数据支持 | 勾股大数据（www.gogudata.com） 如果说前期的AI行情属于概念狂热期，那么当下行业正从"百花齐放"的探索阶段迈入关键的商业化验证 期。 作者| 贝隆行业研究 资本市场不再为所有"AI故事"买单，而是将焦点转向那些能证明自身商业价值的企业。 这意味着，投资者不仅关注技术是否跨越了从"可用"到"好用"的临界点，更开始紧盯商业化落地节奏与 场景闭环能力。财报季因此成为观察行业真实进展的重要窗口。 8月26日，七牛智能（02567.HK）发布了中期业绩公告，关键信息浮出水面。 七牛智能此前被资金聚焦，股价从低点接近翻倍：一方面，它是"多模态+MCP"稀缺标的。多模态AI被 普遍视作人工智能从"感知"跃迁到"认知"、从"工具"升级为"伙伴"的必经之路，也是具身智能实现"人机 自然交互"的底层基座，将成为下一波价值捕获的核心赛道。另一方面，其端侧AI交互平台"灵矽AI"刚 刚落地，被视为切入具身智能赛道的关键落子。 01 财报两个重要的量化观察点 对所有AI概念公司的财报，看两点最实在：一是增长快不快，什么时候能赚钱；二是生意是不是真的 转起来了。 观察维度一：增长质量与盈利前景 七牛智能的2 ...

作者 | 贝隆行业研究 数据支持 | 勾股大数 据（www.gogudata.com） 如果说前期的 AI行情属于概念狂热期，那么当下行业正从"百花齐放"的探索阶段迈入关键的 商业化验证期。 资本市场不再为所有"AI故事"买单，而是将焦点转向那些能证明自身商业价值的企业。 这意味着，投资者不仅关注技术是否跨越了从 "可用"到"好用"的临界点，更开始紧盯商业化 落地节奏与场景闭环能力。财报季因此成为观察行业真实进展的重要窗口。 8月26日，七牛智能（02567.HK）发布了中期业绩公告，关键信息浮出水面。 七牛智能此前被资金聚焦，股价从低点接近翻倍：一方面，它是 "多模态+MCP"稀缺标的。 多模态AI被普遍视作人工智能从"感知"跃迁到"认知"、从"工具"升级为"伙伴"的必经之路， 也是具身智能实现"人机自然交互"的底层基座，将成为下一波价值捕获的核心赛道。另一方 面，其端侧AI交互平台"灵矽AI"刚刚落地，被视为切入具身智能赛道的关键落子。 01 财报两个重要的量化观察点 对所有 AI概念公司的财报，看两点最实在：一是增长快不快，什么时候能赚钱；二是生意是不 是真的转起来了。 观察维度一：增长质量与盈利前景 ...

丨证券研究报告丨 公司研究丨点评报告丨三人行（605168.SH） [Table_Title] 汽车客户投放减少拖累营收，新业务落地进展积 极 高超 朱子愉 请阅读最后评级说明和重要声明 %% %% %% %% 报告要点 [Table_Summary] 公司公布 2025 半年报：2025 年上半年，公司实现营业收入 16.57 亿元，同比下滑 13.36%， 实现归母净利润 1.44 亿元，同比增长 10.83%；其中 25Q2 公司实现营业收入 8.40 亿元，同比 下滑 13.93%，实现归母净利润 0.71 亿元，同比下滑 13.15%。公司紧扣广告主业，积极拓展 增量，同时积极围绕新质生产力开展新业务，体育彩票新业务有望迎来突破性进展。 分析师及联系人 [Table_Author] SAC：S0490516080001 SFC：BUX177 公司公布 2025 半年报：2025 年上半年，公司实现营业收入 16.57 亿元，同比下滑 13.36%， 实现归母净利润 1.44 亿元，同比增长 10.83%，实现扣非归母净利润 1.27 亿元，同比增长 4.56%；其中 25Q2 公司实现营业收入 8. ...

生成式AI 一、 Meta重组AI部门，将超级智能实验室拆分为四个团队 https://mp.weixin.qq.com/s/GzaD8SM82Sy5IdQ6wBjl2g 二、 实测最新DeepSeek V3.1 Base，不止拓展上下文长度 1. DeepSeek V3.1相比V3不仅拓展上下文长度至128k，在编程表现、创意写作、翻译水平和回答语气等方面均有明 显提升； 2. 实测表明，V3.1在代码能力方面更全面周到，考虑了更多可能性并主动提供使用说明，支持更激进的压缩策略； 3. V3.1在Reddit测试中获得71.6%分数，成为非推理模型SOTA，比Claude Opus 4高1%但价格便宜68倍。 https://mp.weixin.qq.com/s/x0X481MgH_8ujjB0_XL4SQ 三、 智谱发布AutoGLM 2.0，为Agent配置云手机/云电脑 1. Meta将超级智能实验室拆分为TBD Lab（研究新版Llama）、FAIR（长期研究）、产品应用团队和基础设施四个 部门； 2. 新团队已讨论将Meta下一代AI模型改为闭源模式，可能放弃Llama 4转而从头开发新模型，动摇 ...

Core Viewpoint - The company Electric Science and Technology Network Security (电科网安) has developed a key product, the "Sensitive Data Discovery and Classification System," which utilizes multi-modal AI for precise identification of unstructured data [2] Group 1: Product Overview - The "Sensitive Data Discovery and Classification System" is one of the earliest products in the data security field for the company [2] - The product team has successfully tackled several core technologies, including automated asset discovery and AI-based automated data classification and grading [2] - The system features sensitive data flow monitoring and industry classification and grading templates [2] Group 2: Technology and Capabilities - The system employs multi-modal AI for precise identification of sensitive data within unstructured data, integrating image recognition and natural language processing technologies [2] - It supports various common types of unstructured data, including office documents, with industry-leading accuracy in identifying sensitive data [2]

Core Viewpoint - The article discusses the journey of Binson, the founder of "Xinying Suixing," and his innovative AI product "Doudou Game Partner," which aims to provide companionship in gaming and beyond, with a focus on user engagement and emotional connection [5][6][20]. Company Overview - Binson, a former executive at major tech companies, founded "Xinying Suixing" in 2023 after a life-changing experience [6]. - The company completed a multi-million dollar A+ funding round at the end of last year, with investors including Jiuhe Venture Capital and Xinying Capital [7]. Product Development - The first version of "Doudou Game Partner" was launched after overcoming initial model limitations, evolving into a Companion AI capable of real-time interaction during gameplay [6][7]. - The latest update (version 1.0) enhances the product's ability to understand and interact with users in various gaming scenarios [7][8]. User Engagement - "Doudou Game Partner" has achieved 8 million registered users and over 2 million monthly active users, indicating strong market traction [6]. - The typical user demographic is young adults aged 18-25, who seek companionship while gaming [12]. Usage Scenarios - Users commonly engage with "Doudou" for in-game discussions, strategy assistance, and even watching shows together [11][12]. - The product aims to fulfill emotional needs by providing a non-judgmental companion for users during their gaming experiences [20]. Monetization Strategy - Current monetization includes in-game purchases and subscription models, with future plans to incorporate B2B advertising and e-commerce recommendations [14][15]. - The company anticipates a balanced revenue stream from both consumer and business segments [15]. Future Aspirations - Binson expresses a desire to enhance the AI's capabilities for understanding complex gaming events and providing detailed feedback to users [16][17]. - The long-term vision includes extending the emotional connection beyond gaming into users' daily lives [20].

Core Viewpoint - Kunlun Wanwei has launched six new models in one week, showcasing its advancements in multimodal AI applications, including video generation, world models, and AI music creation, indicating a strategic push in the AI sector [2][5][63]. Group 1: Model Launches - The company released the SkyReels-A3 model, designed for digital human live-streaming, which can generate realistic videos driven by audio input, enhancing the e-commerce landscape [9][10][16]. - Matrix-Game 2.0, an upgraded interactive world model, was introduced, boasting real-time generation and long-sequence capabilities, positioning it as a competitor to Google's Genie 3 [19][20][22]. - The Matrix-3D model was launched, integrating panoramic video generation and 3D reconstruction, breaking barriers between content generation and interaction [25][27]. - Skywork UniPic 2.0 was unveiled as a unified multimodal model capable of image understanding, generation, and editing, demonstrating a new training paradigm that reduces hardware requirements [29][31][33]. - The Skywork Deep Research Agent v2 was released, enhancing multimodal capabilities for deep research and content generation [37][38]. - Mureka V7.5, a music generation model, was launched, focusing on Chinese music, showcasing significant improvements in emotional expression and musicality [53][54][56]. Group 2: Strategic Insights - Kunlun Wanwei's strategy emphasizes vertical integration in AI, focusing on high-frequency application scenarios rather than general-purpose agents, which is seen as a more viable approach for future development [70][72][76]. - The company has committed substantial resources to R&D, with a projected R&D expenditure of 1.54 billion yuan in 2024, reflecting a 59.5% year-on-year increase, and a workforce of 1,554 dedicated to AI research [73][74]. - The open-source approach adopted by Kunlun Wanwei has positioned it as a leader in the AI ecosystem, contributing to its recognition as one of the "Top 16 AI Open Source Companies in China" [5][78].

Core Insights - The article highlights the development of the Zengcheng Low Carbon Headquarters Park as a hub for technology-driven enterprises, focusing on fostering innovation and providing financial support to small and medium-sized enterprises (SMEs) [1][9] Group 1: Financial Support and Ecosystem - The park has attracted over 20 financial institutions, including commercial banks and investment funds, creating a comprehensive capital empowerment system for enterprises from startup to maturity, with over 2 billion yuan in financing provided in 2024 alone [1][3] - Various financing products are offered, including short-term credit products tailored for SMEs, with online approval processes allowing loans to be disbursed within three days [2][3] - The park has issued over 20 billion yuan in loans to resident companies, supporting numerous enterprises with financing exceeding 10 million yuan each [3] Group 2: Innovation and Entrepreneurship - The park has hosted the China Innovation and Entrepreneurship Competition for three consecutive years, serving as a significant platform for resource aggregation and providing financing connections for winning projects [7][8] - The integration of advanced technologies such as digital twins and AI in companies like Guangdong Yuan Neng Xing Tai demonstrates the park's focus on facilitating the commercialization of innovative research [7][8] Group 3: Comprehensive Services - The park has established six public service platforms to cater to the diverse needs of enterprises at different stages, including talent introduction, entrepreneurial incubation, and technology-market connections [9] - A collaborative initiative with various financial and securities institutions aims to create a nurturing environment for companies preparing for public listings, with 14 companies currently in the pipeline for potential listing [9][10]

截至2025年8月15日收盘，云鼎科技股价报13.12元，较前一交易日上涨0.37元，涨幅2.90%。当日开盘 价为12.76元，最高触及13.19元，最低下探至12.60元，成交量为47.75万手，成交额达6.20亿元。 资金流向方面，8月15日主力资金净流入4944.07万元，占流通市值的0.89%。近五个交易日主力资金累 计净流出191.71万元。 风险提示：股市有风险，投资需谨慎。 云鼎科技主营业务涵盖互联网服务、多模态AI、数据要素等领域，公司注册地位于山东。 消息面上，云鼎科技在互动平台表示，公司2025年半年度报告将于8月27日披露。 ...

Core Viewpoint - The company Zhejiang Zhongyin Fashion Co., Ltd. is experiencing fluctuations in stock performance and is involved in various innovative technologies related to virtual digital humans and AI, while also benefiting from the depreciation of the RMB. Group 1: Company Performance - On August 14, Zhongyin Fashion's stock fell by 2.77%, with a trading volume of 108 million yuan and a market capitalization of 4.214 billion yuan [1] - The company reported a revenue of 78.9853 million yuan for the first quarter of 2025, representing a year-on-year growth of 4.96%, while the net profit attributable to the parent company was -2.6389 million yuan [7] - The company has distributed a total of 83.3324 million yuan in dividends since its A-share listing, with 59.3324 million yuan distributed over the past three years [8] Group 2: Technological Advancements - The company has made significant advancements in virtual digital human technology, with multiple international-leading technologies in 3D digital human generation and AIGC+3D digital human AI cross-modal real-time interaction [2][3] - The first-generation digital human product "Chuangshiyuan" supports AIGC multi-modal content generation, allowing for quick recognition and intelligent video generation from various formats [2] Group 3: Revenue Composition and Market Position - The company's revenue composition includes 80.77% from supply chain integration, 10.62% from design services, 3.56% from brand operation, 1.95% from shoe production, and 1.59% from cultural tourism services [7] - As of the latest report, the company's overseas revenue accounted for 83.07%, benefiting from the depreciation of the RMB [3]