Group 1 - The core viewpoint is that the rise of domestic IPs is redefining the valuation of China's cultural industry, with companies focusing on multi-faceted operational strategies around IPs [1][2] - Shunwang Technology (300113.SZ) aims to leverage the ChinaJoy brand to enhance IP influence and promote collaborations with leading IPs in cultural, gaming, and animation sectors [1] - ChinaJoy has become one of the largest digital entertainment exhibitions globally, significantly contributing to the healthy and sustainable development of China's digital entertainment industry since its inception in 2003 [1] Group 2 - ChinaJoy has accumulated nearly 10 million Gen Z users over 20 years, reaching hundreds of millions of users and hosting over a thousand participating companies, including industry leaders and Fortune 500 firms [2] - The Chinese trendy toy market is projected to grow from 60 billion yuan in 2023 to 110.1 billion yuan by 2026, indicating explosive growth in domestic IPs and the importance of building an "IP ecosystem" [2] - Recent government policies encourage the integration of traditional Chinese culture into product design and support the development of original IP brands, particularly in the fields of animation, gaming, and esports [3] Group 3 - Shunwang Technology is embracing a new era driven by artificial intelligence, focusing on new technologies and applications in digital entertainment, including AIGC, AIPC, mixed reality, 5G, and cloud computing [3] - The company has been recognized as a leading enterprise in the "2024 Guzi Economy" awards, highlighting its significant contributions to the industry [3] - With the proliferation of AI applications, Shunwang Technology's self-developed Lingxi Engine and Shunwang Intelligent Computing Platform are expected to enhance efficiency and reduce costs for enterprises [3]

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 20 年 月 日 矩阵股份（301365.SZ） 云图藏器，智启新境 优质室内创意设计龙头，资产质量优异。公司业务聚焦室内装饰设计领域， 覆盖空间设计、软装陈设两大板块，下游行业以地产为主，同时积极开拓 办公空间、酒店文旅等多业态。2024 年公司减值规模显著收窄，地产减值 高峰已过，随着营收逐步恢复稳增，业绩有望稳步修复。公司毛利率、现 金流等指标表现优异，2024 年净现比 407%，截至 2024 年末在手现金资 产超 15 亿元（最新市值 29 亿元），有息负债率仅 2%，安全边际充足。 室内设计属地产后周期产业，近两年行业需求有所收缩。室内设计为装饰 工程前端环节，需求主要受房地产新开工数据影响，基于 2024 年新开工 面积测算行业市场总规模约 969 亿元。2020 年以来新开工面积已连续 5 年下滑，后端设计、房建、装饰需求同步收缩，上市 13 家房建设计院 2024 年营收/归母净利润总额同降 18%/130%，龙头经营承压。从竞争格局看， 受制于管理瓶颈及非标用户需求，设计龙头较难实现规模持续扩张，行业 整体格局分散 ...

Core Viewpoint - The company plans to invest in a private equity fund, enhancing its investment strategy and potentially increasing returns through professional management and diversified investment opportunities [1][12]. Group 1: Investment Overview - The company’s wholly-owned subsidiary, Blue Ocean Investment, intends to subscribe to the Nanchang Guochen Innovation No. 1 Equity Investment Partnership, with a planned investment of 0.40 billion yuan, representing 2.74% of the fund's total size of 14.61 billion yuan [1][3]. - This investment falls within the board-approved limit of 10.00 billion yuan for equity and securities investments, and the subscription amount constitutes 0.22% of the company's latest audited net assets [2][4]. - After this investment, Blue Ocean Investment will have utilized a total of 5.80 billion yuan of the special investment funds [2][4]. Group 2: Fund Details - The Nanchang Guochen Innovation No. 1 Fund is a limited partnership established by Shanghai Guochen Venture Capital Management Co., Ltd., with a duration of 7 years, including 4 years for investment and 3 years for exit [5][12]. - The fund has been registered with the China Securities Investment Fund Industry Association, with a registration number of SACZ28 [5][12]. - The fund's investment focus includes sectors such as intelligent manufacturing, high-end equipment, digital economy, and military industry, targeting next-generation key technologies [10][12]. Group 3: Management and Financial Structure - The fund management is conducted by Shanghai Guochen Venture Capital Management Co., Ltd., which has a registered capital of 15 million yuan and was established on May 23, 2023 [6][12]. - The management fee for the fund is set at an annual rate of 2%, calculated based on the total subscribed capital after deducting contributions from the general partner and special limited partners [11][12]. - The exit strategies for investments include IPOs, mergers and acquisitions by listed companies, and acquisitions by industrial companies [11][12]. Group 4: Strategic Impact - This investment is expected to improve the efficiency of the company's capital utilization and broaden its investment landscape, leveraging the expertise and resources of the fund management team [12]. - The decision to invest is made while ensuring that the company's core business operations remain unaffected, thus safeguarding the interests of the company and its shareholders [12].

以下文章来源于APPSO ，作者发现明日产品的 APPSO . AI 第一新媒体，「超级个体」的灵感指南。 #AIGC #智能设备 #独特应用 #Generative AI 本文来自微信公众号： APPSO （ID：appsolution） ，作者：appso，原文标题：《这个AI生图神器首次发布视频模型：不卷分辨率，但网友直呼画面 惊艳超预期|附提示词》，题图来自：AI生成 面对迪士尼和环球影业的版权诉讼，老牌文生图"独角兽"Midjourney没有放慢节奏，反而于今天凌晨顶着压力推出了首个视频模型V1。 调色精准、构图考究、情绪饱满，风格依旧在线。 不卷分辨率、不卷长镜头、Midjourney卷的，是一股独有的氛围感和审美辨识度。Midjourney是有野心的，目标剑指"世界模型"，但目前略显"粗糙"的 功能设计，能否让其走得更远，恐怕还是一个未知数。 你卷你的分辨率，我走我的超现实。 Midjourney一直以奇幻、超现实的视觉风格见长，而从目前用户实测的效果来看，其视频模型也延续了这一美学方向，风格稳定，辨识度高。 省流版如下： 上传或生成图像后点击"Animate"即可，单次任务默认输出4段5秒视频 ...

Core Insights - The article discusses the journey of a professional transitioning from a state-owned enterprise to the AI-driven film production industry, highlighting the challenges and successes encountered along the way [3][5][32]. Group 1: Transition to AI Industry - The individual left a stable job in a state-owned enterprise after 15 years to pursue opportunities in AI, driven by the need for a better livelihood and personal interest in the field [3][6][32]. - Initial experiences included learning AI tools like Stable Diffusion and ComfyUI, leading to the first paid project which earned a modest amount, marking the beginning of a new career path [8][10][18]. Group 2: Business Development and Client Acquisition - The average monthly income from AI projects is reported to be around 40,000 to 50,000 yuan, achieved through a combination of quality work and effective client service [21][22]. - Client acquisition strategies include leveraging previous clients for referrals, networking within industry circles, and utilizing multiple online platforms for order generation [25][29]. Group 3: Importance of Skills and Creativity - The article emphasizes that while AI tools can enhance productivity, foundational skills in filmmaking, creativity, and client communication remain irreplaceable [18][42][70]. - The individual stresses the necessity of understanding the tools deeply and having a comprehensive production process to meet client expectations effectively [43][44][72]. Group 4: Future of AI in Film Production - The potential for AI short films is acknowledged, but the article cautions that current technology cannot yet compete with traditional filmmaking in terms of storytelling and audience engagement [65][66]. - The importance of continuous learning and adaptation in the rapidly evolving AI landscape is highlighted as crucial for maintaining a competitive edge [72][80].

Core Insights - The article highlights the shift in e-commerce competition from price wars to a multi-faceted upgrade in experience driven by technology, content, and ecosystem [1][10] - JD.com has launched a series of innovative 3D products during the 618 shopping festival, marking the beginning of a 3D information flow era in the e-commerce industry [1][10] Group 1: Technological Innovations - JD.com introduced the "JD Liying" series of 3D products, including "naked-eye 3D advertising" and "3D intelligent home matching tools," which enhance consumer shopping experiences [1][2] - The naked-eye 3D technology allows users to experience immersive 3D advertising without any devices, utilizing AR real-time projection and AIGC-generated 3D models [1][2][6] - The "Liying-Meijia" solution enables users to freely design and visualize home decor in real-time, enhancing the online shopping experience for home goods [3][6] Group 2: Consumer Engagement - The new 3D technologies provide a more interactive shopping experience, allowing users to virtually try on products and see how items fit in their homes [2][3] - The introduction of 3D live streaming technology has significantly improved user engagement, with interaction rates increasing by over 20% and user dwell time growing by 50% compared to traditional live streaming [8][4] Group 3: Market Impact - The 3D advertising solutions have shown impressive results, with SK-II's click-through rate increasing by 60% and Huawei's conversion rate rising by 37% [6][7] - JD.com aims to democratize access to 3D advertising for small and medium brands through the "Liying-Mini" solution, which simplifies the 3D content creation process [7][10] Group 4: Future Directions - JD.com plans to continue optimizing its 3D engine and expanding AIGC capabilities while exploring collaborations with more brands [9][10] - The company is positioned to redefine the relationship between consumers, products, and shopping environments, moving from traditional image-based shopping to immersive spatial decision-making [10]

游戏行业迎来利好！ 6月19日下午，中共北京市委宣传部等部门印发《关于促进北京市游戏电竞行业高质量发展的 支持办法（暂行）》（全文附后），通过11项具体举措推动游戏电竞产业高质量发展，提升 核心竞争力。 具体要点如下： 1. 压缩审核周期，加强对出版国产试点网络游戏的申报辅导，增加游戏专家审读力量，有效 提升审核能力，提高审核质量。 2. 对游戏作品中的美术、音乐和视频等素材作品著作权登记，由22个工作日压缩至10个工作 日内完成。 3. 引导相关区研究制定新设游戏电竞企业的奖励办法，加大对重点企业引进力度，对满足条 件的游戏电竞中小企业和创新型企业进行扶持。 4. 推动人工智能、AIGC等科技与游戏电竞产业深度融合 。 支持游戏企业通过算力构建、大 模型部署、数据治理等方式提升研发效率，进行智能化技改，根据项目可纳入支持范围的投 资给予最高不超过3000万元奖励。 5.支 持赛事活动举办。对在京落地的国际级、国家级重大电竞赛事，分别给予最高不超过 500万元、300万元奖励 。 6.支持场馆建设运营，鼓励支持出海发展，加强人才队伍建设。 开源证券研报指出， 《措施》全面覆盖游戏出海产业、平台、生态等领域，全 ...

宏观日报 | 2025-06-20 持续关注上游行业价格波动 中观事件总览 生产行业：上游原材料稀土出口审查加快。 1）商务部举行的例行发布会上，新闻发言人谈到稀土相关出口问题 时表示，中国一贯高度重视维护全球产供链的稳定与安全，依法依规不断加快对稀土相关出口许可申请的审查， 已经依法批准一定数量的合规申请，并将持续加强合规申请的审批工作。中方愿就此进一步加强与相关国家的出 口管制沟通对话，积极促进便利合规贸易。2）工信部等三部门召开加强新能源汽车安全管理工作视频会，研究部 署本年度新能源汽车安全管理工作。会议要求，车辆生产企业和动力电池生产企业要自觉扛起产品质量安全主体 责任，围绕产品设计验证、生产制造、售后服务等方面做好风险防范，严格履行告知义务，引导消费者正确使用 车辆，不得进行夸大和虚假宣传，坚决守牢安全底线。要坚守长期主义，不搞"内卷式"竞争，绝不能偷工减料、 以次充好，以牺牲产品性能、降低产品质量为代价实现短期的"降本增效"。 服务行业：关注娱乐消费产业政策推进。 1）北京市委宣传部等印发《关于促进北京市游戏电竞行业高质量发展 的支持办法（暂行）》。其中提出，激励技术创新应用。推动人工智能、AIG ...

在文化科技领域课题中，加大高新技术应用于游戏研发的课题数量与申请比例。支持游戏电竞领域企业 及相关市场主体在人工智能、游戏引擎、游戏开发工具、交互式流媒体和扩展现实等关联领域布局，鼓 励建立重点实验室，开展核心技术攻关。支持游戏企业通过算力构建、大模型部署、数据治理等方式提 升研发效率，进行智能化技改，根据项目可纳入支持范围的投资给予最高不超过3000万元奖励。 6月20日早盘，游戏板块持续震荡下挫，游戏ETF（159869）打开低位布局通道，现跌近1.5%附近。持 仓股中，电魂网络（603258）、盛天网络（300494）、天舟文化（300148）、姚记科技（002605）、冰 川网络（300533）、奥飞娱乐（002292）等跌幅居前。 消息面上，北京支持游戏企业通过算力构建、大模型部署、数据治理等方式提升研发效率，给予最高不 超过3000万元奖励。6月19日，中共北京市委宣传部等部门印发《关于促进北京市游戏电竞行业高质量 发展的支持办法（暂行）》。办法提出，推动人工智能、AIGC等科技与游戏电竞产业深度融合，加快 技术成果在游戏研发、运营等各环节的创新应用。 华创证券表示，看好游戏行业中AI产品应用落地 ...

每日经济新闻 招商证券表示，游戏板块估值有望修复。近期，继续坚定看好传媒和游戏板块，推荐逻辑如下：1、游戏和传媒就是最好的新兴消费板块之 一；游戏和传媒的估值在新兴消费里仍然是估值洼地，近期港股传媒公司纷纷大涨，是传媒游戏估值修复的开始。2、海外AI应用最先反弹， 映射国内时间问题。3、游戏和传媒最被低估的点就是海外的文化出海才刚刚开始，且政策在全力支持。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映动漫游戏产业A股上市公司股票的整体 表现，可以关注游戏ETF（159869）布局机会。 6月20日早盘，游戏板块略微震荡，游戏ETF（159869）现小幅微跌至0.5%附近。持仓股跌多涨少，上涨方面，掌趣科技、三七互娱、北纬科 技、名臣健康等领涨，下跌方面，电魂网络、盛天网络、天舟文化、奥飞娱乐等跌幅居前。 6月19日消息，北京市委宣传部等12部门近日联合印发《关于促进北京市游戏电竞行业高质量发展的支持办法（暂行）》，其中包括11项举 措，旨在通过更有力的政策引导和支持，进一步激发市场活力，优化发展环境，提升北京在游戏电竞领域的竞争力。北京发布办法支持游戏电 ...