestic production chain [2]. - Dongfang Securities points out that industrial design software, despite its low domestic production rate, is poised for accelerated localization, presenting significant growth potential [3]. Group 2: Sector-Specific Insights - Dongwu Securities sees opportunities in the domestic semiconductor equipment sector, particularly in core processes like photolithography and etching, which are expected to see rapid increases in domestic production rates [4]. - Huafu Securities notes that while short-term impacts from U.S. trade measures may not be overly pessimistic, mid-term structural opportunities in domestic production are becoming clearer, with a focus on strategic technologies such as nuclear fusion and AI [5].

（编辑 袁冠琳） 证券日报网讯 广哈通信10月13日在互动平台回答投资者提问时表示，公司早在2023年就顺利完成了5G 相关设备的鲲鹏兼容性技术认证，公司5GC可部署于国产化硬件服务器，兼容主流国产化操作系统。公 司基于鲲鹏的5G电力专网仿真验证平台曾荣获广东省鲲鹏应用创新大赛泛政府行业方向重要奖项。公 司暂未与相关公司展开战略层面合作，相关业务发展情况请参阅公司披露的定期报告。 ...