中银证券研报指出，鹏鼎控股泰国大力投资扩充AI产能，"云-管-端"全产业链协同推进。公司本次投资 建设泰国生产园区，有利于进一步扩充公司AI产品线的产能布局，提升公司在AI算力领域的技术实力 和量产能力，扩大公司经营规模，推动各产品线的技术和产品升级，提升公司经营效益。另外，公司持 续加码算力PCB产能，产能释放打开供给空间。随着AI算力需求增长，公司逐步进入新一轮扩产高峰， 未来几年，随着公司新产能陆续释放，算力领域也将成为公司发展的重要支柱。公司2025年前三季度经 营创佳绩，各业务线稳健增长结构持续优化。考虑AI等驱动公司PCB结构持续优化，公司经营持续向 好，AI产业链布局有望深度协同，双向驱动，新一轮产能扩张徐徐铺开。维持"买入"评级。 ...

Core Viewpoint - China Galaxy has issued a recommendation rating for Xilinmen (603008.SH, latest price: 18.12 yuan) based on its strong positioning in the AI product line and channel development [2] Group 1: AI Product Line - The AI product line is increasingly well-developed, establishing a new benchmark for smart sleep solutions [2] Group 2: Channel Development - Continuous deepening of channel layout, with synergistic empowerment through both online and offline channels, as well as domestic and international markets [2]

Core Insights - The strategic significance of vertical large models in government affairs is highlighted as a digital transformation accelerator, facilitating the transition from "information-based" to "intelligent" government services [1] - AI empowerment is emphasized for modernizing governance capabilities, enhancing decision-making science, service precision, and emergency response capabilities [2] - The release of data element value is crucial, aiming to break down data silos in government and achieve intelligent integration and application of data across departments and levels [2] Data and Technology - The document outlines a comprehensive data structure, including over 18 million enterprise business data, 4.59 million enterprise trademark data, and 10 million patent data, indicating a vast database supporting vertical industry applications [3] - The core technology architecture consists of a three-layer model system: a foundational layer based on domestic computing power, a domain layer for specific scenarios like policy interpretation and public service, and an application layer for lightweight fine-tuning models [3] Application Scenarios - Typical application scenarios include multi-modal government knowledge processing technology, a privacy-computing-based federated learning framework, and a structured parsing engine for policy texts [4] - Intelligent policy services are highlighted, including precise policy matching and push notifications, intelligent pre-examination of application conditions, and simulation of policy effects [4] Implementation Pathways - Suggested implementation pathways include a step-by-step strategy from single department pilots to cross-department collaboration, establishing data standards, security standards, and ethical guidelines for government large models [10] - The cultivation of "government + AI" composite talents is recommended to build a sustainable evolution capability [10] Future Outlook - The vertical large model in government affairs is expected to drive a new governance model characterized by "data-driven decision-making and intelligent service empowerment," ultimately achieving a new paradigm of government services that benefits the public [6] - The company, 科策云, is positioned as a leader in the science and technology innovation sector, with a focus on AI products and government-enterprise product lines, continuously enhancing its offerings to provide high-quality information services [6][8]