互联网行业2025年4月投资策略：海内外科技厂商大模型快速更新，央企持续深化“AI+”行动

Group 1 - The report highlights that the 2025 industry trends will be significant stock price drivers for domestic internet giants, focusing on changes in AI and consumer directions [2][4] - The rapid updates of large models by domestic and international tech companies are expected to benefit cloud vendors by increasing downstream demand and reducing costs for AI application development [2][4] - The report recommends increasing positions in the Hong Kong internet sector, particularly Alibaba and Tencent, which are expected to benefit from the AI industry trends [2][3] Group 2 - In March, the Hang Seng Tech Index fell by 1.1%, while the Nasdaq Index saw a larger decline of 7.9% [10] - The report notes that 129 domestic online games received approval in March, marking a significant increase in the issuance of game licenses [38][39] - The financial technology sector saw a 1% year-on-year increase in payment institutions' reserve funds in February, indicating a stable growth trend [42] Group 3 - Tencent launched its self-developed deep thinking model, Hunyuan T1, which significantly improves inference speed and efficiency [31][32] - Alibaba released and open-sourced its new reasoning model, QwQ-32B, which has shown substantial improvements in performance and cost efficiency [33][34] - Meta's AI assistant is expanding into the European market, while also launching the LLaMA 4 voice model to enhance natural language processing capabilities [29][30] Group 4 - JD.com announced that its food delivery service surpassed 1 million orders, with over 10,000 full-time delivery riders, showcasing its rapid growth in the local life sector [50][51] - Tmall unveiled its 2025 operational strategy, focusing on supporting quality and original brands to drive growth [49] - Pinduoduo introduced a video call feature to enhance communication efficiency between merchants and consumers, addressing trust issues in the e-commerce space [48]