（来源：研报虎）

核心观点

人工智能动态：1）产品应用：DeepMind推出Gemini 2.5 Flash-Lite稳定版，实现速度与成本双重突破；阿里开源Qwen3-Coder，助力开发者高效编程；腾讯混元ASR语音识别大模型接入ima平台，智能输入实现突破；字节推出Seed LiveInterpret 2.0，开启同声传译新纪元；京东开源JoyAgent智能体，打造企业级多智能体平台。2）底层技术：Google发布Opal无代码实验，自然语言驱动AI应用构建，革新大众化开发范式；Meta推出AU-Nets架构，以字节级自回归处理重构文本建模范式；DeepMind开源Aeneas模型，助力古代文本研究。3）行业政策：特朗普政府发布《AI行动计划》，确立放松监管、基建保障、技术输出三大战略支柱。

　　投资建议：电商行业竞争依旧激烈，各平台选择继续向商家让利、或在外卖即时零售领域加大投入寻找新增量。AI方面，巨头的业务场景，如云计算、广告等持续受益，但短期AIAgent等方面仍需打磨。当前，我们认为恒生科技指数处于震荡期，推荐与宏观经济相关性较低的网易云音乐、美图公司、腾讯音乐。

　　风险提示：政策风险，疫情反复的风险，短视频行业竞争格局恶化的风险，宏观经济下行导致广告大盘增速不及预期的风险，游戏公司新产品不能如期上线或者表现不及预期的风险等。

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