行 行业周报 业 H200 获批对华出口，AI 算力与应用产业链共振向上 | 研 | | | | | ——计算机行业周报 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 究 | 分析师： | 连天龙 | SAC NO： | S1150525070002 2025 年 | 12 | 月 | | 日 | 11 | | | | 计算机 | | 投资要点： | | | | | | | | | | 证券分析师 连天龙 |  | 行业要闻 | | | | | | | | | | liantl@bhzq.com | | （1）美国称将允许英伟达向中国出售 | 人工智能芯片； H200 | | | | | | | | | 022-23861563 | | （2）阿里巴巴成立千问 C | 端事业群，目标打造"超级 App"； | | | | | | | | | 重点品种推荐 | | （3）百度集团正就分拆昆仑芯上市进行评估。 | | | | | | | | | | 虹软科技 | 增持  | 公司公告 | | ...

2025年12月12日，计算机视觉行业领先的算法服务提供商及解决方案供应商虹软科技正式宣布，旗下智能商拍平 台PhotoStudio AI(以下简称"PSAI")推出全新PSAI企业版。 此次发布并非简单的功能叠加，而是基于对服饰电商行业运营场景的深度洞察，打造的一款集团队协作、规模化 制作与视觉衍生创作于一体的AI全链路电商视觉生产平台，标志着视觉AI工具正从"单点提效"迈向"体系化赋 能"的新阶段。 PSAI企业版介绍页面展示 在全球电商竞争日益白热化、内容需求呈指数级增长的当下，视觉素材的生产效率与成本控制已成为品牌的核心 竞争力。传统商拍及视觉设计流程繁琐、耗时冗长、成本高昂。而市面上多数AI工具又存在风格不统一、功能不 全面、团队难协作等短板。"工具不少，流程依旧混乱;生成很快，落地依然困难"成为许多企业数字化转型中的真 实写照。 PSAI企业版直面这一产业性难题，旨在通过一套系统化解决方案，重新定义电商视觉的生产方式。 不止于"工具"，PSAI定义企业级"智能生产线" PSAI企业版的核心突破，在于它首次系统化地打通了电商视觉从"原始素材"到"营销爆款"的完整生产链条，将过 去分散、割裂的多个环节 ...

格隆汇12月9日｜渤海证券研报指出，虹软科技深耕AI视觉算法，多曲线驱动增长。公司专注于计算机 视觉领域，为行业提供算法授权及系统解决方案。移动智能终端视觉解决方案是公司营收主要来源。智 能汽车解决方案作为新兴业务板块，近年呈现高速增长态势。同时公司紧跟多模态AI 与AIGC 行业发展 浪潮，积极布局AI 眼镜及AI 商拍等前沿业务。2025 年前三季度，公司实现归母净利润1.42 亿元，同比 增长60.51%。在智能手机领域，公司已构建起覆盖当前主流机型的视觉人工智能算法产品矩阵。考虑 到公司是全球领先的视觉人工智能企业，未来有望实现多业务场景深度赋能。首次覆盖给予"增持"评 级。 ...

Core Viewpoint - The animal health sector experienced a decline of 0.7% on December 2, with Shenyuan Biological leading the drop. The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1][2]. Stock Performance Summary - The closing prices and performance of key stocks in the animal health sector are as follows: - Shenyuan Biological (688088) closed at 9.28, down 2.93% with a trading volume of 40,900 shares and a turnover of 38.24 million yuan [2]. - Shengong Holdings (002141) closed at 4.13, down 0.96% with a trading volume of 387,200 shares and a turnover of 159 million yuan [1]. - Other notable stocks include: - Biological Shares (600201) at 12.45, up 1.63% [1]. - Zhongmu Shares (600195) at 7.64, down 0.26% [1]. - Jinhai Biological (002688) at 6.17, down 0.32% [1]. Capital Flow Analysis - The animal health sector saw a net outflow of 10.78 million yuan from institutional investors, while retail investors had a net inflow of 16.68 million yuan [2][3]. - Key capital flow details include: - Shengong Holdings had a net inflow of 8.69 million yuan from institutional investors [3]. - ST Green Kang (002868) experienced a net inflow of 5.73 million yuan from institutional investors [3]. - Other stocks like Hailey Biological (603718) and Jinhai Biological (002688) showed mixed capital flows with varying net inflows and outflows [3].

Core Viewpoint - Hongsoft Technology's stock has shown a significant increase of 29.14% year-to-date, with a recent rise of 2.01% on November 25, 2023, indicating positive market sentiment towards the company [1]. Financial Performance - For the period from January to September 2025, Hongsoft Technology reported a revenue of 628 million yuan, representing a year-on-year growth of 9.39%. The net profit attributable to shareholders was 142 million yuan, showing a substantial increase of 60.51% compared to the previous year [2]. - The company has distributed a total of 613 million yuan in dividends since its A-share listing, with 387 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hongsoft Technology increased by 13.85% to 22,900, while the average number of circulating shares per person decreased by 12.16% to 17,513 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is a new entrant, holding 3.2452 million shares [3]. Market Activity - On November 25, 2023, Hongsoft Technology's stock price was 49.19 yuan per share, with a trading volume of 248 million yuan and a turnover rate of 1.27%. The total market capitalization reached 19.734 billion yuan [1]. - The net outflow of main funds was 8.8078 million yuan, with significant buying and selling activity from large orders [1]. Business Overview - Hongsoft Technology, established on February 25, 2003, specializes in the research and application of visual artificial intelligence technology, providing comprehensive solutions for smart devices such as smartphones, smart cars, and IoT [1]. - The company's revenue composition includes 82.69% from mobile intelligent terminal visual solutions, 15.76% from smart automotive and other AIoT visual solutions, and 1.55% from other sources [1]. Industry Classification - Hongsoft Technology is classified under the Shenwan industry category of Computer - IT Services II - IT Services III, and is associated with concepts such as holography, mixed reality, facial recognition, AEB concepts, and machine vision [1].

Group 1 - The core viewpoint of the news is that Hongsoft Technology's stock has increased by 5.19%, reaching a price of 48.02 CNY per share, with a total market capitalization of 19.264 billion CNY [1] - Hongsoft Technology specializes in the research and application of visual artificial intelligence technology, providing solutions for smart devices such as smartphones, smart cars, and IoT [1] - The revenue composition of Hongsoft Technology includes 82.69% from mobile intelligent terminal visual solutions, 15.76% from smart cars and other AIoT devices, and 1.55% from other sources [1] Group 2 - Hongfu Fund has a significant holding in Hongsoft Technology through its Hongfu Artificial Intelligence ETF, which holds 3,000 shares, accounting for 0.01% of the fund's net value [2] - The Hongfu Artificial Intelligence ETF has achieved a year-to-date return of 53.77% and a one-year return of 49.99%, ranking 206 out of 4,209 in its category [2] Group 3 - The fund managers of Hongfu Artificial Intelligence ETF include Zhang Ya, Li Xiaohua, and Gao Zhe, with varying tenures and performance records [3] - Zhang Ya has a tenure of 19 years and has achieved a best fund return of 215.97% during her management [3] - Li Xiaohua and Gao Zhe have tenures of 4 years and 7 years respectively, with their best fund returns being 73.56% and 55.96% [3]

Core Viewpoint - The Zhongzheng 1000 Enhanced ETF (561590) opened at a decline of 0.48%, priced at 1.250 yuan, indicating a challenging market environment for this fund [1] Group 1: Fund Performance - The Zhongzheng 1000 Enhanced ETF has a performance benchmark based on the Zhongzheng 1000 Index return rate [1] - Since its establishment on November 23, 2022, the fund has achieved a return of 25.46% [1] - Over the past month, the fund has experienced a return of -5.95% [1] Group 2: Top Holdings - Key stocks in the fund include: - Jucheng Co., which opened with a gain of 1.57% - Jingwei Hengrun, which increased by 0.61% - Dajin Heavy Industry, which rose by 5.67% - Anji Technology, up by 0.97% - Zhongrong Electric, gaining 0.83% - Hongsoft Technology, increasing by 0.70% - Juxin Technology, up by 0.33% - Huafeng Measurement and Control, which fell by 0.18% - Jinlei Co., which rose by 0.56% - Shannon Chip Creation, which increased by 1.91% [1]

Core Insights - The stock price of Hongsoft Technology increased by 2.01% on November 21, reaching 46.13 CNY per share, with a total market capitalization of 18.506 billion CNY [1] - The company has seen a year-to-date stock price increase of 21.10%, but a decline of 11.71% over the past 20 days [1] Financial Performance - For the period from January to September 2025, Hongsoft Technology reported a revenue of 628 million CNY, representing a year-on-year growth of 9.39%, and a net profit attributable to shareholders of 142 million CNY, which is a 60.51% increase compared to the previous year [2] - The company has distributed a total of 613 million CNY in dividends since its A-share listing, with 387 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 13.85% to 22,900, while the average circulating shares per person decreased by 12.16% to 17,513 shares [2] - Hong Kong Central Clearing Limited is now the ninth largest circulating shareholder, holding 3.2452 million shares as a new entrant, while previous shareholders such as Taixin Small and Medium Cap Selected Mixed Fund and Golden Eagle Technology Innovation Stock A have exited the top ten [3] Business Overview - Hongsoft Technology, established on February 25, 2003, specializes in the research and application of visual artificial intelligence technology, providing comprehensive solutions for smart devices including smartphones, smart cars, and IoT [1] - The company's revenue composition includes 82.69% from mobile intelligent terminal visual solutions, 15.76% from smart cars and other AIoT devices, and 1.55% from other sources [1]

Group 1 - The resignation of non-independent director Wang Jin is due to the adjustment of the company's governance structure, effective upon delivery of his resignation report to the board [2][3] - Wang Jin will continue to hold other positions within the company and has been elected as the employee representative director, with his term lasting until the end of the current board's term [2][4] - The board's operation remains unaffected as the resignation does not reduce the number of directors below the legal minimum [3] Group 2 - The company held a temporary shareholders' meeting on November 19, 2025, where it was decided to cancel the supervisory board and amend the articles of association, allowing for the election of an employee representative director [4][16] - Wang Jin's election as the employee representative director was confirmed during this meeting, and he will serve alongside the current non-employee representative directors [4][6] - The board now consists of nine members, with the number of employee representatives not exceeding half of the total board members, complying with relevant laws and regulations [4][10] Group 3 - The company announced the cancellation of a previously planned equity restructuring involving its affiliate Chengdu Shihai, maintaining its original investment amount of 8.5 million yuan [24][25] - The decision to cancel the restructuring was made after discussions with stakeholders, as the conditions for investment were deemed unattainable [28][30] - The cancellation does not constitute a major asset restructuring as defined by regulations, and the company retains its rights and interests in Chengdu Shihai [29][30]

Core Points - Hongsoft Technology announced the convening of a workers' representative meeting on November 19, 2025, to elect Mr. Wang Jin as the employee representative director of the company's third board of directors [2]