Group 1: Market Performance - Bilibili-W (09626) rose over 4% due to growth in gaming and advertising, with Bank of America raising the target price to HKD 211 [1] - Innovation drugs continue to attract funding, with companies like 3SBio (01530) up over 8%, CanSino Biologics (09926) up over 12%, and others reaching historical highs [1] - DaMai Entertainment (01060) increased over 5% as it became the official channel for Scottish Super League matches, indicating growth in sports ticketing [1] Group 2: Industry Developments - The National Healthcare Security Administration of China initiated the 11th batch of centralized drug procurement, focusing on mature "old drugs" and excluding innovative drugs from the procurement [1] - In the first half of this year, the total amount of License out for Chinese innovative drugs approached USD 66 billion, surpassing the total BD transaction amount for 2024, indicating sustained interest from multinational corporations [1] Group 3: Company-Specific News - Meitu (01357) rose over 5% due to significant progress in overseas lifestyle and productivity scene expansion, including a strategic partnership with Alibaba [2] - Tengsheng Bo Pharmaceutical-B (02137) increased over 7% after granting exclusive rights for a new drug in Greater China to Health元 Group [2] - Smoore International (06969) fell over 2% as it expects a profit decline of up to 35% in the first half of the year due to increased expenses [2] Group 4: Notable Stock Movements - Blueport Interactive (08267) surged over 40% after establishing the LK Crypto division to accelerate Web3 and RWA layout [2] - Gilead Sciences-B (01672) saw an early morning increase of over 11% as clinical research for ASC47 in treating obesity was completed [2] - MicroPort Medical (0853.HK) rose over 6% as it considers a non-binding proposal to restructure its CRM business [3]

Group 1: Circle Internet Group - Circle Internet Group (CRCL) is the leading stablecoin issuer in the United States, managing USD Coin (USDC) in partnership with Coinbase Global (COIN) [1] - The company experienced a rise in early trading following President Donald Trump's announcement that 11 of 12 House representatives support the GENIUS Act, which aims to establish a regulatory framework for stablecoins [1] - The GENIUS Act vote is expected to take place on Wednesday afternoon, potentially impacting the regulatory landscape for stablecoins [1] Group 2: Unity Software - Unity Software (U) received an upgrade from Jefferies, with a new price target set at $35, driven by the launch of its AI platform 'Vector' [2] - The 'Vector' platform focuses on optimizing advertising and user acquisition in the mobile gaming industry by analyzing in-game behavior and user patterns [2] - Analysts expect robust double-digit EPS growth for Unity through 2026, indicating strong future performance [2] Group 3: Rigetti Computing - Rigetti Computing (RGTI) achieved a significant performance milestone in quantum computing, reaching a 99.5% median fidelity rate for two-qubit gates on its 36-qubit modular system [4] - This breakthrough represents a twofold improvement in quantum computing capabilities, crucial for developing reliable quantum systems [4] - RGTI shares are anticipated to rise to multi-month highs, potentially influenced by a short squeeze, as approximately 20% of the RGTI float is currently short [4]

Group 1 - The Shanghai government has introduced measures to promote the high-quality development of the software and information services industry, including a pilot policy that allows foreign game companies' products developed in Shanghai to be treated as domestic games [1][2] - The measures consist of 17 initiatives aimed at supporting the digital content industry, including the establishment of digital content industry clusters and facilitating financing for digital content projects [2] - In 2023, Shanghai's total sales revenue from online games reached 144.528 billion yuan, with domestic market sales accounting for 119.01 billion yuan and overseas sales approximately 25.52 billion yuan [2] Group 2 - The approval process for domestic and imported games differs, with imported games requiring an overseas IP contract filing, which may be bypassed if games developed in Shanghai are classified as domestic [3] - The potential classification of foreign-developed games as domestic could allow foreign game developers to act as direct publishers in China, changing their role significantly in the market [3][4] - The current measures do not provide detailed regulations on this potential change, leaving uncertainty about its implementation [4]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies within it [10]. Core Insights - The agency has visibility into approximately $1 billion of ad spend, with around $650 million allocated for gaming user acquisition, which is expected to grow by 25% year-over-year in FY25 compared to a 30% growth in FY24 [2][5]. - In Q2, gaming user acquisition (UA) growth exceeded expectations, while e-commerce growth moderated compared to previous discussions [2]. - Unity's contribution to the ad spend has increased, now accounting for about 6% of the expert's wallet, up from 5% in FY24 [5]. - The report highlights that APP's e-commerce budget grew in the mid-single to high-single digits quarter-over-quarter in Q2, with expectations for similar growth in Q3 and acceleration in Q4 [5]. Summary by Sections Gaming Spend - APP's Q2 gaming UA budget growth accelerated to 27%, up 2 percentage points from Q1 [5]. - Unity's share of the expert's wallet increased to approximately 6% [5]. - The report notes that the return on ad spend (ROAS) improvement for Vector has been less than during the beta phase, but significant performance improvements are anticipated in Q4 FY25 to Q1 FY26 [5]. E-commerce Spend - APP's e-commerce budget grew in the mid to high single digits quarter-over-quarter in Q2, with a high-20% share of e-commerce brands now onboarded to APP [5]. - Some of the largest advertisers reduced their spending in Q1 and Q2, but their daily spend levels stabilized in June [5]. - New advertisers on the platform reported strong first-purchase rates and efficient customer acquisition costs (CAC) [5]. Vertical Performance - The best-performing verticals include cosmetics, select electronics, and cooking products, while CPG and Food & Beverage were noted as "surprise" winners [5]. - Some retail and clothing brands have struggled to effectively utilize APP as a channel [5]. APP Ad Manager Updates - APP introduced creative-level reporting, allowing advertisers to assess performance by specific ad formats, which supports better optimization [5]. - Interactive creative formats, such as drag-and-drop and carousel units, are gaining traction, with early adopters observing ROAS gains of 5-15% [5]. Market Sentiment - Advertiser enthusiasm at Cannes was primarily focused on Meta and Google, viewed as the most reliable performance channels [5]. - There is a noted shift towards performance-driven spending, with ROAS and incrementality being top priorities [5]. Competitive Landscape - Google is becoming more aggressive in targeting APP's mediation share, offering incentives such as exclusive inventory deals and upfront payments [5].

Core Insights - Gilat Satellite Networks Ltd. (GILT) has secured $27 million in new orders for its advanced electronically steered antenna (ESA) terminal technology, with deliveries planned primarily over the next 12 months [1][11]. Company Performance - The Gilat Stellar Blu ESA terminal is gaining traction in the aviation industry due to its compact design, high performance, and multi-orbit capability, catering to the demand for seamless in-flight connectivity [2]. - In Q1 2025, Gilat reported adjusted earnings per share of 3 cents, down from 11 cents a year ago, while revenues reached $92 million, reflecting a 21% increase year over year, primarily driven by the Commercial segment and the acquisition of Stellar Blu [6][8]. - Commercial revenues accounted for 70% of net sales in Q1 2025, rising 56% year over year, largely due to the Stellar Blu acquisition, which contributed $25 million in revenues [8][11]. - The Defense segment also showed strong performance, with revenues increasing 34% year over year, supported by robust delivery volumes to defense customers in the United States and Asia [8]. Market Trends - The market for airborne connectivity solutions is experiencing robust growth, driven by strong investment across various sectors, indicating a rising global demand for advanced communication technologies [3][5]. - Gilat's Defense unit is benefiting from increased global investment in secure communication technologies, positioning the company to capitalize on geopolitical uncertainties and the need for enhanced communication infrastructure [7]. Future Outlook - Management projects 2025 revenues to be between $415 million and $455 million, with adjusted EBITDA expected to range from $47 million to $53 million [9]. - Despite the positive outlook, the company faces challenges from global macroeconomic uncertainty and changing international trade policies [9].

Core Insights - The article discusses the increasing integration of artificial intelligence (AI) in the gaming industry, highlighting its transformative impact on game production, user experience, and business models [3][4][21] Group 1: AI's Impact on Game Production - AI technology is significantly enhancing game production efficiency, with 71% of game studios reporting improved development and operational effectiveness after adopting AI tools [5][7] - Companies like Century Huatong have reported efficiency improvements of 60%-80% in art production processes, reducing project timelines from 30 days to 4-7 days [7][10] - AI tools are being integrated into various stages of game development, including art creation, programming, and testing, leading to a substantial reduction in labor hours and costs [10][11][12] Group 2: AI's Influence on User Experience - AI is revolutionizing player interactions by enabling dynamic, two-way communication with non-player characters (NPCs), creating a more immersive gaming experience [12][14] - Games like NetEase's "逆水寒" are utilizing AI to develop NPCs that can remember player actions and adapt their behavior accordingly, enhancing the depth of gameplay [12][13] - The introduction of AI-driven gameplay modes, such as in "太空杀," allows for complex interactions between human players and AI, showcasing the potential for innovative game mechanics [16][17] Group 3: Future Trends and Developments - The future of AI in gaming is expected to focus on dynamic content generation, intelligent NPC interactions, and user-generated content (UGC) capabilities [19][20] - AI tools are being utilized to streamline game localization and marketing strategies, allowing smaller teams to compete in global markets [20][21] - The gaming industry is seen as a fertile ground for AI experimentation, providing valuable data and scenarios for AI development, which could lead to broader applications in other sectors [21][22]

本文节选自彭博终端"彭博行业研究《2025年生成式AI展望》"，彭博终端用户可运行{NSN SWJ7Y1DWX2PS0 }阅读。如您还不是终 端用户，您可在文末"阅读原文"联系我们预约产品演示。 彭博行业研究 2025年生成式AI展望 生成式人工智能（AI）和大语言模型（LLM）的应用已经渗透到科技领域的各个环节并迅速发 展。预计到2032年， 这个市场将创造约1.8 万亿美元的收入。 彭博行业研究认为，随着由思维链和强化学习加持的推理模型更受青睐，LLM的应用可能从基 于文本的搜索扩大至各种图片、音频和视频的分析；除了LLM赋能的合同审查和客服聊天机器 人等现有用例外，集成写作和编程助手以及利用文本和语音提示词生成图像和视频的工具，也 将推动生成式 AI智能体在消费端和企业端的部署；DeepSeek问世后，大多数LLM公司都致力 于提高模型效率，从而实现大规模推理。 核心议题： 长按或扫描二维码 阅读完整报告 推理超过训练的时间有望提前： 推理支出超过训练支出的时间可能比我们之前的预测至 少提前三年。 大语言模型之间的差距缩小： OpenAI的GPT、谷歌的Gemini、Meta的Llama、 Anthro ...

Core Insights - Digua Robotics has completed a $100 million Series A funding round, attracting investments from top-tier funds such as Hillhouse Capital and Vertex Growth, marking a significant milestone just one year after its independent operation [2] - The company aims to become a core infrastructure player in the era of embodied intelligence, drawing a parallel to the Wintel alliance that dominated the PC era [3][4] - Digua Robotics is focused on building a comprehensive technology stack from the ground up, including self-developed chips and a complete software platform, targeting both consumer markets and developer communities [4][5] Company Strategy - The company has developed its own chip architecture with computing power ranging from 5 TOPS to 500 TOPS, catering to diverse needs from home to industrial robots [3][4] - Digua Robotics integrates algorithms, software, and SDKs into a unified platform, aiming to become a foundational component for developers, similar to Raspberry Pi or NVIDIA Jetson [3][4] - The RDK S100, set to launch in June, is positioned as the first product to integrate perception and motion control capabilities into a single SoC platform, targeting the standard development board for the embodied intelligence robot era [3] Market Penetration - The company has successfully supplied over 5 million chips from its Xuri series to major household robot brands like Ecovacs and Yunzhijia, enhancing its platform's penetration in end-user scenarios [4] - Over the past two years, Digua Robotics has built a community of nearly 100,000 developers across more than 20 countries, fostering innovation in various robotic applications [5][6] - The operational model resembles early-stage Unity or Android, focusing on creating a collaborative ecosystem through open interfaces and community engagement [6] Future Outlook - The Series A funding reflects investor expectations for Digua Robotics to evolve into a platform company with technological, ecological, and global potential [6][7] - Despite its ambitions, the company faces challenges in commercial validation, as its primary revenue still comes from hardware sales, with software and platform licensing in early stages [7] - The path taken by Digua Robotics is unique, emphasizing a comprehensive approach from chip development to algorithm and platform integration, positioning itself as a key player in the evolving landscape of embodied intelligence [7][8]

Company Performance - Unity's first quarter results were soft but in line with expectations, indicating a stable performance despite challenges [1] - The Create business segment is showing signs of recovery, while the adtech segment remains uncompetitive [1] Investment Strategy - Narweena, an asset manager, focuses on identifying market dislocations due to poor long-term business prospects, aiming for excess risk-adjusted returns [1] - The investment approach emphasizes company and industry fundamentals to uncover unique insights, with a preference for smaller cap stocks and markets with less obvious competitive advantages [1] Market Trends - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, differing from past trends [1] - Many industries may experience stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - The economy is increasingly influenced by asset-light businesses, leading to a decline in infrastructure investment needs [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia over time [1]

Core Insights - Bridgewater Associates made significant changes to its portfolio in Q1 2023, notably increasing its stake in Alibaba and gold ETFs while reducing its holdings in major tech stocks like Nvidia [1][2][3] Group 1: Portfolio Adjustments - Bridgewater purchased over 5.4 million shares of Alibaba, investing $710 million, making it the largest position in its portfolio [2] - The fund also initiated a position in SPDR Gold ETF, acquiring over 1.1 million shares valued at approximately $319 million, representing 1.48% of its total holdings [2] - In the Chinese stock market, Bridgewater increased its holdings in Baidu by nearly 1.88 million shares and in Pinduoduo by around 500,000 shares, while also establishing a position in JD.com [3] Group 2: Major Sell-offs - Bridgewater significantly reduced its position in SPDR S&P 500 ETF by $2.74 billion, decreasing its weight from 22% to less than 9% of the total portfolio [3] - The fund also cut its holdings in Nvidia by 65,540 shares (18.74%), Google by 579,000 shares (15.99%), and Meta by 19,550 shares (31.47%) [3] - Additionally, Bridgewater almost completely exited its position in AppLovin, which had seen an 18% decline in Q1, and also sold off shares in several other companies including ON Semiconductor and Moderna [4] Group 3: Market Outlook - Bridgewater's founder, Ray Dalio, emphasized the importance of a well-thought-out investment strategy in light of the changing global economic landscape, driven by factors such as debt monetization and international power restructuring [5][6] - Dalio highlighted the critical question of whether the U.S. fiscal deficit can be reduced to 3% of GDP, which will influence the future of debt and currency value [5]