该行预计，集团第三季收入按年跌3%，主要是上年夏季奥运呈高基数，尤其饮食广告，游戏和智能电 话下半年或受到逆风，但仍预计集团全年经调整营运利润率达30%以上。该行将集团今年及明年经调整 后纯利预测分别上调3%及2%，目标价由8.8美元上调至11.5美元，评级由"持有"升至"跑赢大市"。 里昂发表研究报告指，微博次季收入达4.45亿美元，经调整后纯利达1.43亿美元，较该行预期分别高出 1%及23%。即使下半年收入因基数效应而放缓，但该行认为这可以忽略不计，料明年人工智能货币化 表现可能会更令人鼓舞。 ...

Core Viewpoint - Meta's AI technology has significantly enhanced advertising economic benefits and improved user engagement and content quality, becoming a major growth engine for the overall business. Zuckerberg stated that Meta is now equipped to achieve "super intelligence," with substantial capital expenditure growth expected in 2026 [1][2][3]. Financial Performance - In Q2, Meta reported revenue of $47.52 billion, exceeding analyst expectations of $44.83 billion, with advertising revenue of $46.5 billion also surpassing forecasts. The Reality Labs division incurred a loss of $4.5 billion, which was better than market expectations. The company raised its 2025 capital expenditure lower limit from $64 billion to $66 billion, leading to a 10% increase in stock price post-announcement [2][3][4]. - The operating profit margin for the quarter was 43%, with a net income of $18.3 billion, translating to earnings per share of $7.14. Total expenses for the quarter were $27.1 billion, a 12% year-over-year increase [24][25]. AI Monetization and User Engagement - AI has become the core driver of Meta's current business growth, with a significant efficiency boost in the advertising system. The new AI-driven advertising recommendation model improved ad conversion rates by approximately 5% on Instagram and 3% on Facebook. The use of generative AI creative tools has also expanded, particularly among small advertisers with limited budgets [3][4][21]. - User engagement metrics improved, with Facebook's user time increasing by 5% and Instagram's by 6%. Video engagement saw a year-over-year increase of over 20% [4][28]. Investment in AI and Infrastructure - Meta plans to continue investing heavily in computing power and talent resources, establishing the "Meta Super Intelligence Lab" to develop next-generation models. The company is building multiple gigawatt-level computing clusters to provide "personal super intelligence" for billions of users [3][6][12]. - Capital expenditures for 2025 are projected to be between $66 billion and $72 billion, with expectations for significant growth in 2026 as well. The CFO emphasized that infrastructure costs will be the primary driver of expense growth in 2026, including depreciation and operational costs [5][6][38]. Talent Acquisition and Team Structure - The company is focusing on building a "small but elite" team of top talent in AI, with a particular emphasis on recruiting industry-leading experts. The structure of the team is designed to facilitate cutting-edge research in super intelligence [9][10][11]. - Employee compensation is expected to be the second-largest driver of expense growth in 2026, primarily due to investments in technical talent [11][36]. Future Outlook and Strategic Focus - Meta's future strategy includes enhancing the freshness of original content and improving the recommendation system to better match user interests. The company aims to leverage AI advancements to further improve user engagement and monetization efficiency [4][28][49]. - The company is optimistic about the long-term potential of AI technologies and their ability to reshape its systems and operations, with a focus on self-improvement capabilities in AI [42][48].

Group 1 - The core focus of the discussions at the 2025 China Technology Network Conference was on Beisen's artificial intelligence strategy, including new AI learning platforms and AI monetization [1] - Management expressed a positive outlook on the accelerated development of AI applications in human resources this year, anticipating that AI monetization will accelerate from 2026 due to enhanced foundational model capabilities and deep collaboration with industry clients [1] - There is a consensus between management's comments on industry demand and spending on AI and Goldman Sachs' view that enterprises prefer to allocate spending to AI software that yields higher returns on investment [1] Group 2 - Beisen is a leader in the domestic human resources software-as-a-service sector, offering integrated cloud-based human capital management solutions covering core HR, recruitment, performance, succession, and assessment modules [2] - The company is expanding its AI HR applications with the support of third-party AI foundational models, including features like AI learning, AI interviews, and AI recruitment [2] - In May 2025, Beisen launched an AI learning platform equipped with five AI agents, which significantly enhance learning efficiency, with the AI teacher improving material generation efficiency by 4-5 times and the AI learning assistant increasing learning efficiency by 300% [2] Group 3 - Beisen began monetizing its AI interview feature in the second half of 2024, integrating the deep learning AI foundational model in October 2025 [3] - The AI interview function has already started monetization by penetrating multiple enterprise clients, assisting in candidate screening, sending interview invitations, conducting interviews, and generating candidate evaluation reports [3] - Management noted that AI functionalities attract enterprises to pay more for software compared to traditional interview methods [3]

China Technology Communlcatlons EU. US. 5H Marketing Feedback CITI'S TAKE 中国科技与通信 欧盟、美国、上海市场反馈花旗观点 We met wlth almost 60 Instltutlonal Investors In past three weeks In Europe, the US and shanghal Glven Us reclprocal tarlffs announced on 2 Aprll, Investors key discusslons were focused on tariff Impact to Apple/Nvidla chaln, China retallatlon beneficlarles, China semls locallzation, foldable IPhone, Xlaoml and China Al development. European Investors are more posltive in China tech with higher interest in Al ...