9月16日，在2025腾讯全球数字生态大会上，腾讯音乐娱乐集团(Tencent Music Entertainment Group，简 称"TME")、腾讯云与腾讯新闻携手，正式对外发布"腾讯城市智媒计划"(简称"智媒计划")。该计划深度 整合三方核心资源与能力，旨在顺应数字化、智能化、IP化发展大势，携手各地政府及地方媒体，打造 集文化资源整合、内容创新生产、广泛传播推广于一体的城市数字文化新平台，全面提升城市品牌形象 与文化软实力。 在"智媒计划"中，腾讯云充分发挥在云计算、大数据、AI大模型等领域的技术专长，为平台搭建稳固技 术底座。依托全国多可用区的云基础设施，腾讯云助力构建城市文化大数据中心，对文字、图片、视 频、音频、3D模型等多模态文化资源进行结构化、标签化、位置化处理，打破从资源采集、内容生产 到消费应用的全链条数据壁垒。同时，通过数字资产管理、版权确权、全网监测、版权授权交易等功 能，保障文化资源安全管理与价值创新转化。 从应用层面来看，腾讯云整合腾讯系产品生态能力，提供数智人、AI文博助手、互动导览等丰富智能 应用，并结合腾讯地图LBS能力、用户画像与客流洞察，助力政府和地方媒体打造 "智 ...

近日，恒为科技（603496）宣布停牌，筹划收购上海数珩信息科技股份有限公司（以下简称"上海数 珩"）的控股权，寻求AI战略的延伸。 事实上，作为A股上市公司中并购AI RaaS标的的首个案例，恒为科技更将之视作一场"卡位战"。恒为 科技高管在接受证券时报记者采访时表示，在AI下一轮竞争必然聚焦在应用和场景的大趋势下，恒为 科技此次发起并购，旨在以AI RaaS先行者的身份把握行业先机。 AI战略延伸 恒为科技9月16日晚间公告，正在筹划以发行股份及支付现金的方式购买上海数珩75%股份，同时拟发 行股份募集配套资金。本次交易预计不构成重大资产重组。 数珩信息从行业中脱颖而出的因素之一，或来自于对商业模式的创新——基于从基础模型到实际应用的 产业链全阶段能力，数珩信息正在实践AI RaaS的商业模式。这一尚不多见的商业模式被一些业内人士 视作AI应用落地的最终模式，有望应对AI软件、AI服务行业对企业技术整合能力、商业模式重构及风 险承担力的高要求。 成立于2017年的上海数珩于2022年率先开始训练可本地部署的S-GPT大模型，并在2023年3月上线完成 本地化部署。随后结合客户需求场景基于大模型自研出数智人 ...

Core Viewpoint - CICC maintains the non-GAAP net profit forecast for Bairong Cloud-W (06608) for 2025 and 2026, considering uncertainties in business operations due to regulatory tightening in the second half of the year. The target price is raised by 15% to HKD 14.8, reflecting a 20% upside potential based on adjusted P/E ratios of 19.6x and 15.3x for 2025 and 2026 respectively [1] Group 1 - Bairong Cloud's non-GAAP net profit for 1H25 exceeded CICC's expectations, with revenue increasing by 22% year-on-year to CNY 1.61 billion and gross profit also up by 22% to CNY 1.18 billion, resulting in a gross margin of 73.4% [2] - The non-GAAP net profit for 1H25 rose by 29% year-on-year to CNY 254 million, with a net profit margin of 15.8%, driven by the rapid growth in the financial industry's cloud supply and demand [2] Group 2 - The MaaS business showed a double-digit growth recovery, with revenue increasing by 19% year-on-year to CNY 502 million, and a customer retention rate of 98% [3] - The average revenue per customer increased by 14% year-on-year to CNY 2.28 million, indicating strong growth potential as the company plans to expand its product applications into non-financial sectors [3] Group 3 - The BaaS service revenue grew by 23% year-on-year to CNY 1.1 billion, with the financial industry cloud segment achieving a 45% increase in revenue to CNY 857 million, accounting for 77% of BaaS revenue [4] - The growth in the BaaS segment is attributed to improved cost conversion efficiency and increased client budget allocations, while the insurance industry cloud revenue declined by 19% year-on-year to CNY 253 million due to regulatory impacts [4]

Core Viewpoint - The report from CICC maintains the profit forecast for Bairong Cloud (06608) for 2025 and 2026, considering uncertainties in business operations due to tightening regulations in the second half of the year, while raising the target price by 15% to HKD 14.8, reflecting a potential upside of 20% based on adjusted P/E ratios for 2025 and 2026 [1] Group 1: Financial Performance - Bairong Cloud's non-GAAP net profit for the first half of 2025 exceeded expectations, with revenue increasing by 22% year-on-year to CNY 1.61 billion, gross profit also up by 22% to CNY 1.18 billion, and gross margin rising by 0.2 percentage points to 73.4% [2] - The non-GAAP net profit for the same period increased by 29% year-on-year to CNY 254 million, with a net profit margin of 15.8%, up by 0.8 percentage points, driven by a strong demand-supply resonance in the financial cloud sector [2] Group 2: Business Segments - The MaaS business showed a recovery with a 19% year-on-year revenue increase to CNY 502 million, maintaining a high customer retention rate of 98% and a 14% increase in average revenue per customer to CNY 2.28 million, contributing to stable revenue growth [3] - The BaaS service revenue grew by 23% year-on-year to CNY 1.1 billion, with the financial cloud segment achieving a 45% increase to CNY 857 million, accounting for 77% of BaaS revenue, driven by improved cost efficiency and increased client budgets [4] - The BaaS insurance cloud segment faced challenges, with revenue declining by 19% year-on-year to CNY 253 million, despite a 9% increase in premium scale, primarily due to regulatory impacts leading to product withdrawals and reduced commission rates [4]

Group 1 - The Hangzhou Asian Games showcased the immense potential of sports economy and provided a model for interaction between sports and other industries [1] - The event led to the emergence of new technologies in sports, such as AI restoration of historical footage and the first cloud-based Asian Village [1] - China Mobile Migu, as the official broadcaster, utilized various technologies like 5G and XR to enhance the viewing experience, promoting a new level of intelligent spectator engagement [1] Group 2 - Large sports events enhance urban public facilities and services, creating a talent pool for the sports industry, benefiting companies, industries, and cities [2] - The Asian Games significantly boosted the local tourism economy, with hotel bookings in the "Asian Games Six Cities" increasing over 60% compared to 2019 [2] - Emerging sports included in the Asian Games are expected to have broader development potential, while large events will drive public fitness enthusiasm and highlight the demand for quality sports services [2] Group 3 - China Mobile Migu has actively participated in major sports events, witnessing and contributing to the development of the sports economy [3] - The integration of audiovisual and sports is increasingly demanded, with Migu enhancing the spectator experience through technological innovations [3] - Large events positively impact surrounding economies by improving infrastructure and promoting tourism, media, and advertising sectors [3]