Group 1: Company Overview - Nantian Information is a leading provider of digital solutions and services for the financial industry, with nearly 40 years of experience in industry information technology and digitalization [2][3] - The company focuses on "financial technology" and "digital services" as its main business lines, leveraging its technical expertise and project experience [2][3] Group 2: Financial Performance - In 2024, the company achieved a revenue of 94.51 million yuan, representing a year-on-year growth of 3.43% [2] - The net profit attributable to the parent company was 1.01 million yuan, up 41.62% year-on-year [2] - In the first half of 2025, the company reported a revenue of 16.75 million yuan, a year-on-year increase of 45.80% [2] - The net profit attributable to the parent company showed a loss of 500.28 thousand yuan, primarily due to intensified market competition and a decline in gross profit margin [2] Group 3: Future Development Plans - The company plans to enhance profitability by improving R&D capabilities and applying new technologies to existing products, while also developing new products [3] - It aims to maintain existing key clients in the financial sector while actively exploring clients in government, energy, transportation, and civil aviation sectors [3] - The company will promote a self-operated model internally to achieve rapid business replication and growth [3] Group 4: Core Competencies - Nantian Information has a deep understanding of the financial industry, with extensive experience in information technology projects and a strong talent pool [4] - The company has established a solid customer base, covering major policy banks and commercial banks, as well as numerous insurance companies [4] - It emphasizes R&D empowerment and has maintained a strong innovation capability, allowing it to adapt to market changes and customer needs [4] Group 5: Strategic Partnerships - The company collaborates with over 70 partners, including major tech firms like Huawei and Tencent, to enhance its product offerings and solutions [7] - Nantian Information is actively involved in national innovation strategies and has completed over 400 adaptation certifications for its products [7] Group 6: Non-Financial Business Expansion - The company leverages its strengths in financial technology to explore and provide solutions in digital government, smart education, and smart transportation [9] Group 7: Artificial Intelligence Initiatives - Nantian Information has launched several AI products and solutions, including a full-stack AI model solution and various intelligent assistant platforms [9]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][7]. Core Insights - The company has shown a significant increase in its non-recurring net profit, with a year-on-year growth of 59.89% in the first half of 2025, despite a decline in overall revenue due to the divestment of its CNC machine tool business [4]. - The gross profit margin improved to 26.13%, reflecting a 24.6 basis point increase, while the net profit margin also saw a slight increase [4]. - The company is well-positioned in the container handling equipment sector, with a strong order backlog and increasing market share both domestically and internationally [5]. - The acquisition of Xiamen Ruixin Tuxin Technology Co., Ltd. is expected to drive growth in the GPU chip design and solutions business, targeting various industries [6]. Company Overview - The latest closing price is 9.19 yuan, with a total market capitalization of 9.3 billion yuan [3]. - The company has a total share capital of 1.008 billion shares, with a debt-to-asset ratio of 50.8% and a price-to-earnings ratio of 75.27 [3]. Financial Projections - Revenue projections for 2025-2027 are 11.39 billion, 14.50 billion, and 18.71 billion yuan, with expected growth rates of -3.82%, +27.34%, and +28.98% respectively [7]. - The forecasted net profit for the same period is 1.02 billion, 1.48 billion, and 2.30 billion yuan, with growth rates of -17.30%, +45.18%, and +55.66% respectively [7]. - The corresponding price-to-earnings ratios are projected to be 91.01, 62.69, and 40.27 [7].

Market Overview - The A-share market experienced a collective decline in the morning session, with the Shanghai Composite Index closing down 0.18% at 3821 points, briefly dipping below 3800 points during the day [1] - The Shenzhen Component Index fell by 0.29%, while the ChiNext Index rose by 0.21%. The North Star 50 Index saw a significant drop of 2.63% [1] - Total trading volume reached 2.52 trillion yuan, an increase of 376 billion yuan compared to the previous trading day, with over 4200 stocks declining across the market [1] Sector Performance - The tourism and hotel sector faced heavy losses, with stocks like Tibet Tourism, Yunnan Tourism, and Huatian Hotel hitting the daily limit down [1] - The real estate sector also declined, with stocks such as Electronic City experiencing limit down [1] - The CRO sector weakened, led by Sunshine Nuohua and Medici, while the small metals sector saw widespread declines, with Yunnan Zhiye and Guiyan Platinum dropping over 5% [1] - Other sectors that performed poorly included recombinant proteins, 3D glass, digital currency, and software development [1] Gainers - The port and shipping sector saw gains, with Nanjing Port and Ningbo Shipping both hitting the daily limit up [1] - Bank stocks were active, with Nanjing Bank leading the gains [1] - The superconducting concept stocks rose, with Woer Nuclear Materials hitting the daily limit up [1] - Other sectors that showed positive performance included wheel motors, SMIC concept stocks, and precious metals [1] Index Performance - Shanghai Composite Index: 3821.83, down 6.74 points (-0.18%) [1] - Shenzhen Component Index: 13119.82, down 38.16 points (-0.29%) [1] - ChiNext Index: 3114.55, up 6.67 points (+0.21%) [1] - North Star 50 Index: 1547.4, down 41.74 points (-2.63%) [1] - Other indices such as the CSI 300 and CSI 500 also showed declines [1]

SW 计算机行业2025上半年业绩向好，盈利能力及经营质量均有所提升 ——计算机行业 跟踪报告 单季度看，SW计算机行业25Q2业绩稳健增长，盈利能力提升。25Q2，SW计算机行业 实现营业收入3,296.60亿元，同比增长8.28%，同比增速较Q1有所放缓；行业实现归母 净利 润105.41亿元，同比增长19.77%，增速较Q1有所放缓，主要是由于24Q1归母净利 润基数很 低导致25Q1的同比增速较高，但25Q2行业归母净利润仍然呈现稳健增长态势， 且高于同期 营收同比增速，盈利能力有所提升。 9月23日，万联证券发布万联晨会。以下为晨报精选： 重要新闻：我国资本市场实现量的稳步增长和质的有效提升 9月22日国新办举行的"高质量完 成'十四五'规划"系列主题新闻发布会。"十四五"时期， 我国资本市场实现了量的稳 步增长和质的有效提升，为"十五五"高质量发展打下坚实基 础。中国证监会主席吴清在 会上表示，"十四五"时期，面对不确定、不稳定因素明显增多 的复杂严峻形势，党中央、 国务院对资本市场作出一系列重大决策部署，在中央金融办统 筹协调下，证监会与各方面 一起认真抓好贯彻落实，一体推进防风险、强监管、促高 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 09 月 23 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 3218 周一 A 股三大指数集体收涨，截止收盘，沪指收涨 0.22%，深成指收 涨 0.67%，创业板指收涨 0.55%。沪深两市成交额 21212.46 亿元。申 万行业方面，电子、计算机、有色金属领涨，社会服务、美容护理、 商贸零售领跌；概念板块方面，同花顺果指数、AI 手机、智能音箱概 念涨幅居前，中韩自贸区、高压氧舱、免税店概念跌幅居前。港股方 面，恒生指数收跌 0.76%，恒生科技指数收跌 0.58%；海外方面，美 国三大指数集体收涨，道指收涨 0.14%，标普 500 收涨 0.44%，纳指 收涨 0.7%。 【重要新闻】 【我国资本市场实现量的稳步增长和质的有效提升】9 月 22 日国新 办举行的"高质量完成'十四五'规划"系列主题新闻发布会。"十四五" 时期，我国资本市场实现了量的稳步增长和质的有效提升，为"十五 五"高质量发展打下坚实基础。中国证监会主席吴清在会上表示，"十 四五"时期，面 ...

Core Insights - Fourth Paradigm launched the "ModelHub XC" platform, addressing industry pain points by breaking down barriers between clients, computing power, and developers [1] - The "ModelHub XC" features an AI engine system called EngineX, which adapts various models to domestic computing power, reducing time and repetitive labor [1] - The platform currently supports over 100 certified models and aims for rapid updates in the number of adapted models [1] Group 1 - The "ModelHub XC" provides a wide variety of downloadable models, with a focus on adapting to domestic computing power [1] - The platform has already adapted to several mainstream domestic computing powers, including Huawei Ascend, Cambricon, and others, with plans to cover more in the future [1] - Fourth Paradigm offers value-added services for model adaptation, ensuring that users can have models adjusted to fit specific domestic computing power needs [1]

证券研究报告|计算机 [Table_Title] SW 计算机行业 2025 上半年业绩向好，盈利 能力及经营质量均有所提升 [Table_ReportType] ——计算机行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] SW 计算机行业 2025 上半年业绩显著修复，营收、归母净利润同比增 长，盈利能力有所提升，业绩表现分化。2025 上半年，SW 计算机行业 实现营业收入 6,114.08 亿元，同比增长了 11.77%，增速同比提升了 4.56pct，增长态势向好；若按中位数法计算同比增速为 2.99%，低于 整体法的同比增速，反映出计算机行业标的营收表现分化较为明显， 部分中大规模的头部优质企业营收表现较优，带动了行业整体营收稳 健增长，而超半数中小规模企业营收表现则劣于行业整体水平；行业 实现归母净利润 128.59 亿元，同比大幅增长了 40.99%，增速由负转 正，且明显超过同期营收同比增速，反映出行业盈利能力有所提升； 若按中位数法计算同比增速为 9.41%，同样低于整体法下的同比增速， 反映出计算机行业的归母净利润也呈现分化特征，部分中大规模 ...

Group 1 - The National Internet Information Office has released the "National Cybersecurity Incident Report Management Measures," effective from November 1, 2025, highlighting the urgency of developing a self-controlled information technology industry for national security [1] - Shenwan Hongyuan Securities emphasizes that the development of the information technology industry is crucial for ensuring national security, driven by factors such as "deepening policy support," "ongoing external disturbances," and "frequent security incidents" [1] Group 2 - Huawei Cloud has fully launched its CloudMatrix384 Ascend AI cloud service, with plans to upgrade the supernode specifications from 384 cards to 8192 cards, enabling ultra-large clusters of 500,000 to 1,000,000 cards [1] - During the Huawei Connect conference, Huawei's CEO of Cloud Computing shared innovations and practical applications in AI cloud services, large models, embodied intelligence, and AI agents [1] Group 3 - On September 13, Haiguang Information opened its CPU interconnect bus to full-stack industry partners, which is expected to address the current lack of uniformity in domestic computing chip technology and enhance the performance of chip computing power [2] - Guosen Securities notes that global AI computing power demand continues to grow, driven by increased capital expenditure from overseas companies, while domestic AI computing power demand is also rising due to the development of domestic large models and AI applications [2] Group 4 - As of September 22, 2025, the Guozheng Information Technology Innovation Theme Index rose by 3.04%, and the Xinchuang ETF Guangfa (159539) increased by 3.31%, with significant gains in component stocks such as Chip Origin Co., Ltd. rising by 18.96% [2] - The top ten weighted stocks account for 47.32% of the index, with notable increases in stocks like Zhongke Shuguang rising by 7.09% and Zhaoyi Innovation rising by 5.81% [2]

Core Insights - The company showcased its competitive advantages and growth potential in the financial technology service sector during the 2025 Shanghai-listed companies collective reception day and mid-year performance briefing [1][2] Client Expansion - The company recently acquired large banking clients such as Minsheng Bank and Hangzhou Bank, which have over one trillion in assets, indicating a significant positive impact on future business [1] - Winning the framework contracts with these banks allows the company to undertake all internal development projects, laying a solid foundation for future business growth [1] Cash Flow Status - The company reported positive operating cash flow for the past three years, with figures of 35.95 million, 79.99 million, and 92.07 million yuan, respectively [1] - The net cash outflow of 105 million yuan in the first half of the year was primarily due to seasonal fluctuations in business receivables [1] - The company's main clients are financial institutions with good credit quality, minimizing the risk of bad debts [1] Innovation and Technology - The company's capabilities in the Xinchuang (信创) sector, particularly with Ascend and Kunpeng technologies, are crucial for its development [2] - The latest version of the company's cash management software, V5.0, received technical certification from Ascend in June 2025, demonstrating its recognized technical strength in the Xinchuang field [2] Financial Stability - The company's current debt-to-asset ratio stands at 63.13%, primarily due to interest-bearing liabilities, but it maintains sufficient working capital and controllable financing costs [2] - This financial stability supports the company's business expansion and technology research and development [2] Market Competitiveness - The exchange highlighted the company's professional strength and market competitiveness in the financial technology service sector, with promising prospects for future development as it expands its large banking client base and makes breakthroughs in the Xinchuang field [2]

致远互联已深入大型央国企、民营企业，助力众多龙头企业实现智能化升级转型。 近日，中国企业联合会、中国企业家协会发布了"2025中国企业500强"榜单。在这份代表中国经济中坚 力量的名单中，有近百家上榜企业为致远互联深度合作用户，覆盖制造、金融、能源、建筑、消费等各 行各业，这些企业依托致远互联智能协同运营平台，全面推动企业数智化转型，重塑核心竞争力，展现 出卓越的市场实力与管理创新。 致远互联作为协同运营AI企业，专注于智能运营和协同办公管理领域。充分应用云计算、大数据、人 工智能等新一代信息技术，打造了"以工作流作为业务自动化的核心，以业务场景作为信息聚合及团队 协作的载体，以AI作为流程智能化及智慧决策的支撑"的管理软件新品类（AI-COP），为政企客户提供 领先的产品、平台、解决方案及云服务。 技术产品体系：平台化、智能化、信创化全面赋能 致远互联以"AI in All"为战略，推出CoMi Agent平台2.0及全系新产品。CoMi Agent2.0涵盖智能工作 台、多模态交互、多智能体协同、数据驱动和数字员工五大核心能力，通过统一智能基座与智能体定制 平台CoMi Builder，将AI深度嵌入企业 ...