Core Viewpoint - Taxfriend Co., Ltd. has experienced significant stock performance, achieving a cumulative increase of 39.63% over four trading days, with three trading days hitting the daily limit up [2] Trading Performance - The stock recorded a trading volume of 7.1089 million shares and a transaction amount of 619 million yuan on the latest trading day, with a turnover rate of 1.75% [2] - The total market capitalization of the A-shares reached 36.652 billion yuan, while the circulating market capitalization was 36.611 billion yuan [2] Margin Trading Data - As of January 13, the margin trading balance for the stock was 167 million yuan, with a financing balance of 165 million yuan, reflecting an increase of 25.3372 million yuan from the previous trading day, representing a growth of 18.14% [2] - Over the past four days, the margin trading balance has increased by 16.8104 million yuan, showing a growth of 11.34% [2] Institutional Activity - The stock was listed on the Dragon and Tiger list due to a cumulative deviation in price increase of 20% over three consecutive trading days [2] - Institutional investors net bought 204 million yuan, while the Shanghai Stock Connect recorded a net sell of 61.7698 million yuan, and the total net sell from brokerage seats was 69.4953 million yuan [2] Company Background - Taxfriend Software Group Co., Ltd. was established on December 22, 1999, with a registered capital of 406.345 million yuan [2]

Group 1 - The GEO concept has significantly boosted AI applications, with stocks like Shiji Information and Taxfriend both hitting the daily limit up, and others like Yidian Tianxia rising by 14.20% [1] - The cloud computing ETF (159890) opened with a 3.39% increase and saw substantial net inflows, indicating strong investor interest in AI-related stocks [1][6] - The ETF tracks a broad range of sectors, with IT services, horizontal general software, and vertical application software making up approximately 65% of its index, highlighting its deep investment in AI applications [6] Group 2 - The U.S. has relaxed export regulations on Nvidia's H200 chips to China, but the impact on the domestic computing power industry is expected to be limited due to differing application scenarios [3] - Domestic computing power is primarily focused on small to medium models and inference applications, which do not overlap significantly with the H200's training applications [3] - By 2026, domestic computing power is projected to capture over 400 billion yuan of the estimated 600-650 billion yuan allocated for domestic purchases, driven by major companies like ByteDance, Alibaba, and Tencent [3] Group 3 - The AI industry is transitioning from a focus on "computing power competition" to "application landing," with a growing emphasis on commercializing AI applications [4] - Historical trends suggest that hard technology follows a cyclical pattern, while soft technology is more influenced by changes in business models, indicating a potential new wave of software market activity [4] - The AI market is expected to maintain a high configuration cost-performance ratio as it enters its second phase in 2026, with applications becoming the core focus [4]

Group 1 - The three major indices strengthened collectively, with the AI application concept gaining momentum, as evidenced by the financial technology ETF Huaxia (516100) rising by 5.19% [1] - As of January 13, the financial technology ETF Huaxia has seen a net value increase of 46.05% over the past year, with the highest monthly return since inception reaching 55.18% and an average monthly return of 9.96% [1] - Longcheng Securities noted that market volume has continued to expand, surpassing 30 trillion, with margin financing and securities lending reaching new highs, indicating favorable conditions for brokerage and financial IT sectors [1] Group 2 - The Huaxia financial technology ETF closely tracks the CSI Financial Technology Theme Index, which has its top ten weighted stocks including Dongfang Wealth, Tonghuashun, and Guiding Compass, collectively accounting for 51.09% of the index [1] - The top ten stocks in the index have shown significant price increases, with Tonghuashun rising by 8.55% and Dongfang Wealth by 2.45%, reflecting strong performance in the financial technology sector [3]

Core Insights - The report from CICC highlights a significant surge in AI model development and application, driven by the listing of independent model vendors and upcoming model releases, indicating a robust investment opportunity in the AI sector [1][2]. AI Model Layer - Domestic models such as DeepSeek and ByteDance's Doubao are expected to update their foundational models around the Spring Festival, with DeepSeek's open-source model V4 anticipated to be released in mid-February, showcasing capabilities comparable to Anthropic's Claude [2]. - Major overseas models like Anthropic, OpenAI, and Gemini are also expected to enhance their model capabilities in the first two quarters of the year, with leading model vendors focusing on breakthroughs through reinforcement learning and long-context engineering, which is likely to accelerate revenue growth [2]. AI Application Layer - Despite not exceeding market expectations in the past year, AI applications are increasingly integrating with models and scenarios to accelerate revenue realization. The report anticipates a rise in AI application penetration rates this year due to improved model capabilities and the integration of vertical scenario data [3]. - Key areas of focus for investment include AI Coding with high revenue certainty, AI Health with strong user payment willingness, and AI Pharmaceuticals within the AI for Science sector [3]. - Currently, AI revenue constitutes a small portion of total revenue for application companies, suggesting that the market may apply a Sum of the Parts (SOTP) valuation to these companies, potentially reshaping the overall valuation framework [3]. AI Infra Layer - Ongoing research in academia and industry is focused on enhancing models' continuous learning and long-context memory capabilities, which are essential for achieving Artificial General Intelligence (AGI) [4]. - The need for increased memory capacity due to long-context requirements is driving demand for storage and database solutions, as model vendors explore ways to optimize memory for continuous and online learning [4]. Related Companies - Recommended AI application-related companies include Kingsoft Office (688111.SH), Dingjie Zhizhi (300378.SZ), Foxit Software (688095.SH), and Tax Friend (603171.SH) [5]. - Recommended AI infrastructure-related company is Sangfor Technologies (300454.SZ) [5].

据天眼查APP显示，税友软件集团股份有限公司成立于1999年12月22日，注册资本40634.5万人民币。 （数据宝） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2026.01.12 | 10.01 | 1.58 | 4898.21 | | 2026.01.09 | 10.00 | 2.20 | 5009.15 | | 2026.01.08 | 1.02 | 2.28 | 2182.67 | | 2026.01.07 | 3.40 | 2.05 | 425.06 | | 2026.01.06 | 2.00 | 2.00 | 527.18 | | 2026.01.05 | 9.99 | 2.46 | 5450.71 | | 2025.12.31 | 1.90 | 2.13 | 1687.18 | | 2025.12.30 | 6.18 | 2.14 | 1734.58 | | 2025.12.29 | 0.89 | 0.78 | 1279.28 | | 2025.12.26 | -0.65 | 1.02 ...

Summary of Key Points from Conference Call Records Industry Overview - The AI application market is experiencing a strong upward trend, with the computer sector showing a high probability of growth in February, suggesting a recommendation to increase positions in AI computing due to currently low holdings [2][1]. Company-Specific Insights 合合信息 (Hehe Information) - Transitioning from an OCR company to a multi-modal company, with a global monthly active user base of approximately 189 million, primarily from overseas markets. The company is expected to see significant growth, with a PS ratio indicating at least 50% growth potential [4][1]. 卓翼信息 (Zhuoyue Information) - Positioned in the AI Q point sector, which accounts for 50% of global Talkies consumption. The company has shown strong growth in its product lines and has a robust stock incentive plan indicating confidence in future business development [5][6]. 金山办公 (Kingsoft Office) - Currently valued at historical lows around 20 times PS, with AI monthly active users exceeding 50 million. The company is expected to see a significant acceleration in performance, making it a key investment target [7][1]. 汉得信息 (Hand Information) - Strong capabilities in AI implementation, particularly in large state-owned enterprises. The company has a solid order acquisition ability and is recognized for its stability and growth potential in the AI sector [8][9]. 税友股份 (Tax Friend) - A leading pure subscription SaaS company in the B-end tax software sector, with significant growth expected due to AI functionality improvements. The company is currently undervalued at less than 15 times PE, indicating substantial upside potential [10][1]. 盟科科技 (Mengke Technology) - A leader in military AI applications, with a strong revenue base from AI Agent services. The company is expanding into robotics and commercial aerospace, with a valuation that remains low compared to its peers [11][12]. 新大陆 (Newland) - Collaborating closely with Alibaba to launch a merchant-side AI product, with significant growth potential in cross-border payments. The company is currently undervalued at 18-19 times PE, with a strong performance trajectory [13][1]. 科大讯飞 (iFLYTEK) - As a leader in the education sector, the company is expected to see over 50% profit growth in the coming years, with a low current valuation and strong market potential [14][16]. 虹软科技 (Horizon Robotics) - A key player in the AI multi-modal field, with significant partnerships and revenue growth expected in AI applications. The company is also focusing on smart driving and has seen substantial profit increases [17][18]. 同花顺 (Tonghuashun) - A leader in the AI+finance sector, with strong growth potential in its product offerings. The company is expected to see significant profit increases, with a market space that remains underappreciated [19][1]. 锐明技术 (Ruiming Technology) - A leading company in intelligent commercial vehicle driving, with a focus on SaaS revenue models. The company is expected to achieve significant revenue growth through its subscription-based services [20][1]. 外星科技 (Alien Technology) - Positioned well in the multi-modal technology space, with strong revenue growth expected from its AI applications. The company is focusing on mobile strategies to enhance profitability [21][1]. 彩讯股份 (CaiXun) - Actively expanding in AI computing and voice applications, with significant revenue growth expected in the coming years. The company is also investing in intelligent robotics [22][1]. 360 公司 (360 Company) - Increasing investments in both C-end and B-end AI applications, with significant revenue growth in C-end products. The company is also enhancing its B-end offerings with new security solutions [23][24]. 用友网络 (Yonyou Network) - As a leading ERP provider, the company is leveraging AI to improve performance, with significant growth in signed contracts and expected profitability improvements [25][1]. 汇晨股份 (Huichen) - Strong in vertical data accumulation and collaboration with large models, enhancing its competitive edge in the market [26][1]. 汇成公司 (Huicheng) - Exhibiting strong confidence in AI application revenue growth, with a focus on various sectors including healthcare and home services [27][1]. 福昕软件 (Foxit Software) - A leader in the PDF industry, with significant growth in subscription revenue and a strong focus on AI capabilities in document management [28][29]. Conclusion - Several companies within the AI application sector are showing promising growth trajectories and investment opportunities, particularly in the fields of SaaS, AI computing, and multi-modal technologies. The overall sentiment is optimistic, with recommendations for increased investment in these areas.

证券代码：603171 证券简称：税友股份 公告编号：2026-001 公司的经营情况请参考公司于 2025 年 10 月 31 日披露的《2025 年三季度 报告》。公司 2025 年 1-9 月实现归属于上市公司股东的净利润 1.10 亿元，同比 减少 4.74%。公司目前经营状况正常，经公司自查并向控股股东及实际控制人 核实，截至本公告披露日，不存在应披露而未披露的重大信息，也不存在处于 筹划阶段的重大事项。 公司属于信息传输、软件和信息技术服务业门类中的互联网和相关服务 大类。根据中证指数有限公司网站数据，截至 2026 年 1 月 12 日，行业最新滚 动市盈率为 44.26 倍，最新市盈率为 57.10 倍，公司最新滚动市盈率为 296.64 倍，最新市盈率为 282.15 倍，高于行业市盈率水平，敬请广大投资者注意投资 风险，理性投资。 一、股票交易异常波动的具体情况 公司股票交易于2026年1月8日、1月9日和1月12日连续3个交易日内日收盘 价格涨幅偏离值累计达20%，根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动的情形。 二、公司关注并核实的相关情况 （一）生产经营情况 ...

21智讯01月12日电，税友股份公告，公司股票交易于2026年1月8日、1月9日和1月12日连续3个交易日内 日收盘价格涨幅偏离值累计达20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常 波动的情形。经公司自查并向控股股东及实际控制人核实，公司目前经营状况正常，内外部经营环境未 发生重大变化，不存在应披露而未披露的重大信息，也不存在处于筹划阶段的重大事项。公司2025年1- 9月实现归属于上市公司股东的净利润1.10亿元，同比减少4.74%。公司最新滚动市盈率为296.64倍，最 新市盈率为282.15倍，高于行业平均水平，提醒投资者注意投资风险，理性投资。 ...

税友股份公告称，公司股票于2026年1月8日、1月9日和1月12日连续3个交易日内日收盘价格涨幅偏离值 累计达20%，属异常波动。2025年1 - 9月，公司实现归属于上市公司股东的净利润1.10亿元，同比减少 4.74%，目前经营正常，不存在应披露未披露重大信息。截至1月12日，公司最新滚动市盈率296.64倍、 最新市盈率282.15倍，高于行业水平，提醒投资者注意风险，理性投资。 ...

Group 1: Market Performance - Yidian Tianxia saw a significant increase of 19.47% in stock price, with a total market value of 3.4 billion [1] - Zhongke Shitu and China Great Wall also experienced notable gains of 12.40% and 9.99% respectively, with market values of 883 million and 53.6 billion [1] - Tax Friend Co. and Torus both rose by approximately 9.91% and 9.53%, with market values of 3.17 billion and 2.11 billion respectively [1] Group 2: AI and Technology Developments - DeepSeek V4 is expected to be released around the Spring Festival, potentially surpassing OpenAI's GPT in programming capabilities [2] - Alibaba's Qwen 3.5 is anticipated to enhance multimodal understanding and coding abilities [2] - The first global large model stock, Zhipu, is set to be listed on the Hong Kong Stock Exchange on January 8 [2] Group 3: Industry Trends and Policies - The Ministry of Industry and Information Technology is encouraging AI and manufacturing transformation, which is expected to boost demand for domestic AI computing power [2] - The data center sector is identified as a core infrastructure for AI, with a growing demand for data center construction driven by computing power needs [2] - The domestic AIDC bidding is expected to recover, serving as an early indicator of the improvement in the domestic AI landscape [2] Group 4: Investment Opportunities - The Huabao Big Data ETF focuses on sectors such as data centers, cloud computing, and big data processing, with key holdings in leading companies like Inspur and China Great Wall [3] - The emphasis on "technology leading the way" suggests potential breakthroughs in new productivity directions [5] - The trend towards domestic substitution is accelerating, with promising prospects for technology self-reliance [5]