Core Viewpoint - Tianrongxin (002212.SZ) reported a revenue of 336 million yuan for Q1 2025, with a year-on-year reduction in net loss by 23.43% and an increase in gross margin by 10.15 percentage points, indicating improved revenue quality and effective cost management [1][2][3] Group 1: Financial Performance - The company achieved total revenue of 336 million yuan in the reporting period [1] - Net profit saw a year-on-year reduction in loss by 23.43% [1] - Gross margin increased by 10.15 percentage points compared to the previous year [1] - Three major expenses decreased by 6.83% year-on-year [1] Group 2: Strategic Development - The company aims to become a leading provider of cybersecurity and intelligent computing cloud solutions in China over the next decade [1] - The company is actively promoting its intelligent computing cloud business, achieving significant progress in infrastructure layout [2] - The intelligent computing all-in-one machine is expected to generate over 100 million yuan in sales for the year [2] Group 3: Technological Advancements - The company has made significant breakthroughs in AI technology, integrating AI with security to enhance product competitiveness [2] - The Tianwen large model technology has undergone a leap-forward upgrade, enhancing the efficiency of security knowledge output [2] - A comprehensive AI-driven digital transformation system has been established, improving internal applications and operational support [2] Group 4: Market Outlook - The cybersecurity industry is experiencing short-term pressure due to seasonal revenue characteristics and external macroeconomic factors [3] - The company is building a second growth curve through "cloud computing + intelligent computing" and collaborating with Huawei for new infrastructure initiatives [3] - Increased industry demand is anticipated due to accelerated technological innovation, expanding new scenario requirements, and deepening policy compliance [3]

4月28日晚，ST智知（603869）(股票代码：603869)发布2024年度报告及2025年第一季度报告。2024年 度，公司业务结构调整成效显著，围绕城市安全的聚安网业务持续增长，以垂直行业应用和智算为代表 的企业智能化业务不断落地，集成业务占比显著收缩。 企业智能化服务快速突破 受益于业务结构优化，公司毛利率从30.69%提升至37.82%，2024年度实现归母净利润2,074.07万元，扭 亏为盈。 在企业智能化服务领域，公司持续深耕玻璃、食品等行业，并积极拓展智算等新兴业务领域，致力于为 客户构建坚实的智能应用底层资源支撑，保障其智能化业务的顺利开展。 城市安全业务持续增长 公司推出工业互联网"1+X"联合解决方案，通过数字化平台诊断问题，优化业务核心场景，实现能耗调 优与效率提升；依托"物联+智能+工业物联网"技术，助力标杆客户顺利获得国家级绿色工厂称号。同 时，聚焦企业客户智能化转型所需的算力需求，通过打造算力生态组织，为青海、甘肃、宁夏等地的客 户提供优质的算力服务，为推动未来智能业务的加快发展奠定了坚实的基础。 在城市安全领域，聚安业务发挥"深耕行业"的竞争优势，延续燃气安全、通用安全等场 ...

中贝通信(603220.SH)发布2025年第一季度报告，公司实现 营业收入5.49亿元，同比下降24.67%；归属 于上市公司股东的 净利润为1881.68万元，同比下降59.49%。主要原因包括 5G新基建业务收入同比下 降27.53%， 新能源电池产线处于产能爬坡阶段，以及财务费用同比增加2200余万元。同时，公司智算 业务实现收入1.35亿元，同比增长972.79%。 ...

随着人工智能技术和产业的快速发展，全球围绕AI的战略竞争正日益加剧。智算中心作为支撑大模型训练与推理的核心基础设施，已成为各国科技竞争 中的"新基建"。 《IT时报》去年曾报道，国内地方政府、科技巨头和电信运营商纷纷加码智算中心项目，投资规模从百亿级跃升至千亿级。 然而，今年以来，随着国际市场风向发生微妙变化，这场算力建设热潮也出现波动。如微软，已宣布暂停多个数据中心项目，释放出"收缩"信号。尽管全 球科技公司仍在持续加大AI投入，但"许多项目缺乏明确客户""AI服务器集群供应过剩"的声音不绝于耳。阿里巴巴集团董事会主席蔡崇信就警告称，美国 AI数据中心或陷入建设泡沫。 而在国内市场，审慎转向的迹象同样出现。 一边是热火朝天的建设，一边是宏观调控的降温，智算中心是否已由"香饽饽"变成"鸡肋"？国产算力建设是否过剩了？ 01 投资热度未减 中国通信工业协会数据中心委员会发布的《中国智算中心产业发展白皮书（2024年）》（以下简称《白皮书》）显示，截至2024年11月，全国已投运的智 算中心项目近150个，在建及规划中的项目接近400个。 截至2024年8月，全国智算中心项目总数已超过300个，公布算力规模超过5 ...

高新兴正通过聚焦高价值业务、积极布局新兴领域，展现出强劲的新生潜力。汽车车载终端业务的大幅 增长和轨交业务的稳健贡献，共同构成了未来发展的主要驱动力。智算领域的战略布局为未来发展提供 了额外的支持和想象力。随着Q1业绩的明显改善，高新兴已驶入增长轨道，未来发展值得期待。（文 穗） 2024年年报显示，高新兴在核心业务上取得显著突破。交通行业收入占比超65%，其中汽车车载终端收 入增幅达35.43%，成功突破奇瑞、哈曼等大客户，并进一步做大吉利汽车、长安汽车客户份额。公司 连续斩获吉利4G、5G TCAM项目、平台化定点项目，更成为国内第一家获得巴龙5G Redcap平台授权 的外部客户，彰显其在车载通信终端领域的领先地位。公司轨交终端业务保持5%以上的稳健增长，该 业务对高新兴全年利润贡献超7000万元。值得一提的是，公司基于多传感融合的高铁周界入侵前端监测 设备已完成研制及试验，未来业务将进一步拓展至铁路沿线及周界领域，开辟新的增长空间。面对市场 变化，高新兴积极调整业务结构，主动收缩政府集成类业务，收入规模为近几年历史最低，据公告称， 公司侧重于周期较短、回款良好、无需垫资的产品及服务，减少对集成业务、机 ...

Financial Performance - In 2024, the company's total revenue was CNY 7.757 billion, a decrease of 4.71% year-on-year [3] - Data center revenue reached CNY 3.152 billion, an increase of 14.07% year-on-year, with a gross margin of 28.77% [3] - Smart energy revenue was CNY 922 million, down 9.01% year-on-year, with a gross margin of 41.06% [3] - New energy revenue was CNY 3.608 billion, a decline of 15.98% year-on-year, with a gross margin of 16.78% [3] - The net profit attributable to shareholders was CNY 315 million, impacted by credit and asset impairment losses totaling CNY 258 million [3] Business Development - The smart computing center business generated approximately CNY 3.152 billion in revenue, growing 14.07% year-on-year [4] - The company is actively engaging in AI, computing power, and autonomous driving markets, establishing a robust heterogeneous computing power platform [4] - The company has secured numerous product orders from major clients in the internet, telecommunications, and finance sectors, with significant growth expected in 2025 [5] Technological Advancements - The company has been recognized as a top 10 service provider in the third-party computing power center sector, ranking 8th in comprehensive development and 4th in technical capability [6] - In the smart energy sector, the company has launched innovative products such as the 1500V 5MW liquid-cooled photovoltaic inverter, enhancing its market position [8] - The company has achieved the highest shipment volume of energy storage PCS among Chinese enterprises globally, maintaining a strong presence in the renewable energy sector [9] Future Outlook - The company plans to intensify its focus on the smart computing center business, leveraging its core technology in power electronics for new product development [10] - A strategic customer department has been established to deepen collaborations with major internet companies and expand into various sectors [10] - The company is considering future financing plans based on strategic goals and market conditions, following the successful completion of a convertible bond project [11]

证券研究报告·公司点评报告·软件开发 2025 年 04 月 28 日 证券分析师 王紫敬 云赛智联（600602） 2024 年年报和 2025 年一季报点评：上海算 力建设风来，算力领军云赛启航 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,264 | 5,623 | 6,380 | 7,110 | 7,908 | | 同比（%） | 16.09 | 6.82 | 13.47 | 11.44 | 11.23 | | 归母净利润（百万元） | 192.91 | 202.39 | 222.17 | 243.89 | 262.18 | | 同比（%） | 6.70 | 4.92 | 9.77 | 9.78 | 7.50 | | EPS-最新摊薄（元/股） | 0.14 | 0.15 | 0.16 | 0.18 | 0.19 | | P/E（现价&最新摊薄） | 161.36 | 153.80 | 140.11 ...

Core Viewpoint - The report highlights the investment strategies and portfolio adjustments of Morgan Stanley fund manager Lei Zhiyong, focusing on the digital economy sector, particularly in intelligent computing infrastructure and AI applications [2][10]. Group 1: Fund Performance and Management - Lei Zhiyong's managed fund size increased by over 50% in Q1 2025, reaching a total management scale of 55.31 billion yuan, up from 36.09 billion yuan in the previous quarter [5]. - The fund "Damo Digital Economy Mixed" saw a net subscription of 763 million units during Q1, bringing its latest scale to 52.33 billion yuan, a nearly 55% increase from the end of last year [5]. - The fund maintained a high stock position, with stock holdings exceeding 90%, and made slight increases compared to the previous quarter [6]. Group 2: Investment Focus and Adjustments - The top ten holdings of the Damo Digital Economy Mixed fund remained stable, with structural adjustments made in individual stocks. New additions included KOTAI Power, Lens Technology, and Shenghong Technology, while stocks like Zhongji Xuchuang and Huadian were removed [7]. - The fund continues to focus on the digital economy sector, with a positive outlook on intelligent computing infrastructure and AI applications for future investment opportunities [9][10]. Group 3: Market Environment and Challenges - The market environment in 2025 has not been favorable for Lei Zhiyong, with only one of the three managed funds, Damo Wan Zhong Innovation, showing a profit, while the others reported negative returns [10]. - The strategy of focusing on the technology sector reflects Lei Zhiyong's long-term belief in AI, but the current market performance indicates that this approach may not yield leading returns compared to diversified investments [10].

4月11日，中国移动云智算大会·云智算技术创新与应用实践论坛在苏州金鸡湖国际会议中心召开。 本次 论坛依托中央企业算力网络创新联合体，汇聚产业力量，聚焦AI新生态下云智算发展趋势，深度解读中 国移动云智算体系技术架构及云智算产品行业应用实践，并重磅发布云智算系列产品与智算一体机等多 项战略性创新成果。中国移动副总经理陈怀达出席会议并致辞，来自各界的行业专家、合作伙伴代表参 加会议。 陈怀达在论坛致辞中表示，中国移动锚定"世界一流信息服务科技创新公司"定位，大力实施"AI+"行动计 划，充分释放AI在技术能力上的规模效应。 一是当好供给者，筑牢"AI+"发展根基。 在算力、模型、数 据等多环节，加强基础设施建设。 二是当好汇聚者，促进"AI+"产业融通。 组织央企和产学研各界开展 协同攻关，共同推动基础设施共通、核心能力共用、应用服务共创。 三是当好运营者，深化"AI+"注智 赋能， 携手行业龙头、合作伙伴，共建"五类业务范式"，助力各行各业"智改数转网联"。 智算一体机以"硬件为基，软件为核"，以算促智，推动算力从"稀缺资源"变为"普惠服务"，为客户提供 私密安全、稳定高效、简单易用的智能引擎服务， 满足政务 ...

全链支持 加速AI应用创新 在国家大力培育专精特新企业、推动千行百业数字化转型的背景下，中国移动正以"云智融 合"为突破口，将传统云计算技术与新一代智能计算、AI技术深度融合，打造面向未来的智 能算力基础设施。因此，2025年大赛全新升级为"云智算杯"AI+应用创新大赛，以"智汇未 来，云创无限"为主题，依托移动云智算平台和一站式大模型服务双技术底座，重点围绕智 能体与大模型开发，设立百万现金奖励及百万用云资源支持，加速前沿技术商业化落地。 三大赛道 激发"智算"新质生产力 本次大赛通过 开放行业、高校、移动三大创新赛道，构建完整的"AI+产业"协同创新体系， 加速实现从"云计算"到"智算服务"的战略跃迁 。行业赛道以双底座为擎，面向企业开发 者，深度融合移动云智算平台与一站式大模型服务，开辟AI+产业新通路；高校赛道以创新 为核，聚焦高校顶尖人才孵化，点燃技术生态新锋芒；移动赛道聚焦央企数字化转型需求， 探索云智融合创新场景，培育行业标杆应用，构建"政产学研用投"协同创新生态。三大赛道 将形成有机整体，共同构建从技术研发到产业应用的完整创新链条，持续推动AI技术创新与 产业实践的深度融合，为数字经济发展注入 ...