一、AI的企业应用仍处于初期阶段 人工智能的2C应用进展很快，2024年美国居民生成式AI的渗透率已达39.6% （来源：圣路易斯联储） 。然 而，当前的模型厂商还热衷于评分打榜、技术炫耀，企业应用尚处于早期阶段。迫切需要找到丰富落地 场景，加快推进AI和各行各业的深度融合。 国联证券对A股上市公司财报中提及AI的情况进行了梳理，近年提及数量迅速增加，从2020年的172家 上升至2023年的超过1200家，然而在所有A股上市公司的占比仍然不高，2023年还不到20%。根据国家 经济研究局 （NBER） 数据，截止2024年2月，美国AI企业采用率仅有5.4%。根据欧盟统计局数据，2024 年欧盟各国AI企业普及率在3.1%-27.6%之间，总体为13.5%。如下图所示。各国对问题的定义和调研方 法有所不同，以上数据不能简单横向比较，但都反映出AI的企业应用还处于初期阶段。 图 2024年欧盟的AI企业普及率 来源：根据欧盟统计局数据整理，2025 闫德利 腾讯研究院资深专家 二、信息密度越高，AI应用越易越深 AI的企业应用具有明显的行业差异，它与信息密度有关。大体是信息密度越高，AI应用越容易越深入； 信 ...

美股盘前，明星科技股普涨，苹果、英伟达、特斯拉均涨超2%，谷歌涨超1%。特朗普媒体科技盘前涨 超7%，此前消息称公司特计划募资30亿美元，用于购买比特币等加密货币。 ...

智通财经5月27日电，美股科技股盘前多数上涨，英伟达、阿斯麦涨超2%，谷歌C、苹果、博通、甲骨 文涨超1%。 ...

这段时间，有一款神秘 AI 硬件吊足了网友们的胃口——比肩 iPhone 和 MacBook 的使用场景和频率，但不带屏幕，又不是 AI 眼镜、AI 耳机、AI pin、 iPod……它背后的老板还放言要「量产1亿台」。 OpenAI CEO 奥特曼和苹果前首席设计官艾维联创的 io 公司，究竟用 AI 捣鼓了什么「开辟新赛道的硬件设备」，好难猜啊！ 于是，虽然奥特曼透露计划明年末正式发布该产品，但现在已有不少 X 网友忍不住打起了AI「猜」图的主意。万一它知道些「内幕」呢，对吧？ 目前市场上有关 io 首款硬件设备细节的爆料，主要有以下几点： 1.无屏幕，通过内置摄像头和麦克风实现外界环境交互 2.外形设计风格类似 iPod Shuffle 3.未采用 AI 眼镜、智能手机、耳机这几种当下流行的 AI 硬件形态 4.比 AI pin 大一些 5.有挂脖式设计 6.可以与智能手机、PC 联动 话不多说，先来看看 AI 创作博主 Ben Geskin 在 X 上甩出的「io 产品图」，有近 9000 人次的 X 网友前来围观。 综合来看，上图不仅覆盖了这几点核心爆料信息，印上了自家金主 OpenAI 的 Log ...

新浪科技讯 5月27日上午消息，全球开源解决方案提供商红帽公司近日宣布启动新开源项目llm-d，以满 足生成式AI大规模推理需求。据悉，该项目与创始贡献者CoreWeave、Google Cloud、IBM Research和 NVIDIA合作打造，能够利用突破性的大规模生成式AI推理技术，让大语言模型（LLM）推理云能够满 足最苛刻的生产服务级目标（SLO）。 NVIDIA工程AI框架副总裁Ujval Kapasi表示："llm-d项目是对开源AI生态系统的重要补充，体现了 NVIDIA对合作推动生成式AI创新的支持。可扩展、高性能地推理是下一波生成式AI和代理式AI的关 键。我们正在与红帽和其他支持合作伙伴合作，促进llm-d社区的参与和行业采用，利用NIXL等 NVIDIA Dynamo创新帮助加速llm-d的发展。"（文猛） 责任编辑：杨赐 红帽及其行业合作伙伴正通过llm-d应对这一挑战，将先进的推理能力集成到现有的企业IT基础设施 中。据悉，该统一平台使IT团队能够满足关键业务工作负载的各种服务需求，同时部署创新技术以最大 限度地提高效率，并显著降低与高性能AI加速器相关的总体拥有成本（TCO）。 ...

Group 1 - The A-share market opened lower on May 27, with the AI index down by 0.1% and the related ETF, the Sci-Tech Board AI ETF (588930), down by 0.27% with a premium trading rate of 0.05% [1] - Among the constituent stocks of the Sci-Tech Board AI ETF, Chip Origin Co., Ltd. rose over 4%, China Post Technology increased over 3%, and Espressif Systems gained over 2% [1] - The Sci-Tech Board AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Board AI Index, which selects 30 large-cap companies involved in providing foundational resources, technology, and application support for AI [1] Group 2 - Major AI companies are accelerating the deployment of new models and applications, as seen in Google's I/O developer conference where multiple AI models and applications were launched [2] - The Gemini series of models was fully upgraded, with plans for deployment across various platforms including mobile phones, watches, cars, and TVs, enhancing terminal products [2] - OpenAI announced the Responses API for Agent development, which supports MCP, indicating a potential rapid improvement in AI Agent development efficiency and interaction capabilities [2] - Tianfeng Securities highlights the trend of AI integration into consumer devices, suggesting significant investment opportunities in China's AI sector by 2025 [2] - Huaxi Securities expresses optimism about the rapid development of AI, noting that companies that strategically invest in AI are likely to see accelerated performance growth [2]

证券研究报告 2025年05月26日 海外行业报告：行业动态研究 Google I/O 2025重构AI全栈生态，英伟达预计GB300三季度推出 全球AI周报 作者： 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 李泽宇 SAC执业证书编号：S1110520110002 分析师 樊程安吉 SAC执业证书编号：S1110524080001 分析师 杨雨辰 SAC执业证书编号：S1110521110001 分析师 刘诗雨 SAC执业证书编号：S1110524120001 请务必阅读正文之后的信息披露和免责申明 1 摘要 ◼ 全球AI动态： ◼ 重点公司财报AI进展 ➢ Snowflake：业绩超预期，AI产品加速迭代。Snowflake一季度收入9.97 亿美元，同比增长 26%。剩余履约义务（RPO）67 亿美元，同比增长 34%。本季度新增 451 个净新客户，同比增长 19%；两笔超 1 亿美元的大 客户续约在 Q1 完成。超 5200 个客户账户每周使用其 AI 和机器学习功能，Cortex 人工智能已从一个新兴的产品领域，发展成了全球企业 AI 战略的基石。 ◼ 投资建议： ➢ ...

微软的Build 2025大会和Google的I/O开发者大会都选择了在本周举办，并且两场活动谈论的核心都是 AI。 不同的是，微软的重心是向行业展示如何更好搭建Agent。微软在Build 2025大会上向用户呈现了一套 更加成熟的Agent基础设施，想要吸引更多开发者加入到构建开放Agent网络（Open Agentic Web）的进 程中——这是一个 AI 智能体能够在个人、组织、团队乃至整个端到端业务流程中协同运作的体系。 Google则致力于展示一个围绕Gemini搭建的AI操作系统雏形。谷歌首席执行官Sundar Pichai在演讲中使 用了「Gemini时代（Gemini Era）」来描述未来。一方面，Google展示了更强的模型研发能力；另一方 面，Google在将Gemini的能力融入到各个C端产品中。 微软和Google虽然重心不同，但其面向AI的战略规划都具备了一定的整体性，不再是进行散点的尝试， 而是开始找到一条线，将散落的点串联起来，成为一个体系。这个体系的使命就如Pichai所言——让研 究成果真正发挥作用，将其尽快转化为现实应用。 这是目前我们在国内大厂中尚未观察到的一种变化。我 ...

Group 1 - The report highlights that Sanofi Pharmaceutical has set a new record for the highest upfront payment in the License-out of domestic innovative drugs, receiving $1.25 billion from Pfizer for the exclusive rights to develop, produce, and commercialize the dual-specific antibody SSGJ-707 globally, excluding mainland China [4][12][15] - The potential total transaction amount for this deal could reach $6.05 billion, which is over 43 billion RMB at current exchange rates, indicating a significant milestone for the domestic innovative drug industry [12][15] - The report emphasizes the growing international recognition of Chinese innovative drugs, as evidenced by this record-breaking deal, which reflects the increasing competitiveness of China's drug development capabilities on a global scale [15][16] Group 2 - The report discusses Google's comprehensive upgrade of its AI ecosystem, introducing the Google AI Ultra subscription service, which integrates the best AI models to enhance productivity across various sectors such as film, finance, and healthcare [16][19] - Google also announced significant updates to its core search functionality, launching an "AI Mode" that integrates conversational AI responses into search results, aiming to adapt to changing user behaviors and competition from AI-driven search services [25][26] - The Computex 2025 event showcased six major highlights in the AI industry, including advancements in generative AI, humanoid robots, and the development of next-generation technologies, indicating a robust growth trajectory for AI applications [33][39] Group 3 - The report identifies five key sectors for short-term investment focus, including robotics, self-sufficiency, domestic demand, precious metals, and innovative drugs, suggesting a strategic approach to capitalize on emerging opportunities [52][55] - It also outlines a long-term investment strategy centered around technological cycles, emphasizing the importance of AI advancements, domestic supply chain independence, and the transition to carbon neutrality across various industries [56] Group 4 - The report notes that the global stock market experienced mixed performance, with healthcare, telecommunications, and utilities sectors performing well, while information technology, energy, and real estate sectors lagged [4][57] - It highlights the importance of monitoring regulatory developments, particularly the recent measures introduced by the State Administration for Market Regulation to address "involution" in competition, which could impact various industries [57][58]

Core Viewpoint - YouTube is increasingly becoming a significant competitor to traditional streaming services and entertainment studios, leading to legal disputes over talent poaching and employment contracts [1][2]. Company Developments - YouTube has hired Justin Connolly, former president of platform distribution at Walt Disney Co., which has resulted in Disney suing both YouTube and Connolly for breach of contract [2][4]. - Connolly was responsible for Disney's distribution strategy and negotiations for licensing deals, including those with YouTube [3][9]. - Disney is seeking a preliminary injunction to enforce Connolly's employment contract, which is set to last until at least March 2027 [4][10]. Industry Context - YouTube accounted for 12% of U.S. TV viewing in March, surpassing other streaming services like Netflix, and generated an estimated revenue of $54.2 billion last year, making it the second-largest media company after Disney [7]. - YouTube's diverse content library includes over 20 billion videos, with more than 20 million videos uploaded daily, combining user-generated and professional content [8]. - The competitive landscape is intensifying, with other streaming services like Netflix acknowledging YouTube as a strong competitor [9].