互联网行业2025年8月投资策略：海外巨头AI商业化效果明显，聚焦AI选股

Market Overview - The Hang Seng Tech Index rose by 2.8% in July, while the Nasdaq Internet Index increased by 3.7% during the same period [1][13] - Notable stock performances included Kuaishou, Weimob, and Kingdee International in Hong Kong, and Nvidia, Google, and Microsoft in the US [1][16] - The PE-TTM for the Hang Seng Tech Index was 21.46x, slightly up from the previous month, placing it at the 20.31% percentile since inception [1][20] - The Nasdaq Index's PE-TTM remained stable at 41.18x, positioned at the 67.95% percentile over the last decade [1][21] AI Developments - Google launched Gemini 2.5 stable version and upgraded its video generation tool Veo3, enhancing AI capabilities in video production [2][24] - OpenAI introduced Record Mode for ChatGPT, allowing for automated meeting transcriptions [2][30] - Meta acquired PlayAI to strengthen its voice AI capabilities and launched the AU-Nets architecture for improved text modeling [2][32][33] - Microsoft released the Deep Research AI agent, automating research processes across various fields [2][34] Industry Dynamics - The gaming sector saw a significant increase in game approvals, with 127 domestic games approved in July, marking a recovery trend [2][51] - Payment institutions' reserve funds rose by 6.14% year-on-year in June, indicating growth in the fintech sector [2][53] - E-commerce platforms like Douyin have implemented policies that saved merchants over 14 billion yuan in costs in the first half of the year [2][56] - Local life services saw Meituan and Taobao's flash sales surpassing 150 million daily orders, reflecting strong consumer demand [2][59] Investment Recommendations - The report recommends focusing on companies benefiting from AI advancements, such as Tencent, Alibaba, Meitu, Kuaishou, NetEase Cloud Music, and Tencent Music [3][4] - The competitive landscape in the e-commerce sector remains intense, with platforms increasing investments in instant retail to capture new growth [3]