证券研究报告|行业定期报告 2025 年 08 月 15 日 GPT-5 正式发布，关注互联网中报表现 互联网行业上市公司重要公告： ❑ 大智慧： 8 月 4 日，大智慧发布公告，湘财股份持有公司无限售条件流通股 192,136,807 股（占总股本 9.66%）。本次解质押股份 3,227,268 股，解 质押后，湘财股份累计质押 79,809,830 股，占其持股量 41.54%、公司总 股本 4.01%。 行业新闻： 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 160 | 3.1 | | 总市值（十亿元） | 1877.4 | 2.0 | | 流通市值（十亿元） | 1709.0 | 2.0 | 行业指数 % 1m 6m 12m 绝对表现 5.1 10.6 54.0 相对表现 2.4 5.2 31.2 资料来源：公司数据、招商证券 -20 0 20 40 60 80 Aug/24 Dec/24 Mar/25 Jul/25 (%) 传媒 沪深300 互联网行业周报 TMT 及中小盘/传媒 中报季临近，我们持续坚定推荐业绩表现稳中向好、AI ...

8月15日，A股盘中再度上扬，创业板指、北证50指数等表现强势；港股弱势下探，恒生指数、恒生科技指数盘中均跌超1%。 市场整体活跃，两市主要股指全线走高，截至中午收盘，上证指数上涨0.47%，深证成指上涨1.19%，创业板指上涨2.14%，北证50指数上涨2.74%。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3683.58 | 11587.38 | 1472.06 | | +17.14 +0.47% +135.95 +1.19% | | +39.26 +2.74% | | 科创50 | 创业板指 | 万得全A | | 1091.35 | 2522.62 | 5811.99 | | +5.62 +0.52% +52.97 +2.14% | | +60.07 +1.04% | | 沪深300 | 中证500 | 中证A500 | | 4193.01 | 6535.85 | 4973.34 | | +19.69 +0.47% +106.00 +1.65% +34.29 +0.69% | | | | 中证1000 | 深证1 ...

Group 1: Market Overview - The A-share market showed strong performance with major indices rising, including the Shanghai Composite Index up by 0.47% and the ChiNext Index up by 2.14% [2] - The brokerage sector experienced significant inflows, with nearly 12 billion yuan net inflow, leading to a 3.57% increase in the sector [2][6] - The real estate sector also saw gains, with specific stocks like Quzhou Development and Zhejiang Dongri achieving consecutive daily limits [4] Group 2: Brokerage Sector Performance - Longcheng Securities reported a projected net profit of 1.335 to 1.407 billion yuan for the first half of 2025, representing a year-on-year growth of 85% to 95% [6] - The increase in margin trading balances reflects investors' growing confidence in market recovery and willingness to take risks [6] - The upcoming disclosures of semi-annual reports from listed brokerages are expected to reveal significant improvements across various business segments [6] Group 3: AI Industry Developments - AI-related stocks, including liquid cooling servers and PCBs, saw a collective rise, with companies like Chuanhuan Technology and Jintian Co. achieving 20% gains [7] - The release of advanced AI models, such as OpenAI's GPT-5, is expected to stimulate demand for computing power and benefit the ASIC supply chain [7][8] - NVIDIA's rapid expansion in ASIC development is anticipated to drive strong demand for AI-related PCBs and components [8][9] Group 4: Specific Stock Movements - Cambrian, which recently reached a historical high, experienced a decline of over 4% amid profit-taking and market corrections [10] - The company issued a statement addressing misleading information circulating about its orders and revenue forecasts, urging investors to make rational decisions [10]

Core Viewpoint - The article highlights a significant inflow of nearly 12 billion yuan into the brokerage sector, indicating strong market activity and investor confidence in the context of recent policy support and improving market conditions [1][9]. Market Performance - On August 15, A-shares saw a rise, with the ChiNext Index and Northbound 50 Index performing strongly, while Hong Kong stocks experienced a decline [2]. - Major stock indices in the two markets rose, with the Shanghai Composite Index up by 0.47%, Shenzhen Component Index up by 1.19%, and ChiNext Index up by 2.14% [3]. - The brokerage sector surged by 3.57%, with a net inflow of nearly 12 billion yuan, as many stocks in the sector saw significant gains [4][6]. Sector Analysis - The brokerage sector led the gains, with notable performances from Longcheng Securities, Tianfeng Securities, and others, reflecting a robust market sentiment [5][6]. - The overall trading volume reached 1.33 trillion yuan, with a forecasted total of 2.12 trillion yuan, indicating active market participation [4]. Individual Stock Highlights - Longcheng Securities reported a projected net profit of 1.335 to 1.407 billion yuan for the first half of 2025, representing a year-on-year increase of 85% to 95% [8]. - Other brokerage firms like Zhongyin Securities and Dongfang Wealth also saw significant price increases, with gains of approximately 6.87% and 6.73%, respectively [8]. AI Industry Activity - The AI industry chain stocks showed strong performance, with companies like Chuanhuan Technology and Jintian Co. achieving substantial gains [11]. - Recent advancements in AI technology, including the release of OpenAI's GPT-5, are expected to drive demand for related hardware and services, benefiting companies in the ASIC and PCB sectors [12]. Notable Declines - The stock of Hanwujing, which recently reached a historical high, experienced a decline of over 4%, attributed to profit-taking and misleading market information [14].

Core Viewpoint - The release of GPT-5 marks a significant moment in the AI industry, indicating a shift from a transformative era of large language models to a more incremental improvement phase, suggesting that the Transformer architecture may be reaching its limits [6][56]. Performance Analysis - GPT-5 shows improvements in various core metrics, such as achieving a 94.6% accuracy in the AIME math competition without tools and 100% with tools, but the progress compared to previous models is less dramatic [9][12]. - In the HLE human ultimate exam, GPT-5 Pro achieved 42%, a notable increase from the previous model's 24.3% [16]. - For programming capabilities, GPT-5 scored 74.9% in the SWE Bench Verified test, slightly surpassing Anthropic's Claude Opus 4.1 [21][24]. - The cost of using GPT-5 is significantly lower than its competitors, with input costs at $1.25 per million tokens, indicating a potential price competition in the market [26][27]. Industry Trends - The release event for GPT-5 was more elaborate but lacked the excitement of earlier launches, reflecting a shift in how OpenAI presents its advancements [8][9]. - The AI industry is moving towards a phase where quality and user experience are prioritized alongside capability, indicating a maturation of the market [8][12]. - The potential saturation of training data and parameters suggests that the industry may soon face challenges in achieving further breakthroughs with current architectures [34][37]. Future Directions - Two potential future directions for AI development are algorithmic innovation, such as hierarchical reasoning models, and upgrading data types to include more complex modalities like video and sensor data [38][41]. - The industry is transitioning from a phase of "superior quality" to "lower prices," which could lead to a competitive environment where profit margins are squeezed [43]. Conclusion - The release of GPT-5 signifies both a peak and a potential turning point in the AI landscape, with future advancements likely requiring new architectures or data modalities to sustain growth [56].

此前一日，百度方面透露，计划于8月底前推出新一代AI推理大模型，旨在强化复杂任务处理能力以 提升市场竞争力。而8月6日，Google Deep Mind发布的"Genie3"模型，具备生成动态3D世界及模 拟物理现象的能力，但在实际可操作性与多智能体交互方面仍存在局限。 中国大模型开源领域近期呈现集中爆发态势。7月27日，腾讯在世界人工智能大会上宣布开源"混元 3D世界模型1.0"。阿里自7月22日起密集发布四款开源模型，8月1日其最新开源模型在国际评测平 台位列全球第三。同日，京东宣布将"言犀"升级为"JoyAI"，新体系涵盖全尺寸模型，支持多模态功 能。 国际开 源平台HuggingFace7月31日发布的榜单显示，全球排名前十的开源大模型中，中国 企业占 据九席。其中智谱GLM-4.5位列第一，阿里系列模型占五席，腾讯、月 之暗面相关 模型亦榜上有 名，反映出中国开源大模型从技术追赶向生态主导阶段迈进。 点击蓝字，关注我们 8月以来，全球人工智能领域技术迭代节奏显著加快，OpenAI、Google DeepMind、百度等中外科 技企业相继发布或更新大模型产品，推动行业进入创新密集期。 与此同时， 中国 ...

8 月以来，全球人工智能领域技术迭代节奏显著加快， OpenAI 、 Google DeepMind 、百度等中外科技企业相继发布或更新大模型产品，推动行业进入创 新密集期。 // 开源红利与挑战并存 // 与此同时，中国企业在开源大模型赛道表现突出，全球市场影响力持续提升，产业生态构建与商业化落地展现强劲潜力。 // 头部企业密集发力 // 8月8日，OpenAI正式推出GPT-5，包含推理增强版、多模态版及企业定制版三个版本。据其官方披露，该模型在编程场景性能显著提升， 幻觉率进一步降低，代码生成能力表现突出；网页端向个人用户免费开放，API调用价格同步下调。 此前一日，百度方面透露，计划于8月底前推出新一代AI推理大模型，旨在强化复杂任务处理能力以提升市场竞争力。 而8月6日 ，Google Deep Mind发布的"Genie3"模型，具备生成动态3D世界及模拟物理现象的能力，但在实际可操作性与多智能体交互方面仍存在局限。 中国大模型开源领域近期呈现集中爆发态势。7月27日，腾讯在世界人工智能大会上宣布开源"混元3D世界模型1.0"。 阿里自7月22日起密集发布四款开源模型，8月1日其最新开源模型在国 ...

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨 本周观点聚焦 1、本周 观 点： 坚定加仓 Agent 龙头 2、深度跟 踪 ： Agent ：海外巨头财报及 GPT5 验证高景气 周观点 坚定加仓 Agent 龙头 持续战略性加仓计算机板块。 当前，无论国内外资本市场，均呈现积极向上的发展态势。计算机板块做为科技创新的重要阵地，持仓水平较低，业绩稳健转好，政策及 产业创新不断，具备显著的投资价值，建议积极加仓。 头部大模型迭代正渐入佳境。 自 7 月以来，头部大模型迭代加速，包括 Grok4 、 Kimi K2 、 GLM4.5 ，以及本周的 Genie3 、 GPT5 。从大模型的进化趋势来看，开 源、低成本、低幻觉、多模态正成为主要特征，有望加速 AI 应用的落地。 继续首推 Agent 产业链龙头。 随着大模型的进化，以及头部用户数据治理的推进， Agent 正加速爆发。美国 Agent 标杆 Palantir 2025Q2 业绩全面超预期，其中公司 2025Q2 商业 Agent 驱动美国商业业务收入同比增长 93% ，股价持续创新高。建议积极把握 ...

Core Viewpoint - The article highlights the rapid evolution of Google's Genie3, showcasing its advanced capabilities and immersive experiences that allow users to explore various worlds and scenarios, emphasizing creativity and imagination as the only limits [1][5]. Summary by Sections Introduction - Genie3 has evolved significantly in just over seven months since Genie2, offering enhanced features and experiences [1]. User Experience - Users can now enjoy a clearer 720P quality experience, extending from a few seconds to several minutes of immersive interaction [3]. - The platform supports multiple universe types, including nature, history, and fantasy, providing a diverse range of experiences [4]. Gameplay Features - Genie3 allows users to embark on realistic adventures, such as exploring a volcanic landscape or flying a helicopter near cliffs, simulating extreme sports [12][15]. - Nature enthusiasts can experience detailed ecosystems, including animal behaviors and complex plant life [17]. - Users can also travel through time to revisit historical settings or recreate their hometowns in detail [19][23]. Advanced Gameplay - Users can experiment with unrelated prompts to generate unique scenarios, demonstrating the model's ability to handle complex recursive tasks [29]. - Genie3 is suitable for building complete virtual environments and training robots using simulated world data [30]. Community Creations - The article showcases various creative games made by users, including pixel art knights and clay-style cat characters, highlighting Genie3's capabilities as a game engine [33][34].

What you're seeing are not games or videos. They're worlds. Each one of these is an interactive environment generated by Genie3, a new frontier for world models.With Genie3, you can use natural language to generate a variety of worlds and explore them interactively, all with a single text prompt. [Music] Let's see what it's like to spend some time in a world. Genie 3 has real-time interactivity, meaning that the environment reacts to your movements and actions.You're not walking through a pre-built simulati ...