投资要点： 投资建议：首次覆盖，给予"增持"评级，公司储存芯片+AI算力+能源协同发力，并购金泰克有望打开 AI 存储成长曲线。若假设金泰克并购成功完成，预计2025-2027 年开普云传统主业的收入分别为 7.19/9.53/11.91 亿元，金泰克的收入分别为38.40/72/100 亿元，按照PE 和PS 估值，最终给予公司2025 年传统业务175 倍PE，金泰克存储业务80 倍PE 估值，合理估值为202.23 亿元人民币，按发行股份前的 总股本摊薄对应目标价299.52 元。 25H1 盈利能力显著修复，研发投入筑牢技术护城河。公司2024 年短期业绩承压后，2025 年H1 收入约 1.60 亿元，同比增长2.99%，归母净利润约378 万元，同比大增123%，成功扭亏为盈，前期延迟项目逐 步落地带动恢复。AI 算力及大模型业务表现亮眼，2024 年实现收入1.24 亿元，较上年同比提升 949.4%。 本报告导读： 公司作为国内AI 数智化的行业领先者，收购金泰克切入储存业务，随着储存芯片行业迎来长期景气周 期，叠加公司AI+能源业务协同发力，未来业绩增速有望超预期。 AI 算力与数智能源产品 ...

此外，恒为科技在智算可视化系统、国产化智算交换机、大模型一体机等领域的技术积累，以及数珩科 技在AI模型和行业解决方案方面的优势，形成了一定的协同效应。自2023年以来，多家券商研究报告 对公司给出了买入或增持的评级建议。 从业务协同角度看，恒为科技原有业务主要聚焦算力基础设施，而数珩科技则具备自主AI模型和行业 解决方案开发能力。两者的结合有望拓展恒为科技在AI应用层的业务布局。 容亿投资作为数珩科技的投资方公开表示，此次并购有助于推动AI技术从"技术驱动"向"业务驱动"转 变。该机构在科技投资领域已布局多个创新企业。 恒为科技于9月29日发布公告称，拟通过发行股份及支付现金相结合的方式，收购上海数珩信息科技股 份有限公司75%股权，并计划向不超过35名特定投资者募集配套资金。本次交易股份定价为25元／股， 交易对手方包括张继生、谢心宇等7名股东。 从公司基本面来看，此次收购方案显示，恒为科技将收购上海数珩科技75%股权，标的公司承诺2025年 至2027年净利润分别不低于0.48亿元、0.72亿元和1.05亿元。若业绩承诺顺利实现，将有助于提升上市 公司整体盈利水平。 转自：新华财经 新华财经北京10月9 ...

Group 1: Financial Technology Summit and Innovations - The recent Financial Technology Summit attracted over 400 global financial professionals and showcased innovations such as AI-powered solutions and digital transformation strategies [2][3] - The company signed strategic cooperation agreements with partners from Indonesia and Bangladesh, and secured bulk orders for local transformation projects in Angola and Zimbabwe, enhancing its market position in Africa [3] Group 2: Competitive Advantages in International Markets - The company leverages its leading technology and extensive domestic experience to create synergies between domestic and international markets, enhancing its competitive edge [4] - It has established eight branches globally, covering five regions: Asia-Pacific, Middle East, Europe, Africa, and the Americas, with products available in over 120 countries [4] Group 3: Smart Transportation Business Expansion - The smart transportation business has made significant strides in Southeast Asia, with successful bids for projects in Kazakhstan, Pakistan, and Colombia [5] - The company focuses on a "technology + standards + service" approach to penetrate high-potential markets in Southeast Asia, the Middle East, and Latin America [5] Group 4: Robotics Development and Applications - The company has developed various vertical scene robots, including inspection and security robots, and is collaborating with major banks for pilot projects [6] - The inspection robots have been deployed in data centers to enhance operational efficiency through intelligent monitoring systems [6] Group 5: Performance of Guangdian Wuzhou - Guangdian Wuzhou achieved revenue and profit growth in the first half of the year, driven by strategic partnerships and product innovation [7] - The company has diversified its product offerings, including the launch of advanced AI and cooling technology solutions [7] Group 6: Digital Renminbi Service Platform - The North Bay Digital Renminbi Comprehensive Service Platform integrates digital currency with smart contracts and border trade, marking a significant development in the company's digital finance strategy [7] - The platform launched the first cross-institution digital currency consumption solution and facilitated over 190 million yuan in trade orders, involving over 240 participants [7]

Market Overview - On September 15, the A-share market showed mixed trends, with the Shanghai Composite Index experiencing a slight decline of 0.26%, while the Shenzhen Component Index rose by 0.63% and the ChiNext Index increased by 1.52% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 2.28 trillion yuan, a decrease of 245.8 billion yuan compared to the previous trading day [2] Sector Performance - The gaming sector saw collective gains, while the automotive supply chain and computing power sectors also showed strength [2] - Conversely, the cultural media sector experienced significant declines [2] International Market - The U.S. stock market indices rose on September 15, with the Dow Jones Industrial Average up by 49.23 points (0.11%), the S&P 500 up by 30.99 points (0.47%), and the Nasdaq Composite up by 207.65 points (0.94%) [4][6] - In Europe, the FTSE 100 index fell by 6.26 points (0.07%), while the CAC 40 and DAX indices rose by 71.69 points (0.92%) and 50.71 points (0.21%) respectively [4][6] Commodity Prices - International oil prices saw a slight increase, with WTI crude oil futures rising by $0.61 to $63.30 per barrel (0.97%) and Brent crude oil futures increasing by $0.45 to $67.44 per barrel (0.67%) [4][5] Key Developments - China and the U.S. reached a basic framework consensus to address the TikTok issue, aiming to reduce investment barriers and promote economic cooperation [7][8] - The State Administration of Foreign Exchange in China announced measures to enhance cross-border investment and financing, including allowing foreign exchange profits from direct investments to be reinvested domestically [9][10] - Nvidia is under further investigation by China's market regulator for potential violations of antitrust laws [11] - The release of version 2.0 of the "Artificial Intelligence Security Governance Framework" aims to address risks associated with rapid AI development [12] - The Chinese government is promoting the implementation of tourism standards to enhance product quality and service levels [13] - Shanghai is advancing the high-quality development of the high-end medical device industry through various supportive measures [14] - Henan Province is accelerating the development of high-end chips and AI-enabled products as part of its industrialization plan [15] - 17 major automotive companies in China are responding positively to the initiative for supplier payment norms to foster a collaborative ecosystem [16] Investment Insights - Long-term prospects for domestic computing power demand are expected to rise due to the ongoing AI wave and geopolitical factors [17] - The oil transportation sector may benefit from rising shipping rates and a potential decrease in global oil prices due to increased production [18] - The introduction of a clear labeling system for prepared dishes is anticipated to enhance supply chain transparency and benefit leading companies in the sector [18]

Core Viewpoint - The article discusses the recent policy support for the AI industry in Henan Province, aiming to integrate AI into new industrialization and achieve a scale of over 160 billion yuan by 2027, establishing Henan as a significant AI industrial hub and innovation application demonstration area [1][2]. Group 1: Policy and Goals - The Henan Provincial Government has issued an action plan to accelerate AI-enabled new industrialization from 2025 to 2027, focusing on deep integration of AI with manufacturing to promote high-end, intelligent, and green transformation [2][6]. - The plan sets a target for the AI industry in Henan to exceed 160 billion yuan by 2027, establishing it as a national AI industrial highland and innovation application demonstration zone [1][2]. Group 2: Technological Development - The action plan emphasizes the need for high-end chip development and the strengthening of AI applications in smartphones, personal computers, and integrated large models [1][4]. - It aims to enhance production efficiency and precision through AI algorithms in various sectors, including the development of high-performance batteries and electric control systems [2][3]. Group 3: Infrastructure and Support - The plan includes the establishment of a comprehensive financial service system to support AI companies in fundraising and going public [1][4]. - It also focuses on improving computing power and network infrastructure, integrating into the national computing network, and promoting the construction of regional computing resource scheduling [5][6]. Group 4: Investment Opportunities - The "Artificial Intelligence+" initiative is seen as a cornerstone for the large-scale promotion of the AI industry in China, aiming to enhance national competitiveness and seize global AI leadership [7][8]. - Investment opportunities are identified in smart infrastructure, industrial intelligence platforms, and healthcare solutions, with a focus on domestic AI chip production and industrial intelligence [8].

人民财讯9月15日电，河南省人民政府办公厅印发《河南省加快人工智能赋能新型工业化行动方案 （2025—2027年）》，其中提出，突破人工智能终端。加快高端芯片研发，做强人工智能手机、个人计 算机、大模型一体机等整机。围绕智慧城市、智慧教育、智慧环保、智慧交通、智慧医疗等领域需求， 发展智能传感器、集成电路等高端元器件和人工智能视听终端、医养终端、车载终端、工业级人工智能 终端，支持终端产品与大模型融合创新，探索全新产品形态。 （原标题：河南：加快高端芯片研发，做强人工智能手机、个人计算机、大模型一体机等整机） ...

Core Viewpoint - The Henan Provincial Government has issued an action plan to accelerate the integration of artificial intelligence into new industrialization from 2025 to 2027, focusing on breakthroughs in AI terminals and high-end chip development [1] Group 1: AI Terminal Development - The plan emphasizes the need to enhance the development of high-end chips and strengthen the production of AI smartphones, personal computers, and large model integrated machines [1] - It aims to support the integration of terminal products with large models to explore new product forms [1] Group 2: Sector-Specific Applications - The action plan targets various sectors including smart cities, smart education, smart environmental protection, smart transportation, and smart healthcare [1] - Development of high-end components such as intelligent sensors and integrated circuits is highlighted to meet the demands of these sectors [1]

Core Viewpoint - The company has experienced significant profit growth in the first half of 2025, but operational cash flow has decreased sharply due to increased procurement payments and long contract execution cycles [1][2]. Financial Performance - In the first half of 2025, the company achieved nearly 7 times profit growth, while operating cash flow declined by 1488% year-on-year [1]. - As of June 30, the company had an order backlog of 2.2 billion yuan, including large contracts with state-owned banks and leading internet companies [1]. Business Transformation - Revenue from the internet sector grew by 152.87% year-on-year, accounting for over half of total revenue, while traditional financial software solutions saw a decline in revenue and gross margin [1][2]. - The company remains focused on IT infrastructure construction, software solutions, and IT operation maintenance services, while expanding its client base in various industries [1]. Business Focus and Planning - Despite the internet sector's revenue share exceeding half, the company emphasizes its commitment to the financial industry and is actively exploring opportunities in the internet and tobacco sectors [2]. - The company serves a diverse range of banks, including 26 provincial rural commercial banks and over 100 city commercial banks [2]. Challenges in Business Expansion - The increase in IT infrastructure construction business has led to higher profits but also an increase in inventory and short-term borrowings [2]. - The company has raised 245 million yuan in net funds as of September 2023 and does not plan to seek additional financing in the short term [2]. R&D Investment - R&D investment decreased by 40% year-on-year in the first half of 2025 due to strategic adjustments following a decline in 2024 performance, but the company is now increasing R&D spending [3]. - Future R&D focuses include developing products that integrate new IT technologies with AI, creating solutions for the tobacco industry, and building industry AI solutions based on the Ascend AI platform [3].

Core Insights - The company reported a quarter-on-quarter improvement in operational quality, with new orders, revenue, net profit, and gross margin all showing sequential growth in Q2 [1][2] - The company achieved a year-on-year increase of 42% in new orders for the first half of the year, driven by rapid growth in digital government and enterprise digitalization businesses [2][3] - The "ALL IN AI" strategy has been fully implemented, with AI product revenue accounting for 30% of total revenue [3][4] Financial Performance - For the first half of the year, the company achieved operating revenue of 558 million yuan, a year-on-year increase of 1.63%, and a net profit attributable to shareholders of -208 million yuan, a year-on-year decrease of 63.16% [1] - In Q2 alone, the company reported operating revenue of 342 million yuan, a year-on-year decrease of 3.43%, and a net profit attributable to shareholders of -82 million yuan, a year-on-year increase of 12.52% [1][2] - The company’s cash flow from operating activities for the first half was -309 million yuan, a year-on-year improvement of 27.31% [1] Business Segments - The digital government and enterprise digitalization business generated revenue of 126 million yuan in the first half, a significant year-on-year increase of 86.62% [2] - Traditional core businesses, such as electronic data forensics and public safety big data, saw revenues of 206 million yuan and 200 million yuan, respectively, with year-on-year declines of 11.56% and 2.15% [2] - New orders in public safety big data and enterprise digitalization both saw year-on-year growth exceeding 100% [2] AI Strategy - The company launched 17 new AI-enabled products in the first half, with the "Tianqing" public safety large model reaching a parameter scale of 100 billion and supporting 128K long context [3] - AI applications have been deployed across various sectors, including public safety, law enforcement, and cryptocurrency security, with significant operational improvements reported [3] - The company has accelerated its entry into the cryptocurrency sector with the launch of its first cryptocurrency security product, DrCoins [3] Investment Outlook - The company maintains a "strong buy" investment rating, with the "ALL IN AI" strategy showing initial success and a solid foundation for annual performance due to high growth in new orders [4] - Future focus will be on order conversion and the recovery of profitability, with projected net profits for 2025-2027 estimated at 30 million, 113 million, and 184 million yuan, respectively [4]

Group 1 - The year 2025 is anticipated to be the "Year of Intelligent Agents," driven by advancements in large model capabilities and decreasing invocation costs [1][3] - Companies are actively deploying intelligent agents in vertical fields such as healthcare, financial intelligence, and e-commerce digital personas, with several products already implemented [1][3] Group 2 - Guangdian Yuntong focuses on financial technology and urban intelligence, developing the Wangdao industry large model, which has been applied in digital auditing and government services [3] - The company has created a knowledge middle platform and large model integrated machine that connects industry applications with large model technology, enabling a closed loop of knowledge production, accumulation, and creation [3] - Far Light Software has launched enterprise-level general intelligent agents for tasks such as intelligent Q&A, form filling, and data analysis, along with specialized applications like travel planning and fund scheduling [3] Group 3 - Huatai Securities reports that generative AI is entering a new development stage dominated by AI agents, with a trajectory of first targeting B2B, then B2C, and finally end-users [3] - Current large models are transitioning into the execution era of intelligent agents, with AI application implementation accelerating alongside policy support [3] - The thriving open-source ecosystem, comprehensive policy support, and rapid application implementation make AI scenario platforms and consumer application companies worthy of attention [3]