行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 284 | 5.6 | | 总市值（十亿元） | 3783.6 | 4.1 | | 流通市值（十亿元） | 3333.8 | 3.9 | 行业指数 % 1m 6m 12m 绝对表现 5.9 21.2 76.5 相对表现 3.1 15.0 57.9 资料来源：公司数据、招商证券 -20 0 20 40 60 80 100 120 Aug/24 Nov/24 Mar/25 Jul/25 (%) 计算机 沪深300 证券研究报告 | 行业定期报告 2025 年 08 月 03 日 产业催化不断，看好 AI 板块表现 计算机周观察 20250803 TMT 及中小盘/计算机 中央、地方出台政策支持 AI 发展，字节跳动推出离散扩散语言模型"Seed Diffusion Preview"，微软、Meta 等巨头财报相继发布，AI 产业催化不断。 推荐（维持） 相关报告 1、《关注 AI、稳定币两条主线—— 计算机周观察 20250727》2025-07-27 2、《稳定币方向获机构加仓，外资流 入 AI、金融科技领域——计 ...

传媒行业 行业研究 | 动态跟踪 全球催化持续，重视 AI 应用及 Meta 逻辑 演绎 核心观点 投资逻辑上，国内应多重点关注多模态（尤其出海布局公司）。我们一直强调国内 在多模态发展上可 PK 海外，结合技术和产品力，国内产品甚至更强。国内在多模 态场景更早实现商业化闭环输出产品，在 B 端场景如 AI 图像编辑、视频生成等商业 化表现领先。AI 视频生成：如可灵，月流水从 24Q3 超千万到 25 年 4/5 月均超 1 亿 元，流水提升速率显著。而海外谷歌 Veo3 则在 25 年 5 月才达到用户全量放开。此 外建议关注云服务出海企业，有望顺应国内 AI 出海浪潮实现业务扩张。 投资建议与投资标的 （1）重视下半年垂类 AI 应用及 AI 出海投资机会，中美 AI 产品商业化有望迎来共振（尤 其中国应用强势领域），国内 AI 出海或成趋势，有海外 AI 应用布局的公司商业化起量速 率或更快，同时建议关注出海的云计算企业。建议关注：快手-W(01024，买入)、美图公 司(01357，未评级)、AI 招聘赛道（BOSS 直聘-W(02076，买入)、同道猎聘(06100，未 评级)、北森控股(0966 ...

Group 1 - InnoCare (02577.HK) has partnered with NVIDIA to promote the large-scale implementation of the 800 VDC power architecture in AI data centers, which is designed for efficient power supply in megawatt-level computing infrastructure [1] - The 800 VDC system offers significant advantages over traditional 54V systems in terms of efficiency, thermal loss, and reliability, enabling a 100-1000 times increase in AI computing power [1] - The company's third-generation GaN devices provide a comprehensive power solution from 800V input to GPU terminals, covering a voltage range from 15V to 1200V [1] Group 2 - China Ruyi (00136.HK) received a strategic investment of HKD 3.9 billion from Wuji Capital to accelerate business expansion and acquisition plans [2] - LEPU Biopharma-B (02157.HK) has authorized T-cell connector technology with an upfront payment of USD 10 million and potential milestone payments of up to USD 850 million [2] - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia [2] Group 3 - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of 58% [3] - Great Wall Motors (02333.HK) achieved approximately 104,372 vehicle sales in July, reflecting a year-on-year growth of 14.34% [3] - NIO-SW (09866.HK) delivered 21,017 vehicles in July [3]

格隆汇8月1日丨北森控股(09669.HK)公告，于2025年8月1日，公司根据股份奖励计划向63名承授人授出 总计4,095,845份受限制股份单位，相当于总计4,095,845股股份，惟须待承授人接纳方可作实。受限制股 份单位授予乃根据符合上市规则第17章的股份计划进行。 ...

智通财经APP讯，北森控股(09669)发布公告，于2025年8月1日，公司根据股份奖励计划向63名承授人授 出总计409.58万份受限制股份单位，相当于总计409.58万股股份，但须待承授人接纳方可作实。 该信息 由智通财经网提供 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 Beisen Holding Limited （於開曼群島註冊成立的有限公司） （股份代號：9669） 根據股份獎勵計劃授出受限制股份單位 根據上市規則第17.06A、17.06B及17.06C條，董 事 會 謹 此 宣 佈，於2025年 8月1日，本 公 司 根 據 股 份 獎 勵 計 劃 向63名承授人授出總計4,095,845份 受 限制股份單位，相當於總計4,095,845股股份，惟須待承授人接納方可作實。 受限制股份單位授予乃根據符合上市規則第17章 的 股 份 計 劃 進 行。 上 述 授 予 摘 要 載 列 如 下： 授 予 日 期： 2025年8月1日 股 份 於 授 予 日 期 的 收 市 價： 每股股份8.74港 元 本集團將評估僱員的業績及其對本集團的 貢 獻。授 予 承 授 人 的 受 限 制 股 份 單 位 的 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 重新提交 公司名稱： 北森控股有限公司 呈交日期： 2025年7月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 09669 | 說明 | 股份 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不 ...

Group 1 - On July 24, 17 Hong Kong-listed companies conducted share buybacks, totaling 17.15 million shares and an amount of 16.89 million HKD [1][2] - China Eastern Airlines repurchased 1.5 million shares for 4.44 million HKD, with a highest price of 2.980 HKD and a lowest price of 2.920 HKD, accumulating a total buyback amount of 606 million HKD for the year [1][2] - Mengniu Dairy repurchased 200,000 shares for 3.45 million HKD, with a highest price of 17.300 HKD and a lowest price of 17.240 HKD, accumulating a total buyback amount of 242 million HKD for the year [1][2] Group 2 - IGG repurchased 560,000 shares for 2.40 million HKD, with a highest price of 4.310 HKD and a lowest price of 4.260 HKD, accumulating a total buyback amount of 56.65 million HKD for the year [1][2] - The highest buyback amount on July 24 was from China Eastern Airlines at 4.44 million HKD, followed by Mengniu Dairy at 3.45 million HKD [1][2] - The largest number of shares repurchased on July 24 was by Ying Group, with a buyback of 5.5 million shares, followed by China Electric Power and Shoujia Technology [1][2]

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]

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) FF305 表格類別： 股票 狀態： 新提交 公司名稱： 北森控股有限公司 呈交日期： 2025年7月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 09669 | 說明 | 股份 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包 ...