Group 1 - The core viewpoint highlights the recent rebound in technology sectors, particularly in military, pharmaceutical, and TMT industries, with the Sci-Tech Innovation Board ETF (589630) rising nearly 1.5% [1] - The A-share merger and acquisition market has been active this year, with significant participation from Sci-Tech Innovation Board companies, especially in sectors like biomedicine, semiconductors, and new-generation information technology [1] - Data indicates that out of 86 major restructuring events in 2025, 18 involved Sci-Tech Innovation Board companies, showing a significant increase compared to the same period last year [1] Group 2 - Dongwu Securities emphasizes the importance of self-reliance in technology, focusing on sectors such as artificial intelligence, autonomous control, new energy technology, aerospace information technology, and data elements [1] - In aerospace information technology, areas like low-altitude economy, satellites, and commercial space are highlighted as key focus points [1] - The report suggests that the AI sector should concentrate on AI agents, AI applications (like standalone software and smart terminals), humanoid robots, and autonomous driving [1] Group 3 - Western Securities notes that the level of merger and acquisition activity reflects the direction of the industrial cycle, with the highest number of mergers occurring in the automotive, electronics, and machinery sectors in 2024 [2] - The report indicates that the trends in automotive intelligence, semiconductor self-control, and high-end manufacturing are accelerating technological upgrades and industry evolution [2] - It is suggested that if AI commercialization leads to performance improvements through mergers and acquisitions, it could create a mainline market trend; otherwise, it may only represent a short-term thematic opportunity [2] Group 4 - The Sci-Tech Innovation Index ETF from Guotai (code: 589630) tracks the Sci-Tech Innovation Index (code: 000680), which includes representative stocks from the Sci-Tech Innovation Board, with an average market capitalization of approximately 11 billion [2] - The index focuses on technology innovation companies, covering more early-stage innovative firms and emphasizing hard technology sectors [2] - Investors without stock accounts can consider Guotai's linked ETFs for the Sci-Tech Innovation Board Comprehensive ETF [2]

Important Market News - The Ministry of Commerce announced export control measures for rare earths, emphasizing their dual-use nature and compliance with international practices. China will continue to review export license applications and has approved a certain number of compliant requests [1] - As of May 2025, China's foreign exchange reserves reached $328.53 billion, an increase of $3.6 billion from April, while gold reserves rose to 7.383 million ounces (approximately 2,296.37 tons), marking a continuous increase for seven months [1] Industry Insights - Deutsche Bank is exploring stablecoins and tokenized deposits, considering options for issuing its own tokens or joining industry initiatives. The bank recognizes the potential for stablecoins, especially in the U.S. regulatory environment, and sees various roles it could play in the stablecoin sector [2] - The storage industry is experiencing a shift due to anticipated production cuts of DDR4 memory, leading to price increases and supply shortages. The demand for DDR4 remains stable in niche markets, and the overall market is expected to improve by the second half of 2025, driven by AI device demand and inventory adjustments [3] - The Ministry of Industry and Information Technology is promoting the integration of artificial intelligence and manufacturing, focusing on enhancing software and hardware capabilities. The initiative aims to accelerate the intelligent upgrade of key industries and foster innovation in industrial data and models [4][5] Company Updates - Ruoyu Chen announced a share reduction plan by its shareholder, Langzi Co., intending to reduce up to 4.768 million shares, accounting for 3% of the total share capital. The stock has seen a significant increase of 535% over the past year [5] - Silk Road Vision disclosed plans for share reductions by its executives, with specific limits on the number of shares to be sold [5] - Mindong Electric Power announced a plan to reduce 4,579,514 shares, representing 1% of its total share capital, between June 30 and September 26, 2025 [5] - *ST Haiyue received a decision from the Shanghai Stock Exchange for stock delisting, with the last trading date expected to be July 4, 2025 [6]

Core Insights - The "Wujie" series of open-source large models was officially launched by the Zhiyuan Institute, covering various applications in embodied intelligence, brain science, and micro-life models [1][3] - Wang Zhongyuan, the director of the Zhiyuan Institute, emphasized that the development of large model technology is far from reaching its limits, despite the slowdown in performance improvement of large language models [1][2] Group 1: Large Model Development - The industry is exploring three main paths to overcome the performance bottleneck of large language models: reinforcement learning, data synthesis, and multi-modal data utilization [2] - The Zhiyuan Institute focuses on research and layout around the native multi-modal world model to enable AI to perceive and interact with the physical world [2][3] Group 2: Embodied Intelligence and Robotics - The "Wujie" series includes models like Emu3, Brainμ, RoboOS 2.0, and OpenComplex2, which are designed to adapt to various types of robots [3] - The rise of humanoid robots is seen as a significant direction in embodied intelligence, with expectations that humanoid robots will learn to walk by 2024 and run by 2025 [5][6] Group 3: Industry Collaboration and Ecosystem - The Zhiyuan Institute has established a strategic cooperation framework with Hong Kong Investment Management Company to build a world-class AI ecosystem [4] - Different industry players are exploring various solutions, including reducing hardware costs and utilizing simulation data for effective model training [7]

Investment Rating - The report maintains a "Recommended" rating for the computer industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [36]. Core Insights - The computer industry has entered a rebound phase, with significant developments in AI technology and strategic mergers, particularly the merger between Haiguang Information and Zhongke Shuguang, which is expected to create a leading player in the domestic computing power sector [7][18]. - The report highlights the acceleration of mergers and acquisitions in the industry, driven by policy support and the need for vertical integration in the "chip-server" sector [9][24]. - The report emphasizes the importance of the upcoming events in June, which are expected to catalyze the commercialization of AI technologies and boost the technology market [7][18]. Summary by Sections Industry Weekly Viewpoint - The computer index rose by 3.26% from June 3 to June 6, outperforming the ChiNext index by 0.94 percentage points, ranking 4th among 30 sectors [14]. - Key stocks that performed well include Huijin Co. (up 50.54%), Qingyun Technology-U (up 38.27%), and Zhongdian Xilong (up 32.72%) [7][14]. Market Performance Review - The report notes that the overall A-share market experienced a net outflow of 69.06 billion yuan, while the computer sector saw a minor net outflow of 15.6 million yuan during the same period [15]. Strategic Mergers and Acquisitions - The merger between Haiguang Information and Zhongke Shuguang is positioned as a significant event, potentially creating a "carrier-level" enterprise in the domestic computing power field, with a combined market value exceeding 400 billion yuan [18][19]. - The report outlines the supportive policies for mergers and acquisitions, including the "New National Nine Articles" and "Science and Technology Innovation Board Eight Articles," which encourage industry consolidation [9][24]. Investment Recommendations and Related Stocks - The report suggests focusing on key players in various segments, including: - Chips: Haiguang Information, Cambrian, Longxin Zhongke, and Jingjia Micro [26]. - Servers: China Great Wall, Zhongke Shuguang, Unisplendour, Inspur Information, and Digital China [26]. - Operating Systems: China Software, Chengmai Technology, and Kirin Software [26]. - Databases: Dameng Data, Haimass Data, and Tai Chi Software [26].

Z Highlight ： （一） AI Agent 中的白马非马 我们 拆解 AI Agent 的运作流程，包括感知层、决策层和执行层。接着引入 " 白马非马 " 之问，通过 AI Agent 九宫格分析市场中不同公司所谓的 Agent 类 型，指出需辨别真正有潜力的公司与概念炒作者。同时对比了 OpenAI 的 " 纯粹 Agent" 路线与 LangChain 的 " 混合架构 " 路线，阐述两者在系统设计、开 发门槛、可靠性挑战及适用场景上的差异。 （二） 从技术栈初探 AI Agent 进化方向 LLM 层面， 当前 SOTA 模型已将工具调用能力内化， 我们分析 了 Agentic 能力内化的必然性， 下一世代的 LLM 将 自主获取经验成为新燃料。 我们 还 分析了 OpenAI 的 o4-mini 和 Anthropic 的 Claude 4 在 Agentic 能力设计思路上的差异，分别代表 " 隐形智能 " 和 " 可编程智能 " 两种路线，指出未来 Agent 竞争是 " 体验普惠 " 与 " 深度可靠 " 的角力，混合架构可能成为下一阶段共性选择。 工程整合对模型能力的贡献开始增加，如 ...

证券研究报告/行业研究 MCP 协议加速 AI Agent 生态繁荣 ——人工智能行业专题研究 投资要点 ➢ AI Agent 是AI 发展的第三阶段 2024 年 11 月，Anthropic 发布 Model Context Protocol（MCP），自推 出以来，MCP 迅速成为 AI 原生应用的重要基础设施。MCP 协议如同 AI 应 用的 USB-C 端口，其最关键的设计理念是将"工具调用"与"上下文感知" 统一纳入一个协议框架，使得模型与外部世界之间的交互不仅更自然、更精 准，还可以跨模型平台共用。MCP 协议正在成为 AI 领域连接大模型与外部 世界的核心基础设施，提升了 AI 模型与外部服务的兼容性。预计未来 MCP 协议+Agentic-based 决策路径或将成为主流。 ➢ 科技巨头积极布局AI Agent 产品 从字节和阿里等科技公司近期的动向来看，AI Agent 或成为今年科技公司 布局 AI 的重要主线。整体来看，AI Agent 产业在 2024 年第四季度至 2025 年初呈现快速迭代态势，并逐渐从技术竞争转向生态价值重构。AI Agent 领 域的发展还呈现出明显的结构性分 ...

证券研究报告/行业研究 MCP 协议加速 AI Agent 生态繁荣 ——人工智能行业专题研究 投资要点 ➢ AI Agent 是AI 发展的第三阶段 根据 OpenAI 对 AI 发展的理解和定义，AI 水平可分为五大等级，智能体能 够代表用户采取行动处于第三阶段，其核心架构可概括为"核心决策中枢+ 核心认知架构+工具使用"。福布斯指出 2025 年将成为 AI 应用的分水岭即 AI 正从单纯的问答和内容生成升级为真正的"执行者"，能够独立完成实际工 作任务，而不仅仅是充当"助手"。根据 LangChain 数据，截至 2024 年底， AI Agent 的渗透率已达到 43%。 ➢ MCP 协议重构AI Agent 新范式 2024 年 11 月，Anthropic 发布 Model Context Protocol（MCP），自推 出以来，MCP 迅速成为 AI 原生应用的重要基础设施。MCP 协议如同 AI 应 用的 USB-C 端口，其最关键的设计理念是将"工具调用"与"上下文感知" 统一纳入一个协议框架，使得模型与外部世界之间的交互不仅更自然、更精 准，还可以跨模型平台共用。MCP 协议正在成为 ...

AutoMat团队 投稿 量子位 | 公众号 QbitAI 它相当于一位精准的"地图翻译官"，把原子级 STEM 图像自动转成标准 CIF 结构，并一步到位给出形成能等关键物性。 过去的人工流程被缩短到几分钟，真正打通了"显微成像 → 结构重建 → 性质预测"的断层。 此外，团队还专门构建了二维材料数据集 STEM2Mat‑Bench（450 余个样本）进行验证—选择二维材料是因为其单层结构减少多重散射与投 影歧义，更便于精确成像与评测。 AI Agent又解锁了一个领域！ 清华大学牵头，与西北工业大学以及上海AI lab等机构推出了电镜领域的AI agent—— AutoMat 。 结果显示，AutoMat在重建精度与能量预测上全面超越现有多模态大模型与AtomAI等专用工具，首次让"看到原子"真正等同于"理解材料"，为 材料发现和实验流程的自动化闭环开启了高速通道。 电镜领域的AI Agent 电子显微技术的快速发展已达到亚原子级的成像效果，但解析表征图像的原子结构仍然需要专家逐像素判读、手动建模，对应模板结构，这样 才能得到可供计算的晶体结构文件，这一过程往往耗时数小时甚至数天，还容易因噪声或元素重叠出 ...

1、视频监控行业迈向高级智能化的挑战 当前，视频监控系统已普遍引入了基于深度学习的AI分析能力，实现了人脸识别、行人检测、车辆识 别、行为识别等基础功能，显著提升了监控效率。然而，随着应用场景的日益复杂和智能化需求的不断 提升，视频监控行业正从基础的"看得见"、"认得出"向高级的"看得懂"、"会思考"、"能行动"迈进，这 一过程面临着新的、更深层次的智能化挑战： 来源：中移科协 视频监控系统作为现代社会安全保障和运营管理的重要组成部分，已普遍引入基于深度学习的AI分析 能力，实现了人脸识别、行人检测、车辆识别、行为识别等基础功能，显著提升了监控效率。然而，面 对日益增长的海量视频数据和复杂多变的应用场景，当前的视频监控系统在实时性、准确性和智能化水 平方面仍然面临显著挑战。具体而言，系统在复杂环境下的识别鲁棒性有待提高；难以有效整合和关联 分析海量异构数据；对复杂事件的深层理解和智能研判能力不足；以及从告警到主动决策和自动化响应 的跨越尚未完全实现。这些问题限制了现有系统效能的进一步提升，迫切需要引入更高级别的智能化技 术。在此背景下，"智能体"（AI Agent）作为一种具备自主感知、理解、决策和执行能力的 ...

Core Insights - IDT Corporation reported strong financial results for the third quarter of fiscal year 2025, with significant year-over-year increases in gross profit, income from operations, and earnings per share [1][4][30]. Financial Performance - Gross profit increased by 15% year-over-year to $112 million, achieving a record gross profit margin of 37.1% [1][3]. - Income from operations rose by 133% to $27 million, while adjusted EBITDA increased by 57% to $32 million [1][3]. - GAAP EPS increased to $0.86 from $0.22, and non-GAAP EPS rose to $0.90 from $0.38 [1][3]. Segment Performance National Retail Solutions (NRS) - Recurring revenue grew by 23% to $29.4 million, driven by a 37% increase in Merchant Services revenue and a 33% rise in SaaS fees [2][5]. - Income from operations and adjusted EBITDA both increased by 29% year-over-year [2][5]. BOSS Money / Fintech Segment - BOSS Money transactions increased by 27% to 6 million, with revenue rising by 25% to $34.4 million [2][7]. - The fintech segment's gross profit grew by 31% to $22.6 million, and income from operations reached $4.3 million [2][7]. net2phone - Subscription revenue increased by 7% to $21.5 million, with income from operations surging by 188% to $1.4 million [3][26]. - Adjusted EBITDA for net2phone rose by 50% to $3.2 million [3][26]. Traditional Communications - Gross profit increased by 5% to $43.4 million, with income from operations rising by 39% to $17.3 million [3][9]. - Adjusted EBITDA for this segment grew by 30% to $19.3 million [3][9]. Cash Flow and Capital Expenditures - Net cash provided by operating activities was $75.7 million in 3Q25, compared to $9.5 million in 3Q24 [30]. - Capital expenditures increased by 14% to $5.4 million [3][31]. Future Outlook - The company is focusing on developing new offerings to enhance the competitiveness of independent retailers against larger chains [6]. - BOSS Money is working on initiatives to drive long-term growth and reduce cross-border transaction friction [7].