证券研究报告 | 行业周报 gszqdatemark 2025 07 13 年 月 日 传媒 Grok 4 正式发布，豆神教育推出 AI class 行情概览：本周（7.7-7.11）中信一级传媒板块上涨 3.22%。本周传媒板 块在游戏板块带动下继续上涨，临近中报期重视中报预期较好公司的投资机 会。2025 年下半年传媒继续看好游戏等基本面驱动板块，同时弹性方向看好 AI 应用及 IP 变现。AI 应用聚焦新应用的映射投资及部分较成熟应用的数据跟 踪，重点关注 AI 陪伴、AI 教育及 AI 玩具方向。IP 变现聚焦有 IP 优势及全产 业链潜力的公司，潮流玩具、影视内容等方向有机会。 板块观点与关注标的：1）游戏：重点关注 ST 华通、吉比特、恺英网络、巨 人网络、神州泰岳、心动公司等，关注完美世界、冰川网络、华立科技等；2） AI：豆神教育、盛天网络、上海电影、荣信文化、盛天网络、中文在线、易点 天下、视觉中国、盛通股份、焦点科技、世纪天鸿、佳发教育等；3）资源整 合预期：中视传媒、国新文化、广西广电、华智数媒、吉视传媒、游族网络 等；4）国企：慈文传媒、皖新传媒、中文传媒、南方传媒、凯文教育、大晟 文 ...

As a company, Lego is an unusual blend of creativity and rigour. On this week’s episode of “Boss Class”, our podcast host learns how the world’s biggest toymaker balances play with profit https://t.co/td2SQzkSNp ...

每周一景： 云南兰坪澜沧江山谷河流村庄风光 点击右上角菜单，收听朗读版 【宏观】生产改善、消费平稳 上周高频数据显示，消费方面，商品消费中汽车和纺织服装淡季表现平稳；服务消费受天气、供应等影响，出行、观影、游乐消费等均显表现一般。 投资方 面，专项债发行再加速，新房销售季节性回落，土地市场转冷基建和房建进度偏慢。进出口方面，压力显现，韩国自华进口增速下滑，越南出口替代作用仍 强，港口运行放缓，出口运价下跌。生产方面，整体稳中有升，高温带动居民用电回升，钢铁、石化等传统行业表现平稳，光伏、汽车等行业边际回升。库 存方面，建材整体去库PTA产业链上下游分化。物价方面，CPI和PPI均边际回升。流动性方面，美元指数回升，资金利率和国债利率小幅上行。 风险提示： 贸易局势不确定性，地缘政治风险加剧。 【海外策略】对小盘风格的三个理解误区——兼论下半年市场风格展望 当前对小盘风格占优的理解存在一些偏误。 误区一：宏观流动性宽松有利于小盘？部分投资者认为，近期AH股小盘风格的占优源于流动性充裕的宏观环境。 事实上，回顾历史宏观流动性宽松背景下两地市场大、小盘风格均有占优的情况发生。误区二：量化私募入市导致小盘占优？持续有 ...

报告导读： 7 月 10 日 Grok 4 发布超越现有模型，随着 xAI 率先跨入下一代 AI，将促 使行业企业积极探索与前沿技术的融合，加速创新步伐，推动整个产业迈向更高发展阶 段。 聚焦像素级视频生成革命，构建人机协同感知新生态。 美中不足的是，当前Grok-4的多模态能力仍是明显 短板，尤其在图像理解与生成领域虽取得进展但仍需大幅提升，尚未实现人类级的视听感知与交互能力。 下一代研发将聚焦视频生成技术突破，通过"输入像素-输出像素"的端到端训练在X平台实现AI视频创作闭 环，计划明年推出整合虚幻引擎的3D资源自动生成系统以赋能游戏与影视产业。短期将首先强化专用编程 模型并优化图像识别技术，最终目标是构建兼具深度思考、实时响应与多模态协同的超级智能体，彻底重 塑人机协作范式。 风险提示： 技术竞争加剧，算力供给不足，数据隐私合规风险。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 投资建议： 7月10日xAI 发布 Grok 4，其碾压的Benchmark和跨级的表现标志着xAI率先跨入了下一代AI。 云服务商和数据中心运营商将直接受益于持续增长的算力需求。具备垂直领域优势和数据壁垒的 A ...

Core Viewpoint - Super Micro Computer experienced a significant stock rally of 60.8% in the first half of the year, recovering from challenges faced in the latter half of 2024, including a short-seller attack and auditor resignation [1][2]. Financial Validation and Stock Performance - In February, Super Micro's new auditor, BDO, approved the company's financials for the previous three years, which helped restore investor confidence despite an adverse opinion on internal controls [2][3]. - Following the auditor's validation, Super Micro's stock surged to over $66 per share in early February, reflecting optimism in the AI sector [3]. Market Challenges - The stock rally was short-lived due to the impact of the Trump Administration's tariff war, which affected Super Micro's international supply chain [4]. - The company reported disappointing earnings in the December and March quarters, with revenue growth of 54.9% and 19.5%, respectively, falling short of expectations [5]. Management Insights and Future Outlook - Management attributed the revenue misses to delays in the release of Nvidia's Blackwell chips, which began production in late 2024, and forecasted a 30% sequential revenue increase for the June quarter [7]. - A significant multi-year, $20 billion deal with Saudi Arabian data center operator Datavolt provided a positive boost to Super Micro's stock following its announcement [8]. Valuation and Investor Sentiment - Despite the first-half rally, Super Micro's stock remains below its 2024 highs, trading at 16 times next year's earnings estimates, which is considered reasonable for a high-powered AI stock [9]. - Concerns over uneven growth, margin questions, and lingering investor hesitance from the previous year's short-seller attack have limited the company's valuation [9].

While 11 schools, including Princeton, MIT, and Yale were hit with a higher tax on their endowments’ investment earnings, Congress exempted wealthy small schools, including Swarthmore and Hillsdale, from the levy. https://t.co/Juj7MD8vHK (Photo: Jim West/ZUMA Press/Newscom) https://t.co/NQXvi0sDyr ...

Group 1 - The term "Tariff" has become significant in the context of President Trump's trade war, particularly affecting the automotive industry [1] - Ford, despite being a well-known American brand, faces challenges due to the uncertain macroeconomic environment influenced by trade policies [1] Group 2 - The article emphasizes the importance of understanding macro drivers that impact various asset classes, including stocks and commodities [1]

策略研究 /[Table_Date] 2025.07.12 2025-07-13 对小盘风格的三个理解误区 [Table_Authors] ——兼论下半年市场风格展望 本报告导读： ①宏观流动性宽松和量化资金活跃可能均非小盘占优的本质原因，同时仅基于交易 拥挤度难起到择时效果。②近期小盘占优或源于散户资金相较机构更大规模入市， 本轮小盘行情背后是 924 以来市场风偏迅速修复但基本面未跟上。③大盘风格的整 体回归需待基本面拐点出现、机构资金重返增量，下半年契机是 AI 产业周期确认景 气向上，或宏观政策超预期加码。 投资要点： 略 研 究 海 外 策 略 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 策 [Table_Report] [Table_Summary] 当前对小盘风格占优的理解存在一些偏误。误区一：宏观流动性宽 松有利于小盘？部分投资者认为，近期 AH 股小盘风格的占优源于 流动性充裕的宏观环境。事实上，回顾历史宏观流动性宽松背景下 两地市场大、小盘风格均有占优的情况发生。误区二：量化私募入 市导致小盘占优？持续有投资者将过去数年小盘股占优的行情归因 为量化私募资金大量入市。但 ...

Group 1 - Amrita leads a boutique family office fund in Vancouver, focusing on sustainable, growth-driven investments that maximize shareholder equity [1] - The fund aims to meet growth-oriented goals while democratizing financial literacy and simplifying complex macroeconomic concepts [1] - Amrita has a background in high-growth supply-chain start-ups and has worked with venture capital firms to enhance user acquisition strategies [1] Group 2 - Amrita co-founded an award-winning newsletter, The Pragmatic Optimist, which emphasizes portfolio strategy, valuation, and macroeconomics [1] - The newsletter has been recognized as the Top Newsletter in Finance on popular platforms, indicating its influence and reach [1] - Amrita's goal is to extend her ideas to Seeking Alpha, further broadening her audience and impact in the financial community [1]

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