人们正在用 盲盒、卡牌、潮玩 定义"新玩乐"，用社交属性与情感共鸣，激发 IP 的商业生命力。 4月下旬，泡泡玛特 LABUBU （又称拉布布）3.0系列开启线下发售，门店排起长龙、盲盒被抢购一空、二手市场溢价数倍已经成为了"常态"。 资本也在持续下注。就在12日，万达电影、儒意星辰1.44亿投资潮玩公司52TOYS。 泡泡玛特和52TOYS只是当下中国IP产业发展的缩影。在我们看来，中国IP行业正在经历价值重构： 年轻人们甘愿为 "塑料" （比如盲盒、手办）、"纸 片"（比如卡牌）疯狂，国产IP在二手交易平台闲鱼的交易额反超日系IP，《哪吒》衍生品授权费翻倍增长，中国谷子经济相关企业突破667万家，AIGC 技术重构创作生态…… 特别值得一提的是，如果横向比较，中国IP行业当下正在经历的，正是美国、日本等成熟市 场的IP行业曾 经走过的路。在本篇行研中，我们将主要探讨 三个议题： / 01 / 我们为什么要关注IP产业？ IP消费正是"宗教性"消费品的典型代表，消费者通过内容、周边产品等消费方式获得身份认同，并借助"幻想"和"回忆"与精神偶像产生共鸣，收获极大满 足感。大量IP忠实粉丝愿意为IP终身付费。并 ...

1.【昆仑万维宣布正式开源Matrix-Game大模型】5月13日，据昆仑万维消息，昆仑万维正式开源 (17B+)Matrix-Game大模型，即Matrix-Zero世界模型中的可交互视频生成大模型。Matrix-Game是Matrix系 列在交互式世界生成方向的正式落地，也是工业界首个开源的10B+空间智能大模型，它是一个面向游戏 世界建模的交互式世界基础模型，专为开放式环境中的高质量生成与精确控制而设计。（第一财经） 2.【百型智能推出国内首个外贸行业垂类Agent】百型智能推出国内首个外贸行业垂类Agent——AI外贸员 Zoe。据了解，Zoe可以根据企业目标拆解任务，独立完成从市场分析、寻找客户、精准筛选，到开发触 达、转化跟进的外贸开发拓客全链路，转化率高出传统人工方式10倍以上。（财联社） 3.【火山引擎发布豆包视频生成模型Seedance 1.0 lite】火山引擎发布豆包·视频生成模型Seedance 1.0 lite、 豆包1.5·视觉深度思考模型，并升级豆包·音乐模型，以更全面的模型矩阵、更丰富的智能体工具，帮助企 业打通从业务到智能体的应用链路。官方表示，此次全新发布的豆包视频生成模型 ...

Core Viewpoint - The article discusses various recent developments in different companies and industries, highlighting regulatory actions, legal disputes, financial performance, and strategic changes. Group 1: Regulatory Actions and Legal Issues - Five government departments have interviewed major food delivery platforms like JD.com, Meituan, and Ele.me regarding competition issues, urging them to comply with relevant laws and ensure fair competition [2] - Dior has reported a data breach affecting customer information, prompting the company to take immediate measures to control the situation and advise customers to be cautious [2] - Xiaomi won a lawsuit against Juhao Technology for defamation, resulting in a compensation of 550,000 yuan and a requirement for Juhao to publish a statement to mitigate the impact [3][4] Group 2: Company Financial Performance - JD Group reported a revenue of 301.1 billion yuan for Q1 2025, a year-on-year increase of 15.8%, with a net profit of 10.9 billion yuan compared to 7.1 billion yuan in Q1 2024 [10] Group 3: Corporate Restructuring and Strategic Changes - Zeekr announced that it has not made any decisions regarding the privatization proposal from its parent company Geely, which currently holds approximately 65.7% of Zeekr's shares [7] - Honor has established a new AI division and implemented a competitive recruitment process for key positions in China, with 45% of the positions seeing changes [9] - Nissan plans to reduce its production facilities from 17 to 10 by the 2027 fiscal year and aims to cut 20,000 jobs as part of a restructuring plan [16] Group 4: Market Trends and Product Launches - Toyota's new car sales in China increased by 20.8% in April, while Honda and Nissan experienced declines of 40.8% and 15.7%, respectively [22] - Samsung officially launched the Galaxy S25 Edge, starting at a price of 7,999 yuan, featuring advanced imaging capabilities and AI integration [20]

中新网北京5月13日电(记者高凯)第五届中国(北京)广电媒体融合发展大会即将在北京召开。 技术应用板块将聚焦人工智能技术与视听行业的深度融合，"虚实共生：AIGC重塑视听产业发展主题研 讨"将分享AI在视听领域的创新应用、最新成果及未来发展趋势。 跨界合作板块将举办"'文商旅体超级场景'共创计划交流活动"，旨在搭建跨领域对话平台，共同打造全 国文商旅体视听新版图，助力乡村振兴与区域经济协同发展。同时，"'视域无疆·健康无界'健康科普主 题研讨"旨在搭建跨领域对话平台，推动优质健康科普内容创作与前沿视听技术应用。 除主会场活动外，大会还设置了"'追光怀柔，探影山水'大视听达人沉浸式文化探访活动"、大视听融合 AIGC创作营、视听未来场景体验区、视听产业招商及考察活动等配套活动。 第五届中国(北京)广电媒体融合发展大会将于5月21日至22日在北京举办。(完) （文章来源：中国新闻网） 本次大会以"视听无界价值共融"为主题，由中国广播电视社会组织联合会、中共北京市委宣传部、北京 市广电局共同主办。据介绍，大会采用"5+N"模式，共设16场活动。具体包括创新发展、传播生态、价 值赋能、技术应用、跨界合作等5大内容板块 ...

怎么看港股 AI20250512 摘要 • 港股 AI 关注度上升，资金流入是短期核心驱动，行业正经历拐点式发展， 大模型逐步取代浏览器引擎成为新的流量入口，预示 AI 技术产业环境的重 大转变。 • 国内 AI 产品竞争聚焦于代码能力和运行平台，Agent 需具备高代码准确性 和修复能力。预计五六月份国内 Agent 市场将迎来爆发，DeepSeek 在 模型能力上的突破至关重要。 • 大模型赛道全面开放，OpenAI 综合发展，Readcloud 专注代码生成领先 Agent，DeepSeek 主攻 AGI，若 R2 模型在 2025 年底发布，有望追赶 Readcloud 并推动中国 AI 发展。 • AGI 公司逻辑框架包括规划和执行能力，Readcloud 提升执行能力，比特 硅芯重视规划能力。DeepSeek 的 R2 模型若开源，将加速中国互联网公 司在 AI 领域的进步。 • 六月底或迎来 DeepSeek 时刻，R2 模型开源将推动中国 Agent 领域发展。 关注五六月份国内公司是否推出大规模 AI 产品或面向 C 端的产品，推动行 业整体布局和技术创新。 Q&A 为什么当前阶段重点关注港 ...

Industry Insights - The Ministry of Industry and Information Technology has issued an action plan for improving the quality and safety of communication construction projects from 2025 to 2027, focusing on six key areas including system improvement, quality enhancement, safety management, standard supply acceleration, digital management enhancement, and environmental optimization [1] - The rise of AI presents significant development opportunities for the communication industry, increasing demands on communication capabilities and injecting new growth momentum into the sector [1] Technology Developments - The training of AIGC large models relies heavily on computing card clusters, which in turn drives the demand for ultra-high-speed optical communication, leading to significant advancements in related technologies such as SerDes, silicon photonics, optical chips, and coherent optics [2] - As the scale of model parameters continues to grow, computing card clusters are evolving from thousands to tens of thousands and even hundreds of thousands, necessitating the interconnection of multiple geographically distributed data centers [2] Company Updates - Suobede is involved in mobile intelligent terminal antennas, precision mold design and manufacturing, wireless charging products, sensor molds, and intelligent detection equipment [3] - Runjian Co. is expanding its computing power business through its Wuxiang Cloud Valley data center and has successfully won a contract for the largest single intelligent computing center project for a global operator [3] - Xinwei Communication is accelerating the coverage of new businesses such as high-performance precision connectors and UWB modules, while enhancing its market share in electronic business through its established product advantages [3]

Financial Performance - In 2024, the company achieved a revenue of CNY 9.395 billion, with a net profit of CNY 534 million [2][3] - Total assets at the end of the period were CNY 29 billion, with net assets of CNY 14.9 billion and net cash exceeding CNY 7.5 billion [2][3] - The company plans to distribute a cash dividend of CNY 1.8 per 10 shares, totaling approximately CNY 334 million, with cumulative dividends since listing reaching CNY 3.59 billion [3][6] Business Segments - The company operates in three main business segments: Smart Home, Technology, and New Media [4][5] - Smart Home segment generated CNY 3.503 billion, accounting for 37.29% of total revenue [5][11] - Technology segment (Smart City Digitalization) revenue was CNY 3.562 billion, representing 37.92% [5][11] - New Media segment revenue reached CNY 2.329 billion, making up 24.79% [5][11] Future Outlook - The company aims for a revenue target of CNY 9.3 billion and a net profit of CNY 525 million for 2025 [6][11] - Strategic vision includes becoming a "leading digital society enabler" and maintaining a leading position in the broadcasting industry [4][11] - Focus on innovation and optimizing revenue structure while exploring new business models and scenarios [4][12] Market and Competitive Strategy - The company plans to enhance its market competitiveness through increased investment in marketing and technology [7][9] - Sales expenses increased by 11.16% in 2024, primarily due to market competition and internal restructuring [8][9] - The company has a comprehensive plan for value management and aims to maintain a consistent cash dividend level to reward investors [7][11] R&D and Innovation - R&D investment in 2024 was CNY 645 million, a 7.31% increase year-on-year, focusing on AI and smart broadcasting technologies [8][12] - The company introduced the "Linghong" large model application development platform, targeting various sectors including public services and tourism [10][12] Regional Performance - In 2024, revenue from Zhejiang province accounted for 80.02% of total revenue, amounting to CNY 7.518 billion [11][12] - The company has successfully integrated its services with over 240 million users in the broadband and 5G sectors [10][12] New Initiatives - The "Poetry and Painting Zhejiang·Cultural Tourism Benefit Card" was launched, priced at CNY 199, offering access to over 120 scenic spots [14][15] - The card has sold over 300,000 units, enhancing user experience through AI-driven services [15]

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1][9]. Core Insights - The company has experienced a significant decline in net profit, with a reported decrease of 88.21% year-on-year for 2024, while revenue grew by 18.57% to 1.995 billion yuan [4][11]. - The company is rapidly advancing in AI commercialization, with expectations for substantial contributions to revenue growth from AI products in the coming years [9][7]. - The company is focusing on expanding its business in the insurance sector, leveraging AIGC applications and system upgrades, which resulted in a 28.65% revenue increase in this segment [5][6]. Financial Performance - For 2024, the company achieved a total revenue of 1.995 billion yuan, with a net profit of 0.08 billion yuan, and a significant drop in net profit margin to 0.4% [4][11]. - The first quarter of 2025 showed a slight revenue increase of 0.21% year-on-year, with a net profit of 0.16 billion yuan, reflecting a 4.04% increase [4][11]. - The company's gross margin for 2024 was reported at 25.23%, a decrease of 1.00 percentage points from the previous year, primarily due to stock-based compensation expenses [6][11]. Market Position and Strategy - The company is positioned as a leader in the domestic insurance IT sector, with a strong focus on integrating AI technology across its product lines [9][7]. - The company is actively expanding its client base beyond traditional banking to include asset management and brokerage firms to mitigate revenue pressures from core banking clients [5][6]. - The company has made significant investments in R&D, with sales and R&D expenses increasing by 43.81% and 12.57% respectively in 2024 [6][11]. Future Projections - The report forecasts earnings per share (EPS) of 0.38, 0.62, and 0.88 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 56.9, 35.2, and 24.7 [9][11]. - Revenue is expected to grow to 2.387 billion yuan in 2025, with a year-on-year growth rate of 19.6% [11][14].

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1][9]. Core Insights - The company has experienced a significant decline in net profit, with a reported decrease of 88.21% year-on-year for 2024, while revenue grew by 18.57% to 1.995 billion yuan [4][11]. - The company is rapidly advancing in AI commercialization, with expectations for substantial contributions to future earnings from AI products [9][7]. - The company is focusing on the insurance sector, leveraging AIGC technology and other business opportunities to drive revenue growth [5][6]. Financial Performance - In 2024, the company achieved a revenue of 1.995 billion yuan, with a year-on-year growth of 18.57%, while the net profit was only 0.08 billion yuan, reflecting a significant decline [4][11]. - The first quarter of 2025 showed a slight revenue increase of 0.21% year-on-year, with a net profit of 0.16 billion yuan, up 4.04% from the previous year [4]. - The company's gross margin for 2024 was reported at 25.23%, a decrease of 1.00 percentage points compared to the previous year, primarily due to stock option expenses [6]. Market Position and Strategy - The company is positioned as a leader in the domestic insurance IT sector and is integrating AIGC technology across its product lines [9][7]. - The company is expanding its client base beyond traditional banking to include asset management and brokerage firms to mitigate revenue pressures from core banking clients [5][6]. - The company has made significant investments in R&D and marketing, with sales and R&D expenses increasing by 43.81% and 12.57% respectively in 2024 [6]. Future Projections - The report forecasts earnings per share (EPS) of 0.38, 0.62, and 0.88 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 56.9, 35.2, and 24.7 [9][11]. - Revenue is expected to grow to 2.387 billion yuan in 2025, with a year-on-year growth rate of 19.6% [11].

5.【OpenAI正与微软重议合约，以保证未来IPO可能性】5月12日消息，报道，OpenAI和微软正洽谈数十 亿美元的全新融资与合作，旨在让Ope nAI能够在未来实现首次公开IPO上市，同时保护微软对前沿AI的 访问权限，通过放弃OpenAI新营利性业务中的部分股权，以换取2030年之后微软对OpenAI新技术访问 权，或将推动全球最大的IPO项目。（财联社） 更多AIGC资讯 …… 扫码订阅 AIGC 产业日报， 精选行业新闻，帮你省时间！ 1.【 字节跳动公开向量模型Seed1.5-Embedding 】 5月12日消息，字节跳动Seed团队最新向量模 型Seed1.5-Embedding公布技术细节，该模型在权威测评榜单MTEB上达到了中英文SOTA效果。 该模型API接口将于近期在火山方舟平台 开放。（同花顺财经） 2. 【美团独家投资具身大脑企业自变量机器人A轮融资】 5月12日消息，具身智能公司自变量机器人完成 了数亿元的A轮融资，美团战投领投、美团龙珠跟投。自变量机器人表示，本轮融资将用于加速全自研端 到端通用具身智能大模型与机器人本体的同步迭代，以及未来多个应用场景的智慧化方案合作和落地。 ...