昆仑万维公告，公司拟以全资子公司Kunlun Group Limited为主体，对控股子公司Skywork AI Inc.（以下 简称"Skywork"，中文简称"天工"）增资2亿元人民币。同时，北京昆仑互联网智能产业投资基金合伙企 业（有限合伙）、北京蜜莱坞网络科技有限公司也拟参与Skywork增资。其中昆仑基金拟以债转股形 式，将前期先行提供的2亿元人民币可转债转为本次出资；蜜莱坞拟出资1亿元人民币。因昆仑基金是公 司的联营企业，本次交易构成关联交易。Skywork AI Inc.是公司AGI与AIGC业务的控股主体。 ...

格隆汇8月20日丨昆仑万维（维权）(300418.SZ)公布，为继续践行"AllinAGI与AIGC"的发展战略，昆仑 万维科技股份有限公司拟以全资子公司Kunlun Group Limited(简称"昆仑集团")为主体，对控股子公司 Skywork AIInc.(简称"Skywork"，中文简称"天工")增资2亿元人民币。与此同时，基于对公司在AIGC领 域前瞻性战略布局及取得的进展的深度认可，以及对AIGC行业长期发展潜力的坚定信心，北京昆仑互 联网智能产业投资基金合伙企业(有限合伙)(简称"昆仑基金")、北京蜜莱坞网络科技有限公司(简称"蜜莱 坞")也拟参与Skywork增资。其中昆仑基金拟以债转股形式，将前期先行提供的2亿元人民币可转债转为 本次出资；蜜莱坞拟出资1亿元人民币。 ...

人民财讯8月20日电，昆仑万维（300418）8月20日晚间公告，为继续践行"All in AGI与AIGC"的发展战 略，公司拟以全资子公司昆仑集团为主体，对控股子公司Skywork AI Inc.(简称"Skywork")增资2亿元。 同时，北京昆仑互联网智能产业投资基金合伙企业(有限合伙)(简称"昆仑基金")、北京蜜莱坞网络科技 有限公司(简称"蜜莱坞")也拟参与Skywork增资。其中昆仑基金拟以债转股形式，将前期先行提供的2亿 元可转债转为本次出资；蜜莱坞拟出资1亿元。 ...

证券代码：300418 证券简称：昆仑万维 公告编号：2025-061 昆仑万维科技股份有限公司 关于控股子公司增资扩股暨关联交易的公告 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。 一、交易概述 为继续践行"All in AGI 与 AIGC"的发展战略，昆仑万维科技股份有限公 司（以下简称"昆仑万维"或"公司"）拟以全资子公司 Kunlun Group Limited （以下简称"昆仑集团"）为主体，对控股子公司 Skywork AI Inc.（以下简称 "Skywork"，中文简称"天工"）增资 2 亿元人民币。与此同时，基于对公司 在 AIGC 领域前瞻性战略布局及取得的进展的深度认可，以及对 AIGC 行业长期发 展潜力的坚定信心，北京昆仑互联网智能产业投资基金合伙企业（有限合伙）（以 下简称"昆仑基金"）、北京蜜莱坞网络科技有限公司（以下简称"蜜莱坞"） 也拟参与 Skywork 增资。其中昆仑基金拟以债转股形式，将前期先行提供的 2 亿元人民币可转债转为本次出资；蜜莱坞拟出资 1 亿元人民币。 因昆仑基金是公司的联营企业，本次交易构成关联交易。 ...

证券代码：300418 证券简称：昆仑万维 公告编号：2025-060 昆仑万维科技股份有限公司 第五届董事会第三十一次会议决议公告 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"）第五届董事会第三十一次会议 通知于 2025 年 8 月 15 日采取通讯方式通知了全体董事。 2、公司第五届董事会第三十一次会议于 2025 年 8 月 20 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。 4、会议由方汉董事长主持。公司高级管理人员列席了本次会议。 本次会议审议议案和表决、通过情况如下： （一）审议通过《关于控股子公司增资扩股暨关联交易的议案》 为继续践行"All in AGI 与 AIGC"的发展战略，公司拟以全资子公司 Kunlun Group Limited 为主体，对控股子公司 Skywork AI Inc.（以下简称"Skywork"，中文简称"天 工"）增资 2 亿元人民币。与此同时，基于对公司在 AIGC 领域前瞻性战略布局及取得的 进展的深度认 ...

Core Insights - The Chinese AGI industry has entered a rapid development phase, characterized by a synergy between technological breakthroughs and commercial applications, forming a positive development pattern of "policy guidance, technology-driven, and scenario implementation" [1][13] - The market size of China's AGI industry is projected to reach 20.493 billion yuan in 2024, representing a year-on-year growth of 44.97% [1][13] - Multi-modal large models have become the core focus in the technology sector, with Tencent's Hunyuan-Turbo-Preview model scoring 78.64 in the SUPERCLUE evaluation, closely approaching OpenAI's ChatGPT-4o level [1][13] Industry Overview - AGI refers to artificial intelligence with efficient learning and generalization capabilities, capable of autonomously generating and completing tasks in complex dynamic environments [1] - The AGI market is structured into four layers: infrastructure (computing power, data), model layer (language and multi-modal models), intermediate layer (fine-tuning, Prompt, RAG, Agent), and application layer (applications, plugins, hardware) [1][4] Industry Development History - The AGI industry has transitioned from initial exploration and technological accumulation to a critical period of technological breakthroughs and commercialization [5] Industry Value Chain - The upstream of the AGI industry chain includes chips and computing power, data resources and services, algorithms, and frameworks [7] - The midstream focuses on AGI development and integration, while the downstream applies AGI in sectors such as finance, healthcare, manufacturing, and smart cities [7] Market Size - The AGI industry in China is expected to reach a market size of 20.493 billion yuan in 2024, with significant growth in various application areas, particularly in finance and retail [1][13] Key Companies and Performance - Major tech giants like Alibaba, Tencent, and Baidu lead the AGI infrastructure and technology development, while startups focus on vertical applications [15][16] - Tencent's Hunyuan model has been integrated into various applications, achieving significant performance metrics [16][18] - Cloud Voice has achieved a 98% adoption rate for its medical record generation system, showcasing the effectiveness of AGI in healthcare [16] Industry Development Trends - The AGI industry is experiencing a fundamental shift in technology paradigms, with multi-modal models and quantum computing becoming key areas of focus [20] - The commercialization of AGI is shifting from a "model parameter competition" to "scenario value exploration," with significant advancements in healthcare, finance, and manufacturing applications [22] - Policies are evolving to create a sustainable ecosystem for AGI, emphasizing ethical governance and safety frameworks [23]

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [1] Core Insights - The media industry saw a weekly increase of 1.00%, ranking 17th among industries, while the Shanghai Composite Index rose by 1.70% and the Shenzhen Component Index increased by 4.55% [3][15] - Tencent's Q2 performance was strong, with domestic game revenue reaching 404 billion yuan, a year-on-year increase of 17% [5][41] - The report highlights the growth potential in AI applications and cultural exports, particularly in gaming, IP, short dramas, and publishing sectors [7][43] Market Performance - The media industry (Shenwan) increased by 1.00% from August 9 to August 15, 2025, while the Shanghai Composite Index rose by 1.70% and the Shenzhen Component Index increased by 4.55% [3][15] - Notable performers included Jishi Media, Youzu Network, and Tencent Holdings, with weekly increases of 45.19%, 19.88%, and 5.53% respectively [22][23] Industry Key Data and Updates AI Application Data - Estimated iOS downloads for various AI applications from August 8 to August 14 were 38.14 million for Deepseek, 208.17 million for Doubao, 60.64 million for Quark, and 121.11 million for Tencent Yuanbao, with Tencent Yuanbao showing a significant increase of 63.43% [4][26] Gaming Data - Tencent's domestic game revenue for Q2 2025 was 404 billion yuan, a 17% year-on-year increase, with the game "Delta Force" achieving an average daily active user count exceeding 20 million [5][28] - In July 2025, three new products entered the overseas revenue TOP30 list, including "Persona 5: The Phantom X" and "Sword and Magic" [30] Film Data - The total box office for the week of August 8 to August 14 was 1.518 billion yuan, with "Nanjing Photo Studio" leading the summer box office [37][39] Investment Recommendations - The report suggests focusing on themes such as AI applications and cultural exports, with particular attention to gaming, IP, short dramas, and publishing sectors. Recommended companies include Giant Network, Kaiying Network, and Perfect World [7][43]

Core Viewpoint - The article discusses the launch of the open-source interactive world model "Matrix-Game 2.0" by Kunlun Wanwei, which demonstrates significant advancements in real-time interactive generation and simulation of complex environments, rivaling the capabilities of proprietary models like Google DeepMind's Genie 3 [1][3][11]. Group 1: Product Overview - Matrix-Game 2.0 is an open-source model with 1.8 billion parameters, capable of running on a single GPU and achieving a frame rate of 25 FPS for virtual environment generation [12][36]. - The model allows users to upload images and interact with the generated virtual world using keyboard controls, enabling real-time movement and perspective changes [19][40]. - It has been noted for its ability to simulate realistic environments, including complex terrains and dynamic elements, enhancing user immersion [8][21]. Group 2: Technical Innovations - The model employs a novel visual-driven interactive world modeling approach, moving away from traditional language-based prompts to focus on visual understanding and physical law learning [35][40]. - Matrix-Game 2.0 integrates a self-regressive diffusion generation mechanism, which helps in producing longer videos while minimizing content deviation and error accumulation [42][45]. - The data production pipeline utilized for training includes over 1.2 million video clips, achieving an accuracy rate exceeding 99% [37][38]. Group 3: Market Impact and Future Prospects - The emergence of Matrix-Game 2.0 signifies a shift in the world model landscape, indicating that such technologies are moving towards practical applications in various fields, including gaming and robotics [57][59]. - The article highlights the potential of world models to serve as training environments for AI, addressing challenges like data scarcity and generalization in embodied intelligence [57][58]. - Kunlun Wanwei's continuous efforts in open-source projects are expected to accelerate the practical implementation of world models, enhancing their utility across different sectors [54][59].

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a positive outlook for their performance in the market [2][52]. Core Insights - The computer industry has shown strong relative performance, with a 12-month increase of 84.9%, significantly outperforming the CSI 300 index, which only increased by 26.7% [3]. - The release of the GLM-4.5V multimodal model by Zhipu AI marks a significant advancement in AI capabilities, achieving top performance in 41 multimodal benchmark tests [4][17]. - Kunlun Wanwei has launched the industry's first multimodal deep research agent, enhancing research capabilities by integrating multimodal retrieval and understanding [5][26]. - Cohere, a Canadian AI startup, completed a $500 million Series D funding round, raising its valuation to $6.8 billion, indicating strong investor confidence in enterprise-level AI solutions [6][41]. Summary by Sections 1. Computing Power Dynamics - The rental prices for computing power remain stable, with specific configurations priced at 5.73 RMB/hour for Tencent Cloud and 31.58 RMB/hour for Alibaba Cloud [16]. - Zhipu AI's GLM-4.5V model, with 106 billion total parameters, has set new records in multimodal benchmarks, showcasing its advanced capabilities in visual reasoning [17][20]. 2. AI Application Dynamics - QuillBot's weekly traffic increased by 4.44%, indicating growing user engagement [25]. - The new multimodal deep research agent from Kunlun Wanwei can process images and generate comprehensive reports, enhancing research efficiency [26][28]. 3. AI Financing Trends - Cohere's recent funding round highlights the growing interest in enterprise AI, with expectations of annual revenue exceeding $200 million by 2025 [41][42]. 4. Investment Recommendations - The report suggests focusing on companies like Jiahe Meikang, Yida Information, and Weike Technology, which are positioned for growth in the AI and robotics sectors [50][51].

Market Overview - On August 18, the gaming sector rose by 1.07% compared to the previous trading day, with Shunwang Technology leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Shunwang Technology (300113) closed at 23.00, with a gain of 4.83% and a trading volume of 476,000 shares, amounting to a transaction value of 1.068 billion [1] - Other notable performers included: - Fuchun Co., Ltd. (300299) at 7.77, up 3.88% [1] - ST Zhongqingbao (300052) at 11.04, up 3.76% [1] - Xinghui Entertainment (300043) at 4.69, up 3.53% [1] - Xunyou Technology (300467) at 23.61, up 3.37% [1] Capital Flow Analysis - The gaming sector experienced a net outflow of 280 million from institutional investors, while retail investors saw a net inflow of 614 million [2] - Notable capital flows included: - Shunwang Technology had a net inflow of 100 million from institutional investors, but a net outflow of 99.38 million from retail investors [3] - Zhejiang Shuju Culture (600633) saw a net inflow of 88.73 million from institutional investors [3] - Tom Cat (300459) had a net inflow of 39.66 million from retail investors despite a net outflow from institutional investors [3]