Wind数据显示，截至2025年12月10日A股收盘，通信、有色金属、传媒领涨市场，涨幅分别为1.21%、1.04%、1.00%。 通信 消息面上，朱雀三号遥一火箭成功首飞，二级成功入轨、一级回收失利；长十二甲即将发射首飞并尝试可回收；12.4-12.5上海松江卫星互联网产业生态大会 召开；星网启动相控阵终端招标。同时，包括SpaceX估值提升、卫星超级工厂投产、星网14组卫星发射，体现产业持续快速发展。 华西证券认为，长期看包括TMT行业的6G产业趋势、国产化替代、自主可控以及军工等发展具有阶段性影响，从而催化包括算力租赁、卫星通信、通信军 工以及6G等市场机会。中长期我们仍坚定看好相关行业的高成长与大空间。聚焦通信全产业链的通信ETF广发(159507)今日收涨1.10%。 有色金属 近期有色金属板块迎多重利好。美联储12月降息预期升温，鸽派人选或执掌美联储，流动性宽松预期驱动铜铝等品种价格上行。国内铜冶炼反内卷深化， 200万吨违规产能被叫停，电解铜社会库存环比降8.41%，铜价突破走高。刚果（金）钴出口实施配额制，原料到港延迟致钴价延续涨势。电解铝国内产能 触天花板，稀土出口管制暂缓，叠加新能源与AI ...

证券研究报告 | 2025年12月09日 | 晨会纪要 | | --- | | 数据日期:2025-12-08 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3924.07 | 13329.99 | 4621.75 | 14193.95 | 3889.74 | 1350.79 | | 涨跌幅度（%） | 0.54 | 1.38 | 0.81 | 0.93 | 2.12 | 1.86 | | 成交金额（亿元） | 8394.39 | 11972.07 | 4967.16 | 3786.42 | 5818.21 | 639.51 | $\frac{\pi\times6}{\pi\times6}$. (1998) (200) 宏观与策略 宏观专题:宏观经济专题研究-政治钟摆下的美联储：FOMC 票委换届前瞻 宏观快评:12 月政治局会议解读-提质增效，内需主导 固 定 收 益 快 评 : 可 交 换 私 募 债 跟 踪 - 私 募 EB 每 周 跟 ...

Strategy - The technology competition under the Kondratiev wave continues to open up valuation ceilings, with a focus on "bottleneck" and future industry high ground [14][15] - The current valuation of China's science and technology innovation is still lower than that during the internet boom in the 1990s, indicating potential for further upward movement [14][18] - The "14th Five-Year Plan" emphasizes seizing the high ground of technological development, focusing on key areas such as integrated circuits and advanced manufacturing [14][19] Electronics - The scaling law remains effective, with the introduction of multi-modal and agent models expected to accelerate AI computing demand [8][15] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature and product structure optimization, which can lead to non-linear performance improvements for companies [8][15] Computer - New models are being launched intensively, marking a shift in AI competition towards "strong reasoning + native multi-modal" capabilities [9][15] - Significant releases include Google's Gemini 3 and DeepSeek V3.2, which enhance multi-modal understanding and practical applications [9][15] Media - Long-term optimism for the acceleration of AI product applications and commercialization, with a focus on AI agents, companionship, multi-modal applications, education, and edge AI [9][15] Humanoid Robots - The industry is transitioning from concept validation to commercialization, with companies that have growth potential in key components or specific solutions likely to benefit [10][15] - Investment opportunities are identified in the incremental component sector, with a focus on aesthetic preferences in the market [10][15] Automotive - The launch of Horizon Robotics' HSD and J6P models marks a significant step in mass production, with companies like WeRide and Pony.ai also making strides in the market [10][15] - Recommendations include focusing on luxury car opportunities with strong product pipelines and valuation elasticity, as well as autonomous driving technologies [10][15] Selected Portfolio - The December selected portfolio includes upstream production tools like Zhuoyi Information, upstream computing infrastructure such as Jingwang Electronics, and downstream applications like Alibaba [11][15]

Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet industry [4][40]. Core Views - The media industry experienced a decline of 3.35% during the week, underperforming compared to the CSI 300 index (1.53%) and the ChiNext index (2.57%) [12][13]. - The release of "Zootopia 2" significantly boosted box office performance, contributing to a total box office of 1.292 billion yuan for the week [2][18]. - The report emphasizes the potential in the gaming sector, particularly in the context of new product cycles and the recovery of the film industry, alongside opportunities in AI applications [3][36]. Summary by Sections Industry Performance - The media sector ranked 29th in terms of weekly performance among all sectors, with notable gainers including Bona Film Group and China Film, while major losers included Easy Point and Xinhua Du [12][14]. Key Data Tracking - The top three films for the week were "Zootopia 2" (1.04 billion yuan, 80.6% market share), "The Leisurely Production" (166 million yuan, 12.1%), and "Demon Slayer: Infinity Castle" (35 million yuan, 2.7%) [2][18]. - In the gaming sector, the top revenue-generating mobile games in October 2025 were "Whiteout Survival" and "Kingshot" from Dots Interactive [25][29]. Investment Recommendations - The report suggests focusing on the gaming sector due to recent adjustments providing good buying opportunities, recommending companies like Giant Network and Kying Network [3][36]. - It also highlights the importance of AI applications and the potential recovery in the film industry, recommending platforms like Mango TV and Bilibili, as well as content producers like Light Media and Huace Film [3][36]. Company Earnings Forecasts - Key companies such as Kying Network, Mango TV, and Fen Zhong Media are rated as "Outperform the Market," with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating growth potential [4][38].

Core Insights - The article highlights significant developments in the AI industry, including new product launches, funding rounds, and strategic shifts among major companies [5][34]. Group 1: Company Developments - Midea Group officially announced its humanoid robot strategy, focusing on three categories: humanoid robots, full humanoid robots, and super humanoid robots, aiming for high efficiency and low cost [7]. - Huawei's CEO Ren Zhengfei emphasized the importance of AI applications, contrasting China's focus on practical solutions with the U.S. pursuit of general AI [8]. - Ideal Auto launched its AI glasses, weighing only 36 grams with an 18-hour battery life, showcasing advancements in wearable technology [9]. - The humanoid robot T800 was released by Zhongqing, featuring a height of 1.73m and a weight of 75kg, with a performance cost only one-third of human labor [13]. - JD.com announced that its digital human live streaming service will be free for all merchants, enhancing its e-commerce capabilities [17]. Group 2: Funding and IPOs - Qingwei Intelligent completed over 2 billion RMB in Series C financing, with plans to focus on next-generation reconfigurable chip development and initiate IPO preparations [18]. - Anthropic is preparing for a potential IPO, with a valuation expected to exceed 300 billion USD, indicating strong investor interest [12]. - HeShan Technology announced successful financing rounds totaling several hundred million RMB, with participation from 13 investors [20]. Group 3: AI Technology Advancements - ByteDance released Vidi2, a multimodal large language model for video understanding, capable of processing hours of raw footage and generating complete video segments [19]. - OpenAI is developing a new AI model codenamed "Garlic" to compete with Google's Gemini3, focusing on programming and logical reasoning tasks [29]. - Amazon unveiled its custom AI chip Trainium3, which is four times faster than its predecessor and can reduce AI model training costs by up to 50% [30]. Group 4: Regulatory and Ethical Developments - Eight major e-commerce platforms, including JD.com and Meituan, signed a commitment to regulate AI technology applications, aiming to establish self-regulatory standards [21]. - Doubao Mobile Assistant announced plans to standardize AI operations on mobile devices, including restrictions on certain applications to prevent misuse [9].

比如在上周字节跳动就更新了最新的模型Vidi2，模型能力简单来说就是将其视频可以进行快速解读，也就是不用人来看，就可以将其视频每一帧的画面 进行解读，并且得到对应的结果数据。 作为计算机博士生并且还在做自己科技公司的产品经理，我发现我喜欢阅读上了那些技术论文。 因为论文不仅是有技术，更多的是哪些领先的算法或系统框架，都可以很快的集成在现在的系统里，从而完成用户问题解决，达到更高效率、用户体验更 加，从而完成商业化闭环。 这个模型就是VIDI2 作为产品经理我一直会关注一些革命性技术，尤其是博士期间希望这些研究方案会成为工程化产品的技术壁垒， 技术几乎革命性的：改变了人们获取信息的方式 如果说现在微信公众号转图片消息或者生成视频已经是现在主流的内容创建形式，而如何将视频再反向转化为文本，这就大大提升了所有的内容信息流产 生的效率，以及人类检索信息的能力翻倍。 以前我们总说一个人去了哪里，而现在是信息获取能力， 信息检索的能力将决定现在每个人的世界观， 这个模型将对信息产生的新媒体创作者与自媒体几乎就是革命了。 就像我现在获取信息的方式，几乎都是视频主流，在短视频与长视频成为信息主流的现在，看文字的人越来越少，作 ...

Core Insights - ByteDance's new video model Vidi2 demonstrates superior understanding capabilities compared to Gemini 3 Pro [1] - Vidi2 can generate JSON editing instructions based on hours of footage and a prompt, covering aspects like editing locations, dialogue, subtitles, and music [2][3] Group 1: Technical Capabilities - Vidi2 can autonomously process raw footage and create a detailed editing list, specifying exact timestamps, playback speed, subtitle styles, and even commentary [6][7] - The model excels in precise temporal and spatial localization, achieving a vIoU-Int. score of 60.3%, significantly outperforming GPT-5 (33.6%) and Gemini 3 Pro Preview (16.6%) [12] - Vidi2 maintains a retrieval accuracy of 38.7% even for videos longer than one hour, showcasing its stability in handling extended content [13] Group 2: Model Architecture - The core breakthrough of Vidi2 lies in its end-to-end temporal and spatial localization capabilities [16] - The model processes data through a unified encoding interface, treating static images as silent videos of one second, and employs an adaptive token compression strategy to manage information density based on video length [18] - Vidi2 is built on the architecture of Vidi1, integrating Google's latest open-source model Gemma-3 and enhanced visual encoders, with a total parameter count of 12 billion [19] Group 3: Data Utilization - To address the scarcity of temporal localization data, the development team created a unique data synthesis path, dynamically mapping static boundary boxes to video frames [23] - The training process incorporates a significant amount of high-precision labeled real-world video data to correct potential distribution biases from synthetic data [24] - Vidi2 employs a temporal-aware multimodal alignment strategy during training, enhancing the model's sensitivity to temporal boundaries through bidirectional prediction tasks [25] Group 4: Competitive Landscape - The competition in AI is increasingly data-driven, with companies like ByteDance leveraging their extensive short video data to enhance model performance [27][29]

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 【巨头风向标】 中国移动被调出上证50指数，机构称不代表基本面变化 近日，上交所和中证指数公司公告了2025年下半年的调样安排。根据指数编制方案，上证50指数对样本 空间内的证券按照过去一年的A股日均总市值、日均成交金额进行综合排名。如中国移动今年以来股价 小幅下跌约5%，A股总市值约为1000亿元，最新排名位于沪市第100名左右，结合成交金额后的综合排 名不满足上证50指数的纳入条件，因此在本次调样中被调出。本次调样实施后，中国移动仍为上证 180、沪深300、中证A500等主要指数的成份股，调出上证50指数并不代表其基本面发生了变化。同 时，因权重有限，亦不会对其股价产生显著影响，投资者无需多虑。 微软承认Win11新BUG，锁屏界面的"密码登录图标"会离奇消失 微软承认部分Windows 11设备在安装2025年8月可选更新（KB5064081）及后续补丁后，锁屏界面的"密 码登录图标"会离奇消失。主要影响群体是Windows 11 25H2和24H2用 ...

11月30日，上海交通大学近日发布公告，计划自2025年起增设「具身智能」本科专业，成为全球首个将 该方向独立设置为本科专业的高校。新专业将隶属人工智能学院计算机类，学制四年，授予工学学位， 首年计划招生30人，并将与华为、国家人形机器人创新中心联合培养。专业课程将融合AI、机械动 力、计算机等多学科内容，围绕「感知—决策—控制—本体设计」培养复合型人才，以填补行业快速增 长下的人才缺口。该专业由卢策吾教授领衔，他曾在斯坦福深造，是李飞飞、Guibas的学生，同时也是 具身智能创业公司穹彻智能联合创始人。交大在具身智能方向已形成科研与产业并进的基础，包括多家 企业孵化与技术转化成果。 21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 【巨头风向标】 中国移动被调出上证50指数，机构称不代表基本面变化 近日，上交所和中证指数公司公告了2025年下半年的调样安排。根据指数编制方案，上证50指数对样本 空间内的证券按照过去一年的A股日均总市值、日均成交金额进行综合排名。如中国移动今年以来股价 小幅下跌约5%，A股总 ...

完整早报音频，请点击标题下方小耳机收听 【影视飓风否认冲锋衣致癌】 11 月 30 日，影视飓风旗下账号 @ 飓风商店 MediaStore 发布视频 回应冲锋衣相关质疑。影视飓风晒出检测报告，证明 PFOA 是"未检出"，还指出质疑者送检的样品 本身已破坏、报告不完整，反指对方是断章取义带节奏，并表示已准备走法律程序。"近期有一位电 商服装博主 H 先生小韩哥对我们 25 款的三合一冲锋衣发布了多条质疑视频，引发了讨论。我们希 望针对对应的质疑进行具体技术说明，和大家讲明情况，来证伪这位博主的指控。"（中华网） 【徐新 3.4 万亿估值拿下字节跳动部分股权，成为张一鸣"新股东"】 据彭博社报道，一家中国投资 公司在 19 日举行的竞标中击败其他数家意向方，从字节跳动早期机构投资者中银集团投资有限公司 （以下简称中银投）手中收购了其持有的部分股权。知情人士表示，这批股票最初定价约 2 亿美元， 对应字节跳动估值为 3600 亿美元。而最终的收购价达到约 3 亿美元，估值更是高达 4800 亿美 元，约合人民币 3.4 万亿元。这家机构，正是徐新掌管的今日资本（ Capital Today ）。业内人士 指出， ...