自从5月6日港元汇率走强、触发7.75每美元的强方兑换保证后，港股就迅速走弱并震荡至今。不过，从 上周宁德时代、恒瑞医药上市港股后的表现来看，大量龙头科技企业的上市正在提升港股的成长属性。 个人认为港股PE正在迎来重估空间，眼下可能是中期布局的阶段性低点。 总结来说，这里有四个数据大家需要注意： 1.2025年港交所的日均成交金额已经是2018年的2.8倍； 2.外资主要追踪的MSCI中国指数中，超过80%的权重都是港股； 周末懂王对欧盟举起关税大锤，大量过去投资美元资产的资金面临巨大的回流诉求，外资中的长线资金 有关注中国的需求，港股过去几十年的估值都围绕10倍上下波动，吸引力非常大。 细分来看，科技+消费的成长性标的依然是内外资配置港股的核心资产，且中国科技十雄对比美股科技 七姐妹前向3年的PEG预期均值被低估很多，增长空间很大。 目前港股科技指数是场内唯一一个覆盖中国科技十雄的指数，两融品种$港股科技50ETF(SZ159750)$跟 踪指数，价格还在1块以下，比较稀缺。 3.交易结构中，南向资金的持股和交易占比分别上升至12%和23%左右。 4.科技+消费在港股中的市值占比已经从2010年的18%上升 ...

Core Viewpoint - Tencent and Baidu are adapting their strategies to maintain competitiveness in the global AI landscape despite U.S. semiconductor export restrictions, focusing on stockpiling chips, optimizing AI models, and leveraging domestic semiconductor capabilities [1][2][12]. Tencent's Approach - Tencent has a strong stockpile of graphics processing units (GPUs), which are essential for training AI models, and believes it can achieve effective training results with fewer chips than American companies suggest [3][4]. - The company is enhancing efficiency through software optimization, allowing it to utilize existing GPUs more effectively for AI tasks, and is exploring smaller models that require less computing power [5][6]. Baidu's Strategy - Baidu emphasizes its "full-stack" capabilities, integrating cloud computing, AI models, and applications, which allows it to deliver value even without the most advanced chips [7]. - The company is also focusing on software optimization to reduce operational costs and improve GPU utilization, which it considers a competitive advantage [8]. - Baidu highlights the progress of domestic Chinese technology firms in developing AI semiconductors, which could mitigate the impact of U.S. chip restrictions [10]. Domestic Semiconductor Development - China is increasing its focus on developing a domestic semiconductor ecosystem, although it still lags behind the U.S. in GPU and AI chip technology [11]. - Analysts note that stockpiling chips is one strategy Chinese companies are employing to navigate export restrictions, and there have been advancements in semiconductor technology within China [12]. - The development of self-sufficient chips and efficient software stacks is seen as a foundation for long-term innovation in China's AI ecosystem [10].

行业主要上市公司：阿里巴巴(09988.HK，BABA.US);百度(09888.HK，BIDU.US);腾讯(00700.HK， TCEHY);科大讯飞(002230.SZ);万兴科技(300624.SZ);三六零(601360.SH);昆仑万维(300418.SZ);云从科技 (688327.SH);拓尔思(300229.SZ)等 转自：前瞻产业研究院 2023年地方出台政策，从算力角度切入，鼓励大模型技术体系的发展，应用场景的创新。这样的政策最 先开始于广东、北京和上海。2024年开始其他地方陆续出台有关大模型政策，主要是围绕"高效办成一 件事"，提高政务效率为主要目的。2025年开始，政府工作报告提出"持续推进'人工智能 +'行动"，并 将"支持大模型广泛应用"首次写进报告。强调发挥科技领军企业龙头作用，加快推进基于国产算力底座 的大模型研发创新、场景应用、生态开放全链发展。 本文核心数据：中国多模态大模型行业政策;各省市多模态大模型行业政策;政策解读 1、政策历程图 2、国家层面政策汇总及解读 ——国家层面多模态大模型行业政策汇总 | 时间 | 发布单位 | 政策 | 重点内容解读 | 政策性质 | ...

更多AIGC资讯 …… 1.【华为正式推出昇腾超节点技术】5月25日消息，在昇腾AI开发者峰会上，华为正式推出昇腾超节 点技术，由12个计算柜和4个总线柜构成，实现业界最大规模的384卡高速总线互联，是目前业界规 模最大的超节点。（财联社） 2. 【腾讯首个全模态模型混元O将发布，正面硬刚DeepSeek和字节豆包】5月25日消息，基于腾讯自 研大模型混元的首个端到端语音通话模型Hunyuan-Voice，最快今年6月上线腾讯元宝App，从而与 豆包AI视频通话功能对抗。而且，腾讯已规划多模态和全模态路线，最快今年将推出全球首个"全模 态模型"，代号为 混元-O，瞄向"世界模型"。隶属于腾讯TEG（技术工程）事业群的腾讯混元科研人 员透露，面向AGI，混元将以语言模型为核心，探索多种模态融合，并将向深度、广度两方面持续推 进探索。（金融界） 3. 【百度多智能体协作App心响正式推出iOS版本】百度多智能体协作App心响日前正式推出iOS版 本，用户可在苹果应用商店搜索下载。至此心响App在安卓端与iOS端均已全量上线。据悉，心响App 是今年4月25日在Create2025百度AI开发者大会上推出的一款通用 ...

证 券 研 究 报 告 政策计算机行业周报（20250519-20250523） 推荐（维持） 高阶智驾渗透率持续提升，商业化进程提速 行业研究 计算机 2025 年 05 月 25 日 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 行业基本数据 2025-05-18 《计算机行业周报（20250506-20250509）：鸿蒙 PC 一小步，国产系统一大步》 2025-05-11 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 ❑ 本周板块走势回顾。本周（5 月 19 日-5 月 23 日）计算机（中信）指数下降 3.00%，创业板指数下降 0.88%，上证指数下降 0.57%。板块周涨幅前三为慧 博云通（69.00%）、*ST 迪威（16.89%）、盛视科技（16.42%），板块周跌幅前 三为汉鑫科技（-12.15%）、宏景科技（-10.68%)、科蓝软件（-10.28%）。 ❑ 高阶智驾渗透率有望加速，助力车厂提升竞争力。2024-2 ...

英伟达构建的AI基础设施已不仅仅是数据中心，而是在打造AI工厂。"英伟达正与云合作伙伴携手打造一个全球规模的AI工厂。" 黄仁勋在Computex发表主题演讲 5月19日，英伟达创始人CEO黄仁勋在Computex2025开幕演讲中称，英伟达构建的AI基础设施已不仅仅是数据中心，而是在打造AI工厂。"英伟达正与云合 作伙伴携手打造一个全球规模的AI工厂。"他说道。 英伟达在Computex 2025大会上推出全新的NVIDIA DGX Cloud Lepton平台。英伟达称，这是一个能够将全球开发者与数万颗GPU连接起来的计算平台，这 些GPU可从全球云服务提供商网络获取，用于构建代理和物理AI应用程序。 点评：此举是英伟达发展新型云生态系统的重要部署。英伟达正在寻求通过建立新的合作伙伴关系，并向亚马逊、微软和谷歌等大型科技公司的竞争对手提 供GPU。在上周美国总统特朗普访问中东之际，英伟达宣布与沙特初创公司Humain达成一项价值数十亿美元的芯片交易，以帮助沙特建设全球顶尖的AI数 据中心。 阿里CEO吴泳铭：加速大模型出海 5月21日，阿里大文娱集团宣布即日起更名为虎鲸文娱集团，旗下阿里影业拟更名为大麦娱 ...

【导读】众多机器人厂商齐聚2025全球人工智能终端展 中国基金报记者 牛思若 在深圳举行的2025全球人工智能终端展现场，众多机器人在展示各自的"本领"，舞蹈、绘画、杂技、按摩、做家务……在AI智能帮助下，机器人能做的事 也越来越多，让众多参观者赞叹不已。 除了备受关注的优必选、众擎机器人之外，国内其他厂商也竞相亮出了自家最新款机器人。由于"高科技"含量十足，机器人展区人气爆棚，成为本届展会 的焦点。 记者在现场了解到，"人形机器人第一股"优必选、众擎机器人等来自深圳"机器人谷"的明星企业亮相。 优必选的萌UU搭载AIGC智能语音交互与仿生表情驱动系统，努力为用户提供"走心"的全天候情感陪伴与数字生命养成体验。 众擎机器人带着2024年12月24日发布的开源人形机器人PM01参展。据工作人员介绍，该款机器人身高1.38m，体重约40kg，全身有24个自由度，移动速度 为2m/s，腰部有320度自由旋转电机，可完成大量高难度动作如前空翻、奔跑、斧头舞等，具有机械式和类人自然步态两种行走模式。 深圳机器人独角兽企业——自变量机器人也在展会亮相，其在现场为观众制作刨冰消暑，通过语音交互，从取餐具、操作刨冰机器、添加 ...

作者｜天宇 来源｜派代 5月23日晚8点，罗永浩带着标志性的黑框眼镜，正式开启在百度优选的直播带货首秀。 数据显示，开播20分钟后，罗永浩"交个朋友"直播间在百度优选平台的618排位赛中位居第1名，实时在线观众数已超过230万。 此前，业内分析推测，结合百度流量扶持（如搜索跳转直播间）和罗永浩的IP效应，首秀GMV可能在0.8-1.2亿元区间。若达到预期，或将刷新百度直播电 商的单场纪录。 百度优选的带货首秀，早已不是罗永浩第一次跨平台作战。 从2020年4月的抖音首秀创下1.1亿元GMV，到2022年淘宝双11单场爆卖2.1亿元，再到2023年京东618带货3265万元，至如今百度优选首秀20分钟破230万人 的场观——罗永浩的每次迁徙，数据虽有所起伏，但始终证明了其"初代网红"的强悍号召力。 | 图源：派代 | | --- | 综合自公开数据 不过，罗永浩此番转战百度优选，依然出乎了不少人的意料——为什么是电商业务貌似已"掉队"的百度？ 虽然百度的月活高达7亿，但百度电商曾先后在"百度有啊"、"百度MALL"等项目上折戟，甚至还有不少商家认为："百度没有电商基因"。 而罗永浩2100万粉丝中，65%为男性 ...

Overview - The total revenue of Baidu Group increased slightly compared to last year, with adjusted net profit of 6.5 billion yuan and a stable adjusted net profit margin [1] - In Q1 2025, Baidu Group achieved total revenue of 32.5 billion yuan, a year-on-year increase of 3% [1] - Baidu's core revenue was 25.5 billion yuan, up 7% year-on-year, while iQIYI's revenue was 7.2 billion yuan, down 9% [1] - The adjusted net profit for Baidu Group in Q1 2025 was 6.5 billion yuan, a decrease of 7% year-on-year, with an adjusted net profit margin of 20% [1] - Baidu's core business achieved an adjusted net profit of 6.3 billion yuan, down 4% year-on-year, with a net profit margin of 25% [1] Advertising and Marketing - Baidu's core advertising revenue declined by 6%, with 35% of search results generated by AI, an increase of 13 percentage points quarter-on-quarter [1] - The online marketing revenue for Baidu's core business was 16 billion yuan, down 6% year-on-year, with managed page revenue accounting for 47%, indicating a continuous optimization of the advertising business structure [1] - Revenue generated for advertisers through agency services increased 30 times year-on-year, accounting for 9% of core online marketing revenue [1] AI and Cloud Services - The transition to search AI is accelerating, enhancing user experience [1] - Intelligent cloud services grew by 42% year-on-year, with non-GAAP operating profit remaining positive [1] - Intelligent cloud revenue reached 6.7 billion yuan, a year-on-year increase of 42%, with a sustained positive non-GAAP operating profit margin [1] - Revenue related to GenAI and foundational models experienced triple-digit year-on-year growth, with significant demand for AI cloud services [1] Technological Empowerment and Ecosystem Expansion - The Q1 upgrade of the Qianfan platform promotes the development of native AI applications, with the no-code tool MIAODA launched to lower development barriers [2] - Apollo Go's international expansion has made substantial progress, maintaining its position as a leader in domestic autonomous driving services, providing over 1.4 million rides in Q1, a 75% year-on-year increase [2] - Apollo Go has now covered 15 cities, following its entry into Dubai and Abu Dhabi, with a cumulative service of over 11 million rides [2] Investment Outlook - The potential impact of AI technology on search advertising and intelligent cloud business is viewed positively [2] - Considering the macroeconomic pressure on advertising revenue and ongoing investment in Gen-AI research, adjusted net profit is expected to reach 24.1 billion yuan, 27 billion yuan, and 31.2 billion yuan for 2025-2027 [2]

Core Insights - Baidu Group's total revenue for Q1 2025 reached 32.5 billion yuan, a year-on-year increase of 3.0%, exceeding expectations primarily due to strong growth in AI cloud revenue [1] - Non-GAAP net profit was 6.5 billion yuan, with a non-GAAP net profit margin of 19.9%, which is a decline of 2.3 percentage points year-on-year, mainly due to pressure on the relatively high-margin advertising business [1] - The proportion of AI cloud revenue in Baidu's core income increased by 6.5 percentage points year-on-year to 26.1%, while advertising revenue's share decreased by 8.7 percentage points [1] Revenue Breakdown - Baidu's core revenue grew by 7.0% year-on-year to 25.5 billion yuan, driven by better-than-expected AI cloud revenue [1] - Advertising revenue fell by 6.1% year-on-year to 16 billion yuan, impacted by moderate demand from advertisers and the effects of AI search transformation [1] - Non-advertising revenue increased by 39.6% year-on-year to 9.5 billion yuan, with AI cloud revenue growing by 42% year-on-year to 6.7 billion yuan [1] AI Transformation and User Engagement - In April, 35% of Baidu's search results included AI-generated content, up from 22% in January, indicating a proactive approach to AI transformation in search [2] - Baidu's app reached 724 million monthly active users in March, a year-on-year increase of 7%, suggesting improved user experience [2] - The "Agent" feature is becoming a significant part of Baidu's advertising business, with related revenue growing 30 times year-on-year in Q1 2025, accounting for 9% of core advertising revenue [2] Global Expansion and Order Growth - Baidu's "Luobo Kuaipao" service has expanded internationally, now operating in 15 cities with over 1,000 deployed vehicles, and saw a 75% year-on-year increase in order volume to 1.4 million in Q1 2025 [2] Profit Forecast and Valuation - The company adjusted its non-GAAP net profit forecasts for 2025, 2026, and 2027 down by 6.8%, 5.7%, and 3.6% respectively, primarily due to downward revisions in high-margin advertising revenue expectations [3] - The target price based on SOTP valuation is set at $102.2, down from a previous $110.9, and HK$99.5, down from HK$108.3 [3]