Investment Rating - The industry investment rating is "Positive" and is maintained [6] Core Viewpoints - The release of OpenHarmony 6.0 marks a significant milestone, with continuous upgrades and iterations under an open-source model, leading to technological breakthroughs and ecosystem improvements. This is expected to attract more manufacturers to join the OpenHarmony ecosystem, creating a positive cycle and accelerating its development [2][4][9] - The report suggests focusing on manufacturers within the Harmony industry chain that are developing commercial distributions and independent brands based on the Harmony system, as they are likely to enhance their market share due to the system's advantages in fluidity, universality, connectivity, and security [2][9] Summary by Sections Event Description - On September 27, the OpenHarmony Technology Conference 2025 was held in Changsha, where the OpenAtom OpenHarmony project officially released the OpenHarmony 6.0 version [4] Technical Breakthroughs - OpenHarmony 6.0 has achieved multiple technical breakthroughs, including enhanced ArkUI component capabilities, upgraded window capabilities, and improved application framework support, which collectively optimize the development experience and reduce development costs [9] Community and Ecosystem Growth - As of August 31, the OpenHarmony community has gathered over 9,200 contributors, with a total code contribution exceeding 130 million lines. More than 480 partners are involved in co-construction, and over 1,300 products have passed compatibility testing across various sectors [9] Future Plans - OpenHarmony plans to incubate cross-platform framework PMC and embodied intelligence PMC, focusing on cutting-edge areas such as AI on the edge and interconnectivity standards, which will significantly expand its development boundaries [9]

9月28日晚间，海联讯、杭汽轮B双双发布公告称，于2025年9月26日收到了中国证监会出具的《关于同意杭州海联讯科技股份有限公司吸 收合并杭州汽轮动力集团股份有限公司注册的批复》。 【导读】海联讯吸收合并杭汽轮B获证监会批复 中国基金报记者 吴君 又一例"A吸并B"交易即将诞生。 海联讯吸收合并杭汽轮B获批 根据最新发布的批复，证监会同意杭州海联讯科技股份有限公司以新增11.75亿股股份吸收合并杭州汽轮动力集团股份有限公司的注册申 请。该批复有效期为12个月。 证监会表示，本次吸收合并应当严格按照报送深圳证券交易所的有关申请文件进行，按照有关规定及时履行信息披露义务，办理相关手 续。 去年10月，两家公司共同宣布，海联讯拟换股吸收合并杭汽轮B，预计构成重大资产重组和关联交易。由于两家公司的实际控制人均为杭州 市国资委，且该交易或将成为A股公司换股吸收合并B股公司的新案例，还预计构成"蛇吞象"式重组，因此备受市场瞩目。 今年6月，深交所受理了相关申请，还就估值合理性、协同效应等方面发出问询函。今年9月初，相关重组上市事项过会。9月26日证监会 正式批准，标志着该交易进入实施阶段。 一笔"蛇吞象"的交易 资料显示 ...

又一例"A吸并B"交易即将诞生。 9月28日晚间，海联讯、杭汽轮B双双发布公告称，于2025年9月26日收到了中国证监会出具的《关于同意杭州海联讯科技股份有限公 司吸收合并杭州汽轮动力集团股份有限公司注册的批复》。 海联讯吸收合并杭汽轮B获批 根据最新发布的批复，证监会同意杭州海联讯科技股份有限公司以新增11.75亿股股份吸收合并杭州汽轮动力集团股份有限公司的注 册申请。该批复有效期为12个月。 证监会表示，本次吸收合并应当严格按照报送深圳证券交易所的有关申请文件进行，按照有关规定及时履行信息披露义务，办理相 关手续。 去年10月，两家公司共同宣布，海联讯拟换股吸收合并杭汽轮B，预计构成重大资产重组和关联交易。由于两家公司的实际控制人均 为杭州市国资委，且该交易或将成为A股公司换股吸收合并B股公司的新案例，还预计构成"蛇吞象"式重组，因此备受市场瞩目。 今年6月，深交所受理了相关申请，还就估值合理性、协同效应等方面发出问询函。今年9月初，相关重组上市事项过会。9月26日证 监会正式批准，标志着该交易进入实施阶段。 一笔"蛇吞象"的交易 资料显示，海联讯是一家从事电力信息化系统集成业务的国家高新技术企业，201 ...

9月1日至28日，中科创达软件股份有限公司开展了特定对象调研以及"走进创业板综ETF成分股公司 （中科创达）活动"，吸引了博时基金、西部利得、前海联合等超50家机构参与。公司副总裁杨新辉、 董事长助理投资总监Rick MI等接待了来访人员。 从调研内容来看，机构对中科创达在各业务板块的布局与发展十分关注。 智能汽车领域：技术赋能，AI引领变革 在智能汽车领域，中科创达早在2013年便提前布局，2017年收购芬兰公司Rightware，优化迭代Kanzi产 品，成为全球主流车厂智能座舱首选的UI开发工具和引擎。 2025年，AI成为汽车行业主旋律，公司推出"AIOS + AIBOX"一体化解决方案。滴水AIOS以AI原生架构 为核心，重构智能座舱操作系统逻辑，实现算力动态智能分配与灵活模型调度。AIBOX则搭载NVIDIA Drive AGX芯片，提供200TOPS的AI算力与205GB/s的传输带宽，破解AI算力瓶颈，降低升级成本与周 期。 海外业务：全球化布局，助力企业出海 中科创达在全球化布局方面走在前列。操作系统的全球化技术属性，使其能为全球用户创造价值。以 AIOS为例，其融合全球汽车产业和应用生态， ...

Group 1: Company Overview and Strategy - The company has been focusing on the smart automotive sector since 2013, acquiring Rightware in 2017 to enhance its UI development tools for smart cockpits [3] - In 2025, AI is expected to redefine the automotive industry, transitioning from hardware-driven to AI-driven ecosystems [3] - The company aims to provide an integrated solution with "AIOS + AIBOX," creating a closed loop from software architecture to hardware support [3] Group 2: Product Innovations - The "滴水 AIOS" redefines the smart cockpit operating system, utilizing an AI-native architecture for dynamic resource management and seamless cloud integration [3] - The AIBOX, equipped with NVIDIA Drive AGX chips, offers up to 200 TOPS of AI computing power and 205 GB/s bandwidth, enabling smooth operation of large models [3][6] - The AI cockpit, built on Snapdragon Ride platform, features a 14B parameter model with a response time under 500ms, enhancing human-machine interaction [4] Group 3: Global Expansion and Market Strategy - The company has established a global R&D team across 16 countries, enhancing its ability to respond to local market needs [4] - The AIOS supports both domestic and international application ecosystems, aiding Chinese automotive manufacturers in their global strategies [4] Group 4: IoT and AI Applications - The IoT business has rapidly expanded, covering handheld devices, smart vision, edge computing, and AI glasses, among others [4][5] - The TurboXAI glasses utilize Qualcomm's Wear5100+MCU, providing millisecond-level response times and various functionalities [5] Group 5: Collaborations and Partnerships - The company has partnered with Volcano Engine since 2024, developing a comprehensive solution for the smart automotive sector [5] - The collaboration has led to the creation of an AI cockpit solution that integrates real-time cloud and vehicle communication, achieving a 500ms voice feedback response [5] Group 6: Robotics and Future Trends - The company is advancing its mobile robotics products, focusing on logistics and manufacturing sectors, with successful implementations in major global enterprises [6] - By mid-2025, the robotics products have been deployed in various industries, including automotive parts and logistics, with a growing presence in international markets [6]

Group 1 - The core point of the news is that Hailianxun has received approval from the CSRC to absorb and merge Hangqilun through the issuance of 1,174,904,765 new shares, which is valid for 12 months from the date of issuance [1] - Hailianxun primarily engages in power information construction and provides related technical and consulting services, while Hangqilun specializes in designing and manufacturing industrial turbines and gas turbines [1] - After the merger, the surviving company will inherit all assets, liabilities, businesses, personnel, contracts, and other rights and obligations of Hangqilun, forming a business structure focused on industrial turbine machinery with supplementary power information services [1] Group 2 - CITIC Securities views this transaction as a rare "A absorbs B" case and the first instance of a listed company absorbing and merging another listed company, reflecting strong support from the "Six Merger Guidelines" for integration among listed companies [2] - The merger will create a business structure where industrial turbine machinery is the main focus, complemented by power information system integration, enhancing the core competitiveness and sustainable profitability of the surviving company [2] - The "Six Merger Guidelines" aim to facilitate the integration of capital and technology towards high-quality enterprises and innovative sectors, promoting resource flow and supporting the real economy [2] Group 3 - The restructuring of Hangqilun and Hailianxun through a share swap is a significant step in implementing the central government's reform directives, aimed at improving the industrial layout of state-owned listed companies and enhancing asset quality and operational efficiency [3] - This transaction responds positively to the encouragement from the State Council and the CSRC for mergers and acquisitions, enhancing the investment value of listed companies by improving asset quality and operational efficiency [3] - Over the past year, the "Six Merger Guidelines" have invigorated the merger and acquisition market, establishing the capital market as a primary channel for corporate mergers and acquisitions, particularly in technology innovation and new productive forces [3]

Core Viewpoint - Wanxing Technology has officially submitted its prospectus to the Hong Kong Stock Exchange, aiming for a dual listing, reflecting the growing interest in AI companies despite facing multiple development challenges in the market [2][15]. Group 1: Company Overview - Wanxing Technology is a global AIGC digital creative software provider, focusing on video creative products and helping users express creativity digitally [3]. - The company has developed a multimedia model for AIGC content creation, supporting three main product lines: drawing creativity, video creativity (including Filmora and SelfyzAI), and document creativity [3]. Group 2: Market Performance - The company boasts a global user base, with products available in over 200 countries and regions, and cumulative active users exceeding 2 billion [5]. - In the first half of 2025, the average monthly active users reached 68.7 million, with over 2.9 million paying users [5]. - However, the core product Filmora faces stiff competition from Adobe's Creative Cloud and ByteDance's TikTok ecosystem, leading to stagnant user growth [5][15]. Group 3: Financial Performance - Wanxing Technology's revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 1.18 billion, RMB 1.48 billion, RMB 1.44 billion, and RMB 759.45 million respectively [10][13]. - The company reported a net profit of RMB 64.29 million in 2022, RMB 108 million in 2023, but losses of RMB 157 million in 2024 and RMB 54.71 million in the first half of 2025 [10][12]. - Despite a high gross margin of 92.4% in the first half of 2025, the company struggles with high marketing, management, and R&D costs, leading to a significant gap between gross and net profit [12][14]. Group 4: Competitive Landscape - The global AIGC video creative software market is projected to grow from approximately USD 800 million in 2020 to about USD 10.5 billion in 2024, with a compound annual growth rate (CAGR) of 90.3% [9]. - Wanxing Technology's sales and distribution expenses accounted for over 48% of total revenue since 2022, reaching 60.8% in the first half of 2025, indicating heavy investment in marketing to compete in the industry [14][15]. Group 5: Strategic Challenges - The company is currently in a critical strategic investment phase, with high input and slow returns, highlighting the balance challenge between commercialization and capital patience in the AI sector [15].

需要指出的是，医疗市场的复杂性超过绝大多数行业，甲骨文面向企业客户的成功经验，能够适用于医院、公共研究机构等参与方，仍要打个大大的问 号。 甲骨文（Oracle）是当前全球最旗帜鲜明押注AI医疗的科技巨头，对甲骨文来说，AI与云能力是其相较于竞争对手Epic最为显著的优势。 如何充分把握AI浪潮，借助其强大的全栈技术整合能力，扭转自收购Cerner以来面临的客户流失与市场份额下滑趋势，已成为公司当前最紧迫的议题之 一。 自1977年成立以来，甲骨文几乎没有错过任何一波技术浪潮，从上世纪的数据库、互联网，到这个世纪的云计算、AI，公司紧紧抓住风口，顺势而为， 从而做到屹立不倒。 如今，甲骨文已成为全球最大的AI基础设施提供商之一，将生成式AI与AI智能体融入到云业务架构中，为客户提供定制化解决方案。 公司有意将这种做法复刻到医疗领域，通过构建一系列完整的产品和解决方案，将AI能力内化于医疗系统地每一个环节，满足患者、医疗机构、保险公 司、药企、公共卫生机构的多元需求。 本文旨在尽可能全面地梳理甲骨文在医疗保健领域的布局，帮助更清晰地理解甲骨文如何试图重塑医疗健康行业的未来图景。 打造安全、共享的数据平台 Ora ...

相关研究 《华夏中海商业 REIT 申购价值深度分析》 2025/08/03 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 2025 年 09 月 28 日 沈阳国际软件园 REIT 申购价值深度分析 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 申 购 投资提示： 策 略 ⚫ 沈阳国际软件园 REIT 首发询价期间为 2025 年 9 月 29 日的 9:00-15:00，初步询价区间为 2.736 元/份~4.104 元/份，预计募资 10.26 亿元，基金份额募集期为 2025 年 10 月 13 日至 14 日。 ⚫ 申购策略观点：本基金项目资产沈阳国际软件园是沈阳市内唯一获得市属国资参股的民营园区， 位于浑南区 ...

事件 DocuSign于2025年9月4日公布了截至2025年7月31日的2026财年第二季度财务业绩。报告期内，公司总 收入达8.01亿美元，同比增长9%。订阅收入为7.84亿美元，同比增长9%。递延收入达8.18亿美元，同比 增长13%。非GAAP运营利润率为29.8%，自由现金流为2.18亿美元，利润率为27%。 投资要点 ▌核心数据稳健加速，运营效率持续提升 2026财年第二季度，公司业务加速增长。Docusign的财务表现强劲，总收入和订阅收入均同比增长 9%。季度递延收入同比增长13%至8.18亿美元。公司递延收入的超预期表现主要受三方面因素驱动： 1）eSignature产品组合中直接客户的需求增长和毛留存率改善；2）合同生命周期管理业务的表现向 好；3）客户支付频率倾向于年度账单合同。在计入Q2的提前续约时间效益后，公司全年递延收入增长 预期调整为同比增长7%。 在盈利能力方面，公司持续保持高效率运营。第二季度非GAAP运营利润率达到29.8%。报告期内，公 司实现自由现金流2.18亿美元，自由现金流利润率为27%。截至本季度末，公司拥有约11亿美元现金、 现金等价物和投资，且无债务，财务状况 ...