（3）需求稳定或增长。 时寒冰/文 物以稀为贵——以稀缺性为目标，是获取高盈利的捷径——但必须考虑时间因素，时间是成就、强化稀 缺性的帮手，同时也是摧毁、击败稀缺性的利器。 经济学上给稀缺性下的定义是这样的：稀缺性是指在获得人们所需要的资源方面存在的局限性，即资源 的供给相对需求在数量上的不足。资源的稀缺性可以进一步划分为绝对稀缺和相对稀缺。绝对稀缺是指 资源的总需求超过总供给；相对稀缺是指资源的总供给能够满足总需求，但分布不均衡会造成局部的稀 缺。通常人们所说的稀缺性是相对稀缺。 那么，我们在投资上如何对稀缺性下定义呢？我给它下的定义是，稀缺性是指在某个时间段内（时间长 短可以由稀缺性的强度而定），某种商品的需求稳定或增长而供应无法同步增长甚至还可能减少的特 性，并且，这种商品在某个阶段内缺乏充分的替代商品，从而导致该商品的供给在该时间段内无法满足 需求（消费需求与投资需求）。 这个定义强调以下几点： （1）供给有限。 （2）缺少替代商品或替代商品不足。 （4）强调在某个阶段内—这是重点。因为投资是有时间限定的。 某些商品在某一个时间段内有投资价值，在另外一个时间段则没有投资价值。很多人没有意识到进行这 种 ...

中经记者 顾梦轩 李正豪 广州 北京报道 4年前从华为剥离的超聚变数字技术股份有限公司（以下简称"超聚变"）正式启动上市辅导。证监会官 网显示，超聚变于2026年1月6日正式启动上市辅导，中信证券担任辅导机构。 值得一提的是，超聚变前身为华为X86服务器业务。2021年，受海外因素影响，华为进行重大战略调 整，将旗下X86服务器业务以超聚变为新实体进行了剥离。经过四年发展，超聚变营业收入连年增加， 已经成长为算力服务器行业的"小巨人"。 谈及超聚变上市事宜，苏商银行特约研究员张思远在接受《中国经营报》记者采访时表示，其本质是其 业务发展与资本需求的阶段性匹配。公司快速扩张需要持续的资金投入。通过上市，公司可依托公开市 场融资优化负债结构，降低财务成本，同时为后续技术研发（如AI服务器、液冷技术迭代）与全球化 供应链建设提供资金储备。 营收连年增长 辅导备案信息显示，超聚变控股股东为河南超聚能科技有限公司（以下简称"超聚能科技"），目前持股 比例为31.38%。 作为算力基础设施与算力服务提供商，超聚变业务涵盖服务器、操作系统、AI开发平台、超融合解决 方案、高性能计算解决方案以及数据库解决方案等。 值得注意的 ...

人民财讯1月8日电，广州市人民政府办公厅印发《广州市加快建设先进制造业强市规划(2024—2035 年)》。其中提出，加快研发具有自主知识产权的操作系统、数据库、中间件、办公软件等通用基础软 件，提高产品兼容性，加快构建新型自主产业生态。聚焦CAD/CAM/CAE等工业通用工具软件、EDA技 术研发与应用、工业软件共性支撑技术、重大工程与特色行业软件等方面，推动建立新的工业软件标 准，掌握自主知识产权，取得若干标志性成果，统筹推进自主创新工业操作系统、中间件、工业APP、 新型数据库管理系统的全面应用。开展工业APP开发与应用创新，推动优秀工业APP及应用解决方案在 行业内的推广应用。布局下一代云计算软件体系，提升云安全水平和智能云服务能力，支持高性能采 集、高容量存储、海量信息处理、人工智能算法、工具群、区块链等技术创新。加快发展新型机器学 习、虚拟现实、元宇宙相关新兴平台软件。 ...

Group 1: Company Overview - Chaopuyuan Digital Technology Co., Ltd. (referred to as "Chaopuyuan") has officially initiated its listing guidance process as disclosed by the China Securities Regulatory Commission [1] - Chaopuyuan was originally Huawei's X86 server business, which was spun off in 2021 due to overseas factors and is now based in Zhengzhou, Henan [1] - The company is a provider of computing infrastructure and services, covering servers, operating systems, AI development platforms, hyper-converged solutions, high-performance computing solutions, and database solutions [1] Group 2: Financial Performance - Chaopuyuan's revenue has shown rapid growth since its establishment, surpassing 10 billion yuan in 2022, exceeding 28 billion yuan in 2023, and projected to exceed 40 billion yuan in 2024 [1] - In the first half of 2025, Chaopuyuan's server sales reached 26.8 billion yuan, making it the second-largest in China's server market [2] - For 2024, Chaopuyuan's revenue is expected to reach 43.5 billion yuan, securing the second position in the Chinese server market and sixth globally, with the highest market share in AI servers [2] Group 3: Shareholding Structure and Management - The controlling shareholder of Chaopuyuan is Henan Chaopuyuan Technology Co., Ltd., holding a 31.38% stake, while China Mobile's subsidiary, Zhongyi Capital, is the second-largest shareholder [3] - The current legal representative and chairman of Chaopuyuan is Ma Jianping, who has held various governmental positions prior to his role in the company [3] - Liu Hongyun, the vice chairman, previously served as the president of Huawei's Asia-Pacific region and was responsible for Huawei's server business [3] Group 4: Market Context - The global server vendor sales revenue is projected to reach 235.7 billion USD in 2024, with China's server market expected to grow by 70.1% year-on-year to approximately 52.6 billion USD [2] - The server shipment volume in China is anticipated to reach about 4.45 million units in 2024, reflecting a year-on-year growth of 19.5% [2] - Recent trends show that AI chip companies like Shanghai Biran Technology and Moer Thread have successfully entered the capital market [4]

近日，超聚变数字技术股份有限公司（下称："超聚变"）在河南证监局进行辅导备案登记，拟A股IPO，辅导机构为中信证券。 | 辅导协议签署时间 | 2025年12月31日 | | --- | --- | | 辅导机构 | 中信证券股份有限公司 | | 律师事务所 | 北京市竞天公诚律师事务所 | | 会计师事务所 | 安永华明会计师事务所(特殊普通合伙) | 系算力服务商龙头，2024年度营收超400亿元 公开资料显示，超聚变成立于2021年9月13日，注册资本8.8亿元，法定代表人为马剑平。超聚变前身是华为的X86服务器业务部门。该部门于2021年被华 为整体剥离，落地河南，成为一家完全独立的公司，即超聚变。 超聚变作为算力基础设施与算力服务提供商，业务涵盖服务器、操作系统、AI开发平台、超融合解决方案、高性能计算解决方案以及数据库解决方案 等，在全球部署11个研发中心与6大供应中心，并设立6个全球技术服务中心与7个地区部，12个核心实验室；服务全球130多个国家地区客户和223家世界 500强企业。 与此同时，公开报道显示，超聚变的液冷服务器已连续两年（即：2023年至2024年）位居中国标准液冷服务器市场份 ...

12月31日，麒麟信安涨0.15%，成交额5837.90万元。两融数据显示，当日麒麟信安获融资买入额565.96 万元，融资偿还784.33万元，融资净买入-218.37万元。截至12月31日，麒麟信安融资融券余额合计1.61 亿元。 融资方面，麒麟信安当日融资买入565.96万元。当前融资余额1.61亿元，占流通市值的3.87%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，麒麟信安12月31日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量1.09万股，融券余额43.89万元，超过近一年90%分位水平，处于高位。 资料显示，湖南麒麟信安科技股份有限公司位于湖南省长沙高新开发区麒云路20号麒麟科技园1栋4楼， 成立日期2015年4月2日，上市日期2022年10月28日，公司主营业务涉及操作系统产品研发及技术服务, 并以操作系统为根技术创新发展信息安全、云计算等产品及服务业务。主营业务收入构成为：操作系统 62.00%，云计算24.11%，信息安全12.01%，其他0.97%，技术开发服务0.90%。 截至9月30日，麒麟信安股东户数9710.00，较上期增 ...

从投入强度看，2024年，广东R&D经费投入强度（R&D经费与GDP之比）再创新高，达3.60%，比上年 提高0.12个百分点，高于全国平均水平0.91个百分点。这一创新"浓度"，更超过欧盟平均水平（2.13%） 和OECD国家平均水平（2.70%）。 研发强度3.6%超欧盟平均水平，超3000亿元研发经费聚集于六大工业领域 羊城晚报全媒体记者 陈泽云 推进中国式现代化，科技要打头阵。作为经济第一大省，广东再次用硬核数据挑起了创新担当的"大 梁"。 日前，《2024年广东省科技经费投入统计公报》（以下简称《公报》）出炉。数据显示，2024年，广东 研究与试验发展（R&D）经费投入达5099.61亿元，同比增长6.2%。这已是自2016年以来，广东研发经 费总量连续第9年位居全国第一。 5000亿真金白银"砸"向创新，广东的底气从何而来？这庞大的投入背后，又勾勒出怎样的产业未来？ 不止于规模大，更强在"浓度" 第一重创新实力，是规模与质量的"双领先"。 《公报》数据显示，2024年，广东研究与试验发展（R&D）经费投入达5099.61亿元，比上年增加 296.99亿元，增长6.2%。自2016年起，广东R&D经 ...

Group 1: Economic Context and Trends - China's value chain has rapidly expanded, becoming a key hub in global production networks, with domestic value added (DVA) consistently ranking first globally since 2000[6] - The complete industrial system of China has led to over 22% average global value added share in key manufacturing sectors, surpassing traditional manufacturing powerhouses like Germany and the USA[8] - The GVC position of China has steadily improved, indicating a shift from reliance on imported intermediate goods to becoming a supplier of high-value components[15] Group 2: Challenges and Strategic Responses - The international trade order faces challenges from technological hegemony and protectionism, leading to a decline in the degree of global value chain fragmentation[1] - China is actively addressing vertical supply chain risks by focusing on core technology breakthroughs and upgrading its industrial capabilities[19] - The shift from product export to multinational chain building is accelerating, with Chinese companies establishing overseas production and assembly bases to enhance supply chain resilience[30] Group 3: Future Outlook and Innovations - The modern service industry is emerging as a new driver for overall value chain upgrades, with significant contributions from sectors like industrial design and brand operations[24] - By 2025, China is expected to enter the top ten of the global innovation index, bolstered by advancements in AI, renewable energy, and healthcare[23] - Regional cooperation, such as the RCEP and the Belt and Road Initiative, is enhancing trade ties and reducing costs, with ASEAN becoming China's largest trading partner by 2023[31]

Investment Rating - The report maintains a "Recommendation" rating for the computer industry [4] Core Insights - The report highlights the strategic importance of China Electronics as a core technological force in the national cybersecurity and information industry, emphasizing its comprehensive product spectrum and technology system [7][13] - It discusses the establishment of the PKS ecosystem, which is the first domestic standard for computer hardware and software, aimed at addressing key technological challenges and enhancing the value of data elements [33][49] - The report suggests that the market transformation of China Electronics, driven by external mergers and internal incentives, is expected to accelerate, with a focus on improving the quality of listed companies and optimizing asset layouts [53][54] Summary by Sections 1. Addressing Key Challenges - China Electronics aims to tackle the "bottleneck" issues in the semiconductor and software sectors, having developed a complete product spectrum from chips to application systems [7][13] - The company has undergone significant restructuring and mergers since 2005, optimizing its industrial structure and enhancing its competitive advantages across various electronic information sectors [13][14] 2. PKS Ecosystem and Data Elements - The PKS ecosystem integrates various components, including the Feiteng CPU and Kylin OS, to create a robust domestic computing infrastructure [33][34] - The report notes that data has become the fifth production factor, with China Electronics actively participating in the marketization of data elements, addressing challenges related to rights, pricing, and security [39][49] 3. Market Transformation through Mergers and Incentives - The report outlines the ongoing market transformation of China Electronics, highlighting its efforts to list assets and implement employee stock ownership plans to boost internal vitality [8][53] - It emphasizes the importance of mergers and acquisitions in enhancing the operational efficiency of state-owned enterprises, aligning with national reform initiatives [54] 4. Investment Recommendations - The report identifies potential investment opportunities in companies under China Electronics, including Huada Jiutian, Dameng Data, China Software, and others, suggesting that these platforms may experience a revaluation of their worth [8][10]

Core Viewpoint - The article emphasizes the need for the government to play a guiding role in enhancing the leadership of "chain master" enterprises, improving the resilience and safety of industrial supply chains, and promoting industrial upgrades through collaboration with universities and research institutions [1][6]. Group 1: Current Issues in China's Industrial Chain - China's industrial chain, while complete, faces significant issues of being "large but not strong" and "broad but not deep," with high dependence on foreign core technologies and key components [2]. - The self-sufficiency rate of critical technologies is low, and many strategic industries still rely on imports for essential materials and equipment, weakening the control of "chain master" enterprises over the supply chain [2]. - The collaboration depth among upstream and downstream enterprises is insufficient, with "chain master" enterprises often unable to receive high-end support from small and medium-sized enterprises (SMEs) due to their low value-added roles [2]. - The relationship between "chain leader" (government) and "chain master" (enterprise) is not fully clarified, leading to inefficiencies in policy execution and a lack of effective communication between the government and enterprises [2]. Group 2: Financial Support Challenges - Financial support for "chain master" enterprises and SMEs is currently inadequate, with a heavy reliance on bank loans and low utilization of direct financing methods, resulting in high financing costs [3]. - SMEs face persistent financing difficulties due to a lack of collateral and low credit ratings, limiting their ability to innovate and expand [3]. - The development of supply chain finance is lagging, failing to effectively connect "chain master" enterprises with SMEs, which reduces the efficiency of capital flow within the industrial chain [3]. Group 3: International Experience and Recommendations - The U.S. government supports "invisible champion" enterprises through funding initiatives like the Small Business Innovation Research (SBIR) program, encouraging technological breakthroughs in niche areas [4]. - "Chain master" enterprises in the U.S. integrate SMEs into their ecosystems, enhancing their control over critical supply chain segments [4]. - Recommendations for strengthening China's "chain master" enterprises include establishing collaboration platforms between enterprises and research institutions, creating a cross-regional coordination mechanism, and promoting supply chain finance services [6][7]. - Encouraging "chain master" enterprises to globally allocate resources can lower costs and enhance efficiency, supported by government policies such as tax incentives and financial subsidies for overseas investments [7].