计算机行业周报：OAI十周年发布GPT-5.2 GOOGLE发布GEMINI DEEP RESEARCH

国金证券股份有...2025-12-14

本周观点12 月11 日，钉钉推送 8.1.10 版本更新，对 AI 硬件DingTalk A1 进行功能升级，通过接入 DeepSeek 与通义千问等多种大模型，提升了语音转写、实时翻译及内容分析能力。本次软件更新新增了 AI 实时语音转文字与多语种互译服务，延迟控制在毫秒级（转写）至秒级（翻译）。同时上线了“AI 问答”功能，允许用户基于录音内容进行检索与提问。12 月12 日，OpenAl ...

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Completion) 的研究成果。12 月12 日，谷歌 DeepMind 发布了专为长期上下文采集与综合任务优化的 Gemini Deep Research 智能体，并同步开源了新的测试基准 DeepSearchQA 以及面向开发者的交互 API。 Gemini Deep Research 智能体基于 Gemini 3 Pro 模型构建，通过多步强化学习扩展搜索能力，采用“提问-阅读结果-识别知识空白-再次搜索”的迭代式流程。在性能评测方面，Gemini Deep Research 在谷歌新基准测试中得分为 46.4%，优于基座模型 Gemini 3Pro。12 月12 日，OpenAl 与迪士尼正式签署了一份为期三年的合作协议。根据协议，OpenAl 将以 10 亿美元股权出售及未来增持权利为代价，换取迪士尼旗下 200 多个热门 IP 角色对 Sora 及 ChatGPTlmages 的授权使用。相关功能预计将于 2026 年初上线。11 月计算机表现较弱，与以往11 月板块胜率高不一致，我们认为主要还是风险偏好承压，从历史归因看，估值波动解释了计算机板块波动的60-80%，当下的压力从外部看，可能一是海外局部冲突不断，政治环境不算和平，二是美国也陷入AI 泡沫的争议，相关企业股价回调，三是美元降息预期波动，全球risk off 等。从内部看，一是来自于基本面尤其收入端不算强，二是部分机构投资者前期收益率高，在年底存在获利了结，做高低切或者降低风偏资产的考虑。我们预计随着连续三个月的回调，也为后续春季躁动酝酿更多的空间。过往经验看，一般在非熊市阶段，板块回调2-4 个月会有新一轮弹性。从投资机会的把握上，我们认为从需求的区域看景气方向在出海，从技术的角度看景气方向在AI 产业链，从政策的角度看景气方向在国产替代。细分行业景气度看，25 年我们认为高景气维持的赛道包括AI 算力、激光雷达；加速向上的赛道有AI 应用；稳健向上的赛道包括软件外包、金融IT、量子计算、数据要素、EDA、出海、信创；拐点向上的赛道包括教育IT、网安、企业服务；底部企稳的赛道包括智慧交通、政务IT、安防、建筑地产IT；略有承压的赛道包括工业软件、医疗IT。投资建议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，建议关注海康威视、虹软科技、禾赛等；AI 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