海量数据会议要点： 产业背景：大模型记忆存储领域的发展趋势。 大模型记忆侧（长上下文、历史记忆保存）是2026年产业的核心叙事方向，向量数据库、RAG是其中关键技术； 海外谷歌Gemini、国内字节、豆包、阿里千问均在强化大模型记忆能力，该领域被视为产业元年（0到1阶段）的核 心方向。 业务结构转型：公司从传统信创国产化关系数据库向AI数据库迁移转化，AI数据库市场空间和爆发想象力大。 产业背景：大模型记忆存储领域的发展趋势。 大模型记忆侧（长上下文、历史记忆保存）是2026年产业的核心叙事方向，向量数据库、RAG是其中关键技术； 海外谷歌Gemini、国内字节、豆包、阿里千问均在强化大模型记忆能力，该领域被视为产业元年（0到1阶段）的核 心方向。 技术与合作进展：公司与清华大学李国良团队合作成立AIDB实验室，实验室围绕向量数据库、产业变化推进模型 融合；双方合作已有很长时间，此次为实验室落地。 公司已正式切入向量数据库、AIDB领域，已有大量技术积累，订单和收入端有积极表现。 海量数据会议要点： 技术与合作进展：公司与清华大学李国良团队合作成立AIDB实验室，实验室围绕向量数据库、产业 公司是国内数据库前 ...

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证券日报网讯1月27日，海量数据（603138）在互动平台回答投资者提问时表示，公司业务布局具体参 见公司披露的定期报告"管理层讨论与分析"章节。 ...

融券方面，海量数据1月27日融券偿还2300.00股，融券卖出2200.00股，按当日收盘价计算，卖出金额 4.09万元；融券余量1.68万股，融券余额31.21万元，超过近一年90%分位水平，处于高位。 资料显示，北京海量数据技术股份有限公司位于北京市海淀区学院路30号科大天工大厦B座6层01室， 成立日期2007年7月30日，上市日期2017年3月6日，公司主营业务涉及针对大中型企事业单位的数据中 心,搭建IT基础设施数据平台,提供相关的数据存储与安全、数据库与数据管理、云计算等方面的解决方 案和技术服务。主营业务收入构成为：数据基础设施解决方案59.72%，数据库自主产品和服务 39.86%，其他(补充)0.42%。 1月27日，海量数据涨4.21%，成交额4.80亿元。两融数据显示，当日海量数据获融资买入额7398.49万 元，融资偿还3373.08万元，融资净买入4025.41万元。截至1月27日，海量数据融资融券余额合计1.81亿 元。 截至9月30日，海量数据股东户数2.74万，较上期减少12.44%；人均流通股10349股，较上期增加 14.21%。2025年1月-9月，海量数据实现营业收入3 ...

证券日报网讯1月27日，海量数据（603138）在互动平台回答投资者提问时表示，公司将持续聚焦主 业，抓住国产数据库行业发展机遇期，全力提升公司经营质量，具体业绩情况请以公司披露的定期报告 或临时公告为准。 ...

Investment Rating - The report maintains a "Recommended" rating for the industry [4] Core Insights - The demand for Tokens is driving inflation across the AI industry chain, with price increases being observed from storage to CPUs and now extending to cloud services, marking a significant shift in the pricing dynamics of the cloud computing sector [14][30] - AWS has initiated a price increase for its EC2 machine learning capacity blocks by approximately 15%, breaking a long-standing trend of declining prices in the cloud services industry, which may lead to a revaluation of cloud computing and related service providers [14] - The report highlights potential investment opportunities in cloud computing, CPUs, and databases, suggesting companies such as Alibaba, Kingsoft Cloud, and Inspur for cloud computing; Haiguang Information and Longxin for CPUs; and companies like StarRing Technology and DM Database for databases [30] Summary by Sections 1. Cloud Computing Price Trends - The report indicates that the AI industry chain is experiencing a price transmission trend, with cloud computing being the next area to see price increases following storage and CPU price hikes [14] - AWS's price adjustment reflects anticipated supply-demand dynamics, suggesting that successful price increases could lead to further adjustments in the future [14] 2. CPU Market Dynamics - The report notes a persistent supply-demand imbalance in the CPU market, particularly with Intel facing production limitations that may lead to continued shortages into 2026 [16] - The importance of CPUs is expected to rise significantly due to the increasing demand from AI applications, with the report emphasizing the need for optimization across both CPU and GPU resources [24][25] 3. Database Sector Growth - The report anticipates a rapid increase in the number of database PCU nodes driven by the demand for AI agents, which could lead to significant revenue growth for database providers [26] - The emergence of AI-native databases is highlighted as a key trend, with companies like Alibaba's PolarDB gaining traction in the market [29] 4. Investment Recommendations - The report suggests focusing on companies in the cloud computing sector such as Alibaba, Kingsoft Cloud, and UCloud, as well as CPU manufacturers like Haiguang Information and Longxin, and database firms like StarRing Technology and DM Database [30]

Group 1 - The core viewpoint of the news is that Beijing Haimao Data Technology Co., Ltd. is experiencing fluctuations in its stock performance and financial metrics, with a notable decline in net profit despite revenue growth [1][2] Group 2 - On January 21, Haimao Data's stock price fell by 0.31%, with a trading volume of 151 million yuan. The net financing buy was -6.49 million yuan, indicating a higher repayment than new purchases [1] - As of January 21, the total margin balance for Haimao Data was 14.7 million yuan, which is 3.13% of its market capitalization, indicating a low financing level compared to the past year [1] - The company repaid 1,500 shares in short selling on January 21, with a short selling balance of 26.67 million yuan, which is at a high level compared to the past year [1] Group 3 - As of September 30, the number of shareholders for Haimao Data was 27,400, a decrease of 12.44% from the previous period, while the average circulating shares per person increased by 14.21% [2] - For the period from January to September 2025, Haimao Data reported revenue of 314 million yuan, a year-on-year increase of 17.68%, but the net profit attributable to shareholders was -75.43 million yuan, a decrease of 73.04% year-on-year [2] Group 4 - Since its A-share listing, Haimao Data has distributed a total of 64.50 million yuan in dividends, with no dividends paid in the last three years [3]

Group 1: Company Performance - As of January 16, the stock price of Beijing Haima Data Technology Co., Ltd. decreased by 2.42%, with a trading volume of 373 million yuan [1] - For the period from January to September 2025, the company achieved operating revenue of 314 million yuan, representing a year-on-year growth of 17.68% [2] - The net profit attributable to the parent company for the same period was -75.43 million yuan, a decrease of 73.04% year-on-year [2] Group 2: Financing and Shareholder Information - On January 16, the company had a financing buy-in amount of 29.26 million yuan, with a net financing buy of -2.86 million yuan [1] - The total balance of margin trading and securities lending as of January 16 was 160 million yuan, accounting for 3.36% of the circulating market value [1] - The number of shareholders as of September 30 was 27,400, a decrease of 12.44% compared to the previous period [2] Group 3: Business Overview - The company, established on July 30, 2007, focuses on providing IT infrastructure data platform solutions for large and medium-sized enterprises, including data storage, security, database management, and cloud computing services [1] - The revenue composition of the company's main business includes 59.72% from data infrastructure solutions, 39.86% from proprietary database products and services, and 0.42% from other sources [1] Group 4: Dividend Information - Since its A-share listing, the company has distributed a total of 64.50 million yuan in dividends, with no dividends paid in the last three years [3]

（文章来源：证券日报） 证券日报网讯 1月15日，海量数据发布公告称，公司预计2025年度实现归属于上市公司股东的净利润 为-6000万元至-4000万元，预计2025年度实现归属于上市公司股东的扣除非经常性损益的净利润为-6800 万元至-4800万元。 ...

Core Viewpoint - The company, Haima Data (603138.SH), expects a net loss attributable to shareholders of 40 million to 60 million yuan for the fiscal year 2025, despite significant revenue growth driven by the domestic database product development and market demand [1] Group 1: Financial Performance - The company anticipates a net loss of 40 million to 60 million yuan for 2025 [1] - Revenue growth is notable, particularly in the core autonomous database business, benefiting from the ongoing trend of domestic software and hardware replacement [1] - The increase in revenue is not sufficient to cover high levels of strategic investments in research and development, leading to a continued net loss, although the loss has narrowed compared to the same period last year [1] Group 2: Product and Market Position - The company focuses on the research, sales, and service of domestic database products, with its core product, Vastbase, recognized for its high-tech, efficient, and high-quality characteristics [1] - Vastbase has been included twice in the national list of centralized database security and reliability testing products [1]