分析师及联系人 [Table_Author] 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] 2025 年第 39 周计算机行业周报： 从云栖大会看后续中国 AI 发展之路 报告要点 [Table_Summary] 上周计算机板块持续震荡调整，小幅下跌 0.33%，在长江一级行业中排名第 14 位，两市成交 额占比为 8.62%，算力相关标的活跃。上周中央政府采购网发布国机采〔2025〕22 号《关于更 新中央国家机关台式计算机、便携式计算机批量集中采购配置标准的通知》；工业和信息化部部 长李乐成表示要开辟脑机接口、量子信息等新赛道开源鸿蒙 6.0 Release 版本发布。本周建议 关注：1）AI Infra：AI Infra 有望核心受益；2）AI Agent 相关厂商；3）中国推理算力产业链； 4）CSP 厂商方面关注推理需求带来的推动；5）IDC，重点关注与头部大厂合作的 IDC。 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.955 ...

We recently published 10 Big Names With Explosive Gains That Investors Can’t Ignore. BlackBerry Limited (NYSE:BB) is one of the companies that soared by double- and triple-digits last week. Shares of BlackBerry jumped by 17.8 percent week-on-week, as investor sentiment was generally bolstered by an impressive earnings performance in the second quarter of fiscal year 2026. In an updated report, BlackBerry Limited (NYSE:BB) said it swung to a net income of $13.3 million from a $19.7 million net loss in the ...

Core Insights - The transition from "Internet+" to "Artificial Intelligence+" signifies not only a technological evolution but also a deepening and expansion of the digitalization process [1][2] Group 1: Industry Trends - Artificial intelligence is being integrated into various sectors, with Hangzhou leading the way in practical applications, such as the deployment of advanced models like DeepSeek-R1 for urban governance [1] - The concept of "co-creation" is emphasized as essential for maximizing the effects of both "Artificial Intelligence+" and "Internet+" across industries [3][4] Group 2: Talent Development - The talent structure is facing new challenges that require adaptive adjustments to meet the needs of AI technology implementation, including the development of a new generation of innovative entrepreneurs in Zhejiang Province [2] Group 3: Future Outlook - The current stage of AI development is compared to the early days of the internet, indicating that significant exploration and gradual implementation are still needed for AI to achieve its full potential in industry [4][6] - The importance of integrating human curiosity with AI capabilities is highlighted, suggesting that AI should enhance human abilities rather than replace them [6] Group 4: Ethical Considerations - Concerns are raised about the coexistence of humans and advanced AI, proposing that AI should have built-in limitations similar to biological systems to ensure a balanced relationship [7]

Core Viewpoint - NETSOL Technologies, Inc. demonstrated significant growth and resilience in fiscal year 2025, focusing on innovation and customer satisfaction while improving profitability across its SaaS and services businesses [1][18]. Financial Performance Summary - Total net revenues for Q4 FY 2025 increased by 11.9% to $18.4 million compared to $16.4 million in Q4 FY 2024 [2]. - Gross profit for Q4 FY 2025 was $10.3 million, representing 56% of net revenues, up from $8.5 million or 52% in Q4 FY 2024 [3]. - Operating expenses for Q4 FY 2025 were $7.2 million, or 39% of sales, down from $7.7 million or 47% in Q4 FY 2024 [4]. - GAAP net profit for Q4 FY 2025 totaled $2.6 million, or $0.22 per diluted share, compared to a net loss of $0.08 million, or $0.01 per diluted share, in Q4 FY 2024 [5]. - Non-GAAP EBITDA for Q4 FY 2025 was $4.7 million, or $0.40 per diluted share, compared to $1.2 million, or $0.11 per diluted share, in Q4 FY 2024 [6]. Annual Financial Results - Total net revenues for the full fiscal year ended June 30, 2025, were $66.1 million, an increase from $61.4 million in the prior year [10]. - Subscription and support revenues for FY 2025 increased by 18% to $32.9 million [8]. - Gross profit for FY 2025 was $32.6 million, or 49.3% of net revenues, compared to $29.3 million, or 47.7% in FY 2024 [12]. - Operating income for FY 2025 was $3.5 million, consistent with the previous fiscal year [13]. - GAAP net income for FY 2025 was $2.9 million, or $0.25 per diluted share, compared to $0.7 million, or $0.06 per diluted share, in FY 2024 [14]. Revenue Breakdown - Total subscription (SaaS and Cloud) and support revenues for FY 2025 were $32.9 million, up from $28 million in FY 2024 [11]. - Total services revenues for FY 2025 were $32.6 million, representing a 16.3% increase from the prior year [11]. Management Commentary - The CEO highlighted the company's commitment to driving innovation and enhancing customer satisfaction, reflecting the trust clients place in NETSOL's solutions [1][18]. - The CFO noted the effectiveness of the revenue diversification strategy, achieving notable growth in services revenue and maintaining operational discipline [19].

Paris, France – September 29, 2025 – Eviden, the Atos Group product brand leading in advanced computing, cybersecurity products, mission-critical systems and vision AI today announces a strategic partnership with Vates, a pioneering company in open-source virtualization solutions, to provide a European reliable, efficient, and future-proof virtualization solution, ready to meet real-world infrastructure demands. In a context where sovereignty, transparency, and control are increasingly strategic, this partn ...

Group 1 - The 2025 Artificial Intelligence Industry and Empowering New Industrialization Conference was successfully held in Beijing, where 360 Group was appointed as the "Co-Chair Unit of AIIA Intelligent Agent Technology Research Working Group" [1] - The Nano AI Multi-Agent System has completed a full-link technological leap from L1 to L4, introducing the "Swarm Engine" collaborative framework that allows complex tasks to be intelligently decomposed and assigned to corresponding working agents, achieving a cost reduction of 80% in token expenses compared to top international models [1] - Based on the "Security as a Service" concept, 360 has developed a security cloud platform that encourages users to shift from purchasing equipment to subscription services [1] Group 2 - To address the shortage of security talent, 360 has launched a security expert intelligent agent that effectively enhances the ability to "see and handle" new types of cyber threats [1] - In response to new security challenges brought by the widespread adoption of AI technology, 360 has introduced the "Large Model Guardian" to specifically tackle risks such as prompt injection attacks, data leaks, content security, and model hallucinations [1]

Core Insights - The collaboration between SAP and Alibaba aims to enhance enterprise cloud transformation, addressing the challenges of technology integration and business adaptation [2][3] - The partnership will initially focus on the Chinese market, with plans to expand into Southeast Asia, the Middle East, and Africa [4] - SAP's core cloud solutions will be gradually deployed on Alibaba Cloud, with specific timelines for various products [3] Industry Challenges - Cloud transformation is essential for enhancing competitiveness, but companies face challenges in technology, cost, and security [4][5] - Measuring return on investment is a significant concern, particularly for traditional industries where short-term financial benefits are hard to quantify [4] - Legacy IT systems pose integration challenges, complicating the modernization process and increasing risks of business disruption [5] Organizational and Cultural Resistance - The primary challenge in cloud transformation is not technical but rather organizational maturity and readiness for change [6] - Companies often struggle to standardize processes that have developed over time, which can hinder the speed and effectiveness of digital transformation [6] Business Process Solutions - SAP's approach combines ERP systems for standardized processes with the BTP platform for automated development capabilities, addressing the needs of both standardized and differentiated business processes [7] AI and Software Relationship - AI is expected to significantly impact software applications, but it will not replace software; instead, it will enhance the value of end-to-end software suites [8][9] - SAP advocates for an "AI-first" strategy, emphasizing the importance of integrated software solutions that can better withstand the pressures of AI [8][9] Data and AI Synergy - SAP's "flywheel effect" illustrates the synergy between applications, data, and AI, creating a continuous cycle of data generation and process optimization [10] - Specific AI applications have been developed to address business challenges, such as risk assessment in sales orders, demonstrating the practical benefits of AI integration [10] Market Opportunities - There is a significant market potential in China for companies looking to expand globally, particularly among those not currently using ERP systems [10]

Core Viewpoint - The report highlights the transformative shift of AI from being an "auxiliary tool" to becoming an "autonomous productivity" driver through the emergence of AI agents, which can independently understand goals, plan paths, and interact with both physical and digital worlds [4][6][20]. Group 1: Definition and Capabilities of AI Agents - AI agents are defined as digital employees capable of autonomous planning and execution, moving beyond simple task execution to complex decision-making and interaction [6][9]. - The core structure of AI agents consists of a "brain" for autonomous planning and "hands" for tool invocation, enabling them to complete tasks in a closed-loop manner [8][9]. Group 2: Application Scenarios of AI Agents - The report identifies a wide range of application scenarios for AI agents across various industries, including finance, retail, healthcare, education, manufacturing, transportation, and government [19]. - A "scene compass" is introduced to help enterprises assess the maturity of AI agent applications based on task complexity and autonomy, categorizing them into four quadrants: efficient assistants, execution experts, decision experts, and all-round experts [19]. Group 3: Challenges in Implementation - The report outlines six major challenges in the large-scale implementation of AI agents: high training costs, model hallucination and generalization issues, security and data governance, complex document understanding, and integration with business systems [19]. - Companies are encouraged to utilize the strategic framework provided by Tencent Cloud to build reliable AI agents that understand customers, make decisions, and execute tasks effectively [19]. Group 4: Case Studies and Practical Applications - The report includes several pioneering case studies demonstrating the successful integration of AI agents into business operations, such as: - Huazhu Group's 24/7 "all-round hotel butler" that can respond to guest requests and manage logistics autonomously [20]. - Juewei Food's AI marketing agent that significantly outperformed human teams in sales performance [20]. - The establishment of a digital counter by Handan's provident fund, which streamlined service processes and reduced processing time by over 80% [20]. - These examples illustrate how AI agents are creating value as efficient digital employees and business partners [20].

Genpact, an agentic and advanced technology solutions company, has announced the launch of the Genpact Insurance Policy Suite for commercial and specialty business insurance, a new solution created to reinvent insurance buying.Part of Genpact’s Service-as-Agentic-Solutions™ portfolio, it offers autonomous, AI-powered workflows to help insurers remove repetitive administrative tasks, shorten cycle times, and acquire data-driven insights.The Genpact Insurance Policy Suite orchestrates and executes underwritin ...

请务必阅读正文后免责条款 证券研究报告 阿里云发布多项AI创新成果， 我国AI产业发展势头良好 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师： 闫磊 S1060517070006（证券投资咨询）YANLEI511@pingan.com.cn 黄韦涵 S1060523070003（证券投资咨询）HUANGWEIHAN235@pingan.com.cn 2025年9月29日 核心摘要 行业要闻及简评：1）阿里云发布多项AI创新成果，我国AI产业发展势头良好。9月24日，2025云栖大会在浙江省杭州市云栖小镇举行。 阿里云在2025云栖大会发布多项AI创新成果，Qwen3-Max大语言模型全球领先。我国国产大模型持续迭代，能力持续提升。阿里云宣布正 在积极推进三年3800亿的AI基础设施建设计划，并将会持续追加更大的投入。另外，我国AI产业正加强生态合作，DeepSeek-V3.1与国产 AI芯片的协同进一步加深。我国AI产业发展势头良好。2）英伟达和OpenAI宣布达成合作，全球AI产业生态合作加深。当地时间周一（9 月22日），英伟达和OpenAI宣布达成合作，包括建设庞大数据中心计划，以及英 ...