Investment Rating - The report suggests a "barbell" investment strategy focusing on companies with stable cash flows supporting AI-related investments and those with strong operational capabilities for overseas expansion [1][3]. Core Insights - 2026 is viewed as a pivotal year for capturing user attention in the AI era, emphasizing the importance of lowering usage barriers, enhancing decision-making efficiency, and creating real value [1]. - Companies like Tencent, Alibaba, and Kuaishou are highlighted for their potential to benefit from AI-driven growth in advertising and cloud services, while firms like NetEase and Trip.com are noted for their stable earnings growth and reasonable valuations [1][3]. Summary by Sections AI Theme - Companies to watch include Tencent, which is expected to benefit from AI-driven advertising and cloud growth, Alibaba, which has a lower valuation compared to peers, and Kuaishou, which is making progress in monetizing AI applications [1][3]. Profit Growth Certainty - Focus on companies with reasonable valuations and strong performance, such as NetEase and Trip.com, which are expected to maintain stable profit growth [1][3]. E-commerce and Online Retail - The online retail sector is anticipated to see growth in experiential consumption, while competition in physical goods retail may normalize due to reduced government subsidies [3][15]. - Instant retail is expected to maintain high GMV growth, but the overall e-commerce sector may face challenges in revenue and profit growth due to competitive pressures [3][15]. Online Gaming and Music - The online gaming industry is projected to grow by around 10% in revenue, with profit growth expected to be between 10-15% [15]. - The online music sector is expected to see revenue and profit growth of 10-15%, although competition from ByteDance's music platform poses challenges [15][18]. Cloud and Advertising - Cloud and advertising are expected to remain the main growth drivers for companies leveraging AI, with a focus on investment returns [3][39]. Overseas Expansion - The report highlights the potential for overseas expansion in cloud services and OTA, with companies that have strong cash flow and profit margins likely to perform better in the long term [3][15]. Investment Recommendations - Specific companies recommended for investment include Tencent, Alibaba, Kuaishou, Trip.com, and NetEase, each with unique strengths and growth prospects in the AI and digital landscape [37][38].

Core Viewpoint - The U.S. government, under President Trump, has allowed Nvidia to export its H200 AI chips to China, marking a significant policy shift from the previous Biden administration's strict export controls on chip technology [1][3]. Group 1: Policy Changes - Trump's announcement indicates a departure from the Biden administration's comprehensive export restrictions aimed at hindering China's semiconductor modernization efforts [3]. - The decision includes conditions to safeguard U.S. national security, with the government set to receive a 25% share of the revenue from these exports [1][3]. - Nvidia's spokesperson described the decision as a "well-considered balance" that supports high-paying jobs and manufacturing in the U.S. [3]. Group 2: Market Impact - Following the announcement, Nvidia's stock price rose nearly 3% in after-hours trading, reflecting positive market sentiment regarding the policy change [3]. - The H200 chip is reported to have significantly enhanced performance, being nearly six times more powerful than its predecessor, the H100 [3]. Group 3: Competitive Landscape - The policy shift is seen as a victory for Nvidia's CEO Jensen Huang, who has been lobbying for increased sales to China, believing it will lead to greater reliance on Nvidia's technology by Chinese firms [6]. - Despite the approval for the H200 chip, concerns remain about whether Chinese buyers will be willing to purchase it, especially given the previous restrictions and the introduction of alternative domestic AI chips by Chinese companies [7][8]. - Chinese tech giants like Huawei, Alibaba, Tencent, and ByteDance are intensifying their efforts in chip development to gain market share previously dominated by Nvidia [8].

自立自强，科技长牛-科技组 26 年策略报告 20251208 模型平权与成本下降推动 AI 应用爆发，国内大模型 API 调用成本仅为海 外模型的 1/5，加速生产力平权。关注企业级 AI Agent（如金蝶）、垂 直 know-how 专家（如静态科技、群核科技）以及 AI 原生内容与交互 （如万兴科技、美图）等赛道。 国产算力渗透率快速提升，预计 2026 年将达 40%以上，受益于地缘政 治及政策驱动。国产芯片性能提升，中国 AI 应用生态正建立在自主可控 的算力基础上，利好相关产业链公司。 产业焦点从训练转向推理，资本市场关注创造价值的应用推理场。应关 注以 AI 原生理念构建产品核心架构的公司，而非仅添加 AI 插件的企业。 光模块板块持续看好，1.6T 产品预计 2026 年将迎来十倍甚至十五倍放 量。推荐中际旭创，其在 1.6T 产品上具有代际领先优势，下游客户需求 强劲。 卫星互联网发展前景乐观，火箭发射运力提升将带动卫星产业链业绩兑 现。推荐普天科技，其在太空算力运营商逻辑上具有优势，有望在主题 行情中表现优异。 摘要 2025 年整体市场的主线非常清晰，主要是在交易北美算力的高景气度背景 ...

Core Insights - The article emphasizes that the AI industry in China is at a critical juncture, with increasing penetration of AI solutions across various sectors, indicating a forthcoming commercial explosion for AI agents [6][10]. Group 1: AI Industry Development - The penetration rate of AI applications across industries is expected to rise from 2021 to 2024, with significant growth in sectors such as internet, telecommunications, government, finance, manufacturing, transportation, services, and education [7]. - By 2025, China's AI products will have competitive user scale and product quantity globally, although revenue and web traffic remain significantly lower, reflecting challenges in commercialization and user willingness to pay [11]. - The strategic development paths of leading AI companies in China are diverging, focusing on technology breakthroughs, ecosystem integration, and market targeting [11]. Group 2: AI Applications - AI in marketing is experiencing rapid growth, with the market expected to reach approximately 442 billion yuan by 2024, driven by the increasing demand for customized features [20]. - In the office sector, AI programming tools are being adopted widely, with a significant percentage of non-engineering staff utilizing AI for tasks such as prototyping and coding [22][25]. - The healthcare AI market is projected to grow from 579 million yuan in 2024 to 8.683 billion yuan by 2030, with hospitals leading in application penetration [23][24]. Group 3: Future Industries - The "14th Five-Year Plan" highlights the importance of future industries, with a focus on high-end manufacturing, information technology, and energy sectors [12][14]. - The development of 6G technology is anticipated to commence commercial use by 2030, marking a significant milestone in communication technology [49][54]. - Innovations in materials such as two-dimensional semiconductors and solid-state batteries are accelerating towards industrialization [55]. Group 4: AI Hardware and Consumer Trends - The competition in AI hardware is shifting towards edge computing, with native AI hardware penetrating multiple fields [26][31]. - The consumer landscape is evolving from resource consumption to value co-creation, with AI playing a pivotal role in enhancing shopping experiences [28][32]. Group 5: Embodied Intelligence - The market for embodied intelligence is expected to grow significantly, with diverse applications moving from experimental phases to real-world deployment [33][34]. - The integration of various forms of embodied intelligence is anticipated to enhance operational capabilities across multiple sectors [39]. Group 6: AI in Manufacturing and Transportation - The industrial AI model market is projected to reach 77.2 billion yuan by 2025, focusing on application and computational power [40]. - The Robotaxi market is expected to grow rapidly, with average fares approaching those of traditional taxis, indicating a shift in profitability dynamics [41][46].

但上周美股已经有不错的反弹，标普500距离创新高也就2-3个点，市场的风险偏好已经有明显的回升，过两天美联储的降息落地后，需要观察下美联储会 放出什么信号，如果是鸽派信号，那可能市场会继续向上。 距离今年结束还有3个星期，从港股互联网股业绩后来看，互联网公司都能交出一份好的业绩，互联网股的龙头公司还是便宜的，只是在最近市场风险偏 好降低的情况下，市场没有多大的反应。 那对于目前的市场，尤其是对流动性敏感的科技股而言，要想有所突破，要么靠AI产业趋势有新的突破，要么需要流动性的明显改善，美股和港A都是如 此。因此，在AI泡沫担忧还争论不断没有定论的环境下，流动性的变化无疑成为短期影响市场的一个重要变量。 目前市场的预期里，预计美联储表态会是偏鸽派的，有利于市场的温和上涨。 所以，港股作为对风险偏好敏感的市场，若后天美联储的发言表态不强硬，那前段时间调整的跌幅有望迎来修复。而港股反弹时，还是恒生科技指数ETF （513180），恒生互联网ETF（513330）的确定性要更高。 市场流动性的新变化 自从10月底以来，市场投资者的风险偏好降低，全球风险资产承压，标普/纳指/恒科从高点的最大跌幅分别达5.1%/7.3% ...

格隆汇12月8日丨易鑫集团(02858.HK)宣布，现有二手车服务战略合作协议将于2025年12月31日届满。 于2025年12月8日，公司通过其间接全资附属公司上海畅途与精真估(腾讯的附属公司)订立续订二手车 服务战略合作协议，以续订现有二手车服务战略合作协议项下拟进行的现有持续关连交易，自2026年1 月1日起生效，为期三年。 ...

Core Viewpoint - The conference focused on "Finding the Path to Breakthrough for the Chinese Economy," addressing key issues such as macroeconomic trends, technological innovation, and capital market restructuring in the context of global changes [1]. Group 1: Economic Challenges and Opportunities - The chairman of Hexun, Zhang Zhifang, highlighted the vibrant growth in China's tech and cultural sectors, exemplified by the success of AI and film industries, while also noting challenges such as unbalanced development and risks in key areas [4]. - Huang Qifan pointed out that China's urbanization has transitioned from a 1.0 version (1980-2020) with an urbanization rate increase from 18% to 38% to a 2.0 version aiming for a further 30% increase, targeting a rate of 78% [6]. - Liu Shijun emphasized that the shift from investment and export-driven growth to innovation and consumption-driven growth is crucial during the 14th Five-Year Plan, necessitating a focus on expanding consumption and improving livelihoods [9]. Group 2: Future Economic Outlook - Yao Yang suggested that stabilizing the real estate market and local government finances is essential for supporting short-term demand and restoring economic vitality [10]. - Li Xunlei discussed the need for structural adjustments and reforms to address the intertwined issues of real estate cycles and structural problems, advocating for a technology-led growth model [11]. - Liang Hong noted that improvements in production efficiency are foundational for the revaluation of RMB assets and strengthening of the currency [11]. Group 3: Monetary Policy and AI Impact - Li Yang indicated that low interest rates may become a norm in China's financial landscape, with monetary policy increasingly focusing on asset prices and systematic interventions in the bond market [14]. - Cai Fang addressed the structural employment challenges posed by AI, advocating for policies that align AI development with employment strategies [16]. - Yao Xin highlighted that AI's impact extends beyond technology, affecting societal paradigms and economic models, while Cai Hongping expressed skepticism about the immediate applicability of humanoid robots in complex environments [19][20]. Group 4: Capital Market and Investment Strategies - Wang Qing stated that the Chinese capital market is not synchronizing with the real economy, predicting a shift towards performance-driven stock market dynamics [22]. - Xing Ziqiang noted that historical patterns of over-investment during technological revolutions suggest that the current AI boom will ultimately enhance global productivity [22]. - Wu Xiaoqiu emphasized the need to transition from a financing-centered approach to one that prioritizes investor rights in the restructuring of China's capital market ecosystem [24].

计算机 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 证券研究报告-行业月报 强于大市(维持) 计算机相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -17% -11% -4% 2% 8% 15% 21% 28% 2024.12 2025.04 2025.08 2025.12 计算机 沪深300 相关报告 《计算机行业年度策略：AI 应用加快，全球格 局重塑中》 2025-12-01 《计算机行业分析报告：十五五规划建议的信 息科技领域内容解读》 2025-10-31 《计算机行业月报：鸿蒙迎来重要升级，AI 算 力需求多元化趋势明显》 2025-10-23 联系人：李智 预训练规模 ——计算机行业月报 发布日期：2025 年 12 月 08 日 风险提示：国际局势的不确定性；海外 AI 产业竞争格局变化带来市 场调整风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共50页 手机端 AI 应用加速，DeepSeek 将加大 投资要点： 电话： 0371-65585629 ...

Market Overview - The Hong Kong stock market faced pressure, with the Hang Seng Index dropping over 1%, closing at 25,965.36 points, down 1.23% or 319.72 points, with a total turnover of HKD 206.23 billion [1] - The Hang Seng China Enterprises Index fell by 1.25% to 9,083.53 points, while the Hang Seng Tech Index remained flat at 5,662.55 points [1] Blue Chip Performance - Baidu Group-SW (09888) led blue-chip stocks, rising 3.45% to HKD 125.8, contributing 8.38 points to the Hang Seng Index [2] - Other notable performers included SMIC (00981) up 2.94% and China Ping An (02318) up 2.15%, while China Construction Bank (00939) fell 4.01%, dragging the index down by 54.39 points [2] Sector Highlights - Major technology stocks generally declined, with Alibaba down over 1% and Tencent down 0.82% [3] - Chinese brokerage stocks rose against the trend, with Huatai Securities (06886) up 5.17% and GF Securities (01776) up 3.1% [3][4] - The light communication sector saw significant gains, with Huiju Technology (01729) rising 7.65% [4] - Lithium stocks mostly increased, with Ganfeng Lithium (01772) up 6.95% and CATL (03750) up 3.28% [5] Regulatory Developments - The Chairman of the China Securities Regulatory Commission (CSRC) emphasized the need to accelerate the development of top-tier investment banks and institutions, indicating a potential easing of regulations for quality institutions [4] - The CSRC plans to optimize risk control indicators and open up capital space and leverage limits [4] New Drug Listings - The National Healthcare Security Administration announced the addition of 114 new drugs to the 2025 National Medical Insurance Drug List, with a success rate of 88%, significantly higher than the previous year's 76% [6] New Listings and Stock Movements - New listings included Zhuoyue Ruixin (02687), which surged 87.26% to HKD 126.4, while Naxin Micro (02676) fell 4.31% [7] - Restructured Energy (02570) saw a significant drop of 27.33% on its first trading day after the lock-up period ended [8] - Silver Pharma-B (02591) experienced a decline of 14.32% as it was adjusted into the Hong Kong Stock Connect [9] - Sutech (02498) performed well, rising 5.23% after securing a major contract with FAW Toyota [10]

Key Points - 36Kr will cover the global stories of Chinese brands at CES 2026, following its previous coverage at IFA and GITEX GLOBAL in 2025 [2] - WeChat Pay has officially launched in Qatar through QNB, marking the first bank in the GCC to support this payment method, enhancing digital payment options for retailers [3] - Meituan Keeta has officially launched in eight cities in São Paulo, Brazil, as part of a five-year investment plan of 5.6 billion Brazilian Reais [3] - Shopee and Shein are the top overseas shopping platforms for Brazilian consumers, with 96% of them engaging in international shopping in the past year [4] - dLocal has introduced a new payment method combining biometrics with Pix payments in Brazil, allowing users to confirm payments via facial recognition or fingerprint scanning [4] - JD.com has acquired 85.2% of German retail group CECONOMY, aiming to accelerate localization in the European market [5] - Cainiao's eHub in Hong Kong has achieved 80% automation in its operations, becoming the most digitized air cargo hub in the region [5] - MAISEAT has launched a global app to enhance the cross-border ticket purchasing experience for users, supporting multiple languages and payment methods [6] - WuXi Biologics has signed a strategic cooperation memorandum to establish the first integrated CRDMO center in the Middle East [7] - Changan Automobile plans to launch its electric vehicle brands Avatr and Nevo in Europe within the next two years [7] - China Power Construction has signed multiple overseas projects in renewable energy and infrastructure across various countries [7] - UniXAI has completed a total of 300 million yuan in financing, achieving significant growth in robot deliveries [8] - Daimeng Robotics has secured new strategic financing to enhance its product development and global market expansion [8] - Suisheng Technology has raised millions in seed funding to develop AI recording hardware, with plans to launch its first product in 2026 [9] - The AI glasses market is seeing new entrants, with major players like Li Auto and Alibaba launching their products [10] - Over one-third of mobile marketers are currently investing in short drama advertisements, indicating a shift in global strategy among Chinese app developers [10]