业绩改善的背后，是公司"降本增效+回款强化"双轮驱动的成果。一方面，品高股份加强客户回款管 理，信用减值损失同比下降；另一方面，通过优化组织结构与费用管控，期间费用持续下降。尽管部分 子公司因业务调整导致亏损扩大，对合并报表形成一定拖累，但母公司层面的经营韧性有效支撑了整体 盈利状况的修复。 更令人瞩目的是，公司在人工智能与全栈国产化算力生态领域的战略布局正加速转化为商业动能。一是 云操作系统在政务领域的规模化落地——目前已服务全国12个省级政务云平台，国产化替代率超60%； 二是AI算力相关业务取得实质性突破，AIStack、AIInfra等软件产品及"品原AI一体机"等硬件开始贡献 收入。 1月26日晚间，品高股份(688227.SH)发布2025年年度业绩预告。公告显示，公司预计全年实现营业收入 4.5亿元至5.3亿元，整体保持稳定；归属于母公司所有者的净利润较2024年亏损收窄1,005.52万元至 2,005.52万元。 值得关注的是，品高股份2025年经营活动产生的现金流量净额预计达2,400万元至3,600万元，同比大幅 增加13,684.04万元至14,884.04万元，增幅高达121.27% ...

日前，北京智谱华章科技股份有限公司通过其官方公众号发布GLM Coding Plan限售公告。公告指出， 随着GLM-4.7系列模型上线，用户数量迅速增长，导致算力资源出现阶段性紧张。 这是AI产业算力吃紧的一个缩影。随着GPT、DeepSeek等大模型的算法突破和应用普及，算力需求水涨 船高。数据显示，我国AI芯片市场规模预计2028年将超一万亿元，约占全球市场的30%。面对庞大的市 场需求，自主可控的高质量AI算力供给已成为我国抢占人工智能产业应用制高点、全方位赋能千行百 业的前提条件。 与此同时，人工智能正在加速落地千行百业，带来算力需求激增。目前，全国已落地的算力应用项目超 过1.3万个，建成的各级智能工厂超过3万家，并覆盖工业、金融、交通、医疗、教育等重点行业。"随 着我国人工智能应用加速落地，算力需求持续爆发式增长，算力供给不足的问题将会更加显著。"赵立 东说，伴随大模型技术的成熟及开源普及，算力应用门槛进一步降低，保障算力供给至关重要。 算力缺口从何而来？国产AI算力又当如何破局？记者就此采访了有关专家。 第一问：当前是否存在行业性算力缺口？ "目前，算力供需矛盾依然突出，在全球范围内都是如此， ...

Group 1 - The core strategy of Pingao Co., Ltd. is centered around the "Cloud Data Base Platform," focusing on a dual-driven approach of "vertical field artificial intelligence + domestic computing power ecosystem" [1] - The company is gradually building a diversified business system that covers full-stack cloud services, cloud-edge-end collaborative bases, and a domestic computing power ecosystem [1] Group 2 - Shenzhen Jiangyuan Technology Co., Ltd. specializes in the production of high-performance training and inference chips domestically, focusing on heterogeneous computing scenarios [1] - The company is involved in the research, development, and sales of general-purpose computing chips and supporting solutions [1]

每经AI快讯，有投资者在投资者互动平台提问：请问贵公司是否参与摩尔线程的MUSA系统的开发？ 东华软件（002065.SZ）1月6日在投资者互动平台表示，公司未参与该事项，同时公司是摩尔线程 MUSA系统的重要生态伙伴，双方聚焦国产算力生态建设推进相关协作。公司重大业务信息请以官方公 告为准！ （文章来源：每日经济新闻） ...

Core Insights - Paradigm Intelligence recently announced that its "ModelHub XC" has completed the adaptation certification of 108 mainstream AI models on MoEr Thread's GPU, covering various task types such as text generation, visual understanding, and multimodal Q&A, with plans to expand to a thousand models in the next six months [1][3] - MoEr Thread, a domestic GPU company that went public on the Sci-Tech Innovation Board this year, demonstrated significant advantages in quantized models during the adaptation process, effectively reducing model memory usage and improving inference speed [1] - The official launch of MoEr Thread's IPO on November 24 set a new high for A-share IPO prices since 2025, with a price of 114.28 yuan per share [1] - The efficient and stable operation of models on domestic chips is crucial for the maturity of the computing power ecosystem, and Paradigm Intelligence is addressing this by leveraging its self-developed EngineX engine technology to enhance model compatibility and operational efficiency on domestic chips [1] Model Adaptation and EngineX Technology - The "ModelHub XC" has successfully validated model series including Mata, Qianwen, Deepseek, and others on MoEr Thread's GPU, with the EngineX engine enabling "engine-driven, multi-model plug-and-play" capabilities [3] - EngineX serves as the underlying support system, effectively addressing the bottlenecks in model compatibility and scalability on domestic chips [3] Overview of ModelHub XC - ModelHub XC is an AI model and tool platform aimed at the domestic computing power ecosystem, combining community and service functions to promote AI innovation and implementation on domestic hardware platforms, providing comprehensive solutions from model training to inference and deployment [6]

Core Viewpoint - The semiconductor sector in China is experiencing fluctuations, with the STAR Market Chip Index showing a slight decline, while certain stocks are performing well, indicating mixed market sentiment in the industry [1] Industry Summary - As of December 8, U.S. chip stocks saw gains post-market, with NVIDIA rising nearly 3%, reflecting positive trends in the global semiconductor market [1] - Dongguan Securities highlights that artificial intelligence remains a key innovation driver in the tech sector, with various segments such as computing power, storage, equipment, and advanced packaging expected to benefit [1] - Domestic AI chip companies have rapidly developed and achieved significant progress in localization, with firms like Moore and Muxi accelerating their capital market strategies [1] - Major internet companies, including Tencent, are actively adapting to domestic computing power chips, which is expected to expedite the formation of a domestic computing power ecosystem [1] Company Summary - As of November 28, the top ten weighted stocks in the STAR Market Chip Index include Haiguang Information, Cambrian, SMIC, and others, collectively accounting for 59.66% of the index [1] - The STAR Chip ETF (588200) serves as a convenient tool for investors looking to gain exposure to the STAR Market chip sector [1] - Investors without stock accounts can access investment opportunities in domestic chips through the STAR Chip ETF linked fund (017470) [1]

Group 1: Infrastructure REITs - The National Development and Reform Commission has released the "2025 Industry Scope List for Infrastructure REITs," expanding the range of projects eligible for REITs to include sports venues, commercial complexes, four-star hotels and above, and urban renewal projects [6][7]. - The expansion of the REITs issuance scope is expected to facilitate project applications, enhance efficiency, and stimulate market activity, particularly in urban renewal and consumption sectors [7]. Group 2: Insurance Industry - Five Chinese insurance companies made it to the 2025 Global Top 50 Property Insurance Companies list, with China Life Insurance being the only one in the top ten [8]. - The rankings of China Life, China Ping An, and China Reinsurance have declined compared to last year, prompting a need for these companies to rethink their international strategies [8]. Group 3: Urbanization and Real Estate - Premier Li Qiang emphasized the importance of new urbanization as a vehicle for expanding domestic demand and promoting industrial upgrades, highlighting the need for urban renewal actions [9]. - The focus on addressing housing issues for the large population of rural migrants is expected to create opportunities for real estate development in the coming years [9]. Group 4: Securities Industry - The Chairman of the China Securities Regulatory Commission indicated a policy shift towards enhancing capital efficiency for quality securities firms by loosening capital space and leverage restrictions [10][11]. - This policy aims to transition the industry from scale competition to value competition, addressing the low return on equity (ROE) issue [10][11]. Group 5: Insurance Risk Factor Adjustment - The National Financial Regulatory Administration has adjusted risk factors for insurance companies, reducing capital requirements for certain stock investments, which is expected to enhance capital utilization efficiency [12]. - The adjustment allows for a potential influx of capital into the market, estimated to bring in hundreds of billions [12]. Group 6: IPO Market - Moore Threads' IPO on the STAR Market achieved a market capitalization exceeding 300 billion yuan, marking the largest IPO on the STAR Market this year [13]. - This listing signifies a milestone in domestic GPU technology and reflects the capital market's support for high-tech industries [13]. Group 7: Central Bank Operations - The People's Bank of China conducted a 10 billion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a consistent approach to liquidity management [14]. - This operation is part of a broader strategy to stabilize liquidity expectations and interest rates, supporting economic stability [14].

Core Insights - The Hong Kong stock market saw a net inflow of 15.4 billion HKD from northbound trading on December 8, with the Shanghai-Hong Kong Stock Connect contributing 11.08 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 4.32 billion HKD [1] Group 1: Stock Performance - The most bought stocks included Xiaomi Group-W (01810), Semiconductor Manufacturing International Corporation (00981), and Pop Mart (09992) [1] - The most sold stocks were Tencent (00700), Hua Hong Semiconductor (01347), and Alibaba Group-W (09988) [1] Group 2: Detailed Stock Transactions - Xiaomi Group-W had a net inflow of 11.73 billion HKD, supported by a Goldman Sachs report predicting more AI developments in its ecosystem [4] - Semiconductor Manufacturing International Corporation received a net inflow of 4.66 billion HKD, while Hua Hong Semiconductor faced a net outflow of 2.08 billion HKD [4] - Pop Mart saw a net inflow of 4.32 billion HKD, with Citigroup highlighting the untapped value of its core IP Labubu [5] Group 3: Banking Sector Insights - Agricultural Bank (01288) experienced a net inflow of 2.91 billion HKD, while China Construction Bank (00939) faced a net outflow of 31.55 million HKD [5] - Analysts believe that the negative impact of asset risks on banks' financial indicators is diminishing, suggesting potential for valuation increases in the banking sector [5] Group 4: Technology Sector Trends - Meituan-W (03690) had a net inflow of 1.22 billion HKD, while Alibaba-W and Tencent faced net outflows of 1.03 billion HKD and 7.62 billion HKD, respectively [6] - The technology sector is experiencing a divergence, with expectations of a significant increase in the probability of a Federal Reserve rate cut in December [6]

Core Viewpoint - The technology sector, particularly in China, is experiencing a decline in key indices, while DeepSeek has launched two new models aimed at enhancing computational capabilities and innovation in the computing ecosystem [1] Group 1: Market Performance - The STAR Market 50 Index and STAR Comprehensive Index both fell by 1.2%, while the STAR Growth Index decreased by 1.3%, and the STAR 100 Index dropped by 1.4% [1] Group 2: DeepSeek Model Launch - DeepSeek has released two official model versions: DeepSeek-V3.2 and DeepSeek-V3.2-Speciale [1] - DeepSeek-V3.2 aims to balance reasoning ability with output length, making it suitable for everyday applications such as Q&A scenarios and general agent tasks [1] - DeepSeek-V3.2-Speciale is designed to push the reasoning capabilities of open-source models to their limits, exploring the boundaries of model capabilities [1] Group 3: Industry Impact - Analysts suggest that DeepSeek is driving collaborative innovation and evolution within China's computing ecosystem, integrating model and algorithm innovations with compiler languages and lower-level computing chips [1] - This initiative is expected to promote the growth of China's computing ecosystem [1]

Core Insights - Paradigm Intelligence announced that its "ModelHub XC" has completed the adaptation certification of 108 mainstream AI models on Moore Threads' GPU, covering various task types such as text generation, visual understanding, and multimodal Q&A, with plans to expand to a thousand models in the next six months [1][3] - Moore Threads, a domestic GPU company that recently launched on the Sci-Tech Innovation Board, demonstrated significant advantages in quantized models during the adaptation process, showcasing hardware-level support for low-precision data types, optimized instruction sets, and cache mechanisms [1] - The launch price of Moore Threads' shares was set at 114.28 yuan per share, marking a new high for A-share IPO prices since 2025 [1] Company and Industry Summary - The "ModelHub XC" serves as an AI model and tool platform aimed at the domestic computing power ecosystem, providing a comprehensive solution from model training and inference to deployment, while also fostering community and service functionalities [4][5] - The EngineX engine technology developed by Paradigm Intelligence focuses on improving model compatibility and operational efficiency on domestic chips, significantly lowering deployment barriers for developers [1][3] - The adaptation process included models from various series such as Mata, Qianwen, Deepseek, and others, effectively addressing the bottlenecks in model compatibility and scalability on domestic chips [3]