Investment Rating - The report maintains a "Hold" rating for the industry [6] Core Insights - The development of AI Agents is driving a transformation in software forms, establishing databases as indispensable in the AI era, serving not only as data carriers but also helping to mitigate issues like hallucinations in large model reasoning [5][42] - AI is empowering databases to upgrade themselves, enhancing operational efficiency and driving industry growth [4][31] Summary by Sections DB for AI: AI Agents Driving Software Transformation - AI Agents are expected to interact directly with databases, potentially replacing the intermediary application layer in traditional software architectures [1][11] - Databases play a crucial role in the AI era by ensuring high-quality data for AI training, which is essential for effective AI model performance [2][14] - Technologies like vector databases and RAG (Retrieval-Augmented Generation) are directly empowering AI development, addressing issues such as hallucinations in large model reasoning [2][16] AI for DB: AI Empowering Database Upgrades - Intelligent operations are being implemented, allowing for real-time monitoring, predictive analysis, and automated processing of database systems [4][31] - The use of natural language processing enables users to interact with databases more easily, converting natural language into SQL queries [4][35] - Autonomous databases are emerging, utilizing machine learning to perform tasks traditionally handled by database administrators, such as optimization and maintenance [4][36] Investment Recommendations - The report suggests focusing on companies such as Dameng Data, Taiji Co., Haima Data, Softcom Power, Creative Information, Star Ring Technology, SuperMap Software, and Toris [5][42]

Summary of Key Points from Conference Call Records Company Overview - **Zhonghe Technology (众合科技)**: Focuses on intelligent transportation, semiconductor materials, and computing services, with a core business in the three-dimensional transportation industry [1][2][3] - **Tuoer Technology (拓尔思)**: Engaged in artificial intelligence products and services, with a strong emphasis on digital government and financial technology [4][5][6][7] - **Hainan Airport (海南机场)**: Primarily involved in airport management, duty-free and commercial businesses, and real estate management [8][9] Core Insights and Arguments Zhonghe Technology - **Financial Management**: The company was found to have transferred 120 million yuan from its fundraising account to a peer's margin account for short-term deposits, prompting a reinforcement of internal controls to prevent recurrence [1] - **Business Expansion**: Plans to develop a national computing network through the Qinyang Time-Space Big Data Cloud Center, aiming for a computing capacity of 250P [2] - **AI Development**: Launched the UniChat AI model tailored for smart transportation, featuring applications in various traffic scenarios [3] - **Semiconductor Focus**: The semiconductor business is centered on single crystal silicon materials, with ongoing efforts to expand into semiconductor equipment and integrated circuits [3] Tuoer Technology - **Revenue Growth**: Reported a revenue of 258 million yuan from AI software products and services in 2024, with a 8.99% year-on-year increase [4] - **AI Model Applications**: Successfully delivered over 40 benchmark projects in AI models and agents across various sectors, including government and finance [4] - **Data Resource Development**: Established a data resource system with over 500 billion entries, enhancing AI model training and industry digitalization [6] - **Cloud Computing Strategy**: Utilizes a combination of self-built and public cloud models for computing power, enhancing efficiency and reducing resource requirements for AI models [6] Hainan Airport - **Acquisition Plans**: Proposed to acquire a 50.19% stake in Meilan International Airport for 2.339 billion yuan, aiming to enhance management efficiency across three airports in Hainan [8] - **Duty-Free Business**: Engaged in duty-free operations through partnerships and property leasing, holding significant stakes in various airport duty-free shops [9] Additional Important Information - **Data Governance**: Zhonghe Technology emphasizes data security and governance, implementing strict measures for data mapping and protection [4] - **Strategic Partnerships**: Tuoer Technology has formed strategic collaborations to enhance its AI capabilities and expand its market reach [5][6] - **Market Positioning**: Both Zhonghe Technology and Tuoer Technology are positioning themselves to leverage advancements in AI and data analytics to capture market opportunities in their respective fields [3][4][5][6]

截至4月30日收盘，MLOps概念上涨3.75%，位居概念板块涨幅第3，板块内，16股上涨，创意信息20% 涨停，星环科技、拓尔思、润和软件等涨幅居前，分别上涨8.33%、6.11%、4.39%。跌幅居前的有传音 控股、奥比中光等，分别下跌1.25%、1.20%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 减速器 | 4.01 | 自由贸易港 | -1.28 | | 华为盘古 | 3.94 | 染料 | -1.21 | | MLOps概念 | 3.75 | 天津自贸区 | -1.06 | | 智谱AI | 3.49 | 人造肉 | -1.02 | | 华为昇腾 | 3.44 | 生物质能发电 | -0.90 | | 兵装重组概念 | 3.43 | NMN概念 | -0.90 | | 人形机器人 | 3.19 | 金属锌 | -0.88 | | 华为欧拉 | 3.11 | 供销社 | -0.84 | | 智能音箱 | 3.05 | 金属铜 | -0.83 | | 共享单车 | 2.93 | 黄金概念 | ...

证券代码：300229 证券简称：拓尔思 二、参会机构提问及回答 （一）贵司的核心竞争力主要体现在哪些方面？ 拓尔思信息技术股份有限公司 投资者关系活动记录表 编号：2025-001 投资者关系活 动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（电话会议） 参与单位名称 及人员姓名 国新证券：孙一夫、刘洪伟、辛奉来、黄宇飞； 国信证券：李楠； 东吴证券：臧佳楠； 中信银行：孙赛楠； 北京盛运德诚投资：张雪峰； 中信医疗基金：徐立晨。 时间 2025 年 4 月 29 日 14:00-16:30 地点 拓尔思信息技术股份有限公司一层会议室 上市公司接待 人员姓名 副总经理、董事会秘书 李党生； 证券事务代表 毛文仪。 投资者关系活 动主要内容介 绍 一、公司副总经理、董事会秘书李党生先生就公司业务发展情况、近期经 营情况及未来战略规划进行介绍。 2024 年公司营业总收入 7.77 亿元，较上年同期同比下降 0.59%；实现归 属于上市公司股东的净利润-9,414.56 万元，其主要原因是本年度公司对子公司 天行网安计提商誉减值 9,067 万元，对子 ...

证券代码：300229 证券简称：拓尔思 公告编号：2025-020 拓尔思信息技术股份有限公司 关于举办 2024 年度暨 2025 年第一季度网上业绩说明会的公告 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。 拓尔思信息技术股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日 在中国证券监督管理委员会指定的创业板信息披露网站披露《2024年年度报告》 及其摘要，并已于 2025 年 4 月 24 日披露《2025 年第一季度报告》。 为方便广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公 司将于 2025 年 5 月 12 日（星期一）15:00-16:00 在"价值在线"举办 2024 年度暨 2025 年第一季度网上业绩说明会。本次业绩说明会将采用网络文字互动方式举 行，投资者可登陆"价值在线"（www.ir-online.cn）参与本次业绩说明会。 出席本次业绩说明会的公司人员有：董事长兼总经理施水才先生，财务总监 林义女士，副总经理、董事会秘书李党生先生，独立董事俞放虹女士（如遇特殊 情况，参会人员可能进行调整）。 1 ...

Core Viewpoint - The financial performance of the company, Toris (300629), has shown significant volatility, with a sharp decline in data resource revenue and continued net losses in the latest quarterly report [1][3]. Financial Performance Summary - In Q1 2025, Toris reported total revenue of 124.97 million yuan, a decrease from 178.24 million yuan in Q1 2024, and a net loss of 22.93 million yuan [3][4]. - The data resource revenue for Q1 2025 was 9.32 million yuan, down approximately 29.78 million yuan from the previous year's report, marking a decline of over 76% [1][3]. - The company experienced a peak in data resource revenue in 2024, reaching 39.10 million yuan in the annual report, but this was followed by a significant drop in Q1 2025 [1][3]. Revenue and Profit Trends - The operating income showed a notable increase throughout 2024, peaking at 619.14 million yuan in Q3, but fell to 124.97 million yuan in Q1 2025 [3][4]. - The net profit fluctuated dramatically, with a profit of 27.25 million yuan in Q1 2024, followed by a loss of 94.15 million yuan in the annual report for 2024, and continuing losses into Q1 2025 [3][4]. Stock Performance - The stock price of Toris has experienced significant fluctuations, reaching a low of 9.53 yuan in February 2024 and a high of 30.73 yuan in February 2025, before closing at 17.18 yuan as of April 29, 2025 [4].

Group 1 - The year 2024 marks the formal inclusion of data assets in accounting practices, with 92 listed companies reporting a total of 2.495 billion yuan in data assets by the end of the year [1][2] - The number of companies reporting data assets has increased from 17 in the first quarter to 92 by the annual report, with the total value rising from 79 million yuan to 2.495 billion yuan [2] - Major contributors to data asset reporting include China Mobile, Cloud Horse, China Unicom, and China Telecom, each reporting over 100 million yuan in data assets [2][5] Group 2 - Data assets are primarily classified as intangible assets, with over 60 companies accounting for more than 1.3 billion yuan in this category, representing approximately 60% of the total [3] - The inclusion of data assets in financial statements helps companies optimize their financial reports, impacting asset scale and net profit [3] - Data asset reporting is seen as a foundation for digital transformation and exploring data trading and value-added services [3] Group 3 - The standardization and normalization of data asset reporting is a growing concern, as not all data resources qualify as assets [4] - Companies face challenges in distinguishing between data resources, products, and assets, necessitating a comprehensive approach to compliance and management [4] - Some companies have been cautious in reporting data assets, with instances of previously reported data being corrected or omitted in annual reports [5]

Core Insights - The article discusses the multi-modal large model industry chain, highlighting its complexity and the various layers involved, including the foundational layer, model layer, and application layer [1][3]. Industry Overview - The multi-modal large model industry chain consists of three main layers: foundational (hardware and basic software), model (various types of multi-modal large models), and application (industry-specific large models) [1]. - Key players in the foundational layer include Intel and NVIDIA, while foundational software participants include Huawei, Tencent, and Unisoc [3]. Regional Distribution - The multi-modal large model industry is concentrated in major cities such as Beijing, Shanghai, Suzhou, Hangzhou, and Shenzhen, with a strong presence of upstream companies in Beijing and Shenzhen [4]. - Upstream companies in Beijing include Cambricon, Lenovo, and Inspur, while Shenzhen hosts Unisoc, HiSilicon, and ZTE [4]. Revenue Insights - The revenue distribution in China's multi-modal large model sector shows a concentration among leading companies, with Alibaba Cloud generating over 110 billion yuan, accounting for approximately 15% of its group's revenue [7]. - Huawei Cloud and Tencent Cloud follow, with revenues of 68.8 billion yuan and 63.6 billion yuan, respectively, each contributing around 5-7% to their parent companies [7]. Cost Structure - The training costs for mainstream large models in China range from tens of millions to hundreds of millions of dollars, with major players like Baidu, Alibaba, and Tencent investing over 200 million dollars [10]. - Startups like Kimi and DeepSeek manage to lower their training costs to between 30 million and 60 million dollars through technological optimization [10]. Product Cost Details - The training and cloud hosting costs for various multi-modal large models are detailed, with notable examples including: - Pangu Model (Huawei): ≥ 100 million USD - Wenxin Model (Baidu): ≥ 300 million USD - Mix Yuan Model (Tencent): ≈ 250 million USD - Xinghuo Model (iFlytek): = 80 million CNY [12].

中信建投证券股份有限公司 关于拓尔思信息技术股份有限公司向特定对象发行股票 限售股份解除限售上市流通的核查意见 | 序号 | 认购对象名称 | 获配股数（股） | 获配金额（元） | 限售期（月） | | --- | --- | --- | --- | --- | | 1 | 诺德基金管理有限公司 | 18,363,799 | 211,000,050.51 | 6 | | 2 | 财通基金管理有限公司 | 12,532,637 | 143,999,999.13 | 6 | | 3 | UBS AG | 6,005,221 | 68,999,989.29 | 6 | | 4 | 易米基金管理有限公司 | 4,960,835 | 56,999,994.15 | 6 | 1 | 序号 | 认购对象名称 | 获配股数（股） | 获配金额（元） | 限售期（月） | | --- | --- | --- | --- | --- | | 5 | 广发证券股份有限公司 | 3,655,352 | 41,999,994.48 | 6 | | 6 | 董易 | 3,046,127 | 34,999,999.23 | 6 | | ...

证券代码：300229 证券简称：拓尔思 公告编号：2025-019 拓尔思信息技术股份有限公司 关于向特定对象发行股票限售股份解除限售上市流通 的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、本次解除限售的股份为拓尔思信息技术股份有限公司（以下简称"公司"） 于 2024 年 10 月向特定对象发行的股票，解除限售股份的数量为 78,328,981 股， 占公司目前总股本的 8.9660%。 2、本次解除限售股份的上市流通日期为 2025 年 4 月 29 日。 一、本次解除限售股份发行情况和公司股本变动情况 经中国证券监督管理委员会出具的《关于同意拓尔思信息技术股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2024〕790 号）核准，公司向特定 对象发行人民币普通股（A 股）78,328,981 股，发行价格为 11.49 元/股，并于 2024 年 10 月 29 日在深圳证券交易所创业板上市，股份限售期为自新增股份上市之日 起 6 个月。 本次向特定对象发行股份实施完成后，公司股本总额由 795,291,951 ...