Core Viewpoint - The company is actively preparing for opportunities and challenges in the intelligent computing era by enhancing its data center operations and focusing on energy-efficient solutions for AI applications [1] Group 1: Data Center Operations - The company is investing in high-power and liquid cooling systems that meet the demands of intelligent computing [1] - Continuous optimization of server cooling efficiency and reduction of energy consumption is a priority for the company [1] Group 2: Collaboration and Innovation - As a member of the Liquid Cooling AI Open Alliance, the company collaborates with chip manufacturers and AI industry clients to explore efficient liquid cooling solutions tailored for AI scenarios [1] - The company aims to promote the widespread adoption of liquid cooling technology in the AI computing field [1]

Core Insights - The company, as a neutral cloud service provider, is one of the core computing power suppliers for Zhipu AI, establishing a comprehensive strategic partnership starting September 6, 2024 [1] Group 1 - The company has built high-performance GPU intelligent computing clusters in multiple regions including Qingyang, Suqian, and Tianjin [1] - These clusters provide stable training and inference computing power support for the Zhipu GLM series models [1]

证券代码：300846 证券简称：首都在线 公告编号：2026-001 北京首都在线科技股份有限公司 关于控股股东、实际控制人部分股份解除质押 及部分股份质押延期购回的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 北京首都在线科技股份有限公司（以下简称"公司"或"首都在线"）于近日接到 公司控股股东、实际控制人曲宁先生的告知函，获悉曲宁先生于近日将其所持有的部分 公司股份分别办理了股份解除质押和质押延期购回业务，具体事项如下： 股 东 名 称 是否为控 股股东或 第一大股 东及其一 致行动人 本次延 期购回 的质押 股份数 量（股） 本次延期 购回的质 押占其所 持股份比 例 占公 司总 股本 比例 是否为限 售股（如 是，注明限 售类型） 是否 为补 充质 押 质押 起始 日 延期 后质 押到 期日 质权 人 质押 用途 二、本次股份质押延期购回的基本情况 | 5,664,286 | 国海 | 股为高管 | 2023 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- ...

首都在线 20251230 摘要 首都在线受益于大模型推理应用增长，边缘云需求随之提升，公司致力 于打造国产与英伟达适配平台，支持 MiniMax 等大模型企业出海，客户 依赖性增强。 基于 MaaS 服务和 Converged UI 平台的新业务每月增长率达 20%- 30%，有望显著提升公司毛利和收入水平。 首都在线转型较早，与智谱等公司建立了深度合作，积累了技术投入和 用户理解优势，并具备全球资源适配能力，满足客户国内外资源布局需 求。 公司通过"铁三角战略"（销售、产品技术解决方案、大客户服务）深 耕大客户，提供国产设备适配服务，确保业务合规性和连续性。 首都在线积极布局前瞻领域，包括太空算力相关业务，已在文昌建设算 力中心，在庆阳设立算力中心支持酒泉卫星发射，并探索 AI 生成短剧等 行业应用。 公司采取根据客户需求逐步扩大资产和合作的策略，国内重点布局庆阳、 怀来、芜湖和海南等八大节点，海外布局包括达拉斯和新加坡。 首都在线通过 MAAS 服务及 ComfyUI 与模型厂商合作推广业务，获取 较高毛利，并通过政府补助及政策支持，实现区域内较高盈利。 Q&A 近期大模型上市和 AI 应用发展对首都在 ...

Group 1 - Kuaishou concept stocks rose by 2.49%, ranking second in the concept sector, with 37 stocks increasing in value [1][2] - Notable gainers include BlueFocus, which hit a 20% limit up, and Liou Co., which also reached the limit up, while Yidian Tianxia, Xuan Ya International, and Zhi De Mai saw increases of 10.23%, 8.20%, and 6.98% respectively [1][2] - The stocks with the largest declines included Online Offline, Qingniao Fire Protection, and Bainacheng, which fell by 5.73%, 4.28%, and 3.48% respectively [1][2] Group 2 - The Kuaishou concept sector attracted a net inflow of 6.336 billion yuan, with 30 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflows [2][3] - BlueFocus led the net inflow with 2.762 billion yuan, followed by Liou Co. with 2.599 billion yuan, and Yidian Tianxia with 204 million yuan [2][3] Group 3 - In terms of net inflow ratios, Liou Co., BlueFocus, and Capital Online had the highest ratios at 47.49%, 24.74%, and 11.22% respectively [3] - The Kuaishou concept stocks with significant net inflows include BlueFocus, which rose by 20.00% with a turnover rate of 29.54%, and Liou Co., which increased by 9.94% with a turnover rate of 17.00% [3][4]

Core Viewpoint - The company is leveraging its Wenchang Aerospace Supercomputing Center to capitalize on the growing demand for high-density, low-latency computing capabilities in the commercial aerospace sector, which includes satellite design, launch control, in-orbit operations, and data processing [2] Group 1: Business Operations - The Wenchang Aerospace Supercomputing Center is strategically located in the Wenchang International Aerospace City and is designed to meet the computing needs of commercial aerospace enterprises for satellite remote sensing data processing, aerospace simulation, and orbital calculations [2] - The center benefits from the Hainan Free Trade Port's "inside-outside" regulatory model and the negative list system for cross-border data flow, facilitating the processing of cross-border aerospace data [2] - The center aims to support cross-border data transmission, storage, and analysis for commercial aerospace companies, leveraging future international submarine cable connectivity [2] Group 2: Industry Integration - Wenchang is a significant aerospace launch base in China, attracting resources from the upstream and downstream of the commercial aerospace industry chain [2] - The Wenchang Aerospace Supercomputing Center integrates into the local industrial ecosystem, providing a comprehensive infrastructure service of "computing power + network + storage" for commercial aerospace enterprises [2] - The company is focusing on meeting the needs of clients in commercial aerospace, cross-border e-commerce, and gaming sectors, aiming to diversify its cloud network service scenarios [2] Group 3: Future Outlook - The company plans to continue leveraging policy, location, and computing facility advantages to enhance its cross-border computing service capabilities [2] - The company will keep stakeholders updated on business progress as it seizes opportunities presented by the closure of borders [2]

Group 1 - Capital Online's stock price increased by 5.02% to 22.79 CNY per share, with a trading volume of 1.03 billion CNY and a turnover rate of 12.05%, resulting in a total market capitalization of 11.46 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 13.49% during this period [1] - Capital Online, established on July 13, 2005, specializes in high-performance IDC services and cloud services, with revenue composition of 49.89% from cloud hosting and related services, 45.83% from IDC services, and 4.28% from other income [1] Group 2 - Dachen Fund's Dachen Industry Pioneer Mixed A (008274) holds 311,700 shares of Capital Online, accounting for 4.34% of the fund's net value, making it the ninth largest holding [2] - The fund has realized a floating profit of approximately 339,800 CNY today and 804,200 CNY during the three-day increase [2] - Dachen Industry Pioneer Mixed A was established on March 23, 2020, with a current size of 144 million CNY and a year-to-date return of 8.46%, ranking 6148 out of 8159 in its category [2] Group 3 - The fund manager of Dachen Industry Pioneer Mixed A is Yu Weiye, who has been in the position for 1 year and 362 days, managing total assets of 212 million CNY [3] - During Yu Weiye's tenure, the best fund return was 48.25%, while the worst return was 6.29% [3]

Market Overview - The main board saw significant gains with stocks like Suzhou Kedah (+10.05%), Dianke Network Security (+10.01%), and Tongyu Communication (+10.01%) leading the charge [1] - The ChiNext board also performed well, with stocks such as Baina Qiancheng (+20.08%) and Jiayuan Technology (+20.00%) showing strong increases [1] - The Sci-Tech Innovation board was led by Youkede-W (+19.99%) and Nanya New Materials (+13.59%) [1] - Active sub-industries included SW Military Electronics III (+1.56%) and SW Other Communication Equipment (+1.38%) [1] Domestic News - CINNO announced the equipment relocation ceremony for its new optical functional film project, with a total investment of approximately 5 billion yuan, planning to build five internationally leading intelligent display material production lines [1] - Weijie Chuangxin launched a Wi-Fi 7 & Bluetooth dual-connection front-end module (FEM) suitable for lightweight portable devices [1] - Unisoc plans to establish Unisoc Technology with several partners, focusing on independent operations for automotive domain control chips, enhancing collaboration with major clients [1] - Jingsheng Electromechanical successfully delivered a 12-inch single-wafer silicon carbide epitaxial growth equipment, featuring advanced temperature control and automated functions [1] Company Announcements - Chip Origin announced a voluntary disclosure regarding new orders, reporting a new order amount of 2.494 billion yuan for Q4 2025, a year-on-year increase of 129.94%, with over 84% related to AI computing power [2] - Aiko Optoelectronics received a government subsidy of 1.74 million yuan [2] - Yaxin Security reported a government subsidy of approximately 3.461 million yuan for operational support [2] - Online and Offline announced government subsidies for its subsidiaries, with Wuxi Lingheng receiving 2.603 million yuan and 17 million yuan, and Jiangsu Yifei receiving 32,400 yuan and 3 million yuan [2] International News - Global semiconductor market insights indicate that demand for mainstream terminal applications in 2026 may be conservative due to international conditions, despite expected restocking in automotive and industrial control sectors by the end of 2025 [2] - SEAJ reported that Japan's semiconductor equipment sales reached 420.67 billion yen in November 2025, marking a 3.7% year-on-year increase and setting a historical record for the month [2] - MouseComputer announced a price increase due to rising memory costs and has temporarily suspended online sales [2] - Apple received a significant patent for a head-mounted display device that can dynamically adjust optical lens properties based on user environment and behavior [2]

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 一、募集资金情况 经中国证券监督管理委员会《关于同意北京首都在线科技股份有限公司向特定对象发行股票注册的批 复》（证监许可[2021]2717号）同意，公司向特定对象发行人民币普通股（A股）55,000,000股，发行价 格为人民币13.00元/股。公司2021年度向特定对象发行股票募集资金总额为人民币715,000,000.00元，扣 除各项发行费用（不含增值税）人民币15,858,791.27元后，募集资金净额为人民币699,141,208.73元。上 述募集资金已全部到账，大华会计师事务所（特殊普通合伙）于2022年1月24日对公司本次发行股票募 集资金到账事项出具了《验资报告》（大华验字[2022]000037号）。 公司对上述募集资金采取了专户存储管理，并与中信证券股份有限公司、募集资金开户行共同签署了募 集资金监管协议，公司已将全部募集资金存入募集资金专户管理。 二、募集资存放与管理情况 为规范公司募集资金的管理和使用，提高资金使用效率和效益，切实保护投资者的利益，根据《深圳证 券交易所创业板股票上市规则》 ...

Market Performance - The IT services sector increased by 0.55% on December 26, with Youke De leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Top Gainers in IT Services - Youke De (688158) closed at 29.71, up 19.99%, with a trading volume of 998,700 shares and a transaction value of 2.854 billion [1] - Capital Online (300846) closed at 21.70, up 13.08%, with a trading volume of 644,300 shares and a transaction value of 1.321 billion [1] - Jiahua Technology (688051) closed at 43.31, up 7.98%, with a trading volume of 40,600 shares and a transaction value of 176 million [1] Top Losers in IT Services - Rongke Technology (300290) closed at 28.78, down 9.47%, with a trading volume of 746,300 shares and a transaction value of 222.7 million [2] - Zhongyi Technology (301208) closed at 39.64, down 3.67%, with a trading volume of 103,500 shares and a transaction value of 41.1 million [2] - Jiachuan Video (300264) closed at 6.52, down 3.12%, with a trading volume of 226,700 shares and a transaction value of 150 million [2] Capital Flow Analysis - The IT services sector experienced a net outflow of 292 million from institutional investors, while retail investors saw a net inflow of 306 million [2][3] - Major stocks like Youke De had a net inflow of 458 million from institutional investors, but a net outflow of 325 million from speculative funds [3] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing while retail investors are actively buying [2][3]