Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies Core Insights - The second Guangdong-Hong Kong-Macao Greater Bay Area Semiconductor Industry Ecology Expo showcased significant advancements in the semiconductor industry, focusing on wafer manufacturing, advanced packaging, IC design, and compound semiconductors [1][15] - Xinkailai's subsidiary Qiyunfang Technology launched two domestically developed EDA software products, which enhance performance by 30% compared to industry benchmarks and reduce hardware development cycles by 40% [2][17] - Wanliyan, another subsidiary, introduced a 90GHz ultra-high-speed oscilloscope, improving domestic oscilloscope performance by 500% and supporting advanced chip testing [2][18] - The collaboration between DAMO Academy Xuantie and Xinmang Microelectronics resulted in a cycle-level accurate simulation model for AI vector accelerators, significantly improving performance tuning capabilities [3][19] - Shenzhen Pinghu Laboratory established a leading 8-inch power semiconductor platform, achieving a localization rate of 99.2% for equipment and aiming for mass production of 1200V SiC MOSFETs and 650V GaN HEMTs by 2025 [5][25] Summary by Sections New Product Launch by Subsidiaries of Xinkailai - Qiyunfang Technology launched two EDA software products that fill a technological gap in high-end electronic design software, enhancing performance and reducing development time [2][16][17] - Wanliyan's oscilloscope features a sampling rate of 200 billion samples per second and can significantly reduce parameter tuning time for high-speed interface chips [2][18] Joint Launch by DAMO Academy Xuantie and Xinmang Microelectronics - The new modeling and optimization solution for AI vector accelerators allows for cycle-level tracking and visualization of CPU microarchitecture, improving the efficiency of performance tuning [3][19][20] - This solution is expected to enhance the competitiveness of RISC-V architecture in high-performance computing [4][22][23] Highlight Exhibits of Shenzhen Pinghu Laboratory - The laboratory's cleanroom and equipment have achieved a high localization rate, breaking foreign monopolies in core semiconductor equipment [5][25][26] - The facility aims to reduce R&D costs and facilitate mass production of advanced semiconductor components by 2025 [5][27][28]

[Table_Title] 研究报告 Research Report 15 Oct 2025 美丽田园 Beauty Farm Medical and Health Industry (2373 HK) 美丽田园 (2373 HK): 美丽田园收购思妍丽：高端美容市场 TOP3 品牌会师， 龙头地位再夯实 Beauty Farm Medical and Health Industry: Beauty Farm Acquires Siyanli: Top 3 Brands Converge in Premium Beauty Market, Consolidating Leadership Position 寇媛媛 Yuanyuan Kou 吴颖婕 Mindy Wu yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis 从交易结构来看，本次收购采用"现金+并购贷+发股"的多元化方案。现金对价约 8.4 亿元，由集团内部现金 3.3 亿元及银行 融资 5.1 亿元组成；股份对价约 4.1 亿元，公司将向卖方发行约 1 ...

[Table_Title] 研究报告 Research Report 15 Oct 2025 中国汽车 China (A-share) Autos 京东+宁德+广汽携手造车潜力可期，换电生态雏形初现 JD, CATL and GAC Team Up on EVs, Battery-Swap Ecosystem Taking Shape 王沈昱 Oscar Wang, CFA 王凯 Kai Wang, CFA sy.wang@htisec.com k.wang@htisec.com 换电生态初现雏形，建议关注产业链外溢机会。我们认为，京东跨界造车虽属探索性尝试，但释放出电商平台加速 切入汽车交易与能源服务领域的信号，或将推动行业销售链条和能源体系的结构性升级。若合作顺利落地，宁德时 代（300750.SZ）有望凭借标准化换电体系率先受益，进一步巩固其在电池资产化与能源服务领域的主导权；广汽集 团（2238.HK/601238.SH）可通过京东渠道低成本扩大用户覆盖、提升品牌渗透；京东则有机会打造"车电一体"新零 售模式，实现流量与用户资产的再变现。我们建议重点关注换电产业链的配套环节，包括电池模组、站点设备及能 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for the company, highlighting its potential in the AI and storage sectors [4]. Core Insights - The company is positioned as a leading player in AI digitalization, with a strategic acquisition of Jintaike to enter the storage business. The report anticipates that the company’s performance will exceed expectations due to a long-term boom in the storage chip industry and synergies from its AI and energy businesses [1][4]. Financial Summary - Total revenue projections for the company are as follows: 694 million in 2023, 618 million in 2024, 719 million in 2025, 953 million in 2026, and 1,191 million in 2027, reflecting a growth rate of 25.0% in 2023, a decline of 11.0% in 2024, and subsequent growth rates of 16.4%, 32.6%, and 25.0% in the following years [3][5]. - Net profit (attributable to the parent company) is projected to be 41 million in 2023, 21 million in 2024, 37 million in 2025, 49 million in 2026, and 55 million in 2027, with significant fluctuations in growth rates [3][5]. Revenue and Profitability Forecast - The company’s digital energy business is expected to generate 3.05 billion in revenue in 2024, accounting for 49.3% of total revenue, with a projected growth rate of 10% for 2025-2027 [10]. - The AI computing and large model business is anticipated to achieve revenues of 1.24 billion in 2024, with growth rates of 50%, 100%, and 50% for the following years [11]. - The storage business, post-acquisition of Jintaike, is projected to generate revenues of 38.40 billion, 72 billion, and 100 billion from 2025 to 2027, respectively, with growth rates of 62%, 88%, and 39% [15][13]. Valuation Analysis - The report employs both PE and PS valuation methods, estimating a reasonable valuation of 202.23 billion for the company post-acquisition, with a target price of 299.52 per share based on a 175x PE for traditional business and 80x PE for Jintaike's storage business [4][16][26]. - The company’s traditional business is conservatively valued at 63.99 billion based on a 175x PE, while Jintaike is valued at 138.24 billion based on an 80x PE [23][26]. Business Segments and Growth Drivers - The company has a robust foundation in digital governance, having served over 2,100 government clients, and is expanding into AI storage through the acquisition of Jintaike, which will enhance its AI infrastructure [27][33]. - The AI content security business is expected to grow steadily, with revenues projected at 0.95 billion in 2024 and a growth rate of 5% to 10% for the following years [12]. Strategic Initiatives - The acquisition of Jintaike is a strategic move to integrate storage capabilities into the company’s AI ecosystem, enhancing its competitive edge in the AI and storage markets [33].

Investment Rating - The report maintains a positive outlook on the computer industry, with a focus on domestic AI applications and edge models [3][9]. Core Insights - DeepSeek's V3.2-Exp enhances long-text efficiency through DSA fine-grained sparse attention, achieving significant improvements in training and inference efficiency while reducing API costs by over 50% [3][9]. - OpenAI's launch of Sora 2 and Apps SDK outlines a business strategy focused on "entry + ecosystem," with Sora 2 allowing users to create AI-generated short videos, achieving over 1 million downloads in its first week despite being invite-only [3][9]. - Figure 03, featuring the Helix architecture, integrates cognition and action in humanoid robots, designed for mass production with a target of 120,000 units over four years, which will drive demand for related technologies [3][9]. Summary by Sections - **DeepSeek V3.2-Exp**: The release focuses on improving long-text processing efficiency with a new attention mechanism, significantly lowering operational costs for developers [3][9]. - **OpenAI Developments**: The introduction of Sora 2 and Apps SDK enhances user interaction with large language models, potentially increasing token consumption and creating new AI application opportunities [3][9]. - **Figure 03 and Helix Architecture**: The humanoid robot's design aims for high precision in tasks, with mass production capabilities that will stimulate demand across various sectors [3][9]. Key Targets - Key investment targets include Wuxi Unicomp Technology Co., Ltd., Kingdee International Software Group, Iflytek, Newland Digital Technology, Autel Intelligent Technology, Hand Enterprise, ArcSoft Corporation, and Hygon Information Technology Co., Ltd. [3][9].

北美首个储充一体化项目获批，可复制性优势明显 道通科技(688208) 公司信息点评 计算机 [Table_Industry] /信息科技 [Table_Invest] [Table_Target] [Table_CurPrice] [Table_Market] 公 司 信 息 点 评 [Table_Summary] 维持"优于大市"评级。我们预计，公司 2025-2027 年 EPS 为 1.43/1.92/2.44 元，给予公司 2025 年 35 倍 PE，目标价 49.92 元，维 持"优于大市"评级。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 3,251 | 3,932 | 5,325 | 6,874 | 8,465 | | (+/-)% | 43.5% | 20.9% | 35.4% | 29.1% | 23.1% | | 净利润(归母) | 179 | 641 | 956 | 1,284 | 1,634 ...

携手达索推出 inSuite by DELMIAWorks， 打造端到端工业软件 浪潮数字企业跟踪报告 股票研究 /[Table_Date] 2025.10.10 2025-10-15 浪潮数字企业(0596) [Table_Industry] 计算机 [Table_Invest] [Table_CurPrice] [Table_Market] 本报告导读： 9 月 26 日中国国际工业博览会在上海举办，公司联合达索系统发布"浪潮海岳 inSuite by DELMIAWorks"，打造端到端一体化工业软件，加速制造业"智造"升级。 股 票 研 究 外 公 司 ( 中 国 香 港 ) 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 海 [Table_PicQuote] [Table_Report] 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 8,294 | 8,201 | 8,962 | 9,863 | 11,001 | | (+ ...

Investment Rating - Investment advice is optimistic about the long-term growth of domestic computing power and AI applications, particularly focusing on key targets in AI video and image-related sectors [3][7]. Core Insights - OpenAI's annual developer conference showcased the development of ChatGPT as an AI operating system, with significant user engagement, including 800 million weekly active users and over 4 million developers utilizing OpenAI [3][8]. - The introduction of new products such as the AI model GPT-5 Pro and the AgentKi platform for building AI agents indicates a strong push towards enhancing AI capabilities [3][8]. - The Apps SDK allows developers to create interactive applications within ChatGPT, emphasizing context memory and understanding, which positions ChatGPT as a central entry point for users [9][10]. Summary by Sections - **Investment Highlights**: The report highlights the potential of domestic computing power and AI applications, with key targets including companies like ArcSoft, Hangzhou Arcvideo Technology, and others in the AI video and image sector [3][7]. - **User Engagement**: ChatGPT has reached 800 million weekly active users, with increasing adoption across various sectors, including consumers, developers, enterprises, and governments [8]. - **Product Development**: OpenAI announced several new products, including GPT-5 Pro and AgentKi, aimed at enhancing the functionality and usability of AI applications [8][10]. - **Developer Tools**: The Apps SDK and AgentKit provide developers with tools to create applications and agents, streamlining the development process and improving integration with existing systems [9][10].

《政务领域人工智能大模型部署应用指 引》印发，AI 政务前景广阔 [Table_Industry] 计算机 [Table_Invest] [Table_Report] 本报告导读： 10 月 10 日，中央网信办、国家发改委联合印发改委印发《政务领域人工智能大模 型部署应用指引》，看好后续国内 AI+政务应用落地加速。 投资要点： 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 踪 报 告 证 券 股票研究 /[Table_Date] 2025.10.12 [table_Authors] 2025-10-15 [Table_Summary] 投资建议：10 月 10 日，中央网信办、国家发改委联合印发改委印 发《政务领域人工智能大模型部署应用指引》，为各级政务部门提供 人工智能大模型部署应用的工作导向和基本参照，看好后续国内 AI+政务需求持续放量，政务场景 AI 应用落地有望加速。我们继续 看好计算机板块，重点标的：新点软件、海康威视、大华股份、数 字政通、中科星图、航天宏图，相关标的：博思软件、智洋创新、 南威软件、信息发展。 网信办、发改委联合印发《政务领域人工智能大模型部 ...

[Table_Report] 本报告导读： 9 月 30 日，OpenAI 重磅发布 Sora App 和 Sora2 模型。这一组合标志着 AI 技术正式 从文本、图像迈向高质量视频生成与社交应用的新阶段。 投资要点： 股 票 研 究 股票研究/[Table_Date] 2025.10.07 2025-10-15 [Table_Industry] 计算机 "GPT-3.5 时刻" [Table_Invest] 行 业 跟 踪 报 告 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 Sora 2 与 Sora APP 重磅发布，AI 视频的 [table_Authors] [Table_Summary] 投资建议：9 月 30 日，OpenAI 重磅发布 Sora App 和 Sora2 模型。 Sora2 被 OpenAI 官方誉为"视频领域的 GPT-3.5 时刻"，这一组合标 志着 AI 技术正式从文本、图像迈向高质量视频生成与社交应用的新 阶段。云服务商和数据中心运营商将直接受益于持续增长的算力需 求，我们看好国产算力及 AI 应用的长期发展空间，重点标的：AI 视 频图像相关：虹软科技、合 ...