【报告导读】 1. 国内最早的互联网软件公司，先发优势明显。 2. WPS Office构筑核心护城河，AI驱动价值升级。 3. 网游短期承压，静待优化后拓新增长曲线。 核心观点 国内最早的互联网软件公司，先发优势明显：金山软件始创于1988年，是国内最早的互联网软件企业之一，主要涉及金山办公、西山居、金山世游等业务 线，联营公司金山云、猎豹移动。商业模式上已形成"办公软件及服务+网络游戏及其他"双轮驱动格局。2024年，办公软件业务收入51.21亿元，游戏业务 收入51.97亿元。公司毛利率长期维持在80%以上高位，财务结构稳健，现金流充沛。 WPS Office构筑核心护城河，AI驱动价值升级：WPS Office全球月活跃设备数（MAU）2025年9月已达6.69亿（同比+9%），累计付费用户数至4179万 （同比+10%）。以"AI、协作、国际化"为核心，公司推出WPS AI 3.0（WPS灵犀），通过AI语音助手、AIPPT、AI知识库、AI改文档、AI数据助手五大 应用矩阵，显著提升产品力与用户体验。WPS AI显著提升用户活跃与付费转化，B端WPS 365收入2025年Q3同比增71.61%，A ...

Investment Rating - The report recommends a positive investment outlook for the technology sector, specifically highlighting key stocks for January 2026 [6]. Core Insights - The report identifies several key companies within the technology sector, including Eastcompeace, Jincheng Electronics, Xinyi Technology, Tax Friend, Haiguang Information, Giant Network, and Perfect World, as potential investment opportunities [6][8][9][10][11][12][13][14]. Summary by Category Electronics - **Eastcompeace**: The company is entering a growth phase driven by AI technology breakthroughs, leading to increased capital expenditure from cloud vendors and a surge in demand for data servers. The acquisition of Solstice Optoelectronics enhances its position in optical communication [8]. - **Jincheng Electronics**: The company reported a revenue of 889 million yuan in Q3 2025, a year-on-year increase of 25.4%. The semiconductor business is expected to grow significantly, with an order backlog of approximately 1.791 billion yuan [9]. Communication - **Xinyi Technology**: As a leading manufacturer of high-speed optical modules, the company has made significant inroads with major clients like Amazon and is expected to see substantial profit growth from 2025 to 2027, with projected net profits of 94.97 million yuan, 166.16 million yuan, and 217.76 million yuan respectively [10]. - **Huafeng Technology**: The company is positioned to benefit from the high demand for AI applications and is expected to see net profits grow from 3.53 million yuan in 2025 to 8.73 million yuan by 2027 [10]. Computer - **Tax Friend**: The company is a leader in the financial IT sector, leveraging AI and big data to provide comprehensive solutions for businesses. It aims to enhance its product offerings and customer engagement through innovative AI-driven solutions [11]. - **Haiguang Information**: The company is a key player in the domestic high-end CPU market, expected to benefit from the growing demand for AI computing power. It aims to establish a comprehensive AI computing platform [12]. Media - **Giant Network**: The company is experiencing stable commercialization with new game releases and updates expected to drive user engagement and revenue growth [13]. - **Perfect World**: The company is preparing for the launch of its new game "Yihuan," which has shown strong pre-launch interest, and is also focusing on expanding its esports business [14].

高伟达 20251231 摘要 银行需改造计息核算引擎以适配不同利率，建立自动调节机制，并处理 代扣税款及准备金调整，钱包余额记录交存基数并按季度调整，后台系 统面临重大改造需求，预计订单达千万级别。 数字人民币结算行范围扩大，股份制银行获先导性订单，预示未来更多 银行加入，需进行存款保险、监管报送、风控、反欺诈、洗钱防范等一 体化改造，符合央行要求。 高伟达在数字人民币领域积累丰富经验，参与建行"熊猫项目"，开发 数字货币消费券系统和供应链金融数币系统，完成国内首单数字人民币 贷款及智能合约自动放款试点。 股份制商业银行数字人民币系统整体订单规模预计不低于 4,700 万元， 加上 SIXTH 可能超过 5,000 万元。钱包应用基本实现即插即用，供应 链金融端产品化率较高，票据业务产品化率更高，毛利率普遍比现有解 决方案高约 17 个百分点。 高伟达已在马来西亚、中东和北非等地试点数币交易节点，探索跨境支 付解决方案，数字人民币跨境支付相比传统方式更快捷且成本低廉，东 南亚市场潜力巨大。 Q&A 数字人民币的推出对银行系统有哪些具体影响？ 数字人民币的推出对银行系统将产生深远影响，尤其是在中后台系统的改造 ...

在AI加持下，电子板块今年以来涨近50%，在31个申万一级行业中位居第三。尽管四季度以来，电子板 块呈现区间震荡态势，但展望2026年，其中不少细分领域仍获得机构青睐，AI有望继续成为产业和市 场行情向上的重要驱动力。 东兴证券认为，2025年适逢AI产业周期叠加业绩释放期，电子板块持续受到机构投资者青睐，2026年 建议沿AI创新周期，布局新技术、新需求和新周期，掘金优质赛道：存储行业迎来上行周期，AI驱动 供需失衡推动价格进入超级周期；AI算力发展推动AI芯片与高性能存储需求，显著提升测试复杂度与 时间，带动测试机市场量价齐升，半导体测试设备值得关注；算力网拉动承载算力需求的服务器磁性元 件规模增长，与此同时，高效算力也倒逼磁性元件高端化，看好相关受益标的。 Wind数据显示，2025年以来，A股有超2800家公司接待券商调研，其中科技股关注热度较高。接待券商 调研频次前十的标的中，来自电子行业的上市公司达5家，医药生物、计算机等行业同样是券商密集调 研的方向。 2026年，科技成长方向继续获得业内机构看好，部分行业景气度有望延续，机构建议关注存储、半导体 测试设备、创新药、AI应用等产业机会。 电子板块 ...

Group 1: Computer Research - The report highlights that the company, Electric Science Digital, has established industry-leading capabilities in the digital product business segment, covering intelligent computing hardware and software, and is positioned at the forefront of the digitalization field and new digital infrastructure [2][4] - The core subsidiary, Baifei Electronics, is a leader in domestic embedded computing, benefiting from the rising demand in the special electronic equipment sector, with a rapid increase in orders [4][5] - The future growth potential is significant, driven by AI and the "Xinchuang" initiative, with new orders related to AI exceeding one hundred [4][5] Group 2: Non-Metallic Building Materials Research - The waterproofing industry is noted as the most thoroughly cleared sub-sector within consumer building materials, with leading companies expected to continue implementing price recovery strategies in 2026, indicating a potential recovery in industry profitability [6][8] - The report estimates that the market share of the top four companies in the waterproofing sector will approach 50% by 2024, suggesting a significant increase in industry concentration [8][9] - The report anticipates that the trend of price recovery will become more evident in 2026, supported by low asphalt prices at the beginning of the year [9][10] Group 3: Transportation Research - The report forecasts that the Chinese civil aviation sector will continue to recover in supply and demand in 2025, with expectations of the industry turning profitable [11][29] - Passenger traffic is projected to grow by 5-6% in 2025, with domestic routes increasing by 4% and international routes by over 20% [11][29] - The report indicates that the industry is entering a low growth phase in supply, with a projected 3.7% increase in the fleet size of seven A-share airlines by November 2025 [11][29]

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 41.35 CNY [6][12]. Core Insights - The company is a leading provider of digital products and solutions, focusing on intelligent computing hardware and software, and is well-positioned in the digital transformation and new infrastructure sectors [3][27]. - The core subsidiary, Baifei Electronics, is a leader in domestic embedded computing, experiencing rapid order growth due to the rising demand in specialized electronic equipment [3][41]. - The future growth potential is significant, driven by AI and domestic innovation initiatives [3][27]. Financial Summary - Total revenue is projected to grow from 10,001 million CNY in 2023 to 13,990 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.4% [5][20]. - Net profit attributable to the parent company is expected to increase from 497 million CNY in 2023 to 726 million CNY in 2027, with a notable growth rate of 16.2% in 2027 [5][20]. - Earnings per share (EPS) is forecasted to rise from 0.73 CNY in 2023 to 1.07 CNY in 2027 [5][20]. Revenue Breakdown - The industry digitalization business is expected to achieve revenues of 9,721.91 million CNY in 2025, with a growth rate of 10% [19]. - The digital new infrastructure business is projected to generate revenues of 965.56 million CNY in 2025, with a growth rate of 20% [19]. - The digital products business is anticipated to reach revenues of 800 million CNY in 2024, with a growth rate of 1.19% [19]. Business Segments - The company operates in three main business segments: digital products, industry digitalization, and digital new infrastructure, with the digitalization segment contributing the highest revenue [33][34]. - The digital products segment includes intelligent computing hardware and software, while the industry digitalization segment focuses on enhancing digital infrastructure solutions [33][34]. - The digital new infrastructure segment provides comprehensive services throughout the lifecycle of digital infrastructure projects [33][34]. Internationalization and AI Initiatives - The company has successfully expanded its international business, generating 5.98 million CNY in revenue in 2024, with a focus on financial and telecommunications sectors [37]. - AI-related orders have surpassed 100, indicating a strong demand for intelligent computing solutions [36][37].

在等待半年之后，四川华鲲振宇智能科技有限责任公司(以下简称"华鲲振宇")本轮增资扩股终于完成，新增的3名股东也露出真容。 | 序号 | 变更日期 | 变更项目 | | | --- | --- | --- | --- | | 1 | 2025-12-29 | 注册资本变更 | 15000万元 | | 2 | 2025-12-29 | 章程备案 | 元 | | 3 | 2025-12-29 | 投资人变更（包括出资额、 | 成都高投电子信息产业集团 | | | | 出资方式、出资日期、投资 | 认缴出资额:8250万人民币テ | | | | 人名称等) | 共青城华鲲振宇投资合伙企 | | | | | 认缴出资额:3750万人民币テ | | | | | 海南云辰合业科技合伙企业 | | | | | 认缴出资额:2250万人民币テ | | | | | 四川长虹电子控股集团有限 | | | | | 认缴出资额:450万人民币元 | | | | | 四川申万宏源长虹股权投资 | | | | | 认缴出资额:300万人民币元 | 12月30日，企查查数据显示，华鲲振宇发生股东股份、注册资本增加、经营范围等工商信息的变更， ...

以前市场不明就炒计算机 信创。现在都是机器人和商业航天。 客户发的推介段子，全是各家计算机首席发的。哈。 懂了，同一批人，同样的逻辑。不过换了一批标的。 其实特别能理解背后的内涵！ 大大大大 空间，远大题材！星辰大海的逻辑！ ...

《公告全知道》每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收 购、业绩、解禁、高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前 寻找到投资热点，防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①商业航天+人工智能+芯片+信创+军工+数字经济！这家公司产品助力中国首次火星探测"天问一号"成功 发射；②商业航天+机器人+算力+航空发动机+云计算！这家公司与蓝箭航天合作累计订单额数千万，与 某航天卫星企业围绕算力与AI场景应用展开合作；③人形机器人+可控核聚变+第三代半导体！公司长期深 耕GaN在人形机器人关节电机驱动上的产业化应用。 前言 ...

证券日报网讯12月29日，超图软件（300036）在互动平台回答投资者提问时表示，1、强自主优势。超 图软件是我国安全可控、自主GIS软件的优秀代表，是GIS信创领域的领军企业(信创工委会WG17地理 信息组组长)。公司在信创领域拥有深厚的技术积累，并进行了全面布局和深入实践，打造"强自主、真 信创"的行业体系。2、技术优势。目前公司的技术水平处于国际领先地位，市场份额自2015年以来稳居 国内第一。3、行业理解优势。公司一直深耕与空间信息相关的技术和应用，已经有了深厚的行业理解 及丰富的行业经验，具备很强的空间信息融合或打通其他信息的能力。4、生态优势。GIS基础软件在 产业链处于承上启下的位置，也是行业的技术制高点，使得超图可以构建整个行业的生态圈，已构建了 全球目前唯二的成熟GIS生态圈。5、组织优势。公司在全球设置9个大区和5条产品线/BU，并形成前者 为横线、后者为纵线的矩阵交叉，大幅提升公司组织能力，进一步提升公司整体竞争力，实现公司未来 业务高质量的发展。6、标准优势。公司多次参与全国地理信息标准化技术委员会、国家测绘局、自然 资源部、工业和信息化部等众多部门的技术规范制定，牵头或参与制订了近5 ...