Group 1 - The recent comments regarding AI replacing software companies have led to a sell-off in AI applications and their supply chains, resulting in notable declines in related stocks, although some have stabilized today with gains in companies like Zhongwen Online and Zhewen Huilian [1] - The launch of the GLM-OCR model by Zhipu AI, which features only 0.9 billion parameters, demonstrates high precision in document parsing tasks, addressing the high computational and deployment costs associated with complex document processing [1] - CITIC Securities believes that AI is transitioning from a phase driven by infrastructure construction to a period of diverse commercial application explosion, with vertical applications expected to flourish despite the absence of a universal platform giant in the short term [1] Group 2 - The software industry plays a crucial role in the AI industry chain, primarily situated in the midstream technology layer and downstream application layer, providing essential technical support and facilitating the implementation of AI applications [2] - In the midstream technology layer, the software industry offers AI frameworks, development platforms, and algorithm models, which are foundational for AI application development [2] - In the downstream application layer, the software industry integrates AI technology with various sectors to promote the practical application of AI [2]

Wind数据显示，A股2月4日共有3769只个股获融资资金买入，有452股买入金额超亿元。其中，中际旭 创、新易盛、信维通信融资买入金额排名前三，分别获买入41.64亿元、34.48亿元、20.04亿元。 从融资买入额占当日总成交金额比重来看，有2只个股融资买入额占比超30%。其中方邦股份、光明肉 业、信凯科技融资买入额占成交额比重排名前三，分别为31.91%、30.18%、29.72%。 从融资净买入金额来看，有24只个股获融资净买入超亿元。其中，昆仑万维、宁德时代、捷佳伟创融资 净买入金额排名前三，分别获净买入4.23亿元、3.48亿元、3.39亿元。 ...

证券研究报告 | 浙商早知道 报告日期：2026 年 02 月 05 日 浙商早知道 2026 年 02 月 05 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：今日上证指数上涨 0.85%，沪深 300 上涨 0.83%，科创 50 下跌 1.2%，中证 1000 下跌 0.02%，创业板指下 跌 0.4%，恒生指数上涨 0.05%。 ❑ 行业：今日表现最好的行业分别是煤炭（+7.58%)、建筑材料（+3.48%)、房地产（+2.97%)、交通运输 （+2.82%)、食品饮料（+2.33%)，表现最差的行业分别是传媒（-3.12%)、通信（-2.73%)、计算机（-1.7%)、电 子（-1.55%)。 ❑ 资金：今日全 A 总成交额为 25033 亿元，南下资金净流入 133.73 亿港元。 ❑ 【浙商银行 邱冠华/杜秦川/徐安妮】南京银行（601009）公司深度：新动能，新头部 ——20260204 ❑ ...

昆仑万维(300418) 报告日期：2026 年 02 月 04 日 证券研究报告 | 公司深度 | 游戏Ⅱ A 股稀缺大模型及出海应用龙头，从纯投入期到兑现期 ——昆仑万维深度报告 投资要点 一句话逻辑 公司已完成"算力—模型—AI 应用"AI 全产业链布局，短剧业务 25 年年化流水 突破 2.4 亿美元验证商业化能力，DramaWave 短剧平台等 MRR 增长曲线陡峭， 天工超级智能体开启 AI 搜索、AI 音乐、AI 社交等生产力场景第二增长曲线，26 年将从投入期转向兑现期。 超预期逻辑 1）短剧出海商业化强度超预期：DramaWave 平台 8 月已跃居海外短剧收入榜第 三位，25 年 12 月环比增长 35.4%，位列收入榜第四。25 年 12 月下载量环比上涨 超 90%，成为 Top 15 中涨幅最高的产品。预计 25 年短剧收入同比增长 900%至 16.8 亿元，26-27 年持续加速增长，成为核心现金流引擎。 2）AI 智能体商业化落地或提前突破：公司先后发布并开源多款行业领先模型， 搭建全链路 AI 应用矩阵，以天工超级智能体为核心，联动 AI Developer、AI 视 频、A ...

Market Overview - The gaming sector experienced a decline of 2.44% on February 4, with Shunwang Technology leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Key gainers included: - Kunlun Wanwei (300418) with a closing price of 58.88, up 5.39%, and a trading volume of 1.6398 million shares, totaling 9.894 billion yuan [1] - Mingchen Health (002919) closed at 26.14, up 4.02%, with a trading volume of 117,200 shares, totaling 303 million yuan [1] - Key losers included: - Shunwang Technology (300113) closed at 25.84, down 7.32%, with a trading volume of 937,900 shares, totaling 241.6 million yuan [2] - Perfect World (002624) closed at 17.51, down 5.76%, with a trading volume of 598,900 shares, totaling 1.065 billion yuan [2] Capital Flow Analysis - The gaming sector saw a net outflow of 1.29 billion yuan from major funds, while retail investors contributed a net inflow of 836 million yuan [2] - Notable capital flows included: - Kunlun Wanwei (300418) had a net inflow from major funds of 6.95 billion yuan, while retail investors had a net outflow of 3.36 billion yuan [3] - Mingchen Health (002919) saw a net inflow from major funds of 28.51 million yuan, but a net outflow from retail investors of 32.52 million yuan [3]

Volatility - A total of 28 stocks in the A-share market experienced a volatility exceeding 15% today [1] - Stocks such as *ST Lifan, Optech, and *ST Yunchuang had the highest volatility [1] Turnover Rate - There were 22 stocks in the A-share market with a turnover rate exceeding 30% today [1] - Leading stocks in turnover rate included CSM Alliance, Zerun New Energy, and Baichuan [1] Main Capital Flow - Main capital today saw a net inflow into sectors such as energy, consumer staples, and real estate, while experiencing a net outflow from information technology, communication services, and materials [1] - Notable net inflows were observed in Ningde Times (1.59 billion), Kunlun Wanwei (788 million), TCL Zhonghuan (777 million), Sunshine Power (638 million), and Taicheng Light (575 million) [1] - Significant net outflows were recorded for Zhongji Xuchuang (3.28 billion), New Yisheng (2.87 billion), Xinwei Communication (2.55 billion), Lio Co. (2.25 billion), and Blue Focus (2.06 billion) [1]

昆仑万维(300418) 报告日期：2026 年 02 月 04 日 1）短剧出海商业化强度超预期：DramaWave 平台 8 月已跃居海外短剧收入榜第 三位，25 年 12 月环比增长 35.4%，位列收入榜第四。25 年 12 月下载量环比上涨 超 90%，成为 Top 15 中涨幅最高的产品。预计 25 年短剧收入同比增长 900%至 16.8 亿元，26-27 年持续加速增长，成为核心现金流引擎。 2）AI 智能体商业化落地或提前突破：公司先后发布并开源多款行业领先模型， 搭建全链路 AI 应用矩阵，以天工超级智能体为核心，联动 AI Developer、AI 视 频、AI 音乐、AI 游戏与 AI 社交产品，全面覆盖 C 端与 B 端需求，平台影响力 与商业化能力显著提升。25H1 AI 软件技术收入已达 6500 万元，验证商业化雏 形，26 年有望实现规模化收入。 3）世界模型技术卡位领先全球：公司 8 月开源 Matrix 3D 模型，Matrix-Game 2.0 则为交互式世界模型的升级版本，是业内首个在通用场景下实现实时长序列交互 生成的开源方案，可复用于游戏、影视、具身智能，为未来增 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Perfect World, and Kuaishou, among others [5][36]. Core Insights - The media industry showed a slight increase of 0.21% from January 26 to February 1, 2026, outperforming the Shanghai Composite Index, which decreased by 0.44% [12]. - The advertising and marketing sub-sector led the gains with an increase of 4.70%, while other segments like publishing and digital media saw declines [12]. - Significant developments in AI applications and gaming are highlighted, with Tencent's "Yuanbao" app reaching the top of the Apple App Store's free chart [2][17]. Market Performance - The media industry (Shenwan) increased by 0.21% during the specified period, while the Shanghai Composite Index decreased by 0.44% [12]. - The advertising and marketing sector led with a 4.70% increase, while publishing, digital media, gaming, and television broadcasting experienced declines of -0.75%, -1.31%, -1.94%, and -3.66% respectively [12]. Industry Key Data - AI Applications: Tencent's "Yuanbao" app achieved significant download growth, reaching 22.23 million downloads, with a notable 97.76% increase week-on-week [2][17]. - Gaming: The top five mobile games on iOS included "Honor of Kings" and "Peacekeeper Elite," with "Supernatural Action Group" surpassing 10 million daily active users [3][19]. - Film: The total box office for domestic films reached 283 million yuan, with "Zootopia 2" leading the weekly box office [28][30]. Investment Recommendations - The report emphasizes a positive outlook on AI applications and cultural exports, recommending focus on gaming, IP, short dramas, marketing, and publishing sectors [5][36]. - Specific companies highlighted for investment include Giant Network, Kuaishou, and Mango TV, among others [5][36].

Core Insights - The main focus of the news is the significant inflow of capital into specific stocks, indicating strong investor interest and potential growth in these companies and their respective industries [1][2][3] Group 1: Stock Performance and Capital Inflow - Kunlun Wanwei saw a capital inflow of 795 million yuan with a price increase of 5.82% [2] - Shunhao Co. experienced a capital inflow of 651 million yuan and a price increase of 9.98% [2] - Contemporary Amperex Technology (宁德时代) had a capital inflow of 561 million yuan with a price increase of 1.21% [2] - Kweichow Moutai (贵州茅台) attracted 551 million yuan in capital inflow and increased by 1.3% [2] - Yanzhou Coal Mining Company (兖矿能源) saw a capital inflow of 430 million yuan with a notable increase of 10.01% [2] - Other notable stocks include Shanzhi Gaoke, China Satellite, and China Shipbuilding, each with significant capital inflows and price increases [1][2][3] Group 2: Industry Insights - The internet services sector, represented by Kunlun Wanwei, is showing strong investor confidence [2] - The packaging materials industry, highlighted by Shunhao Co., is also attracting significant capital [2] - The battery industry, represented by Contemporary Amperex Technology, continues to draw investor interest despite a modest price increase [2] - The coal industry, with companies like Yanzhou Coal and Meijin Energy, is experiencing substantial capital inflows, indicating a potential resurgence [2][3] - The aerospace and wind energy sectors, represented by China Satellite and China Shipbuilding, are also gaining traction among investors [1][2][3]

Investment Rating - The report maintains a positive outlook on the media and internet industry, particularly highlighting the growth potential driven by AI applications and content quality [1]. Core Insights - The media and internet industry index rose by 17.94% in January 2026, outperforming the Shanghai and Shenzhen 300 index, which increased by 1.65% [6][8]. - The film industry experienced a significant decline in box office revenue, with January 2026 box office at 1.965 billion yuan, down 69.15% year-on-year and 47.08% month-on-month [16][18]. - The gaming industry saw record-high user revenue, with actual sales revenue reaching 350.789 billion yuan in 2025, a year-on-year increase of 7.68% [30][34]. - The advertising market grew by 5.4% year-on-year in 2025, with notable increases in sectors such as telecommunications and personal goods [16]. - AI applications are rapidly advancing, with companies like Zhihui and Minimax listing in Hong Kong, indicating a strong market interest in AI commercialization [1][4]. Market Dynamics - The media industry index showed a strong performance in January 2026, with all sub-sectors experiencing growth, particularly advertising marketing, which rose by 35.73% [7][8]. - The film industry is expected to see a rebound in February 2026 due to the release of new films during the Spring Festival [25][29]. - The gaming market continues to expand, with a user base of 683 million, marking a historical high [30][34]. Sub-industry Data Tracking Film Industry - January 2026 saw a total of 41 films released, with a box office champion being "Zootopia" at 423 million yuan, accounting for 21.5% of the total box office [16][26]. - The average ticket price in January 2026 was 38.84 yuan, down 17.45% year-on-year [18]. Gaming Industry - The domestic mobile gaming market generated 257.076 billion yuan in revenue in 2025, a 7.92% increase year-on-year [30][34]. - The number of approved domestic game licenses increased significantly, with 177 games approved in January 2026, indicating a stable supply for the market [42][44]. Advertising Industry - The advertising market's total expenditure increased by 5.4% in 2025, with significant growth in sectors like telecommunications and IT products [16].