2025 年 10 月 27 日 券 研 究 报 告 DeepSeek 团队开源 DeepSeek-OCR 模型， OpenAI 推出 Atlas —计算机行业周报 推荐(维持) 投资要点 | 分析师：任春阳 | S1050521110006 | | --- | --- | | rency@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 计算机(申万) -0.6 8.9 27.0 沪深 300 3.6 14.3 19.2 市场表现 -20 -10 0 10 20 30 40 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《计算机行业周报：英伟达发布 多项关键成果，谷歌推出 Veo3.1 模 型》2025-10-20 2、《计算机行业周报：OpenAI 宣布 四大更新，OpenAI 推出 Sora2》 2025-10-13 3 、《计算机行业周报： ChatGPTPulse 开启个性化服务 ， Kimi 升级 Agent 模式》2025-09-30 ▌算力：算力租赁价格平稳，DeepSeek 团队开源 DeepSeek-OCR 模型 2025 年 10 月 ...

嘉和美康首次公开发行股票募集资金总额13.62亿元，扣除发行费用后，募集资金净额为12.40亿元。嘉 和美康最终募集资金净额比原计划多4.90亿元。嘉和美康于2021年12月9日披露的招股说明书显示，该 公司拟募集资金7.50亿元，分别用于专科电子病历研发项目(急诊急救方向、妇幼专科方向)、综合电子 病历升级改造项目、数据中心升级改造项目、补充营运资金。 嘉和美康首次公开发行股票的发行费用总额为1.21亿元，其中保荐机构华泰联合证券有限责任公司获得 保荐及承销费用9782.30万元。 中国经济网北京10月24日讯嘉和美康(688246.SH)今日收报24.86元，跌幅2.09%。目前该股处于破发状 态。 嘉和美康于2021年12月14日在上交所科创板上市，发行价格为39.50元/股，发行数量为3446.94万股，保 荐机构(主承销商)为华泰联合证券有限责任公司，保荐代表人为孔祥熙、王琛。 ...

格隆汇10月21日丨嘉和美康(688246.SH)公布，公司于2025年10月21日收到国寿成达（上海）健康产业 股权投资中心（有限合伙）发来的《关于嘉和美康（北京）科技股份有限公司股份减持计划实施进展暨 权益变动触及 1%刻度的告知函》,2025年10月20日国寿成达（上海）健康产业股权投资中心（有限合 伙）通过集中竞价交易方式累计减持所持有的公司股份42.69万股，所持有公司股份数量由1268.45万股 减少至1225.76万股，占公司当前总股本的比例由9.22%减少至8.91%，触及1%的整数倍。截至目前，减 持计划尚未实施完毕。 ...

一、信息披露义务人及其一致行动人的基本信息 1.身份类别 | | | 重要内容提示： 权益变动方向 比例增加□ 比例减少 权益变动前合计比例 9.22% 权益变动后合计比例 8.91% 本次变动是否违反已作出的承 诺、意向、计划 是□ 否 是否触发强制要约收购义务 是□ 否 投资者及其一致行动人的身份 □控股股东/实际控制人及其一致行动人 其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用 于无控股股东、实际控制人） □其他______________（请注明） 2.信息披露义务人信息 证券代码：688246 证券简称：嘉和美康 公告编号：2025-064 嘉和美康（北京）科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 股东国寿成达（上海）健康产业股权投资中心（有限合伙）保证向本 公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 | 投资者名称 | 变动前股数 | 变动前比例 | 变动后股数 | 变动后比例 | 权益变动方 | 权益变动的 | | --- | - ...

Core Viewpoint - Jiahe Meikang clarified that it does not directly manage customer data but is entrusted to govern and apply customer data under compliance [1] Group 1: Data Governance and Application - The company has various business lines involved in data governance and application [1] - The medical data business department has a significant number of personnel involved, with over 200 expected by the end of 2024 [1]

Core Viewpoint - The company Jiahe Meikang (688246.SH) clarified on its investor interaction platform that it is not involved in the brain-computer interface field [1] Company Summary - Jiahe Meikang has explicitly stated its non-involvement in the brain-computer interface sector, indicating a clear focus on its current business operations [1]

Core Viewpoint - The U.S. government, led by President Trump, announced a 100% tariff on all Chinese goods starting November 1, along with export controls on key software, which will accelerate the domestic software replacement process in China [2][3]. Group 1: U.S. Trade Measures - The U.S. will impose a 100% additional tariff on all Chinese imports and export controls on key software starting November 1 [2]. - The U.S. measures are seen as a strategic move to pressure China ahead of the APEC summit, with potential implications for negotiations [2][3]. Group 2: China's Response and Industry Impact - China's Ministry of Commerce has implemented export controls on various technologies, including chip production equipment and lithium batteries, which are crucial for modern industries [2][3]. - China is expected to dominate the rare earth industry by 2025, holding 49% of global reserves and 69% of production, making it a critical resource for the U.S. [2][3]. Group 3: Domestic Software Development - The export controls on key software will accelerate the domestic replacement process in China, particularly in the fields of EDA, CAD, CAE, MES, and PLM [3][4]. - The shift towards domestic software is seen as essential due to China's heavy reliance on imported industrial software [3][4]. Group 4: Industrial Digital Transformation - The announcement of using WPS format in government documents marks a significant milestone for domestic software, indicating a breakthrough in the software replacement strategy [4]. - "Lighthouse factories," which utilize advanced technologies for efficiency, are expected to be prioritized in national strategic development plans, driving demand for industrial software [4]. Group 5: Investment Opportunities - Companies in the EDA, industrial software, operating systems, databases, network security, and industry IT sectors are highlighted as potential investment opportunities due to the ongoing shift towards domestic solutions [4]. - Specific companies to watch include: - EDA: Huada Jiutian, Guangliwei, Gai Lun Electronics [4] - Industrial Software: Dingjie Zhizhi, Nengke Technology, Suochen Technology, Zhongwang Software, Zhongkong Technology [4] - Operating Systems: China Software, Ruantong Power, Runhe Software, Chengmai Technology [4] - Databases: Dameng Data, Taiji Co. [4] - Network Security: Deepin Technology, Qilin Security, Sanwei Security, Guotou Intelligent, Qimingxing Chen [4] - Industry IT: Keda Xunfei, Hehe Information, Hengsheng Electronics, Kingsoft Office, Foxit Software, Tuolisi, Tax Friend Shares, Caixun Shares, Dingdian Software, Jiuyuan Yinhai, Jiahe Meikang, Guanglian Da, Kingdee International, Yonyou Network, Fanwei Network, Yuxin Technology, Newland [4].

Investment Rating - The report maintains a positive outlook for the computer industry, expecting a continued "scissor difference" in Q3 2025, indicating structural growth despite varying performance among companies [3][4][11]. Core Insights - The report predicts that 22% of the tracked companies will see net profit growth exceeding 50%, with notable performers including 深信服 (1528%), 卡莱特 (998%), and 新国都 (235%) [4][5]. - The report highlights a trend of cost reduction through layoffs and non-essential cost cuts, leading to improved efficiency and profitability across the industry [3][4]. - The report identifies key investment targets in various segments, including AIGC, digital economy leaders, and data innovation [3][4]. Summary by Sections Q3 2025 Performance Forecast - Among 54 tracked companies, 11 are expected to exceed 50% profit growth, while 9 will see growth between 30%-50% [4][5]. - 36% of companies are projected to have growth between 0%-30%, and 22% are expected to experience a decline [5][6]. Key Company Performances - 深信服 is projected to achieve a staggering 1528% profit growth, while 卡莱特 is expected to see 998% growth [4][5]. - Companies like 海康威视 and 金山办公 are expected to maintain stable growth rates of around 9% and 15%, respectively [8][10]. - 联想集团 is forecasted to face a significant decline of 99% in profit, indicating challenges in its operational strategy [6][10]. Investment Targets - The report categorizes investment targets into four segments: AIGC, digital economy leaders, data innovation, and AIGC computing power [3][4]. - Notable companies in the AIGC segment include 金山办公 and 道通科技, while 海光信息 and 软通动力 are highlighted in the data innovation category [3][4].

| 主要会计数据 | 2024年 | 2023年 | 本期比上 年同期增 | 2022年 | | --- | --- | --- | --- | --- | | | | | 减(%) | | | 营业收入 | 591, 944, 324. 71 | 695, 175, 319. 22 | -14. 85 | 716. 948. 756. 64 | | 扣除与主营业务无关 的业务收入和不具备 | 591, 944, 324. 71 | 695, 175, 319. 22 | -14. 85 | 716. 948. 756. 64 | | 商业实质的收入后的 | | | | | | 营业收入 | | | | | | 归属于上市公司股东 | -256, 117, 402. 41 | 32, 284, 480. 94 | -893. 31 | 64, 578, 165. 82 | | 的净利润 | | | | | | 归属于上市公司股东 的扣除非经常性损益 | =261.382.864.01 | 25, 453, 913, 55 | -1. 126. 89 | 50. 383. 603. 42 | | 的净利润 | ...

Core Insights - The medical information technology industry is undergoing significant consolidation, with major acquisitions signaling a shift in the market dynamics after a period of rapid growth [1][2][3] - The demand for medical IT solutions has decreased as most hospitals have met previous regulatory requirements, leading to a more cautious approach in project approvals and increased competition among firms [3][4][6] - The integration of AI and new technologies is expected to drive the next phase of growth in the medical IT sector, creating opportunities for companies that can adapt to changing market needs [9] Industry Trends - Recent acquisitions include the purchase of medical consulting firm Yice Medical Management by Xisoft Technology, indicating a trend where larger firms seek to enhance their service offerings by integrating complementary smaller companies [1][7] - The medical IT industry experienced a boom from 2018 to mid-2023, driven by regulatory support and technological advancements, but has since faced challenges due to market saturation and budget constraints in hospitals [2][3][8] - The push for digital transformation in hospitals has led to a demand for more comprehensive solutions that integrate various operational aspects, moving beyond simple IT services [4][6] Market Dynamics - The competitive landscape is shifting as smaller firms struggle to meet the new demands for standardized solutions, while larger firms are better positioned to capitalize on these changes through strategic acquisitions [6][8] - The focus on cost control and efficiency in hospitals has made it more challenging for medical IT companies to secure contracts, as decision-makers are now more cautious and selective [3][6] - The ongoing consolidation in the industry is expected to enhance the bargaining power of remaining firms and may lead to a more concentrated market structure [8][9]