当工业富联业绩与估值双重攀升的背后，市场看到的不仅是一只"万亿新贵"的崛起，更是中国制造在 AI 时代的一次关键突围 —— 这家脱胎于富士康的企业，用 6039.31 亿元营收、224.87 亿净利润的三季 报，彻底撕掉了"代工厂"的标签，成为全球 AI 算力基础设施的核心玩家。 工业富联的万亿市值，不是终点而是起点。它的长期增长逻辑清晰，能从需求、技术、政策三个维度找 到支撑，这也是 "卖铲人" 能持续赚钱的关键。 需求端，全球算力基建的"军备竞赛"才刚开始。北美四大云厂商（亚马逊、微软、谷歌、Meta）2025 年的资本开支预计同比增长 40%，其中 80% 的资金会投向 AI 算力基础设施；IDC 的预测更直接 —— 2025 年全球 AI 服务器市场规模将达 800 亿美元，年复合增长率超 30%。这相当于给工业富联 "开了一 个长期订单池"，只要 AI 算力需求不降温，它的订单就有稳定来源。 不可复制的竞争壁垒：从"产能布局"到"技术护城河" 工业富联能坐稳 AI"卖铲人" 的位置，靠的不是单纯的订单优势，而是支撑订单稳定交付的 "硬实 力"—— 这种能力难以被同行复制，构成了它的核心壁垒。 首先是 ...

Core Viewpoint - BlueYun Technology Group Co., Ltd. is progressing with its IPO on the Beijing Stock Exchange, showcasing significant revenue growth but a slight decline in net profit [2][3]. Financial Performance - In 2024, the company achieved a revenue of 742.24 million yuan, representing a year-on-year increase of 81.69% [3][4]. - The net profit attributable to shareholders was 51.20 million yuan, showing a slight decrease of 0.15% compared to the previous year [3][4]. - The gross profit margin for the period was 24.33%, down from 25.79% in the same period last year [4]. - Basic earnings per share decreased by 21.92% to 0.57 yuan from 0.73 yuan [4]. Contracts and Partnerships - In December 2024, BlueYun Technology signed a contract worth 1.391 billion yuan with China Mobile Communications Group Beijing Co., Ltd. for a duration of four years, focusing on providing computing resource integration, computing power optimization, and high-performance cloud services [5]. Company Background - Established in 2004, BlueYun Technology specializes in computing power solutions and GPU cloud services, with notable clients including Zhipu Huazhang and Aido Chao Yue [2]. - The actual controller, Li Jian, holds a 10.18% direct stake and enjoys a total voting power of 47.29% through his indirect holdings [2].