Group 1 - The core viewpoint of the article highlights that the current valuation of the technology sector is at approximately 50% or below historical levels, with certain segments like semiconductor materials and emerging technologies showing higher valuations compared to their three-year history [1] - The Pacific Securities report indicates that the PB-ROE values for the Sci-Tech 50 and growth style are the lowest, suggesting that investors are paying the least growth premium for these sectors, which implies a higher margin of safety [1] - Recent performance shows that industries such as pharmaceuticals, communications, and media have seen significant gains, while the computer industry has experienced the largest downward adjustment in profit expectations [1] Group 2 - The Sci-Tech 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which includes 100 securities with larger market capitalization and better liquidity from the Sci-Tech board, covering strategic emerging industries like new-generation information technology and biomedicine [1] - The index can experience daily fluctuations of up to 20%, reflecting the overall performance of leading technology innovation companies in the Sci-Tech board market [1] - Investors without stock accounts are advised to consider the Guotai CSI Sci-Tech 100 ETF Initiated Link A (019866) and Guotai CSI Sci-Tech 100 ETF Initiated Link C (019867) [1]

Group 1 - The core viewpoint is that Tianjin Binhai High-tech Zone is actively supporting the development and concentration of the Xinchuang industry through various initiatives and financial incentives [1] - The zone has attracted over 1,000 ecological enterprises in the Xinchuang industry, forming a core industrial chain centered around basic hardware, software systems, and "Xinchuang + services" [1] - The overall industrial scale of the Xinchuang sector in the Binhai High-tech Zone has exceeded 72 billion yuan [1]

Core Viewpoint - Tianjin Binhai New Area is actively supporting the development of the Xinchuang industry, focusing on project implementation, industrial promotion, and enterprise services, with significant financial backing to attract industry elements and create a hub for the Xinchuang industry [1] Group 1 - The Binhai New Area has gathered over 1,000 ecological enterprises in the Xinchuang industry [1] - The industry chain focuses on core areas such as basic hardware, software systems, and "Xinchuang + services" [1] - The overall industry scale has exceeded 72 billion yuan [1]

Group 1 - The core viewpoint indicates a decline in the "信创" concept stocks, with notable drops in companies such as 用友网络 (over 6% decline), 金山办公 (over 5% decline), and others like 华大九天, 三六零, and 深信服 (over 2% decline) [1] - The ETF tracking the 中证信息技术应用创新产业指数 has also experienced a decline of over 2% [1] - The 中证信息技术应用创新产业指数 includes up to 50 listed companies involved in various segments such as basic hardware, software, application software, information security, and external devices, reflecting the overall performance of the 信创 industry [2] Group 2 - Some brokerages report that the current "信创" sector is experiencing a continuous recovery in prosperity, with both the number and scale of tenders showing positive growth on a month-on-month basis [2] - Companies in the database-related segment of the 信创 sector are expected to see significant growth in their performance by the first half of 2025, confirming the high prosperity of the industry [2] - Other segments with longer revenue recognition cycles are anticipated to improve or grow in performance in the second half of the year [2]

Group 1 - The core viewpoint emphasizes that the Xinchuang (Information Technology Application Innovation Industry) is crucial for digital transformation and is expanding into key sectors such as finance, energy, telecommunications, and education, while facing challenges like uneven development [1] - The report titled "2024 Cybersecurity Autonomous Innovation Research Report" highlights that domestic software and hardware have achieved large-scale applications in core business scenarios within certain industries, with significant improvements in the performance of autonomous innovation technologies [1] - The report covers 10 key industries, 28 application scenarios, and 155 real cases, showcasing the diversity and innovation of Xinchuang technology in practical applications, with finance leading in investment exploration [1] Group 2 - Further deepening autonomous innovation requires a dual approach from both supply and demand sides to elevate Xinchuang work from quantitative to qualitative changes [2] - The current Xinchuang industry is transitioning from "few, slow, poor, and expensive" to "many, fast, good, and economical," indicating a positive development phase [2] - Chengmai Technology launched a product matrix for Xinchuang and established the "Xinchuang Win-Win Ecological Alliance" with several companies to accelerate the development of the Xinchuang industry [2]

Core Insights - The event highlighted the urgent need for domestic operating systems to replace foreign dependencies due to ongoing international technology blockades [2] - The launch of the Chengmai Xinchuang server based on the Longxin 3C6000 processor marks a significant step in enhancing China's information technology autonomy [1][4] - Chengmai Technology aims to deepen collaboration with Longxin Zhongke to drive innovation in high-performance Xinchuang products [4] Industry Developments - The domestic Xinchuang industry has made significant progress in key technology areas, establishing a complete ecosystem covering hardware, software, and information security [2] - Chengmai Technology has developed a full-chain product system that includes operating system development, Xinchuang complete machines, and industry solutions [2] - The integration of Longxin 3A6000 processor with Tongxin UOS system has resulted in a fully independent Chengmai Xinchuang computer, offering rapid boot times and high stability [2] Product Innovations - The newly launched Chengmai Xinchuang server supports 24/7 stable operation and is compatible with various domestic operating systems, enhancing its utility for complex tasks like AI model training [4] - The Chengmai P1 desktop and N1 laptop showcase breakthroughs in user-friendly Xinchuang terminals, achieving a 10-second boot time and significantly improved office efficiency compared to Intel i7 platforms [4] - The introduction of the "Hanlian" ecosystem adaptation system allows seamless compatibility with Windows applications, addressing challenges in migrating legacy business systems [4] Future Directions - Chengmai Technology plans to continue optimizing the "operating system + chip" collaborative model to accelerate the application of cutting-edge technologies in various sectors [3] - The company is committed to increasing investment in technological innovation and product development to support the national Xinchuang strategy [4] - The strategic collaboration with Longxin Zhongke is expected to deepen, focusing on core computing power and autonomous ecosystems to lead the innovation of high-performance Xinchuang products [4]

Group 1 - The big data industry continues to show activity, with companies like Aofei Data and Kehua Data rising over 5% [1] - The big data industry ETF (516700) is actively trading, with a morning increase of 1.02%, aiming for a third consecutive day of gains [1] - The People's Bank of China plans to develop a new stage financial technology development plan to enhance financial digitalization and intelligence [3] Group 2 - CITIC Construction Investment Securities notes that the domestic third-party payment industry is experiencing a continuous improvement in industry prosperity due to supply-side clearing and demand-side warming [4] - The payment sector is expected to see new growth points from service expansion and infrastructure development, particularly in cross-border payment systems [4] - The "golden triangle" of the Xinchuang industry is being built through policy support, AI empowerment, and the urgent need for domestic alternatives [4] Group 3 - The big data industry ETF (516700) tracks the CSI Big Data Industry Index, focusing on sectors like data centers and cloud computing [6] - Investors interested in technology self-reliance should pay attention to three catalysts: high-level calls for technology leadership, the activation of digital productivity, and the acceleration of the Xinchuang 2.0 wave [7] - The Xinchuang ETF (562030) covers core segments of the Xinchuang industry chain, including hardware, software, and information security, and is characterized by high growth and elasticity [7]

Group 1 - The banking and pharmaceutical sectors are leading the A-share market, with active indices in antibiotics, blood products, stem cells, weight loss drugs, and lithium battery anodes [1] - The recent restructuring announcements from Haiguang Information and Zhongke Shuguang have led to their stocks resuming trading, with Zhongke Shuguang planning to merge with Haiguang Information through a share swap, resulting in Zhongke Shuguang's delisting [1] - The restructuring will allow Haiguang Information to inherit all assets, liabilities, businesses, personnel, contracts, and other rights and obligations of Zhongke Shuguang [1] Group 2 - Huachuang Securities reports that the integration in the Xinchuang industry chain is accelerating towards "technology complementary integration" and "ecological closed-loop construction," forming a dual path of vertical collaboration between software service providers and hardware manufacturers [2] - Current mergers and acquisitions in the industry exhibit three characteristics: 1) Technology synergy orientation, exemplified by the strategic restructuring of Zhongke Shuguang and Haiguang Information, which connects the "chip design-liquid cooling server-industry solution" chain [2] 2) Policy-driven concentration, enhancing industry concentration and encouraging mergers to optimize resource allocation [2] 3) International ecological layout, allowing companies to acquire core technologies through cross-border mergers and build a global supply chain [2] Group 3 - The Xinchuang ETF (562570) tracks the CSI Information Technology Application Innovation Industry Index (300832), focusing on autonomous and controllable leading companies in cutting-edge technology sectors such as artificial intelligence, data computing power, industrial software, and information security [3] - As of June 9, the top ten weighted stocks in the index include Inspur Information, Haiguang Information, and Zhongke Shuguang, with a total weight of 47.72% [3] - The Xinchuang ETF has seen a continuous net inflow of funds for 16 trading days since May 16, totaling a net inflow of 2.278 billion yuan [3]

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Viewpoints - The recent release of the security reliability assessment results is expected to catalyze local procurement in the Xinchuang industry, accelerating procurement processes across various regions [2][4] - Key upcoming policy assessment years, such as 2025 and 2027, are anticipated to drive industry momentum, with a focus on domestic chip supply chains, domestic operating systems, and the Huawei supply chain [2][4] - The report highlights the leading domestic database company, Dameng Data, as a key investment opportunity within the Xinchuang sector [2] Summary by Sections Event Description - On March 14, 2025, the China Information Security Evaluation Center and the National Confidentiality Technology Evaluation Center released the first security reliability assessment results for 2025 [4] Event Commentary - The assessment results included 8 CPU products, 1 desktop operating system, and 1 server operating system, with a total of 42 CPU products, 7 desktop operating systems, 11 server operating systems, 17 centralized databases, and 11 distributed databases having passed the assessments [8] - The accelerated pace of security reliability assessments is expected to influence local procurement parameters and timelines positively [8] - The report notes that 2025 is a critical year for the Xinchuang industry, with the potential for a new round of procurement tenders to commence soon [8] Investment Opportunities - The report suggests focusing on investment opportunities in the domestic chip supply chain, domestic operating systems, and the Huawei supply chain, particularly highlighting Dameng Data as a leading player in the domestic database market [2][8]

Investment Rating - The report indicates a shift from strong beta to strong alpha in the computer industry, suggesting a focus on sectors with significant growth potential such as AI applications, cloud computing, and domestic innovation [4][6][7]. Core Insights - The report emphasizes the importance of AGI (Artificial General Intelligence) expectations, highlighting that the release of Manus has intensified market interest in AGI, which could lead to a significant evolution in technology companies and AI applications [7][8]. - The RISC-V open-source ecosystem is rapidly developing, with a projected compound annual growth rate (CAGR) of over 40% for RISC-V based SoCs, expected to reach 20 billion units by 2024 and over 200 billion by 2031 [9][11]. - The report suggests focusing on companies within the RISC-V ecosystem and those involved in AI, cloud computing, and domestic innovation, such as Haiguang Information, Keda Information, and others [8][19]. Summary by Sections Industry Overview - The computer industry index rose by 6.46% from March 2 to March 8, outperforming the ChiNext index by 4.85 percentage points [21][22]. - The report notes that the current momentum in the computer industry is comparable to the upward trend observed from 2018 to 2020, but with stronger potential this time [4][6]. RISC-V Ecosystem - RISC-V architecture is rapidly evolving, characterized by its modularity and open-source nature, which allows for high scalability and low energy consumption [11][12]. - The domestic RISC-V ecosystem is thriving, with major companies like Alibaba and Huawei actively participating, and the RISC-V International Foundation has over 4000 members from 52 countries [9][14]. - Investment recommendations include companies like Haiguang Information, Cambrian, and Loongson Technology, which are positioned to benefit from the increasing penetration of domestic software and hardware [19][20]. Market Performance - The report highlights that the computer industry has shown strong performance, with significant weekly gains and a notable increase in trading volume [21][22]. - Specific stocks such as Xinkai Pu and Hengfeng Information have seen substantial weekly increases, indicating strong market interest [23]. Major News - The report covers significant developments in AI, including the launch of the QwQ-32B model by Alibaba, which demonstrates competitive performance with significantly fewer parameters compared to existing models [36]. - The report also notes the increasing deployment of AI technologies in the financial sector, with multiple institutions adopting the DeepSeek model for various applications [44].