每当提到那些划时代的新技术时，大多数人脑海中，总会浮现出摧枯拉朽般的颠覆景象：蒸汽机一响，工业革命就迅速推倒农业文明；互联网 诞生，信息时代便席卷全球，颠覆传统生活方式。 但实际上，真正能扎根壮大、改变世界的颠覆性技术，鲜少是靠纯粹的"替代"一蹴而就，往往是在提升效率、降低成本的过程中，与传统模式 共生共长，最终悄然重塑格局。 今年中报期的谷歌与Meta就是最好的例证，在纯AI产品商业化有限的情况下，依旧双双大幅beat了市场预期，依靠的正是AI加持下， Advantage+、Reel、Pmax等广告业务突飞猛进。 聚焦到国内市场，当前的AI发展与应用主逻辑亦是如此——就在昨日，中国视频大模型领先者快手发布了2025年中报：营业收入录得350.46 亿，同比增长13.1%，经调整利润56.18亿，同比增长21.6%，营收利润双双大幅beat了预期。 并且在未来预期层面，快手也展现出对AI发展及整体业务发展相对乐观的信号，业绩会中CFO金秉透露，可灵AI 2025年全年收入预计比今年 初目标翻倍，这使快手坚定了在可灵AI上进行长期投入的决心，预计可灵AI相关的2025年Capex上的投入较年初预算也将翻倍。 快 ...

Core Insights - The report highlights significant developments in the U.S. debt market, with a notable increase in yields for various maturities, indicating potential shifts in investor sentiment and economic outlook [4][5]. - The A-share market has reached a milestone, with the total market capitalization surpassing 1 trillion yuan, reflecting growing investor confidence [4]. - The report notes a decline in China's smartphone market shipments by 4.1% in Q2, suggesting challenges in consumer electronics [4]. Economic Data - The Baltic Dry Index closed at 2044.00, up by 0.25%, indicating a slight increase in shipping costs [5]. - The Nasdaq Composite Index closed at 21629.77, with a marginal increase of 0.03%, while the Dow Jones Industrial Average decreased by 0.08% to 44911.82 [5]. - The ICE Brent crude oil price rose by 0.93% to $66.46, reflecting fluctuations in global oil markets [5]. - The USD/CNY exchange rate was reported at 7.18, with a slight increase of 0.13%, indicating currency market dynamics [5]. - The Hang Seng Index closed at 25176.85, down by 0.37%, while the Shanghai Composite Index increased by 0.85% to 3728.03, showing mixed performance in the Hong Kong and mainland markets [5].

Core Insights - Meitu (1357.HK) announced a strategic partnership with Alibaba in May 2023, receiving a $250 million convertible bond investment from Alibaba [1] - The collaboration is progressing as expected, with both teams working to build trust and identify complementary roles [1] - Meitu plans to launch an AI fitting feature in collaboration with Alibaba, enhancing online shopping experiences by integrating Meitu's AI capabilities with Alibaba's clothing resources [1] Company Developments - Meitu's CEO, Wu Xin Hong, mentioned that initial collaborations have already begun, and the overall partnership is moving in a positive direction [1] - The AI fitting feature will be linked to product detail pages, which is expected to drive conversion rates [1] - Meitu designers will provide certain capabilities to Taobao merchants, including AI-generated product images [1] Product Launch - In July 2023, Meitu launched a generative AI design assistant called RoboNeo, which is currently experiencing increasing computational demands [1] - Alibaba is expected to respond promptly to the computational needs to ensure product stability [1] - RoboNeo has achieved over one million monthly active users (MAU) within a month of its launch, which is described as an unprecedented achievement for a product with no internal traffic support and zero marketing budget [1] Business Model - RoboNeo currently operates on a daily subscription model, with plans to refine the mechanism and introduce subscription or one-time purchase options by the end of August to early September [1]