Market Overview - As of November 21, the Shanghai Composite Index closed at 3834.89 points, down 96.16 points, a decline of 2.45% [1] - The Shenzhen Component Index closed at 12538.07 points, down 442.75 points, a decline of 3.41% [1] - The ChiNext Index closed at 2920.08 points, down 122.26 points, a decline of 4.02% [1] Trading Activity - A total of 91 A-shares had a turnover rate exceeding 20% on this day [1] - Notable stocks with high turnover rates included: - Dapeng Industrial (920091) with a turnover rate of 98.28% and a price increase of 1211.11% [1] - Jianglong Shipbuilding (300589) with a turnover rate of 55.14% and a price increase of 14.50% [1] - C Nanshan Data (301638) with a turnover rate of 52.72% and a price increase of 0.91% [1] Notable Stocks - Other significant stocks with high turnover rates included: - C Hengkun (688727) with a turnover rate of 46.22% and a price decrease of 11.47% [1] - Inspur Software (600756) with a turnover rate of 46.20% and a price increase of 6.76% [1] - ST Dongtong (300379) with a turnover rate of 44.50% and a price increase of 4.15% [1] - Additional stocks with notable performance included: - Shennong Agriculture (300189) with a turnover rate of 42.82% and a price increase of 3.67% [1] - Beifang Changlong (301357) with a turnover rate of 42.52% and a price increase of 0.68% [1]

Core Viewpoint - The A-share market experienced significant fluctuations, with the Shanghai Composite Index dropping over 2% and the ChiNext Index falling over 4%, while nearly 5,100 stocks declined. However, the AI application sector showed resilience, with several stocks hitting the daily limit up [2]. Group 1: Market Performance - The A-share market saw a broad decline, with the Shanghai Composite Index down more than 2% and the ChiNext Index down over 4% [2]. - Approximately 5,100 stocks in the market experienced a decline [2]. Group 2: AI Sector Insights - The AI application concept performed well against the market trend, with stocks like Yidian Tianxia and Vision China hitting the daily limit up [2]. - Bohai Securities noted that the compatibility between domestic large models and domestic accelerated computing chips is continuously improving, creating a synergistic advantage between algorithms and hardware, which lays a solid foundation for large-scale implementation across various industries [2]. - The global AI industry infrastructure is experiencing strong growth, with NVIDIA's performance in Q3 of fiscal year 2026 being particularly impressive, injecting sustained growth momentum into the global AI sector [2]. - The ongoing commercialization of AI applications is driven by the dual forces of accelerated technological implementation and the release of scenario demands, leading to a positive outlook for the AI application sector [2].

36氪获悉，万兴科技旗下视频创意产品Wondershare Filmora V15亮相2025日本广播电视及音响通信展 （Inter BEE 2025）。据介绍，该产品聚焦智能生成与创作流管理，首次在通用型视频创意软件中实现 从AI素材生成、AI续写到精细剪辑的一站式体验，并提供双时间线编辑、多工程编辑、多预览窗编辑 等专业能力，可应用于媒体、娱乐领域内容创作场景。 ...

万兴科技 于11月27日正式启动香港上市非交易路演， 中金公司 担任独家保荐人。作为中国领先的 AIGC数字创意 软件 提供商，公司在中国AIGC视频创意软件市场位列独立提供商之首。 ...

Group 1 - The A-share market experienced a decline, with the Shenzhen Component Index and ChiNext Index both dropping over 2% as of 10:09 AM on November 21, 2023, particularly in sectors such as energy metals, batteries, and photovoltaic equipment [1] - Intel held the 2025 Industry Solutions Conference on November 20, showcasing its next-generation edge AI products based on the Core Ultra platform, and previewing the third-generation Core Ultra processors aimed at enhancing computational power for robotics and intelligent applications [1] - Edge computing is seen as a new growth opportunity for artificial intelligence, with Intel leveraging its x86 system ecosystem and AI PC technology to provide computational support for various applications, including robotics, smart education, transportation, and intelligent manufacturing [1] Group 2 - In the AI industry chain, the software sector plays a crucial role in both the midstream technology layer and downstream application layer, providing essential AI frameworks, development platforms, and algorithm models necessary for AI application development [2] - According to CITIC Securities, there is optimism regarding the growth of management software driven by Agents, which possess autonomous planning, perception, and decision-making capabilities, enhancing value from knowledge assistance to operational replacement [2] - Domestic enterprises are increasingly utilizing front-end modules such as production and supply chain management, as well as non-traditional modules like expense control and financial sharing, creating greater opportunities for Agents as enterprise management extends to the front office [2]

Core Insights - The A-share index has collectively declined, with the Shanghai Composite Index experiencing a drop of over 2% during trading, particularly in sectors such as energy metals, batteries, photovoltaic equipment, and power grid equipment [1] - China's AI software industry is accelerating its global expansion, with a report from Bain & Company and Amazon Web Services projecting the global AI software and hardware market to reach between $780 billion and $990 billion by 2027, with an average growth rate of 40% to 55% [1] - The software industry plays a crucial role in the AI value chain, providing essential technology support and application implementation in both the midstream technology layer and downstream application layer [1] Industry Analysis - Current analysis indicates that China's software companies are entering a rapid development phase driven by both supply and demand, fueled by the rapid iteration of global generative AI and cloud-native technologies, as well as the widespread demand for digital transformation across various industries [2] - The software industry in China has accumulated significant engineering practices and agile iteration capabilities during the mobile internet era, which are being transformed into scalable products and services through deep collaboration with global cloud vendors [2] - The software industry is poised for a critical leap from scale expansion to high-quality global expansion, supported by technological breakthroughs and the demand for practical applications [2] Related Products - Notable related products include the ChiNext Software ETF (159256), ChiNext 200 ETF (159573), and Artificial Intelligence ETF (515070) [2]

张铮表示，传统数字软件碰上AI以后，能量会得到进一步放大。举例来说，当需要一个脚本创作一个 视频，只需要直接用语言告诉AI，AI就可以帮助创造一个脚本，生成一个视频。目前，AI已广泛应用 在万兴科技上百款软件里，为用户提供创意赋能。 作为"湘商回归"的代表企业，万兴科技自2018年回湘发展以来，公司已在长沙建成全球运营总部暨创意 软件全球研发中心，并通过AIGC技术深度参与本地数字化建设，连续两年赋能岳麓大会，推出大会首 个AI数字人"小麓"和预热短片《AI湘江畅想》，以科技创新推动文化传播。 长沙晚报11月20日讯（全媒体记者 刘军）"AIGC技术的快速发展正在重塑视频内容生产流程，大模型 技术正加速改变创作生态……"20日，2025世界计算大会在长沙开幕。万兴科技副总裁张铮在接受记者 采访时表示，从创意构思到成品输出，AI不仅显著提高了生产效率，更重要的是打破了专业技术壁 垒，让更多人能够参与高质量内容创作，推动"创意平权"时代的到来。 当前，中国人工智能产业规模突破9000亿元，国产大模型持续创新，推动音视频领域加速变革。数据显 示，中国AI视频行业市场规模预计到2030年达5800亿元。同时，湖南正紧 ...

Core Insights - Wankang Technology has launched the upgraded AI video creation software, Wankang Miaoying 2026, aimed at enhancing video creativity through AI-driven features [1][2] - The company is positioning itself as a leader in the digital creative software sector, comparable to "China's version of Adobe," with a broad product range and significant global reach [2] Group 1: Product Launch and Features - The new Wankang Miaoying 2026 desktop version introduces numerous powerful features designed for both professional and general creative needs, marking a shift towards AI-driven video editing [1] - The software offers a comprehensive experience from AI material generation to fine editing, catering to various creators looking to monetize and grow their audience [1] Group 2: Market Position and Future Outlook - Wankang Technology operates in over 200 countries and regions, emphasizing its extensive market presence and revenue potential in the digital creative software industry [2] - The global creator economy is projected to reach $143 billion by 2024, indicating significant growth opportunities for Wankang Technology as it continues to innovate and expand its AI capabilities [2] - The company aims to build a new ecosystem for video creativity by exploring the limitless possibilities of AI in video creation, thereby supporting millions of creators worldwide [2]

Group 1 - Google released its latest AI model, Gemini 3, which scored 1501 in the LMArena large model arena, ranking first [1] - Gemini has over 650 million monthly active users, with more than 70% of cloud customers utilizing its AI capabilities, and 13 million developers are leveraging its generative models [1] - Berkshire Hathaway's first investment in Alphabet indicates strong recognition of Google's product ecosystem and AI strategy, boosting global market expectations for AI companies [1] Group 2 - Chinese AI company Wondershare Technology has integrated Google's Veo3 and Nano Banana model capabilities into its products, showcasing its AI-powered video editing tool at the 2025 Google Developer Conference [2] - Wondershare Technology operates in over 200 countries and regions, with a cumulative active user base exceeding 2 billion, offering popular products like Wondershare Filmora and others [2] - In the first three quarters of 2025, Wondershare's AI server call volume surpassed 800 million, reflecting increased user enthusiasm for AI [2]

Group 1 - Google launched its latest AI model, Gemini 3, which scored 1501 in the LMArena large model arena, ranking first [1] - Gemini has over 650 million monthly active users, with more than 70% of cloud customers utilizing its AI capabilities, and 13 million developers using its generative models [1] - Berkshire Hathaway's first investment in Alphabet indicates strong recognition of Google's product ecosystem and AI strategy, boosting market expectations for AI companies globally [1] Group 2 - Chinese AI company Wondershare Technology has integrated Google's Veo3 and Nano Banana model capabilities into its products, showcasing its AI video editing tool at the 2025 Google Developer Conference [2] - Wondershare's products are available in over 200 countries, with a cumulative active user base exceeding 2 billion, including popular offerings like Wondershare Filmora [2] - In the first three quarters of 2025, Wondershare's AI server call volume surpassed 800 million, reflecting increased user enthusiasm for AI [2]