Investment Rating - The report maintains a "Buy" rating with a target price of HKD 6.1 per share, indicating a potential upside of 20.6% from the current price of HKD 5.06 [5][7][20]. Core Insights - The company is transitioning into a full-stack AI product and service provider, with significant growth expected from its AIGC (Artificial Intelligence Generated Content) business, which is becoming a key driver of revenue [2][9]. - The company is actively participating in the construction of digital currency systems and exploring opportunities in stablecoins and Real World Assets (RWA) tokenization, leveraging its expertise in big data, AI, blockchain, and cloud computing [4][17]. Financial Performance - For 2024, the company is projected to achieve revenue of RMB 16.95 billion, a slight decline of 1.0% year-on-year, with a net profit of RMB 512.9 million, down 28.1% [8][20]. - The second half of 2024 is expected to show a recovery, with a significant increase in revenue from full-stack AI products and services, which is projected to reach RMB 957 million, accounting for 5.6% of total revenue [2][12]. Strategic Developments - The company is deepening its collaboration with Huawei, enhancing its KaihongOS applications and completing over 200 Huawei cloud CTSP projects, which strengthens its cloud integration and domestic substitution strategy [3][13]. - The company is also focusing on international expansion, establishing a presence in the Asia-Pacific and Middle Eastern markets, and successfully executing projects in digital governance and smart cities [14][16]. Future Projections - Revenue forecasts for 2025 to 2027 are RMB 18.22 billion (+6.1%), RMB 20.01 billion (+9.86%), and RMB 22.32 billion (+11.5%), respectively, with net profits expected to grow significantly during this period [5][20]. - The report emphasizes that the company is in a transitional phase, moving from traditional service adjustments to emerging business growth, supported by national policy initiatives [20].

【导读】过去5个交易日，信创主题ETF资金净流入超50亿元 中国基金报记者天心 6月6日（上周五），A股三大指数涨跌互现，两市成交1.15万亿元。 部分资金选择落袋为安。股票ETF当日资金净流出超7亿元，信创、国防军工、半导体等行业主题ETF净流入靠前，沪深300、中证A500、中证1000等宽基 ETF净流出较多。 6月以来，股票ETF已有多个交易日呈现资金净流出，合计"失血"超80亿元。不过，信创板块依然保持强劲"吸金"势头，过去5个交易日，合计"吸金"超50 亿元。 股票ETF资金小幅净流出 信创主题继续"吸金" Wind数据统计，截至2025年6月6日，全市场股票ETF达到1111只（含跨境ETF，下同），总规模为3.52万亿元。资金流向显示，6月6日，市场震荡调整之 际，股票ETF净流出资金超7亿元。 当日资金净流入超过1亿元的股票ETF有17只，行业ETF"吸金"居前。华夏信创ETF、国泰信创ETF、嘉实科创芯片ETF位居前三，资金净流入均超1.8亿 元。 来自易方达基金的数据显示，6月6日，以下方向资金净流入居前，分别为信创（净流入16.3亿元）、国防军工（净流入5.6亿元）、半导体（净流入5. ...

Core Viewpoint - Significant capital inflow into the Xinchuang sector, with the Xinchuang 50 ETF (560850) experiencing a 0.46% increase and over 350 million yuan net inflow in the past five days [1][3] Group 1: Market Activity - The Xinchuang 50 ETF (560850) has seen frequent premiums during trading, driven by the suspension of Haiguang Information's absorption merger with Zhongke Shuguang [1] - Haiguang Information and Zhongke Shuguang are the second and eighth largest components of the Xinchuang 50 ETF, collectively accounting for nearly 10% of its weight [3] Group 2: Corporate Developments - The merger of Haiguang Information and Zhongke Shuguang is the first case of inter-company absorption merger following the revision of the Major Asset Restructuring Management Measures on May 16 [6] - Post-merger, the combined entity is expected to cover the entire industry chain from chip design to cloud computing services, with a total market value potentially exceeding 400 billion yuan [6] Group 3: Industry Trends - The integration of leading companies in the Xinchuang sector is accelerating, driven by policy incentives and the need for resource optimization [7] - The current mergers are characterized by technology collaboration, policy-driven consolidation, and international ecological layout [8][9] Group 4: ETF Composition - The Xinchuang 50 ETF (560850) tracks the Zhongzheng Xinchuang Index, with significant weightings in computer software (43%), cloud services (23%), computer equipment (18%), and semiconductors (13%) [10] - The DeepSeek concept stocks within the index have a weight of 48.1%, leading among all market ETF tracking indices [10]

半导体ETF（159813）重仓海光信息超9%，这只ETF这几天申购资金比较少，没有海量的新增资金摊薄 收益。目前规模稳定在50亿左右，哪怕有套利资金也稀释有限。 半导体ETF紧密跟踪国证半导体芯片指数，为反映沪深北交易所芯片产业相关上市公司的市场表现，丰 富指数化投资工具，编制国证半导体芯片指数。 数据显示，截至2025年5月30日，国证半导体芯片指数(980017)前十大权重股分别为中芯国际(688981)、 寒武纪(688256)、海光信息(688041)、北方华创(002371)、韦尔股份(603501)、中微公司(688012)、澜起 科技(688008)、兆易创新(603986)、长电科技(600584)、紫光国微(002049)，前十大权重股合计占比 66.85%。 半导体ETF(159813)，场外联接A：012969；联接C：012970；联接I：022863。 半导体ETF(159813)买盘活跃，截至午间收盘，半导体ETF净申购1.32亿份。 | | 半导体ETF 159813 | ਐ | | --- | --- | --- | | | 通 融 ノ △ 中 | | | 实时申购赎回信息 ...

Core Viewpoint - The international situation is accelerating the need for self-reliance in technology, with significant opportunities in various sectors driven by policy and the rise of artificial intelligence [1][4]. Group 1: Market Dynamics - The computer sector has experienced significant volatility, with a mix of strong expectations and weak realities affecting performance [2]. - The macroeconomic slowdown and constrained downstream spending have put pressure on the fundamentals of the computer sector, while themes of AI and self-reliance continue to drive optimism [2][3]. Group 2: Sector Performance - Cross-cycle technology sectors, such as industrial software and energy IT, are showing higher operational prosperity, while traditional information technology sectors are under pressure [3]. - In Q1 2025, the median revenue growth rate for the computer sector was 2.5%, indicating a slight year-on-year decline but a positive quarter-on-quarter trend [3]. Group 3: Investment Opportunities - There is a strong focus on capturing opportunities in the new wave of artificial intelligence technology and industry revolution, particularly in AI application investments [3]. - Short-term attention should be directed towards policy-driven areas, especially in self-reliance initiatives, with specific interest in foundational software and hardware, as well as industry application software [4].

Group 1: AI and Innovative Drug Sectors Performance - The A-share AI sector and Hong Kong innovative drug sector experienced significant gains during the first week of June, with several stocks like Zai Lab rising over 25% and others like CSPC Pharmaceutical and Innovent Biologics increasing over 10% [2][3] - Over 1,000 non-cash ETFs saw gains, with AI-themed ETFs from Huabao, Southern, Guotai, and Huaxia rising over 6% [2] - The recent concerns regarding AI computing power investment excess have eased, leading to a potential recovery in overall industry valuation levels [2] Group 2: Bond ETF Growth - As of June 6, the total scale of 29 bond ETFs surpassed 300 billion yuan, with an increase of over 130 billion yuan since the beginning of the year [6][7] - The development of bond ETFs has accelerated significantly, with the first bond ETF launched in March 2013 and the total scale reaching 1 trillion yuan in May 2024, 2 trillion yuan in February 2025, and now 3 trillion yuan [7] - The shift towards beta return management due to decreasing alpha returns has made bond index funds and passive investment products increasingly important [7][8] Group 3: Fund Flows and Market Dynamics - The 信创 (Xinchuang) theme ETFs attracted significant capital inflows, with a total net inflow of over 4.5 billion yuan last week, driven by the suspension of major weighted stocks [4][5] - Conversely, the recently surging Hong Kong medical-themed ETFs experienced notable capital outflows, with over 600 million yuan net outflow last week [5] - The market dynamics indicate a high trading congestion level in the innovative drug sector, which may lead to increased volatility [2]

Group 1 - The core point of the report indicates that the profit growth rate for Q1 2025 turned positive primarily due to a low base effect rather than an inherent improvement in the profit cycle [2][13][21] - The report highlights that the A-share market is currently in the longest historical negative growth period, which has resulted in a very low base for comparison [2][15] - The analysis of Q1 2025 shows that overall demand has not yet shown signs of recovery, with revenue growth remaining weak [2][13] Group 2 - The report identifies that the profit growth rate in Q1 2025 exhibited structural differentiation, with significant contributions from the non-bank financial sector, non-ferrous metals, and agriculture, forestry, animal husbandry, and fishery sectors [3][33] - Non-bank financials contributed 51.4% to the profit growth, followed by non-ferrous metals at 33.4%, and agriculture, forestry, animal husbandry, and fishery at 30.4% [3][34] - Excluding these three sectors, the remaining industries continued to experience negative growth, with a decline of -0.61% [3][33] Group 3 - The report predicts that the inherent profit bottom for A-shares is not expected to occur before Q3 2025, considering the repair of corporate balance sheets and the impact of medium to long-term loans on industrial profits [4][36] - The analysis suggests that the difference in year-on-year growth rates between non-financial enterprises and household deposits serves as a leading indicator for A-share earnings performance [4][36][40] - The report also notes that the growth of new medium to long-term loans typically leads to an increase in corporate capital expenditures and profit expansion, although the current trend shows a decline [4][37][39] Group 4 - The report outlines that several industries are expected to maintain a growth rate of over 20% in Q1 2025, excluding base effects, including optical electronics, feed, aquaculture, marine equipment, and others [41][42] - The report emphasizes that the overall confidence of enterprises has not yet recovered, with both capacity and inventory cycles remaining at low levels [26][31] Group 5 - The investment strategy suggests focusing on domestic consumption sectors such as clothing, automobiles, and food, as well as technology and military sectors [5][47] - The report recommends attention to cost improvement-driven sectors like aquaculture and precious metals, and structural opportunities in overseas markets due to improved trade relations [5][47]

中国软件（600536.SH）公司事件点评 引进重要产业投资者，麒麟软件龙头地位进一步强化 2025 年 06 月 08 日 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 44.97 元 | ➢ 事件概述：2025 年 6 月 4 日，公司发布《中国软件与技术服务股份有限公 司关联交易进展公告》，麒麟软件增资扩股募集资金不超过 30 亿元，其中公司 拟以非公开协议方式参与认购，经进场交易遴选的合格投资人认购不超过 10 亿 元。 ➢ 有望引进中移资本等重要投资者，产业协同效应可期。1）2024 年 12 月， 中国软件控股子公司麒麟软件拟增资扩股募集资金不超过 30 亿元。以 2023 年 12 月 31 日为基准日，麒麟软件股东全部权益评估值为 83.55 亿元。2）麒麟软 件收到《上海联合产权交易所有限公司增资结果通知》后，于 2025 年 6 月 3 日 与北京工融顺禧股权投资基金（有限合伙）等多家投资机构共同签署《麒麟软件 有限公司增资协议》。其中，具有多名产业背景的投资机构，包括中移资本、中 石化资本等。根据公司公告，股权变更后，麒麟软件股权结构中，中国软件持股 比例预 ...

Market Overview - The stock indices collectively rose this week, with the Shanghai Composite Index closing at 3385.36 points, up 1.13%, and the Shenzhen Component Index at 10183.7 points, up 1.42% [2][4] - Total trading volume in the Shanghai and Shenzhen markets reached 4.74 trillion yuan, with the Shanghai market accounting for 1.87 trillion yuan and the Shenzhen market 2.87 trillion yuan [2] ETF Fund Flows - A total of over 80 billion yuan flowed out of stock and cross-border ETFs this week, with significant outflows from the securities-related ETFs [4][5] - The major index ETFs saw a combined net outflow of 40.38 billion yuan, with the ChiNext ETF alone experiencing a net outflow of 14.6 billion yuan [4] Sector Performance - The "信创" (Xinchuang) related ETFs attracted significant inflows, with a total of over 40 billion yuan entering these funds this week [5][7] - Specific "信创" ETFs such as 562570 and 159537 saw net inflows of 18.29 billion yuan and 9.26 billion yuan, respectively [6][8] Notable ETF Transactions - Six ETFs had trading volumes exceeding 100 billion yuan this week, indicating strong investor interest [9] - The "信创" ETFs are expected to benefit from the merger of two major computing power companies, which is anticipated to enhance the industry landscape [8] Future Outlook - Analysts suggest that the market will continue to experience structural opportunities, with a focus on sectors like innovation and technology [4][11] - The Chinese innovative drug industry is projected to enter a growth phase starting in 2025, driven by several key factors including improved policy environments and significant business development transactions [11]

Group 1 - A-shares experienced a slight consolidation with a total market turnover of 1.18 trillion yuan, down from 1.32 trillion yuan the previous day [1] - High dividend and high cash flow assets showed defensive strength, with the largest bank ETF (512800) successfully closing up and achieving a four-day winning streak [1][16] - The technology sector showed mixed performance, with the ChiNext index down 0.45%, halting its three-day rise, while AI-related ETFs continued to perform well [1][21] Group 2 - The Xinchuan ETF (562030) saw a significant trading volume of over 2 billion yuan, marking a historical high, driven by the merger of Haiguang Information and Zhongke Shuguang [3][6] - The Xinchuan ETF's weight of the two companies reached 9.47%, indicating strong investor interest in the sector [3][10] - The data industry ETF (516700) also performed well, with a weight of 8.27% for Zhongke Shuguang, reflecting the growing interest in domestic technology [10][12] Group 3 - The banking sector has shown resilience, with the bank ETF (512800) rising 0.31% on June 6, continuing its upward trend after a brief consolidation [14][16] - The banking index has outperformed the broader market, with a year-to-date increase of 8.98%, surpassing the Shanghai Composite Index by 9.94 percentage points [16][18] - The banking sector is characterized by low valuations and high dividend yields, making it an attractive option for risk-averse investors [16][18] Group 4 - The financial technology ETF (159851) led the market decline, dropping 1.9%, but still attracted significant inflows, indicating investor confidence in future opportunities [21][25] - The financial technology sector has seen a cumulative increase of 7.51% over the past two weeks, outperforming major indices [23][24] - Upcoming policies and technological advancements in AI are expected to drive further growth in the financial technology sector [25][26]