软通动力（301236.SZ）公司事件点评 全栈智能开启龙头 AI 时代发展新篇章 glmszqdatemark 2026 年 02 月 02 日 [Table_Author] 分析师：吕伟 分析师：郭新宇 执业证书：S0590525110033 执业证书：S0590525110034 邮箱：lvwei_yj@glms.com.cn 邮箱：guoxinyu@glms.com.cn 软通计算机以"AI+"推进场景落地，在党政、金融等国产替代领域市场份额居第 一梯队：终端产品中标中国联通、某省公安厅等项目，完成 2025 全国两会信创 办公用机供应；企业级产品则中标中国移动 AI 设备集采、福建省农信鲲鹏服务器 采购等项目，持续拓展市场覆盖。 展望业务发展方向，公司以京津冀智造基地为基石，构筑了"智算中心+OS+服 务器"三大自主支柱产品体系。通过推出"天元智算调度平台"、基于开源鸿蒙和 开源欧拉的自有操作系统发行版（软通天鸿、软通天鹤），以及全线智算硬件产品， 为客户提供一站式 AI 算力基础设施，确保企业智能化转型的安全感与自主权。 2）软通天璇 MaaS 平台：AI 时代重要的"AI Factory"。公司 ...

2026 年 2 月 1 日，知名科技巨头甲骨文因 AI 数据中心扩张陷入融资危机，多家美国银行直接停止向其相关 项目发放贷款，引发连锁自救动作。 甲骨文押注 AI 基建，与 OpenAI 签下超 3000 亿美元合作，仅单一项目资本支出就高达 1560 亿美元，年融 资需求超 250 亿美元。 疯狂烧钱却看不到稳定回报，银行不愿再承担风险，直接断贷止损 。其信用违约互换 价格半年翻三倍，市场信心全面崩塌。 为填补资金窟窿，甲骨文被曝计划裁员 2~3 万人 ，预计一次性释放 80-100 亿美元现金流，同时考虑出售四 年前以 283 亿美元收购的医疗业务 Cerner，断臂求生 。 再大的 AI 风口，扛不住现金流断裂，再牛的巨头， 也得向资本低头 。 受融资受阻影响，甲骨文部分 AI 数据中心项目已从 2027 年延期至 2028 年，股价连续下跌。这波裁员与断 贷，也给全球狂热的 AI 扩张潮泼了冷水， 没有盈利支撑的烧钱竞赛，终究会走到尽头 。 （参考： TD Cowen 、每经，本文经由 AI 优化） 甲骨文股价从去年 9 月 10 日的历史高点下跌超过 50％，市值蒸发约 4,630 亿美 元。 ...

这冰火两重天的背后，是一个旧时代的落幕与新范式的崛起：市场不再为"卖账号"的SaaS买单，但愿意 为"卖结果"的RaaS（Result as a Service，结果即服务）支付高溢价。 近期，资深行业观察员在对 RaaS 产业链的深度追踪与渠道调研时发现，百融云创（6608.HK）不仅踩 中了 RaaS 的风口，更已在客户端构建起中国规模最大的'硅基劳动力'交付网络。" 【导语】当美国SaaS巨头Salesforce和Adobe开年遭遇估值杀跌（跌幅超15%），资本市场对"订阅模 式"的耐心似乎已耗尽。然而在大洋彼岸的港股市场，AI板块却因头部企业披露的"10倍增长"业绩预告 而集体沸腾。 一、 拒绝"市梦率"，回归"含金量"：RaaS的商业本质 不同于上一轮AI泡沫中充斥的"市梦率"故事，RaaS模式之所以能引爆股价，是因为它极其"现实"。 根据百融云创近期的战略及产品发布，我们发现"RaaS"并非是一次突兀的商业转型，而是其长达11年的 纵深演进。不同于传统SaaS依靠贩卖"席位"和"工具"的收租逻辑，百融云创自创立之初便确立了"为效 果付费"的商业基石： • 1.0 MaaS 时代（决策智能时代）：通 ...

Investment Rating - The investment rating for the computer industry is maintained as "Cautious Recommendation" based on the current market conditions and future potential in AI applications and computing power [4][21]. Core Insights - The computer sector's fund holdings accounted for approximately 2.34% of total fund holdings in Q4 2025, showing a slight decrease from previous quarters, indicating a historical low [4][21]. - The leading companies in AI-related sectors are primarily focused on AI applications and computing power, suggesting a potential for increased investment as national industrial policies support the AI industry [4][21]. - Recent significant financing activities in the AI sector, such as StepFun's over 5 billion yuan B+ round, highlight the growing interest and investment in AI model development [22]. - Major advancements in AI hardware, including Microsoft's Maia 200 chip and Alibaba's Zhenwu 810E chip, demonstrate the competitive landscape and technological progress within the industry [23][25]. Summary by Sections 1. Q4 2025 Holdings Analysis - The proportion of computer sector holdings in funds decreased slightly to 2.34%, with a historical trend showing fluctuations over the past quarters [11]. - The number of computer companies in the top ten holdings decreased to 138, indicating a consolidation in holdings among fewer companies [14]. - The top ten companies by fund holdings in Q4 2025 included iFLYTEK, Kingsoft Office, Hikvision, Inspur Information, and others, with notable changes in rankings compared to Q3 2025 [17]. 2. Industry News - StepFun completed a record financing round, emphasizing the competitive nature of AI model development in China [22]. - Microsoft announced the launch of its second-generation AI chip, Maia 200, which significantly improves performance metrics [23]. - The release of the Kimi K2.5 model by Moonlight Dark Side showcases advancements in open-source AI capabilities [24]. - Alibaba's introduction of the Zhenwu 810E chip reflects the company's commitment to self-developed AI hardware [25]. 3. Company News - Inspur Information's executives announced plans to reduce their holdings, indicating potential shifts in company ownership dynamics [26]. - Tianyang Technology's major shareholder plans to reduce their stake, which may impact market perceptions of the company [27]. - Hehe Information reported on the completion of a significant share reduction by its major shareholders, reflecting ongoing adjustments in ownership [28]. 4. Market Review - The market performance from January 26 to January 30 showed the CSI 300 index rising by 0.08%, while the computer sector index fell by 4.47%, indicating a challenging week for the sector [30].

Core Viewpoint - The F5 class action lawsuit alleges that F5, Inc. and certain executives misled investors regarding the company's revenue outlook and growth potential, while downplaying risks associated with a significant security incident [4][5]. Company Overview - F5, Inc. is a global multi-cloud application security and delivery company that enables customers to deploy, secure, and operate applications both on-premises and via public cloud [3]. Allegations of the Lawsuit - The lawsuit claims that during the Class Period, F5 executives created a false impression of reliable revenue projections and growth, while minimizing risks from seasonality and macroeconomic factors [4]. - It is alleged that F5 was experiencing a significant security incident that jeopardized client security and the company's future prospects [4]. - On October 15, 2025, F5 disclosed a security breach involving a nation-state threat actor, leading to a nearly 14% drop in stock price over two trading days [5]. - Following the breach, on October 27, 2025, F5 reported fourth quarter fiscal year 2025 results that fell significantly below market growth expectations for fiscal 2026, resulting in an additional nearly 11% decline in stock price over two trading days [6]. Lead Plaintiff Process - The Private Securities Litigation Reform Act of 1995 allows any investor who purchased F5 securities during the Class Period to seek appointment as lead plaintiff in the lawsuit, representing the interests of all class members [7]. Law Firm Background - Robbins Geller Rudman & Dowd LLP is a leading law firm specializing in securities fraud and shareholder litigation, having secured over $2.5 billion for investors in 2024 alone [8].

Core Viewpoint - Rosen Law Firm is reminding purchasers of Varonis Systems, Inc. common stock about a class action lawsuit with a lead plaintiff deadline of March 9, 2026 [1]. Group 1: Class Action Details - Investors who purchased Varonis common stock between February 4, 2025, and October 28, 2025, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties can join by submitting a form or contacting the law firm [3][6]. - Investors wishing to serve as lead plaintiff must file a motion with the court by the specified deadline [3]. Group 2: Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company at the time [4]. - The firm was ranked No. 1 by ISS Securities Class Action Services for the number of settlements in 2017 and has consistently ranked in the top 4 since 2013, recovering hundreds of millions for investors [4]. - In 2019, the firm secured over $438 million for investors, and its founding partner was recognized as a Titan of Plaintiffs' Bar by Law360 in 2020 [4]. Group 3: Case Allegations - The lawsuit alleges that Varonis made materially false and misleading statements regarding its ability to maintain Annual Recurring Revenue (ARR) projections while transitioning customers to a software-as-a-service (SaaS) model [5]. - It is claimed that Varonis was not adequately prepared to convince existing users of the benefits of the SaaS offering, leading to reduced ARR growth potential [5]. - The lawsuit asserts that the misleading statements resulted in investor damages when the true situation was revealed [5].

1月25日，腾讯元宝发布《关于春节分10亿现金的通知》。通知称，为回馈广大用户，元宝将在2月1日 开启新春活动，分10亿元现金红包。 这一活动给腾讯元宝带来了相当可观的流量，它在苹果应用商店免费榜的排名在28日冲刺到了第二名。 然而，也有不少网友在社交媒体吐槽称，元宝APP在使用体验上仍然存在着各种不足。 例如有网友吐槽说，尽管官方表示上线的是满血版，但是实际回答质量让人怀疑是不是偷偷上了个量化 版以节省成本。所谓量化版，是指通过降低模型参数的数值精度，来压缩模型，虽然推理速度会提升， 但在复杂任务下表现明显受限。 此外，模型的token限制、多步搜索功能的缺失都严重影响了用户的体验。 还有网友反映，向几个同类模型询问同样的税务问题，只有元宝会给出错误的计算答案。 有博主表示，发放红包的活动只是引流，元宝想要用户留存还是得看好不好用和后续运营。 还有不少网友反馈了元宝在回答中出现事实性信息错误的问题。 本文系观察者网独家稿件，未经授权，不得转载。 也的确有网友发帖吐槽，尽管元宝准备派发红包，但"真的太难用了，阉割成了人工智障，开都不想开 了"。 ...

It's time now for our 360 round. For that, let's bring in our panel to discuss Apple. They beat on the top and the bottom line.Exceeded expectations in iPhone sales. Joining us to break down some of the numbers and take a closer look, Diane Hinchcliffe, the VP practice lead at Futurum, and Jed Ellerbrook, the portfolio manager at Argent Capital Management. Thank you both for being with us.Diane, let's start with you. You know, we saw Apple come across the the wires yesterday. good numbers coming across, unp ...

Group 1: Market Overview - The Federal Reserve maintained interest rates in the 3.5% to 3.75% range, impacting market performance with the S&P 500 Index (SPX) experiencing a record close before cooling off [2] - The Dow Jones Industrial Average (DJI) faced a decline due to UnitedHealth's (UNH) mixed earnings report, while the Nasdaq Composite (IXIC) dropped significantly following Microsoft's warning of slowing cloud growth [2][4] - Despite challenges, the DJI was on track for its ninth consecutive monthly gain, while the Nasdaq and S&P 500 were also heading for monthly gains [2] Group 2: Earnings Highlights - Major tech companies like Meta Platforms (META) and Microsoft (MSFT) reported earnings, with Microsoft facing scrutiny over its cloud growth [3][4] - AppLovin (APP) received an upgrade, and IonQ (IONQ) acquired SkyWater Technology (SKYT) for $1.8 billion, indicating active M&A activity in the tech sector [3] - General Motors (GM) and Caterpillar (CAT) reported strong earnings, while American Airlines (AAL) missed expectations, and AT&T (T) provided an optimistic outlook [4] Group 3: Upcoming Earnings and Economic Data - The first week of February is set to feature significant earnings reports from companies such as Alphabet (GOOGL), Amazon.com (AMZN), and Pfizer (PFE), among others [5] - The Russell 2000 Index (RUT) is expected to continue its rally, highlighting potential opportunities in small-cap stocks [5]

Core Viewpoint - Descartes Systems (DSGX) has faced significant selling pressure, resulting in a 13.8% decline in stock price over the past four weeks, but analysts anticipate improved earnings in the near future [1] Group 1: Technical Analysis - The Relative Strength Index (RSI) is utilized to determine if a stock is oversold, with a reading below 30 indicating oversold conditions [2] - DSGX has an RSI reading of 24.09, suggesting that the heavy selling may be nearing exhaustion, potentially leading to a price rebound [5] Group 2: Fundamental Analysis - Analysts have raised earnings estimates for DSGX by 22.2% over the last 30 days, indicating a positive trend that typically correlates with price appreciation [7] - DSGX holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a turnaround [8]