【导读】 上海市智能终端产业高质量发展行动方案 中国基金报记者 泰勒 大家好，关注一则上海的利好消息。 10月14日， 上海市经济和信息化委员会印发 《上海市智能终端产业高质量发展行动方案 （2026-2027年）》。 4. 强化机器人终端能力。 其中提到这些重要内容—— 1.推动人工智能计算机加快发展。 培育人工智能计算机领军品牌，建设年产千万台产能生产基地，支持 传统计算机产能向人工智能计算机全面转型。 2. 布局人工智能手机产品。 引育人工智能手机终端品牌，加快布局人工智能手机生产能力，填补 手机终端能力空白。 3. 提升智能算力终端规模。 加快边缘智算一体机终端布局，开发支持大模型轻量化的推理一体机产品，打造即插即用人工智能边端解决方案，加速人工智能赋能千行 百业。 集聚国内智算服务器整机优质企业， 实现百亿级规模，牵引自主GPU、互联模块等核心部件规模化应用。 打造能听会道、有情商、有智商、有技能的人形机器人产品，支持人形机器人产品研发和量产制造， 推进端侧芯片、灵巧手、电池等核心 零部件加快产业化突破。 5. 支持智能眼镜能力跃升。 围绕 AR、MR、VR三类眼镜产品形态，加快打造一批 智能眼镜头 ...

Core Insights - Shanghai's Economic and Information Technology Commission has released the "Shanghai Intelligent Terminal Industry High-Quality Development Action Plan (2026-2027)" aiming to enhance the city's intelligent terminal industry and brand recognition by 2027, targeting an overall scale exceeding 300 billion yuan and the establishment of three globally influential consumer terminal brands [20]. Group 1: Key Product Development Actions - Accelerate the development of artificial intelligence computers, aiming to establish a production base with an annual capacity of 10 million units and support the transition of traditional computers to AI computers [21]. - Develop artificial intelligence smartphone products to fill existing gaps in production capacity and enhance interaction methods through AI integration [21]. - Enhance the scale of intelligent computing terminals by promoting edge computing solutions and developing lightweight inference machines [21]. Group 2: Robotics and Smart Devices - Strengthen capabilities in humanoid robots, focusing on emotional intelligence and skills, while supporting the development of core components for mass production [22]. - Promote the advancement of smart glasses across AR, MR, and VR categories, creating a comprehensive product matrix for various market segments [22]. Group 3: Satellite and Elderly Care Technologies - Cultivate satellite internet terminal products to meet deployment needs of low-orbit satellite constellations, aiming for a production scale of 100,000 units [23]. - Stimulate the silver economy by supporting the development of AI-powered assistive devices for the elderly, enhancing their functionality and accessibility [23]. Group 4: Industrial and Future Technologies - Support the development of industrial terminal products that align with advanced AI technology trends, facilitating smart factory transformations [24]. - Accelerate research in next-generation technologies such as mobile communication, quantum computing, and photonic computing [24]. Group 5: Key Technology Foundations - Strengthen the layout of AI chips for various terminal products, focusing on SoC and CPU developments across major technology routes [25]. - Enhance the performance of edge models for intelligent terminals, ensuring competitive capabilities in various application scenarios [25]. Group 6: Industry Ecosystem Optimization - Improve the competitiveness of Shanghai's intelligent terminal brands through targeted policies and support for brand operations [28]. - Accelerate the formation of industrial clusters by fostering collaboration among key districts and promoting the development of competitive enterprises [29].

Core Viewpoint - The Shanghai Municipal Economic and Information Commission has issued the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", focusing on enhancing the scale of intelligent computing terminals [1] Group 1: Development Goals - The plan aims to accelerate the layout of edge computing integrated machines and develop lightweight inference integrated machine products that support large models [1] - It emphasizes the creation of plug-and-play artificial intelligence edge solutions to expedite AI empowerment across various industries [1] Group 2: Industry Cluster and Scale - The initiative seeks to build an intelligent computing server terminal industry cluster, enhancing the tuning capabilities of large-scale systems [1] - The goal is to gather high-quality domestic intelligent computing server manufacturers to achieve a scale of 100 billion [1] - It aims to drive the large-scale application of core components such as self-developed GPUs and interconnection modules [1]

Core Viewpoint - The Shanghai Municipal Economic and Information Commission has issued the "Action Plan for the High-Quality Development of the Smart Terminal Industry in Shanghai (2026-2027)", aiming to strengthen and expand the smart terminal industry in the city by 2027, with a target scale exceeding 300 billion yuan [1] Group 1 - By 2027, the overall scale of Shanghai's smart terminal industry is expected to exceed 300 billion yuan [1] - The plan aims to create more than three globally influential consumer terminal brands [1] - The initiative includes the cultivation of two leading enterprises in the smart terminal sector [1] Group 2 - The plan sets a goal for three categories of artificial intelligence terminals—AI computers, AI smartphones, and new AI terminals—to each reach a scale of over 10 million units [1]

接下来，余杭将持续深化产业链、供应链、创新链党建工作，以更高标准、更实举措推动党建引领 智能终端产业实现新跃升，为全省数字经济高质量发展贡献"余杭样板"。 社工+志愿"双擎"驱动 滨江绘就基层治理幸福图景 党建如何转化为推动高质量发展的实际效能？近日，记者在余杭区与高新区（滨江）采访时发现， 余杭通过"党建联建"纽带，为智能终端产业聚势赋能；滨江则依托"专业社工+志愿服务"模式，为基层 治理聚力增效。不同的创新实践，却都在党建引领下，探索出了"发展"与"治理"协同并进的崭新路径。 党建"链"动产业 余杭打造智能终端发展新引擎 戴上AR眼镜，手轻轻一握，智能导览即刻开启；伸出手掌，文物三维模型便跃然掌上……余杭区 灵伴科技的AR导览眼镜让文物真正"活"了起来。随着业务版图持续拓展，灵伴科技意识到：企业的长 久发展还需要凝聚更强大的产业链合力。10月11日，灵伴科技负责人许诩带着联通上下游的发展期许， 来到了余杭区智能终端产业链党建联建暨产业链对接会现场。会上，余杭发布了《智能终端领域产业链 党建实施方案》，以"党建联建"为纽带，把智能终端产业链上下游紧密"链"起来，探索出一条党建与产 业同频共振的新路径。 "以 ...

Core Points - The company reported a significant decline in revenue for the fiscal year ending March 31, 2024, with total revenue approximately RMB 199 million, a year-on-year decrease of 78.1% [1] - Gross profit was approximately RMB 7.18 million, reflecting a 92.4% year-on-year decline [1] - The loss attributable to shareholders was approximately RMB 804 million, an increase of about 2.3 times compared to the previous year, with a basic loss per share of approximately RMB 1.149 [1] Revenue and Profit Analysis - The decrease in revenue was primarily due to a substantial drop in sales of smart terminal products, exacerbated by a series of negative chain reactions triggered by the company's liquidation petition, severely impacting normal business operations [1] - The gross profit margin has significantly contracted, indicating challenges in maintaining profitability amidst declining sales [1] Loss Breakdown - The loss was mainly attributed to several factors: - Impairment loss on receivables from discontinued subsidiaries amounting to approximately RMB 667 million (2023: zero) [1] - Cost of sales and services provided was approximately RMB 192 million (2023: RMB 813 million) [1] - Net impairment loss under expected credit loss model was approximately RMB 112 million (2023: RMB 151 million) [1] - Financial costs were approximately RMB 19.61 million (2023: RMB 19.75 million) [1] - Research and administrative expenses totaled approximately RMB 43.59 million (2023: RMB 98.96 million) [1] - Other net losses were approximately RMB 7.21 million (2023: RMB 54.59 million) [1]

Core Viewpoint - The company reported a significant decline in revenue and increased losses for the fiscal year ending March 31, 2024, primarily due to a sharp drop in sales of smart terminal products and negative repercussions from a liquidation petition [1] Financial Performance - Revenue for the year was approximately RMB 199 million, representing a year-on-year decrease of 78.1% [1] - Gross profit was approximately RMB 7.18 million, down 92.4% year-on-year [1] - Loss attributable to shareholders was approximately RMB 804 million, an increase of about 2.3 times compared to the previous year [1] - Basic loss per share was approximately RMB 1.149 [1] Loss Drivers - The loss was primarily attributed to: - Impairment loss on receivables from discontinued subsidiaries amounting to approximately RMB 667 million (2023: zero) [1] - Cost of sales and services provided was approximately RMB 192 million (2023: RMB 813 million) [1] - Net impairment loss under expected credit loss model was approximately RMB 112 million (2023: RMB 151 million) [1] - Financial costs were approximately RMB 19.61 million (2023: RMB 19.75 million) [1] - Total R&D and administrative expenses were approximately RMB 43.59 million (2023: RMB 98.96 million) [1] - Other net losses were approximately RMB 7.21 million (2023: RMB 54.59 million) [1]

产业是滨海湾发展核心。滨海湾明确构建智能终端、人工智能、科技服务业三大主导产业，前瞻布局下 一代移动通信、具身智能、未来生命健康、未来能源等未来产业，形成"3+X"产业体系。落地OPPO智 能制造中心、vivo智慧终端总部等重大产业项目25个，已累计完成投资近300亿元。 到东莞滨海湾新区"黄金海岸"打卡，已渐成国庆期间的"标准动作"，这个"黄金周"也不例外。尤其在傍 晚，前来看"橘子海"的人流汇成热闹的风景线——孩童随风奔跑，情侣依偎轻声交谈，摄影爱好者架起 相机等待落日瞬间。很难想象，八年前这里还是一片滩涂，如今却成了市民争相打卡的"门户会客厅"。 事实上，这样的蝶变，在滨海湾俯拾皆是：OPPO全球算力中心启用，能支持千亿级大模型的训练，威 远岛的回迁居民搬进宽敞明亮的新居，全国"八纵八横"高铁网中的深江铁路滨海湾段建设如火如荼，为 打通大湾区"一小时交通圈"全力冲刺…… 从2017年10月揭牌至今，滨海湾锚定"湾区协同发展引擎、东莞对外开放门户、滨海科创智造新城"目 标，按照"三年打基础、五年大发展、十年建新城"的时序推进，以"向海而生"的闯劲、"逐梦而行"的干 劲，在粤港澳大湾区建设的壮阔画卷中，勾勒 ...

Core Viewpoint - The company, Xiechuang Data, has made significant progress in its industrial layout, particularly in the storage business, which has led to a substantial increase in stock price and steady growth in operating performance [1][4][7]. Group 1: Industrial Layout and Performance - Xiechuang Data has established a full-chain industrial layout from storage chip testing to storage module assembly, with multiple types of storage products achieving mass shipments [1][5]. - Since its listing in 2020, the company has experienced continuous growth in revenue and net profit, with a net profit of 432 million yuan in the first half of 2025, surpassing the total for 2022 and 2023 combined [1][8]. - The company has accelerated its internationalization strategy, planning a Hong Kong IPO to optimize overseas business layout and enhance foreign financing capabilities [1][9]. Group 2: Stock Performance - Despite a recent decline in stock price, Xiechuang Data's stock has doubled in the past two months, with a price increase of 121.62% from 76.89 yuan on August 8, 2025, to 170.40 yuan on October 10, 2025 [2][3]. - The stock price has increased nearly 25 times since its initial offering price of 9.3 yuan, reflecting strong market performance [2][3][4]. Group 3: Revenue Growth and International Market - The company's overseas revenue accounted for 48.32% of total revenue in the first half of 2025, with a year-on-year growth of 41.71%, indicating a stable development in international markets [1][9]. - Xiechuang Data has invested in factories in Southeast Asia and has established a presence in regions such as the Philippines, Thailand, and the United States, contributing significantly to its revenue [9].

Core Insights - The capital operation rhythm of Jiulian Technology is intriguing, with a recent approval for a 182 million yuan private placement aimed at developing HarmonyOS ecological smart terminals and communication modules [1] - Simultaneously, major shareholders and executives are executing share reduction plans, indicating potential concerns about the company's future [1][2] - The traditional business of Jiulian Technology is facing severe challenges, particularly in the smart network set-top box market, leading to continuous pressure on performance [1] Financial Performance - Jiulian Technology's revenue from 2022 to the first half of 2025 was 2.403 billion yuan, 2.171 billion yuan, 2.508 billion yuan, and 1.101 billion yuan, while net profit attributable to shareholders turned negative starting in 2023 [2] - The gross margin has shown a significant decline from 20.57% in 2022 to 9.86% in the first half of 2025, reflecting a weakening profitability in the main business [2] Strategic Direction - In response to the shrinking traditional business, Jiulian Technology is focusing on the HarmonyOS ecosystem and military industry, with plans to acquire a 51% stake in Chengdu Nengtong Technology [2] - The company is attempting to balance short-term survival with long-term development while ensuring fair treatment of all shareholders, which poses a core governance challenge [2] Market Outlook - The speculative nature of the capital market may eventually give way to performance realization, determining whether Jiulian Technology's HarmonyOS narrative can translate into tangible profits [2]