Guoxin Securities·2025-12-30 14:07Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by more than 10% [3][28]. Core Insights - The AI sector is significantly enhancing the advertising growth of major internet companies, with Tencent's advertising showing a quarter-on-quarter acceleration. Alibaba Cloud's growth accelerated to 34% year-on-year, up from 26% in the previous quarter. The report suggests that the third quarter of 2025 may represent a temporary profit bottom for the sector, presenting a good opportunity for investment [2][25]. - Major companies in the AI space are actively engaging in strategic moves, such as OpenAI's appointment of George Osborne to lead its "OpenAI for Countries" initiative and Google's acquisition of Intersect for $4.75 billion to support AI development [1][19][20]. Company Dynamics - OpenAI has appointed former UK Chancellor George Osborne to lead its "OpenAI for Countries" project, aimed at enhancing collaboration with nations on AI infrastructure and applications [16]. - Amazon is restructuring its AI department, integrating its chip, quantum computing, and AGI teams under a new leadership structure [18]. - OpenAI is negotiating with Amazon for a financing deal of at least $10 billion, utilizing Amazon's AI chips [19]. - Google has acquired Intersect for $4.75 billion to address the energy demands of AI development [20]. Underlying Technology - Google has launched its latest AI model, Gemini 3 Flash, which enhances performance and cost efficiency while retaining core capabilities [22]. - ByteDance has released the Doubao model 1.8 and upgraded the Seedance model, achieving industry-leading capabilities in multimodal understanding and generation [22]. - Alibaba has introduced a new end-to-end voice interaction model, Fun-Audio-Chat, which has been open-sourced [23]. Industry Policy - The "Shandong Province Artificial Intelligence Terminal Innovation Development Action Plan" has been released, aiming for a core competitiveness enhancement in the AI terminal industry, with a target industry scale exceeding 450 billion yuan by 2027 [24].