2026 年 03 月 25 日 GPT-5.4mini 与 nano 轻量登场，SkyReels-V4 登顶全球 AI 视频大模型榜首 —计算机行业周报 推荐(维持) 投资要点 相关研究 1、《（Netflix）：25Q4 业绩稳健 兑现，内容与广告双轮驱动，平台 化变现能力持续增强》2026-03-23 2、《微软（Microsoft）：云与 AI 维持高景气，Azure 持续强势》 2026-03-22 3、《计算机行业周报：OpenClaw 连 续版本更新，英伟达联合谢赛宁团 队发布 TMD 框架》2026-03-17 ▌算力：算力租赁价格平稳，SkyReels-V4 登顶全球 AI 视频大模型榜首 2026 年 3 月，昆仑万维旗下 SkyReels-V4AI 视频大模型，在 业内权威第三方评测平台 ArtificialAnalysis 的文生视频全 球榜单中登顶第一，超越 OpenAISora2、GoogleVeo3.1 等国 际顶尖模型。该模型完成全模态强化学习体系升级，新增多 帧参考等核心能力，大幅提升长视频生成稳定性。 ▌AI 应用：Discord 周访问量环比+2.09%，GPT- 5.4 ...

2026 年 03 月 25 日 GPT-5.4mini 与 nano 轻量登场，SkyReels-V4 登顶全球 AI 视频大模型榜首 —计算机行业周报 推荐(维持) 投资要点 相关研究 1、《（Netflix）：25Q4 业绩稳健 兑现，内容与广告双轮驱动，平台 化变现能力持续增强》2026-03-23 2、《微软（Microsoft）：云与 AI 维持高景气，Azure 持续强势》 2026-03-22 2026 年 3 月 18 日，OpenAI 推出了两款全新轻量化模型—— GPT-5.4mini 与 GPT-5.4nano。此次发布聚焦于真实生产环境 中的实际需求，即在保证模型响应速度与输出质量的前提 下，显著降低使用成本。两款模型继承了 GPT-5.4 的核心能 力，但在运行效率和经济性方面做出了更为极致的优化。 ▌AI 融资动向：Deeptune 完成 4300 万美元 A 轮融资 2026 年 3 月，AI 智能体模拟训练环境平台 Deeptune 完成 4300 万美元 A 轮融资，由 a16z 领投，多家机构及 OpenAI 研究员等 天使投资人参投，其 2023 年曾完成 310 万美 ...

编辑｜杨文、+0 先给大家听几首歌，猜猜哪首是 AI 生成的？ | | Global Leaderboard | Personal Leaderboard | | | | | | --- | --- | --- | --- | --- | --- | --- | | 11 | Range O | Creator 1↓ | Model 11 | ELO 17 | 95% Cl | Samples 1↓ | | 1 | J | ~ Mureka | Mureka V8 | 1,137 | -18/18 | 1,542 | | 2 | 2 | Suno | Suno V4.5 | 1,079 | -12/12 | 3,433 | | ന | 3 | > Producer.ai | FUZZ-2.0 | 1,060 | -11/11 | 3,376 | | ব | 4-5 | > Producer.ai | FUZZ-2.0 Raw | 1,022 | -11/11 | 3,421 | | 5 | 4-5 | II ElevenLabs | Eleven Music | 1,014 | -11/11 | 3,364 ...

一水 闻乐 发自 凹非寺 量子位 | 公众号 QbitAI | AII | J Pop | & Rock | Latin | Punk & Hardcore | Funk & Disco | Aip-Hop / Rap | Folk / Country / Americana | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Jazz & Blues | | タ Metal & Hard Rock | 2 Reggae / Dancehall | R&B / Soul | Alternative / Indie | | | | | Global Leaderboard | | Personal Leaderboard | | | | | | | 11 | Range O | | Creator 1J | | Model 17 | ELO 1J | 95% Cl | Samples TJ | | 1 | 1 | | ~ Mureka | | Mureka V8 | 1,137 | -18/18 | 1,542 | | 2 | 2 | ...

Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet industry [4][35]. Core Insights - The media industry experienced a decline of 3.89%, underperforming compared to the CSI 300 index (-2.19%) and the ChiNext index (1.26%) during the week of March 9-13 [11][12]. - Key companies showing significant gains include Liansheng Technology, Tiandi Online, and Guiguang Network, while companies like Meiri Interactive and Giant Network faced notable declines [11][12]. - Tencent's AI assistant product QClaw has officially entered open beta, emphasizing "WeChat direct connection + zero-threshold deployment" [14][17]. - The AI product MuleRun, described as the "world's first self-evolving personal AI," was launched, allowing users to generate digital employees with zero barriers [17]. Summary by Sections Industry Performance - The media sector ranked 14th in terms of performance among all sectors, with a decline of 3.89% [11][12][13]. - The top three films at the box office for the week of March 16-22 generated a total of 2.97 billion yuan, with "Flying Life 3" leading at 640 million yuan [19][26]. AI Developments - The rapid development of AI applications is highlighted, with the release of OpenClaw and MuleRun, which are expected to enhance AI capabilities and penetration [3][35]. - The report suggests that the marketing industry will benefit from increased competition for traffic entry points, with opportunities arising from marketing intermediaries and high-quality data sources [3][35]. Gaming Sector - The gaming sector is viewed as a bottoming opportunity, with recommendations for companies like Giant Network, G-bits, and 37 Interactive Entertainment, focusing on product cycles and performance [3][35]. - The top three mobile games in China for February 2026 were identified as "Gossip Harbor: Merge & Story," "Whiteout Survival," and "Kingshot" [26][30]. Key Company Forecasts - Companies such as Kayi Network, G-bits, and 37 Interactive Entertainment are rated as "Outperform the Market," with projected EPS growth for 2025 and 2026 [4][37]. - The report emphasizes the importance of identifying companies with strong product cycles and AI product implementations for investment opportunities [3][35].

Core Viewpoint - The article discusses the rapid advancements of AI video generation technology, highlighting the success of Kunlun Wanwei's SkyReels-V4 model, which has achieved the top position in global rankings for AI video generation capabilities [8][49]. Group 1: AI Video Generation Technology - The SkyReels-V4 model surpassed competitors like OpenAI's Sora 2 and Google's Veo 3.1, achieving the number one spot in the global video generation leaderboard within a month [8][49]. - The model's capabilities include enhanced semantic understanding and logical coherence, with improvements in character consistency and stability in long narrative video generation [12][40]. - SkyReels-V4 supports multi-frame and grid reference tasks, allowing for more complex and coherent video narratives, addressing common industry challenges such as character distortion and scene jumps [35][40]. Group 2: Market Impact and Adoption - Kunlun Wanwei has integrated SkyReels-V4 into its content production, achieving significant milestones in the overseas short drama market, with a monthly active user count exceeding 8 million and monthly revenue surpassing 40 million USD [51]. - The model's versatility allows it to cater to various content forms, including short dramas, films, advertisements, and digital humans, using a unified generation interface [51][52]. - The rapid ascent of SkyReels-V4 in the rankings reflects the competitive landscape of AI development, with major global labs continuously launching new models [52].

Investment Rating - The report assigns a "Buy" rating for the industry, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [49]. Core Insights - OpenClaw is an open-source autonomous AI virtual assistant software project designed to perform complex tasks autonomously based on user instructions, marking a significant advancement from traditional chatbots [4][15]. - The demand for AI agents is expected to accelerate, with the number of agents in Chinese enterprises projected to exceed 350 million by 2031, achieving a compound annual growth rate of over 135% [5][24]. - The release of GPT-5.4 enhances the capabilities of AI agents, allowing them to perform complex workflows across software applications, which is crucial for the commercial viability of OpenClaw [5][28][31]. - OpenClaw's rise is anticipated to have three major impacts on the industry: it will likely become one of the first application scenarios for AI agents, increase token consumption significantly, and boost the demand for domestic large models [6][34]. Summary by Sections 01 OpenClaw: A New Era of AI Employees - OpenClaw is an open-source AI agent project developed by Peter Steinberger, initially released as Clawdbot in late 2025 and later renamed [11]. - It is designed to autonomously execute tasks for users, offering capabilities such as file operations, process orchestration, and multi-platform interactions [15][19]. 02 Demand Side: Expansion of Agent Demand - AI agents are seen as a feasible direction for application deployment, with their proactive capabilities distinguishing them from traditional AI assistants [21]. - The growth in agent numbers and token consumption in China is expected to accelerate, driven by advancements in local models and supportive industrial policies [24]. 03 Supply Side: Continuous Iteration of Large Models and Strengthening of Underlying Technologies - The release of GPT-5.4 marks a significant advancement in AI capabilities, particularly in enhancing agent functionalities [28]. - The ongoing improvements in large model technologies are crucial for the commercial success of AI agents like OpenClaw [31]. 04 Impact of OpenClaw's Emergence on the Industry - OpenClaw is gaining rapid popularity, surpassing many established projects on GitHub, indicating its potential as a leading application scenario for AI agents [34]. - The increase in token consumption associated with OpenClaw is expected to drive demand for computing power and cloud services [40]. - The demand for domestic large models is anticipated to rise, with OpenClaw primarily utilizing Chinese models, which may accelerate their international expansion [41]. 05 Investment Recommendations - Beneficial stocks include companies involved in large models and applications, as well as those providing computing infrastructure, indicating a broad investment opportunity in the AI sector [46].

Summary of Key Points from Conference Call Records Industry and Companies Involved - **Companies**: Tencent, Minimax, Kunlun Wanwei, Shunwang Technology - **Industry**: AI, Gaming, Cloud Services Core Insights and Arguments Tencent's AI Strategy - Tencent has shifted its AI strategy from defensive to offensive, launching products like Workbody, QQbot, and Qcloud in March 2026, which integrate deeply into user workflows [1][5] - The company aims to capture three key AI entry points: desktop office (Workbody), social communication (QQbot), and cross-device control (Qcloud) [4][3] Tencent's Gaming Business - Tencent's gaming business is robust, with a major product cycle starting in 2026, including the anticipated launch of "Kingdom of Rock: World" with over 40 million pre-registrations and expected annual revenue exceeding 5 billion RMB [1][8] - The gaming pipeline for 2026 includes 5-8 new titles, expected to maintain double-digit revenue growth [8][6] Minimax's Market Position - Minimax holds a 34% market share in programming scenarios as of March 2026, with a cost advantage where its input price is only 0.3 USD per million tokens, significantly lower than competitors [1][9] - The company has shown a steep growth trend in token usage on third-party API platforms, indicating strong market competitiveness [9] Kunlun Wanwei's AI Applications - Kunlun Wanwei's AI applications are entering a harvest phase, with monthly revenues from Skywork, Linky, and Mirika reaching millions of dollars, and its overseas short drama business achieving over 8 million MAU and doubling monthly revenue to over 4 million USD [1][16] - The company is also expanding its AI chip business through investment in Aixin Yuan Zhi, which could positively impact its valuation and performance [16] Shunwang Technology's Cloud Business - Shunwang Technology's cloud business is rapidly expanding, with revenue targets set to double by 2027, aiming for 480-640 million RMB, driven by demand from 3A games and Sora computing needs [1][17] - The company is also exploring potential revenue from traditional business and new game developments, such as "Three Kingdoms: Strategizing the World" [20][19] Other Important Insights - Tencent's gaming titles are expected to generate substantial revenue, with a focus on leveraging existing IPs for new game launches [7][8] - Minimax's competitive edge lies in its efficient model iteration and organizational structure, allowing it to stay ahead in technology advancements [10][12] - Kunlun Wanwei's diverse AI product offerings and strong performance in specific areas like music generation position it well for future growth [14][15] - Shunwang Technology's cloud services are designed to provide flexible solutions for B-end clients and personal users, enhancing its market appeal [17][18] This summary encapsulates the key points from the conference call records, highlighting the strategic directions and market positions of the involved companies in the AI and gaming industries.

昆仑万维科技股份有限公司 关于公司向银行申请授信 并由控股股东提供关联担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 昆仑万维科技股份有限公司（以下简称"公司"）于2026年3月12日召开了第五届董事会 第三十七次会议，审议通过了《关于公司向银行申请授信并由控股股东提供关联担保的议案》， 现将有关情况公告如下： 证券代码：300418 证券简称：昆仑万维 公告编号：2026-007 周亚辉先生本次为公司向银行申请的授信额度提供担保，解决了公司申请银行授信需要担 保的问题，支持了公司的发展，且此次担保免于支付担保费用，体现了控股股东对公司的支持， 符合公司和全体股东的利益，同时也不会对公司的经营业绩产生不利影响。 一、关联担保概述 因经营发展需要，公司拟向兴业银行股份有限公司北京分行申请不超过 1.5 亿元人民币的 综合授信额度，授信额度有效期限为 1 年，公司控股股东周亚辉先生为上述授信额度提供个人 连带责任担保。 上述授信和担保的具体数额以公司根据实际经营需求及与银行签订的最终协议为准，担保 有效期限与授信期限亦以公司与银行签订的最终协议为准，公 ...

证券代码：300418 证券简称：昆仑万维 公告编号：2026-006 昆仑万维科技股份有限公司 第五届董事会第三十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 1、昆仑万维科技股份有限公司（以下简称"公司"）第五届董事会第三十七次会议 通知于 2026 年 3 月 7 日采取通讯方式通知了全体董事。 2、公司第五届董事会第三十七次会议于 2026 年 3 月 12 日以通讯方式召开。 3、本次会议应参加的董事 7 名，实际参加的董事 7 名。 因经营发展需要，公司拟向兴业银行股份有限公司北京分行申请不超过 1.5 亿元人 民币的综合授信额度，授信额度有效期限为 1 年，公司控股股东周亚辉先生为上述授信 额度提供个人连带责任担保。 上述授信和担保的具体数额以公司根据实际经营需求及与银行签订的最终协议为 准，担保有效期限与授信期限亦以公司与银行签订的最终协议为准，公司免于支付担保 费用。 周亚辉先生是公司控股股东及实际控制人，根据深圳证券交易所《创业板股票上市 规则》之规定，本次交易构成关联交易，该关联交易事项经公司董 ...