Guoxin Securities·2025-11-10 11:17Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [3][34]. Core Insights - The report highlights the significant role of AI in enhancing advertising, cloud computing, and operational efficiency for major internet companies, with a focus on the return on investment (ROI) from substantial capital expenditures [2][30]. - It emphasizes the lower capital expenditure pressure on domestic companies compared to their overseas counterparts, while also noting the positive impact of AI on their business operations [2][30]. - The report recommends focusing on AI-related investments, specifically suggesting Tencent Holdings, Alibaba, Kuaishou, Baidu Group, Meitu, and Tencent Music, as well as NetEase Cloud Music, which are less correlated with macroeconomic fluctuations [2][30]. Summary by Sections Product Applications - Google Gemini AI has introduced a deep research feature that enhances the research experience by extracting information from Gmail, Google Drive, and Google Chat [24]. - Google is set to release the upgraded image generation technology Nano Banana2, which aims to improve user experience in generative AI [24]. - OpenAI's Sora has launched on Android, introducing a "paid character" feature to address deepfake and copyright issues [25]. - Microsoft has released its first self-developed AI image generator, MAI-Image-1, which balances speed and quality [25]. - The latest thinking model Kimi K2 Thinking from Moonlight has shown significant improvements in intelligent agent capabilities [26]. - iFlytek has launched the domestic computing power model X1.5, enhancing AI technology [26]. - NetEase Cloud Music has introduced the "AI Tuner Master" feature, which dynamically analyzes song characteristics for improved sound effects [27]. Underlying Technologies - Meituan has released LongCat-Flash-Omni, a model that integrates multimodal interaction and efficient reasoning [28]. - iFlytek has unveiled an AI hardware-software integrated solution that enhances recognition performance in complex environments [28]. Industry Policies - The Ministry of Industry and Information Technology has issued a notice to promote AI industry development and its integration with new industrialization [29]. Key Events Preview - The report outlines upcoming significant events, including the World Internet Conference and the World Computing Conference [32].