本报讯 （记者李春莲）进入2025年，企业级AIAgent需求爆发。明略科技始终站在企业级AI技术前沿，不断探索AIAgent 在行业场景中的广泛应用。近日，明略科技AgentShow网站正式上线。这一平台汇聚近20个针对不同行业场景的AIAgent，涵盖 了从HR管理到营销策划、从内容策略到数据分析等多领域应用，全面展示了明略科技在复杂场景下的AIAgent技术开发能力和 成果。 （编辑 何帆） 此外，明略科技近期还与开源大语言模型应用开发平台Dify达成生态合作，为客户提供Dify企业版私有化部署与技术实施 支持，整合全面定制化开发和运维服务，实现生成式AI从底层技术到上层业务场景的无缝衔接，推动AI原生应用从概念验证走 向规模化商业落地。 明略科技始终相信，技术的真正价值在于创造长期、可持续的业务增长。公司坚持以客户为中心，探索AI前沿技术与实 践，并深入了解各行各业在数智化转型过程中面临的实际挑战，通过精准把握用户需求，以精细化的技术服务为客户创造实质 性价值。未来，明略科技将继续深耕垂直领域的AI应用开发，丰富企业级Agent的应用场景与方式。 这些Agent以明略科技自研的大模型为技术底座，以自身 ...

差异化：国内外金融业大模型发展研判 随着大模型技术快速演进，国内外金融业纷纷加大对大模型的投入力度，积极探索大模型在办公协作、 业务运营等领域的创新应用。但国内外在大模型建设方面呈现一定差异。 国际上，境外金融机构更多选择直接采购外部商用大模型的技术路线，较多使用公有云部署方式，例如 花旗银行、西太平洋银行等金融机构选择采购OpenAI的大模型产品。在应用场景方面，境外金融机构 在核心业务场景的应用较为丰富，例如摩根大通、高盛等金融机构在舆情分析、智能客服、风险评估等 领域实现大模型落地应用。 随着DeepSeek等开源模型的突破性进展，AI技术的迭代速度持续加快，技术普惠化趋势愈发显著。金 融业作为数字化和智能化的先行者，具备生成式大模型应用丰富的场景舞台和技术实施基础，势必成为 大模型技术和行业应用深度融合的最佳示范。金融业需抢抓发展契机，探索大模型应用范式，助力金融 业驶向新航程，为经济社会发展提供高质量数字金融服务。 从国内来看，国内金融机构更多选择开源自建或与基础大模型供应商联合共建的技术路线，大多使用私 有云部署方式，例如工商银行工银智涌大模型、建设银行方舟大模型、农业银行ChatABC。在应用场 ...

上周，被谷歌 I/O 发布会"刷屏"了。 各种重磅模型、产品更新、技术演示，还有关于"谷歌又领先了"的讨论，在朋友圈铺天盖地。这些内 容，大家已经看得不少，这里也不再多讲。 但如果只盯着功能细节和技术亮点，就很容易陷入局部，忽略背后更深层的动因。 这场发布会看似遥远，并不只是谷歌一家的技术秀场。它更像是一个信号，一面镜子，映照出全球 AI 竞争中一个重要玩家的战略方向。 所以，一周过去了，得用更理性的思维来追问一下：回顾谷歌I/O发布会，以及它的产品和技术路线， 到底给中国企业带来了哪些启示和挑战？ 还是先说一个词：AI原生（AI-Native）。什么意思呢？ 不是说你在产品上加个"AI按钮"就完事了，要从底层架构开始，用AI的思维重新设计整个产品逻辑。 就像盖房子。过去做法先把结构搭起来，再往里面装智能设备；而现在，谷歌已经从地基开始，把 AI 当作整栋建筑的核心支撑。它的产品，必须"长"在 AI 之上。 I/O 发布会核心战略也很清楚：让 AI 像空气一样无处不在；无论是搜索、语音助手、办公套件、安卓 系统，还是手机等终端设备，处处必须有 AI 的影子。 这释放了一个信号： AI 不再是某个模型或应用的事 ...

Core Insights - The company reported a revenue of 28.83 billion yuan in Q1 2025, representing a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [1] - The adjusted net profit for the same period was 11.24 billion yuan, showing a significant year-over-year growth of 32.0% [1] Group 1: Game Performance - The gaming and related services revenue reached 24 billion yuan in Q1, with a year-over-year increase of 12.1% [1] - Notable game performances included "Marvel: Contest of Champions" topping the Steam global sales chart after its April update, and "Yanyun Sixteen Sounds" surpassing 30 million total players [1] - Long-term operational games like "Identity V" and "Naraka: Bladepoint" showed stable revenue contributions, with "Identity V" being a major income source for the quarter [1] Group 2: New Game Pipeline and AI Strategy - The company has a diverse new game pipeline including titles like "Destiny: Rising" and "Marvel: Secret Wars," enhancing its game product matrix [2] - The Youdao business is advancing its "AI-native" strategy, achieving a gross margin of 47.3% in Q1, focusing on AI-enabled products and services for educational transformation [2] Group 3: Music and Community Engagement - NetEase Cloud Music achieved a gross margin of 36.7% in Q1, with a focus on community ecosystem development to enhance user retention [2] - The platform is leveraging AI capabilities for song recommendations and content creation, enriching its creator ecosystem [2] Group 4: Financial Projections - The company forecasts revenues of 113.86 billion yuan, 118.78 billion yuan, and 124.09 billion yuan for the years 2025, 2026, and 2027 respectively [2] - Projected net profits (Non-GAAP) for the same years are 38.81 billion yuan, 39.92 billion yuan, and 41.31 billion yuan [2]

Core Insights - Satellite baseband chips are crucial for integrated air-ground communication, with market growth accelerated by the explosion of low-orbit constellations and the maturation of direct satellite connection technology [1][15] - Chinese companies, represented by Huawei HiSilicon and Unisoc, are making significant technological breakthroughs, laying the foundation for a self-controlled industrial chain [1][15] - By 2028, the Chinese satellite baseband chip market is expected to exceed 28 billion yuan, forming a tripartite structure among the vehicle networking, consumer electronics, and low-altitude economy sectors [1][15] Industry Overview - Satellite baseband chips are the core components of satellite communication systems, responsible for digital signal conversion, modulation, demodulation, protocol control, and data processing [2][4] - The industry has evolved from reliance on imports to achieving significant domestic innovation, with key milestones including the launch of the first fully autonomous "Navigation No. 1" chip in 2008 [6][8] Current Market Analysis - The penetration rate of smartphones supporting satellite communication is projected to rise from less than 10% in 2023 to over 30% by 2025 [1][15] - The demand for vehicle-mounted satellite communication chips is expected to maintain an annual growth rate of over 50% due to the rapid development of smart connected vehicles [1][15] - The market for satellite communication chips in the low-altitude economy is anticipated to surpass 10 billion yuan in the next three years [1][15] Competitive Landscape - The industry exhibits a "pyramid" competition structure, with leading companies like Huawei HiSilicon and Huali Chuantong at the top, followed by firms like Unisoc and Hezhong Star [17][19] - The overall landscape is characterized by military-driven innovation, civilian market expansion, and breakthroughs in technology, with a focus on high-reliability military chips and consumer applications [19] Future Trends - The industry is expected to undergo a transformation driven by technological autonomy, expanding application scenarios, and collaborative development across the supply chain [22][25] - Key advancements include the development of multi-mode compatible chips and quantum-safe encryption technologies, which will help break foreign technology monopolies [24][26] - The satellite baseband chip sector is becoming a core infrastructure of national digital economy strategy, with projections indicating a potential market impact exceeding 3 trillion yuan [27]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company's game business is showing steady growth, with a diversified content strategy [1] - In Q1 2025, the company achieved revenue of 28.83 billion yuan, a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [4] - The gross profit for Q1 2025 was 18.48 billion yuan, with a gross margin of 64.1%, reflecting a year-over-year increase of 0.7 percentage points [4] - The adjusted net profit for Q1 2025 was 11.24 billion yuan, a year-over-year increase of 32.0%, with a net margin of 39.0%, up 7.3 percentage points year-over-year [4] Summary by Sections Game Business Performance - The revenue from games and related services in Q1 was 24 billion yuan, a year-over-year increase of 12.1% [5] - Key titles contributing to revenue include "Identity V," which was the main revenue driver, and several new games like "Marvel Showdown" and "Yanyun Sixteen Sounds" performing well in the market [5] - Long-term operational games are showing stable performance, with titles like "Identity V" and "Naraka: Bladepoint" maintaining steady revenue streams [5] Youdao Business Strategy - Youdao's business is advancing its "AI-native" strategy, achieving a gross margin of 47.3% in Q1 [6] - The strategy focuses on AI-enabled products and services to drive intelligent transformation across various industries [6] Cloud Music Operations - Cloud Music achieved a gross margin of 36.7% in Q1, with a focus on community ecosystem building to enhance user engagement [7] - The platform is leveraging AI capabilities for song recommendations and content creation, enriching its creator ecosystem [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 113.86 billion yuan, 118.78 billion yuan, and 124.09 billion yuan respectively, with corresponding net profits of 38.81 billion yuan, 39.92 billion yuan, and 41.31 billion yuan [8] - The company expects a year-over-year revenue growth of 8.1% in 2025, followed by 4.3% and 4.5% in the subsequent years [11]

5月21日，在2025腾讯云AI产业应用峰会上，腾讯云副总裁、腾讯云智能负责人、腾讯优图实验室负责 人吴运声发表主题演讲。吴运声认为，当前AI应用领域呈现出交互体验更丰富、模型使用更高效、应 用构建更快捷等趋势。围绕新的客户需求，腾讯云在多模态语音交互、模型训推、智能体开发等层面不 断迭代更新产品能力，帮助用户把技术创新更快地转化为实际生产力。 吴运声提到，为提升用户与AI应用之间的交互体验，腾讯云正式发布"腾讯云语音PaaS解决方案"。该方 案通过将领先的ASR大模型、TTS大模型与TRTC的实时通信能力深度融合，构建起 "语音输入→智能处 理→自然输出→实时交互" 的全链路闭环，为企业提供低成本、可快速搭建的语音交互解决方案，帮助 企业优化用户交互体验。 在模型训推层面，腾讯云TI平台也实现了全面升级。首先，腾讯云TI平台升级了精调工具链提供蒸馏精 调、强化学习等更多训练方式，并面向自动驾驶领域的广泛需求推出自驾模型训练能力。同时，TI平台 在资源调度方面也全面升级，支持训推一体、潮汐调度。成本是决定大模型是否能落地的关键因素之 一，TI平台持续升级内置的Angel加速套件，以业界领先的推理加速能力，帮助 ...

机构：国海证券 研究员：陈梦竹/尹芮 事件: 2025 年5 月15 日公司公告2025Q1 财报，2025Q1 实现营收288.29 亿元（YoY+7.4%、QoQ+7.8%）；归 母净利润为103.01 亿元（YoY+34.9%、QoQ+17.5%），non-GAAP 归母净利润为112.37 亿元 （YoY+32%、QoQ+16.1%）。 我们的观点： 1、主要财务指标分析：网易2025Q1 实现营业收入288.29 亿元（ YoY+7.4% 、QoQ+7.8% ） ； 归母净 利润为103.01 亿元（YoY+34.9%、QoQ+17.5%），经调整归母净利润为112.37 亿元（ YoY+32% 、 QoQ+16.1% ） 。毛利率同比提升至64.1%（YoY+0.7pct、QoQ+3.3pct），销售费用率9.4%（YoY- 5.6pct、QoQ-1.2pct）、研发费用率15.2%（YoY-0.3pct、QoQ-1.5pct）、管理费用率3.3%（YoY-1.1pct、 QoQ-1.0pct）。 2 、游戏业务： 2025Q1 游戏及增值服务实现收入288.3 亿元（YoY+7.4%、QoQ+7 ...

2025 年 05 月 19 日 公司研究 评级：增持(维持) 研究所： | | chenmz@g | | --- | --- | | 券分析师: 券分析师: | 陈梦竹 ટા 尹芮 S03 | 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 yinr@ghzq.com.cn ——网易-S（9999.HK）2025Q1 财报点评 最近一年走势 事件: 2025 年 5 月 15 日公司公告 2025Q1 财报，2025Q1 实现营收 288.29 亿 元（YoY+7.4%、QoQ+7.8%）；归母净利润为 103.01 亿元（YoY+34.9%、 QoQ+17.5%），non-GAAP 归母净利润为 112.37 亿元（YoY+32%、 QoQ+16.1%）。 国海证券研究所 请务必阅读正文后免责条款部分 [Table_Title] 游戏稳健，降本增效带动利润显著增长 1、主要财务指标分析：网易 2025Q1 实现营业收入 288.29 亿元 （ YoY+7.4% 、 QoQ+7.8% ） ； 归 母 净 利 润 为 ...

智能化转型，济南"底气十足" 作为工业大类齐全的制造业重镇，济南正经历着从传统制造向智能制造的跃迁。《济南市新一代人工智能高质量发展行动计划(2024—2026年)》 锚定了这样一个目标：2026年，核心产业规模突破600亿元，人工智能企业达到500家，人工智能产业发展总体水平居全国前列。 实际上，济南2024年在数字领域已经取得了不错的成绩：数字生态指数位列全国第8位，数字城市竞争力位列全国第14位，市一体化大数据平台接 入数据417亿条，提供数据共享调用支撑53亿余次，开放"数林指数"位列全国城市第2位。 数据是人工智能的基础，这一不错的数据"底子"，是济南打造"AI原生城市"的坚实基础。 在建设"AI原生城市"上，济南迈出了关键性的一步。 5月15日，济南市政府与百度集团签署了人工智能产业发展战略协议，双方将在AI基础设施建设、数据要素产业、"车路云"一体化等领域展开合 作。 在这则消息背后的是，3月4日，济南市大数据工作会议上提出了探索建设全国前列"AI原生城市"的举措。显然，在这一目标提出后两个多月，济 南已经开始了行动。一场政企合作背后，实则暗含中国城市智能化转型的密码。 此外，百度也将在AI人才 ...