Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index closing down 0.19%, the Shenzhen Component Index down 0.93%, and the ChiNext Index down 1.11% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.37 trillion yuan, a decrease of 159.9 billion yuan compared to the previous trading day [1] Stock Performance - The Shanghai Composite Index closed at 3889.50, down 7.53 points [2] - The Shenzhen Component Index closed at 13231.47, down 123.95 points [2] - The ChiNext Index closed at 3078.76, down 34.50 points [2] - The Wande All A Index closed at 6304.08, down 22.32 points [2] Port and Shipping Stocks - Port stocks saw a collective surge, with Nanjing Port hitting the daily limit, and other stocks like Lianyungang, China National Offshore Oil Corporation, and Ningbo Maritime also rising [3] - Shipping stocks also experienced gains, with China National Offshore Oil Corporation and Ningbo Maritime rising over 6% at one point [3] Rare Earth Sector - The rare earth sector showed strong performance, with multiple stocks, including China Rare Earth, rising by 10% [5] - The rare earth index increased by 9.49%, closing at 3159.19 [6] - The Ministry of Commerce announced export controls on rare earth-related items, expanding the scope to include technologies and equipment, which covers the entire rare earth industry chain [6][7] Company Highlights - Kingsoft Office saw its stock price increase by over 8%, driven by the announcement that the Ministry of Commerce's recent notice would now be in WPS format, trending on social media [9] - Kingsoft Office reported a revenue of 1.748 billion yuan from its WPS personal business, a year-on-year increase of 8.38%, and a significant growth of 62.27% in WPS 365 business revenue [9]

10月13日，A股市场全天震荡回升，截至收盘，沪指跌0.19%，深成指跌0.93%，创业板指跌1.11%。沪 深两市成交额2.37万亿，较上一个交易日缩量1599亿。 消息面上，10月9日，商务部联合海关总署等部门发布多项公告，对稀土相关物项、技术、设备及原辅 料实施出口管制，管制范围从境内扩展至境外，新增稀土二次资源回收利用相关技术及生产线装配、调 试、维护等技术的出口管制，基本覆盖稀土全产业链，并首次涉及半导体及人工智能领域。 中信证券对此表示，稀土资源安全已上升至国家安全体系的核心维度，稀土产业链有望进入高质量发展 新时代。随着传统需求旺季到来，供需格局或持续向好，稀土价格有望稳中有进，预计今年三、四季度 稀土产业链业绩或逐季提升，持续推荐稀土产业链战略配置价值。 港口股、航运股集体拉升 部分港口股出现异动，南京港（002040）直线涨停，连云港、国航远洋、宁波海运（600798）等多股纷 纷跟涨。部分航运股也有拉升动作，国航远洋、宁波海运一度涨超6%，凤凰航运（000520）、华光源 海等跟涨。 从消息面来看，中国交通运输部10日发布公告，决定将于10月14日起对涉美船舶收取船舶特别港务费。 公告称， ...

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index down by 0.19% and the Shenzhen Component Index down by 0.93% as of October 13 [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 2.37 trillion yuan, a decrease of 159.9 billion yuan compared to the previous trading day [1] Port and Shipping Stocks - Port stocks saw a collective surge, with Nanjing Port hitting the daily limit, and other stocks like Lianyungang, China National Offshore Oil Corporation, and Ningbo Maritime also rising [3][4] - Some shipping stocks, including China National Offshore Oil Corporation and Ningbo Maritime, rose over 6% [4] Regulatory Changes Impacting Shipping - The Ministry of Transport of China announced that starting October 14, 2025, special port service fees will be charged for U.S.-owned or operated vessels, which could significantly impact Sino-U.S. maritime trade [6] - The fee structure will increase progressively, starting at 400 yuan per net ton in 2025 and reaching 1120 yuan per net ton by 2028 [7] Rare Earth Sector Performance - The rare earth sector showed strong performance, with stocks like China Rare Earth and Guangsheng Nonferrous rising by 10% [8][9] - Recent announcements from the Ministry of Commerce regarding export controls on rare earth-related items have expanded the scope of regulation, affecting the entire industry chain [8][9] Company-Specific Developments - Kingsoft Office saw its stock price increase by over 8% following the announcement that the Ministry of Commerce's recent notice would now be in WPS format, which gained significant attention on social media [10][12] - The company reported a revenue of 1.748 billion yuan from its WPS personal business, reflecting an 8.38% year-on-year growth, and a significant increase in WPS 365 business revenue by 62.27% [12] Leadership Changes - Vanke's stock price dropped following the resignation of its chairman, Xin Jie, after only nine months in office [13]

Group 1 - Kingsoft Software (03888.HK) saw a significant stock price increase, rising over 18% during trading on October 13, and closing at 10.02% higher at HKD 35.34 per share [2] - The Ministry of Commerce announced export controls on certain foreign rare earth-related items containing Chinese components, with the announcement's attachment now requiring WPS format, which is developed by Kingsoft Software [3] - Kingsoft Software reported a revenue of approximately CNY 4.645 billion for the first half of the year, a year-on-year increase of 0.75%, and a net profit attributable to shareholders of CNY 816 million, up 20.41% year-on-year [3] Group 2 - Other Hong Kong software stocks also experienced gains, with China Software International (00354.HK) up 6.1%, Inspur Digital Enterprise (00596.HK) up 5.07%, and Kingdee International (00268.HK) up 1.04% [4] - Huachuang Securities noted that the demand for domestic software is accelerating due to the push for self-reliance in technology, with several procurement standards from the Ministry of Finance in 2024 emphasizing the need for self-controllable solutions [4] - The domestic software industry's performance is gradually improving, indicating a potential turning point for high-quality development in the sector [4]

Core Points - The 25th China Patent Award was presented at the China International Patent Technology and Product Trade Fair on October 13, recognizing 30 invention and utility model patents with the China Patent Gold Award and 10 design patents with the China Design Gold Award [1][2] - Award-winning patents cover key core technology breakthroughs, high-end manufacturing, green and low-carbon initiatives, and life health, addressing critical technological challenges and achieving significant economic and social benefits [1][2] - The total sales revenue of the awarded patent products exceeded 580 billion yuan, providing strong intellectual property support for achieving high-level technological self-reliance and accelerating the development of new productive forces [1] Summary by Category Invention and Utility Model Patents - Notable inventions include a method for preparing high-voltage LDMOS devices, which plays a crucial role in ensuring energy security in China, and a new process for producing high-generation TFT-LCD glass substrates that advances China's display glass technology [2] - Other significant innovations include methods for echo cancellation in smart voice systems, database transaction processing for large-scale databases, and a new formulation of oseltamivir for flu treatment, ensuring safety for vulnerable populations [2] Design Patents - The National Intellectual Property Administration awarded 60 invention and utility model patents with the China Patent Silver Award and 15 design patents with the China Design Silver Award [2] - Additionally, 607 invention and utility model patents received the China Patent Excellent Award, along with 47 design patents recognized as China Design Excellent Awards [2] Historical Context - The China Patent Award, established jointly by the National Intellectual Property Administration and the World Intellectual Property Organization (WIPO), has been held successfully for 25 sessions since 1989, playing a significant role in encouraging independent innovation and promoting industrial development [2]

Group 1: Software ETF Performance - The Software ETF has a turnover rate of 13.16% and a trading volume of 720 million yuan, indicating active market participation [1] - The latest scale of the Software ETF reached 5.434 billion yuan, marking a one-month high and ranking first among comparable funds [1] - The latest share count of the Software ETF is 5.827 billion shares, also a one-month high and leading among comparable funds [1] - Over the past four days, the Software ETF has seen continuous net inflows, with a maximum single-day net inflow of 507 million yuan, totaling 620 million yuan [1] - As of October 10, 2025, the net value of the Software ETF has increased by 34.34% over the past three years [1] - The highest monthly return since inception is 39.35%, with the longest consecutive monthly increase being three months and a maximum increase of 69.40% [1] - The average return during the months of increase is 10.06% [1] Group 2: Key Holdings in Software Sector - As of September 30, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Tonghuashun, Kingsoft Office, Zhinan Zhen, Hengsheng Electronics, Runhe Software, 360, Tuo Wei Information, Yonyou Network, and Deepin Technology, collectively accounting for 62.41% of the index [1] Group 3: Industry Developments - The Ministry of Commerce announced export controls on certain foreign rare earth-related items containing Chinese components, with the announcement format changing to WPS, which has sparked discussions [2] - Huachuang Securities noted that the demand for domestic software is accelerating due to the need for self-reliance in technology, driving the development of secure and controllable industrial software and computing power industries [2] - The Ministry of Finance's procurement standards for 2024 emphasize self-reliance, and continuous updates to security assessments are expected to lead to high-quality industry development [2] - The domestic software industry's performance is gradually improving, confirming a turning point [2]

"十四五"是我国科技事业发展历程中具有里程碑意义的五年。这五年，科技创新能力稳步提升，科技强国根基不断夯实。我国在科技领域的投入也持续增 加，一起了解大科学装置的三大硬核本领。 0:00 硬核本领一： 从0到1挑战根本性科学问题 中国科学院自然科学史研究所研究员 陈朴：大科学装置不但关系着我们国家的未来的科技竞争力，它同时也可以像毛细血管一样渗透到我们人类生活的方 方面面。可以让我们未来的生活更方便、更便捷、更安全。所以投资大科学装置不单是投资我们国家的未来，也是投资人民和人类的福祉，关系着人类可持 续发展的未来。 硬核本领二： 创新策源 催生颠覆性技术突破 大科学装置是原始创新的策源地，能够催生颠覆性和变革性技术。例如，利用散裂中子源可以研究材料的内部应力，为航空航天、高铁等高端制造提供关键 数据。利用大科学装置平台，还能将新材料的研发周期和成本"减半"，为我国在芯片、新能源等关键领域实现突破提供强大工具，解决国家面临的"卡脖 子"技术难题。 硬核本领三： 关切民生 保障人民生命健康 大科学装置看似高大上，但其实与我们的日常生活和人民的生命健康息息相关。借助大科学装置解析蛋白质结构，可以更快地设计出针对癌症 ...

Core Viewpoint - The domestic software sector is experiencing strong growth, driven by the trend of self-sufficiency in technology and increasing demand for domestic products [1][2] Group 1: Market Performance - Major indices opened lower, but the domestic software sector saw a significant rally, with the software leader ETF (159899) rising by 2.3% [1] - Key stocks in the sector included Kingsoft Office, which surged by 17.51%, and China Software, which hit the daily limit, along with gains from Youyou Network (up 8.56%) and others [1] Group 2: Company Financials - Kingsoft Office reported a revenue of 1.748 billion yuan from its WPS personal business, marking an 8.38% year-on-year increase [2] - The WPS 365 business saw a substantial revenue increase of 62.27% year-on-year, reaching 309 million yuan [2] - The total revenue from WPS software was 542 million yuan, with global monthly active devices reaching 651 million, a year-on-year growth of 8.56% [2] Group 3: Industry Trends - The demand for domestic software is accelerating due to government procurement standards emphasizing self-sufficiency, with high-quality development expected in the industry [2] - The software leader ETF (159899) closely tracks the CSI All-Share Software Index, covering various segments such as basic software, application software, and cybersecurity [2]

Core Insights - The article emphasizes the significance of the BeiDou system in enhancing various industries and improving the quality of life, showcasing its evolution from a national to a global navigation system [1][13]. Group 1: Innovation and Development - President Xi Jinping highlights the importance of independent innovation in advancing technology and achieving breakthroughs in key core technologies [2]. - The BeiDou system serves as a model for technological self-reliance, with a focus on overcoming challenges in key technology development [3]. - The BeiDou satellite's onboard atomic clock is crucial for navigation accuracy, and the need for domestic production of these components was underscored due to previous supply chain issues [4][5]. Group 2: Achievements and Milestones - The BeiDou system has achieved a 100% localization rate for key components, reflecting the dedication of numerous scientists and engineers [9]. - The successful launch of the BeiDou-3 satellites marked a significant milestone, with the team overcoming various technical challenges to achieve this goal [10][12]. - The development of a short message communication platform aims to integrate BeiDou technology into everyday life, enhancing user interaction and functionality [12]. Group 3: Future Goals and Vision - The goal is to establish a comprehensive national timing and navigation system based on BeiDou by 2035, demonstrating a long-term vision for the system's evolution [9]. - The commitment to advancing the BeiDou system is evident in the ongoing efforts to innovate and improve its capabilities, ensuring it remains at the forefront of global navigation technology [14].

Investment Rating - The report maintains an "Accumulate" rating for the industry [5]. Core Insights - The urgency for domestic software innovation (信创) has significantly increased due to the U.S. imposing export controls on critical software and announcing a 100% tariff on Chinese imports starting November 1 [1][10]. - The domestic software market is projected to reach a scale of 2.66 trillion yuan by 2026, with a steady replacement rhythm of "2+8+N" in 2023 [2][20]. - Companies in the software sector have shown a recovery in Q2 2025, with notable revenue and profit growth, indicating a potential bottoming out of performance [3][22]. Summary by Sections Section 1: U.S. Export Controls and Domestic Urgency - The U.S. has announced export controls on all critical software, which has heightened the urgency for domestic software innovation in China [1][10]. - The specific details of the export controls are still pending, but they are expected to primarily affect foundational and high-end industrial software [1]. Section 2: Policy and Financial Tools - The "14th Five-Year Plan" emphasizes technological self-reliance, with significant financial tools being introduced to support emerging industries and infrastructure [2][16]. - A new policy financial tool with a scale of 500 billion yuan is being directed towards sectors like digital economy and artificial intelligence [16]. Section 3: Industry Performance and Positioning - Q2 2025 performance of key software companies indicates a recovery, with revenue growth rates such as 25% for China Software and 151% for Taiji Co. [22][23]. - Despite being a core area for AI, the computer sector has seen lower institutional allocation and growth compared to other TMT sectors [3][22]. Section 4: Companies to Watch - Recommended companies include China Software, Kingsoft, Dameng Data, and Taiji Co. in the critical software space, and Cambrian, Haiguang Information, and Zhongke Shuguang in domestic computing power [4][25].