Core Insights - The "Jingle Treasure Bureau" has opened in Chengdu, marking a new era of "youthful, international, and digital" development for the precious metals cultural and creative industry in Hohhot [1] Group 1: Business Model and Target Audience - "Jingle Treasure Bureau" features an immersive light interaction system that allows for an interactive experience, focusing on women aged 20 to 40 [2] - The venue includes four main thematic cultural and creative sections: Chengdu Impression, Sanxingdui Secret Realm, Xianxia Chronicle, and Good God Gold, showcasing diverse themes related to local culture and ancient civilization IPs [2] Group 2: Operational Mechanism - The facility incorporates a DIY interactive area and China's first nurturing virtual store manager, "Lingling," creating a dual operational mechanism of "offline immersive experience + online simultaneous sales" [2] - It aims to establish a closed-loop consumption path through "offline check-in and online repurchase," covering the entire process from design to production to wearing [2] Group 3: Industry Growth and Projections - By 2025, the Hohhot Comprehensive Bonded Zone is projected to exceed 10 billion yuan in import and export volume, with a processing trade volume of 7.681 billion yuan and an industrial output value of 4.262 billion yuan, reflecting a year-on-year growth of 310% [5] - The precious metals processing sector has established a complete closed-loop chain from mining to refining, trade, and recycling, with direct supply of gold standard ingots to national reserves and gold jewelry directly reaching the Hong Kong market [5] - "Jingle Treasure Bureau" is positioned as a key link in the downstream of the precious metals industry chain, aiming to connect the core links from production to consumption and expand the "cultural tourism + cross-border consumption" composite scenario [5]

Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including 沪电股份 (002463.SZ), 美格智能 (002881.SZ), 中际旭创 (300308.SZ), 天孚通信 (300394.SZ), and others [1]. Core Insights - The report highlights the broad prospects for domestic computing power chips and the acceleration of AI digital interaction in commercial scenarios, indicating a positive outlook for related industry chain investment opportunities [2][6]. - The reintroduction of the H20 chip is expected to provide more computing power options for AI application companies, alleviating the shortage of high-end chips and accelerating the commercialization of AI applications [3][20]. - The RISC-V summit in 2025 is seen as a pivotal moment for China's chip industry, with significant contributions to the global RISC-V chip shipment volume expected from China [19][20]. Summary by Sections Industry Viewpoints - The communication sector index increased by 7.56%, outperforming the Shanghai and Shenzhen 300 index by 6.47 percentage points [14]. - The report emphasizes the importance of the H20 chip and RISC-V developments in enhancing China's chip autonomy and innovation capabilities [24][32]. Weekly Strategy Insights - The approval of H20 chip exports to China and the launch of the RTX Pro GPU by NVIDIA are significant developments that could enhance the domestic chip market [18][24]. - The AI model Grok 4 has shown substantial improvements in human-like simulation capabilities, indicating a growing trend in AI-driven digital interactions [21][51]. Communication Industry Dynamics - The report notes that the domestic computing power market is expanding rapidly, with the AI chip market expected to reach 141.2 billion yuan in 2024, reflecting a 41.9% year-on-year growth in 2023 [20][36]. - The investment scale of China's intelligent computing center market reached 87.9 billion yuan in 2023, with a projected growth to 288.6 billion yuan by 2028 [50][51].

Core Insights - Grok has launched a new "smart companion" feature based on its recently introduced Grok 4 models, allowing for natural interactions with users [2] - The introduction of anime characters Ani and the panda "Bad Rudy" has generated significant interest among the anime community, indicating a strong focus on character design [2] - The update has sparked controversy due to the inclusion of a NSFW mode, which reportedly contains inappropriate content, raising concerns about content moderation [6] Group 1 - The new Grok feature enables real-time interaction with AI characters, showcasing advanced capabilities in generating expressions and actions based on user input [7] - Users have expressed excitement about the interaction quality, noting that it feels like engaging with anime characters rather than pre-set animations [7] - Ani has already gained a following, with fan art being created, suggesting a growing interest in AI-driven digital interactions as a potential new trend in the internet and gaming industries [9] Group 2 - There are indications that additional characters, such as a male anime character named Chad, are in development, hinting at future expansions of the Grok platform [4] - The technology behind Grok's character interactions is being recognized as a significant advancement in AI, combining language, emotion, and behavior into a cohesive experience [7] - The ongoing testing phase of this feature suggests that further refinements and enhancements are expected, which could solidify its position in the market [7]