证券研究报告 | 行业策略报告 2025 年 06 月 30 日 AI 及无人化聚焦落地，重视稳定币及 RWA 金融创新 计算机行业 2025 年中期投资策略 TMT 及中小盘/计算机 回顾 25 年上半年计算机板块行情，AI、金融科技创新、无人化三大主线轮动。 我们再次重申，科技创新是 25 年增长主线，重点关注 AI 迭代创新及 AI 算力、 金融科技创新、机器人场景落地等方向投资机会。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 284 | 5.5 | | 总市值（十亿元） | 3525.2 | 4.0 | | 流通市值（十亿元） | 3104.0 | 3.9 | 行业指数 % 1m 6m 12m 绝对表现 8.9 9.3 61.3 相对表现 6.8 10.7 47.8 资料来源：公司数据、招商证券 -20 0 20 40 60 80 100 Jul/24 Oct/24 Feb/25 Jun/25 (%) 计算机 沪深300 相关报告 1、《香港虚拟资产服务相关牌照梳理 — — 计算机周观察 20250629 》 2025-06-29 ...

Group 1: Digital Economy and Innovation - The Xiamen Torch High-tech Zone is successfully decoding the digital "password" for industrial upgrading through a thriving digital economy and strong industrial innovation capabilities [1] - The zone's leading enterprises are exploring integration paths in the AI sector, showcasing innovative solutions to combat AI-related fraud and misinformation [2][3] Group 2: AI Applications and Solutions - Guotou Intelligent has developed a core engine for deep forgery video image detection, launching products like the "Huiyan" video image authentication workstation and "Meiya Authentication Platform" WeChat mini-program [2] - Meituan Technology has launched the "Qixiang" large model, the first in Fujian Province to be filed under the "Interim Measures for the Management of Generative Artificial Intelligence Services" [3] - Ruiwei Technology's smart boarding gate system has been implemented in over 63% of large and medium-sized airports in China, enhancing boarding efficiency and reducing staff workload [4] Group 3: Digital Transformation in Manufacturing - The Xiamen Torch High-tech Zone promotes "chain transformation" to enhance digitalization across the entire industrial chain, benefiting small and medium-sized enterprises [5] - Shenhao Software has customized AI visual inspection projects for food factories, improving detection efficiency by 50% and accuracy to over 95% [5][6] - Yamaha Information has been a key player in digital transformation, helping various industries enhance management efficiency [6] Group 4: Collaborative Innovation and Ecosystem - The Xiamen Torch High-tech Zone is fostering collaboration between leading enterprises and SMEs to drive AI technology penetration across industries [8] - The Baidu Paddle (Xiamen) AI Industry Empowerment Center aims to support AI application innovation and enhance the AI industry ecosystem [8][9] Group 5: Policy Support and Future Plans - The Xiamen Torch High-tech Zone has revised measures to accelerate digital technology innovation and promote the integration of the real economy with the digital economy [10] - By 2025, the zone plans to establish an AI innovation application demonstration area, with over 80% of industrial enterprises entering the digital transformation phase [11]

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 从烧钱到变现，大厂AI分化开始了。 文 ｜ 王璐 编辑 ｜ 魏佳 来源｜ 定焦One（ID：dingjiaoone） 封面来源 ｜ Unsplash 过去两年，AI成为全球科技圈最强共识。无论是国内外巨头还是创业公司，几乎都在重金投入，集体押注AI。但另一个问题也无法避免： 烧了那么多 钱，真有人赚到钱了吗？ 近日一份名为"顶尖精益AI Native公司排行榜"的名单在硅谷引发热议。名单显示，在AI的带领下，多家初创公司出现"超级员工"，单个员工平均创收166 万美元。其中AI独角兽公司Midjourney，以团队40人、年收入5亿 美元 的成绩位居第一，相当于每位员工每月给公司带来747.5万元人民币的业绩。 那么，烧钱同样毫不手软的国内大厂，情况如何？ 从 2023 年开始， 百度、阿里、腾讯等多 家 大厂陆续在财报中强调AI的重要性 。 今年Q1 ，它 们更是集体在财报 里透露" AI 相关 业务 带动 营收快速增 长 "的信号 。这也让 一些 从业者 乐观判断 ， 大厂的AI正从 "投入期" 走 向 "兑现期"。 然而，真 ...