云从科技 20260223 摘要 云从科技战略转型为智能体时代行业增长伙伴，核心是通过 AI 基础设施 和 AI 智能体实现客户增长，从工具型公司向全面解决方案提供商转变， 实现商业模式创新。 公司推行"双轮驱动"（AI 基础设施+AI Agent）和"双线发展"（严 肃行业+新兴市场）战略，深化多模态技术，特别是在视觉模型方面， 以满足行业对实时数据和真实世界应用的需求。 云从科技构建了 Aging 特别平台和 Coding 平台等智能化平台，形成技 术平台（知识工厂）、业务产品平台和增长与商业化平台三层结构，为 客户提供智能增长服务。 公司通过项目制向定制化服务转型，签订长期运营收费合同，提供算力 服务，并通过高毛利、可复制交付的海外扩张项目实现收入多元化，提 升盈利能力。 云从科技通过降低 TOP、TOG 业务规模及大规模集成项目，保证现金流 稳定，同时通过标准化复用驱动项目转型，实现降本增效，深耕严肃行 业领域，沉淀行业 know-how。 Q&A 公司与华为等国产芯片公司合作，推进国家级项目的适配，并与寒武纪、 木兮等公司进行国产化适配，集中在产品到技术，再到项目联合实施层 面。 云从科技在银行、公 ...

Core Viewpoint - The company emphasizes its commitment to monitoring advancements in cutting-edge technologies and their application prospects, while continuously investing in research and development to maintain its core competitiveness [2]. Group 1 - The company is actively engaged in the development and application of frontier technologies [2]. - The company highlights the importance of keeping up with industry trends to ensure its competitive edge [2]. - The company advises stakeholders to refer to its periodic reports and announcements for detailed business updates [2].

Market Overview - A-shares experienced narrow fluctuations, with the Sci-Tech Innovation Board showing strong performance, particularly in AI applications and computing chips [1] - The Hong Kong stock market saw a significant rebound in the pharmaceutical sector, with the Hong Kong Innovation Drug ETF (520880) reaching a peak increase of 3.86% and closing up 2.9% [3][5] ETF Performance - The Hong Kong Innovation Drug ETF (520880) recorded a trading volume of 5.9 billion, while the Hong Kong Medical ETF (159137) rose by 2.1%, marking its sixth consecutive day of gains [2][3] - The Sci-Tech Artificial Intelligence ETF (589520) increased by 1.81%, with a peak rise of over 2.4% during the trading session [8] Industry Insights - The Chinese innovative drug sector is experiencing a dual breakthrough in internationalization and commercialization, with over 70% of innovative drug companies reporting positive revenue growth [6][7] - Significant collaborations in the innovative drug space include a strategic partnership between Innovent Biologics and Eli Lilly, valued at up to $8.85 billion, and a $18.5 billion collaboration between CSPC Pharmaceutical and AstraZeneca [6] AI and Technology Developments - ByteDance's recent launches, including the Seedance 2.0 video generation model and Seedream 5.0 image generation model, have generated significant interest in the AI sector [11] - The Sci-Tech Artificial Intelligence ETF (589520) has a substantial exposure to ByteDance, with a weight of 29.42% in its index [11][13] Semiconductor and Chip Industry - The semiconductor equipment industry is experiencing an upward trend, with projected sales growth of 26% in 2026, reaching $791.7 billion [17] - The Sci-Tech Chip ETF (589190) is positioned to benefit from the ongoing "super cycle" in the semiconductor industry, with a focus on domestic production and expansion [15][17] Investment Strategy - Analysts suggest that the current market conditions present a favorable opportunity for investment in innovative drugs and AI sectors, with a recommendation to focus on ETFs that track these industries [7][19] - The Sci-Tech Chip ETF has shown a strong annualized return of 17.93%, outperforming other semiconductor indices [19][20]

Group 1 - The core viewpoint of the article highlights that the rising cost of computing power in the industry reflects strong market demand for AI infrastructure [2] - The company is seizing industry development opportunities to actively promote continuous growth in performance [2]

Core Viewpoint - The company emphasizes an open and collaborative technology strategy, actively engaging with the open-source ecosystem and adapting its products to mainstream domestic open-source large models [2] Group 1: Technology Strategy - The company has achieved full-stack adaptation of its "training and inference integrated machine" to mainstream domestic open-source large models [2] - The strategy of "hybrid cloud + hybrid model" integrates the general advantages of open-source models with the company's self-developed large models [2] Group 2: Product Offering - The company's integrated machine products provide "out-of-the-box" private deployment solutions tailored for various industry segments, addressing customer concerns regarding data security and deployment barriers [2] - The efficient inference and low-cost characteristics of open-source small models, combined with the company's integrated software and hardware delivery model, help reduce AI implementation costs for enterprises [2] Group 3: Market Expansion - The company's approach is aimed at expanding into the small and medium-sized enterprise market, enhancing product adaptability to different scenarios and improving commercialization efficiency [2]

Group 1 - The core viewpoint of the news is that CloudWalk Technology has seen a stock price increase of 5.09%, reaching 15.49 CNY per share, with a trading volume of 292 million CNY and a turnover rate of 2.29%, resulting in a total market capitalization of 16.087 billion CNY [1] - CloudWalk Technology, established on March 27, 2015, and listed on May 27, 2022, is based in Shanghai and focuses on providing efficient human-machine collaboration operating systems and industry solutions, aiming to promote the industrialization of artificial intelligence and the intelligent transformation of various industries [1] - The revenue composition of CloudWalk Technology is as follows: 75.55% from artificial intelligence solutions, 24.19% from human-machine collaboration operating systems, and 0.25% from other sources [1] Group 2 - Among the top ten circulating shareholders of CloudWalk Technology, one fund from Bosera Fund ranks, specifically the Bosera SSE STAR Market Artificial Intelligence ETF, which entered the top ten in the third quarter with 9.6927 million shares, accounting for 1.16% of circulating shares, resulting in an estimated floating profit of approximately 7.2695 million CNY [2] - The Bosera SSE STAR Market Artificial Intelligence ETF was established on March 11, 2025, with a current size of 1.21 billion CNY and a year-to-date return of 7.11%, ranking 1157 out of 5580 in its category; since inception, it has achieved a return of 26.88% [2] - The fund manager of the Bosera SSE STAR Market Artificial Intelligence ETF is Li Qingyang, who has been in the position for 2 years and 9 days, managing total assets of 9.348 billion CNY, with the best fund return during his tenure being 187.05% and the worst being 0.63% [2]

Core Viewpoint - Yuncong Technology and China Metallurgical Group Corporation's Beijing Engineering Technology Co., Ltd. have jointly developed the "Engineering Digital Intelligent Assistance System," marking a significant advancement in AI applications within the engineering sector from concept to large-scale implementation [1] Group 1 - The system is based on AI agents and is designed for engineering design and review scenarios [1] - It establishes the first comprehensive intelligent assistance system in the engineering field, enabling systematic accumulation and intelligent retrieval of engineering standards, norms, and historical experiences [1] - This development signifies a transition in vertical scene AI applications towards practical operational use [1]

Group 1 - The company Yuncong Technology is set to price its Hong Kong listing at a maximum of HKD 106.89 per share [1] - The total fundraising amount is expected to reach up to USD 902 million [1]

Core Insights - The company Yuncong Technology has launched a new trade intelligence system that enhances the identification and warning of risks in cross-border trade processes [1] Group 1 - The trade intelligence system leverages Yuncong Technology's strengths in AI agents and controllable training environments [1] - The system aims to improve the level of facilitation in cross-border trade [1] - The launch represents a significant advancement in real-time risk identification and warning for the entire cross-border trade process [1]

Core Viewpoint - CloudWalk Technology (688327.SH) has announced a projected net loss for the year 2025, estimating a net profit attributable to shareholders of the parent company to be between -590 million and -490 million yuan [1] Financial Performance Summary - For the years 2019 to 2021, CloudWalk Technology reported the following revenues and net profits: - 2019: Revenue of 807.35 million yuan, net profit of -692.10 million yuan [1] - 2020: Revenue of 754.77 million yuan, net profit of -843.93 million yuan [1] - 2021: Revenue of 1.08 billion yuan, net profit of -664.11 million yuan [1] - In 2022 and 2023, the company reported revenues of 526 million yuan and 628 million yuan, with net profits of -869 million yuan and -643 million yuan respectively [2] - For 2024, the company achieved a revenue of 398 million yuan, a year-on-year decrease of 36.69%, with a net profit of -696 million yuan [2] IPO and Fundraising Details - CloudWalk Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on May 27, 2022, issuing 112 million shares at a price of 15.37 yuan per share [2] - The total amount raised from the IPO was 1.73 billion yuan, with a net amount of 1.63 billion yuan after deducting issuance costs, which was 2.12 billion yuan less than the planned amount of 3.75 billion yuan [2] - The funds were intended for projects including human-machine collaborative operating system upgrades and AI solution service ecosystems [2] Share Capital Changes - The total issuance costs for the IPO amounted to 101 million yuan, with the lead underwriter, CITIC Securities, receiving 72.12 million yuan in underwriting fees [3] - On June 7, 2023, the company announced a capital increase plan, distributing 0.4 shares for every share held, resulting in an increase of 296.27 million shares, bringing the total share capital to approximately 1.04 billion shares [3]