中信证券表示，近期OpenAI发布GPT-5，引发资本市场关注。该模型推理能力进步明显，不仅在通用场 景测试中得分较前代旗舰模型o3提升明显，而且在幻觉测试中错误率最低降低至0.7%；定价与Gemini 2.5 Pro等主流模型持平，性价比显著提升。而在垂类场景如编程和医疗上，GPT-5亦有不错的测评表 现，展现出良好的场景拓展潜力。我们认为OpenAI等模型厂商近期的快速更新迭代的影响包括：科技 巨头在前沿模型领域的军备竞赛、推理&scaling law&多模态等带来的算力持续爆炸式增长、推理能力 提升带来复杂应用场景解锁可能等。美股科技领域，建议继续围绕基础设施、AI应用等环节，重点布 局AI计算芯片、HBM、AI网络设备、IDC、基础&应用软件、互联网服务等领域。 ...

Group 1 - The stock price of Tianli Technology as of July 30, 2025, is 32.27 yuan, down by 1.12 yuan, representing a decline of 3.35% from the previous trading day [1] - The opening price for the day was 33.02 yuan, with a highest price of 33.58 yuan and a lowest price of 32.00 yuan, indicating volatility in trading [1] - The trading volume reached 174,600 hands, with a total transaction value of 571 million yuan [1] Group 2 - Tianli Technology operates in the internet services industry, with business activities including information technology services [1] - The company is registered in Jiangxi and is involved in multiple concept sectors [1] - During the early trading session on July 30, Tianli Technology experienced a quick rebound, with a price increase of over 2% within 5 minutes, reaching a price of 33.43 yuan and a transaction value of 63.94 million yuan [1] - The net outflow of main funds on that day was 40.84 million yuan [1]

Group 1 - The stock price of Yinxin Technology closed at 12.68 yuan on July 29, 2025, down 0.22 yuan or 1.71% from the previous trading day [1] - The stock opened at 12.95 yuan, reached a high of 12.99 yuan, and a low of 12.45 yuan, with a volatility of 4.19% throughout the day [1] - The total trading volume was 413,000 hands, with a transaction amount of 520 million yuan and a turnover rate of 9.30% [1] Group 2 - Yinxin Technology's main business includes IT infrastructure services and software product development, covering areas such as internet services, data centers, and trusted computing [1] - The company is headquartered in Beijing and primarily provides technical support and solutions to clients in the financial and telecommunications industries [1] Group 3 - In the early morning of July 29, Yinxin Technology experienced a rapid decline, with a drop of over 2% within 5 minutes, quoting 12.69 yuan at 9:30 AM and a transaction amount of 21.79 million yuan [1] - The net outflow of main funds on that day was 22.78 million yuan, accounting for 0.4% of the circulating market value [1]