该项目确立了以"品原AI一体机"为全国产算力核心，构建"云-边-端"协同架构的全局规划。该规划旨在 通过边缘轻量化模型实现毫秒级初筛，中心多模态大模型进行深度研判，并结合人工复核，形成三级协 同的智能工作流，最终达成提升安检效率、精度与安全性的总体目标。 该项目的核心亮点在于： 创新"边缘-中心-人工"三级工作流架构 本项目通过创新"边缘－中心－人工"三级协同的智能工作流架构，通过边缘侧毫秒级初筛、中心端深度 研判与人工复核的无缝衔接，在保障高准确率（检出率≥95%）的同时大幅提升安检效率。 核心技术全链路自主可控 在硬件方面，项目采用全国产高密度算力一体机——品原AI一体机（PYD-MIN/PYD-PRO/PYD- MAX），搭载全国产自主设计和制造的江原D10加速卡，具备全国产、低功耗、高算力、强大视频编 解码能力等特点。同时，该设备作为核心算力单元，采用"云-边-端"一体化协同架构，通过品高智算底 座实现跨层级的算力调度和资源协同。在此基础上，品高股份提供完整的驱动、算子等推理软件栈，确 保AI模型在国产硬件上的高效运行。 据品高股份（688227.SH）官方微信公众号披露，12月10日，由交通运输部科 ...

Core Insights - The China Academy of Information and Communications Technology (CAICT) has officially released multiple work results from the "Foundational Plan" for 2025, highlighting the inclusion of Pingao Co., Ltd.'s "Pingyuan AI Integrated Machine" in the "High-Quality Digital Transformation Technology Solutions Collection (2025)" [1] - The "Foundational Plan" aims to address pain points in digital transformation across various industries by providing authoritative guidance and selecting representative technological solutions and outstanding enterprises [1] Group 1: Product and Technology - The "Pingyuan AI Integrated Machine" features a fully domestically designed supply chain, achieving self-control from core chips to complete machine integration [3] - This product can densely accommodate 16 Jiangyuan D10/D20 AI acceleration cards, matching the performance of international mainstream products, with the D20 being the first fully domestic inference acceleration card for computing centers [3] - The machine can achieve a single-machine computing power of 5P and a maximum memory capacity of 4T, capable of replacing mainstream inference chip solutions like NVIDIA T4 and 4090 [3][5] Group 2: Performance and Cost Efficiency - The integration of Jiangyuan's operator fusion technology and Pingao's self-developed 4D parallel scheduling strategy has improved the response speed of the DeepSeek-R1 model by 30%, with energy efficiency ratios reaching 2.5 times that of mainstream GPUs [5] - The product significantly reduces the total cost of ownership (TCO) for enterprises, allowing a single 16-card PYD20 integrated machine to support the AI application development needs of a team of 60 [5] Group 3: Market Application and Recognition - The Pingyuan AI Integrated Machine is compatible with mainstream CPUs and various deployment forms, covering a wide range of application scenarios [5] - The recent recognition of Pingao Co., Ltd. by national authorities underscores the company's technological strength and maturity of solutions, reflecting its significant role in advancing domestic computing infrastructure [6] - The company aims to continue its strategy of integrating vertical field AI with domestic computing ecosystems, focusing on core technology innovation and collaboration with partners [6]

品高股份 （688227.SH）近日宣布，公司与算力芯片重点企业江原科技达成一项深度战略合作。该合作 的核心是以双向股权置换实现利益共同体： 品高股份 通过总计9亿元（增资4亿、股权转让5亿）的投资 成为江原科技第二大股东，江原系也相应成为 品高股份 第二大股东。此举在确保双方控股权不变的前 提下，完成了利益的深度绑定，共同推动国产算力领域软硬件生态国产化发展。 "千淘万漉虽辛苦，吹尽狂沙始到金。"在 AI芯片 领域被 英伟达 等国际巨头长期垄断的格局下，江原科 技以首款全国产先进工艺AI芯片D10为利刃，以实现完全自主可控的D20系列加速卡为战甲，在"卡脖 子"的重围中劈开一条生路。从至暗时刻的资金告急、研发受阻，到流片成功的欢呼雀跃、量产落地的 坚实步伐，这家初创公司的突围之路，恰是国产芯片产业"明知山有虎，偏向虎山行"的生动注脚。 01临危受命：以"苟利国家生死以"的信念启程 2022年10月7日， 美国商务部 发布的139页出口管制令，如惊雷般炸响在中国 半导体 行业。"全面限制 高性能芯片设计工具与制造工艺"的条款，将国产芯片推向了"不自主则无出路"的绝境。彼时正在燧原 科技主导AI芯片研发的李瑛， ...

Core Viewpoint - Pingao Co., Ltd. is deepening its strategic partnership with Jiangyuan Technology through a share transfer and capital increase, indicating a shift from business collaboration to capital binding [1][2]. Group 1: Share Transfer and Capital Increase - Pingao's controlling shareholder, Beijing Shangao Enterprise Management Co., Ltd., signed share transfer agreements to transfer a total of 13.5666 million shares, representing 12% of the total share capital, to Jiangyuan Technology [1][2]. - The share transfer was executed at a price of 36.817 CNY per share, which is approximately 9.8% lower than the closing price of 40.85 CNY prior to the announcement, totaling 499 million CNY [2]. - Following the transfer, Beijing Shangao's shareholding will decrease from 41.77% to 29.77%, while still remaining the controlling shareholder [2]. Group 2: Investment in Jiangyuan Technology - Pingao announced a capital increase of 400 million CNY in Jiangyuan Technology, which will result in an ownership stake of approximately 15.4182% post-investment, based on a pre-investment valuation of 2.419 billion CNY for Jiangyuan Technology [2][4]. - This capital increase signifies a commitment to strengthen the partnership and enhance collaboration in the domestic computing power sector [4]. Group 3: Jiangyuan Technology Overview - Jiangyuan Technology, established in November 2022, focuses on the development of domestically produced AI chips and has successfully completed the mass production of advanced process chips [3][4]. - The company has secured multiple rounds of financing, with notable investors including listed companies and strategic investment firms, achieving a pre-investment valuation of 2.1 billion CNY in its third round of financing [3]. - Jiangyuan's products include computing power chips based on 12-inch wafers, primarily delivered in the form of computing power cards for AI integrated machine clients and computing servers [3][4]. Group 4: Strategic Collaboration - The partnership between Pingao and Jiangyuan Technology, established through a strategic cooperation agreement, aims to leverage each other's strengths in the domestic computing power field [4]. - This collaboration is expected to enhance synergies in technology, products, and market presence, facilitating the development and integration of key software and hardware solutions [4]. - Pingao's expertise in cloud computing and industry information services complements Jiangyuan's focus on chip development, creating a comprehensive stack from cloud platform software to computing power hardware [4].

Core Insights - The domestic computing power sector is witnessing significant developments, with major companies like Moore Threads and Jiangyuan Technology making strides in the market [2][3] - The collaboration between Jiangyuan Technology and Pingao Co. aims to create a comprehensive ecosystem for domestic chip production and software integration, enhancing the capabilities of AI applications [4] Group 1: Market Developments - Moore Threads has set an IPO price of 114.28 yuan per share, achieving a total market value of 53.715 billion yuan, marking a record for the year in the Sci-Tech Innovation Board [2] - Jiangyuan Technology's core product, the Jiangyuan D20 chip, focuses on AI inference scenarios and utilizes a unique "one card, dual chip" architecture to address industry challenges related to performance, cost, and energy consumption [3] Group 2: Strategic Collaborations - Pingao Co. has entered a strategic partnership with Jiangyuan Technology through a 4 billion yuan capital increase and a 5 billion yuan equity transfer, making Pingao the second-largest shareholder of Jiangyuan [2] - The partnership emphasizes mutual strengths, with Jiangyuan focusing on the entire process of domestic chip development and Pingao excelling in cloud services and software optimization [2][3] Group 3: Technological Advancements - The new generation T800 chip from Jiangyuan is expected to achieve mass production by 2026, aiming to compete with NVIDIA's H800 in terms of performance [3] - The collaborative product, the Pingyuan AI integrated machine, has been successfully implemented in various scenarios, achieving a detection rate of over 95% for prohibited items in smart traffic security systems [3][4] Group 4: Industry Outlook - The AI chip market in China is projected to grow from 50 billion USD to 200 billion USD by the end of 2030, driven by the increasing demand for domestic computing power [3] - The partnership aims to establish a replicable model for "soft and hard collaboration" and ecological co-construction, supporting the transition of domestic AI chips from a "follower" to a "leader" position in the industry [4]

Core Viewpoint - Pingao Co., Ltd. executed a rare capital operation in the A-share market by rapidly cashing out on the day of the lifting of the lock-up period for its shares, raising 499 million yuan, with a significant portion reinvested into the AI chip company Jiangyuan Technology [2][3]. Group 1: Capital Operation - On November 20, the controlling shareholder of Pingao Co., Ltd., Beijing Shangao Enterprise Management Co., Ltd., transferred 12% of its shares at a price of 36.817 yuan per share, totaling 499 million yuan [3]. - The funds raised were quickly funneled back into Pingao Co., Ltd. as a non-interest-bearing loan to invest 400 million yuan in Jiangyuan Technology [3][5]. Group 2: Financial Context - Pingao Co., Ltd. has faced challenges in its core business, with a significant decline in gross profit margins from 41.39% in 2022 to an expected 35.35% in 2024 due to intensified competition in the cloud computing sector [6]. - The company reported a projected revenue of 520 million yuan in 2024, a year-on-year decrease of 4.81%, and a loss of 64.05 million yuan, reflecting a 499% decline [6]. Group 3: Investment in AI Sector - Jiangyuan Technology, established in November 2022, focuses on the development of domestic AI chips and has seen its valuation increase by 40% since the beginning of the year, reaching a pre-investment valuation of 24.139 billion yuan [7][9]. - The investment in Jiangyuan Technology aligns with Pingao Co., Ltd.'s strategic shift towards the AI sector, especially as Jiangyuan Technology's first AI chip product has recently completed its trial production [9]. Group 4: Strategic Partnerships - Pingao Co., Ltd. has previously established a strategic partnership with Jiangyuan Technology, becoming its primary agent for product sales and committing to purchase at least 2,000 units annually during the cooperation period from 2025 to 2027 [9].

Core Viewpoint - On November 21, 2023, Pingao Co., a domestic software company listed on the Sci-Tech Innovation Board in Guangzhou, announced significant changes including the resignation of its general manager, an investment of 400 million yuan in Jiangyuan Technology, and a 12% equity transfer, leading to a 20% stock price surge and a total market value of 5.542 billion yuan [1][3][5]. Group 1: Management Changes - The current general manager, Huang Hai, resigned to focus on his role as chairman and to enhance the company's long-term strategic planning and governance [3][4]. - Li Miaomiao, who joined the company in July 2023, has been appointed as the new general manager [3][4]. Group 2: Investment in Jiangyuan Technology - Pingao Co. plans to invest 400 million yuan in Jiangyuan Technology, acquiring a 15.4182% stake, making it the second-largest shareholder [5][6]. - The investment is part of a broader strategy to establish a deep strategic partnership with Jiangyuan Technology, which focuses on domestic AI chip development [6][9]. Group 3: Financial Overview of Jiangyuan Technology - Jiangyuan Technology, established in November 2022, has not generated revenue in 2022 and 2023, with projected revenues of 30 million yuan in 2024 and 35.6165 million yuan from January to October 2025 [9]. - The company reported a net loss of 146.6328 million yuan for 2024 and 120.6158 million yuan for the first ten months of 2025 [9]. Group 4: Strategic Collaboration - The partnership between Pingao Co. and Jiangyuan Technology aims to develop a unified computing architecture for domestic AI chips, promoting the localization of software and hardware ecosystems in the AI sector [9]. - Both companies have previously launched the "Pinyuan AI All-in-One Machine" series in July 2025 as part of their collaboration [9].

Core Insights - Pingao Co., Ltd. plans to invest 400 million yuan in Jiangyuan Technology Co., Ltd. through capital increase, acquiring a 15.4182% stake post-investment, based on a pre-investment valuation of 24.19 billion yuan [1][2] - Jiangyuan Technology's shareholders will acquire a total of 12% stake in Pingao Co., Ltd. through share transfer, establishing a strategic partnership between the two companies [1][2] Investment and Strategic Partnership - The investment marks a significant milestone for Pingao Co., Ltd. in the domestic computing power sector, enhancing its strategic collaboration with Jiangyuan Technology [1][3] - The partnership is characterized by mutual empowerment, with Jiangyuan Technology's shareholders recognizing Pingao's growth potential and acquiring shares in Pingao [2][3] Product Development and Technological Advancements - The collaboration has already led to the launch of the "Pingyuan AI Integrated Machine" series, which utilizes Jiangyuan's D10 chip, providing comprehensive coverage from edge to cloud [3][4] - Jiangyuan Technology has successfully produced its first-generation D1 chip and the D10 computing power card, which is now widely applied [4][5] Market Context and Future Outlook - The partnership addresses the urgent need for domestic chip production amid limited external supply of high-end GPUs and surging domestic demand for computing power [6] - The upcoming launch of Jiangyuan's second-generation T800 chip, expected to match or exceed NVIDIA's H100 performance, signifies a major step in the domestic AI chip self-sufficiency process [5][6] - The collaboration is seen as a key breakthrough in the transition of domestic AI chips from "usable" to "highly usable/scalable," reflecting the maturity of the domestic AI chip industry chain [6]

Core Insights - Pingao Co., Ltd. (stock code: sh688227) reached its daily limit up on November 17, 2025, with a closing price of 46.42 yuan, representing a 14.63% increase and a total market capitalization of 5.013 billion yuan [1] Group 1: Governance and Management - The company has recently revised 28 governance policies, eliminating the supervisory board and enhancing the audit committee's role, which improves operational standards and simplifies governance structure, aligning with modern corporate management trends [2] - Although there may be short-term execution costs, these changes are expected to benefit the company's long-term development [2] Group 2: AI Development - Pingao Co., Ltd. is actively expanding in the AI sector, launching products like BingoAIStack and collaborating with Jiangyuan Technology to introduce the "Pinyuan AI Integrated Machine," contributing to the domestic computing power ecosystem [2] - The current enthusiasm in the AI industry has attracted market attention, and the company's initiatives align with this trend [2] Group 3: Financial Performance - In the first half of 2025, the company's losses narrowed by 36.91% year-on-year, and the net cash flow from operating activities improved by 84.72%, indicating a positive trend [2] - The cloud computing and AI-related sectors have shown active performance recently, with significant capital inflows observed on November 17, particularly in related stocks [2] Group 4: Technical Analysis - Technical indicators such as MACD and BOLL channel breakouts may attract more investor interest, with significant net inflows from large orders indicating strong attention from major funds [2]

Core Viewpoint - Jiangyuan Technology has successfully developed a closed-loop for domestic AI chips with the launch of the D20 series, marking a significant breakthrough in the Chinese semiconductor industry, which has been dominated by international giants like NVIDIA [2][12]. Group 1: Background and Motivation - The U.S. export control measures in October 2022 pushed the Chinese semiconductor industry into a corner, emphasizing the need for self-sufficiency in high-performance chip design and manufacturing [3]. - The founding team of Jiangyuan Technology, led by CEO Li Ying, aimed to create high-performance AI chips with a focus on a fully domestic supply chain and independent design [3][5]. Group 2: Challenges and Solutions - Initial funding of 100 million yuan was insufficient for advanced AI chip development, leading to a cash flow crisis where the company could only sustain operations for three months [8]. - The team faced skepticism from investors regarding the maturity of domestic processes and the ability to compete with NVIDIA's ecosystem, prompting a strategic pivot to highlight the core value of supply chain security [8][9]. Group 3: Breakthroughs and Achievements - The first batch of chips based on domestic advanced processes was successfully tested, marking a pivotal moment for the company [11]. - The D10 chip, measuring over 500 square millimeters, was officially mass-produced in early 2025, featuring LPDDR5 memory and supporting various precision calculations, thus enhancing the IP ecosystem [12][14]. Group 4: Market Strategy and Expansion - Jiangyuan Technology adopted a dual approach of hardware and software collaboration to penetrate the market, launching the "Pinyuan AI Integrated Machine" to facilitate immediate usability [14]. - The D20 series, launched in November 2025, features fully domestically designed and manufactured components, supporting large-scale AI model deployments and achieving significant performance improvements over the D10 [16][18]. Group 5: Future Outlook - Jiangyuan Technology aims to continue its growth trajectory by expanding its product matrix and enhancing its technological capabilities, with plans for the flagship T800 chip targeting performance beyond 6nm [14][21]. - The company is committed to building a robust ecosystem for AI technology in China, contributing to the development of the digital economy and high-quality growth in the Greater Bay Area [21].