研究早观点 2025 年 9 月 17 日 星期三 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | 盘 | 收 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,861.87 | 0.04 | | 深证成指 | | 13,063.97 | 0.45 | | 沪深 300 | | 4,523.34 | -0.21 | | 中小板指 | | 7,963.81 | 0.30 | | 创业板指 | | 3,087.04 | 0.68 | | 科创 50 | | 1,358.05 | 1.32 | 资料来源：最闻 分析师： 彭皓辰 执业登记编码：S0760525060001 【今日要点】 【山证纺服】行业周报-纺织制造台企公布 2025 年 8 月营收数据，8 月 营收普遍下滑 【公司评论】博威合金(601137.SH)：博威合金点评-AI 算力发展提振 新材料产品需求，美国新能源产能有序推进 【公司评论】蜜雪集团(02097.HK)：蜜雪集团深度报告-茶饮标杆，未 来增长点在哪儿？ 【衍生品研究】REITs 专题报告-大类资产配置方兴未艾，冉冉升起新 兴市场 【 ...

9 月 10 日，公司官网公众号披露，技朗集新团科与蚂蚁数科共同宣布成 立"蚂蚁链信"，该公司将基于区块链、IOT 和 AI 等核心技术开展绿色资产 管理、动态评级定价等产品服务。 事件点评 蚂蚁链信依托双方技术优势，构建了覆盖"资产上链-数据聚合-资产管 理-评级定价"的全链条服务平台。朗新与蚂蚁数科的此次深度合作，是双 方合作新的起点。双方共同利用 AIot 技术、区块链技术、平台能力，以新能 源资产数字化为开端，拓展评级、指数等一系列深化服务。服务平台贯穿新 能源资产整个生命周期，是新能源资产通证化的"核心基础设施"。蚂蚁链 信的核心使命是将碎片化的绿色资产转化为"可度量、可流通"的数字化资 产。蚂蚁链信要构建的不仅仅是技术工具，更是支撑绿色资产通证化的数字 信任平台。 资料来源：最闻 分析师： 强化"AI+能源"战略，自研九功大模型全面拥抱 AI。朗新集团于 2023 年成立 AI 研究院，聚焦在电力市场交易预测、能源智能体应用、能源专用 大模型三大人工智能方向发力。2025 年 7 月，公司正式发布自主研发的"朗 新九功 AI 能源大模型"，并于当月在国际权威测评基准 BIRD-Bench 的最新 ...

Core Viewpoint - The company reported its 2025 semi-annual results, showing a slight decline in revenue and net profit, but significant growth in non-recurring net profit, indicating stable core business performance and progress in AI applications [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.542 billion yuan, a decrease of 0.39%, and a net profit of 29 million yuan, down 23.02%. The non-recurring net profit was 14 million yuan, up 199.94% [1]. - For Q2 2025, revenue was 876 million yuan, down 0.60%, with a net profit of 25 million yuan, down 55.22%, and a non-recurring net profit of 18 million yuan, down 64.63% [1]. - The overall gross margin for the first half of 2025 was 46.05%, an increase of 2.23 percentage points, while the expense ratio decreased to 45.83%, down 1.50 percentage points [2]. Business Segments - The energy digitalization business generated revenue of 472 million yuan, a year-on-year increase of 0.73%. The energy internet business revenue was 864 million yuan, up 10.46%, while the internet TV business revenue fell to 207 million yuan, down 30.62% [1]. - The energy internet business's gross margin improved to 54.44%, an increase of 3.32 percentage points, with a transaction volume growth of over 8% in the life payment platform [3]. AI and Technological Advancements - The company has implemented multiple AI pilot projects, achieving positive progress in areas such as load control, new energy management, and electricity marketization [1]. - In July 2025, the company launched its self-developed "Langxin Jiugong AI Energy Model," which received global recognition for execution accuracy and query efficiency [4]. Market Expansion and Future Outlook - The company is actively engaged in electricity market transactions across multiple provinces, with a total trading volume of nearly 2 billion kWh, a year-on-year increase of approximately 2.5 times [4]. - The green electricity direct connection policy is expected to significantly boost electricity trading demand, leading to revised revenue forecasts for 2025-2027 [4].

Core Viewpoint - The company reported mixed financial results for 1H25, with a slight decline in revenue and a significant drop in net profit, but overall performance met market expectations [1] Financial Performance - In 1H25, the company achieved revenue of 1.54 billion yuan, a year-on-year decrease of 0.39% - The net profit attributable to shareholders was 28.64 million yuan, down 23.0% year-on-year - For 2Q25, revenue was 876 million yuan, a decline of 0.6% year-on-year, while net profit was 25.27 million yuan, down 55.2% year-on-year [1] Development Trends - The energy digitalization business showed steady growth, with revenue of 472 million yuan in 1H25, an increase of 0.73% year-on-year - The company is enhancing AI technology applications in the power grid, focusing on new power system construction and renewable energy integration, leading to positive progress in various AI pilot projects [2] AI and Energy Internet Growth - The energy internet business generated revenue of 864 million yuan in 1H25, reflecting a year-on-year increase of 10.46%, with a gross margin improvement of 3.32 percentage points to 54.44% - The company’s new electric platform recorded nearly 3 billion kWh of charging volume in 1H25, indicating a positive adjustment in business structure and service ecosystem - In the virtual power plant sector, the company connected nearly 50 GW of distributed photovoltaics and engaged in power market transactions across over 10 provinces, with a total trading volume of nearly 2 billion kWh, a year-on-year increase of approximately 2.5 times [3] RWA Development Opportunities - The company partnered with Ant Group to complete the first nationwide RWA based on renewable energy assets in Hong Kong, using charging stations as anchor assets - This innovative financing method is expected to benefit numerous quality renewable energy assets and facilitate a positive cycle of financing, operation, and revenue for small and medium operators [4] Profit Forecast and Valuation - Due to the accelerated construction of the electricity market, the company raised its profit forecasts for 2025 and 2026 by 26.1% and 30.9% to 427 million yuan and 576 million yuan, respectively - The current stock price corresponds to a P/E ratio of 58.2x for 2025 and 43.1x for 2026 - The target price was increased by 70.5% to 24.9 yuan, implying an upward potential of 8.4% based on a 46.7x P/E for 2026 [5]

Core Insights - DeepSeek has launched DeepSeek-V3.1, marking a significant step towards the "Agent Era" with improved response times and enhanced performance in tool usage and agent tasks [1] - Industry experts view 2025 as the "Agent Year," with increasing applications of large models in sectors like healthcare, financial intelligence, and e-commerce [1][2] - Companies are actively developing and implementing agent applications, achieving tangible results in various verticals [2][3] Company Developments - 360 Group's founder Zhou Hongyi emphasizes that agents represent a more advanced evolution compared to large models, integrating task planning and tool utilization capabilities [2] - GuoDianYunTong has focused on financial technology and urban intelligence, developing the Wangdao industry model and successfully applying it in digital auditing and government services [2][3] - Langxin Group has introduced the "Langxin Nine Functions AI Energy Model," which integrates time-series prediction and AI agent technology for optimized decision-making in electricity markets [4] Industry Trends - The shift from passive "dialogue" to active "thinking-action" paradigms in human-computer interaction is reshaping organizational structures and business models [3] - The consensus among companies is that specialized agents are more viable than general-purpose agents, requiring collaboration among multiple foundational models [3][4] - The current environment of open-source ecosystems, policy support, and accelerated application deployment is fostering growth in AI scene platforms and consumer application enterprises [4]

Group 1: Company Insights - Nord Fund recently conducted research on five listed companies, including Taicheng Light, Shengyi Electronics, G-bits, Desay SV, and Longxin Group [1] - Taicheng Light's main business is passive optical devices, with over 90% revenue share and a gross margin of around 30%. The company is expanding MT connector capacity and has established a close supply relationship with its largest customer [1] - Shengyi Electronics reported a 91% increase in revenue and a 452% increase in net profit for the first half of 2025, driven by optimizing product structure and increasing high-value product share [2] - G-bits is focusing on user-driven innovation in game development, with successful titles like "Zhang Jian Chuan Shuo" and "Dao You Lai Wa Bao" showing promising early performance [3] - Desay SV achieved a revenue of 14.644 billion yuan, a 25.25% year-on-year increase, with a net profit of 1.223 billion yuan, up 45.82%. The company is expanding its overseas operations and focusing on smart driving and cockpit businesses [4] - Longxin Group's energy digitalization business generated approximately 470 million yuan in revenue, with a 10% year-on-year growth in energy internet business. The company is actively developing its charging platform and virtual power plant projects [5] Group 2: Market Trends - The telecommunications sector is seeing growth in high-speed switching markets, with Shengyi Electronics advancing in 800G and 224G product development [2] - The gaming industry is experiencing diverse demands, with G-bits adapting its strategies to focus on user needs and optimizing its product offerings [3] - The smart driving and cockpit sectors are expanding, with Desay SV leading in market share for domestic auxiliary driving domain controllers [4] - The energy sector is witnessing accelerated investment in new power systems, with Longxin Group's initiatives in distributed photovoltaic and energy trading showing significant growth [5]

Financial Performance - In the first half of 2025, the company achieved revenue of CNY 1.542 billion, a year-on-year decrease of 0.39% [2] - Net profit attributable to shareholders was CNY 28.638 million, down 23.02% year-on-year [2] - Net profit excluding non-recurring gains and losses was CNY 13.6385 million, a significant increase of 199.94% year-on-year [2] Business Development - The energy digitalization business generated approximately CNY 470 million in revenue, showing a slight increase year-on-year [3] - The energy internet business achieved revenue exceeding CNY 860 million, representing a year-on-year growth of about 10% [4] - The life payment platform's transaction volume grew by over 8% year-on-year, with the new electric charging platform surpassing 23 million registered users [4] AI and Technology Advancements - The company launched the "Langxin Jiugong AI Energy Model," integrating nine core functions for energy management and optimization [7] - The AI model has been applied in key electricity markets, supporting over 22 million registered users on the new electric charging platform [7] - The model ranked first in the international BIRD-Bench evaluation [7] Strategic Partnerships - In August 2024, the company collaborated with Ant Group to complete the first domestic RWA project based on renewable energy assets in Hong Kong [5] - The partnership aims to enhance the operational support for charging station operators and create a sustainable financing cycle [6] - Future collaborations will focus on expanding RWA services for various renewable energy assets linked to the company's energy internet platform [6]

Core Insights - The company reported a stable revenue of 1.542 billion yuan for the first half of 2025, with a nearly 200% year-on-year increase in net profit attributable to shareholders, amounting to 13.6385 million yuan [1] - The company is focused on a dual development strategy of energy digitization and energy internet, aiming to become a leading energy technology enterprise driven by AI and empowered by Web 3.0 [1] - The company has achieved significant growth in the energy internet sector, with cumulative distributed photovoltaic connections nearing 50 GW and a 2.5-fold increase in overall electricity trading volume to nearly 2 billion kWh [1] Business Developments - The company’s platform, New Electric Path, has surpassed 23 million registered users, connecting over 4,300 charging station operators and integrating more than 2 million charging devices, with a cumulative charging volume of nearly 3 billion kWh in the first half of the year [1] - The company collaborated with Ant Group to complete the first domestic RWA project based on new energy physical assets in Hong Kong last August [2] - The company launched its self-developed "Langxin Nine Functions AI Energy Model" at the third Chain Expo, which integrates time-series prediction and AI agent technologies, achieving global recognition in the BIRD-Bench evaluation [2] Strategic Partnerships - The company plans to deepen its collaboration with Ant Group in RWA services, aiming to benefit various partners in the energy internet platform, including charging operators and distributed photovoltaic investors [2]

Core Insights - The company reported a stable revenue of 1.542 billion yuan for the first half of 2025, with a nearly 200% year-on-year increase in net profit attributable to shareholders, amounting to 13.6385 million yuan [1] - The company focuses on dual development strategies of energy digitization and energy internet, aiming to become a leading energy technology enterprise driven by AI and empowered by Web 3.0 [1] - The company has achieved significant growth in the energy internet sector, with cumulative distributed photovoltaic connections nearing 50 GW and a 2.5-fold increase in overall electricity trading volume to nearly 2 billion kWh [1] Business Developments - The company’s platform, New Electric Path, has surpassed 23 million registered users, connecting over 4,300 charging operators and integrating more than 2 million charging devices, with a cumulative charging volume of nearly 3 billion kWh in the first half of the year [1] - The company collaborated with Ant Group to complete the first domestic RWA project based on new energy physical assets in Hong Kong last August [2] - The company launched its self-developed "Langxin Nine Functions AI Energy Model" at the third Chain Expo, which integrates time-series prediction and AI agent technologies, achieving global recognition in the BIRD-Bench evaluation [2] Future Outlook - The company plans to deepen its collaboration with Ant Group in RWA services, aiming to benefit various partners in the energy internet platform, including charging operators and distributed photovoltaic investors [2]

Core Insights - The company has developed the "Langxin Nine Functions AI Energy Model," which recently won the BIRD-Bench dual championship, surpassing top global competitors like Google and Stanford, indicating its leading position in AI technology research [1] Group 1: AI Integration in Core Business - The company has deeply integrated AI into core businesses such as electricity market trading and electric vehicle charging, enhancing operational efficiency [2] - In electricity market trading, AI is applied for load forecasting, price analysis, and decision support, providing technical support for efficient operations [2] - The "Xindian Rabbit" intelligent charging assistant, powered by AI, improves the charging experience for electric vehicle owners by offering real-time information on charging stations and facilities [2] Group 2: Industry-Specific AI Model - The "Langxin Nine Functions" model is tailored for the energy sector, featuring nine core capabilities including precise load and generation forecasting, smart energy scheduling, and dynamic safety alerts [3] - This specialized model addresses unique challenges in the energy sector, such as weather and price fluctuations, with a design focused on industry-specific needs [3] - The model is already being utilized in various applications, including electricity trading and virtual power plant scheduling, providing accurate time-series data analysis [3] Group 3: Future Plans and Ecosystem Development - The company plans to gradually open its AI ecosystem to foster collaboration and connectivity among various stakeholders, aiming to drive industry progress [4] - As a multifaceted participant in the energy market, the company will continue to launch high-quality products and services in areas like smart marketing and zero-carbon parks, contributing to sustainable energy transformation [4]