市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 Rufino认为，尽管众多软件服务企业拥有稳定的订阅收入，且以较低的成本提供实用型产品，但AI的崛 起将限制其提价谈判能力。这会拖累企业估值倍数与可支撑的企业价值，令债务再融资难度加大。"随 着信贷周期全面演进，市场将被迫重新调整资本结构以匹配这些商业模式的盈利能力，"Rufino称，"可 以肯定，不少企业将面临再融资困境。" 不过他也表示，在历经多年去杠杆，且美国经济增长稳健的背景下，软件行业的危机不太可能蔓延成全 局性信贷市场问题。"这场风波大概率将局限在少数特定行业，我认为整体信贷市场不会出现违约率大 幅攀升的情况，"Rufino表示。但他同时认为，考虑到市场潜在风险，当前信贷利差水平仍过于狭窄。 高收益债券相对美国国债约300个基点的溢价，"从风险回报角度看并不划算"。 近日，贝恩资本发出警告，人工智能技术的颠覆性影响持续扩大，叠加债务偿付高峰临近，软件行业贷 款违约率将面临飙升至两位数的风险。 贝恩资本北美特殊情况部门及欧洲企业特殊情况部门主管Angelo Rufino表示："市场 ...

智通财经APP获悉，贝恩资本近日警告，随着人工智能(AI)技术带来的颠覆性影响持续扩大，加之债务 偿付高峰临近，软件行业贷款违约率面临飙升至两位数的风险。 Rufino认为，尽管众多软件服务企业拥有稳定的订阅收入，且以较低成本提供实用型产品，但AI的崛起 将限制其提价谈判能力。这会拖累企业估值倍数与可支撑的企业价值，令债务再融资难度加大。 "随着信贷周期全面演进，市场将被迫重新调整资本结构以匹配这些商业模式的盈利能力，"Rufino 称，"可以肯定，不少企业将面临再融资困境。" 不过他也表示，在历经多年去杠杆、且美国经济增长稳健的背景下，软件行业的危机不太可能蔓延成全 局性信贷市场问题。 "这场风波大概率将局限在少数特定行业，我认为整体信贷市场不会出现违约率大幅攀升的情 况，"Rufino表示。 贝恩资本北美特殊情况部门及欧洲企业特殊情况部门主管Angelo Rufino在接受采访时表示："市场压力 即将显现。这不过是典型的信贷周期现象——某个行业先是被过度追捧，继而涌入天量资金。" Rufino预测，软件行业违约率可能跃升至高个位数至低两位数区间。与之对比，今年美国整体杠杆贷款 违约率预计最高仅为5%，与2 ...

北京商报讯（记者 魏蔚）2月25日，第四范式发布公告称，董事会注意到，近期公司股份价格出现较大 幅度下跌。经了解，市场出现相关传闻称：AI 大模型快速迭代，将导致软件行业现有业务模式被替 代，进而引发市场对软件行业及本集团前景的担忧。 对此，第四范式董事会就上述传闻作出如下澄清：近年来，AI 大模型的发展成加速趋势，相应对于算 力及相关服务的需求也快速增长。集团主营业务受益于这一趋势。根据公司公告，2025年前九个月，第 四范式83.9%的收入为算力相关收入，以算力使用量为主要计价基础；16.1% 的收入来自软件服务业 务。 截至北京商报记者发稿，第四范式股价40.32港元，总市值209.33亿港元。 ...

针对上述传闻，董事会作出明确澄清：近年来AI大模型发展加速，相应对于算力及相关服务的需求也快速增长，而集团的主营业务恰恰受益于这一趋势。 公告援引公司于2025年11月12日披露的业绩数据，截至2025年9月30日止9个月，集团83.9%的收入为算力相关收入，以算力使用量为主要计价基础；仅 16.1%的收入来自软件服务业务。2025年1月至9月，集团收入同比增长36.8%，并于2025年第三季度首次实现单季度盈利。 第四范式在公告中强调，集团核心主业以算力为核心，通过AI技术服务各行业企业客户，推动客户实现智能化升级与全面数字化转型。AI大模型的快速迭 代显著提升了市场对算力需求的增长，也为集团业务的进一步发展拓宽了广阔空间。 经作出一切合理查询后，董事会确认：集团业务运营正常，且截至公告日期，并不知悉任何应披露而未披露的内幕消息。 2月24日，北京第四范式智能技术股份有限公司（股份代号：6682）发布自愿性澄清公告，针对近期公司股价下跌及市场上关于AI大模型迭代可能对软件行 业造成冲击的传闻作出正式回应。 公告显示，董事会注意到近期公司股价出现较大幅度下跌。经了解，市场出现相关传闻称，AI大模型的快速迭代可 ...

集团核心主业为以算力为核心，通过AI技术服务各行业企业客户，通过AI赋能推动客户实现智能化升 级与全面数字化转型。AI大模型的快速迭代，显着提升了市场对算力需求的增长，也为集团业务的进 一步发展拓宽了非常广阔的空间。 经作出一切合理查询后，董事会确认：集团业务运营正常；且截至2月24日，公司并不知悉任何应披露 而未披露内幕消息。 截至2025年9月30日止9个月，集团83.9%的收入为算力相关收入，以算力使用量为主要计价基础；仅 16.1%的收入来自软件服务业务。 集团2025年1月至9月收入同比增长36.8%，并于2025年第三季度首次实现单季度盈利。上述良好经营表 现，正是集团深度受益于AI行业高速增长的直接体现。 本文源自：财华网 【财华社讯】范式智能(06682.HK)公布，董事会注意到，近期公司股份价格出现较大幅度下跌。经了 解，市场出现相关传闻称：AI大模型快速迭代，将导致软件行业现有业务模式被替代，进而引发市场 对软件行业及集团前景的担忧。董事会谨此就上述传闻作出如下澄清： 近年来，AI大模型的发展成加速趋势，相应对于算力及相关服务的需求也快速增长。集团的主营业务 恰恰受益于这一趋势。 ...

Core Viewpoint - The company clarifies that recent rumors regarding the potential replacement of existing software business models by rapidly iterating AI large models have caused significant stock price declines, but the company is actually benefiting from the growth in demand for computing power and related services [1][2]. Group 1: Company Performance - As of September 30, 2025, 83.9% of the company's revenue is derived from computing power-related income, while only 16.1% comes from software services [2]. - The company reported a year-on-year revenue growth of 36.8% for the period from January to September 2025, and achieved its first quarterly profit in the third quarter of 2025 [2]. - The company's core business focuses on providing AI technology services to enterprise clients, facilitating their intelligent upgrades and digital transformations [2]. Group 2: Market Trends - The rapid iteration of AI large models has significantly increased market demand for computing power, creating vast opportunities for the company's further business development [2]. - The company confirms that its business operations are normal and that it is not aware of any undisclosed insider information as of the date of the announcement [2].

如该公告所披露，本集团2025年1月至9月收入同比增长36.8%，并于2025年第三季度首次实现单季度盈 利。上述良好经营表现，正是本集团深度受益于AI行业高速增长的直接体现。 本集团核心主业为以算力为核心，通过AI技术服务各行业企业客户，通过AI赋能推动客户实现智能化 升级与全面数字化转型。AI大模型的快速迭代，显著提升了市场对算力需求的增长，也为本集团业务 的进一步发展拓宽了非常广阔的空间。 经作出一切合理查询后，董事会确认：本集团业务运营正常;且截至本公告日期，本公司并不知悉任何 应披露而未披露的内幕消息。 智通财经APP讯，范式智能(06682)发布公告，董事会注意到，近期本公司股份价格出现较大幅度下跌。 经了解，市场出现相关传闻称：AI大模型快速迭代，将导致软件行业现有业务模式被替代，进而引发 市场对软件行业及本集团前景的担忧。 董事会谨此就上述传闻作出如下澄清： 近年来，AI大模型的发展成加速趋势，相应对于算力及相关服务的需求也快速增长。本集团的主营业 务恰恰受益于这一趋势。 如本公司日期为2025年11月12日的公告(该公告)所披露，截至2025年9月30日止9个月，本集团83.9%的 收入为算 ...

Group 1 - Chutianlong Co., Ltd. won a procurement project from the Hubei Provincial Branch with a bid amount of 1.28 million yuan [1][2] - In 2024, the company's operating revenue was 1.049 billion yuan, with a revenue growth rate of -21.52% [2] - The net profit attributable to the parent company for 2024 was 22 million yuan, showing a decline of 69.38% [2] Group 2 - In the first half of 2025, the company's operating revenue was 457 million yuan, with a revenue growth rate of -4.83% [2] - The net profit attributable to the parent company for the first half of 2025 was -40 million yuan, reflecting a significant decline of 213.07% [2] - The company operates in the information technology industry, with main product types including industry-specific software and smart commercial equipment [2]

Core Viewpoint - The Hong Kong stock market demonstrated strong resilience in January 2026, with significant net inflows from southbound funds driving the Hang Seng Index up by 6.85% to 27,387.11 points, marking a nearly 7% monthly increase [1][2]. Fund Flow Analysis - In January, southbound fund flows exhibited clear phase characteristics, with net inflows exceeding 50 billion HKD on multiple days in early January due to favorable domestic policies, RMB appreciation, and AI industry valuation recovery expectations [2]. - Mid-January saw a temporary decline in fund accumulation due to rising geopolitical risks and valuation corrections in certain sectors, leading to net sell-offs in cyclical stocks like China Mobile and Zijin Mining [2]. - By late January, the Hang Seng Index successfully broke through the 27,000-point mark, supported by surging AI computing demand and better-than-expected earnings from leading consumer companies, with daily net inflows from southbound funds exceeding 30 billion HKD [2]. Industry Performance - The Hong Kong stock market in January reflected a "high prosperity track and policy dividend sector resonance" pattern, with the technology sector leading the gains [3]. - Notable performers in the technology sector included Longi Green Energy, which surged by 61.90% due to increased global AI data center demand, and Zhiyuan AI, which saw a 94.66% increase post-listing [3]. - In the consumer sector, new consumption leader Mingming Hen Mang rose by 73.71%, supported by store expansion and improved profitability, while Pop Mart benefited from a surge in demand for IP derivatives, increasing by 19.13% [3]. - In the financial and real estate sectors, China Life surged by 27.39% due to governance optimization and improved capital expectations, while China Jinmao and New World Development rose by 42.98% and 56.53%, respectively, benefiting from policy optimizations [3]. Fund Outflow Insights - The materials and telecommunications sectors faced significant pressure, with Zijin Mining experiencing a net sell-off of 4.565 billion HKD and China Mobile declining by 2.33% due to intensified industry competition, leading to a total southbound fund reduction of over 16.9 billion HKD [5]. Institutional Perspectives - Multiple institutions noted that the performance of the Hong Kong stock market in January validated the logic of "fundamental recovery + liquidity resonance," with expectations for continued structural rebounds in February [6]. - Everbright Securities highlighted that the current market is in an "earnings vacuum period," with high growth expectations in new economy sectors supported by policy catalysts [6]. - CITIC Securities advised monitoring the potential impact of a peak in lock-up expirations on liquidity in February, while emphasizing the allocation value of quality leaders like Tencent and Alibaba [6]. - Huatai Securities pointed out that Hong Kong stock valuations remain low globally, with a risk premium rate of 3.99% for the Hang Seng Index, significantly higher than the S&P 500, suggesting a dual drive of "profit growth + valuation enhancement" as southbound and foreign fund inflows become more balanced [6]. IPO Market Activity - The IPO market in Hong Kong remained active in January, with 12 companies listed by January 26, raising a total of 34.747 billion HKD, a year-on-year increase of 480.87% [7]. - Notable listings included domestic GPU company Birun Technology and AI model company Zhiyuan, attracting long-term investments from international funds [7]. - The market anticipates that the IPO fundraising scale in 2026 could exceed 300 billion HKD, with hard technology enterprises continuing to dominate the listing trend [7].

以价值为本，推动软件服务商完成从"贩卖功能"向"交付结果"的服务升级。制造业企业引进软件服务是 为了解决实际管理痛点，这倒逼软件服务商摒弃单纯的卖产品思维，利用AI技术赋能业务链条，构建 业务流程透明、生产过程可控、经营结果可测的现代化管理体系，将技术红利转化为企业的管理与发展 红利。 从"上系统"到"用数据"，不仅是技术的升级，更是管理思维的革新。用好AI这一关键增量，唤醒制造业 企业的"数字大脑"，在数字化转型的赛道上跑出加速度，为中国制造注入智慧动能。 （作者袁哲为浙江大学金融研究院研究员，人民日报记者窦瀚洋整理） 《人民日报》（2026年01月27日02版） 数字技术与实体经济的深度融合，是制造业高质量发展的必由之路。然而在数字化转型浪潮中，不少企 业的服务器里虽囤积了大量数据，关键决策却仍依靠经验驱动。 破解这一难题，关键在于打破传统路径依赖，利用人工智能这一引擎，推动软件服务从单纯的工具支撑 向深度的智能驱动转型，让数据"说话"、真正"活"起来。 AI赋能，让系统从数据记录变为懂行专家。数据是企业的重要资产，而脱离业务逻辑的数据，则丧失 了创造价值的能力。引入AI技术，关键在于赋予系统理解能力。系 ...