该行重申对快手的"买入"评级，认为近期市场过度担忧，目标价95.37港元。现价对应2025年预测市盈 率13.6倍，而该行料2024至2026年每股盈利年均复合增长率达21%，认为估值具吸引力。 另外，自4月可灵AI 2.0版本上线后，该程序在美国iOS图像设计类别应用程序的收入排名显著提升，并 于8月有进一步增长。该行认为付费指标较用户指标更能反映业务表现，因用户指标或受到媒体报道影 响。 瑞银发表研究报告指，近日有传快手与美团合作拓展外送服务，引发市场忧虑过度竞争。该行认为，市 场错误解读快手与美团合作的消息，快手并不会直接参与外送业务，相信是次举措是快手进一步向美团 开放其生态圈及流量，并有利于快手，因可带来额外广告需求。 ...

点击上图 ▲立即加入 前4月国企利润同比下降1.7% 小米一季度收入及净利润创新高 5月27日，小米集团公布2025年一季度财报。财报显示，小米集团总收入为人民币1113亿元，创历史新高，同比增长47.4%。经调整净利润为人 民币107亿元，创历史新高，同比增长64.5%。分业务来看，手机×AIoT分部收入为人民币927亿元，同比增长22.8%。该分部毛利率为22.8%， 同比提升0.5%。智能电动汽车及AI等创新业务分部收入为人民币186亿元。其中，智能电动汽车收入人民币181亿元，其他相关业务收入人民币 5亿元。本季度，该分部毛利率为23.2%。 5月28日消息，财政部公布2025年1-4月全国国有及国有控股企业经济运行情况。数据显示，1—4月，国有企业营业总收入262755.0亿元，与上 年持平。利润总额方面，1—4月，国有企业利润总额13491.4亿元，同比下降1.7%。此外，1—4月，国有企业应交税费20380.0亿元，同比增长 0.1%。 4月末，国有企业资产负债率65.1%，同比上升0.2个百分点。 5月26日，国资委党委召开扩大会议强调，要巩固提升传统产业，促进现代服务业与先进制造业深度融合， ...

Investment Rating - The report rates the internet media industry as "Buy" [3] Core Insights - The report suggests focusing on companies with strong growth potential in the internet sector, such as Pop Mart, which is expanding its channels globally and has a promising IP+product strategy. NetEase Cloud Music is also highlighted for its stable growth in music consumption and user engagement [4][17] - In the gaming sector, the report recommends leading companies like Tencent and NetEase, emphasizing the potential for valuation increases due to improved domestic policies and overseas trends [4][17] - The publishing sector is advised to focus on companies with strong cash dividends and AI integration, such as China South Publishing and Phoenix Media [4][17] - The film industry is expected to show strong performance, with a reported box office of 25.25 billion yuan, a 40% year-on-year increase, highlighting companies like Wanda Film and Maoyan Entertainment [4][17] - In advertising, the report suggests monitoring Focus Media, which plans to acquire New潮传媒, potentially enhancing its operational efficiency and profitability [4][17] Summary by Sections Internet Sector - Companies like Pop Mart and NetEase Cloud Music are recommended for their growth strategies and user engagement improvements. The report notes the positive impact of AI applications on performance and valuation [4][17] Gaming Sector - The report continues to recommend the gaming sector, particularly Tencent and NetEase, due to favorable policy changes and overseas market opportunities. It also highlights companies with strong product pipelines and performance improvements [4][17] Publishing Sector - Focus on companies with high dividend yields and AI capabilities, such as China South Publishing and Phoenix Media, is advised [4][17] Film Sector - The film industry is projected to perform well, with significant box office growth, and companies like Wanda Film and Maoyan Entertainment are recommended [4][17] Advertising Sector - Focus Media's acquisition of New潮传媒 is expected to enhance its operational capabilities and profitability, making it a company to watch [4][17]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [43]. Core Insights - The report highlights significant advancements in AI technology, with major companies like OpenAI, Tencent, and ByteDance releasing new models that enhance multi-modal capabilities and practical applications in various sectors [4][26]. - The report anticipates 2025 to be a pivotal year for AI Agent commercialization, driven by the integration of new technologies and the establishment of industry standards through initiatives like the MCP protocol [4][26]. - The performance of key companies such as TSMC and Netflix is expected to improve, with TSMC projecting a doubling of AI accelerator revenue and Netflix forecasting a significant increase in advertising revenue [38]. Summary by Sections Global AI Product Updates - WeChat launched its first AI assistant "Yuanbao," which integrates dual engines and offers features like content parsing and intelligent interaction [4][11]. - Kuaishou introduced the upgraded Keling AI 2.0 models, achieving significant performance metrics in video and image generation [4][16]. - ByteDance's Doubao 1.5 model demonstrated strong reasoning capabilities, while its new IDE, Trae, integrates AI with software development [4][21]. - Alibaba's Wan2.1 video generation model was open-sourced, showcasing superior performance in video quality and generation capabilities [4][25]. - OpenAI released o3 and o4-mini models, achieving breakthroughs in visual reasoning and multi-modal input capabilities [4][29]. - Google's Gemini 2.5 Flash model introduced a "thinking budget" feature, enhancing performance in complex tasks [4][35]. Key Company Performance - TSMC reported Q1 2025 revenue of $25.53 billion, a year-on-year increase of 35.3%, with expectations for AI-related product revenue to double in 2025 [38]. - Netflix's Q1 revenue reached $10.542 billion, up 12.51% year-on-year, with projections for a 15% revenue increase in Q2 2025 driven by advertising growth [38].