证券代码：300418 证券简称：昆仑万维 公告编号：2025-088 昆仑万维科技股份有限公司 第五届董事会第三十六次会议决议公告 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"）第五届董事会第三十六次会 议通知于 2025 年 12 月 14 日采取通讯方式通知了全体董事。 2、公司第五届董事会第三十六次会议于 2025 年 12 月 19 日以通讯方式召开。 3、本次会议应参加的董事 6 名，实际参加的董事 6 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。 5、董事会的举行和召开符合国家有关法律、法规及公司章程的规定。 二、董事会会议审议情况 本次会议审议议案和表决、通过情况如下： （一）审议通过《关于补选董事的议案》 公司董事黄国强先生因个人原因，申请辞去公司第五届董事会董事、第五届董事会 审计委员会委员职务，辞职后不再在公司担任任何职务。 董事会同意提名周亚辉（简历详见附件）先生为公司第五届董事会董事候选人，任 期自 2026 年第一次临时股东会审议通过之日起 ...

Core Insights - The online consumption theme index (931481) has shown a positive trend, with significant increases in key component stocks such as Yonghui Supermarket (up 4.55%) and Kid King (up 4.34%) [1] - AI tools have become integral to the e-commerce landscape, enhancing user experience and operational efficiency during the 2025 Double 11 shopping festival [1] - The online retail sector in China has seen a year-on-year growth of 5.7%, with the online retail sales of physical goods reaching 11.82 trillion yuan, indicating a strong consumer demand [2] Group 1: Market Performance - The online consumption ETF fund (159793) has risen by 0.30%, marking its third consecutive increase, with the latest price at 1.01 yuan [1] - The top ten weighted stocks in the online consumption theme index account for 55.21% of the index, with major players including Alibaba-W, Tencent Holdings, and Meituan-W [3] Group 2: E-commerce Trends - AI tools launched by Alibaba have significantly improved click-through rates and return on investment for merchants, with a 10% increase in total clicks and a 12% rise in ROI [1] - The e-commerce platforms are focusing on enhancing user experience and operational efficiency rather than just scaling, which is beneficial for the long-term health of the industry [2]

你没看错，人工智能还有利好！ 此前人工智能其实进行了小调整，原因也比较简单，国外害怕人工智能领域出现泡沫，所以当时比较恐慌导致相关领域大跌。 但是现在看，这个恐慌暂时不需要担心，尤其是对于咱们国内的人工智能领域来说，我们走的是属于自己的人工智能之路。 从"开展"到"深化拓展" 前几天，上面召开了经济工作会议。这个会议是上面每年规格最高的经济会议，一般在12月中下旬召开，作用给下一年的中国经济政策走向定调。 在老虎君看来，今年的这个会很重要，因为2026年正好是"十五五"规划的开局之年，其中对于人工智能，是这么说的：要"深化拓展'人工智能+'，完善人 工智能治理"。 这个表述很有意思，去年的会议，说的是"开展人工智能+行动"，今年直接变成了"深化拓展人工智能+"，这个信号其实很明显了，明年可能不是人工智 能独舞，但是最起码还会有一系列的政策+资金等支持。 这周，首批跟踪双创AI指数的ETF陆续上市交易了，比如今天就是科创创业人工智能ETF易方达（159140）上市交易的日子。 现在，大家对于人工智能领域的投资价值和投资逻辑已经越来越认定了，甚至我看了不少券商的2026年投资展望研报，大部分都认为2026年人工智 ...

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]

编辑部 整理自 MEET2026 量子位 | 公众号 QbitAI 从通用大模型到可执行智能体，AI正沿着过程自动化历经技术的拐点。 正值Agent迅速迭代时期， 昆仑万维董事长兼CEO方汉 从产业出发，提出了一个全新的视角： Agent并不是通用人工智能的雏形，而是一种可验证过程的自动化系统。它不擅长创造新范式，却极其擅长把已经被人类验证过的流程 规模化复制。 在他的判断中，从ChatGPT到DeepSeek，标志着大模型完成了从"背答案"到"背过程"的关键跃迁：前者打开了通用对话与生成能力的入口， 后者则通过更高效、更长推理的方式，把大模型推向以过程泛化为核心的新阶段。 也正因此，Agent最先落地的并非千行百业，而是流程稳定、结果可验证的AI Office。所以长期来看，将是基础模型逐步收敛，而围绕具体流 程构建的 专业Agent 成为组织运行的基本单元。 在他看来，最终Agent重塑的不是某个岗位，而是整个组织——人类将从重复执行者，转变为过程的架构者，这也将成为Agent时代人类表达 自我的新范式。 为了完整呈现方汉的思考，在不改变原意的基础上，量子位对演讲内容进行了整理编辑，希望能提供新的视角与洞 ...