格隆汇1月30日丨税友股份(603171.SH)公布，宁波思驰计划减持公司股份不超过1219.04万股，即不超过 公司总股本的3%。其中，拟通过集中竞价方式减持不超过406.35万股，占公司总股本的比例不超过 1%；拟通过大宗交易方式减持不超过812.69万股，占公司总股本的比例不超过2%。减持期限为自公告 披露之日起15个交易日之后的3个月内实施。 ...

证券代码：603171 证券简称：税友股份 公告编号：2026-002 税友软件集团股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 大股东持股的基本情况：截至本公告披露日，税友软件集团股份有限公 司（以下简称"税友股份"或"公司"）控股股东宁波思驰创业投资合伙企业（有 限合伙）（以下简称"宁波思驰"）持有公司股份 209,914,539 股，占公司总股 本 51.66%。宁波思驰及一致行动人张镇潮先生合计持有公司股份 302,214,539 股， 占公司总股本 74.37%，全部为无限售条件流通股。 1 股东名称 宁波思驰创业投资合伙企业（有限合伙） 股东身份 控股股东、实控人及一致行动人 √是 □否 直接持股 5%以上股东 √是 □否 董事、监事和高级管理人员 □是 √否 其他：/ 持股数量 209,914,539股 持股比例 51.66% 一、减持主体的基本情况 | | | 股东名称 | 持股数量 （股） | 持股比例 | 一致行动关系形成原因 | | --- ...

南财智讯1月30日电，税友股份公告，公司控股股东宁波思驰创业投资合伙企业（有限合伙）计划减持 公司股份不超过1219.035万股，即不超过公司总股本的3%。其中，拟通过集中竞价方式减持不超过 406.345万股，占公司总股本的比例不超过1%；拟通过大宗交易方式减持不超过812.69万股，占公司总 股本的比例不超过2%。减持期限为自公告披露之日起15个交易日之后的3个月内实施。 ...

1月29日，税友股份涨0.15%，成交额5.61亿元。两融数据显示，当日税友股份获融资买入额3416.87万 元，融资偿还3389.64万元，融资净买入27.23万元。截至1月29日，税友股份融资融券余额合计1.75亿 元。 融资方面，税友股份当日融资买入3416.87万元。当前融资余额1.74亿元，占流通市值的0.56%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，税友股份1月29日融券偿还2700.00股，融券卖出400.00股，按当日收盘价计算，卖出金额 3.03万元；融券余量1.48万股，融券余额112.23万元，超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年9月30日，税友股份十大流通股东中，华安中小盘成长混合（040007）位居 第四大流通股东，持股354.58万股，相比上期减少25.30万股。广发电子信息传媒股票A（005310）位居 第六大流通股东，持股265.80万股，为新进股东。华宝中证金融科技主题ETF（159851）位居第七大流 通股东，持股208.40万股，为新进股东。富国新兴产业股票A（001048）、招商优势企业混合A （217021）、财通资管 ...

股票研究 /[Table_Date] 2026.01.28 [Table_Industry] 计算机 制度闭环叠加 AI 催化，迎接数据要素 "价值释放年" [Table_Invest] 评级： 增持 数据要素"产业观察"系列 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 朱瑶(分析师) | 021-23187261 | zhuyao@gtht.com | S0880526010002 | | 张盛海(研究助理) | 021-23183956 | zhangshenghai@gtht.com | S0880125042247 | 本报告导读： 数据要素制度逐渐形成闭环，AI 大模型和应用激发数据价值飞轮，2026 年数据要素 价值释放和产业开花有望加速。 投资要点： [Table_Report] 相关报告 计算机《计算机周观点第 32 期:上海"十五五" 规划发展 AI，计算机 Q4 持仓历史低位 ...

Investment Rating - The report rates the computer industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - Clawdbot signifies a transition in AI product forms from "scene-level assistants" to "system-level Agent platforms," emphasizing comprehensive execution capabilities across tools and systems [3]. - The evolution of Agents is marked by a clear path from Skills to Claude Excel and Clawdbot, shifting market focus from model parameters to the ability to execute complex tasks and integrate external tools [3]. - Clawdbot's revolutionary aspect lies in its ability to understand high-level user intentions and autonomously break them down into ordered steps, enhancing automation in complex workflows [3]. - The deployment of system-level Agents faces challenges such as high complexity in enterprise deployment, data security concerns, and the need for improved stability and traceability across systems [3]. - The acceleration of Agent deployment does not imply the replacement of traditional software but rather positions Agents as intelligent interaction and automation hubs, enhancing overall efficiency [3]. Summary by Sections AI Application Key Companies Valuation - The report includes a valuation table for key AI application companies, detailing their market capitalization and projected net profits for 2024 to 2027, with notable companies such as Kingsoft Office, Yonyou Network, and Zhongkong Technology [4].

税友股份 20260125 摘要 税友股份深耕 B 端市场，面向中小微企业和代账机构提供财税 SaaS 产 品，并通过 AI 技术提升财务处理效率，如自动化凭证录入，降低成本并 提高效率。公司还提供智能管票、智能算税等服务，满足企业多样化需 求。 税友股份为代账机构提供软件系统，显著提升其工作效率。例如，部分 机构人均代账户数从 30 户提升至 60 户甚至 90 户，表明公司软件对代 账机构具有很强的吸引力。 公司股权结构稳定，实控人张振朝持股比例高。2021 年至 2024 年营 业收入保持增长，但 AI 投入导致利润波动。毛利率维持在 70%-80%较 高水平，但期间费用率也相对较高。 中小微企业对财税服务需求强烈，税友股份通过 AI 技术实现自动化报表 生成，确保合规性，大幅提升效率并降低成本。易企盈基础合规用户超 11 万，进阶合规用户约 2000，后者提供更优质的税务筹划服务。 AI Agent 在公司财税业务中作用显著，通过高质量数据训练，AI 模型 效率是传统会计的 10 倍以上，准确率超 90%，人力成本降低 60%，显 著提高工作效率并缩短服务时间。 Q&A 请介绍税友股份的主要业务及其发 ...

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting a "golden window period" for the short drama sector, with expectations for significant growth in the coming years [2][11]. Core Insights - The short drama industry has reached a scale of nearly 1 trillion yuan, surpassing both the film and long video sectors, with a projected compound annual growth rate (CAGR) of over 50% from 2023 to 2026 [11]. - The market for animated dramas is expected to exceed 22 billion yuan by 2026, contributing 50% of the incremental growth in the short drama industry [11]. - ByteDance is positioned as the absolute leader in the animated drama sector, leveraging its "traffic + IP + AI" integrated strategy to dominate the market [2][17]. - The application of AI technology is transforming the production paradigm of animated dramas, reducing production cycles from over 50 days to under 30 days and significantly lowering costs [3][21]. Summary by Sections Section 1: The Golden Window for Short Dramas - The short drama market has surpassed 1 trillion yuan, with user engagement increasing, and the average daily viewing time expected to exceed 100 minutes by 2025 [11]. - The market has entered a phase of rapid growth and commercialization, with significant increases in both supply and demand for animated dramas [11][12]. Section 2: AI Reshaping Production Paradigms - AI technologies are enabling a shift from manual production to industrialized generation, with production costs dropping to the thousand-yuan level [3][21]. - The integration of AI in production processes is expected to streamline workflows, reducing the number of steps from 11 to 5 and cutting costs by 60% [3][24]. Section 3: Trends in AI Applications - The report anticipates a significant uptick in AI applications by 2026, driven by the need for software to leverage substantial computational investments [4][31]. - Companies are increasingly integrating AI into their business models, with some reporting that AI-related revenues account for over 10% of total income [4][31]. Section 4: Related Investment Targets - Key investment targets include companies such as DeCai Co., Zhaochi Co., and Wanxing Technology, among others, which are positioned to benefit from the growth in the animated drama and AI sectors [5][40].

Investment Rating - The report maintains a positive outlook on the industry, specifically highlighting the potential for effective control of AI model hallucinations by 2026 [2]. Core Insights - The report emphasizes that while hallucinations in AI models are inevitable, advancements in algorithms, data quality, and engineering practices can significantly reduce their occurrence. The top 25 global models have achieved a hallucination rate below 8% [5][6]. - The report identifies three key areas for investment: mature AI applications, marketing AI that is less sensitive to hallucinations, and data plus AI infrastructure [6]. Summary by Sections 1. Hallucinations - The Lower Bound of Model Capability - The report defines hallucinations as overconfident errors produced by language models, which can include fabrications, factual inaccuracies, contextual misunderstandings, and logical fallacies. For instance, GPT-3.5 had a hallucination rate of approximately 40%, while GPT-4's rate was 28.6% [14][15]. 2. Sources of Hallucinations - Hallucinations arise from several factors, including model architecture, toxic data, lack of accuracy in reward objectives, and context window limitations. Addressing these factors is crucial for controlling hallucinations [7][8]. 3. Reducing Hallucinations: From Models, Data, Engineering, and Agents - The report discusses various strategies to mitigate hallucinations, such as using larger training datasets, extending context windows, and incorporating human feedback through reinforcement learning (RLHF) [25][26]. - Engineering practices like Retrieval-Augmented Generation (RAG) are becoming standard, with Gartner predicting a 68% adoption rate by 2025 [56][57]. 4. 2B Application Penetration and Evolution - The report notes that the control of hallucinations in mainstream models has made significant progress, with the top 25 models in the Vectara HHEM ranking achieving hallucination rates below 8%. For example, the Finix model developed by Ant Group has a hallucination rate of only 1.8% [72].

国海证券研报指出，税友股份深耕G端税务二十余载，B端AI+Saas打开新空间。公司作为国内财税 AI+Saas龙头企业，深耕TOG业务，深度参与金税三期、四期等项目。B端业务上，公司，打造犀友财 税垂域人工智能平台，实现AI Agent+财税融合，引领智慧财税，开创第二增长点。公司所在AIBM生态 市场空间广阔，据弗若斯特沙利文&税友集团发布的《聚焦财税场景的AIBM生态服务行业白皮书》数 据，预计到2028年国内财税AIBM生态服务行业市场规模将达3907.3亿元，2023-2028年CARG达 74.9%。维持"增持"评级。 ...