金磊 整理自 凹非寺 量子位 | 公众号 QbitAI 2024年11月，《关于做好教育系统软件正版化工作的通知》中进一步明确要求：到2027年底前，教育系统须全面采用正版操作系统和办公 软件。这标志着教育信创已驶入快车道。 但值得注意的是，这场变革的难点从来不只是"更换设备"这么简单。真正的挑战，在于能否实现整个IT生态的平稳迁移与重建。 架构之争：在生态与自研之间求平衡 长期以来，国产电脑因软件生态不完善而屡遭诟病：驱动缺失、应用不完整、专业软件难以运行，而这一切问题的根源并不在于表层的应用 适配，而是指向底层的CPU架构。 计算机软硬件之间通过"指令集架构"（ISA）沟通，这一架构承担着"翻译官"的角色，决定了硬件如何理解和执行软件指令。 目前主流的ISA包括x86、ARM、MIPS和RISC-V等，它们在指令结构与执行逻辑方面存在根本差异，因此，不同架构之间的软件生态往往 难以兼容。 从Wintel大潮退却说起。 2024年年底，中国网络空间安全协会对英特尔发起网络安全审查；紧接着，2025年初又传出微软拟关闭中国区业务的消息，尽管微软随后 予以否认，但这两则事件无疑揭示出：Wintel联盟的根基正面 ...

Core Viewpoint - The company is a leading provider in the domestic terminal security management field, offering comprehensive information security solutions that support national strategies for information technology innovation and security [3][4]. Company Overview - The company is recognized as a leader in terminal security management and a prominent solution provider in the network and information security sector, serving critical industries such as government, military, finance, and energy [3][4]. - The company has developed a complete ecosystem of information security products and solutions, focusing on three main areas: information security and innovation, high-security communication, and national defense intelligence [3][4]. Main Business and Product Introduction Information Security and Innovation - The company has established a "pan-terminal" security management system that integrates various types of terminals, enhancing network security management capabilities [5][6]. - The company has launched a new integrated internal network security management platform that addresses compatibility issues among different security systems, improving user experience [5][6]. High-Security Communication and Mobile Office - The company has developed a secure instant communication platform, "Xinyuan Mixin," which supports various applications and enhances digital transformation for government and enterprise clients [23][24]. - The platform employs advanced security measures, including end-to-end encryption and multi-dimensional protection, ensuring data confidentiality during transmission and storage [24][25]. National Defense Intelligence and Ecological Construction - The company is addressing complex security challenges in national defense by integrating intelligent security management systems that utilize advanced technologies such as AI and blockchain [36][37]. - The company has implemented a multi-layered defense mechanism for military facilities, enhancing security through real-time monitoring and intelligent decision-making [37][38]. Financial Audit and Reporting - The company received a standard unqualified audit opinion from its accounting firm, indicating a stable financial position [2]. - The company has not declared any cash dividends or stock bonuses for the reporting period, focusing on reinvestment for growth [2]. Strategic Development - The company is committed to aligning its product offerings with national strategies for information security and innovation, actively participating in the development of a secure and reliable ecosystem for information technology [8][19]. - The company is expanding its product matrix to include a comprehensive range of security solutions that cover the entire lifecycle of data protection, from storage to transmission and application [19][20].

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨 本周观点聚焦 1、本周 观 点： 财报披露冲刺期将至，底部加仓质优龙头 2、深度跟 踪 ： 信创复盘研究：观往知来，超额成长可期 周观点 财报披露冲刺期将至，底部加仓质优龙头 财报披露冲刺窗口将至，建议底部加仓。 截至到 04/19 ，已正式披露 2024 年年报、 2025 年一季报的计算机公司数量分别为 133 家、 12 家，占比为 40% 、 4% ， 距离财报季结束还有 8 个工作日，财报将密集披露。伴随着财报的披露，以及国际形势的变化，板块近期持续调整，但业绩趋势及产业变化偏正向的格局并未变化。同 时，对于市场关心的月历效应，根据统计，自 2010 年以来，计算机指数在 4/5/6 月上涨概率分别为 20% 、 53% 、 60% 。综上，继续建议底部加仓。 MCP 加速 AI 应用落地，积极关注其进展。 MCP （ Model Context Protocol ）通过标准化接口实现 AI 模型与外部工具 / 数据的无缝交互，有助于 Agent 应用快速搭 建。近期，阿里云百炼、腾讯云、百度地图等均 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][18] Core Views - The company has demonstrated rapid growth in revenue and profit, with a projected revenue of 1.044 billion yuan in 2024, representing a year-on-year increase of 31.49%. The net profit attributable to shareholders is expected to reach 362 million yuan, up 22.22% [1][3][7] - The company is benefiting from the acceleration of information technology construction in sectors such as energy and transportation, leading to a significant increase in software licensing and operational service revenues [1][2] - The company is actively advancing its new database technology development in response to external pressures, particularly in the context of the ongoing US-China trade tensions [2][3] Financial Performance Summary - Revenue and profit growth: In 2024, the company expects revenue of 1.044 billion yuan (+31.49%) and net profit of 362 million yuan (+22.22%). For Q4 alone, revenue is projected at 415 million yuan (+19.34%) and net profit at 188 million yuan (+5.43%) [1][7] - Software licensing and operational services: Software licensing revenue is anticipated to be 894 million yuan (+22.79%), while operational service revenue is expected to grow by 38.50% to 38 million yuan [1][2] - Cash flow performance: The company achieved a net cash flow from operating activities of 473 million yuan, reflecting a year-on-year increase of 36.71% [2][17] Profitability Metrics - Gross margin: The overall gross margin for 2024 is projected to be 89.63%, a decrease of 61.8 percentage points year-on-year, primarily due to the rapid growth in data and industry solutions [2][12] - Expense ratios: The company has seen a decrease in expense ratios, with sales, management, and R&D expense ratios at 32.03%, 9.16%, and 19.79%, respectively [2][12] Future Projections - Revenue and profit forecasts: The company expects revenues of 1.268 billion yuan, 1.601 billion yuan, and 2.078 billion yuan for 2025, 2026, and 2027, respectively. Net profits are projected to be 465 million yuan, 589 million yuan, and 733 million yuan for the same years [3][4][18] - Valuation metrics: The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 57, 45, and 36, respectively [3][4][18]

2025 年 04 月 14 日 投资策略 估值与盈利周观察——4 月第 2 期：估值普跌 ◼ 上证综合指数走势（近三年） (20%) (12%) (4%) 4% 12% 20% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 指数 PEG & PB-ROE: 红利 PEG 值最小，科创 50 风格 PB-ROE 值最小。 大类行业估值：原材料、设备制造、工业服务、交通运输、消费、科 技历史估值皆处于 50%以下，金融地产估值高于 50%历史分位。 一级行业估值：各行业估值分化，非银金融、煤炭、石油石化、有色 金属、公用事业、交通运输、农林牧渔估值处于近一年低位。 热门概念：华为鸿蒙、机器人、中字头央企等概念处于估值三年历史 较高分位。 盈利预期：各行业盈利预期普遍小幅下调，钢铁上调幅度最大；房地 产下调幅度最大. 市场估值普跌，消费、稳定 ...

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/陈鑫/杨本鸿/张旭光/杨海盟/桂杨 本周观点聚焦 1、本周 观 点： 把握超跌加仓机会，加力布局信创产业链 2、深度跟 踪 ：信创：国际环境变局下的成长之矛 周观点 把握超跌加仓机会，加力布局信创产业链 把握超跌加仓机会，布局绩优成长龙头。 受关税事件等影响，市场风险偏好下行，板块调整充分。从基本面来看，计算机板块大部分公司和国内 G 端、 B 端支出关系 更强，在国内政策发力，内需有望提振的背景下，受关税影响较小，且将更受益于国产化产业趋势。伴随后续风险偏好企稳，板块估值修复可期。建议当下以长打短， 积极加仓，重点布局被错杀的超跌质优龙头。 信创产业发展加速，加大板块布局力度。 本周，半导体协会发文定义半导体产品原产地认定规则，有望刺激国产硬科技自主可控进程加速。中物联呼吁锻造 " 自主链核 " ，优先采购国产尖端产品。经过长期的产业积累，国内基础软硬件产品已经具备了较强的竞争力，在海外环境倒逼的背景下，有望迎来更大的市场需求，更好的发展格 局，建议以长期视角审视板块发展逻辑，优选核心环节自主可控龙头公司大力布局。 本文第二章，对信创产业最新进 ...

以下文章来源于雷峰网 ，作者徐晓飞 雷峰网 . 洞见智能未来，共与产业变迁 将投中网设为"星标⭐"，第一时间收获最新推送 "这次，充当中间商的云大厂没能赚到差价。" 作者丨徐晓飞 编辑丨周蕾 来源丨雷锋网 "一天十几个客户电话进来，有的一打一个多小时，我中午饭都没顾上吃。"云大厂政企销售小顾哑 着嗓子告诉雷峰网，开源大模型DeepSeek出现后，市场反馈热烈，云大厂这边也接到不少客户来 电，咨询相关的API接入和线下部署方案。 不过小顾坦言，DeepSeek眼下这么火爆，主要是因为它帮国人把大模型的信心又找回来了，但最终 能转化成多少商业收益，能为云大厂带来多少拉动，还要打个问号。 面对DeepSeek引发的一体机热潮，跟还是不跟？ "几百个咨询里，能有一单成交就不错了。"眼下，手握DeepSeek一体机的云厂销售们正在经受 着"冰火两重天"的煎熬。 DeepSeek的出现，大幅降低大模型推理门槛，对热衷于私有化部署的国内政企用户们来说，可谓正 中下怀，于是便催生了DeepSeek一体机热潮。 然而，这一热潮是真正的价值机遇，还是昙花一现的浮躁之风，跟还是不跟？成为摆在云大厂面前的 一道难题。 雷峰网通过调研 ...

" 这次，充当中间商的云大厂没能赚到差价。 " 作者丨徐晓飞 编辑丨周蕾 "一天十几个客户电话进来，有的一打一个多小时，我中午饭都没顾上吃。"云大厂政企销售小顾哑着嗓子 告诉雷峰网，开源大模型DeepSeek出现后，市场反馈热烈，云大厂这边也接到不少客户来电，咨询相关 的API接入和线下部署方案。 不过小顾坦言，DeepSeek眼下这么火爆，主要是因为它帮国人把大模型的信心又找回来了，但最终能转 化成多少商业收益，能为云大厂带来多少拉动，还要打个问号。 究其原因在于，DeepSeek虽然降低了大模型的成本门槛，但它的能力跟ChatGPT差别不大，也面临和 ChatGPT一样的困境：应用场景实在有限。 DeepSeek爆火后，作为产业链上的核心一环，云大厂们迅速跟进，手里的"战略牌"一张连着一张打了出 来：组织变阵，业务调整，大笔投入，战略重构……整个一个目不暇接。 然而，这一热潮是真正的价值机遇，还是昙花一现的浮躁之风，跟还是不跟？成为摆在云大厂面前的一道 难题。 雷峰网通过调研了解到，眼下一众国内云大厂可分成两派：一派是推出DeepSeek一体机硬件部署方案 的，有阿里、火山、华为、百度等；一派是没推出的， ...

Group 1 - The technology sector experienced a collective surge on April 9, with financial technology stocks showing significant gains, including Zhongyi Technology hitting a 20% limit up, and Anshuo Information rising over 10% [1] - The Huaxia Financial Technology ETF (516100) increased by 4.89%, while the brokerage ETF (515010) rose by 2.12%, with major holdings like Wu Securities gaining over 6% [1] - PwC China and Weijing Technology signed a strategic cooperation agreement to provide end-to-end digital transformation and risk management solutions for financial institutions, enhancing the core technology autonomy and high-quality development of China's financial industry [1] Group 2 - The Huaxia Financial Technology ETF (516100) closely tracks the CSI Financial Technology Theme Index, focusing on high-quality companies that integrate finance and technology, covering sectors such as internet brokerage, financial IT, mobile payments, and AI [2] - The top ten constituent stocks of the ETF include industry leaders like Tonghuashun, Dongfang Caifu, and Hengsheng Electronics, with a combined weight of 53.94%, indicating significant representation in the financial technology sector [2] - The brokerage ETF (515010) is currently the lowest fee investment option in its category, making it an attractive choice for investors looking to gain exposure to the brokerage sector [2]

2、深度跟 踪 ： AI 产业跟踪：大模型进入 " 深度思考 " 阶段 点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/陈鑫/杨本鸿/张旭光/杨海盟/桂杨 本周观点聚焦 1、本周 观 点： 在风险偏好下降中逢低加仓，关注信创边际变化 周观点 在风险偏好下降中逢低加仓，关注信创边际变化 在风险偏好下降中逢低加仓。 3 月 9 日，我们提出从强贝塔走向强阿尔法。近期，伴随着财报密集发布及国际环境变化，风险偏好持续下降，计算机板块已连续 4 周调 整。在当前的时间点，考虑到业绩预期发酵所处阶段及政策预期，建议把握未来半个月的加仓窗口，持续聚焦阿尔法，逢低布局质优龙头。 关注信创产业链的边际变化。 以信创为核心的国产化正迎来重要的投资窗口： 1 ）美国商务部实体清单持续扩容，倒逼国产化提速； 2 ）全球关税大变局正带来 ICT 供应链不稳定性提升，国产化的重要性进一步提升； 3 ）二季度将逐渐迎来招投标旺季，信创景气拐点验证正进入关键时间窗口。 AI Agent 发展正步入新阶段。 智谱于 3 月 31 日发布了 AutoGLM 沉思 Agent ，是首个集深度思考与操作系统能力于一体的 AI Age ...