Core Insights - Over 400 A-share listed companies have been investigated by institutions since November, with Luxshare Precision receiving the most attention from over 200 institutions [1] - The focus of institutional research is on "hard technology" sectors such as electronic components and integrated circuits [1] - Companies are increasingly being asked about their future R&D directions and strategies to maintain competitive advantages in the evolving tech landscape [2][3] Group 1: Company Research Highlights - Luxshare Precision has been the most investigated company, with 222 institutions participating, despite a price drop of 4.92% [1] - Tongyu Communication is preparing for the transition from 5G to 6G, focusing on satellite internet as a core infrastructure and has made advancements in multi-beam communication and microwave technologies [3] - HNA Holding plans to optimize its fleet structure during the 14th Five-Year Plan period to enhance operational efficiency [5] Group 2: Industry Trends and Focus Areas - The technology sector, particularly in electronic components and integrated circuits, remains a focal point for institutional research, indicating a sustained interest in tech investments [6] - Investment opportunities are suggested in advanced semiconductor manufacturing, new energy systems, quantum technology, and AI-related fields [6] - The application side of technology is seen as a key area for structural growth, with high demand in sectors like robotics, consumer electronics, and power management chips [6]

11 月 5 日，界面新闻记者获悉，华硕电脑（重庆）有限公司通过 B 站向腾讯游戏安全 ACE 发布了一份致歉 声明。 声明提到，近期，华硕官旗账号发布的《关闭 ACE 反作弊系统，保护你的电脑性能》视频存在错误描述和不 实评价，对腾讯游戏安全 ACE 造成不良影响，引发玩家们对软件安全及电脑性能稳定性上的担忧，在此华硕 深表歉意。 目前，华硕已第一时间下架了该视频，并正在内部进行严肃核查与流程梳理。 图片来源：华硕 经华硕调查，确认该事件源于公司对相关供应商团队管理存在疏漏，未有建立严格的内容审核流程。相关人员 在内容创作过程中，在未经任何事实查证的情况下，根据网络相关不实信息制作内容并发布。 为避免后续同类问题发生，华硕方面表示，将对内部相关失职人员进行严肃处理，同时开展内部整改，建立更 严格的多层级内容审核机制，确保所发布内容真实、准确。 在华硕发布上述声明后，腾讯游戏安全随即转发并回应："感谢华硕官方的真诚和坦率，很高兴看到关于 ACE 的误会得以澄清。我们接受华硕的道歉，并期待未来与华硕继续携手，共同促进游戏产业与舆论环境的健康发 展。" 图片来源：腾讯游戏安全在 B 站的官方账号 公开资料显示，腾 ...

Core Viewpoint - ASUS issued an apology to Tencent Games regarding a misleading video that raised concerns about the security of Tencent's ACE anti-cheat system and its impact on computer performance [1][2]. Group 1: Incident Overview - The incident originated from a video posted on ASUS's official Bilibili account titled "Close ACE Anti-Cheat System to Protect Your Computer Performance," which claimed that Tencent's ACE might not prevent cheating but would heavily scan the hard drive, causing performance issues [2]. - The video sparked significant discussion among players, leading to worries about software security and system stability [1][2]. Group 2: Company Response - ASUS confirmed that the issue arose from a lack of stringent content review processes and management oversights regarding the supplier team [1]. - The company has taken immediate action by removing the video and conducting an internal investigation [1]. - ASUS plans to implement measures including serious disciplinary actions against responsible personnel and establishing a more rigorous multi-level content review mechanism to ensure the accuracy and truthfulness of published content [4].

Core Viewpoint - ASUS Computer (Chongqing) Co., Ltd. issued an apology to Tencent Game Security ACE for a misleading video that raised concerns about software safety and computer performance among players [1][4] Group 1: Apology and Response - ASUS has removed the controversial video and is conducting an internal investigation and process review [2] - The company acknowledged that the incident stemmed from management oversights regarding the supplier team and a lack of strict content review processes [4] - Tencent Game Security expressed gratitude for ASUS's sincerity and looks forward to future collaboration to promote a healthy gaming industry and public opinion environment [4] Group 2: Product Background - Tencent Game Security ACE is a self-developed game security product focusing on comprehensive safety protection throughout the game lifecycle, serving hundreds of games and over 700 million players [6] - ACE evolved from Tencent's early anti-cheat systems and was officially launched in November 2021, transitioning into a comprehensive security solution covering anti-cheat, content security, and economic safety [6] - The controversial video claimed that the ACE anti-cheat system excessively scans the hard drive, leading to memory usage issues and performance drops in games [6] Group 3: Ongoing Issues - Despite the removal of the original video by ASUS, copies have been circulated on Bilibili, and various user-uploaded tutorials on disabling ACE continue to appear [7] - As of the report, Tencent Game Security has not provided further responses regarding the issues mentioned in the video [7]

Core Viewpoint - ASUS Computer (Chongqing) Co., Ltd. issued an apology for a video posted on its official account that contained erroneous descriptions and false evaluations regarding Tencent's game security system ACE, leading to concerns among players about software safety and computer performance stability [1][2][3] Group 1 - The video titled "Turn Off ACE Anti-Cheat System to Protect Your Computer Performance" was found to have misleading content, prompting ASUS to apologize for the negative impact on Tencent's ACE [1][2] - ASUS has taken immediate action by removing the video and conducting an internal investigation to address the issue [2][3] - The internal investigation revealed a lack of strict content review processes and management oversights regarding the supplier team, resulting in the publication of unverified information [3] Group 2 - ASUS plans to implement measures to prevent similar issues in the future, including serious consequences for responsible personnel and the establishment of a more rigorous multi-level content review mechanism [2][3] - Both ASUS and Tencent are committed to providing an excellent gaming experience for global players and aim to promote a healthy development of the gaming industry and public opinion environment [2]

超微电脑第一财季净销售50.2亿美元，分析师预期60.9亿美元。 预计全年净销售至少360亿美元，公司 原本预计至少330亿美元。 预计第二财季净销售100亿-110亿美元，分析师预期80.5亿美元。 超微电脑 美股盘后跌超10%。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

Core Insights - The price of memory modules has doubled in the past month, with prices increasing from around 200 to over 400 and from over 1000 to nearly 2000 [1][2] - Despite the rise in memory prices, the prices of graphics cards and CPUs have decreased, resulting in overall computer prices remaining relatively stable [2] - The computer hardware industry is currently experiencing low profit margins, and the pricing trends are influenced by market conditions rather than promotional events like Double Eleven [2] Price Trends - Memory module prices have surged significantly, with a 100% increase observed in the last month [2] - Specific price changes include a rise from 200 to over 400 and from over 1000 to nearly 2000 for different memory products [2] - In contrast, the prices of graphics cards and CPUs have seen a decline, which offsets the increase in memory prices [2] Market Conditions - The computer hardware market is described as having "cabbage-like" profit margins, indicating very low profitability [2] - The pricing dynamics in the industry are compared to stock market trends, suggesting that prices fluctuate based on market conditions rather than promotional strategies [2] - Consumers are advised that the total cost of a computer system will not vary significantly despite the changes in individual component prices [1][2]

Core Viewpoint - Super Micro Computer, Inc. (SMCI) has faced significant challenges over the past year, including governance concerns due to delayed regulatory filings and investigations by the U.S. Department of Justice, which have impacted its stock price and investor confidence [1][3]. Financial Performance - The company reported preliminary financial results for Q1 of fiscal year 2026, with expected revenue of $5 billion, which is below the previous guidance range of $6 billion to $7 billion [3][4]. - The total design orders recently obtained exceeded $12 billion, with expected delivery in Q2 of fiscal year 2026 [3]. - The revenue shortfall in Q1 is attributed to the postponement of some revenue due to "design order upgrades," which analysts noted is over 20% lower than consensus expectations [3][4]. Operational Challenges - Analysts express concerns regarding the company's inability to achieve operational leverage, as revenue growth has not translated into improved profit margins, indicating either intense market competition or a lack of product differentiation [4][5]. - The company has faced funding difficulties, exacerbated by governance issues, which may deter potential clients from signing large contracts [4][5]. - Super Micro Computer acknowledged significant deficiencies in its internal controls over financial reporting, raising concerns about the accuracy of its financial statements [5][6]. Market Outlook - The company maintains a total revenue guidance of $33 billion for fiscal year 2026, implying a need to achieve $28 billion in revenue over the next three quarters, which analysts view as highly ambitious given the current performance [6]. - Short-term stock price expectations are around $50, with potential downward pressure if the company fails to meet its annual revenue guidance [6]. - The long-term outlook remains bleak, with declining profit margins and the risk of further sacrifices in profitability to sustain growth, leading to a potential "reckoning" in the coming quarters [6].

Group 1: A-Share Market Performance - The A-share market saw significant gains with the Shanghai Composite Index reaching a 10-year high, closing up 0.71% at 3950.31 points, while the Shenzhen Component Index rose 2.02% to 13289.18 points, and the ChiNext Index increased by 3.57% to 3171.57 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.97 trillion yuan, showing a substantial increase compared to the previous trading day [1] Group 2: Sector Performance - The electronics, semiconductor, and computer hardware sectors led the market gains, particularly in computing hardware, with CPO concept stocks performing strongly [1] - Major players in the optical module sector saw significant increases, with Zhongji Xuchuang rising over 12% to reach a historical high, and Huylv Ecological achieving three consecutive trading limits [1] - Storage chip stocks also performed well, with both Shannon Chip and Purang Co. hitting the daily limit of 20% and reaching new highs [1] - The commercial aerospace sector experienced a surge, with over ten stocks hitting the daily limit [1] - Conversely, coal stocks faced collective adjustments, with Antai Group hitting the daily limit down [1] Group 3: Industry Insights - According to Guojin Securities, cryptocurrency mining companies are emerging as new entrants in the AI data center space due to their low electricity costs and substantial approved power quotas [1] - Most cryptocurrency mining companies are preparing to transition to AI data centers, although their strategies and progress vary [1] - It is recommended to focus on companies that are aggressively transitioning to AI data centers, have clear plans for AI computing power expansion, and possess a favorable valuation compared to their current stock price [1] Group 4: Coal Market Outlook - CITIC Securities reports that the supply and demand dynamics for thermal coal are favorable, with prices expected to continue rising due to recent weather impacts and maintenance affecting production and transportation [2] - As the northern regions enter the heating season, demand from non-electric industries such as chemicals and metallurgy is increasing, leading to heightened market activity and bullish sentiment [2] Group 5: Market Sentiment and Future Outlook - According to Caixin Securities, there is a weak willingness for new capital to enter the market, resulting in insufficient momentum for market advances [2] - The market is currently awaiting the outcome of significant macroeconomic events to clarify investment directions and restore confidence [2] - Despite short-term caution, the foundation for a "slow bull" market remains intact, supported by ongoing global tech investment enthusiasm and other favorable factors, suggesting potential for continued strength in A-share indices in the fourth quarter [2]

Core Viewpoint - The A-share market experienced a strong opening on October 9, with all three major indices rising significantly, marking the highest levels since 2015 for the Shanghai Composite Index [2][4]. Market Performance - On October 9, the Shanghai Composite Index rose by 1.32% to close at 3933.97 points, while the Shenzhen Component Index increased by 1.47% to 13725.56 points, and the ChiNext Index gained 0.73% to 3261.82 points [2]. - A total of 3115 stocks in the market saw gains, indicating broad-based investor optimism [2]. Sector Highlights - The non-ferrous metals sector emerged as a standout performer, with a year-to-date increase of 77.56%, outperforming hardware equipment and semiconductor sectors [2]. - On the same day, the non-ferrous metals, hardware equipment, and semiconductor stocks saw renewed upward momentum [3]. Specific Stock Movements - The non-ferrous metals sector saw a collective surge, with significant gains in gold, copper, nickel, rare earths, lithium, and cobalt concepts [3]. - Notable stocks such as Western Superconducting Technologies, Northern Rare Earth, and Luoyang Molybdenum all hit the daily limit up [4]. Gold Market Dynamics - International spot gold prices surpassed $4000 per ounce, reaching a historical high, which contributed to the surge in gold-related stocks [4]. - Domestic gold jewelry prices also hit record levels, with several brands exceeding 1160 yuan per gram [4]. Future Market Outlook - Analysts predict a "shaking upward" trend for the market in October, with a focus on structural characteristics driven by resource security, corporate overseas expansion, and technological competition [6]. - The market is expected to maintain a bullish sentiment, with net inflows of public and private fund financing supporting a balanced market style [6][7]. Economic Indicators - The upcoming Fourth Plenary Session is anticipated to influence market expectations and trading directions, while the third-quarter earnings reports are expected to show a rebound in profit growth across most industries [6][7].