在全球科技竞争的版图上，Palantir早已声名显赫。自2003年由彼得·蒂尔等人在美国科罗拉多创立以 来，这家公司始终致力于构建能够"读懂"复杂数据的世界级系统。从服务于国家安全机构的Gotham， 到赋能企业数字化转型的Foundry，再到新近推出、引发行业震动的AIP人工智能平台，Palantir用代码 重新定义了数据的价值。 在工业数字化转型领域，服务商如能科科技等，聚焦能源电力等重资产行业，通过构建专业化的数据采 集与分析平台，助力大型工业企业实现智能化升级，其业务模式与Palantir Foundry有着诸多共通之处。 就当前发展态势而言，中国市场尚未出现与Palantir业务模式与体量完全对等的企业。但随着产业数字 化转型的持续深化，具备核心技术优势与深厚行业洞察力的平台型企业有望脱颖而出。这一演进过程值 得密切关注，或将重塑中国数据智能产业的竞争格局。 尤其值得注意的是，融信数联凭借其"智能体图谱"技术在政务决策支持方面取得重要突破，展现了中国 企业在大数据应用层的创新能力。这类企业的成长路径，或将为中国特色的数据智能产业化发展提供独 特视角与重要参考。 将视线转回中国，我们是否拥有自己的"P ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [6]. Core Insights - The report emphasizes that AI is reshaping future warfare, highlighting a global trend towards military intelligence and the significant impact of AI technologies on battlefield decision-making and operational efficiency [3][16]. - The ongoing competition among major powers in military AI applications is driving the transformation of military systems towards data-driven and autonomous decision-making [26][27]. Summary by Sections 1. Military AI as a Strategic High Ground - Military AI is defined as the deep application of artificial intelligence technologies in defense and military sectors, focusing on autonomous decision-making and intelligent perception [16]. - The report identifies the Russo-Ukrainian conflict as a pivotal moment for AI in warfare, marking it as the "year of AI combat" [3][19]. 2. AI Empowering the Military Industry - AI enhances military operations through improved intelligence analysis, decision-making, autonomous equipment, simulation training, and digital maintenance of equipment [4][11]. - The report outlines three layers of the military AI industry chain: upstream (data and hardware), midstream (technology transformation), and downstream (application scenarios) [4][5]. 3. Global Competition in Military AI - The report discusses how countries are intensifying their efforts in military AI, with the U.S. viewing AI as a core driver for its "Third Offset Strategy" [26][27]. - It highlights the emergence of companies like Palantir, which have demonstrated significant value in military applications, with its market capitalization soaring from $18 billion in early 2023 to $287 billion by Q1 2025 [4][5]. 4. Investment Opportunities - The report anticipates a surge in military orders, particularly in areas like missiles, drones, and data links, driven by the integration of AI into military equipment [5]. - It notes that the military AI sector is expected to see explosive growth in 2025, particularly in intelligent equipment empowered by AI [5]. 5. Industry Data - The defense and military industry comprises 138 constituent stocks with a total market capitalization of 25,859 billion, and a total revenue of 574.5 billion [8]. - The industry has shown strong performance with absolute returns of 15% over one month and 18% over twelve months [8].