Investment Rating - The report maintains a "Neutral" rating for the computer industry and an "Accumulate" rating for Hongsoft Technology (688088) [2] Core Insights - The report highlights significant advancements in AI applications, including Tencent's new AI social feature "Yuanbao" and the global first deployment of a large model in space by Guoxing Aerospace [12][13] - The domestic cloud computing sector is expected to see a rebound in capital expenditure due to easing chip supply constraints, while AI applications are anticipated to reach a commercialization inflection point earlier than expected [25][26] - The report emphasizes the importance of focusing on leading companies with strong AI technology implementation capabilities and scene adaptation advantages [26] Industry News - Tencent's AI assistant "Yuanbao" has launched a new version that includes various social features, aiming to create a multi-user social space [12] - The first successful deployment of a large model in space was achieved by Guoxing Aerospace, marking a significant milestone in AI technology [13] - Domestic GPU company Suiruan Technology has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise 6 billion yuan [14] Company Announcements - Dahua Technology reported a total revenue of 32.743 billion yuan for 2025, with a year-on-year growth of 1.75% [15] - Yimikang expects a net profit of 0.25 to 0.37 billion yuan for 2025, representing a growth of 128.69% to 142.46% [17] - Glodon anticipates a net profit of 3.76 to 4.26 billion yuan for 2025, with a growth rate of 50.15% to 70.11% [18] Market Review - From January 22 to January 28, the CSI 300 index fell by 0.11%, while the Shenwan Computer Industry index decreased by 0.35% [19] - The report notes mixed performance among the Shenwan Computer sub-industries, with horizontal software leading at 2.39% [19] Weekly Strategy - The report suggests that the domestic computing power industry is likely to accelerate due to policy support and technological advancements in AI [25] - The anticipated launch of DeepSeek V4 during the Lunar New Year is expected to drive a new round of technological iteration in domestic large models [25] - The report encourages attention to companies that demonstrate strong capabilities in AI technology implementation and scene adaptation [26]

证券日报网讯1月28日，虹软科技在互动平台回答投资者提问时表示，公司在视觉人工智能行业发展数 十年，积累了大量视觉人工智能的底层算法，这些底层算法具有通用性、延展性，除了可以广泛运用于 智能手机、智能汽车外，还能用于智能保险、智能零售、智能家居、医疗健康等多个领域。在医疗健康 方面，公司拥有心率检测、活体检测、体温检测等计算机视觉相关的技术。 ...

从资金流向上来看，当日动物保健板块主力资金净流入1802.32万元，游资资金净流出2735.26万元，散户 资金净流入932.94万元。动物保健板块个股资金流向见下表： 证券之星消息，1月28日动物保健板块较上一交易日下跌0.2%，永顺生物领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600201 | 生物股份 | 18.78 | 1.51% | 71.49万 | | 13.16亿 | | 002688 | 金河生物 | 6.80 | 1.49% | 37.94万 | | 2.55 Z | | 920970 | 大禹生物 | 8.35 | 1.46% | 4.01万 | | 3369.19万 | | 002868 | *ST绿康 | 35.41 | 0.03% | 2.68万 | | 9485.97万 | | 600195 | 中牧股份 | 8. ...

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].

1月26日，虹软科技跌5%，截至发稿，报52.96元/股，成交5.57亿元，换手率2.57%，总市值212.46亿 元。 资料显示，虹软科技股份有限公司位于浙江省杭州市滨江区长河街道滨兴路392号(虹软大厦)，成立日 期2003年2月25日，上市日期2019年7月22日，公司主营业务涉及视觉人工智能技术的研发和应用,为智 能手机、智能汽车、物联网(IoT)等智能设备提供一站式视觉人工智能解决方案。主营业务收入构成 为：移动智能终端视觉解决方案82.69%，智能汽车及其他AIoT智能设备视觉解决方案15.76%，其他 1.55%。 责任编辑：小浪快报 上银未来生活灵活配置混合A（007393）成立日期2019年7月15日，最新规模2922.82万。今年以来收益 9.46%，同类排名2412/9003；近一年收益51.2%，同类排名2147/8185；成立以来收益84.71%。 上银未来生活灵活配置混合A（007393）基金经理为陈博。 截至发稿，陈博累计任职时间5年360天，现任基金资产总规模8.41亿元，任职期间最佳基金回报 100.49%， 任职期间最差基金回报-8.38%。 声明：市场有风险，投资需谨慎。 ...

截至发稿，吴海健累计任职时间3年273天，现任基金资产总规模5.12亿元，任职期间最佳基金回报 77.85%， 任职期间最差基金回报10.38%。 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，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 数据显示，西部利得基金旗下1只基金重仓虹软科技。西部利得科技创新混合A（020064）四季度增持 6.95万股，持有股数10.42万股，占基金净值比例为9.44%，位居第三大重仓股。根据测算，今日浮亏损 失约29.06万元。 西部利得科技创新混合A（020064）成立日期2023年12月19日，最新规模551.2万。今年以来收益 32.35%，同类排名10/9003；近一年收益85.25%，同类排名378/8185；成立以来收益106.76%。 西部利得科技创新混合 ...

扩内需、反内卷增量部署可期，市场延续震荡整理——A 股市场投资策略周 报 行业研究 政策赋能算力升级，AI 应用生态深化——计算机行业周报 证 券 研 究 报 告 晨会纪要（2026/01/23） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2026.01.23） 宏观及策略研究 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/01/23） 宏观及策略研究 扩内需、反内卷增量部署可期，市场延续震荡整理——A 股市场投资策略周报 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、市场回顾 近 5 个交易日（1 月 16 日-1 月 22 日），重要指数涨跌不一；其中，上证综指收涨 0.24%，创业板指收跌 1.17%； 风格层面，沪深 300 收跌 0.58%，中证 500 收涨 2.00%。成 ...

Investment Rating - The report maintains a "Neutral" rating for the computer industry and an "Accumulate" rating for Hongsoft Technology (688088) [2][29] Core Insights - The Ministry of Industry and Information Technology (MIIT) is accelerating breakthroughs in key technologies such as training chips and heterogeneous computing power, which is expected to further speed up the development of the domestic computing power industry [13][28] - The AI application ecosystem is deepening, with significant developments such as the integration of Alibaba's Qianwen App into its ecosystem, enabling AI shopping functionalities [14][28] - The report highlights the growth potential of AI applications driven by rapid technological implementation and the release of market demand, suggesting a focus on leading companies with strong AI technology capabilities and scene adaptability [28][29] Industry News - MIIT has announced a special action plan for "Artificial Intelligence + Manufacturing," aiming to promote high-quality development in the AI industry [13] - The GLM Coding Plan by Zhiyuan has announced a temporary sales limit due to a surge in user numbers, indicating a tight supply of computing resources [14] - Alibaba's Qianwen App has integrated with various services, achieving over 100 million monthly active users within two months [14][15] Company Announcements - Hikvision reported a total revenue of 92.518 billion yuan for 2025, with a net profit of 14.188 billion yuan, reflecting a year-on-year growth of 18.46% [17] - Tonghuashun expects a net profit of 2.735 billion to 3.282 billion yuan for 2025, representing a growth of 50% to 80% [18] - Longxin Technology anticipates a net profit of 100 million to 150 million yuan for 2025, with a significant increase due to improvements in its energy digitalization business [20] Market Review - From January 15 to January 21, the CSI 300 index fell by 0.40%, while the Shenwan Computer Industry index dropped by 7.27%, with most sub-sectors experiencing declines [21] - The valuation of the Shenwan Computer Industry as of January 21, 2026, was 223.77 times earnings, with a premium of 1550.55% relative to the CSI 300 [22] Weekly Strategy - The report emphasizes the ongoing high demand for computing power and the expected acceleration in the domestic cloud computing capital expenditure, driven by easing supply constraints [28] - The anticipated launch of the DeepSeek V4 model during the Lunar New Year is expected to drive a new round of technological iteration in domestic large models [28] - The report suggests a focus on leading companies in the AI application sector that demonstrate strong capabilities in technology implementation and scene adaptability [29]

证券日报网讯 1月21日，虹软科技在互动平台回答投资者提问时表示，公司采用直销的方式，将计算机 视觉算法技术与客户特定设备深度整合，通过合约的方式授权给客户，允许客户将相关算法软件或软件 包装载在约定型号的智能设备上使用，以此收取技术和软件使用授权费用。公司主要向智能手机、智能 汽车、笔记本电脑、智能家居、智能零售以及各类带摄像头的AIoT设备制造商销售计算机视觉算法软 件及相关解决方案。2025年上半年，公司来源于境外的收入占比为37.28%。 （文章来源：证券日报） ...

格隆汇1月21日丨虹软科技(688088.SH)互动平台表示，Claude Code是Anthropic公司推出的AI编程助手， 它通过自然语言完成从功能开发、调试、测试到版本管理的全流程开发任务，是人工智能大行业发展中 智能编程协作工具的又一次创新。 我司是人工智能计算机视觉行业领先的软件算法服务提供商及解决 方案供应商，长期专注于嵌入式设备算法的研究与开发。我们作为行业参与者，始终保持对新技术的高 度关注，多年来积累了大量基于端设备的视觉人工智能算法开发经验。具备针对CPU、GPU、DSP和 NPU等各个算力单元的强大优化能力。基于端设备的视觉人工智能算法适用性高、运行稳定，可以在边 缘侧发起高效的运算，通过诸如智能手机、笔记本电脑、智能可穿戴等设备实现高效的图像优化、识别 与检测等功能。 公司经过数十年的发展，公司积累了大量视觉人工智能的底层算法，这些底层算法具 有通用性、延展性，除了可以广泛运用于智能手机外，还可应用于AI眼镜、XR 3D空间计算头显等其他 电子产品以及智能汽车、智能商拍、智能保险、智能零售、智能家居、医疗健康等多个领域。 在AI- XR 领域，公司大力拓展AI眼镜算法研究与应用，可以 ...