Core Viewpoint - The article anticipates a significant live event from OpenAI, likely focusing on advancements in reinforcement learning and its implications for inference computing power [1] Group 1 - The event is expected to highlight breakthroughs in reinforcement learning, which could enhance inference applications [1] - There is an emphasis on the readiness of various ASICs and inference chips to support these advancements [1]

Core Viewpoint - The computing hardware sector is experiencing significant activity, particularly in the PCB segment, with companies like Jingwang Electronics achieving historical highs in stock performance [1] Group 1: Market Activity - Jingwang Electronics has seen a remarkable performance with a rise of 2 boards in 3 days, reaching a historical high [1] - Other companies in the sector, such as Aohong Electronics, Yuanjie Technology, Zhongji Xuchuang, Shengyi Electronics, and Xinyi Sheng, have also shown notable increases in stock prices [1] Group 2: Industry Insights - According to a report from CITIC Securities, NVIDIA is focusing on positioning itself as a platform provider for AI infrastructure during its shareholder meeting [1] - Leading domestic and international companies are ramping up efforts in infrastructure development to meet the surging demand for inference computing power [1] - The market outlook for the ASIC sector is continuously being adjusted upwards, indicating sustained high prosperity in the computing industry chain [1]

Group 1 - The core viewpoint of the news highlights the performance of the digital economy theme index and its constituent stocks, with a slight decline observed in the index and mixed performance among individual stocks [1] - The digital economy ETF has seen significant growth in share volume, increasing by 18 million shares over the past month, ranking it among the top half of comparable funds [2] - The top ten weighted stocks in the digital economy theme index account for 50.98% of the total index weight, indicating a concentration in key players within the digital economy sector [2][4] Group 2 - The recent FORCE conference by Volcano Engine showcased advancements in AI, including the release of several new models, reflecting trends in the AI industry such as improved cost-performance of domestic large models and potential for accelerated deployment of agents [1] - The digital economy ETF closely tracks the performance of the digital economy theme index, which includes companies involved in digital infrastructure and high levels of digitalization [2] - The performance of individual stocks within the index varied, with notable gainers like ChipLink Integration and Jiangbolong, while stocks like Cambricon and Runze Technology experienced significant declines [1][4]

Investment Rating - The report maintains a "Buy-A" rating for China Mobile (600941.SH) [1] Core Views - In 2024, China Mobile achieved revenue of 1,040.8 billion yuan, a year-on-year increase of 3.1%, with a net profit of 138.4 billion yuan, up 5.0% year-on-year [2][3] - The company is focusing on new business areas such as 5.5G, AI, and reasoning computing, which are expected to drive future growth [10] - The report anticipates steady growth in the company's overall business, with a projected net profit of 147.8 billion yuan in 2025, reflecting a growth rate of 6.8% [12] Summary by Sections Personal Market - As of December 31, 2024, the total number of mobile customers reached 1.004 billion, with 5G network customers increasing to 552 million, a penetration rate of 55.0% [3] - The personal mobile cloud revenue grew by 12.6% year-on-year to 8.9 billion yuan, while the mobile ARPU decreased slightly by 0.8 yuan to 48.5 yuan [3][4] Family Market - The number of broadband customers reached 315 million, with gigabit broadband customers increasing by 25.0% to 99 million [4] - The family customer ARPU increased by 0.7 yuan to 43.8 yuan, indicating a positive trend in the family market [4] Business and New Markets - The enterprise market revenue reached 209.1 billion yuan, up 8.8% year-on-year, with a significant increase in mobile cloud revenue, which surpassed 100 billion yuan, growing by 20.4% [6][9] - Emerging markets, including international business and digital content, saw revenue growth of 8.7% year-on-year, with international business revenue at 22.8 billion yuan [9] Capital Expenditure - Capital expenditure for 2024 was 164 billion yuan, a decrease of 9.0% year-on-year, with a focus on new areas such as 5.5G and AI [10] - The company plans to invest 98 billion yuan in 5G-A in 2025, reflecting a significant increase of 227% [10] Dividend Policy - The company plans to increase its dividend payout, with a total dividend of 5.09 HKD per share for 2024, a year-on-year increase of 5.4% [11] Financial Forecasts - The report forecasts net profits of 147.8 billion yuan, 156.2 billion yuan, and 164.5 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 6.85, 7.24, and 7.62 yuan [12][14]

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [2][3]. Core Insights - The introduction of the AI Agent product Manus marks a significant advancement in human-machine collaboration, showcasing its ability to autonomously deliver results across various tasks [3]. - Manus has demonstrated superior performance in GAIA benchmark tests, outperforming similar products from OpenAI, particularly in complex problem-solving and tool utilization [3]. - The report emphasizes the growing demand for reasoning computing power as AI applications penetrate various sectors, presenting new opportunities for the related industry chain [3]. Summary by Sections Industry Overview - The report discusses the launch of Manus, a universal AI agent capable of connecting thought and action, which can perform tasks such as travel planning, stock analysis, and resume screening [3]. - Manus's innovative architecture and task handling capabilities are highlighted, with specific examples of its functionality provided [3]. Investment Recommendations - The report suggests focusing on companies that integrate AI into various sectors, including gaming (Kying Network, Giant Network), education (Century Tianhong, Southern Media), marketing (Easy Point Tianxia), advertising (Gravity Media, Focus Media), and large models (Tencent Holdings) [3]. - The report indicates that the acceleration of AI applications is expected to drive the development of edge AI applications and expand the scope of AI usage [3]. Key Companies and Earnings Forecast - The report includes a table of key companies with their stock prices and earnings per share (EPS) forecasts for 2023 to 2026, highlighting companies such as Century Tianhong, Tencent Holdings, Kying Network, and Southern Media [4]. - Notable EPS projections include Kying Network with an EPS of 1.13 in 2025 and Southern Media with an EPS of 1.14 in the same year [4].

Group 1: DeepSeek and AI Industry Transformation - DeepSeek's technological innovation, particularly the application of Scaling Law theory, significantly enhances AI model performance [1][3] - The Scaling Law theory indicates that AI model performance is proportional to the amount of parameters, data, and computation, with simultaneous improvements leading to substantial performance gains [3] - DeepSeek optimizes model performance and reduces costs, promoting AI technology applications in traditional industries such as SMEs, healthcare, and finance, thereby stimulating the growth of computing power demand [3] - DeepSeek collaborates with domestic chip manufacturers like Huawei Ascend and Haiguang to enhance the adaptability and development of domestic chips, further strengthening the autonomy of domestic computing power [3] - Through distillation technology and algorithm optimization, DeepSeek significantly reduces model storage requirements and computational load, enabling efficient inference of AI models on smart terminals like smartphones and headphones [3] - Multiple domestic smartphone manufacturers have integrated DeepSeek's AI models, with smart wearable devices (e.g., AI headphones) becoming important scenarios for edge AI applications [3] - DeepSeek-R1 represents a breakthrough in China's open-source AI field, boasting high performance, low cost, and open-source advantages, laying a foundation for future market growth with its global influence and rapidly growing user base [3] Group 2: Investment Research and Large Language Models - Automation programming plugins support multi-mode programming, file operations, command line integration, and multi-model API calls within VSCode, enabling automatic file reading, dependency installation, code execution, and error correction [4] - Large language models can transform subjective factors in investment decisions into quantifiable variables, assisting investors in conducting more efficient quantitative analysis when developing investment models [4] - The model can automatically extract market trends, industry chain information, and corporate financial data from analyst reports, providing valuable input data for quantitative investment models [5] - The model employs sentiment analysis techniques to help research personnel extract relevant emotions and viewpoints from news, social media, and reports, further optimizing the understanding of market dynamics in quantitative investment models [5] - Intelligent agents like ChatGPTTask and Operator can automate tasks such as regularly obtaining information and browsing the web, allowing research personnel to focus more on value-creating work [5] - By constructing knowledge bases, research personnel can easily extract information from historical data and reports, even obtaining relevant answers through direct inquiries [5] - For research institutions that prefer not to invest heavily in hardware and operational costs, large model API services from platforms like OpenRouter, Huoshan Engine, and Alibaba Cloud are available [5] - Tools like Ollama simplify the installation and operation processes of large models while ensuring data privacy and security [5] Group 3: Industry Trends and Future Outlook - The government emphasizes strengthening independent innovation, reflecting a high level of importance placed on technological innovation by representatives of various technology companies [5][8] - The State-owned Assets Supervision and Administration Commission (SASAC) released implementation points for the "AI+" special action, indicating continued policy support for future technological innovation, which enhances market confidence [8] - Due to the ongoing release of policy dividends and continuous deepening of industrial innovation, AI and leading domestic companies are expected to remain the main focus for future allocations [8] - Alibaba plans to invest more in cloud and AI infrastructure over the next three years than in the past decade, demonstrating its commitment and strategic layout in the AI field [8] - The demand for inference computing power is expected to grow rapidly in the short term as AI applications expand, particularly driven by the inference needs of large models, which will become a significant driving force in the computing power industry [8]