证 券 研 究 报 告 计算机行业深度研究报告 推荐（维持） 海外 AI 应用：从大模型到各领域落地 行业研究 计算机 2025 年 11 月 18 日 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：杨玖祎 邮箱：yangjiuyi@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 338 | 0.04 | | 总市值(亿元) | 60,550.68 | 4.98 | | 流通市值(亿元) | 54,914.11 | 5.60 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -5.9% | 27.2% | 31.4% | | 相对表现 | -7.4% | 5.8% | 15.4% | -10% 7% 23% 39% 24/11 25/01 25/04 25/06 25/09 25/11 2024-11-18~2025-11-14 计算机 沪深300 相关研究报告 《计算机 ...

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Core Viewpoint - Alphabet is set to report earnings, with expectations of a gain of $2.26 per share on revenue of $99.96 billion, while the Whisper number suggests a gain of $2.31 per share [3] Financial Performance - Earnings have fluctuated over the past few years: $2.64 in 2020, $5.00 in 2021, $4.72 in 2022, $5.74 in 2023, $7.79 in 2024, and projected to grow to $9.90 in 2025 and $10.77 in 2026 [4] - The stock has a price-to-earnings (P/E) ratio of 31, approximately 1.3 times the benchmark S&P 500 [4] Technical Analysis - The stock is currently trading at a record high of $273, having risen significantly from a low of $140.53 in April 2025 [5] - It is trading above its 50 and 200-day moving averages, indicating healthy technical signs [5] Company Overview - Alphabet Inc. was established in 2015 to manage Google's diverse ventures, allowing Google to focus on its core internet services while subsidiaries operate independently [7][8] - Under CEO Sundar Pichai, Alphabet has maintained its position as a leading technology conglomerate with a market capitalization exceeding $2 trillion [9][10] Revenue Streams - Alphabet's revenue is primarily driven by Google's advertising business, with significant contributions from YouTube and Google Cloud [10] - The company operates through segments including Google Services, Google Cloud, and Other Bets, offering a wide range of products and services globally [11][12][13]

Core Insights - MAI, a marketing AI agent company, has raised $25 million in seed funding led by Kleiner Perkins, with participation from other investors [3][7] - The company aims to address the challenges faced by small and medium-sized enterprises (SMEs) in utilizing advertising platforms like Google Ads effectively [5][6] Group 1: Product and Market Positioning - MAI's first product, "Google Ads Agent," is designed to enhance advertising effectiveness for brands by leveraging their data for better ad spending and conversion rates [6][7] - The AI agent operates 24/7, automatically managing ad campaigns, adjusting spending, and optimizing performance in real-time [9][11] - MAI has reportedly helped clients achieve over 40% sales growth and manage millions of dollars in monthly Google Ads spending autonomously [7][11] Group 2: Technology and Innovation - The platform integrates deeply with unique business data, allowing for real-time multi-variable optimization and proactive issue detection [11][16] - MAI's approach democratizes access to advanced advertising technology, enabling SMEs to compete with larger firms without needing extensive technical teams [14][17] - The advent of generative AI allows for customized marketing solutions tailored to individual business needs, enhancing overall efficiency [18][19] Group 3: Investor Perspective - Investors are attracted to MAI's potential to disrupt the marketing landscape dominated by large corporations, recognizing the founders' deep expertise in advertising technology [23] - The integration of AI into marketing decision-making processes is seen as a transformative step, moving away from traditional experience-based strategies to data-driven optimization [23]

Core Insights - The article discusses the transformation of the global gaming industry, particularly focusing on the challenges and opportunities for Chinese gaming companies in the international market. It emphasizes the need for long-term operational capabilities and innovative marketing strategies to succeed in a competitive landscape [3][4][5]. Industry Overview - The global gaming industry experienced rapid growth from 2011 to 2021, with a compound annual growth rate (CAGR) exceeding 9.7%, and the mobile gaming market in China growing nearly 145% during the same period [5][6]. - However, post-pandemic, the industry has entered a downturn, with global market growth projected to drop to 2% in 2024 and 3% in 2025 [6][9]. Market Dynamics - The competition in the gaming market has intensified, with players increasingly gravitating towards established service-based games, which accounted for over 60% of user engagement time in 2022 [7]. - Emerging markets, particularly in the Middle East, Africa, and Latin America, are showing significant growth potential, with mobile gaming revenue in Latin America reaching 48% of total gaming revenue [9][10]. Successful Strategies - Successful examples include Supercell's Brawl Stars, which achieved over $400 million in monthly revenue five years post-launch through effective long-term operations [3]. - Chinese gaming companies are adapting by utilizing advanced marketing tools, such as Google Ads and YouTube, to enhance user acquisition and retention [4][11]. Marketing Evolution - The traditional approach to user acquisition through low-cost downloads is becoming less effective, with a shift towards more sophisticated marketing strategies that focus on user value and engagement [13][14]. - Companies are increasingly integrating brand advertising into their marketing strategies to reach broader audiences and enhance user recognition [15][16]. Technological Advancements - The article highlights the role of AI and advanced advertising platforms, such as Google's Gemini, in reshaping the gaming landscape, enabling companies to better understand and target their audiences [17][18]. - The integration of AI in game development is expected to democratize the creation process, allowing more individuals to participate in game design [18]. Conclusion - The future of gaming globalization for Chinese companies lies in leveraging new marketing capabilities and technological advancements to create and sustain high-quality gaming experiences in emerging markets [10][18].

Core Insights - Google is restructuring its management layers in the US ad sales unit to enhance efficiency and decision-making speed as growth slows and competition increases from AI-driven rivals [2][4][9] - The Google Customer Solutions (GCS) division will see changes in leadership structure starting January 2024, including the removal of "Managers of Managers" roles [3][8] - The restructuring reflects a broader trend in the tech industry towards leaner management structures, with other companies like Intel, Amazon, and Microsoft also adopting similar strategies [9] Management Changes - The number of managers overseeing small teams in Google has been reduced by 35% over the past year [2] - All managers in select teams will transition to "Heads of business" and report directly to directors, eliminating an intermediate management layer [8] - GCS is described as managing a portfolio comparable to a Fortune 100 company, emphasizing its significance within Google's overall business strategy [4][10] Strategic Focus - The restructuring aims to empower teams and maintain close leadership involvement in operations, thereby accelerating decision-making processes [4][9] - Google plans to reopen account executive roles to strengthen customer partnerships, indicating a commitment to investing in capacity despite the management changes [9] - GCS is positioned as the "core channel for scaling growth" as the company reduces teams in the Large Customer Sales (LCS) division [10]

Core Insights - Google is investing $15 billion to establish a 1-gigawatt data center and AI hub in India, marking its largest investment in the country to date [1][2] - The investment will be executed over the next five years, extending through 2030, following a previous $10 billion commitment made in 2020 [2] Investment Details - The data center will be located in Visakhapatnam, Andhra Pradesh, and is part of a broader strategy to enhance Google's infrastructure in India [2][4] - Google Cloud CEO Thomas Kurian stated that the AI hub will be the largest investment outside the U.S. and will be scaled to "multiple gigawatts" over time [4] Strategic Partnerships - Google has partnered with Bharti Airtel to build the data center and subsea cable infrastructure in Visakhapatnam, and with AdaniConneX for the data center's infrastructure [5][10] - The AI hub will serve as a global connectivity hub, enhancing digital infrastructure across India [5][10] Technological Offerings - The AI hub will provide a full stack of solutions, including custom Tensor Processing Units (TPUs) for local AI processing, and access to Google's AI models and platforms [10][11] - Services supported by the hub will include Google Search, YouTube, Gmail, and Google Ads, aiming to serve not only India but also Asia and other regions [11] Political Context - The investment comes amid Indian government efforts to promote local tech alternatives to U.S. companies, which could pose future challenges for Google and Microsoft in the region [3] - Indian IT Minister Ashwini Vaishnaw expressed support for the AI hub, suggesting further expansion into the Andaman Islands for global internet data transfer [13]

Core Insights - Gap Inc has formed a multi-year partnership with Google Cloud to leverage AI technologies for retail transformation [1][2] - The collaboration aims to enhance product innovation, customer experience, and employee empowerment through AI tools [2][3] Group 1: Partnership and Technology - The alliance will provide Gap Inc with a unified AI platform utilizing Google Cloud technologies such as Gemini, Vertex AI, and BigQuery [1] - The platform is designed to expedite a "human-centred digitally enabled technology strategy" across Gap's brands, including Old Navy, Gap, Banana Republic, and Athleta [1][4] Group 2: Product Innovation and Customer Experience - The partnership is expected to accelerate product innovation by streamlining design, planning, and pricing processes, thereby increasing efficiency from concept to shelf [2] - Improvements in customer experience are anticipated through hyper-personalized shopping, smarter recommendations, and seamless consumer engagement [2] Group 3: Employee Empowerment - AI will be utilized to transform decision-making and task execution for teams and service agents, enhancing agility and responsiveness within the company [3] - The collaboration builds on existing work with Google on advertising, optimizing ad placements and campaigns as part of an omnichannel strategy [3] Group 4: Financial Performance - In Q2 of fiscal 2025, Gap Inc reported net sales of $3.7 billion, remaining flat year-on-year, with online sales increasing by 3% and accounting for 34% of total net sales [5]

Core Insights - PayPal's partnership with Alphabet positions it at the forefront of AI-powered commerce, potentially transforming its business model [1][3] - The collaboration will integrate PayPal as the primary payments processor across various Google platforms, enhancing its technological capabilities through Google Cloud [2][4] Partnership Details - PayPal will migrate its technology stack to Google Cloud, allowing for improved fraud detection and faster transaction processing [2][6] - The partnership aims to develop "agentic commerce," where AI shopping agents assist consumers in purchasing and product discovery [3] Strategic Importance - This partnership enables PayPal to expand its reach with minimal customer acquisition costs, accessing billions of users and millions of merchants [4] - The collaboration with Google enhances PayPal's positioning beyond being a digital wallet, embedding it within a significant tech ecosystem [8] Growth Projections - The deal is expected to accelerate PayPal's branded checkout growth from mid-single digits to 8%-10% by 2027 [7] - PayPal's ongoing initiatives, such as Venmo's revenue growth and increased debit card usage, indicate a broadening user base [9] Market Positioning - Despite a 20% decline in stock value year-to-date, PayPal's valuation remains attractive with a forward P/E ratio of approximately 11.5 times 2026 estimates [10] - The strategic move is seen as a potential catalyst for growth, aligning PayPal with the evolving landscape of AI-driven commerce [11]

Group 1 - Alphabet Inc. (NASDAQ:GOOGL) is currently considered one of the best fundamental stocks to buy, highlighted by its recent £400 million contract with the UK Ministry of Defence for a sovereign cloud capability [1][2] - The collaboration aligns with the Ministry's Strategic Defense Review, promoting advanced cloud infrastructure for enhanced capabilities, secure information processing, AI, and cybersecurity [2] - Google Cloud is expected to generate significant revenue from this contract and will hire specialists in the UK to manage the technology [2][3] Group 2 - Alphabet Inc. has a diverse portfolio that includes services such as Google Ads, Google Chrome, Google Cloud, Search, and YouTube, positioning it as a leading tech giant [3]