| 拓尔思 | 175.83 | 公司已构； （拓天大オ | | --- | --- | --- | | | | AI技术架 | | 达梦数据 | 202.00 | 公司已在/ | | | | 据距离函 | | 股票名称 | 流通市值 (亿元) | | | --- | --- | --- | | 思特奇 | 32.35 | 公司孵化! 其中，向: | | | | l | | | | HU | | --- | --- | --- | | 海量数据 | 42.47 | 公司向量 用，如智í | | | | 造企业级 | | 首都在线 | 89.87 | 公司提供 | | | | Agent 开: | | 每日互动 | 125.21 | 公司可以 务开展的: | | | | 方式促进 | | 星环科技 | 133.32 | 公司是国 | | | | 向量数据/ | | | | IDC评为库 | 向量数据库概念] 向量数据库可以"用廉价存优 32GB降到10MB，更多利用1 (检索增强生成） 为大模型找 数据及索引结构，要求高吞吐 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 ...

RAG技术渗透率快速提升，Gartner预测2025年企业采用率将达68%。向量数据库作为RAG核心组件， 支撑海量数据毫秒级检索，市场需求持续高增。 智通财经APP获悉，申万宏源发布研报称，AI Infra作为AI模型训练与推理的底层支撑，已成为应用落 地的关键 "卖铲人"。算力调度是决定模型推理盈利水平的核心变量，国内模型Token收费显著低于海 外，成本敏感度更高。据测算，在单日10亿查询量下，若使用H800芯片，单卡吞吐能力每提升10%， 毛利率能够提升2-7个百分点。生成式AI+Agent加速渗透，AI infra软件作为应用部署的基础设施，有望 进入高速增长期。看好高实时性、可灵活拓展的分布式交易型数据库厂商(OLTP)，以及增量的向量数 据库。 申万宏源主要观点如下： 算力调度是决定模型推理盈利水平的核心变量 国内模型Token收费显著低于海外，成本敏感度更高。阿里Aegaeon通过Token级调度可减少82% GPU用 量，华为Flex:ai提升30% 算力利用率，高效调度能力成为模型推理厂商盈利关键。根据申万宏源测算， 在单日10亿查询量下，若使用H800芯片，单卡吞吐能力每提升10%，毛利 ...

Core Insights - The report highlights the emergence of AI infrastructure software (AI Infra) as a critical enabler for the deployment of generative AI applications, marking a golden development period for infrastructure software [1] - Unlike the model training phase dominated by tech giants, the inference and application deployment stages present new commercial opportunities for independent software vendors [1] - Key products in this space include computing scheduling software and data-related software, with computing scheduling capabilities directly impacting the profitability of model inference services [1][2] Computing Scheduling - AI Infra is designed to efficiently manage and optimize AI workloads, focusing on large-scale training and inference tasks [2] - Cost control is crucial in the context of a price war among domestic models, with Deepseek V3 pricing significantly lower than overseas counterparts [5] - Major companies like Huawei and Alibaba have developed advanced computing scheduling platforms that enhance resource utilization and reduce GPU requirements significantly [5][6] - For instance, Huawei's Flex:ai improves utilization by 30%, while Alibaba's Aegaeon reduces GPU usage by 82% through token-level dynamic scheduling [5][6] Profitability Analysis - The report indicates that optimizing computing scheduling can serve as a hidden lever for improving gross margins, with a potential increase from 52% to 80% in gross margin by enhancing single-card throughput [6] - The sensitivity analysis shows that a 10% improvement in throughput can lead to a gross margin increase of 2-7 percentage points [6] Vector Databases - The rise of RAG (Retrieval-Augmented Generation) technology has made vector databases a necessity for enterprises, with Gartner predicting a 68% adoption rate by 2025 [10] - Vector databases are essential for supporting high-speed retrieval of massive datasets, which is critical for RAG applications [10] - The demand for vector databases is expected to surge, driven by a tenfold increase in token consumption from API integrations with large models [11] Database Landscape - The data architecture is shifting from "analysis-first" to "real-time operations + analysis collaboration," emphasizing the need for low-latency processing [12][15] - MongoDB is positioned well in the market due to its low entry barriers and adaptability to unstructured data, with significant revenue growth projected [16] - Snowflake and Databricks are expanding their offerings to include full-stack tools, with both companies reporting substantial revenue growth and customer retention rates [17] Storage Architecture - The transition to real-time AI inference is reshaping storage architecture, with a focus on reducing IO latency [18] - NVIDIA's SCADA solution demonstrates significant improvements in IO scheduling efficiency, highlighting the importance of storage performance in AI applications [18][19]

计算机行业周报 20251214 谁是中国的 MongoDB glmszqdatemark 2025 年 12 月 14 日 市场回顾 本周（12.08-12.12）沪深 300 指数下跌 0.71%，中小板指数下跌 0.13%，创业板指 数上涨 1.75%，计算机（中信）板块下跌 1.44%。板块个股涨幅前五名分别为：开普 云、淳中科技、荣科科技、达华智能、赢时胜；跌幅前五名分别为：佳华科技、恒银 科技、中科曙光、思创医惠、天源迪科。 行业要闻 工信部：14 个行业数字化转型"场景导航图"发布； 谷歌：首款 AI 眼镜将于明年上市。 公司动态 神州信息：12 月 10 日消息，持有神州数码信息服务集团股份有限公股份 389,540,110 股（占公司总股本的 39.9211%）的控股股东神州数码软件有限公司，计划在本公告 披露之日起 15 个交易日后的 3 个月内（即 2025 年 12 月 31 日至 2026 年 3 月 30 日），以集中竞价交易或大宗交易相结合的方式减持其持有的公司不超过 28,827,300 股股份，占公司总股本的 2.9543%，占剔除回购专用证券账户中的股份数量后的公司 总股本 ...

AI 应用落地进展调研-医药 20251202 摘要 公司 AI 投入逐年增加，2024 年不足 300 万，2025 年增至 600 万， 2026 年计划达千万级别，主要投入于软件，私有云部署导致今年硬件 投入增加。数据安全和知识安全是转向私有云的主要原因，未来或考虑 本地化部署。 现有业务系统本地化部署，AI 能力通过混合云与本地系统交互，暂无全 面迁移云端计划，因医药行业对数据安全和监管要求高。不同云资源管 理各有侧重，运维效率提升可考虑公有云，To C 应用可利用公有云弹性 资源，但公司目前未完全进入 To C 阶段。 公司在 AI 应用上起步较早，战略为"系统加 AI"，与金蝶等合作伙伴共 同布局。早期 AI 应用集中于工具层面，如辅助临床研究员撰写文章，目 前已完成 1.0 版本建设，明年重点是系统和数据层面的 AI 能力建设，如 招投标系统中的智能判断。 专业知识场景需建立专门数据库训练模型，通用场景搭建集团内部知识 库平台，结合公域和私域知识实现混合式问答。临床数据需大量文件进 行切片、向量化处理和调教，最终通过低代码平台封装智能体。 Q&A 目前医药行业在 AI 领域的投入和规划情况如何？ ...

Summary of Key Points from the Conference Call Company Overview - The company discussed is **海量数据 (Massive Data)**, focusing on its performance in the third quarter of 2025 and its strategic initiatives in the database and infrastructure solutions sectors. Financial Performance - In Q3 2025, the company reported revenue of **314 million yuan**, representing an **18% year-over-year increase** [2][3] - Revenue from the database software business reached **143 million yuan**, with a **50.8% year-over-year growth**, achieving a gross margin of **69%** [2][3] - The company aims for an annual revenue target of **over 500 million yuan** for 2025, with a significant backlog of orders [2][4] - The overall gross margin for the company was reported at **40.5%**, with expectations to improve to **45% by year-end** [3][9] Business Segments - The business is primarily divided into two segments: **self-developed database software and services**, and **infrastructure solutions** [3] - The database business is expected to grow at an annual rate of **40% from 2025 to 2028**, potentially reaching **500-600 million yuan** in revenue by 2028 [2][8] - The hardware business is projected to maintain a revenue level of around **200 million yuan** [2][8] Strategic Partnerships and Ecosystem Development - The company has established partnerships with various OA software vendors and hardware manufacturers, including **致远, 泛微, 蓝凌, 用友, and 金蝶** [2][5] - Significant progress has been made in the ecosystem, with collaborations in the healthcare sector and other industries [5][6] Market Opportunities and Growth Drivers - The company is actively pursuing opportunities in the **government and enterprise digital transformation (信创)** market, with successful bids in regions like **广东, 河北, and 湖北** [3][10] - The company has secured contracts with major clients, including **央企 (central enterprises)** and various provincial operators [10][11] Competitive Landscape - The company faces competition from other database providers such as **达梦, 金仓, and 华为** [11][18] - The pricing strategy is competitive, with the company's centralized database priced between **40,000 to 50,000 yuan**, which is lower than some competitors [16][17] Future Outlook - The company anticipates significant growth in both the government and industry信创 sectors, with expectations for **40% growth in 2026** [22] - The focus will also be on enhancing product offerings and reducing losses to achieve profitability by **2027 or 2028** [9][22] Additional Insights - The company is exploring the **vector database** market, which is expected to grow at a rate of **20% this year**, driven by demand in AI and machine learning applications [7][20] - The company has a strong technical foundation, with its vector database development led by a team from **Tsinghua University** [21] This summary encapsulates the key points discussed in the conference call, highlighting the company's financial performance, strategic initiatives, market opportunities, and competitive positioning.

Economic Indicators - In September, the US manufacturing PMI fell to 52, while the services PMI dropped to 53.9, indicating a slight slowdown in economic expansion [2] - The composite PMI also decreased to 53.6, marking the lowest level since June 2025, with new orders and employment indices declining [2] - Despite the slowdown, consumer spending remains resilient, and the Federal Reserve's interest rate cuts may help prevent a recession [3] Regulatory Developments - The State Administration for Market Regulation in China has released a draft for public consultation on the basic requirements for food delivery platforms, focusing on service management and fee transparency [4] - The draft aims to regulate platform fees and promotional behaviors to prevent unfair competition and ensure food safety [4][5] Energy Consumption - In August, China's total electricity consumption reached 10,154 billion kWh, a year-on-year increase of 5.0%, with the manufacturing sector showing the highest growth at 5.5% [6] - The electricity demand growth reflects a robust economic recovery, although supply challenges remain due to mismatches in demand and supply timing [7] Computing Industry Initiatives - Hubei Province plans to develop a computing industry cluster, aiming for a total computing power of 25 EFLOPS by 2027, with a focus on integrating computing with optical communication and chip industries [8] - The measures encourage the development of a diverse computing infrastructure and aim to avoid homogeneous competition among cities [9] Labor Market Concerns - A survey indicates that 24% of young employees in the US and Europe are very concerned about potential job loss due to AI, compared to only 10% of older workers [10] - The rise of AI technology presents both challenges and opportunities for young workers, who may leverage AI to enhance their skills and productivity [11] Agricultural Sector Trends - The price of live pigs has dropped significantly, with a 10.4% decrease from early September and a 24.4% decline from the peak in February, reflecting an oversupply in the market [12] - Despite short-term measures to control production, the long-term outlook for the pig farming industry suggests a need for reduced production capacity to balance supply and demand [13] Stock Market Performance - On September 24, the stock market saw a broad increase, with the Shanghai Composite Index rising by 0.83% and the ChiNext Index reaching a three-year high [14] - The semiconductor sector continued to perform strongly, driven by developments in AI and chip demand, while consumer sectors like tourism showed weakness [15]

Group 1 - The EmTech China 2025 Global Emerging Technology Summit and the "50 Smart Companies" (TR50) event took place in Shanghai, focusing on the pathways and challenges of industrializing cutting-edge technologies [1][3] - The summit featured numerous global experts, including Nobel laureates and industry leaders, discussing the transition from conceptual breakthroughs to practical applications in technology [3][4] - The Shanghai Jing'an District is positioning itself as a key player in Shanghai's international technology innovation center, emphasizing its advantages in location, industrial ecology, and policy support for innovation [3][4] Group 2 - The summit included discussions on four core topics, with a focus on the commercialization of AI, highlighting the shift from model parameter competition to practical industry applications [4][5] - Key speakers addressed the challenges and opportunities in robotics, emphasizing the journey from theoretical models to interactive virtual humans and wearable robots [5] - The event also explored the integration of AI with life sciences and new materials, showcasing how intelligent technologies can disrupt traditional research paradigms [5][6] Group 3 - The "50 Smart Companies" list was announced, featuring notable firms such as Alibaba, Huawei, Xiaomi, and others, which are expected to shape the technological landscape over the next decade [6][7]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][12]. Core Insights - The company reported a total revenue of 232 million yuan for the first half of 2025, representing a year-on-year growth of 13.98%. However, the net profit attributable to shareholders was a loss of 44.71 million yuan, which is a larger loss compared to the previous year [1]. - The database business experienced rapid growth, with a main business revenue of 231 million yuan, up 14.23% year-on-year. The "self-developed database products and services" segment generated 92.64 million yuan in revenue, with a gross margin of 66.70%, reflecting a significant growth rate of 66.28%, which is notably higher than the industry average [1][2]. - The company is in a phase of aggressive market expansion, necessitating ongoing investments in market development, research, and management. As revenue scales up and market share increases, profitability is expected to gradually improve [1]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved total revenue of 232 million yuan, with a year-on-year growth of 13.98%. The main business revenue was 231 million yuan, growing 14.23% year-on-year. The gross margin for the main business improved by 4.59 percentage points [1][4]. - The forecast for total revenue from 2024 to 2027 is projected to grow from 372 million yuan in 2024 to 1.353 billion yuan in 2027, with growth rates of 42.3%, 71.4%, 45.3%, and 45.9% respectively [4][10]. Product Development - The company is continuously upgrading its product capabilities, including enhancements in time-series data processing engines and vector engines to meet the demands of high-dimensional data processing in the AI era [2]. - The company has established compatibility with nearly 1,500 partners and over 2,000 products, covering a full-stack ecosystem from underlying operating environments to upper-layer applications [3]. Market Position - The company is positioned as a leading domestic relational database vendor, focusing on database software products while supplementing with data computing and storage solutions. The domestic database replacement rate is expected to rise, benefiting the company as a major domestic brand [3].

Core Insights - The Chinese database market is projected to reach approximately 83.7 billion USD (596.16 billion RMB) in 2024, accounting for 7.3% of the global market, with an expected CAGR of 11.99% until 2027 [1][2] Market Overview - The public cloud database market is becoming a dominant force, with public cloud and on-premises deployment models accounting for 64.4% and 35.6% of the total market, respectively [2] - The public cloud market share is expected to increase to 67.1% by 2025 [2] Competitive Landscape - The global database market is characterized by intense competition, with a significant reduction in the number of database vendors, totaling around 400 globally, with the US and China leading [2][3] - As of June 2025, the number of database vendors in the US and China is 146 and 103, respectively [2] Product Trends - The domestic database market is transitioning from a phase of rapid growth to one of high-quality development, with a focus on fewer, higher-quality products [3] - The number of database products in China is expected to converge to 164 by 2025, with a notable rise in the popularity of vector databases [3] Business Model - Commercial databases dominate the market, with a slight increase in the share of commercial databases in Europe and the US, while China remains primarily commercial [3] - Multi-cloud management and "AI+" are emerging as key investment focuses in the database sector due to their high usability, compatibility, and security [3]