Huaan Securities·2025-07-06 12:46Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - Major gaming companies continue to show strong revenue performance, and the cross-border payment concept may see a catalyst [1] - The report highlights significant developments in AI, both domestically and internationally, with a focus on new model releases and investments in AI infrastructure [4][5][41] Weekly Market Review - From June 30 to July 4, 2025, the Shanghai Composite Index rose by 1.4%, the ChiNext Index increased by 1.5%, and the CSI 300 Index saw a rise of 1.54%. In contrast, the Hang Seng Tech Index fell by 2.34% [3][26] - The media index increased by 2.39%, while the Hang Seng Internet Technology Index dropped by 2.37% [26] AI Sector Developments - NVIDIA's DLSS technology is set to receive a major update with a new "Transformer model," which is expected to significantly reduce memory usage [41] - Baidu's Wenxin large model 4.5 series has been officially open-sourced, featuring models with activation parameters of 47B and 3B [41] - Zhipu AI announced a strategic investment of 1 billion yuan and the release of the GLM-4.1V-Thinking visual language model [42] Domestic AI Highlights - Tencent Yuanqi has integrated WeChat Pay MCP, enabling developers to add various functionalities to smart agents [9] - ByteDance's EX-4D framework has been released, allowing for the generation of high-quality 4D video sequences from single-view videos [42] Semiconductor Sector Updates - SK Hynix announced its collaboration with Intel to supply HBM4 products for future AI chips [10] - CoreWeave has become the first large-scale AI cloud provider to deploy NVIDIA's GB300 NVL72 system [44] E-commerce and Consumer Insights - TEMU reported a significant increase in monthly active users, reaching 416.5 million, a year-on-year growth of 68% [12] - Alibaba announced a private placement of zero-coupon exchangeable bonds totaling HKD 12.023 billion to support cloud computing infrastructure [16] Gaming Industry Performance - The total revenue of the top 50 gaming products in June was approximately 15.3 billion yuan, a decrease of about 5% compared to May [19] - Tencent Games maintained 11 products in the top 50, consistent with the previous month [19]