PDD(US:PDD) Guoxin Securities·2025-06-19 12:39Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [3][30]. Core Insights - The overall performance of the internet sector remains stable, with intense competition in the e-commerce industry as platforms continue to offer incentives to merchants and invest in new growth areas like instant delivery [2][26]. - Major players in AI, such as Tencent and Alibaba, are expected to benefit from their business scenarios in cloud computing and advertising, although short-term AI agent developments require further refinement [2][26]. - The report suggests focusing on defensive stocks with stable earnings and low valuations, specifically recommending Tencent Music and NetEase [2][26]. Summary by Sections Industry Investment Rating - The report rates the industry as "Outperform" [3][30]. Product Applications - OpenAI launched the o3-pro AI model, which excels in performance and precision, surpassing competitors in various tests [20]. - Meta introduced the V-JEPA 2 model, enhancing environmental understanding and prediction capabilities [20]. - ByteDance released the Doubao model 1.6, which supports multiple input types and has shown significant improvements in reasoning and mathematical capabilities [21]. Underlying Technologies - Alibaba's Tongyi Lab open-sourced the MaskSearch pre-training framework, enhancing AI's problem-solving capabilities [23]. - DeepMind and Brown University are developing "Force Prompt" technology for realistic motion simulation without 3D models [24]. Industry Policies - The Ministry of Industry and Information Technology discussed strategies to promote AI applications in manufacturing, emphasizing the importance of digital transformation [25]. Key Events Preview - The report highlights upcoming events such as the MWC Shanghai 2025 and the Amazon Cloud Technology Summit [28].