【扎根自主可控，护航国家安全】 12月24日，重仓软件开发行业的信创ETF基金（562030）在水面附近震荡，场内价格盘中摸高0.59%，现跌0.2%，值得关注的是，该ETF回落至今年7月位 置，较高点回落明显，考虑到2027年央国企信息化系统全面替代节点临近，当前或可能是左侧布局的窗口期。 成份股方面，江波龙、赢时胜和千方科技表现较为突出，涨幅分别为2.76%、2.64%和2.29%。另一方面，奇安信、海光信息和纳思达表现较弱，跌幅分别为 0.88%、0.83%和0.76%。 消息面上，12月22日MDC 2025大会聚焦国产算力突破，中国工程院院士郑纬民强调"主权AI"需构建算力自主体系，摩尔线程展示MUSA架构在AI推理及深 度学习生态的进展；同期国内首个规模化光量子计算机制造工厂在深圳落地，推动量子计算产业化进程，相关技术突破有望赋能信创产业链核心环节。 天风证券表示，2025年计算机行业跑赢沪深300，基本面自2024年低点后修复，25Q3营收同比+3.22%、归母净利润同比+2.40%，盈利拐点显现。AI Coding 规模化落地将降低研发成本，中长期利润率有望提升5pct+。2026年行业进入" ...

东兴证券发布研报称，计算机行业的投资应围绕"基本面、性价比、吸引力"三维框架展开。人工智能作 为科技周期的核心主线，在政策支持、技术演进与需求释放的三重驱动下，形成了"多维共振"。从基本 面来看，"十五五"规划将"科技自立自强"列为关键目标，为AI、"新质生产力"、信创等领域提供了有力 支持。 投资策略：聚焦AI主线，关注信创景气回升及新兴/未来产业结构机会 主线上全球在AI算力上持续投入，同时应用价值逐步释放。AI算力侧关注国产AI芯片(海光信息、寒武 纪、沐曦股份、摩尔线程等)、AI服务器(中科曙光（603019）、浪潮信息（000977）、华勤技术 （603296）等)、液冷温控(曙光数创、英维克（002837）等)及智算服务(紫光股份（000938）、商汤、 华为产业链等)。AI应用侧重点布局AI Agent与端侧智能，AI Agent正从Copilot向自主决策演进，在金 融、coding、营销等高人力成本行业具有显著降本增效潜力；端侧智能受益于豆包手机等新品催化，AI 眼镜、陪伴机器人等硬件加速放量。推荐金山办公、同花顺（300033）、中科创达（300496）、科大讯 飞（002230）等公司。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月24日，重仓软件开发行业的信创ETF基金（562030）在水面附近震荡，场内价格盘中摸高0.59%， 现跌0.2%，值得关注的是，该ETF回落至今年7月位置，较高点回落明显，考虑到2027年央国企信息化 系统全面替代节点临近，当前或可能是左侧布局的窗口期。 成份股方面，江波龙、赢时胜和千方科技表现较为突出，涨幅分别为2.76%、2.64%和2.29%。另一方 面，奇安信、海光信息和纳思达表现较弱，跌幅分别为0.88%、0.83%和0.76%。 消息面上，12月22日MDC 2025大会聚焦国产算力突破，中国工程院院士郑纬民强调"主权AI"需构建算 力自主体系，摩尔线程展示MUSA架构在AI推理及深度学习生态的进展；同期国内首个规模化光量子计 算机制造工厂在深圳落地，推动量子计算产业化进程，相关技术突破有望赋能信创产业链核心环节。 天风证券（维权）表示，2025年计算机行业跑赢沪深300，基本面自2024年低点后修复，25Q3营收同比 +3.22%、归母净利润同比+2.40%，盈利拐点显现。AI Coding规模化落地将降低研发成本 ...

Investment Rating - The report maintains a "Recommendation" rating for the computer industry [4] Core Insights - The report highlights the strategic importance of China Electronics as a core technological force in the national cybersecurity and information industry, emphasizing its comprehensive product spectrum and technology system [7][13] - It discusses the establishment of the PKS ecosystem, which is the first domestic standard for computer hardware and software, aimed at addressing key technological challenges and enhancing the value of data elements [33][49] - The report suggests that the market transformation of China Electronics, driven by external mergers and internal incentives, is expected to accelerate, with a focus on improving the quality of listed companies and optimizing asset layouts [53][54] Summary by Sections 1. Addressing Key Challenges - China Electronics aims to tackle the "bottleneck" issues in the semiconductor and software sectors, having developed a complete product spectrum from chips to application systems [7][13] - The company has undergone significant restructuring and mergers since 2005, optimizing its industrial structure and enhancing its competitive advantages across various electronic information sectors [13][14] 2. PKS Ecosystem and Data Elements - The PKS ecosystem integrates various components, including the Feiteng CPU and Kylin OS, to create a robust domestic computing infrastructure [33][34] - The report notes that data has become the fifth production factor, with China Electronics actively participating in the marketization of data elements, addressing challenges related to rights, pricing, and security [39][49] 3. Market Transformation through Mergers and Incentives - The report outlines the ongoing market transformation of China Electronics, highlighting its efforts to list assets and implement employee stock ownership plans to boost internal vitality [8][53] - It emphasizes the importance of mergers and acquisitions in enhancing the operational efficiency of state-owned enterprises, aligning with national reform initiatives [54] 4. Investment Recommendations - The report identifies potential investment opportunities in companies under China Electronics, including Huada Jiutian, Dameng Data, China Software, and others, suggesting that these platforms may experience a revaluation of their worth [8][10]

证券日报网讯12月23日，山石网科在互动平台回答投资者提问时表示，技术创新和高效的运营管理是公 司制定的行业突围策略，对公司而言，ASIC安全芯片技术是应对信创市场需求、打造差异化竞争优势 的战略创新。自量产测试成功公告发布以来，公司积极推动ASIC新一代安全产品的商机落地，目前已 实现能源行业等客户的项目中标。 ...

[Table_Reportdate] 2025年12月23日 [Table_invest] 买入（首次覆盖） [海光信息（ Table_NewTitle] 688041）：国产CPU领军企 业，DCU卡位算力芯片千亿蓝海 ➢ 投资建议：首次覆盖，给予"买入"评级。公司CPU与DCU产品性能和生态国内领先，有 望受益于当前信创在党政和行业加速落地、算力需求暴增、国产替代不断推进的市场背景， 叠加下一代高性能海光五号、深算四号的发布，营收有望维持高速增长。我们预计公司 2025-2027年营业收入分别为143.05、207.76和287.59亿元，同比增速分别为56.13%、 深 度 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn | [数据日期 Table_cominfo] | 2025/12/22 | | --- | --- | | 收盘价 | 215.18 | | 总股本(万股) | 232,434 | | 流通A股/B股 ...

Group 1: Company Strategy and Focus Areas - The company aligns its overall strategy with the national "14th Five-Year Plan," focusing on artificial intelligence (AI) technology and industry applications, particularly in machine vision and intelligent robotics [3][4]. - Key products under development include a machine vision common technology platform, industrial vision inspection platform, encryption algorithms, and various intelligent robots [3][6]. Group 2: Collaboration and Market Position - The company has established a close partnership with Alibaba Cloud, achieving significant results in digital transformation across sectors like government and energy [3][4]. - The company's machine vision technology is at an internationally advanced level and domestically leading, utilizing AI and machine learning for enhanced detection accuracy and speed [4]. Group 3: Financial Performance and Challenges - Despite a significant increase in orders from the "Xinchuang" business, the company's revenue and profit have declined due to market competition and project budget cuts [7]. - The company invested over 40 million yuan in AI-related R&D, focusing on product innovation and technology upgrades [6][7]. Group 4: Product Development and Achievements - The intelligent anesthesia robot has completed over ten clinical trials and aims to obtain certification by the end of 2028 [8]. - The intelligent loading robot is currently in trial use within the Road and Bridge Group, with plans for broader market promotion [8].

Group 1: Financial Performance - The company's gross profit has declined due to increased market competition and reduced project budgets, leading to compressed profit margins [3] - Net profit has significantly decreased primarily due to increased investment in technology innovation and product upgrades, as well as delays in client bidding processes [4] - The company achieved record high new contract amounts and backlog in 2025, indicating confidence in future revenue growth [4] Group 2: Business Segments and Revenue - The digital conference business, a key part of the smart government sector, has a maximum revenue potential of approximately ¥250 million, with significant opportunities in overseas markets [5] - Approximately ¥330 million in orders are attributed to the company's core business, with additional growth from existing industry sectors [9] Group 3: Research and Development - The company invests over ¥40 million annually in AI-related research and development, focusing on practical applications and product innovation [8] - Core technology in AI includes high-speed machine vision and intelligent analysis, which are crucial for real-time quality inspection in manufacturing [10] Group 4: Strategic Initiatives - The company plans to implement a stock incentive plan to promote high-quality development [7] - A comprehensive layout of the machine vision industry chain has been established, including products like intelligent robots and data platforms [11]

（原标题：险资股票投资风险因子下调，金融科技ETF华夏、金融科技ETF、金融科技ETF富国逆势上 涨） A股主要指数下跌，金融科技板块逆势上涨。 ①证券IT行业以生产系统为核心，根据客户需求建设系统。②证券科技服务商行业架构包括流量获客、 金融信息服务产品变现和牌照变现。③银行IT行业架构满足多样化服务需求，保险IT行业架构基于业务 需求导向的三类IT系统。 互联网金融看短期业绩弹性，证券IT关注信创需求：金融科技指数跑赢大盘，证券科技服务商业绩齐头 并进；A股市场新入市投资者增长，交投情绪较强。①东方财富——短期关注市占率，长期关注AI发 展；②同花顺——短期关注C端业绩弹性，长期关注AI赋能B+C端；③指南针&九方智投控股——关注 流量到牌照变现的业绩弹性；④恒生电子&金证股份——关注金融行业基本面改善和信创需求。 银行IT关注出海订单，保险IT看AI发展：2025年，银行及保险业整体平稳增长；2025年前三季度，银行 保险科技股小幅震荡，四季度起个股表现分化；银行IT行业预期将呈现产品集成化、行业集中化趋势。 ①长亮科技——营收状况符合一致周期稳步发展，海外布局持续开拓，看好海外业务；保险IT行业增长 ...

内容概况：在信创工程深入实施与企业数字化转型提速的双重驱动下，内存数据库的角色已发生根本性 转变，其战略价值正从过去侧重于缓存与性能加速的"辅助工具"，全面升级为支撑金融交易、电信计费 等关乎国计民生核心业务系统的"关键战略基础设施"。2024年，中国内存数据库行业市场规模约为 101.04亿元，同比增长20.29%。 相关上市企业：达梦数据（688692）、思特奇（300608）、科蓝软件（300663）、阿里巴巴 （09988）、腾讯控股（00700） 相关企业：隆基绿能科技股份有限公司、中芯国际集成电路制造有限公司、华为技术有限公司、深圳华 峰测控技术股份有限公司、北京长川科技股份有限公司、中国工商银行股份有限公司、中国移动通信集 团有限公司、阿里巴巴集团控股有限公司、百度在线网络技术（北京）有限公司、数字政通科技股份有 限公司、浪潮电子信息产业股份有限公司 关键词：内存数据库、内存数据库市场规模、内存数据库行业现状、内存数据库发展趋势 一、行业概述 数据库管理系统是"按照数据结构来组织、存储和管理数据的仓库"，是一种用于建立、使用、操纵和管 理数据库的大型基础软件，既是业务数据的存储中心，也是统计分析 ...