Summary of Conference Call Notes Industry Overview - The document discusses the trend of price increases across various sectors, particularly in technology and cloud services, indicating a widespread inflationary environment driven by demand and supply dynamics [1]. Key Points - **Price Increases**: - CPU prices are rising, impacting companies like **Haiguang Information** [1]. - GPU rental prices are increasing, affecting firms such as **Xiechuang Data** [1]. - Cloud service prices are on the rise, with **Kingsoft Cloud** being a notable example [1]. - CDN (Content Delivery Network) prices are also increasing, with **Wangsu Technology** mentioned [1]. - **Market Sentiment**: - There is a consensus to remain optimistic and to follow the trend of price increases, suggesting a bullish outlook on the affected sectors [1]. - **Future Trends**: - Potential future price increases may extend to power supply and SaaS (Software as a Service) sectors [1]. - **Underlying Drivers**: - The root cause of these price increases is attributed to the booming demand for agents and application software [1]. - **Company Focus**: - Attention is drawn to **CloudWalk Technology**, which has shifted to self-developed inference chips since last year, indicating a strategic pivot in supply [1]. - There is an expectation that during the current cycle of rising computing resource prices, long-tail demand may partially shift towards second-tier companies [1]. - **Alpha Expectations**: - There is anticipation regarding the successful rollout of self-developed inference chips in the near future [1].

Group 1 - The A-share market saw a strong performance in DeepSeek concept stocks, with notable gains from companies such as Kaipu Cloud, which rose nearly 13%, and Huapei Power, which hit the daily limit with a 10% increase [1][2] - DeepSeek released a new model called DeepSeek-OCR 2, utilizing the innovative DeepEncoder V2 method, allowing AI to dynamically rearrange image components based on their meaning rather than scanning mechanically from left to right [1] - The new model outperformed traditional visual-language models in processing complex layouts, such as documents or charts, demonstrating enhanced intelligence and causal reasoning capabilities in visual understanding [1] Group 2 - Kaipu Cloud's market capitalization reached 18.4 billion, with a year-to-date increase of 39.76% [2] - Huapei Power's market capitalization is 8.186 billion, with a year-to-date increase of 14.27% [2] - Chipong Micro's market capitalization stands at 9.257 billion, with a year-to-date increase of 15.76% [2]

Group 1 - The A-share market saw a strong performance in DeepSeek concept stocks, with notable gains from companies such as Kaipu Cloud, Huapei Power, and Chipeng Micro [1][2] - Kaipu Cloud's stock increased by approximately 12.92%, with a total market capitalization of 18.4 billion [2] - Huapei Power reached a 10% increase, hitting the daily limit, with a market value of 8.186 billion [2] - Chipeng Micro's stock rose over 6%, with a market capitalization of 9.257 billion [2] Group 2 - DeepSeek released a new model called DeepSeek-OCR 2, which utilizes an innovative DeepEncoder V2 method to enhance AI's ability to dynamically rearrange image components based on their meaning [1] - This model outperforms traditional visual-language models in processing complex layouts, such as documents or charts, demonstrating superior intelligent and causal reasoning capabilities [1]

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%。 从基金十大重仓股角度 数据显示，华宝基金旗下1只基金重仓云天励飞。华宝上证科创板人工智能ETF（589520）四季度增持 6565股，持有股数24.3万股，占基金净值比例为3.51%，位居第十大重仓股。根据测算，今日浮盈赚取 约115.65万元。 华宝上证科创板人工智能ETF（589520）成立日期2025年3月5日，最新规模5.27亿。今年以来收益 18.06%，同类排名154/5548；成立以来收益39.51%。 华宝上证科创板人工智能ETF（589520）基金经理为丰晨成、曹旭辰。 1月27日，云天励飞涨5.67%，截至发稿，报88.72元/股，成交8.72亿元， ...

陈宁 从早期的行业解决方案，到大模型时代的标准硬件及服务，再到当前发力的AI推理芯片，云天励飞在 AI领域跟随市场需求，构建了宽深的技术护城河。 ◎记者 李兴彩 智谱、MiniMax先后登陆港股，CES 2026上人山人海……进入2026年，国内AI行业的热度依然不减，但 行业的重点和增长点，正在悄然转向AI推理。 "不管是英伟达、AMD，还是国内的众多公司，都把目光集中在AI应用，包括智能驾驶、机器人、AI眼 镜、智能体……"谈及AI推理市场发展，云天励飞董事长陈宁近日在接受上证报记者专访时表示，2026 年国际消费电子展（CES 2026）上AI应用纷呈，再次显示出风向标意义，也正式拉开了AI推理大时代 的帷幕。 在陈宁看来，2026年是AI发展核心推动力由AI训练转向AI推理的转折之年，是未来五年AI应用大规模 落地的开端。伴随而来的万亿规模AI推理大市场，既是中国公司的大机遇，也将带动全球AI产业进 入"中国时刻"。 而从CNN小模型的视觉智能感知1.0时代，进入到理解自然语言的AI大模型时代，云天励飞一直瞄准、 等待的就是AI推理市场。 陈宁表示，不同于AI训练，AI推理用户需要极致的性价比，从这个 ...

1月26日，云天励飞跌5.04%，截至发稿，报82.64元/股，成交8.87亿元，换手率3.96%，总市值297.18亿 元。 截至发稿，李庆阳累计任职时间1年360天，现任基金资产总规模93.48亿元，任职期间最佳基金回报 189.22%， 任职期间最差基金回报0.88%。 截至发稿，李庆阳累计任职时间1年360天，现任基金资产总规模93.48亿元，任职期间最佳基金回报 189.22%， 任职期间最差基金回报0.88%。 从基金十大重仓股角度 数据显示，博时基金旗下1只基金重仓云天励飞。博时科创板人工智能ETF（588790）四季度减持28.76 万股，持有股数261.21万股，占基金净值比例为3.52%，位居第十大重仓股。根据测算，今日浮亏损失 约1146.7万元。 博时科创板人工智能ETF（588790）成立日期2024年12月31日，最新规模56.39亿。今年以来收益 19.64%，同类排名122/5580；近一年收益73.34%，同类排名396/4271；成立以来收益87.72%。 博时科创板人工智能ETF（588790）基金经理为李庆阳。 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 ...

Core Viewpoint - Yuntian Lifei's stock price has shown significant growth in 2023, with a year-to-date increase of 16.39% and a notable rise of 25.27% over the past 20 trading days, indicating strong market interest and performance in the AI sector [1][2]. Company Overview - Yuntian Lifei Technology Co., Ltd. was established on August 27, 2014, and went public on April 4, 2023. The company is based in Shenzhen, Guangdong Province, and specializes in artificial intelligence algorithms, chip technology, and the development and sales of AI products and solutions [1]. - The company's revenue composition includes 44.22% from consumer-level applications, 27.66% from industry-level applications, and 27.10% from enterprise-level applications, with other contributions at 1.02% [1]. Financial Performance - For the period from January to September 2025, Yuntian Lifei reported a revenue of 9.51 billion yuan, reflecting a year-on-year growth of 96.85%. However, the net profit attributable to shareholders was -298 million yuan, showing a year-on-year increase of 29.95% in losses [2]. - As of September 30, 2025, the number of shareholders increased by 35.92% to 42,300, while the average circulating shares per person decreased by 25.38% to 6,231 shares [2]. Market Activity - On January 23, Yuntian Lifei's stock rose by 2.04%, reaching 88.55 yuan per share, with a trading volume of 1.145 billion yuan and a turnover rate of 5.00%. The total market capitalization stood at 31.774 billion yuan [1]. - The net outflow of main funds was 7.1261 million yuan, with large orders accounting for 27.87% of purchases and 28.44% of sales [1].

Core Viewpoint - The announcement details the results of the first vesting period for the reserved grant portion of the 2023 restricted stock incentive plan of Shenzhen Yuntian Lifei Technology Co., Ltd, including the number of shares, vesting dates, and related corporate governance processes [1][3][5]. Group 1: Stock Listing and Grant Details - The stock listing type is for equity incentive shares, with a total of 776,720 shares available for listing [2]. - The shares will be available for trading starting January 26, 2026 [3]. - The shares are sourced from the company's directed issuance of A-share common stock to incentive targets [9]. Group 2: Decision-Making Process - The company’s board of directors approved the incentive plan on September 25, 2023, along with related proposals [4]. - The supervisory board also reviewed and verified the incentive plan and its implementation [4]. - The company conducted a public solicitation for voting rights from shareholders regarding the incentive plan [4]. Group 3: Vesting and Shareholder Impact - A total of 18 individuals are involved in the vesting of the reserved grant portion [10]. - Following the vesting, the company's total share capital increased from 358,826,660 shares to 359,603,380 shares [13]. - The controlling shareholder's ownership percentage was diluted from 25.014% to 24.960% due to the increase in total shares [14]. Group 4: Financial Impact - The company reported a net loss of 297,909,259.19 yuan for the first nine months of 2025, with a basic earnings per share of -0.84 yuan [17]. - The newly vested shares represent approximately 0.216% of the total shares before vesting and are not expected to significantly impact the company's financial condition or operating results [17].

重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 776,720股。 证券代码：688343 证券简称：云天励飞 公告编号：2026-002 深圳云天励飞技术股份有限公司 关于 2023 年限制性股票激励计划预留授予部分 （第二批次）第一个归属期归属结果暨股份上市公告 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。 本次股票上市流通总数为776,720股。 本次股票上市流通日期为2026 年 1 月 26 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，深圳云天励飞技术股份有限公司（以下简称"公 司"）于近日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更 登记证明》，公司完成了 2023 年限制性股票激励计划（以下简称"本激励计划"） 预留授予部分（第二批次）第一个归属期的股份归属登记工作。现将有关情况公 告如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2023 年 9 月 25 日，公司召开第二届董事会第三次会 ...

Core Viewpoint - The company emphasizes the importance of computational efficiency in the next phase of AI development, aiming to significantly reduce the cost of generating tokens through innovative architecture [2] Group 1: Company Strategy - The company is entering the era of large models and intelligent agents, where computational costs are rapidly increasing [2] - The company plans to launch a GPNPU architecture centered around NPU, focusing on a "reasoning-first architecture" approach [2] - The goal is to reduce the cost of generating 1 million tokens from approximately $1 to $0.01, achieving a hundredfold efficiency improvement [2] Group 2: Future Directions - The company aims to develop "efficient AI" and "inclusive AI" as its future direction [2] - It intends to actively participate in the global restructuring of computational power systems and the establishment of standards [2] - The company will continue to focus on three main areas: new computational systems, security governance, and inclusive applications [2]