Core Insights - Xingsheng Global Fund has officially entered the ETF market by submitting its first ETF product, the Xingsheng Global CSI 300 Quality ETF, signaling its ambition in the 5.4 trillion yuan ETF market [1][2] Group 1: Company Developments - The Xingsheng Global CSI 300 Quality ETF was submitted to the China Securities Regulatory Commission on September 25 and is currently in the material acceptance stage [2] - If approved, this will be the first ETF product for Xingsheng Global Fund, which has been established for nearly 22 years [2] - The ETF aims to track the CSI 300 Quality Index, which was launched on March 18 of this year and includes 50 companies selected for their stable operations and strong profitability [4] Group 2: Market Context - As of September 24, the total scale of 1,318 ETF products in the market reached 5.46 trillion yuan, reflecting a 46.4% increase compared to the end of last year [6] - The rapid growth of the ETF market has attracted numerous public fund companies to actively participate [5] - The trend of developing ETFs has been supported by favorable policies aimed at enhancing market liquidity and promoting the growth of stock and bond ETFs [10] Group 3: Competitive Landscape - The ETF market is becoming increasingly competitive, with major fund companies leveraging their financial strength and sales channels to gain market share [1][4] - There is a notable increase in participation in "phenomenal" ETF categories, with over 30 public funds entering the CSI A500 ETF space [9] - The market is shifting from "scale expansion" to "quality enhancement," suggesting that precise targeting of niche demands may provide opportunities for smaller players to succeed [10]

Group 1 - The event "Investing in New Opportunities in China" was held in Seoul, showcasing five Shenzhen-listed companies from sectors like AI, information technology, and new energy, which engaged with over 60 Korean investors [1] - Korean investors expressed a deeper understanding of the innovation vitality and development potential of Chinese companies through direct communication with management [1][3] - Companies like Keda Xunfei and Gree New Energy highlighted their latest technological breakthroughs achieved through high R&D investments, indicating a shift from "technology following" to "standard setting" in the global value chain [2][3] Group 2 - The integration of international strategies with localized operations has enhanced the competitiveness of Chinese companies in the global market, attracting significant attention from foreign investors [2][3] - Korean institutional investors recognized China's rapid technological innovation, particularly in AI and robotics, and formed a consensus on China's leading position in future tech competition [3][4] - The event is part of a series organized by the Shenzhen Stock Exchange to promote mutual understanding and trust between domestic companies and foreign investors, enhancing the appeal of Chinese assets [5][6]

Group 1: Federal Reserve Rate Cut and Market Impact - The Federal Reserve has lowered the benchmark interest rate by 25 basis points to a range of 4.00% to 4.25%, marking its first rate cut of the year aimed at preventing potential economic risks despite a cooling job market [1] - The market is particularly focused on how this rate cut will affect Hong Kong's technology sector, especially after the Hang Seng Hong Kong Stock Connect China Technology Index experienced fluctuations following a nearly four-year high [1] - This rate cut is viewed as a "preventive rate cut," with expectations of 2 to 3 additional cuts by the Federal Reserve in 2025, which could provide short-term support to the Hong Kong market, particularly in growth sectors like technology, consumer discretionary, and pharmaceuticals [1] Group 2: Technology Sector Developments - Hong Kong's technology giants are making breakthroughs in artificial intelligence (AI), which is expected to enhance the overall performance of the Hong Kong stock market [2] - Many internet companies are integrating AI technology into various sectors such as gaming, fintech, e-commerce, and content ecosystems, aiming to scale up AI capabilities and improve supply in big data and models [2] - As of August 31, 2025, 98.6% of the 2,276 companies listed on the Hong Kong main board have disclosed their mid-year performance reports, showing improved overall profitability despite low revenue growth in the first half of 2025 [2] Group 3: Profitability and Investment Opportunities - The information technology sector has seen a significant increase in net profit, with a year-on-year growth of 60.9%, while consumer discretionary and communication services sectors reported growth rates of 17.3% and 16.3%, respectively [2] - The growth in profitability for internet platform companies is attributed to improvements in traditional business and rapid development in AI [2] - The market remains optimistic about the future performance of Hong Kong technology stocks, with potential short-term fluctuations providing good entry opportunities for investors [3]

Core Viewpoint - The company currently holds a 16.82% stake in Yiheng Chuangyuan and accounts for its investment income using the equity method based on its ownership percentage, rather than calculating operating income based on shareholding ratio [2] Group 1 - The company's stake in Yiheng Chuangyuan is 16.82% [2] - The accounting method used for investment income is the equity method [2] - Operating income is not calculated based on the shareholding ratio [2]

Core Insights - The total market ETF size has surpassed 5 trillion, with the Shanghai Composite Index breaking through 3,800 points, leading investors to seek a balance between stable fundamentals and core asset returns [1] - The investment strategy of "balanced foundation + growth charge" is proposed as a scientific approach to resolve investor dilemmas [1] Group 1: Market Overview - The CSI A500 index aims to stabilize the investment portfolio by anchoring to the overall average market returns, covering all primary and secondary industries in the A-share market [2] - The index includes 91 out of 93 tertiary industries, focusing on traditional sectors like industrials, information technology, and finance, while also capturing potential in new economy sectors [2] - The CSI A500 index has been adopted by over 30 fund companies, with related ETFs totaling over 190 billion, making it the second largest after the CSI 300 [2] Group 2: Growth Opportunities - The ChiNext Index and the STAR 50 Index serve as growth drivers within the investment portfolio, focusing on high elasticity sectors, particularly in technology [3] - The ChiNext Index emphasizes new generation information technology and new energy vehicles, with respective weights of 34% and 24%, and has undergone an upgrade to enhance stability through individual stock weight limits and ESG criteria [3] - The STAR 50 Index has over 65% weight in the semiconductor sector, benefiting from developments in self-sufficiency and AI technology, with its leading ETF reaching a size of 74.4 billion [3] Group 3: Investment Strategy - The proposed investment framework suggests using the CSI A500 for a balanced foundation while leveraging the ChiNext and STAR indices to capture growth opportunities, allowing for dynamic balance amid market fluctuations [3]

编号：2025-006 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 调研单位及人员： 申万菱信：梁国柱 公司接待人员： 董事会秘书兼财务总监：李斌 时间 2025 年 9 月 23 日下午 16:00-16:30 地点 南京中新赛克科技有限责任公司会议室 形式 现场会议 交流内容及具体 问答记录 互动问答： 1、请问公司今年经营情况？ 答：2025 年上半年，公司在数字化转型与全球市场重构中实 现创新转型与业务增长的双向突破。公司结合互联网普惠深入 推进、生成式 AI 应用不断发展的现状，在传统领域持续优化 产品外，加大 AI 赋能和国际化市场建设的投入，积极落实战 略部署。其中海外业务发展尤其突出，品牌知名度逐步提升， 亚太、非洲、拉美等地域订单量与销售收入均实现同比显著增 长，在多个国家实现空白市场突破。 2、公司在对外投资方面的计划？ 答：公司始终将对外投资作为公司实现战略目标的重要手段之 证券代码：002912 证券简称：中新赛克 深圳市中新赛克科技股份有限公司投资者关系活动记录表 | | 一。公司将对同业 ...

Core Viewpoint - Hong Kong's technology stocks are experiencing a strong performance, supported by market confidence recovery and positive industry trends [1] Group 1: Market Performance - The overall Hong Kong stock market has shown limited pullback pressure, allowing for a recovery in market confidence [1] - The Hong Kong technology sector has seen a significant weekly increase, driven by the performance of internet platforms [1] Group 2: Investment Opportunities - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects securities from technology-related industries [1] - The index focuses on the top 30 companies by market capitalization in the TMT and internet sectors, reflecting the overall performance of technology stocks in the Hong Kong market [1] Group 3: Fund Options - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

Group 1 - The core viewpoint of the article highlights the significant increase in the activity of mergers and acquisitions (M&A) in the A-share market following the release of the "Six M&A Guidelines" by the China Securities Regulatory Commission (CSRC) last year [1][2] - In the past year, A-share companies disclosed a total of 230 major asset restructuring cases, which is a year-on-year increase of 100% [1] - There has been a nearly 90% year-on-year increase in the number of companies that have undergone restructuring meetings, with over 70% of these M&A projects being industrial mergers [1] Group 2 - The sectors with the highest concentration of M&A activities include semiconductors, information technology, equipment manufacturing, and computers, with over 70% of the new productive forces industries represented [1] - The merger between China Shipbuilding and China State Shipbuilding Corporation is noted as the largest absorption merger in A-share history, resulting in total assets exceeding 400 billion yuan and revenue surpassing 130 billion yuan [1] - The payment methods for M&A transactions have diversified, including options such as targeted convertible bonds, private placements, cash acquisitions, M&A loans, and M&A funds [1]

【深圳商报讯】（记者 陈燕青）去年证监会发布"并购六条"至今已满一年，A股并购重组市场活力释 放。根据Wind统计，最近一年A股公司累计披露重大资产重组230单，同比翻倍；最近一年共有30家公 司重组上会，同比大增近九成。从最近一年并购重组项目来看，产业并购超过七成，新质生产力行业占 比超七成，集中在半导体、信息技术、装备制造、计算机等领域。 去年9月24日，证监会发布"并购六条"，支持上市公司向新质生产力方向转型升级，鼓励上市公司加强 产业整合。 中国船舶吸收合并中国重工，此次交易是A股有史以来规模最大的吸收合并案例。作为存续公司，中国 船舶总资产将超4000亿元，营业收入超1300亿元。 9月22日，华海诚科公告称，公司发行股份及支付现金购买衡所华威电子70%股权事项，已获证监会注 册批复，这也是半导体封装材料环氧塑封料行业龙头的强强联合。 在并购市场交易活跃度提升的同时，支付方式多元化成为这轮并购重组的特征之一。据记者梳理，最近 一年实施并购的方式包括定向可转债、定增募资、现金收购、并购贷款、并购基金等。 "本轮政策重点在新兴产业的并购以及产业链上下游的整合，"北方一家券商投行高管对记者表示，从最 近一 ...

Core Viewpoint - Beihai Technology (002148.SZ) currently does not have an AI intelligent interaction system platform [1] Company Summary - Beihai Technology has clarified its position regarding the absence of an AI intelligent interaction system platform on its investor interaction platform [1]