Investment Rating - The report maintains a "Buy" recommendation for leading internet companies with stable performance and strong AI positioning, including Tencent Holdings, Pop Mart, Kuaishou, NetEase, Bilibili, and Meitu [1] Core Insights - Tencent hosted the Global Digital Ecosystem Conference, announcing that the daily active users (DAU) for "Delta Action" reached a new high [1] - The internet industry is experiencing a mixed performance, with some companies reporting significant declines in revenue while others show improvement in profitability [2][3] - The overall market performance for the week of September 15-21 shows varied results across different indices, with the Hang Seng Internet Technology Index rising by 4.00% [13] Industry Overview - The internet industry comprises 160 listed companies, with a total market capitalization of 2087.8 billion and a circulating market value of 1898.8 billion [5] - The absolute performance over 1 month, 6 months, and 12 months is 4.9%, 12.1%, and 77.6% respectively, while the relative performance is -1.7%, -0.1%, and 36.8% [7] Company Announcements - Oriental Selection reported a significant decline in net revenue for the fiscal year ending May 31, 2025, with a 99.64% drop to 6.19 million [2] - Weimeng Group's mid-year report for 2025 showed a revenue decrease of 10.6% to 775 million, but a substantial improvement in net loss, which decreased by 5.17 billion [3] Market Performance - The A-share market saw a decline in major indices, with the Shanghai Composite Index down by 1.31% and the Shenzhen Component Index up by 1.14% [13] - In the Hong Kong market, Tencent Holdings experienced a slight decline of 0.16%, while Bilibili-W and Kuaishou-W saw increases of 6.64% and 0.73% respectively [18] Recommended Companies - The report highlights key companies to watch, including Tencent Holdings, Kuaishou-W, Bilibili-W, Pop Mart, and Meitu [1]

Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Insights - The performance of Alibaba Cloud exceeded expectations, validating the accelerated development of China's AI infrastructure, which is expected to undergo a value reassessment. The Chinese cloud computing industry has entered a positive Capex cycle, and the international expansion of Chinese cloud services may represent a significant turning point from 0 to 1 [3][24] - The report suggests focusing on key segments of domestic computing power, including cloud computing companies like Alibaba, Tencent, Baidu, and others, as well as domestic computing power components such as AI chip design, advanced wafer manufacturing, and AI servers [3][24] Summary by Sections Market Review - During the week of September 8-12, the CSI 300 Index rose by 1.38%, the SME Board Index increased by 3.66%, and the ChiNext Index grew by 2.10%. The computer sector (CITIC) saw a rise of 4.26% [33] Industry News - The first CUDA GPU designed for large-scale contextual AI, the Nvidia Rubin CPX, was announced, aimed at improving efficiency in AI tasks [25] - OpenAI signed a historic $300 billion cloud computing deal with Oracle, set to take effect in 2027, marking one of the largest cloud computing contracts ever [26] Company News - Tonghuashun announced a plan for its controlling shareholder to reduce holdings, which was later terminated [29] - Longxin Group approved the cancellation of repurchased shares and adjusted its registered capital [29] Weekly Insights - The report emphasizes the rapid development of AI applications in the cloud sector, particularly through Alibaba and Tencent, which are enhancing their AI capabilities and expanding their global reach [9][15] - The report highlights the emergence of a blue ocean market for Chinese cloud services as companies like Alibaba and Tencent develop tailored solutions for international markets [15][19]

Core Viewpoint - Baidu Academic is transforming into a comprehensive "Research platform" that covers the entire lifecycle of academic papers, from searching and reading to creating and editing, aiming to become the first one-stop AI academic platform in the industry [1][2][29]. Group 1: Features of the New Platform - The platform will include AI academic search, AI literature summarization, AI reading, and paper mapping, enhancing the efficiency of literature collection and research [1][3][7]. - Users can input keywords to find relevant literature, and utilize AI Q&A for summarization, significantly reducing time spent switching between different PDFs [9][10]. - The literature mapping feature allows users to visualize classic literature, research hotspots, and development trajectories in their field within minutes [10][12]. Group 2: Reading and Writing Support - The literature summarization function supports batch uploading of up to 100 files, generating structured summaries in 30 seconds, enabling researchers to grasp core content quickly [13][14]. - The AI reading feature can accurately restore the layout of foreign language literature and provide automatic translations for a smoother reading experience [15][16]. - The writing phase includes a topic recommendation function that suggests valuable innovative research directions based on existing literature [16][19]. Group 3: Academic Resource Integration - Baidu Academic has partnered with professional data analysis platforms like SPSSPRO, allowing for a seamless process from data acquisition to analysis and result presentation [22][23]. - As of now, Baidu Academic has indexed 690 million literature resources, leading globally, with a daily update of over 420,000 documents and a Chinese literature coverage rate of 97% [31][34]. - The platform aims to lower research barriers and enhance academic content dissemination by covering all professional fields classified by the Ministry of Education [33][34]. Group 4: Academic Community Engagement - Baidu Academic has created profiles for 4.2 million scholars, including renowned academicians, facilitating information exchange within the academic community [36][38]. - The vision of upgrading the "academic foundation" to a "global academic ecosystem engine" is becoming increasingly feasible as the academic ecosystem continues to improve [38][40].

Core Viewpoint - The article emphasizes a transformative shift in academic research facilitated by AI, moving from traditional methods to an integrated, AI-driven approach that significantly enhances efficiency and user experience [2][26]. Group 1: AI-Driven Research Transformation - The introduction of AI in academic research allows for rapid processing of large volumes of literature, reducing the time needed to synthesize information from weeks to mere seconds [3][4]. - The new AI capabilities enable users to interactively engage with research papers, asking specific questions about content, which transforms the reading experience into a dynamic dialogue [6][14]. - The integration of various research functions into a single platform eliminates the need for multiple software tools, creating a seamless workflow for researchers [9][19]. Group 2: Features of the New Platform - The upgraded platform offers a "knowledge map" feature that visually represents the connections between research topics, classic literature, and emerging trends [7][10]. - AI assists in generating research outlines and provides suggestions for innovative research directions, streamlining the initial stages of academic writing [15][16]. - The platform includes built-in editing tools that automate formatting and citation processes, allowing researchers to focus on content creation rather than technical details [16][17]. Group 3: Strategic Vision and Market Position - The article outlines a broader strategic vision for the platform, positioning it as a "super app" for knowledge services, with a foundation built on extensive and high-quality data resources [20][21]. - The platform aims to create an academic identity system, enhancing the visibility and credibility of researchers, akin to an academic credit system [21][22]. - By leveraging its vast user base and data resources, the platform seeks to become a central hub for academic content distribution and collaboration [22][24]. Group 4: Future Implications - The AI upgrade signifies the beginning of a new era in academic research, where scholars can focus on innovative thinking and experimentation rather than data management [26][24]. - The platform's evolution reflects a shift towards a more integrated and efficient academic ecosystem, potentially reshaping how research is conducted and disseminated globally [26][24].

Core Insights - The increasing integration of AI applications in higher education is evident, with 56% of university teachers and 64% of students frequently using generative AI tools in 2024 [1] - The usage of AI tools is particularly high among undergraduate and graduate students, with younger faculty members (those born in the 1980s and 1990s) leading in adoption [1] Group 1: AI Application Usage - AI applications have become essential tools for students in completing assignments and research, with many students reporting significant efficiency gains in tasks such as literature review and translation [1] - Specific AI features, such as the paper graph function, help students quickly identify relevant literature and understand research backgrounds [1] Group 2: Market Strategies of AI Platforms - Quark aims to expand its user base by enhancing user engagement through specialized tools for academic needs and community features for sharing AI experiences [5] - Baidu focuses on deepening its academic-related offerings, with features that allow batch uploads of documents and quick generation of structured summaries, enhancing the user experience in literature management [6] Group 3: Competitive Landscape - Quark, being a newer entrant, is leveraging its market strategy to increase user recognition and engagement, achieving 154 million monthly active users in August [7] - Baidu, with over 20 years in the search market, is undergoing AI transformations across its applications, with Baidu Academic and Baidu Library showing significant user growth, reaching 132 million and 153 million monthly active users respectively [8] Group 4: Emerging Trends - The user base for AI applications continues to grow, with various products competing for market share, indicating a dynamic and evolving landscape in the AI education sector [8]

其中，在最高频的"搜"上，百度学术推出"AI学术搜索+AI全网搜索"的AI专业搜索能力，并上线"AI助 手"对专业学术内容进行AI问答、总结等。"论文图谱"则支持用户通过可视化图谱，几分钟即可掌握研 究领域的经典文献、研究热点、发展脉络，甚至是不同分支的研究方向；在"读"上，文献总结"功能支 持批量上传100个文件，AI可以30秒生成结构化总结，帮助用户3分钟掌握文献核心内容。"AI阅读"可以 精准还原文献版式，自动翻译外文文献，阅读体验更流畅；在"编辑"上，百度学术集成了针对学术场景 的文献AI编辑器，用户可以一键在线插入表格、图表、复杂公式等，还能使用AI校对润色等功能高效 完成内容排版与审校。同时，百度学术已接入专业数据分析平台SPSSPRO，用户无需切换平台，即可 一站式进行学术研究和数据分析。 据悉，百度学术于2014年上线，如今的百度学术由百度文库、网盘团队进行全面重构，从一个传统的学 术搜索工具，全面升级为覆盖"搜、读、创、编"全链路的"Research"平台。 来源：环球网 【环球网科技综合报道】9月11日，百度学术在AI Day开放日上官宣进行AI重构，上线AI学术搜索、AI 文献总结、AI ...

Core Viewpoint - The era of AI restructuring everything is emerging, with significant advancements in technology leading to rapid iterations and applications across various industries [3][5][10]. Group 1: AI Restructuring Opportunities - The AI restructuring signifies a new starting line for innovation, with early adopters already gaining a competitive edge [4]. - Major companies, including Baidu, are at the forefront of this transformation, having recognized the potential of AI to reshape products and services [5][21]. - The integration of AI into mobile internet products is accelerating, with applications like WeChat and Douyin leading the charge [8]. Group 2: Industry Adoption and Transformation - Various sectors, including automotive and traditional industries, are redefining their operations through AI, with companies like Baidu positioning themselves as AI-centric organizations [9][19]. - The Chinese government has issued policies to promote the deep integration of AI across all sectors, indicating a strong commitment to this technological shift [10][12]. - Baidu's AI initiatives, such as the AI4Research and AI4Science platforms, demonstrate a commitment to enhancing research capabilities through AI [15]. Group 3: Baidu's Leadership in AI - Baidu has invested over 180 billion yuan in AI research over the past decade, making it a leader in the field [24][26]. - The company has successfully restructured its product lines, achieving significant user engagement and revenue growth, particularly in its AI-driven applications [21][23]. - Baidu's AI products have received recognition, with multiple entries in the top AI application rankings, showcasing its innovative capabilities [21][22]. Group 4: Market Position and Valuation - Despite recent stock price increases, Baidu's valuation remains low compared to other AI tech firms, suggesting potential undervaluation [26][28]. - Analysts from various financial institutions have raised Baidu's target price, indicating confidence in its future growth prospects [26][28]. - Baidu's advancements in autonomous driving and AI applications position it favorably against competitors like Alphabet's Waymo [26][28].

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 刘暄）百度学术9月11日在AI Day开放日上官宣进行AI重构，上线AI学术搜索、AI文献总结、AI阅读、论文图谱等数十项新功 能，打造行业一站式AI学术平台。 截至目前，百度学术已收录6.9亿文献资源。此外，覆盖超104万学术资源站点，日均更新文献量超42万，中文文献覆盖率达97%。 当日活动上，百度学术宣布将推出三大举措：建设独一无二的"学术身份系统"，成为学者们的"学术信誉身份证"；启动"百度全域流量赋能计划"，百度搜索 将提供亿级流量扶持，将卓越学者与研究从学术圈推向公众、产业，提升百度学术的社会价值；打造"永不落幕的全球学术沙龙"，定期组织高水平国际线上 研讨会与学术论坛。 百度学术表示，已搭建420万学者主页，包括袁隆平、屠呦呦、钟南山院士等国际级院士的学者主页，让从业者获取先进、权威的学术论文与科研成果。未 来，将打造更加综合性的学术交流平台。 据介绍，百度学术于2014年上线。在AI时代，百度学术由百度文库、网盘团队进行全面重构，从一个传统的学术搜索工具，全面升级为覆盖"搜、读、创、 编"全链路的"Research"平台。 例如，百度学术 ...

破解学术难题，AI重构"搜、读、创、编"全链路 9月11日，百度学术在AI Day开放日上官宣进行AI重构，上线AI学术搜索、AI文献总结、AI阅读、AI论文图谱等 数十项新能力，打造行业首个一站式AI学术平台。 百度学术于2014年上线，已成为中国最大的学术搜索引擎。在AI时代，百度学术由百度文库、网盘团队进行全面 重构，从一个传统的学术搜索工具，全面升级为覆盖"搜、读、创、编"全链路的"Research"平台。 Bai 4 学术 百度学术AI升级 业首个一站式AI学术平台 1 搜| Al专业搜索 更快|更准|更全 Al学术搜索+Al全网搜索+文献搜索 论文图谱:5分钟速通研究领域 经典文献、研究热点、发展脉络、不同分支 2 读 AI总结阅读 高效|便捷|易用 文献总结,30秒生成结构化总结、3分钟掌握文献核心内容 AI阅读,精准还原文献版式,自动翻译外文文献 3 创| Al激发灵感 可用 |可信|可溯源 选题推荐, 挖掘创新研究方向 灵感激发,提供思路引导、内容可溯源 4 编 Al智能编辑 简单|自由|全能 一站式学术编辑器,表格、图表、复杂公式全搞定 Al校正润色,实现全自动排版审校 文献总量 日更文献 ...

Core Insights - Baidu Academic has launched several new AI capabilities including AI academic search, AI literature summarization, AI reading, and paper mapping as of September 11 [1] - Since its launch in 2014, Baidu Academic has indexed 690 million literature resources, covering over 1.04 million academic resource sites, with a daily update of over 420,000 documents and a 97% coverage rate of Chinese literature [1] - The platform has transformed from a traditional academic search tool to a comprehensive platform covering the entire "search, read, create, edit" process, driven by the Baidu Wenku and cloud storage teams [1] Product Features - The new AI academic search capability combines "AI academic search + AI full web search" to enhance the academic search experience, providing faster, more accurate, and comprehensive results [1] - The newly introduced AI assistant feature allows users to engage in AI Q&A and summarization specifically for academic content during searches [1] - The paper mapping feature enables users to visualize research fields, identifying classic literature, research hotspots, development trajectories, and various research directions within minutes [1]