本报讯 （记者李昱丞）1月8日，北京智谱华章科技股份有限公司（以下简称"智谱"）正式在港交所上市。 在业内人士看来，国内AI大模型产业进入商业化落地加速期。作为"LED+AI"战略的先行者，深圳市洲明科技股份有限公 司（以下简称"洲明科技"）凭借与智谱等头部大模型企业的深度合作，在AI智能体领域的前瞻布局与实践，将迎来业绩增长的 新机遇，成为AI技术赋能传统制造业的典型范本。 依托技术合作与自主研发双轮驱动，洲明科技在AI智能体方向的探索已形成清晰的产品布局和商业化路径。公司 以"LED+AI"战略为核心，构建起覆盖ToB与ToC的全场景AI生态体系，将AI智能体能力深度融入硬件终端，实现从"显 示"到"智能交互"的跨越。 在ToB端，洲明科技的AI智能体产品已实现批量交付与场景复用。AI一体机、AI台灯系列、AI光堡盒子、AI数字售卖亭等 产品，凭借"垂直细分类模型+终端AI智能体"的解决方案，成功落地南京德基广场、国家博物馆、戴尔展厅、福建能化集团等 标杆场景。其中，与香港科晫集团签署的1500台AI一体机批量交付框架协议以及与广东华辉煌光电科技有限公司达成的5年100 万台AI智能硬件供货协议，标志着公 ...

1月8日晚间，杰创智能（301248）披露一则重磅采购公告。为推进公司人工智能战略发展和业务转型， 拟向多家供应商采购IT设备及零配件，总金额不超过人民币40亿元。本次交易金额达到公司最近一期经 审计净资产的50%，亦达到公司最近一期经审计总资产的50%，尚需要提交公司股东会审议。 杰创智能强调，随着公司人工智能战略稳步推进，在人工智能业务方向的投入力度持续加大。本次采 购，有利于扩大云计算业务规模，有利于推进公司技术产品研发，深度融入云计算产业生态链，系公司 落地人工智能战略、持续推进业务升级转型的重要布局。 就在同一天，杰创智能披露公告称，为增强子公司的资本实力，促进公司及子公司经营发展，加快公司 整体战略发展目标的实现，公司拟以自有资金人民币1.7亿元对广东杰创智能科技有限公司(以下简 称"广东杰创")进行增资，本次增资完成后，广东杰创的注册资本将变更为人民币2.95亿元。 在2025年9月举行的投资者网上集体接待日活动上，杰创智能提到，公司积极把握互联网、自动驾驶、 AI创业公司对AI算力需求爆发式增长的机会，为互联网、科研院校等用户提供按需灵活租用的智算云 服务。2025年上半年公司"AI+云计算" ...

"AI基础设施前期投入巨大，一套AI一体机的投资规模往往就达数百万元，甚至高达上千万元。"一位调 查机构人士向记者表示，从年度调研反馈及日常服务企业的情况来看，不少企业在AI布局过程中普遍 面临较大挑战。 尽管人工智能与传统产业的深度融合，正在推动生产流程向智能化、自动化转型，并在一定程度上提升 了生产效率和产品质量、降低了单位生产成本，但投资回报率仍是企业最为担忧的问题之一。 上述机构的调查数据显示，40%的中国受访企业将财务成本高、投资回报率偏低列为科技应用面临的首 要挑战；在中小企业中，这一比例更高，达到49%。 记者了解到，中型企业在推进定制化模型开发、云算力结合轻量化硬件应用时，初始投入一般在50万至 500万元之间，年运营成本约为30万至200万元，主要应用于AI质检、供应链预测等场景。大型企业若 开展大模型训练、搭建本地算力集群，初始硬件及研发投入通常需要5000万元至数亿元，年运维成本也 往往从千万元级起步。 从成本构成来看，数据工程、模型开发与训练、算力硬件、人才投入以及合规与运维构成五大核心板 块。其中，数据工程成本占比最高，约为30%—50%，涵盖数据采集、清洗、标注等全流程。 上述人士 ...

Group 1 - The company, Zhouming Technology, has signed a strategic cooperation agreement with TechTure to initiate an AI intelligent upgrade project for rail transit [2] - A framework agreement for the bulk delivery of 1,500 AI integrated machines has been established [2] - The delivery of the first batch of products for the project has already commenced, with production, quality inspection, and logistics processes progressing as planned [2]

（文章来源：每日经济新闻） 洲明科技（300232.SZ）12月2日在投资者互动平台表示，今年，公司与香港科晫集团（TechTure）签署 战略合作协议，正式启动轨道交通AI智能化升级项目，并签署1500台AI一体机批量交付框架协议。目 前该项目首批产品的交付工作已经启动，相关的生产、质检及物流流程正在按计划推进中。 每经AI快讯，有投资者在投资者互动平台提问：公司的智慧一体机不断地升级优化，请问销量怎么 样？ 有没有真实的出货数据？ ...

Group 1: LED+AI Product Strategy - The LED+AI strategy has two main paths: AI industry solutions focusing on vertical classification models and terminal AI intelligence, and AI edge products creating an ecosystem driven by hardware, IP, and scene services [1][2] - The company has invested 50% (CNY 25 million) in a joint venture with Beijing Zhipu Huazhang Technology Co., Ltd. and Beijing Yuanke Shijie Technology Co., Ltd. to establish a subsidiary for AI solutions [2] Group 2: AI Edge Product Orders - The company has signed a framework agreement for the delivery of 1,500 AI all-in-one machines with TechTure [3] - A partnership with Guangdong Huahui Huang Optoelectronics Technology Co., Ltd. will see the procurement of 1 million AI smart hardware units [3] Group 3: Nanchang Base Capacity Planning - The Nanchang base project has a total investment of CNY 600 million, focusing on Micro and Mini LED display and lighting production [4][5] - The new base has begun limited production, with plans for full-scale operations to enhance production efficiency and reduce costs [5] Group 4: Participation in National Games Facilities - The company has provided LED display products and integrated solutions for multiple venues in the National Games across Guangdong, Hong Kong, and Macau [6] - Key projects include installations at major sports centers in Guangzhou and Shenzhen, enhancing event presentation and lighting [6] Group 5: Future Profit Improvement Strategies - The company aims to focus on mid-to-high-end products to differentiate from low-cost competitors and enhance customer value perception [7][8] - Plans include exploring high-value application scenarios in smart museums and digital tourism, leveraging LED and AI technology [8] Group 6: M&A Plans and Financing Needs - The company maintains a cautious approach to mergers and acquisitions, focusing on integrating market, brand, and technology resources [9] - Key areas of interest include upstream and downstream integration in the optoelectronics industry and collaboration with government and financial institutions for strategic investments [9]

Core Insights - The company has solidified its leading position in the display industry, showing steady improvement in profitability with a revenue of 154.55 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.5%, and a net profit of 4.6 billion yuan, up 39% [1] - The company is actively expanding into emerging markets, achieving significant results across four business segments, including smart terminals, MLED, sensing, and digital healthcare [2] - The company has embraced AI-driven transformation with its "1+4+N" strategy, enhancing operational efficiency and expanding its value chain to discover new growth points [3] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 53.27 billion yuan, a year-on-year increase of 5.8%, and a net profit of 1.35 billion yuan, up 32.1% [1] - The gross margin and net margin for the first three quarters of 2025 were 14.4% and 2.9%, respectively, with the net margin increasing by 1.6 percentage points [1] Group 2: Business Expansion - The smart terminal business has successfully launched its first full-process product at the BOE Vietnam vehicle display base [2] - The MLED business saw a revenue increase of over 15% year-on-year in Q3 2025, with a nationwide dealer network covering all provincial administrative regions in China and expansion into 32 countries [2] - The sensing business reported a 57% year-on-year revenue growth in Q3 2025, with advancements in glass-based advanced packaging projects [2] Group 3: Technological Innovation - The company has launched AI factories, enhancing production planning, material supply, manufacturing, quality management, energy optimization, and environmental safety [3] - The company is advancing semiconductor display technology, IoT innovation, and sensor technology, establishing a comprehensive "screen IoT" technology architecture [3] - The profit forecast for the company has been adjusted, with expected net profits of 6.02 billion yuan, 8.64 billion yuan, and 10.56 billion yuan for 2025, 2026, and 2027, respectively [3]

Core Insights - The AI industry is shifting from a focus on computational power to application implementation, as evidenced by Hengwei Technology's acquisition of 75% of Shuhang Information, marking the first AIRaaS acquisition in the A-share market [1][4] - Hengwei Technology's previous focus was on hardware solutions, but the need for quantifiable business outcomes has led to a strategic pivot towards service-oriented models [1][3] Company Overview - Shuhang Information, established in 2017, specializes in binding large model technology with industry scenarios, offering a full-process solution from data preparation to deployment through its proprietary S-GPTAI engine and Langtree model orchestration platform [2] - The company has experienced rapid revenue and profit growth over the past three years, serving various industries including fast-moving consumer goods, automotive, and finance [2] AIRaaS Model - The AIRaaS model aims to address the growth challenges faced by traditional AI service companies, which often struggle with implementation and measurable results, leading to client hesitance [3] - Unlike traditional models that charge for software licenses or human resources, AIRaaS focuses on quantifiable business outcomes, charging clients only upon achieving agreed results, thus creating a "results-based" service model [3] - This model allows for access to a core profit pool that constitutes 20%-60% of enterprise revenue, significantly higher than the 1%-2% covered by traditional digital services, presenting a substantial value opportunity for companies like Shuhang Information and hardware manufacturers like Hengwei Technology [3] Industry Trends - The acquisition reflects a broader trend in the AI industry, where competition is expected to shift from computational power to the ability to implement solutions in specific business contexts by 2025 [4] - As AI technology becomes more accessible, the focus will increasingly be on understanding industry needs and adapting models to meet those demands, moving away from a purely parameter-driven approach [4] - The ultimate impact of this acquisition will require time to assess, particularly regarding the integration of technologies and resources, as well as the ability to create differentiated advantages in the market [4]

Core Viewpoint - China Tower showcases its role as a key player in digital infrastructure development at the China International Information Communication Exhibition, emphasizing its contributions to national strategies and carbon reduction goals [1] Group 1: Digital Infrastructure Development - Since the 14th Five-Year Plan, China's information and communication industry has built the world's largest and most advanced communication network, achieving over 90% coverage of 5G administrative villages [1] - China Tower has constructed over 5.81 million base station projects, including more than 2.97 million 5G base stations, significantly increasing the availability of shared sites for telecom operators [1] - The sharing level of China Tower has risen from 14.3% to 86%, leading to a reduction in industry investment costs by over 220 billion yuan and operational costs by 195 billion yuan [1] Group 2: Emergency Response Capabilities - China Tower has introduced new disaster-resistant super base stations with capabilities to withstand level 8 earthquakes and level 12 winds, ensuring communication continuity for over 72 hours during extreme disasters [2] - The company has established a comprehensive emergency response system, enhancing capabilities in command and communication support, and has built the largest IoT data sensing network in the country [2] Group 3: Digital Governance and Industry Applications - China Tower is transitioning from "communication towers" to "digital towers," integrating IoT sensors and AI to create a multi-dimensional perception system for various industries [3] - The company has developed 15 specialized industry products and established distributed platforms across 31 provinces, serving over 10,000 application scenarios [3] Group 4: AI and Intelligent Applications - The company has launched the "Artificial Intelligence+" initiative, developing a large-scale model with 180 billion parameters for spatial governance, enhancing capabilities in object detection and reasoning [4] - A general-purpose intelligent system has been introduced, achieving a decision-making time of only 2.6 seconds with 100% accuracy [5] Group 5: Low-altitude Economy Development - China Tower is focusing on the low-altitude economy as a key strategic direction, building a robust infrastructure system and expanding diverse low-altitude applications [6] - The company has implemented pilot projects in several provinces, enhancing management efficiency and operational safety in low-altitude activities [6] Group 6: Energy Solutions - China Tower has become the largest operator of lightweight electric vehicle battery swapping in China, with over 82,000 swapping points across 320 cities, significantly reducing carbon emissions [7] - The company has introduced "zero-carbon base stations" utilizing solar power and energy storage systems, promoting efficient use of clean energy [7]

Core Viewpoint - Hengwei Technology's acquisition of 75% of Shuhang Technology marks the first case of a listed company in the A-share market planning to acquire an AI RaaS (Result as a Service) target, indicating a shift in AI industry competition from computing power to application implementation [1] Group 1: Acquisition Details - Hengwei Technology has been deeply involved in network visualization and intelligent system platforms, and is now expanding into AI infrastructure and solutions [2] - Shuhang Technology, established in 2017, is a leading provider of enterprise-level scenario-based AI solutions, having achieved rapid revenue and profit growth over the past three years [2][3] - The acquisition aims to enhance Hengwei's AI strategy by integrating Shuhang's capabilities, allowing for a complete chain from computing power provision to application implementation [3] Group 2: AI RaaS Model - The AI RaaS model, which focuses on quantifiable business outcomes, is expected to become a competitive area for listed companies, as it helps enterprises achieve digital transformation and improve efficiency [4] - Traditional AI services often fail to deliver clear business returns, leading to hesitance among enterprises to invest in AI; the AI RaaS model addresses this issue by holding service providers accountable for business results [4][5] - AI RaaS can tap into 20%-60% of core profit pools in various sectors, significantly outperforming traditional SaaS, which only covers 1%-2% [5] Group 3: Industry Trends - The competition in the AI sector is shifting from a focus on computing power to the ability to implement solutions in specific scenarios, with a growing emphasis on model efficiency and industry-specific applications [6] - Shuhang Technology's self-developed S-GPT model and Langtree platform enable a full process from data preparation to deployment, showcasing the effectiveness of the AI RaaS model [6] - The acquisition reflects a broader trend in the AI industry towards application competition, with Hengwei aiming to build a "computing power + application" ecosystem [7]