每经AI快讯，1月13日，AIGC指数表现活跃，成分股中，易点天下触及涨停，值得买上涨13.35%，中 文在线上涨10.61%，海天瑞声上涨10.16%，万兴科技上涨10.03%。 （文章来源：每日经济新闻） ...

Summary of Haitai Ruisheng Conference Call Company Overview - **Company**: Haitai Ruisheng - **Industry**: Data Annotation and AI Applications Key Points Growth Expectations - Haitai Ruisheng anticipates maintaining growth momentum in 2026, with overseas revenue expected to remain between 45%-50% due to significant progress in markets like North America and the establishment of a large annotation base in the Philippines to support domestic internet companies' Southeast Asian operations [2][4] Strategic Initiatives - The company is actively involved in formulating cross-border data policies and has established a large annotation base in Manila, employing over 1,000 people, to stabilize revenue and lay the groundwork for future expansions into Thailand, Indonesia, and Vietnam [2][5] - Haitai Ruisheng plans to continue expanding in Southeast Asia through mergers and acquisitions, enhancing its autonomous delivery bases, and improving efficiency and gross margins through semi-automation to meet growing data demands [2][7] Collaborations and Market Demand - The company collaborates with major tech firms like Apple, Zoom, and Meta to meet their needs for high-quality, multilingual data, which supports their global AI applications [2][6] - The demand for data annotation is expected to grow significantly, particularly in the AI application sector, with Haitai Ruisheng typically achieving a price-to-sales (PS) valuation of 20 to 30 times, indicating substantial upside potential [3] Domestic Market Performance - In the domestic market, Haitai Ruisheng serves the tech internet sector and G-class clients, with Alibaba contributing significantly to revenue growth, reaching 30 million in 2025, a multiple increase from 2024 [9] - Tencent has shown strong interest in the company's services, and Kuaishou's model capabilities have improved, indicating potential for future multimodal capability outputs [9][10] Data Governance and Quality - Data governance is crucial for ensuring high-quality data, which involves selecting, editing, and organizing valuable data before annotation [12] - Haitai Ruisheng's ability to provide high-quality data is supported by its internal capabilities and partnerships with industry experts [16] Future Projections - The company expects to increase its overseas workforce to around 3,000 by the end of 2027, with revenue from overseas bases projected to double from approximately 60-70 million in 2025 to at least 150 million in 2026 [13] - The overall gross margin trend is expected to fluctuate around 50%, with potential recovery to 52%-55% as functional modules mature [21] Industry Challenges and Opportunities - The data annotation industry faces challenges such as high technical barriers in specific sectors like healthcare and autonomous driving, where data quality is critical [22] - Haitai Ruisheng is well-positioned to capitalize on the growing demand for data annotation services, particularly in verticals like embodied intelligence, healthcare, and AI governance, which are expected to see rapid development [17][18] Competitive Landscape - The competitive landscape is segmented, with intense competition in low-tier data services, while the company focuses on mid-tier and high-end markets where competition is relatively lower [26] Market Outlook - The data annotation industry is experiencing robust demand both domestically and globally, with Haitai Ruisheng expected to achieve revenues of at least 500 million in 2026, potentially reaching a market valuation of around 150 billion if valued at 30 times earnings [27]

科创板个股中，截至发稿上涨的共有429只，涨幅在10%以上的共有47只，除海天瑞声之外，涨停的还 有普元信息、信科移动-U、新点软件等，下跌的有167只，跌幅较大的有热景生物、三生国健、和林微 纳，分别下跌8.57%、6.30%、6.07%。 资金面上，海天瑞声上一交易日主力资金净流出1439.56万元，近5日净流出6540.86万元。 融资融券数据显示，该股最新（1月9日）两融余额为3.13亿元，其中，融资余额为3.12亿元，较上一个 交易日增加688.62万元，增幅为2.26%；融券余额为39.92万元，较上一个交易日增加2.24万元，增幅为 5.94%。近10日两融余额合计增加1757.15万元，增幅为5.96%，其间融资余额增长5.91%，融券余额增长 57.96%。（数据宝） 1月12日盘中科创板股海天瑞声涨停，截至14:06，股价报159.68元，成交10.66亿元，换手率11.69%，振 幅14.79%。 （文章来源：证券时报网） ...

Group 1 - The core viewpoint of the news highlights the strong performance of the Sci-Tech Innovation Artificial Intelligence ETF (589010), which surged by 4.33%, indicating robust market sentiment towards AI investments [1][2] - The ETF's trading volume exceeded 252 million yuan, with a turnover rate of over 8%, reflecting high trading enthusiasm and recognition of long-term value in the AI sector [1] - Key constituent stocks such as New Point Software and Hai Tian Rui Sheng experienced significant gains, with New Point Software hitting a 20% limit up and several others rising over 15%, showcasing excellent profit potential [1] Group 2 - Open Source Securities noted that AI innovation is continuously evolving, with model capabilities improving and costs decreasing, particularly with the rise of Chinese open-source models like DeepSeek and Qwen [2] - The development of multi-modal large models is experiencing rapid breakthroughs, which is expected to further enhance application growth in the AI industry [2] - The Sci-Tech Innovation 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]

Core Viewpoint - The A-share market experienced a significant surge in AIGC concept stocks on January 12, with multiple companies reaching their daily price limits and showing substantial gains in their stock prices [1]. Group 1: Stock Performance - Yidian Tianxia and Dian Diagnostics both hit the 20% daily limit, indicating strong investor interest and confidence in these stocks [1]. - Binhang Technology saw an increase of over 16%, while Kunlun Wanwei and Zhidema both rose by over 14% [1]. - Other notable performers included Guangyun Technology and Tianlong Group, which increased by over 13%, and Chuanwang Media and BlueFocus, which rose by over 12% [1]. Group 2: Market Capitalization and Year-to-Date Performance - Yidian Tianxia has a market capitalization of 29.8 billion and a year-to-date increase of 56.12% [2]. - Dian Diagnostics has a market cap of 16.3 billion with a year-to-date increase of 64.42% [2]. - Binhang Technology's market cap stands at 10.7 billion, with a year-to-date increase of 35.65% [2]. - Kunlun Wanwei has a market cap of 77.6 billion and a year-to-date increase of 48.23% [2]. - BlueFocus has a market cap of 69.4 billion and a year-to-date increase of 67.80% [2].

Group 1 - Haitian Ruisheng's stock price increased by 7.43% to 142.96 CNY per share, with a total market value of 8.624 billion CNY and a trading volume of 21.3038 million CNY [1] - The company has experienced a cumulative increase of 8.18% over the past three days [1] - Haitian Ruisheng specializes in the research, design, production, and sales of AI training data, with revenue composition as follows: intelligent voice 44.13%, computer vision 40.02%, natural language 13.90%, and application services 1.95% [1] Group 2 - Jin Xin Fund holds 13,800 shares of Haitian Ruisheng in its Jin Xin Quantitative Selected Mixed A Fund, representing 4.99% of the fund's net value [2] - The fund has generated a floating profit of approximately 136,500 CNY today and 138,800 CNY during the three-day increase [2] - Jin Xin Quantitative Selected Mixed A Fund has a total scale of 21.8379 million CNY and has achieved a year-to-date return of 12.14% [2] Group 3 - The fund manager of Jin Xin Quantitative Selected Mixed A Fund is Tan Jiajun, who has been in the position for 1 year and 86 days [3] - The fund's total asset scale is 609 million CNY, with the best return during Tan's tenure being 59.95% and the worst being 12.75% [3]

1月12日，A股开盘，三大股指涨跌不一，沪指涨0.35％，深成指涨0.47％，创业板跌0.13％。 盘面上，AI应用板块大幅上涨，易点天下开涨近14%，人民网、视觉中国竞价涨停，每日互动、并行科 技等多股跟涨。现货金银价格创新高，黄金首次突破4600美元，现货白银站上84.02美元！贵金属大 涨，湖南白银、招金黄金涨幅居前。 焦点股方面，16倍大牛股天普股份复牌一字跌停，因公司股票交易异常波动公告涉嫌重大遗漏等，中国 证监会决定对公司进行立案。 展望后市，华西证券认为，伴随市场成交额突破3万亿元，A股震荡中枢再度向上突破，春季做多窗口 期有望延续。机会方面，中信建投建议关注扩内需与高景气细分赛道；华泰证券建议关注游戏、免税、 电池等行业。 | | 商业航天(02GN2306) | | + 板块 | | --- | --- | --- | --- | | | 2340.68 +65.66 +2.89% | | | | 股票名称 | 最新价 | 主力净流入 | 涨跌幅 | | 信科移动-U | 19.01 | 683.4万 | +20.01% + | | 图 688387 | | | | | 天银机电 | 45. ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the computer industry [1][11]. Core Insights - The report highlights the acceleration of AI development in the manufacturing sector, driven by a recent policy issued by multiple government departments, aiming for significant advancements in AI technology and its applications by 2027 [3][5]. - The policy outlines specific goals, including the application of 3-5 general large models in manufacturing, the creation of 100 high-quality datasets, and the promotion of 500 typical application scenarios [3][5]. - The report emphasizes the transition of industrial AI from isolated applications to comprehensive integration across all manufacturing processes, with significant growth in AI adoption among industrial enterprises [6][7]. Summary by Sections Industry Performance - The computer industry has shown a strong market performance over the past year, with a focus on AI applications in manufacturing [1]. Policy Impact - The recent policy is a detailed implementation of previous guidelines, focusing on computational power, model development, data management, and application scenarios in manufacturing [5][6]. - Specific initiatives include support for advanced training chips, the development of industry-specific models, and the establishment of a chief data officer system in enterprises [5][6]. AI Adoption - The report notes a significant increase in the adoption of large models and intelligent agents in Chinese industrial enterprises, rising from 9.6% in September 2024 to 47.5% in 2025, with expectations for further rapid growth in 2026 [6][7]. Investment Recommendations - The report suggests focusing on companies involved in industrial AI applications, data annotation, and AI computing power, including firms like Zhong控 Technology, Kingdee International, and others [7].

Core Viewpoint - The company aims to advance the development of new productive forces in line with the Central Economic Work Conference's directives by focusing on "deepening 'AI + industry' new scenarios" and "activating the potential of data elements" [1][2] Group 1: Deepening 'AI + Industry' New Scenarios - The company plans to transition from serving general large models to actively engaging in key industries such as embodied intelligence, smart tourism, and smart healthcare, providing high-quality, scenario-based training data solutions for industry-specific large models [1] - The goal is to catalyze the formation of new productive forces through professional data supply [1] Group 2: Activating Data Element Potential - The company will leverage its practices under the "Data Element X" action plan to collaborate with key regions, exploring compliant circulation and value development models for data resources [2] - This initiative aims to help local areas transform their data endowments into new development momentum, thereby promoting the digital economy [2] Group 3: Strategic Development Goals for 2026 - The company aims to become a "global leader in AI data infrastructure provision," focusing on performance growth, product innovation, and business lines [3] - In terms of performance growth, the company will consolidate its position as a core data supplier for global tech giants while expanding its market presence in key vertical industries [3] - The core objective for product innovation is to upgrade from providing data products and services to offering a full-stack data solution that includes "data + platform tools + resources" [3] - The company will implement a "dual-drive" strategy, with standardized product lines focusing on high-quality training datasets for general and industry large models, while customized service lines will collaborate with industry leaders or local governments to create reusable industry data solutions [3]

Core Viewpoint - The article discusses the opportunities and challenges faced by hard technology companies in the context of the new technological revolution and industrial transformation, emphasizing the importance of capital market support for technological innovation and the collaborative efforts needed among various stakeholders [1][5]. Group 1: Hard Technology Development - Hard technology is seen as a core engine for cultivating new productive forces, benefiting from policy support and capital market innovations during the "14th Five-Year Plan" period [1]. - The capital market is increasingly supportive of technology innovation, with policies aimed at enhancing inclusivity and adaptability, allowing for more flexible mergers and acquisitions [5][6]. - Companies like Srei New Materials and Hai Tian Rui Sheng are actively exploring opportunities in high-growth sectors such as aerospace, medical imaging, and AI, leveraging their technological capabilities to drive industry upgrades [9][10]. Group 2: Investment Strategies - Investment institutions are focusing on long-term capital and risk-sharing mechanisms to build a healthy ecosystem for hard technology, emphasizing the importance of patience and collaboration [3][4]. - The investment strategy involves targeting sectors with long-term growth potential, such as GPUs, while balancing investments between early-stage and mature projects to ensure both short-term returns and long-term value [11][15]. - The selection of investment projects is based on criteria such as product strength, market penetration, and the quality of management teams, with a focus on sustainable growth rather than short-term gains [12][16]. Group 3: Challenges and Solutions - Companies face challenges such as varying technology iteration speeds, stringent customer certification standards, and competition from international high-end material firms [13][14]. - To address these challenges, companies are developing comprehensive systems for commercial culture, collaborative research, and operational adaptability to align with current political and economic trends [14][15]. - The need for high-quality data and compliance in international operations is highlighted, with a focus on deep collaboration with industry experts to ensure the creation of valuable data sets [10][15].