Core Viewpoint - The recent research conducted by Hongcheng Investment on a listed company highlights significant developments in the company's technology and partnerships, indicating potential growth opportunities in the market [1] Group 1: Company Developments - The company, Shanshi Network Technology, is set to conduct its first tape-out of ASIC chip technology, with a successful outcome potentially leading to the launch of a firewall product featuring this technology in 2024 [1] - The company has released the DeepSeek large model application integrated machine solution, aiming to provide users with a one-stop service capability of "computing power + large model + security applications" [1] - Shanshi Network Technology has established strong partnerships with major domestic cloud service providers, including Huawei Cloud, Tianyi Cloud, Alibaba Cloud, and Inspur Cloud [1] Group 2: Institutional Overview - Hongcheng Investment was founded in April 2015 by Zhang Tao and several peers, with a complementary work experience and knowledge structure among the founders [1] - The long-term vision of the company is to create an attractive platform for excellent fund managers through a substantial partnership culture, aiming to generate long-term stable returns for the general public investors [1] - The company culture emphasizes openness, equality, sharing, and inclusiveness [1]

Group 1: Haitai Ruisheng - Haitai Ruisheng is expected to achieve a revenue growth of 69.54% in the first half of 2025, driven by significant growth in computer vision, natural language, and intelligent voice businesses [1] - The contributions from computer vision and natural language businesses are 40% and 14% respectively, while the growth of intelligent voice is more moderate [1] - The company has established partnerships with Huawei for the Ascend integrated machine and is involved in the Shaanxi Smart Cultural Tourism project, becoming an important data supplier for China Mobile [1] - Haitai Ruisheng has formed joint ventures in Chengdu, Changsha, and Baoding, and signed agreements in Hohhot to expand collaborations in over ten cities including Shanghai and Guangzhou [1] - The company is also expanding overseas by acquiring a delivery base in the Philippines and establishing subsidiaries in Hong Kong, the US, and other regions, while promoting its presence in Japan, South Korea, and the EU [1] - In the field of embodied intelligence, Haitai Ruisheng is co-building a data training ground and has launched an engineering service platform [1] - The core competitive advantages include dual-mode service products, a robust technology platform, supply chain management, and data security compliance capabilities [1] Group 2: Shanshi Network Technology - Shanshi Network Technology is set to conduct its first ASIC chip technology tape-out, with the potential to launch a firewall product featuring ASIC chip technology in 2024 if successful [2] - The company has released the DeepSeek large model application integrated machine solution, aiming to provide users with a one-stop service capability of "computing power + large model + security applications" [2] - Shanshi Network Technology has established strong partnerships with domestic cloud service providers including Huawei Cloud, Tianyi Cloud, Alibaba Cloud, and Inspur Cloud [2] Group 3: Institutional Overview - Sicheng Investment, established in 2007, has a registered capital of 30 million yuan and is a regular member of the Asset Management Association of China [2] - The firm focuses on equity investments and adheres to a "high-quality growth" investment philosophy, balancing returns and risks across its product offerings [2] - Sicheng Investment has received numerous industry awards and has engaged in long-term asset management collaborations with various large financial institutions since its inception [2]