301602 超研股份 · AI 价值研究

研究日:2026-09-17 · 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 2026-04-29 · SHA256 781e7c44e2435e8757a398ad2e0a0a87563df1eafa3e2d40f9be0af21302663d

- 2026年半年度报告 · 公告日 2026-08-28 · SHA256 c083b52cf2c51c7b383629c1e379d719605ac8d302bbf693216222d9057f63b4

- 2026年一季度报告 · 公告日 2026-04-29 · SHA256 5866320c425e512cfc5d43da220275792684ec57634cfb62a4b1921aaabe4f51

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": 1356.0,

  "max_documents": 3,

  "max_event_documents": 2,

  "max_fact_chars": 45000,

  "max_facts": 500,

  "max_financial_age_days": 550,

  "max_new_symbols_per_day": 327,

  "max_pages_per_document": 10,

  "max_price_age_days": 7,

  "max_retries_per_day": 256,

  "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。