Wondershare(SZ:300624) 中国基金报·2025-08-30 22:21Core Viewpoint - The rapid iteration of large models is driving an upgrade across the entire chain of computing power, data, and applications, reshaping future industries and investment landscapes [2]. Group 1: Industry Insights - The recent advancements in large models signify not just improvements in algorithm capabilities but a comprehensive upgrade in computing power, data, and applications [5]. - The demand for computing power is continuously rising due to the increasing model parameters and inference complexity, leading to a long-term upward demand for AI infrastructure such as high-performance GPUs and cooling systems [5]. - The acceleration of application deployment is evident as stronger large models reduce the costs of business automation and intelligence, leading to a new wave of SaaS and vertical AI applications [5]. - Competition within the ecosystem is intensifying, with leading model vendors forming platform capabilities and extending upstream and downstream, potentially increasing industry concentration [5]. Group 2: Company Strategy - The company has maintained a global strategy and focuses on empowering creators through creative software, adapting to the complexity of various application scenarios [6]. - The launch of the Wanxing Tianmu multimedia large model 1.0 and its subsequent upgrade to 2.0, in collaboration with Huawei, has positioned the company as a leader in quality, inference speed, and controllability in the industry [8]. - The company aims to cater to both B-end and C-end users by providing tailored solutions that address the specific needs of creators, whether they are individual users or enterprises [9]. Group 3: Market Opportunities - The productization of large models is significantly impacting both B-end and C-end markets, enhancing the valuation models in the software industry [10]. - For B-end users, large models are evolving from single-function tools to intelligent platforms, increasing customer retention and lifetime value [10]. - For C-end users, large models are enabling new content and interaction forms, enhancing user willingness to pay and driving market valuation for companies that can create popular applications [10]. Group 4: Future Outlook - The company is focused on a "dual-mode drive" strategy, integrating mainstream large models while advancing its own Tianmu model to ensure competitive advantages and user satisfaction [12]. - The company believes that the future of AI applications will increasingly rely on the integration of AI capabilities into internal operations to enhance efficiency and competitiveness [21]. - The Chinese AI industry is expected to thrive due to its rich application scenarios, complete industrial chain, and strong policy support, positioning it favorably in the global market [24].