昆仑万维(300418) 报告日期：2026 年 02 月 04 日 证券研究报告 | 公司深度 | 游戏Ⅱ A 股稀缺大模型及出海应用龙头，从纯投入期到兑现期 ——昆仑万维深度报告 投资要点 一句话逻辑 公司已完成"算力—模型—AI 应用"AI 全产业链布局，短剧业务 25 年年化流水 突破 2.4 亿美元验证商业化能力，DramaWave 短剧平台等 MRR 增长曲线陡峭， 天工超级智能体开启 AI 搜索、AI 音乐、AI 社交等生产力场景第二增长曲线，26 年将从投入期转向兑现期。 超预期逻辑 1）短剧出海商业化强度超预期：DramaWave 平台 8 月已跃居海外短剧收入榜第 三位，25 年 12 月环比增长 35.4%，位列收入榜第四。25 年 12 月下载量环比上涨 超 90%，成为 Top 15 中涨幅最高的产品。预计 25 年短剧收入同比增长 900%至 16.8 亿元，26-27 年持续加速增长，成为核心现金流引擎。 2）AI 智能体商业化落地或提前突破：公司先后发布并开源多款行业领先模型， 搭建全链路 AI 应用矩阵，以天工超级智能体为核心，联动 AI Developer、AI 视 频、A ...

智通财经APP获悉，国联民生证券发布研报称，在传统对话范式下，单次交互仅需少数几次模型调用； 但在工作流范式下，一个任务往往横跨计划、检索、工具调用、校验纠错及外部系统写入等多个阶段。 相较基础聊天，面向复杂任务的agent服务可能会消耗数十倍多的token，模型单位成本的重要性在不断 提升。Agent时代，大模型正从"聊天工具"进化为"自主员工"。掌握核心算法与行业接口的大模型厂商 有望深度受益于万物智能化的红利，建议关注"大模型双子星"MiniMax-WP(00100)与智谱(02513)。 国联民生证券主要观点如下： 事件：截至2026年2月2日，Clawdbot在代码托管平台GitHub上的星标数量已超过13万个，官网累计访问 量突破200万人次，成为近期增长最快的开源技术项目之一。以及近期出现的"AI-only社区"如 Moltbook，该平台在极短时间内聚集了百万个代理账号规模，这类交互天然对应更高的请求密度与更频 繁的API触发。其最直接的外显变量是API调用频次与token吞吐的阶跃式抬升。在Clawdbot创始人Peter Steinberger的力荐下，国内AI独角兽MiniMax旗下擅长 ...

截至2026年2月4日 13:08，中证消费电子主题指数(931494)下跌3.17%。成分股方面涨跌互现，水晶光电 领涨5.22%，三环集团上涨4.62%，京东方A上涨1.86%；信维通信领跌10.03%，澜起科技下跌8.10%， 东山精密下跌6.27%。消费电子ETF(561600)下跌3.05%，最新报价1.21元。 消息面上，根据TrendForce集邦咨询最新近眼显示产业调查，随着AI与穿戴式装置深度融合，Meta Ray- Ban Display Glasses在终端市场获得的回馈明显优于预期，近半年内已大幅上修多项关键零部件订单。 在大厂推波助澜之下，TrendForce集邦咨询预估2026年全球AR眼镜出货量将跃升至95万台，年增率为 53%。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成 ...

Core Viewpoint - The rapid growth of AI and large model technologies has led to a significant increase in salaries for algorithm engineers, with top talents earning over 1 million annually, making these positions the highest-paying in the programming field [3][5]. Group 1: Salary Trends - A recent salary slip from a Xiaomi employee revealed a monthly salary of over 110,000, highlighting the lucrative opportunities in AI model application development [1]. - The median monthly salary for AI algorithm engineers from the 2026 campus recruitment data has approached 30,000, with top talents exceeding 1 million annually, far surpassing traditional tech roles [3]. - Companies like ByteDance, Tencent, and JD.com are heavily investing in AI departments, leading to salary increases of up to 40% for many positions in the AI sector [5]. Group 2: Job Opportunities and Training - The current job market presents a prime opportunity for job seekers to capitalize on the AI model boom, although many candidates lack the necessary skills for core AI positions [7]. - An "AI Algorithm Engineer Training Program" has been developed, led by industry experts, to align training with the hiring needs of major companies, promising a 98% job fit post-completion [7][9]. - The program guarantees a refund if graduates do not achieve a minimum salary of 290,000 for fresh graduates or a 40%-50% salary increase for current employees [8][123]. Group 3: Learning Outcomes - Participants will gain practical skills in intent recognition, multi-modal content understanding, and intelligent customer service systems, preparing them for real-world applications [10][14][28]. - The curriculum includes advanced techniques in natural language processing, multi-modal data processing, and the use of large language models for various applications [11][24][50]. - Graduates will be equipped to build enterprise-level intelligent systems, enhancing their employability in the rapidly evolving AI landscape [29][37].

Core Insights - The Tianhong Sci-Tech Chip Design ETF (589070) has seen a significant increase in trading volume and net inflow, indicating strong investor interest in the semiconductor sector [1] - The underlying index, the Shanghai Stock Exchange Sci-Tech Board Chip Design Theme Index (950162), has experienced a decline of 3.06%, despite some individual stocks within the ETF showing positive performance [1] - The launch of the AICodingPlan by Moore Thread represents a key advancement in domestic AI development, leveraging local GPU capabilities and integrating advanced coding models [1] Product Highlights - The Tianhong Sci-Tech Chip Design ETF (589070) tracks the Shanghai Stock Exchange Sci-Tech Board Chip Design Theme Index, focusing on companies in the chip design sector [1] - The index has a weight of over 95% in digital and analog chip design industries, emphasizing its concentration on the core design segment of the semiconductor supply chain [1] Market Trends - The demand for domestic AI models is accelerating, with major companies like ByteDance and Alibaba announcing substantial capital expenditures to support AI infrastructure [2] - The current year is marked as a turning point for domestic AI computing power, with various solutions like Huawei's Atlas and Alibaba's Panjiu being rapidly deployed [2]

Group 1 - The core point of the article is that China National Heavy Duty Truck Group Jinan Power Co., Ltd. has applied for a patent related to vehicle thermal management, specifically a method and system based on a large model for controlling the thermal management of vehicles [1] - The patent application, published as CN121424905A, was filed on September 2025 and involves creating a digital twin model of the vehicle's thermal management system, training it with a large model, and using real-time operational data to derive control strategies for intelligent management and optimization of the thermal management system [1] - China National Heavy Duty Truck Group Jinan Power Co., Ltd. was established in 2006 and is primarily engaged in the automotive manufacturing industry, with a registered capital of 723,959.5 million RMB [1] Group 2 - The company has made investments in 19 enterprises and participated in 3,872 bidding projects, indicating a strong presence in the automotive sector [1] - The company holds a significant number of intellectual property rights, with 5,000 patent records and 89 administrative licenses, showcasing its commitment to innovation and compliance [1]

分析师 1: 好的。各位投资的朋友，大家晚上好，我是方安策略首席袁道宇。我们这个整个策论中关 第一期，我们是很荣幸的邀请到我们这个传媒和互联网首席焦娟来给大家讲一讲这个，聊 一聊 AI 应用，因为我们看到，其实从年初以来。整个 AI 应用板块表现还是挺好的，包括 像一些细分的像传媒在今年应该是领涨的，在所有一级行业领涨的。那么这个 AI 应用这 块，包括可能涉及到港股，包括港股互联网，还有这个 A 股的一些具体的一些细分板块的 这个催化也好，包括后面这个行情的节奏，包括排序这块我们今天都会聊到。 那我们现在就这个正式开始，就是我先，就是请教那个焦老师第一个问题，因为我是，就 是从策略角度来说，我注意到就可能从 23 年 ChatGPT 出现以来，其实 AI 应用基本上好 像每年春节前后都会有一波行情。这个包括今年也不例外，就是这个背后的原因。主要是 有哪些？那个姜老师 分析师 2: 好的，我这边的话总结了三个比较深刻的原因，正好借着袁老师的这个场子，跟大家汇报 一下。确实，我自己非常长足的进步，也是从 2023 年，尤其是 23 年 ChatGPT 出来之后， 我自己这边基本上把这个研究架构都搭得差不多。然后 ...

张昊晨 国信证券互联网分析师: 各位领导大家晚上好，我是国信互联网分析师张昊辰。今天我们邀请到专家跟我们分享一 下这个阿里云最近的一个情况。我们今天可能主要交流三个方面的问题吧，就是一个是关 于最近整个云厂涨价的一个情况，然后我们可能交流一下阿里的这个 Agent 这块的一个布 局。然后就是可能关于这个最近的一些人的供需情况，然后包括今年的趋势一个展望吧。 对，那张阳你好，听得到吧？ 阿里云专家: 可以。 好的。那要不麻烦您先跟我们大概，就是介绍一下最近，就是这个涨价的情况下，阿里云 它的一个相应的这个涨价计划是怎么样的？ 阿里云专家: 就先说一下大概的主要原因吧。我觉得核心原因还是在于说这次几乎所有相关部件的硬件 厂商。都出现了价格比较大幅度的提升。当然，可能基于这个原因，以及说目前看起来其 实客户的需求，你说因为只能带来可能新的需求，都是在不断上升的过程中吧。所以基于 这些，综合因素考虑，所以云可能会对一些核心的部件进行调整吧。比如说可能对弹性服 务器里面的训练类的，然后内存类的机型、云主机，可能先进行一部分调整，然后后续会 根据情况再看看对，类似于说存储是不是也要进行相应的调整？ 然后大概的比例的话，可 ...

Summary of Company and Industry Insights Company: Kunlun Wanwei Key Developments 1. **Launch of Skywork Desktop**: On February 4, Kunlun Wanwei officially launched "Skywork Desktop," a desktop application that executes tasks locally without the need to upload files to the cloud. This positions the company as a rare large model player in the A-share market [1] 2. **Functionality of Skywork Desktop**: The application can directly read vast amounts of files on a computer, summarize and organize them, and generate new products based on content. It focuses on "content understanding" rather than "file format," allowing it to understand and classify various types of files, including images, videos, spreadsheets, and documents, while supporting parallel multitasking [2] Product Performance 3. **Mureka V8 Music Model**: On January 28, Kunlun Tiangong launched the Mureka V8 music model, which received subjective ratings exceeding those of Suno V5 in blind tests. Following the launch, the Mureka app saw a significant rise in rankings on the iOS App Store [2] 4. **DAU and MAU Goals**: The CEO, Zhou Yahui, stated that the AI music platform based on Mureka will adopt a completely free strategy, aiming for 100 million Daily Active Users (DAU) and 300 to 500 million Monthly Active Users (MAU) within 3 to 5 years [2] Business Performance and Outlook 5. **Dramawave App Growth**: The short drama app, Dramawave, has consistently climbed in rankings over the past month, indicating strong performance in the short video segment [2] 6. **Investment Outlook**: The company maintains a "buy" rating, citing a positive outlook on its forward-looking layout in the AI field. However, short-term R&D and marketing expenses may hinder the release of operational performance. Anticipation is high for subsequent product updates and revenue growth [2] 7. **OPERA Performance**: OPERA's performance continues to exceed expectations, validating its product strength and suggesting potential benefits from AI enhancements in browsers [2] 8. **Risks**: Key risks include the possibility of new product developments not meeting expectations and delays in AI chip advancements [2]

格隆汇2月4日丨开创电气(301448.SZ)近日接受特定对象调研时表示，燕谷机器人公司跟清华大学合作 正常进展中，第一笔研发经费 1500 万元按照合作协议已支付清华大学。2026 年1 月初已召开联合研究 中心管委会第一次会议，通过了联合机构章程和管委会相关机制，同时决定批准了14 个项目立项，涵 盖具身智能感知、决策、控制、硬件设计及大模型基础研究等多个关键领域。 ...