9月1日至28日，中科创达软件股份有限公司开展了特定对象调研以及"走进创业板综ETF成分股公司 （中科创达）活动"，吸引了博时基金、西部利得、前海联合等超50家机构参与。公司副总裁杨新辉、 董事长助理投资总监Rick MI等接待了来访人员。 从调研内容来看，机构对中科创达在各业务板块的布局与发展十分关注。 智能汽车领域：技术赋能，AI引领变革 在智能汽车领域，中科创达早在2013年便提前布局，2017年收购芬兰公司Rightware，优化迭代Kanzi产 品，成为全球主流车厂智能座舱首选的UI开发工具和引擎。 2025年，AI成为汽车行业主旋律，公司推出"AIOS + AIBOX"一体化解决方案。滴水AIOS以AI原生架构 为核心，重构智能座舱操作系统逻辑，实现算力动态智能分配与灵活模型调度。AIBOX则搭载NVIDIA Drive AGX芯片，提供200TOPS的AI算力与205GB/s的传输带宽，破解AI算力瓶颈，降低升级成本与周 期。 海外业务：全球化布局，助力企业出海 中科创达在全球化布局方面走在前列。操作系统的全球化技术属性，使其能为全球用户创造价值。以 AIOS为例，其融合全球汽车产业和应用生态， ...

Group 1: Company Overview and Strategy - The company has been focusing on the smart automotive sector since 2013, acquiring Rightware in 2017 to enhance its UI development tools for smart cockpits [3] - In 2025, AI is expected to redefine the automotive industry, transitioning from hardware-driven to AI-driven ecosystems [3] - The company aims to provide an integrated solution with "AIOS + AIBOX," creating a closed loop from software architecture to hardware support [3] Group 2: Product Innovations - The "滴水 AIOS" redefines the smart cockpit operating system, utilizing an AI-native architecture for dynamic resource management and seamless cloud integration [3] - The AIBOX, equipped with NVIDIA Drive AGX chips, offers up to 200 TOPS of AI computing power and 205 GB/s bandwidth, enabling smooth operation of large models [3][6] - The AI cockpit, built on Snapdragon Ride platform, features a 14B parameter model with a response time under 500ms, enhancing human-machine interaction [4] Group 3: Global Expansion and Market Strategy - The company has established a global R&D team across 16 countries, enhancing its ability to respond to local market needs [4] - The AIOS supports both domestic and international application ecosystems, aiding Chinese automotive manufacturers in their global strategies [4] Group 4: IoT and AI Applications - The IoT business has rapidly expanded, covering handheld devices, smart vision, edge computing, and AI glasses, among others [4][5] - The TurboXAI glasses utilize Qualcomm's Wear5100+MCU, providing millisecond-level response times and various functionalities [5] Group 5: Collaborations and Partnerships - The company has partnered with Volcano Engine since 2024, developing a comprehensive solution for the smart automotive sector [5] - The collaboration has led to the creation of an AI cockpit solution that integrates real-time cloud and vehicle communication, achieving a 500ms voice feedback response [5] Group 6: Robotics and Future Trends - The company is advancing its mobile robotics products, focusing on logistics and manufacturing sectors, with successful implementations in major global enterprises [6] - By mid-2025, the robotics products have been deployed in various industries, including automotive parts and logistics, with a growing presence in international markets [6]

Group 1 - The core point of the news is that Hailianxun has received approval from the CSRC to absorb and merge Hangqilun through the issuance of 1,174,904,765 new shares, which is valid for 12 months from the date of issuance [1] - Hailianxun primarily engages in power information construction and provides related technical and consulting services, while Hangqilun specializes in designing and manufacturing industrial turbines and gas turbines [1] - After the merger, the surviving company will inherit all assets, liabilities, businesses, personnel, contracts, and other rights and obligations of Hangqilun, forming a business structure focused on industrial turbine machinery with supplementary power information services [1] Group 2 - CITIC Securities views this transaction as a rare "A absorbs B" case and the first instance of a listed company absorbing and merging another listed company, reflecting strong support from the "Six Merger Guidelines" for integration among listed companies [2] - The merger will create a business structure where industrial turbine machinery is the main focus, complemented by power information system integration, enhancing the core competitiveness and sustainable profitability of the surviving company [2] - The "Six Merger Guidelines" aim to facilitate the integration of capital and technology towards high-quality enterprises and innovative sectors, promoting resource flow and supporting the real economy [2] Group 3 - The restructuring of Hangqilun and Hailianxun through a share swap is a significant step in implementing the central government's reform directives, aimed at improving the industrial layout of state-owned listed companies and enhancing asset quality and operational efficiency [3] - This transaction responds positively to the encouragement from the State Council and the CSRC for mergers and acquisitions, enhancing the investment value of listed companies by improving asset quality and operational efficiency [3] - Over the past year, the "Six Merger Guidelines" have invigorated the merger and acquisition market, establishing the capital market as a primary channel for corporate mergers and acquisitions, particularly in technology innovation and new productive forces [3]

Core Viewpoint - Wanxing Technology has officially submitted its prospectus to the Hong Kong Stock Exchange, aiming for a dual listing, reflecting the growing interest in AI companies despite facing multiple development challenges in the market [2][15]. Group 1: Company Overview - Wanxing Technology is a global AIGC digital creative software provider, focusing on video creative products and helping users express creativity digitally [3]. - The company has developed a multimedia model for AIGC content creation, supporting three main product lines: drawing creativity, video creativity (including Filmora and SelfyzAI), and document creativity [3]. Group 2: Market Performance - The company boasts a global user base, with products available in over 200 countries and regions, and cumulative active users exceeding 2 billion [5]. - In the first half of 2025, the average monthly active users reached 68.7 million, with over 2.9 million paying users [5]. - However, the core product Filmora faces stiff competition from Adobe's Creative Cloud and ByteDance's TikTok ecosystem, leading to stagnant user growth [5][15]. Group 3: Financial Performance - Wanxing Technology's revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 1.18 billion, RMB 1.48 billion, RMB 1.44 billion, and RMB 759.45 million respectively [10][13]. - The company reported a net profit of RMB 64.29 million in 2022, RMB 108 million in 2023, but losses of RMB 157 million in 2024 and RMB 54.71 million in the first half of 2025 [10][12]. - Despite a high gross margin of 92.4% in the first half of 2025, the company struggles with high marketing, management, and R&D costs, leading to a significant gap between gross and net profit [12][14]. Group 4: Competitive Landscape - The global AIGC video creative software market is projected to grow from approximately USD 800 million in 2020 to about USD 10.5 billion in 2024, with a compound annual growth rate (CAGR) of 90.3% [9]. - Wanxing Technology's sales and distribution expenses accounted for over 48% of total revenue since 2022, reaching 60.8% in the first half of 2025, indicating heavy investment in marketing to compete in the industry [14][15]. Group 5: Strategic Challenges - The company is currently in a critical strategic investment phase, with high input and slow returns, highlighting the balance challenge between commercialization and capital patience in the AI sector [15].

需要指出的是，医疗市场的复杂性超过绝大多数行业，甲骨文面向企业客户的成功经验，能够适用于医院、公共研究机构等参与方，仍要打个大大的问 号。 甲骨文（Oracle）是当前全球最旗帜鲜明押注AI医疗的科技巨头，对甲骨文来说，AI与云能力是其相较于竞争对手Epic最为显著的优势。 如何充分把握AI浪潮，借助其强大的全栈技术整合能力，扭转自收购Cerner以来面临的客户流失与市场份额下滑趋势，已成为公司当前最紧迫的议题之 一。 自1977年成立以来，甲骨文几乎没有错过任何一波技术浪潮，从上世纪的数据库、互联网，到这个世纪的云计算、AI，公司紧紧抓住风口，顺势而为， 从而做到屹立不倒。 如今，甲骨文已成为全球最大的AI基础设施提供商之一，将生成式AI与AI智能体融入到云业务架构中，为客户提供定制化解决方案。 公司有意将这种做法复刻到医疗领域，通过构建一系列完整的产品和解决方案，将AI能力内化于医疗系统地每一个环节，满足患者、医疗机构、保险公 司、药企、公共卫生机构的多元需求。 本文旨在尽可能全面地梳理甲骨文在医疗保健领域的布局，帮助更清晰地理解甲骨文如何试图重塑医疗健康行业的未来图景。 打造安全、共享的数据平台 Ora ...

相关研究 《华夏中海商业 REIT 申购价值深度分析》 2025/08/03 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 2025 年 09 月 28 日 沈阳国际软件园 REIT 申购价值深度分析 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 申 购 投资提示： 策 略 ⚫ 沈阳国际软件园 REIT 首发询价期间为 2025 年 9 月 29 日的 9:00-15:00，初步询价区间为 2.736 元/份~4.104 元/份，预计募资 10.26 亿元，基金份额募集期为 2025 年 10 月 13 日至 14 日。 ⚫ 申购策略观点：本基金项目资产沈阳国际软件园是沈阳市内唯一获得市属国资参股的民营园区， 位于浑南区 ...

事件 DocuSign于2025年9月4日公布了截至2025年7月31日的2026财年第二季度财务业绩。报告期内，公司总 收入达8.01亿美元，同比增长9%。订阅收入为7.84亿美元，同比增长9%。递延收入达8.18亿美元，同比 增长13%。非GAAP运营利润率为29.8%，自由现金流为2.18亿美元，利润率为27%。 投资要点 ▌核心数据稳健加速，运营效率持续提升 2026财年第二季度，公司业务加速增长。Docusign的财务表现强劲，总收入和订阅收入均同比增长 9%。季度递延收入同比增长13%至8.18亿美元。公司递延收入的超预期表现主要受三方面因素驱动： 1）eSignature产品组合中直接客户的需求增长和毛留存率改善；2）合同生命周期管理业务的表现向 好；3）客户支付频率倾向于年度账单合同。在计入Q2的提前续约时间效益后，公司全年递延收入增长 预期调整为同比增长7%。 在盈利能力方面，公司持续保持高效率运营。第二季度非GAAP运营利润率达到29.8%。报告期内，公 司实现自由现金流2.18亿美元，自由现金流利润率为27%。截至本季度末，公司拥有约11亿美元现金、 现金等价物和投资，且无债务，财务状况 ...

针对问询，直真科技在回复中表示，研发费用资本化金额较高主要因本次募投覆盖多个产品线升级与平 台研发，相比以往单一产品研发投入更大，且符合企业会计准则中关于资本化的条件。公司强调已建立 严格的研发管理制度和资本化确认流程，部分项目虽尚未进入开发阶段，但基于前期技术预研和试点反 馈，认定未来满足资本化条件具有合理性。关于人员扩张，公司解释称新增研发人员将专注于自智网 络、算力调度等新方向，与传统研发任务所需技能不同，属结构性调整而非简单规模增加。 此外，直真科技承认运营商当前处于降本增效周期，但指出在算力网络、家庭终端等新兴领域仍存在迫 切需求。公司透露已与部分客户达成合作意向，包括省级运营商和地方政府算力中心项目，并签署若干 合同，为募投产品提供初步市场验证。 南方财经9月28日电，直真科技(003007.SZ)近期因定向增发收到深交所第二轮问询函，其中重点关注三 大问题：研发费用资本化、人员结构变动及收入预测合理性。据披露，公司本次募投项目中的研发费用 资本化金额显著高于以往水平，引发监管对其资本化政策是否符合会计准则的质疑。此外，直真科技近 年研发人员数量持续减少，报告期内从569人降至465人，但募投计划 ...

证券研究报告 | 2025年09月28日 股价表现：多数行业与风格出现回调 本周，恒生指数-1.6%，恒生综指-1.2%。风格方面，大盘（恒生大型股-1.0%） ＞小盘（恒生小型股-1.9%）＞中盘（恒生中型股-2.3%）。 主要概念指数普遍回调，跌幅较大的有：恒生消费（-4.4%）、恒生高股息 （-3.1%）。 国信海外选股策略中，表现较强的是 ROE 策略全天候型和防御型（+0.8%）； 表现较弱的是 ROE 策略进攻型（-3.5%）。 5 个行业上涨，25 个行业下跌。上涨的行业有：钢铁（+2.8%）、有色金属 （+2.6%）、商贸零售（+2.0%）、电力设备及新能源（+1.7%）、建筑（+0.3%）； 跌幅居前的行业有：计算机（-4.9%）、轻工制造（-4.0%）、纺织服装（-3.9%）、 食品饮料（-3.5%）、家电（-3.5%）。 估值水平：整体估值下降，零售与有色上升 港股市场速览 优于大市 风险偏好下降，多数行业回调 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）-1.4%至 12.2x； 恒生综指估值-1.6%至 12.1x。 主要概念指数中，估值上升的仅有恒生互联网（+0.4% ...

目前，合合信息股东东方富海持有公司709.47万股，占公司总股本的5.07%，东方富海二号持有公司333.87万股，占公司总股本的2.38%。 据悉，东方富海与东方富海二号系由同一执行事务合伙人东方富海（芜湖）股权投资基金管理企业（有限合伙）管理的私募基金，合计持有公司7.45%的 股份，股份来源为公司首次公开发行前取得的股份及资本公积转增股本取得的股份，上述股份已于2025年9月26日起上市流通。 | 股东名称 | 东方富海、东方富海二号 | | --- | --- | | 计划减持数量 | 不超过:4,200,000 股 | | 计划减持比例 | 不超过:3% | | 减持方式及对应减持数 | 集中竞价减持,不超过:4,200,000 股 | | 量 | 大宗交易减持,不超过:4,200,000 股 | | 减持期间 | 2025年10月28日〜2026年1月27日 | | 拟减持股份来源 | IP0 前取得、资本公积转增股本取得 | | 拟减持原因 | 自身资金需求 | 根据市场公开信息整理，合合信息9月26日有6867.02万股限售股份解禁，为公司首发原股东限售股份，首发战略配售股份，占公司总股本49 ...