Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$ 650 [1][7]. Core Insights - The company reported Q1 2025 revenue of RMB 1800.2 billion, a year-on-year increase of 13% and a quarter-on-quarter increase of 4%. Net profit was RMB 478.2 billion, reflecting a 14% year-on-year growth, while adjusted net profit grew by 22% [8][9]. - The company is increasing its capital expenditure to support AI-related business development, with Q1 capital expenditure at RMB 275 billion, approximately 15.3% of revenue, exceeding previous guidance [9]. - The integration of AI capabilities is expected to enhance the performance of core businesses, particularly in gaming and advertising, with significant growth potential in the AI search advertising market [9][10]. Company Overview - The company operates in the media industry, with a market capitalization of approximately RMB 400.71 billion and a share price of HK$ 521.00 as of May 14, 2025 [2]. - Major shareholders include MIH Holdings B.V. with a 24.01% stake [2]. Financial Performance - The company’s revenue composition includes 31.3% from fintech and enterprise services, 30.1% from online gaming, 18.8% from social networking, and 18.5% from online advertising [4]. - The company forecasts net profit for 2025-2027 to be RMB 2235 billion, RMB 2542 billion, and RMB 2882 billion respectively, with year-on-year growth rates of 15.2%, 13.7%, and 13.4% [11][12]. Market Trends - The domestic gaming market is experiencing rapid growth, with a 24% increase in local game revenue driven by popular titles [10]. - Advertising revenue grew by 20% year-on-year, benefiting from strong demand for video ads and AI upgrades in advertising platforms [10].

Core Insights - Google is experiencing significant challenges due to the rise of generative AI, which threatens its traditional advertising revenue model [1][5][8] - The company's stock price has seen a dramatic decline, dropping nearly 20% since the beginning of the year, despite reporting a 12% revenue growth and over 40% net profit increase in Q1 2025 [2][3] Financial Performance - In Q1 2025, Google's total revenue reached $90.23 billion, a 12% increase year-over-year, with advertising revenue accounting for $66.89 billion, representing 74% of total revenue [3][4] - YouTube ad revenue grew by 10.3% to $8.93 billion, while Google Cloud revenue increased by 28% to $12.26 billion [4][12] Market Dynamics - Google's global search market share has fallen below 90% for the first time, indicating a shift in user behavior towards competitors like Bing and third-party chatbots [6][7] - The growth in paid clicks has slowed to just 2% year-over-year, the lowest in history, attributed to AI providing direct answers that reduce the need for ad clicks [7][8] Strategic Response - Google is adapting by launching the "Search Generative Experience" (SGE) to provide AI-generated summaries at the top of search results, which has attracted 1.5 billion users monthly [9][14] - The company is investing heavily in cloud infrastructure, with a capital expenditure plan of $75 billion for 2025, aimed at enhancing its AI capabilities [11][30] Competitive Landscape - The competition in the AI space is intensifying, with Microsoft leveraging its partnership with OpenAI to integrate AI into its products, while Meta is pursuing an open-source strategy with its LLaMA models [15][20][23] - Google maintains a strong position due to its vast data resources, distribution channels, and financial strength, but it must innovate rapidly to keep pace with competitors [28][30] Future Outlook - The shift from traditional search to AI-driven interactions represents both a crisis and an opportunity for Google, necessitating a reevaluation of its business model [31][32] - The company is positioned to redefine its role in the digital landscape, transitioning from an information indexer to a knowledge interpreter and AI infrastructure provider [31][32]

智通财经APP获悉，科技巨头谷歌(GOOGL.US)一贯稳固且长期无重大变动的浏览器搜索引擎按钮如今有了新伙 伴：AI Mode search(即AI模式搜索)。谷歌正在搜索引擎领域积极测试这一最新的人工智能功能，这项新功能目 前尚未面向全球广泛开放，某些用户可在Google首页的谷歌搜索栏正下方、紧邻"Google Search"搜索引擎按钮的 位置找到，取代了原先的"手气不错"(I'm Feeling Lucky)功能小部件。 这项新AI功能虽然尚未广泛提供，但正在谷歌极少改动的重要领域，同时也是其核心创收领域之一——搜索引 擎领域进行广泛的新功能测试，凸显出随着ChatGPT以及聚焦"AI搜索"的Perplexity AI等生成式AI领军者持续吸 引谷歌搜索引擎用户，谷歌力争用自身的AI搜索功能留住这些用户并且力争在生成式AI风靡全球的时代吸引更 大规模的用户。 据了解，谷歌发言人证实，该功能上周已开始向部分用户推送。发言人表示，该公司通过试验性的测试平 台Labs为选择加入的用户测试了许多新功能，并补充表示被测试的产品并不一定最终全面上线。 在经典的"Google Search"搜索引擎按钮旁，AI模 ...

Core Viewpoint - The launch of "Deep Search" by Quark represents a significant step towards exploring a universal agent, enhancing the search experience through advanced AI capabilities [4][26]. Group 1: Evolution of Search Technology - The evolution of search technology has fundamentally changed how humans access information, with a persistent reliance on search despite the transition from web to app [2]. - The introduction of AI search marks a leap forward, integrating generative answers with traditional search results to improve clarity and relevance [3][4]. - Deep Search builds on Retrieval-Augmented Generation (RAG) technology, allowing for iterative cycles of searching, reading, and reasoning to achieve optimal answers [7][9]. Group 2: Features of Deep Search - Deep Search is characterized by its "high emotional intelligence," understanding user intent and generating reliable results [10][11]. - The system analyzes user queries deeply, breaking down complex tasks and providing comprehensive answers, unlike traditional keyword-based searches [12][16]. - It excels in personalized, complex, and vague queries, offering tailored solutions that traditional search engines struggle to provide [20][21]. Group 3: Commercial Implications - The timing for a transformation in commercial search is ripe, with Quark's Deep Search positioned to compete with traditional search engines [9]. - The system enhances information retrieval efficiency by over 40% and reduces information bias through multi-dimensional cross-validation [22]. - Quark's AI Super Box, launched earlier, has set the stage for a new user experience in search, with Deep Search being a crucial component of this strategy [24][25]. Group 4: Future Developments - Quark plans to further enhance Deep Search with a PRO version, capable of delivering professional-level analysis and structured results in minutes [25]. - The company is redefining the value chain of search services, moving towards a comprehensive agent ecosystem that integrates various vertical agents [26].

Group 1: Apple and Microsoft Collaboration - Apple and Microsoft have reached an annual search partnership, which poses a direct challenge to Google's long-standing dominance in search engines [1][2] - Apple previously received approximately $20 billion annually from Google for being the default search engine on its devices, and this partnership is under scrutiny due to ongoing antitrust litigation against Google [2] - Eddy Cue noted a decline in Safari's search volume attributed to users shifting towards AI-driven search, prompting Apple to consider a significant overhaul of Safari towards AI-based search engines [2][3] Group 2: AI Search Landscape - The rise of generative AI has made AI search a competitive focus for various tech companies, with OpenAI launching ChatGPT's search function and Google introducing real-time search capabilities through its Gemini AI platform [2][3] - Domestic companies like Tencent, 360, and Xiaohongshu are also investing in AI search technologies, indicating a broader industry trend towards AI-driven information retrieval [3] Group 3: Lenovo's Super AI Launch - Lenovo has introduced a super AI, Tianxi, which will be integrated into its latest personal computers, smartphones, and tablets, enhancing user interaction and decision-making capabilities [4] - The AI aims to facilitate complex task management and improve user experience through multi-modal perception and intent-driven interactions [4] Group 4: AI Payment Systems - Visa, PayPal, and Mastercard are venturing into AI payment systems, allowing AI agents to make autonomous payment decisions based on user preferences and transaction history [5][6] - PayPal is developing a Financial OS for AI transactions, while Mastercard and Visa are collaborating with major tech firms to enhance AI payment capabilities [6] Group 5: U.S. Tech Giants Testify on AI Competition - Executives from major U.S. tech companies attended a congressional hearing to discuss the implications of AI competition, emphasizing the need for robust innovation and addressing export control policies that may hinder market competitiveness [7][8] Group 6: E-commerce Collaboration - Taobao and Xiaohongshu have announced a strategic partnership to enhance consumer conversion from social media to e-commerce, allowing direct links from Xiaohongshu posts to Taobao [9] Group 7: Apple's Legal Challenges - Apple has appealed a California court ruling that prohibits it from obstructing developers' communication with users and charging fees for external purchases, arguing that the ruling imposes significant costs [10][11]

——确实存在，目前主要存在于用户搜索份额之间，这也是海豚君近期点评反复提及的估值压制点之一。虽然短期对广告主的预算分配的影响，只能说暂时有 限。但苹果高管的言论，情绪面上无疑加剧了市场对谷歌搜索颠覆风险的担忧。 4 月苹果 Safari 搜索量首次下滑，Cue 把问题归结为 AI 搜索的分流影响。但谷歌在业绩电话会上，透露随着 AI Overview 渗透率走高，整体搜索量是在提升的，第 三方机构披露的搜索活跃度的数据也能给到相关佐证。 5月7日晚谷歌大跌，源于一条"苹果开始聚焦 AI 搜索"的新闻。海豚君把彭博原文看了下，主要核心有两点。下面来简单聊一聊。 1、AI 搜索对传统搜索的侵蚀？ 为什么两家巨头说法相反？ 海豚君认为，很可能是不同平台之间的差异。在移动端，AI App 的搜索问答体验很丝滑，因此要从 Safari 切换到一个 AI chatbot/AI 专业搜索的 App（比如 ChatGPT 和 Perplexity），甚至是 Google 自己的 Chrome 或者 Gemini，对于用户来说，切换成本并不高。 但在 PC 端，Chrome 的垄断地位或者说产品习惯优势更明显，因此，这可能是谷 ...

Core Insights - Alibaba's Tongyi team has launched ZeroSearch, a generative search engine framework that operates independently without external search interfaces, achieving low-cost and high-performance retrieval capabilities [1][10]. Group 1: ZeroSearch Overview - ZeroSearch allows users to run a 14 billion parameter model on four A100 GPUs for just $70.80, providing search capabilities that can rival or exceed Google [1][16]. - The framework employs a novel reinforcement learning approach to train search capabilities without interacting with real search engines, addressing issues of document quality and high API costs [2][6]. Group 2: Training Methodology - The training process involves lightweight supervised fine-tuning to convert a large model into a retrieval module capable of generating relevant and irrelevant documents based on queries [8]. - A curriculum learning strategy is introduced, gradually lowering document quality to challenge the model's reasoning and retrieval abilities, thus enhancing its search learning path [2][8]. Group 3: Cost Efficiency and Performance - ZeroSearch has demonstrated an 80%-90% reduction in training costs compared to traditional methods, making it a truly low-cost and high-performance solution for AI search training [10][16]. - In various experimental scenarios, ZeroSearch has achieved performance levels that are equal to or better than models trained with real search engines, with a 7 billion parameter model matching Google search quality and a 14 billion parameter version surpassing it [15][16]. Group 4: Open Source and Accessibility - The researchers have made their code, datasets, and pre-trained models publicly available on GitHub and Hugging Face, promoting accessibility for other researchers and companies [16].

此案核心争议是两家公司价值约200亿美元（约合人民币1447亿元）/年的协议，该协议让谷歌搜索成为苹果浏览器默认搜索引擎。此案可能迫 使科技巨头解除合作，颠覆iPhone等设备长期以来的运作方式。 01.Safari搜索量首次下滑，AI抢夺传统搜索引擎"蛋糕" 自2007年初代iPhone发布以来，苹果用户始终通过谷歌进行网页搜索，而如今消费者将进入由多家公司AI主导的新时代。 苹果和谷歌要"分手"？ 智东西5月8日消息，据知名苹果爆料人、彭博社记者马克·古尔曼（Mark Gurman）最新报道，苹果公司正在"积极考虑"彻底改造其设备上的 Safari网络浏览器，将重点转向AI驱动的搜索引擎。 苹果与谷歌持续二十年战略合作关系似乎出现"裂痕"，重大行业变革被按下"加速键"。 本周三，苹果互联网软件和服务部门高级副总裁埃迪·库（Eddy Cue）在美国司法部起诉谷歌母公司Alphabet的案件中作证时披露了这一信息。 埃迪·库提到，Safari搜索量上月首次下滑。他认为这是因为AI工具吸引了部分用户的视线，包括OpenAI、Perplexity AI和Anthropic在内的AI搜 索提供商终将取代Alphab ...

Group 1: Communication Industry Overview - The AI-driven computing network construction, along with 5G/6G and computing infrastructure going global, is expected to provide growth opportunities for equipment manufacturers, with a rapid recovery in performance anticipated [3] - The global aviation communication market is projected to reach $28 billion in 2024 and exceed $45 billion by 2030, with a compound annual growth rate (CAGR) of 10.2% [4] - Investment in technology-leading companies, particularly in the 5G ATG and satellite communication sectors, such as Huawei, ZTE, and Galaxy Aerospace, is expected to yield significant returns [4] - Equipment manufacturers with strong technical capabilities and domestic advantages, like CETC Aviation Electronics, and leaders in operational services, such as China Civil Aviation Communication Network Company, will benefit from market demand growth [4] - By 2028, the commercialization of satellite and 5G hybrid networking is expected to greatly enhance the speed and stability of aviation communication, driving market development [4] Group 2: Rocket Lab and SpaceX Comparison - Rocket Lab has gained significant attention in the investment community, with its stock price soaring up to 7 times in six months, but faced a decline after being targeted by short-sellers in February 2025 [3] - Rocket Lab focuses on the small and medium rocket market, catering to the needs of large-scale satellite constellations like Starlink, in contrast to SpaceX [3] - The company is gradually vertically integrating its business model from rocket launches to satellite platform applications, aiming to become an end-to-end space service provider like SpaceX [5] - Despite Rocket Lab's strong performance in the small rocket sector, delays in research and launch site construction may postpone the "Neutron" launch, putting pressure on capital markets [5] - SpaceX relies on its Starlink and rocket launch services, with Starlink expected to be a key growth driver, particularly in the development of supersonic aircraft that may replace private jets [5] - Relativity Space, utilizing 3D printing technology to simplify rocket manufacturing processes and compress supply chains, could emerge as a significant competitor in the future [5] Group 3: Tesla's Vision-Based Approach - Elon Musk emphasizes that Tesla can simulate human visual processing capabilities through extensive real-world data training, deeming LiDAR as an "expensive crutch" that is unnecessary [4] - Tesla's technology approach provides a clear advantage in hardware costs, particularly in reducing onboard hardware expenses, enhancing its competitive pricing in the global market [4] - LiDAR can detect potential obstacles without relying on object recognition, offering greater visibility and safety in low-light or complex scenarios compared to pure vision solutions [4] - Companies like Ideal Auto and Huawei argue that LiDAR is better suited for complex road conditions in regions like China, especially under low visibility conditions, providing more reliable automatic emergency braking (AEB) functionality [4] - Tesla bets on an "algorithm-driven" model, addressing all perception and decision-making issues in autonomous driving through AI and data training, focusing on lowering hardware costs and simplifying system structures [4] - Domestic automakers, such as Ideal and Huawei, prefer a "hardware-driven" model, opting for a multi-sensor fusion approach that includes LiDAR, cameras, and millimeter-wave radar to ensure safety redundancy in various complex and extreme scenarios [4] Group 4: Apple's AI Search Initiative - Apple plans to introduce AI-driven search capabilities for its Safari browser, which could pose a serious challenge to Google's dominance, particularly regarding Google's reliance on search ad revenue from iPhone users [7] - Apple executives have hinted at reassessing their partnership with Google, especially concerning the default search engine arrangement, in light of ongoing antitrust litigation [7] - Despite Google's claims of increasing search volume, analysts suggest that losing exclusive access to Apple devices could significantly impact Google's revenue, as advertisers may shift to alternative search engines [7] - In 2023, Google launched an "AI mode" on its search page and expanded its "AI overview" feature to boost ad sales and maintain its leadership in the search engine market [7] - Research indicates that traffic for generative search engines like ChatGPT has surged, with weekly search volumes exceeding 1 billion in April, highlighting their market potential [7] - Google pays approximately $20 billion annually to Apple to be the default search engine on Safari, accounting for 36% of its search ad revenue generated through Safari [7] - The U.S. Department of Justice's antitrust case against Google may accelerate competition and transformation in the market [7]

Core Viewpoint - Alphabet's stock has faced significant challenges in 2025, dropping over 20% year-to-date and entering bear market territory due to shifting investor sentiment and increased competition, particularly from Apple's potential AI search initiatives [1][2] Alphabet's Search Business - The announcement from Apple regarding its exploration of AI-powered search alternatives poses a serious threat to Google's search dominance, as Google pays Apple approximately $20 billion annually to remain the default search engine on Safari, which constitutes about 36% of Google's mobile search ad revenue [2][3] - A loss of exclusivity in Safari would adversely impact Alphabet's advertising business, which accounted for over half of its total revenue in 2024 [3] AI and Competitive Response - In response to competitive pressures, Alphabet has prioritized AI, launching its flagship large language model, Gemini, and integrating AI Overviews into Google Search, which currently serves over 1.5 billion users across 140 countries [6][7] - Despite the competitive landscape, Alphabet's monetization remains strong, with AI Overviews generating revenue comparable to traditional search results [7] Revenue Diversification - Alphabet is diversifying its revenue streams, with YouTube ad revenue reaching $10.47 billion last quarter, bolstered by increased subscriptions and user engagement [8] - Google Cloud is gaining traction as enterprise clients adopt AI-powered solutions, and Waymo is expanding its operations in over 10 U.S. cities, positioning itself in the autonomous vehicle market [8] Regulatory Challenges - Alphabet faces ongoing regulatory scrutiny, with a federal judge ruling that Google operates an illegal monopoly in the online search market, adding uncertainty to its long-term dominance [9] Financial Performance and Valuation - Alphabet's financial performance remains robust, with a 14% revenue growth in 2024 and earnings per share (EPS) of $8.04, alongside a strong free cash flow and a cash reserve of $96 billion [10] - The stock's forward P/E ratio has decreased to 14.9, significantly below its historical average of 28, indicating a potential undervaluation despite near-term challenges [11]