股票研究 /[Table_Date] 2026.03.03 电商 ERP SaaS 领军，"一体两翼"驱动 长期成长 聚水潭首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 朱瑶(分析师) | 021-23187261 | zhuyao@gtht.com | S0880526010002 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | 本报告导读： 聚水潭作为国内最大的电商 SaaS ERP 提供商，凭借产品与服务建立广泛的生态网 络。公司收入与利润持续稳健增长，AI 融合电商 ERP 打开场景应用空间。 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业 ...

证券研究报告 | 行业点评 | 传媒 Coding、Agent 和 AIGC 多模态三大主线，终将无惧吞噬 ——传媒互联网周观点 投资要点 传媒 报告日期：2026 年 03 月 02 日 行业评级: 看好(维持) 分析师：冯翠婷 执业证书号：S1230525010001 fengcuiting@stocke.com.cn 相关报告 1 《AI 漫剧：国内蓝海爆发， 出海潜能无限》 2026.02.24 2 《春节前后多款游戏运营数据 创新高，产品大年逻辑持续》 2026.02.23 3 《2026 年电影春节档：票房 不及预期，内容质量仍为核心》 2026.02.23 表1： 相关个股一览 | 股票代码 | 股票简称 | 概念 | 总市值 （亿元） | 1220至今涨幅 | 上周涨幅 | 上周交易额 | 周交易额占市值比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300058.SZ | 蓝色光标 | GEO | 664.19 | 116.63 | -2.63 | 294.73 | 44% | | 301171.SZ | 易点天下 | GEO ...

计算机 | 证券研究报告 — 行业点评 2026 年 3 月 1 日 AI 应用持续落地 计算机行业事件点评 国内互联网大厂于春节期间投入超 45 亿元推广 AI 应用，标志着 AI 竞争已进入应用 生态争夺与用户习惯培养阶段。国内大模型在性能与市场应用端也不断加速追赶。尽 管市场对 AI 取代人类产生阶段性担忧，但行业转向理性务实，更关注商业化落地。 我们认为，未来行业有望向"通用大模型"与"垂直行业应用"双线发展。 支撑评级的要点 投资建议 建议关注大模型及细分行业 AI Agent 领域企业，包括智谱、MINIMAX-WP、科 大讯飞、拓尔思、汉得信息、中控技术、宝信软件、索辰科技、万兴科技、金山 办公、合合信息、用友网络、道通科技、石基信息、税友股份、安恒信息等。 评级面临的主要风险 产业推进不及预期，技术研发进展不及预期，国际合作难以推进。 证券分析师：杨思睿 (8610)66229321 sirui.yang@bocichina.com 证券投资咨询业务证书编号：S1300518090001 证券分析师：郑静文 jingwen.zheng@bocichina.com 证券投资咨询业务证书编号：S1 ...

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The report highlights a significant increase in the weekly token usage of Chinese AI large models, surpassing that of the US for the first time, indicating a shift from "technology catch-up" to "application landing" [16][17] - The performance of domestic AI large models has improved significantly, with models like GLM-5 and MiniMax M2.5 closing the gap with international leaders, showcasing strong cost-performance advantages [30][35] - The rapid adoption of AI-assisted programming tools is driving token consumption, with companies like Anthropic experiencing substantial revenue growth due to high demand in software development scenarios [45][50] Summary by Sections Section 1: Token Usage Growth - From February 16 to February 22, 2026, the weekly token usage of Chinese AI large models reached 5.16 trillion, a 127% increase over three weeks, while US models dropped to 2.7 trillion [16][17] - The market for enterprise-level large models in China is showing a clear trend towards concentration, with the top three models accounting for 71.8% of daily usage by the second half of 2025 [17] Section 2: Performance and Cost-Effectiveness of Domestic Models - Domestic models like GLM-5, Qwen-3.5, and MiniMax M2.5 have entered the global top tier, with GLM-5 recognized as a benchmark in the open-source category [30][34] - The cost of API calls for domestic models is significantly lower than that of international counterparts, enhancing their attractiveness to developers and enterprises [24][35] Section 3: Coding and Agent Development - The report emphasizes that AI models like Claude from Anthropic dominate the coding space, with a 54% market share in AI coding tools, leading to a surge in revenue from $1 billion at the beginning of 2025 to $14 billion by February 2026 [45][49] - Domestic AI coding tools are rapidly evolving, with companies like ByteDance and Alibaba developing products that automate the entire software development process [50][52] Section 4: Investment Opportunities - The report suggests focusing on three investment dimensions: computing power (e.g., Cambrian, Inspur), tool software (e.g., Eazy Information, Star Ring Technology), and model and vertical applications (e.g., Zhiyuan, MiniMax, and others) [8][9]

2026年2月20日，杭州绿云软件股份有限公司向港交所递交主板上市申请，中金公司担任独家保荐人。若闯关成功，它将摘下港股"酒旅数智第一股"的桂 冠。 按2024年销售额及覆盖客房数计算，这家住宿业数字化服务商已是国内最大的PMS（酒店物业管理系统）供应商，市场份额分别为16.8%和16.3%（灼识咨 询报告）。截至2025年9月底，其服务酒店超3.7万家，客户涵盖锦江、君亭等国内酒管集团，以及万豪、洲际等国际巨头。按累计签约中高端酒店数量计， 2024年位居行业第一。 更令资本市场关注的是其盈利记录：在国内前五大住宿业数字化服务商中，绿云是2020年至2024年唯一持续盈利且累计净利润最高的企业。2023年至2025年 前9月，净利润分别为7385万元、6897万元和3457万元，毛利率维持在64%以上。 然而，褪去龙头光环，这份成绩单背后潜藏隐忧。财务承压、供应链"卡脖子"、合规治理瑕疵、竞争壁垒薄弱——这家号称酒店"大脑"的企业，IPO闯关之 路并不平坦。 现金流状况加剧了发展压力。截至2025年9月底，绿云持有现金及等价物仅5218万元，同期应收账款达1.24亿元，短期贷款0.1亿元。更值得关注的是，2 ...

Group 1 - Company iFLYTEK is a leading player in the domestic AI sector, possessing its own Spark cognitive model with capabilities in code generation, intelligent development, research Q&A, and automated testing, and maintains a long-term deep cooperation with Huawei Cloud [1] - The model can efficiently collaborate with Huawei Cloud's CodeArts to provide AI-assisted development services across various industries including finance, government, education, industry, and healthcare [1] - The demand for enterprise-level AI coding is surging, leading to accelerated deployment in low-code development platforms, intelligent programming assistants, and industry digital solutions, with a robust income structure and growth potential [1] Group 2 - China Software is the absolute leader in the domestic software and Xinchuang industry, focusing on operating systems, databases, middleware, industry solutions, and major digital engineering services, with deep ecological binding with Huawei in various fields [2] - The comprehensive promotion of CodeArts will significantly enhance the company's software development efficiency, system iteration speed, and project delivery quality, effectively reducing R&D costs [2] - The company’s business deeply covers high-barrier industries such as finance, energy, transportation, government, and national defense, benefiting from dual dividends of policy support and industry demand [2] Group 3 - Yonyou Network is a leading vendor in the domestic enterprise cloud services and ERP sector, establishing long-term strategic cooperation with Huawei Cloud in hybrid cloud deployment, industrial internet, and digital transformation [3] - The self-developed enterprise-level AI model is fully integrated into Yonyou's BIP intelligent business platform, enhancing application development efficiency and driving high-quality growth in cloud service subscription revenue [3] - The company’s client base includes large and medium-sized enterprises, specialized and innovative companies, and growing SMEs, with increasing penetration in various industries [3] Group 4 - Oriental Guxin specializes in big data platforms, cloud computing services, industrial internet, and industry digital solutions, maintaining stable cooperation with Huawei in several areas [4] - The company provides integrated services in intelligent development, system integration, and data middle platform construction, with high business barriers and strong customer stickiness [4] - The AI coding tools' widespread adoption will significantly improve efficiency in large digital project delivery and core system iteration [4] Group 5 - Runhe Software is a core ecological co-builder of Huawei's open-source Harmony and Euler operating systems, participating deeply in ecological construction and adaptation development [5] - The company collaborates closely with Huawei Cloud in AI development tools, low-code platforms, and industry solutions, significantly enhancing application development and project delivery efficiency [5] - The widespread adoption of AI coding tools will effectively shorten project cycles, reduce R&D costs, and improve product stability [5] Group 6 - Digital China is a leading cloud management service and digital solution provider, deeply involved in Huawei's cloud ecosystem, offering a range of services including application development and digital transformation [6] - The company benefits from the growing demand for cloud management services and system integration as AI coding tools become prevalent in the enterprise sector [6] - Its comprehensive competitiveness continues to strengthen in various fields including digital government, intelligent manufacturing, and financial technology [6] Group 7 - Huasheng Tiancheng is a certified excellent ISV partner of Huawei, focusing on cloud computing, big data, and AI solutions, with deep collaboration in various areas [7] - The company’s products can seamlessly integrate with Huawei Cloud's CodeArts, expanding AI development service scenarios [7] - The widespread adoption of AI coding tools will significantly enhance delivery efficiency and product quality across key industries [7] Group 8 - Changshan Beiming, through its subsidiary Beiming Software, is a key ISV partner of Huawei, focusing on smart city, industrial internet, and financial technology [8] - The company collaborates deeply with Huawei Cloud in application development and data governance, with CodeArts enhancing software development efficiency [8] - The adoption of AI development tools will effectively reduce R&D costs and enhance product competitiveness [8] Group 9 - Tuo Wei Information is a strategic partner of Huawei across multiple core ecosystems, focusing on AI infrastructure and digital solutions [9] - The company provides AI development and digital services across various sectors, significantly improving code production efficiency [9] - The demand for AI coding in the enterprise sector continues to rise, leading to sustained business growth [9] Group 10 - Hand Information is a core partner of Huawei Cloud, focusing on enterprise digital transformation and ERP implementation services [10] - The company’s AI coding tools significantly enhance application development and system optimization efficiency [10] - The widespread promotion of CodeArts will open up long-term growth opportunities in enterprise digitalization and AI development services [10] Group 11 - Softcom Power is a leading software and digital technology service provider, deeply cooperating with Huawei Cloud to create intelligent solutions [11] - The company benefits from the widespread adoption of AI development tools, enhancing project delivery efficiency and order acquisition capabilities [11] - Its client base includes high-quality projects in finance, internet, and intelligent manufacturing [11] Group 12 - Donghua Software is a comprehensive industry solution provider, maintaining long-term cooperation with Huawei in various fields [12] - The company’s collaboration with Huawei Cloud enhances software development efficiency and project delivery quality [12] - The adoption of AI coding tools will further strengthen the company’s competitive position in the digital economy [12] Group 13 - Qiming Star is a leading enterprise in the network security sector, collaborating with Huawei in various security areas [13] - The company’s products are increasingly penetrating high-security demand industries, benefiting from the AI and security development model [13] - The demand for automated security operations and compliance code development is rapidly growing [13] Group 14 - SuperMap Software is a leading GIS platform provider, collaborating with Huawei in various fields [14] - The company’s GIS platform software is fully compatible with Huawei Cloud, enhancing industry application development efficiency [14] - The adoption of AI coding tools will accelerate the integration of GIS and AI applications [14] Group 15 - Baoxin Software is a dual leader in industrial software and IDC computing services, deeply cooperating with Huawei in various areas [15] - The company’s AI coding tools significantly enhance the efficiency and stability of industrial software development [15] - The company benefits from the growing demand for industrial AI and digital transformation [15] Group 16 - Unisplendour is a leading player in the ICT infrastructure sector, maintaining a competitive ecological partnership with Huawei [16] - The company provides integrated solutions in computing hardware, cloud platforms, and industry digital solutions [16] - The demand for AI and cloud computing is expected to drive sustained growth in the company’s performance [16] Group 17 - Shiji Information is a leader in hotel information and tourism digitalization, collaborating with Huawei in various areas [17] - The company’s AI technology enhances the efficiency of industry application development and system iteration [17] - The demand for intelligent systems in the tourism sector is expected to continue growing [17] Group 18 - Weining Health is a leader in the medical information sector, collaborating with Huawei to promote digital and intelligent upgrades [18] - The company’s products are widely used in various healthcare settings, benefiting from the growing demand for medical digitalization [18] - The adoption of AI coding tools will enhance the efficiency of medical software development [18] Group 19 - Hengsheng Electronics is a leader in financial IT, deeply cooperating with Huawei in various financial technology areas [19] - The company’s collaboration with Huawei enhances the efficiency of financial core system development [19] - The adoption of AI development tools is expected to strengthen the company’s position in the financial IT sector [19]

中国酒店的"大脑"要来港股IPO了。 2月20日，香港交易所马年开市首日，绿云软件这家被视为中国酒店的"大脑"积极地敲响了港交所大 门，拟香港主板上市，中金公司担任独家保荐人。 绿云软件之所以被酒店的"大脑"，主要是因为公司的PMS系统。PMS的全称是物业管理系统，可以通俗 地理解为酒店的后台操作中枢。前台员工的日常操作，如办理入住、换房、退房，以及房费结算，都离 不开它。 按销售额及覆盖客房数计，绿云软件是2024年中国住宿业数字化行业最大的PMS供应商，市场份额分别 为16.8%和16.3%。截至2025年9月底，公司已向中国3.7万多家酒店提供PMS。 不仅如此，深耕住宿业数字化十余年，绿云软件的客户名单也堪称豪华—— 龙头底色：盈利表现稀缺，行业确定性强 随着全球住宿业市场规模加速发展以及数字化支出占比持续提升，住宿业数字化是一条确定性很高的增 长赛道。 根据灼识咨询报告披露，中国住宿业数字化市场规模预计在2029年达到90.2亿元，2024-2029年的复合 年增长率(CAGR)为12.6%。其中，PMS作为核心系统亦同步扩容，市场规模预计在2029年达到35.2亿 元，CAGR为10.9%，为绿云 ...

为了抢"马年第一"的好彩头，你知道杭州这家企业有多拼吗？ 早在大年初四的港交所开市首日，绿云软件就提交了上市申请，成功将"马年首单IPO"申请的成就收入 囊中，可谓赚足了眼球，这家企业究竟什么来头？ 01，浙大IT男征服3.7万家酒店 2月20日，杭州绿云软件股份有限公司（简称"绿云软件"）正式向港交所递交招股说明书，中金公司担 任独家保荐人，消息出炉，引发行业关注，尽管对C端消费者而言，它的名字很陌生，可是放到中国的 酒店、文旅等产业，它的大名可谓如雷贯耳： 据公开资料，绿云软件、杭州西湖软件皆由由杨铭魁于1988年起陆续创立，他从浙江大学计算机系本硕 毕业后留校任教，担任浙大计算机学院的教师，并长期从事酒店信息化和互联网应用研究，他主导开发 iHotel酒店信息化平台，在学术界和产业界均取得显著成就； 他多次获得国家级及省部级科技进步奖，发表论文10余篇，参编教材及著作10余部，还参与制定智慧旅 游及酒店物联网国家标准，推动旅游信息化教育发展，与高校合作培养专业人才。 据招股书披露，公司已向中国37000多家酒店提供PMS服务，客户覆盖中国饭店协会2024年排名前50的 酒店管理集团以及中国旅游饭店业协会 ...

2022年2.56亿元 2023年3.37亿元 一、绿云软件提交上升申请 2026年2月20日，杭州绿云软件股份有限公司正式向港交所递交招股说明书，拟主板挂牌上市，中金公 司担任独家保荐人。 1、服务3.7万家酒店 截至2026年2月13日，绿云软件已向中国3.7万家酒店提供前台软件。 2、历年营业收入 2024年3.27亿元 3、历年净利润 2022年3886.37万元 2023年7385.12万元 2024年6897万元 4、2025年1至9月经营状况 营业收入2.25亿元 毛利润1.5亿元 净利润3457万元，利润率15.36% 首业资本持股11.31％ 澄泓投资持股3.61% 携程通过 上海科慧持股2.66% 5、营业结构 2025年1至9个月来自住宿业数字化解决方案的收入1.8亿元，占80.1%；来自数字营销服务的收入2899万 元，占12.9%。 6、股权结构 绿云软件执行董事为杨铭魁、高亮、郭迪胜、屠承荣、葛丽华女士、薛颖女士；独立非执行董事为凌伟 欣女士、杨建刚、黄健峤。 杨铭魁持股27.19%，高亮持股26.75%，新余夏菊(由杨铭魁作为其普通合伙人控制)持股为4.87%，合计 控股58.8 ...

格隆汇2月24日｜国海证券研报指出，石基信息是国内领先的酒店业、零售业、休闲娱乐业信息系统提 供商，以酒店业务为核心，管理系统PMS作为"中枢系统"串联各项业务，具有多套酒店PMS产品，全面 覆盖不同客群，且DaylightPMS专注于全球化+高端酒店，在此基础上，公司开展Infrasys业务，提供高 效的餐饮全流程服务，从经营成果看，2025H1公司平台化SaaS业务ARR达5.4亿，同比+21.4%，续费率 超9成。作为国内领先的酒店业、零售业、休闲娱乐业信息系统提供商，受益于全球酒店业景气以及数 字化转型，当前股价对应2025-2027年PS分别为11.49/10.98/10.50X，首次覆盖，给予"增持"评级。 ...