[Table_Main] 证券研究报告 | 行业点评 计算机 2025 年 06 月 12 日 计算机 优于大市（维持） 证券分析师 相关研究 1.《稳定币法案&Circle IPO，关注全 球货币变局机遇》，2025.6.9 2.《海光拟吸收合并曙光，关注中科 系上市公司隐含价值和协同价值》， 2025.5.26 陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 李佩京 资格编号：S0120524090004 邮箱：lipj＠tebon.com.cn 研究助理 王思 邮箱：wangsi＠tebon.com.cn 市场表现 -27% -13% 0% 13% 27% 40% 54% 67% 81% 2024-06 2024-10 2025-02 计算机 沪深300 资料来源：德邦研究所，聚源数据 3.《博睿数据：拥抱华为与字节，新 产品或进放量周期》，2025.5.12 4.《中科星图：对标 PLTR，AI+数据 分析之王》，2025.5.8 5.《24 年报&25Q1 季报总结： 盈利 反转之年，AI 产业率先体现》， 2025.5.7 火山引擎 Force 原动 ...

Here's our initial take on Oracle's (ORCL -0.64%) fiscal 2025 fourth-quarter financial report.Key MetricsMetricQ4 FY24Q4 FY25Changevs. ExpectationsRevenue$14.3 billion$15.9 billion+11%BeatEarnings per share (adjusted)$1.63$1.70+4%BeatCloud infrastructure revenue$2.0 billion$3.0 billion+52%n/aCloud application revenue$3.3 billion$3.7 billion+12%n/aCloud Infrastructure SoarsOracle's cloud infrastructure revenue rose by 52% year over year in the fourth quarter of fiscal 2025 to $3.0 billion, and the company se ...

Q4 Remaining Performance Obligations up 41% to $138 billion Q4 GAAP Earnings per Share $1.19, non-GAAP Earnings per Share $1.70 Q4 Total Revenue $15.9 billion, up 11% Q4 Cloud Revenue (IaaS plus SaaS) $6.7 billion, up 27% Q4 Cloud Infrastructure (IaaS) Revenue $3.0 billion, up 52% Q4 Cloud Application (SaaS) Revenue $3.7 billion, up 12% Q4 Fusion Cloud ERP (SaaS) Revenue $1.0 billion, up 22% Q4 NetSuite Cloud ERP (SaaS) Revenue $1.0 billion, up 18% FY 2025 Total Revenue $57.4 billion, up 8%AUSTIN, Texas, J ...

Perfect Corp (PERF) FY Conference June 11, 2025 01:20 PM ET Speaker0 For attending. Up next, we have Perfect Corp, trading under NYSE, the symbol, e e r f. On behalf of the company, we have Jimmy Shia, investor relations director. Jimmy? Speaker1 Good afternoon, everyone. I will go through the presentation quickly and allow probably ten minutes of q and a. So Perfect Corp, we're a software company under the beauty and fashion space. Now we are a very unique company as in we not only have a b to b software f ...

Core Insights - The "2025 Court Informationization Blue Book" highlights the rapid advancement of online court services, with over 100 cases being registered every minute since 2024, indicating a significant shift towards digitalization in the judiciary [1][3] Group 1: Online Court Services - The "People's Court Online Service" mini-program has facilitated an average of over 100 cases being registered every minute since 2024 [1][3] - The Supreme People's Court has conducted online registration trials for civil and administrative appeals in 16 regions, resulting in over 370,000 online registrations by the end of 2024, with the registration cycle reduced by over 70% compared to pre-trial periods [3] - A total of 7,918 cross-regional litigation services were provided in 2024, allowing parties to handle litigation matters locally, thus reducing travel costs [3] Group 2: Dispute Resolution at the Grassroots Level - In 2024, grassroots courts implemented a mediation platform that successfully resolved 122,590 disputes through online connections with local community organizations [4] - The mediation success rate reached 95.57%, with grassroots units independently handling 56,800 disputes [4] Group 3: Blockchain Technology in Judiciary - The Supreme People's Court has established a unified judicial blockchain platform, enhancing data security and optimizing judicial processes, with over 5.8 billion data records stored on the blockchain by the end of 2024 [5] - The average delivery time for traditional methods was 0.8 days, while electronic delivery took only 0.5 days, resulting in a 93% reduction in postal costs [5] - The blockchain technology has streamlined traditional processes, reducing the time for certain procedures from multiple days to just 10 minutes [5] Group 4: Future Directions - The future focus of blockchain technology will include exploring innovations within the Web3.0 technology framework and enhancing integration with privacy computing and the Internet of Things [6]

成立由 CEO 牵头的 "数字化委员会"，融合业务、IT、数据部门，避免 "技术部门单打独斗"。 1. 数据治理：让数据从 "资产" 变 "资本" 1. 组织升级：重塑人才与文化基因 三、场景层：聚焦高价值业务场景突破 明确转型定位与目标 一、战略层：构建 "数据驱动" 的转型顶层设计 1. 善用政策红利 企业数字化转型能力提升全指南：从战略到落地的 5 大核心路径 建立跨部门转型治理机制 二、能力层：夯实 "技术 + 数据 + 组织" 三大支柱 1. 技术架构：从 "孤岛系统" 到 "中台化" 淘汰碎片化系统（如传统 ERP、CRM），搭建 "云原生 + 数据中台"： 基础设施上云：降低 IT 成本； 业务中台沉淀通用能力。 实施 DCMM（数据管理能力成熟度）认证体系： 建立数据标准：统一客户 ID、产品编码等主数据； 构建数据应用场景。 技能重塑： 对管理层开展 "数字化领导力" 培训； 对员工开设低代码工具、数据分析基础课。 文化转型：鼓励 "试错容错"，例如某互联网企业设立 "数字化创新基金"，允许部门将 5% 预算用于探索性技术项目。 1. 制造业：从 "生产驱动" 到 "需求驱动" 2. 服务业 ...

整理 | 华卫、核子可乐 在今年的 WWDC 全球开发者大会上，苹果推出新一代专为增强 Apple Intelligence 功能所开发的语 言基座模型。经过优化的最新基座模型可在苹果芯片上高效运行，包括一个约 3B 参数的紧凑型模型 和一个基于服务器的混合专家模型，后者为专门针对私有云量身定制的全新架构。 这两大基座模型，均隶属于苹果为支持用户而打造的生成式模型家族。这些模型改进了工具使用与推 理能力，可以理解图像与文本输入，速度更快、效率更高，而且能够支持 15 种语言及平台中集成的 各种智能功能。 据介绍，苹果通过开发新的模型架构来提高这两个模型的效率。对于设备端模型，将整个模型按 5： 3 的深度比分为两块。块 2 中的所有键值（KV）缓存都直接与块 1 最后一层生成的缓存共享，由此 将键值缓存的内存占用量降低了 38.5%，同时显著改善了首个 token 生成时间（time-to-first- token）。 苹果还引入并行轨道专家混合 （PT-MoE） 设计，为服务器端模型开发出一套新架构。此模型由多 个较小的 Transformer（即「轨道」）组成，它们独立处理各 token，仅在各轨道块的输 ...

计算机行业 2025 年中期策略：AI Agent 引领计算机行业价值重估 2025 年 6 月 10 日 看好/维持 计算机 行业报告 | | | 投资摘要： 行业回顾：上半年计算机指数在 DeepSeek 等技术催化下跑赢大盘。纵向看，得益于一季度 DeepSeek 催化，计算机指数上半 年跑赢大盘，截至 25 年 5 月 31 日，计算机行业指数自年初累计上涨 1.65%，跑赢沪深 300 指数 4.07pct。横向看，计算机板 块上半年整体表现居中，收益率在申万一级 31 个子行业中排名第 14，并强于大盘走势，行业风格上今年上半年科技板块整 体处于相对劣势。从市场表现来看，今年上半年计算机板块仍表现出极强弹性，一季度在技术驱动下跑出显著超额收益，后 受风险偏好降低影响估值承压回撤，当前行业指数有所回升，整体处于震荡区间，并存在一定结构性分化。目前计算机板块 估值处于中位偏高水平，机构持仓下滑趋势逐步企稳有望回升，行业整体风险度适中。 行业展望：AI Agent 板块政策、技术、需求多维共振，景气度持续上行。综合对过往走势的分析，我们当前认为对行业投资 机会的把握应从基本面（政策、技术、中长期需求）、 ...

Core Insights - Globant S.A. has launched AI Pods, a subscription model for AI-powered IT services, aimed at disrupting traditional IT delivery methods [1][10] - The AI Pods utilize agentic AI capabilities, overseen by Globant's experts, to ensure alignment with business strategies and high-quality standards [2] - The advanced AI (GEAI) accelerator platform powers the AI Pods, supporting a variety of agents for comprehensive business transformation [3] Business Model and Performance - The AI Pods model has shown success across sectors like finance, retail, and media, significantly reducing delivery times and enhancing productivity [4] - Globant's focus on AI leadership and innovation is expected to drive long-term growth in a rapidly evolving business landscape [5] - The company has reported first-quarter 2025 results with mixed performance; while earnings and revenues missed estimates, the top line grew year over year due to AI-related opportunities [7] Strategic Partnerships and Future Outlook - In April 2025, Globant signed an agreement with Alphabet Google Cloud to combine AI expertise with advanced infrastructure, addressing business challenges like data silos and scalability [8] - The company is pursuing a strategic initiative to maximize value from its top 100 clients through cross-industry innovation and subscription services [7]

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 关注高景气能源 IT 赛道投资机遇 2025 年第 23 周计算机行业周报 报告要点 [Table_Summary] 上周计算机板块整体持续反弹，大幅上涨 3.18%。在长江一级行业中排名第 4 位，两市成交额 占比为 10.00%，稳定币及并购重组概念表现活跃。上周数字货币巨头 Circle 在美国纽约证券 交易所（NYSE）上市；我国将在北京、浙江、安徽等地部署建设 10 个国家数据要素综合试验 区。本周推荐关注能源 IT 领域具备先发优势的厂商。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 软件与服务 cjzqdt11111 [关注高景气能源 Table_Title2] IT 赛道投资机遇 2025 年第 23 周计算机行业周报 [Table_Summary2] 上周复盘：计算机板块持续反弹 上周受端午假期影响，仅有四个交易日，上证综指持续上涨，周五报收 3385.3 ...