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]

9月24日—26日，2025年中国国际信息通信展览会（PT展）在北京国家会议中心举行。本次PT展上，诺基亚贝尔带来了基于AI智能体的网络自智运维解决方 案。展台上，"迈向L5完全自智"的标识引人驻足。 诺基亚贝尔云网服务事业部自智网络负责人王琳对21世纪经济报道记者表示，自智网络从level 0到level 5代表着从全人工值守到完全无人值守的演进，目前 中国的运营商大概达到了Level 3.5，部分场景实现Level 4，即仍然需要人工进行监督检查。公司此次带来的便是推进自智网络走向完全自智的愿景、方案， 主要包含四大关键路径，一是可信的AI-Ready数据，可以实现从保障数据质量到为AI组织数据；二是可度量的全自动流程，对运营模式进行充分变革，打通 流程中的断点；三是可进化的聪明Agents，它可推理可行动，还能在工作中自主学习，进行准确的意图管理；四是可推演的"网络孪生"，可通过全息拓扑实 时反映网络状态。"这四点是帮助运营商实现全智能的、无人值守的网络的核心"。 21世纪经济报道见习记者冉黎黎 北京报道 ...

Market Overview - Global stock markets showed mixed performance, with Hong Kong and China leading gains, while U.S. markets faced downward pressure due to high valuations concerns expressed by Fed Chair Powell[3][9]. - The U.S. dollar index rose by 0.6% to 97.87, while the Japanese yen led declines among G-10 currencies[4][26]. Stock Market Performance - The Hang Seng Index increased by 1.37% to 26,500 points, driven by strong performances from technology stocks, particularly Alibaba, which surged by 8.19%[11][9]. - A-shares also performed well, with the Shanghai Composite Index rising by 0.83% to 3,853 points, and the Shenzhen Component Index up by 1.8%[16]. Sector Analysis - In the U.S., 7 out of 11 S&P sectors declined, with the materials sector leading the losses at 1.59%, while the energy sector gained 1.23%[9]. - In Hong Kong, the technology sector led gains with a 2.53% increase, while utilities and healthcare sectors faced declines[12]. Commodity and Bond Market Insights - International oil prices rose over 2%, with WTI crude oil increasing by 2.49% to $64.99 per barrel due to ongoing supply risks from Russia[4][26]. - The U.S. bond market faced pressure from a large issuance of corporate bonds, including Oracle's $18 billion offering, leading to fluctuations in yields[29]. Economic Indicators - U.S. new home sales unexpectedly surged over 20% in August, indicating a robust housing market[6]. - China's central bank advisor called for fiscal support for the real estate sector, highlighting ongoing economic challenges[6]. Key Developments - The U.S. initiated a 232 investigation into imported medical devices, which may lead to tariffs affecting the industry[6]. - TSMC announced a 50% price increase for its 2nm process technology, impacting semiconductor pricing across the industry[22].

（文章来源：每日经济新闻） 每经AI快讯，9月25日，A股新易盛涨逾6%，成交额超100亿元。 ...

Market Overview - The total margin balance in the two markets is 24,167.9 billion, showing a slight decrease of 0.03% compared to the previous period [1] - The financing purchase amount is 2,778.2 billion, which represents an increase of 8.34% [1] Industry Insights - The top 20 industries by margin balance are as follows: - Semiconductor: 1,620.1 billion - Securities: 1,428.9 billion - Communication Equipment: 862.8 billion - Banking: 766.6 billion - Software Development: 746.9 billion - Battery: 745.8 billion - Automotive Parts: 630.4 billion - IT Services: 593.9 billion - Consumer Electronics: 569.8 billion - Automotive Complete Vehicles: 542.8 billion - Military Equipment: 529.3 billion - Components: 525.3 billion - Chemical Pharmaceuticals: 510.9 billion - Electric Power: 502.0 billion - Photovoltaic Equipment: 491.5 billion - General Equipment: 435.0 billion - Optical Electronics: 425.5 billion - Computer Equipment: 420.0 billion - Industrial Metals: 400.3 billion - Building Decoration: 367.4 billion [2] Individual Stock Insights - The top five stocks by financing purchase amount are: - Luxshare Precision: 46.6 billion, with a financing purchase ratio of 12.81% and a price increase of 7.79% - Zhongji Xuchuang (300308): 44.0 billion, with a financing purchase ratio of 18.89% and a price increase of 3.90% - Shenghong Technology (300476): 39.2 billion, with a financing purchase ratio of 19.03% and a price decrease of 0.43% - SMIC: 36.9 billion, with a financing purchase ratio of 20.34% and a price decrease of 0.32% - Xinyi Technology (300502): 32.7 billion, with a financing purchase ratio of 16.65% and a price increase of 2.92% [3]

截至发稿，江峰累计任职时间5年166天，现任基金资产总规模57.82亿元，任职期间最佳基金回报 120.41%， 任职期间最差基金回报2%。 王颖累计任职时间8年224天，现任基金资产总规模61.76亿元，任职期间最佳基金回报52.11%， 任职期 间最差基金回报-8.42%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 9月25日，汇源通信涨5.16%，截至发稿，报14.07元/股，成交8932.10万元，换手率3.37%，总市值27.22 亿元。 资料显示，四川汇源光通信股份有限公司位于四川省成都市高新区天府大道北段28号茂业中心C座2605 号，成立日期1994年3月4日，上市日期1995年12月20日，公司主营业务涉及电力光缆、在线监测、气吹 微缆、塑料光纤及相关配套产品、高速公路机电工程材料及施工。主营业务收入构成为：光缆和光纤产 品48.96%，在线监测产品44.12%，通信工程及系统集成3.51%，其他(补充)3.40%。 从汇源通信 ...

Core Insights - On September 24, Dongsoft Carrier's stock rose by 6.20%, with a trading volume of 473 million yuan [1] - The company reported a financing buy-in of 63.49 million yuan and a net financing buy of 2.41 million yuan on the same day [1] - As of September 24, the total financing and securities lending balance for Dongsoft Carrier was 370 million yuan [1] Financing Summary - On September 24, Dongsoft Carrier had a financing buy-in of 63.49 million yuan, with a current financing balance of 368 million yuan, representing 4.38% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level of financing activity [1] - In terms of securities lending, 1,000 shares were repaid while 3,900 shares were sold, with a total selling amount of 70,800 yuan [1] Company Performance - As of September 19, the number of shareholders for Dongsoft Carrier increased by 1.28% to 36,700, while the average circulating shares per person decreased by 1.27% to 11,077 shares [2] - For the first half of 2025, the company reported a revenue of 504 million yuan, a year-on-year decrease of 9.46%, and a net profit attributable to shareholders of 13.52 million yuan, down 76.36% year-on-year [2] Dividend and Shareholding Information - Since its A-share listing, Dongsoft Carrier has distributed a total of 1.268 billion yuan in dividends, with 162 million yuan distributed in the last three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 3.6718 million shares, a decrease of 297,700 shares from the previous period [3]

Core Insights - On September 24, 2023, XW Communication's stock rose by 2.21%, with a trading volume of 1.083 billion yuan [1] - The company experienced a net financing buy of -99,400 yuan on the same day, with a total financing balance of 1.576 billion yuan [1] Financing Summary - On September 24, XW Communication had a financing buy of 143 million yuan, with a current financing balance of 1.569 billion yuan, representing 6.15% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level [1] - In terms of securities lending, 700 shares were repaid while 3,600 shares were sold, with a selling amount of 94,900 yuan [1] - The remaining securities lending volume is 243,700 shares, with a balance of 6.4264 million yuan, which is below the 30th percentile of the past year, indicating a low level [1] Company Overview - XW Communication, established on April 27, 2006, and listed on November 5, 2010, is located in Bao'an District, Shenzhen, Guangdong Province [1] - The company's main business involves the research, development, production, and sales of mobile terminal antenna systems and related technical services, with 100% of its revenue coming from RF components [1] Shareholder and Financial Performance - As of August 31, 2023, the number of shareholders increased by 3.81% to 90,500, while the average circulating shares per person decreased by 3.67% to 9,108 shares [2] - For the first half of 2025, XW Communication reported a revenue of 3.703 billion yuan, a year-on-year decrease of 1.15%, and a net profit attributable to shareholders of 162 million yuan, down 20.18% year-on-year [2] - Since its A-share listing, the company has distributed a total of 598 million yuan in dividends, with 193 million yuan distributed in the last three years [2] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 37.3987 million shares, an increase of 30.0896 million shares from the previous period [2] - E Fund's ChiNext ETF is the fourth-largest circulating shareholder with 20.0894 million shares, a decrease of 520,000 shares [2] - Southern CSI 500 ETF is the fifth-largest circulating shareholder with 14.3944 million shares, an increase of 1.9091 million shares [2] - Huaan ChiNext 50 ETF is the ninth-largest circulating shareholder with 7.5802 million shares, a decrease of 656,800 shares [2]

Core Viewpoint - Haige Communication's stock performance and financial metrics indicate a mixed outlook, with significant fluctuations in shareholder numbers and revenue, alongside high financing and margin trading levels [1][2]. Financing and Trading Activity - On September 24, Haige Communication's stock rose by 0.83%, with a trading volume of 657 million yuan. The financing buy-in amounted to 116 million yuan, while financing repayment was 105 million yuan, resulting in a net financing buy of 10.77 million yuan. The total financing and margin trading balance reached 2.695 billion yuan [1]. - The financing balance of 2.681 billion yuan represents 8.05% of the circulating market value, exceeding the 90th percentile of the past year, indicating a high level of financing activity [1]. - In terms of margin trading, on the same day, 28,700 shares were repaid, and 44,500 shares were sold short, with a selling amount of approximately 597,200 yuan. The remaining short selling volume was 1.055 million shares, with a balance of 14.158 million yuan, also above the 70th percentile of the past year [1]. Company Overview - Haige Communication, established on July 20, 2000, and listed on August 31, 2010, is based in Guangzhou, Guangdong Province. The company specializes in the research, production, and sales of military communication and navigation equipment [1]. - The revenue composition of Haige Communication includes: smart ecology (48.53%), wireless communication (30.93%), Beidou navigation (12.57%), aerospace (6.28%), and others (1.69%) [1]. Shareholder and Financial Performance - As of June 30, 2025, the number of shareholders reached 184,400, an increase of 80.17%, while the average circulating shares per person decreased by 43.44% to 13,437 shares [2]. - For the first half of 2025, Haige Communication reported a revenue of 2.229 billion yuan, a year-on-year decrease of 13.97%, and a net profit attributable to shareholders of 2.5138 million yuan, down 98.72% year-on-year [2]. - Since its A-share listing, Haige Communication has distributed a total of 3.556 billion yuan in dividends, with 867 million yuan distributed over the past three years [2]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included notable institutional investors such as the Fortune China Securities Military Industry Leader ETF, which increased its holdings by 12.7695 million shares to 38.155 million shares [2]. - Other significant shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 2.9384 million shares to 34.7536 million shares, and the Southern China Securities 500 ETF, which increased its holdings by 4.1299 million shares to 29.4458 million shares [2].