Core Viewpoint - The software service index and related ETFs are experiencing significant growth, driven by advancements in AI and software development capabilities, particularly in large model agents [1][4][5]. Group 1: Software Index Performance - As of September 24, 2025, the CSI Software Service Index increased by 0.98%, with notable gains from companies like iFlytek (4.94%) and 360 (4.12%) [1]. - The software ETF (159852) rose by 0.87%, indicating positive market sentiment [1]. Group 2: ETF Trading and Growth Metrics - The software ETF recorded a turnover rate of 3.63% and a transaction volume of 169 million yuan [3]. - Over the past month, the ETF's average daily trading volume reached 570 million yuan, ranking first among comparable funds [3]. - The ETF's scale grew by 1.637 billion yuan over the last three months, also leading in growth among comparable funds [3]. - In the past week, the ETF's shares increased by 99 million, marking the highest new share issuance among comparable funds [3]. - The ETF saw a net inflow of 222 million yuan recently [3]. - Over the past three years, the ETF's net value has risen by 24.90%, with a maximum monthly return of 39.35% since inception [3]. Group 3: Major Stocks in the Index - As of August 29, 2025, the top ten weighted stocks in the CSI Software Service Index accounted for 62.05% of the total index, with iFlytek, Tonghuashun, and Kingsoft being the most significant contributors [3]. Group 4: AI Model Advancements - The enhancement of large model agent capabilities is expected to break through application bottlenecks in software development, improving understanding of user-specific needs and application scenarios [4]. - AI agents are anticipated to bring commercial value through process automation, data analysis, and precise decision-making, increasing willingness to pay among downstream clients [5]. - In software development, the improved code generation capabilities of AI models are being applied to various stages, with further expansion into creative tasks like requirement analysis and architecture design [5].

Group 1 - The China Securities Software Service Index has decreased by 3.19% as of September 23, 2025, with major declines from stocks such as Tuowei Information and Youfu Network [1] - The Software ETF (159852) has experienced a turnover rate of 4.19% and a transaction volume of 184 million yuan during the trading session [4] - Over the past three months, the Software ETF has seen a scale increase of 1.578 billion yuan, ranking first among comparable funds [4] Group 2 - Donghua Software has reached a strategic cooperation intention with Suzhou Industrial Park to establish an artificial intelligence research institute, investing 300 million yuan to enhance AI technology applications across various industries [5] - The AI application ecosystem is becoming increasingly complete, with rapid penetration of large model technology in vertical fields such as finance and healthcare, exceeding market expectations [5] - Investors can also consider the Software ETF linked fund (012620) to capitalize on AI software investment opportunities [5]

Core Viewpoint - The software service index and related ETFs have shown positive performance, indicating a growing interest and investment in the software and AI sectors, particularly in the domestic market [1][4][5]. Group 1: Market Performance - As of September 17, 2025, the software service index increased by 0.95%, with notable gains from individual stocks such as Guidewire (up 11.13%) and Wealth Trend (up 5.65%) [1]. - The software ETF (159852) rose by 0.85%, with a cumulative increase of 5.58% over the past week as of September 16, 2025 [1]. Group 2: Liquidity and Scale - The software ETF had a turnover rate of 6.74% during the trading session, with a transaction volume of 311 million yuan [4]. - Over the past month, the ETF's average daily transaction volume was 579 million yuan, ranking first among comparable funds [4]. - The ETF's scale grew by 1.649 billion yuan over the past three months, also leading among comparable funds [4]. Group 3: Investment Opportunities - The top ten weighted stocks in the software service index account for 62.05% of the index, with notable companies including iFlytek, Tonghuashun, and Kingsoft [5]. - The report from Huatai Securities suggests a return to value and growth in the market, with a focus on AI as a key area for investment [5]. - The domestic AI computing power demand is expected to grow due to the development of local models and applications, presenting new opportunities for domestic computing businesses [5]. Group 4: Industry Developments - CrowdStrike announced the integration of NVIDIA's Nemotron model into its Charlotte AI to enhance threat detection and response capabilities [4]. - The first "AIDC Industry Development Conference" was held in Shanghai, focusing on establishing standardized guidelines for AI data center construction [4].

Core Insights - The software service index has shown a slight increase, with notable gains in specific stocks such as Kingsoft Office and Tuowei Information, indicating a positive trend in the software sector [1][3]. Market Performance - The software ETF experienced a turnover of 4.37% with a transaction volume of 196 million yuan, and it has the highest average daily transaction volume of 583 million yuan over the past month among comparable funds [3]. - The software ETF has seen a significant growth of 1.543 billion yuan in scale over the past three months, leading in new scale among comparable funds [3]. - The ETF's net value has increased by 21.34% over the past three years, with the highest single-month return reaching 39.35% since its inception [3]. Industry Trends - The value in the computer and software development industry is currently concentrated among upstream core technology suppliers, which enjoy high bargaining power and profit margins due to technological barriers [4]. - As technology advances and production scales up, hardware costs are expected to decline, shifting industry value towards software and services, with intelligent algorithms and continuous services becoming key growth areas [4]. - Future business models are anticipated to evolve from hardware-centric to an integrated model of "hardware + software + ecosystem services," maximizing value and profit through software platforms and ecosystems [4]. Key Stocks - The top ten weighted stocks in the software service index account for 62.05% of the index, with notable companies including iFlytek, Kingsoft Office, and Tonghuashun [4][6]. - The performance of key stocks includes iFlytek at 0.79%, Kingsoft Office at 1.47%, and Tuowei Information at 1.27%, indicating a mixed performance among the top players [6].

Group 1 - The software ETF has a turnover rate of 6.9% and a transaction volume of 340 million yuan, with an average daily transaction volume of 572 million yuan over the past month, ranking first among comparable funds [3] - The latest scale of the software ETF reached 4.897 billion yuan, also ranking first among comparable funds, with a significant increase of 1.499 billion shares over the past three months [3] - The net value of the software ETF has increased by 20.89% over the past three years, with the highest monthly return since inception being 39.35% and an average monthly return of 10.06% [3] Group 2 - Dongwu Securities suggests that in the current market environment, hot money is likely to flow towards sectors with undeniable industrial trends, recommending investments in storage, AIDC supporting facilities, and AI applications [4] - As of August 29, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Tonghuashun, and Kingsoft Office, accounting for a total of 62.05% of the index [4] Group 3 - The table lists the stock codes, names, price changes, and weights of the top ten stocks in the software sector, with iFlytek having the highest weight at 13.93% [6] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [6]

Group 1 - The software ETF has shown significant liquidity with an intraday turnover of 5.62% and a transaction volume of 275 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past month at 568 million yuan [3] - The software ETF has experienced a notable growth in scale, increasing by 1.93 billion yuan over the past three months, also ranking first among comparable funds [3] - The net value of the software ETF has risen by 21.38% over the past three years, with the highest monthly return since inception reaching 39.35% and an average monthly return of 10.06% [3] Group 2 - In the first half of 2025, China's software business achieved a revenue of 70.585 billion yuan, reflecting a year-on-year growth of 11.9%, while the total profit reached 8.581 billion yuan, growing by 12.0% [3] - The implementation of the "Artificial Intelligence +" initiative is expected to drive the industrialization of AI, with significant advancements in AI applications and infrastructure development [3] - In August 2025, companies like DeepSeek, Zhiyu, and Alibaba updated and open-sourced their latest models, highlighting the trend of smaller models that lower the development threshold for AI applications [4] Group 3 - The top ten weighted stocks in the CSI Software Service Index include companies such as iFLYTEK, Tonghuashun, and Kingsoft, collectively accounting for 62.05% of the index [4] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [4]

Group 1: Software ETF Performance - The Software ETF has a turnover rate of 6.78% during trading, with a transaction volume of 327 million yuan. Over the past month, the average daily transaction volume reached 567 million yuan, ranking first among comparable funds [3] - The Software ETF has seen a significant growth in scale, increasing by 1.803 billion yuan over the past three months, also ranking first among comparable funds [3] - As of September 10, 2025, the net value of the Software ETF has increased by 17.05% over the past three years. The highest monthly return since inception was 39.35%, with the longest consecutive monthly gains being three months and a maximum increase of 69.40%, averaging a monthly return of 10.06% [3] Group 2: Industry Insights - According to CITIC Securities, the computer industry is experiencing a noticeable acceleration in revenue and significant improvement in net profit in the first half of 2025. The computing power sector is driven by increased CAPEX, technological upgrades, and supply improvements, leading to high revenue growth [4] - The growth of the "Xinchuang" sector continues to be robust and is expected to accelerate in the second half of the year, with potential expansion into industrial software [4] - The contribution of AI applications to overall performance is significantly increasing, with notable improvements in profitability due to cost reduction and efficiency enhancement, indicating an upcoming performance inflection point [4] Group 3: Key Stocks in Software Sector - As of August 29, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Tonghuashun, Kingsoft Office, and others, collectively accounting for 62.05% of the index [4] - The individual stock performances include iFlytek with a 2.35% increase and a weight of 13.93%, Kingsoft Office with a 3.81% increase and a weight of 8.15%, and Tonghuashun with a 4.65% increase and a weight of 7.39% [6] - Investors can also access AI software investment opportunities through the Software ETF linked fund (012620) [6]

Group 1 - The software service index of Zhongzheng has decreased by 2.35% as of September 4, 2025, with Kingsoft Office leading the decline [1] - The software ETF (159852) has been adjusted downwards, but it has seen a cumulative increase of 7.97% over the past month, ranking first among comparable funds [1] - The software ETF has recorded a turnover rate of 5.75% and a transaction volume of 294 million yuan during the trading session [4] Group 2 - The software ETF has experienced a significant growth of 2.265 billion yuan over the past three months, leading in scale growth among comparable funds [4] - The net value of the software ETF has increased by 20.31% over the past three years, with the highest single-month return reaching 39.35% since its inception [4] - According to IDC, the enterprise application software market, valued at 650 billion dollars, is expected to be disrupted by AI agents, with penetration rates in customer service, sales, and marketing applications approaching 100% by 2031 [4] Group 3 - Huajin Securities reports that the demand for training and inference calculations for AI has significantly increased due to the rapid growth of training data and parameter scales [5] - The top ten weighted stocks in the Zhongzheng software service index account for 62.05% of the index, with iFLYTEK, Tonghuashun, and Kingsoft Office being the top three [5] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [7]

Core Viewpoint - The Chinese software industry is entering a rapid development phase, with expectations for the market size to exceed 3.5 trillion yuan by 2030, driven by digital economy advancements and accelerated digital transformation of enterprises [5] Group 1: Software ETF Performance - The software ETF (159852) experienced a 0.83% decline as of August 29, 2025, with mixed performance among constituent stocks [1] - Over the past week, the software ETF has seen a cumulative increase of 9.42% as of August 28, 2025 [1] - The software ETF recorded a turnover rate of 7.65% and a transaction volume of 434 million yuan, leading comparable funds in both metrics [4] - The software ETF's net value has increased by 30.49% over the past three years, with a maximum monthly return of 39.35% since inception [4] Group 2: Key Stocks in Software Sector - The top ten weighted stocks in the CSI Software Service Index account for 61.39% of the index, with notable companies including iFlytek, Kingsoft Office, and Tonghuashun [5] - The performance of key stocks as of August 27, 2025, includes iFlytek at -0.24% weight 13.93%, Kingsoft Office at -1.02% weight 8.15%, and Tonghuashun at +1.91% weight 7.39% [7] Group 3: Technological Advancements - ByteDance's Seed has launched a new multimodal intelligent framework, M3-Agent, which outperforms existing commercial models in various tasks, showcasing advantages in human understanding and cross-modal reasoning [4] - Artificial intelligence plays a crucial role in software development, optimizing performance and enhancing user experience through machine learning and natural language processing technologies [5]

Core Viewpoint - The software service index has shown mixed performance among its constituent stocks, with notable movements in the software ETF and a positive outlook for the AI sector and related industries [1][4][5]. Group 1: Software ETF Performance - As of August 27, 2025, the software ETF has seen a weekly increase of 6.39% [1] - The ETF recorded a turnover of 4.96% during trading, with a total transaction volume of 278 million yuan [4] - Over the past week, the ETF's scale increased by 3.83 million yuan, leading in comparable funds [4] - The ETF has experienced net inflows on 3 out of the last 5 trading days, totaling 5.229 million yuan [4] - The net value of the software ETF has risen by 30.49% over the past three years [4] Group 2: AI and Software Industry Outlook - The computer sector, particularly in areas like AI, intelligent driving, and overseas expansion, is expected to perform well [5] - Profitability is anticipated to benefit from base effects, workforce optimization, and cost savings driven by AI [5] - The second half of the year is projected to show stronger operational intensity compared to the first half, with significant advancements in AI implementation [5] - Key AI application areas include hardware-software integration, consumer software for overseas markets, enterprise services, and private deployment of large models for government [5] Group 3: Major Stocks in Software Service Index - As of July 31, 2025, the top ten weighted stocks in the software service index accounted for 61.39% of the index, with notable companies including iFlytek, Kingsoft Office, and Tonghuashun [5] - The performance of these stocks varied, with iFlytek down by 0.21% and Tuowei Information up by 1.91% [7]