证券研究报告·行业点评报告·计算机 计算机行业点评报告 Meta 收购 Manus，AI Agent 新里程碑 2025 年 12 月 31 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 王紫敬 执业证书：S0600521080005 021-60199781 wangzj@dwzq.com.cn 行业走势 -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 30% 2024/12/31 2025/5/1 2025/8/30 2025/12/29 计算机 沪深300 相关研究 《关注地方国企资本运作——国企改 革和地方增收的交汇点》 2025-12-30 《太空算力：苍穹之上的下一代计算 范式》 2025-12-30 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 事件：北京时间 2025 年 12 月 30 日，Meta 官宣收购 Manus。 ◼ Meta 官宣收购 Manus，补齐应用层能力。北京时间 2025 年 12 月 30 日，Meta 官宣将以"数十亿美元"收购 AI 智能体产品 Manus 的开发方 ...

For the better part of the past couple of years, the AI trade has felt like a one-stock story. Clearly, Nvidia (NVDA) has dominated the headlines and the conversation, with Wall Street analysts like Wedbush being the most consistent bulls. For perspective, if someone had invested $10,000 in Nvidia’s stock three years ago, it would be worth about $123,800 now. However, that doesn’t mean the rest of the market is done playing catch-up. Wedbush believes the next phase of the lucrative AI trade will be les ...

来源：电子商务研究中心 网经社 导读：云服务收入占比已达77.2%，但毛利率却连续三年下滑，这家中国企业软件龙头在港交所提交的 招股书，揭示了中国传统软件商向云服务转型的集体阵痛。 一、营收毛利双降 亏损泥潭拖累资金链 12月29日，港交所披露，用友网络科技股份有限公司（简称：用友网络，600588.SH）向港交所主板递 交上市申请，招银国际、中信证券为其联席保荐人。这是该公司年内第二次递表港交所，曾于6月27日 递交过上市申请。此次递交上市申请揭开了这家老牌软件企业连续两年半累计亏损近40亿元的严峻现 实。 2022年尚能实现净利润2.25亿元的用友网络，在2023年转盈为亏，录得9.33亿元净亏损，而2024年亏损 进一步扩大至20.70亿元。 更令人担忧的是，公司毛利率呈现持续下滑态势，从2022年的55.0%降至2024年的46.0%，累计下降9个 百分点。经营性现金流自2023年起转为净流出，2024年净流出2.74亿元，2025年上半年流出额已达9.28 亿元。 2025年上半年，这一下滑趋势仍未扭转，收入进一步降至34.34亿元。更详细的数据显示，2025年一季 度公司营收13.78亿元，同比下 ...

目前，SDK首先支持TypeScript版本，Java、Python等语言版本正在规划中。 正式推出Qwen Code VSCode插件。 正式发布Qwen Code TypeScript SDK，让开发者能够以编程的方式集成Qwen Code的智能能力。 格隆汇12月30日｜Qwen Code本次更新至v0.5.0版本。这次更新不仅包含了功能增强，更是Qwen Code从 「命令行工具」向「开发生态」迈进的关键一步。 ...

Core Insights - Microsoft has achieved a significant milestone by surpassing a $4 trillion valuation for the first time, driven by a sharp acceleration in Azure revenues reported in July [1] Group 1 - The company reported a notable increase in Azure revenues, which contributed to its valuation growth [1]

Core Insights - Microsoft has achieved a significant milestone by surpassing a $4 trillion valuation for the first time, driven by a sharp acceleration in Azure revenues reported in July [1] Group 1 - The company reported a notable increase in Azure revenues, which contributed to its valuation growth [1]

The latest 13F filing from Andreas Halvorsen’s Viking Global Investors LP highlights a decisive shift toward large U.S. financials and mega-cap quality franchises, with several outsized additions that reshaped the top of the portfolio. The quarter was defined by aggressive scaling into core positions rather than incremental tuning. Below are the most significant moves.1. PNC Financial Services Group (PNC): +5,581,102 shares (+234.93%)Viking made its single largest move of the quarter in PNC, more than tripl ...

Key Points New York City-based Eminence Capital added 1.08 million shares of Workiva in the third quarter. The overall position value increased by $139.35 million from the previous period. As of September 30, the fund reported holding 3.72 million shares valued at $320.52 million, making it the third-largest portfolio position. These 10 stocks could mint the next wave of millionaires › New York City-based Eminence Capital increased its stake in Workiva (NYSE:WK) by 1.08 million shares in the thi ...

Core Insights - The discussion highlights a preference for Microsoft over Google due to concerns about Google's ad revenue being impacted by AI advancements, particularly with the introduction of ChatGPT and Gemini 3 [2][4][10] - Microsoft is seen as having a stronger position in the AI cloud market, with Azure's growth at 35% in the last quarter, and its established products like Microsoft 365 and Windows are less likely to be disrupted by AI [5][6][12] - Google's reliance on traditional ad revenue through links is challenged by AI providing direct answers, which reduces user clicks and consequently revenue [7][9][10] Google - Google is facing challenges as AI technologies like ChatGPT and Gemini 3 may reduce user reliance on its search engine, with a noted decrease in click-through rates when AI answers are provided [3][9] - The company recognizes that providing AI answers cannibalizes its traditional revenue model based on clicks and links [8][10] - Despite these challenges, Google's search business is still growing in double digits, indicating some resilience [4] Microsoft - Microsoft is positioned as a leader in the AI cloud space, benefiting from Azure's significant growth and the integration of OpenAI technologies [5][13] - The company has a strong developer community engagement through platforms like HubSpot, which enhances its competitive edge in generative AI applications [13] - Microsoft's stock is viewed favorably due to its stable earnings potential and lower risk of disruption compared to Google [6][12] AI and Infrastructure - The ongoing AI revolution is expected to drive substantial investments in data center infrastructure over the next 5 to 10 years, with a focus on networking and semiconductor companies [15][16] - Companies like Nvidia are highlighted as key players in the AI platform space, while memory-related stocks like Micron and Lamb Research are expected to benefit from increased demand for DRAM memory due to growing AI model sizes [18]

Core Insights - The iShares Semiconductor ETF (SOXX) and Fidelity MSCI Information Technology Index ETF (FTEC) offer distinct investment opportunities based on sector focus, cost, and risk profiles, catering to different investor needs [1][2] Cost and Size Comparison - SOXX has an expense ratio of 0.34%, while FTEC has a significantly lower expense ratio of 0.08% [3] - As of December 30, 2025, SOXX reported a 1-year return of 37.57% compared to FTEC's 19.97% [3] - SOXX has a dividend yield of 0.55%, slightly higher than FTEC's 0.40% [3] - Both ETFs have similar assets under management, with SOXX at $16.70 billion and FTEC at $16.66 billion [3] Performance and Risk Comparison - Over the past five years, SOXX experienced a maximum drawdown of -45.75%, while FTEC had a lower maximum drawdown of -34.95% [4] - An investment of $1,000 in SOXX would have grown to $2,461 over five years, compared to $2,176 for FTEC [4] Portfolio Composition - FTEC holds 291 stocks across various sectors of the U.S. technology industry, including hardware, software, and communications, with major positions in Nvidia, Microsoft, and Apple [5] - SOXX is concentrated with only 30 holdings, focusing solely on semiconductor stocks, including top positions in Nvidia, Advanced Micro Devices, and Micron Technology [6] Investment Implications - FTEC's broader diversification may provide better stability during market volatility, while SOXX's focus on semiconductors has historically led to higher returns [8][9] - Investors must consider their risk tolerance and investment goals when choosing between SOXX and FTEC, as SOXX may experience more severe price swings due to its lack of diversification [9]