证券研究报告：计算机 | 公司点评报告 发布时间：2026-02-03 股票投资评级 买入|维持 个股表现 -21% -15% -9% -3% 3% 9% 15% 21% 27% 33% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 科大讯飞 计算机 资料来源：聚源，中邮证券研究所 | 公司基本情况 | | | --- | --- | | 最新收盘价（元） | 57.00 | | 总股本/流通股本（亿股）23.12 / 21.89 | | | 总市值/流通市值（亿元）1,318 / 1,248 | | | 52 周内最高/最低价 | 63.70 / 42.79 | | 资产负债率(%) | 54.9% | | 市盈率 | 237.50 | | 第一大股东 | 中国移动通信有限公司 | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:刘聪颖 SAC 登记编号:S1340525100001 Email:liucongying@cnpsec.com 科大讯飞(002230) 经营 ...

在车身尺寸方面，启境首款猎装轿跑车长超5米、车宽近2米，拥有越级体量。其独特的溜背式设计在保 留轿跑动感背影的同时，完美解决了传统轿跑空间局促的痛点，实现了优雅与实用的平衡。 值得注意的是，作为30万级唯一搭载华为乾崑全家桶的猎装轿车，该车不仅在设计上确立了美学标杆， 更在智能科技层面实现了全面升维。它深度融合了华为乾崑智驾ADS、鸿蒙座舱及乾崑数字底盘引擎等 全栈技术，可为用户打造集"优雅颜值+跑车级操控+SUV通过性+旅行车空间"于一体的全能驾乘体验。 此次呼伦贝尔冬测不仅是对车辆机械素质的严苛考验，更标志着启境在高端猎装轿跑细分市场布局的实 质性落地，进一步丰富了消费者对智能豪华出行的想象。 作为华为乾崑在猎装轿跑领域的开山之作，此次冬测视频展示了车辆在极寒环境下的动态表现。据官方 解读，该车通过"一升一降"的系统工程，实现了顶级性能车才具备的黄金轮高比(大于50%)，配合长车 头、长轴距的经典比例，不仅塑造了极具侵略性的低趴姿态，更兼顾了修长优雅的侧面线条。 2月3日消息，备受瞩目的启境首款猎装轿跑在呼伦贝尔诺干湖寒区测试场开启了紧张的冬季测试。随着 轻伪装路试车图与动态视频的首次曝光，这款华为乾崑技 ...

华为终端官方今日也公布了鸿蒙智行问界M6汽车的宣传图。新车采用分体式前后大灯设计、配备半隐 藏式门把手，主打新锐风格，已官宣"春天见"。 凤凰网科技讯2月3日，汽车博主"我鸿"分享了鸿蒙智行问界M6的外观亮点。包括顶置激光雷达、华为 乾崑ADS4、俯冲动感姿态、黑曜运动套件(含黑曜LOGO、车窗饰条等)；运动格栅、两侧风道；晶耀前 灯；饱满型面、动感腰线、半隐藏式门把手；晶耀尾灯、后向固态激光雷达、悬浮发光LOGO、ADS小 蓝灯；全新21英寸轮毂、前轮固定式卡钳。 ...

近日，《次世代车研所》从博世中国内部员工处获悉，目前公司已开启裁员，人数近200人，"重灾区"为博世在无锡的燃油汽车项目和氢燃料电池项目。 另有员工证实裁员的真实性，但直言公司的补偿方案相对优厚，"目前这几波都是经济性裁员，全部补偿了N+4。今年6月份，还将在国内开启一轮裁员， 涉及员工会更多"。 博世中国官方向《次世代车研所》否认了裁员一说，称此举是企业的正常经营管理深化行为。 作为全球最大汽车零部件供应商，博世的裁员行动早已不是秘密——2024年曾宣布在德国裁员9000人，2025年又追加裁员1.3万人，预计到2030年底将裁 员2.2万人。而在中国区，博世的员工数量呈现些许下降趋势，根据披露，其在2023年底有约5.8万名员工，一年后该数据降至5.6万。 博世中国总裁徐大全曾坦言："在电机、电桥、电控和辅助驾驶等新兴领域，博世的盈利状况都不乐观"。目前纵观行业，华为、比亚迪等多家中国企业崛 起，抢占了市场份额，博世在竞争中逐渐"失宠"。 销售额下滑，中国总裁坦言"辅助驾驶从领先到追赶" 关于此次博世中国区裁员，内部人士嘉华（化名）向《次世代车研所》透露，此次裁员是受到传统燃油汽车业务不振的影响。 另有内 ...

Core Viewpoint - Huawei has launched the new HarmonyOS PC, the Huawei Qingyun HM740, which features significant advancements in battery life and smart office capabilities [1] Group 1: Product Features - The Huawei Qingyun HM740 is equipped with a 70Wh battery, marking it as Huawei's longest-lasting laptop to date [1] - It features an OLED touchscreen with a 2.8K resolution and a 120Hz refresh rate, covering 100% sRGB and P3 color gamut, with a peak brightness of 450 nits [1] - The device supports Wi-Fi 7 and NearLink technology, allowing it to send signals even when powered off for functions like device tracking and remote locking [1] Group 2: Operating System and Smart Features - The HarmonyOS Enterprise Edition provides a range of smart office functionalities, including a report-generating assistant, automatic file classification, and meeting minutes generation [1] - It includes a "digital dual space" feature that allows users to switch between personal and enterprise environments [1] - The laptop supports zero-touch deployment, enabling automatic configuration once connected to the network [1]

Group 1 - The core viewpoint of the report indicates that the domestic model iteration is accelerating, leading to a significant increase in inference-side demand, which will benefit the domestic computing power industry chain [1] - Major domestic models are entering a dense release period, with significant models such as DeepSeek's open-source OCR2, Kimi's K2.5, Alibaba's Qwen3-MaxThinking, and Baidu's Wenxin 5.0 being launched [1] - ByteDance plans to introduce three new AI models in February, including Doubao 2.0, Seedream 5.0, and SeedDance 2.0, while Alibaba is also set to release its next-generation flagship AI model Qwen 3.5 during the Spring Festival [1] Group 2 - Domestic cloud vendors are maintaining high levels of capital expenditure, with ByteDance planning a capital expenditure of 160 billion yuan for 2026, up from approximately 150 billion yuan in 2025 [2] - Alibaba announced a three-year plan for AI infrastructure construction with a budget of 380 billion yuan during the 2025 Cloud Habitat Conference, indicating sustained investment in cloud computing [2] Group 3 - The rapid iteration of domestic models is expected to capture user AI interaction entry points, leading to a corresponding increase in inference-side computing power demand [3] - 2026 is projected to be a pivotal year for the deployment of domestic supernodes, with numerous domestic manufacturers releasing next-generation supernode solutions, including Huawei's Atlas 950/960 and others [3] - The industry is poised for a significant growth phase as both supply and demand sides are actively engaged in the market [3]

天眼查App显示，近日，北京跨赴科技有限公司发生工商变更，新增华为旗下深圳哈勃科技投资合伙企 业(有限合伙)、北京跨赴如是科技发展合伙企业(有限合伙)等为股东，同时，注册资本由约27.6万人民 币增至约30.2万人民币。 该公司成立于2023年8月，法定代表人为武鑫，经营范围包括人工智能应用软件开发、软件销售、软件 外包服务等，现由武鑫、隋小波及上述新增股东等共同持股。官网显示，该公司致力于为每个企业配备 无人的软件开发工厂。 ...

凤凰网科技讯2月3日，阿维塔官方宣布，华为乾崑与阿维塔战略合作2.0全新车型正式命名为阿维塔 06T，将首批搭载华为全新一代激光雷达。 阿维塔官方还放出了新车外观预告图。画面显示，阿维塔06T为一款旅行车，采用家族式前脸+车顶激 光雷达设计。 据了解，阿维塔06是阿维塔品牌第四款量产车型，于2025年4月上市，共推出包括纯电和增程车型在内 的共6款车型，指导价区间为20.99-27.99万元。 此前，新款阿维塔12官图发布，官方宣称设计、动力、操控、智驾全域升级。 ...

Group 1 - Huawei leads the Chinese smartphone market in January with a market share of 18.6% [1][6] - The Mate 80 standard version has the highest demand, with over 1.5 million units activated, making it the best-selling model among domestic flagship smartphones in the second half of last year [1][6] Group 2 - The market share rankings for January are as follows: 1. Huawei - 18.6% 2. Apple - 17.04% 3. OPPO - 16.59% 4. vivo - 16.26% 5. Xiaomi - 14.39% 6. Honor - 13.64% 7. Others - 3.48% [2][7]

个股消息面，1月29日，方舟健客以先旧后新方式配售约4518.1万股，净筹资约1.44亿港元。其中90%（约1.3亿港元）将用于加速AI驱动的慢病 管理平台发展。 2月3日， AH医疗板块携手拉升，AI医疗、CXO概念活跃。 A股最大医疗ETF（512170）盘中一度涨逾1%收复年线。近期巨量逢跌增仓，截至2月2日，512170近10日累获26.33亿元净申购。 | | 0.351 +0.003 +0.86% | | | | 天空ETF ( 512170 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | SSE CNY 10:18:28 交易中 查看L2全景 | | | | | 用 用 A 0 + | | | 泽值走势 | | 华宝中证医疗ETF | 近5日净流入 | | | | 单位(万元) | | 或 | -1.91% === | -175776 | | | | | | | STAR | 0.355 | 816471 | | 49912 | 46923 | | | | 22 74 | 0354 | 899602 | | | | | | ...