2月26日，云赛智联涨5.13%，截至发稿，报21.31元/股，成交7.84亿元，换手率3.51%，总市值291.45亿 元。 资料显示，云赛智联股份有限公司位于上海市徐汇区宜州路180号B6栋9-10楼，成立日期1993年5月28 日，上市日期1990年12月19日，公司主营业务涉及提供智慧城市核心软硬件产品和综合解决方案。主营 业务收入构成为：云计算大数据53.32%，行业解决方案42.35%，智能产品7.33%，其他产品0.12%，其 他(补充)0.01%。 截至发稿，吴振翔累计任职时间16年25天，现任基金资产总规模185.98亿元，任职期间最佳基金回报 207.48%， 任职期间最差基金回报-31.53%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，汇添富基金旗下1只基金位居云赛智联十大流通股东。中证上海国企ETF（510810）三季度 减持59.46万股，持有股数462.4万股，占流通 ...

刘熹 国海证券计算机分析师: 那下面的话，会议就正式开始。那首先的话，还是想请这个云赛的张总先做一个开场，然 后后面再请武博士，再做，结合这个 PPT 再做一个分享。好，下面有请张总。 云杉智联董秘张欣欣: 好，各位投资者，大家晚上好。今天那个是还是年初八，八，在在中国农历那个新年当中 又是马年的那个开始第一天，那么有幸国海证券刘老师安排，今天晚上利用一点时间跟大 家见面。我觉得非常意义，非常有意义的。那么我是银赛智联董秘张欣欣，那么银赛智联 大家应该各位大概应该都有所了解。那么它现在的那个主要是一一家信息服务业企业，主 要业务有三三块，一个是云服务大数据，第二个是解决方案，第三个是智能产品。然后云 服务大数据板块，里面包括一个是云服务，一个是数据要素，数据治理，那么解决方案主 要做城市安全治理和和那个民生，包括医疗、教育，很多信息化服务。 那么还有一块就是智能产品智能产品。那么目前应该说我们那个银盛智联各块业务，就是 运营比，很正常。那个应该说我们目前还在对 25 年的那个年报的数据还在审计，那么应 该很快吧，大概还有一个月。到 3 月底的时候，我们会公布年报。那么应该说还不错的， 还不错的，因为整个 25 ...

(本文来自第一财经) 大位科技跌停，光环新网、云天励飞跌超10%，奥飞数据、网宿科技、数据港、青云科技、云赛智联、 东方国信、亚康股份、杭钢股份等跌幅居前。 ...

机构观点 市场对云赛智联情绪偏积极，主要基于算力行业高景气和公司业务布局。有分析指出，股价在技术回调 后呈现反弹态势，当前站上短期均线，RSI指标处于中性偏强区域。机构预测方面，19家机构平均预期 2025年净利润同比增长16.60%，2026年增速有望进一步提升至25.42%。不过，需关注净利润下滑风险 (2025年三季报归母净利润同比减少8.05%)以及筹码分散等因素。整体舆情中性，机构调研频率较低， 但长期成长性受关注。 经济观察网近期，云赛智联（600602）在算力租赁行业景气度提升的背景下受到市场关注。公司作为上 海市大数据中心资源平台总集成商，成功中标上海超级计算中心市公共算力服务平台建设项目，并投资 建设松江大数据中心二期项目，服务于市级智能算力集群建设。行业方面，AI算力需求爆发式增长， 政策支持力度加大，工信部推进算力调度互联互通，地方政府推出"算力券"政策，市场预测2026年国内 算力租赁潜在收入规模有望达2600亿元。此外，公司计划于2026年3月28日披露2025年年度报告。 股票近期走势 云赛智联股价近期表现活跃，近5个交易日累计上涨10.90%，区间振幅达12.18%。具体来看，2 ...

证券日报网讯2月11日，云赛智联（600602）在互动平台回答投资者提问时表示，公司相关业务信息请 关注公司定期发布的公告。公司将于3月28日发布2025年年度报告。 ...

Market Overview - The Shanghai State-Owned Enterprise Reform sector declined by 0.36% compared to the previous trading day, with Shanghai Film leading the decline [1] - The Shanghai Composite Index closed at 4131.98, up 0.09%, while the Shenzhen Component Index closed at 14160.93, down 0.35% [1] Stock Performance - Notable gainers in the Shanghai State-Owned Enterprise Reform sector included: - YunSai ZhiLian (600602) with a closing price of 22.03, up 3.43% and a trading volume of 847,100 shares, totaling 1.863 billion yuan [1] - FeiLe YinXiang (600651) closed at 8.46, up 2.30% with a trading volume of 638,800 shares, totaling 54.5 million yuan [1] - PuDong JinQiao (600639) closed at 11.00, up 2.04% with a trading volume of 96,700 shares, totaling 10.5 million yuan [1] Capital Flow - The Shanghai State-Owned Enterprise Reform sector experienced a net outflow of 833 million yuan from institutional investors, while retail investors saw a net inflow of 833 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - YunSai ZhiLian (600602) had a net inflow of 1.19 billion yuan from institutional investors, while retail investors had a net outflow of 789.63 million yuan [3] - ChengTou KongGu (600649) saw a net inflow of 36.75 million yuan from institutional investors, with retail investors experiencing a net outflow of 221.13 million yuan [3] - The overall trend shows that while some stocks attracted institutional investment, others faced significant retail selling pressure [3]

Core Viewpoint - The focus is on the growth of the domestic computing power and AI application sectors, particularly through the performance of the Huabao Big Data ETF (516700), which has shown significant gains in the market [1][8]. Market Performance - The Huabao Big Data ETF (516700) saw an intraday increase of 1.35%, currently up by 0.90%, recovering above the 20-day moving average and aiming for a fifth consecutive daily gain [1][8]. - Notable stocks include Wangsu Science & Technology, which surged by 11.30%, and Dongfang Guoxin, which rose by 8.57% [2][10]. Industry Insights - According to Omdia, the Chinese cloud infrastructure service market is projected to reach $13.4 billion by Q3 2025, reflecting a year-on-year growth of 24% and maintaining over 20% growth for two consecutive quarters [2][12]. - The demand for AI is accelerating the deployment of cloud services and significantly impacting core cloud infrastructure, leading to a shift in cloud resource consumption towards production-level workloads [12]. Policy Developments - The National Development and Reform Commission has issued guidelines to promote the application of AI in the bidding and tendering process, identifying 20 key scenarios for implementation [12]. - The rise in demand for tokens is leading to price increases that are being passed from upstream to CPUs and cloud services, with AWS initiating price hikes, indicating a potential revaluation for cloud computing and related service providers [12]. Sector Focus - The Huabao Big Data ETF (516700) passively tracks the CSI Big Data Industry Index, heavily investing in sectors such as data centers, cloud computing, and big data processing, with significant holdings in leading companies like Inspur, iFlytek, and China Software [4][12]. - By the end of 2025, the index's composition will see computing power concepts accounting for 40.91% and AI application concepts for 37.43% [12]. Future Outlook - The government is emphasizing "technology as a priority," which is expected to drive new productive forces [6]. - The top-level design for a digital China aims to activate digital productivity and accelerate the process of domestic substitution [6]. - The "Xinchuang 2.0" wave is anticipated to accelerate, presenting a broad outlook for technology self-reliance [6].

Group 1 - February macro outlook indicates a favorable macro environment for equity markets, with expectations of strong economic and credit data at the beginning of the year [7][9] - The strategy outlook suggests a transition in market styles, with a focus on growth "rest" and a continued bullish stance while adjusting portfolio structures [9][10] - The quantitative strategy emphasizes investing in small-cap stocks and taking long positions before the Spring Festival [10] Group 2 - The February gold stock selection includes companies from various sectors: - Electronics: Shiyun Circuit, Shengkong Co. - Consumer Electronics: Baiwei Storage - Computing: Yunsai Zhiliang - Communication: Kexin Innovation Source - Non-ferrous Metals: Shengtun Mining, Luoyang Molybdenum - Machinery: Zhonglian Heavy Industry - Coal: Huaibei Mining - Non-bank Financials: Dongfang Securities [12][14] - The rationale for selected stocks includes: - Shiyun Circuit is expected to benefit from emerging fields such as commercial aerospace and intelligent driving, potentially leading to significant growth [13] - Shengkong Co. is positioned to gain from the semiconductor cycle, with demand driven by AI and storage needs [17] - Baiwei Storage is set to capitalize on the AI infrastructure boom, with a focus on domestic market share growth [20] - Yunsai Zhiliang is anticipated to see increased demand for cloud services and IDC, driven by AI advancements [22] - Kexin Innovation Source is expected to achieve breakthroughs in the AI liquid cooling market, enhancing revenue and profitability [26] - Shengtun Mining is projected to improve profitability through copper price increases and strategic acquisitions [31] - Luoyang Molybdenum is expected to benefit from increased copper and cobalt production, alongside new gold mining projects [35] - Zhonglian Heavy Industry is positioned for growth through diversification in machinery sectors and global expansion [40] - Huaibei Mining is highlighted for its high elasticity in coking coal, with price improvements expected in 2026 [46] - Dongfang Securities is set to benefit from regulatory support and potential mergers, enhancing its market position [49]

Group 1 - The company YunSai ZhiLian (600602) will disclose its 2025 annual report on March 28 [1]

Investment Rating - The report assigns an "Overweight" rating for the computer industry [1] Core Insights - The establishment of a closed-loop system for data elements, combined with the catalysis of AI, is expected to accelerate the release of data value and the blossoming of the industry in 2026 [2][32] - The demand for AI applications is creating a significant supply gap in the data market, with daily token consumption for AI applications in China skyrocketing from 100 billion at the beginning of 2024 to over 30 trillion by mid-2025, reflecting a growth of over 300 times in just a year and a half [37] Summary by Sections Investment Recommendations - The report emphasizes the importance of focusing on various segments of the data supply chain, including data supply, data trading, data application development, data services, data security, computing power, and network infrastructure [7][8] The Fifth Production Element - Data has been officially recognized as the "fifth production element" by the Chinese government, alongside labor, capital, land, and technology, highlighting its critical role in modern production activities [11] - The top-level design and policy framework for data elements have become increasingly refined, with a focus on activating the potential of data elements and establishing a sound market environment [13][14] Recent Policy Developments - Since 2024, the pace of policy implementation regarding data elements has accelerated, transitioning from top-level design to actionable policies, thereby establishing a solid institutional foundation for the industrialization of data elements [18] - Key policies include the promotion of public and enterprise data resource development, the establishment of a high-efficiency data circulation market, and the enhancement of data infrastructure [19][20][24] AI and Data Market - The report highlights the emergence of a trillion-dollar blue ocean market in the data industry, with the industry value surpassing 2 trillion yuan in 2023 and expected to maintain a growth rate of over 20% annually in the coming years [43][44] - The integration of AI applications is expected to further stimulate the demand for high-quality data, creating a reciprocal relationship that enhances both AI performance and data value [39] Future Policy Outlook - The year 2026 is designated as the "Year of Data Element Value Release," with a focus on improving data flow and resource allocation channels, thereby enhancing the overall market ecosystem [32][33]