Investment Rating - Industry rating: Recommended [5] Core Viewpoints - The ongoing tariff war between the US and China has intensified, with the US imposing a 34% tariff on Chinese imports, prompting China to respond with similar tariffs, which accelerates the domestic innovation and localization process in the technology sector [1][3][14] - The Chinese government emphasizes "technological self-reliance" as a core agenda, with policies aimed at enhancing key technology breakthroughs and increasing investment in basic research, which supports the growth of the domestic technology industry [2][26] - The tariff situation has led to significant market volatility, with the Chinese stock market experiencing a drop of over 7% in a single day, but state-owned enterprises have stepped in to stabilize the market through share buybacks and acquisitions [3][32] Summary by Sections 1. Changes in Foreign Tariff Policies - The US has implemented a "reciprocal tariff" policy, raising tariffs on Chinese goods, which has increased the cost of imported high-end components for the Chinese tech industry, particularly in hardware sectors like chips and servers [1][14][19] - The tariff war has created short-term challenges for the domestic innovation industry, but it also accelerates the push for domestic alternatives and self-sufficiency in technology [19][35] 2. Policy Promotion of Self-Reliance - The Chinese government has introduced measures to strengthen key technology research and optimize the layout of scientific research resources, aiming to create a trillion-level domestic innovation industry cluster by 2027 [2][28] - Local governments are also implementing supportive policies to promote domestic technology development, focusing on areas such as artificial intelligence and software ecosystems [28][30] 3. Corporate Actions and Domestic Tariff Responses - In response to the tariff war, state-owned enterprises have increased share buybacks to bolster market confidence, with 18 central enterprises taking action to stabilize the market [3][32] - The domestic chip market is benefiting from the increased prices of imported chips, highlighting the competitive advantage of domestic alternatives [3][31] 4. Investment Recommendations - Beneficial targets include core domestic innovation companies such as China Software, China Great Wall, and Dongfang Tong, as well as domestic computing and chip firms like Tuwei Information and Haiguang Information [4][39]

2024 年度持续督导工作现场检查报告 上海证券交易所： 中国国际金融股份有限公司 根据《上海证券交易所上市公司科创板股票上市规则》等有关法律、法规的规定， 中国国际金融股份有限公司（以下简称"保荐机构"、"中金公司"）作为正在履行优刻 得科技股份有限公司（以下简称"优刻得"、"公司"）持续督导工作的保荐机构，对公 司 2024 年度情况进行了现场检查，现就现场检查的有关情况报告如下： 关于优刻得科技股份有限公司 一、本次现场检查的基本情况 （一）保荐机构：中国国际金融股份有限公司 （二）保荐代表人：曹宇、马强 （三）现场检查时间：2025 年 3 月 27 日 （四）现场检查人员：马强、费海珊 （五）现场检查内容：公司治理及内部控制、信息披露、独立性、与关联方的资金 往来、募集资金使用情况、关联交易、对外担保、重大对外投资及公司经营状况等。 （六）现场检查手段： 1、对公司首席财务官进行访谈； 2、查阅公司公告、公司治理文件、重大合同、公司定期报告等底稿文件； 3、查阅公司募集资金使用凭证、募集资金专户银行对账单等资料； 4、查阅公司本持续督导期建立或更新的有关内控制度文件； 5、核查公司本持续督导期发生的 ...

Core Insights - The rise of DeepSeek significantly lowers the industry threshold, enabling major breakthroughs in large model applications across various sectors [4] - DeepSeek reduces training model costs to 5%-10% of previous levels, enhancing the feasibility of business models in AI companion toys and similar applications [1] - The demand for inference computing power is expected to grow rapidly as startups can now utilize their data and application experience at lower costs [1] Model Performance Evaluation - The performance of DeepSeek is assessed based on five criteria: breadth of knowledge, inference capability, cost-effectiveness, safety, and hallucination severity [2] - DeepSeek demonstrates strong inference capability and high cost-performance ratio, but there is room for improvement in knowledge base, safety, and hallucination issues [2] Opportunities and Challenges - The deployment of DeepSeek requires substantial computing resources, with cloud computing providing flexible and scalable solutions [3] - Companies face opportunities as various enterprises begin to adopt large models, but they must also navigate the rapid evolution of technology and industry [3] - The competitive landscape is characterized by intense homogenization, yet demand currently exceeds supply [3] Cloud Computing and Infrastructure - The establishment of self-built intelligent computing centers has proven beneficial for companies like UCloud, enhancing revenue and profit while reducing operational costs [5] - UCloud's neutral cloud strategy fosters trust among users, allowing for rapid product and service advancements [5] Domestic AI Chip Ecosystem - The emergence of DeepSeek presents opportunities for domestic AI chips, with collaborative hardware-software design methods enhancing performance under limited computing power [6] - UCloud has completed adaptations of DeepSeek models based on Huawei's Ascend AI chips, integrating cloud platform advantages with high-quality computing power [6] - The gap between domestic models and leading overseas models is narrowing, encouraging clients to consider "Chinese solutions" as viable alternatives [6] Future Developments - Current domestic chips are operational but not yet optimal in performance or cost, prompting UCloud to collaborate with partners for further optimization [7] - UCloud is considering launching an integrated "Xinchuang" version to meet customer needs while maintaining cost-effectiveness [7]

Group 1 - The A-share market opened lower on March 28, with the Sci-Tech Innovation Board Artificial Intelligence ETF (588930) showing a fluctuating trend, up 0.41% with a premium rate of 0.02% [1] - The ETF tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180.CSI), which selects 30 large-cap stocks involved in providing foundational resources, technology, and application support for artificial intelligence [1] - Recent measures from the Ministry of Commerce aim to promote the application of technologies like artificial intelligence in the consumer sector, indicating a government push towards "AI + consumption" scenarios [1] Group 2 - According to Industrial Securities, the domestic AI industry chain has seen significant catalysts since the 2025 Spring Festival, leading to a vibrant market narrative and potential new highs [2] - The narrative around the AI industry is becoming clearer, with benefits observed across the entire industry chain, from upstream to downstream, and accelerating towards various application scenarios [2]

破发股优刻得连亏5年 2020年上市2募资共26亿元 中国经济网北京3月26日讯优刻得(688158.SH)近日披露的2024年度业绩快报显示，公司去年实现营业收入150,577.38万元，同 比减少0.63%，实现归属于母公司所有者的净利润-23,744.97万元，实现归属于母公司所有者的扣非净利润-24,382.72万元。 2020年、2021年、2022年和2023年，优刻得实现归属于上市公司股东的净利润-3.43亿元、-6.33亿元、-4.13亿元和-3.43亿元， 公司最近5年均亏损。 | 主要会计数据 | 2023年 | 2022年 | 本期比上年 | 2021年 | | --- | --- | --- | --- | --- | | | | | 同期增减(%) | | | 营业收入 | 151.527.89 | 197.221.87 | -23.17 | 290. 124. 73 | | 扣除与主营业务无关的业务收入 | 150.536.73 | 196.630.51 | -23.44 | 289. 316. 15 | | 和不具备商业实质的收入后的营 | | | | | | 业收入 | | | ...

【业绩】 亚钾国际：第一大股东将变更为汇能集团。 人民财讯3月14日电，【热点】 【增减持】 【回购】 兆丰股份：目前兆丰智能装备公司尚未开展经营业务。 深水海纳：与水环境相关的海洋工程智能装备等业务在公司主营业务收入中占比极低。 宁德时代：2024年净利润同比增长15.01%，拟10派45.53元。 东方财富：2024年净利润96.1亿元，同比增长17.29%。 平安银行：2024年净利润445.08亿元同比下降4.2%。 陕西煤业：2024年净利润221.96亿元，同比下降3.97%。 方正证券业绩快报：2024年净利润22.07亿元，同比增长2.55%。 天茂集团：国华人寿保险前2月保费收入约为80.35亿元。 中国国航：2月旅客周转量同比下降3%。 中国中冶：1—2月新签合同额同比下降27.5%。 常铝股份业绩快报：2024年净利润7077.08万元，同比增368.46%。 招商港口：2月集装箱总计1429万TEU，同比增长6.6%。 中国神华：2月煤炭销售量同比下降11.4%。 尚太科技：2024年净利润同比增长15.97%，拟10派8元。 德赛西威：2024年净利润同比增长29.62%，拟10派1 ...

证券代码：688158 证券简称：优刻得 公告编号：2025-006 优刻得科技股份有限公司 关于持股 5%以上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、准确性和完整性依法承担法律 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，优刻得科技股份有限公司（以下简称"公司"）股东中 移资本控股有限责任公司（以下简称"中移资本"）持有公司股份 23,537,521 股，占公司总股本 5.19%，其中 18,005,895 股为 IPO 前取得的股份，已于 2021 年 1 月 20 日起解禁上市流通；5,531,626 股为 IPO 战略配售取得的股份，已于 2021 年 7 月 20 日起解禁上市流通。 减持计划的主要内容 上述减持主体无一致行动人。 上述减持主体自上市以来未减持股份。 中移资本拟通过集中竞价、大宗交易及其他上海证券交易所认可的合法方式 减持其所持有的公司股份不超过 6,796,425 股，即不超过公司总股本的 1.50%。 减持期间自本公告披露之日起 15 个交易日后的 3 个月内进行，减 ...

人民财讯3月14日电，优刻得(688158)3月14日晚间公告，公司持股5.19%的股东中移资本控股有限责任 公司（简称"中移资本"）拟通过集中竞价、大宗交易等方式减持其所持有的公司股份不超过679.64万 股，即不超过公司总股本的1.5%。 ...

调研基本情况 调研对象：优刻得-W 所属行业：互联网服务 调研行业：互联网服务 参与调研的机构：安信基金、国开泰富、上海复胜资产、亥鼎云 天、中再资管等 / | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 接待时间：2025-03-09 优刻得-W分析师会议 调研日期：2025年03月09日 上市公司接待 ...

Summary of Conference Call on AI Agent and Cloud Computing Industry Overview - The conference call primarily discusses the rapid development of the AI agent sector and its integration with cloud computing technologies, highlighting significant advancements in domestic AI capabilities and the increasing demand for cloud resources [3][4][8]. Key Points and Arguments 1. **Rapid Development of AI Agents**: The AI agent sector is experiencing rapid growth, particularly in industry models and reasoning capabilities, with significant potential for future applications [4][8]. 2. **Increased Computational Demand**: AI agents require substantial computational power, with token consumption expected to increase by 10 to 100 times, leading to higher GPU usage and cloud resource demands [4][10]. 3. **Strengthening of Domestic AI Technologies**: Companies like Huawei are enhancing AI agent functionalities by integrating 5G-A technology with hardware and cloud computing, indicating a robust domestic development in AI technologies [4][8]. 4. **Cloud Computing Resource Requirements**: AI agents necessitate powerful cloud computing resources, including multiple cloud hosts for task processing and extensive IP address support for data scraping [6][10]. 5. **Market Concentration in Cloud Computing**: The cloud computing market is expected to become more concentrated, favoring companies with strong technological and resource capabilities [17][18]. 6. **Focus on Data Center Development**: The company plans to accelerate data center construction, increase server procurement, and boost R&D investments to meet the growing demands of AI agents and large models [19][27]. 7. **Collaboration with AI Companies**: The company supports AI-focused firms by providing computational power and resources, rather than directly developing AI agents [12][15]. 8. **Emergence of New Application Scenarios**: There is potential for new application scenarios beyond web-based AI, including mobile and cloud computer applications, which could significantly increase computational demand [24][26]. 9. **MCP Protocol's Impact**: The Model Context Protocol (MCP) is expected to enhance the efficiency and accuracy of AI agents by standardizing API calls, allowing for broader integration with various tools [22]. 10. **Investment Opportunities in AI Agents**: The company sees significant investment opportunities in AI agents, particularly in cloud phones and cloud computers, which are anticipated to drive exponential demand for cloud computing resources [26][27]. Additional Important Insights - **Challenges in AI Agent Development**: The successful deployment of AI agents hinges on resolving issues related to model processing capabilities, API connectivity, and data privacy [16]. - **Strategic Partnerships**: The company emphasizes the importance of strategic partnerships with smaller teams to foster innovation and development in the rapidly evolving AI landscape [26]. - **Market Dynamics**: Recent changes in the cloud computing sector, such as Alibaba's increased capital expenditure and NetEase's exit from the public cloud business, indicate a shifting landscape where only committed players will thrive [17][18].