Group 1 - The "Bay Area Artificial Intelligence Industry Innovation Alliance" was officially established in Nansha District, Guangzhou, aiming to create a new high ground for the AI industry in the Guangdong-Hong Kong-Macao Greater Bay Area and globally [1][2] - The alliance is initiated by Hong Kong University of Science and Technology (Guangzhou) and Huawei, focusing on integrating various resources from international, Hong Kong, Macao, and mainland research institutions to empower Nansha and promote it as a leading area for AI innovation [1][2] - Nansha aims to upgrade its AI industry ecosystem by focusing on three core tasks: technological innovation, industrial aggregation, and ecological construction, with a goal to form a trillion-level industrial cluster [2] Group 2 - Nansha's AI-related industry scale is projected to reach approximately 10 billion yuan in 2024, with a year-on-year growth of 12%, establishing itself as a significant application demonstration area for AI in China [2] - Over 100 AI-related companies have gathered in Nansha, including CloudWalk Technology and Pony.ai, covering various fields such as AI chips, basic software algorithms, biometric recognition, and natural language processing [2] - The establishment of the alliance is expected to enhance the support for AI companies, with financial backing of up to 10 million yuan for key elements like computing power, data, and algorithms [2] Group 3 - Pony.ai, which settled in Nansha in 2017, has launched China's first autonomous taxi service and reported a revenue of 12.3 million yuan for its autonomous taxi business in Q1 2025, marking a 200% year-on-year increase [3] - The company has formed a global strategic partnership with Uber, planning to integrate its autonomous taxi services into Uber's platform starting in the Middle East [3] - The Guangdong Province has introduced policies to promote the integration of AI and robotics across various sectors, including education, healthcare, and finance [4] Group 4 - CloudWalk Technology, established in 2015 and listed on the Sci-Tech Innovation Board in 2022, focuses on AI technology and its application in key industries, aiming to deepen technology research and scene implementation [4] - Nansha's fully automated terminal has seen a 41.42% year-on-year increase in container throughput in Q1, showcasing the successful integration of advanced technologies like Beidou navigation and AI [4][5] - The terminal is recognized as the world's first fully automated terminal for multimodal transport, capable of continuous operation with a large fleet of autonomous guided vehicles [5]

Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [4][8]. Core Insights - The company, Yuncong Technology, reported a significant decline in revenue for 2024, with total revenue of 398 million yuan, a year-on-year decrease of 36.69%. The net profit attributable to the parent company was -696 million yuan, indicating a loss that has widened compared to the previous year [2][8]. - In the first quarter of 2025, the company continued to face revenue challenges, achieving 37 million yuan in revenue, down 31.56% year-on-year, but the net loss narrowed to -124 million yuan [2][8]. - The company is focusing on enhancing its large model capabilities and industry adaptability, with ongoing development in language, vision, and multimodal model systems [8]. - A partnership with Huawei is being leveraged to advance deployment in government and financial sectors, enhancing local commercial capabilities [8]. - The company is also collaborating with the National Cybersecurity Base's Intelligent Computing Center to strengthen its foundational infrastructure for large models [8]. Financial Summary - For 2024, the total revenue is projected to be 398 million yuan, with a forecasted growth of 12.6% in 2025, reaching 448 million yuan, and further growth expected in subsequent years [4][8]. - The net profit is expected to improve gradually, with projections of -484 million yuan in 2025 and -358 million yuan in 2026 [4][8]. - The company's gross margin is anticipated to increase from 35.8% in 2024 to 39.8% by 2027, indicating a potential improvement in profitability [4][8].

Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [4][8]. Core Insights - The company reported a revenue of 398 million yuan in 2024, a year-on-year decline of 36.69%, with a net profit attributable to shareholders of -696 million yuan [2][8]. - In Q1 2025, the company achieved a revenue of 37 million yuan, down 31.56% year-on-year, but the net loss narrowed to -124 million yuan compared to the same period last year [2][8]. - The company is enhancing its large model capabilities and industry adaptability, with a focus on deploying AI applications across various sectors [8]. - A partnership with Huawei is being leveraged to strengthen local commercial capabilities in government and financial sectors [8]. - The company is collaborating with the National Cybersecurity Base's Intelligent Computing Center to build a robust infrastructure for its large models [8]. Financial Summary - The total revenue forecast for 2025-2027 is projected to be 448 million yuan, 560 million yuan, and 727 million yuan, reflecting growth rates of 12.6%, 25.0%, and 29.9% respectively [4][8]. - The net profit attributable to shareholders is expected to improve from -484 million yuan in 2025 to -284 million yuan in 2027, with corresponding growth rates of 30.5%, 26.0%, and 20.7% [4][8]. - The company's earnings per share (EPS) is projected to improve from -0.47 yuan in 2025 to -0.27 yuan in 2027 [4][8].

记者从云从科技(688327)获悉，云从科技作为黄金级赞助商及核心合作伙伴参加了鲲鹏昇腾开发者大会 2025，并在会上携"从容大模型智用一体机"亮相。 以天津港为例，通过全球首个港口大模型PortGPT的部署，天津港将货物调度效率大幅提升；PortGPT 不仅能够实现物流路径的智能优化，还通过数字人助手"天天"简化了港口交接班会议流程，成为智慧港 口建设的标杆案例。 据介绍，从容大模型智用一体机基于昇腾AI基础软硬件平台，深度融合云从科技从容多模态大模型、 DeepSeek语言大模型与工具链，打造从模型训练到推理应用的全流程高效解决方案，为政务、金融、 教育、医疗等行业提供安全可靠、自主创新的一站式人工智能基础设施。 周翔还呼吁行业伙伴携手共建国产算力与大模型融合的生态体系，共拓智能化应用新场景。 据了解，目前云从科技与昇腾已联合国家网安基地、天津港（600717）集团、中国电信（601728）、国 网山东等合作伙伴，在智慧网安、智慧港口、智能制造、智能客服等领域实现规模化应用。 云从科技大模型一体化产品负责人周翔告诉记者，从容大模型智用一体机的核心竞争力在于"多模态大 模型+AI智能体"的双轮驱动，通过高效 ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, providing insights for investors [2] Group 1: Company Announcements - Shenghong Technology has preliminarily set the inquiry transfer price at 65.85 CNY per share, with 24 institutional investors participating and a total of 25.73 million shares to be transferred [3] - Foton Motor plans to establish a joint venture with EVE Energy, investing 500 million CNY to expand its new energy heavy truck business, with a 50% ownership stake [4] - Jiadu Technology disposed of 7.6647 million shares of CloudWalk Technology, realizing a post-tax investment loss of 16.29 million CNY, which is 14.18% of its 2024 net profit [6] - Chongqing Steel has decided to terminate the absorption merger of its wholly-owned subsidiary, believing that independent operation will better leverage its logistics capabilities [8] - Ha Welding Communication's products can be used in controllable nuclear fusion projects, but the revenue from this sector is currently minimal [9] Group 2: Shareholding Changes - Xinhua Medical's controlling shareholder plans to increase its stake in the company by 100 million to 200 million CNY within the next 12 months [10] Group 3: Major Contracts - Pingzhi Information signed a framework agreement for AI computing power technology services with China Telecom, totaling approximately 246 million CNY, which will not significantly impact the company's annual performance [12]

Core Viewpoint - The company, Jiadu Technology, announced the disposal of part of its equity in its associate company, CloudWalk Technology, to lock in investment gains, resulting in a tax-adjusted investment loss of 16.29 million yuan, which represents 14.18% of the company's audited net profit attributable to shareholders for 2024 [2]. Group 1: Equity Disposal Details - Between May 13, 2025, and May 26, 2025, Jiadu Technology disposed of 7,664,200 shares of CloudWalk Technology for a transaction amount of 99.64 million yuan (excluding transaction taxes) [2]. - This transaction marks the fifth time Jiadu Technology has reduced its holdings in CloudWalk Technology since May 2023, with a total of over 46 million shares disposed of, amounting to 643 million yuan in cash [4]. - As of the end of Q1 2025, Jiadu Technology held 25,802,100 shares of CloudWalk Technology, representing a 2.48% stake, which will decrease further after this disposal [4]. Group 2: Company Performance and Market Context - CloudWalk Technology, which went public on the STAR Market on May 27, 2022, has faced continuous losses for eight years, with a reported loss of 696 million yuan in 2024 [4]. - In Q1 2025, CloudWalk Technology reported revenue of 37.23 million yuan, a year-on-year decline of 31.56%, and a net loss attributable to shareholders of 124 million yuan [4]. - In contrast, Jiadu Technology reported a revenue of 2.254 billion yuan in Q1 2025, reflecting a year-on-year growth of 106.26%, with a net profit of 120 million yuan [4].

Group 1 - Shenghong Technology has preliminarily determined the inquiry transfer price at 65.85 yuan per share, with 24 institutional investors participating and a total of 25.73 million shares to be transferred [1] - Foton Motor plans to establish a new energy technology company with EVE Energy, investing 500 million yuan to enhance its new energy heavy truck business and battery leasing solutions [1] - Jiadu Technology disposed of 7.6647 million shares of CloudWalk Technology, realizing a post-tax investment loss of 16.29 million yuan, which is 14.18% of the company's audited net profit for 2024 [1] Group 2 - Rongsheng Environmental's controlling shareholder and actual controller, Feng Ronghua, has been subjected to compulsory measures by the police, but this matter is unrelated to the company, which continues normal operations [2] - Chongqing Steel has terminated the absorption merger of its wholly-owned subsidiary, New Port Changlong, to leverage its independent operational advantages in logistics and supply chain services [3] - Ha Welding Huatong's products can be used in controllable nuclear fusion projects, but the revenue from this sector is currently minimal, and there are no significant changes in the company's operations [4] Group 3 - Xinhua Medical's controlling shareholder plans to increase its stake in the company by 100 million to 200 million yuan within the next 12 months [4] - Pingzhi Information signed a framework agreement for AI computing power technology services with China Telecom, totaling approximately 246 million yuan, which will not significantly impact the company's annual performance [5]

Core Insights - The article discusses the development and support of the multimodal large model industry in China, highlighting various policies and initiatives at both national and local levels aimed at enhancing AI capabilities and applications [1][4][11]. Policy Development Timeline - In 2023, local policies began to emerge, focusing on computational power to encourage the development of large model technology and innovative application scenarios, starting with Guangdong, Beijing, and Shanghai. By 2024, more regions are expected to introduce relevant policies aimed at improving administrative efficiency [1]. - By 2025, government work reports will emphasize the ongoing promotion of the "Artificial Intelligence +" initiative, with a focus on supporting the widespread application of large models [1]. National Policy Summary - The Chinese government has implemented several measures to support the AI industry, particularly multimodal large models, which are seen as crucial products within the AI sector. The State Council has identified embodied intelligence as a future industry, promoting the integration of digital technology with manufacturing and market advantages [4][5]. - Key national policies include the "Guidelines for the Development of Artificial Intelligence Industry" and the "Three-Year Action Plan for Data Elements," which aim to enhance data utilization and promote high-quality economic development through data-driven initiatives [11][13]. Local Policy Highlights - Various provinces have introduced specific policies to support the development of AI large models. For instance, Guangdong aims to develop a comprehensive technology system for large models with trillion-parameter capabilities, while Beijing targets the creation of 3-5 advanced, controllable foundational model products by the end of 2025 [13][15]. - Local initiatives also include the establishment of intelligent computing centers and the promotion of AI applications in various sectors, such as manufacturing, healthcare, and urban governance [13][14]. Key Development Directions - The article outlines that provinces like Guangdong, Beijing, and Shanghai have set ambitious goals for the development of large models, focusing on creating a robust ecosystem for AI innovation and application [15]. - The emphasis is on fostering collaboration between government, industry, and academia to drive advancements in AI technologies and their practical applications across different sectors [15].

Core Insights - The article discusses the development and comparison of multimodal large models, emphasizing the integration of visual and language components to enhance understanding and generation capabilities in AI systems [1][7]. Multimodal Model Types - The mainstream approach for visual and language multimodal models involves using pre-trained large language models and image encoders, connected through a feature alignment module to enable deeper question-answer reasoning [1]. - CLIP, developed by OpenAI, utilizes a contrastive learning method to connect image and text feature representations, allowing for zero-shot classification by calculating cosine similarity between text and image embeddings [2]. - Flamingo, introduced in 2022, combines visual and language components, enabling text generation based on visual and textual inputs, and includes various datasets for training [5]. - BLIP, proposed by Salesforce in 2022, aims to unify understanding and generation capabilities for visual language tasks, enhancing model performance through self-supervised learning and addressing complex tasks like image generation and visual question answering [7]. - LLaMA integrates a visual encoder (CLIP ViT-L/14) with a language decoder, utilizing generated data for instruction fine-tuning, ensuring that visual and language tokens exist in the same feature space [8].

| 证券代码：688327 证券简称：云从科技 公告编号：2025-031 | | | | | | | --- | --- | --- | --- | --- | --- | | 云从科技集团股份有限公司 | | | | | | | 本公司董事会及全体董事保证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： | | | | | | | ? 本次会议是否有被否决议案：无 | | | | | | | 一、 会议召开和出席情况 | | | | | | | （一） 股东大会召开的时间：2025 年 5 月 21 日 | | | | | | | （二） 股东大会召开的地点：上海市浦东新区川和路 弄张江人工智能岛 | 55 | | 11 | | | | 号楼会议室 | | | | | | | （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 | | | | | | | 其持有表决权数量的情况： | | | | | | | 普通股股东人数 553 | | | | | | | ...