Group 1 - Hailanxin (300065) benefits from the collaborative development of the capital urban area port cluster and the intelligent upgrade of shipping, leading to strong growth momentum for the company [1][34] - The company specializes in marine electronic information systems and marine engineering equipment, with a leading position in domestic navigation technology [1][34] - The demand for technology support is expected to increase due to the acceleration of intelligent transformation at key ports like Tianjin and Tangshan [1][34] Group 2 - Jingtou Development (600683) focuses on the development of rail transit properties, leveraging the construction of a cross-regional rail transit network to unlock land value along the routes [2][36] - The company has developed a mature "rail + property" model and holds multiple patents in core technologies related to rail property [2][36] - The ongoing construction in key areas like Beijing's sub-center and Xiong'an New Area aligns with the demand for residential and industrial support due to population relocation [2][36] Group 3 - Chengjian Development (600266) is positioned to benefit from the accelerated urban renewal and non-capital function relief, which creates sustained demand for urban development and infrastructure projects [3][37] - The company has extensive experience in old city renovation and affordable housing construction, participating deeply in the quality upgrade projects of core cities [3][37] - The company’s land reserves and project resources in key areas can directly meet the housing and industrial space needs arising from population relocation [3][37] Group 4 - Langfang Development (600149) is strategically positioned in the land development business in the Beijing area, benefiting from the integration of Tongzhou and the North Three Counties [4][38] - The company can leverage local resource advantages to undertake land consolidation and infrastructure construction projects [4][38] - The demand for land development is expected to be rigidly released due to the implementation of cross-regional demonstration policies [4][38] Group 5 - Julisi (002342) sees a surge in demand for engineering equipment and rigging due to large-scale infrastructure projects in the urban area [5][39] - The company specializes in engineering rigging and lifting equipment, widely used in construction scenarios such as bridges and ports [5][39] - The integration of transportation in the Beijing-Tianjin-Hebei region is expected to drive significant growth in the company's product demand [5][39] Group 6 - Huasheng Tiancai (600410) focuses on cloud computing and digital services, capitalizing on the digital infrastructure upgrade and industrial digital transformation in the urban area [6][40] - The company has a comprehensive digital technology system and rich industry service experience [6][40] - The demand for digital services is expected to grow as the region develops smart transportation and digital governance applications [6][40] Group 7 - Jinyu Group (601992) is a leading supplier of building materials in the Beijing-Tianjin-Hebei region, benefiting from the ongoing construction boom and urban renewal [7][41] - The company’s product offerings include cement, concrete, and aggregates, with a strong supply chain advantage [7][41] - The demand for building materials is expected to rise significantly due to large-scale infrastructure and housing projects [7][41] Group 8 - Jidong Equipment (000856) is positioned to benefit from the upgrade of traditional industries and the demand for equipment renewal in the building materials sector [8][42] - The company specializes in cement equipment manufacturing and engineering services, with a strong technical capability [8][42] - The demand for high-end cement equipment and environmental renovation technology is expected to grow as the region pushes for green upgrades [8][42] Group 9 - Fushi Holdings (300071) focuses on brand marketing and public relations, benefiting from the growing demand for brand promotion in the urban area [9][43] - The company has a full-chain marketing service capability and serves clients across multiple industries [9][43] - The demand for customized marketing solutions is expected to rise as many enterprises establish and upgrade their brands [9][43] Group 10 - Huaxia Happiness (600340) specializes in the development and operation of industrial new towns, benefiting from the influx of industries due to non-capital function relief [10][44] - The company has a mature operational model that integrates industrial introduction and urban support [10][44] - The value of industrial new towns is expected to increase as the region enhances transportation and public services [10][44] Group 11 - Hongqiang Co., Ltd. (002809) sees a rigid growth in demand for concrete additives due to large-scale infrastructure projects [11][45] - The company specializes in concrete additives and new building materials, with stable product performance [11][45] - The demand for concrete is expected to rise significantly, driving the growth of the additives market [11][45] Group 12 - Siwei Tuxin (002405) is positioned to benefit from the rapid development of smart transportation and the growth of the connected vehicle and autonomous driving industries [12][46] - The company specializes in navigation maps and connected vehicle services, with leading technology in high-precision mapping [12][46] - The demand for smart transportation solutions is expected to grow as the region promotes intelligent upgrades in transportation systems [12][46] Group 13 - Leike Defense (002413) focuses on radar systems and electronic countermeasures, benefiting from the dual growth in defense and civilian security demands [13][48] - The company has core technologies and intellectual property rights in the defense and civilian security sectors [13][48] - The demand for security solutions is expected to increase as the region enhances its security capabilities [13][48] Group 14 - Aerospace Technology (000901) is involved in the aerospace equipment manufacturing sector, benefiting from the integration of innovation resources and the upgrade of high-end manufacturing [14][49] - The company leverages its aerospace technology advantages to participate in regional aerospace projects [14][49] - The demand for aerospace technology applications is expected to grow as the region develops its aerospace industry [14][49] Group 15 - Keri International (300662) focuses on human resources services, benefiting from the accelerated flow of talent and the growing demand for high-end talent in the urban area [15][50] - The company provides comprehensive human resources services, covering various industries [15][50] - The demand for customized human resources solutions is expected to rise as enterprises upgrade and expand [15][50] Group 16 - Tanshijia (300005) is positioned to benefit from the growth in outdoor leisure demand and the development of ecological tourism resources [16][51] - The company specializes in outdoor apparel and equipment, with a strong brand presence in the outdoor products industry [16][51] - The demand for outdoor products is expected to grow as consumer awareness of outdoor activities increases [16][51] Group 17 - Gangyan Gaona (300034) focuses on high-temperature alloy materials, benefiting from the rapid development of aerospace and new energy sectors [17][52] - The company specializes in the research and production of high-end alloy materials, with leading technology in the field [17][52] - The demand for high-temperature alloys is expected to grow as the region promotes high-end manufacturing upgrades [17][52] Group 18 - Electronic City (600658) focuses on the development and operation of technology parks, benefiting from the demand for innovation resources and the establishment of tech enterprises [18][53] - The company has extensive experience in park operation and enterprise incubation [18][53] - The demand for technology parks is expected to grow as the region promotes innovation and collaboration [18][53] Group 19 - Shangda Co., Ltd. (301522) specializes in the processing of special steel materials, benefiting from the growing demand for high-end materials in traditional industries [19][54] - The company focuses on the deep processing of special steel, with significant advantages in material processing technology [19][54] - The demand for special steel products is expected to rise as the region promotes the upgrade of manufacturing industries [19][54] Group 20 - Jikai Co., Ltd. (002691) focuses on mining equipment and intelligent upgrades, benefiting from the demand for efficient resource development [20][55] - The company specializes in mining machinery and technical services, with a strong service network [20][55] - The demand for intelligent mining equipment is expected to grow as the region promotes equipment renewal [20][55] Group 21 - Xinhua News (603888) focuses on news dissemination and digital content services, benefiting from the growing demand for media and cultural industries [21][56] - The company has authoritative information channels and strong content creation capabilities [21][56] - The demand for customized media solutions is expected to rise as the region promotes cultural integration and digital transformation [21][56]

Market Performance - The IT services sector increased by 3.33% on February 3, with *ST Yunchuang leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Top Gainers in IT Services - *ST Yunchuang saw a closing price of 8.06, with a significant increase of 30.00% and a trading volume of 116,100 shares, totaling a transaction value of 88.596 million yuan [1] - Wangsu Science and Technology closed at 19.31, up 14.40%, with a trading volume of 5.4564 million shares and a transaction value of 9.851 billion yuan [1] - Capital Online closed at 27.46, up 11.63%, with a trading volume of 842,800 shares and a transaction value of 2.214 billion yuan [1] Market Capital Flow - The IT services sector experienced a net inflow of 3.064 billion yuan from institutional investors, while retail investors saw a net outflow of 466 million yuan [2] - The main funds showed a mixed trend, with some companies like Huasheng Tiancheng receiving significant net inflows, while others like Xiangyou Technology faced outflows [3] Notable Stocks with Net Inflows - Huasheng Tiancheng had a net inflow of 1.698 billion yuan, accounting for 38.55% of its trading volume [3] - Yanshan Technology recorded a net inflow of 863 million yuan, representing 11.85% of its trading volume [3] - Wangsu Science and Technology had a net inflow of 530 million yuan, making up 5.38% of its trading volume [3]

Market Overview - The A-share market experienced a significant upward trend on February 3, with the Shanghai Composite Index closing at 4067.74 points, up 1.29%. The Shenzhen Component rose by 2.19%, the ChiNext Index increased by 1.86%, the Sci-Tech Innovation Index gained 2.44%, and the Northbound 50 Index surged by 3.27%. The total trading volume across the Shanghai and Shenzhen markets reached 25,656 billion yuan [1]. Sector Performance - Over 4,800 stocks in the market saw gains, with the photovoltaic industry chain showing strong performance, particularly in the space photovoltaic sector, where companies like Aotewei and Zerun New Energy hit the daily limit with a 20% increase [3]. - The commercial aerospace sector rebounded, with stocks such as Jieli Suojin and Aerospace Development also reaching the daily limit [3]. - The chemical sector remained active, with Wanfeng shares achieving a four-day limit increase [3]. - The precious metals concept saw localized activity, with Hunan Gold hitting the daily limit [4][5]. Precious Metals Market - The precious metals market saw a sharp rebound, with Hunan Gold achieving a remarkable 7-day, 6-limit increase. Other notable performers included Xiaocheng Technology, which rose over 18%, and Zijin Mining, which increased by over 6% [5]. - On February 3, gold prices surged, with spot gold rising over 5% to surpass $4,900 per ounce, while silver also maintained an upward trend, increasing over 8% to break through $86 per ounce [6]. - According to China Galaxy Securities, the recent decline in precious metal prices can be viewed as a market-driven cooling following a period of rapid price increases, rather than a panic exit of funds. This price correction is seen as a normal phenomenon that helps release overheated market sentiment [6]. - Guotai Junan Securities indicated that the recent significant drop in precious metal prices is a technical adjustment to the irrational increases seen since the beginning of the year, rather than the end of a long-term upward trend for gold. The decline in speculative sentiment and leverage levels is expected to support a healthier upward trend for gold in the near term [6]. Computing Power Leasing Sector - The computing power leasing sector showed continued strength, with Tianwei Vision experiencing a direct limit increase [7][8]. - Other companies in this sector, such as Wangsu Technology and Capital Online, saw increases of over 10% [8]. - The CPO concept also performed actively, with Robotech hitting a 20% limit increase, and companies like Juguang Technology, Dekeli, and Tianfu Communication rising over 10% [8]. - According to Dongwu Securities, major overseas cloud providers have begun raising prices for their services, marking the first increase in years. This trend is expected to influence domestic cloud providers to follow suit, creating investment opportunities in the AI cloud industry as demand increases [8].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock [7]. Core Insights - The company is expected to achieve revenue of 1.26 to 1.3 billion yuan in 2025, reflecting a year-on-year decrease of 14.09% to 6.93%. The forecasted net profit attributable to shareholders is projected to be between -175 million and -160 million yuan, indicating a reduction in losses by 42.27% to 47.22% compared to the previous year [5]. - The company is focusing on its "intelligent computing transformation" strategy, which has shown significant results, particularly in the intelligent computing cloud business, which is expected to become a core driver of revenue growth [9]. - The company has made strategic adjustments in its IDC business, focusing on high-power intelligent computing centers while reducing low-margin traditional IDC operations to enhance overall operational quality [9]. Financial Projections - Revenue projections for 2025-2027 are 1.26 billion, 1.8 billion, and 2.39 billion yuan, respectively, with corresponding net profits of -169 million, -49 million, and 86 million yuan [7][10]. - The earnings per share (EPS) are forecasted to be -0.34, -0.10, and 0.17 yuan for the years 2025, 2026, and 2027, respectively [10]. - The company’s price-to-book (P/B) ratios are projected to be 16.94, 18.11, and 16.16 for the years 2025, 2026, and 2027, respectively [10].

股票投资评级 证券研究报告：计算机 | 公司点评报告 发布时间：2026-02-02 增持|首次覆盖 个股表现 -11% 2% 15% 28% 41% 54% 67% 80% 93% 106% 119% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 首都在线 计算机 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 25.59 | | --- | --- | | 总股本/流通股本（亿股）5.03 / 3.92 | | | 总市值/流通市值（亿元）129 / 100 | | | 52 周内最高/最低价 | 33.33 / 14.88 | | 资产负债率(%) | 49.6% | | 市盈率 | -41.77 | | 第一大股东 | 曲宁 | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:刘聪颖 SAC 登记编号:S1340525100001 Email:liucongying@cnpsec.com 首都在线(300846) 智算云驱动业绩增长，全球化布 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - Since 2025, the technology sector has seen price increases in various segments of computing power resources, recently spreading to the midstream cloud computing sector in overseas markets. The demand for AI, coupled with tight capacity in core segments, has shifted industry pricing towards "supply-demand pricing + value reassessment." Some segments are still in the early stages of price increases, which are expected to gradually transmit to the domestic market, suggesting investment opportunities in domestic computing power resources [2][5] Summary by Relevant Sections - **Price Trends**: Since the second half of 2025, there has been a significant upward trend in prices for storage and other computing power resources. For instance, memory prices surged by 171.8% year-on-year in Q3 2025, with expectations of further increases of 40% to 50% in Q1 2026 and around 20% in Q2 2026. Major companies like Samsung have raised NAND flash contract prices by over 100% starting January 2026 [10][13] - **Market Dynamics**: The AI demand is robust, and the competition among tech giants for computing power resources is intensifying. For example, Meta's capital expenditure for 2026 is projected to reach $135 billion, significantly exceeding Wall Street's expectations. This surge in AI-related demand is creating a substantial supply-demand gap, particularly in storage chips, which is expected to lead to further price increases across various segments [10][13] - **Investment Recommendations**: The report recommends focusing on key domestic leaders in computing power resources, including AI chips (e.g., Haiguang Information, Cambricon), CPUs (e.g., Haiguang Information), and cloud service providers (e.g., Kingsoft Cloud, Capital Online). Additionally, it suggests monitoring other quality stocks with strong fundamentals and high correlation within the industry chain [5][10]

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][33]. Core Insights - The report highlights a competitive landscape in AI applications among major internet companies, with significant cash giveaways during the Spring Festival to attract users and enhance engagement with AI products. This marks a new phase in AI application competition, aiming for widespread adoption and commercialization [2][28]. - The computer industry index has shown a decline of 5.32% over the past two weeks, underperforming the CSI 300 index by 5.37 percentage points, ranking last among 31 sectors. However, it has increased by 9.08% in January, outperforming the CSI 300 index by 6.40 percentage points [10][20]. - The current price-to-earnings (PE) ratio for the SW computer sector stands at 59.79 times, placing it in the 96.66 percentile for the past five years and 91.70 percentile for the past ten years, indicating high valuation levels [20][22]. Summary by Sections Industry Performance Review - The SW computer sector has experienced a two-week decline of 5.32%, ranking 31st among 31 sectors. In January, it rose by 9.08%, outperforming the CSI 300 index by 6.40 percentage points [10][13]. Valuation Situation - As of January 29, 2026, the SW computer sector's PE TTM is 59.79 times, indicating a high valuation compared to historical data [20][22]. Industry News - Major announcements include Tencent's cash giveaway of 1 billion RMB for the Spring Festival, the launch of new AI models by Alibaba and ByteDance, and price increases for server CPUs by Intel and AMD due to high demand [22][24][25]. Company Announcements - Notable company forecasts include iFlytek expecting a net profit of 785 million to 950 million RMB for 2025, and SuperMap Software projecting a profit turnaround from a previous loss [25][26][27]. Weekly Insights - The report emphasizes the strategic moves by leading internet companies to capture AI traffic during the Spring Festival, suggesting a focus on investment opportunities related to AI applications and partnerships with leading firms [28][29].

Summary of Conference Call for Capital Online Company Overview - **Company**: Capital Online - **Industry**: Cloud Computing and Data Center Services Key Points Financial Performance and Projections - **2025 Performance Forecast**: Expected net profit loss of **CNY 160 million to 175 million** with revenue between **CNY 1.2 billion to 1.3 billion** [2][3] - **Strategic Shift**: Reduction of low-margin IPC business, with revenue share dropping from **55%** to focus on computing cloud and intelligent computing cloud, which are expected to account for **28%** and **20-24%** of revenue respectively [2][3] - **Intelligent Computing Cloud Growth**: Anticipated growth rate of **40%-60%** for intelligent computing cloud business [2][3] Pricing Strategy - **Cloud Service Price Increase**: Planned price increase of **15%-20%** for cloud services due to rising hardware costs (storage and memory prices up **50%-70%**, other hardware up **15%-20%**) and increased market demand [2][3][9] - **Future Price Trends**: Expected continuation of price increases in **Q2 2026** driven by rising base equipment costs and sustained demand, particularly from advancements in large model technologies [3][6][12] Market Demand and Supply Chain - **Strong Demand for Intelligent Computing**: Increased demand driven by the launch of technologies like Zhiyu Huazhang and MiniMax, with government support for application scenarios [2][7] - **IDC Business Recovery Potential**: IDC prices are stabilizing despite previous competition and price wars, with rising costs for new data centers due to commodity price increases [8][23] Strategic Developments - **Expansion Plans**: Active development of intelligent computing centers in locations such as Dallas, Hebei, Anhui, and Hainan, with plans for global service nodes and exploration of commercial aerospace computing [4][16] - **Collaboration with Major Clients**: Ongoing discussions with large enterprises for tailored services, contrasting with standardized offerings from larger competitors [20] Future Outlook - **Growth Expectations**: Optimistic internal growth target of **50%-60%** for 2026, despite supply chain challenges [4][14] - **Investment in Infrastructure**: Significant capital investment planned for building computing centers, with potential funding through new financial instruments and industry funds [21] - **Focus on Domestic and International Markets**: Plans to expand services internationally, particularly in the US and Europe, while enhancing competitiveness through localized service offerings [16] Additional Insights - **Client Order Management**: 90% of orders are on short-term contracts, allowing for quicker adjustments to pricing strategies [11][10] - **Sustainability of Price Increases**: Price increases are expected to be sustainable due to ongoing demand and rising costs, with potential for additional increases in the future [6][25] - **Adaptation to Market Changes**: The company is adapting its strategies to meet evolving client needs and market conditions, particularly in the context of AI advancements and the fourth industrial revolution [25]

中国经济网北京1月29日讯 首都在线(300846.SZ)昨晚发布2025年度业绩预告显示，预计2025年实现 营业收入12亿元至13亿元，同比下降6.93%-14.09%；归属于上市公司股东的净利润亏损1.6亿元至1.75亿 元；扣除非经常性损益后的净利润亏损1.82亿元至1.97亿元。 首都在线2020年6月30日发布的上市公告书显示，公司募集资金总额为16,850.00万元，募集资金净 额为12,157.93万元。首都在线2020年6月17日发布的招股书显示，公司拟募集资金12,157.93万元，计划 用于首都在线GIC平台技术升级项目、首都在线对象存储项目、首都在线云宽冰山存储项目。 首都在线首次公开发行股票发行费用为4,692.07万元，其中，中信证券股份有限公司获得承销及保 荐费3,301.89万元。 2022年2月15日，首都在线发布2021年度向特定对象发行A股股票之上市公告书。大华会计师事务 所（特殊普通合伙）对本次发行募集资金到达发行人账户情况进行了审验，并于2022年1月24日出具了 《北京首都在线科技股份有限公司验资报告》（大华验字（2022）第000037号）。根据该报告，截至 20 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300846 证券简称：首都在线 公告编号：2026-004 为更加客观、公正地反映公司财务状况和资产价值，根据《企业会计准则第8号一资产减值》及公司会 计政策等相关规定，结合公司实际经营情况和资产现状，本着谨慎性原则，公司对合并范围内各公司所 属资产进行了减值测试，并对其中存在减值迹象的资产相应计提了减值准备。 （二）计提资产减值准备的资产范围和金额 北京首都在线科技股份有限公司 关于2025年度计提资产减值准备的 公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 为真实、客观地反映北京首都在线科技股份有限公司（以下简称"公司"或"首都在线"）的财务状况及资 产价值，公司根据《企业会计准则》《深圳证券交易所创业板股票上市规则》等相关规定，对截至2025 年12月31日公司合并财务报表范围内相关资产计提减值准备。 根据《深圳证券交易所创业板股票上市规则》等相关法律法规的规定，本次计提资产减值无需提交公司 董事会或股东会审议，具体情况如下： 一、计提资产减值准备情况概述 （一）计提资产减值准备的原因 20 ...