互联网大厂业绩超预期，国产科技价值重估正当时

Investment Rating - The industry investment rating is "Overweight" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [4][26]. Core Insights - Alibaba's earnings exceeded expectations with a revenue growth of 8% year-on-year and a net profit surge of 333%, significantly surpassing market forecasts. The company plans to increase investments in three major AI areas, focusing on AI infrastructure, foundational model platforms, and AI-native applications [2][17]. - Bilibili also reported better-than-expected earnings, with a revenue of 7.73 billion yuan for Q4 2024, a 22% year-on-year increase. The company is leveraging external open-source large models to enhance its AI video content capabilities [18][19]. - The report anticipates that 2025 will be a pivotal year for consumer-side AI applications, driven by the rapid growth of user bases and activity levels in platforms like Douyin. The AI ecosystem is expanding, with significant reductions in training and inference costs for large models, attracting developers and enhancing the efficiency of model iterations [3][20]. Summary by Sections Market Review - The social services sector index experienced a weekly increase of 0.88%, ranking 11th among 31 sectors. The performance of sub-industries varied, with human resources services leading at 5.30% growth [10][11]. Core Insights - Alibaba's cloud intelligence group saw a 13% revenue increase, with AI-related products achieving triple-digit growth for six consecutive quarters. The company aims to invest more in AI and cloud infrastructure over the next three years than in the past decade combined [17]. - DeepSeek's open-source initiatives are expected to lower the costs of large model training and inference, facilitating rapid developer engagement across various media applications [21]. Industry News Dynamics - Shanghai is integrating large models, the metaverse, and blockchain technologies to enhance tourism experiences, aiming to improve service capabilities in smart tourism [22]. - Recent announcements from major platform companies indicate a commitment to providing social insurance for delivery riders, marking a significant step in platform economy reforms [22].