2026年1月27日，宏景科技（sz301396）触及涨停，涨停价98.1元，涨幅20%，总市值150.60亿元，流通 市值74.64亿元，截止发稿，总成交额26.67亿元。 声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 根据喜娜AI异动分析，宏景科技涨停原因可能如下，智能算力转型+东数西算+业绩改善： 1、宏景科技 正从传统智慧城市业务向智能算力服务转型，2025年算力业务收入占比已达91.28%，转型成效显著。 2025年1 - 9月营收15.5亿元，净利润1.08亿元，较2024年亏损明显改善，业绩大幅提升吸引投资者关 注。 2、公司的智能算力项目符合国家"东数西算"战略，可享受政策红利。在国家大力推动数字经济发 展的背 ...

在1月21日国新办新闻发布会上，工业和信息化部副部长张云明介绍，2025年我国人工智能产业活力迸发、亮点纷呈。国内企业发布多款人工智能芯片产 品，建成万卡智算集群42个，智能算力规模达1590EFLOPS，行业高质量数据集加速涌现，国内大模型引领全球开源生态。下一步，工信部将以落实 《"人工智能+制造"专项行动实施意见》为抓手，加快推动人工智能产业高质量发展。抓好技术创新，加快突破训练芯片、异构算力等关键技术。 这组关于新兴产业和未来产业的数据，彰显经济发展的强劲动能。政策部署的叠加释放，清晰勾勒出我国人工智能产业从规模扩容向质量提升跨越的演进 轨迹，为产业进阶、赋能新型工业化提供重要支撑。 《"人工智能+制造"专项行动实施意见》将智算设施建设作为"创新筑基"的核心任务之一，明确提出加快建设全国一体化算力网监测调度平台，推动智算 资源优化布局与高效供给，为智算设施的体系化发展提供了清晰政策指引。 智算设施作为人工智能技术创新与产业应用的底座，其体系化构建是激活芯片价值、释放异构算力效能的重要前提与基础。智算设施的发展不是简单的硬 件叠加模式，而是朝着集约化、协同化的系统布局方向演进，本质上是通过对算力资源的统 ...

Core Viewpoint - The company has successfully transformed from a hardware manufacturer to a provider of AI computing power solutions that integrate both hardware and software, covering the entire lifecycle and specific scenarios [2] Financial Performance - AI-related business has become the core growth engine, with intelligent computing power services generating approximately 1.22 billion yuan in revenue in the first half of 2025, representing a year-on-year growth of 100% [2] - The remanufacturing business for servers and related products achieved revenue of 835 million yuan in the first half of the year, showing a year-on-year increase of 119.49% [2] Product Development - Enterprise-level SSD and other storage products have seen steady growth due to their adaptation to AI server demands, contributing to the overall increase in AI-related business [2] Strategic Focus - The company aims to maintain a three-pronged global industrial layout of "computing power foundation + cloud services + intelligent terminals," focusing on computing infrastructure and embodied intelligence core sectors [2] - The strategy emphasizes the dual enhancement of scale and efficiency, with business development closely tied to capacity construction and collaborative advancement [2]

Group 1: Company Overview and Core Competencies - The company submitted its H-share listing application to the Hong Kong Stock Exchange on October 22, 2025, positioning itself as the second-largest domestic solid-state drive (SSD) manufacturer and the second-largest consumer-grade smart camera manufacturer in China [1] - The company primarily operates under the JDM (Joint Development Manufacturing) and ODM (Original Design Manufacturing) models, establishing long-term partnerships with notable tech firms such as Lenovo, Anker Innovations, and Xiaomi [1] Group 2: AI Solutions and Applications - The company has developed an AI management solution for retail environments, utilizing a "camera + backend data" model, which has been implemented across various industries including baking, dining, and retail [2] - The AI solution for bank counters enables 24/7 monitoring and management, enhancing service response times and compliance with operational standards [2] Group 3: Financial Performance and Growth - In the first half of 2025, the AI-related business generated approximately CNY 1.221 billion, reflecting a year-on-year growth of 100%, while the server and peripheral remanufacturing business achieved revenues of CNY 835 million, up 119.49% [3] - The company aims to maintain a three-pronged global strategy focusing on computing infrastructure, cloud services, and intelligent terminals to drive growth and efficiency [3] Group 4: International Expansion and Production Capacity - The company has made significant progress in its overseas expansion, with smart factories in the U.S. implementing remote monitoring and management, and operations in the Philippines showing growth [3] - Future plans include optimizing overseas production capacity to leverage labor cost advantages and expand into Southeast Asia and global markets [3] Group 5: Industry Trends and Future Outlook - The AI computing industry is expected to see three major trends in 2026: hardware innovations focusing on performance and energy efficiency, the evolution of distributed computing networks, and a shift towards sustainable and efficient AI infrastructure [4]

Core Insights - The report from Pacific Securities highlights that Xiechuang Data's net profit attributable to shareholders for the first three quarters of 2025 reached 698 million yuan, representing a year-on-year increase of 25.30% [1] - In Q3, the company achieved revenue of 3.387 billion yuan, marking a significant year-on-year growth of 86.43%, with accelerated revenue growth and increased R&D investment [1] - The rapid revenue growth is primarily driven by a substantial increase in intelligent computing service revenue, while the server remanufacturing and data storage equipment businesses remain highly prosperous [1] Financial Performance - As of the end of Q3 2025, the company's total assets amounted to 18.194 billion yuan, reflecting a substantial increase of 149.08% compared to the beginning of the year [1] - Inventory rose to 3.001 billion yuan, showing a year-on-year growth of 66.86%, mainly due to increased stock for computing and storage business [1] Strategic Initiatives - The company is planning a listing on the Hong Kong Stock Exchange to optimize its overseas layout [1] - The company is actively expanding its computing service business, which is expected to benefit from the rapidly growing demand for computing power driven by the AI wave [1]

Investment Rating - The investment rating for the company is "Buy/Maintain" with a target price based on the last closing price of 159.35 [1] Core Insights - The company reported a significant revenue growth acceleration in Q3, with a year-on-year increase of 86.43%, driven by a substantial rise in intelligent computing service revenue [4] - The company is actively expanding its computing service sector, which is expected to benefit from the rapidly growing demand for computing power driven by AI trends [5] - The company plans to optimize its overseas layout by issuing H shares on the Hong Kong Stock Exchange, enhancing its international financing capabilities [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 83.31 billion yuan, a year-on-year increase of 54.43%, and a net profit attributable to shareholders of 6.98 billion yuan, up 25.30% year-on-year [3] - In Q3 2025, the company recorded an operating revenue of 33.87 billion yuan, with a net profit of 2.64 billion yuan, reflecting a year-on-year growth of 36.86% [4] - The company's total assets reached 181.94 billion yuan by the end of Q3 2025, marking a significant increase of 149.08% from the beginning of the year [4] Revenue and Profit Forecast - The projected operating revenues for 2025, 2026, and 2027 are 118.82 billion yuan, 172.41 billion yuan, and 234.30 billion yuan, respectively [5] - The forecasted net profits for the same years are 11.19 billion yuan, 17.56 billion yuan, and 24.84 billion yuan, indicating strong growth potential [5] - The expected revenue growth rates for 2025, 2026, and 2027 are 60.36%, 45.10%, and 35.90%, respectively [6]

Core Insights - The strategic partnership between Wuhan Cloud Computing Technology Co., Ltd. and Northern Cloud Big Data Technology Co., Ltd. marks the launch of China's first "South-North Dual Cloud" computing community, aimed at promoting cross-regional innovation in cloud computing, big data, and intelligent computing [1][2] Group 1: Collaboration Areas - The partnership will focus on four core areas: cloud services and computing collaboration, business expansion, ecological brand building, and customized training and consulting services [1] - Wuhan Cloud will provide technical support for cloud system construction and standard formulation, while Northern Cloud will deliver intelligent computing services, enabling mutual empowerment through "technology + resources" [1] - Both companies will explore project implementation in smart manufacturing and smart city scenarios, leveraging Wuhan Cloud's support in social governance and Northern Cloud's digital transformation experience [1] Group 2: Strategic Importance - The collaboration is seen as a significant step for two major industrial bases in China, the Central and Northeast regions, to integrate cloud computing resources across regions, promoting balanced development of the digital economy [2] - The partnership aims to create replicable and scalable cooperation models that empower various industries with digital technology [2]

Core Viewpoint - Hongjing Technology (301396.SZ) plans to raise up to 1.354 billion yuan through a private placement of A-shares, with the funds primarily allocated to enhance its computing power business and support working capital [1] Group 1: Fundraising and Allocation - The total amount to be raised is not more than 1.354 billion yuan, which includes 1.054 billion yuan for the construction and operation of intelligent computing power clusters and 300 million yuan for supplementing working capital [1] - The net proceeds from the fundraising will be fully utilized for the specified projects after deducting issuance costs [1] Group 2: Business Strategy and Market Position - The company leverages its extensive experience in data center construction, expert talent team, and supply chain integration to capitalize on opportunities in the artificial intelligence sector [1] - The computing power business has become the strategic focus for the company's future development, aiming to meet the growing market demand and enhance core competitiveness [1] - The company intends to increase investment in computing power services to empower clients in various business scenarios, including large model training, inference, and scientific computing [1]

Core Viewpoint - Hongjing Technology (301396.SZ) plans to raise a total of no more than 1.354 billion yuan through a private placement of A-shares in 2025, with the net proceeds intended for strategic investments in computing power services and working capital [1] Group 1: Fundraising and Allocation - The total amount to be raised is capped at 1.354 billion yuan, which includes 1.054 billion yuan allocated for the construction and operation of intelligent computing power clusters and 300 million yuan for supplementing working capital [1] - The company aims to utilize the net proceeds entirely for the aforementioned projects after deducting issuance costs [1] Group 2: Strategic Focus and Market Position - The company leverages its extensive experience in data center construction, expert talent team, and supply chain integration to capitalize on opportunities in the artificial intelligence sector [1] - The computing power business has become the strategic focus for the company's future development, aiming to meet the growing market demand and enhance core competitiveness [1] - By increasing investments in computing power services, the company seeks to empower clients in various business scenarios, including large model training, inference, and scientific computing [1]

Core Viewpoint - The company plans to raise funds through a private placement of shares to enhance its capital strength and profitability, responding to the growing opportunities in the artificial intelligence (AI) industry supported by national policies [1][5]. Group 1: Background and Purpose of the Issuance - The issuance is driven by strong government support for the AI industry, emphasizing the integration of digital technology with the real economy, which is expected to expand the market size significantly [1][2]. - The demand for computing power infrastructure is projected to grow exponentially as the AI industry enters a rapid growth phase, with China's intelligent computing power expected to reach 1,037.3 EFLOPS by 2025 [2]. - The company aims to leverage its experience in data center construction and its expert talent team to enhance its core competitiveness in the AI sector [5]. Group 2: Strategic Development and Financial Strengthening - The company is committed to high-quality development by investing in AI, big data, and intelligent computing technologies, aiming to build a multi-dimensional business model [4]. - The funds raised will enhance the company's financial strength, improve its risk resistance, and support its strategic layout, ultimately leading to an upgrade in business segments and increased profitability [6]. - The issuance will optimize the capital structure, reduce the debt ratio, and enhance shareholder returns, aligning with the capital market's support for technology enterprises [6][4]. Group 3: Issuance Details and Compliance - The company plans to issue shares to no more than 35 specific investors, complying with relevant regulations and ensuring that the selection process is appropriate [8][9]. - The issuance price will be set at no less than 80% of the average trading price over the previous 20 trading days, ensuring a fair valuation [10][16]. - The issuance process has been approved by the board and will undergo further scrutiny by the shareholders and regulatory bodies, ensuring compliance with legal requirements [22][12].