2025 年 05 月 19 日 腾讯资本开支高增，AI 智能体产业持续发展 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 电力设备(申万) 7.4 -4.1 3.5 沪深 300 3.1 -0.6 5.7 市场表现 -30 -20 -10 0 10 20 30 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：OpenAI 计 划加大海外投资，持续看好 AIDC 环 节》2025-05-12 2、《电力设备行业周报：海外云厂 财报超预期，AI 反弹趋势明确》 2025-05-06 3、《电力设备行业周报：光伏组件 维持涨价，人形机器人产业进展密 集》2025-03-31 ▌腾讯资本开支高增，AI 智能体产业持续发展 腾讯公布 2025Q1 财报，值得关注的是 2025Q1 资本开支 275 亿元，同比+91 ...

2025 年 05 月 19 日 腾讯资本开支高增，AI 智能体产业持续发展 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 电力设备(申万) 7.4 -4.1 3.5 沪深 300 3.1 -0.6 5.7 市场表现 -30 -20 -10 0 10 20 30 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：OpenAI 计 划加大海外投资，持续看好 AIDC 环 节》2025-05-12 ▌ 投资观点 从板块来看，我们认为柴发依然是量利齐升且逻辑最顺的板 块，推荐关注潍柴重机，其次建议关注渗透率逐步提升的 HVDC 环节，推荐关注科华数据、通合科技，最后建议关注伴 随功率提升而受益的服务器电源以及液冷环节，推荐关注英 维克（新能源车组覆盖）、申菱环境（新能源车组覆盖）、 欧陆通。 对电力设备板块维持"推 ...

Core Insights - OpenAI has launched HealthBench, an open-source benchmark for evaluating the performance and safety of large language models in the healthcare sector, which has sparked widespread discussion in the industry [1][3] - The benchmark was developed with the participation of 262 practicing doctors from 60 countries and integrates 5,000 real medical dialogue data, utilizing 48,562 unique scoring criteria created by doctors for meaningful open assessments [1][3] - The introduction of HealthBench is expected to enhance the scientific and comprehensive evaluation of AI medical models, accelerating the application of AI technology in healthcare and providing new development opportunities for related companies [1][3] Group 1: HealthBench Overview - HealthBench consists of 7 themes and 5 evaluation dimensions, focusing on areas such as emergency referrals and professional communication, with dimensions including accuracy and contextual understanding [3][4] - OpenAI has also introduced two special versions of HealthBench: HealthBench Consensus, which includes 34 critical evaluation dimensions verified by doctors, and HealthBench Hard, which presents more challenging assessment scenarios [4] - The credibility of HealthBench has been supported by a meta-evaluation comparing model scores with human doctor scores, showing high consistency in 6 out of 7 evaluation areas [4] Group 2: Trends in AI Healthcare Applications - The AI healthcare market is projected to grow at an annual rate of 43% from 2024 to 2032, potentially reaching a market size of $491 billion [6] - AI is expected to enhance healthcare accessibility and efficiency, addressing issues like personnel shortages in hospitals and improving diagnostic accuracy [6] - The evolution of AI in healthcare has transitioned from rule-driven to data-driven approaches, now entering a multi-modal integration phase, allowing for better understanding and modeling of diverse medical data [6][7] Group 3: Future Directions in AI Models - The focus of competition among large models has shifted from merely increasing parameter size to optimizing model efficiency and performance under limited computational resources [7] - Key trends in AI applications within the pharmaceutical industry include the emergence of models as products, local and edge deployment, and rapid expansion of AI applications in research and development [7][8] - The pharmaceutical industry is expected to see a rise in specialized models tailored for specific scenarios, enhancing the adaptability and effectiveness of AI solutions [7][8]

午盘在证券、保险发力下，上证指数站上了3400点，不知道各位的持仓有没有回到3400点。再跟银行比一下，估计大家要自惭形秽，银 行板块逼近2007年牛市高点，可以说这是近几年最牛的板块，虽然这里面有gjd护盘带来的被动资金，但从结果来看就是最牛的，而大部 分股民都没有参与到这波牛市里。 今天盘中高盛的一份研报《新的公募基金管理指引推动金融板块上涨》流传甚广，核心是下面这张图。根据公募基金一季报，低配比例 最多的银行走势最强，超配比例最多的电子走势最弱。 公募新规下，如果公募基金的业绩跑输业绩基准超过10%，基金经理的绩效薪酬就会大受影响，为了不跑输业绩基准，持仓就要向业绩 基准靠。主动基金的基准设计上，45%挂钩沪深300，18%挂钩中证800，合计占比2/3，也就是说大部分主动基金都要向大盘靠，特别是 沪深300指数。 如果大家看过我5月9日写的文章，对上述说法就很熟悉，公募新规刚出来我就特地写了一大段来解读。 4月底的时候，我记得由于四大行一季度净利润同比下降，银行板块连续大跌，但为何又迅速新高了？不仅如此，午盘还带动证券、保险 板块暴涨，中国人保涨停。 我的观点还是不变，不排除有基金经理增配大金融板块， ...

三星发布超薄手机 Galaxy S25 Edge 制糖工厂重磅发布，细丽硅胶明日柔软上新 OpenAI 公布 AI 健康基准，新模型媲美人类医生 小米 SU7 Ultra 车主喊话雷军「保持真诚」 京东、美团、饿了么等外卖平台被约谈 苹果或今年实现脑机接口，思维操控设备 哪吒汽车被申请破产 马斯克公布 Optimus 机器人实时活动视频 Perplexity 估值或达 140 亿美元 爱奇艺回应「App 违规通报」：积极整改 Sam Altman：2025 年将是 Agent 元年 华为鸿蒙电脑发布会定档 大疆发布 DJI Mavic 4 Pro 三摄影像航拍机 火山引擎发布豆包视频生成模型 Seedance 1.0 lite 阿里通义新增 Deep Research 功能 国补后 594.15 元起，魅族 Note 16 系列发布 淘宝推出「高退款人群屏蔽」功能，工作人员回应 喜茶上线创始店限定饮品 星巴克携手五月天推出气泡美式饮品 三星发布超薄手机 Galaxy S25 Edge 5 月 13 日，三星电子正式发布 Galaxy S25 Edge。 据官方介绍，作为 Galaxy S 系列中开拓超薄机身形 ...

Group 1 - Major companies are rapidly entering the vertical agent (AI agent) market, prompting startups to accelerate their commercialization efforts [1][2] - Manus, an AI agent platform, has opened registration for all users, allowing free execution of one task daily and offering a subscription service with three pricing tiers: $19, $39, and $199 per month [1] - The launch of the MCP protocol by major companies has lowered the barriers for AI model development, enabling easier integration and collaboration among different models [2] Group 2 - ByteDance is entering the AI application development market with its platform "Kouzi," which allows users to quickly build various AI applications [3] - The increasing maturity of protocols like MCP is expected to lead to a more accessible era for the creation of AI agents by the general public [3]

生成式AI 一、 OpenAI 为 Deep Research 功能推出全新的 PDF 导出功能 1. OpenAI为Deep Research新增PDF导出功能，支持表格、图片和可点击引用链接，获得大 量用户好评；立即向Plus、Team和Pro用户开放； 2. 此更新是新任应用事业部负责人Fidji Simo上任后的首个动作，显示OpenAI正加速向企业 市场转型，将AI能力与实际工作流程深度融合； 3. AI研究助手竞争加剧，各公司从比拼功能转向优化用户体验和工作流集成，PDF导出成为 企业级AI工具的基本门槛。 https://mp.weixin.qq.com/s/jSlMwiWJRnUdFRqJnARJEw 3. 这标志着在Agent加持下设计工作流将发生重大变革，从单纯的作品创作转向完整的产品 资产交付，垂直领域Agent或将成为行业发展趋势。 https://mp.weixin.qq.com/s/SUa1Mwd4lAsOU-d_IOFZug 三、 昆仑万维开源Matrix-Game，单图打造游戏世界 无 限 宇宙 1. Matrix-Game是昆仑万维开源的首个10B+交互式世界基础模型，能根据 ...

Group 1 - OpenAI has launched HealthBench, an open-source benchmark designed to measure AI systems' capabilities in healthcare, developed with input from 262 doctors across 60 countries, featuring 5,000 real health dialogues and 48,562 unique scoring criteria [2] - Apple's FastVLM, a visual language model optimized for high-resolution image processing, has been released, achieving up to 85 times faster encoding speed, paving the way for real-time multimodal AI applications on mobile devices [3] - The FDA has announced the immediate integration of AI technology across all its centers to expedite drug approval processes, significantly enhancing review efficiency by reducing repetitive tasks [4] Group 2 - Tesla is launching an AI agent to improve customer communication, capable of detecting delays and monitoring conversation sentiment, with a pilot program starting at ten locations [5] - Google's Gemini 2.5 Pro has upgraded its video understanding capabilities, supporting analysis of videos up to 6 hours long and achieving an accuracy rate of 84.7% in benchmark tests, indicating a shift towards video-driven multimodal products [6][7]

5月12日，OpenAI开源了一个专门面向医疗大模型的测试评估集——HealthBench。与以往测试集不同的 是，该测试集的5000段核心测试对话，全部由来自60个国家/地区的26个专业262名医生打造，极大增强 了该测试集的难度、真实性以及丰富度。并且采用了多轮对话测试，而不是简单的答题或选择题模式。 根据测试数据显示，大模型在医疗保健领域的表现有了显著提升。例如，从之前的GPT-3.5Turbo的16% 到GPT-4o的32%，再到o3的60%，整体性能有了显著进步。尤其是小型模型的进步更为突出，GPT- 4.1nano不仅在性能上超越了GPT-4o，而且成本降低了25倍。 ...