Summary of Iflytek (002230.SZ) Conference Call Company Overview - **Company**: Iflytek (002230.SZ) - **Market Cap**: Rmb132.506 billion (US$19.053 billion) [2] Financial Guidance - **FY25 Net Profit Guidance**: Expected to grow 40-70% YoY to Rmb785-950 million, with the mid-point being 12%/3% below CitiE/BBGe estimates [1][4] - **Recurring Net Profit**: Projected to grow 30-60% YoY to Rmb245-301 million [1] - **4Q25 Net Profit**: Expected to be Rmb934 million at mid-point, reflecting a 442% QoQ increase and a 3% YoY increase, but 10%/3% below CitiE/BBGe estimates [1] - **Sales Performance**: Sales exceeded Rmb27 billion, up Rmb4 billion YoY, surpassing CitiE's Rmb26.8 billion estimate and aligning with BBGe's Rmb27.5 billion [1] - **Net Operating Cash Flow**: Exceeded Rmb3 billion in 2025 [1] Research and Development - **R&D Investment**: Increased by over 20% last year [1] - **AI Projects**: Iflytek ranked first in both the number and value of large-scale model-related AI projects, with a total tender awarded amount of Rmb2.316 billion [1] Upcoming Reporting - **FY25 Results Announcement**: Scheduled for April 21, after market close [1] - **Key Focus Areas**: 1. 2026 outlook 2. AI-related revenue 3. R&D investment pace 4. Opportunities in ToC edge devices [1] Valuation - **Target Price**: Rmb58.00 based on a rolled-over NTM (4Q25-3Q26) Sum-of-the-Parts (SoTP) valuation of 5.7x NTM P/S for To-C and innovative business segments, and 10x NTM P/E for legacy To-B/To-G business [5] Risks - **Downside Risks**: 1. Increased tensions between China and the US affecting technology access 2. Intense competition in AI impacting pricing 3. Poor open platform monetization 4. Rising operating costs eroding profitability [6] - **Upside Risks**: 1. Eased tensions between China and the US 2. Reduced competition in AI 3. Better-than-expected open platform monetization 4. Lower operating costs boosting profitability [6] Market Expectations - **Expected Share Price Return**: 1.2% [2] - **Expected Dividend Yield**: 0.3% [2] - **Expected Total Return**: 1.5% [2] This summary encapsulates the key points from the Iflytek conference call, highlighting financial guidance, R&D efforts, valuation, risks, and market expectations.

今日截至9:55，机器人ETF(562500)开盘短暂下探后买盘力量集中释放，指数迎来猛烈拉升，15 分钟内 振幅达 2.30%，冲高至 1.11% 的日内高点，最终最新价报 1.095 元，较开盘价上涨 0.922%，盘面实现快 速反转走强。持仓股方面，该ETF跟踪的成分股共66只，其中12只成分股呈现上涨，科大讯飞涨幅超 8%，派斯林、天准科技等涨幅居前。下跌标的中，伟创电气、晶品特装、江苏北人跌幅超5%。流动性 层面，机器人ETF(562500)成交额达4.52亿元，换手率1.77%，成交活跃度处于较高水平。 随着成分股调整落地，机器人ETF(562500)跟踪的中证机器人指数人形机器人含量提升至近70%；此次 调仓精准剔除近期走势疲软的个股，纳入表现尚可的优质标的，成功实现"去弱留强"。 国金证券指出，2026 年是人形机器人 0-1 兑现关键节点，特斯拉链预计 2026 年 Q1 发布第一代量产产 品、H1 完成大批量产线建设、8 月开启大规模量产，国产链头部本体出货量有望从数千台增至数万 台，应用聚焦二开、导览、巡检等场景，行业龙头的供应链与技术将逐步收敛，全球人形机器人行业迈 入"军备竞赛"。 ...

格隆汇1月29日｜科大讯飞(002230.SZ)盘中拉升封涨停板，报价63.05元。消息面上，公司昨晚发布公告，预计2025年归属于上市公司股东的净利润为7.85 亿元-9.50亿元，比上年同期增长40%-70%。 业绩增长的背后，是科大讯飞大模型商业化的全面兑现。2025年，讯飞星火大模型相关项目中标金额达23.16亿元，在政务、教育、工业等领域的落地速 度和市场占有率持续领先。在To C端，星火大模型的赋能让AI学习机、智能办公本等消费产品持续热销，成为营业收入的重要抓手。在To B/G端，星火 大模型与各行业的深度融合，让公司在智慧城市、智慧医疗、智能制造等领域的订单量大幅提升，行业赋能的商业价值持续释放。 ...

【华创计算机】科大讯飞：品牌与渠道建设成效显著，2025年业绩预期稳健增长 公司发布2025年度业绩预告，预计全年实现归母净利润7.85亿元-9.5亿元，同比增长40%-70%；扣非后净利润 2.45亿元-3.01亿元，同比增长30%-60%。 【人工智能产业国家队，持续强化研发投入】2025年公司预计研发投入同比增长超过20%。 【人工智能产业国家队，持续强化研发投入】2025年公司预计研发投入同比增长超过20%。 公司坚持算法、算力、数据等要素自主可控，"讯飞星火"大模型整体技术指标持续对标全球第一梯队，并在教 育、医疗、安全、能源等行业全球领先。 2025年公司因承担重大项目的政府补助增加约3亿元，属于非经常性损益。 【高端品牌与渠道建设成效显著，增长可期】 1）公司在包括讯飞 AI学习机在内的C端AI产品的品牌推广和渠道建设，并加强出海营销投入，销售费用同比增长 超过25%。 2）讯飞AI学习机连续三年在京东天猫618、双11电商节中获得学习机品类全周期销售额冠军，用户推荐值NPS持 续行业第一。 2）2025年科大讯飞大模型相关项目的中标数量和金额在全行业统计中再次获得双第一，科大讯飞大模型相关项目 ...

2026.01. 29 | | 16.26 +1.48 +10.01% | | | | 科达制造 1 立即 600499 交易 | | | --- | --- | --- | --- | --- | --- | --- | | | SSE CNY 9:25:04 交易中 查看L2全景 | | | | | 通 ■ ノ ○ + | | 委北 | 100.00% 委差 | 154053 | Wind ESG评级BB | | | 详情 | | 卖五 | | | रेस | 17.23% 120日 | | 48.09% | | 卖加 | | | 5日 | 10.01% 250日 | | 104.08% | | 英三 | | | 20日 | 19.03% 52周高 | | 15.20 | | 卖二 | | | 60日 | 35.73% 52周低 | | 6.92 | | 卖一 | | | | 2023 | 2024 | 2025Q3 | | 노 | 16.26 16.25 | 153565 457 | EbS BbS | 1.10 5.85 | 0.53 5.99 | 0.61 6.56 | | 买三 | 16.24 | ...

盘面上，贵金属板块持续走强，油气、基本金属板块再度上涨。AI应用、算力硬件、光伏、商业航天概念股回调。 沪指涨0.11%，深成指跌0.07%，创业板指跌0.03%。科创综指跌0.34%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | IMM | 4155.92 | 4.68 | 0.11% | | 399001 | 深证成指 | s | 14332.70 | -10.19 | -0.07% | | 399006 | 创业板指 | 1/2 | 3322.48 | -1.08 | -0.03% | | 000680 | 科创综指 | NN | 1874.22 | -6.35 | -0.34% | 盘面上，贵金属板块持续走强，四川黄金、湖南黄金、西部黄金等多股涨停；油气、基本金属板块再度上涨。AI应用、算力硬件、光伏、商业 航天概念股回调。 个股方面，科达制造复牌涨停，公司拟购买特福国际51.55%股份。 | | 16.26 +1.48 +10.01% | | | | 科达制造 1 ...

Group 1 - The core viewpoint of the news highlights significant projected profit increases for various companies in 2025, driven by rising production and sales in precious metals and advancements in technology sectors [1][3]. Group 2 - Xiaocheng Technology anticipates a net profit increase of 93%-179% year-on-year in 2025, with growth in gold production, sales, and international gold prices [1]. - Hunan Silver expects a net profit increase of 67.88%-126.78% in 2025, supported by rising silver and gold production and sales [3]. - Industrial Fulian projects a 56%-63% year-on-year increase in net profit for Q4 2025, with AI server revenue growth exceeding 50% quarter-on-quarter and over 5.5 times year-on-year [3]. - Keda Xunfei forecasts a net profit increase of 40%-70% in 2025, benefiting from the scaling of artificial intelligence applications [3]. - Albitex anticipates a net profit increase of 100.96% in 2025, primarily due to its focus on aerospace and expansion into the civilian market [3]. - Companies like Hainan Mining and Meixin Sheng are also making strategic acquisitions and investments to enhance their market positions [3].

Group 1 - 31 provinces in China have announced their economic growth rates for 2025, with nearly half exceeding last year's targets. Tibet leads with a growth rate of 7%, followed by Gansu at 5.8% and Hebei and Henan at 5.6% [4] - Shenzhen Metro Group has provided an additional loan of 2.36 billion yuan to Vanke for debt repayment, with a three-year term and an interest rate of 2.34% [4] - Hang Seng Bank has officially delisted from the Hong Kong Stock Exchange, following a privatization plan by HSBC that was approved by the Hong Kong High Court [5] Group 2 - ByteDance has implemented new social media guidelines prohibiting employees from using company resources for personal profit, which is expected to significantly reduce the number of commercial accounts operated by employees [6] - Amazon announced a restructuring that will affect nearly 16,000 jobs, while continuing to recruit talent in key strategic areas [7] - Tesla plans to cease production of the Model S and Model X vehicles to focus on its "Optimus" robot production line, marking a shift towards a future based on autonomous driving [9] Group 3 - Meta reported fourth-quarter revenue of $59.89 billion, a 24% year-over-year increase, with advertising revenue also up by 24% [17] - Microsoft announced second-quarter revenue of $81.27 billion, with significant contributions from its cloud and productivity segments [17] - Tesla's fourth-quarter revenue was $24.90 billion, a 3% year-over-year decline, with net profit down 61% to $840 million [17]

转自：新华财经 •2026年税务部门将深入推进税制改革 着力拓展地方税源 增加地方自主财力 •国务院国资委：国资央企将深入推进专业化整合 支持中央企业开展高质量并购 •美联储宣布维持利率不变 符合市场预期 经济前景不确定性仍在高位 •从全国税务工作会议上获悉，2026年，税务部门将会同相关部门深化税收制度改革，优化税制结构，推动地方政府用足用好地方税种法定授权，着力拓 展地方税源，增加地方自主财力。税务部门还将会同有关部门推动基本养老保险全国统筹、基本医疗保险省级统筹，鼓励支持新就业形态人员参加职工 保险，推进加快建立长期护理保险制度，切实增强人民群众获得感幸福感。（新华社） •从全国税务工作会议上获悉，在经济增长等因素带动下，2025年，税务部门全年征收各项税费33.1万亿元，税费收入预算目标圆满完成。落实支持科技 创新和制造业发展的主要优惠政策减税降费退税超2.8万亿元。（新华社） •国务院国资委企业改革局局长林庆苗28日表示，下一步，国资央企将深入推进专业化整合，支持创新能力强的企业作为主体，开展同类业务横向整合、 产业链上下游纵向整合，减少行业"内卷"。支持中央企业开展高质量并购，获取核心要素、抢占技 ...

►►上海期货交易所发布公告，再次对黄金、白银等期货涨跌停板幅度、交易保证金比例进行调整，其中，镍期货已上市合约的涨跌停板幅度调整为11%， 套保持仓交易保证金比例调整为12%，一般持仓交易保证金比例调整为13%；氧化铝、铅、锌期货已上市合约的涨跌停板幅度调整为9%，套保持仓交易保证 金比例调整为10%，一般持仓交易保证金比例调整为11%；不锈钢、铸造铝合金、螺纹钢、热轧卷板期货已上市合约的涨跌停板幅度调整为7%，套保持仓交 易保证金比例调整为8%，一般持仓交易保证金比例调整为9%；黄金期货AU2606、AU2608、AU2610、AU2612、AU2702合约涨跌停板幅度调整为16%，套 保持仓交易保证金比例调整为17%，一般持仓交易保证金比例调整为18%；白银期货AG2605、AG2606、AG2607、AG2608、AG2609、AG2610、AG2611、 AG2612、AG2701合约涨跌停板幅度调整为16%，套保持仓交易保证金比例调整为17%，一般持仓交易保证金比例调整为18%。 上海黄金交易所于同日发布公告，对白银延期合约交易保证金水平和涨跌停板比例进行调整，自2026年1月30日（星期五）收盘清 ...