格隆汇1月20日丨南威软件(603636.SH)在投资者互动平台表示，公司目前未与MiniMax合作开发AI大模 型。未来若有相关进展，公司将严格按照有关法律法规的要求及时履行信息披露义务。 ...

Core Viewpoint - The integration of AI in short dramas and interactive games is reshaping the media industry, creating new growth opportunities and transforming traditional content monetization methods [2][3]. Group 1: Market Performance - On January 20, A-shares opened high but quickly retreated, with cultural media stocks, particularly in short dramas and games, experiencing significant price increases [1]. - Companies like Jiayun Technology and Zhejiang Wenlian saw their stocks hit the daily limit, with notable performances from Yue Media and Tiandi Online [1]. - Giant Network's stock price reached 51.70 yuan per share, with a market capitalization of 100.1 billion yuan [1]. Group 2: AI Integration in Media - AI short dramas and interactive games are seen as a new growth engine in the media sector, combining narrative appeal with interactive experiences [2]. - AI is revolutionizing the gaming industry by enhancing gameplay through real-time interactions and reducing costs by over 30% [2]. - In the short drama sector, AI is significantly shortening production cycles to 2-3 days and increasing content output [2]. Group 3: Industry Trends and Opportunities - The integration of AI is lowering entry barriers and expanding market size, allowing smaller teams to innovate and create diverse content [3]. - AI is expected to play a crucial role in the future of content creation, with a focus on human-machine collaboration to enhance creativity while maintaining content quality [3]. - The AI application sector is projected to be a key focus area in 2026, with ongoing trends indicating accelerated adoption [3][5]. Group 4: Specific Company Developments - Giant Network has introduced AI models into its core gameplay, enhancing user engagement and attracting millions of players [4]. - Zhejiang Wenlian's partnership with ByteDance's Douyin has led to significant growth in digital marketing applications, with a reported 250 million yuan consumption in 2025, marking a fivefold increase [5]. Group 5: Investment Focus Areas - Investment opportunities are emerging in three key areas: companies leading in AI-native gameplay, full-service providers for short dramas, and AI computing power suppliers [5].

Core Viewpoint - The company is actively promoting AI applications in the context of digital transformation, collaborating with Huawei to launch the industry's first AI model for cement and building materials, which enhances quality control, production optimization, equipment management, and safety production [1] Group 1: AI Application and Collaboration - The company has partnered with Huawei to release the first AI model specifically for the cement and building materials industry [1] - The AI model is being utilized in various areas including quality control, production optimization, equipment management, and safety production [1] - The application scenarios of the AI model are continuously being promoted and optimized [1] Group 2: Business Impact - The implementation of AI is aimed at reducing costs, increasing efficiency, and improving quality, thereby injecting new momentum into the company's high-quality development [1]

校对 贾宁 闫俊杰，1989年生，河南人，MiniMax稀宇科技创始人和CEO。2015年7月获得中科院博士学位，在顶 级会议和期刊上发表约200篇学术论文。MiniMax成立于2022年，2026年1月9日在香港上市，目前总市 值1186亿港元，迄今已有超过200个国家及地区的逾2.12亿名用户，超过70%的收入来自海外市场。 编辑 岳彩周 新京报贝壳财经讯（记者罗亦丹）1月19日下午，中共中央政治局常委、国务院总理李强主持召开专 家、企业家和教科文卫体等领域代表座谈会，听取对《政府工作报告》和《"十五五"规划纲要（草 案）》两个征求意见稿的意见建议。 MiniMax稀宇科技创始人、CEO闫俊杰出席座谈会并发言，成为继DeepSeek创始人梁文锋后，第二位参 会的AI大模型企业代表。 ...

Group 1 - The meeting was chaired by Li Qiang, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, to gather opinions on the government work report and the draft outline of the 14th Five-Year Plan [1] - Yan Junjie, founder and CEO of MiniMax, represented the AI large model enterprises at the meeting, marking the second participation of an AI company following Liang Wenfeng from DeepSeek [3] - MiniMax, founded in 2022, is recognized as a leading global general artificial intelligence technology company, specializing in self-developed multimodal capabilities across text, video, and voice [3] Group 2 - MiniMax achieved a record for the fastest IPO among AI companies, going public within four years of its establishment [3] - The company has over 212 million users across more than 200 countries and regions, with over 70% of its revenue generated from international markets [3]

北京商报讯（记者 魏蔚）1月19日，巨人网络宣布，旗下游戏《超自然行动组》上线全新"AI大模型挑 战"，将AI大模型正式引入游戏核心玩法，面向用户全量开放。在该玩法中，游戏内NPC（非玩家角 色）"假人"由AI大模型实时驱动，不再只是固定脚本角色，而是以"玩家对手"的身份直接参与对局。它 们可以语音交流、模仿真人行为混入队伍，在关键时刻主动发起进攻，与真人玩家正面对抗。上线一周 后，AI参与对局数累计超过2500万。 ...

Core Viewpoint - Giant Network has launched a new game, "Supernatural Action Group," which integrates AI large models into its core gameplay, marking the first instance of such integration in a high DAU (Daily Active Users) game in China [1] Group 1: Game Development and Innovation - The game features an "AI Large Model Challenge," making AI large models accessible to all users [1] - This initiative represents a significant step in the application of AI in gaming, aiming for large-scale implementation within high DAU games [1] Group 2: Collaborations and Partnerships - Giant Network is collaborating with major model providers such as Alibaba Cloud, Volcano Engine, and Tencent Cloud to address key issues like model capability adaptation, real-time inference efficiency, and high concurrency stability [1] - The collaboration aims to create a comprehensive solution for integrating multiple large model capabilities into a single product [1] Group 3: Industry Impact - "Supernatural Action Group" is positioned as a pioneering example in the industry, being the first high DAU product to successfully integrate and apply multiple large model capabilities at scale [1]

Core Viewpoint - Giant Network has integrated AI large models into its popular game "Supernatural Action Group," marking the first deep integration of AI in a high DAU game in China [1] Group 1: AI Integration - The new "AI Large Model Challenge" feature allows NPCs to be driven by AI large models, enabling them to interact as "player opponents" rather than fixed-script characters [1] - AI-driven NPCs can communicate via voice, mimic real player behaviors, and engage in direct confrontations with human players [1] - Within one week of launch, AI participation in matches exceeded 25 million [1] Group 2: Industry Collaboration - To facilitate the large-scale implementation of AI native gameplay, Giant Network has partnered with major model providers such as Alibaba Cloud, Volcano Engine, and Tencent Cloud [1] - The collaboration focuses on core issues such as model capability adaptation, real-time inference efficiency, and high concurrency stability [1] - "Supernatural Action Group" serves as a pioneering example of integrating multiple large model capabilities in a high DAU product [1]

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [22] Core Insights - The report highlights that the Qianwen APP has fully integrated into Alibaba's ecosystem, enhancing the application scenarios of AI large models. This integration allows for a significant upgrade from "chatting" to assisting users in "doing tasks," showcasing the improvement in model capabilities and the deepening of application scenarios [4][9] - The demonstration effect of the Qianwen APP is expected to accelerate the promotion of large model applications by domestic internet giants, thereby speeding up the application process of large models in China. This acceleration will create a substantial demand for inference computing power, further driving the development of China's domestic computing power industry chain [4][9] Summary by Sections Industry News and Commentary - On January 15, 2026, Alibaba held a product launch for the Qianwen APP in Hangzhou, announcing its full integration with various Alibaba ecosystem services such as Taobao, Alipay, and Fliggy. This integration enables AI shopping functions like ordering takeout and booking flights, marking a global first [4][7] - The Qianwen APP will launch over 400 AI task functions, positioning it as the first AI assistant capable of completing complex real-life tasks, transitioning the AI industry from "chatting" to "doing" [7][9] Weekly Market Review - The computer industry index rose by 3.82% this week, outperforming the CSI 300 index, which fell by 0.57%, resulting in a 4.39 percentage point advantage [13] - As of the last trading day of the week, the overall P/E ratio (TTM, excluding negative values) for the computer industry was 61.4 times, with 249 out of 359 A-share component stocks rising in price [15] Investment Recommendations - The report recommends continuous attention to investment opportunities in the AI theme, particularly in AI computing power and AI algorithms and applications. Specific companies recommended include: 1. AI Computing Power: Haiguang Information, Longxin Zhongke, Industrial Fulian, Inspur Information, Unisplendour, Zhongke Shuguang, Digital China, and Deepin Technology [18] 2. AI Algorithms and Applications: Strongly recommended are Hengsheng Electronics, Zhongke Chuangda, and Shengshi Technology, with additional recommendations for Daotong Technology, Kingsoft Office, iFLYTEK, and others [18]

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The 2026 International Consumer Electronics Show (CES) showcased advancements in smart home appliances, with Chinese brands leading in categories such as robotic vacuum cleaners, garden robots, and NAS private cloud storage [3][4][14] - Key products include the G-Rover by Stone Technology, which is the world's first stair-cleaning robotic vacuum, and various innovative garden robots from Ninebot [3][4][14] - The report emphasizes the continuous improvement in product capabilities and the increasing penetration of these technologies, suggesting a focus on innovative companies like Stone Technology, Ecovacs, Ninebot, and Ugreen [3][4][14] Market Data - The home appliance sector saw a slight increase of 0.2% this week, with specific segments showing varied performance: white goods down by 2.0%, black goods up by 6.2%, small appliances up by 3.0%, and kitchen appliances up by 6.9% [5][40] - Raw material prices fluctuated, with LME copper increasing by 1.91% and LME aluminum decreasing by 1.04% compared to the previous week [5][40]