Group 1 - The core viewpoint of the report is that Haitong International has given a "buy" rating to Daotong Technology (688208.SH) based on its strong performance and strategic direction [2] - The company announced a mid-term dividend plan for 2025, indicating confidence in its business growth [2] - The high dividend reflects the company's belief in its robust growth prospects [2] - The company is committed to its strategy of "fully embracing AI," which is seen as a positive long-term growth driver [2]

金融界消息 截至2025年7月30日收盘，道通科技（688208）报收于35.99元，下跌0.42%，换手率 2.61%，成交量17.50万手，成交金额6.35亿元。 资金流向方面，今日主力资金净流出6430.85万元，占比成交额10.13%。其中，超大单净流出1722.99万 元、占成交额2.71%，大单净流出4707.85万元、占成交额7.42%，中单净流出流入650.90万元、占成交 额1.03%，小单净流入5779.95万元、占成交额9.11%。 道通科技最新一期业绩显示，截至2025一季报，公司营业总收入10.94亿元、同比增长26.71%，归属净 利润1.99亿元，同比增长59.91%，扣非净利润1.97亿元，同比增长57.50%，流动比率3.056、速动比率 2.215、资产负债率46.75%。 天眼查商业履历信息显示，深圳市道通科技股份有限公司，成立于2004年，位于深圳市，是一家以从事 批发业为主的企业。企业注册资本45187.7086万人民币，实缴资本15000万人民币。公司法定代表人为 李红京。 通过天眼查大数据分析，深圳市道通科技股份有限公司共对外投资了12家企业，参与招投标项目76次 ...

道通科技7月29日大宗交易平台出现一笔成交，成交量6.00万股，成交金额214.68万元，大宗交易成交价 为35.78元，相对今日收盘价折价1.00%。该笔交易的买方营业部为方正证券股份有限公司总部，卖方营 业部为华福证券有限责任公司深圳深南中路证券营业部。 7月29日道通科技大宗交易一览 证券时报·数据宝统计显示，道通科技今日收盘价为36.14元，上涨5.21%，日换手率为3.29%，成交额为 7.80亿元，全天主力资金净流出105.86万元，近5日该股累计上涨9.35%，近5日资金合计净流入1224.61 万元。 两融数据显示，该股最新融资余额为7.91亿元，近5日增加1212.38万元，增幅为1.56%。 机构评级来看，近5日共有1家机构给予该股评级，预计目标价最高的是国泰海通证券，7月23日国泰海 通证券发布的研报预计公司目标价为39.89元。（数据宝） | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 6.0 ...

| | | | | | 方正证券股份有限 | 华福证券有限责任 | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 2025-07-29 | 证券简称 道通科技 | 证券代码 688208 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 35.78 | 214.68 | 公司总部 | 卖出营业部 公司深圳深南中路 | 7月29日，道通科技大宗交易成交6万股，成交额214.68万元，占当日总成交额的0.27%，成交价35.78元，较市场收盘价36.14元折价1%。 ...

Group 1 - The computer equipment sector increased by 0.29% on July 29, with Xiling Information leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] - Xiling Information's stock price rose by 9.51% to 20.15, with a trading volume of 429,300 shares and a transaction value of 829 million yuan [1] Group 2 - The main funds in the computer equipment sector experienced a net outflow of 577 million yuan, while retail investors saw a net inflow of 748 million yuan [3] - The trading performance of other notable stocks included: - Xiongdi Technology up 6.54% to 30.29 with a transaction value of 1.02 billion yuan - Sanwei Xinan up 6.22% to 43.89 with a transaction value of 153 million yuan - Jinyi Technology up 5.61% to 25.79 with a transaction value of 352 million yuan [1][3]

Group 1 - The core viewpoint of the news highlights the strong performance of the Huaxia Sci-Tech Artificial Intelligence ETF (589010), which has risen by 2.01% today and nearly 7% over the past three trading days, indicating a robust upward trend in the market [1] - The ETF has experienced high trading volume with a turnover rate of 16.83% and a total transaction amount of 12.66 million yuan, suggesting significant capital inflow driving the price increase [1] - Key holdings within the ETF, such as Fudan Microelectronics, Daotong Technology, and others, have shown substantial gains, with Fudan Microelectronics surging by 8.02% and Daotong Technology increasing by 5.27% [1] Group 2 - The release of the GLM-4.5 model by Zhipu has been noted as a significant advancement in AI, being the first SOTA-level native intelligent model with doubled parameter efficiency and an API price only one-tenth of Claude's, which could enhance market confidence in AI applications [1] - The report mentions that various AI applications, including embodied intelligence and AI agents, are making breakthroughs, potentially leading to a renewed investment wave in the AI sector [1] - The WAIC exhibition showcased impressive robotic performances, particularly the Galbot humanoid robot, which demonstrated improved intelligence and stability in recognizing user intent and accurately grasping items in a real supermarket setting [1] Group 3 - The Huaxia Sci-Tech Artificial Intelligence ETF closely tracks the Shanghai Stock Exchange Sci-Tech Board AI Index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support [2] - The ETF's design allows for a 20% price fluctuation range, which, combined with the elasticity of small and medium-sized stocks, aids in capturing the "singularity moment" of the AI industry [2]

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) showcased a shift in focus from pure technical parameters to practical applications and commercial value in AI technology [2][14] - The competition in computing power is evolving into a comprehensive system engineering challenge, addressing performance, compatibility, storage, and energy efficiency [4][10] - AI companies are increasingly integrating their models with real-world applications to unlock new data sources and enhance AI capabilities [15][16] Computing Power Infrastructure - Companies like Huawei and China Digital are pushing the limits of computing power, with Huawei's Atlas 900 A3 SuperPoD achieving a performance of 300 PFLOPS [2][4] - The financial sector is supporting AI infrastructure, with companies like Chip Xin Leasing investing 8 billion yuan in AI-related projects [4] - The demand for private deployment of large models is increasing due to data security concerns, indicating a shift in market needs [5][6] Model and Application Development - AI model developers are focusing on deep integration with industry scenarios to create real business value, moving away from mere technical showcases [14][17] - Companies like Step Leap Star are launching new models aimed at cost reduction and efficiency improvement, collaborating with multiple chip manufacturers to enhance compatibility [17][18] - The importance of data storage and management is highlighted, with companies like Dawning Storage addressing challenges in data accessibility and efficiency [8][9] AI in Creative Industries - AI-generated content (AIGC) is transforming creative processes, with companies like Digital Kingdom introducing platforms that streamline content creation [20][21] - AI is positioned as a "super assistant" for creators, enhancing productivity while allowing them to focus on core creative tasks [21] Consumer-Focused AI Products - New AI products, such as the TicNote AI recording pen, are being developed to serve individual users, encapsulating complex AI capabilities in user-friendly formats [23] - The overarching goal of AI advancements is to contribute to real GDP growth across society, industries, and nations [24]

Group 1 - The 2025 World Artificial Intelligence Conference (WAIC 2025) was held in Shanghai, where Shenzhen Dautong Technology Co., Ltd. and its subsidiary, Shenzhen Daohengtongtai Robotics Co., Ltd., participated in multiple sessions, including launching the "Physical AI" global new track as initial industry partners [1] - Dautong Technology showcased its "integrated air-ground embodied intelligent solution" at the WAIC 2025 exhibition, highlighting its capabilities in intelligent robotics, diagnostic terminals, and energy systems [1][2] - The "Star River Enlightenment: Scientific Intelligent Open Cooperation Forum" saw Dautong Technology and Shanghai Scientific Intelligent Research Institute jointly launch the "World Scientific Intelligent Competition: Physical AI Track," providing industrial-level scenario verification conditions for participating teams [1] Group 2 - The "Air-Ground Integrated Embodied Intelligent Solution" presented at the "Super Fusion - Daohengtongtai Joint Exhibition" has formed a complete commercial closed loop, driven by an "AI brain" that enables perception, decision-making, and interaction [2] - This solution integrates multi-modal recognition, embodied and industry-specific models, and an AI platform foundation, targeting industries such as energy and transportation to create a new paradigm of intelligent, unmanned, and integrated air-ground operations [2]

Core Insights - The World Artificial Intelligence Conference 2025 has seen Daotong Technology (688208) and Shanghai Institute of Science Intelligence launch the "World Science Intelligence Competition: Physical AI Track" [1] - NVIDIA CEO Jensen Huang highlighted that the next wave of AI is Physical AI, which involves the integration of perception, reasoning, and execution into physical systems [1] Group 1 - Daotong Technology will provide industrial-grade scenario validation conditions for participating teams, accelerating the engineering transformation of scientific research results [1] - The company is one of the first signatories to participate in the "Star River Enlightenment Science Intelligence Open Platform" ecosystem, which aims to create a comprehensive infrastructure for global scientists [1] - The platform is developed in collaboration with Infinite Light Years and Fudan University, focusing on high-value scientific data and open-source scientific intelligence models [1] Group 2 - Through collaboration with the "Star River Enlightenment Science Intelligence Open Platform," Daotong Technology aims to leverage its engineering transformation advantages in vertical industries [2] - The company and its subsidiary, Shenzhen Daohua Tongtai Robot Company, participated in multiple segments of the World Artificial Intelligence Conference, showcasing their "Air-Ground Integrated Embodied Intelligent Solution" [2] - The showcased solution has formed a commercial closed loop, featuring an "AI brain" that drives a fleet of drones and ground robots for collaborative and autonomous operations [2]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected relative performance above the market benchmark over the next 12-18 months [4][8]. Core Views - The company's high mid-2025 dividend proposal reflects confidence in future rapid growth, with an estimated EPS of RMB 1.14 for 2025, RMB 1.41 for 2026, and RMB 1.69 for 2027. A target price of RMB 39.89 is set based on a 35x PE for 2025, representing a 26% upside [4][10]. - The company plans to distribute a cash dividend of RMB 5.8 per 10 shares, amounting to approximately RMB 389 million, which is about 61% of the 2024 net profit attributable to shareholders [10][11]. - The company is pursuing a "Fully Embrace AI" strategy, aiming to integrate AI technology with business operations and organizational changes, positioning itself as a leader in the smart energy sector and integrated smart solutions globally [11][10]. Financial Summary - The company’s total revenue is projected to grow from RMB 3,251 million in 2023 to RMB 7,251 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.5% [3]. - Net profit attributable to shareholders is expected to increase significantly from RMB 179 million in 2023 to RMB 1,129 million in 2027, with a notable growth rate of 257.6% in 2024 [3]. - The company’s net asset return is projected to rise from 5.6% in 2023 to 24.9% in 2027, indicating improved profitability and efficiency [3]. Dividend and Shareholder Returns - The proposed dividend distribution demonstrates a commitment to returning value to shareholders, with a dividend payout ratio that reflects confidence in sustained business growth [10][11]. - The expected dividend per share is projected to increase from RMB 0.26 in 2023 to RMB 1.05 in 2027, with a corresponding increase in the dividend yield from 0.8% to 3.2% [5].