Core Viewpoint - The company Tongda Hai (301378.SZ) clarifies that it has no collaboration, authorization, or technical association with Harvey AI, emphasizing its independent development of the "Haire" legal large model [1] Group 1: Company Overview - The "Haire" legal large model is built on the principles of "independently controllable, safe, and compliant," utilizing a leading domestic general large language model [1] - The model integrates a self-developed legal semantic understanding engine and legal knowledge base, further fine-tuned for specific business application scenarios of industry users [1] Group 2: Model Capabilities - The model offers capabilities such as intelligent document generation, evidence intelligent sorting, real-time risk warning, and automatic summarization of case adjudication rules [1] - It covers core business areas including law enforcement case handling, law enforcement supervision, judicial case handling, judicial management, and litigation services [1] Group 3: Target Users and Applications - The model opens intelligent capabilities to relevant scenarios in legislation, law enforcement, judiciary, and compliance, empowering users in courts, public security, political and legal committees, judicial administration, arbitration, and discipline inspection commissions [1] - The company aims to explore related application scenarios in the public legal service field, providing comprehensive and highly reliable legal intelligence support for users [1]

Core Viewpoint - The company Tongda Hai (301378) anticipates a net loss of between 90 million to 135 million yuan for the year 2025, primarily due to reduced investment in information technology by court clients, project delays, and increased R&D costs [1][2]. Financial Performance - The company has issued a performance forecast indicating a negative net profit for the year 2025, with losses expected to range from 90 million to 135 million yuan. The main factors contributing to this forecast include a decrease in IT investment from court clients, project delays, and rising R&D expenses. The company commits to adhering to regulatory requirements and will promptly disclose the formal annual report [2]. Business Development - In the announcement regarding stock price fluctuations, the company noted that its AI large model applications and services are still in the early stages, with significant uncertainty surrounding large-scale commercialization. The revenue driven by AI remains relatively low, and future attention should be directed towards the progress of commercialization in this area [3]. Stock Performance - From January 9 to January 13, 2026, the company's stock was identified as experiencing abnormal fluctuations due to a cumulative deviation of over 30% in three consecutive trading days. On February 2, 2026, there was a net inflow of 55.1284 million yuan in principal funds, with the stock price increasing by 12.63% in a single day, indicating active short-term capital movement [4].

Core Viewpoint - Tongda Hai's legal large model, Hai Rui, is based on a domestically common open-source large model and is optimized and trained for various application scenarios and data [1] Group 1 - The company has established laboratories in multiple regions in collaboration with legal departments to continuously train, optimize, and upgrade the legal large model [1] - Most laboratories require the company to provide its own computing power, resulting in high costs [1]

通达海 法律意见书 2026 年第一次临时股东会的法律意见书 南京通达海科技股份有限公司： 根据《中华人民共和国公司法》、《中华人民共和国证券法》和中国证监会 《上市公司股东会规则》等法律、法规和规范性文件以及《公司章程》的规定， 本所受贵公司董事会的委托，指派本律师出席贵公司 2026 年第一次临时股东会， 并就本次股东会的召集、召开程序、出席会议人员资格、召集人资格、表决程序 以及表决结果的合法有效性等事项出具法律意见。 为出具本法律意见书，本律师对本次股东会所涉及的有关事项进行了审查， 查阅了本律师认为出具法律意见所必须查阅的文件，并对有关问题进行了必要的 核查和验证。 本律师同意将本法律意见书随贵公司本次股东会决议一并公告，并依法对本 法律意见书承担相应的责任。 本律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东会的召集、召开程序 1、本次股东会由董事会召集。2026 年 1 月 15 日，贵公司召开第二届董事 会第二十四次会议，决定于 2026 年 2 月 2 日 15：00 召开 2026 年第一次临时股 东会。2 ...

证券代码：301378 证券简称：通达海 公告编号：2026-008 南京通达海科技股份有限公司 2026 年第一次临时股东会决议公告 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.本次股东会无否决议案的情形； 2.本次股东会不涉及变更以往股东会决议情形。 一、会议召开情况及出席情况 （一）会议召开情况 1.现场会议召开时间：2026 年 2 月 2 日（星期一）15:00 2.现场会议召开地点：南京市鼓楼区丽地路 1 号 2 号楼 1 层会议室 3.会议召开方式：本次股东会采取现场投票与网络投票相结合的方式。 4.网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间 为：2026 年 2 月 2 日 9:15-9:25、9:30-11:30 和 13:00-15:00；通过深圳证券交 易所互联网投票系统投票的具体时间为：2026 年 2 月 2 日 9:15-15:00 期间的任 意时间。 5.会议召集人：公司董事会 （二）会议出席情况 1.参加本次股东会现场会议和网络投票表决的股东及股东代表共 55 人，合 计 持 有 公 司 ...

Group 1: Company Strategy and AI Application - The company is focusing on the "AI + Law" strategy, leveraging AI capabilities in legislative, law enforcement, judicial, compliance, and public legal service sectors [1][2] - The company has expanded its AI applications to police departments, enhancing law enforcement processes such as administrative penalties and case supervision [2] - The company is also exploring AI applications in law firms, transitioning from traditional government (ToG) business to B-end services, while acknowledging the challenges of entering the consumer (ToC) market [2] Group 2: Development of Legal AI Model - The company's legal AI model, Hai Rui, is based on a domestic open-source model, optimized for various application scenarios and data [3] - The company collaborates with legal departments to establish laboratories for continuous training and optimization of the legal AI model, which incurs high costs due to the need for self-provided computing power [3] Group 3: International Expansion and Challenges - The company is actively pursuing international business, particularly focusing on the smart judicial city project in Egypt, despite facing high costs and low execution efficiency due to differing national conditions [2] Group 4: Risks and Uncertainties - Although the company is making progress in developing and applying the legal AI model, its scale remains small and does not significantly impact overall operations, with uncertainties regarding sustainability [5] - The company emphasizes that predictions regarding development plans and future operations do not constitute commitments or guarantees from the management [5]

Market Overview - On February 2, the software development sector declined by 2.76%, with Xinghuan Technology leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the software development sector included: - Tongda Hai (301378) with a closing price of 44.50, up 12.63% [1] - ST Renzihang (300311) at 4.98, up 3.97% [1] - Green Alliance Technology (300369) at 8.38, up 3.46% [1] - Significant decliners included: - Xingbei Technology (688031) at 182.41, down 13.11% [2] - Deepin Technology (300454) at 144.22, down 10.24% [2] - Keda Guochuang (300520) at 40.94, down 9.56% [2] Capital Flow - The software development sector experienced a net outflow of 2.975 billion yuan from institutional investors, while retail investors saw a net inflow of 2.357 billion yuan [2][3] - Key stocks with notable capital flows included: - Daily Interaction (300766) with a net inflow of 1.21 billion yuan from institutional investors [3] - Tongda Hai (301378) with a net inflow of 608.17 million yuan from institutional investors [3] - Green Alliance Technology (300369) with a net inflow of 288.85 million yuan from institutional investors [3]

Summary of Conference Call Records Company and Industry Overview - **Company**: 通达海 (Tongda Hai) - **Industry**: Legal Technology (Legal AI) Core Insights and Arguments - **Market Opportunity**: The legal industry is experiencing a transformation driven by AI, with a projected market size exceeding 47 billion yuan as product penetration increases from 8%-25% to 18%-45% over the long term, based on an estimated 144,000 active paying users [1][3] - **Business Model**: The company aims to replicate the "Bloomberg model" in the legal sector, focusing on high-value data and high annual fees from top lawyers, similar to the approach taken by HarveyAI, which has reached a valuation of 8 billion USD [2] - **Competitive Advantage**: Tongda Hai possesses a significant competitive edge with its extensive G-end judicial data, having deep insights into judicial decision-making processes and a strong foothold in the market, covering 78% of the national court execution system [2][3] - **Data Ecosystem**: The company has developed a unique "G+B" dual-driven ecosystem by integrating court, banking, and law firm data, leveraging over 140 million standardized legal documents and a judicial knowledge graph [3] Financial Projections - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are projected to be 429 million yuan, 617 million yuan, and 850 million yuan respectively, with corresponding price-to-sales (PS) ratios of 9, 6, and 5 times [3] - **Investment Rating**: The company is recommended for investment due to its strong G-end barriers and clear commercialization logic for its B-end "legal Wind" model, indicating a potential turnaround in performance and valuation [3] Risks and Considerations - **Budget Cuts**: There is a risk of reduced budgets for G-end court information technology [3] - **Conversion Rates**: Potential challenges in the B-end AI product payment conversion rates may impact revenue [3] - **Assumption Deviations**: Risks associated with deviations from projected assumptions in financial models [3]

Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

Group 1 - The market is currently experiencing a trend of upward movement followed by narrow fluctuations, with volatility initially rising and then declining, indicating a need for digestion of previous gains [1] - The ETF outflows, particularly from the CSI 300, have put pressure on broad indices, with large-cap stocks underperforming compared to small-cap stocks [1] - There is an acceleration in thematic rotation, with some themes experiencing sharp rises and subsequent pullbacks, suggesting a short-term advantage for small-cap and growth stocks, but a need for rebalancing in the future [1] Group 2 - The gold stock recommendation logic for February 2026 includes companies benefiting from AI upgrades, solid growth in nickel powder business, and strong positions in the photovoltaic and alloy powder sectors [17] - Specific companies highlighted include BQX New Materials, which is expected to see rapid growth due to a significant expansion in production capacity and strong demand from major clients [17] - Industrial Fulian is noted for its deep integration with leading clients in the AI server market, with expectations of maintaining high growth rates due to its comprehensive supply chain capabilities [17] Group 3 - Financial data for the recommended stocks shows significant expected growth in earnings per share (EPS) for companies like BQX New Materials and Industrial Fulian, with projected EPS increasing from 0.33 to 2.09 and from 1.17 to 3.27 respectively from 2024 to 2026 [19] - The price-to-earnings (PE) ratios for these companies are also projected to decrease significantly, indicating potential for upward valuation adjustments [19] - Tencent Holdings is expected to see strong growth in advertising revenue and new game releases, contributing to its overall performance in 2026 [18]