来源：市场资讯 （来源：研报虎） 阶段三(4月初至今)：关税影响边际递减，行业初创公司ARR加速放量，美股Agent能否借AI放量或提 价，成此阶段行情分化关键。AI初创公司ARR放量时间显著缩短，例如Anthropic年化收入0→1、 1→2、2→3亿美元分别为21、3、2月，创收能力快速提升；AI建站工具Lovable仅8个月内便达到1亿美 元ARR。 年初至今表现突出的标的主要分为两类，核心均与AI赋能量增或价涨相关。一类是以PLTR为代表的toB 企业，其股价走强的核心逻辑在于AI产品深度赋能主业(如AI提升服务效率，或拓展高价值客户场景)， 直接推动营收规模快速增长，这一特征在toB领域因商业场景更易落地而表现得尤为显著。另一类则是 以Spotify为代表的toC企业，它们借助AI优化产品体验(如精准推荐、个性化升级)，为提价提供用户认 可的价值支撑，进而改善利润率，成为股价上涨的重要推力。 Palantir(AI放量：年初至8月11日，股价+141.5%)：2023年推出AIP平台后，开启订单业绩高增期。 2025Q2总收入达到10.04亿美元，同比+48%。 Spotify(AI提价：年初至8月 ...

Group 1 - The report emphasizes that the main investment opportunities in the computer sector for the first half of 2025 are focused on three key themes: AI, financial technology innovation, and automation, with a notable preference for small-cap companies [1][18][21] - The performance of the computer sector is highlighted, with the Shenwan Computer Index showing a growth of 7.85% from January 1 to June 25, 2025, and a maximum increase of 41.33% during the same period [14][21] - The report identifies specific companies that have shown significant stock performance, such as Luqiao Information with a 271.26% increase and Huijin Co. with a 212.21% increase [15][29] Group 2 - The report discusses the rapid development of AI applications, particularly in the consumer sector, where active users of AI-native apps reached 270 million by March 2025, reflecting a year-on-year growth of 536.8% [32][33] - It notes that the integration of AI technology has significantly boosted the performance of companies like Meitu, which achieved a revenue of 3.34 billion yuan in 2024, a 23.9% increase year-on-year, largely due to AI-enhanced products [38][40] - The report highlights the importance of financial technology innovations, particularly stablecoins, which have seen a market capitalization of $251.1 billion as of June 25, 2025, with USDT and USDC being the leading stablecoins [6][28] Group 3 - The report outlines the commercialization of automation applications, such as Tesla's Robotaxi, which began operations in Austin, Texas, charging $4.2 per ride, indicating a significant step towards the realization of autonomous logistics [30][31] - It emphasizes the potential of companies like Jiu Shi and New Stone, which are leading the commercialization of unmanned logistics vehicles, showcasing the rapid development of this sector [30][31] - The report also discusses the legislative advancements in stablecoins and RWA (Real World Assets), which are expected to bridge traditional finance and Web3, enhancing the financial ecosystem [28][29]