朝闻国盛：划时代的多模态入口

Group 1: Core Insights - The report highlights a significant upgrade in the Doubao App with the introduction of video chat features, marking a breakthrough in AI interaction from "Q&A" to real-time "see + hear" capabilities, which is expected to foster more innovative applications [3] - The report suggests a focus on computing power companies such as Cambricon, Haiguang Information, Alibaba, and others, indicating potential investment opportunities in the AI sector [3] Group 2: Company Analysis - Miniso (09896.HK) - Miniso is positioned as a global leader in daily goods retail, leveraging its channel and supply chain advantages to expand rapidly worldwide, while also developing its trendy brand TOPTOY, which is anticipated to contribute to its growth [4] - The report forecasts Miniso's revenue for 2025-2027 to be 21.01 billion, 24.61 billion, and 28.04 billion CNY, with net profits expected to be 2.95 billion, 3.65 billion, and 4.33 billion CNY respectively, suggesting a strong growth trajectory [4] - The adjusted net profits for the same period are projected to be 3.12 billion, 3.78 billion, and 4.40 billion CNY, with corresponding valuations of 12.8, 10.6, and 9.1 times PE, maintaining a "Buy" rating [4]