Core Viewpoint - Taiji Computer Co., Ltd. is actively engaging with investors to discuss its competitive strategies in the Xinchuang market, advancements in AI commercialization, and future development plans [1] Group 1: Xinchuang Market Competitive Strategy - Taiji is leveraging its leading position in the Xinchuang industry under China Electronics Technology Group to provide integrated services to key industry clients [2] - The company is increasing R&D investment in core technologies and products, with specific expansions in operating systems and database solutions targeting critical industry scenarios [2] - New product launches, including the Taiji Tianwei series terminals and Ziwei series servers, have shown initial success in the government sector [2] - Taiji is integrating AI technology into its Xinchuang products, with several innovative AI-driven products launched by its subsidiaries [2] Group 2: AI Commercialization - The "Xiao Ke 3.0" model and "Jizhi" intelligent platform released by China Electronics in June demonstrate significant advantages in training efficiency and complex task processing [3] - In 2025, Taiji's AI projects have transitioned from concept validation to practical implementation, focusing on enterprise-level market solutions [3] - The company is targeting government and state-owned enterprise clients across four market segments: general tools, deep business tools, digital employees, and development platforms [3] Group 3: Future Development Layout - Taiji has proposed a "One Body, Two Wings, Three Engines" strategy to drive transformation in the post-Xinchuang era [4] - The "One Body" focuses on industry digitalization, promoting the integration of IT and OT [4] - The "Two Wings" consist of product industrialization and service platformization, aimed at fostering product innovation and new service models [4] - The "Three Engines" are centered on trustworthiness, data, and intelligence, providing reliable digital services and driving industry digital transformation [4]

Group 1: Market Position and Strategy - The company is a leading unit in the domestic innovation and creation (信创) industry, continuously enhancing its competitive edge and uniqueness in the face of major competitors like Huawei and Inspur [2][3]. - The market for the信创 industry is expanding, with significant growth in sectors such as government, finance, telecommunications, healthcare, education, energy, and transportation [2][3]. - The company has completed 158 domestic and international chip adaptations, with 37 vehicle manufacturers and 342 component manufacturers utilizing its solutions, establishing itself as a leader in the automotive operating system field [3]. Group 2: Product Development and Innovation - The company has launched several innovative products, including the KES V9 2025 database and KEMCC unified management platform, integrating AI technology to meet diverse industry needs [4][6]. - The introduction of the "Hui Pearl" private domain intelligent platform and the "Extreme Small Easy" intelligent solution demonstrates the company's commitment to providing comprehensive intelligent services across various sectors [4][6]. - The company has shifted its AI projects from concept validation to practical implementation, focusing on enterprise-level markets and developing customized solutions for government and state-owned enterprises [6]. Group 3: Future Development and Core Competencies - The company has proposed a development strategy of "one body, two wings, and three engines," focusing on trustworthy, data-driven, and intelligent business development [6][7]. - The strategy emphasizes the importance of digital government, public safety, smart cities, and industrial digitalization, aiming to innovate and accelerate the digital transformation of industry solutions [7]. - The company aims to enhance its service platform by developing cloud services, trusted data space operations, and intelligent platform applications, thereby achieving a platform-based service model [7].

格隆汇9月17日｜山石网科在业绩说明会上表示，公司是全球第三家成功实现自研ASIC安全芯片的网络 安全企业，目前ASIC安全芯片处于量产流片阶段，尚未回片。公司来自金融行业客户的收入占比一般 约为20%。上半年，公司研发投向主要包括ASIC安全芯片研发、信创产品布局进一步补充、AI技术对 产品与服务赋能以及安全服务能力建设等。 ...

北京中亦安图科技股份有限公司 投资者关系活动记录表 编号：2025-006 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | 现场参观 其他（走进上市公司-投资者开放日活动） | | | "踔厉奋发新征程 投教服务再出发"之"走进上市公司"活动—中亦科技（301208） 东方财富证券及中小投资者 | | 参与单位名称及 | | | 人员姓名 | 千里马基金：赵忠霞 | | | 睿石投资：唐谷军 | | | 信伟达资管：张钧宇 | | 时间 | 2025 年 9 月 17 日 | | 地点 | 北京市丰台区保利佲悦大都会 号楼 层会议室 3 12 | | 上市公司接待人 | 副总经理、董事会秘书：乔举 | | 员姓名 | 证券事务代表：何欢 | | | 1、观看公司宣传片、了解公司的基本情况。 | | | 2、公司的技术壁垒是什么？ | | | 公司近二十年来深耕在 IT 基础架构领域，积累了三大技术核心竞争力：全覆盖 | | | 技术能力、全周期咨询能力、最佳实践产品能力。 | | ...

Group 1: Financial Performance - The company reported a net profit of -92.99 million in the first half of 2025, with a PE ratio of -208 times, raising concerns about its profitability [6] - Operating cash flow for the first half of 2025 was -788 million, indicating liquidity challenges [6] - The company aims to achieve a revenue of 1.2 billion from the Shenze Wind Power Project, which is still under construction [7] Group 2: Business Segments and Revenue Sources - The software business has a gross margin of 10.99%, significantly below the industry average of 18% [3] - Financial technology business revenue accounted for 30% of total revenue in the first half of 2025 [3] - Huawei cooperation accounts for over 54% of the company's business [3] Group 3: Strategic Initiatives and Partnerships - The company is actively involved in the development of the HarmonyOS ecosystem and has formed a dedicated development team [9] - Collaboration with Huawei spans multiple sectors, including smart cities and digital transformation for state-owned enterprises [10] - The company is focused on enhancing its AI capabilities and has developed over 100 joint solutions with Huawei [10] Group 4: Market Position and Competitiveness - The company’s revenue from financial clients was 30% of total revenue in the first half of 2025, despite facing competition [8] - The company does not consider itself marginalized in the AI computing field, providing infrastructure and services [8] - The stock price has increased by 5% in the first half of 2025, lagging behind the average increase of 18% in the innovation sector [6]

Group 1 - The A-share market experienced fluctuations after a strong opening, with technology sectors like computing chips, semiconductors, and humanoid robots leading the gains [1] - The domestic computing industry chain is benefiting from multiple favorable catalysts, including Haiguang Information's announcement to open its CPU interconnect bus protocol (HSL) to industry partners, enhancing system connectivity and promoting standardization [1] - Alibaba has significantly increased its AI investments, with Q2 capital expenditures reaching 38.6 billion yuan, a 57.1% quarter-on-quarter increase, and plans to issue $3.2 billion in zero-coupon convertible bonds to strengthen cloud infrastructure [1] Group 2 - Lianqi Technology achieved record high performance in Q2 2025, with revenue of 1.411 billion yuan, a 52.12% year-on-year increase, and a net profit of 634 million yuan, up 71.40% [2] - The company capitalized on AI industry trends, with significant increases in shipments of DDR5 memory interface chips and high-performance computing chips, leading to a revenue of 2.461 billion yuan in H1 2025, a 61.00% year-on-year growth [2] - The domestic AI industry is expected to accelerate, with DeepSeek leading the collaboration between domestic AI computing and major model software and hardware, indicating new opportunities for growth [3]

Core Viewpoint - The A-share Xinchuang sector is experiencing a collective rise, driven by news investigations and policy announcements, with the Xinchuang 50 ETF showing significant gains [1][3]. Group 1: Market Performance - The Xinchuang 50 ETF (560850) saw an intraday increase of nearly 2% [1]. - Major stocks in the Xinchuang 50 ETF performed well, with Zhongke Shuguang hitting the daily limit, and Haiguang Information rising over 8%, both reaching historical highs [3]. - Other notable performers included Inspur Information and Yuntian Lefe, both up over 3%, while Kingsoft Office and Softcom Power increased by over 1% [3]. Group 2: Financial Performance - According to Guosen Securities, the computer sector's revenue for the first half of 2025 reached 612 billion yuan, a year-on-year increase of 10.9% [5]. - The net profit attributable to shareholders for the same period was 12.8 billion yuan, reflecting a year-on-year growth of 41.9% [5]. - The second quarter of 2025 saw a revenue of 330 billion yuan, up 7.5% year-on-year and 17.0% quarter-on-quarter [5]. Group 3: Policy and Industry Trends - The Chinese government emphasizes high-level technological self-reliance as a development priority, aiming to enhance core technology research and development [7]. - The Xinchuang industry is expected to accelerate due to improved performance among major listed companies and ongoing policy support [7]. - The recent security assessment results indicate a growing number of core manufacturers entering the Xinchuang sector, further propelling its development [7]. Group 4: Investment Opportunities - The DeepSeek concept stocks hold a significant weight of 48.1% in the Zhongzheng Xinchuang Index, indicating strong market interest [8]. - The Xinchuang 50 ETF primarily focuses on computer software (43%), cloud services (23%), computer equipment (18%), and semiconductors (13%), aligning with the long-term trend of "domestic substitution" [8].

2024年，达梦数据在上交所科创板挂牌上市。 （来源：浪哥财经） 自20世纪70年代末，达梦数据创始人——冯裕才教授着手从事数据库自主研发，1988年研制出国内第一 个自主版权的国产数据库管理系统原型CRDS，是该领域的专家。 而在达梦数据上市的这一年，出生于1944年的冯裕才教授，已经80岁高龄。 信息与大数据 AI时代的生产资料 1992年达梦数据库与多媒体数据研究所在华中理工大学成立，一年后达梦数据管理库DM1诞生，2025 上半年达梦数据库已经更新至第八代。 数据库的作用就是存储和管理数据，与芯片、操作系统共同组成IT系统的核心，是三大基础软件之一。 达梦数据属于"传统数据库"企业，主攻本地部署关系型数据库。 人工智能快速发展下，数据产生量呈现指数式爆发增长。 2010年-2024年间，全球数据产生量从2ZB增长至147ZB。作为AI时代新的生产资料，数据和数据资料完 成从信息传递者到价值生产者身份的转变。 毕竟，数据才是一切模型训练的基石。 达梦数据能较好兼容飞腾、龙芯、申威、海光等企业的CPU产品，同时与华为、浪潮信息、中科曙光等 公司存储产品有着良好的适配兼容性。AI发展和信创推动下，公司经营规 ...

Core Viewpoint - Advanced Communication's financial performance shows significant revenue growth but faces challenges with cash flow, indicating a need for strategic adjustments in a competitive market [1][3][6]. Financial Performance - In the first half of 2025, Advanced Communication reported a revenue of 1.38 billion yuan, a year-on-year increase of 33.06% [3]. - The net profit attributable to shareholders reached 62.6 million yuan, reflecting a nearly sevenfold increase [3]. - Operating cash flow was -911 million yuan, a decline of 1488% compared to the previous year [3][4]. Business Segments - The IT infrastructure construction segment saw a revenue increase of 53.53%, becoming the main driver of performance [3]. - Revenue from software solutions decreased by 19.78%, while IT operation services remained stable [3]. - The internet sector's revenue surged by 152.87%, accounting for 50.36% of total revenue, surpassing the financial institution business for the first time since 2021 [6][8]. Market Dynamics - The overall financial IT market is experiencing a slowdown, with many banks facing low profit margins and extended payment cycles [2][8]. - Advanced Communication is actively seeking new growth areas, including AI implementation and international expansion [8][9]. R&D and Innovation - R&D investment decreased by 40% in the first half of 2025 due to strategic adjustments, but the company plans to increase R&D spending moving forward [7][9]. - The company is focusing on developing AI solutions and enhancing its product offerings in response to market demands [7][9]. Client Base and Contracts - Advanced Communication serves a diverse client base, including state-owned banks, large internet companies, and other medium to large enterprises [6][8]. - The company has secured significant contracts, with a backlog of 2.2 billion yuan, indicating strong future revenue potential [1][3].

Core Viewpoint - The strategic cooperation agreement between Jingjia Micro and Anchaoyun aims to leverage their respective strengths in GPU development and cloud computing to create a sustainable partnership that provides secure and reliable products and solutions for users [2][3]. Group 1: Strategic Cooperation - Jingjia Micro and Anchaoyun will integrate their advantages through comprehensive collaboration in branding, products, and technology [2]. - The partnership focuses on providing high-performance and secure cloud desktop computing capabilities, particularly for government, state-owned enterprises, and public security sectors [2]. - The agreement includes mutual product integration and resource sharing to enhance customer experience and optimize product offerings [2]. Group 2: Market Collaboration - Both companies will support each other in marketing activities and customer recommendations, ensuring stable product supply and competitive pricing [3]. - Anchaoyun will establish a service assurance team and open market channels to facilitate the partnership, while Jingjia Micro will provide after-sales support [3]. - Anchaoyun, founded in September 2019 with a registered capital of 107 million yuan, specializes in digital technology infrastructure and aims to create high-performance IT platforms for enterprise clients [3].