2025 年 5 月 16 日 公司研究 核心业务表现良好，发放特别现金股息 4QFY2025 公司整体收入略逊于预期，主要由于剥离非核心业务如银泰、高 鑫零售等，公司核心业务表现仍较为亮眼： 淘天集团：4QFY2025 公司客户管理收入同比增长 11.8%，主要受益于 Take rate 的同比提升，公司通过技术服务费的收取和全站推营销工具的持续推广 提升对平台整体流量的变现能力。另一方面，平台核心客群稳健增长，88VIP 会员在 4QFY2025 末达到超 5000 万人，同比持续保持双位数增长。 云智能集团：4QFY2025 公司云智能集团收入增速进一步加速，同比增长 17.7%至 301.27 亿元，来自外部客户收入同比增长 17%。AI 产品仍然保持 强劲需求，公司 AI 相关产品收入连续七个季度实现三位数同比增长。公司在 2025 年 4 月推出新一代混合推理模型 Qwen3 系列，且所有 Qwen3 模型均 在魔搭社区、Hugging Face 等社区开源。同时，公司 AI 产品覆盖面更广， 除了互联网等新兴领域外，亦有制造业企业使用公司 AI 产品。 在股东回报方面，公司在 FY2025 以 ...

行 业 及 产 业 2025 年 05 月 11 日 港股互联网财报季将至，A 股游戏 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 传媒 25Q1 较多超预期 看好 ——互联网传媒周报 相关研究 - ...

建议关注国内生成式大模型龙头科大讯飞；AI 硬件有望成为应用落地的新载体，建议关注萤石网络、虹软科技 等；AI 相关功能打磨能够带动 C 端应用月活量、付费率提升，建议关注金山办公、万兴科技等。 风险提示 本周观点 投资建议 行业竞争加剧的风险；技术研发进度不及预期的风险；特定行业下游资本开支周期性波动的风险。 敬请参阅最后一页特别声明 1 4 月 29 日，阿里 Qwen3 系列模型开源发布，包含两款 MoE 模型（235B/20B）以及六款密集模型 （0.6B/1.7B/4B/8B/14B/32B），其中旗舰模型 Qwen3-235B-A22B 与 DeepSeek-R1、o1、o3-mini、Grok-3 和 Gemini-2.5-Pro 等顶级模型表现相当。Qwen3 的部署成本还大幅下降，仅需 4 张 H20 即可部署满血版，显存 占用仅为性能相近模型的三分之一。阿里通义已开源了 200 余个模型，全球下载量超 3 亿次，Qwen 衍生模型 数超 10 万个，已超越 Llama，成为全球最大的开源模型族群。本周，DeepSeek-Prover-V2 发布，是一款专为 「数学 AI 编程语言」Lean ...

Investment Rating - The report suggests a focus on leading domestic generative AI model companies such as iFlytek, and AI hardware companies like Yingshi Network and Hongsoft Technology, as well as companies enhancing C-end application engagement like Kingsoft Office and Wanjing Technology [2] Core Insights - The report highlights the significant advancements in AI models, particularly with Alibaba's Qwen3 series, which includes various models with reduced deployment costs and high performance, establishing itself as a leading open-source model family [4][11] - The report indicates that the short-term impact of Trump's tariff policy on computer companies is minimal, with domestic demand expected to benefit the sector, particularly in areas like domestic substitution and self-control [11] - The report identifies high and stable growth sectors for 2025, including the AI industry chain, smart driving, software outsourcing, and the Huawei supply chain, while also noting sectors with improving conditions such as data elements and industrial software [11][10] Summary by Sections Industry Overview - The report discusses the release of Alibaba's Qwen3 models, which have shown competitive performance against top models and have a significant global download rate, indicating a strong market presence [4][11] - It emphasizes the potential for large internet companies to monetize their foundational models and computing power through existing applications and cloud platforms [11] Market Trends - The report notes that the computer industry index rose by 2.47% from April 28 to May 3, 2025, outperforming the CSI 300 index [16] - It highlights the increasing daily trading volume in the A-share market, which rose by 30% year-on-year, indicating a robust market environment [21] Sector Performance - The report categorizes various sectors within the computer industry, indicating that AI and smart driving sectors are experiencing high growth, while sectors like security and medical IT are also showing positive trends [10][19] - It mentions that the industrial AI sector is approaching a turning point, with significant projects being disclosed, indicating a growing market for AI applications in industrial settings [13] Future Events - The report outlines upcoming industry events, including the VR/AR Expo and Google I/O, suggesting potential investment opportunities in related sectors [29][30]

Market Overview - The A-share market showed a slight decline with major indices experiencing minor fluctuations, indicating a cautious market sentiment ahead of the May Day holiday [4][9] - The total market capitalization of the Shanghai Composite Index is 633796 billion, with a PE ratio of 11.61 and a PB ratio of 1.20, while the Shenzhen Component Index has a market cap of 209389 billion, with a PE ratio of 19.48 and a PB ratio of 2.04 [3] Industry Dynamics - In May 2025, China's battery production is expected to increase by 14.8% month-on-month, with energy storage cell production accounting for approximately 26% of total output [27] - The report highlights the growth in the AI application sector, particularly following advancements from major companies like Alibaba, which is expected to drive market interest in AI-related investments [10] Company Performance - CITIC Securities (600030.SH) reported a Q1 2025 revenue of 177.61 billion, a year-on-year increase of 29.1%, and a net profit of 65.45 billion, reflecting a 32.0% increase [28] - Zhejiang Rongtai (603119.SH) achieved a total revenue of 11.35 billion in 2024, a 41.8% increase year-on-year, with its new energy business contributing significantly to growth [31] - WuXi AppTec (603259.SH) reported Q1 2025 revenue of 96.55 billion, a 20.96% increase year-on-year, with strong performance in its chemical business [33] - Defang Nano (300769.SZ) faced significant losses in 2024, with a net profit of -5.16 billion in Q4, indicating challenges in the market [35] - Xingyuan Material (300568.SZ) reported a Q1 2025 net profit of 0.47 billion, a decrease of 56.39% year-on-year, despite a significant quarter-on-quarter increase [37]