证券研究报告 2025年05月07日 海外行业报告：行业动态研究 全球AI周报 从海外科技大厂财报看全球AI投资机会 作者： 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 李泽宇 SAC执业证书编号：S1110520110002 分析师 樊程安吉 SAC执业证书编号：S1110524080001 ➢ 微软：收入利润均超预期，AI收入加速。FY25Q3营收达 701 亿美元，同比增长 13%，超越彭博一致预期（685亿美元）；每股收益为 3.46 美元，同比增长 18%，超越彭博一致预期（3.21美元）。Azure收入同比增长33%，AI拉动Azure增 长比例为16%。公司预计下季度Azure 收入增长34%~35%，有望持续加速。处理Token数量超100万亿(4月50万亿)，同比增长5倍，推理需求正加速放量。 ➢ META：AI持续赋能，上调全年资本支出指引。收入达423亿美元，同比增长16%，超彭博一致预期（414亿美元）；GAAP每股收益（EPS）6.43美元，超彭博一致预期5.25美元。Meta AI的使用量持续增长，目前月活跃用户超过10亿；一 季度，META上线了全新的 ...

证券研究报告 2025年05月07日 海外行业报告：行业动态研究 全球AI周报 从海外科技大厂财报看全球AI投资机会 作者： 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 李泽宇 SAC执业证书编号：S1110520110002 分析师 樊程安吉 SAC执业证书编号：S1110524080001 请务必阅读正文之后的信息披露和免责申明 1 摘要 ◼ 海外科技公司财报AI进展 ◼ 全球AI动态： ◼ 投资建议： 请务必阅读正文之后的信息披露和免责申明 2 ➢ 微软：收入利润均超预期，AI收入加速。FY25Q3营收达 701 亿美元，同比增长 13%，超越彭博一致预期（685亿美元）；每股收益为 3.46 美元，同比增长 18%，超越彭博一致预期（3.21美元）。Azure收入同比增长33%，AI拉动Azure增 长比例为16%。公司预计下季度Azure 收入增长34%~35%，有望持续加速。处理Token数量超100万亿(4月50万亿)，同比增长5倍，推理需求正加速放量。 ➢ META：AI持续赋能，上调全年资本支出指引。收入达423亿美元，同比增长16%，超彭博一致预期（414亿美元 ...

来源：环球时报 美国《纽约时报》5月5日文章，原题：DeepSeek、Temu、TikTok，中国科技开始领先 2023年7月，当 我们中的埃里克·施密特和基辛格一道与中方官员会谈时，中方似乎还没有完全了解人工智能的力量。 但当我们中的赛琳娜在19个月后再到中国时，乐观情绪显而易见。深度求索（DeepSeek）和其他人工 智能聊天机器人成为晚餐对话的主要话题。电动汽车疾驰而过，应用程序提供无人机送餐服务。 这就是美国正在与之打交道的国家。中国正在多个科技领域与美国并驾齐驱甚至领先于美国，尤其是在 人工智能前沿。无论从传播科技、使科技实现商业化还是从制造科技产品来看，中国都已经形成真正的 优势。以史为鉴，那些以最快速度采用和传播科技的国家才能胜出。为了赢得科技未来竞争，进而赢得 全球领导地位的战争，美国必须摒弃"美国永远处于领先地位"的想法。 无论是中国的在线零售商希音（SHEIN）、Temu，还是中国的社交媒体平台小红书和TikTok，它们都 已跻身全球下载量最大的应用程序行列。再加上中国的免费开源人工智能模型持续广受欢迎，不难想 象，中国制造的自主"智能体"使用中国模型驱动的服务和产品将安排人们的生活和业务 ...

据Business Insider：埃隆·马斯克旗下的社交媒体平台"X"寻找通讯主管。 ...

Group 1 - Temu has announced the cessation of direct sales of Chinese products to the U.S. due to a 130% import tariff, shifting to local sellers for U.S. market sales [5][6] - The U.S. Customs policy change effective May 2, 2025, will eliminate the small package tariff exemption for goods from mainland China and Hong Kong, requiring proper customs declarations and payment of applicable tariffs [5] - The number of full-service sellers on Temu's U.S. site has significantly decreased, with some sellers experiencing over 50% of their products being delisted [6] Group 2 - Neta Auto's app and website experienced significant downtime due to unpaid traffic fees, leading to accessibility issues during the holiday period [8] - Neta Auto's sales have sharply declined in 2023, revealing operational challenges, including layoffs and payment delays to suppliers [9] - The company previously achieved a sales record of approximately 152,100 vehicles in 2022, becoming a leading player among new car manufacturers [8] Group 3 - Major car manufacturers, including Xiaomi and Huawei, have rebranded their "smart driving" features to "assisted driving," reflecting a shift in marketing strategy [10][11] - The term "smart driving" is becoming less prominent in product promotions, with many companies opting for more conservative language in their marketing [11] Group 4 - Xiaomi's international market department has undergone leadership changes, with Xu Fei appointed as the new general manager [16] - Xu Fei has been with Xiaomi for 15 years and previously served as the head of the MIUI product team [16] Group 5 - Ant Group plans to separately list its overseas division, Ant International, in Hong Kong, which accounts for approximately 20% of Ant Group's revenue [15] - Ant International focuses on cross-border payment services, leveraging products like Alipay+ and WorldFirst [15] Group 6 - NVIDIA is developing a new AI chip tailored for the Chinese market after the U.S. government banned the export of its H20 chip, with samples expected to be available in June [21] - The new chip design aims to comply with U.S. export regulations while maintaining NVIDIA's market presence in China [21] Group 7 - OpenAI has decided to maintain its non-profit structure, abandoning plans for a profit-driven transformation, which may complicate future funding efforts [20] - The organization emphasizes its mission to ensure that AGI benefits all of humanity, contrasting with traditional profit-driven corporate governance [20]

Core Viewpoint - Weibo's financial performance shows a decline in revenue and net profit, indicating potential challenges ahead for the company [1]. Financial Performance - As of December 31, 2024, Weibo's total revenue is $1.755 billion, a year-on-year decrease of 0.29% [1]. - The net profit attributable to the parent company is $301 million, reflecting a year-on-year decline of 12.2% [1]. Upcoming Events - Weibo is scheduled to release its Q1 2025 financial report on May 22, with the actual disclosure date subject to the company's announcement [2]. Company Overview - Weibo is a leading social media platform for online content creation, sharing, and discovery, combining self-expression with strong social interaction and content distribution capabilities [3]. - The platform allows users to create and publish posts, including multimedia content, and facilitates asymmetric relationships among users [3]. - Weibo's primary revenue source is from advertising and marketing services, including social display ads and promotional marketing ads [3]. - The company emphasizes a "mobile-first" approach, utilizing a simple information flow format and native advertising integrated with the content stream [3]. - Weibo has developed a refined social interest graph recommendation engine to enhance targeted marketing based on user demographics, social relationships, interests, and behaviors [3].

Group 1 - The core viewpoint of the news is that Weibo's financial performance shows a decline in both revenue and net profit, indicating potential challenges for the company moving forward [1][2]. - As of May 2, Weibo's stock opened at $8.33 per share, reflecting a 2.84% increase, with a total market capitalization of $2.085 billion [1]. - Weibo's total revenue for the year ending December 31, 2024, is reported to be $1.755 billion, which represents a year-on-year decrease of 0.29% [1]. Group 2 - The company is set to release its Q1 2025 financial report on May 22, with the actual disclosure date subject to company announcements [2]. - Weibo is described as a leading social media platform that combines self-expression with strong social interaction and content distribution capabilities [3]. - The majority of Weibo's revenue is derived from advertising and marketing services, including social display ads and promotional marketing ads [3].

昨晚美股科技股大涨，微软盘中暴涨10%，市值一度超越苹果，成为全球第一，截至收盘涨7.63%，Meta涨4.23%，亚马逊涨3%等。 01 消息面上，因两家大型科技公司的强劲季度财报缓解了投资者对在经济动荡下人工智能发展可能放缓的担忧。 此前，投资者担心特朗普征收关税以及美国经济下行会威胁到AI领域的投资热潮。 然而，Meta平台公司第一季度收入好于预期，缓解了这些担 忧。 公司CEO马克·扎克伯格在周三的财报电话会议上表示，公司"表现非常好"，并"具备良好条件应对宏观经济不确定性"。 Meta平台公司公布第一季度销售收入达到420亿美元，并表示未来几个月收入将保持稳定增长，这家社交媒体巨头表示，第一季度销售额增长 16%，高于分析师预期。当季净利润为166亿美元。Meta预计，当前季度收入将同比增长8%-16%。 昨晚美股回升，道琼斯指数一度重返41000点，纳斯达克指数盘中涨超2%，截至收盘，道指涨0.21%，纳指涨1.52%，标普500涨0.63%。 财报超预期 微软、Meta大涨 截至收盘，Meta大涨4.23%，总市值1.44万亿美元。 微软也公布了其第三财季营收和利润均超预期的成绩，Azure云业 ...

兄弟姐妹们啊，五一放假，泰勒不放假！今晚继续关注海外市场的表现。 科技股大涨 5月1日晚间，美股大涨，道琼斯指数一度重返41000点，纳斯达克指数涨超2%，标普500指数涨超1%。 消息面上，因两家大型科技公司的强劲季度财报缓解了投资者对在经济动荡下人工智能发展可能放缓的 担忧。 此前，投资者担心特朗普征收关税以及美国经济下行会威胁到AI领域的投资热潮。然而，Meta平台公 司第一季度收入好于预期，缓解了这些担忧。公司CEO马克·扎克伯格在周三的财报电话会议上表示， 公司"表现非常好"，并"具备良好条件应对宏观经济不确定性"。 Meta平台公司公布第一季度销售收入达到420亿美元，并表示未来几个月收入将保持稳定增长，这家社 交媒体巨头表示，第一季度销售额增长16%，高于分析师预期。当季净利润为166亿美元。Meta预计， 当前季度收入将同比增长8%-16%。 微软也公布了其第三财季营收和利润均超预期的成绩，Azure云业务表现强劲。此外，公司还给出了乐 观的业绩指引，进一步缓解了市场对科技公司未来表现的担忧。微软周三表示，总收入较上年同期跃升 13%，至略高于700亿美元。营业利润为320亿美元，比分析师的平 ...

Core Viewpoint - Tesla's board has secretly contacted headhunting firms to find a new CEO to replace Elon Musk, reflecting the tension between founder power and corporate governance in modern enterprises [1][10] Group 1: Stock Performance and Investor Sentiment - Tesla's stock has dropped approximately 30% this year, resulting in a market value loss of over $200 billion, prompting concerns from institutional investors about Musk's divided attention among multiple companies [1][3] - Major investors, including the New York State Common Retirement Fund, have questioned the effectiveness of a CEO managing multiple enterprises simultaneously [1] Group 2: Musk's Relationship with Wall Street - Musk's history of tension with Wall Street includes a 2018 incident where he tweeted about taking Tesla private at $420 per share, leading to an SEC investigation and a $20 million settlement [3] - Recent controversial statements by Musk on cryptocurrency and political issues have raised concerns among board members about potential damage to Tesla's brand image [3] Group 3: Political Dynamics - Reports about Musk no longer working in the White House coincided with the news of the CEO search, suggesting a possible connection between Tesla's board actions and political dynamics in Washington [4][5] - Musk's significant political influence, stemming from his control over various strategic resources, raises questions about whether certain factions aim to limit his control over Tesla [5] Group 4: Challenges in Finding a Successor - The board faces a dilemma in finding a successor who can balance traditional automotive experience with Musk's innovative vision, as traditional executives often lack tech insight and vice versa [9] - Any successor will contend with Musk's residual influence, as he remains the largest individual shareholder and could exert control in other ways [9] Group 5: Founder vs. Board Dynamics - The situation may signify a turning point for Silicon Valley's "founder-centric" culture, where founders maintain control despite lower ownership stakes [10] - Tesla's board is not entirely independent, with several members having personal or business ties to Musk, suggesting that the CEO search may be more of a negotiation tactic than a genuine leadership change [10] Group 6: Future Scenarios - A likely scenario involves a temporary compromise where Musk reduces his focus on non-Tesla ventures while the board delays the CEO replacement process [12] - The outcome of this power struggle could redefine the boundaries of authority for 21st-century business leaders, highlighting the tension between the desire for innovation and the need for governance [12]