Core Insights - The report by Huatai Securities highlights the rapid development of multimodal large models (MLLM) and their applications, indicating that the field is approaching a critical turning point [1][4][15] Development Dynamics - MLLM is seen as an inevitable trend in the evolution of large language models (LLM), integrating capabilities from various modalities to expand application scenarios [1][6] - MLLM can be categorized into modular architecture and native architecture, with the latter showing significant advantages in performance and efficiency, albeit with higher computational and technical requirements [1][6] Commercialization Trends - Global progress in multimodal applications is faster overseas than domestically, with first-tier companies advancing more rapidly than second-tier companies, and multimodal products outpacing text-based products in commercialization [1][7] - Overseas chatbot products, such as those from OpenAI and Anthropic, have achieved annual recurring revenue (ARR) exceeding $1 billion, while domestic chatbot commercialization remains in its early stages [1][7] Video Generation Sector - Domestic companies excel in the video generation field, with products like ByteDance's Seedance 1.0 and Kuaishou's Kling achieving significant market presence [2][8] - Kuaishou's Kling reached an ARR of over $100 million within approximately 10 months of launch, marking a significant milestone in the domestic video generation sector [2][8] Future Outlook - The report anticipates that the singularity of multimodal large models and applications is approaching, driven by technological advancements and accelerated commercialization [5][15] - The integration of multimodal data processing will greatly expand AI's application scenarios, facilitating large-scale applications across various fields [4][15] Investment Opportunities - The report suggests potential investment opportunities in both computational power and application sectors, highlighting the demand for computational resources in native multimodal models and the growing AI needs in advertising, retail, and creative industries [9]

E-commerce and Retail - Vipshop's Vice President of Marketing, Feng Jialu, is under investigation for personal economic issues, but the company maintains that its operations are normal and has a zero-tolerance policy for corruption [1] - Tmall's "618" event saw 453 brands surpassing 100 million yuan in sales, a 24% increase year-on-year, indicating a successful simplification of the event that boosted user engagement [2] - JD.com reported over 2.2 billion orders during its "618" event, with a more than 100% increase in active users, highlighting the effectiveness of its online and offline integration strategy [3] Logistics and Supply Chain - JD Logistics launched a new B2C express delivery brand, "JoyExpress," in Saudi Arabia, offering fast delivery services and local customer support, aiming to capture market share in the region [4] - Cainiao introduced a new affordable unmanned delivery vehicle priced at 21,800 yuan, designed to reduce costs for delivery points while maintaining high-quality autonomous driving features [5][6] Life Services - Ele.me launched the "Yuexiang Membership" program aimed at frequent users, offering personalized services and benefits to enhance user experience in the increasingly competitive food delivery market [7] Innovation and Investment - MiniMax released the MiniMax-M1 series, the world's first open-source large-scale hybrid architecture inference model, achieving significant breakthroughs in processing long texts and reducing reinforcement learning costs to $530,000 [9] - AI startup "Memory Tensor" secured nearly 100 million yuan in angel funding, focusing on low-cost, high-generalization AI models, aligning with industry demands for improved performance and practicality [10] - Kimi's first agent, Kimi-Researcher, began gray testing, utilizing end-to-end reinforcement learning technology, with plans for gradual open-sourcing to foster developer engagement [11]

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [3][38]. Core Insights - The computer sector experienced a decline in the week of June 16-20, with the CITIC computer index dropping by 1.87%, the ChiNext index down by 1.66%, and the Shanghai Composite index falling by 0.51% [9][16]. - The report highlights the rapid advancements in AI, particularly in multimodal models, with significant developments from Google and Meta, indicating a promising future for the industry [9][20][23]. - The report notes that the market's focus is shifting from technology themes to performance realization and rapid industrial transformation as companies begin to disclose their earnings [9][12]. Summary by Sections Industry Weekly Viewpoint - The report discusses the performance of the computer sector, noting the top gainers and losers during the week, with notable increases in stocks like Chutianlong (up 36.59%) and Sifang Jingchuang (up 29.21%) [9][16]. - It emphasizes the ongoing innovations in AI, particularly the introduction of multimodal products that integrate visual and audio elements, which are gaining traction in the market [9][12]. Weekly Market Review - The report provides a detailed review of the market performance for the week, highlighting the overall decline in major indices and the net outflow of funds from the computer sector [16][19]. Funding Situation Review - The report indicates a total net outflow of 270 billion from all A-shares, with the computer sector experiencing a net outflow of 21 billion [19]. Progress in Multimodal Models - The report details the advancements in AI models, particularly Google's Veo 3 and Meta's Llama 4, which have achieved significant breakthroughs in video generation and multimodal capabilities [20][23]. - Veo 3 is noted for its ability to synchronize audio and visual elements seamlessly, while Llama 4 boasts a massive parameter scale and enhanced multimodal integration [20][23]. Investment Recommendations and Beneficiary Targets - The report suggests focusing on AI enterprise services and application scenarios, listing specific companies across various sectors such as office software, finance, education, and healthcare that are expected to benefit from these advancements [12][25].

完整早报音频，请点击标题下方小耳机收听 【 58 同城被曝大规模裁员：涉及多个部门，裁员比例 20-30% 】 近日，有网友在脉脉平台爆料 称， 58 同城近期大规模裁员，涉及 TEG 、 LBG 等多个部门，裁员比例 20-30% 。据爆料，公司 方面表示，此次裁员将按照 N+1 的标准进行赔偿。另外，爆料还称，这次裁员没有提前通知，是忽 然开始的大规模裁员行为。有员工称，整个裁员流程"极为迅速"，上午还在就项目进度开会，下午便 接到人力资源部门的约谈通知。（腾讯网） 【 MiniMax 考虑赴港 IPO ？知情人士：属实，仍处于初步筹备阶段】 AI 独角兽稀宇科技 (MiniMax) 正考虑在香港进行首次公开募股（ IPO ）。 6 月 18 日，接近 MiniMax 的知情人士表 示， MiniMax 内部确实有类似想法，但目前仍处于初步筹备阶段。 MiniMax 成立于 2021 年， 2024 年 3 月， MiniMax 获 6 亿美元 A 轮融资，投后估值 25 亿美元，由阿里巴巴领投，此前融 资的投资方也包括腾讯等。据媒体报道称， MiniMax 的实际估值目前已经超过 2024 年所报道过 ...