证券研究报告：计算机|行业周报 发布时间：2025-09-01 行业投资评级 强于大市|维持 行业基本情况 近期研究报告 《"人工智能+"顶层文件发布，步入 AI 大时代》 - 2025.08.27 人工智能行业报告 （2025.08.25-2025.08.31） | 收盘点位 | | 5755.35 | | --- | --- | --- | | 52 | 周最高 | 5841.52 | | 52 | 周最低 | 2844.68 | 行业相对指数表现 -5% 5% 15% 25% 35% 45% 55% 65% 75% 85% 95% 2024-08 2024-11 2025-01 2025-04 2025-06 2025-08 计算机 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1 ...

Core Viewpoint - Alibaba Group has made significant investments in AI and cloud infrastructure, achieving a record high capital expenditure of 38.6 billion yuan in Q1 FY2026, reflecting its commitment to AI development and strategic growth opportunities [1] Group 1: Financial Performance - Alibaba's cloud revenue grew by 26%, marking a three-year high, with AI-related product revenue experiencing triple-digit year-on-year growth for eight consecutive quarters [1] - The company aims to focus on major consumer and AI + cloud strategies for long-term growth [1] Group 2: AI Model Development - Alibaba's AI model has achieved rapid updates, with the release of multiple new models, including the Qwen3-Coder and Wan2.2, which have gained global recognition in their respective fields [2] - The company has launched the Qwen-Image model, which quickly topped the Hugging Face model rankings [2] Group 3: Infrastructure Expansion - Alibaba has opened eight new AI and cloud data centers globally this year, as part of a broader plan to invest 380 billion yuan in cloud and AI hardware infrastructure over the next three years [3] - The global infrastructure layout of Alibaba Cloud will expand to 30 regions and 95 availability zones in the second half of the year [3] Group 4: AI Application Development - Various Alibaba platforms, including Gaode and DingTalk, are accelerating AI integration to enhance user and industry value [4] - Gaode has launched the world's first AI-native application based on maps, while DingTalk has introduced an AI-driven work information flow application [4] Group 5: E-commerce AI Tools - The "Full Site Promotion" AI tool has improved operational efficiency for merchants on Alibaba's platforms, with increasing penetration rates [5] - The launch of the RecGPT model has enhanced user engagement metrics, such as increased add-to-cart rates and longer session durations [5] - Alibaba is also expanding into hardware with the upcoming release of its self-developed AI glasses [5]

Market Performance - The Hang Seng Index closed at 24,773, down 1.60% for the day but up 23.50% year-to-date [1] - The Hang Seng Tech Index fell 0.69% to 5,453, with a year-to-date increase of 22.05% [1] - The Dow Jones Index decreased by 0.74% to 44,130, with a year-to-date rise of 3.73% [1] - The S&P 500 Index closed at 6,339, down 0.37% but up 7.78% year-to-date [1] Currency and Commodity Overview - The Renminbi Index stood at 95.710, down 0.22% over the past month and down 5.14% over six months [2] - Brent crude oil price increased by 9.42% in the last month, currently at $73.040 per barrel [2] - Gold prices rose by 0.25% over the past month, currently at $3,311.44 per ounce, with an 18.33% increase over six months [2] Retail Sector Insights - Hong Kong's retail sales value for June was estimated at HKD 301 billion, a 0.7% increase year-on-year, but a 3.3% decline for the first half of the year [10][13] - Jewelry and luxury goods saw a sales value increase of 6.8%, while clothing sales dropped by 4.3% [13] Technology Developments - Alibaba announced the open-source release of its video generation model Wan2.2, which significantly enhances creators' ability to produce high-quality videos [14] - The model's training data has expanded, with image data increasing by 65.6% and video data by 83.2%, improving its capability for complex scene generation [14] Financial Sector Updates - Standard Chartered reported a 41% increase in net profit for the first half of the year, although its stock price fell by over 1% [5] - The U.S. government is pressuring major pharmaceutical companies to reduce drug prices, which may impact their profit structures [18] IPO and Market Activity - Recent IPOs in Hong Kong include companies like维立志博 and FORTIOR, with significant first-day performance [26] - The upcoming IPOs include东阳光药 and中慧生物, indicating ongoing market activity in the biotech and pharmaceutical sectors [26][27]

赶在上海世界人工智能大会WAIC结束后，抢在OpenAI发布GPT-5前，北京的智谱开源了新一代大模型GLM-4.5。仅在今年7月更新的开源模型，至少还包 括了K2、Qwen3-2507系列、Qwen3-Coder、Wan2.2、Step-3，霸占了榜单的整个头部。这是中国与美国在AI领域的前沿竞争，也是北京、上海与杭州自己 的三城演义。 美国发布AI行动计划之后，紧接着中国举办了一届规模空前的WAIC，展示中国将加快向全世界部署开源AI。而美国越来越忌惮中国的开源技术栈，无论 是白宫的开源AI策略、OpenAI推迟发布的开源模型，还是Meta斥巨资打造超级AI梦之队后给Llama带来的悬念，在开源领域，美国遭遇的可能是又一个电 动车的故事，至少榜单已经开始雷同了。 DeepSeek启动了中国开源模型的飞轮效应，也引发了一波又一波的价格战。开源模型就像是另一个在产业政策推动下处于"飞轮与内卷"中的行业。它们在 全球争夺各种性能测试榜单最后那些百分点，展示各自的城市的雄心。 开源之都，继续开源 杭州最先举起了开源的大旗，从互联网之城向AI开源之城转型。前阵子黄仁勋在他年内第三次来中国时，将它称为"中国的硅谷"， ...

Core Viewpoint - Alibaba has released the world's first open-source MoE architecture video generation model, Wan2.2, which features cinematic aesthetic control capabilities [3][11]. Group 1: Model Features - Wan2.2 is the first video diffusion model to introduce the Mixture-of-Experts (MoE) architecture, allowing for enhanced model capacity without increasing computational costs [11][12]. - The training data for Wan2.2 has significantly increased, with image data up by 65.6% and video data up by 83.2% compared to Wan2.1, improving the model's generalization capabilities in motion expression, semantic understanding, and aesthetic performance [14][15]. - The model incorporates a specially curated aesthetic dataset with fine-grained attributes such as light and shadow, composition, and color, enabling precise control over cinematic styles and user-customizable aesthetic preferences [16]. Group 2: Technical Innovations - Wan2.2 features a high-efficiency Hybrid TI2V architecture, with a model size of 5 billion parameters and a compression rate of 16×16×4, supporting video generation at a resolution of 720P and 24fps [18]. - It is one of the fastest models on the market for generating 720P, 24fps videos, catering to both industrial and academic needs [19]. - Users can download and utilize the model from platforms like Hugging Face and Alibaba's ModelScope community [20].

Investment Rating - The report maintains an "Outperform" rating for the media sector [5][39]. Core Views - The report highlights the upward trend in the performance cycle, with a long-term positive outlook on AI applications and IP trends [4][39]. - The 2025 World Artificial Intelligence Conference in Shanghai has set a record with over 800 participating companies and more than 3,000 cutting-edge exhibits [2][16]. - The gaming sector is expected to benefit from product cycles and performance improvements, with specific recommendations for companies like Kaiying Network and Giant Network [4][39]. Summary by Sections Industry Performance - The media sector rose by 2.09% during the week of July 14-20, outperforming the CSI 300 index (1.69%) but underperforming the ChiNext index (2.76%) [12][18]. - Notable gainers included Happiness Blue Ocean, Xinhua Media, and InSai Group, while losers included Lansheng Co., Century Tianhong, and Reading Technology [12][18]. Key Data Tracking - The box office for the week of July 21-27 reached 1.038 billion yuan, with top films being "Nanjing Photo Studio" (306 million yuan, 29.4% share), "Lychee of Chang'an" (239 million yuan, 23.0% share), and "The Legend of Lu Xiaobei 2" (130 million yuan, 12.4% share) [3][18][20]. - The mobile gaming revenue for June 2025 was led by "Whiteout Survival," "Gossip Harbor: Merge & Story," and "Kingshot" [27][28]. Investment Recommendations - The report suggests focusing on the gaming, advertising media, and film sectors, with specific stock picks including Kaiying Network, Giant Network, and Yaoji Technology [4][39]. - The report emphasizes the potential of high-dividend, low-valuation stocks in the state-owned publishing sector [4][39]. - For AI applications, the report recommends focusing on marketing, education, and entertainment sectors, highlighting opportunities in both B2B and B2C markets [4][39].