（编辑 王雪儿） 证券日报网讯 铜牛信息9月25日在互动平台回答投资者提问时表示，公司已与摩尔线程签署了战略合作 协议，双方将通过整合各自资源、技术及市场优势，共同探索智能算力的新应用场景和商业模式，在 AI算力服务、智能算力中心建设、智算技术研发、DeepSeek应用场景创新等方面展开合作。 ...

Core Insights - Midea Group and Huawei have signed a strategic cooperation agreement to leverage their strengths in technology and information communication across various key areas, including enterprise management, AIGC, ICT infrastructure, green low-carbon initiatives, cloud business, product development, and internationalization [2][3] - The collaboration in the AIGC field focuses on "technology empowerment + scenario implementation," with the establishment of a special working group to research AI applications in smart homes and smart manufacturing, addressing challenges in multimodal AI algorithm optimization, edge computing, and AI security [2] - In the smart factory sector, Midea will utilize its self-developed visual large model algorithm platform in conjunction with Huawei's Ascend AI visual inspection technology to enhance production efficiency and product quality stability [2] Smart Home and Ecosystem Development - Midea will collaborate with Huawei's HiSilicon and open-source HarmonyOS to create integrated smart home appliance solutions, enhancing product innovation and user experience [3] - The partnership aims to deepen the smart home ecosystem through cross-brand device collaboration and scenario linkage, creating HarmonyOS smart selection products for a smoother user experience [3] - The cooperation also includes interconnectivity among "people," "vehicles," and "homes," digital energy temperature control products, and the digital transformation of medical imaging equipment [3] Strategic Significance - The signing of the strategic cooperation agreement marks a new phase in the collaboration between Midea and Huawei, aiming to continuously deepen technological synergy and scenario innovation [3] - Midea's Chairman Fang Hongbo emphasized the importance of connectivity and computing technology in their core areas, including smart homes, smart factories, smart buildings, and smart hospitals [3] - Huawei's Supervisory Board Chairman Guo Ping highlighted the exploration of new paths for the integration of technology and industry, setting new benchmarks for industry development and enhancing user product and service experiences [3]

Group 1 - The core viewpoint of the report is that Zhongyou Securities has given a "buy" rating to Yuntian Lifei (688343.SH) based on strong revenue growth driven by AI toys and AI computing services [1] - The report highlights that the DeepEdge 10 edge-side domestic computing chip fully supports the DS model, with new chip series development underway [1]

Core Insights - Beijing Qingyun Technology Group Co., Ltd. reported a revenue of 100 million yuan for the first half of 2025, with significant performance in its two main businesses: cloud services and cloud products [1] - The cloud services segment achieved profitability for the first time, with a gross profit of 4.3773 million yuan and a gross margin of 6.60%, an increase of 7.89 percentage points year-on-year [1] - Cloud products maintained a high gross margin of 63.04%, indicating stable and healthy growth [1] Business Strategy - The company continued its strategic adjustment from the previous year, focusing on increasing the scale of high-margin businesses and developing core advantage products aimed at value enterprise customers with stable digitalization needs [1] - Qingyun Technology is enhancing operational efficiency in its cloud services by optimizing infrastructure investment costs and improving return on investment [1] - The AI computing power service is a key focus, with the cloud services segment generating 22.8207 million yuan in revenue from AI computing power [1] Product Development and Partnerships - Qingyun Technology is committed to creating standardized, user-friendly, and reliable products in the digitalization, intelligent computing, and cloud-native fields, significantly improving R&D efficiency and customer experience [2] - The company is implementing a value channel strategy, focusing on "core channels + benchmark channels," treating channel partners as "external partners" to collaboratively meet customer needs [2] - In the first half of 2025, Qingyun Technology expanded its service boundaries through strategic partnerships with Haiguang Information, Northern Computing Network, and Shudao Intelligent Computing, and joined the "AI + Ecological Going Global Alliance" with China Telecom [2]

Core Insights - Hengrun Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 2.073 billion yuan, a year-on-year growth of 223.44%, and a net profit of 40.1665 million yuan, reversing losses from the previous year [1] Revenue and Profit Performance - The company benefited from a recovery in global wind power installations, leading to a full order book in its wind power segment [1] - The revenue from the AI computing power services of its subsidiary, Shanghai Runliushi, surged to 1.039 billion yuan, accounting for over 50% of total revenue for the first time [1] Technological Advancements - Hengrun Co., Ltd. is recognized as one of the first companies in China to mass-produce 12MW offshore wind turbine tower flanges, expanding its technological moat [1] - The product diameter range covers a full series from DN15 to 11.5 meters, indicating a comprehensive product offering [1] Research and Development - The company invested 41.8965 million yuan in R&D during the reporting period, marking a 62.5% increase, focusing on precision components for wind turbine gearboxes and AI server liquid cooling technology [1] - A project for an annual production of 2,000 sets of wind turbine gearbox components has been initiated by its wholly-owned subsidiary, Hengrun Transmission [1] Future Plans - The company aims to enhance its high-end manufacturing and digital computing power strategies over the next three years, with plans to increase the proportion of computing power business to 60% and achieve over 80% localization rate for wind power components [1]

2025年以来，港股市场迎来了一场令人瞩目的牛市行情。恒生指数一路高歌猛进，年初至8月20日累计上涨约25.5%，大幅跑赢美股市场的道琼斯工业指数 （同期上涨5.6%）、纳斯达克综合指数（同期上涨10.4%）以及标准普尔500指数（同期上涨9.0%），相比A股的上证指数同期12.4%的涨幅，亦优势明显。 就伟仕佳杰目前所处阶段来看，行情已行至中后期，但远远未到泡沫阶段。其在AI与云计算、东南亚出海、国产替代等多个赛道有着广阔的发展前景，这 些"长坡厚雪"的可持续价值还未完全在公司估值中得到充分体现。 在这轮尚在进行中的港股牛市，科技与AI成为耀眼的主线之一，众多相关企业股价水涨船高，开启价值重估之路。身处其中的伟仕佳杰(00856.HK)同样表现 不俗。截至8月20日，其股价相比年初有显著升幅，录得约131.0%，大幅跑赢恒生指数。近两个月来，南下资金亦对伟仕佳杰青睐有加，港股持股比例持续 攀升返回历史高位，对公司股价带来积极推动作用。 （数据来源：格隆汇 APP ） 总结来看，公司股价在这轮港股牛市行情中得到大幅攀升，其背后是有着几个深层次的原因。一方面，伟仕佳杰的估值处于低位。与同业对标企业相比，其 市盈 ...

Core Viewpoint - Hongxin Electronics has signed contracts totaling 373 million RMB for computing power services through its two subsidiaries, indicating a strong focus on AI and computing power solutions [1] Group 1: Contract Details - Gansu Suihong Artificial Intelligence Technology Co., Ltd., a subsidiary of Hongxin Electronics, signed a sales contract with Company X for a total amount of 189.5 million RMB [1] - Gansu Suihong Green Computing Power Co., Ltd. signed a service agreement with Company Y for a total amount of 183.55 million RMB [1] Group 2: Business Scope - The AI business of Hongxin Electronics provides comprehensive services including procurement of computing power chips, production of computing power boards and servers, establishment of computing power networks, scheduling and operational management, maintenance services, and matching of computing power consumption orders [1]

Core Insights - Qingyun Technology reported a total revenue of 272 million yuan for 2024, a year-on-year decline of 18.95% due to weak market demand and intensified industry competition [4][5] - The company recorded a net profit attributable to shareholders of -96 million yuan, an improvement from -170 million yuan in the previous year, but still in a loss position [4][6] - The non-recurring net profit was -103 million yuan, a reduction in loss of 40.79% compared to the previous year [4][6] Revenue and Profitability - The total revenue for Qingyun Technology in 2024 was 272 million yuan, down from 336 million yuan in 2023, reflecting a decrease of 18.95% [4][5] - Despite the revenue decline, the gross profit reached 86.13 million yuan, an increase of 4.02% from 82.80 million yuan in the previous year, indicating effective cost control [4][5] - The company continues to face challenges with ongoing losses, with a net profit of -96 million yuan, although this represents a significant reduction in loss of 43.70% from the previous year [4][5] Strategic Developments - In 2024, Qingyun Technology focused on AI computing power services, which generated revenue of 49.37 million yuan, establishing it as a strategic business segment [5][6] - The rapid growth of AI computing services is attributed to the booming demand in the artificial intelligence market, allowing the company to strengthen its position in the cloud computing sector [5][6] - The gross margin for cloud services improved significantly, from -14.62% to -0.24%, reflecting a reduction in losses by 98.42% due to enhanced operational efficiency and optimized infrastructure costs [5][6] Cloud Product Performance - Qingyun Technology achieved a gross margin of 68.30% for cloud products in 2024, an increase of 12.50 percentage points from the previous year [6] - This growth is primarily driven by the continuous expansion of the Xinchuang product market and increased support for intelligent computing platform solutions [6] - The company's success in the cloud product sector demonstrates its commitment to technological innovation and product upgrades, further solidifying its competitive advantage in the cloud computing market [6]

Investment Rating - The report maintains a "Neutral" rating for the computer industry [6] Core Insights - The computer sector's fund holding ratio has significantly decreased to approximately 1.52% in Q1 2025, down from previous quarters [10][19] - The number of computer companies among the top ten holdings has increased to 197 in Q1 2025, indicating a rise in concentration [11] - The top ten companies by fund holding market value include Kingsoft Office, iFlytek, Hikvision, and others, with notable changes in rankings compared to Q4 2024 [15][19] Summary by Sections Market Review - During the week of April 21-25, the CSI 300 index rose by 0.38%, while the computer sector (CITIC) increased by 0.8% [2][26] Industry News - Shanghai's Economic and Information Technology Commission announced a new initiative for AI innovation tasks [20] - The Ministry of Industry and Information Technology and the National Standardization Administration jointly issued guidelines for the construction of a national intelligent manufacturing standard system [21] Company News - Pingzhi Information plans to bid for a GPU computing power project with a total amount of approximately 246 million yuan [24] - Century Dingli has completed changes in its board and senior management [24] Weekly Insights - The fund holding ratio for the computer sector has decreased, indicating a historical low, while the concentration of holdings has increased [4][19] - The top ten holdings in the computer sector have changed, with notable entries and exits compared to the previous quarter [15][19]