Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The report emphasizes the importance of AI applications and the Meta logic, highlighting the potential for revenue growth and valuation restructuring in the AI sector [8] - Domestic companies are expected to excel in multimodal development, particularly in B-end scenarios like AI image editing and video generation, with significant commercial performance [2] - The report anticipates a resonance in AI product commercialization between China and the US, especially in strong application areas in China [3] Summary by Sections Investment Logic - Focus on multimodal companies, especially those with overseas expansion [2] - Domestic products are competitive with international counterparts, achieving earlier commercialization [2] - Notable growth in AI video generation revenue, with a specific example of a company achieving over 100 million yuan monthly revenue [2] Investment Recommendations and Targets - Emphasis on AI application investment opportunities in the second half of the year and the trend of AI expansion overseas [3] - Recommended stocks include Kuaishou-W (01024, Buy), Meitu Inc. (01357, Not Rated), BOSS Zhipin-W (02076, Buy), and Alibaba-W (09988, Buy) [3] - Attention to Meta logic developments and their impact on revenue and valuation, with recommendations for Alibaba-W and Tencent Holdings (00700, Buy) [3] Industry Trends - Continuous acceleration in cloud revenue and capital expenditure (CAPEX) among major overseas cloud service providers [8] - Significant growth in annual recurring revenue (ARR) for AI applications, with OpenAI's ARR reaching 12 billion USD, marking a 20% increase [8] - The implementation of "Artificial Intelligence+" policies in China is expected to enhance AI application commercialization [8]

格隆汇8月1日丨根据联交所最新权益披露资料显示，2025年7月29日，BOSS直聘-W(02076.HK)获The Capital Group Companies, Inc.在场内以每股均价76.8515 港元增持23.67万股，涉资约1818.98万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 曹出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | | | 股份數目 | | 請參閱上过 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | | | 份自分玩 | | CS20250730E00536 | The Capital Group 236,688(L | 1101(L) | | HKD 76.8515 | 99.107.382(L) | 12.01(L)29/07/2025 | | | Companies, Inc. | | | | | | 增持后，The Capital Group Companies, Inc. ...

近日，华北地区集中出现强降雨天气，河北承德兴隆县部分村庄发生山洪泥石流。7月31日，BOSS直聘 通过上海直品公益基金会捐款25万元，定向驰援兴隆县抗洪救灾及灾后重建。 ...

Core Insights - Guangdong is a hub for high-tech, manufacturing, retail, catering, and cultural tourism industries, attracting a large employment population, especially during the summer job-seeking peak [1] - BOSS Zhipin has launched a series of service upgrades for the summer of 2025, utilizing AI technology and human collaboration to ensure job-seeking safety and improve recruitment efficiency for companies and job seekers in Guangdong [1][2] Group 1: Job-Seeking Safety - BOSS Zhipin has enhanced its job-seeking safety guarantee plan by combining online and offline measures, as well as AI and human efforts, to efficiently connect enterprises and talent in Guangdong [2] - The platform has implemented strict review processes for recruiters, particularly in industries with a high concentration of blue-collar workers, students, and flexible employment, requiring various qualifications and authorization documents [2][3] - An AI intelligent review system has been developed to verify the authenticity of recruitment materials, significantly improving review efficiency and accuracy [3] Group 2: Recruitment Efficiency - BOSS Zhipin has optimized platform functions to enhance job-seeking efficiency, particularly for students, by creating specialized recruitment events tailored to the economic structure and job characteristics of Guangdong [4] - The AI intelligent matching system is utilized to facilitate communication between job seekers and employers, providing tailored job information and professional resume optimization guidance [4] - The platform has also improved the recruitment process for employers by enhancing job description writing and refining recruitment preference settings, thereby reducing communication costs [4] Group 3: Commitment to Regional Employment - BOSS Zhipin aims to leverage technological innovation and service upgrades to enhance recruitment efficiency, viewing Guangdong as a valuable opportunity to boost regional employment market vitality [5]

Group 1 - The extreme rainfall in Beijing lasted for 147 hours, with an average precipitation of 210.4 mm, equivalent to 38% of the average annual rainfall over the past decade, resulting in significant damage and loss of life [1] - A total of 30 fatalities were reported due to the disaster, with 28 in Miyun and 2 in Yanqing, alongside extensive infrastructure damage including 31 road disruptions and power outages affecting 136 villages [1] Group 2 - Xiaomi announced a donation of 5 million yuan in cash and 350,000 yuan worth of essential supplies for disaster relief [3] - Li Auto pledged 10 million yuan to the Beijing Charity Association for emergency rescue and post-disaster reconstruction efforts [4] - NIO contributed 2 million yuan through its user charity foundation to support disaster relief [4] Group 3 - Pinduoduo initiated an emergency response mechanism, procuring 30,000 items of essential supplies for affected residents [4] - Alibaba sent 13,000 boxes of food and water as part of its emergency disaster relief efforts, with additional supplies dispatched shortly after [4] Group 4 - ByteDance announced a donation of 10 million yuan to support disaster relief efforts, focusing on hygiene products and emergency supplies for affected areas [5] - JD.com mobilized resources to deliver essential supplies and established a special team for disaster response [6] Group 5 - NetEase donated 3 million yuan in emergency supplies and cash to support local disaster relief efforts [6] - Didi's rescue team was deployed to assist in evacuating affected residents [6] Group 6 - BOSS Zhipin donated 1.5 million yuan to support disaster relief and reconstruction in specific districts [8] - China Mobile provided a month of free Beidou SMS service to help users communicate during emergencies [8] Group 7 - Yili Group activated its emergency response plan, sending volunteers and essential supplies to severely affected areas [8] - Apple CEO Tim Cook expressed support for the disaster relief efforts and announced a donation for local recovery [8][9] Group 8 - BMW China and Brilliance BMW donated "One Foundation Children's Warm Packs" to the disaster-stricken areas, continuing their support from previous relief efforts [9]

Core Viewpoint - The article highlights the significant impact of extreme rainfall in Beijing, leading to substantial casualties and damage, while also showcasing the rapid response and support from various companies and organizations in the form of donations and supplies to aid disaster relief efforts [1][2][3]. Group 1: Impact of Rainfall - As of July 28, the extreme rainfall in Beijing resulted in 30 fatalities, with 28 in Miyun and 2 in Yanqing [1]. - The rainfall lasted for 147 hours, with an average precipitation of 210.4 mm, which is 38% of the average annual rainfall in Beijing over the past decade [2]. - In just seven days, the rainfall accounted for 40% of the typical annual rainfall [2]. Group 2: Corporate Response - Xiaomi donated 5 million yuan in cash and 350,000 yuan worth of essential supplies, including power banks and flashlights, to support disaster relief efforts [4]. - Li Auto contributed 10 million yuan to the Beijing Charity Association for emergency rescue and post-disaster reconstruction [6]. - NIO announced a donation of 2 million yuan in collaboration with its user charity foundation to assist the affected areas [6]. - Great Wall Motors donated 5 million yuan to the Red Cross for rescue and recovery efforts and provided additional support measures for its vehicle owners [7]. Group 3: Internet Companies' Contributions - Pinduoduo initiated an emergency response mechanism, procuring 30,000 items of essential supplies for affected residents [8]. - Alibaba sent 13,000 boxes of food and water in two batches to support the basic needs of disaster-affected individuals [8]. - ByteDance announced a donation of 10 million yuan to support various emergency needs in severely affected areas [8]. - JD.com prepared a range of essential supplies and established a special team for disaster relief [9][10]. Group 4: Additional Support from Other Companies - NetEase donated 3 million yuan in emergency supplies and cash to support local disaster relief efforts [11]. - Didi's rescue team was deployed to assist in evacuating affected residents [12]. - BOSS Zhipin donated 1.5 million yuan to support disaster relief and reconstruction in specific districts [14]. - China Mobile offered a month of free Beidou SMS service to help users communicate during emergencies [15]. - Yili Group mobilized volunteers to deliver essential supplies to severely affected areas [16]. - Apple and BMW also pledged donations to support local rescue and recovery efforts [17][19].

Company News - Lanqi Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors including CICC, Morgan Stanley, and UBS [1] - BOSS Zhipin has permanently banned an account involved in a scandal regarding inappropriate content in a job seeker's resume [4][5] - Taoyuan Heavy Industry has received a notice from the China Securities Regulatory Commission regarding an investigation for suspected violations of information disclosure [7] - Rebecca and its controlling shareholder have also been investigated by the CSRC for suspected violations of information disclosure [9] - Dahan Technology announced that its production and operational activities are normal, and there are no undisclosed significant matters [10] - Vanke has successfully sold a project in Shanghai, with reports indicating a transaction price of approximately 1.4 billion yuan [10] Financial Performance - Volkswagen Group reported a second-quarter revenue of 80.806 billion euros, a year-on-year decrease of 3%, with an operating profit of 3.834 billion euros, down 29.4% [12] - Kia's second-quarter operating profit decreased by 24.1% to 2.7648 trillion won (approximately 14.37 billion yuan) due to U.S. tariffs, despite a 6.5% increase in sales [12] - Digital Certification expects a net loss of 80 million to 96 million yuan for the first half of 2025, compared to a loss of 29.25 million yuan in the same period last year [12] - China Duty Free Group reported a net profit of 2.6 billion yuan for the first half of 2025, a year-on-year decrease of 20.81%, with total revenue of 28.151 billion yuan, down 9.96% [13]

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - Emphasis on AI application commercialization in the second half of the year, with a focus on vertical AI application investment opportunities, particularly in strong application areas in China [2][7] - The report suggests that the META logic will be important next year, where improvements in click-through rates (CTR) driven by AI model capabilities will enhance revenue and lead to valuation restructuring [2][7] Summary by Sections Investment Recommendations and Targets - Focus on vertical AI application investment opportunities in the second half of the year, with potential for rapid commercialization in companies with overseas AI application layouts. Recommended stocks include Kuaishou-W (01024, Buy), Meitu (01357, Not Rated), and AI recruitment sector companies such as BOSS Zhipin-W (02076, Buy) [2] - For the end of this year and next year, the report highlights the importance of META logic, suggesting to follow the actual testing results from major companies. Recommended stocks include Alibaba-W (09988, Buy) and Tencent Holdings (00700, Buy) [2] Industry Overview - Globally, AI application products have achieved a certain level of commercialization, with products generating annual recurring revenue (ARR) exceeding $50 million categorized into three types: general model service subscription products, AI native products for specific scenarios, and AI-enhanced existing business scenarios [7] - The report emphasizes that domestic companies have achieved earlier commercialization in multi-modal scenarios compared to overseas counterparts, particularly in B-end applications like AI image editing and video generation [7] - The report notes significant revenue growth in AI video generation products, with monthly revenue exceeding 100 million yuan by April and May 2025, showcasing a rapid increase [7] Financial Metrics - The report provides specific ARR figures for various AI companies, such as OpenAI with $10 billion and Anthropic with $4 billion, highlighting their market valuations and revenue generation capabilities [8]

港股科网股集体上涨，百度(09888.HK)、BOSS直聘(02076.HK)、快手(01024.HK)涨超3%，阿里健康 (00241.HK)、京东(09618.HK)、贝壳(02423.HK)涨超1%。 ...

Group 1 - Kanzhun Limited (BZ) is experiencing significant activity in the options market, particularly with the Aug. 15, 2025 $12.5 Put option showing high implied volatility, indicating potential for a major price movement [1] - Implied volatility reflects market expectations for future stock movement, suggesting that investors anticipate a significant event that could lead to a rally or sell-off [2] - Kanzhun holds a Zacks Rank 2 (Buy) in the Internet – Software industry, which is in the top 31% of the Zacks Industry Rank, with recent earnings estimates slightly increasing from $2.59 to $2.60 per share [3] Group 2 - The high implied volatility for Kanzhun may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay [4]