近日，一场聚焦AIGC视听产业人才新生态的大会在北京首创·郎园Station举行。来自全国十余所高校的 数十支学生团队，携近40部AI创作作品进行路演；来自近40家高校、科研院所及行业领军企业的嘉宾 对这些作品进行一对一点评指导，形成一次大规模的产、学、研、政联动。活动既展现出AI技术的普 及程度，也折射出新一代创作者在技术浪潮中的思考与成长。 青年与AI共创共舞 "《鱼灯》源于我和外婆之间的真实情感。"北京电影学院金童在介绍自己导演的作品时说。这部以安徽 非遗"鱼灯"为载体的短片，将亲情与文化传承娓娓道来。她表示，团队大量运用动态画面与浓郁色彩营 造视觉冲击，并将AI生成画面与实拍素材融合，"AI对我们而言，是帮助叙事的伙伴，不是冷冰冰的工 具。" 类似这样注重表达情感与文化内涵的作品并非个例。吉林动画学院马鹏飞团队带来的《山海宇宙·清浊 之战》依托传统神话进行宏大的幻想叙事，计划制作12集系列动画片；中国传媒大学陈星烁团队开发的 心理疗愈应用"心澜有灵"，从东方传统哲学艺术汲取灵感，主张"情绪应被看见、接纳和转化"。 中影年年联合创始人苑朋飞用"震撼"形容自己对这些作品的整体感受，认为很多作品已达到商业化 ...

Summary of PCB Industry Conference Call Industry Overview - The PCB market is expected to exceed 100 billion yuan, driven by increased shipments of Google's TPU and the 1.6T switch, leading to a rise in both volume and price. The orthogonal backplane is anticipated to start shipping by the end of 2026 or early 2027, contributing to new growth [1][2]. Key Demand Drivers - Demand growth in 2026 is primarily expected from Google, Nvidia, and the switch sector, with AI PCB demand projected to increase by over 200% due to the explosion of AIGC demand. The overall PCB market size is forecasted to surpass 100 billion yuan [2][3]. - Specific growth rates include: - Google: over 200% increase, mainly from increased shipment volumes - Amazon: approximately 90% growth - Nvidia: over 140% growth - Switch sector: 160% growth, significantly aided by new orthogonal backplane technology [3][4]. Major Suppliers and Capacity Expansion - Key players in the PCB industry include Shenghong, Gudian, and Taiwan Lianeng. New entrants in the GB300 sector include Fangzheng and Jingwang, increasing the number of potential suppliers from four or five to seven or eight [5]. - Current suppliers for Google and Amazon include ICU, Mirror Electric, and Hudean Shenlan, with potential new suppliers like Shenghong, Chaoyi, Pengling, and Dongshan Jinhwang, bringing the total number of suppliers for Google to around nine and for Amazon to about eight [5]. Foreign Manufacturers' Capacity Expansion - Foreign manufacturers such as Taiwan's Xinxing, Jinxiang Electric, Korea's ASU, and the US's TTM are expanding capacity at a relatively slow pace. For instance, ICU plans to increase capacity by only 10%, while Xinxing and TTM have insufficient capital expenditures. Mirror Electric's Suzhou factory shows some supply potential with a 25% increase in capital expenditure, but overall expansion remains slow [6]. Investment Logic and Focus Companies - The investment strategy remains focused on leading companies while also looking for emerging players that can achieve breakthroughs. Key areas of interest include shipments related to Google's TPU V7/V8 chips and Amazon's chips, as well as Nvidia's orthogonal solution testing phase [7][8]. - Notable companies to watch include Shenghong, Hudean, Dongshan, and Shengyi Technology, along with emerging firms like Pengding, Fangzheng, and Jingwang [7]. Supply and Demand Dynamics - The AI PCB market is expected to see significant growth by 2026, but supply will still be insufficient to meet demand. By 2027, as most capacity comes online, the supply-demand relationship may balance or even lead to oversupply. However, until the end of 2026, the market is expected to remain in a state of supply shortage [9].

Group 1: AI Application and Development - LEO Digital has initiated its AI strategy in 2023, launching the self-developed AIGC ecosystem platform "LEO AIAD" to enhance digital marketing capabilities [3] - The company has established a comprehensive AI framework covering demand insight, creative generation, advertising placement, post-investment optimization, and customer response, aiming to create a complete digital marketing technology loop [3] - By 2025, LEO Digital plans to leverage AI as a core driver to provide integrated services, enhancing operational efficiency and aiming to become China's most commercially valuable digital marketing group [3] Group 2: AI Achievements and Tools - LEO Digital has developed the "LEO Digital AI Integrated Platform," which includes an AI creative factory module successfully applied in the automotive advertising sector, with plans to expand to 3C digital, beauty, education, and tourism industries in 2026 [3] - The platform integrates an advertising material review AI to ensure compliance and safety in AI-generated content, enhancing the efficiency and adaptability of advertising creation [3] - The company has introduced various short video advertising production tools within the platform, achieving significant results in core application scenarios such as lip-syncing and character replacement [3] Group 3: AI Intelligent Agent Development - LEO Digital is deepening its AI intelligent agent layout across its marketing operations, creating dedicated intelligent agents for strategy formulation, creative production, and user operations [4] - The company is transitioning from single intelligent agent applications to multi-agent collaboration, enabling different functional agents to work together on marketing tasks [4] Group 4: New AI Ventures - LEO Digital is exploring the AI comic series sector, utilizing its AI video generation and content production capabilities to automate workflows in theme planning, script adaptation, and video production, significantly reducing time and management costs [5] - The company aims to create a business loop of "AI-generated content + automated placement" while ensuring compliance and responding to market feedback [5] Group 5: Investment in AI Capabilities - LEO Digital has established a specialized AI R&D team and is continuously advancing core platform and product development, alongside investments in hardware infrastructure to support AI model control and content generation [6] Group 6: Hong Kong Stock Listing - The company is advancing its Hong Kong stock listing to enhance its global strategic layout and build an overseas capital platform, with progress proceeding normally according to regulatory requirements [8]

Core Insights - The domestic LBE (Large-scale Business Environment) market is entering a critical phase of scaled development in 2026, driven by technological advancements and policy support [1][3]. Development History - The evolution of the domestic LBE market has been gradual, transitioning from technological foundation and scene exploration to industrial explosion, with a clear developmental trajectory [3]. - The VR industry faced a period of adjustment from 2018 to 2020, where many small enterprises lacking core technologies were eliminated, while leading companies focused on R&D and building core capabilities [4]. - From 2023 to 2024, the VR large space industry began to experience rapid growth, with significant improvements in hardware technology and an expanding content ecosystem [5]. 2025 Market Dynamics - The LBE market in 2025 is characterized by high growth and low concentration, indicating a typical growth phase with a market size approaching one trillion [6]. - The market's low concentration is evident, with a CR10 of less than 20%, indicating that nearly 80% of related enterprises operate as single project entities [7]. - The rapid expansion of offline VR experience channels is evident, with over 5,000 experience points nationwide by the third quarter of 2025, indicating a clear trend of channel penetration into lower-tier cities [8][9]. Industry Ecosystem - The LBE industry ecosystem is becoming increasingly complete, involving hardware suppliers, software service providers, content creators, and offline operators, all collaborating to drive scale [10][11]. - Government support, industry associations, and investment institutions play crucial roles in the ecosystem, with reported financing exceeding 10 billion for the VR large space industry in 2025 [12]. 2026 Market Forecast - The LBE market is expected to exceed 180 billion in 2026, with a compound annual growth rate of over 25% from 2025 to 2030, driven by policy support, technological iteration, and rising consumer demand [13][14]. - The competitive landscape will shift towards higher concentration, with leading companies expanding through content output and franchise models, while mergers and acquisitions will accelerate [15][16]. - Technological trends will include increased application of MR (Mixed Reality) and AIGC (Artificial Intelligence Generated Content), enhancing user experience and content production efficiency [17][18]. Industry Standards and Specialization - 2026 will be a pivotal year for establishing standardized systems and deepening specialization within the LBE industry, addressing fragmentation and high collaboration costs [19][20]. - The division of labor will evolve, with content creators focusing on core development, distributors managing promotion and rights, and venue operators enhancing user experience [20]. Scene Expansion - The LBE market will expand beyond C-end entertainment to include government and enterprise services, creating new growth engines [21]. - C-end scenarios will see further segmentation, while B-end and G-end applications will emerge as significant growth drivers, particularly in industrial training and public service sectors [21]. Conclusion - The domestic LBE market has transitioned from concept trials to a trillion-dollar sector, with a focus on quality enhancement and scale expansion in 2026 [22].

Group 1 - Kling AI's paid performance in overseas markets is increasing, driven by its "one-click generation" feature that significantly lowers the creation barrier [1] - Wanxing Technology's AI product, Wanxing Tianmu AI, is gaining attention as a representative of full-chain audio and video creation, efficiently adapting to high-quality computing power and supporting the generation of coherent videos over 60 seconds [1] - According to Frost & Sullivan, the average cost for users to generate a 5-second 1080P video segment using Wanxing Technology's model is among the lowest in the industry [1] Group 2 - Kling AI leverages the Kuaishou content platform and traffic marketing ecosystem to quickly meet consumer demands through continuous iteration of gameplay and experience [2] - Wanxing Tianmu AI serves both C-end individual creators, represented by short video creators, and B-end enterprise users, and can synergize with other products from Wanxing Technology [2] - The rise of AIGC audio and video creation applications, exemplified by Kling AI and Wanxing Tianmu AI, is becoming a new generation of creative productivity platforms accepted by global creators, showcasing the immense potential of AI in empowering creative production [2]

Core Viewpoint - The successful listing of Beijing Zhiyu Huazhang Technology Co., Ltd. on the Hong Kong Stock Exchange marks a significant milestone for the domestic large model industry, providing a valuable reference for valuation and investment opportunities in similar companies [1][2]. Company Overview - Zhiyu Huazhang officially listed on the Hong Kong Stock Exchange on January 8, with its stock price experiencing volatility, opening at HK$120, dipping to a low of HK$116.1, and closing at HK$131.5, a 13.17% increase, giving it a market capitalization of HK$28.365 billion [1][2]. - The company has achieved rapid revenue growth, with projected revenues of RMB 57.4 million in 2022, RMB 124.5 million in 2023, and RMB 312.4 million in 2024, reflecting a compound annual growth rate of 130% [6][9]. Market Position - According to Frost & Sullivan, Zhiyu ranks first among independent general large model developers in China and second among all general large model developers, with a market share of only 6.6%, indicating a highly competitive and fragmented market [7]. - The company has established a B-end business covering 16 major industries, with over 8,000 signed enterprise users, focusing on enhancing the "intelligent upper limit" of its foundational models [5][6]. Industry Trends - The global large model commercialization is still in its early exploratory stage, with no clear profitable business model established yet. However, the industry is transitioning from homogeneous competition to collaborative competition, indicating a healthy development phase [3][5]. - The listing of Zhiyu and other large model companies like MiniMax is reigniting interest in the AI sector, with the global AI market projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033 [9][10]. Future Outlook - The next three years are seen as a critical window for large model companies, where the interplay of technological barriers, data advantages, and commercialization capabilities will reshape the industry landscape [10].

机器之心编辑部 先给大家看个视频，你能分辨出哪个是 AI 生成的吗？ 视频来源： tiktok 博主 @tkp..1001 「真人拍摄还是 AI 生成」，如果搁一年前，这个问题还很容易回答，因为细节处总有一眼 AI 的破绽，但现在，真与假的界限已变得愈发模糊。 越来越多「真实」的视频，评论区里都在争论「这是 AI 吧？」而那些真正由 AI 生成的内容，反倒被当成真实拍摄。 AI 视频生成技术的进化速度快到飞起，并正渗透进我们生活的方方面面。随之而来的问题是：我们究竟要如何与这些技术共处？ 破解这一难题的钥匙或许就藏在人类的想象力中。技术的超越不该只在于对现实的复刻，更应在创新应用中想象更美好的未来。 站在这个视角，阿里云给出了一个颇具想象力的答案：2026 年米兰冬奥会。 就在冬奥会倒计时 30 天之际， 作为官方云服务合作伙伴的阿里云，拉着国际奥委会以及⽶兰冬奥组委会搞了波大的，共同发起一场全球 AIGC ⼤赛 。 [ 左右滑动 ] 大赛 Slogan 为「 YOUR EPIC VIBE 」，正好与本届冬奥口号「 IT's Your Vibe 」（意展你风采）遥相呼应。 大赛规则简单粗暴：只需用阿里云的「 ...

表外表里 . 洞见数据研究院 以下文章来源于表外表里 ，作者洞见数据研究院 来源丨表外表里 （ID： excel-ers ） 作者丨 陈梓洁 编辑丨 曹宾玲 图源丨Mdijourney VR摆摊、一次10块，听起来像荒谬的"行为艺术"，罗坚却从最初的1台头显，一路做大到4台、8 台。 他原本只想低成本试水VR赛道，结果超乎意料：第一批客人尝鲜后，路人们纷纷吻了上来，一台头显 不够用，赚到的钱又被他拿去买新设备。 敏宁更是深刻体会了VR行业的潜力，生意最火爆时，她大年三十的晚上被顾客打电话催开门营业。如 今，第5家体验馆已在落地的路上，预计3-6个月收回固定投入成本，一年内实现盈利。 "我们店里的人气，有时不输旁边的潮玩店。"敏宁说，在实体生意普遍叫苦的今天，VR大空间行业 却迎来了破土生长的机遇。 "老来得己"的年轻人，把自我感受放在了追求的第一位，更愿意把金钱和时间花在"活得鲜活"上。而 主打"体验"的VR大空间，踩中了这股服务消费的浪潮。 嗅觉灵敏的创业者纷纷跑步入场，据VR陀螺不完全统计，仅2025上半年，就有超100个VR大空间项 目落地；门店数量更是飙升，光叫得上名字的20家运营商，门店总数便突破1 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the media industry [5][44]. Core Insights - The media industry experienced a 2.27% increase, outperforming both the CSI 300 (-0.59%) and the ChiNext Index (-1.25%) during the week of December 29 to January 4 [1][12]. - Key companies showing significant gains include BlueFocus, Baidu Qiancheng, Yidian Tianxia, and Zhangyue Technology, while companies like Xinhua Dou, Beijing Culture, Guiguang Network, and Guangxi Broadcasting faced declines [1][12]. - Upcoming IPOs include Minimax and Zhizhu, with Minimax set to list on January 9 and Zhizhu on January 8, indicating a strong interest in AI applications [2][18]. - The total box office for the New Year's period reached 740 million yuan, with top films being "Zootopia 2," "Avatar 3," and "Killing" [2][20]. Summary by Sections Industry Performance - The media sector ranked third in terms of performance among all sectors, with a weekly increase of 2.27% [1][14]. - The top-performing companies in the media sector included BlueFocus (30% increase), Baidu Qiancheng (17% increase), and Yidian Tianxia (16% increase) [13]. Upcoming IPOs - Minimax initiated its IPO process on December 31, with a planned listing on January 9, aiming to raise approximately 3.5 billion USD [2][18]. - Zhizhu's IPO is expected to raise around 4.3 billion HKD, with a market valuation exceeding 51.1 billion HKD [2][18]. Box Office Performance - The total box office for the week was 1.073 billion yuan, with "Zootopia 2" leading at 282 million yuan (26.2% share), followed by "Avatar 3" at 268 million yuan (24.9% share), and "Killing" at 195 million yuan (18.1% share) [3][20]. Investment Recommendations - The report suggests capitalizing on opportunities in the gaming sector, particularly with companies like Giant Network, Kayi Network, and Jibite, as well as focusing on AI applications and film industry recovery [4][40]. - It emphasizes the potential for growth in AI applications, particularly in animation and short dramas, and recommends companies involved in these areas [4][40].

Group 1 - The second International Convention and Exhibition Industry Chain Conference (referred to as "Exhibition Chain Conference") is scheduled to be held from January 19 to 21, 2026, at the Shenzhen International Convention and Exhibition Center [1] - The theme of this year's conference is "Boundaryless Integration, All-Domain Growth," aiming to promote deep collaboration between the exhibition industry chain and cross-industry resources such as event marketing and cultural tourism festivals [1] - The conference will feature a significant upgrade from the first event held in 2025, which gathered over 1,500 industry professionals and facilitated precise connections between 21 major buyers with annual procurement exceeding 100 million and 200 strong buyers with quality suppliers [7] Group 2 - The agenda will include one main forum, 30 parallel activities, a 4,000 square meter industry ecosystem exhibition, and multiple industry matchmaking sessions, expecting to attract over 2,000 industry decision-makers, government representatives, and cross-industry guests from more than 10 cities [7] - A special forum on cultural and commercial tourism integration will be held to discuss how to create high-traffic and high-retention urban cultural tourism IPs [7] - The "Billion Dollar Procurement" and industry chain matchmaking sessions will significantly expand, gathering over 400 strong buyers, including new and old exhibition organizers, leading brand companies, and large event firms [8]