Industry Overview - The report highlights the continuous iteration of domestic open-source large models, reshaping the AI competitive landscape, with DeepSeek V3.2 achieving inference capabilities comparable to GPT-5 [1][20][21] - The establishment of a "Space Data Center" in Beijing, with the first computational test satellite "Chengguang No. 1" set to launch, is noted as a significant development in AI computing infrastructure [2][22] Industry Data - In October 2025, the Producer Price Index (PPI) for the computer industry increased by 1.0% month-on-month but decreased by 0.3% year-on-year [5][23] - From January to October 2025, the software industry generated a total revenue of 125,104.00 billion yuan, reflecting a year-on-year growth of 13.2%, with total profits amounting to 15,721.00 billion yuan, up by 7.7% [5][28] - Software exports reached 51.09 billion USD, marking a year-on-year increase of 6.7% [5][28] - The cumulative production of electronic computers from January to October 2025 was 28,750.20 million units, a decrease of 1.2% year-on-year, while the notebook computer export volume in October was 10.29 million units, down by 17.9% [5][24] Company Announcements - Pingao Co., Ltd. announced an investment framework agreement to invest 4 billion yuan in Jiangyuan Technology, acquiring a 15.4182% stake, focusing on AI computing hardware [7][38] - Jiahua Technology is planning a major asset restructuring, intending to acquire a controlling stake in Shudun Information Technology [7][42] Market Review - The report notes a decline of 5.26% in the Shenwan Computer Industry Index from November 1 to November 30, 2025, with all sub-sectors experiencing downturns [9][43] - As of November 28, 2025, the price-to-earnings (P/E) ratio for the Shenwan Computer Industry was 209.42 times, with a valuation premium of 1477.89% relative to the CSI 300 [9][45] Monthly Strategy - The report emphasizes the ongoing iteration of AI large models by leading domestic manufacturers, which is expected to accelerate technological innovation and application deployment [11][50] - Domestic open-source models like DeepSeek, Tongyi Qianwen, and Kimi are narrowing the performance gap with top international closed-source models, potentially gaining a competitive edge due to better cost-performance ratios [11][50] - The report suggests a focus on AI application sectors driven by rapid technological implementation and demand release, recommending attention to leading companies with strong AI technology deployment capabilities [11][50]

Core Insights - Pingao Co., Ltd. plans to invest 400 million yuan in Jiangyuan Technology Co., Ltd. through capital increase, acquiring a 15.4182% stake post-investment, based on a pre-investment valuation of 24.19 billion yuan [1][2] - Jiangyuan Technology's shareholders will acquire a total of 12% stake in Pingao Co., Ltd. through share transfer, establishing a strategic partnership between the two companies [1][2] Investment and Strategic Partnership - The investment marks a significant milestone for Pingao Co., Ltd. in the domestic computing power sector, enhancing its strategic collaboration with Jiangyuan Technology [1][3] - The partnership is characterized by mutual empowerment, with Jiangyuan Technology's shareholders recognizing Pingao's growth potential and acquiring shares in Pingao [2][3] Product Development and Technological Advancements - The collaboration has already led to the launch of the "Pingyuan AI Integrated Machine" series, which utilizes Jiangyuan's D10 chip, providing comprehensive coverage from edge to cloud [3][4] - Jiangyuan Technology has successfully produced its first-generation D1 chip and the D10 computing power card, which is now widely applied [4][5] Market Context and Future Outlook - The partnership addresses the urgent need for domestic chip production amid limited external supply of high-end GPUs and surging domestic demand for computing power [6] - The upcoming launch of Jiangyuan's second-generation T800 chip, expected to match or exceed NVIDIA's H100 performance, signifies a major step in the domestic AI chip self-sufficiency process [5][6] - The collaboration is seen as a key breakthrough in the transition of domestic AI chips from "usable" to "highly usable/scalable," reflecting the maturity of the domestic AI chip industry chain [6]

Core Viewpoint - Pingao Co., Ltd. plans to invest 400 million RMB in Jiangyuan Technology, valuing the company at 2.4139 billion RMB pre-investment, which will increase its stake to approximately 15.4182% after the capital increase [1] Company Summary - Pingao Co., Ltd. will subscribe to an additional registered capital of 268,727 RMB in Jiangyuan Technology, raising the latter's total registered capital from 1,621,702 RMB to 1,890,429 RMB post-investment [1] - Jiangyuan Technology specializes in computing power chips based on 12-inch wafer technology, primarily delivering products in the form of computing power cards for AI integrated machine clients and computing servers [1] - The company has successfully completed the first generation chip product D1 and has launched the D10 computing power card based on D1 in mass production, with plans to introduce the D20 card by November 2025 [1] - Jiangyuan Technology is currently developing its second-generation chip product T800, which is expected to achieve mass production by 2026 [1] - The products of Jiangyuan Technology are domestically produced and focus on self-controllable chips, serving key clients including Xinchuang clients, internet companies, and local computing power centers [1]

Core Viewpoint - Pingao Co., Ltd. plans to invest 400 million RMB in Jiangyuan Technology, valuing the company at 2.4139 billion RMB pre-investment, which will increase Pingao's stake in Jiangyuan from 1.2031% to 15.4182% after the capital increase [1] Investment Details - The investment will be made through a capital increase, resulting in the subscription of 26,872.7 RMB in new registered capital for Jiangyuan Technology [1] - After the capital increase, Jiangyuan's registered capital will rise from 162.1702 million RMB to 189.0429 million RMB [1] Company Profile - Jiangyuan Technology specializes in computing power chips based on 12-inch wafer technology, primarily delivering products in the form of computing power cards [1] - The company has completed the first generation of chip product D1 and has achieved mass application of the computing power card product D10 based on D1 [1] - Jiangyuan plans to launch a second computing power card product D20 based on the first generation chip by November 2025 and is currently developing the second generation chip T800, expected to achieve mass production by 2026 [1] Market Position - Jiangyuan Technology's products are domestically produced, focusing on self-controlled chips, with core clients including clients from the information technology sector, internet companies, and local computing power centers [1]

Group 1 - Company *ST Rendo (002647.SZ) announced an investment of 100 million yuan in Jiangyuan Technology through an increase in registered capital, resulting in a shareholding ratio of 4.1427% post-investment [1] - The funding sources for this investment include 50 million yuan from Rendo Holdings' own funds and 50 million yuan borrowed from Huilibao [1] - Jiangyuan Technology, established in November 2022, focuses on the development of domestically produced AI chips, aligning with the national strategy for autonomous computing power [1] Group 2 - The target company's products are based on 12-inch wafer chips, primarily delivered in the form of computing power cards for AI integrated machines and computing servers [1] - Jiangyuan Technology has completed the first generation chip product D1 and is launching the D10 computing power card, with plans for a second card product D20 and ongoing development of the second generation chip T800, expected to achieve mass production by 2026 [1] - The target company has completed its first and second rounds of financing, with this investment being part of the third round totaling 313.9 million yuan, involving various strategic investors [2] Group 3 - The investment is aimed at establishing a second growth line for the company, with a post-investment shareholding not exceeding 5%, and no involvement in the management or operations of Jiangyuan Technology [2] - There is significant uncertainty regarding the potential for future collaboration between Jiangyuan Technology and the company's main business, as the investment is considered a cross-industry investment [2]

Group 1 - Company *ST Rendo (002647.SZ) announced an investment of 100 million yuan in Jiangyuan Technology through an increase in registered capital, resulting in a shareholding ratio of 4.1427% post-investment [1] - The funding for this investment comes from the company's internal self-owned funds, with 50 million yuan from Rendo Holdings and 50 million yuan borrowed from Huilibao [1] - Jiangyuan Technology, established in November 2022, focuses on the development of domestically produced AI chips, aligning with the national strategy for autonomous computing power [1] Group 2 - The target company's products are based on 12-inch wafer chips, primarily delivered in the form of computing power cards for AI integrated machines and computing servers, with applications in intelligent terminals and computing centers [1] - Jiangyuan Technology has completed the first generation chip product D1 and is launching the D10 computing power card, with plans for a second card product D20 and ongoing development of the second generation chip T800, expected to achieve mass production by 2026 [1] - The company has completed its first and second rounds of financing, with this investment being part of the third round totaling 313.9 million yuan, involving various strategic investors [2]