Group 1 - Liu Jipeng, a professor at China University of Political Science and Law, emphasizes the need for China to focus on high-tech investments rather than traditional sectors like liquor, questioning the sustainability of relying on alcohol for economic growth [1] - The liquor sector has dominated the market in the past five years, but Liu argues that it cannot be the sole driver for revitalizing China's economy, drawing a comparison to the absence of liquor in the "Seven Sisters" of the U.S. [1] - Liu acknowledges that investing in high-tech comes with high risks, stating that capital markets are characterized by a pursuit of high risk and high returns, and investors must be prepared for potential losses [1] Group 2 - Recent market data shows fluctuations in major indices, with the Shanghai Composite Index at 3853.30, down 0.34%, while the Shenzhen Component Index increased by 0.67% to 13445.90 [2] - The ChiNext Index rose by 1.58% to 3235.76, indicating a positive trend in growth-oriented sectors [2] - The hardware and communication equipment sectors have shown notable gains, with increases of 3.59% and 2.35% respectively, reflecting investor interest in technology-related stocks [3]

Market Overview - On September 25, the communication equipment sector rose by 2.28%, with Shenyu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Top Gainers in Communication Equipment Sector - Shenyu Co., Ltd. (300563) closed at 48.62, up 12.52%, with a trading volume of 502,800 shares and a transaction value of 2.365 billion [1] - Canqin Technology (688182) closed at 29.50, up 10.82%, with a trading volume of 237,800 shares and a transaction value of 690 million [1] - Cambridge Technology (603083) closed at 124.87, up 10.00%, with a trading volume of 394,300 shares and a transaction value of 4.721 billion [1] - New Yisheng (300502) closed at 376.00, up 6.02%, with a trading volume of 564,300 shares and a transaction value of 20.860 billion [1] Market Capital Flow - The communication equipment sector saw a net inflow of 1.493 billion from institutional investors, while retail investors experienced a net outflow of 570 million [2][3] - Major stocks like New Yisheng and ZTE Corporation (000063) had significant net inflows from institutional investors, amounting to 1.234 billion and 872 million respectively [3] Notable Decliners - Meilixin (301307) closed at 36.86, down 7.69%, with a trading volume of 250,900 shares [2] - Jiaxun Feihuan (300213) closed at 9.94, down 5.33%, with a trading volume of 353,600 shares [2] - ST Gaohong (000851) closed at 0.40, down 4.76%, with a trading volume of 199,300 shares [2]

9月25日消息，三大股指涨跌不一，创指涨1.58%。板块方面，游戏板块全天强势，（维权）涨幅居 前；AI产业链集体爆发，等多股涨停；其他电源设备板块震荡走高，、金时涨停；下跌方面，贵金属 板块全天调整，领跌；港口航运板块调整，跌幅居前。总体来看，个股跌多涨少，下跌个股超3800只。 截至收盘，沪指报3853.30点，跌0.01%；深成指报13445.90点，涨0.67%；创指报3235.76点，涨1.58%。 盘面上，游戏、其他电源设备、中国AI 50板块涨幅居前，贵金属、港口航运、燃气板块跌幅居前。 热点板块： 1、铜缆高速连接 神宇股份涨超15%，新亚电子涨停，、金田股份、泓淋电力等多股上涨。 消息面上，研报指出，与CPO对比来看，CPC技术具备更低的成本以及更高的可维护性，CPC技术的导 入直接为高速铜缆开辟自NV -cable tray、ASIC-AEC后的第三空间。 2、金属铜 耐普矿机20cm涨停，、双双涨停，、北方铜业、等多股上涨。 消息面上，矿业巨头Freeport McMoRan印尼子公司Grasberg矿山近期发生致命泥石流事故，推动全球铜 价大幅上涨并引发供应链担忧。这座全球第二大铜矿因 ...

Market Overview - The A-share market showed mixed results, with the Shanghai Composite Index down 0.01% to 3853 points, while the Shenzhen Component Index rose by 0.67% and the ChiNext Index increased by 1.58%, reaching a three-year high [1][2] - The total market turnover was 2.39 trillion yuan, an increase of 446 billion yuan compared to the previous trading day, with over 3800 stocks declining [1] Index Performance - Shanghai Composite Index: 3853.30, down 0.01% [2] - Shenzhen Component Index: 13445.90, up 0.67% [2] - ChiNext Index: 3235.76, up 1.58% [2] - The total turnover of the market was 2.39 trillion yuan [1] Sector Performance - The gaming sector saw a boost with 145 domestic online games approved in September, leading to a nearly 7% increase in Ice Glacier Network (300533) [3] - The power equipment sector performed well, with Shanghai Electric (601727) and Jinshi Technology both hitting the daily limit [3] - The superconducting concept was active, with Wolong Nuclear Material (002130) rising nearly 8% [3] - Other sectors with notable gains included holographic technology, blind box economy, and copper cable high-speed connections [3] - Conversely, the precious metals sector declined, with Shandong Gold (600547) leading the losses [3] - The shipping and port sector fell, with Nanjing Port (002040) dropping over 6% [3] - Gas stocks also faced declines, with Dazhong Public Utilities (600635) hitting the daily limit down [3] - Other sectors that saw declines included titanium dioxide, jewelry, and automotive services [3]

Core Viewpoint - The company has experienced significant growth in its second curve revenue, particularly in computing power and terminal products, which have nearly doubled year-on-year and now account for over 35% of total revenue [3]. Group 1: Revenue Growth - The company's server and storage revenue has increased by over 200% year-on-year [3]. - AI server revenue constitutes 55% of the total server revenue [3]. Group 2: Market Position and Orders - The company has recently secured the top share in a collective procurement for AI general computing devices (inference type) [3]. - The company is actively expanding its order acquisition efforts [3]. Group 3: Technological Advancements - The company has developed self-research capabilities for switching chips, achieving a key chip forwarding capacity of 12.8T [3]. - The company aims to upgrade its key chip forwarding capacity from 12.8T to 51.2T [3]. Group 4: Industry Outlook - The evolution of AI technology and its applications is expected to drive the construction of intelligent computing centers and increase business volume on the consumer side [3]. - This growth is anticipated to boost network construction and become a primary engine for ICT industry investment growth over the next 3-5 years [3]. - Cloud vendors are continuously investing in computing power, and the company's intelligent computing and terminal layout is expected to empower future growth [3].

格隆汇9月25日丨万马科技(300698.SZ)在投资者互动平台表示，公司已经成功与吉利、理想、上汽、东 风、岚图、智己等10多个知名汽车厂商建立紧密的合作关系，均有实际订单落地。 ...

Group 1 - ZTE Corporation's stock increased by 5.32% on September 25, reaching 46.31 CNY per share, with a trading volume of 10.268 billion CNY and a turnover rate of 5.62%, resulting in a total market capitalization of 221.526 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province. The company's main business includes investment in industrial ventures and sales of electronic and communication equipment components. The revenue composition is as follows: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - From the perspective of major fund holdings, one fund under Guotai Haitong Asset Management has ZTE Corporation as a significant investment. The Guotai Junan CSI 300 Index Enhanced Fund A (018257) held 662,900 shares, accounting for 1.23% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit today is approximately 1.5512 million CNY [2] - The Guotai Junan CSI 300 Index Enhanced Fund A (018257) was established on April 19, 2023, with a latest scale of 0.952 billion CNY. Year-to-date returns are 17.61%, ranking 2958 out of 4220 in its category; one-year returns are 36.19%, ranking 2627 out of 3820; and since inception, the return is 23.97% [2] Group 3 - The fund manager of Guotai Junan CSI 300 Index Enhanced Fund A (018257) is Hu Chonghai, who has been in the position for 3 years and 286 days. The total asset size of the fund is 8.512 billion CNY, with the best fund return during his tenure being 73.42% and the worst being -0.06% [3]

Group 1 - ZTE Corporation's stock increased by over 5%, reaching HKD 35.62 with a trading volume of HKD 1.318 billion [1] - Tianfeng Securities reported that in the first half of this year, ZTE's revenue from computing power and terminal products grew nearly 100% year-on-year, accounting for over 35% of total revenue [1] - The company's server and storage revenue increased by over 200% year-on-year, with AI server revenue making up 55% of this segment [1] Group 2 - ZTE has recently won a bid for AI general computing devices from China Mobile, securing the largest share of the total procurement [1] - The company has self-research capabilities for switching chips and has achieved a key chip forwarding capacity of 12.8T, with ongoing technological advancements aimed at upgrading this capacity to 51.2T [1] - The evolution of AI technology and its applications is expected to drive the construction of intelligent computing centers and increase business volume on the consumer side, which may become a major engine for ICT industry investment growth over the next 3-5 years [1] Group 3 - Cloud vendors are continuously investing in computing power, and ZTE's strategy of integrating intelligent computing with terminal products is anticipated to empower future growth [1]

Group 1 - ZTE Corporation's stock increased by 5.32% on September 25, reaching a price of 46.31 CNY per share, with a trading volume of 10.252 billion CNY and a turnover rate of 5.61%, resulting in a total market capitalization of 221.526 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province. The company's main business includes investment in industrial ventures and sales of electronic and communication equipment components. The revenue composition is as follows: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - From the perspective of major fund holdings, one fund under Dongzheng Asset Management has ZTE Corporation as its top holding. The fund, Oriental Red Advanced Manufacturing Mixed A (017848), reduced its holdings by 21,500 shares in the second quarter, now holding 50,100 shares, which accounts for 1.93% of the fund's net value, making it the largest holding [2] - The Oriental Red Advanced Manufacturing Mixed A fund was established on April 26, 2023, with a latest scale of 782.875 million CNY. Year-to-date returns are 27.72%, ranking 3,509 out of 8,173 in its category; one-year returns are 28.78%, ranking 4,951 out of 8,003; and since inception, the return is 21.3% [2]

Group 1 - The ChiNext Index has surpassed 3200 points, reaching a new high since January 6, 2022, with a year-to-date increase of 50% [1] - The ChiNext 50 ETF (159367) rose by 2.09%, with notable gains from stocks like Kunlun Wanwei (over 12%) and Xinyi Technology and Dangsheng Technology (over 7%) [1] - Since the launch on September 24 last year, the ChiNext series indices have surged, with the ChiNext 50 and Sci-Tech Innovation 50 indices increasing by over 100% [1] Group 2 - The ChiNext 50 Index selects the top 50 stocks by market capitalization and liquidity from the ChiNext Index, representing large-cap companies with strong growth potential [2] - The index covers industries such as batteries, securities, and communication equipment, reflecting the themes of "innovation, creation, and new technologies" [2] - The ChiNext 50 ETF (159367) has two core advantages: a 20% price fluctuation limit for greater trading flexibility and low management (0.15%) and custody fees (0.05%) to reduce investment costs [2] Group 3 - The artificial intelligence industry is experiencing a three-dimensional resonance of policy, technology, and demand, which is expected to continue driving technology investment as a main theme [1] - Companies within the ChiNext 50 Index that are related to the AI sector are likely to benefit from the high industry prosperity, contributing to the index's growth [1] - The demand for AI technologies in traditional industries is increasing, with expectations for explosive growth in reasoning demand ahead of disruptive applications [1]