本报讯 （记者舒娅疆）近日，以"湾区联世界 文旅创未来"为主题的广州文化产业交易会（以下简称"文 交会"）圆满落幕。本届文交会被认为是观察中国文旅产业深度变革的关键窗口，头部企业的发展动向 显示，以科技融合、IP深耕与产业无界为核心的"文旅3.0"革命正在全面展开。伴随着文旅行业积极拥 抱AIGC，万兴科技（300624）集团股份有限公司（以下简称"万兴科技"）以自身业务优势助力IP实 现"视觉化叙事"，受到市场关注。 根据中国旅游研究院发布的《中国文化旅游发展报告2024—2025》，"文旅3.0"的显著特征是以发展新 质生产力为核心，全面塑造文化IP并充分发挥AI赋能。这标志着文旅产业已从资源与流量驱动的传统模 式，转向由技术、创意与跨界生态共同定义的新阶段。 目前，文旅产业的竞争已升维为IP创造与运营能力的竞争。哈尔滨冰雪文化和泉州簪花民俗的"出圈"， 均印证了系统化IP深耕的行业趋势，而持续、高品质的内容叙事成为核心竞争力。在此背景下，能够辅 助创作者快速生成高品质视觉叙事内容的工具显得颇为关键。 据介绍，万兴科技旗下的视频创意软件为文旅行业提供了从IP视觉化设计到系列化短视频制作的完整解 决方案，将 ...

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][6]. Core Insights - The release of Doubao Model 1.8 and the Seedance 1.5 pro video generation model at the Force conference highlights significant advancements in AI capabilities, particularly in multi-modal agent scenarios [5]. - Doubao Model 1.8 achieved a score of 67.6 in the BrowseComp evaluation, surpassing leading models like GPT-5 High (54.9) and Gemini-3-pro (37.8), indicating its top-tier performance in complex task planning and execution [5]. - The upgraded Seedance 1.5 pro model features breakthroughs in audio-visual synchronization and multilingual dialogue alignment, enhancing its practical and commercial potential [5]. - The AI industry is transitioning from technical validation to large-scale implementation, with Doubao Model's daily token usage exceeding 50 trillion, ranking third globally [5]. - Future investment focus areas include general agent development platform vendors, vertical industry agent solution providers, and small to medium enterprises benefiting from cost-reduction policies [5]. Summary by Sections Recent Developments - The Force conference held on December 18-19, 2025, showcased the launch of Doubao Model 1.8 and the Seedance 1.5 pro model [3][5]. Market Trends - The AI ecosystem in China is led by major companies, with a focus on agents, multi-modal capabilities, and low-code solutions, which are expected to drive continued investment in computing infrastructure [6]. Investment Recommendations - Key companies to watch include: - AI Computing: Cambrian-U (688256.SH), Haiguang Information (688041.SH), Inspur Information (000977.SZ) - Agent Solutions: Kingsoft Office (688111.SH), Dingjie Zhizhi (300378.SZ), Saiyi Information (300687.SZ) - Multi-modal Solutions: Wanjing Technology (300624.SZ), iFlytek (002230.SZ), Tuolisi (300229.SZ) - AI Programming: Zhuoyi Information (688258.SH), Jinxiandai (300830.SZ) [6].

12月19日，2025广州文化产业交易会（以下简称"广州文交会"）于广交会展馆正式启幕。本届文交会以"湾区联世 界 文旅创未来"为主题，汇聚腾讯、爱奇艺、博纳影业、光线传媒及广汽、广药等国内外头部企业，共同呈现文 旅产业的新生态与新动能。 作为AIGC软件A股上市公司，万兴科技一站式AI视频解决方案亮相，现场展示全新升级的新一代通用型专业视频 创意平台万兴喵影2026和一站式视频创意AI Agent智能体万兴超媒，以AI技术重新定义文旅内容的生产与传播， 吸引了众多文旅机构、行业专家及媒体人士驻足交流。 万兴喵影2026：让专业创作更简单、让文旅表达更高级 当前，文旅产业正经历从资源导向到内容与体验驱动的深刻转型。无论是城市形象推广、景区深度游玩、文化遗 产活化，还是研学旅行、主题节庆活动，高质量、高频次、多样化的视频及多媒体内容已成为连接游客、传递价 值、塑造品牌的核心载体。然而，文旅行业普遍面临内容创作专业门槛高、生产周期长、创意形式单一、热点响 应滞后等挑战，传统的创作模式难以匹配爆炸式增长的内容需求。 万兴科技为此推出全新一站式AI视频解决方案，致力于以前沿AI技术显著降低专业视频创作的门槛与周期，助 ...

Core Insights - Global technology investment enthusiasm remains high in 2025, but there is a structural differentiation characterized by "strong computing power, weak applications" [3] - Major global tech giants are significantly increasing capital expenditures, benefiting upstream computing chips and supporting hardware, while the computer/software sector faces three pressures: 1) Software companies' performance growth is overall lower than that of the computing chain; 2) Software company valuations are not cheap compared to hardware; 3) Concerns about "large models consuming software" continue to grow [3] - By Q3 2025, domestic public funds are underweight in the computer sector by 1.7 percentage points [10] Market Review: AI Applications' Concerns and Breakthroughs - The performance of the computer/software sector in both China and the US has been weak, with software and service-focused indices significantly underperforming hardware and semiconductor indices [5] - As of December 12, 2025, the A-share computer index has risen by 15.15%, lagging behind the 49.16% increase in the ChiNext index and the 45.90% increase in the electronic index [5] - In the US market, the IGV software index has only increased by 7.84%, underperforming the 22.52% rise in the Nasdaq Composite and the 39.75% increase in the SOXX semiconductor index [5] Opportunities in Chinese AI Applications 1. Deepening Industrial Applications - China possesses the world's only complete industrial system, providing high-value real-world data, application scenarios, and energy supply, which will foster diverse agent forms [27] - The construction of a modern industrial system is prioritized in the "14th Five-Year Plan," with expectations for intensive policy support for "Artificial Intelligence+" during this period [39] 2. Expanding Overseas - AI application teams in China can leverage "extreme efficiency + global pricing" arbitrage, with the engineer dividend in China continuing to expand [3] - Many computer companies prioritize overseas strategies, with overseas revenue growth generally outpacing domestic growth [64] 3. Reconstructing Edge AI - Internet giants and AI startups are actively exploring edge forms in the AI era, integrating deeply with existing consumer electronics and developing new AI-native hardware [3] - The shipment volume of related products is expected to have high growth potential as hardware and algorithms mature [3] Investment Recommendations - Focus on companies with industry know-how and data for industrial empowerment, such as Hikvision, Dahua Technology, and Han's Laser [3] - Prioritize AI application companies with high overseas revenue proportions, including Foxit Software and Kingsoft Office [3] - Pay attention to AI hardware brands and algorithm vendors benefiting from the emergence of blockbuster products, such as Rainbow Soft and iFlytek [3]

据悉，万兴科技长期深耕数字创意软件领域，已打造视频、绘图、文档等产品线，全力推进产品的移动 化、AI化；同时，万兴科技加码大模型布局，已推出万兴天幕2.0，其海外版ToMoviee 2.0 AI跻身文生 视频大模型全球评测榜单 VBench-2.0，综合得分全球前三，并在摄像机运动与运动合理性两项关键指 标上位列全球第一。此外，公司旗下万兴天幕AI联合深圳广电、湖北卫视、大艺博ONLINE等持续推进 AI创作实践案例落地，获得行业广泛认可。 12月16日，AIGC 软件A股上市公司万兴科技（300624）（300624.SZ）在深圳接待多家机构投资者与个 人投资者调研，远东宏信、钛信资本、天辰元信基金、西博创投、深圳圆石投资等近40家机构投资及个 人投资者参与本次活动。万兴科技董事会秘书、副总经理刘江华出席活动，通过主题分享及高管对话等 环节，向投资者深度解读公司产品布局、大模型发展、经营策略等问题。 经营策略方面，万兴科技当前主要从三个方向持续发力。第一，紧抓AIGC场景化落地机遇，持续推进 AI原生应用与创新业务布局。第二，推进多端协同发展，强化产品移动化布局。第三，强化内部提质 增效，通过引入AI代码、 ...

12月16日，AIGC 软件A股上市公司万兴科技（300624.SZ）在深圳接待多家机构投资者与个人投资者调 研，远东宏信、钛信资本、天辰元信基金、西博创投、深圳圆石投资等近40家机构投资及个人投资者参 与本次活动。万兴科技董事会秘书、副总经理刘江华出席活动，通过主题分享及高管对话等环节，向投 资者深度解读公司产品布局、大模型发展、经营策略等问题。 据悉，万兴科技长期深耕数字创意软件领域，已打造视频、绘图、文档等产品线，全力推进产品的移动 化、AI化；同时，万兴科技加码大模型布局，已推出万兴天幕2.0，其海外版ToMoviee 2.0 AI跻身文生 视频大模型全球评测榜单 VBench-2.0，综合得分全球前三，并在摄像机运动与运动合理性两项关键指 标上位列全球第一。此外，公司旗下万兴天幕AI联合深圳广电、湖北卫视、大艺博ONLINE等持续推进 AI创作实践案例落地，获得行业广泛认可。 经营策略方面，万兴科技当前主要从三个方向持续发力。第一，紧抓AIGC场景化落地机遇，持续推进 AI原生应用与创新业务布局。第二，推进多端协同发展，强化产品移动化布局。第三，强化内部提质 增效，通过引入AI代码、AI客服、AI面 ...

Core Insights - Wanjing Technology has launched an upgraded version of its AI video conversion and quality enhancement tool, Wanjing Youzhuan 2026, which integrates new AI algorithms to optimize video format conversion, quality enhancement, intelligent compression, and recording [1][2] - The company is recognized as a leading player in the digital creative software sector in China, with a wide product range and significant revenue, often referred to as the "Chinese version of Adobe" [1] - Wanjing Technology is accelerating its large model technology layout, having released the Wanjing Tianmu multimedia large model 2.0, which ranks in the top 4 domestically on the SuperCLUE global leaderboard [1] Company Overview - Wanjing Technology operates in over 200 countries and regions, with flagship products including Wanjing Miaoying, Wanjing Naotu, Wanjing Tushi, and Wondershare Selfyz AI [1] - The upgraded Wanjing Youzhuan 2026 aims to lower the barriers for professional video processing, representing an innovative application of cutting-edge AI technology in the audio and video processing field [2] - The AIGC creative tools, exemplified by Wanjing Youzhuan, are expected to empower a broader range of creators and drive the digital creative industry into a more efficient and intelligent new phase [2]

证券日报网12月17日讯万兴科技在12月16日回答调研者提问时表示，公司坚持多端矩阵化产品战略，视 频、绘图、文档、工具四大条线协同发展，全线推进产品的移动化、AI化，把握各个细分赛道的垂类 刚需场景机遇，持续孵化AI新品，夯实产品质量，打造长期稳健的竞争格局。万兴天幕大模型的竞争 优势，一方面体现在技术性能的突破与垂类场景的深度优化，ToMoviee2.0跻身文生视频大模型全球评 测榜单VBench-2.0综合得分全球Top3，在摄像机运动和运动合理性两项关键指标斩获全球第一，并联合 深圳广电、湖北卫视、大艺博ONLINE等媒体与展会等多方落地AI创作实践案例，获得众多创作者及行 业内的广泛认可。另一方面，万兴天幕大模型的竞争力也体现在性价比优势，公司通过与华为的战略合 作，借助华为的算力与基模优势，协同打造了兼具高性能与高性价比的天幕大模型，从而能够为用户提 供行业内极具竞争力的模型调用价格。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网12月17日讯万兴科技在12月16日回答调研者提问时表示，当前，全球AIAgent与多模态生成 技术加速演进，AIGC产业场景化落地不断深化，公司紧抓时代机遇，坚定全面拥抱AIGC，推进AI原生 应用孵化与移动化布局，驱动创新业务增长引擎。2025上半年，公司营业收入同比增长7.77%，2025第 三季度营业收入同比增长9.99%，收入增长逐季加速。公司持续推进多端产品协同发展，扩张产品移动 化阵地。以我们的视频创意产品万兴喵影/Filmora移动端产品为例，其在今年亮相2025谷歌开发者大 会，作为唯一受邀现场展示的视频剪辑产品呈现了"AI一键成片"创作能力，并获得GooglePlay应用商店 全球首页首屏推荐，入选多国精选应用，产品全球影响力持续扩大。与此同时，公司也高度重视内部经 营管理的提质增效。公司广泛引入AI代码、AI客服、AI面试等多元化AI工具提效，并加强营销精细化 管理，注重引流转化效率，加大官媒与社交媒体矩阵运营力度，2025第三季度销售费用率环比下降5.6 个百分点。公司收入90%以上来自海外，未来也将继续坚持全球理念，推进全球化、多元化、本土化营 销升 ...

证券日报网12月17日讯万兴科技在12月16日回答调研者提问时表示，近年来，公司在原有产品AI功能 不断改造升级的同时持续孵化AI原生应用，用户AI功能使用量的攀升相应带动AI服务器成本有所增 长。2024全年，公司AI服务器调用量超5亿次，而在2025上半年，公司AI服务器调用量已超5亿次，同 比增长超过2倍，2025前三季度AI服务器调用量已超8亿次，用户对我们产品的AI使用意愿持续提升。 尽管AI服务器成本有所增长，但公司整体毛利率依旧长期稳定在90%以上的高位，2025年前三季度公司 仍保持92%以上的高毛利率水平，对公司毛利水平影响不大，后续自研模型更多支撑产品AI功能，将有 助于营业成本的进一步下降。 （文章来源：证券日报） ...