有强制退市风险。 元道通信（301139）公告称，公司于2025年7月11日收到中国证监会下发的《立案告知书》，因公司涉 嫌年报等信息披露文件财务数据存在虚假记载等违法行为，中国证监会决定对公司立案。 版权声明 若后续经中国证监会行政处罚认定的事实，触及《深圳证券交易所创业板股票上市规则(2025年修订)》规 定的重大违法强制退市情形，公司股票将被实施重大违法强制退市。 2024年，元道通信在传统业务领域保持稳健运营的同时，积极探索并大力推进新业务的发展，初步形成了 多元化业务格局。在光伏储能方面，公司针对具备条件的宏基站、机房、办公楼宇及数据中心进行光伏发 电改造。在算力业务方面，公司提供智算服务器以及配套设备等。此种业务形态由运营商负责运营、运 维、机房及供电支持，客户通过算力租赁获取服务。公司积极把握"东数西算"战略机遇，与新疆移动、青 海联通共建标杆项目，包括：克拉玛依智算中心，系新疆首个千卡集群项目，2024年已完成了一期交付， 致力于打造区域算力标杆；西宁智算园区项目，系全国首个全清洁能源驱动项目，于2024年9月试运行， 2025年完成验收。 元道通信称，公司积极把握国家"东数西算"工程、新疆自 ...

Core Viewpoint - Tianrongxin Technology Group Co., Ltd. (hereinafter referred to as "the company") expects significant growth in its financial performance for the first half of 2025, with projected revenue between 800 million to 850 million yuan and a net profit increase of 65.98% to 70.84% year-on-year [2] Financial Performance - The company anticipates a revenue increase of over 8% year-on-year for the second quarter [2] - The gross profit margin has improved by over 4 percentage points compared to the previous year [2] - Total expenses for sales, research and development, and management have decreased by over 13% year-on-year [2] Strategic Initiatives - The company is deepening its "AI + Security" strategy to capture the market for large model application security [2][3] - A significant upgrade to the Tianwen large model has been implemented, enhancing its intelligent defense capabilities [2] - The company has launched a comprehensive security protection framework for large models, covering the entire lifecycle of large model applications [3] Market Positioning - The company aims to become a leading provider of cybersecurity and intelligent computing cloud solutions in China over the next decade [3] - A partnership with Huawei has been established to develop an intelligent computing integrated machine based on the Kunpeng architecture [3] - The company has signed and is expected to sign orders exceeding 20 million yuan for the intelligent computing integrated machine, with annual sales projected to exceed 100 million yuan [4]

Core Viewpoint - Tianrongxin, a leading cybersecurity company, is expected to significantly reduce its losses in the first half of 2025, with projected revenues of 800 million to 850 million yuan and a net loss of 60 million to 70 million yuan, indicating a strong improvement in profitability [1] Group 1: Financial Performance - The company anticipates a year-on-year revenue growth of over 8% in the second quarter, suggesting it may have achieved profitability during this period [1] - Tianrongxin's gross margin has increased by over 4 percentage points year-on-year, while total sales, R&D, and management expenses have decreased by 13% compared to the previous year [1] Group 2: Strategic Initiatives - The company is advancing its "AI + Security" strategy, with significant upgrades to its Tianwen large model, transitioning from "rule-driven" to "intelligent decision-making" for cybersecurity defense [1] - Tianrongxin has successfully passed tests for its large model security gateway, receiving the first "Large Model Security Protection Fence Product Certification (Enhanced Level)" from the Ministry of Public Security [1] Group 3: Future Goals and Collaborations - The company's strategic goal for the next decade is to become a leading provider of cybersecurity and intelligent computing cloud solutions in China [2] - In March, Tianrongxin began a comprehensive partnership with Huawei to develop an intelligent computing integrated machine based on the Kunpeng architecture, aiming to support the digital transformation of critical industries in China [2] - The intelligent computing integrated machine is expected to generate over 100 million yuan in sales this year, with future cloud computing business goals targeting at least half the output of the security segment over the next 3-5 years [2] Group 4: Technological Developments - Tianrongxin is involved in research and application of technologies related to stablecoins, blockchain, zero trust, privacy computing, and commercial cryptography [2] - The company is participating in key infrastructure security projects for digital currency and cross-border payment in the financial industry [2]

证券代码：603220 证券简称：中贝通信 公告编号：2025-053 增长3696.16%。分季度看，2024年上半年、2025年第一季度分别实现收入1.42 亿元、1.35亿元，后者同比增幅为972.79%；据此计算，2024年第三、四季度单 季度智算业务平均收入相对较少。而2024年下半年公司算力规模持续增长，2024 年7月末公司投入使用的各智算中心算力集群累计算力已超过10000P，至2024年 末运营算力已超过15000P。2024年智算业务毛利率为41.04%，同比下降但明显 高于其他业务毛利率水平；智算业务成本项目以制造费用为主，不涉及外购劳 务或直接材料。请公司：（1）补充披露智算业务的商业模式，包括主要业务形 态、销售和采购模式、盈利模式、主要算力合同期限和执行方式、收入确认方 式、成本具体构成等；（2）补充披露智算业务2024年前十名客户、供应商的名 称及关联关系、注册时间及规模，交易内容、交易金额、相关合同签订时点， 销售的发货、收款、收入确认时点，采购的付款、到货时点，说明交易金额与 客户、供应商规模的匹配性及其合理性；（3）结合前述问题，说明智算业务毛 利率水平较高的原因及合理性， ...

目 录 | 一、关于智算业务……………………………………………………第 1—8 页 | | --- | | ……………………………………………第 8—17 页 二、关于长期资产购建 | 三、关于对浙储能源股权投资……………………………………第 17—23 页 问询函专项说明 天健函〔2025〕2-124 号 上海证券交易所上市公司管理一部： 由中贝通信集团股份有限公司（以下简称中贝通信或公司）转来的《关于中 贝通信集团股份有限公司 2024 年年度报告的信息披露监管问询函》（上证公函 20250690 号，以下简称问询函）奉悉。我们已对问询函中所提及的需要我们 说明的事项进行了审慎核查，现汇报说明如下。 本说明中金额单位如无特别说明，均为万元表示。 一、关于算力业务 年报及其他公告显示，2024 年公司智算业务实现营业收入 2.69 亿元，同 比增长 3696.16%。分季度看，2024 年上半年、2025 年第一季度分别实现收入 季度单季度智算业务平均收入相对较少。而 2024 年下半年公司算力规模持续增 长，2024 年 7 月末公司投入使用的各智算中心算力集群累计算力已超过 10000P， 至 2024 ...

2025年，国产GPU站在新一轮技术与资本的交汇点。成立仅五年的摩尔线程，正式冲刺科创板IPO，成 为这一浪潮中的标志性事件。 这家坚持自研路线、主攻"全功能GPU"的芯片企业，通过稳健的技术迭代和系统性市场验证，成为国内 半导体的新生力量。 在资本与技术双轮驱动之下，GPU这一高技术壁垒、长周期、高投入的赛道，正成为国产芯片企业真正 比拼"硬实力"的主战场。尽管与国际巨头仍有代际差距，但摩尔线程在关键技术点已实现局部突破。 凭借持续研发，并深化AI技术创新，摩尔线程成为国产GPU的"技术长跑"中的标杆。而它的发展路径， 也为中国高端芯片的自主创新，提供了一种可能的范式样本。 "全能型"硬核玩家 摩尔线程的起点，并非"做一张显卡"，而是构建一套完整、自主、面向未来的GPU计算平台。区别于大 多数AI加速卡仅面向单一计算任务，摩尔线程选择了难度最高、通用性最强、最稀缺的"全功能GPU"路 径。 根据功能结构划分，GPU可分为图形GPU、GPGPU（通用计算GPU）与全功能GPU。所谓"全功能 GPU"，并非仅具备图形渲染或AI训练能力，而是同时实现图形图像处理、AI张量计算、物理仿真和超 高清视频编解码等多种任 ...

7月10日，浙商银行发布伟仕佳杰(00856.HK)深度报告，首次覆盖给予"买入"评级，目标价9.9港元。 基本盘：企业系统+消费电子双轮驱动，提供稳定现金流 我们预计公司 2025-2027 年营收分别为 1023.74、1169.36、1322.65 亿港元，归母净利润分别为 11.78、 14.09、15.97 亿港元。我们采用相对估值法对公司进行估值，参考可比公司估值水平，同时考虑不同市 场间的估值差异、公司未来三年的利润 CAGR，给予公司 2025 年 13x PE，对应目标市值为 156 亿港 元，对应目标价为 9.9 港元。首次覆盖，给予"买入"评级。 风险提示 AI 业务推进不及预期；云计算行业竞争加剧；海外业务可能受到地缘政治及关税波动等因素的影响。 一方面，公司依靠"云分销+佳杰云星自有云品牌"把握云计算市场增长机会。公司与阿里云、华为云等 头部云厂商建立深度合作，以自有品牌佳杰云星为核心，为客户提供全栈式云服务。另一方面，公司前 瞻布局"算力调度+大模型服务"业务，积极拥抱 AI 时代。佳杰云星 AI 智算管理系统可实现智算纳管、 算力调度、算力服务、运营服务和算力监控等功能，目前已在 ...

硅谷的财富管理巨头Iconiq Capital近日发布了一份《2025年AI现状报告》，Iconiq目前管理约 800亿美元财富，并且重点是这份报告诚意满满，Iconiq访谈了300位AI公司高管，并且得出一个重 要结论：全球AI公司的支出方面，在大数据存储、处理和AI基础设施上的支出，高于推理和训练，而 随着全球AI正在进入从概念炒作到应用落地的全新阶段，AI公司云服务费用、模型推理成本以及治理 相关支出则逐步成为主要开销。 也就是说，AI兜兜转转又到了比拼基础设施的阶段，也难怪英伟达被关税砸了这么大的一个"坑"， 还能再三个月之内继续创了历史新高，并带动A股PCB、CPO等上游供应链板块持续大涨。而在AI基 础设施中，智算云作为智能计算与云计算深度融合的新型基础设施，正以异构资源调度、全链路AI能 力为核心，逐步替代传统通用算力，成为数字经济时代的核心引擎。 二级市场已经"爆了"，相信一级市场也不会太远。 先看市场层面，中国智算云已进入爆发式增长阶段，2024年下半年基础设施服务市场规模达124.1 亿元，同比增长57.7%，其中生成式AI IaaS市场同比激增165%至87.4亿元，首次在整体AI Ia ...

Core Viewpoint - The company, Hunan Xiangyou Technology Co., Ltd., is under scrutiny from the Shanghai Stock Exchange regarding its 2024 annual report, particularly focusing on its revenue and profit margins across different business segments, including postal and other industries [1]. Financial Performance - From 2022 to 2024, the company's revenue from the postal industry was 572 million, 417 million, and 481 million yuan, with corresponding gross margins of 10.72%, 11.04%, and 11.11% [1]. - Revenue from other industries was 11 million, 166 million, and 48 million yuan, with a significant decline in gross margin but still remaining high [1]. Customer and Supplier Relationships - The company is required to disclose detailed information about its top ten customers and suppliers in the other industries for 2023 to 2024, including names, relationships, establishment dates, registered capital, personnel scale, transaction types, amounts, and balances [1]. - The company has established partnerships in various sectors such as smart logistics, research institutions, rail transit, and finance, focusing on software development, product sales, system integration, data center construction, and data analysis services [2]. Revenue Changes and Analysis - The company must explain the reasons for changes in postal industry revenue, considering cost structures, order changes, and customer dynamics, as well as the reasons for the decline in gross margin in other industries despite being higher than that of the postal industry [1][21]. - The increase in postal group equipment procurement volume rose by approximately 22.37 million yuan, a growth of 17.97%, and the volume of aggregated payment services in platform operations increased by about 33.15 million yuan [21]. Project Collaborations - The company is involved in the "Zhihui Kangkang Multi-Functional Terminal" project in collaboration with Tianjin Membrane Technology Co., Ltd., which serves as the general contractor, while the company acts as an intermediary service provider [8][9]. - The project includes various functionalities such as operational information release, advertising, air quality management, public health, and edge computing [8]. Accounting Practices - The company adopts the net method for revenue recognition in the Zhihui Kangkang Multi-Functional Terminal project, which aligns with the commercial substance and accounting standards [9][20]. - The revenue from the project is recognized based on the completion of installation and acceptance, with a total confirmed revenue of 51.60 million yuan as of December 2024 [9]. Future Outlook - The company is actively planning to implement the Shanghai Metro Line 8 People's Square Station environmental control system project, which involves software and hardware integration [14][16]. - The project is expected to follow a phased payment structure, with a total project cycle of 10 months [14].

7月8日，世纪互联(VNET)盘中上涨2.25%，截至21:54，报7.71美元/股，成交351.91万美元，总市值 20.74亿美元。 财务数据显示，截至2025年03月31日，世纪互联收入总额22.46亿人民币，同比增长18.34%；归母净利 润-2.38亿人民币，同比减少27.03%。 大事提醒： 8月26日，世纪互联将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时间， 实际披露日期以公司公告为准）。 资料显示，世纪互联(VNET.US)成立于1996年,是科创型数字新基建龙头企业、中国第一家美股IDC上市 公司,也是国内唯一一家以"基地型+城市型"IDC业务同步发展的头部IDC企业。世纪互联致力于为客户 提供业界领先的数据中心、智算中心(AIDC)、网络以及基于数据中心的云计算交换连接、混合交付等 云计算综合服务及解决方案,打造具有核心技术、超大规模运营能力、高附加值的数字基础设施运营平 台。 世纪互联在全国30多个城市运营超过50座数据中心,基地型业务运营容量超过480MW,城市型业务运营机 柜数超过52000个。在京津冀、长三角、粤港澳等区域构建了规模化的数据中心产业集群, ...