人工智能周报（25 年第 45 周） 优于大市 谷歌即将发布 Nano Banana2，月之暗面发布 Kimi K2 Thinking 人工智能动态：1）产品应用：谷歌 Gemini AI 推出深度研究功能，通 过 Google Gemini 重塑邮件与文件研究体验；谷歌 Gemini 平台即将发 布 Nano Banana2 图像生成技术升级版；OpenAI Sora 正式登陆 Android 并推"付费角色"新功能；微软正式推出首款自家 AI 图像生成器 MAI-Image-1；月之暗面发布最强思考模型 Kimi K2 Thinking；科大讯 飞推出全国产算力星火 X1.5，AI 技术再升级；网易云音乐正式推出大 模型音效"AI 调音大师"。2）底层技术：美团 LongCat-Flash-Omni 正 式发布，开启全模态实时交互新时代；科大讯飞发布 AI 软硬一体方案。 3）行业政策：工业和信息化部办公厅发布《关于开展 2025 年人工智能 产业及赋能新型工业化创新任务揭榜挂帅工作的通知》。 投资建议：随着美股巨头陆续发布三季报，AI 对互联网巨头广告业务 场 景、云计算场景和企业效率方面的作用依然明显 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [3][34]. Core Insights - The report highlights the significant role of AI in enhancing advertising, cloud computing, and operational efficiency for major internet companies, with a focus on the return on investment (ROI) from substantial capital expenditures [2][30]. - It emphasizes the lower capital expenditure pressure on domestic companies compared to their overseas counterparts, while also noting the positive impact of AI on their business operations [2][30]. - The report recommends focusing on AI-related investments, specifically suggesting Tencent Holdings, Alibaba, Kuaishou, Baidu Group, Meitu, and Tencent Music, as well as NetEase Cloud Music, which are less correlated with macroeconomic fluctuations [2][30]. Summary by Sections Product Applications - Google Gemini AI has introduced a deep research feature that enhances the research experience by extracting information from Gmail, Google Drive, and Google Chat [24]. - Google is set to release the upgraded image generation technology Nano Banana2, which aims to improve user experience in generative AI [24]. - OpenAI's Sora has launched on Android, introducing a "paid character" feature to address deepfake and copyright issues [25]. - Microsoft has released its first self-developed AI image generator, MAI-Image-1, which balances speed and quality [25]. - The latest thinking model Kimi K2 Thinking from Moonlight has shown significant improvements in intelligent agent capabilities [26]. - iFlytek has launched the domestic computing power model X1.5, enhancing AI technology [26]. - NetEase Cloud Music has introduced the "AI Tuner Master" feature, which dynamically analyzes song characteristics for improved sound effects [27]. Underlying Technologies - Meituan has released LongCat-Flash-Omni, a model that integrates multimodal interaction and efficient reasoning [28]. - iFlytek has unveiled an AI hardware-software integrated solution that enhances recognition performance in complex environments [28]. Industry Policies - The Ministry of Industry and Information Technology has issued a notice to promote AI industry development and its integration with new industrialization [29]. Key Events Preview - The report outlines upcoming significant events, including the World Internet Conference and the World Computing Conference [32].