Investment Rating - The report maintains a rating of "Accumulate" for the company [6][13]. Core Views - The company's performance in the first half of 2025 was under pressure due to U.S. tariff policies and the gradual release of global electronic shelf label (ESL) demand. However, with the anticipated demand recovery from North American customers and the large-scale replacement of existing electronic price tags, high growth is expected to return [2][13]. - The report projects revenues for 2025, 2026, and 2027 to be 49.53 billion, 59.49 billion, and 70.46 billion yuan respectively, with net profits attributable to the parent company expected to be 7.53 billion, 9.20 billion, and 11.49 billion yuan respectively [13]. Financial Summary - Total revenue for 2023 is reported at 3,775 million yuan, with projections of 4,486 million yuan for 2024, 4,953 million yuan for 2025, 5,949 million yuan for 2026, and 7,046 million yuan for 2027, reflecting growth rates of 31.9%, 18.8%, 10.4%, 20.1%, and 18.5% respectively [4]. - Net profit attributable to the parent company is expected to grow from 678 million yuan in 2023 to 1,149 million yuan in 2027, with growth rates of 226.2%, 4.8%, 6.0%, 22.1%, and 24.9% respectively [4]. - Earnings per share (EPS) is projected to increase from 1.60 yuan in 2023 to 2.72 yuan in 2027 [4]. Market Data - The current stock price is 54.91 yuan, with a target price set at 65.97 yuan, indicating a potential upside [6][7]. - The company has a total market capitalization of 23,194 million yuan and a total share capital of 422 million shares [7]. Industry Insights - The global demand for retail digitalization continues, with the North American market for electronic price tags experiencing rapid growth. In the first half of 2025, global ESL module shipments reached 248 million units, a year-on-year increase of 56% [13]. - The company is developing a complete digital store solution based on its electronic price tag system, which includes AI cameras, inspection robots, and smart shopping carts, aiming to enhance inventory and order management [13].

Market Overview - On September 12, the Shanghai Composite Index fell by 0.12%, the Shenzhen Component Index decreased by 0.43%, the ChiNext Index dropped by 1.09%, and the CSI 300 Index declined by 0.57% [1] - Among the tradable A-shares, 1,926 stocks rose, accounting for 35.51%, while 3,373 stocks fell [1] Capital Flow - The main capital experienced a net outflow of 53.64 billion yuan throughout the day [1] - The ChiNext saw a net outflow of 17.11 billion yuan, while the STAR Market had a net outflow of 2.39 billion yuan, and the CSI 300 constituents faced a net outflow of 33.89 billion yuan [1] Industry Performance - Out of the 28 primary industries classified by Shenwan, 9 industries saw gains, with the non-ferrous metals and real estate sectors leading with increases of 1.96% and 1.51%, respectively [1] - The industries with the largest declines were telecommunications and comprehensive sectors, which fell by 2.13% and 1.95%, respectively [1] Industry Capital Inflow - Six industries experienced net capital inflows, with the non-ferrous metals sector leading with a net inflow of 2.168 billion yuan and a daily increase of 1.96% [1] - The construction decoration industry followed with a daily increase of 0.96% and a net inflow of 721 million yuan [1] Industry Capital Outflow - Twenty-five industries faced net capital outflows, with the non-bank financial sector leading with a net outflow of 8.138 billion yuan and a daily decline of 1.46% [1] - The electronics sector had a net outflow of 7.517 billion yuan despite a daily increase of 1.16% [1] Individual Stock Performance - A total of 1,982 stocks saw net capital inflows, with 763 stocks having inflows exceeding 10 million yuan, and 102 stocks with inflows over 100 million yuan [2] - The stock with the highest net inflow was Wolong Electric Drive, which rose by 10.01% with a net inflow of 2.174 billion yuan [2] - The stocks with the largest net outflows included Luxshare Precision, Industrial Fulian, and Xian Dao Intelligent, with net outflows of 2.592 billion yuan, 1.405 billion yuan, and 1.308 billion yuan, respectively [2]

Market Overview - The average stock price of A-shares is 13.53 yuan, with 148 stocks priced over 100 yuan as of September 12 [1] - The Shanghai Composite Index closed at 3870.60 points, down 0.12% [1] - Among stocks priced over 100 yuan, the highest closing price is for Kweichow Moutai at 1516.00 yuan, down 0.49% [1] Performance of High-Value Stocks - Stocks priced over 100 yuan have seen an average increase of 25.98% over the past month, outperforming the Shanghai Composite Index which rose by 6.12% [2] - Year-to-date, these high-value stocks have an average increase of 90.04%, surpassing the index's 74.57% [2] - Notable performers include Kaipu Cloud, Tengjing Technology, and Haoen Automotive, with increases of 144.57%, 129.58%, and 112.44% respectively [2] Sector Distribution - The electronics sector has the highest representation among stocks priced over 100 yuan, with 50 stocks, accounting for 33.78% of the total [2] - The computer and pharmaceutical sectors each have 19 stocks, representing 12.84% of the total [2] Institutional Ratings - Two stocks priced over 100 yuan, Chipone Technology and Luzhou Laojiao, received buy ratings from institutions today [2] Notable High-Value Stocks - A list of high-value stocks includes Kweichow Moutai (1516.00 yuan), Kylin Technology (1488.00 yuan), and Jibite (531.99 yuan) [3][4] - The stock Cambridge Technology closed at 101.49 yuan, marking its first time above 100 yuan, with a daily increase of 10.00% and a turnover rate of 13.55% [2]

Core Insights - The average stock price on the STAR Market is 40.18 yuan, with 66 stocks priced over 100 yuan, and the highest priced stock is Cambrian-U at 1488.00 yuan, which increased by 7.28% [2][3]. Stock Performance - On the STAR Market, 253 stocks rose while 327 stocks fell today. Among the stocks priced over 100 yuan, the average increase was 1.09%, with 34 stocks rising and 32 stocks declining [2][3]. - Cambrian-U leads with a closing price of 1488.00 yuan, followed by Maolai Optics at 408.30 yuan and Yuanjie Technology at 373.71 yuan [2][3][4]. Premium Analysis - The average premium of stocks priced over 100 yuan relative to their issue price is 390.70%, with Cambrian-U, Baile Tianheng, and Anji Technology showing premiums of 2210.92%, 1316.15%, and 1314.30% respectively [2][3]. Industry Distribution - The stocks priced over 100 yuan are concentrated in the electronics, pharmaceutical, and computer industries, with 30, 13, and 9 stocks respectively [2][3]. Capital Flow - There was a net outflow of 1.259 billion yuan from stocks priced over 100 yuan today, with significant inflows into Chipone Technology, Cambrian-U, and Aojie Technology [3]. - The total margin financing balance for stocks priced over 100 yuan is 80.419 billion yuan, with Cambrian-U, SMIC, and Haiguang Information having the highest financing balances [3][4].

Market Overview - The stock market experienced increased volatility with a notable adjustment in the small-cap growth sector, while value stocks outperformed growth stocks [3][9] - The Shanghai Composite Index fell by 1.2%, the CSI 300 decreased by 0.8%, while the ChiNext Index rose by 2.4% [3] Bond Market - Bond yields saw a slight decline, with the 10-year government bond yield down by 1 basis point to 1.83% and the 30-year yield down by 3 basis points to 2.11% [4] International Market - The U.S. labor market showed weakness with only 22,000 non-farm jobs added in August, significantly below the expected 75,000, leading to a decline in U.S. Treasury yields [5][10] - The Hang Seng Index rose by 1.4%, outperforming A-shares due to expectations of interest rate cuts by the Federal Reserve and continued inflow of capital [5] Sector Performance - Notable sectors included power equipment and new energy (up 5.91%), non-ferrous metals (up 2.26%), and pharmaceuticals (up 1.49%), while defense and military (-11.61%) and computers (-6.76%) underperformed [7][9] - The market saw a shift in capital flow, with low-growth sectors like power equipment and new energy performing well due to high-low switching of funds [9] Fund Issuance - A total of 38 public funds were issued last week, accumulating 27.6 billion units, with a noticeable shift towards equity funds [13]

本周，上证科创板成长指数上涨6.1%，上证科创板50成份指数上涨5.5%，科创综指上涨4.1%，科创100指数上涨2.8%。 Wind数据显示，科创板50ETF（588080）近一年年化跟踪误差仅0.22%，为同标的ETF中最低。 兴业证券表示，随着新动能领域景气集中释放，科技成长板块中依然有众多细分方向值得挖掘，结构比节奏更重要。 | | 上证科创板50 | 上证科创板100 | 上证科创板 | 上证科创板成长 | | --- | --- | --- | --- | --- | | | 成份指数 | 指数 | 综合指数 | 指数 | | 本周涨跌幅 | 5.5% | 2.8% | 4. 1% | 6. 1% | | 指数滚动 | 183.6倍 | 225.2倍 | 253.9倍 | 213.5倍 | | 市智率 | | | | | | 演啦市图率 | 99. 7% | 该指数2023年 | 该指数2025年 | 该指数2022年 | | 分位 | | 8月7日发布 | 1月20日发布 | 11月4日发布 | | 跟踪该指数 | 科创板50ETF | 科创100ETF | 科创综指ETF | 科创成长50ET ...

综合行业今日下跌1.95%，全天主力资金净流出3.01亿元，该行业所属的个股共16只，今日上涨的有4 只，涨停的有1只；下跌的有11只。以资金流向数据进行统计，该行业资金净流入的个股有6只，净流入 资金居首的是粤桂股份，今日净流入资金2.70亿元，紧随其后的是漳州发展、综艺股份，净流入资金分 别为3098.15万元、946.94万元。综合行业资金净流出个股中，净流出资金居前的有东阳光、亚泰集团、 上海三毛，净流出资金分别为5.44亿元、1814.14万元、1497.73万元。（数据宝） 沪指9月12日下跌0.12%，申万所属行业中，今日上涨的有9个，涨幅居前的行业为有色金属、房地产， 涨幅分别为1.96%、1.51%。跌幅居前的行业为通信、综合，跌幅分别为2.13%、1.95%。综合行业位居 今日跌幅榜第二。 资金面上看，两市主力资金全天净流出536.40亿元，今日有6个行业主力资金净流入，有色金属行业主 力资金净流入规模居首，该行业今日上涨1.96%，全天净流入资金21.68亿元，其次是建筑装饰行业，日 涨幅为0.96%，净流入资金为7.21亿元。 主力资金净流出的行业有25个，非银金融行业主力资金净流出规 ...

Quantitative Models and Construction Methods 1. Model Name: CSI Artificial Intelligence Theme Index - **Model Construction Idea**: The index selects stocks from companies involved in providing foundational resources, technologies, and application support for artificial intelligence, aiming to reflect the overall performance of AI-themed listed companies[16][20] - **Model Construction Process**: - **Sample Space**: The sample space is consistent with the CSI All Share Index, including A-shares and depositary receipts issued by red-chip companies. Exclusions include ST/*ST securities, and securities listed on the STAR Market or Beijing Stock Exchange for less than one or two years, respectively. Other securities must have been listed for over one quarter unless their average daily market capitalization ranks in the top 30 since listing[17] - **Investability Screening**: Securities with average daily trading volume in the top 80% over the past year are selected[18] - **Selection Method**: 1. From the investable sample space, companies involved in fields such as big data, cloud computing, machine learning, intelligent chips, etc., are shortlisted 2. The top 50 securities by average daily market capitalization over the past year are selected as index components[19] - **Index Adjustment**: The index is adjusted semi-annually, with changes implemented on the next trading day after the second Friday of June and December[20] 2. Model Name: AI Industry Profitability Forecast - **Model Construction Idea**: The model forecasts the revenue and net profit growth of the CSI Artificial Intelligence Theme Index to evaluate its profitability and growth potential[27] - **Model Construction Process**: - **Revenue Forecast**: - 2025E: 9,723 billion RMB (+22.62% YoY) - 2026E: 11,198 billion RMB (+15.17% YoY) - 2027E: 12,954 billion RMB (+15.68% YoY) - **Net Profit Forecast**: - 2025E: 816 billion RMB (+89.59% YoY) - 2026E: 1,076 billion RMB (+31.86% YoY) - 2027E: 1,334 billion RMB (+23.95% YoY)[27] Model Backtesting Results 1. CSI Artificial Intelligence Theme Index - **Revenue Growth**: - 2025E: 22.62% - 2026E: 15.17% - 2027E: 15.68%[27] - **Net Profit Growth**: - 2025E: 89.59% - 2026E: 31.86% - 2027E: 23.95%[27] Quantitative Factors and Construction Methods 1. Factor Name: Market Capitalization Distribution - **Factor Construction Idea**: The factor evaluates the distribution of market capitalization among index constituents to assess concentration and risk[24] - **Factor Construction Process**: - Stocks with market capitalization >1,000 billion RMB account for 58.43% of the index weight - Stocks with market capitalization between 500–1,000 billion RMB account for 18.77% - Stocks with market capitalization between 200–500 billion RMB account for 22.37% - Stocks with market capitalization <200 billion RMB account for only 0.43%, with no stocks below 100 billion RMB[25] 2. Factor Name: Industry Exposure - **Factor Construction Idea**: The factor identifies the industry distribution of index constituents to highlight thematic focus[22][23] - **Factor Construction Process**: - **Primary Industry Exposure**: - Electronics: 35.88% - Computers: 30.96% - Communications: 24.72% - **Tertiary Industry Exposure**: - Integrated Circuits: 29.53% - Network Equipment: 24.30% - General Computing Equipment: 9.90%[23] 3. Factor Name: Conceptual Exposure - **Factor Construction Idea**: The factor evaluates the thematic relevance of index constituents based on their exposure to AI-related concepts[26] - **Factor Construction Process**: - TMT: 94.63% - Technology Leaders: 92.36% - AI+: 66.91% - AI Applications: 44.71% - AI Computing Power: 51.66%[26] Factor Backtesting Results 1. Market Capitalization Distribution - **Weight Distribution**: - >1,000 billion RMB: 58.43% - 500–1,000 billion RMB: 18.77% - 200–500 billion RMB: 22.37% - <200 billion RMB: 0.43%[25] 2. Industry Exposure - **Primary Industry Weights**: - Electronics: 35.88% - Computers: 30.96% - Communications: 24.72%[23] - **Tertiary Industry Weights**: - Integrated Circuits: 29.53% - Network Equipment: 24.30% - General Computing Equipment: 9.90%[23] 3. Conceptual Exposure - **Conceptual Weights**: - TMT: 94.63% - Technology Leaders: 92.36% - AI+: 66.91% - AI Applications: 44.71% - AI Computing Power: 51.66%[26]

Core Viewpoint - The recent performance of the ChiNext ETF Tianhong (159977) and the Photovoltaic ETF (159857) indicates significant growth and investor interest in these sectors, driven by market dynamics and policy support [5][6][11]. Group 1: ETF Performance - As of September 12, 2025, the ChiNext ETF Tianhong (159977) recorded a transaction volume of 115 million yuan, with constituent stocks like Beijing Junzheng (300223) rising by 16.60% [3]. - The Photovoltaic ETF (159857) saw a turnover of 215 million yuan with a turnover rate of 8.19%, featuring stocks such as Kehua Data (002335) leading with a 10.01% increase [4]. - Over the past week, the ChiNext ETF Tianhong (159977) experienced a scale increase of 13.8 million yuan, indicating notable growth [5]. Group 2: Fund Size and Share Split - The Photovoltaic ETF (159857) achieved a cumulative increase of 7.29% over the past week, ranking first among comparable funds, with a scale increase of 15.4 million yuan and a share increase of 22.5 million shares [6]. - The ChiNext ETF Tianhong (159977) is set to implement a share split on September 12, 2025, with a ratio of 1:2, aimed at addressing investor concerns regarding high net asset values and lowering the purchase threshold for retail investors [7][8]. Group 3: Sector Focus and Highlights - The ChiNext ETF Tianhong (159977) focuses on new productivity sectors, with significant weights in electric equipment (27.4%), communications (17.4%), and electronics (14.3%), featuring leading tech stocks like CATL and Dongfang Wealth [9]. - The Photovoltaic ETF (159857) closely tracks the CSI Photovoltaic Industry Index, selecting up to 50 representative companies across the photovoltaic industry chain to reflect overall performance [9]. Group 4: Market and Policy Insights - The National Development and Reform Commission and the National Energy Administration have issued a plan for large-scale construction of new energy storage from 2025 to 2027, aiming for a total installed capacity of over 180 million kilowatts and direct investment of approximately 250 billion yuan [11]. - Analysts express optimism for the technology sector, citing factors such as lower-than-expected overseas policy impacts and strong quarterly outlooks, while the photovoltaic industry faces challenges from rapid capacity expansion and competitive pressures [12].

Group 1 - Hangzhou Shangcheng Artificial Intelligence Industry Development Co., Ltd. has been established with a registered capital of 100 million RMB [1][2] - The legal representative of the company is Ye Xiang, and it is wholly owned by Hangzhou Jiuxin Investment Co., Ltd. [1][2] - The company's business scope includes integrated circuit chip manufacturing, big data services, and IoT technology research and development [1][2] Group 2 - The company is classified under the computer, communication, and other electronic equipment manufacturing industry [2] - The registration date of the company is September 9, 2025, and it is currently in a state of existence [2] - The registered address is located in Room 311, Building 15, Tongxie Jinzhu, Shangcheng District, Hangzhou, Zhejiang Province [2]