Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][33]. Core Insights - The report highlights a competitive landscape in AI applications among major internet companies, with significant cash giveaways during the Spring Festival to attract users and enhance engagement with AI products. This marks a new phase in AI application competition, aiming for widespread adoption and commercialization [2][28]. - The computer industry index has shown a decline of 5.32% over the past two weeks, underperforming the CSI 300 index by 5.37 percentage points, ranking last among 31 sectors. However, it has increased by 9.08% in January, outperforming the CSI 300 index by 6.40 percentage points [10][20]. - The current price-to-earnings (PE) ratio for the SW computer sector stands at 59.79 times, placing it in the 96.66 percentile for the past five years and 91.70 percentile for the past ten years, indicating high valuation levels [20][22]. Summary by Sections Industry Performance Review - The SW computer sector has experienced a two-week decline of 5.32%, ranking 31st among 31 sectors. In January, it rose by 9.08%, outperforming the CSI 300 index by 6.40 percentage points [10][13]. Valuation Situation - As of January 29, 2026, the SW computer sector's PE TTM is 59.79 times, indicating a high valuation compared to historical data [20][22]. Industry News - Major announcements include Tencent's cash giveaway of 1 billion RMB for the Spring Festival, the launch of new AI models by Alibaba and ByteDance, and price increases for server CPUs by Intel and AMD due to high demand [22][24][25]. Company Announcements - Notable company forecasts include iFlytek expecting a net profit of 785 million to 950 million RMB for 2025, and SuperMap Software projecting a profit turnaround from a previous loss [25][26][27]. Weekly Insights - The report emphasizes the strategic moves by leading internet companies to capture AI traffic during the Spring Festival, suggesting a focus on investment opportunities related to AI applications and partnerships with leading firms [28][29].

每日经济新闻 每经AI快讯，1月29日，网络安全指数盘中上涨2%，成分股中，拓尔思涨超7%，三六零涨5%，信安世 纪、安恒信息、*ST国华涨3%。 ...

格隆汇1月27日丨拓尔思(300229.SZ)公布，预计2025年归属于上市公司股东的净利润-31,000万元 ～-25,000万元，扣除非经常性损益后的净利润-36,500万元～-31,400万元。报告期内，公司子公司拓尔 思天行网安信息技术有限责任公司（以下简称"天行网安"）所处网络安全行业市场恢复情况不及预期导 致业绩再次出现亏损。基于天行网安 2025 年营业收入及收入增长预计情况，结合相关行业报告进行谨 慎预测，公司 2025 年度拟对其计提商誉减值准备。根据《会计监管风险提示第 8 号——商誉减值》及 《企业会计准则第8 号——资产减值》的相关要求，拟计提商誉减值准备金额范围在 16,000 万 元-14,000 万元之间。在本次计提商誉减值准备之前，公司商誉账面价值合计 38,653 万元，本次计提商 誉减值准备后，商誉账面价值为 22,653 万元-24,653 万元之间。最终商誉减值准备计提数据将由公司聘 请的具有从事证券、期货相关业务资格的评估机构及审计机构进行评估和审计后确定。 ...

Group 1: Large Model + Code Intelligence Core - iFlyCode by iFLYTEK is the first domestic intelligent programming tool with voice interaction features, supporting code generation, explanation, bug correction, unit test generation, and intelligent Q&A across major programming languages [1][18] - StarRing Technology focuses on AI code generation for big data development, achieving over 90% accuracy in code generation and serving over 200 paying enterprise clients by 2025 [1][19] - Tuya Technology integrates NLP capabilities with AI programming solutions for government and financial sectors, enhancing system development efficiency and reducing maintenance costs [2][20] Group 2: IDE + AI Programming Tools Core - ZTE Information has developed SnapDevelop, an AI-assisted programming tool that increases software development efficiency by 2-3 times and supports multiple programming languages [3][22] - Wanjing Technology targets lightweight development scenarios with AI programming tools, significantly lowering the development barrier for small and medium enterprises [4][23] - CaiXun Co. provides AI programming solutions tailored for the financial sector, enhancing software development efficiency and compliance risk management [5][24] Group 3: Low-Code + AI Programming Integration - Puyuan Information integrates AI programming capabilities into its low-code development platform, improving enterprise application development efficiency by over 40% [7][24] - Jinxianda focuses on the electric power industry, utilizing a proprietary model to enhance development efficiency and customer advantages in AI programming and low-code applications [8][26] - Zhiyuan Interconnect's low-code platform has served over 10,000 enterprise clients, reducing development cycles by over 50% through AI programming capabilities [9][27] Group 4: Industry Solutions + AI Programming - Hengsheng Electronics has developed a low-code platform that integrates AI programming for the financial sector, improving development efficiency by over 60% [11][28] - Saiyi Information focuses on the manufacturing sector, providing AI programming tools that enhance software development efficiency by over 50% [12][29] - Keda Guochuang integrates AI programming into its software development for the electric power and government sectors, reducing development costs by approximately 30% [13][30] Group 5: Enterprise-Level AI Programming Solutions - New Jue Network combines AI programming with intelligent operation and maintenance services, achieving a customer repurchase rate of 83% in 2024 [15][31] - Yonyou Network integrates AI programming into its ERP systems, enhancing development efficiency by over 50% for various enterprise scenarios [16][32]

智通财经APP讯，拓尔思(300229.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净亏损 2.5亿元至3.1亿元;扣除非经常性损益后的净亏损3.14亿元至3.65亿元。 ...

每经AI快讯，1月27日，拓尔思（300229）(300229.SZ)公告称，拓尔思预计2025年归属于上市公司股东 的净利润亏损2.50亿元至3.10亿元，上年同期为-9,414.56万元；业绩变动主要系子公司天行网安所处行 业恢复不及预期，拟计提商誉减值准备14,000万元至16,000万元，叠加下游客户项目推迟、新增采购延 缓，以及人工智能转型期传统业务收缩和期间费用刚性投入所致。 ...

一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为负值 单位：万元 | 项 目 | | 本报告期 | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 | | -31,000 | ～ | -25,000 | -9,414.56 | | 股东的净利润 | 比上年同期下降 | 229.28% | ～ | 165.55% | | | 扣除非经常性损 | | -36,500 | ～ | -31,400 | -17,053.32 | | 益后的净利润 | 比上年同期下降 | 114.03% | ～ | 84.13% | | 证券代码：300229 证券简称：拓尔思 公告编号：2026-003 拓尔思信息技术股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 本次业绩预告是公司财务部门初步测算的结果，未经审计机构审计，公司将 在 2025 年年度报告中详细披露具体财务数据，敬请广大投资 ...

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting a "golden window period" for the short drama sector, with expectations for significant growth in the coming years [2][11]. Core Insights - The short drama industry has reached a scale of nearly 1 trillion yuan, surpassing both the film and long video sectors, with a projected compound annual growth rate (CAGR) of over 50% from 2023 to 2026 [11]. - The market for animated dramas is expected to exceed 22 billion yuan by 2026, contributing 50% of the incremental growth in the short drama industry [11]. - ByteDance is positioned as the absolute leader in the animated drama sector, leveraging its "traffic + IP + AI" integrated strategy to dominate the market [2][17]. - The application of AI technology is transforming the production paradigm of animated dramas, reducing production cycles from over 50 days to under 30 days and significantly lowering costs [3][21]. Summary by Sections Section 1: The Golden Window for Short Dramas - The short drama market has surpassed 1 trillion yuan, with user engagement increasing, and the average daily viewing time expected to exceed 100 minutes by 2025 [11]. - The market has entered a phase of rapid growth and commercialization, with significant increases in both supply and demand for animated dramas [11][12]. Section 2: AI Reshaping Production Paradigms - AI technologies are enabling a shift from manual production to industrialized generation, with production costs dropping to the thousand-yuan level [3][21]. - The integration of AI in production processes is expected to streamline workflows, reducing the number of steps from 11 to 5 and cutting costs by 60% [3][24]. Section 3: Trends in AI Applications - The report anticipates a significant uptick in AI applications by 2026, driven by the need for software to leverage substantial computational investments [4][31]. - Companies are increasingly integrating AI into their business models, with some reporting that AI-related revenues account for over 10% of total income [4][31]. Section 4: Related Investment Targets - Key investment targets include companies such as DeCai Co., Zhaochi Co., and Wanxing Technology, among others, which are positioned to benefit from the growth in the animated drama and AI sectors [5][40].

Investment Rating - The report maintains a "Recommended" rating for the industry [4] Core Insights - The demand for Tokens is driving inflation across the AI industry chain, with price increases being observed from storage to CPUs and now extending to cloud services, marking a significant shift in the pricing dynamics of the cloud computing sector [14][30] - AWS has initiated a price increase for its EC2 machine learning capacity blocks by approximately 15%, breaking a long-standing trend of declining prices in the cloud services industry, which may lead to a revaluation of cloud computing and related service providers [14] - The report highlights potential investment opportunities in cloud computing, CPUs, and databases, suggesting companies such as Alibaba, Kingsoft Cloud, and Inspur for cloud computing; Haiguang Information and Longxin for CPUs; and companies like StarRing Technology and DM Database for databases [30] Summary by Sections 1. Cloud Computing Price Trends - The report indicates that the AI industry chain is experiencing a price transmission trend, with cloud computing being the next area to see price increases following storage and CPU price hikes [14] - AWS's price adjustment reflects anticipated supply-demand dynamics, suggesting that successful price increases could lead to further adjustments in the future [14] 2. CPU Market Dynamics - The report notes a persistent supply-demand imbalance in the CPU market, particularly with Intel facing production limitations that may lead to continued shortages into 2026 [16] - The importance of CPUs is expected to rise significantly due to the increasing demand from AI applications, with the report emphasizing the need for optimization across both CPU and GPU resources [24][25] 3. Database Sector Growth - The report anticipates a rapid increase in the number of database PCU nodes driven by the demand for AI agents, which could lead to significant revenue growth for database providers [26] - The emergence of AI-native databases is highlighted as a key trend, with companies like Alibaba's PolarDB gaining traction in the market [29] 4. Investment Recommendations - The report suggests focusing on companies in the cloud computing sector such as Alibaba, Kingsoft Cloud, and UCloud, as well as CPU manufacturers like Haiguang Information and Longxin, and database firms like StarRing Technology and DM Database [30]

2、行情预期支撑： 中信建投指出，市场逐步向慢牛行情演进，而证券板块的行情亦不会缺席这一进程。该机构强调，股票 市场活跃度是证券行业估值与业绩的同频指标，其景气度决定了板块估值的下限，而互联网券商因对交 易量敏感、业绩弹性大，成为重点推荐方向。* 3、AI赋能金融IT： 周五（1月23日），A股市场放量上涨，金融科技大面积飘红，中证金融科技主题指数反弹逾1%。其 中，星环科技领涨超10%，电科数字、拉卡拉、普元信息、信安世纪、新国都、拓尔思、赢时胜等多股 涨超2%。 热门ETF方面，百亿金融科技ETF（159851）场内收涨1.36%，全天放量成交8.16亿元。值得一提的是， 资金尾盘放量净流入，净申购放大至4.26亿份，按当日场内平均价计算约3.81亿元，统计来看资金单周 净流入超9亿元！ | | | 分财 部日 1分 5分 15分 30分 · | | | F9 盘新盘后 盈加 九成 图坛 工具 @ 2 > | | | | | | 金融科技ETF | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...