Investment Rating - The report maintains a "Positive" investment rating for the industry [2] Core Insights - Global database leaders have reported strong performance, confirming the importance of the database industry in the AI era. Companies like Snowflake, MongoDB, and Oracle have exceeded expectations, dispelling pessimism about AI's impact on software value [6][10] - The integration of AI and databases is creating a "mutual empowerment" dynamic, where databases support AI applications and AI enhances database capabilities. This dual relationship is crucial for the development of AI-driven data processing ecosystems [6][40] - AI is reshaping the value system of the database industry, driving demand for integrated architectures, inherent security, intelligent operations, and multi-cloud capabilities. These trends are essential for companies to gain a competitive edge in the AI era [6][49] Summary by Sections 1. Global Database Leaders' Performance - Major database companies like Snowflake, MongoDB, and Oracle have reported better-than-expected earnings, reaffirming their core infrastructure role in the AI era. Snowflake's revenue reached $1.145 billion, with a 32% year-on-year growth, while MongoDB's revenue was $591 million, growing 24% year-on-year [12][10][24] - The integration of AI into database operations is evident, with Snowflake and MongoDB adapting their architectures to meet AI demands, thus enhancing their market positions [12][24] 2. "AI for DB" and "DB for AI" - The report highlights the critical role of databases as a foundational software layer, facilitating efficient data management and retrieval. The emergence of vector databases like Milvus supports AI's high-dimensional data retrieval needs, while traditional relational databases are evolving to incorporate AI capabilities [6][25] - The global database market is experiencing rapid growth, with projections indicating that the Chinese database market will reach approximately 83.7 billion yuan by 2024, with a compound annual growth rate (CAGR) of 11.99% [38][39] 3. AI Restructuring Database Industry Value - The report identifies four key directions in which AI is reshaping database demand: integrated architecture, inherent security, intelligent operations, and multi-cloud readiness. These areas are critical for companies to build competitive advantages in the AI landscape [6][49] 4. Domestic Database Technology Breakthroughs - Domestic companies like Dameng Data, StarRing Technology, and Electric Science JinCang are breaking the long-standing monopoly of foreign firms in the database sector. Dameng Data reported a revenue of 1.044 billion yuan in 2024, with a 31.5% year-on-year growth [62][75] - StarRing Technology is focusing on enterprise-level big data and AI foundational software, while Electric Science JinCang has achieved significant growth, with a revenue increase of 66.1% in the first half of 2025 [67][75] 5. Investment Recommendations - The report suggests focusing on companies such as Dameng Data, StarRing Technology, and Electric Science JinCang for potential investment opportunities in the database sector [79]