资本在找能持续造血的企业，尤其是那些把技术当底牌的公司，所以大家把目光从传统行业慢慢挪到高科技、新能源、生物医药这种"新质生产力"的地方。 从去年到今年，市场经历了一波由几个风向标带起来的上涨，很多人跟着走，结果到了震荡期，很多票被放大镜检验，一些没核心技术的公司被市场淘汰 了，剩下的继续修整等待机会； 这种震荡其实有用，它把不合格的东西筛掉，也给真正的优质企业腾出空间，所以现在的盘面上既有挣扎的，也有磨砺后的等待，时间在给答案。 市场正在下一盘大棋，震荡不过是在等那些真正能改变游戏规则的公司上市，风声在变、节拍在调、钱在悄悄换台阶，我在这里把这事儿说清楚，让你知道 接下来可能会发生什么，但别急着下结论； 下面的内容会把来龙去脉讲明白，时间点要说清楚，人和事都不会藏着掖着。 现在市场的逻辑变了，老办法——翻财务报表、盯市盈率——还用得着，但已经不是主导了，最近几年大家更看"赛道"这个词，什么意思呢，就是看哪条路 能带来长期增长，而不是昨天谁涨得凶； 这两股力量叠加，就像给市场装了一个定时器，大家都在看表，但表走快走慢不能完全靠感受，我们只能看趋势和时间节点。 那些企业不光有漂亮的PPT，它们多数在做真正的技术 ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index dropping by 2.69% and the Hang Seng Tech Index falling by 3.41% [1] - Internet stocks collectively weakened, while the software and semiconductor sectors showed some localized activity [1] Company Performance - Kingsoft Software saw a significant increase, with its stock price rising over 18% at one point and closing up by 11.77% at HKD 35.9 per share [2] - Kingsoft Office also experienced a rise, with its stock price increasing by 7.19% to CNY 318.35 per share [5] Financial Highlights - Kingsoft Office reported a revenue of CNY 2.657 billion for the first half of 2025, marking a year-on-year growth of 10.12% [8] - The net profit attributable to shareholders was CNY 747 million, reflecting a year-on-year increase of 3.57% [8] - The number of monthly active devices for WPS Office reached 651 million, an increase of 8.56% year-on-year, achieving a historical high [8] Product and Innovation - Kingsoft Office launched the WPS 365 open ecosystem, which consists of capability, integration, and application layers, boasting over 8,000 partners and more than 60,000 applications [10] - The WPS 365 ecosystem aims to enhance collaborative office experiences and has achieved compatibility with the Model Context Protocol (MCP) [10] - The ecosystem currently provides APIs for various business scenarios, including cloud documents and calendars, with plans for future expansion [10] Regulatory Impact - The Ministry of Commerce announced new export controls on certain overseas rare earth-related items with Chinese components, emphasizing military use restrictions [7] - The announcement's attachment was notably formatted in WPS, highlighting the government's push for self-reliance in key technologies and information security [7]

Core Viewpoint - Some cloud computing concept stocks are rising against the market trend, indicating potential investor interest in this sector [1] Group 1: Stock Performance - Kingsoft (03888) increased by 15.13%, trading at HKD 36.96 [1] - China Software International (00354) rose by 6.1%, trading at HKD 6.26 [1] - Inspur Digital Enterprise (00596) gained 5.07%, trading at HKD 8.49 [1] - Kingdee International (00268) saw a modest increase of 1.04%, trading at HKD 16.48 [1] Group 2: Regulatory Developments - On October 9, the Ministry of Commerce issued Announcement No. 61 of 2025, implementing export controls on certain overseas rare earth-related items with Chinese components [1] - The new regulations state that military-use exports are generally not permitted [1] - The announcement's attachment has shifted to WPS format, requiring application documents to be submitted in Chinese, which has sparked significant discussion [1] Group 3: Industry Implications - The use of WPS for government documents reflects a broader initiative to promote key technology self-sufficiency and ensure information security [1] - Open Source Securities highlights that ongoing external friction emphasizes the trend towards self-sufficiency in core technology products, suggesting investment opportunities in the "Xinchuang" sector [1]

Core Viewpoint - Moer Technology has successfully passed the IPO review process in just 88 days, marking a significant milestone for the company and the domestic GPU industry [1] Group 1: Company Overview - Moer Technology, established in 2020, focuses on developing full-function GPUs aimed at high-performance computing fields such as AI, digital twins, and scientific computing [1] - The company has launched four generations of GPU architectures and has expanded its product matrix to cover AI intelligent computing, cloud computing, and personal intelligent computing applications [1] Group 2: Financial Performance - Since its establishment, Moer Technology has invested over 4.3 billion yuan in R&D, with R&D personnel accounting for over 75% of its workforce [2] - The company's revenue has shown significant growth, with figures of 0.46 million yuan in 2022, 1.24 million yuan in 2023, and 4.38 million yuan in 2024, resulting in a compound annual growth rate of 208.44% [2] - In the first half of 2025, Moer Technology's revenue reached 7.02 million yuan, surpassing the total revenue of the previous three years [2] - The gross margin improved dramatically from -70.08% in 2022 to 70.71% in 2024, with a gross margin of 69.14% reported in the first half of 2025 [2] Group 3: Industry Impact - The successful IPO of Moer Technology is expected to benefit the entire industry chain, including IP suppliers, packaging and testing manufacturers, system integrators, and software companies [1] - The company aims to enhance innovation project R&D investments in response to national strategies for promoting key technology independence and building new computing infrastructure [2] Group 4: Partnerships and Collaborations - Several listed companies have disclosed their shareholding in Moer Technology, indicating a growing interest in the company [3] - Strategic cooperation agreements have been signed with various companies to explore new applications and business models in intelligent computing [3][4]