证券研究报告 | 2025年12月08日 人工智能周报（25 年第 49 周） 优于大市 DeepSeek-V3.2 正式版发布，腾讯自研 AI 大模型混元 2.0 上线 2）底层技术：DeepSeek-V3.2 以及 Speciale 版本正式发布；腾讯自研 AI大模型混元 2.0正式发布；亚马逊云科技发布自研 AI芯片 Trainium3； 亚马逊云科技发布 Nova 2 系列 AI 模型，并同步推出 Nova Forge 定制 服务。 3）行业政策：浙江：到 2027 年基本形成"人工智能+住建"的应用生 态、政策标准、技术协同和机制创新体系。北京：推动"人工智能+视 听"深入融合，加快发展文化新质生产力。工信部等 6 部门：推动人工 智能在消费品全行业应用。 投资建议：港股互联网巨头已发布三季报，整体来看，AI 对于互联网巨 头广告业务增长赋能较明显，腾讯广告三季度环比继续加速；此外 AI 继续驱动互联网巨头云业务加速增长，阿里云本季度增长加速至 34%YOY （上季度 26% YOY）。国内互联网巨头在 AI Capex 方面的投入落后海外 约一年，伴随后续大模型能力逐步提升和建设供给的释放，AI ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The US stock market saw slight gains, with the Dow Jones up 0.22% and the S&P 500 up 0.19%, driven by expectations of interest rate cuts and easing inflation [2][5] - The net inflow of southbound funds into Hong Kong stocks reached 121.9 billion HKD in November, indicating continued interest from mainland investors [3] Key Sectors - The local real estate, software, and 5G sectors faced declines, while gold stocks performed well [1][5] - Technology stocks, particularly in AI and semiconductor sectors, showed resilience and potential for long-term growth opportunities [3][9] - The report highlights the attractiveness of high-dividend and undervalued sectors for investment, particularly state-owned enterprises [3] Company Highlights - Baidu Group saw a significant increase of 5.01% in its stock price, with news of its subsidiary Kunlun Chip planning to list in Hong Kong [1][5] - The report suggests focusing on companies benefiting from AI advancements, such as Alibaba and Baidu, which are expected to gain from self-built large models [9] - China Railway Group reported a revenue of 773.814 billion CNY for the first three quarters of 2025, with a notable performance in its mineral resources segment [10] Investment Recommendations - The report recommends continued attention to sectors like AI applications, semiconductors, and industrial software, which are seen as key growth areas [3] - It also suggests monitoring companies in the upstream non-ferrous metals sector that are expected to benefit from favorable market conditions [3] - The report emphasizes the potential of companies involved in AI-enabled technologies and their applications across various industries [3]