Core Viewpoint - The article emphasizes the transformation of investment research services through the establishment of the "CICC Insight" digital research platform, which aims to integrate knowledge aggregation, ecosystem building, and AI-assisted decision-making to lead the intelligent revolution in the industry [1][2]. Group 1: Digital Transformation Phases - Foundation Phase (Knowledge Aggregation): The platform has integrated research from over 30 research teams, including reports, events, key indicators, research frameworks, and financial models [3]. - Empowerment Phase (Ecosystem Building): The platform has established a financial technology service ecosystem, collaborating with nearly 30 leading institutional clients through localized deployment or API integration, covering various client segments such as public funds, private equity, insurance, asset management, banks, and enterprises [4]. - Leap Phase (AI-Assisted Decision-Making): The platform has developed the CICC Insight model, which offers AI search, data retrieval, and intelligent meeting minutes to meet institutional clients' research needs and assist in decision-making [5]. Group 2: Differentiation and Functionality - The CICC Insight platform has launched over 120,000 data indicators, 200+ industry frameworks, and 800+ individual stock frameworks, processing over 3 million data entries daily to provide in-depth fundamental support and forward-looking insights for investment decisions [6]. - The platform incorporates deep professional research logic, linking macroeconomic data with research viewpoints and frameworks, enhancing the understanding of economic indicators [9]. - The AI research tools are designed to assist professional institutional researchers in efficiently conducting research across various dimensions, including total market, industry, and individual stocks [10]. Group 3: Client-Centric Approach - The platform offers diverse collaboration models, such as SaaS accounts, embedded systems, and localized deployments, to co-create a new chapter in digital finance with clients [11]. - Feedback from clients, such as a private equity fund manager, highlights the platform's ability to provide timely access to quality sell-side services, transforming the availability of research resources for smaller investment institutions [11]. Group 4: Compliance and Innovation - The technology team emphasizes the challenge of balancing innovation and compliance, developing an internal risk control system that transitions from passive response to proactive warning while adhering to regulatory standards [12][14]. - The CICC Insight model, developed through extensive collaboration with over 100 analysts, aims to provide high-quality, professional responses to client inquiries by mid-2025 [12].

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财务数据显示，截至2025年06月30日，宜人智科收入总额32.07亿人民币，同比增长11.55%；归母净利 润6.05亿人民币，同比减少32.43%。 大事提醒： 8月21日，宜人智科2025财年中报归属股东应占溢利6.05亿人民币，同比下降32.43%，基本每股收益3.5 人民币。 资料显示，宜人智科有限公司(NYSE:YRD),原宜人金科。2024年6月,宜人金科品牌更名为宜人智科。宜 人智科,总部位于中国北京,2015年12月18日成功登陆纽约证券交易所,是宜信公司旗下AI大模型驱动的数 智化一站式财务综合服务提供商。依托强大的算法和数据分析能力,凭借智能风控、智能选品、智能营 销和运营、智能客服等领域的创新探索,为个人、家庭和企业提供个性定制化生活产品和服务,满足各类 用户在财务咨询、生活和财产保障、品质生活等不同场景下的精准需求。宜人智科始终坚持科技创新, 不断推动社会经济的繁荣发展,致力于让生活更美好、更高效、更便利、更有温度。 本文源自金融界 8月22日，宜人智科(YRD)盘中上涨5.13%，截至23:32，报6.35美元/股，成交32.03万美元，总市值5.49 亿美元。 ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 算力产业跟踪：超节点引领新一代算力基础设施 报告要点 [Table_Summary] 超节点是新一代算力基础设施，当前算力龙头企业纷纷推出超节点产品。超节点能解决大模型 训练推理中以通信速度为核心的性能瓶颈，技术升级和复杂度提升，超节点带来多个算力环节 价值量提升，建议关注产业链相关环节投资机会。 分析师及联系人 [Table_Author] 宗建树 余庚宗 SAC：S0490520030004 SAC：S0490516030002 SFC：BUX668 软件与服务 cjzqdt11111 [Table_Title 算力产业跟踪：超节点引领新一代算力基础设 2] 施 [Table_Summary2] 事件描述 全球算力产业龙头英伟达 2025 年逐渐开始主要以超节点 GB200 面向市场出货，而华为也在 2025 年推出昇腾 384 超节点，浪潮信息在 2025 开放计算技术大会发布超节点 AI 服务器"元 脑 SD200"。 事件评论 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ...

不是追逐风口， 而是vivo的自洽选择 智能手机改变过去， MR头显重构未来 在智能手机主宰移动互联网将近20年之后，MR头显成为了新一代智能终端的潜力接棒者。 尽管智能手机的出货量每年超过12亿台，仍是当今全球占有率最高、影响力最广的超级终端，但是MR头显正在以一股势如破竹的增长态势逼近主流地位。 根据IDC的数据显示，预计2025年全球智能头显市场出货量为1280万台，同比增长26%。而在中国这个全球最大的单一消费市场，这一未来的增长率直接突 破三位数，达到107%。 如果说智能手机作为数字世界的入口，以屏幕为核心承载了我们对于信息获取、沟通、娱乐、支付等能力的需要，那么MR头显则把这些能力「解锁」到现 实空间，突破了二维屏幕的局限。 一块屏幕能承载的数字生活已经触顶。信息、沟通、娱乐、支付，智能手机做到了极致，却始终停留在二维世界。而在MR头显里，办公协作、沉浸游戏、 空间导航等场景正被立体化、全景化地重构——这是用户第一次能够「走进」数字世界。 8月21日，vivo Vision探索版的推出，正是基于这种使用场景的延展，以及vivo在显示、算力、交互上的长期积累。 它并不是一次追逐风口的尝试，而是vi ...

Core Viewpoint - The release of DeepSeek's V3.1 and its mention of "UE8M0 FP8" has triggered a significant positive reaction in the A-share market, indicating a potential breakthrough for domestic chip manufacturers in the computing power sector [6][15]. Group 1: Market Reaction - Following the announcement, over 2800 stocks in the A-share market experienced an increase, with significant gains in computing power stocks and chip manufacturers like Cambrian and Zhongxin International [6][15]. - The market's response reflects optimism about the domestic chip industry's ability to compete on an international level, marking a rare moment of resonance within the domestic computing power industry [6][15]. Group 2: Technical Insights - "FP8" is a floating-point format that compresses data to 8 bits, aimed at reducing memory bandwidth pressure during AI model training and inference [8]. - The challenge for domestic chip manufacturers has been the limited native support for FP8, with only a few companies like Moore Threads offering GPUs that support this format [8][9]. - The introduction of "UE8M0" as a scaling factor in the MX format allows for efficient data management, significantly reducing bandwidth overhead by 75% compared to traditional methods [12][15]. Group 3: Industry Implications - DeepSeek's announcement signifies a shift in the domestic computing power ecosystem, moving away from reliance on NVIDIA and towards supporting local chip manufacturers [13][15]. - The successful implementation of UE8M0 FP8 indicates that domestic chip companies have made progress in optimizing floating-point formats, compiler optimizations, and training framework adaptations [13][15]. - Companies like Moore Threads and Cambrian are positioned to benefit from this development, as they have been in contact with DeepSeek and support FP8 natively [14][15].

特斯拉狂补智能化短板，要用上国产大模型了。 车东西8月22日消息，日前，特斯拉发布了《特斯拉车机语音助手使用条款》，宣布车机语音助手将接入火山引擎提供的豆包大模型（云雀大 模型）和DeepSeek Chat，而对于具体上线时间官方暂未明确。 《特斯拉车机语音助手使用条款》 | 服务名称 | 服务提供商 | 大语音模型 | 调用说明 | | --- | --- | --- | --- | | 语音命令功能(如导 | 火山引擎 | 模型名称:Doubao 大模型(也称云雀大模型) | 加密 API 接 | | 航、媒体播放、温度控 | | 备案单位:北京抖音信息服务有限公司 | ロ | | 制等), | | 备案时间:2023年8月31日 | | | 查询车主手册 | | 备案号: Beijing-YunQue-20230821 | | | Al 互动 | 火山引擎 | 模型名称:DeepSeek Chat | | | | | 备案单位:北京深度求索人工智能基础技术研究有限公司 | | | | | 备案时间:2024年5月13日 | | | | | 备案号: Beijing-DeepSeekChat-202404 ...

Group 1 - The communication ETF (515880) has seen a significant increase of over 4% in intraday trading, indicating strong market interest in the communication sector [1] - The ETF has attracted over 1.6 billion yuan in the past 10 days, reflecting a rapid accumulation of allocation demand amid rising industry expectations [1] - Leading stocks in the optical module segment have shown substantial gains, contributing to the overall rise of the index and demonstrating a strong resonance effect within the sector [1] Group 2 - The acceleration of AI applications is driving up the demand for optical modules, with the release of DeepSeek-V3.1 enhancing inference efficiency and multimodal capabilities [2] - The optical module market is experiencing a rapid increase in demand due to the expansion of data centers and cloud computing, supported by rising capital expenditure expectations from cloud service providers in the US and Europe [2] - Domestic leading companies have made breakthroughs in the R&D and production of 800G and 1.6T optical modules, enhancing their competitiveness in the global market [2][3] Group 3 - The optical module market is expected to maintain high prosperity due to ongoing investments in computing infrastructure both domestically and internationally [3] - The communication ETF (515880), which has over 40% exposure to optical modules, is well-positioned to benefit from the surge in AI computing demand [3] - Investors without stock accounts can consider the Guotai CSI All-Share Communication Equipment ETF Connect A (007817) and Connect C (007818) as alternative investment options [3]

在营业收入、用户规模和工场店数等方面稳居行业第一。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息，途虎养车 于 8月21日发布了2 025年中期业绩报告。 今年上半年， 途虎养车 营业收入 78.8亿元（人民币，下同），同比增长10.5%，增速较去年加 快；毛利额19.8亿元；经调整净利润4.1亿元，同比增长14.6% 。 今年 上半年， 途虎用户数延续高速增长态势，市场份额进一步提升 。截至 2025年6月30日，注册 用户数1.5亿，同比增长18.8%；全渠道累计12个月的交易用户数2650万，同比增长23.8%；APP 平均月活用户数1350万，同比增长17.5%。用户基本盘快速增长的同时，用户复购率提升至64%、 用户服务满意度超95%维持高位，规模与口碑形成双向正反馈，共同助推收入加速增长。 截至 2025年6月30日，途虎养车工场店达到7205家，遍布320个地级行政区划、1855个县级行政 区划，覆盖了全国除澳门特别行政区、台湾省以外的所有省级行政区，通过深化下沉市场渗透，对乘 用车保有量在2万以上的县域覆盖率提升至70%。 为了 ...

2025 年 8 月 22 日 分析师点评 市场数据 公司研究 【非银】承保改善推动利润高增，银行板块首次扭亏为盈——众安在线（6060.HK） 2025 年半年报点评(买入) 众安在线持续领跑国内互联网财险赛道，未来随着公司研发投入赋能保险价值链成效 不断显现，盈利水平有望进一步提升。我们上调公司 2025-2027 归母净利润预测至 8.2/8.5/9.7 亿元（前值 7.4/7.9/9.0 亿元）。目前股价对应公司 25-27 年 PB 分别为 1.36/1.33/1.29，维持"买入"评级。 【石化】扣非业绩稳增长，商业航天市场开拓成果显著——九丰能源（605090.SH） 2025 年半年报点评(买入) 考虑到天然气行业景气度下行，公司天然气销量增长或将略低于我们此前预期，因此 我们小幅下调公司 2025-2026 年盈利预测，新增 2027 年盈利预测，预计公司 2025-2027 年的归母净利润分别为 17.32（下调 7%）/19.78（下调 6%）/22.45 亿 元，折合 EPS 分别为 2.60、2.97、3.37 元。维持公司"买入"评级。 风险提示：海 外天然气价格大幅波动风险、国际 ...