Group 1 - The internet services and software development sectors are experiencing significant gains, with the CSI Software Service Index rising by 6.43% as of 11:05 AM on January 12, 2026 [1] - Key stocks such as Keda Xingtong, Hehe Information, and Weining Health have seen substantial increases, with respective rises of 16.05%, 14.97%, and 14.89% [1] - The CES 2026 exhibition highlights the continuous improvement in global AI computing power, with NVIDIA launching the mass-produced NVIDIA Rubin platform and AMD previewing the new Helios platform and MI500 series GPUs [1] Group 2 - CITIC Securities notes that Chinese independent third-party model vendors like MiniMax have significant commercial potential compared to leading US players, with MiniMax reporting $53.44 million in revenue for the first three quarters of 2025, indicating a potential for exponential growth [2] - The top ten weighted stocks in the CSI Software Service Index as of December 31, 2025, include iFLYTEK, Kingsoft Office, and Tonghuashun, collectively accounting for 60.89% of the index [2] - The Software ETF (159852) tracks the CSI Software Service Index, providing an accessible investment tool for the computer software industry, with additional opportunities available through the Software ETF linked fund (012620) for AI software investments [2]

Core Viewpoint - The AI application sector continues to show strong momentum, with significant gains in the domestic AI industry chain, particularly highlighted by the performance of the Huabao AI ETF (589520) which surged by 4.55% [1][4]. Group 1: Market Performance - The Huabao AI ETF experienced a jump of 5% during intraday trading, marking its third consecutive day of gains [1]. - Key stocks in the AI sector saw substantial increases, with Zhongke Xingtou rising by 16.07%, Hehe Information by 15.32%, and others like Haitaian Ruisheng and Xinghuan Technology also showing strong performance [2][7]. Group 2: Industry Dynamics - The AI industry is witnessing a surge in activity, with significant financing rounds for overseas companies like xAI and Anthropic, and the introduction of domestic policies promoting "AI + manufacturing" [2][3]. - The upcoming release of DeepSeek's next-generation V4 model is anticipated to enhance programming capabilities and improve data pattern understanding, potentially reshaping the global AI competitive landscape [3]. Group 3: Future Outlook - Analysts predict that 2026 will be a "golden year" for AI applications, driven by technological maturity, supportive policies, and market demand [4]. - The domestic large model industry is transitioning from a phase of technological catch-up to systematic layout and ecosystem construction, with expectations of achieving leadership in certain areas by 2026 [4]. Group 4: Investment Opportunities - The Huabao AI ETF focuses on a balanced allocation across application software, terminal applications, terminal chips, and cloud chips, reflecting a shift from reliance on foreign technology to self-sufficiency [4][5]. - The ETF is positioned as an efficient tool for investing in domestic computing power, with a high concentration in semiconductor stocks [5].

Group 1 - AI software stocks experienced a significant rally on January 12, with the cloud computing ETF (159890) rising by 6.76%, and major stocks like iFlytek and Kingsoft increasing by over 8% and 7% respectively, while Runze Technology surged by over 17% [1] - The cloud computing ETF (159890) saw a net inflow of approximately 14 million yuan during intraday trading, indicating strong investor interest [1] - Several stocks, including Youfu Network, TaxFriend, and China Great Wall, hit the daily limit up, while Hand Information and Zhongke Star Map rose by over 17% [1] Group 2 - DeepSeek plans to launch its next-generation flagship model, DeepSeek-V4, in mid-February, focusing on enhancing code generation and long code context processing capabilities [3] - Zheshang Securities highlights DeepSeek's strengths in being open-source and cost-effective, making it one of the most user-friendly models for AI applications [3] - The demand for private and dedicated cloud models among large domestic clients, who are sensitive to data and security, is increasing, and DeepSeek's pricing is significantly lower than OpenAI's while outperforming many models [3] Group 3 - The cloud computing ETF (159890) tracks the CSI Cloud Computing and Big Data Theme Index, with IT services, horizontal general software, and vertical application software accounting for approximately 65% of the index, indicating a deep investment in AI applications [5] - The top ten constituent stocks of the index include leaders in optical modules, electronic terminals, and software development, suggesting a comprehensive solution for the AI computing era [5]

Group 1 - The core viewpoint of the article highlights the strong performance of AI applications and software, with platforms like Kimi, Xiaohongshu, Douyin Doubao, and Chinese corpus leading the market surge, while Yidian Tianxia has seen consecutive trading limit increases [1] - The AI market trend continues, shifting focus towards mid and downstream sectors, with Guojin Securities emphasizing that software infrastructure determines application boundaries and strengthens the industrial foundation [1] - AI infrastructure, while not directly producing models, is crucial for determining the "cost curve" and "capability ceiling" of the AI ecosystem, reflected in four main aspects: computing power scheduling, data throughput, full-stack support, and resource virtualization [1][2][3] Group 2 - Computing power scheduling serves as the neural hub of clusters, focusing on efficiently orchestrating large-scale heterogeneous processor tasks and ensuring training continuity through self-healing mechanisms [1] - Data throughput aims to eliminate I/O bottlenecks to maximize GPU utilization during training, while optimizing operators to handle high concurrency challenges and significantly reduce latency during inference [1] - Full-stack support provides high-performance training and inference frameworks, accelerating model convergence and enhancing response speed [2] - Resource virtualization abstracts hardware differences, enabling software-defined computing power and significantly lowering development and deployment barriers [3] Group 3 - The related ETF mentioned is the Huaxia CSI Cloud Computing and Big Data Theme ETF, with off-market connections (Class A: 019868; Class C: 019869), which has seen over 70 million yuan in net inflows over two consecutive trading days [1][4]

Group 1 - The core point of the article is that China Software International (00354) has seen its stock price increase by over 4%, currently trading at 5.45 HKD with a transaction volume of 141 million HKD [1] - On January 12, China Software International announced that its investment platform JointForce Fund I LP has invested in MiniMax Group Inc., which is set to be listed on the Hong Kong Stock Exchange on January 9, 2026, under the stock code 0100 [1] - The company holds 403,000 shares of MiniMax indirectly through JointForce, with an estimated value change of approximately 89.92 million RMB based on MiniMax's closing price of 345 HKD per share on January 9, 2026 [1] Group 2 - The value of the shares held by the company in MiniMax may fluctuate due to secondary market price changes, leading to uncertainty in the company's performance [1] - Looking ahead, China Software International plans to deepen its strategic layout in full-stack and full-scenario AI products and services, aiming to enhance its independent innovation capabilities with next-generation AI technology [1] - The company is progressing towards becoming a core software service provider in the technology-driven innovation sector [1]

Group 1 - The Shenzhen Component Index rose by 0.55%, while the ChiNext Index fell by 0.12%. The CSI Software Services Index increased by 5.65% [1] - Notable individual stock performances included Shenxinfu rising over 7%, with Kingsoft Office, iFlytek, and others increasing by over 6% [1] - The Software ETF (159852) gained 5.39%, with a trading volume of 799 million yuan and a turnover rate of 11.18%. The fund has seen a 42.70% increase over the past six months and a 59.80% increase over the past year [1] Group 2 - The demand for the Qianwen App's learning capabilities surged over 100% week-on-week, with a 300% increase in the need for past exam papers within five days [1] - On January 12, Weimeng Group launched the Weimeng Star Initiation GEO solution, utilizing self-developed generative engine optimization technology to enhance brand exposure and performance in the AI search era [1] - The Software ETF tracks the CSI Software Services Index, with the top ten weighted stocks including iFlytek, Kingsoft Office, and others, accounting for over 48.00% of the total weight [1][2]

January 11, 2026 10:00 PM GMT Kingsoft Corp Ltd | Asia Pacific Company Visit Takeaways The new game's debut popularity was beyond management's expectation. Despite internal adjustment for the games segment, the company expects a better 2026 thanks to existing game pipeline. Office business revenue growth should be higher but margin will be lower in 2026. Games: Kingsoft Office: Kingsoft Cloud: | M January 11, 2026 10:00 PM GMT | | Update | | --- | --- | --- | | Kingsoft Corp Ltd Asia Pacific | Morgan Stanle ...

EQUITY RESEARCH | January 11, 2026 | 5:39PM EST TECHNOLOGY: SOFTWARE Microsoft Corp. (MSFT): Assume at Buy into Years 50 and Beyond: Still one of the best secular growth stories in Technology +1(212)357-2790 callie.valenti@gs.com Goldman Sachs & Co. LLC Selina Zhang +1(212)357-9979 selina.zhang@gs.com Goldman Sachs & Co. LLC We assume coverage on Microsoft with a Buy rating and a 12-month price target of $655 (up from $630 prior; 37% upside). Microsoft turned 50 in 2025 and the stock has been publicly liste ...

EQUITY RESEARCH | January 11, 2026 | 5:39PM EST Assuming Software Sector Coverage into the Decade of Agentic Workflow: Buy MSFT, ORCL & NOW; Sell ADBE & DDOG AMERICAS TECHNOLOGY: SOFTWARE We assume coverage of the Software Sector and 12 additional stocks. We are constructive on AI adoption being a positive tailwind to the Software TAM over the next 5-10 years. Datapoints in any given year may be uneven as the ecosystem matures and as competition evolves; nonetheless, we expect signals on uptake will be more ...

资料显示，软件ETF（159852）跟踪中证软件服务指数，该指数选取30只业务涉及软件开发、软件服务 等领域的上市公司证券作为指数样本，以反映软件服务产业上市公司证券的整体表现。值得注意的是， 近半年来（截至1月9日），软件ETF（159852）累计净流入资金超27亿元。 每日经济新闻 有券商表示，随着政策的持续推进，国内头部企业将加快布局工业大模型、工业智能体，有望快速推动 人工智能赋能工业软件创新升级，促进新型工业化发展。国产化与智能化双轮驱动，叠加国内政策持续 加码，我国工业软件行业有望迎来高速发展期。 此外，在当前全球科技竞争日益激烈的背景下，基础软件的自主可控不仅是国家安全的需求，也是产业 可持续发展的必然选择。未来基础软件企业将面临更高的技术要求和更强的竞争压力，但也意味着更多 的市场机遇。 A股三大指数早盘走势分化，软件概念股涨幅居前，中科星图、卫宁健康、合合信息涨超13%。受盘面 影响，软件ETF（159852）盘中涨超6%。 当前，人工智能正成为新一轮技术变革的核心引擎，深刻重塑软件的形态、架构与产业生态。软件不再 只是承载功能的工具，而正在演进为具备感知、推理与自我优化能力的智能系统，成为 ...