证 券 研 究 报 告 计算机行业周报（20250707-20250711） Grok 4 发布：xAI 引领 Agent 加速落地 行业研究 计算机 2025 年 07 月 13 日 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.2% | 4.0% | 51.4% | | 相对表现 | 6.1% | 5.5% | 37.8% | 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 338 | 0.04 | | 总市值(亿元) | 45,343.43 | 4.40 | | 流通市值(亿元) | 39,023.53 | 4.82 | 相对指数表现 -9% 21% 52% 82% 24/07 24/09 24/12 25/02 25/04 25/07 2024-07-15~2025-07-11 ...

【环球网财经综合报道】今年以来，港股市场股份回购活动持续活跃。数据显示，2025年1月1日至7月11日期间， 共有238家港股上市公司实施了股份回购，累计回购69.88亿股，耗资近1800亿港元（1798.82亿）。与去年同期 （221家，回购62.31亿股，2002亿港元）相比，参与回购的公司数量和回购股份数量均有所增加，显示回购覆盖 面正持续扩大。 与以往相比，今年科技巨头的一个显著特点是在大力回购的同时，也同步大幅增加对人工智能（AI）领域的资本 投入，形成"双轮驱动"策略。 腾讯控股2025年第一季度财报显示，其研发支出达189.1亿元，同比增长21%；资本开支274.8亿元，同比激增 91%。在AI应用方面，其原生AI产品"元宝"用户增长显著，微信、QQ、理财通等核心产品也深度整合AI能力提升 体验。市场预期（如中信证券、瑞银）其即将公布的二季度业绩中，微信生态内的高毛利业务将继续支撑盈利增 长，而AI的长期潜力巨大。 阿里巴巴已于今年2月宣布，未来三年将投入超过3800亿元人民币（约合过去十年总和）用于建设云和AI硬件基 础设施。 港股回购市场热度不减，参与主体更加多元化，但金融与科技巨头的引领作 ...

著名经济学家宋清辉说，香港可充分发挥其离岸市场优势，探索发行锚定人民币的离岸稳定币，上海应在跨境贸易、供应链金融等领域，提供技 术研发和应用场景对接方面的支持，共同探索人民币稳定币在内地与香港、内地与国际间的应用。另一方面，沪港可协同探索中国央行数字货币 与各类合规稳定币之间的互操作性，构建高效安全的跨境支付结算网络，并共同推动和采纳一套统一或兼容的区块链技术标准及协议，确保两地 数字金融基础设施的顺畅连接与信息共享，并在合规框架下，探索两地数字资产市场的互联互通模式。 专家指，沪港可在合规框 架下，研究数字资产市场的互联互通。图为两地官员签署《沪港国际金融中心协同发展行动方案》。（资料图片 上海国资委集体学习稳定币 沪港数字资产市场联通引憧憬 （香港文汇报 记者 倪巍晨 上海报道）继中国人民银行行长潘功胜6月18日在「2025陆家嘴论坛」上首次提及「稳定币」话题后，上海市国资委党委近日召 开中心组学习会，主题聚焦「加密货币与稳定币的发展趋势及应对策略」。上海市国资委党委书记、主任贺青要求，加强对数字货币的研究探索，坚持产数 融合，探索区块链技术在跨境贸易、供应链金融、资产数字化等领域的运用。有受访专家指，沪 ...

Core Insights - The article highlights Hong Kong's ambition to become a "global digital asset hub" amid the ongoing digital transformation of the global economy [1][5] - The launch of the "Hong Kong Digital Asset Development Policy Declaration 2.0" signifies a strategic upgrade from establishing a regulatory framework to enhancing the ecosystem and expanding applications [1][3] Group 1: Hong Kong's Financial Position - Hong Kong has surpassed Singapore with a score of 760, solidifying its position as the leading financial center in Asia, with a comprehensive score increase of 11 points [3] - The financial sector contributes nearly a quarter to Hong Kong's GDP, with around 270,000 financial professionals [3] - By mid-2025, Hong Kong's stock exchange is projected to lead global fundraising efforts with a scale of $14 billion [3] Group 2: Technological Development and Innovation - Hong Kong is focusing on building a secure, compliant, and efficient technological foundation to support digital asset innovation, including core technologies like blockchain infrastructure and privacy computing [4] - The city is attracting global resources and over 80 tech companies, along with more than 300 Web3 firms, to enhance its technological ecosystem [4] - Ant Group's Ant Financial has opened its core technologies to global developers, significantly lowering innovation barriers and fostering a thriving tech ecosystem in Hong Kong [4][5] Group 3: Future Outlook - The collaboration between Hong Kong and leading tech firms like Ant Group is expected to strengthen its status as an international financial center and propel it towards becoming a global center for digital asset innovation [5]

Group 1 - The Shanghai State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to discuss the development trends and strategies for cryptocurrencies and stablecoins, emphasizing the strategic significance of stablecoins in responding to global fintech trends and supporting Shanghai's core goals in building five centers [1][2] - The meeting included a report on the history, characteristics, and regulatory frameworks of stablecoins, highlighting the opportunities and challenges in their development, and suggesting further research into digital currencies [2][3] - The meeting aims to enhance Shanghai's competitive edge in global fintech, support the internationalization of the RMB, and facilitate the digital transformation of the city [3][4] Group 2 - Stablecoins are seen as a new digital asset that promotes the development of Real World Assets (RWA) and provides new trading and financing methods for traditional financial assets [4][5] - The People's Bank of China highlighted the role of emerging technologies like blockchain in reshaping traditional payment systems and enhancing cross-border payment efficiency [5][6] - Analysts suggest that stablecoins have broad application prospects and investment opportunities, with compliance issuance, cross-border payments, and technology services being key growth areas [5][6] Group 3 - Hong Kong is positioned as a leading hub for crypto assets, with significant developments expected in multi-currency stablecoins and RWA, presenting potential investment opportunities [6][7] - A proposed development model for RMB stablecoins suggests a combination of onshore and offshore strategies to enhance regulatory coordination and promote innovation [6][7] - The establishment of a unified international regulatory framework is essential for the healthy development of the financial market and to maximize the positive impact of stablecoins [7][8]

Group 1: Core Insights - Embodied intelligence is recognized as a strategic frontier in the AI field, driving industrial transformation and reshaping economic development [1] - The 2025 Embodied Intelligence Ecological Conference in Chongqing gathered top experts and representatives to discuss the integration of embodied intelligence with financial services, particularly in enhancing elderly financial services [1][4] - The conference showcased various intelligent technologies, including wheeled robots and humanoid robots, emphasizing the dynamic role of AI in financial technology [1] Group 2: Industry Developments - The Chongqing Financial Regulatory Bureau has implemented a series of policies to support technological innovation in finance, enhancing the efficiency of financial resource allocation and credit accessibility [2] - By the end of 2024, the robot industry chain in Chongqing's Liangjiang New Area is expected to exceed 3 billion yuan, with 23 robot companies contributing to a developing industrial ecosystem [1][2] Group 3: Elderly Financial Services - With over 300 million people aged 60 and above in China, the country is entering a moderately aging society, necessitating advancements in elderly care technology and financial services [4] - The integration of blockchain and embodied intelligence in elderly finance is highlighted as a significant challenge for the financial industry, with proposals for seven pillars to enhance elderly financial services [4] Group 4: Technological Innovations - The conference announced the establishment of the IEEE P3707 international standard for the application of embodied AI in the elderly care sector, covering critical evaluation dimensions such as functionality and risk governance [8] - A national initiative for AI patent open licensing was launched, aimed at facilitating the transformation of AI innovations into practical applications [10]

Core Insights - The article highlights the performance of various funds in a turbulent market, with a focus on sectors like hard technology, humanoid robots, and fintech as key investment areas [1][2][3] Fund Performance - Samei Fund's equity products show a mixed performance, with the Samei Vision Mixed Fund achieving nearly 50% net value growth in the first half of 2025, while the Samei Huile Mixed Fund, focused on short dramas and gaming, experienced a net value decline [2][4] - The Samei Industry Upgrade Mixed Fund shifted its strategy from defensive banking stocks to a focus on the robotics sector, with six of its top ten holdings in the robotics industry [2][3] Bond Market Trends - Debon Fund's short bond products saw a significant increase in scale, growing over 35 billion yuan in a single quarter, indicating strong inflow momentum [1][5] - The Debon Short Bond Fund's scale surged from 2.8 billion yuan to 6.371 billion yuan, marking a 128% increase, while the Huian Fund's scale increased nearly ninefold from 198 million yuan to 1.974 billion yuan [5][6] Investment Strategies - Fund managers are focusing on growth-oriented strategies, with a notable emphasis on sectors related to new productive forces such as specialized and innovative companies, robotics, and fintech [3][4] - The Samei Financial Selected Stock Fund maintains a focus on major financial stocks, particularly brokerage firms, which are seen as having significant potential for recovery in a bullish market [3] Market Challenges - The article notes challenges such as global growth slowdown and trade barriers, which are influencing investment strategies and market performance [2][3] - The performance of certain funds is under scrutiny due to their small scale and reliance on institutional investors, raising concerns about their long-term viability [7]

当地时间7月11日，截至收盘，道指、纳指、标普500指数分别下跌0.63%、0.22%、0.33%。 | 美股指数 △ | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 44371.51 | 20585.53 | 6259.75 | | -279.13 -0.63% -45.13 -0.22% -20.71 -0.33% | | | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7436.34 | 22938.00 | 6294.00 | | -31.76 -0.43% -75.25 -0.33% -30.25 -0.48% | | | 图片来源：Wind 当地时间7月11日， 美股三大股指集体下跌。英伟达延续近期涨势，股价再创历史新高。多只热门中概 股表现活跃，未来金融科技大涨逾160%。 在国际贸易局势和地缘政治局势持续紧张等因素推动下，国际贵金属价格及原油价格集体上涨。国际银 价涨势明显，创出近14年来新高。 在业内机构看来，白银当前的上涨机会较大，不过白银投机性强使得短期价格波动具有较大不确定性。 英伟达续创历史 新高 黄仁勋再度 ...

消费背景 新型消费热点持续涌现 聚焦品牌成长"新质生产力" 中央经济工作会议明确将"大力提振消费、提高投资效益，全方位扩大国内需求"列为今年经济工作的首 位，提出要实施提振消费专项行动，加力扩围实施"两新"政策，积极发展首发经济、冰雪经济、银发经 济。同时，《政府工作报告》也明确提出要释放文化、旅游、体育等消费潜力。今年来，消费市场延续 回暖态势，呈现"总量扩张、结构优化、动能转换"的鲜明特征。 在此背景下，品牌成长的"新质生产力"话题尤为应景且重要。南方都市报党委副书记、主编刘江涛现场 致辞表示，"2025年，中国消费市场在宏观经济变化中展现出独特的韧性与活力。1-5月，社会消费品零 售总额20万亿元，同比增长5%。消费品以旧换新政策效果持续显现，推动了家电、汽车等重点商品的 销售。政府出台的一揽子增量政策也为消费市场注入了活力，入境游爆发式增长，体验式消费、情绪价 值消费、国潮文化、银发经济等新型消费热点持续涌现。" 经济学家、北京万博新经济研究院院长滕泰围绕"消费繁荣与中国未来"做主题分享，他认为，提振消费 需要转变过去"重投资，重生产、轻消费"的观念，而这既需要财政政策的转型，也需要深化改革，提高 居 ...

智通财经7月12日电，Paypal日内跌幅扩大至4%。消息面上，摩根大通告诉金融科技公司必须为客户数 据付费。 ...