加速AI时代发展 让智能无处不在 七月的瑞士日内瓦正值酷暑，平均气温徘徊在30°C至32°C之间。然而，7月10日这天却意外凉爽，气温 降至27°C。就在这一天，由联合国"AI for Good"主办的"AI芯片发展方向"主题科技论坛，在日内瓦帕莱 克斯博览中心隆重举行。全球知名智能芯片科学家齐聚一堂，共同讨论AI芯片的发展方向，其中一个 亚洲面孔则尤为引人注目。 他就是来自中国深圳的云天励飞技术股份有限公司董事长兼CEO陈宁博士。当他以流利的英语分享云天 励飞AI推理芯片在推动AI普惠领域的探索与成果，并对不少欧洲"AI芯片"科学家提出的专业问题一一 详细回答，现场响起了热烈的掌声。 "如何才能够让科技触达到世界上的各个角落呢？AI推理芯片是关键。人工智能将超越前三次科技革 命，为人类社会带来更加深远和伟大的变革。"陈宁博士首先介绍了中国的科技成果，展示了人工智能 如何深度融入生活与工作。此外，他还指出了全球面临的挑战，世界上仍有许多地方的人们未能触及这 些技术成果。AI推理则能将大模型的能力深入应用到现实场景，触达每位消费者，赋能全球企业。 陈宁博士在联合国"AI for Good"论坛演讲 云天励飞20 ...

证券研究报告 | 公司深度 | IT 服务Ⅱ 优刻得(688158) 报告日期：2025 年 06 月 05 日 从响应 DeepSeek 看优刻得，云计算价值重估进行时 ——优刻得深度报告 投资要点 ❑ 中国领先的第三方云计算服务商 公司是中国领先的第三方云计算服务商，以 IaaS（计算、存储、网络）、PaaS （数据库、缓存、容器）为核心，持续拓展大数据、人工智能等高附加值产品， 构建了完整的云计算产品矩阵。服务模式分为公有云、混合云与私有云，2024年 分别占收入比例为 50.61%、34.93%、3.50%。其中，公有云客户以移动互联、互 动娱乐、企业服务等互联网客户为主；混合云及私有云客户包括金融、政府机构 等。管理层专业背景深厚，董事长曾获"上海市科学技术奖一等奖"、"中国通 信学会科学技术奖（科技进步类）一等奖"等称号，曾在华为、腾讯等企业任 职，可引领公司快速响应行业变化、把握行业趋势。 ❑ DeepSeek 降低模型部署门槛，云计算厂商受益推理需求增加 DeepSeek 推出 R1 系列模型并遵循 MIT 开源协议，模型参数量仅为 660B，并提 供 1.5B-70B 系列蒸馏模型，大幅度降 ...

Core Viewpoint - The company has demonstrated robust growth in 2024, with a significant reduction in net losses, driven by advancements in AI technology and strategic business focus [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 5.261 billion yuan, a year-on-year increase of 25.1% [1] - Gross profit reached 2.245 billion yuan, maintaining a gross margin of 42.7% [1] - The net loss attributable to shareholders was 269 million yuan, a substantial reduction of 70.4% year-on-year, with a net loss margin of 5.1% [1] - Adjusted net loss for the year was 292 million yuan, narrowing by 29.6% compared to 2023 [1] - R&D expenses amounted to 2.170 billion yuan, representing 41.2% of revenue [1] Business Segments - The "Xianzhi AI Platform" business generated revenue of 3.676 billion yuan, up 46.7% year-on-year [2] - The "SHIFT Intelligent Solutions" business saw revenue decline by 20.3% to 1.022 billion yuan due to a strategic focus shift towards the Xianzhi AI Platform [2] - The "Shishuo AIGS Service" business contributed 563 million yuan, providing efficient development tools and services based on generative AI [2] Industry Expansion - The company maintained its position as the leading machine learning platform in China for six consecutive years, with a customer base expansion of 16% to 161 benchmark users [3] - Average revenue per benchmark user was 19.1 million yuan, with a net revenue growth rate (NDER) of 110% [3] Corporate Restructuring - The company established "Paradigm Group," with its enterprise service business becoming a core subsidiary, and launched a new consumer electronics segment called "Phancy" [4] - Phancy aims to provide AI Agent-based integrated hardware and software solutions, enhancing user interaction and service connectivity [4] Focus on AI Agent - The company is prioritizing the development of AI Agent technology, which can automate various business processes for enterprise clients [5] - In 2024, the company deployed AI Agent solutions across over 10 industries, enhancing operational efficiency [5] Development of Edge AI - The company anticipates significant growth in edge AI, with the launch of the ModelHubAIoT solution expected to facilitate easy deployment of distilled models [6] - Collaborations with partners aim to integrate edge computing capabilities with AI models, enhancing the accessibility of AI technology in consumer electronics [6][7] AI All-in-One Machine Demand - The company has partnered with Huawei to launch the SageOne IA solution, addressing the growing demand for AI model deployment and ensuring data security [8] - The solution enhances performance and flexibility for enterprises, supporting various mainstream large models [8]

Core Insights - The AI industry continues to grow rapidly, with Fourth Paradigm successfully listing on the Hong Kong Stock Exchange after overcoming previous setbacks [1][3] - The company is focusing on customized AI solutions through a "platform + scenario" model and is expanding into consumer electronics with its Phancy brand [1][11] - Despite significant investments from top-tier firms, Fourth Paradigm faces challenges such as high R&D costs and ongoing losses [1][13] Company Performance - Fourth Paradigm's revenue grew from 942 million yuan in 2020 to 3.083 billion yuan in 2022, with Q1 2023 revenue at 644 million yuan [5][11] - The company reported losses of 750 million yuan, 1.802 billion yuan, 1.653 billion yuan, and 304 million yuan from 2020 to Q1 2023 [5][14] - R&D expenses accounted for a significant portion of revenue, with percentages of 57.3%, 55.3%, 48.8%, and 37.5% from 2020 to Q1 2023 [5][14] Market Position and Strategy - Fourth Paradigm is positioned as a leader in the Chinese intelligent decision-making market, maintaining the largest market share as of mid-2023 [12] - The company is diversifying its offerings beyond decision-making AI, launching generative AI models and entering the edge AI market [7][9] - The AI market in China is projected to grow from 225.5 billion yuan in 2022 to 691 billion yuan by 2027, with a compound annual growth rate of 25.1% [11] Investment and Valuation - Fourth Paradigm has attracted significant investment from firms like Sequoia Capital and Tencent, with its valuation reaching nearly 3 billion USD by 2021 [15] - The company's stock performance has been volatile post-IPO, with a decline of over 10% from its initial market value [15] - The company is viewed as undervalued compared to peers, with a price-to-sales ratio significantly lower than that of Palantir [11][15] Future Outlook - Fourth Paradigm aims to achieve profitability as it scales, with expectations that R&D expenses will decrease relative to revenue [6][11] - The company is optimistic about the potential of generative AI and its impact on productivity and efficiency across industries [7] - Despite the challenges, Fourth Paradigm's ongoing investments in R&D and market expansion position it for potential growth in the evolving AI landscape [1][6]

3 月 4 日，世界互联网大会在巴塞罗那世界移动通信大会（MWC 25巴塞罗那）期间，举办了以 "打造融合、普惠、绿色的 AI 算力新生态" 为主题的AI算力发展专题论坛。中兴通讯董事长李自学 出席论坛并发表了题为《算力筑基、AI 启智，共迎数智化新纪元》的主旨发言，分享了中兴通讯在 AI 算力领域的创新实践与深度思考。 李自学介绍，在当今科技浪潮中，网络、算力、终端、智能加速融合，正推动ICT产业向泛在智能发 展。站在这个数智化进程的新起点，需要重点关注3个课题，一是算力不足的新挑战，二是绿色节能 的新进阶，三是AI应用的新爆发。并分享了中兴通讯在 AI 算力领域的创新实践与深度思考。 突破智算瓶颈，筑基开放生态 李自学指出，算力不足是数智化进程中的长期问题，背后的驱动力来自"连接+算力"螺旋式上升发 展，并因此带来的持续增长的数据处理需求。今年初Deepseek的全球火爆，让智能算力的不足问题 从高性能的训练算力延展到普惠型的推理算力，相应地带来两个新挑战。第一个挑战是，推理算力将 爆发式增长，需要加快算力普及；第二个挑战是，训练算力仍需进一步强化，以支撑更大规模的模型 训练，以及多模态大模型的新突破。 ...

证券研究报告 2025 年 03 月 04 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3316.93 | -0.12 | | 深证成指 | 10649.59 | 0.36 | | 创业板指 | 2196.52 | 1.20 | | 科创 50 | 1062.35 | -1.52 | | 北证 50 | 1336.70 | 2.27 | | 沪深 300 | 3888.47 | -0.04 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 633986 | 496049 | 11.81 | 1.25 | | 深证成指 | 224012 | 189683 | 21.95 | 2.27 | | 创业板指 | 61424 | 48903 | 33.42 | 4.25 | | 科创 50 | 36692 | 23565 | 51.47 | 4.48 | | 北证 5 ...

此 外 ， 一 体 机 解 决 方 案 还 集 成 了 智 能 算 力 池 化 技 术 ， 在 支 持 DeepSeek V3/R1 、 QWen2.5 、 LLama3.3等主流大模型的基础上，企业可灵活在满血版和多个蒸馏模型之间切换，GPU利用率提升 30%以上，推理性能平均提升5-10倍；同时内置大模型应用开发平台，并搭载了丰富的开箱即用AI 应用套件，帮助开发者高效开发企业级的生成式AI应用，让企业享受高效的大模型应用服务，加速AI 智能化落地进程。 具体来讲：SageOne IA大模型推理一体机解决方案，具备三大核心优势： 1） 智能算力池化，资源动态调度，突破物理机架构 大模型应用成本"一降再降"。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，第四范式日前推出大模型推理一体机解决方案SageOne IA，进一步减低了大模 型推理成本。如满血版的DeepSeek V3/R1仅需要两台一体机即可使用。 方案支持企业按需选择DeepSeek V3/R1、QWen2.5、LLama3.3等主流大模型，还预装了丰富的 AI应用套件，包括AIG ...