Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the continuous layout in the core AI industry direction, highlighting that several US-listed AI application companies have exceeded earnings expectations, validating the ongoing trends in the AI industry [5][12] - The rapid iteration of large models and the accelerated penetration of AI application scenarios are noted, with significant advancements from companies like Google, Alibaba, and Tencent in AI capabilities [6][13] Summary by Sections Weekly Perspective - The Shanghai Composite Index rose by 2.00% and the computer index increased by 1.92% during the week of May 6-9, 2025 [4][11] Company Dynamics - Xinyada announced a plan for shareholders to reduce their stakes through centralized bidding [15] - Shengshi Technology was announced as the first candidate for a major contract related to the Guangzhou Baiyun International Airport expansion project, with a bid of 187 million yuan [21] - Zhejiang University Net New announced participation in an investment fund focused on AI and robotics, committing 33% of the fund's target size [22] Industry News - Apple is collaborating with Anthropic to develop an AI platform for software coding [23][28] - The launch of Hongmeng computers was officially announced, integrating AI capabilities with the operating system [23]

证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 计算机 下半年 AI 投资节奏 大厂驱动 Agent 是下半年 AI 主要边际变量。互联网大厂凭借资金和技 术、场景的优势已成为驱动 Agent 发展的核心力量。各类 Agent 产品成为 了近期大厂发布会和产品更新的关键角色：如字节的"扣子空间"、阿里 的"心流"、百度的"心响"等智能体层出不穷。互联网大厂在 Agent 领 域的进展将多方面带动 AI 产业进展：1）在技术领域，大厂通过开源模型 推动技术进步，大厂的各类智能体开发平台也降低了 Agent 的开发门槛。 2）在 AI 基础设施层面，大厂加大投入拉动相关产业链需求。3）在应用 场景拓展方面，大厂利用自身多元业务场景率先应用 Agent 技术，同时积 极携手生态合作伙伴赋能垂类领域，有望带动各领域软件服务商成长。 Agent 三大要素：数据、模型、接口。1）垂类数据是 Agent 能力拓展到 各行业的关键，如飞猪的 Agent"问一问"接入了自己的机票报价引擎， 平台积累的用户评价数据也被深度整合进推荐算法。2）基础大模型的能 力提升是 Agent 进步的核心 ...

Group 1 - E2B is an emerging player in the multi-agent system space, providing a secure sandbox environment for running AI-generated code, with a significant increase in sandbox creation from 40,000 to 15 million in one year, a growth of 375 times [7][10][11] - The founders of E2B, Vasek Mlejnsky and Tomas Valenta, previously worked on a product called DevBook, which laid the groundwork for E2B's sandbox technology [7][9] - E2B aims to become the AWS of the AI agent era, providing an automated infrastructure platform that will support GPU capabilities for complex data analysis and application hosting [4][13] Group 2 - E2B's vision includes evolving from a code interpreter to a more general agent runtime environment, recognizing the importance of a secure and flexible code execution environment for AI agents [9][10] - The platform supports multiple programming languages, with Python and JavaScript being the most used, indicating a strong developer interest [11] - E2B is observing a trend where code execution is not only for developers but also for non-developer users, expanding its potential market [22][23] Group 3 - E2B is strategically located in Silicon Valley to be closer to its target user base of AI application developers, facilitating direct support and faster product development [62][64] - The company recognizes the challenges of pricing infrastructure services, emphasizing the need for clear pricing logic and user control over expenses [30] - E2B is exploring the potential of computer use agents, which could automate tasks on personal computers, presenting both opportunities and challenges in user control and security [31][32][35]

Core Insights - The emergence of the MCP (Model Context Protocol) is reshaping the AI industry, promoting a more egalitarian approach to technology and focusing on the effectiveness of AI products rather than the underlying models [1][3][10] - The global AI Agent market is projected to grow significantly, from $5.29 billion in 2024 to $216.8 billion by 2035, with a compound annual growth rate (CAGR) of 40.15% [3][10] - Major tech companies are increasingly adopting the MCP protocol, which aims to standardize interactions between AI models and external tools, akin to foundational internet protocols like HTTP [5][9] Industry Dynamics - The AI industry is experiencing a shift from traditional applications to AI Agents and terminal devices, driven by advancements in technologies such as natural language processing and machine learning [10] - The MCP protocol is seen as a solution to the complexities faced by developers in integrating various tools and models, highlighting a clear market demand for standardized protocols [8][9] - Companies like OpenAI, Tencent, and Alibaba are actively supporting the MCP protocol, indicating a collective movement towards a unified framework in the AI ecosystem [6][7][5] Competitive Landscape - The competition between MCP and Google's A2A (Agent2Agent) protocol illustrates the ongoing struggle for dominance in the AI Agent space, with both protocols seeking developer and enterprise support [7][9] - The industry is still in its early stages, with ongoing optimization of the MCP protocol and a focus on addressing the challenges of model consistency and interoperability [10][11] - The potential for collaboration between different protocols exists, particularly given the investment relationships among key players like Google and Anthropic [7][9] Future Outlook - The development of AI Agents is expected to lower the barriers for consumers in using software and smart hardware, with a focus on enhancing user experience through intuitive interactions [11] - The evolution of the MCP protocol is anticipated to address critical issues such as authentication and discovery mechanisms, which are essential for commercial applications [12] - As the market matures, the demand for effective applications rather than mere traffic aggregation will drive the future of the MCP marketplace [12]

Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - The computer sector experienced a rebound, rising by 2.59%, ranking second among primary industries in the Yangtze River region, with a trading volume accounting for 10.45% of the market. The focus is on cloud services and AI agents, particularly following strong earnings reports from major cloud service providers like Microsoft and Amazon [2][4][6]. Summary by Sections Market Performance - The computer sector showed a continuous rebound, with a 2.59% increase last week, despite a general market adjustment due to the May Day holiday. The Shanghai Composite Index closed at 3279.03 points, down 0.49% [4][12]. Key Developments - Major cloud service providers, including Microsoft, Google, and Amazon, reported earnings that exceeded market expectations. Microsoft’s Foundry platform is being utilized by over 70,000 developers for AI application design and management. Amazon has signed contracts with several leading global enterprises and is expanding its AI capabilities significantly [6][50]. Recommendations - The report recommends focusing on: 1. Major cloud service providers 2. Domestic computing power supply chains, specifically companies like Cambricon and Ascend 3. Various vertical AI agent-related companies [6][52]. Notable Company Reports - Alibaba released the Qwen3 model, a new generation of mixed reasoning models, which is open-sourced and expected to accelerate the application of AI agents. Duolingo reported a revenue of $230 million for Q1 FY25, a 38% year-over-year increase, and raised its revenue guidance for the upcoming quarters [19][26][27].

证券研究报告 | 2025年05月08日 新大陆（000997.SZ） 优于大市 移动支付出海打开增长空间，Agent 产品提高生态变现能力 新大陆：全球领先的数字支付供应商。公司成立于 1994 年，主营数字支付 领域的软硬件产品，硬件端包括数字支付终端、智能感知识别终端等，软件 端包括收单服务、商户 SaaS 服务等。公司积极布局海外市场，目前为全球 POS 机头部供货商，24 年电子支付、信息识读产品为主要收入来源。当前公 司积极探索 AI 应用，面向下游商户场景孵化智能体平台。 推荐逻辑一：移动支付核心供应商，出海打开增长空间。1）数字支付普及， POS 机市场迅速提高：随着智能手机普及、互联网的发展，移动支付迅速在 全球范围内普及。中国移动支付解决方案的成熟度相对较高，支付出海将成 为支付机构新的业绩增长点。2）公司：为全球头部 POS 机供货商，积极开 拓海外市场，持续布局全球各地区本地化建设。24 年公司泛智能终端产品海 外合计销量首次突破 400 万台，海外业务收入占终端销售收入占比近 84%。 推荐逻辑二：AI Agent 赋能 SaaS 服务，生态成为智能体推广核心竞争力。 1）全球 AI ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [8] Core Insights - Google's Q1 FY25 financial report shows revenue of $90.234 billion, a year-on-year increase of 12.0%, and a net profit of $34.54 billion, up 46.0%, both exceeding Bloomberg consensus expectations [4][6] - The company's earnings per share for Q1 FY25 was $2.81, reflecting a 48.7% year-on-year growth, surpassing the expected $2.05 [4][6] - Following the earnings report, Google's stock price surged by 5% in after-hours trading, primarily due to the strong revenue performance [4][6] - The company maintains a cautiously optimistic outlook for Q2 [4][6] Summary by Sections Revenue and Profit Performance - In Q1 FY25, Google achieved a revenue of $90.234 billion, a 12.0% increase year-on-year, and a net profit of $34.54 billion, which is a 46.0% increase year-on-year, both figures surpassing Bloomberg's expectations [4][11] - The breakdown of revenue includes $66.9 billion from Google Ads (up 8.5% year-on-year), $5.07 billion from search (up 9.85% year-on-year), and $12.3 billion from Google Cloud (up 28.1% year-on-year) [11] Cloud Business and AI Development - Google's cloud business demonstrates a leading advantage in the AI sector, with a full-stack AI approach being the core of its growth [6] - The company has invested heavily in global infrastructure, boasting over 2 million miles of fiber and 33 undersea cables, enhancing its AI capabilities [6] - The introduction of the seventh-generation TPU, Ironwood, is designed for large-scale inference, significantly improving performance and energy efficiency [6] Future Outlook - The overall progress in AI is promising, with expectations for further demand growth, particularly around AI Agents [6] - Google's capital expenditure for FY25 is projected at $75 billion, with Q1 CapEx at $17.2 billion, reflecting a 43% year-on-year increase [11]

Group 1 - The core viewpoint of the articles highlights the positive performance of the data ETF and its underlying index, indicating a growing interest in the data industry and AI-related sectors [1][2] - As of May 8, the CSI Big Data Industry Index rose by 0.86%, with notable increases in constituent stocks such as *ST Dongtong (up 15.62%) and Donghua Software (up 9.96%) [1] - The data ETF (516000) experienced a significant increase, reaching a price of 0.96 yuan, with a 5-day cumulative rise of 6.12% as of May 7 [1] Group 2 - Market sentiment has improved in May, with a focus on technology growth, particularly in domestic computing power and AI Agent sectors, driven by investments from major companies like Google and Microsoft [2] - The emergence of the DeepSeek-R1 model is seen as a foundational development for domestic AI Agent creation, indicating a shift towards deeper thinking models in AI [2] - The data ETF and its associated funds closely track the CSI Big Data Industry Index, focusing on key areas such as data elements, data security, and the East Data West Computing initiative, with major stocks including iFlytek and Inspur Information [2]

Group 1: Smart Glasses and AI Agents - A new product, NSVExBleeqUpAI sports shooting glasses, is set to be mass-produced and sold in June, marking a strategic collaboration between Zhijing Unknown and Star Creation Vision [2] - The smart glasses market is transitioning from basic hardware to intelligent assistance, with significant growth potential as major tech companies continue to innovate [2] - Wellsenn predicts that global AI glasses sales could reach 5.5 million units by 2025, representing a 135% year-on-year increase [2] - The Lenovo Innovation Technology Conference will focus on the large-scale implementation of AI Agents, showcasing advancements in interactive AI products [3] - The global AI Agent market is estimated to reach $5.4 billion in 2024, with a projected compound annual growth rate of 45.8% from 2025 to 2030 [3] Group 2: Huawei's Harmony OS and PC Market - Huawei is set to launch its Harmony OS-based PCs, marking a significant shift away from Windows, with all new laptops expected to run on Harmony OS after April [4][5] - The Harmony OS is anticipated to open doors in the government and enterprise markets, leveraging self-developed chips and systems for enhanced compatibility [5] Group 3: Weight Loss Drugs Market - The World Health Organization plans to officially recommend the use of weight loss medications for adult obesity, indicating a major policy shift in addressing obesity [6] - The market for GLP-1 weight loss drugs is expected to grow significantly, with estimates suggesting a market size exceeding 37.85 billion yuan by 2030 due to increased accessibility and demand [6]

Core Insights - RockFlow, a Singapore-based AI fintech company, has completed a $10 million Series A1 funding round led by a prominent internet company founder, with existing shareholders also increasing their stakes [1] - The funds will be used to enhance its AI technology and to launch its financial AI Agent, Bobby [1] - RockFlow operates five offices globally, covering over 30 countries and nine languages, and previously received tens of millions in investment from top Silicon Valley funds [1] Company Developments - In April 2023, RockFlow launched TradeGPT, the world's first trading AI product that utilizes multimodal LLM capabilities to analyze vast market information and price-volume data in real-time [1] - The company believes there is significant potential for AI Agents in the financial investment sector, despite the complexity and higher management demands compared to other industries [1][2] Technology and Features - RockFlow's AI Agent architecture is designed for financial investment scenarios, integrating cutting-edge technologies such as multimodal LLM, Fin-Tuning, RAG, Multi-Agent, and CoT [1] - The AI model enhances understanding and generation capabilities, enabling real-time, efficient multi-source data analysis for better decision-making and risk control [2] Investment Process - The AI Agent simplifies traditional complex processes into four core steps: real-time information acquisition, analysis, trading strategy construction, and order execution [2] - It monitors market dynamics and analyzes various data sources, providing users with personalized real-time trading opportunities and allowing for one-click order placement [2] Personalization and User Experience - The AI Agent can identify user interests and recommend investment opportunities based on natural language input, generating tailored investment strategies [3] - RockFlow's founder emphasizes the need for low-cost, efficient, and controllable outcomes in the financial sector, leading to the development of a unique multi-Agent technology route for a comprehensive trading experience [3] Upcoming Launch - The financial AI Agent product, Bobby, is set to launch globally soon, with a team comprising experts from AI, financial mathematics, and investment trading [3]