Investment Rating - The report suggests a positive investment outlook for the industry, indicating a potential increase in value over the next 3-6 months, with expectations of growth exceeding the market by more than 15% [40]. Core Insights - The report highlights three core logic points driving the rigid demand for CPU in the Agent era, emphasizing the shift in computational load from GPU to CPU due to the complexity of tasks performed by Agents [11][16]. - The global Agent ecosystem is predicted to experience exponential growth, with active Agents expected to rise from approximately 28.6 million in 2025 to 2.216 billion by 2030, alongside a significant increase in task execution and token consumption [16][21]. - A supply-demand imbalance is emerging, with Intel shifting production capacity to server CPUs, leading to delivery issues in consumer electronics, while NVIDIA plans to enhance CPU core counts in response to bottlenecks [33][37]. Summary by Sections Section 1: Three Core Logics Revealing the Rigid Demand for CPU - The shift in computational load towards CPU is driven by the Multi-Agent architecture, which increases OS scheduling pressure due to the complex workflow of Agents [11]. - The challenge of long context scenarios necessitates KV Cache offloading to CPU, which increases CPU load due to the need for task scheduling and data transfer [11][12]. - High concurrency in tool usage by Agents leads to significant CPU consumption, as non-model inference tasks are primarily handled by CPUs [15]. Section 2: Expansion of the Agent Ecosystem Igniting CPU Performance Bottlenecks - The number of active Agents is projected to grow significantly, with task execution expected to increase from 44 billion in 2025 to 415 trillion by 2030, indicating a shift towards deeper reliance on Agents in business processes [16][17]. - Token consumption is anticipated to surge from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting the increasing complexity of tasks handled by Agents [17]. Section 3: Supply-Demand Imbalance and New Shortboards in Computing Power - Intel's urgent shift in production to server CPUs has resulted in a decline in consumer electronics delivery rates, while NVIDIA's new architecture aims to address CPU bottlenecks [33]. - Market data indicates a growth in global client CPU shipments, with a 7.9% quarter-on-quarter increase and a 13% year-on-year increase in the second quarter of 2025 [33][34]. Section 4: Related Companies - Key companies in the CPU sector include Haiguang Information, Zhongke Shuguang, He Sheng New Materials, China Great Wall, Longxin Zhongke, and others [4][38]. - Domestic computing power companies include Haiguang Information, Cambricon, Dongyangguang, and others, while overseas companies include Zhongji Xuchuang, New Yisheng, and others [4][38].

Core Insights - The article highlights that over 190 stocks were investigated by institutions in the past week, with Dajin Heavy Industry receiving the most attention from 209 institutions [1] - Dajin Heavy Industry's research indicates that the replacement of existing energy and the addition of new electricity demand, combined with unique natural resource endowments, make offshore wind development in Europe a "must" [1] - The North Sea, Baltic Sea, and the Atlantic Ocean off the coasts of England, France, and Western Europe have high wind speeds and shallow waters, indicating abundant offshore wind energy resources with currently low penetration rates [1] - The existing offshore wind power capacity in these regions is insufficient to meet demand, suggesting significant growth potential for offshore wind energy in the future [1] Performance Summary - Among the stocks investigated by institutions, nine are projected to have a net profit increase exceeding 100% by 2025, including Baiwei Storage, Yinglian Co., Guoli Electronics, Fute Technology, Runfeng Co., Dajin Heavy Industry, Haopeng Technology, Zhenyu Technology, and Changlan Technology [1] - Baiwei Storage leads with a projected net profit increase of over five times [1] - The average increase in stock prices for the investigated companies exceeded 5% in the past week, with Longxin Zhongke, Dike Co., and Qixiang Tengda seeing increases of over 20% [1]

Core Viewpoint - The article highlights that Daikin Heavy Industries has attracted the most institutional research interest, with 209 institutions conducting research on the company, indicating strong market interest and potential growth in the offshore wind energy sector in Europe [1] Group 1: Institutional Research - Daikin Heavy Industries has been researched by 209 institutions, including 46 fund companies, 44 securities firms, 41 private equity firms, and 12 insurance companies [1] - The company emphasizes the necessity of replacing existing energy sources and meeting new electricity demands, particularly in the context of Europe's unique natural resource endowments [1] Group 2: Offshore Wind Energy Potential - The North Sea, Baltic Sea, and the Atlantic waters off the coasts of England and France are characterized by high wind speeds and shallow waters, making them rich in offshore wind energy resources [1] - The current penetration rate of offshore wind energy in these regions is very low, indicating significant growth potential for offshore wind power in the future [1] Group 3: Performance of Research Stocks - Among the stocks researched by institutions, nine are projected to have a net profit increase exceeding 100% by 2025, including companies like Baiwei Storage and Daikin Heavy Industries [1] - Baiwei Storage leads with a projected net profit increase of over five times, showcasing exceptional growth potential [1] - The average stock price of the researched companies has risen by over 5% in the past week, with individual stocks like Longxin Zhongke and Dike Co. seeing increases of over 20% [1]

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]

Core Insights - The firewall industry in China is a critical component of the network security system, serving as the first line of defense for enterprises and individuals. The industry is characterized by a diverse range of listed companies, primarily concentrated in the upstream and midstream segments of the supply chain [1][5]. Group 1: Company Overview - Major companies in the firewall industry include Sangfor (300454.SZ), Tianrongxin (002212.SZ), Hillstone Networks (688030.SH), Deepin Technology (300768.SZ), Ruijie Networks (301165.SZ), Venustech (002439.SZ), Qihoo 360 (688561.SH), and NSFOCUS (300369.SZ) [1]. - The highest revenue in the firewall industry for 2024 is projected to be from Lenovo, with revenue reaching 114.77 billion yuan, followed closely by Inspur with the same revenue figure [4]. - The registered capital is highest for NSFOCUS, while Tianrongxin is the oldest company in the industry. Ruijie Networks has the most bidding information, totaling 7,141 entries [8]. Group 2: Revenue and Profitability - In terms of revenue from firewall-related business, Sangfor is expected to generate 3.629 billion yuan in 2024, ranking second in the domestic market for unified threat management. Qihoo 360 follows with an expected revenue of 2.653 billion yuan [9]. - The gross profit margin for representative companies in the firewall industry is projected to be around 60% in 2024, with Sangfor achieving the highest margin at 79.31% and Hillstone Networks at 71.97% [11]. Group 3: Business Layout - The firewall business layout of listed companies shows a combination of regional focus and nationwide outreach, with technological innovation and scenario deepening being key characteristics. Sangfor focuses on South China, covering over 30 countries and regions, while Qihoo 360 is centered in Beijing, targeting government and state-owned enterprises [13][15]. - Companies like Tianrongxin and Venustech are also focusing on specific sectors such as industrial internet and government services, respectively, to enhance their market presence [15]. Group 4: Business Planning - Future business plans for firewall companies emphasize technological iteration and scenario deepening. Sangfor aims to integrate network security with cloud computing and transition to a subscription model by 2026 [17]. - Qihoo 360 plans to allocate 25% of its R&D budget to encryption firewall research, while Tianrongxin is focusing on smart solutions for industrial firewalls [17].

Core Viewpoint - Longxin Zhongke is expected to achieve approximately 635 million yuan in revenue for 2025, representing a year-on-year growth of around 26%, while the net loss attributable to the parent company is projected to be around 450 million yuan, a reduction in loss of approximately 176 million yuan, equating to a year-on-year decrease in loss of 28% [1] Group 1 - The company is focusing on both policy-driven and open market strategies to leverage its advantages in self-reliance, transforming these into cost-effectiveness and software ecosystem advantages, leading to a simultaneous increase in both revenue and quality [1] - Longxin Zhongke is capitalizing on the recovery of the security application market, utilizing the cost-effectiveness of its new generation embedded CPUs to rapidly restore revenue from industrial control chips [1] - The company is making significant progress in the information technology sector, taking advantage of market recovery opportunities and achieving good results in the procurement of office systems and industry-specific business systems [1] Group 2 - Longxin Zhongke is committed to ongoing CPU research and development, with the successful development of products like "Three Swordsmen" and "Three Sharp Soldiers" marking its initial competitive edge in the open market [2] - The company aims to establish a Linux software ecosystem that stands alongside X86/ARM, effectively breaking down software ecosystem barriers for its CPUs, indicating a new phase in its development [2] - Longxin Zhongke anticipates a new growth cycle from 2025 to 2027, being the only domestic company capable of series CPU IP core licensing, which may lead to stable and sustainable revenue sources through supporting other countries' chip companies in forming their own CPU brands [2]

Summary of CPU Industry Conference Call Industry Overview - The CPU iteration speed has significantly accelerated, reducing from a five-year cycle to a one-year cycle, driven by increasing data volumes and higher demands for CPU I/O interfaces and core counts [1][3] - CPU price increases are primarily driven by supply-side factors, with upstream foundries raising prices due to AI demand squeezing capacity, leading to price hikes in both consumer and server-grade CPUs [1][4] Key Insights - **Price Trends**: CPU prices are expected to continue rising, a trend anticipated to persist long-term. The price increase sequence starts with upstream foundries, followed by consumer CPUs, and server CPUs are expected to catch up in 2026 [3][4] - **AI Influence**: The development of AI has accelerated CPU upgrades and iteration speeds, necessitating more advanced I/O interfaces and core counts due to growing data requirements [3] - **Domestic Market Growth**: The domestic market for CPUs is experiencing a significant impact from the acceleration of domestic production, with steady increases in shipments of domestic server and PC CPUs since 2023, expected to accelerate in 2025 [1][6] Company-Specific Insights - **Haiguang Information**: Focuses on server CPUs, with an expected shipment of approximately 1-1.2 million server CPUs and 300,000-400,000 PC CPUs by 2025. The 7,580 model has seen large-scale procurement [1][7] - **Loongson Technology**: Utilizes a self-developed architecture, with successful launches of desktop models 3A6000, 3B6660, and server model 3C6000, showing significant cost-performance advantages and expected market share growth in 2026 [1][7] - **China Great Wall Technology**: Its subsidiary, Phytium, is a key competitor in the ARM CPU space, with models like S2500 gaining market attention. Expected shipment increases are anticipated as domestic capacity issues are resolved [2][7] Policy Impact - Government policies, such as the Ministry of Finance's Document No. 13, support the procurement of domestic products by government and affiliated units, effectively promoting the application of domestic CPUs in government and enterprises [6][8] - Continuous policy support since 2024 has accelerated the release and implementation of new products by relevant companies, addressing capacity bottlenecks and significantly enhancing overall shipment volumes [8]

龙芯中科披露，营收增长业绩改善主要系收入量价齐升、毛利率水平提升所致。 龙芯中科预计，2025年到2027年将会是公司新一轮增长周期。在东海证券看来，龙芯中科是国内唯一具 备系列化CPUIP核授权条件的企业，目前公司支持其他国家芯片企业形成其自主品牌CPU，已取得实质 性进展，后续或将创造稳定且持续性的营收来源。 从行业发展来看，国海证券认为，CPU是计算机的"大脑中枢"，架构设计追求"通用性"——能够处理各 种复杂逻辑、分支判断、串行任务，是支撑所有系统运行的基础，其核心特点是"少核心、高主频、强 缓存"。在超节点技术创新、AI推理需求及AI算力产业链景气共振等多重驱动下，CPU市场有望进入涨 价周期。其中，中国市场CPU格局相较海外更为集中，供需关系或将更为紧张。 1月23日晚间，国产CPU(中央处理器)龙头企业龙芯中科技术股份有限公司(以下简称"龙芯中科")发布 2025年业绩预告，预计公司2025年年度实现营业收入6.35亿元左右，比上年同期增长26%左右；归属于 母公司所有者的净利润亏损4.5亿元左右，与上年同期相比，预计减少亏损1.76亿元左右。 具体来看，龙芯中科介绍，报告期内，公司坚持政策性市 ...

Core Viewpoint - Longxin Zhongke (688047.SH) expects a net loss of approximately 449 million yuan for the year 2025, which represents a reduction in loss of about 176 million yuan compared to the previous year, indicating a year-on-year loss reduction of approximately 28% [1] Group 1: Financial Performance - The company anticipates a net loss of around 449 million yuan for 2025, a decrease of approximately 176 million yuan from the previous year [1] - The company has reported a gradual recovery in gross profit margin, driven by the recovery of the industrial control sector and the contribution of new business in the information technology field [1] Group 2: Business Strategy and Market Position - The company is pursuing a dual strategy in policy-driven and open markets, leveraging its advantages in self-sufficiency to enhance cost-effectiveness and software ecosystem [1] - The company is capitalizing on the recovery of the security application market and has seen a rapid recovery in revenue from industrial control chips [1] - The company has made significant progress in bidding for office systems and industry business systems, utilizing the competitive advantages of its "three swordsmen" in system cost-effectiveness and ecological construction [1] Group 3: Credit and Asset Management - The company has estimated credit impairment losses and asset impairment losses of approximately 165 million yuan, a reduction of about 84 million yuan year-on-year [2] - Improved management of accounts receivable and customer credit has led to a gradual improvement in cash collection [2] - The provision for inventory impairment is rapidly narrowing due to the recovery of the traditional security application market and further expansion of the industrial control business [2]

报告期内，公司坚持政策性市场和开放市场"两条腿"走路，把自主化优势转化为性价比和软件生态的优 势，实现收入的量质齐升。抓住安全应用市场恢复发展的机遇，发挥龙芯新一代嵌入式CPU性价比优 势，实现工控类芯片营业收入快速恢复。信息化领域厚积薄发，把握市场重启契机，充分发挥"三剑 客"的系统性价比优势和生态建设局部领先的优势，在办公系统及行业业务系统招标采购中取得良好进 展;推进3C6000服务器典型应用落地，探索对外技术授权新商业模式，形成新的可持续收入增长点。公 司整体业务展现出稳步回升的良好态势。 报告期内，公司毛利率逐步回归到良好水平。工控领域业务逐渐恢复带动高质量等级产品出货;信息化 领域对外技术授权的新业务毛利贡献较大，且与桌面CPU配套的低成本桥片逐步开始出货;以上因素带 动毛利率逐步回升。 报告期内，公司按照既定的会计政策计提的信用减值损失和资产减值损失预计金额合计约1.65亿元，同 比减少约0.84亿元。公司加强应收账款管理和客户信用管理，回款情况逐步改善;存货跌价准备计提规 模随着传统安全应用市场的恢复和工控业务的进一步开拓正在快速收窄。 龙芯中科(688047.SH)发布2025年年度业绩预告 ...