证券研究报告——晨会聚焦 2025 年 9 月 30 日 9 月金股组合 股票代码 股票名称 601816.SH 京沪高铁 中银晨会聚焦-20250930 601233.SH 桐昆股份 002409.SZ 雅克科技 ■重点关注 300750.SZ 宁德时代 600276.SH 恒瑞医药 688085.SH 三友医疗 【策略研究】策略深度报告*王君 高天然。AI 应用商业化拐点临近，重点 关注国产算力与商业化进程较快的应用垂类赛道。 | 市场指数 | | | | | --- | --- | --- | --- | | 指数名称 | | 收盘价 | 涨跌% | | 上证综指 | | 3862.53 | 0.90 | | 深证成指 | | 13479.43 | 2.05 | | 沪深 | 300 | 4620.05 | 1.54 | | 中小 | 100 | 8328.93 | 1.85 | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 非银金融 | 3.84 | 煤炭 | (0.84) | | 有色金属 | 3.78 | 银行 ...

Summary of the Conference Call for 特瑞德 (Teradyne) Industry and Company Overview - 特瑞德 is a leading supplier in the power equipment and charging sectors, particularly in the new energy market, achieving breakthroughs in prefabricated substation segments [2][3] - The company has successfully secured a 700 million RMB order from the Saudi national grid and expanded its business along the "Belt and Road" initiative [2][3] Core Insights and Arguments - **Market Position**: 特瑞德's subsidiary, 特来电, is positioned in the top tier of the charging pile market, benefiting from the rapid increase in new energy vehicle ownership and supportive policies [2][3] - **Financial Performance**: The company has shown steady growth in revenue and profit, driven by the demand for phase change products and the growth of its charging business. Despite increased expenses in 2024 due to higher business investments, there is still potential for improvement in expense ratios [2][4] - **Service Transition**: 特来电 has transitioned from being a pure equipment supplier to a service provider, achieving its first profit in 2022 and enhancing operational efficiency through smart operations and value-added services [2][5] - **Stable Management**: The company has a stable shareholding structure and an experienced management team, ensuring continuity and strategic focus on customer pain points [2][6] Additional Important Content - **Future Growth Potential**: The company has significant growth potential in AI applications, especially in charging operations and data center power systems. It also has a strong position in virtual power plants, which could lead to long-term growth and performance improvement [2][8] - **Competitive Advantages**: 特瑞德 has strong capabilities in hardware sales and post-operation services, with a solid track record in the rail transit sector and good prospects in new energy generation and commercial sectors [2][9] - **International Expansion**: The company has made significant strides in international markets, particularly in the Middle East, with a solid foundation for future green energy demands [2][12] - **Charging Infrastructure Trends**: By 2025, the number of new energy vehicles is expected to reach 40 million, with charging piles estimated at 1 to 1.5 million units. The charging pile market is projected to grow significantly, with sales growth expected to exceed 20% in the coming years [2][14] - **SaaS Platform Performance**: 特来电's SaaS platform is performing well, with a broad user base and significant revenue potential from its services [2][16] - **Revenue and Profit Forecast**: For 2025, 特来电's overall revenue is projected to reach around 7 billion RMB, with strong potential in virtual power plants and auxiliary services [2][18] - **Investment Recommendation**: The overall assessment of 特瑞德 is positive, particularly in its overseas market presence and operational capabilities. The stock is currently viewed as a quality investment opportunity due to its low price point despite recent performance [2][20]

Core Viewpoint - The article discusses the current state and future potential of the AI industry, emphasizing the rapid technological changes and the uncertainty surrounding AI applications and entrepreneurship. It raises questions about whether early entrepreneurs can build a competitive edge or if they risk becoming obsolete due to fast-evolving technologies [2]. Group 1: AI Industry Development - The AI core industry in Haidian District is projected to exceed 280 billion yuan in 2024, with an annual growth rate of 30%, accounting for 80% of the city's total and one-fourth of the national total [3]. - Haidian District has the highest concentration of top AI talent and laboratory resources in China, supported by various government initiatives to foster AI development [3]. Group 2: Investment Timing and Strategy - Early investment in AI applications is deemed advantageous, with a focus on identifying when technologies will mature. The current period is likened to the mobile internet boom around 2011-2012 [4]. - Entrepreneurs are encouraged to act quickly once a direction is determined, as the market is rapidly evolving and the cost of market education is decreasing [5]. Group 3: Demand and Market Dynamics - Investors and entrepreneurs agree on the importance of distinguishing between genuine and artificial demand, advocating for solutions that enhance efficiency rather than creating unnecessary AI applications [7]. - The demand for AI applications is categorized into three types: cost reduction for businesses, new value experiences for individuals, and innovative human-computer interactions [8]. Group 4: Commercialization Challenges - There is a clear divide in opinions regarding whether to focus on B2B or B2C markets, with B2B models seen as more mature and having clearer customer payment logic [12]. - The challenges of monetizing C2C applications are highlighted, with a consensus that achieving product-market fit (PMF) is crucial for success [14]. Group 5: Globalization and Market Expansion - A notable trend is the early globalization of AI startups, with many companies choosing to target international markets from inception [16]. - Chinese companies are making significant strides in the global AI market, particularly in the field of embodied intelligence, with a focus on expanding overseas customer bases [18]. Group 6: Incubation Trends - Investment firms are increasingly engaging in incubation, with various models being adopted to support startups through funding and resources [20]. - The importance of exit strategies in the investment ecosystem is emphasized, with recommendations for entrepreneurs to align with industry funds for better resource access [21].

Summary of NewEase Network Group Conference Call Company Overview - NewEase Network Group's core business is the Interconnection Advantage business, providing IDC services through data centers, operating 8 data centers with a total power capacity exceeding 100 megawatts and a utilization rate of 90% [2][4] - The company has a unique fiber interconnection network backed by Sun Hung Kai Properties, giving it advantages in land, power, financing, and engineering construction [2][6] - Mega I data center connects over 9 submarine cable systems globally, making it the first interconnection center in Asia [2][8] Financial Performance - For the fiscal year 2025, NewEase Network Group reported a net profit of 900 to 1,000 million HKD, with an EBITDA margin around 70% [3] - The average monthly rental revenue per cabinet for IDC facilities is projected to reach 2,500 HKD per kilowatt per month, with an average EBITDA of 2,000 HKD per kilowatt per month in the second half of 2024 [10] - The company maintains a gross margin of over 52% for data center-related businesses, with annual revenue growth of over 10% [5][10] Customer Structure - The customer base is diverse, including international cloud clients (Oracle, Amazon, Google) and domestic cloud clients (Alibaba, Tencent), with cloud clients accounting for a significant portion of data center revenue [2][11] - The expansion of international cloud clients and domestic clients going global is expected to benefit the company [11] Competitive Advantages - NewEase Network Group's competitive advantages include its exclusive fiber interconnection network and support from Sun Hung Kai Properties, allowing it to secure prime locations in Hong Kong [6][12] - The company has a significant market share of over 30% in the Hong Kong IDC market, while competitors hold less than 10% [12] Future Outlook - The company is entering a new phase of investment and expansion, with the completion of Mega Gateway and Mega IDC, the largest IDC in Hong Kong, which has a total floor area of 1.2 million square feet and supports 180 megawatts of power capacity [13] - Future capacity may increase to 280-300 megawatts, potentially generating over 3 billion HKD in net profit [13] - The growth of AI applications is expected to further enhance performance, with an anticipated increase in cabinet utilization and delivery volume [7] Industry Context - As of January 2025, Hong Kong's telecommunications network connects 12 submarine cable systems, with several more under construction, enhancing the region's connectivity [8] - NewEase Network Group's Mega I data center is part of a larger ecosystem connecting over 200 telecommunications and internet service providers globally [8][9]

Group 1: Company Overview and Development - The company introduced its development history, core team, client situation, and main business operations [2] - Joykey's positioning, core team, and IP business model were presented, along with samples of IP products [2] - The company emphasizes that internal entrepreneurship and innovation have a low success rate, but it has a comprehensive incentive mechanism in place [2][3] Group 2: IP Business and Team Structure - The IP innovation business is directly led by the co-founder and president, ensuring a diverse and innovative team [4] - The team has made significant progress in three months, including the development of an IP matrix and digital collectibles [4] - The company plans to implement a closed-loop strategy for its IP products, leveraging existing resources and creating immersive consumer experiences [5] Group 3: Product Development and Commercialization - Current IP products are still in the sample stage, with no sales available yet; pricing and mass production timelines will be determined after market evaluation [5] - The company is accelerating the commercialization of its urban tourism model, with plans to launch in Q4 2025 [6][7] - The company encourages investors to be aware of market uncertainties and investment risks [7]

Financial Performance - The company's revenue for the first half of 2025 reached 915 million CNY, an increase of 15.91% compared to the same period last year [2] - The net profit attributable to shareholders was 295 million CNY, reflecting a growth of 26.12% year-on-year [2] - The net profit after deducting non-recurring items was 286 million CNY, up by 24.17% compared to the previous year [2] - As of June 30, 2025, the number of paid members on the Made-in-China.com platform was 28,699, an increase of 2,966 members year-on-year [2] Business Strategy and Initiatives - The company focused on enhancing its core business and AI applications, achieving significant results in the foreign trade service sector [3] - The overall website traffic increased by 35% due to performance upgrades and multi-language site optimization [3] - The company organized over 50 offline exhibitions and promotional events to enhance global visibility [3] - The "New Maritime Plan" was launched to support the light industry in navigating global trade uncertainties and tariff barriers [4] Target Industries and Support Measures - The initiative targets ten light industry sectors, including Apparel & Accessories, Textile, Consumer Electronics, and more [4] - Key support measures include providing a "Worry-Free Start Package" for new customers, comprehensive smart marketing support, and guaranteed business opportunities for qualifying suppliers [4] Cost Structure and AI Developments - The increase in operating costs is attributed to higher market flow investment and infrastructure costs [5] - The company enhanced the capabilities of its AI tool, AI Mai Ke, focusing on multi-language support and system stability [6] - Future AI developments will focus on optimizing AI Mai Ke, expanding buyer-side tools like Sourcing AI, and improving internal AI applications for sales and management efficiency [6]

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting it to outperform the benchmark index by over 5% in the next 3-6 months [42]. Core Insights - The media sector is currently experiencing a positive trend driven by the rise of AI applications and cultural confidence stemming from content output. The report anticipates 2025 to be a year of significant breakthroughs in China's open-source large model applications and industry growth [5][6]. - The report highlights the performance of the media sector, which saw a 5.17% increase last week, outperforming the CSI 300 index by 0.99% [6][19]. - Key areas of focus include gaming, IP, AI, and film, with specific recommendations for companies like Tencent, Alibaba, Kuaishou, and Meitu [5][19]. Market Performance - The media sector's total market capitalization is approximately 188.1 billion yuan, with a circulating market value of about 171.3 billion yuan [2]. - The absolute performance of the media sector over the past month is 12.1%, 6 months is 11.1%, and 12 months is 81.8% [3]. - The report notes that the gaming market is dominated by Tencent's products, with "Honor of Kings" consistently ranking first [14]. Gaming Market - The report emphasizes the importance of monitoring high-frequency data and the performance of key gaming titles, particularly following the release of mid-year reports [5][14]. - Notable upcoming game releases include "Blood of Heroes: Return" on August 27, which is expected to contribute positively to the sector [5][16]. IP Market - The report identifies a bullish trend in the IP market, particularly with the upcoming release of "mini labubu" by Pop Mart, which is expected to drive sales [5][27]. - Companies like Chuangyuan Co. and Pop Mart are highlighted for their strong IP portfolios and growth potential [5][29]. Film Market - As of August 22, 2025, the film market has generated a box office of 34.13 billion yuan, recovering approximately 85% of the box office compared to the same period in 2019 [19][20]. - The report notes that the average ticket price is 32.2 yuan, with a total of 8.75 billion viewers [19][20]. AI Market - The report discusses the continuous updates and innovations in AI models, with companies like Zhongwen Online and Zhejiang Data Culture making significant strides in product development [5][27]. - The launch of DeepSeek-V3.1 is noted as a significant advancement in AI capabilities [27].

Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet sector [4][42]. Core Views - The media sector experienced a 6.47% increase this week, outperforming the CSI 300 index (4.90%) but underperforming the ChiNext index (8.62%) [1][11]. - Key highlights include the release of the second installment of "Black Myth," the introduction of 21 reform measures by the National Radio and Television Administration, and advancements in AI applications [1][17][38]. - The report emphasizes a positive outlook on AI applications and IP trends, suggesting that the industry is on an upward performance cycle [3][38]. Summary by Sections Industry Performance - The media sector's performance ranked 5th among all sectors this week, with notable gains from companies like Shunwang Technology and Guomai Culture, while Shanghai Film and Ice River Network saw declines [1][11][12]. Key Data Tracking - The box office for the week (August 17-24) reached 974 million yuan, with the top three films being "The Little Monster of Langlang Mountain" (290 million yuan), "Nanjing Photo Studio" (230 million yuan), and "Chasing the Wind" (167 million yuan) [2][19]. - In the gaming sector, the top three mobile games in July 2025 were from Diandian Interactive, including "Whiteout Survival" and "Kingshot" [27]. Investment Recommendations - The report suggests focusing on sectors such as gaming, advertising media, and film, with specific stock recommendations including Kaiying Network, Giant Network, and Yaoji Technology [3][38]. - It highlights the potential for growth in AI applications and IP trends, recommending companies like Pop Mart and Zhejiang Digital Culture [3][38]. Company Earnings Forecasts - Key companies such as Kaiying Network, Fenzhong Media, and Mango Super Media are rated as "Outperform the Market," with projected earnings per share (EPS) for 2025E and 2026E [4][40].

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [1] Core Insights - The media industry saw a weekly increase of 1.00%, ranking 17th among industries, while the Shanghai Composite Index rose by 1.70% and the Shenzhen Component Index increased by 4.55% [3][15] - Tencent's Q2 performance was strong, with domestic game revenue reaching 404 billion yuan, a year-on-year increase of 17% [5][41] - The report highlights the growth potential in AI applications and cultural exports, particularly in gaming, IP, short dramas, and publishing sectors [7][43] Market Performance - The media industry (Shenwan) increased by 1.00% from August 9 to August 15, 2025, while the Shanghai Composite Index rose by 1.70% and the Shenzhen Component Index increased by 4.55% [3][15] - Notable performers included Jishi Media, Youzu Network, and Tencent Holdings, with weekly increases of 45.19%, 19.88%, and 5.53% respectively [22][23] Industry Key Data and Updates AI Application Data - Estimated iOS downloads for various AI applications from August 8 to August 14 were 38.14 million for Deepseek, 208.17 million for Doubao, 60.64 million for Quark, and 121.11 million for Tencent Yuanbao, with Tencent Yuanbao showing a significant increase of 63.43% [4][26] Gaming Data - Tencent's domestic game revenue for Q2 2025 was 404 billion yuan, a 17% year-on-year increase, with the game "Delta Force" achieving an average daily active user count exceeding 20 million [5][28] - In July 2025, three new products entered the overseas revenue TOP30 list, including "Persona 5: The Phantom X" and "Sword and Magic" [30] Film Data - The total box office for the week of August 8 to August 14 was 1.518 billion yuan, with "Nanjing Photo Studio" leading the summer box office [37][39] Investment Recommendations - The report suggests focusing on themes such as AI applications and cultural exports, with particular attention to gaming, IP, short dramas, and publishing sectors. Recommended companies include Giant Network, Kaiying Network, and Perfect World [7][43]

Core Insights - The article highlights the emergence of successful AI startups focusing on measurable business outcomes rather than just showcasing technology [1][2] - A trend is noted where small teams are rapidly scaling their revenue by addressing real customer needs and delivering results-oriented products [2] Company Summaries - **Surge AI**: Founded in 2020, specializes in high-end data annotation services with an ARR of $1 billion, serving major clients like OpenAI and Google [3][20] - **Base44**: Established in 2025, focuses on AI code generation with an ARR of $350 million, known for its "vibe-coding" approach [3][22] - **Genspark**: Launched in 2023, offers an AI Agent platform with an ARR of $36 million, achieving rapid revenue growth shortly after launch [3][15] - **OpenAudio**: Founded in 2024, specializes in voice generation with an ARR of $5 million [3] - **Creati**: Established in 2021, an AI video generation platform with an ARR of $13 million, aimed at marketing content creation [3][8] - **Latitude**: Founded in 2019, known for its AI text adventure game with an ARR of $7 million [3][9] - **GrowthX**: Launched in 2024, provides marketing services with an ARR of $7 million, focusing on results-driven content marketing [3][12] - **Higgsfield**: Founded in 2022, an AI video platform with an ARR of $11 million, shifting focus to short film creation [3][6] - **Pump.co**: Established in 2022, a cloud cost optimization platform with an ARR of $18 million, helping SMEs save on cloud expenses [3][13] - **Fyxer AI**: Founded in 2023, an AI email assistant with an ARR of $10 million, integrating seamlessly into existing workflows [3][16] - **Hanabi AI**: A voice AI startup with an ARR of $5 million, focusing on emotional expressiveness in voice tools [4][5]