据悉，AI货币化正加速，云厂商围绕AI的资本开支保持强劲势头，全球数据中心新增装机量将保持快 速增长趋势。AIDC(智算中心)整体功率密度正加速提升，高压直流配电方案是大势所趋。 该机构认为，SST是高压直流配电技术方向下的最新技术路线，其在转换效率、建设周期、占地空间、 新能源接入等方面较之高压直流系统(HVDC)、巴拿马电源等方案具备进一步优势，能够精准解决高功 率时代下数据中心配电需求的痛点。随着后续NV Rubin Ultra芯片及NVL576等进入批产阶段，预计SST 配电方案将逐步开启渗透。标的选择上，建议围绕产品成熟度、技术同源积累、客户基础等方面来筛 选。 中信证券指出，经测算，2024年全球数据中心对应的供配电设备市场空间约为427亿元，2028年有望增 长至1009亿元，对应2024—2028年CAGR(复合年均增长率)约为24%。针对SST(固态变压器)方案， AIDC供配电方案选型与机柜功率密度强相关，功率越高越需高集成、高转换效率架构。参考英伟达的 产品Roadmap，2027年后Rubin Ultra将进入批产阶段，对应的最高功率密度机柜架构为NVL576，届时 将出现MW级别的机 ...

NO.2华泰证券：关注金价企稳后黄金资产的增配机会 华泰证券指出，10月21日晚国际金价创12年来最大单日跌幅5.3%，背后核心原因是多要素推动避险情 绪大幅回落。但全球秩序重构期，黄金仍是最合适的避险资产。我们认为短期下跌不影响黄金长期逻 辑，回调反而提供加仓机会，企稳后建议重新关注。10月22日当天典型黄金公司股价跌幅反而好于金价 本身，说明市场对黄金相关资产的长期配置价值的共识未发生改变。金价仍处长期上行区间，多数黄金 公司2026年仍有望实现量价齐升，当前估值水平已逐渐具有增配价值，建议逢低买入，推荐兼具成长性 及资源优势的龙头标的。 ｜2025年10月24日星期五｜ NO.1中信证券：新一代AIDC供配电架构高功率时代加速渗透 中信证券研报表示，AI货币化正加速，云厂商围绕AI的资本开支保持强劲势头，全球数据中心新增装 机量将保持快速增长趋势。智算中心(AIDC)整体功率密度正加速提升，高压直流配电方案是大势所 趋。固态变压器(SST)是高压直流配电技术方向下的最新技术路线，其在转换效率、建设周期、占地空 间、新能源接入等方面较之高压直流系统(HVDC)、巴拿马电源等方案具备进一步优势，能够精准解决 ...

人民财讯10月24日电，中信证券认为，AI货币化正加速，云厂商围绕AI的资本开支保持强劲势头，全 球数据中心新增装机量将保持快速增长趋势。智算中心(AIDC)整体功率密度正加速提升，高压直流配 电方案是大势所趋。固态变压器(SST)是高压直流配电技术方向下的最新技术路线，其在转换效率、建 设周期、占地空间、新能源接入等方面较之高压直流系统(HVDC)、巴拿马电源等方案具备进一步优 势，能够精准解决高功率时代下数据中心配电需求的痛点。随后续NV Rubin Ultra芯片及NVL576等进入 批产阶段，预计SST配电方案将逐步开启渗透。标的选择上，建议围绕产品成熟度、技术同源积累、客 户基础等方面来筛选。 ...

中信证券研报称，AI货币化正加速，云厂商围绕AI的资本开支保持强劲势头，全球数据中心新增装机 量将保持快速增长趋势。智算中心（AIDC）整体功率密度正加速提升，高压直流配电方案是大势所 趋。固态变压器（SST）是高压直流配电技术方向下的最新技术路线，其在转换效率、建设周期、占地 空间、新能源接入等方面较之高压直流系统（HVDC）、巴拿马电源等方案具备进一步优势，能够精准 解决高功率时代下数据中心配电需求的痛点。随后续NV Rubin Ultra芯片及NVL576等进入批产阶段，我 们预计SST配电方案将逐步开启渗透。标的选择上，我们建议围绕产品成熟度、技术同源积累、客户基 础等方面来筛选。 ...

消息面上，近日，可灵发布2.5 Turbo模型，性价比再提升。目前仅支持高品质模式，生成单条5秒视频 为2.5元，较2.1模型的高品质模型低30%，但性能全面提升，无论是图生还是文生视频的评测结果均超 过Veo和即梦，其中动态效果提升显著，能生成动作复杂的体操视频。星展银行表示，快手的AI图像、 影片生成工具，成为一款罕见的具全球AI货币化潜力的中国应用，预计2027财年收入将达27亿元人民 币。该行又认为重估尚未完成：内容生成和分发的AI采用预计将为核心广告和电商带来显著效益，而 低线城市用户的稳健购买力应进一步支持高于行业的增长。 快手-W(01024)涨超6%，高见84.5港元创2022年7月以来新高。截至发稿，涨6.4%，报83.95港元，成交 额37.67亿港元。 ...

Summary of Key Points from the Conference Call Industry and Company Involvement - The conference call focuses on the AI industry, particularly the commercialization of AI applications and the development of autonomous driving technologies. Core Insights and Arguments 1. **Commercialization of AI**: The slow pace of AI commercialization is a major concern, with the upcoming third anniversary of ChatGPT highlighting the need for effective monetization strategies. The O series reasoning models and Agent product forms are essential for enhancing AI reliability and applicability in business [1][2][3]. 2. **O Series Models**: The O series models support multi-step reasoning and modular tool invocation, marking a transition from demo models to system capability platforms. This advancement is crucial for improving human-machine collaboration and accelerating the monetization of AI applications [5][6]. 3. **Market Dynamics**: The degree of AI monetization is determined by the extent of human labor replacement, following a non-linear explosive growth pattern. The market is expected to expand as solutions evolve from assistance to replacement, with solution providers becoming central to value distribution in the industry [1][8]. 4. **Autonomous Driving**: The development of end-to-end large models signifies the maturity of Level 3 (L3) autonomous driving, leading to increased vehicle value and a reshaped industry landscape. Tesla's hardware-first strategy exemplifies this shift, leveraging data to enhance its autonomous driving systems [1][16]. 5. **Investment Focus**: Investment in AI applications should prioritize companies that demonstrate clear strategic direction and rapid transformation capabilities. Key metrics to monitor include token usage rates and user penetration, with expectations of marginal acceleration in the upcoming quarters [1][18]. Additional Important Content 1. **AI Application Stages**: The development of AI applications is categorized into three main stages: initial landing (L1-L2), data flywheel (L3), and economies of scale. Each stage presents unique investment opportunities and challenges [11][25]. 2. **Differences in Market Progression**: The pace of AI application advancement is faster overseas compared to domestic markets, primarily due to higher app values and the rapid replacement of lower-tier jobs by AI technologies [12][28]. 3. **Software Industry Impact**: The software industry faces significant disruption from AI, with data becoming the core competitive advantage. The infrastructure of software development is expected to evolve, emphasizing the importance of AI in reshaping industry dynamics [21][29]. 4. **Future Investment Landscape**: The domestic investment environment is anticipated to improve, with a focus on cloud computing and IDC sectors as key investment areas. The shift from hardware to solution-based investments is expected to drive growth [22][26]. 5. **Robot Taxi Development**: The Robot Taxi sector is transitioning from version 1.0 to 2.0, with expectations of achieving commercial viability by 2025. This evolution is supported by decreasing costs and improving regulations [19][20]. This summary encapsulates the critical insights and developments discussed during the conference call, providing a comprehensive overview of the current state and future prospects of the AI and autonomous driving industries.

Investment Rating - The report maintains a "Hold" rating for Kingdee International (268 HK) with a target price of HK$14.94, indicating a potential downside of 1% from the current price of HK$15.14 [1][8]. Core Views - The report highlights that Kingdee's stock price has increased by 94% year-to-date, outperforming the Hang Seng Index, which rose by 23%. However, the company's fundamental recovery is lagging behind this valuation increase [6]. - For the second half of 2024, Kingdee's revenue grew by 9% year-on-year to RMB 3.39 billion, which was below market expectations. The annual recurring revenue (ARR) increased by 20% to RMB 3.43 billion, also falling short of expectations [6][10]. - The report notes that Kingdee's cloud service revenue grew by 10% year-on-year to RMB 2.72 billion, again below market consensus [6][10]. - The management expects ARR to grow by approximately 20% in 2025, with revenue growth anticipated to accelerate to 14% year-on-year [6][10]. Summary by Sections Investment Rating and Price Target - The target price has been raised from HK$6.38 to HK$14.94, reflecting a significant increase of 134% [2][12]. - The current valuation is aligned with global peers, with a projected P/S ratio of 7.0, up from 2.8 [8][12]. Financial Performance - For 2025, the expected revenue is RMB 7.15 billion, with a year-on-year growth of 14% [9][10]. - The report projects a net profit of RMB 176 million for 2025, with an EPS of RMB 0.05 [9][10]. - The operating profit is expected to reach RMB 75 million in 2025, indicating a return to profitability [9][10]. Adjustments and Forecasts - Due to underperformance in the second half of 2024, revenue forecasts for 2025 and 2026 have been adjusted downwards by 3% and 5%, respectively [7][10]. - The ARR forecast for 2025 has been revised to a growth of 22%, down from previous estimates [7][10]. Market Comparison - Kingdee's market capitalization is approximately US$6.99 billion, with a three-month average daily trading volume of US$89 million [1][12]. - The report compares Kingdee's performance with global peers like SAP and Workday, noting that Kingdee's revenue growth and AI monetization capabilities are still developing [8][12].

Investment Rating - The report maintains a "Hold" rating for Kingdee International (268 HK) with a target price of HK$14.94, indicating a potential downside of 1% from the current price of HK$15.14 [1][8]. Core Insights - The report highlights that Kingdee's stock has appreciated by 94% year-to-date, outperforming the Hang Seng Index, which rose by 23%. However, the company's fundamental recovery is lagging behind this valuation increase [6]. - For the second half of 2024, Kingdee's revenue grew by 9% year-on-year to RMB 3.39 billion, which was below market expectations. The annual recurring revenue (ARR) increased by 20% to RMB 3.43 billion, also falling short of projections [6][10]. - The report notes that Kingdee's cloud service revenue grew by 10% to RMB 2.72 billion, again underperforming against market expectations [6][10]. - The management anticipates a revenue growth acceleration in 2025, projecting a 14% increase compared to the 9% growth in the second half of 2024, supported by a low base and macroeconomic recovery [6][10]. Summary by Sections Investment Rating and Price Target - The target price has been raised from HK$6.38 to HK$14.94, reflecting a significant increase of 134% [2][12]. - The report adjusts the target price-to-sales (P/S) ratio to 7.0, aligning it with global peers in the ERP sector [12][13]. Financial Performance - Kingdee's revenue for 2025 is projected at RMB 7.15 billion, with a year-on-year growth of 14% [9][10]. - The report anticipates that Kingdee will achieve a breakeven point in operating profit and net profit in 2025, despite downward adjustments in earnings forecasts due to underperformance in 2H24 [6][10]. Earnings Forecast Adjustments - The earnings per share (EPS) estimates for 2025 and 2026 have been revised downwards to RMB 0.05 and RMB 0.11, respectively, reflecting a decrease of 61% and 36% from previous estimates [2][10]. - The ARR for 2025 is expected to grow by 22%, while the growth rate is projected to slow to 20% in 2026 [7][10]. Market Comparisons - Kingdee's market capitalization stands at approximately US$6.99 billion, with a three-month average daily trading volume of US$89 million [1][12]. - The report compares Kingdee's performance with global peers, noting that its current valuation is in line with similar companies that have larger customer bases and stronger profitability [8][12].