TME(US:TME) Guoxin Securities·2025-09-22 11:02Investment Rating - The report maintains an "Outperform" rating for the industry [3][4][30]. Core Views - The AI sector has shown significant impact on the advertising business, cloud computing scenarios, and enterprise efficiency for internet giants, evidenced by Tencent's advertising growth of 20% in Q2 and Alibaba Cloud's growth accelerating to 26% [2][27]. - Recent developments include the launch of self-developed chips by companies like Baidu and Alibaba, which is expected to enhance market share for cloud service providers [2][27]. - The report recommends focusing on the AI theme, highlighting companies such as Tencent Holdings, Alibaba, Kuaishou, Baidu Group, Meitu, and Tencent Music, which are less correlated with macroeconomic fluctuations [2][27]. Company Dynamics - Baidu's AI search has reached 365 million monthly active users, leading the domestic AI search market [15]. - Tencent has launched a professional-grade AI 3D workspace called "Mix Yuan 3D Studio" aimed at 3D designers and game developers [15]. - The AI digital human from Keling can generate 1-minute videos, significantly lowering industry barriers [15]. - Meitu's first AI agent product "Xiao Mei" has entered public testing, enhancing local service experiences [21]. Underlying Technology - Tongyi's DeepResearch model has been fully open-sourced, achieving state-of-the-art results [22]. - ByteDance has released the Seedream 4.0 image creation model, enabling various creative modes [22]. - Alibaba has open-sourced the Wan2.2-Animate model for motion generation, allowing photos to come to life [23]. - Alibaba's next-generation model architecture Qwen3-Next has been introduced, featuring significant improvements in efficiency and performance [24]. Industry Policy - Guangdong province is supporting AI integration with robotics to create new markets for companion toys [25]. - Sichuan province plans to establish a "computing power supermarket" by 2027, aiming for unified scheduling and efficient use of computing resources [26].