Investment Rating - The industry rating is "Recommended" [5] Core Insights & Investment Recommendations - Trade uncertainties have resurfaced, with President Trump threatening a 50% tariff on EU imports, which may disrupt market risk appetite temporarily. However, China's core assets still hold low-positioning value due to domestic demand resilience, industrial chain upgrades, and policy support [2][24] - OpenAI's acquisition of the AI hardware startup io for $6.5 billion marks its entry into the hardware sector, indicating a strategic shift from a "pure software ecosystem" to an "end-side closed-loop" strategy. This move is expected to lower the technical usage threshold and accelerate the commercialization of AI applications in consumer scenarios [2][43] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumption promotion and employment stability; 2) The gaming industry, which is expected to see growth due to policy incentives and technological empowerment; 3) The film and cultural tourism industry, which will benefit from consumption policies promoting cinema recovery [3][25] Industry Data - The top three films at the box office are "Dumpling Queen" with a revenue of 31.83 million yuan (21.10% market share), "Hunting Gold: Game" with 29.16 million yuan (19.40%), and "Life Opens the Door" with 25.13 million yuan (16.70%) [4][58]

证券研究报告 | 行业定期报告 2025 年 05 月 25 日 谷歌 I/O 大会跟踪，重点关注大模型多模态能力提升 计算机周观察 20250525 TMT 及中小盘/计算机 5 月 21 日，谷歌发布以人工智能为核心的一系列重大更新，其中 AI 搜索引擎 和多模态大模型亮眼，国内昆仑万维于 5 月 22 日发布天工超级智能体，聚焦于 生产力场景。大模型多模态能力持续提升，建议关注。 ❑ 风险提示：贸易摩擦持续升级；供应链风险；行业竞争加剧风险。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 284 | 5.6 | | 总市值（十亿元） | 3281.4 | 3.8 | | 流通市值（十亿元） | 2864.2 | 3.7 | 行业指数 % 1m 6m 12m 绝对表现 -1.0 -3.7 34.5 相对表现 -3.5 -4.1 27.9 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 80 May/24 Sep/24 Jan/25 Apr/25 (%) 计算机 沪深300 相关报告 1、《从科技龙头厂商财报看 AI 产业 ...

每经记者｜岳楚鹏 每经编辑｜高涵 据央视新闻报道，当地时间5月23日，美国总统特朗普签署了一系列有关核能的行政命令，涉及对美国核管理委员会（NRC）进行全面改革、修改监管 流程以加快核反应堆测试等。一名白宫高级官员表示，政府希望在2029年1月，特朗普第二任期结束前"测试和部署"新的核反应堆。 当天，美股核能板块股价强劲上扬，其中，Lightbridge大涨近43%，NANO Nuclear Energy涨超30%，Oklo和Centrus Energy均涨逾20%。 市场普遍预期，若审批真正提速，叠加科技资本加持，美国核能产业或迎来50年来最大拐点。WedBush分析师Dan Ives在发给《每日经济新闻》记者 （以下"每经记者"）的报告中称，他认为，核能最终将在第四次工业革命的基础上为数据中心提供动力方面发挥关键作用。 此次美国核能政策转向的背后，是人工智能（AI）急速发展加剧的"能源焦虑"。随着AI技术呈指数级发展，其巨大的计算和存储需求正给美国陈旧的 电网带来难以承受的压力。此前，谷歌已发出警告，称美国电力产能不足以支撑AI基础设施的扩张。埃隆·马斯克更是认为，继芯片和变压器之后，电 力短缺将成为AI ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 25 日 [Table_Title] [Table_Title] 关税不确定性再起，OpenAI 入局随身 AI 硬件 传媒行业周报系列 [Table_Title2]2025 年第 20 周 ► 市场行情回顾 [Table_Summary] 2025 年第 20 周（实际交易日为 2025.5.19-2025.5.23）上证指 数下跌 0.57%，沪深 300 指数下跌 0.18%，创业板指数下跌 0.88%。恒生指数上涨 1.1%，恒生互联网指数下跌 1.29%，行业 落后恒生指数 2.39pct。SW 传媒指数下跌 0.16%，领先创业板指 数 0.72pct，在申万一级 31 个行业涨跌幅排名中位列第 14 位。 子行业中游戏、体育和广告营销位列前三位，分别为上涨 2.75%、上涨 0.65%和上涨 0.12%。 ► 核心观点&投资建议 贸易不确定性再起，特朗普威胁对欧盟加征 50%关税。据新华 社，美国总统特朗普 23 日表示，美欧贸易磋商"毫无进展"， 计划自 6 月 1 日起对欧盟进口商品加征 50%关税，称欧盟在贸易 上 ...

Core Insights - Cloud computing is one of the fastest-growing sectors in technology, characterized by the delivery of computing services over the internet, allowing organizations to scale resources efficiently [1][3] - The sector benefits from economies of scale, where profitability growth can significantly exceed revenue growth once fixed costs are covered [2] - The rise of artificial intelligence (AI) has accelerated growth in cloud computing as organizations utilize cloud services to develop and run AI models and applications [3] Company Summaries Amazon - Amazon is the largest cloud computing service provider globally, holding nearly a 30% market share, with its Amazon Web Services (AWS) segment being the most profitable and fastest-growing [6] - AWS revenue increased by 17% year-over-year to $29.3 billion, while operating income rose by 22% to $11.5 billion [6] - Key growth drivers for AWS include its Bedrock and SageMaker solutions, which allow customers to customize AI models and build their own from scratch [7][8] Microsoft - Microsoft Azure has been gaining market share, with revenue growth of 30% or more for the past seven quarters, reaching a market share of around 22% [9] - The partnership with OpenAI has enhanced Azure's offerings, allowing customers to integrate leading AI models into their applications [10] - Microsoft is diversifying its AI portfolio by hosting models from xAI and hiring talent from DeepMind to develop its own AI models [11] Alphabet - Alphabet's Google Cloud, with about a 12% market share, has reached a profitability inflection point, with revenue climbing 28% year-over-year to $12.3 billion and operating income surging 142% to $2.2 billion [12][13] - Google Cloud's competitive edge comes from its Vertex AI platform, analytics tools like BigQuery, and leadership in Kubernetes [14] - Alphabet has developed advanced AI models like Gemini and custom AI chips to enhance its cloud services, despite concerns about AI's impact on its search business [15][16]

Group 1: Ackman's Investment Strategy - Bill Ackman, through Pershing Square Capital Management, holds a concentrated portfolio of only 12 stocks, with nearly one-third of his $11.9 billion portfolio invested in three major growth stocks [1][3] - Ackman has recently made Uber Technologies (UBER) his top stock, acquiring 30.3 million shares worth approximately $2.21 billion, which constitutes 18.5% of his hedge fund's portfolio [2][3] Group 2: Reasons for Investing in Uber - Ackman cites his long-term admiration for Uber and its status as a "highly profitable and cash-generative growth machine" as key reasons for his investment [5] - He believes Uber is trading at a steep discount to its intrinsic value, although the stock has seen a significant increase since his initial investment announcement [5] Group 3: Other Significant Holdings - An additional 14% of Pershing Square's portfolio is invested in Alphabet Inc., split between Class A and Class C shares [6] - Ackman began investing in Alphabet in early 2023, capitalizing on a sell-off despite skepticism regarding Google's future due to the rise of generative AI technologies [7][8] Group 4: Market Perspectives on Uber and Alphabet - There are differing opinions on Uber's valuation, with some analysts suggesting it is overvalued based on its forward earnings and PEG ratio, while others estimate it is undervalued by nearly 47% [9][10] - Alphabet faces uncertainties, particularly with antitrust issues, but its growth prospects in Google Cloud and self-driving technology (Waymo) are viewed positively [10][11]

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The AI ecosystem is undergoing a comprehensive upgrade, with significant advancements in models such as Google's Gemini series and Anthropic's Claude 4, which enhance capabilities in coding, reasoning, and multi-modal applications [3][42]. - The demand for computational power is a critical foundation for the deployment of AI agents, driven by the need for long context processing, external data integration, and complex task verification [3][42][51]. Summary by Sections Google I/O Conference Highlights - Google's I/O conference showcased upgrades in the AI ecosystem, including the Gemini series models, which excel in academic benchmarks and multi-modal reasoning [11][12]. - The introduction of new models like Gemini Diffusion and enhancements in video generation capabilities with Veo 3 and Imagen 4 were highlighted [20][21]. Claude 4 Model Release - Anthropic launched Claude 4, featuring Claude Opus 4 and Claude Sonnet 4, which set new standards in coding and reasoning capabilities [31][32]. - Claude Opus 4 is recognized as the leading coding model, excelling in complex tasks and long-duration operations [32][36]. Agent Industry Development - The report emphasizes the accelerated development of the agent industry, with significant breakthroughs in capabilities allowing agents to handle more complex and specialized tasks [3][42]. - The integration of multi-modal capabilities and the introduction of hardware like Android XR smart glasses and Google Beam are expected to enhance agent applications [24][25][43]. Computational Power Focus - A list of companies to watch in the computational power sector includes major players like Alibaba, Cambricon, and Huagong Technology, indicating a strong focus on the infrastructure needed to support AI advancements [4][52]. - The report outlines the substantial computational requirements for training and deploying AI models, emphasizing the need for robust hardware to meet increasing demands [51]. Recommendations - The report suggests a focus on companies involved in computational power and AI agents, highlighting potential investment opportunities in this rapidly evolving sector [4][52].

算力：寒武纪、海光信息、阿里巴巴、奥飞数据、协创数据、海南华铁、 潍柴重机、科华数据、大位科技、新易盛、中际旭创、胜宏股份、玉柴国 际、亿田智能、宏景科技、云赛智联、圣阳股份、润建股份、弘信电子、 有方科技、深信服神州数码、深桑达、品高股份、金山云、南都电源、云 天励飞、优刻得、云从科技、浪潮信息、中科曙光、太极股份、首都在线、 杭钢股份、数据港、南兴股份、华策影视、顺网科技、恒为科技、网宿科 技、杰创智能、朗科科技等。 证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 计算机 离 Agent 更进一步 谷歌 I/O 大会召开，AI 生态全面升级。5 月 20 日在 2025 年度谷歌 I/O 大会上，谷歌展示了 AI 领域从基础模型到应用的全面升级。1）Gemini 系 列模型更新：Gemini 2.5 Pro 在学术基准测试、编码及多模态推理等方面 表现卓越，新增 Deep Think 增强推理模式；2.5 Flash 则侧重速度与成本 优化。推出新的实验模型：Gemini Diffusion，是一种文本扩散模型；更新 设备端模型 Gemma 3n。2）多模态方面 V ...

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for investment opportunities [6]. Core Insights - AI programming has emerged as a core application of AI, with major tech giants launching related products. The report suggests that AI programming may disrupt its "creators" and emphasizes the importance of Integrated Development Environments (IDEs) as the foundational platform for AI programming [4][34]. - The report highlights key domestic leaders in the AI programming sector, including Zhuoyi Information, Puyuan Information, SenseTime-W, and Jin Modern, recommending them for investment focus [4][34]. Summary by Sections Market Review - During the week of May 19-23, the CSI 300 Index fell by 0.18%, while the Small and Medium-sized Board Index rose by 0.62%. The Computer sector (CITIC) experienced a decline of 3% [44]. Industry News - Major developments include Apple's collaboration with Anthropic to develop an AI-driven coding tool integrated into Xcode, and OpenAI's potential acquisition of Windsurf for approximately $3 billion to enhance its AI programming capabilities [10][13]. - Anthropic launched the Claude 4 model series, which significantly improves AI programming capabilities, achieving a 72.5% pass rate in coding tests [15][37]. Company News - Companies like Jingbeifang and Dahua Technology have made announcements regarding share buybacks and management changes, reflecting ongoing corporate activities within the sector [2][3][41]. Investment Recommendations - The report emphasizes the growing significance of IDEs in the AI programming landscape, suggesting that they will continue to enhance their core role as the foundational environment for programming [26][30]. - The report advises investors to focus on leading domestic companies in the AI programming space, which are expected to benefit from the ongoing evolution of AI technologies [34].

计算机周报 20250525 为什么科技巨头都在布局 AI 编程 2025 年 05 月 25 日 ⚫ 市场回顾 ➢ 本周（5.19-5.23）沪深 300 指数下跌 0.18%，中小板指数上涨 0.62%，创 业板指数下跌 0.88%，计算机（中信）板块下跌 3%。板块个股涨幅前五名分别 为：迪威迅、盛视科技、东方通、天迈科技、汇金科技；跌幅前五名分别为：科 蓝软件、新开普、天源迪科、华胜天成、唐源电气。 ⚫ 行业要闻 ⚫ 公司动态 ➢ 京北方：5 月 22 日，京北方信息技术股份有限公司发布公告称，公司董事、 副总经理赵龙虎先生因自身资金需求，计划自本公告披露之日起十五个交易日后 的三个月内通过集中竞价交易方式减持其持有的公司股份不超过 529,200 股， 即不超过公司总股本的 0.061%；公司副总经理曹景广先生因自身资金需求，计 划自本公告披露之日起十五个交易日后的三个月内通过集中竞价交易方式减持 其持有的公司股份不超过 43,400 股，即不超过公司总股本的 0.005%。 ➢ 大华股份：5 月 22 日，浙江大华技术股份有限公司发布公告称，公司于 2025 年 5 月 21 日首次通过回购股份专 ...