联合研究丨行业深度 [Table_Title] 中银中证港股通互联网指数 A（025186）：AI 产 业加速发展，港股互联网迎配置良机 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中证港股通互联网指数，从港股通范围内选取 30 家涉及互联网相关业务的上市公司证券作为 指数样本，以反映港股通内互联网主题上市公司证券的整体表现，该指数是对应成份股在调整 市值的基础上按相应的指数编制规则计算出来的。中银中证港股通互联网指数 A（025186）采 用指数化投资策略，紧密跟踪标的指数，追求跟踪偏离度和跟踪误差最小化。 分析师及联系人 [Table_Author] 覃川桃 邓元哲 戴清 SAC：S0490513030001 SAC：S0490524080006 SAC：S0490524010002 SFC：BUT353 SFC：BTR264 高超 SAC：S0490516080001 SFC：BUX177 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 [Table_Title ...

henry 发自 凹非寺 量子位 | 公众号 QbitAI 两年一次的院士增选来了。 8月20日，中国科学院和中国工程院分别在官网上发布公告，公布了2025年院士增选有效候选人名单。 其中，中国科学院院士有效候选人639人，中国工程院院士有效候选人660人。 据悉，后续将开展外部同行专家评议，院士增选大会选举，选出新增院士（两院各不超过100名） 根据2023年的时间线：8月31日发布增选有效候选人名单，11月22日公布院士增选结果。 即便最终结果公布还有一段时间，这份候选名单，也非常值得关注关注。 从院士增选中看人工智能 两年一度的院士增选，不仅是科研界的大事，同时也折射出各学科的发展趋势。 总体来看，今年两院候选人数均有所增加：中国科学院639人，较2023年增长约9.6%。 | 中国科学院院士增补候选学科及人数 | | | --- | --- | | 学科 | 人数 | | 数学物理学部 | 98 V | | 化学部 | 105人 | | 生命科学和医学学部 | 125人 | | 地学部 | 96人 | | 信息技术科学部 | 61人 | | 技术科学部 | 104人 | | 特别领域 | 50 人 | ...

9 月 10 日至 13 日，亚洲三大金融科技盛会之一——2025 上海 Inclusion·外滩大会将在黄浦江边启幕。在「重塑创新增长」 的主题引领之下，大会积极响 应科技创新浪潮，首次设立「创投 Meetup 」活动， 由蚂蚁集团战略投资部主办，联合明势资本、金沙江创投、云启资本、九合创投、峰瑞资本、华登国 际、中科创星、首程资本 8 大顶尖创投机构共同打造 ， 为创业团队与投资人搭建起一个高效、开放的面对面交流平台，通过 1 对 1 创投交流及项目路演 等，为创新项目精准把脉与赋能。 当下，人工智能与产业的融合正不断深化，创新落地的步伐持续加快。作为主办方，蚂蚁集团战略投资部已深度参与宇树科技、智谱华章等明星项目的成 长，依托蚂蚁生态的场景资源与技术能力，为项目提供从资本到落地的全链路支持；明势资本、金沙江创投等 8 大机构的合伙人也已强势集结，他们曾成 功挖掘并培育出理想汽车、滴滴出行、智谱 AI 等标杆项目，在 AI 科技赛道积累了深厚的投资积淀与精准眼光。如今，这一 「1+8」 的创投矩阵带着助 力潜力项目健康成长的诚意，等你来赴这场价值对话。 如果你是处于 AB 轮中早期的创新者，或是专注前沿科 ...

在 3 月份推出产品，4 月份完成 Benchmark 的 5 亿美金估值投资后《 Benchmark 5 亿美金估值领投 Manus 的背后，以及其投资策略 》，Manus 联合 创始人 Peak 今天在新加坡举办的 Stripe Tour 上分享了其收入数据。 Peak 说， Manus 的年化收入（revenue run rate）已经突破了 9000 万美金，即将突破 1 亿美金 。联合创始人 Red 在即刻上解释说， 之所以用 Revenue Run Rate 这个数值，是因为它是一个严谨的财务口径数据，计算方法也相当简单：当月的 Revenue *12。 需要注意的是，Revenue 并不等于 Cash Income。很多 AI 产品都会有年付选项，这部分只能算作预存款，而不能记为 Revenue。如果按照这种【错 误方式】披露，可以算出一个比 1.2 亿美金更大的数。（再次说明，这是不正确的计算方法。） 另外一个重灾区是关于 ARR 的计算。一个典型的错误的做法是：在产品上线的初期，用 7 天的 Cash income * 52。这里有两个问题：1 是刚刚所 说，包含了年付的 Cash，可能会多 ...

最近高频在玩各种AI产品，感觉它们宣发的预制菜味特别重先拿出yc + product hunt + 邀请码三件套，然后标准镜头怼创始人脸视频：“Hi guys, I am XXX, co-founder of YYY. In the past 3 months we made the first xxx agent in the world…”想想crypto项目也是三件套式宣发，创投体验服了属于是 https://t.co/W4Ed5QN3rN ...

Core Viewpoint - The company continues to demonstrate high-quality growth in Q2 2025, with a slight decline in revenue but significant profit growth, indicating resilience in its business model [4]. Segment Performance in H1 2025 - PBG segment revenue was 5.57 billion, down 2.1% year-on-year, but the decline has narrowed compared to the previous year [5]. - EBG segment revenue was 7.46 billion, down 0.4% year-on-year, showing signs of stabilization and improvement [5]. - SMBG segment revenue was 4.07 billion, down 29.8%, marking it as the largest drag on overall performance [5]. - Overseas main business revenue reached 12.23 billion, up 6.9% year-on-year, indicating growth in international markets [5]. - Innovative business revenue was 11.77 billion, up 13.9% year-on-year, with high growth potential as it now accounts for 57% of total revenue alongside overseas business [5]. Gross Margin and Cost Management - The overall gross margin for H1 2025 was 45.19%, an increase of 0.35 percentage points year-on-year, with the main business gross margin at 48.52%, up 2.19 percentage points [6]. - The company is reducing low-margin product sales and focusing on delivering product value rather than competing solely on price [6]. - The gross margin for innovative business was 38.28%, down 3.70 percentage points, primarily due to a higher proportion of low-margin automotive electronics [6]. - Operating expenses for sales, management, and R&D showed a mixed trend, with sales expenses up 2.0%, management expenses down 6.4%, and R&D expenses down 1.0% [6]. Embracing AI Technology - The company has integrated AI technology into most of its product lines, launching hundreds of AI model products in the first half of the year [7]. - It is actively seeking feedback from pioneer users to refine its products, with plans to transition from pilot templates to standardized solutions [7]. - Future plans include developing comprehensive industry solutions for PBG and EBG, aiming for large-scale promotion and establishing an ecosystem centered around the company [7].

Investment Rating - The report maintains a "Buy" rating for Hikvision [5] Core Views - Hikvision continues to demonstrate high-quality growth with Q2 2025 revenue of 23.29 billion yuan, a year-on-year decrease of 0.5%, while net profit attributable to shareholders increased by 14.9% to 3.62 billion yuan [1] - The company is embracing AI technology across its product lines, launching hundreds of AI model products and establishing a user feedback loop to refine offerings [3] - The overall gross margin for H1 2025 is 45.19%, an increase of 0.35 percentage points year-on-year, with the gross margin for core products and services reaching 48.52%, up 2.19 percentage points [2] Summary by Sections Financial Performance - H1 2025 revenue reached 41.82 billion yuan, a year-on-year increase of 1.5%, with net profit attributable to shareholders at 5.66 billion yuan, up 11.7% [1] - Segment performance shows PBG revenue at 5.57 billion yuan (YoY -2.1%), EBG at 7.46 billion yuan (YoY -0.4%), SMBG at 4.07 billion yuan (YoY -29.8%), overseas business at 12.23 billion yuan (YoY +6.9%), and innovative business at 11.77 billion yuan (YoY +13.9%) [1] Profitability and Cost Management - The company is reducing low-margin product sales, focusing on delivering product value rather than competing solely on price [2] - Sales, management, and R&D expenses for Q2 2025 increased by 2.0%, decreased by 6.4%, and decreased by 1.0% respectively, indicating operational optimization [2] Growth Prospects - The report forecasts a net profit of 13.82 billion yuan for 2025 and 15.81 billion yuan for 2026, with a new estimate of 18.81 billion yuan for 2027 [4] - The company is expected to benefit significantly from the AI model era due to its strong multi-modal models and extensive user base across various industries [3] Valuation Metrics - Current market capitalization is 263.8 billion yuan, with a PE ratio of 19 for 2023, projected to decrease to 14 by 2027 [4][11] - The report highlights a projected revenue growth rate of 7.42% for 2023, tapering to around 10.93% by 2027 [4]

腾讯校招团队透露，后台开发、PC客户端开发、移动客户端开发、游戏客户端开发等软件开发类岗位，和自然语言处理方向、计算机视觉方向、高性能计 算方向、基础架构方向等技术研究岗位，招聘需求量相对较大。根据往年经验，移动客户端开发、游戏客户端开发、前端开发岗位、PC客户端开发等岗位 投递相对较少，但需求较多，这意味着岗位投递的成功率会大大提高。 从招聘信息来看，在2026校园招聘中，软件开发岗位、技术研究岗位的需求量相对较大。腾讯招聘相关负责人表示， "AI+"领域将大幅增加对校招生的投 入，开放更广阔、更具前沿性的AI相关岗位，为年轻人提供深度参与技术变革的"战场"。 【环球网科技报道 记者 李文瑶】8月6日，腾讯2026校园招聘正式启动。本次招聘面向2025年1月至2026年12月期间毕业的大学生，开放技术类、产品类、设 计类、市场类、职能类等五大类70余种岗位。 "今年，我们每个月会盘点最新的岗位录取进度，公开当下最热门的岗位清单。大家可以关注腾讯招聘公众号和小红书，根据实时岗位录取进展，灵活调整 岗位选择。"腾讯校招团队成员邹芝丹说。 除了常规的校园招聘之外，腾讯面向AI人才也将启动两大人才专项。除了已于6月 ...

Group 1 - Tencent has officially launched its 2026 campus recruitment, targeting university graduates from January 2025 to December 2026, with over 70 positions across five categories: technology, product, design, marketing, and functional roles [1] - The recruitment will focus heavily on AI-related positions, with significant demand for software development and technical research roles, particularly in backend development, mobile client development, and game client development [1] - Tencent's recruitment team indicated that the "AI+" sector will see a substantial increase in investment for campus recruits, providing opportunities for young talents to engage deeply in technological transformation [1] Group 2 - Tencent will conduct monthly assessments of the recruitment progress and share the most popular job listings, allowing candidates to adjust their job choices based on real-time updates [2] - In addition to regular campus recruitment, Tencent is launching two special talent initiatives for AI professionals, including the "2026 Qiyun Plan" and an upgraded AI Product Manager Trainee Program set to start in early August [2] - The AI Product Manager Trainee Program aims to recruit top global AI product talents and will focus on systematic training, specialized learning, and leveraging Tencent's product and mentor resources to foster the growth of future AI product leaders [2]

每经评论员陈婷 近期，多个账号在社交平台上伪造跳水运动员全红婵及其家人声音合成AI(人工智能)视频为商品带货， 不少消费者直呼上当。 无独有偶。今年2月，据《每日经济新闻》报道，只需花1280元，直播、视频通话能实时换成娱乐圈明 星刘亦菲、杨幂的脸。 随着AI技术的快速发展，AI深度伪造技术在过去几年经历了显著的迭代升级，几近以假乱真。在此背 景下，违法违规运用AI进行牟利的事件屡见不鲜。 人民日报近日发文称，人们乐见AI技术助力网络消费，但绝不允许AI骗术"张牙舞爪"，侵蚀网络消费的 信任与成色。 笔者认为，AI骗术带来的乱象和影响不容忽视，相关平台企业不可坐视不理，必须主动亮剑，将风险 防控和伦理审查前置化。 事实上，面对AI技术潜藏的风险与挑战，作为AI产品的研发者和推广者，相关企业有机会将此类乱象 尽可能扼杀在萌芽阶段。 具体而言，笔者认为，第一，技术企业可在技术研发环节就嵌入合规红线。例如，对AI生成内容设置 明确的标识机制，让公众能够明确辨别真实信息与AI合成内容，从源头上避免虚假信息混淆视听。 第二，在商业合作中，应建立严格的名人授权核查流程。对涉及名人形象、声音等的AI应用，应当获 得完整、合 ...