新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4821 期 2025 年 7 月 23 日 星期三 研究观点 【公司研究】 台积电（TSM,买入）：上调 2025 年营收同比增速，先进制程收入持续超预期 云工场科技（2512,买入）：IDC 方案服务商，边缘云业务打造第二成长曲线 腾讯（700，买入）：AI 重构生态护城河，平台式能力逐步落地 【公司评论】 特斯拉（TSLA）:2025Q2 业绩前瞻 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 台积电 | TSM | 买入 买入 300.00 | 220.00 | 36% | 1.794 | 1.638 | 10% | 2.166 | 1.935 | 12% | | 腾讯 ...

Group 1 - Huawei's Pangu team announced the open-source release of the Pangu 7B dense and 72B mixture of experts models, but faced allegations of plagiarism from Alibaba's Tongyi Qwen-2.5 14B model, with a high similarity score of 0.927 in attention parameter distribution [2][3] - Huawei's Noah's Ark Lab responded that the Pangu Pro MoE model was developed and trained on its Ascend hardware platform and not based on other vendors' models [2] - An article published on GitHub by a self-identified member of Huawei's Pangu team claimed that the team fabricated technological breakthroughs and used competitor models for training [3] Group 2 - Tencent responded to user complaints about the new "AI search" feature in WeChat, clarifying that it integrates public information without using user privacy data [4][5] - Baidu announced its largest search business overhaul in a decade, allowing for over 1,000 characters in search queries and integrating AI writing and image generation capabilities [6] Group 3 - The 2025 Global Digital Economy Conference revealed a list of the top 100 talents in the AI field, with a significant representation of Chinese individuals [7] - DeepSeek is reportedly ramping up overseas recruitment, aiming to attract talent for positions focused on artificial general intelligence (AGI) [9] Group 4 - ByteDance has produced over 1,000 robots in two and a half years, with a long-term goal of achieving embodied intelligence [10] - Zhipu AI released and open-sourced the GLM-4.1V-Thinking series, a multimodal model with 9 billion parameters, demonstrating superior performance in various benchmark tests [10] Group 5 - Yonyou Network Technology submitted an H-share listing application to the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy [14] - Wisdom Eye was included in KPMG's inaugural "China Health Technology Top 50" list for its innovative applications in healthcare AI [14] Group 6 - Baidu officially open-sourced the Wenxin large model 4.5 series, which includes various models with different parameter configurations [15] - DingTalk launched over 100 free templates for the e-commerce industry, integrating AI functionalities for various business needs [16] Group 7 - Siemens and other EDA companies confirmed the lifting of U.S. export restrictions on chip design software to China, allowing for renewed access to their technologies [17][18] - Trump announced new tariffs set to take effect on August 1, with rates potentially reaching up to 70% [19] Group 8 - Microsoft is set to lay off nearly 9,000 employees as part of a restructuring plan aimed at optimizing processes and reducing management layers [20] - Elon Musk's xAI company completed a $10 billion funding round to further develop its AI solutions and data centers [20] Group 9 - Google announced the global availability of its latest AI video generation model, Veo3, which significantly enhances video production capabilities [21] - CoreWeave became the first AI cloud service provider to deploy NVIDIA's GB300 NVL72 system, boasting high AI performance [22] Group 10 - Cursor apologized for a pricing communication issue regarding its Pro Plan and offered refunds to affected users [23] - Cursor's developer Anysphere hired two former executives from Anthropic to strengthen its leadership team [25] Group 11 - Microsoft is incorporating AI usage into employee performance evaluations, reflecting its commitment to integrating AI tools into daily operations [26] - Apple is considering using AI technologies from Anthropic or OpenAI for its Siri assistant, indicating a potential shift in its AI strategy [27] Group 12 - Meta established a new department called the "Meta Superintelligence Lab," recruiting several prominent figures from the AI industry [28] - Multiple European companies urged the EU to pause the implementation of the upcoming AI Act, citing concerns over its impact on innovation [29] Group 13 - Figma submitted its IPO application, aiming to list on the NYSE, following a previous failed acquisition attempt by Adobe [31] - Remark completed a $16 million Series A funding round to expand its online retail guidance services [32] Group 14 - Zhiyu Technology went public in Hong Kong, raising approximately 320 million HKD for research and international market expansion [37] - Domestic GPU company Sunrise raised nearly 1 billion RMB in funding to support its high-performance GPU development [38]

Group 1 - OpenAI denies any association with "OpenAI tokens" and clarifies that any transfer of its equity requires approval, which has not been granted [1] - OpenAI expands its "Stargate" agreement with Oracle, renting approximately 4.5 gigawatts of data center power capacity in the U.S. to meet its computing needs [2] - The competition in AI infrastructure is accelerating, driven by both energy and capital [3] Group 2 - Infinest's products are primarily used in Xiaomi's smartphones, tablets, wearable devices, and electronic components in new energy vehicles [4] - Amazon will discontinue its Freevee streaming service next month, integrating its content into Prime Video [5] - Tencent responds to privacy concerns regarding WeChat's new AI search feature, which links users' names to generated personal profiles [6] Group 3 - A 3D-printed lightweight micro turbojet engine developed by China Aviation Engine Research Institute successfully completed its first flight test, demonstrating reliability and stability [7] - Microsoft aims to reduce its reliance on Nvidia for AI computing by scaling down its AI chip production [8] - Xiaomi's CEO Lei Jun states that the company will prioritize domestic deliveries of its vehicles before considering international expansion, targeting 2027 for potential overseas sales [9] Group 4 - Honor's CEO emphasizes that AI's core purpose is to serve humanity, highlighting three necessary transformations for AI to be effectively integrated into daily life [10] - ByteDance has produced over 1,000 robots in two and a half years, with a long-term goal of achieving embodied intelligence [11] - The logistics practice by ByteDance aims to explore embodied intelligence, focusing on real-world data acquisition and feedback [12]

Group 1: Baidu's Search Upgrade - Baidu announced its largest search upgrade in nearly a decade during the "AI DAY" event, introducing multiple AI products and features [1] - The search box has been transformed into a "smart box," accommodating searches of over 1,000 characters, file searches, AI tool invocation, and voice searches, catering to diverse search needs [1] - The upgrade reflects Baidu's commitment to evolving from a general search engine to an AI ecosystem platform, emphasizing personalization, tool utilization, and task completion [1] Group 2: AI Delivery Vehicle Launch - The first AI-powered delivery vehicle, named "Zhiyin Car," was launched in Wuhan, featuring a dual-frequency Beidou chip for intelligent management and various functionalities [1] Group 3: Apple Foldable Devices Development - Apple's foldable iPhone has entered the Prototype 1 (P1) development stage as of June, with expectations to complete the prototype process by the end of 2025 and potentially launch in the second half of 2026 [3] - The development of the foldable iPad has been shelved due to challenges in component production and low market acceptance [3] Group 4: JD's AI Social Products - JD has launched two AI social products, "Pet TA" and "Chat Healing Little Universe," aimed at creating AI community experiences and providing emotional support through a game that records user emotions [4] Group 5: Tencent's AI Search Feature - Tencent responded to user concerns regarding the new AI search feature in WeChat, clarifying that it integrates public information without using personal data [4] Group 6: Xiaopeng Motors' Industry Outlook - Xiaopeng Motors' CEO stated that the next five years will be a critical period for the automotive industry in China, emphasizing the importance of high-performance chips in differentiating future vehicle capabilities [4] Group 7: Xiaomi's Delivery Focus - Xiaomi's CEO announced that the company will prioritize domestic delivery issues for its vehicles before considering exports, with a timeline extending to 2027 [5] - Xiaomi has no plans to produce bicycles or motorcycles, despite speculation from social media [5] Group 8: BYD's Expansion in Brazil - BYD celebrated the first vehicle rollout from its new factory in Brazil, marking its presence in over 110 countries and regions, with overseas sales exceeding 470,000 units in the first half of the year, a 132% increase year-on-year [6] Group 9: Neta Auto's Frozen Shares - Neta Auto's associated company has had 2 billion yuan worth of shares frozen for three years due to legal issues, following a previous similar incident earlier in the year [7] Group 10: Bilibili's Internal Investigation - Bilibili reported the arrest of its former game cooperation department head for serious misconduct during his tenure, emphasizing compliance with laws and encouraging whistleblowing [8]

【美财长：希望中国能加快稀土出口】 据环球时报援引彭博社7月1日消息，美国财政部长斯科特・贝森特表示，在上月美中两国达成协议后，美方期 待中国能进一步放宽稀土磁铁出口限制。 贝森特1日接受福克斯新闻采访时，被问及中国是否已恢复对美关键物资供应，他表示，稀土现已恢复流通， 但数量尚未达到4月4日之前的水平。 【央行：8月1日起，现金买金超10万元需上报】 据央视新闻，近日，中国人民银行发布"中国人民银行关于印发《贵金属和宝石从业机构反洗钱和反恐怖融资 管理办法》的通知（银发〔2025〕124号）"（以下简称《办法》）。 其中提到，从业机构开展人民币10万元以上（含10万元）或者等值外币现金交易的，应当根据《办法》规定履 行反洗钱义务。客户单笔或者日累计金额人民币10万元以上（含10万元）或者等值外币现金交易，从业机构应 当勤勉尽责，遵循"了解你的客户"原则，根据客户特征和交易活动的性质、洗钱风险状况，开展客户尽职调 查。 大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 本 栏目由虎嗅出品。 热点追踪 对此，腾讯方面今日回应称，为了丰富用户搜索体验，微信搜索此前通过接入 D ...

完整早报音频，请点击标题下方小耳机收听 【百度湖北总代理破产清算，因渠道模式变革失去收入来源】 6 月 30 日，武汉世纪百捷网络科技 有限公司发布公告，称公司计划依法启动清算程序。世纪百捷在公告中表示："随着百度渠道模式的 变革与百捷的业务合作即将终止，我们失去了收入来源，公司运营陷入了无法挽回的困境。"世纪百 捷称已竭尽全力寻求各种可能的解决方案，但未能找到足以支撑公司持续发展的新业务方向。而对于 这些员工的安排，世纪百捷在公告中也有涉及，其表示全体员工的薪资将发放至 2025 年 6 月 30 日。 （金融界） 武汉世纪百捷网络科技有限公司 重要公告 关于公司未来安排的重要沟通 亲爱的公司百度业务全体同仁: 自公司成立至今的整个征程中,我们并肩奋斗,共同铸就了无数值得铭记的 成就。每一份成绩、每一次突破、每一份荣耀,都凝聚着大家的智慧、汗水、忠 诚与不懈努力。在此,公司由衷地向每一位伙伴致以最崇高的敬意和最深切的感 谢!正是因为有你们,才铸就了我们共同的辉煌过往。 然而,随着百度渠道模式的变革与百捷的业务合作即将终止,我们失去了收 入来源,公司运营陷入了无法挽回的困境。尽管我们已竭尽全力寻求各种可能的 ...

Core Points - The introduction of WeChat's AI search function has raised privacy concerns among users, particularly regarding the ability to generate personal biographies based on names found in public articles [2][7] - Tencent has responded to these concerns by stating that the AI search only integrates publicly available information and does not utilize user privacy data [2][8] - The AI search feature was launched on February 15, 2023, and includes various response modes, enhancing the user experience [7][8] Group 1 - Users have expressed discomfort with the AI search's ability to create biographies from names, leading to discussions about privacy boundaries [2] - Tencent confirmed that the AI search integrates information from public sources, including WeChat official accounts and other internet content, without accessing personal user data [2][8] - The functionality that turned names in public articles into hyperlinks has been removed following user feedback [2] Group 2 - The AI search function includes three response types: "Quick Answer," "Deep Thinking R1," and "Deep Thinking T1," utilizing different models for generating responses [7][8] - The AI search was initially tested with the DeepSeek-R1 model, allowing users to access a full version of the model during the testing phase [7] - Tencent aims to optimize the AI search experience based on user feedback and concerns regarding privacy and data security [2][8]

Group 1 - The core viewpoint of the article emphasizes the importance of WeChat AI customer service as a vital tool for communication between businesses and customers, enhancing customer satisfaction through quick responses and efficient problem handling [1][4]. Group 2 - The process of handling inquiries by WeChat AI customer service is highly automated, utilizing natural language processing to understand customer queries, search for relevant answers in its knowledge base, and escalate complex issues to human agents when necessary [4]. Group 3 - Viewing consultation records is crucial for assessing service quality and efficiency, with records accessible through the ChatWave backend management system, allowing businesses to analyze customer interactions and identify areas for improvement [5]. Group 4 - Strategies for optimizing inquiry handling include regularly updating the knowledge base, utilizing data analysis tools to understand common customer issues, incorporating user feedback for improving dialogue processes, and ensuring seamless transitions between AI and human customer service [6]. Group 5 - ChatWave offers significant advantages in inquiry handling, including strong natural language processing capabilities, support for multi-turn conversations, automation to enhance efficiency, and valuable insights from customer consultation data for product and service optimization [7][9].

Group 1 - The importance of WeChat AI customer service statistical reports is crucial for enterprises to manage customer data and optimize service processes. Detailed statistical reports help businesses understand customer behavior patterns, preferences, and service satisfaction, enabling more precise marketing strategies and improved customer experiences [4] - Generating statistical reports for WeChat AI customer service typically requires using the management interface of the AI customer service platform. For example, users can log into the ChatWave management backend, navigate to "Data Analysis," and select various report types such as customer inquiry volume, customer satisfaction, and AI performance reports. Users can also set parameters like time range and data dimensions [5] - The significance of visualization in statistical reports is paramount. Intuitive charts and graphics assist business managers in quickly understanding complex data, leading to more informed decisions. Good visualization enhances data readability and persuasiveness, with ChatWave offering various visualization options like bar charts, line graphs, and pie charts [6] Group 2 - ChatWave, as a leading WeChat AI customer service platform, provides robust statistical reporting and visualization features. Its reporting functionality supports multiple data types and dimensions, along with flexible customization options for personalized reports. ChatWave's visualization capabilities are excellent, offering a variety of chart types and custom styles to help businesses present data more intuitively. Additionally, real-time data updates ensure that managers receive the latest information promptly [7]

Core Viewpoint - Tencent Holdings reported strong growth across its three core business segments in Q1 2025, with revenue reaching 1800.2 billion yuan, a 13% year-on-year increase, and significant investments in AI strategy [2][3][6]. Revenue and Profit Growth - In Q1 2025, Tencent achieved revenue of 1800.2 billion yuan, up 13% year-on-year, with gross profit of 1004.9 billion yuan, reflecting a 20% increase, and operating profit (Non-IFRS) of 693.2 billion yuan, growing 18% [2][3]. - The growth in gross profit and operating profit outpaced revenue growth, indicating improved efficiency and profitability [3]. Core Business Segments Performance - All three core business segments—Value-Added Services, Marketing Services, and Financial Technology & Enterprise Services—showed robust growth [3][4]. - Value-Added Services generated 921 billion yuan in revenue, a 17% increase, driven by strong performance in domestic gaming and new titles [3][4]. - Marketing Services revenue rose 20% to 319 billion yuan, fueled by high demand for advertising on platforms like WeChat and video accounts [4]. - Financial Technology & Enterprise Services revenue grew 5% to 549 billion yuan, supported by increases in consumer loan and wealth management services [4]. User Engagement and Growth Metrics - The combined monthly active accounts for WeChat and QQ reached 1.402 billion and 534 million, respectively, with slight quarter-on-quarter increases [4][6]. - Paid membership for value-added services reached 268 million, reflecting a 2% increase [4]. AI Strategy and Investments - Tencent's AI strategy is a key driver of its business growth, enhancing user engagement and operational efficiency across various segments [6][7]. - R&D expenditure in Q1 2025 was 189.1 billion yuan, a 21% increase, while capital expenditure surged 91% to 274.8 billion yuan [6][7]. - The company has integrated AI capabilities into over 900 business scenarios, significantly improving product functionality and user experience [7]. Share Buyback and Investor Returns - Tencent repurchased approximately 42.984 million shares for a total consideration of 171 billion HKD in Q1 2025, with the shares subsequently canceled [5][6]. - The share buyback is part of Tencent's strategy to enhance long-term shareholder value [5].