Group 1 - The core point of the article is that Hehe Information (688615.SH) is increasing its capital investment in its subsidiary Shanghai Ronghua to accelerate its research and operational development [1] - Before the capital increase, Shanghai Ronghua had a registered capital of 1.14 million yuan, with Hehe Information holding 67.11% and Duan Huiyu holding 32.89% [1] - The planned capital increase will add 1.1856 million yuan to Shanghai Ronghua's registered capital, with Hehe Information, Zhen Lixin, Cao Chaoyang, and other stakeholders contributing 795,600 yuan, 150,000 yuan, 120,000 yuan, and 120,000 yuan respectively [1] Group 2 - After the capital increase, Hehe Information's ownership percentage in Shanghai Ronghua will remain unchanged, and Shanghai Ronghua will continue to be a consolidated subsidiary [1]

Group 1: Company Overview - The company is a leading player in intelligent text recognition, leveraging AI and big data technologies to create a comprehensive product matrix covering both B-end and C-end markets. The C-end business, primarily driven by three core products, is the main revenue source, while the B-end business provides technical services centered on intelligent text recognition and commercial big data, serving over 130 clients as of the 2024 annual report [1][2] - The company's shareholding structure is stable and concentrated, with the actual controller holding 24% of the shares and the top ten shareholders holding approximately 61% as of the first half of 2025. The management team has a strong technical background in AI [1][2] - The company is in a growth phase, with steady increases in both revenue and profit. Employee productivity has been improving from 2022 to 2024, reflecting enhanced operational efficiency and management quality [1][2] Group 2: Market Potential - The global OCR market is expected to reach USD 51.92 billion by 2032, with a compound annual growth rate (CAGR) of 15.24% from 2026 to 2032. The maturation of AI technology and the automation of 80% of enterprise documents are expected to drive the shift towards intelligent text recognition, further expanding market opportunities [2] - The domestic commercial big data service industry is projected to exceed RMB 60 billion in 2024, with a year-on-year growth of 20.76%. The market is characterized by high technical and qualification barriers, leading to a relatively concentrated competitive landscape [2] Group 3: Competitive Advantages - The company has a strong user base in the C-end market, with over 180 million monthly active users as of the first half of 2025. The user count and payment rates are expected to increase annually from 2023 to the first half of 2025, indicating growing market recognition and user trust in the company's products [3] - The company has been focusing on B-end business for nearly a decade, providing targeted solutions to address industry-specific challenges, which has significantly improved clients' operational efficiency, exemplified by a project that enhanced overall operational efficiency by 500% to 1000% [3] - The company benefits from the synergistic development of its C-end and B-end businesses, allowing for shared R&D and marketing investments. The positive reputation in the C-end market aids in reducing marketing costs for the B-end business [3] Group 4: Financial Projections - The company is expected to achieve total operating revenues of RMB 1.83 billion, 2.30 billion, and 2.85 billion in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28%, 25%, and 24%. The projected net profit attributable to the parent company is RMB 487 million, 610 million, and 755 million for the same years, with growth rates of 21.5%, 25.4%, and 23.8% [4]

Core Insights - The core viewpoint of the articles is that Chaterm, a product of Hehe Information, has launched a mobile application and introduced the "Agent Skills" feature on the PC side to address operational challenges in the cloud computing industry, particularly in mobile scenarios [1][2] Group 1: Product Launch and Features - Chaterm has launched a mobile application to help cloud computing professionals overcome limitations in mobile operations and the reuse of operational knowledge [1] - The mobile application incorporates voice command recognition to convert vague verbal descriptions into accurate, executable operations, reducing the risk of operational errors due to terminology or environmental interference [1] - The PC version of Chaterm now features "Agent Skills," allowing operations engineers to convert their operational experience and business logic into reusable "skill packages" for efficient task execution [1] Group 2: Industry Impact and Future Plans - The advancement of large model technology into vertical business scenarios positions AI Agents as crucial for enhancing enterprise efficiency [2] - Hehe Information plans to continue expanding the application of AI technology in complex operational scenarios to help enterprises build more efficient and robust automation systems [2]

Core Insights - Fuling Power (600452.SH) is positioned as the only listed platform for energy-saving distribution networks under State Grid, with a solid state-owned background and experienced management team, enabling strategic transformation [4] - The company is optimizing its dual business layout, benefiting from regional load expansion and electricity reform, leading to increased volume and price in grid operations [4] - The State Grid plans to invest over 4 trillion yuan during the 14th Five-Year Plan, which will support Fuling Power's development in "main, distribution, and micro" networks, creating new growth trajectories [4] - Revenue projections for Fuling Power are 3.195 billion, 3.633 billion, and 4.031 billion yuan for 2025-2027, with corresponding net profits of 475 million, 593 million, and 712 million yuan, indicating growth rates of 2.5%, 13.7%, and 11.0% respectively [4] Company Summaries Fuling Power (600452.SH) - The company is leveraging its unique position within the State Grid to enhance its energy-saving distribution network business, which is expected to see significant growth due to favorable policies and market conditions [4] - The financial health of Fuling Power is strong, with healthy debt levels and ample cash reserves, which will support future capital expenditures and cash dividends [4] - The estimated earnings per share (EPS) for 2025-2027 are projected at 0.31, 0.39, and 0.46 yuan, with price-to-earnings (PE) ratios of 38.2, 30.6, and 25.5 times respectively, suggesting that the current valuation does not fully reflect the company's business potential [4] Hohhot Information (688615.SH) - Hohhot Information is a leader in intelligent text recognition, benefiting from AI and big data technologies to drive growth in both B2B and B2C segments [3] - The company is expected to achieve total revenues of 1.83 billion, 2.30 billion, and 2.85 billion yuan for 2025-2027, with year-on-year growth rates of 28%, 25%, and 24% respectively [3] - Projected net profits for the same period are 487 million, 610 million, and 755 million yuan, with growth rates of 21.5%, 25.4%, and 23.8% [3] Nasda (002180.SZ) - Nasda is undergoing a significant asset divestiture that is expected to temporarily disrupt its performance, with projected net losses of 600 million to 900 million yuan for 2025 [7] - The company’s asset-liability ratio is expected to improve significantly post-divestiture, enhancing its financial structure [7] - Despite the short-term challenges, the long-term outlook remains positive, with a maintained "buy" rating based on anticipated recovery and growth in subsequent years [8]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Insights - The company is a leader in intelligent text recognition, leveraging AI and big data technologies to drive growth in both B2B and B2C segments. Its main products include three core applications for consumers and a range of services for enterprise clients [1][13] - The global OCR market is expected to reach USD 51.92 billion by 2032, with a compound annual growth rate (CAGR) of 15.24% from 2026 to 2032, driven by the maturation of AI technology and the automation of 80% of enterprise documents [2] - The company has a stable and concentrated shareholding structure, with the controlling shareholder holding 24% of the shares and the top ten shareholders owning approximately 61% [1][21] Summary by Sections Company Overview - The company is recognized as a leader in intelligent text recognition, providing digital and intelligent products and services to global consumers and diverse B2B clients. Its C-end business primarily consists of three core applications: Scanning King, Business Card King, and Qixinbao, while its B-end services focus on intelligent text recognition and commercial big data [1][13] Market Potential - The domestic commercial big data service market is projected to exceed RMB 60 billion in 2024, with a year-on-year growth of 20.76%. The market is characterized by high technical and qualification barriers, leading to a relatively concentrated competitive landscape [2] Competitive Advantages - The company has established a strong user base and high brand recognition in the C-end market, with over 180 million monthly active users across its core applications as of 2025H1. The B-end business has been developed over nearly a decade, providing targeted solutions that effectively help clients reduce costs and improve efficiency [3][24] - The synergy between B and C-end businesses enhances research and development efficiency and reduces marketing costs for B-end services [3] Financial Projections - The company is expected to achieve total revenue of RMB 1.83 billion, RMB 2.30 billion, and RMB 2.85 billion in 2025E, 2026E, and 2027E, respectively, with year-on-year growth rates of 27.5%, 25.4%, and 23.8% [4][5] - The projected net profit attributable to the parent company is RMB 487 million, RMB 610 million, and RMB 755 million for the same years, reflecting growth rates of 21.5%, 25.4%, and 23.8% [4][5] Business Model - The C-end business primarily operates on a subscription model, providing stable cash flow, while the B-end generates revenue through technical service fees, including basic data services, standardized services, and scenario-based solutions [19][20]

证券研究报告 2月十大金股推荐 1 ※ 核心观点 我们认为当前仍处于市场流动性偏宽的环境中，叠加高频景气跟踪与上市公司业绩预告均显示基本面有结构性亮点， 因此继续看好权益市场延续震荡向上趋势。方向上，建议重点关注：一是内外需共振景气向上、成长预期较好的科技 制造板块（AI/半导体/存储/风电等）；二是受益于产品涨价预期的周期板块（有色金属/化工等）；三是业绩有望筑 底改善的行业（建材/免税等）；四是部分绩优红利资产（保险等）。 资料来源：Wind，平安证券研究所 备注：本篇报告数据统计截至2026/1/29 平安证券研究所 2026年1月30日 请务必阅读正文后免责条款 2 证券代码 证券名称 申万一级行业 总市值 PE PB 推荐逻辑 （亿元人民币） (TTM) (MRQ) 300223.SZ 北京君正 电子 662 208.6 5.3 存储周期上行，L3智能驾驶催化汽车电子 603005.SH 晶方科技 电子 201 58.9 4.4 WLCSP先进封装领先企业，受益车规CIS需求扩张 688041.SH 海光信息 电子 6,073 256.6 27.7 国产算力领先企业，业绩持续增长可期 688615. ...

Group 1 - The core transaction involved Hehe Information, with a total of 100,000 shares traded on January 29, resulting in a transaction amount of 28.77 million yuan, which accounted for 2.16% of the total trading volume for that day [1][2] - The transaction price was 287.77 yuan per share, reflecting a discount of 0.7% compared to the market closing price of 289.8 yuan [1][2]

Group 1 - The major shareholder, Dongfang Fuhai, held 7,094,745 shares (5.07% of total shares) and Dongfang Fuhai No. 2 held 3,338,685 shares (2.38% of total shares), together representing 7.45% of the company's shares [1][2] - The reduction plan was announced on September 27, 2025, with a maximum reduction of 4,200,000 shares (3.00% of total shares) planned from October 28, 2025, to January 27, 2026 [2][3] - As of January 27, 2026, a total of 3,899,556 shares (2.79% of total shares) were reduced, completing the reduction plan within the specified timeframe [2][4] Group 2 - The reduction plan was executed in compliance with relevant laws and regulations, and the actual reduction was consistent with the previously disclosed plan [3][4] - There was no minimum reduction quantity or percentage set for this plan, and it was not terminated early [4]

每经AI快讯，合合信息1月28日晚间发布公告称，公司于近日收到股东东方富海及东方富海二号出具的 《关于股份减持结果的告知函》，截至2026年1月27日，东方富海及东方富海二号通过集中竞价与大宗 交易方式累计已减持公司股份约390万股，占公司总股本的2.79%，本次减持时间区间届满。 （记者 王瀚黎） 每经头条（nbdtoutiao）——从极寒测试到万套装车！半固态电池今年有望搭载多款新车：各大厂商摩 拳擦掌，动力电池技术迎来迭代年 ...

| 交易日期 证券简称 | | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-28 | 含含信息 | 688615 | 286.9 2869 | 10 | 机构专用 | 签合适者就是想要 | Ka | 1月28日，合合信息大宗交易成交10万股，成交额2869万元，占当日总成交额的2.68%，成交价286.9 元，较市场收盘价288.92元折价0.7%。 ...