计算机行业 行业研究 | 动态跟踪 从模型竞速到商业落地，全球科技巨头进 入 AI 兑现周期 核心观点 投资建议与投资标的 我们认为 AI 应用正逐步进入落地期，无论是 AI 应用领域还是算力行业都有望呈现较多的 投资机遇，建议投资者关注行业整体性机会。 AI 应用领域，建议关注卓易信息、科大讯飞、税友股份、金山办公、鼎捷数智、汉得信 息、焦点科技、泛微网络、彩讯股份、万兴科技、福昕软件、东土科技、新致软件。 AI 算力领域，建议关注寒武纪-U、海光信息、润建股份、协创数据、奥飞数据、首都在 线、优刻得-W、光环新网、润泽科技。 风险提示 技术落地不及预期；政策落地不及预期；竞争激烈导致变现能力下降。 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 08 月 17 日 看好（维持） | 浦俊懿 | 021-63325888*6106 | | --- | --- | | | pujunyi@orientsec.com.cn | | | 执业证书编号：S0860514050004 | | 陈超 | 021-63325888*3144 | | | chenchao3@orientsec.com.cn ...

Core Insights - Alphabet (GOOG, GOOGL) has been underperforming compared to other AI-focused companies and tech giants in 2025, particularly before August [1] Company Analysis - The company is perceived as one of the least exciting stocks in the current market environment, indicating a potential lack of investor interest or growth momentum [1] Industry Context - The analysis highlights the competitive landscape of technology and AI sectors, where other companies are outperforming Alphabet, suggesting a shift in market dynamics [1]

This ETF has outperformed the S&P 500 handily over various multi-year periods.If you're like many investors, you either own or want to own the "Magnificent Seven" stocks, which are Apple, Amazon.com, (Google parent) Alphabet, (Facebook parent) Meta Platforms, Microsoft, Nvidia, and Tesla.You might also want to own companies that could become Magnificent-Seven-like -- in other words, terrific growth stocks. But which companies are the next great investments? It can be hard to know, which is why it's smart to ...

Core Insights - H&H International Investment, managed by Duan Yongping, reported a total portfolio value of $11.5 billion in Q2, with significant adjustments in holdings, particularly in AI-related stocks [1][2] Group 1: Investment Strategy - Duan Yongping showed a strong bullish sentiment towards the artificial intelligence sector, significantly increasing his stake in Nvidia by nearly 320,000 shares, resulting in a 49.56% increase in holdings, raising its portfolio share from 0.58% to 1.32% [2] - Google was another key focus, with over 830,000 shares purchased, leading to a 75.17% increase in holdings and a rise in portfolio share from 1.45% to 2.99%, with a market value of $345 million [2] - The strategy towards Apple shifted, with an increase of 890,000 shares, marking a 2.61% rise in holdings after four consecutive quarters of reduction, likely due to Apple's advancements in AI [2] Group 2: Chinese Concept Stocks - The approach to Chinese concept stocks showed a clear divergence, with Pinduoduo being favored, as holdings increased by over 900,000 shares, an 11.72% rise, solidifying its position as the third-largest holding with a market value of $906 million [3] - Alibaba, in contrast, faced continuous reductions, with 235,900 shares sold, decreasing its market value to $569 million, reflecting a cautious outlook on its future prospects [3] - Berkshire Hathaway remained stable with no trading activity, indicating a commitment to value investment principles, while Western Oil experienced a slight reduction with 270,000 shares sold [3]

Regulatory Governance - The Supreme People's Court of China has defined the act of "opening boxes" online as a crime of infringing on personal information, providing direct guidance for determining criminal liability in such cases [2] Company News - DeepSeek's parent company, Huansheng Quantitative, is involved in a significant rebate scandal amounting to 118 million yuan, with the market director Li Cheng under investigation for allegedly colluding with a brokerage to misappropriate trading commissions over six years [3] - Douyin announced it will take action against 28 non-compliant group broadcasting agencies starting in 2025, with 12 agencies terminated for providing services to minors or disseminating inappropriate content [4] AI Developments - Gaode Map has launched the world's first AI-native travel assistant, integrating the Tongyi large model to help users create complex travel plans through voice interaction [5] - AI startup Perplexity has made a surprising $34.5 billion cash offer to acquire Google's Chrome browser, which is nearly double its own valuation of $18 billion [6] - Apple is planning to enhance its competitiveness in AI with new products, including robots and AI security cameras, with a desktop robot expected to launch in 2027 [7] - OpenAI's CEO Sam Altman is looking to co-found a brain-computer interface company named Merge Labs, aiming for a valuation of $850 million and seeking $250 million in funding [8]

根据美股机构投资者二季度13F持仓披露情况，段永平管理的H&H International Investment持仓曝光。 截至2025年二季度末，H&H International Investment持仓总市值约115亿美元。 加码布局拼多多 从持仓情况看，H&H International Investment共持有十家公司，包括苹果、伯克希尔哈撒韦、拼多多、西方石油等。其中，苹果依然是头号重仓股，占组 合持仓比例高达62.47%，截至今年二季度末，持仓市值高达72亿美元，依然是组合的"定海神针"；伯克希尔哈撒韦占组合比例的14.24%，持仓市值为16.4 亿美元。 具体持仓及变动情况如下表： | Stock | History | Sector | Shares Held or | Market Value | % of Portfolio | Previous % of | Rank | Change in | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Principal | → | | Portfolio | | ...

你有没有想过，为什么Google能成为一家市值2万亿美元的巨头，而Wikipedia却是一个非营利组织？答案很简单：商业搜索的魔力。当你搜索"铯原子有 多少个质子"时，Google一分钱都赚不到。但当你搜索"最好的网球拍"时，它就开始印钞票了。这种不对称性定义了整个搜索经济的本质。现在，随着AI 的崛起，这个平衡正在被彻底打破。 最近读到a16z合伙人Justine Moore和Alex Rampell的一篇深度分析，他们对AI如何重塑电商领域的洞察让我深感震撼。他们不仅分析了Google可能面临的 威胁，更重要的是，他们描绘了一幅AI时代电商的全新图景。在这个图景中，传统的搜索-比较-购买模式正在被AI agent驱动的智能化购买体验所取代。 我花了很多时间思考他们的观点，并结合自己对这个行业的观察，想要分享一些更深层的思考。 一、Google的真正危机：不是搜索量，而是价值迁移 Justine在文章中提到了一个让我印象深刻的观点：Google即使失去95%的搜索量，收入仍然可能增长，只要它能保住那些有商业价值的查询。这个观点听 起来违反直觉，但实际上揭示了搜索经济的核心秘密。我经过深入思考后发现，这背后隐 ...

Genie 3是有史以来最先进的世界模型之一。 仅通过文本，它能够实时生成完全互动、高度一致的世界。 它不仅是DeepMind积累的结晶，还是通向AGI和具身智能体的关键一步。 但Genie 3是如何构建的？未来的世界模型又是什么样？ 刚刚，谷歌DeepMind的研究科学家Jack Parker-Holder和研究总监Shlomi Fruchter，在a16z的访谈中，分享了他们的观点。 谷歌DeepMind的研究科学家Jack Parker-Holder和研究总监Shlomi Fruchter 这次对话提供了对Genie 3的第一手洞察。 主持人Justine Moore发推表示：「Genie 3在网络上引发热潮」。 主持人Justine Moore发文 他总结了深入探讨的要点： Genie3是由两个DeepMind项目（Veo 2和Genie 2）合作完成的成果。 实时、互动的世界模型有很多潜在应用。 但应用并不是推动研究的主要动力——它们是从用户使用模型的过程中自然涌现出来的。 Genie 3可以保留最长达一分钟的空间记忆。 只需输入文本提示，Genie 3即可生成动态世界。用户可以实时进行探索，每秒高 ...

校对：陶谦 据环球网报道，《财富》杂志8月16日刊文称，2024年苹果、微软、亚马逊等多家美国科技巨头CEO安保支出超过4500万美元， 其中Meta为创始人扎克伯 格花费2700万美元（约合人民币1.94亿元），超过苹果、英伟达、微软、亚马逊和谷歌CEO等人安保支出总和。 综合自环球网 责编：陈丽湘 报道称，这一惊人数字背后，凸显硅谷科技巨头CEO们面临日益严峻的安全威胁，去年12月，美国联合健康集团旗下联合健康保险公司首席执行官布赖恩 ·汤普森在纽约曼哈顿遭枪击身亡也是导致安保费用增加的主要原因。 报道还称，扎克伯格的安保预算涵盖其住宅、家人及差旅，较2023年的2400万美元增加了300万美元。 相比之下，英伟达为黄仁勋支出350万美元（2023 年为220万美元），谷歌CEO皮查伊耗资680万美元，苹果CEO库克的安保费则从240万降至140万美元，特斯拉为马斯克申报的50万美元安保费被称只是实 际支出的"冰山一角"，因为马斯克拥有自己的私营安保公司。 ...

证券研究报告 | 行业周报 gszqdatemark 2025 08 17 年 月 日 计算机 大模型吞噬软件？ AI 吞噬软件？产业格局变动中机遇与挑战并存。大模型厂商正在加速自 身的商业化，同时近期一些"AI 吞噬软件"的论调也引起投资界关注。 彭博社提到 AI 有可能像之前的互联网一样颠覆各行各业，并列举了美银 认定受 AI 影响最大的 26 家公司的几家如 Wix.com/Shutterstock/Adobe 等。报道中除了软件也提到包括广告、人力资源、市场研究等领域的公 司如 ManpowerGroup/Robert Half/Gartner/Omnicom Group/WPP。我们 认为：1）AI 的影响不局限于软件，各领域都有抓住 AI 时代机遇的软件 公司崛起：例如广告领域的 Applovin；视觉设计类工具有 figma 和 Canva 等公司，人力资源领域北森控股；AI 编程领域的 Cursor 等。2） 可能受到冲击的公司也会将 AI 赋能自身：例如谷歌也是美银的人工智能 风险投资组合中的公司，但其最新的财报显示 AI 正在赋能其搜索业务。 3）开源模型蓬勃发展对软件公司有利。我们认为 ...