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 ...

Macro and Strategy Research - The market is expected to continue its oscillation and consolidation, with a focus on expanding domestic demand and addressing internal competition issues. The A-share market shows mixed performance, with the Shanghai Composite Index rising by 0.24% and the ChiNext Index falling by 1.17% over the past five trading days [2][3] - Fixed asset investment in December 2025 decreased by 3.8% year-on-year, indicating a weakening trend in investment. Meanwhile, retail sales growth also slowed down due to policy withdrawal and high base effects. Overall, the economic growth rate for 2025 is expected to show a pattern of high first and low second half, with a successful completion of the annual target [2][3] - The government is focusing on strengthening domestic circulation and addressing supply-demand imbalances. A new strategy for expanding domestic demand from 2026 to 2030 is being developed, alongside measures to improve capacity exit mechanisms and control "involution" competition [3] Industry Research - The computer industry is experiencing a downturn, with the sector declining by 7.27% from January 15 to January 21. Most sub-sectors within the computer industry also saw declines, with IT services dropping by 9.54% [6] - The Ministry of Industry and Information Technology is accelerating breakthroughs in key technologies such as training chips and heterogeneous computing power, which is expected to speed up the development of the domestic computing power industry. Domestic cloud computing companies are anticipated to see a rebound in capital expenditure [6][8] - AI applications are expanding, with Alibaba's Qianwen App integrating various services within its ecosystem, indicating a strong potential for AI commercial applications. The report suggests focusing on leading companies that demonstrate strong capabilities in AI technology implementation and scene adaptation [6][8]

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]

Core Viewpoint - The company, Hongsoft Technology, utilizes a direct sales approach to integrate computer vision algorithm technology with specific customer devices, generating revenue through licensing fees for software usage [2] Group 1: Business Model - The company licenses its computer vision algorithm software to manufacturers of smart devices, including smartphones, smart cars, laptops, smart home devices, smart retail, and various AIoT devices equipped with cameras [2] - Revenue is generated through technology and software usage licensing fees, allowing customers to deploy the algorithms on specified models of smart devices [2] Group 2: Revenue Composition - As of the first half of 2025, the company's revenue from overseas sources accounts for 37.28% of its total income [2]

Core Viewpoint - The article highlights the launch of Claude Code by Anthropic, an AI programming assistant that innovates the development process through natural language, emphasizing the importance of intelligent programming collaboration tools in the AI industry [1] Company Overview - The company is a leading provider of software algorithm services and solutions in the artificial intelligence computer vision industry, focusing on the research and development of algorithms for embedded devices [1] - It has accumulated extensive experience in developing visual AI algorithms based on edge devices, showcasing strong optimization capabilities across various computing units such as CPU, GPU, DSP, and NPU [1] Product Applications - The visual AI algorithms developed by the company are highly applicable and stable, enabling efficient computation on edge devices like smartphones, laptops, and smart wearables for image optimization, recognition, and detection [1] - The company has a vast repository of foundational visual AI algorithms that are versatile and extendable, applicable not only in smartphones but also in AI glasses, XR 3D spatial computing headsets, smart cars, smart photography, smart insurance, smart retail, smart home, and healthcare sectors [1] AI-XR Development - In the AI-XR field, the company is actively expanding its research and application of AI glasses algorithms, providing a wide range of visual AI algorithm products for mainstream AI glasses on the market [1] - Solutions include detection, photography, high-quality imaging, intelligent facial recognition, gesture recognition, and eye-tracking, along with support for AI large models through vision-based solutions [1] Future Outlook - By 2025, the company anticipates that smart terminal devices represented by AI glasses will initiate a new paradigm of human-computer interaction through deep integration of AI-XR technology [1] - The company is responding quickly to market demands for AI glasses, establishing deep partnerships with several well-known AI glasses brands to customize imaging algorithm solutions based on product positioning and market needs [1] - The company has successfully assisted multiple AI glasses companies in launching their first products [1]

Core Viewpoint - The article highlights the innovative development of AI programming assistants like Claude Code by Anthropic, emphasizing the importance of intelligent programming collaboration tools in the AI industry [1] Company Overview - The company is a leading provider of software algorithm services and solutions in the artificial intelligence computer vision industry, focusing on the research and development of algorithms for embedded devices [1] - The company has accumulated extensive experience in developing visual AI algorithms based on edge devices, showcasing strong optimization capabilities across various computing units such as CPU, GPU, DSP, and NPU [1] Product Applications - The visual AI algorithms developed by the company are highly applicable and stable, enabling efficient computations on edge devices like smartphones, laptops, and smart wearables for image optimization, recognition, and detection [1] - The company has a vast repository of foundational visual AI algorithms that are versatile and extendable, applicable not only in smartphones but also in AI glasses, XR 3D spatial computing headsets, smart cars, smart photography, smart insurance, smart retail, smart home, and healthcare sectors [1] AI-XR Development - The company is actively expanding its research and application of AI glasses algorithms, providing a wide range of visual AI algorithm products for mainstream AI glasses in various scenarios, including detection, high-quality imaging, intelligent face recognition, gesture recognition, and eye tracking [1] - The company also offers comprehensive multi-sensor calibration solutions for VR/MR/AR, including 6DoF tracking, plane detection, dense reconstruction, semantic analysis, depth estimation, real-time human/hand segmentation, and real-time 3D Mesh reconstruction [1] Market Strategy - By 2025, the company aims to redefine human-computer interaction through the deep integration of AI-XR technology, with AI glasses as a representative smart terminal device [1] - The company is responding quickly to market demands for AI glasses, actively developing imaging algorithms and establishing deep partnerships with several well-known AI glasses brands to customize imaging algorithm solutions based on product positioning and market needs [1] - The company has successfully assisted multiple AI glasses companies in launching their first products [1]

Group 1 - The software leading ETF (159899) has seen a net inflow of funds for three consecutive trading days, accumulating a total scale of 290 million yuan [1] - This ETF closely tracks the CSI Software Index, covering leading companies in various segments such as basic software, application software, and industrial software, with AI application-related concepts accounting for 35% of its weight [1][2] - The top ten holdings in the index include companies like Tuowei Information and Kingsoft Office, which are expected to benefit from the industry boom driven by AI technology [1] Group 2 - The AI application sector is experiencing a new wave of technological breakthroughs and ecosystem construction, highlighted by the launch of new features in the Qianwen APP, which has surpassed 10 million monthly active users within two months of its launch [2] - Ant Group has also introduced a new product called "Wuli," further expanding the AI application ecosystem [2] - Policy support is evident, with recent publications emphasizing the importance of application-driven development in the AI industry, and successful AI implementations in regulatory systems showcasing its potential in governance [3] Group 3 - Significant progress in technological self-innovation is marked by the collaboration between Zhipu and Huawei to open-source the first multi-modal SOTA model trained on domestic chips, indicating a breakthrough in AI infrastructure [3] - Market analysis suggests a shift in algorithm mechanisms from pursuing "traffic" to building "trust," which may lead to a systematic re-evaluation of content value from official media and professional publishing companies [3] - As domestic large models penetrate multiple scenarios, the AI application sector is entering a phase of accelerated industrialization [3]

Market Overview - A-shares experienced a collective pullback on January 13, with the Shanghai Composite Index ending a 17-day winning streak, closing down 0.64% [1] - The total trading volume in the Shanghai and Shenzhen markets reached a historical high of 3.7 trillion [1] Sector Performance - Significant declines were observed in various sectors, including commercial aerospace, satellite internet, and military industries, with many stocks dropping over 8% [3] - The large aircraft and military sectors also faced downturns, with several stocks hitting the daily limit down [3] - The commercial aerospace index fell by 6.15%, with a net outflow of 230.78 billion [4] Individual Stock Movements - Over 1,600 stocks rose, with more than 70 stocks hitting the daily limit up, while the commercial aerospace sector saw over 60 stocks limit down or drop more than 10% [3] - Specific stocks such as Aerospace Electronics and Beidou Star Communication experienced significant declines, with many stocks in the sector down by nearly 10% [7] Investment Insights - Analysts suggest that the current market sentiment may indicate a nearing peak, with potential for further structural upward trends despite short-term volatility [12] - Key investment strategies include avoiding speculative risks in popular sectors, focusing on policy-driven industries, and maintaining diversified portfolios to balance risk and return [14] - The emphasis is on sectors with strong earnings growth and valuation alignment, particularly in technology manufacturing and innovative healthcare [14]

Group 1 - The A-share market saw a rapid decline in AI application concept stocks, with notable drops in several companies [1] - Hengxuan Technology experienced a decline of over 9%, while Guanghetong and Lexin Technology fell by over 8% and 6% respectively [1] - Other companies such as Mango Super Media, Tuo Wei Information, and Ruixin Micro also reported declines exceeding 5% [1] Group 2 - Hengxuan Technology's market capitalization is 39 billion, with a year-to-date increase of 1.74% [2] - Guanghetong has a market capitalization of 29.7 billion and a year-to-date increase of 11.54% [2] - Lexin Technology's market capitalization is also 29.7 billion, with a year-to-date increase of 4.39% [2] - Mango Super Media has a market capitalization of 52.2 billion and a year-to-date increase of 14.21% [2] - Tuo Wei Information's market capitalization is 43.8 billion, with a year-to-date increase of 4.92% [2] - Ruixin Micro has a market capitalization of 78.3 billion, with a year-to-date increase of 4.32% [2] - Yuncong Technology has a market capitalization of 17.4 billion, with a year-to-date increase of 16.77% [2] - Hongsoft Technology's market capitalization is 22.5 billion, with a year-to-date increase of 13.54% [2] - Runhe Software has a market capitalization of 44.1 billion, with a year-to-date increase of 11.82% [2]