Company and Industry Key Points 1. **Company Overview**: Cambricon is a leading Chinese AI chipset supplier. The company focuses on AI chipsets for various applications, including intelligent cluster systems for governments and autonomous driving chips. [44] 2. **Revenue Growth**: Goldman Sachs expects Cambricon's revenue to grow by 4%, 9%, and 16% in 2025E-2027E, driven by ongoing demand from government projects and the widening applications of AI technology. [5] 3. **Valuation**: Goldman Sachs uses a discounted EV/EBITDA methodology to derive a target price of Rmb538.0 for Cambricon. The target EV/EBITDA multiple is based on peers' trading EV/EBITDA vs. forward-year fundamentals. [2, 56] 4. **Key Risks**: The key risks identified include weaker/stronger-than-expected government projects, competition in AI chips and accelerators, slower/faster-than-expected local foundry supplies, slower/faster-than-expected expansion to non-government projects, and the company's addition to the US Entity List in December 2022. [3] 5. **M&A Rank**: Cambricon has an M&A rank of 3, indicating a low probability (0%-15%) of being acquired. [14] 6. **Market Cap**: Cambricon's market cap is Rmb281.6bn ($38.6bn) as of December 2024. [45] 7. **Enterprise Value**: Cambricon's enterprise value is Rmb280.5bn ($38.4bn) as of December 2024. [45] 8. **Beta**: Cambricon's beta is 1.3. [23] 9. **Risk-Free Rate**: The risk-free rate is 3.0%. [23] 10. **Market Risk Premium**: The market risk premium is 6.5%. [23] 11. **Revenue Breakdown**: Cambricon's revenue breakdown by region is 49% global, 34% Greater China, and 17% other regions. [27] 12. **Revenue Breakdown by Segment**: Cambricon's revenue breakdown by segment includes 63% AI chips (government projects), 57% other segments, and 40% other segments. [54] 13. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 14. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54] 15. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 16. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54] 17. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 18. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54] 19. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 20. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54]

各位投资人晚上好啊。今天晚上我们给大家汇报一下关于自己 AI 的一些产业链 的产业链的一些理解，和我们推荐的一些公司。我想最近这两天大家也听了，因 为不止这两天，应该最近这两周大家肯定也了听了很多字节的 AI 的这个会也可 估计也聊了很多字节的一些专家，大家可能也都会从不同角度去理解。但我想今 天的话我们希望说能能给大家有一些不一样的一些参考的一些内容。然后今天的 话主要是由我和同事浩怡还有心怡一起给大家做汇报。我想一开始的话，我们我 先简短先汇报一下，大概就两三分钟。 To c 的话是我们相对来讲比较熟悉的，to b 的话相对来讲不是那么熟悉，但这 次大会的话大家也看到它的重心其实在 to b，特别 to b 这块更新比较多。To c 的里面豆包也好，记忆梦也好，它都是常规性升级。所以我想第一个就是在 to b 端，我们并不是说我们一定要去关注自己 to b 的业务。也就是说这块它底层 的东西其实比较重要。就是字节为什么要去做 to b 核心就是要去推他的 S 云业 务，所以我想这个是第一个第二个的话，就是在整个字节里面，我觉得如果说我 们去看字节 AI 的布局上，哪些是我们意料之外的，我想 to c 的应 ...

各位领导，大家早上好。感谢大家参加我们海通电新组的一个电话会议。上周周 四、周五左右的这个时间，风控板块相关的一些标的涨幅还是比较不错的。我们 觉得跟 AI 的相关的这个大长以及人形机器人的一些催化都有一定的关系所以今 天我们就又开了一场电话会议，希望把这个相关的标地的情况再跟各位领导更新 一下。接下来把这个时间交给我们陶玉斌老师，请玉斌发言。 目前主要是面向移动类、协作类以及服务类的机器人领域。主要是提供了包括低 压伺服空心杯电机、特种无框利息电机等核心部件在内的多套解决方案。在人形 机器人领域，公司主要是布局了空心变电机，无框立即电机等产品。我们判断未 来随着人形机器人产业的不断发展，公司配套的空心被电机和无框率电机价值量 有望得到进一步提升。公司作为前端布局研发的核心部件供应商之一，有望持续 是收益的。然后第三方的成长性是来源于区域性的延伸，主要表现为海外市场， 公司近几年是在加速开拓的，目前公司海外市场主要还是以通用类的一些产品为 主，未来还会进一步推广行业专机伺服及控制系统。 但近期有了解到的话，但近期有了解到奥麦克里面的份额可能会比大家预期的会 更乐观一些。并且公司给英伟达提供的 AI 服务器电源 ...

Key Points 1. **Industry and Company**: The document focuses on the robotics industry, specifically highlighting Physical Intelligence, a startup building foundational AI models for robotics. 2. **Core Views and Evidence**: - **Embodied AI**: The development of the robot 'brain' is crucial for the rise of embodied AI. Future autonomous robots will require advanced Vision-Language-Action (VLA) models to transform human-like sensory inputs into robotic movement and manipulation. - **Physical Intelligence's Pi Zero**: Pi Zero is a general-purpose robotics model capable of controlling various robots and performing complex tasks. It outperforms existing models in terms of complexity and success rate. - **Funding and Investors**: Physical Intelligence raised $400m at a $2.0bn valuation in November 2024, with notable investors including Khosla Ventures, Lux Capital, OpenAI, Sequoia, Thrive Capital, and Jeff Bezos. - **Competitors**: The document mentions other companies working on general-purpose robotics models, such as Skild AI, Field AI, and OpenAI. 3. **Other Important Content**: - **DeepMind and Toyota Research Institute**: These companies are actively working on dexterous robots and behavior models based on diffusion policy. - **NVIDIA Project Gr00T**: This project aims to develop a general-purpose, multimodal foundation model for humanoid robots. - **Physical Intelligence's Timeline**: The company emerged from stealth in March 2024, revealed Pi Zero in October 2024, and raised $400m in November 2024. - **Technology Overview**: Pi Zero is a first-step prototype with a focus on long-horizon reasoning, autonomous self-improvement, robustness, and safety. - **Startup Timeline**: Physical Intelligence has made significant progress in a short period, showcasing its potential in the robotics industry.

Internet 2025 Outlook **Industry Overview** * The Internet sector is expected to continue its strong performance in 2025, driven by secular trends such as AI, digital transformation, and the shift to online platforms. * AI is expected to dominate the investment narrative, shifting from infrastructure to agents and applications. * Mega-caps and large-caps are expected to continue leading the sector, with significant investment in AI and infrastructure. **Key Themes** 1. **AI Shift**: The focus of AI investment is shifting from infrastructure to agents and applications, including chatbots, vertical tools, AI-driven search, and ad creation. 2. **Heavy Capex**: Mega-caps are expected to continue investing heavily in AI and infrastructure, which will curb margins and FCF but drive long-term growth. 3. **Cloud Growth**: Cloud growth is expected to accelerate, with more monetization of GenAI in 2025. 4. **Online Ads**: Online ad growth is expected to remain solid, with a focus on new products, direct response, AI, and margin expansion. 5. **E-commerce**: E-commerce growth is expected to accelerate, led by Amazon and Walmart. 6. **Streaming Media**: Streaming media growth is expected to be more balanced between subscriptions and monetization, with a focus on ad-supported video. 7. **Rides/Food**: Rides and food delivery are expected to remain resilient, driven by cohort strength and improving efficiency. 8. **AV Rollout**: Autonomous vehicle (AV) rollout is expected to expand as rideshare networks prove utilization and demand. 9. **Online Travel**: Online travel growth is expected to normalize, shifting focus to disciplined execution. 10. **Regulatory Focus**: Regulatory scrutiny around mega-caps and antitrust is expected to persist. 11. **Trump 2.0**: The incoming administration's pro-business stance is expected to be beneficial for the Internet group. **Company-Specific Analysis** * **Amazon (AMZN)**: Amazon is well-positioned as the market leader in e-commerce and public cloud. The company is expected to achieve multi-year margin expansion and FCF ramp, driven by high-growing AWS and Advertising revenue streams. * **Alphabet (GOOG/L)**: Alphabet's fundamentals are solid, and the company is expected to remain a driver of and primary beneficiary of an increasingly digital economy and advances in Generative AI. The company is focused on innovation, with healthy runway across Search and YouTube ads as AI drives higher ROI and TV dollars shift online. * **Meta Platforms (META)**: Meta is well-positioned to become an enduring blue-chip company built for the long term. The company's massive reach and engagement continue to drive network effects, and its targeting abilities provide significant value to advertisers. Meta is also focused on the two big tech waves of AI and Metaverse. * **Spotify (SPOT)**: Spotify is the largest pure-play audio streaming service and is driving and benefiting from the ongoing secular shift from transaction-based to access-based streaming models. The company is growing its total MAUs at ~11% and is generating positive FCF. * **Pinterest (PINS)**: Pinterest is a visual discovery platform and productivity tool where 535M+ people around the world go to discover ideas that they can then bring from inspiration to reality. The company has a scaled user base with high commercial intent and operates in a large addressable market. * **Reddit (RDDT)**: Reddit is a global digital city comprising 100k+ subreddits for users to share information, learn, and engage around specific topics and interests. DAUq growth has accelerated in recent quarters and there is meaningful headroom for growth. * **Uber Technologies (UBER)**: Uber is the global leader in two secular growth industries, ride-sharing and food delivery, and is leveraging its massive scale and technological expertise to rapidly launch and scale new products. * **Booking Holdings (BKNG)**: Booking Holdings is the best-positioned company in the online travel space. The company is expected to deliver solid revenue growth and continue returning capital to shareholders. * **Expedia Group, Inc. (EXPE)**: Expedia is expanding its international footprint through its portfolio of strong brands with significant scale, including Brand Expedia, Hotels.com, and Vrbo. * **Airbnb (ABNB)**: Airbnb is a leading global marketplace for Alternative Accommodations (AA) and experiences, with its community of individual hosts and strong brand the key differentiators. * **WEBTOON (WBTN)**: WEBTOON is a leading global storytelling platform that pioneered a new form of digital content. Stories on WBTN are serialized into short, vertically scrolling web-comics or web-novels released on a weekly schedule. **Conclusion** The Internet sector is expected to remain a strong performer in 2025, driven by secular trends and significant investment in AI and infrastructure. Mega-caps and large-caps are expected to continue leading the sector, with significant opportunities for growth and innovation.

好的针对各位投资人大家晚上好我是长安通信分析师Juanteo非常感谢各位领导今天晚上抽出时间来收听我们的第一时间汇报今天的汇报主题是重申光讯科技它的AI在AI的业务上的一个弹性那么 重点讲一讲行业尤其是国内的数据中心光谱块数据中心光谱块它的一个市场过去的一个情况以及未来的一个展望那么第二部分的话重点讲一下光驯科技在这里面有哪些竞争力从它的营收量价包括利润率到时候出发给大家仔细的仔细的分析一下那么 海外跟国内的整个capital走势我们觉得还是相对比较接近大家都是一个比较高的增速在往上走那么其实在20年的时候还是出现了比较明显的分水岭海外的capital还是在延续增长基本上我们从具体数据上来看的话北美的big four就是我们平时说的亚马逊谷歌 增长就明显的放缓那么从19年到20年的话不到10%的一个增长20年到21年的话是下滑的略微的下滑然后21年到20年是一个微幅的增长然后从20年到23年的话是一个比较大比例的下滑是个比较大比例的下滑也就是说我们如果看过去5年的 两国的互联网企业他们经历的一些行业上的一些政策的变化包括从业务的一些增长动能上面都有很大的一个分化其实国内的互联网企业大家知道从20年当时出现互联 ...

本次电话会议仅服务于华创证券研究所客户不构成投资建议相关人员应自主做出投资决策并自行承担投资风险华创证券不应使用本次内容所导致的任何损失承担任何责任 专家发言内容仅代表专家个人观点不代表本公司观点本次会议内容不得涉及国家保密信息内幕信息未公开重大信息商业秘密个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息不得涉及影响社会或资本市场稳定的言论未经华创证券事先书面许可 任何机构或个人不得以任何形式复制、刊载、转载、转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利市场有风险投资需谨慎各位投资者大家早上好欢迎大家参加由我们华超集团组织的 我们可以说整个产业的发展还是非常激动人心的 这周天的话也是继续围绕着AI家AI应用产业链的这么一个更新的我们希望专家们能给我们所产业链他们一些这样的一个分享我们今天也非常有幸邀请到在国内从业包括在大厂里面有相关AI经验的这样的一个专家们来给我们做一个分享 更新更新更新更新更新更新更新更新更新更新更新 主持的是我们团队的杨九一。那下面的话呢,我们进入到这样的一个分享环节。好,庄总有请。专家您好,主播间听不到您的声音哦,麻烦您。 ...

会议紧面向开源证券的专业投资机构客户或受邀客户仅供在新媒体背景下研究观点的及时交流第三方专家发言内容仅代表其个人观点所有信息或所表述的意见并不构成对任何人的投资建议未经开源证券事先书面许可任何机构或个人严禁录音、转发及相关解读涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持 那我们今天呢给各位投资者汇报的主题主要是包括三个方面第一个方面呢就是给大家复盘一下2019年到2020年的一个国内的云集散的一个浪潮同时呢解读一下这个巨头的资本开支的一个情况那第二个方面的话呢是给大家把详细拆解一下国产算力和字节跳动产业链的一个弹性那第三个方面呢就是给各位投资者汇报一下AIDC细分产业链的一个涨价的这么一个情况 相关的这样的一个订单那么确实字节跳动在AI的投入力度是非常大的当然就是国内的阿里腾讯也在积极布局但是从投资力度来讲字节跳动无疑是排在第一位的站在当下这个时点我们建议投资者一定要重视国产算力的这么一个大的产业投资机会这个产业行情实际上是由字节跳动发起的 那百度呢目前确实有一点点落后了我们觉得百度呢是需要努力才能去追赶上字节阿里这些巨头的一个步伐了那我们判断了就是那国产算力产业可能了这个这一波的投资机会是由这 ...

听我这个交流对上周的话我们也是把我们2025年的一个年度策略给它发出来了然后我们那个策略其实跟我在11月初就是关注我们团队的或者关注我报告的投资者或者领导都知道其实我们从11月3号 包括这种AI加陪伴的就是后面其实草苍木茅等等就我们在11月份的时候当时那第二篇报告就是梳理全球主流模型跟应用的一个流量跟细分赛道的一个机会然后到10月底的时候我们写了AI应用框架的第三篇报告就是系统的探讨了AI应用的变现的四条路径这一块的话其实也是一个比较有意思的一个事情 比如说单纯的政府端的一个投资修复或者说像一些其他的垂直行业信息化的一些赛道我自己而言的话我觉得可能相比较AI应用他们的一个无论从赔率远期的赔率还是从短期的一个催化还是从产业知识的角度来看的话可能是远远不如AI应用的我们就集中主要的精力把研究的时间跟投资的时间可能都放在这个系统的赛道上面所以 北方划出两千亿中芯国际三千亿如果下游的先进制程或者新增的一些晶圆的需求不出现或者说它的市值从三千亿涨到现在七千亿八千亿甚至在十月中当时最高接近一万亿的情况之下的话那么它的晶圆厂的上游厂商设备厂商那些也很难讲一个市值往上走这样的一个逻辑其实跟现在是一样的就是说 然后基本上已经走 ...