Company Overview - Full Name: Xi'an Nova Star Cloud Technology Co., Ltd [1] - Abbreviation: Nova Star Cloud [1] - Stock Code: 301589.SZ [1] - IPO Application Date: December 27, 2021 [1] - Listing Date: February 8, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing [1] - IPO Sponsor: Minsheng Securities [1] - Legal Advisor: Beijing King & Wood Mallesons [1] - Audit Firm: Dahua Certified Public Accountants [1] Performance Evaluation - Disclosure Issues: Required to clarify whether the actual controller has changed in the last two years and to disclose relevant customer and supplier overlaps [1] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: Nova Star Cloud's listing cycle is 773 days, exceeding the average of 629.45 days for 2024 A-share listings [3] - Multiple Applications: Not applicable, no deductions [3] - Issuance Costs: Underwriting and sponsorship fees amount to 94.717 million yuan, with a commission rate of 5.81%, lower than the average of 7.71% [4] - First Day Performance: Stock price increased by 202.62% on the first day of listing [4] - Three-Month Performance: Stock price increased by 230.22% compared to the issuance price [5] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 21.93 times, which is 73.05% of the industry average of 30.02 times [6] - Actual Fundraising Ratio: Expected fundraising of 1.21 billion yuan, actual fundraising of 1.629 billion yuan, with an oversubscription ratio of 34.70% [7] - Short-term Performance Post-Listing: Revenue increased by 7.38% year-on-year, while net profit decreased by 2.31% year-on-year [8] - Abandonment Rate: Abandonment rate is 3.20% [9] Overall Score - Total Score: Nova Star Cloud's IPO project scored 86 points, classified as Grade B [9] - Negative Factors: Disclosure quality needs improvement, listing cycle exceeds two years, net profit decline in the first accounting year, and abandonment rate of 3.20% [9]

Core Viewpoint - Huibo Yuntong (301316.SZ) announced a joint investment and related party transaction involving the acquisition of 32.0875% of Baode Computer by its controlling shareholder Shenzhen Shenhui Holdings and Zhejiang Provincial State-owned Assets Supervision and Administration Commission [1][2]. Group 1: Transaction Details - Shenhui Holdings, which holds 21.16% of Huibo Yuntong, will acquire 22.0875% of Baode Computer, gaining control over it [2][6]. - The total valuation for Baode Computer is set at 4.5 billion yuan, with the share price for the transaction calculated at 6.7365 yuan per share, totaling approximately 1.443 billion yuan [3][4]. - The transaction involves cash payments from Shenhui Jinwei and Hangzhou Chantu to the sellers, with specific share allocations and corresponding prices detailed [3][4]. Group 2: Financial Performance - For the first half of 2025, Huibo Yuntong reported revenue of 1.0258754 billion yuan, a year-on-year increase of 33.50%, but a net profit attributable to shareholders of only 5.6477 million yuan, down 78.37% [4]. - The company also reported a negative net cash flow from operating activities of -118.3085 million yuan, compared to -45.6583 million yuan in the same period last year [4]. - Baode Computer is projected to achieve revenues of 9.2700421 billion yuan and 10.0077561 billion yuan in 2023 and 2024, respectively, with net profits of 200.7744 million yuan and 235.1358 million yuan [6][7]. Group 3: Future Commitments - The sellers, Horquos Baode and Baode Research Institute, have committed to ensuring that Baode Computer's audited net profit for 2025 meets or exceeds the forecasted figures in the evaluation report [3][4]. - If the actual net profit falls short, the sellers will compensate Shenhui Holdings for the difference [4].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - A-share market continued to rebound this week with an oscillating upward trend. The growth style performed well, driving up TMT-themed funds. However, many quantitative index-enhanced products still had mediocre excess returns. The weekly average daily trading volume of the two markets decreased by 10.63% week-on-week. If the trading volume continues to shrink, the chips in high-position sectors will loosen and differentiate, and the market will shift from a unilateral rise to a range-bound pattern. It is recommended to focus on the supplementary rise opportunities of low-position sectors. The basis of four types of stock index futures contracts showed differentiation, with the IM contract having a large discount and the IF contract having a large premium. In the upcoming week with a dense schedule of important macroeconomic events, the A-share market is likely to maintain a volatile and relatively strong market. It is recommended to focus on technology frontier tracks such as robotics and AI computing power, and also seize the rotation and supplementary rise opportunities of sectors such as securities, pig cycles, and games. After a deep adjustment, the national debt market has shown rare allocation value, and investors are advised to moderately increase the allocation ratio [1][11][16]. 3. Summary According to Relevant Catalogs 3.1 This Week's Market Review 3.1.1 Industry Index - The A-share market continued to rebound this week, with the growth style performing well and driving up TMT-themed funds. The weekly average daily trading volume of the two markets was 2.3 trillion yuan, a week-on-week decrease of 10.63%. The basis of four types of stock index futures contracts showed differentiation, and the average and median returns of neutral hedge funds this week were -0.06% and -0.08% respectively. This week, the electronics, real estate, agriculture, forestry, animal husbandry, and fishery, media, and computer sectors led the gains. The real estate and agriculture, forestry, animal husbandry, and fishery sectors had a relatively large increase in the weekly trading volume ratio compared with last week, while the trading activity of the comprehensive finance and national defense and military industry sectors decreased significantly. The real estate sector rose 5.82% this week, and the weekly trading volume ratio increased to a new high in the past four weeks at 1.50%. The power equipment and new energy sector only rose 0.50% this week, and the weekly trading volume ratio was a new high in the past four weeks at 9.04%, and the sector may face short-term adjustment pressure [11]. 3.1.2 Market Style - This week, the growth style index rose 3.56%, and the weekly trading volume ratio slightly decreased to 58.73%. The consumption style index rose 0.88%, and the weekly trading volume ratio increased to 11.85%. The financial style index performed weakly in the past month, rising only 0.24% this week, and the weekly trading volume ratio decreased significantly to a new low in the past four weeks at 5.59%. The cyclical style index rose 1.87%, and the weekly trading volume ratio increased to a new high in the past four weeks at 20.69%. The stable style index rose 1.14%, and the weekly trading volume ratio increased significantly to a new high in the past four weeks at 3.13%. Based on the CSI A-share index, the CSI 500 index led the gains this week, rising 3.38%, and the weekly trading volume ratio was a new high in the past four weeks at 19.03%, while the Shanghai and Shenzhen 300 index only rose 1.38%, and the weekly trading volume ratio decreased to 27.65%. In the past three months, the market has shown highly structured characteristics, and the CSI 500 index has performed strongly. In an environment with abundant liquidity, funds clearly prefer opportunities with certainty, driving the collective supplementary rise of high-quality leading stocks in various industries [15]. 3.2 Active Equity Funds 3.2.1 Funds with Excellent Performance in Different Thematic Tracks This Week - The report screened single-track and double-track funds based on six sectors: TMT, financial real estate, consumption, medicine, manufacturing, and cycle. Single-track funds are those with a position in a certain sector greater than 70% for multiple consecutive periods, and double-track funds are those with positions in two sectors both greater than 30% for multiple consecutive periods. The report listed the top five funds in each sector in terms of performance this week [20][21]. 3.2.2 Funds with Excellent Performance in Different Strategy Classifications - The report improved the growth, BP, and profit factors to obtain growth, valuation, and quality factors, and divided the funds into different types such as deep undervaluation, high growth, high quality, quality growth, quality undervaluation, GARP, and balanced cost-effectiveness. It also listed the funds with relatively excellent performance in different types of funds this week [22]. 3.3 Index-Enhanced Funds 3.3.1 Distribution of Excess Returns of Index-Enhanced Funds This Week - This week, the Shanghai Composite Index rose 1.52%, the Shenzhen Component Index rose 2.65%, the ChiNext Index rose 2.10%, the STAR 50 rose 5.48%, and the Beijing Stock Exchange 50 fell 1.07%. The representative indexes of the value style sector, such as the Shanghai 50, CSI 100, and Shanghai and Shenzhen 300, rose 0.89%, 1.54%, and 1.38% respectively, while the representative indexes of the growth style sector, such as the Small and Medium 100, CSI 500, CSI 1000, and CSI 2000, rose 3.66%, 3.38%, 2.45%, and 2.16% respectively. The report also listed the average and median excess returns of different index-enhanced funds and the top three funds in terms of excess returns in each category this week [25][26][30]. 3.4 This Week's Fund High-Frequency Position Detection - After excluding funds with high positions in Hong Kong stocks and Beijing Stock Exchange stocks, funds with a scale of less than 200 million yuan, industry-themed funds, and quantitative funds, the results showed that active equity funds significantly increased their positions in the basic chemical (0.61%), machinery (0.24%), and power equipment and new energy (0.19%) industries this week, and significantly reduced their positions in the electronics (0.55%), computer (0.41%), and national defense and military industry (0.19%) industries. From a one-month perspective, the positions in the electronics (2.12%) and communication (0.97%) industries increased significantly, while the positions in the banking (1.11%) and automobile (1.04%) industries decreased significantly [3][43].

9月15日，欧陆通涨5.06%，截至发稿，报235.86元/股，成交10.62亿元，换手率4.35%，总市值258.22亿 元。 资料显示，深圳欧陆通电子股份有限公司位于广东省深圳市宝安区航城街道三围社区航城大道175号南 航明珠花园1栋19号，成立日期1996年5月29日，上市日期2020年8月24日，公司主营业务涉及开关电源 产品的研发、生产与销售。主营业务收入构成为：计算机、通信和其他电子设备制造业99.57%，其他 (补充)0.43%。 从欧陆通十大流通股东角度 数据显示，睿远基金旗下1只基金位居欧陆通十大流通股东。睿远成长价值混合A（007119）二季度减 持18.52万股，持有股数65.74万股，占流通股的比例为0.61%。根据测算，今日浮盈赚取约746.81万元。 责任编辑：小浪快报 睿远成长价值混合A（007119）成立日期2019年3月26日，最新规模168.39亿。今年以来收益58.27%， 同类排名519/8246；近一年收益86.03%，同类排名833/8054；成立以来收益89.16%。 睿远成长价值混合A（007119）基金经理为傅鹏博、朱璘。 截至发稿，傅鹏博累计任职时间16年2 ...

过去的几十年，各大公司都在芯片上暗暗较劲：芯片涨价、GPU短缺、AI算力焦虑... 就在大家盯着芯片迭代升级时，微软在悄悄做另一件事：用光重新定义计算。 他们花了四年，用手机摄像头、Micro LED和透镜，拼出了一台模拟光学计算机（AOC）。 如今，这个实验已经登上Nature，带来了一个足以颠覆GPU的未来想象。 光子登场：固定点搜索的秘密 几十年来，算力的故事几乎都写在硅片上：摩尔定律的加速、GPU的堆叠、能耗的焦虑。 可在英国剑桥，微软研究院的一支小团队走了一条完全不同的路——让光来算数。 他们拼出了一台模拟光学计算机（AOC），材料一点也不稀有：Micro LED、光学镜头、还有来自手机的摄像头传感器。 看上去更像是一台实验室「组装机」，却打开了算力的另一种可能。 英国剑桥Microsoft Research实验室模拟光学计算机的详细图像。它是使用市售部件制造的，例如micro-LED灯和智能手机摄像头的传感器 其实，光学计算的设想早在20世纪60年代就被提出过，只是在当时受限于工艺，一直停留在理论层面。 如今，微软团队把它真正做了出来。 AOC真正的秘密不在这些零件，在于它的运行方式——固定点搜索 ...

| 数据 | 来源：Choice金融终端 | | --- | --- | | 数据 | | 来源：Choice金融终端 来源：上海证券报·中国证券网 上证报中国证券网讯 截至9月15日11时，申万一级行业板块中，主力资金净流入汽车、农林牧渔等板 块，其中，汽车板块净流入近32亿元。主力资金净流出电子、计算机、通信等板块，其中，电子板块净 流出超60亿元。 ...

Core Insights - The article discusses the growth of the computer, communication, and other electronic equipment manufacturing industry in China, highlighting an increase in the number of enterprises in this sector [1]. Industry Overview - As of January to July 2025, there are 29,994 enterprises in the computer, communication, and other electronic equipment manufacturing industry, which is an increase of 1,537 enterprises compared to the same period last year, representing a year-on-year growth of 5.4% [1]. - This sector accounts for 5.76% of the total industrial enterprises in China [1]. Company Listings - The article lists several companies in the industry, including China Great Wall (000066), Inspur Information (000977), Newland (000997), Meishi Technology (001229), and others [1]. Research Report - The insights are based on a report by Zhiyan Consulting titled "Market Monitoring and Development Trend Analysis of China's Communication Equipment Industry from 2025 to 2031" [1]. Statistical Data - The data referenced is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, indicating a robust growth trend in the manufacturing sector [1].

编者荐语： 煤炭、汽车、钢铁、传媒、商贸零售、电子、计算机和房地产的行业PE估值（TTM）分别处于近十年历史80.06%、81.76%、82.81%、84.16%、90.11%、 92.84%、97.82%和100.00%分位水平，应注意投资风险。 以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 数据速看： 1、巴菲特指标： 当前A股巴菲特指标为87.14%，处于相对较高区间，高于安全区间。 2、估值历史百分位水平： 宽基指数方面： 目前市场主要宽基指数PE估值（TTM）均高于20%。沪深300、上证50、上证指数、北证50、科创50和中证A100的PE估值（TTM）分 别处于上市85.15%、90.79%、97.37%、99.39%、99.78%和99.92%的分位水平，估值分位相对较高，应注意风险。 行业方面： 当前申万一级行业指数中食品饮料和农林牧渔的PE估值（TTM）低于近十年20%分位水平，PE（TTM）估值分别处于近十年12.01%和 14.32%的分位水平， ...

创业板股最新融资余额为4947.27亿元，环比增加22.49亿元，30只股融资余额环比增长超10%，融资余 额环比降幅超10%的有13只。 证券时报·数据宝统计显示，9月12日创业板指下跌1.09%，创业板股两融余额合计4963.55亿元，较上一 交易日增加22.25亿元，已连续6个交易日增加。其中，融资余额合计4947.27亿元，环比上一日增加 22.49亿元；为连续6个交易日增加。融券余额16.28亿元，环比减少2405.23万元。 具体来看，融资余额增长的创业板股有436只，其中，30股融资余额增幅超过10%。增幅最大的是鼎泰 高科，该股最新融资余额1.78亿元，环比上一交易日增幅为39.23%；股价表现上，该股当日上涨 4.81%，表现强于创业板指；融资余额增幅较多的还有慧翰股份、采纳股份等，分别增长36.28%、 35.88%。 融资余额增幅10%以上的个股中，从市场表现来看，当日平均上涨2.67%，上涨的有22只，涨幅居前的 有香农芯创、江波龙、盟固利，涨幅分别为14.45%、13.83%、11.86%。跌幅居前的有先导智能、伊之 密、骏鼎达，跌幅分别为8.86%、5.54%、4.42%。 资金流 ...

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the Chinese stock market, specifically the Shanghai Composite Index and the ChiNext Index, along with various sectors such as TMT (Technology, Media, and Telecommunications), real estate, and cyclical industries. Core Points and Arguments 1. **Market Status**: The current market is in a systematic bull phase, rebounding from declines since 2015, with a target of at least 4,130 points for the Shanghai Composite Index [1][4][5]. 2. **Index Performance**: The Shanghai Composite Index has completed a four-wave adjustment and is expected to continue its upward trend after a short-term adjustment around 3,700 points [1][5]. The ChiNext Index has recently reached new highs but faces technical resistance [3][6]. 3. **Market Dynamics**: The market is driven by liquidity and investor sentiment, leading to increased volatility and shorter adjustment periods [1][7]. Historical comparisons indicate that rapid adjustments are normal in liquidity-driven bull markets [8]. 4. **Sector Performance**: The TMT sector, particularly the electronics industry, is performing exceptionally well, driven by positive news from Oracle and strong market sentiment [10][14]. The real estate sector is also gaining attention, showing signs of a long-term bottom [15]. 5. **Cyclical Industries**: Cyclical sectors such as steel, non-ferrous metals, and basic chemicals are performing well, while the banking sector has seen the largest declines [16]. 6. **Investment Strategy**: Investors are advised to maintain mid-term positions and consider increasing allocations during market fluctuations, particularly in lower-valued sectors like real estate and infrastructure [24][28]. 7. **Future Market Expectations**: The market is expected to experience further upward movement, with potential fluctuations before reaching the 4,130-point target. The timeline for this movement is estimated to be two to three months [19][18]. Other Important but Possibly Overlooked Content 1. **Technical Analysis**: The 4,100-4,130 range is identified as a significant resistance level based on Fibonacci retracement and trendline analysis [20]. 2. **Market Signals**: Recent strong performances in the ChiNext and the Science and Technology 50 Index are seen as reversal signals, indicating the end of the four-wave adjustment [11]. 3. **Investment Focus**: There is a shift towards soft technology sectors like computing and media, while hard technology stocks are recommended for reduction due to their higher valuations [25][26]. 4. **Brokerage Sector Outlook**: Smaller brokerages are expected to continue their upward trajectory, while larger brokerages have reached historical highs and may not be the focus for new investments [27]. 5. **Overall Market Style**: The current market is characterized by a growth style, with a transition towards cyclical stocks as the economy recovers [29]. This summary encapsulates the key insights and projections from the conference call, providing a comprehensive overview of the current market landscape and investment strategies.