中邮证券研报指出，润建股份2025H1实现营收48.87亿元，同比+10%。其中，公司以算力、能源为代表 的业务已成功打造第二增长曲线，持续为公司注入增长动能。该行认为，一方面，公司利用在通信、能 源等领域二十余年行业know-how推出了"曲尺"人工智能平台，赋能三大传统业务使得公司向智能运维 转型，提高业务价值量。另一方面，公司把握国内国外人工智能发展机遇，凭借五象云谷智算中心，打 造智能云业务提升第二增长曲线斜率。公司作为领先的智能运维公司，在AI大基建时代有望取得估值 提升，首次覆盖，给予"增持"评级。 ...

数据库与 AI 的深度融合 计算机 证券研究报告 行业专题报告 / 2025.09.26 投资评级:看好(维持) 最近 12 月市场表现 0% 16% 32% 48% 64% 80% 计算机 沪深300 上证指数 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 联系人 陈梦笔 chenmb01@ctsec.com 相关报告 | 1. 《2025 三季度板块业绩前瞻》 | 2025- | | --- | --- | | 09-24 | | | 2. 《坚定国产 AI 芯片主线信心》 | 2025- | | 09-21 | | | 3. 《量子计算，产业加速》 | 2025-09- | | 14 | | 核心观点 请阅读最后一页的重要声明！ | 1 | 全球数据库龙头业绩靓丽，数据库产业重要性提升 4 | | --- | --- | | 1.1 | 数据库龙头业绩超预期，产业长期价值有望重估 4 | | 1.2 | 巨头拥抱 AI，数据库与大模型深度融合 4 | | 2 | "AI for DB"，"DB for AI" 7 | | 2.1 | 连接硬件算力与数 ...

七十载岁月如歌，"三山"新潮奔涌，"两盆"活力升腾，石榴花开籽籽同心，铭刻着新疆各族人民砥砺奋进的风雨历程，也书写了一个 又一个跨越式发展的奇迹。 谁借妙笔绘新绿，天山南北好"风光"。广阔戈壁风机矗立，金黄大漠光伏列阵，山谷两岸大坝飞跨、流水奔腾……扎根新疆二十载， 中国华能完整准确全面贯彻新时代党的治疆方略，紧紧围绕"双碳"目标与新疆建设全国能源资源战略保障基地战略定位，逐"绿"向"新"， 用清洁能源点亮天山南北，用责任绘就幸福乡村图景，为建设团结和谐、繁荣富裕、文明进步、安居乐业、生态良好的社会主义现代化新 疆不断注入高质量发展"新"动能。 跨越：从"萌芽破土"到"矩阵逐绿" 在新疆，"三山夹两盆"的特殊地形造就了"十大风区"，其中，吐鲁番小草湖风区作为我国少有的超一类风区，历史极大风速超过50米/ 秒。因为常年刮大风，这里被称为"魔鬼风区"，当地人谈"风"色变，可在中国华能的建设者们看来，有风的地方就有电。2008年，中国华 能在这里播种下首颗绿电兴疆的"种子"——华能吐鲁番白杨河风电场一期项目开工建设。 "戈壁一望无际，人在外面就两个感觉，脚站不稳、眼睁不开，狂风裹着砂砾，打在身上生疼！"回忆起当年第 ...

Core Viewpoint - The "无人化" (unmanned) wind farm represents a significant shift in the wind energy sector, transitioning from human-dependent operations to data-driven and technology-driven management, thereby promoting the intelligent transformation of the wind energy industry [2][3][4]. Summary by Sections Intelligent Operation and Management - The "同利第三风电场" (Tongli Third Wind Farm) has successfully transitioned its management model from reliance on human labor to human-machine collaboration, significantly reducing inspection hours by over 3,000 and improving safety by 3 to 5 times [5][6]. - The farm's operational efficiency has increased by over 27%, validating the high value and feasibility of the unmanned model for future wind farm operations [5][6]. Technological Integration - The integration of advanced technologies, such as drones and AI systems, has enabled real-time monitoring and predictive maintenance, transforming traditional operational methods into a complete closed-loop process from data collection to decision-making and execution [6][10]. - The "云边端" (cloud-edge-end) architecture allows for seamless integration of expertise and operational capabilities, ensuring that valuable operational knowledge is preserved and can be replicated across different sites [9][10]. Policy and Industry Trends - The Chinese government has been actively promoting the integration of AI and digital technologies within the energy sector, providing strong policy support for the intelligent upgrade of the wind energy industry [8][15]. - The successful implementation of the unmanned wind farm model serves as a pilot for broader applications across various regions, indicating a shift from scale expansion to quality enhancement in the renewable energy sector [15][16]. Future Directions - The future of wind farm management is expected to evolve from a decentralized approach to a more centralized and optimized model, leveraging regional control centers and public maintenance hubs [16][20]. - The industry is facing challenges related to standardization and interoperability of AI systems, which need to be addressed to facilitate widespread adoption and integration of unmanned technologies [19][20].

Core Insights - The focus on cold chain logistics in the Caofeidian area is enhancing the sales capabilities of local agricultural products, particularly seafood, by ensuring stable electricity supply and advanced cold storage facilities [1][2] - The Caofeidian power supply company is proactively conducting electricity load forecasting and inspections to ensure the reliability of power supply for cold chain logistics during the fishing season [2] Group 1: Cold Chain Logistics Development - The Caofeidian cold chain logistics project has a total investment of 59 million yuan and covers an area of 21.5 acres, with a total construction area of approximately 9,000 square meters [1] - The facility is equipped with advanced cold chain equipment, capable of storing 9,000 tons of fresh fruits, vegetables, frozen meat, and seafood annually, allowing for staggered market entry to avoid low-price periods [1] - The project aims to leverage the port advantages of Caofeidian to connect local agricultural products with broader domestic and international markets, enhancing brand value [1] Group 2: Power Supply Assurance - The Caofeidian power supply company has conducted special power supply actions at 67 key refrigeration sites, eliminating 23 potential defects to ensure safe operation [2] - The company is implementing intelligent operation and maintenance systems to monitor load dynamics in real-time, adjusting power supply methods to prevent equipment overheating and failures [2] - The company is committed to providing continuous, safe, and high-quality power support for the development of the cold chain logistics economy in Caofeidian, positioning itself as a key driver for product value enhancement [2]

Group 1 - The company announced a strategic upgrade with the "AI Agent+" development strategy, emphasizing the core role of machine vision and AI agents in intelligent operation and maintenance in rail transit, with 70% of future growth expected to come from the integration of these technologies [1][2] - The company plans to raise no more than 864 million yuan for the development of intelligent operation and maintenance robots and AI large models, which, if successfully implemented, will become the core engine for business growth [2] - The intelligent operation and maintenance market for rail transit is projected to be worth trillions, driving a surge in demand for machine vision and AI agent systems [2] Group 2 - The company is the only A-share entity that possesses dynamic detection technology for contact networks at speeds of 350 kilometers per hour, recognized as a national-level specialized "little giant" [2] - The third-generation intelligent inspection system launched this year achieves full-scene coverage, significantly improving detection efficiency by 300% compared to traditional methods, with a 100% key component identification rate, replacing 80% of manual inspections [2] - The company utilizes deep learning and multi-modal fusion routes for machine vision, aligning with the industry's demand for intelligence, and aims to build an intelligent operation and maintenance network covering the entire lifecycle of railways and subways [3] Group 3 - By 2030, the global demand for machine vision and AI decision systems in the rail transit intelligent operation and maintenance sector is expected to exceed 48 billion yuan, with China accounting for over 60% of this market [3] - The company has established deep collaborations with 18 railway bureau groups and 45 subway companies, making it one of the few enterprises to achieve large-scale implementation of these systems [3] - The company is expanding its R&D team, with over 60% of algorithm engineers holding master's or doctoral degrees, and is collaborating with Southwest Jiaotong University to focus on precision measurement and autonomous decision-making in machine vision [3]

Core Viewpoint - Chengdu Yunda Technology Co., Ltd. held an online performance briefing on September 12, where key executives addressed investor inquiries regarding business performance and future strategies [1] Group 1: Performance Expectations and Business Planning - The company anticipates leveraging the growth momentum from the first half of the year to focus on executing its operational strategies, with final performance results to be confirmed in periodic reports [2] - In the robotics sector, the company has developed core robotic products for multiple rail transit scenarios and has a 40% stake in Yangsi (Chengdu) Technology Co., Ltd., which has mass-produced L4 level autonomous logistics robots [2] - The company plans to focus on the "big transportation" sector, collaborating with Yangsi Technology to advance the development of autonomous truck convoy technology and explore commercialization scenarios [2] Group 2: R&D and Business Growth Strategy - R&D expenses decreased by 17.44% due to proactive structural optimization based on project cycles, allowing the company to concentrate resources on key technologies and upcoming commercial projects [3] - The intelligent operation and maintenance business experienced a revenue growth of 63.98%, with plans to deepen industry penetration, expand new application scenarios, and enhance ecosystem cooperation to solidify market advantages [3] - The company reported a revenue growth of 23.65% and a net profit growth of 13.65%, attributing variations in gross margin and net profit to the product mix, and aims to enhance operational excellence to improve net profit growth [3] Group 3: Accounts Receivable and Associate Company Situation - The company's accounts receivable at the end of the period amounted to 934 million yuan, representing a significant proportion of total assets, with measures in place to reduce bad debt risks [4] - Yangsi Technology is focused on the autonomous logistics sector, having mass-produced L4 level logistics robots and is jointly developing highway truck convoy technology to explore commercial scenarios [4]

Group 1: Financial Performance - The company reported a revenue growth of 23.65% and a net profit growth of 13.65% in the mid-2025 report [4] - The company's smart operation business revenue increased by 5.63% [3] - R&D expenses decreased by 4.17%, indicating a structural optimization rather than a reduction in investment intensity [3] Group 2: Strategic Initiatives - The company is focusing on the "big transportation" sector, collaborating with a 40% stake in Yangsi Technology to develop autonomous driving truck platooning technology [3] - Yangsi Technology has begun mass production of L4 level autonomous logistics robots and is exploring commercial scenarios in highway and railway logistics parks [4] - The company signed a strategic cooperation agreement with Shudao Smart Transportation Group to develop "Chuan-Yu Autonomous Driving Mainline Logistics" [3] Group 3: Accounts Receivable Management - The year-end balance of accounts receivable decreased by 4.4% year-on-year, while revenue grew by 23.65% [4] - The company implements measures to improve accounts receivable collection, including strengthening customer credit management and establishing effective collection plans [4] - The company aims to reduce bad debt risk through legal means for overdue accounts and incentivizing sales personnel to enhance collection efforts [4]

Core Viewpoint - The Southern Power Grid's Yunnan Pu'er Power Supply Bureau has successfully developed and launched the first intelligent operation and maintenance early warning platform for relay protection, which enhances the reliability and efficiency of power grid operations [1][2] Group 1: Technological Advancements - The platform enables automatic comparison of relay protection settings across all voltage levels, visualizes operation and maintenance, and provides automatic diagnosis of the health status of protection functions [1] - It addresses the fragmentation of relay protection operation data and the lack of a multi-source data clustering mechanism, which previously limited data mining and application [1] Group 2: Operational Impact - The platform has been implemented in the Yunnan power grid, allowing real-time automatic diagnosis of the health status of protection functions using holistic data from the grid's operational modes [2] - The technology is set to be promoted across the entire Yunnan power grid, providing decision-making support for relay protection maintenance personnel and enhancing the stability of power grid operations [2]

Summary of Iron Tech Conference Call Company Overview - **Company**: Iron Tech specializes in monitoring and control systems and LED signal machines, with high technical content and strong profitability, which is continuously increasing its revenue share, establishing a solid foundation for development [2][3] Industry Position and Growth Prospects - **Industry**: Iron Tech has over 30 years of experience in the railway industry, maintaining steady growth despite the relatively small market size. The company actively participates in the "Belt and Road" initiative, engaging in projects in countries like Laos, Mongolia, and Indonesia, with plans to expand into South America [2][4] - **Market Investment**: The national railway investment is approximately 800 billion RMB annually, providing a stable growth environment for the company [4] Financial Performance - **Revenue Growth**: In the first half of 2025, Iron Tech's revenue increased by 16%, with profit growth outpacing revenue due to product structure optimization. The main revenue sources are the monitoring and control systems and LED signal machines [3][8] - **Order Backlog**: The company has a 20% year-on-year increase in backlog orders, with 40% of current revenue coming from new orders and 60% from previous years [8] Product and Service Development - **Diversification Efforts**: Iron Tech is diversifying into low-speed autonomous driving, investing in Suzhou Technology and Dongguan Bear Robot, with the latter already achieving profitability [5][6] - **Market Expansion**: The company is focusing on the unmanned sightseeing vehicle market, collaborating with companies like Cuixing Technology and Bear Robot to enhance product offerings [7] Profitability and Margins - **Gross Margin Improvement**: The gross margin for monitoring equipment increased by approximately 4 percentage points due to software upgrades, with expectations to maintain margins between 50% and 55% in the future [17][18] Future Trends and Innovations - **Intelligent Operations**: The future direction for the railway industry includes intelligent operations, which can enhance efficiency and reduce labor costs. However, the adoption of new technologies will take time due to safety concerns [21] - **Smart Monitoring Systems**: The development of smart monitoring systems is expected to create new business opportunities as the industry moves towards more intelligent solutions [19] Competitive Landscape - **Market Competition**: Iron Tech faces competition from major players like China Signal and others who are also investing in automatic inspection technologies. Continuous innovation is necessary to maintain a competitive edge [25] Investment and Collaboration - **Investment Strategy**: Iron Tech is optimistic about its investments in Suzhou Technology and Bear Robot, with future collaboration dependent on their technological advancements and market performance [28] Conclusion - **Overall Outlook**: Iron Tech is well-positioned in the railway industry with a strong focus on innovation and diversification, aiming to leverage its expertise and market presence to capitalize on future growth opportunities while navigating competitive pressures and technological advancements [2][4][19]