Group 1 - The first batch of ETFs tracking the Innovation and Entrepreneurship AI Index has been launched, with the largest being the E Fund Innovation and Entrepreneurship AI ETF (159140) at a scale of 1.336 billion CNY [10][11] - The investment value and logic in the AI sector are increasingly recognized, with many brokerages projecting AI to remain a key investment theme in the stock market through 2026 [1][2] - The recent economic work conference emphasized the need to "deepen and expand" the integration of AI, indicating strong policy and financial support for the sector in the coming year [2] Group 2 - The focus has shifted from model competition to practical application of AI, with diverse applications in finance, healthcare, and education, which will drive demand for computing power and infrastructure [3] - The Innovation and Entrepreneurship AI Index is uniquely positioned, selecting 50 major companies from the Sci-Tech Innovation Board and the Growth Enterprise Market, specifically targeting leading firms in the AI sector [4][5] - The index captures the strengths of both the communication equipment and semiconductor sectors, with over 70% of its composition in these areas, aligning with global AI computing demand and domestic development [5] Group 3 - The leading stocks within the index are primarily from the optical module and semiconductor sectors, indicating a high concentration that could drive the index's performance during an upcycle in the AI industry [7] - Profit forecasts for the index's constituent stocks show significant growth, with expected revenue growth rates of 36.16% and 25.08% for 2026 and 2027, respectively, and net profit growth rates of 81.99% and 34.58% for the same years [8][9] - The index's design allows for a streamlined investment approach, enabling investors to gain exposure to both optical modules and semiconductors simultaneously [7]

Investment Rating - The report maintains a "Recommended" rating for the media and internet industry [1] Core Viewpoints - The media and internet industry is driven by performance and AI empowerment, with a focus on core assets in the Hong Kong internet sector and AI applications [3][4] - The report highlights the stable supply in the film industry and the recovery of the box office, with significant growth in ticket sales [16][20] - The gaming sector shows strong performance with an increase in both client and mobile game revenues, driven by dual-end interaction [57][58] - The advertising market is showing steady growth, with a notable increase in spending across various sectors [3][4] Market Review - In November 2025, the media industry index rose by 1.69%, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.46% [5][6] - The media sector's performance varied, with advertising marketing up by 9.68% and the gaming sector down by 0.94% [10][12] Sub-industry Data Tracking Film Industry - The national box office for November 2025 reached 3.553 billion yuan, a year-on-year increase of 89.29% and a month-on-month increase of 36.03% [16][20] - The top film, "Zootopia 2," generated a box office of 1.731 billion yuan, accounting for 54.2% of the monthly total [23] Gaming Industry - The domestic gaming market's actual sales revenue in October 2025 was 31.359 billion yuan, a year-on-year increase of 7.83% [57] - Client games showed a strong performance with revenues of 7.227 billion yuan, up 29.4% year-on-year [58] Advertising Industry - The overall advertising market expenditure increased by 4.3% year-on-year in the first ten months of 2025, with a significant rise of 10.6% in October [3][4]

Core Viewpoint - The AI industry chain is experiencing a surge in investment sentiment, particularly in optical module stocks, leading to significant gains in related companies and ETFs [1][4][7]. Group 1: Market Performance - Optical module stocks, particularly leading companies like LianTe Technology and XinYiSheng, saw substantial price increases, with LianTe Technology hitting a 20% limit up and XinYiSheng rising over 9% to a new closing high [1][2][7]. - The ChiNext AI ETF (159363) also performed well, rising 5% with a trading volume of 779 million yuan and a net subscription of 162 million units in a single day [2][8]. Group 2: Industry Drivers - The demand for 800G and 1.6T optical modules is expected to grow significantly, driven by the needs of high-performance GPUs from companies like Moer Thread and Muxi Co., which are essential for AI training and inference scenarios [4][9]. - LightCounting predicts that the global optical module market could exceed $37 billion by 2029, with 800G module shipments expected to reach 18-19 million units by 2025, doubling year-on-year [4][9]. Group 3: Future Outlook - The optical module and related supply chain are anticipated to enter a new growth phase, with significant infrastructure investments expected to continue, particularly in North America [10]. - The ChiNext AI ETF is highlighted as a key investment vehicle, focusing on leading optical module companies, with over 70% of its portfolio allocated to computing power and over 20% to AI applications [10].

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 fund 证券之星消息，12月17日游戏板块较上一交易日上涨3.43%，昆仑万维领涨。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。游戏板块个股涨跌见下表： 从资金流向上来看，当日游戏板块主力资金净流入4.03亿元，游资资金净流出4.43亿元，散户资金净流 入3942.12万元。游戏板块个股资金流向见下表： ...

Core Points - The Shanghai Composite Index closed at 3867.04 points, above the annual line, with an increase of 1.10% [1] - The total trading volume of A-shares reached 1.367165 trillion yuan [1] - A total of 74 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The stocks with the highest deviation rates include Hanxin Technology (10.28%), Jiaying Pharmaceutical (8.17%), and Runpu Food (6.44%) [1] - Other stocks that just crossed the annual line include ST Qibu, Yinghuatech, and Jiangxi Changyun, which have lower deviation rates [1] Trading Data - The trading performance of selected stocks shows significant daily changes, with Hanxin Technology leading with a daily increase of 13.96% and a turnover rate of 26.99% [1] - Jiaying Pharmaceutical and Runpu Food also showed strong daily increases of 9.96% and 9.35%, respectively [1] Additional Stock Information - Other notable stocks with positive performance include Yongji Co. (7.50%), Kaiwang Technology (13.86%), and Chuanhuan Technology (7.57%) [1] - The table lists various stocks with their respective trading data, including daily change percentages, turnover rates, annual line prices, latest prices, and deviation rates [1][2]

第一，昆仑万维将聚焦前沿技术研发与开源开放，持续加大在AGI（通用人工智能）、大模型等核心领 域的投入，致力于降低AI技术门槛，持续迭代SkyworkSuperAgents智能体矩阵与天工大模型，夯实"算 力－大模型－应用"全链条能力，通过开源生态助力我国人工智能产业基础能力整体提升。 第二，昆仑万维将深化"人工智能+"融合应用，积极推动自研AI技术在内容生成、信息分发、社交娱 乐、企业服务及生产力工具等多元场景的深度融合与创新应用，赋能千行百业智能化升级，依托全球化 运营经验推动技术出海。 第三，昆仑万维将筑牢合规防线，健全数据安全、算法可追溯等治理体系，响应政策对AI安全与伦理 的要求。 方汉表示，昆仑万维将以扎实的技术创新和务实的产业应用，在践行"人工智能+"行动中打造具有国际 竞争力的数字产业集群，为培育新质生产力、建设现代化产业体系添砖加瓦，为我国在人工智能这一关 键赛道上赢得竞争优势出贡献力量。 中央经济工作会议12月10日至11日在北京举行。会议指出，"坚持创新驱动，加紧培育壮大新动能""深 化拓展'人工智能+'，完善人工智能治理"。 昆仑万维科技股份有限公司（以下简称"昆仑万维"）董事长兼CE ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector outperformed the market in November, with the Shenwan Media Index rising by 1.69%, surpassing the CSI 300 Index by 4.14 percentage points, ranking 7th among 31 industries [4][20] - The number of game approvals reached a new high, with 178 domestic games and 6 imported games approved in November, contributing to a total of 1,625 game approvals from January to November, a year-on-year increase of 26.8% [4][28] - The gaming market revenue in October was 31.4 billion yuan, a year-on-year growth of 7.8%, driven by strong product cycles from leading companies [4][32] Summary by Sections Market and Industry Review - The media sector's performance in November was strong, with a 1.69% increase in the Shenwan Media Index, outperforming the CSI 300 Index [4][20] - The current TTM-PE for the Shenwan Media Index is 42.6x, positioned at the 82.2% percentile over the past five years [20][26] Gaming - The number of game approvals in November was the highest in three years, with a total of 178 domestic and 6 imported games approved [28] - The gaming market revenue in October was 31.4 billion yuan, with mobile gaming revenue at 22.6 billion yuan, reflecting a year-on-year growth of 2.4% [32] - The overseas revenue for Chinese self-developed games reached 1.799 billion USD in October, marking an 11.9% year-on-year increase [41] Film and Television - The total box office in November reached 3.553 billion yuan, a year-on-year increase of 89.3%, primarily due to the success of "Zootopia 2" [49] - The top five films in November included "Zootopia 2," which grossed over 2.2 billion yuan within nine days of release [60] - The drama market saw high viewership, with "The Tang Dynasty Mysteries" leading with 1.5 billion views [67] AI Applications - The report highlights advancements in AI video models, including the launch of the O1 video model by Keling AI, which allows users to generate videos from text prompts [79] - PixVerse V5.5 was released, enabling the creation of multi-angle narrative videos [84] - Google's Gemini 3 Pro and Nano Banana Pro were launched, showcasing significant improvements in AI capabilities [91] Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and AI applications, recommending companies such as Giant Network, G-bits, and K-Game Network [96] - The December investment portfolio includes Giant Network, K-Game Network, Bilibili, and HuiLiang Technology [7]

Core Viewpoint - The current wave of AI Agents represents a shift from general artificial intelligence to a system focused on automating verifiable processes, emphasizing the replication of established workflows rather than creating new paradigms [2][12][16]. Group 1: Evolution of AI Agents - The transition from models like ChatGPT to DeepSeek signifies a leap from merely retrieving answers to understanding and replicating processes, marking a new phase centered on process generalization [5][18]. - The essence of Agents is not general AI but the automation of verifiable processes, excelling in structured decision-making and mathematical tasks while lacking in innovative breakthroughs [12][16]. Group 2: Market and Product Insights - Kunlun Wanwei has developed the Skywork Super Agents, which includes five specialized Agents and one general Agent, capable of generating a 30-page PPT in five minutes, with 40% of daily active users engaging with this feature [11][12]. - The company has a strong international presence, with 93% of its revenue coming from overseas markets, allowing it to effectively cater to diverse global demands in AI products and services [10]. Group 3: Challenges and Opportunities - The deployment of Agents in various industries, such as healthcare and finance, faces challenges due to the lack of quality process datasets, which are essential for effective application [21][24]. - The competition for channels in the Agent market is critical, as traditional software vendors may resist new Agents that threaten their established ecosystems [26][27]. Group 4: Organizational Transformation - The rise of Agents will fundamentally reshape organizational structures, with traditional roles being replaced by process architects who design and maintain workflows, leading to increased efficiency [28][29]. - As repetitive tasks diminish, the demand for roles focused on process design and innovation will grow, positioning employees as creators and maintainers of new processes [31].

Core Insights - The forum held by Huaxia Times focused on the theme of "vitality and resilience, innovation and empowerment," aiming to address contemporary challenges and explore future pathways [2] - Kunlun Wanwei's CEO emphasized that the frequency of AI application in various fields directly influences GMV growth and industry prospects, highlighting the importance of innovative content forms for the emergence of new platforms and super unicorns [2][3] Company Overview - Kunlun Wanwei, established in 2008, transitioned from a gaming-centric business model to a focus on AI, with significant revenue growth reported in 2025, achieving 5 billion yuan in revenue, with overseas income accounting for 53% and a year-on-year increase of 49% [3][4] - The company has developed a comprehensive global operation system, covering over 100 countries and regions, with 400 million monthly active users and 20 localized teams [3][4] Technological Innovations - Kunlun Wanwei has established a full-chain layout in AI, including AI Agent, AI music generation tools like Mureka, and AI social products such as Linky, showcasing its commitment to technological advancement [4][5] - The company is recognized for having one of the largest numbers of open-source SOTA models in the industry, having released China's first Chinese language training model in December 2022 [4] Cost Efficiency - The Mureka music model significantly reduces production costs, with the average cost of producing a song dropping from approximately 100,000 yuan to less than 0.1 yuan, indicating a potential transformation in the music and content industries [5][7] - AI-generated music videos presented at the conference demonstrated the ability to produce complete content at minimal costs, highlighting the disruptive potential of AI in content creation [5] Market Dynamics - The CEO acknowledged the existence of an "AI bubble," suggesting that such phenomena are typical in emerging industries and can attract investment and talent necessary for long-term growth [6] - The current state of the AI industry shows a disparity between market hype and the actual commercialization of products, with a need for innovative products that can reach a broader user base [6][7] Future Outlook - The emergence of new platform enterprises will depend on innovative content forms, which can create new channels and platforms, particularly in the B2B and C2C markets [7] - The anticipated reduction in production costs for animated films, such as the projected drop from 300 million yuan for "Nezha 2" to below 1 million yuan in the next three to five years, suggests a potential explosion in the content industry [7]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [4][10] Core Viewpoints - The AI competition landscape is deepening in multiple dimensions, accelerating the evolution of ecological applications [2] - AI creative and reasoning applications are entering a high growth phase, with programming and role-playing becoming core scenarios [7] - The report highlights the significant user growth and engagement in the AI creative sector, with active users exceeding one million for leading products [7] Summary by Relevant Sections Industry Performance - The relative return over 1 month is -0.86%, over 3 months is -7.8%, and over 12 months is -4.17% [6] - The absolute return over 1 month is -3.01%, over 3 months is -7.71%, and over 12 months is 9.95% [6] AI Creative Sector Insights - In November 2025, over 200 AI creative web products had a total visit count exceeding 27 million, with independent visitors surpassing 7.7 million [7] - Leading products like Jimeng AI and Gaoding AI have over one million active users, with significant growth in independent visitor numbers for Canva and Keling AI [7] - The average usage time for several products exceeds 8 minutes, indicating strong user engagement [7] AI Development Trends - The AI development is entering a "great divergence" phase, with open-source models capturing 30% of traffic globally, and Chinese open-source models leading in specific scenarios [7] - The report notes a shift from generating text to problem-solving capabilities in AI, with programming requests increasing from 11% to over 50% [7] - The multi-model ecosystem is becoming clearer, with closed-source models handling high-value tasks and open-source models focusing on low-cost, high-concurrency needs [7] Investment Recommendations - The report suggests focusing on companies such as BlueFocus, Kunlun Wanwei, Tianyu Digital Science, Yinsai Group, Visual China, and HuiLiang Technology as potential investment opportunities [7]