[Table_Author] 丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] AI 产业跟踪：DeepSeek-V3.2 正式版发布，关 注大模型商业化落地进展 报告要点 [Table_Summary] 12 月 1 日，DeepSeek-V3.2 和 DeepSeek-V3.2-Speciale 正式发布。官方网页端、App 和 API 均已更新为 V3.2 版本。Speciale 版本目前仅以临时 API 服务形式开放，以供社区评测与研 究。相比 Exp 版本， V3.2 实现了高计算效率与卓越推理、Agent 性能的统一，同时支持在思 考和非思考模式下使用工具。2025 年 DeepSeek 已发布 7 款模型，开源阵营持续扩大。后续 展望来看，关注 AI 产品发布超预期情况与 AI Agent 落地进展。继续看好国产 AI 链、国产算力 链以及国内 AI 出海，持续重点推荐铲子股和卡位优势显著的巨头本身。 分析师及联系人 %% %% %% %% research.95579.com 1 宗建树 刘思缘 SAC：S0490520030004 SFC：BUX668 请阅读最后 ...

Group 1 - The company is in the process of a CEO search, with an announcement expected by the end of the calendar year [1] - The search committee, composed of new board members, is responsible for the CEO search, reflecting a significant change in the board's composition [2] - The search committee includes experienced individuals, such as the recently retired chief CHRO of Hewlett-Packard and the CIO of Cisco, indicating a strong leadership team [2]

PresentationThank you very much. And with that, over to you, Geoffrey.Good evening, and welcome to Quadient's Third Quarter 2025 Sales Presentation. I am Anne-Sophie Jugean, Quadient's Head of Investor Relations, and I am here today with Geoffrey Godet, CEO; and Laurent Du Passage, CFO. We will have a short presentation followed by a Q&A. You can submit your questions in writing through the web or ask questions live by dialing into the conference call.Geoffrey GodetCEO & Director Thank you, Anne-Sophie, and ...

Core Insights - Focal is reinforcing its commitment to security, privacy, and compliance [1] - The company ensures that client data remains securely housed within Canadian borders [1] Company Commitment - The move highlights Focal's dedication to maintaining high standards in data security and privacy [1] - Compliance with regulations is a key focus for the company, emphasizing the importance of safeguarding client information [1]

F5 (FFIV) is a Zacks Rank #5 (Strong Sell) despite recently beating the Zacks Consensus Estimate. The stock has a Zacks Style Score for Value of F and a B for Growth.  This article will look at why this stock is a Zacks Rank #5 (Strong Sell) as it is the Bear of the Day.Description                                             F5, Inc. engages in the business of multi-cloud application services. The firm's products include F5 distributed cloud services, F5 NGINX, F5 BIG-IP, and F5 Systems. It operates through ...

Core Viewpoint - The European Court of Justice has ruled that users can file collective lawsuits against Apple in the Netherlands for alleged anti-competitive behavior related to its App Store, increasing the risk of damages claims against the company in the EU [1] Group 1: Legal Context - The Amsterdam court has the authority to hear initial claims from consumer rights organizations Stichting Right to Consumer Justice and Stichting App Stores regarding Apple's App Store commission rates, which can be as high as 30% [1] - The court's preliminary ruling states that the Dutch court can adjudicate representative lawsuits against Apple for alleged anti-competitive practices in its App Store targeting the Dutch market [1] Group 2: Company's Position - Apple previously argued that the Dutch court lacked jurisdiction over the case, claiming that the alleged infringement did not occur in the Netherlands, particularly not in Amsterdam [1] - Apple declined to comment on the court's ruling [1]

Investment Rating - Maintain "Add" rating for the industry [8] Core Insights - The upcoming ByteDance Force Conference on December 18 is expected to showcase advancements in cloud infrastructure, large models, and application deployment, potentially leading a new wave of AI enthusiasm [1] - The Doubao large model has seen significant growth, with daily token usage exceeding 30 trillion by September, indicating rapid AI deployment [2] - The Doubao mobile assistant, set to launch on December 1, will enhance user efficiency by automating complex tasks on mobile devices [3] - The Huoshan Cloud business is projected to generate 10 billion yuan in revenue in 2024 and over 20 billion yuan in 2025, with a growth rate exceeding 100% [4] - The industry is witnessing rapid advancements in AI models and cost reductions in computing power, which will facilitate broader application deployment and create a commercial AI ecosystem [5] Summary by Sections Doubao Large Model - The Doubao model's daily token usage has increased by over 137 times since its last update, showcasing its growing adoption [2] - The upcoming conference is expected to introduce various innovations in the model's capabilities, including multi-modal understanding and enhanced reasoning abilities [2] Doubao Mobile Assistant - The mobile assistant will have system-level access and the ability to perform tasks like ordering food through automation, significantly improving daily efficiency [3] - The assistant is priced at 3,499 yuan and is currently available in collaboration with ZTE [3] Huoshan Cloud Business - Huoshan Engine aims for substantial revenue growth, targeting 100 billion yuan in 2024 and over 200 billion yuan in 2025, with a long-term goal of reaching 1 trillion yuan [4] - Computing power is identified as a core resource for supporting model training and application execution [4] Agent Tools and Industry Solutions - The conference will also focus on upgrading agent development tools and enhancing AI deployment capabilities across various industries [4] - The industry is expected to see stronger solution implementation across sectors such as finance, education, and gaming [4] Related Companies - Key companies in the cloud segment include Cambrian, Digital China, and Dongyangguang, while in the edge segment, ZTE and others are highlighted [6]

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - On December 1, ByteDance's Doubao team released a technical preview of the Doubao mobile assistant, integrating the Doubao large model deeply into the operating system, advancing edge AI from application-level to system-level [3][7] - The Doubao mobile assistant allows users to interact through voice, side buttons, or the Doubao Ola Friend headset, enhancing user experience and interaction [7] - The Doubao large model demonstrates international first-class performance in reasoning, visual understanding, image creation, video generation, and voice capabilities, achieving the best results in multiple authoritative evaluations [7] Summary by Sections Industry Overview - The report focuses on the integration of AI technology into mobile systems, highlighting the collaboration between Doubao and mobile manufacturers to create a system-level service [3][7] Investment Highlights - The Doubao mobile assistant is positioned as a core product for mobile manufacturers, facilitating the broadest application scenarios and commercial monetization paths for large models [7] - The assistant is currently available for developers and tech enthusiasts on the engineering sample nubia M153, priced at 3499 yuan, with plans for ecological cooperation with various mobile brands [7]

站在平台挑选这块，市场当中主要有着三种途径，分别是SaaS化服务，开源框架自行开发，还有定制化开发。针对绝大多数的中小企业以及品牌来讲，基于 SaaS模式的成熟解决办法，因为拥有部署快、成本能把控、功能持续更新这类优点，从而变成了主流的选取。 微信小程序商城用作的此种在线销售工具，是有着轻量化特征的，并且是具备高便捷效能的，在近些年来，已然成了好多企业对于线上业务开展时的核心载 体。它有着无需下载安装的特性，还依托着微信那庞大的用户生态圈子这样的特性，这就导致它在获取客户、实现转化以及让用户留存这些方面，呈现出了 显著的优势。在本文当中，将会围绕着小程序商城在功能方面有着怎样的构成，在技术方面有着怎样的特点，以及主流服务商能力方面的对比情况，去做梳 理，还要予以剖析。 一个具备完整功能的微信小程序商城 ，其系统架构一般能够划分成前端交互 、后端管理 、数据与营销 、以及支付与履约这四个模块 。前端的页面得同时 兼顾视觉上的吸引力 、流畅的购物动线以及适配多种设备的响应式设计 。而后端管理系统包含商品上架 、库存同步 、订单处理 、客服与售后等整个流程 。数据与营销模块作为驱动增长的关键 ，需要提供用户行为分析 ...

在今天这个信息多到看不完的时代，媒介宣发对品牌来说，就像水和空气一样重要。但不知道您有没有这样的感觉：传统的宣发方式越来越让人"顶不 住"了。策划一个话题，写稿、做视频、找渠道分发，一圈流程走下来，不仅耗时耗力，效果还常常像石头扔进大海，听不见什么响动。这正是许多品牌在 媒介宣发上面临的共同困境。而Infoseek的出现，就像给这个行业带来了一位得力的AI助手，它正悄悄地改变着游戏规则，让媒介宣发这件事，从一件让人 头疼的麻烦事，变得简单、高效起来。 内容为王，但生产"王"的成本实在不低。一个产品上市，团队需要分别准备新闻稿、社交媒体文案、视频脚本……口径统一难，效率低下。Infoseek的核心 能力之一，就是将内容创作自动化、智能化。你只需输入核心信息与目标，它就能在短时间内生成符合不同平台风格的内容，从严谨的新闻稿到活泼的小红 书笔记都能搞定。 更关键的是，它懂"行业黑话"。Infoseek内置了超过30个行业的专业词库与合规知识。为金融产品撰稿时，它会自动规避违规承诺；为科技产品宣传时，会 准确使用专业术语。某新能源汽车品牌使用Infoseek生成的内容，在专业媒体上获得了高出40%的完读率，正是因为内 ...