日前，国家超算互联网核心节点在郑州正式上线试运行，这一全国一体化算力网络的重大基础设施，凭 借3套中科曙光scaleX万卡超集群系统的同步部署，一举成为全国首个实现3万卡规模部署、且可实际投 入运营的最大国产AI算力池。 作为国家部委、河南省、郑州市多方协同发力、重点部署的战略工程，该核心节点的落地承载着打破算 力壁垒、优化资源配置的重要使命，其战略价值不言而喻。此次开创性完成国产万卡超集群的规模化部 署，不仅创下多项业界纪录，更打造了一个可复制、可验证、可普及的国家级算力建设样板间，为全国 一体化算力网络发展提供了宝贵的实践参考。 中科曙光scaleX万卡超集群的三大核心优势，构筑起这一国产算力底座的硬核实力，全方位领跑业界发 展。在集成度上，该集群采用全球首创的高密度单机柜设计，融合超高密度刀片、浸没相变液冷等前沿 技术，将单机柜算力密度提升20倍之多，同时将电能利用效率（PUE）控制在1.04的超低水平，实现了 算力与节能的双向突破，呼应了"双碳"目标下算力基础设施绿色发展的要求。 众所周知，算力作为数字经济时代的核心生产力，堪比农业时代的水利、工业时代的电力，而我国算力 网络建设的核心目标，正是打破算 ...

作为国家部委、河南省、郑州市等多方大力支持下重点部署的全国一体化算力网络重大基础设施，核心节点的战略意义毋庸置疑。此次开创性完成 国产万卡超集群部署，不仅实现多项业界之最，也为中国算力网络建设提供一个国家级样板间。 集成度最高 ： scaleX 万卡超集群采用了全球首创高密度单机柜，基于超高密度刀片、浸没相变液冷等技术，单机柜算力密度大幅提升 20 倍， PUE 值低至 1.04 。 集成规模最大 ： scaleX 是国内首个万卡超集群，基于 scaleFabric 高速网络可实现 10240 块加速卡集成部署，大集群合体同样达到国 产计算集群最大规模。 开放性最强 ： 该集群完全基于 AI 计算开放架构设计，打破了传统的单一技术栈闭环依赖，可以支持多品牌 AI 加速卡，并兼容 AI 计算主 流软件生态，产业上下游接入能力极强。 众所周知，算力网络的建设目标是为了打破算力基础设施异构壁垒，解决国内算力资源分布不均、利用率不足等问题。 scaleX 万卡超集群 基于开放架构实现业界单体最大规模算力供给，无疑为算力基础设施建设提供了可复制、验证和普及落地的样板。 首先，开放架构体系让异构算力互联的问题不攻自破。 ...

Market Overview - The computer equipment sector experienced a decline of 0.45% on February 4, with Langke Technology leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Notable gainers in the computer equipment sector included: - Ruiming Technology (002970) with a closing price of 67.28, up 10.01% and a trading volume of 46,900 lots, totaling 314 million yuan [1] - Kaiwang Technology (301182) closed at 51.00, up 7.08% with a trading volume of 153,400 lots, totaling 799 million yuan [1] - Nasda (002180) closed at 22.01, up 2.85% with a trading volume of 266,000 lots, totaling 585 million yuan [1] - Conversely, significant decliners included: - Langke Technology (300042) closed at 33.35, down 5.26% with a trading volume of 243,600 lots [2] - Tongyou Technology (300302) closed at 19.32, down 4.55% with a trading volume of 265,700 lots [2] - Yimikang (300249) closed at 15.25, down 4.21% with a trading volume of 242,800 lots [2] Capital Flow - The computer equipment sector saw a net outflow of 1.71 billion yuan from institutional investors, while retail investors contributed a net inflow of 904 million yuan [2] - The capital flow for key stocks showed: - Ruiming Technology had a net inflow of 87.67 million yuan from institutional investors, but a net outflow of 35.06 million yuan from retail investors [3] - Hikvision (002415) experienced a net inflow of 48.71 million yuan from institutional investors, while retail investors had a net outflow of 67.29 million yuan [3] - Yuyin Technology (002177) had a net inflow of 35.59 million yuan from institutional investors, with a slight net outflow from retail investors [3]

Group 1 - The company stated on February 4 that it is not involved in the securities lending and borrowing business [1]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is expected to face short-term performance disturbances due to significant asset disposals, with a projected net profit attributable to shareholders for 2025 ranging from negative 600 million to negative 900 million yuan. Excluding non-recurring losses, the net profit is expected to be between negative 450 million to negative 650 million yuan [1]. - The asset disposal is anticipated to improve the financial structure, significantly reducing the debt-to-asset ratio. The impact of the asset impairment from the disposal is estimated to negatively affect the net profit by 700 million to 900 million yuan, leading to an adjusted net profit of 0 to 100 million yuan [1]. - The updated "Security and Reliability Assessment Work Guidelines (V3.0)" is expected to drive standardized procurement in the printer market by including main control chips for printers in the assessment categories [1]. Financial Performance Summary - For 2025, the company is projected to generate total revenue of 16.819 billion yuan, a decrease of 36.3% year-on-year, with a net profit of negative 724 million yuan [4]. - The company’s revenue is expected to recover in 2026 and 2027, with projections of 12.710 billion yuan and 15.833 billion yuan respectively, showing a growth rate of 24.6% in 2027 [4]. - The earnings per share (EPS) is forecasted to be negative 0.51 yuan in 2025, improving to 0.57 yuan in 2026 and 0.91 yuan in 2027 [4]. Market Dynamics - The overall printer market is experiencing a decline, with sales of BenTu printers expected to drop by 17% in 2025. However, the domestic commercial market is showing a steady growth of 3% year-on-year [2]. - The A3 printer segment is performing well, with a 55.62% increase in sales in the first three quarters of 2025, indicating a positive trend in high-value products and original consumables [2]. - The commercial market is showing signs of recovery, with sales in both domestic and overseas markets increasing by over 50% quarter-on-quarter in Q4 2025 [2].

证券研究报告 | 公司点评 gszqdatemark 2026 02 04 年 月 日 纳思达（002180.SZ） 资产剥离轻装前行，政策引领拐点可期 2026 年 1 月 31 日，纳思达发布 2025 年业绩预告，重大资产出售短期 扰动业绩，资产负债率下修改善财务结构。预计 2025 年度归属于上市公 司股东的净利润为负 6-9 亿元，扣除非经常性损益后的净利润为负 4.5-6.5 亿元，经营业绩亏损主要受重大资产出售、行业政策调整等因素影响。利 盟重大资产出售后，公司资产负债率显著下降，预计利盟股权处置及其他 资产预估减值对归母净利润影响为负 7-9 亿元，剔除后归母净利润为 0-1 亿元。 安全可靠测评工作指南新增打印机主控芯片，有望引领打印机规范化采 购。2025 年 7 月 1 日，中国信息安全测评中心更新了《安全可靠测评工 作指南（V3.0）》，相较于 2024 年 11 月 26 日发布的 2.0 版本，本次更新 将激光或喷墨打印机搭载的主控芯片及人工智能训练推理芯片纳入到产 品测评品类。 打印机：安可测评短期扰动出货节奏，A3 机型+信创市场持续发力。①整 体态势：2025 年奔图打印机销 ...

Core Viewpoint - The company, Zhen Shitong (002771), is actively developing new products in the intelligent computing power sector through both independent research and joint innovation, addressing key industry challenges [1] Group 1: Product Development - The company has independently designed the Xiao Dou Zhi Qing HOPE intelligent integrated cabinet and the "Zhen Qing" large model integrated machine [1] - The company has collaborated with Hangyuan Solar Thermal and Guangdian Wuzhou to develop a two-phase liquid cooling high-efficiency heat dissipation server [1] Group 2: Industry Impact - The new products are aimed at promoting green and low-carbon development in data centers, while also overcoming traditional cooling methods' issues such as low efficiency, high noise, and insufficient safety [1]

2026.02. 03 上海市政府副秘书长朱民在活动现场的致辞中提出，上海正致力于成为全球游客体验 "中国年"的首选之地，春节期间将举办马年迎春为主题的 "跨年迎 新季"，诚挚邀请国际友人共赴"海派新春盛宴"。 本文字数：2009，阅读时长大约4分钟 作者 | 第一财经 缪琦 "中国对我们一直都很重要。"作为跨国企业高管中的中国女性代表，科思创全球高级副总裁、中国区总裁雷焕丽在2月3日举行的2026年在沪外籍人士 代表新春送福活动上这样对第一财经表示。就在10天前，科思创在中国的全新热塑性聚氨酯（TPU）生产基地正式投产，成为在华投资加码的最新例 证。 同样出现在当天活动现场的波兰投资贸易局中国区首席代表尤德良（Andrzej Juchniewicz）说一口地道的普通话。他告诉第一财经，自己昨天刚从山 东回到上海，带了波兰的企业考察当地的投资项目。面对全球严峻复杂的形势，企业普遍投资谨慎，但对于新能源等新质生产力，波兰企业投资中国不 乏动力。近年来中国对波兰等国施行免签政策，吸引了越来越多从波兰进入中国的人，也带动了更多的经贸合作。"大家都知道春节对中国是很特殊的 节日，很多工厂和公司都会放假，所以大部分波兰 ...

Market Performance - The computer equipment sector increased by 2.01% on February 3, with Kaiwang Technology leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Top Performers - Kaiwang Technology (301182) closed at 47.63, up 20.01% with a trading volume of 120,900 shares and a transaction value of 530 million [1] - Weihong Co., Ltd. (300508) closed at 44.99, up 13.90% with a trading volume of 86,300 shares [1] - Chuangzhong Technology (603516) closed at 172.70, up 7.27% with a trading volume of 88,200 shares [1] Fund Flow Analysis - The computer equipment sector saw a net inflow of 166 million from institutional investors, while retail investors experienced a net outflow of 2.1388 million [2] - Major stocks like China Greatwall (000066) had a net inflow of 293 million from institutional investors, indicating strong institutional interest [3] - Retail investors showed a significant outflow from stocks like Yuyin Co., Ltd. (002177), with a net outflow of 79.68 million [3]

Group 1 - The core viewpoint of the article is that the company, Unisplendour Corporation, is focused on enhancing its intrinsic value through various strategic initiatives [2] - The company is implementing a strategy of "computing power × connectivity" to drive growth [2] - Key measures include strengthening technological innovation, optimizing business structure, managing costs and expenses, and accelerating global market expansion [2]