Investment Rating - The report does not explicitly provide an investment rating for the AI industry [1]. Core Insights - The AI industry is experiencing significant advancements with new models and applications being introduced by major companies like Dell, Meta, Amazon, and Google [1][4][5][6][7][8]. - The introduction of high-performance AI systems, such as Dell's GB300 NVL72, showcases the increasing capabilities and competition within the AI hardware sector [4]. - Meta's establishment of the Super Intelligence Lab indicates a strategic shift towards enhancing AI product development and application [5]. - Amazon's deployment of its 1 millionth robot and the introduction of the DeepFleet AI model highlight the integration of AI in operational efficiency [7]. - Google's launch of the Veo 3 video generation model and the Gemini for Education tool reflects the expansion of AI applications in multimedia and education sectors [8][12]. Summary by Sections 1. AI Industry Dynamics - Dell has delivered the first batch of NVIDIA GB300 NVL72 systems to CoreWeave, which significantly enhances AI performance [4]. - Meta has launched the Super Intelligence Lab to focus on AI product and application research, led by top talents from the industry [5]. 2. AI Application Insights - Meta has added new AI features to WhatsApp Business, allowing enterprises to utilize voice call functionalities through API [6]. - Amazon has achieved a milestone with its 1 millionth robot deployment and introduced the DeepFleet AI model to improve operational efficiency [7]. 3. AI Large Model Insights - Germany's TNG has launched the DeepSeek variant model R1T2, which boasts a 200% speed increase and 671 billion parameters [14]. - The GLM-4.1V-Thinking model from Zhipu AI has shown impressive performance in multimodal benchmarks, competing with larger models [15]. - The DeepSWE AIAgent framework has been developed to enhance AI training methodologies [16]. 4. Technology Frontiers - Europe's first exascale supercomputer, JUPITER, is set to rank fourth in the global TOP500 list, showcasing advancements in computational power [20].

Group 1: AI Industry Developments - Dell has delivered the first NVIDIA GB300 NVL72 systems to CoreWeave, showcasing AI performance exceeding 100 quintillion floating-point operations per second and providing 40TB of fast memory per rack[8] - Meta has established the Meta Super Intelligence Lab, led by former Scale AI CEO Alexandr Wang, focusing on AI product and application research, with a team of 11 top talents from leading AI companies[9] - Amazon has deployed its one millionth robot and introduced the DeepFleet generative AI model, which reduces operational time by 10% and enhances delivery efficiency[11] Group 2: AI Applications and Innovations - Meta has added new AI features to WhatsApp Business, allowing large enterprises to utilize voice call functionalities through API, with over 200 million monthly active users[10] - Google has launched the Veo 3 video generation model, capable of producing 1080P videos with background sound and dialogue, supporting various visual styles[12] - France's Kyutai has open-sourced the Kyutai TTS model, providing a high-performance text-to-speech solution with low latency and support for English and French[13] Group 3: AI Model Advancements - Germany's TNG has introduced the DeepSeek-TNG R1T2 Chimera model, a 671 billion parameter open-source hybrid model with a 200% speed increase compared to its predecessor[19] - Zhiyuan AI has open-sourced the GLM-4.1V-Thinking model, which outperforms larger models in 18 out of 28 multimodal benchmarks, demonstrating strong performance in document understanding and STEM reasoning[20] - Google has released the Gemma 3n model, supporting image, audio, and text inputs and outputs, with innovative architecture allowing efficient operation with lower memory requirements[22] Group 4: Risks and Market Considerations - There are concerns regarding AI software sales falling short of expectations, potential changes in capital expenditure investment plans, and delays in AI product and large model development due to supply chain constraints[26]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook on domestic AI hardware and software ecosystems, indicating potential investment opportunities in related sectors [3]. Core Insights - The domestic AI hardware and software ecosystem is continuously improving, with significant developments in computing power and large model capabilities [3]. - The report highlights the ongoing expansion of domestic computing power ecosystems, with companies like Moer Thread and Muxi Co. initiating IPO processes to fund AI-related projects [3]. - Major advancements in large model capabilities are noted, particularly with Alibaba's Qwen VLo and Tencent's Hunyuan-A13B, which are expected to enhance AI applications [3]. - The report emphasizes the potential for accelerated domestic chip localization and the growth of related industries, recommending attention to domestic wafer fabs, advanced packaging, semiconductor equipment, and computing servers [3]. Weekly Market Review - The TMT sector experienced varied performance, with media leading at 2.70% increase, while electronics and computing sectors lagged behind the Shanghai Composite Index [3]. - Notable sub-sectors with significant gains include gaming (8.36%) and printed circuit boards (8.31%), while other communication equipment and digital chip design faced declines [3]. Industry News and Key Company Announcements - Key events include the upcoming release of new foldable smartphones by Samsung and the pre-sale of AI glasses by Meta and Oakley [15]. - The report mentions various AI model developments, including Google's Gemini video generation model and Baidu's MuseSteamer for video generation [17][19]. - The report also notes significant investments in AI infrastructure, such as Alibaba Cloud's expansion of data centers in Malaysia and the Philippines [24].

Group 1 - Meta continues aggressive recruitment in AI, hiring former OpenAI chief scientist Ilya Sutskever to lead Safe Superintelligence (SSI) [1] - SSI's co-founder Daniel Gross has joined Meta as head of AI products, while Sutskever will serve as CEO of SSI [1] - Meta has initiated a multi-billion dollar AI hiring spree, including a $14 billion investment in Scale AI [1] Group 2 - Dr. Kai-Fu Lee emphasizes that the most important technology field in the next 5 to 10 years will be generative AI-driven AI 2.0, which will overshadow other fields [2] - Companies and individuals that fail to adopt AI will risk falling behind or becoming obsolete [2] Group 3 - Google has launched its new Veo 3 video generation model to Gemini users in 159 countries, available only to paid subscribers [3] - Users can generate up to three videos per day with the new model [3] Group 4 - ByteDance has applied to register the trademark "Ji Meng Inspiration Assistant," indicating its focus on AI-driven creative tools [4] - The company has previously registered related trademarks, showcasing its commitment to AI in creative industries [4] Group 5 - The "Global AI Research Landscape Report" reveals that the US and China dominate AI research, accounting for 57.7% of global researchers [5] - China's AI research personnel have grown from under 10,000 in 2015 to 52,000 in 2024, reflecting a compound annual growth rate of 28.7% [5] - Leading institutions in China include the Chinese Academy of Sciences and Tsinghua University, while major tech companies like Tencent and Alibaba also contribute significantly to AI talent [5][2]

NO.1谷歌在全球推出全新Veo 3视频生成模型 点评：这一举措强化了CoreWeave在AI云计算领域的竞争力，对其服务能力形成支撑，或吸引更多企业 客户关注。 NO.4DeepSeek数月来首次在领英上发布招聘信息 全球AI人才竞争白热化，继OpenAI和Meta竞相吸引顶尖AI人才之后，DeepSeek正在领英上发布招聘信 息，可能寻求从海外吸引人才。DeepSeek过去一周内在领英上发布了10个职位，这是该公司数月来首 次在该平台发布招聘信息。这些职位包括三个专注于通用人工智能（AGI）的岗位，工作地点位于北京 和杭州。 当地时间7月3日，谷歌表示，已开始向159个国家和地区的Gemini用户推出其Veo 3视频生成模型。通过 新模型生成视频仅适用于Google AI Pro计划的付费订阅者，并且每天最多可生成三个视频。谷歌副总裁 Josh Woodward表示，公司正在致力于为Gemini添加图像到视频生成功能。 点评：谷歌推出Veo 3视频生成模型，限定付费订阅者使用，此举或提升谷歌AI业务用户粘性与付费转 化率。 NO.2 Ilya Sutskever将出任Safe Superintellige ...

Market Performance - On June 9, the Hong Kong stock market opened higher, with the Hang Seng Index rising over 1% and the Hang Seng Tech Index increasing by 2.33% [1] - The Hang Seng Tech ETF (513580) saw an intraday increase of 2.82%, with notable gains in stocks such as Kingdee International (up over 6%), Tencent Music, Meituan, and JD.com [1] - The Hang Seng Internet ETF (159688) surged by 3.77% [1] Upcoming Events - Citic Securities highlighted that ByteDance will hold the Volcano Engine Force Conference on June 11 in Beijing, featuring comprehensive upgrades to the Doubao model family and multiple sub-forums covering AI technology innovations and industry applications [1] - The main forum on June 11 will include product launches and discussions on AI Coding and AI Agent, with industry-specific forums focusing on AI applications in finance, automotive, ecology, and healthcare [1] - June 12 will be dedicated to developer exchange, with participation from various corporate partners across sectors like chips, automotive, smart terminals, and software applications [1] Industry Trends - Citic Securities noted a recent surge in multimodal dynamic updates, including Google's launch of the Veo 3 video generation model and Doubao's introduction of video call functionality [2] - Kuaishou announced that its AI ARR is expected to exceed $100 million by March 2025, with monthly payments surpassing 100 million RMB in April and May [2] - Tianfeng Securities suggested that investment strategies should focus on three areas: breakthroughs in Deepseek and open-source AI, valuation recovery in consumer stocks, and the continued rise of undervalued dividends [2]

Group 1 - The market experienced fluctuations on May 26, with the ChiNext Index leading the decline, while the CSI Hong Kong-Shanghai Cloud Computing Industry Index rose by 0.29%, indicating a mixed performance among constituent stocks [1] - Notable gains were observed in stocks such as Runze Technology, which increased by over 4%, and several others like Aofei Data, 263, Yihualu, and Hand Information, which rose by over 3% [1] - The Hong Kong-Shanghai Cloud Computing ETF (517390) saw an increase of nearly 1%, closing up 0.74%, with a premium rate of 0.36%, and recorded a cumulative net inflow of 7.66 million yuan over three consecutive days [1] Group 2 - Major tech companies like Google and Microsoft are intensifying their focus on AI, with Google unveiling significant advancements at its I/O conference, including the upgraded Gemini 2.5 model and new hardware, while Microsoft introduced the "Agent Network" concept at its Build 2025 conference [2] - The computer industry has shown strong performance since the beginning of the year, driven by the domestic large model DeepSeek, with the computer sector's earnings expected to recover marginally in Q1 2025 due to effective cost control and AI-enhanced business capabilities [2] - The issuance of long-term special government bonds and the ongoing progress of local debt are expected to improve cash flow recovery in the computer sector, with a gradual release of profits anticipated in 2025 [2]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The AI sector is expected to continue thriving, with major tech companies integrating AI capabilities into their business models, indicating that AI is likely to become a productivity tool [7][13] - Google's recent developer conference showcased significant advancements in AI technology, including the launch of upgraded models and tools that enhance user experience and content generation [5][11] - Domestic companies like ByteDance and Tencent are also focusing on integrating AI into their operations, with upcoming conferences expected to reveal more innovations [6][12] Summary by Sections Market Review - During the week of May 19-23, 2025, the CSI 300 index fell by 0.18%, while the computer index dropped by 3.02% [4][14] Company Dynamics - Highgreat increased its investment in Blue Core Computing by 10 million RMB, with a portion allocated to registered capital [15] - Focus Technology announced a stock incentive plan for 2025, proposing to grant 6.6 million restricted shares and 15.32 million stock options to its employees [16] Industry Dynamics - Xiaomi has begun mass production of its self-developed 3nm chip, while Alibaba invested $250 million in Meitu, acquiring a 6.85% stake [20][21] - OpenAI launched the cloud-based AI programming agent Codex, which enhances development efficiency across multiple programming languages [28]

Core Insights - Google is transforming its search capabilities into a comprehensive AI ecosystem by 2025, moving from traditional search to an all-encompassing AI assistant [1][3] - The company showcased a wide array of new models, features, hardware, and platforms during the Google I/O 2025 event, indicating a significant evolution in its technology offerings [3][19] AI Model and Usage - The Gemini model has seen explosive growth, with monthly token processing increasing from under 10 trillion to 480 trillion, a 50-fold increase, and over 700 million developers utilizing Gemini for AI applications, a fivefold increase from last year [5] - Gemini boasts 400 million monthly active users, with a 45% increase in engagement for users of the 2.5 Pro model [5] Search Functionality - The new AI Mode redefines search as an AI assistant, moving beyond keyword matching to support natural language dialogue, multimodal recognition, and deep contextual understanding [6][7] - The AI can generate personalized recommendations based on user history and preferences, enhancing the search experience significantly [12] Gemini Model Upgrades - The Gemini model has been upgraded with three new versions: - Gemini 2.5 Pro Deep Think, designed for complex tasks, achieving a 40.4% score in the USAMO [13] - Gemini 2.5 Flash, which reduces token usage by 30% while maintaining multimodal understanding [15] - Gemini Diffusion, a new text generation model that is five times faster than previous versions [18] Hardware Innovations - Google introduced the Android XR platform and two new hardware prototypes powered by Gemini: - Project Aura, lightweight AR glasses designed for daily use [22] - Project Moohan, an immersive XR headset developed with Samsung [23] Content Generation - The new video generation model, Veo 3, significantly enhances image clarity and audio output, allowing for dynamic video creation [26][28] - The integration of the Imagen 4 model and the AI creative platform Flow creates a comprehensive AI filmmaking ecosystem [30] Developer Tools - Google launched the programming assistant Jules, which automates various coding tasks, and Gemini Code Assist, which supports complex coding scenarios with personalized suggestions [31][33] Subscription Model - Google introduced the AI Ultra subscription at $249.99 per month, unlocking extensive features including advanced models and significant cloud storage [34][36] Strategic Vision - The Google I/O 2025 event marked a shift in the company's approach, emphasizing that AI will permeate every aspect of user interaction, transforming how users engage with technology [38][40]

Core Insights - Google has made significant advancements in AI technology, integrating it into its ecosystem through model upgrades, content generation tools, and hardware updates [1]. Group 1: Gemini Model Upgrade - The Gemini model has been upgraded to Gemini 2.5 Pro and Flash, enhancing multimodal capabilities with support for audiovisual input and native audio output [2]. - Developers can utilize the Live API preview to customize dialogue experiences, including tone, accent, and speaking style [2]. - The Deep Think mode introduces an enhanced reasoning mechanism, improving the model's ability to handle mathematical, programming, and multimodal tasks by considering multiple possibilities before answering [2]. Group 2: Generative Content Tools Upgrade - Google introduced the Veo 3 video generation model, which supports native audio generation, allowing for the creation of high-definition videos with background music, sound effects, and dialogue [3]. - The Imagen 4 image generation model has made significant improvements in detail and text output quality, capable of rendering intricate details and supporting various styles and aspect ratios up to 2K resolution [3]. Group 3: AI Agents for Convenience - The Project Mariner AI agent tool has been updated to handle multiple tasks simultaneously, enabling users to purchase tickets or groceries without visiting third-party websites [4]. - Google launched the Google Beam video calling platform, featuring a six-camera array and custom light field display, allowing for 3D rendering of video calls with real-time voice translation [4]. Group 4: XR Smart Glasses - Google has partnered with brands like Xreal and Samsung to launch Android XR smart glasses, which integrate AI assistant features for real-time translation, navigation, and information prompts [5]. Group 5: Subscription Plan - Google has introduced a monthly subscription plan priced at $249.99 for AI Ultra, providing access to advanced AI features such as Gemini 2.5 Pro's Deep Think mode and Veo 3 video generation tools, along with higher usage limits and additional storage [6].