[Table_IndNameRptType] 全球科技 行业周报 DeepSeek 线上模型版本升级至 V3.1，快手发布业绩派发股息 [Table_IndRank] 行业评级：增持 报告日期： 2025-08-25 [Table_Chart] 行业指数与沪深 300 走势比较 执业证书号：S0010521080002 邮箱：jinrong@hazq.com 分析师：刘京松 执业证书号：S0010524090001 邮箱：liujs@hazq.com 分析师：赵亮 执业证书号：S0010525070001 邮箱： zhaoliang@hazq.com 相关报告 1.H20 恢复在华销售，监管约谈外卖平 台 2025-07-21 2.AI 系列专题跟踪——视频及图像生 成模型 2025-07-15 3.模型与应用共振，关注 AI 应用 2025 -07-13 主要观点： [⚫Table_Summary] 本周行情回顾 分析师：金荣 2.国内 AI： ⚫ DeepSeek 线上模型版本升级至 V3.1 8 月 19 日，DeepSeek 官方发布通知：线上模型版本已升级 至 V3.1，上下文长度拓展至 128k， ...

Core Viewpoint - Mark Zuckerberg sees an opportunity to challenge Apple's dominance in the digital world, particularly in the realm of personal computing devices, by integrating advanced artificial intelligence with hardware [2][3]. Group 1: Meta's Vision and Strategy - Zuckerberg envisions a future where personal devices, like glasses, can understand and interact with users throughout the day, potentially replacing smartphones as the primary computing device [2]. - Meta is investing heavily in artificial intelligence, offering up to $100 million in compensation to attract top talent in the AI field [2]. - The concept of "personal superintelligence" is central to Zuckerberg's strategy, aiming to create devices that deeply understand user goals and assist in achieving them [3]. Group 2: Competitive Landscape - Apple is perceived to be lagging in the AI space, with delays in feature rollouts raising investor concerns about its competitiveness against companies like Meta and OpenAI [3]. - Other tech leaders, including Amazon and OpenAI, are also developing innovative AI-driven devices, indicating a shift towards a new order in technology platforms [4]. - Zuckerberg believes that the winning device form factor will be glasses, which Meta is already selling, equipped with features that can capture and process data for AI applications [4]. Group 3: Industry Dynamics - Tim Cook, Apple's CEO, defends the iPhone's relevance, arguing that it remains indispensable for various functions, despite the rise of AI and alternative devices [5][6]. - The historical context shows that Facebook was born on the cusp of the mobile computing era, and Zuckerberg has had to adapt to the dominance of Apple's iPhone and Google's Android systems [7]. - The development of augmented reality headsets by Apple is ongoing, with AI providing new hope for their success in the market [7].

Core Insights - Meta is focusing on developing smart glasses as the next computing platform, emphasizing their potential utility and stylish design [1][3] - The integration of AI with smart glasses is seen as a significant advancement, allowing users to interact with AI in a multimodal way throughout the day [3][4] - Meta believes that smart glasses will play a crucial role in merging the physical and digital worlds, contributing to the vision of the metaverse [4] Group 1 - The product category of smart glasses is performing well and is appreciated for its fashionable design and interesting features [3] - Daily user engagement with Meta AI applications is increasing, indicating a growing acceptance and utility of AI in everyday life [3] - The company envisions that without AI-integrated smart glasses, individuals may face cognitive disadvantages compared to their peers [3] Group 2 - Meta has been exploring various aspects of smart glasses in its Reality Labs for the past 5 to 10 years, focusing on creating immersive experiences [4] - The company anticipates that advancements in holographic technology will precede the development of superintelligent AI, highlighting its commitment to investing in smart glasses [4] - Meta is optimistic about its leadership in smart glasses manufacturing and sees it as a vital part of the future [4]

营收 ：二季度非GAAP口径下调整后营业收入103.7亿美元，同比增长10%，高通指引99亿至107亿美元，分析师预期103.3亿美元，一季度同比增长15%。 EPS ：二季度调整后每股收益（EPS）为2.77美元，同比增长19%，高通指引2.6至2.8美元，分析师预期2.72美元，一季度同比增长17%。 二季度高通营收同比增长较一季度放缓至10%，手机业务收入增7%，低于分析师预期的增近10%，Meta智能眼镜所在业务IoT收入增长24%。手机业务 意外疲软增加了关税将打击相关行业的担忧。三季度高通的营收指引大致符合预期，但投资者期望值可能更高。 虽然得到Meta的智能眼镜业务支持，但全球最大智能手机芯片制造商高通受到核心业务手机的拖累。 EBT ：二季度税前利润（EBT）为35.4亿美元，同比增长17%，一季度同比增长16%。 2）细分业务收入 财报显示，上一季度高通的总营收略为高于预期，手机业务的收入增长疲软程度却超出华尔街预期。财报公布后，收跌近1.9%的高通股价盘后跌幅迅 速扩大，盘后一度跌约6%。 评论称，高通上一季的总营收和EPS盈利均高于预期，盘后股价大跌可能源于，投资者的期望值更高，指引不够 ...

Group 1 - The U.S. government is extending the TikTok ban deadline for the third time, aiming to reach an agreement that ensures data security for American users [1] - Google has released a paper indicating that its latest AI model exhibits "death anxiety" behavior, which affects its decision-making capabilities under pressure [1] - Sequoia China has open-sourced its AI benchmark testing tool, xbench, with plans for continuous updates to avoid overfitting issues [1] Group 2 - AI unicorn MiniMax is considering an IPO in Hong Kong, currently in the preliminary preparation stage [2] Group 3 - OpenAI's CEO Sam Altman discussed the anticipated release of GPT-5, expected this summer, along with other innovative products and a significant investment project [3] - Meta has partnered with luxury brands like Prada to launch a new generation of smart glasses, featuring generative AI technology [3] Group 4 - JD.com is projected to surpass 1 million employees, with plans to adapt its workforce in response to the increasing use of AI and robotics [4] Group 5 - The People's Bank of China is establishing a trading report database for interbank markets and promoting the internationalization of the digital yuan [6] - The central bank's governor emphasized the rapid application of new technologies in cross-border payments, which poses challenges for financial regulation [6]

Core Insights - Meta is expanding its reach into niche markets by collaborating with luxury brand EssilorLuxottica to launch AI smart glasses under the Oakley and Prada brands, aiming to capture key consumer segments before competitors like Google and Snap enter the market [1][4] - The Oakley version is expected to be priced around $360, higher than similar Ray-Ban products, and will share technology with the recently released second-generation Ray-Ban Meta glasses [1][2] - The partnership with Prada marks Meta's first foray into high-end fashion wearables, leveraging Prada's existing eyewear design to accommodate smart technology [1][2] Company Strategy - Meta's strategy is bolstered by the unexpected success of the second-generation Ray-Ban Meta smart glasses, which have sold 2 million units since their release in 2023, with a goal to increase annual production to 10 million units by the end of 2026 [2][3] - The company has launched an Instagram account for the Oakley version, targeting athletes and active consumers, indicating a clear focus on a specific demographic [2][4] Competitive Landscape - The smart glasses market is becoming increasingly competitive, with major tech companies like Alphabet and Snap also planning to release their own versions, prompting Meta to adopt a proactive approach [4][5] - Meta's deep partnership with EssilorLuxottica allows it to quickly expand its product line across various price points and styles, aiming to create a formidable brand matrix that is difficult for competitors to surpass [5]

以下文章来源于财经杂志 ，作者吴俊宇 财经杂志 . 《财经》杂志官方微信。《财经》杂志由中国证券市场研究中心主办，1998年创刊，秉承"独立、独 家、独到"的新闻理念，以权威性、公正性、专业性报道见长，是政经学界决策者、研究者、管理者的 必读刊物。 DeepSeek大模型在年初以超级性价比震撼市场，之后各行各业部署DeepSeek大模型应用的热情高 涨，很多业内人士认为2025年将是"AI应用爆发年"。 3月6日，AI创业公司蝴蝶效应发布应用产品Manus，再次震动市场。该产品基于AI创业公司Anthropic 的Claude大模型和阿里的千问大模型。它能够实现用户的多重需求，号称是世界首款通用AI Agent （智能体）。 3月13日，阿里宣布将旗下AI产品夸克升级为全集团的AI旗舰应用，新夸克通过一个极简"AI超级 框"，一站式满足用户多种需求。这同样是通用Agent的思路，但夸克是基于自家的通义大模型。阿里 称，未来通义系列模型的最新成果都将第一时间接入夸克。 2月13日，OpenAI创始人萨姆·奥尔特曼（Sam Altman）宣布，OpenAI未来几个月内将发布GPT-5，这 是一个包含语义、语音、可 ...