Shanghai Securities·2025-05-06 10:49Investment Rating - The industry investment rating is "Overweight" [4] Core Viewpoints - The AI large models are continuously being updated, with significant advancements in computational efficiency and performance [2] - Major tech companies are increasing their investments in AI infrastructure, indicating a strong growth trajectory for the AI sector [3][7] Summary by Sections Market Review - During the week of April 28 to May 2, the Shanghai Composite Index fell by 0.49%, while the computer sector index rose by 2.47%, outperforming the Shanghai Composite by 2.95 percentage points [1] Weekly Insights - Alibaba launched the Qwen3 series models, which include various configurations with significant performance improvements and lower costs compared to leading global models [2] - DeepSeek released the DeepSeek-Prover-V2-671B model, featuring advanced architecture and efficiency enhancements [2] - Xiaomi introduced its first large model, Xiaomi MiMo, which surpassed larger models from OpenAI and Alibaba in specific benchmarks [2] Financial Performance of Major Tech Companies - Microsoft reported a total revenue of $70.066 billion for Q3 FY2025, a 13.3% year-on-year increase, with AI services contributing significantly to Azure's growth [3] - Amazon's Q1 FY2025 net sales reached $155.7 billion, a 9% increase, with substantial capital expenditures aimed at supporting AI service demands [7] - Meta's Q1 FY2025 revenue was $42.314 billion, a 16% increase, with a strong focus on AI and data center investments [7] - Alphabet's Q1 FY2025 revenue was $90.23 billion, a 12% increase, with significant capital expenditures for technology infrastructure [7] Investment Recommendations - Suggested companies to focus on include: - AIDC: Runjian Co., Kehua Data, Data Port, Hongxin Electronics, Huafeng Technology, Taijia Co., Shenling Environment [8] - All-in-one machines: iFLYTEK, Deepin Technology, Digital China, Softcom Power, Cloudwalk Technology, Xiechuang Data, New Wisdom Software [8] - State-owned cloud: Operators, Shensanda, Taiji Co., Yihualu, Yunsai Zhili, Digital Government, Guangdian Yuntong [8] - AI applications: Jinqiao Information, Bosi Software, Fanwei Network, Dingjie Zhizhi, Xinghuan Technology, Tonghuashun, Meiansen [8]