In-depth Analysis of Inspur Software (600756) Strong Performance: AI Application Drivers and Market Impact

Inspur Software (600756) recorded two consecutive limit-up days from November 17 to 18, 2025, becoming one of the active targets in the AI application sector [5]. Its strong performance is mainly driven by three factors:

1. Boom in AI Application Concepts
   : Alibaba launched the “Qianwen” AI assistant, boosting the overall activity of the AI application sector [2]; 14 stocks in the AI agent field have doubled in value this year [8];
2. Breakthrough in AI Government Services Business
   : The company’s AI government services cover 15 provinces, with annual subscription revenue reaching 30 million yuan per province and high order visibility [6];
3. State-owned Background and Share Purchases
   : The actual controller is the State-owned Assets Supervision and Administration Commission of Shandong Province; state-owned shareholders have continued to purchase shares recently [6], sending positive signals.
   In addition, large inflows of main funds supported the stock price: net purchases of 262 million yuan on November 17 [7], with China Galaxy Securities Chengdu Yizhou Avenue Branch net buying 19.494 million yuan [4]. It should be noted that the company’s performance in the first three quarters of 2025 was under pressure: operating revenue was 727 million yuan (down 29.61% year-on-year), and net profit was -211 million yuan [0].

1. Value of AI Subscription Model
   : The subscription model of the company’s AI government services (30 million yuan per province per year) provides stable recurring revenue, different from the traditional project-based model, enhancing expectations of long-term profitability [6];
2. Policy and Market Resonance
   : The AI application concept aligns with the policy direction of government digitalization, and the state-owned background further strengthens its competitiveness in the government market [0];
3. Sector Linkage Effect
   : The overall activity of the AI application sector (e.g., Xuanya International also hit the limit-up) shows that the market’s attention to AI implementation scenarios has increased [5].

• Short-term Volatility Risk
  : The stock price rise is partly driven by market sentiment; caution is needed for corrections [3];
• Performance Pressure
  : The first three quarters’ loss indicates cost pressure during the transformation period; the progress of AI business contribution to profits needs to be observed [0];
• Increased Competition
  : The AI government services field may face competition from more participants [0].

• AI Business Expansion
  : Further expand the coverage of AI government services to more provinces and other industry application scenarios [6];
• Policy Dividends
  : The advancement of the national AI strategy may bring more government orders [0];
• Valuation Repair
  : If the AI business contribution continues to grow, it is expected to repair the current valuation [3].

Inspur Software’s strong performance reflects the market’s confidence in the implementation of AI applications, especially the commercial breakthrough in the government services field. Although short-term performance is under pressure, the AI subscription model and state-owned background provide support for long-term development. Investors should pay attention to the actual revenue conversion of the AI business, policy dynamics, and changes in market sentiment to assess its sustainability.