这些行业信号共同指向一个趋势：推理侧竞争已不再单纯是"把模型做得更强"的参数竞赛，而是"让应用跑得更久、更稳、更便宜"的效能竞赛，单位推理成 本与交付效率已成为规模化落地的最大门槛。 2月3日，云天励飞正式举办"大算力芯片战略前瞻会"，首次对外公布未来三年的大算力 AI 推理芯片战略布局。面对人工智能从"基础模型构建"迈向"规模化 应用落地"的重要转折点，公司宣布将核心研发资源集中于攻克大模型落地的"成本壁垒"，致力于通过底层架构创新，力争实现百万 Tokens 推理成本降低 100 倍以上的目标，推动 AI 从技术尝鲜走向普惠生产力。 一、 产业变局：推理竞速，从"参数内卷"转向"效能为王" 过去一年，全球算力产业的风向标已发生显著偏转，重心正加速向推理侧倾斜。谷歌在 2025 年 4 月发布第七代 TPU "Ironwood"时，明确将其定位为"面向 推理时代"的基石，强调在大规模推理与能效上的系统化优化。 与此同时，围绕"更低时延、更低成本"的推理芯片与系统能力，产业整合动作也在加速。2025 年 12 月，英伟达与 Groq 达成非独占许可安排，并吸纳其核 心工程人才团队加入，此举被视为强化推理与实时 ...

Group 1 - The core event was a "special matchmaking meeting between retail enterprises and AI technology companies" held in Shenzhen, focusing on industry integration, application scenarios, and policy implementation [1][3] - Shenzhen aims to become a leading city in AI, with the AI industry expected to exceed 360 billion yuan by the end of 2024, and over 2,800 typical enterprises already established [3] - The "Action Plan for Accelerating the Development of the AI Terminal Industry in Shenzhen (2025-2026)" targets an AI terminal industry scale of over 800 billion yuan by 2026, with a goal of reaching 1 trillion yuan [3] Group 2 - Various companies presented practical cases demonstrating how AI can empower the retail sector, including a three-in-one smart operation model in the Houhai business district by China Resources Land [4] - Cloud Tianli focused on smart security, explaining how AI technology can enhance safety and management efficiency in commercial environments [4] - Lingzhi Digital Technology shared its self-developed AI model aimed at reconstructing the entire retail value chain [4] Group 3 - The Shenzhen Smart Retail Association emphasized the need to break down barriers between supply and demand to facilitate precise matching of AI technology with commercial scenarios [6] - The association is actively organizing resources to connect key areas, such as the Qianhai Baozhong business district, with AI technology companies to accelerate smart construction [6] - Shenzhen's government has introduced financial support policies for retail enterprises undergoing digital transformation, with project funding up to 15 million yuan and enterprise funding up to 30 million yuan [6]

Group 1 - The core viewpoint of the news highlights the performance of the Sci-Tech Artificial Intelligence ETF (589010), which has seen a decline of 1.111% since opening, with a latest price of 1.602 yuan [1] - The ETF tracks 30 constituent stocks, with 22 stocks experiencing declines, notably Yuntian Lifei dropping over 9%, and Xinghuan Technology and Obsidian Optical falling over 4%, indicating significant pressure on the market [1] - The liquidity of the ETF is moderate, with a trading volume of 26.95 million yuan and a turnover rate of 1.07% [1] Group 2 - Dongwu Securities notes a shift in the overseas AI market from rapid expansion to a new cycle focused on demand realization and efficiency competition, with localized bubbles rather than systemic collapse [2] - There is a narrowing of the technology gap between China and the U.S. to 6-9 months, with a focus on real monetization and cost advantages in investment [2] - The Sci-Tech Artificial Intelligence ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support [2]

Group 1 - The core point of the article is that Yuntian Lifei (688343) has filed an international patent application for a "text generation method, device, electronic equipment, and storage medium," with the application number PCT/CN2024/129919, and the international publication date set for January 29, 2026 [1] - Yuntian Lifei has announced a total of three international patent applications this year [2] - In the first half of 2025, the company invested 203 million yuan in research and development, reflecting an increase of 11.87% year-on-year [2]

证券代码：688343 证券简称：云天励飞 公告编号：2026-003 深圳云天励飞技术股份有限公司 2025年年度业绩预告 （三）本次业绩预告未经注册会计师审计。 二、上年同期业绩情况 本公司董事会及全体董事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。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 经深圳云天励飞技术股份有限公司（以下简称"公司"）财务部门初步测算，预计公司2025年度营业收入 为113,000.00万元到140,000.00万元，与上年同期（法定披露数据，下同）相比，营业收入增加21,262.81 万元到48,262.81万元，同比营业收入增加23.18%至52.61%。 预计公司2025年度归属于母公司所有者的净利润为-47,111.00万元到-35,111.00万元，与上年同期相比， 亏损减少10,793.70万元到22,793.70万元，亏损同比收窄18.64%至39.36%。 预计公司2025年度归属于母公司所有者扣除非经常性损益后的净利润为-61,85 ...

Revenue Projections - The company expects 2025 annual revenue to be between 1,130 million and 1,400 million CNY, representing a year-on-year increase of 23.18% to 52.61% compared to 2024[3]. - The company’s main business is expected to maintain a steady growth momentum, with significant improvements in revenue and gross margin compared to the previous year[6]. - Sales revenue from enterprise-level and consumer-level business scenarios has significantly increased, contributing to the narrowing of losses[6]. Loss Projections - The projected net loss attributable to the parent company for 2025 is expected to be between -471.11 million and -351.11 million CNY, a reduction of 10.79 million to 22.79 million CNY from the previous year, narrowing the loss by 18.64% to 39.36%[3]. - The net loss attributable to the parent company after deducting non-recurring gains and losses is projected to be between -618.56 million and -458.56 million CNY, with a reduction of 6.49 million to 22.49 million CNY year-on-year, narrowing the loss by 9.50% to 32.91%[3]. Investment and R&D - The company continues to invest in chip business and high-end talent to strengthen its core technology competitive advantage[6]. - R&D investment remains at a high level, which has not yet covered operational gross profit, resulting in a loss[6]. Forecast Accuracy - The performance forecast has not been audited by registered accountants, and the company has not identified any significant uncertainties affecting the accuracy of the forecast[7][8].

【云天励飞：预计2025年净亏损3.51亿元-4.71亿元】《科创板日报》30日讯，云天励飞(688343.SH)公 告称，预计2025年度归属于上市公司股东的净利润为-47,111.00万元到-35,111.00万元，亏损同比收窄 18.64%至39.36%。业绩变动原因：公司企业级和消费级场景业务的销售收入大幅增长，综合毛利润较 上年显著提升，促使公司亏损收窄；公司对芯片业务的持续投入。 转自：智通财经 ...

Market Overview - The IT services sector experienced a decline of 1.93% on January 30, with *ST Yun Chuang leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the IT services sector included: - Chengdi Xiangjiang (603887) with a closing price of 15.62, up 10.00% and a trading volume of 452,200 shares, totaling 696 million yuan [1] - Hongjing Technology (301396) closed at 111.88, up 9.59% with a trading volume of 236,300 shares, totaling 2.635 billion yuan [1] - Chuling Information (300250) closed at 26.43, up 6.27% with a trading volume of 264,500 shares, totaling 683 million yuan [1] - Major decliners included: - *ST Yun Chuang (920305) closed at 7.10, down 28.28% with a trading volume of 92,700 shares, totaling 69.559 million yuan [2] - Haoyun Technology (300448) closed at 9.21, down 6.21% with a trading volume of 639,300 shares, totaling 600 million yuan [2] - Meideng Technology (920227) closed at 82.40, down 6.04% with a trading volume of 27,500 shares, totaling 231 million yuan [2] Capital Flow - The IT services sector saw a net outflow of 4.541 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.451 billion yuan [2] - Notable capital flows included: - Chengdi Xiangjiang (603887) had a net inflow of 2.12 billion yuan from institutional investors, while retail investors saw a net outflow of 1.04 billion yuan [3] - Yun Tian Li Fei (688343) experienced a net inflow of 1.78 billion yuan from institutional investors, with retail investors facing a net outflow of 8.165 million yuan [3] - Guo Wang Xin Tong (600131) had a net inflow of 81.676 million yuan from institutional investors, while retail investors had a net outflow of 6.482 million yuan [3]

1月30日，云天励飞涨5.2%，截至发稿，报92.58元/股，成交9.75亿元，换手率4.18%，总市值332.92亿 元。 资料显示，深圳云天励飞技术股份有限公司位于广东省深圳市南山区粤海街道深圳湾科技生态园10栋B 座14-15楼、33楼,香港铜锣湾希慎道33号利园1期19楼1922室，成立日期2014年8月27日，上市日期2023 年4月4日，公司主营业务涉及人工智能算法、芯片技术,研发和销售面向应用场景的人工智能产品及解 决方案。主营业务收入构成为：消费级场景业务44.22%，行业级场景业务27.66%，企业级场景业务 27.10%，其他(补充)1.02%。 从云天励飞十大流通股东角度 数据显示，博时基金旗下1只基金位居云天励飞十大流通股东。博时上证科创板人工智能ETF发起式联 接A（023520）三季度增持42.27万股，持有股数289.97万股，占流通股的比例为1.1%。根据测算，今日 浮盈赚取约1328.07万元。 博时上证科创板人工智能ETF发起式联接A（023520）成立日期2025年3月11日，最新规模1.21亿。今年 以来收益15.36%，同类排名293/5557；成立以来收益36.66 ...

Summary of Conference Call Records Industry and Company Involved - The discussion revolves around the technology sector, specifically focusing on companies like **深信服 (Sangfor)** and **云天励飞 (Yuntianlifeng)**, which are involved in sandbox/virtual machine solutions and edge computing capabilities [1][2]. Core Points and Arguments - **Clawdbot Popularity**: The surge in interest for Clawdbot has led to increased purchases of devices like the Apple Mini, which serve as edge servers to protect main computers from potential risks associated with Clawdbot's unclear permissions [1]. - **Sandbox and Virtual Machine Solutions**: The recommendation emphasizes the importance of sandbox/virtual machine technologies, with **深信服** being highlighted as a key player in this space. The sandbox mode can mitigate risks by executing operations within a Docker container [1]. - **Market Valuation Projections**: The target market valuation for 2026 is projected at **1200 billion**, derived from a combination of stable security business profits and cloud revenue, calculated as follows: - 9 billion stable security business profits at a **30x PE** - 45 billion cloud revenue at a **20x PS** [2]. - **Edge Computing Capabilities**: **云天励飞** is recommended for its comprehensive NVR/DVR edge server solutions, featuring self-developed core chips. The previous generation DeepEdge10 chip platform is based on a proprietary NNP400 architecture, showcasing full domestic production from design to packaging [2]. - **Future Orders and Revenue**: Anticipated orders for high-performance inference chips are expected to reach **20 billion** by 2027, with a valuation of **400 billion** at a **20x PS**. For 2026, projected revenues are **15 billion**, broken down into: - 6 billion from edge computing - 6.2 billion from consumer markets - 3 billion from traditional industries [3]. Other Important but Possibly Overlooked Content - **Government and Industry Client Growth**: There is optimism regarding continued breakthroughs with government and industry clients, which could enhance revenue streams [3]. - **Market Dynamics**: The recent acceleration of Hong Kong stock listings and the anticipated progress in new high-performance inference chips post-Q2 are noted as potential bonuses for the companies involved [3].