Core Viewpoint - Century Hengtong is actively exploring AI applications in the education sector, particularly in the driving examination field, through the development of a patented multimodal intelligent Q&A robot [2]. Group 1: AI Applications - The company has developed a patent for an AI application in the driving examination sector, aiming to enhance learning efficiency through technological innovation [2]. - Century Hengtong has integrated open-source large models like DeepSeek in certain business scenarios to improve the intelligence level of driving exam learning [2]. Group 2: Business Development - In the smart agriculture sector, the company is exploring support for local agricultural brand building and e-commerce operations, although these efforts have not yet integrated AI or large model capabilities [2]. - The company's advertising business related to Tencent is still in its early development stages, with ongoing exploration of incorporating AI models for optimizing advertising strategies and content generation [2].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [3][33]. Core Insights - The e-commerce sector remains highly competitive, with platforms opting to continue offering discounts to merchants or increasing investments in the food delivery and instant retail sectors to seek new growth [2][29]. - In the AI domain, major players are benefiting from business scenarios such as cloud computing and advertising, although short-term AI agent developments still require refinement [2][29]. - The Hang Seng Technology Index is currently in a volatile phase, with recommendations for companies less correlated with macroeconomic trends, such as NetEase Cloud Music, Meitu, and Tencent Music [2][29]. Summary by Sections Industry Dynamics - Google launched the stable version of Gemini 2.5, achieving breakthroughs in speed and cost, while Alibaba open-sourced the Qwen3-Coder model to assist developers in efficient programming [1][19][20]. - Tencent's ASR model has been integrated into the ima platform, enhancing smart input capabilities, and ByteDance introduced Seed LiveInterpret 2.0 for real-time translation [1][21][22]. - JD.com open-sourced the JoyAgent intelligent system, creating a comprehensive enterprise-level multi-agent platform [1][23]. Underlying Technologies - Google released the Opal no-code experiment, allowing users to create AI applications through natural language descriptions [1][24]. - Meta introduced the AU-Nets architecture, revolutionizing text modeling by learning directly from byte sequences [1][25]. - DeepMind open-sourced the Aeneas model to aid in ancient text research, focusing on Latin inscriptions [1][26]. Industry Policies - The Trump administration released the "AI Action Plan," emphasizing deregulation, infrastructure support, and technology export as key strategic pillars [1][27]. Key Events Preview - The 7th World Artificial Intelligence Conference (WAIC) is scheduled from July 26 to 28 [1][28].

Group 1: Company Developments - Shengjia Zhao, a Tsinghua University alumnus, has been appointed as the Chief Scientist of Meta's Super Intelligence Lab, having previously contributed to OpenAI's GPT-4 and ChatGPT projects [2] - Alibaba has announced the completion of its self-developed AI glasses, Quark AI glasses, which are expected to be officially released within the year, integrating various services from Alibaba's ecosystem [4] - Alibaba has also launched the Qwen3-235B-A22B-Thinking-2507 open-source reasoning model, which enhances capabilities in logic reasoning, mathematics, and programming, and supports 256K context processing [5] - Tencent introduced the mixed Yuan 3D world model and the Tairos embodied intelligence platform, showcasing a comprehensive product application landscape for the AI era [6] - JD Cloud has open-sourced the JoyAgent intelligent agent, marking it as the first fully open-source enterprise-level intelligent agent in the industry [7] - Kingsoft Office released the WPS AI 3.0 version, featuring the WPS Lingxi, which allows users to create documents and presentations through natural language without complex operations [8] - Rokid has sold 300,000 units of its smart glasses, with plans to introduce a ride-hailing feature in collaboration with Gaode Map and Alipay [10] Group 2: Industry Trends - The robotics industry is experiencing exponential growth, with a strong demand for general-purpose robots, as noted by the founder of Yushu Technology [3] - Shanghai has issued new demonstration operation licenses for intelligent connected vehicles, allowing companies like Pony.ai and Baidu to offer autonomous taxi services [9] - Intel has announced the spin-off of its Networking and Communications business into an independent company as part of a broader asset slimming strategy [12] - AMD has appointed former Intel executive Ian Yang as vice president, indicating a strategic move to strengthen its leadership [13] - A joint release of AI all-in-one machines by China Electronics Cloud, China Great Wall, and Muxi Co., aims to optimize AI capabilities and model development [14] - China Mobile and Sugon Storage have launched the first unified file storage product in the country, integrating AI applications for efficient operation [15] Group 3: Financial Activities - Jinqiao Information plans to raise up to 633 million yuan through a private placement to fund AI research and development projects [16] - Shenke Co., Ltd. announced a strategic investment of 15 million yuan in Shandong Future Robotics, acquiring a 1.0990% stake in the company [17]

Market Overview - The Hang Seng Index is expected to rise towards 26,000 points due to a stable economic outlook in mainland China and a positive risk appetite in the Hong Kong market, despite limited improvement in corporate earnings [2][5] - The market remains active with capital rotating across different sectors, and new trade negotiations between China and the US are anticipated to ease trade tensions [2][7] Sector Focus - Key market focus includes Hong Kong's June import and export data and the performance of companies like WuXi AppTec (2359) [3] Macroeconomic Insights - The US Federal Reserve maintained interest rates in June, with an adjusted core PCE forecast for 2025-2027, indicating a cautious approach towards future inflation uncertainties [5] - The trade negotiations between the US and various countries are ongoing, with potential impacts on oil demand growth and international oil prices [5] Corporate News - Alibaba (9988) launched its first self-developed AI smart glasses, Quark Glasses, while JD.com (9618) initiated a plan to introduce 1,000 overseas brands within three years [7][10] - China Duty Free Group (1880) reported a 21% decline in net profit for the first half of the year, while China Resources Beverage (2460) issued a profit warning, expecting a 30% drop in net profit [7] Economic Indicators - The first half of 2025 saw a 1.8% decline in profits for industrial enterprises in mainland China, with state-owned enterprises experiencing a 7.6% drop [8] - The logistics costs in mainland China decreased, with the ratio of total logistics costs to GDP falling to 14% [8] Investment Climate - The Chinese government is focusing on stabilizing the market and enhancing regulatory measures to support economic recovery and growth [9] - The China Securities Regulatory Commission is working on improving corporate governance standards for listed companies [9]

Core Viewpoint - JD.com has launched the industry's first 100% open-source enterprise-level intelligent agent, JoyAgent, during the WAIC 2025, showcasing its advancements in AI applications across various industries [2][8][20]. Group 1: JoyAI Model Upgrade - The JoyAI model has been upgraded to include sizes ranging from 3 billion to 750 billion parameters, catering to diverse industrial needs across multiple modalities such as language, voice, image, and video [5][7]. - JoyAI's innovative technologies, including dynamic layered distillation and cross-domain data governance, have improved inference efficiency by an average of 30% and reduced training costs by 70% [5][7]. Group 2: JoyAgent Intelligent Agent - JoyAgent is the first fully open-source enterprise-level intelligent agent, featuring a product-level open-source structure that includes front-end, back-end, framework, engine, and core sub-agents [8][10]. - JoyAgent boasts three core features: 100% open-source capabilities, high availability with pre-configured sub-agents, and strong performance validated by over 20,000 internal use cases, achieving an accuracy rate exceeding 75% on the GAIA leaderboard [10][11]. Group 3: JoyInside Smart Interaction - JoyInside integrates role-based large models into smart hardware, enhancing product interaction experiences with high emotional intelligence and a vast knowledge base [13][15]. - The integration of JoyInside in educational tools has significantly increased user engagement, with average dialogue rounds rising by 148% and conversation duration improving by 50% [15]. Group 4: Digital Human Applications - JD.com has introduced high-commercial-use digital humans that outperform 80% of real hosts in emotional expression and scene adaptability, serving over 20,000 brands [18][19]. - The application of digital humans has expanded beyond live streaming to include brand representation and emotional interaction, significantly enhancing brand value and user experience [19][20]. Group 5: Industry Impact and Future Outlook - The deep application of large models is reshaping AI productivity, with JD.com demonstrating that effective AI is not just developed but also applied in real-world scenarios [20]. - The industry consensus is shifting towards application-level breakthroughs, indicating that the future of AI competition will focus on practical implementations rather than just foundational model development [20].