2025 年 08 月 1 日 研 Meta(META.O):AI 重构广告生态，算力军备竞赛 领跑全球 究 报 告 推荐(维持) 事件 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 12.1 | 10.3 | 60.5 | | 300 沪深 | 5.5 | 7.2 | 14.7 | 资料来源：Wind，华鑫证券研究 1、《计算机行业点评报告：特斯拉 （TSLA.O）：Robotaxi 开启 AI 商业 化，储能业务构筑第二增长曲线》 2025-07-29 KimiK2 测试成绩优秀，OpenAI 正式 推出通用智能体》2025-07-24 Researcher、K2 双线突破，强化学 习革新与开源智能的双擎驱动》 2025-07-21 行 业 2025 年 7 月 30 日，Meta 公布了截至 2025 年 6 月 30 日的 2025 财年第二财季业绩，公司第二财季营收 475.16 亿美 元，同比增长 22%；净利润同比增长 36%至 183.37 亿美元。 分析师：宝幼琛 S1050521110002 baoy ...

晨会纪要（R3） 晨会纪要 2025 年 08 月 01 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3573.21 | -1.18 | | 深证成指 | 11009.77 | -1.73 | | 创业板指 | 2328.31 | -1.66 | | 科创 50 | 1047.87 | -1.01 | | 北证 50 | 1422.87 | -1.16 | | 沪深 300 | 4075.59 | -1.82 | 上证指数-沪深 300 走势图 -8% 2% 12% 22% 32% 2024-07 2024-10 2025-01 2025-04 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 汪颜雯 | 研究助理 | | wangyanwen@hnchasing.com | | 晨会聚焦 一、财信研究观点 【市场策略】大盘震荡调整，三大指数收跌 【基金研究】基金数据日跟踪 ...

Market Overview - On July 23, the Hang Seng Index rose by 408 points or 1.6%, closing at 25,538 points, marking its highest closing level of the year[1] - The Hang Seng Tech Index increased by 2.5%, closing at 5,745 points, with total market turnover reaching HKD 333.1 billion, the highest since April 10[1] - Despite the rise, net outflow from Hong Kong Stock Connect was HKD 1.319 billion, indicating a lack of broad-based market strength[1] Sector Performance - Major tech stocks drove the index higher, with Tencent (700 HK) up 4.9% to HKD 552, a new high for the year[1] - Other notable gains included Alibaba (9988 HK) and Meituan (3690 HK), which rose between 2.5% and 3.3%[1] - AI and robotics stocks showed strong performance, with companies like UBTECH (9880 HK) rebounding by 5.8% after a recent share placement[4] Economic Dynamics - The Trump administration is shifting from broad tariffs to targeted investment agreements, maintaining at least a 10% baseline tariff while negotiating investment commitments from countries like Japan and the Philippines[3] - This strategy may help control inflationary pressures from imported goods, as certain key agricultural and energy products receive exemptions[3] Real Estate Insights - New home sales in 30 major cities fell to 1.23 million square meters, a year-on-year decline of 21.7%, although this was an improvement from the previous week's 24.9% drop[6] - The cumulative transaction volume for new homes in first-tier cities showed mixed results, with Guangzhou up 15.6% year-on-year, while Beijing and Shanghai saw declines[7] Investment Strategy - The overall sentiment in the Hong Kong market remains positive, with expectations of foreign capital inflows potentially accelerating the market's upward momentum[2] - Investors are advised to focus on high-dividend sectors such as telecommunications, utilities, and financials while looking for opportunities in growth areas like AI and biomedicine[13]

Investment Rating - The industry maintains a "Buy" rating [7][5][33] Core Viewpoints - The "Big and Beautiful" Act in the US increases tax credits for semiconductor manufacturers building new factories from 25% to 35%, which is expected to significantly lower expansion costs and encourage companies like TSMC, Intel, and Micron to accelerate their projects in the US [3][11][21] - The Philadelphia Semiconductor Index has shown a continued upward trend, supported by strong capital expenditures and positive long-term technology demand expectations, with a year-to-date increase of 12.46% as of July 3, 2025 [4][15] - The demand for AI-related hardware is expected to rise due to the proliferation of AI large models and devices like AI smart glasses and AI smartphones, driving steady growth in the market for high-performance Ethernet switches, advanced storage products, GPUs, and edge computing chips [5][33] Summary by Sections Industry Investment Rating - The report maintains a "Buy" rating for the semiconductor industry, suggesting a positive outlook for the sector [7][5][33] Market Overview - The semiconductor industry index experienced a decline of 1.18% from June 30 to July 4, 2025, while the broader market indices showed gains [10][13] - The semiconductor equipment sector led the performance among sub-sectors, while other sectors recorded declines [14] Key Legislative Developments - The "Big and Beautiful" Act was signed into law, which is expected to stimulate high-end manufacturing in the US and increase import tariffs on semiconductor manufacturing equipment and high-end chips [11][22] Company Recommendations - The report recommends focusing on companies such as Zhaoyi Innovation, Lanke Technology, Juchen Co., Shenkong Co., and Longxin Zhongke, which are expected to benefit from the ongoing trends in the semiconductor market [5][33]

【Claude 网页版接入 MCP！10 款应用一键调用】Anthropic 宣布 Claude 两大更新："MCP 协议在网页端开放"与"Research 功能更新"。目前两项 更新已向 Max、Team 和 Enterprise 用户开放，并在之后覆盖到 Pro 用户， 网页搜索功能已经面向所有付费用户开放。MCP 是 Anthropic 提出的一种通 信协议，支持 AI 与外部数据源无缝集成，被喻为"AI 应用的 Type-C 接 口"。此次 MCP 在网页版端的开放降低了技术门槛，集成多个应用，开发者 可在 30 分钟内创建自己的集成应用。官方通告中展示了 Confluence、Jira 任务管理、Zapier 日程解析、Intercom 故障排查三大应用场景。同时 Research 新增更多数据来源，支持 Integration 中接入的 MCP 应用，可以对 更多的内外部来源进行更深入的调查，并且对引用进行清晰的标注并直接链 接到原始资料。 风险提示：政策监管风险，竞争加剧风险，宏观环境不确定性风险。 增持（维持） 行业走势 作者 分析师 顾晟 执业证书编号：S0680519100003 邮箱：g ...

Group 1: AI Product Development - The company has developed a series of AI smart terminal products, including the Nex playground AI game box and the AI fitness box in collaboration with True, a Thai operator [2] - The company is actively enhancing its product capabilities in AI, focusing on multi-modal AI technology applications and innovative products [2] Group 2: Broadband Network Expansion - As of the end of 2024, there are 207 million users with access rates of 1000Mbps or higher, accounting for 30.9% of total users, an increase of 5.2 percentage points from the previous year [3] - The company has achieved a market share of 18.85% in the PON gateway segment, winning significant contracts with major domestic telecom operators [3][4] Group 3: Future Development Plans - The company is focusing on new generation information technology, broadband network communication, and XR technologies as part of its strategic development [4] - Plans include expanding into AI glasses, AR glasses, and smart integrated terminal systems, while also pursuing external growth through investments and acquisitions [5]