截至2025年一季报，金山云营业总收入19.7亿元、净利润-3.14亿元。 金山云控股有限公司以提供全球范围内的云服务为主营业务，构建了一整套的云计算基础架构和运营体 系，服务领域涉及互联网、公共服务、数字健康、金融等多个领域。公司运用大数据、人工智能和边缘 计算等高新技术，为500余家优质客户提供超过150种解决方案，并于2020年和2022年分别在美股和港股 完成上市。 8月5日，金山云(03896)盘中上涨2.01%，截至13:43，报7.63元/股，成交4.4亿元。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - China Tower Corporation reported stable revenue growth and improved profitability for the first half of 2025, with a focus on optimizing resource allocation and enhancing core competitiveness [1][2] Group 1: Financial Performance - The company achieved operating revenue of RMB 49.601 billion, a year-on-year increase of 2.8% [1] - EBITDA reached RMB 34.227 billion, reflecting a 3.6% year-on-year growth [1] - Profit attributable to shareholders was RMB 5.757 billion, up 8.0% compared to the previous year [1] - Net cash flow from operating activities was RMB 28.679 billion, with free cash flow amounting to RMB 16.287 billion [1] - The board decided to distribute an interim dividend of RMB 0.13250 per share (pre-tax) for 2025 [1] Group 2: Business Development - The company’s operator business generated revenue of RMB 42.461 billion, a 0.8% increase year-on-year [1] - The two wings business achieved revenue of RMB 6.935 billion, accounting for 14.0% of total revenue, an increase of 1.6 percentage points from the previous year [2] Group 3: Innovation and Technology - The company emphasized technological innovation, focusing on key technologies such as next-generation mobile communication, artificial intelligence, edge computing, and IoT [2] - The number of R&D personnel increased by 29% compared to the same period last year, and the number of authorized invention patents rose by 16% since the end of 2024 [2] - The company is actively promoting the transformation of technological achievements into productive forces through various initiatives [2]

Core Viewpoint - China Tower (00788) reported stable revenue growth for the half-year ending June 30, 2025, with operating income reaching RMB 49.601 billion, a year-on-year increase of 2.8% [1] - The company continues to enhance its profitability, with EBITDA reaching RMB 34.227 billion, up 3.6% year-on-year, and net profit attributable to shareholders at RMB 5.757 billion, an increase of 8.0% [1] Group 1: Financial Performance - Operating cash flow for the period was RMB 28.679 billion, with free cash flow amounting to RMB 16.287 billion [1] - The board has decided to distribute an interim dividend of RMB 0.13250 per share (pre-tax) for 2025 [1] Group 2: Business Development - The company is optimizing resource allocation and deepening reform and innovation, leading to improved operational quality and efficiency [1] - In the first half of 2025, the operator business generated revenue of RMB 42.461 billion, reflecting a 0.8% year-on-year growth [1] Group 3: Two-Wing Business Growth - The two-wing business achieved revenue of RMB 6.935 billion in the first half of 2025, accounting for 14.0% of total revenue, an increase of 1.6 percentage points compared to the same period last year [2] - The company is focusing on technological innovation, enhancing core capabilities, and driving business growth [2] Group 4: R&D and Innovation - The company is strengthening its R&D in key technologies such as next-generation mobile communications, artificial intelligence, edge computing, and IoT, with a 29% increase in R&D personnel compared to the same period last year [2] - The number of authorized invention patents increased by 16% compared to the end of 2024 [2]

Group 1 - Figma achieved a record-breaking IPO with a first-day stock price surge of 250%, raising $1.2 billion at a market cap of nearly $20 billion [1][3] - Ambiq Micro raised $96 million at a market cap of $459 million, focusing on ultra-low power semiconductor solutions for AI computing [1][3] - Shoulder Innovations raised $75 million at a market cap of $327 million but saw a decline of 5% on its first day [2][3] Group 2 - Upcoming IPOs include Firefly Aerospace, aiming to raise $599 million with a market cap of $5.8 billion, specializing in space and defense technology [5][8] - Heartflow plans to raise $200 million at a market cap of $1.37 billion, providing imaging and diagnostics software for coronary artery disease [6][8] - WhiteFiber is set to raise $125 million with a market cap of $558 million, offering AI infrastructure solutions [7][8]

8月4日，沪深两融数据显示，移远通信上周累计获融资净买入额1675.84万元，居两市第447位，上周融 资买入额5.06亿元，偿还额4.90亿元。 移远通信所属概念板块包括：通信设备、上海板块、富时罗素、沪股通、上证380、融资融券、预盈预 增、AI眼镜、英伟达概念、机器人概念、边缘计算、华为概念、车联网(车路云)、无人驾驶、5G概念、 智慧城市、智能电网、移动支付、物联网。 资金流方面，移远通信近5日主力资金流入477.41万元，区间涨幅0.12%；近10日主力资金流出1.35亿 元，区间跌幅1.92%。 天眼查商业履历信息显示，上海移远通信技术股份有限公司，成立于2010年，位于上海市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本26165.7654万人民币，实缴资本 24440.0446万人民币。公司法定代表人为钱鹏鹤。 通过天眼查大数据分析，上海移远通信技术股份有限公司共对外投资了13家企业，参与招投标项目506 次，知识产权方面有商标信息186条，专利信息729条，此外企业还拥有行政许可17个。 来源：金融界 ...

Core Viewpoint - He Sheng New Materials plans to invest 250 million yuan in Shanghai Yizhi Electronic Technology Co., Ltd., acquiring a 10% stake, indicating a strategic move to enhance its position in the high-end processor chip market [1][2]. Investment Details - The investment consists of 4.7669 million yuan for subscribing to the new registered capital, with the remaining 245.33 million yuan allocated to capital reserves [2]. - The investment aims to strengthen the business relationship between He Sheng New Materials and Yizhi Electronic, leveraging their existing collaboration in high-end server development [3]. Company Overview - Yizhi Electronic specializes in the research, design, and sales of high-end processor chips for servers and workstations, having completed three generations of chip designs [2]. - The company has established a strong market presence, with its products recognized by major internet companies, operators, and financial enterprises [2]. - Yizhi Electronic is one of the few domestic companies that have commercialized ARM server processor chips, with its TF7000 series achieving advanced performance levels in China [2]. Financial Performance - In the first half of the year, Yizhi Electronic reported revenues of 31.11 million yuan and a net loss of 37.89 million yuan, with net assets totaling 123 million yuan as of June 30 [3]. - He Sheng New Materials highlighted Yizhi Electronic's efficient R&D team and core intellectual property, indicating a high investment value [3]. Strategic Collaboration - He Sheng New Materials' subsidiary, Shanghai Haixi Technology Co., Ltd., has been collaborating with Yizhi Electronic on technology and business initiatives, including the development of high-end servers [3]. - The companies have successfully developed the DeepSeek integrated machine based on Yizhi Electronic's CPU and are expanding customer engagement [3]. - Future collaboration may involve joint design, software and hardware adaptation, and process optimization to enhance product performance and customer service [3]. Company Performance - He Sheng New Materials reported a projected net profit of 91.91 million to 104.16 million yuan for the first half of the year, reflecting a year-on-year increase of 50.01% to 70.00% [4]. - The increase in performance is attributed to improved supply chain management, which has positively impacted the company's product gross margin [4].

本文源自：金融界 金山云控股有限公司以提供全球范围内的云服务为主营业务，构建了一整套的云计算基础架构和运营体 系，服务领域涉及互联网、公共服务、数字健康、金融等多个领域。公司运用大数据、人工智能和边缘 计算等高新技术，为500余家优质客户提供超过150种解决方案，并于2020年和2022年分别在美股和港股 完成上市。 作者：行情君 8月1日，金山云(03896)盘中下跌2.05%，截至10:53，报7.65元/股，成交3.58亿元。 截至2025年一季报，金山云营业总收入19.7亿元、净利润-3.14亿元。 ...

芯片设计公司Ambiq Micro（股票代码：AMBQ）近期成功登陆美国纽交所，为半导体行业注入了一股新的活力。该公司以每股24美元的价格发行了400万 股股票，成功募集到9600万美元的资金。 近年来，随着OpenAI推出ChatGPT等大型语言模型（LLM），谷歌、Anthropic等公司也纷纷推出了类似的生成式人工智能模型。这些模型已成为新兴人 工智能产品和服务的基础，正在颠覆从互联网搜索到医疗保健等多个市场。在这一背景下，不仅英伟达等芯片巨头受益，Ambiq Micro也迎来了上市的良 机。 Ambiq Micro的上市首日表现抢眼，开盘价即达到38美元，收盘价更是攀升至38.53美元，较发行价上涨了60.54%。以此收盘价计算，Ambiq Micro的市值 达到了6.56亿美元。这一表现无疑为投资者带来了丰厚的回报，也进一步提升了公司的市场影响力。 作为一家专注于超低功耗半导体解决方案的公司，Ambiq Micro成立于2010年，致力于解决通用计算和人工智能计算领域面临的巨大功耗挑战。其客户遍 布个人设备、医疗保健、工业边缘计算以及智能家居和楼宇市场等多个领域，这些客户都依赖于Ambiq Micr ...

Core Viewpoint - Yuntian Lifei is advancing towards a dual listing on the A-share and Hong Kong stock markets after successfully landing on the Sci-Tech Innovation Board in 2023, aiming to accelerate its international capital layout [2][3]. Group 1: Company Overview - Founded in 2014, Yuntian Lifei focuses on the research, design, and commercialization of AI inference chips, offering products and services across enterprise, consumer, and industry applications [3]. - The company has established a complete closed loop from AI inference infrastructure construction to product design, development, and commercialization, enabling rapid migration of AI across diverse scenarios [3]. Group 2: Product Offerings - In enterprise applications, Yuntian Lifei provides AI inference chips, computing power services, and IP licensing, primarily for SoC development, large model services, and service robots [4]. - For consumer applications, the company has developed AI-native products such as AI learning machines, AI glasses, and AI-enabled toys, leveraging advancements in AI technology [5]. - In industry applications, Yuntian Lifei offers integrated hardware and software solutions for smart public transport, smart city governance, and emergency response, addressing complex real-world challenges [5]. Group 3: Market Position - According to a report by Zhaoshang Consulting, Yuntian Lifei ranks among the top three providers of AI inference chip-related products and services in China for 2024, and is also among the top two in the NPU-driven AI inference chip sector [5]. Group 4: Financial Performance - Yuntian Lifei's revenue for 2022, 2023, and 2024 is reported as 546 million, 506 million, and 917 million respectively, with a year-on-year revenue growth of over 168% to 264 million in Q1 of this year [6]. - The market size for AI inference chip-related products and services in China is projected to grow from 11.3 billion in 2020 to 162.6 billion in 2024, with a compound annual growth rate of 94.9%, and is expected to reach 1,383 billion by 2029 at a 53.4% CAGR [6]. Group 5: Strategic Initiatives - Yuntian Lifei plans to increase investment in AI inference chips, focusing on edge computing, cloud-based large model inference, and embodied intelligence [7]. - The company has achieved significant milestones in edge computing, with multiple demonstration projects in high-density video intelligent analysis and small-scale edge large model inference [7]. - In cloud inference acceleration, Yuntian Lifei has launched a reasoning acceleration card based on domestic technology, utilizing a "computing power building block" architecture for modular expansion and task parallelism [8]. - The company has established partnerships with over ten robotics manufacturers, deploying edge chip products in service robots, anticipating embodied intelligence to become a new growth engine in the robotics industry within 3-5 years [8].

机构：浦银国际 研究员：赵丹/杨子超 云工场是国内最早的IDC 服务提供商之一，公司以基础云切入市场，致力于成为领先的边缘计算和边缘 AI 提供商。稳定的上下游关系推动IDC 业务健康增长，市场份额有望持续扩大。公司大力拓展的边缘 计算和边缘AI 服务，市场潜力巨大，有望打造成新的增长驱动。 数字化转型推动IDC 业务需求持续稳定增长。受益于中国企业数字化转型以及云计算、区块链及物联网 等新技术发展推动，IDC 需求持续健康增长。弗若斯特沙利文预计中国IDC 市场收入规模2024-2028复 合年增长率达到13.6%。非自建数据中心因其低成本及高弹性，得到了小型企业青睐，推动了IDC 解决 方案服务市场的快速增长，预计2024-2028 复合年增长率为17.0%。 上下游保持长期稳定合作关系，市场份额有望扩大。凭借着优质的服务，公司已建立起品牌知名度，并 与上下游保持着长期稳定合作伙伴关系。通过不断丰富服务产品组合以及拓展新客户，公司市场份额有 望持续扩大。灵活可扩展的业务模式或助力公司实现业务快速扩张。 发力边缘计算和边缘AI，打造新增长曲线。边缘计算在物联网、人工智能、增强现实等领域应用广 泛，拥有很大增 ...