MongoDB(US:MDB) Minsheng Securities·2025-12-30 05:47Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Insights - The report highlights a significant performance improvement in the ArgoDB solution based on the Haiguang 7000 series processor, achieving a 62% enhancement over the previous world record in the TPC-DS benchmark [4] - The trend of using low-cost storage to replace expensive memory in vector databases is identified as a major technological shift [4] - The domestic vector database market is transitioning from technical exploration to large-scale implementation, with positive signals of million-level purchases in key sectors like finance and energy [4] Summary by Sections - Performance Records: The ArgoDB solution has set new performance records in both TPC-DS and TPC-C benchmarks, indicating strong technological advancements [4] - Cost Structure: The report outlines two billing models for vector databases: annual subscription and pay-as-you-go, with specific pricing examples provided for different regions [4] - Investment Opportunities: The report suggests focusing on companies such as StarRing Technology, Dameng Data, Haima Data, Taiji Co., SuperMap Software, and Torus [4]