688692 达梦数据 · AI 价值研究

研究日:2026-09-20 · 结论:error · 版本:value-research-v6

ModelCallError:agy:ERROR Your previous response was cut off because it exceeded the output token limit

Please continue from where you left off, keeping your response shorter

Retries remaining: 3

本报告是模型判断与前向观察起点,不是成交指令。情景收益不代表已获得的超额收益。

一手来源

- 2025年年度报告 · 公告日 2026-04-11 · SHA256 c15a2e8edb1732d115f44085352a87c544a9587ca55b13f0a4b1f1b581be4266

- 2026年半年度报告 · 公告日 2026-08-26 · SHA256 0a4f14dcf6244b665c84f5fdc5193a379f7001a5693603ff492af2fff2029855

- 2026年第一季度报告 · 公告日 2026-04-25 · SHA256 a68d81dfb3c048fcedcf3cdb3259ce06a1bcee8db1a8e4b75280d1c0cc672a91

- 关于公司诉讼进展的公告 · 公告日 2026-09-17 · SHA256 fd7a8e5c420896734ee193b4993568ed18652d11192f2a2449b8a3eb44033f38

运行假设

{

  "admission_enabled": true,

  "admission_min_business_score": 50.0,

  "admission_min_company_score": 40.0,

  "admission_min_financial_years": 3,

  "agy_auth_mode": "desktop",

  "agy_effort": "",

  "agy_model": "gemini-3.8-flash-high",

  "agy_model_rotation": true,

  "benchmark": "H00300",

  "benchmark_assumed_return": 0.08,

  "cli": "agy",

  "effort": "medium",

  "enabled": true,

  "horizon_years": 3,

  "market": "CN",

  "max_budget_usd_per_call": 2.0,

  "max_chars_per_page": 3500,

  "max_daily_budget_usd": 96.0,

  "max_documents": 3,

  "max_event_documents": 2,

  "max_fact_chars": 45000,

  "max_facts": 500,

  "max_financial_age_days": 550,

  "max_new_symbols_per_day": 23,

  "max_pages_per_document": 10,

  "max_price_age_days": 7,

  "max_retries_per_day": 2,

  "max_share_age_days": 90,

  "max_worker_seconds": 3300,

  "maximum_bear_loss": 0.35,

  "min_cost_samples": 5,

  "min_reserve_usd": 1.0,

  "minimum_expected_excess": 0.03,

  "minimum_margin": 0.2,

  "model": "sonnet",

  "rate_limit_cooldown_minutes": 60,

  "require_capital_plan": true,

  "require_value_case": true,

  "required_return": 0.12,

  "review_after_days": 30,

  "round_trip_cost_bps": 30.0,

  "timeout_seconds": 600

}

证据待办

补充含该主题的正式披露页
补充竞争对手披露或有出处的渠道证据；公司自述不足以确立护城河
核对最近定期报告后的临时公告；当前包不代表完整覆盖

前向收益与经营验收

完整参数、原始判断与披露摘录

展开可核对三情景输入、逐年现金流、引用纠正及全部取证页。来源 PDF 可从报告链接打开。