Core Insights - Wankang Technology has launched a new AI video effect called "Reconstructing Dimensions" on its AIGC video creation platform, which allows for the transformation of 2D characters into realistic representations, catering to various applications such as social media, fan creations, and brand marketing [1][2] - The company emphasizes the importance of making AI video creation accessible and affordable, aiming to lower the barriers to entry for users and enhance creative expression [1] Group 1 - Wankang Technology's new AI effect is designed with lightweight and gamified product features, significantly reducing the creative threshold for dynamic video content [1] - The company is committed to "creative equity," providing high cost-performance solutions to democratize AI video creation [1] - The Wankang Tianmu 2.0 platform will continue to introduce more effects to inspire creators and unleash creativity [1] Group 2 - Wankang Technology is a leading player in China's digital creative software sector, with a broad product range and significant revenue, operating in over 200 countries and regions [2] - The company has launched several flagship products, including Wankang Miaoying and Wondershare Selfyz AI, focusing on AI creative software to deliver low-threshold, high-quality, and cost-effective creative experiences [2] - The recent launch of the Wankang Tianmu multimedia model 2.0 marks a step towards building a comprehensive web and mobile application ecosystem [2]

人民财讯9月29日电，天龙集团（300063）9月29日在互动平台表示，公司互联网营销板块通过自主研发 的"品学.兼优"AIGC工具矩阵，实现内容生产智能化、投放策略精准化和运营管理数字化。作为鲸鸿动 能N1铂金代理商，子公司在鲸鸿动能平台为京东等头部客户提供互联网营销服务。 ...

本报讯(记者李如是)9月25日至29日，由浙江省人民政府和商务部联合主办的第四届全球数字贸易博览 会(以下简称"数贸会")在杭州举办。云南省工投集团所属上市公司云南南天电子信息产业股份有限公司 (以下简称"南天信息（000948）")携多个创新产品和解决方案精彩亮相，重点展示了在AIGC浪潮下，南 天信息在金融科技、"数字云南"建设等领域的创新成果与技术实践。 观众对南天信息的多项创新成果表示关注，包括LLM多模型协同、慧府AI应用开发平台、可信智能金 融设备解决方案、智慧农业数字化解决方案，以及多款便携式柜面终端设备。多位观众纷纷驻足，就各 项方案的技术特点、应用场景及行业价值，与公司工作人员进行了深入探讨。 南天信息表示，公司将继续坚持创新驱动，深耕AI技术，持续为行业客户提供更优质、更完善、更高 效的创新产品与解决方案，助力数字贸易高质量发展。 数贸会是中国唯一以数字贸易为主题的国家级、国际性、专业型展会，本次展会以"在数贸会看见创新 未来"为主题。作为云南省数字贸易展团的一员，南天信息亮相"丝路电商馆-T049"展位，现场气氛热 烈。 ...

人民财讯9月29日电，据三七互娱（002555）消息，近日，三七互娱正式完成对济南晶正电子科技有限 公司（简称"晶正电子"）的股权投资。此次投资晶正电子，不仅让三七互娱的投资版图延伸至半导体材 料领域，更丰富了其在算力、光学显示、XR 整机、文娱内容、半导体及材料、空间计算引擎、人工智 能、新型传感和AIGC游戏社交平台等文娱科技领域的生态布局。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The rapid development of large model technology is fundamentally transforming the global computing paradigm, with a shift from traditional CPU cloud computing to GPU-centric intelligent computing [3] - The cloud service industry's value chain is being reshaped, with profound changes in the business logic, commercial models, and competitive factors across IaaS, PaaS, and SaaS layers [3] - The industry is transitioning from a "compute-first" approach to building model ecosystems and commercializing applications, with a significant application explosion expected around 2025 [16][19] Summary by Sections Industry Overview - The intelligent computing industry has formed a four-layer structure: hardware, cloud, model, and application, currently transitioning from "compute-first" to "model ecosystem building" and "application commercialization" [10][16] - The industry value transfer trend indicates a shift from heavy investment in infrastructure to a focus on model ecosystem construction and the commercialization of industry-specific agents [19] IaaS Layer Opportunities - The core value of the IaaS layer lies in selling GPU computing power, with high-end card retention and vertical industry capability construction being key to capturing high-value clients [30][33] - Major clients include internet giants, government enterprises, and AI-driven emerging industries, all of which have significant demand for GPU computing power [31] - The growth path for IaaS involves selling bundled solutions of IaaS, PaaS, and MaaS to industry clients, enhancing customer stickiness and increasing average transaction value [36] PaaS Layer Opportunities - MaaS is becoming the core revenue entry point for cloud vendors, with those possessing self-research capabilities needing to adopt a dual strategy of open and closed source to lock in customers [41][42] - The success of MaaS hinges on the ability to provide a rich model marketplace and a comprehensive toolchain for clients, driving resource consumption in IaaS and PaaS layers [42][44] SaaS Layer Opportunities - The SaaS market is shifting towards deep vertical integration, where the ability to build industry-specific products is crucial for customer retention [52][55] - Large cloud vendors face challenges from smaller firms that leverage low prices and localized services to capture market segments that larger companies cannot reach [55] - Effective strategies for entering the SaaS market include "soft-hard integration" and building Agent platforms to transform from direct competitors to value integrators and ecosystem enablers [57][59]

图片来源： 暗壳AI官网，暗壳AI目前拥有空间设计版、营销设计版、企业版 近日，暗壳科技（深圳）有限公司（下称：暗壳科技 /暗壳AI）宣布完成新一轮近千万融资，此次由福田引导基金旗下子基金集福基金投资。 据暗壳科技 CEO黄燕虹透露：本轮融资将用于加大暗壳AI技术研发投入以及产品迭代和生态建设，保持产品在垂直领域的领先优 势，同时加快推进暗壳AI全球化市场。与此同时，公司也借助此次政府投资平台优势，优化股权结构与产业资源，全 面提升行业地位和竞争优势。此前，暗壳科技已获得设计领域上市公司矩阵股份的战略投资。 在当前资本市场趋于审慎的背景下，暗壳科技仍能逆势完成融资，充分体现了市场对其技术实力、产品能力与商业模 式的高度认可，其核心产品 "暗壳AI"以AIGC技术重塑设计与营销，展现出巨大的行业潜力。 01 从"矩阵股份"孵化到独立融资 2023年，全球住宅设计NO.1公司"矩阵股份"启动对暗壳AI的孵化，并在同年取得产品市场匹配度（PMF）成熟验证， 2024年暗壳AI正式上线。截至目前，暗壳AI合作已实现居住产业全覆盖，拥有超10万设计师用户、合作全球超100家B 端企业，超30万sku优选入库，获得数百万 ...

图片来源： 暗壳 AI 官网，暗壳 AI 目前拥有空间设计版、营销设计版、企业版 近日，暗壳科技（深圳）有限公司（下称：暗壳科技 /暗壳AI）宣布完成新一轮近千万融资，此次由福田引导基金旗下子基金集福基金投资。 据暗壳科技 CEO黄燕虹透露：本轮融资将用于加大暗壳AI技术研发投入以及产品迭代和生态建设，保持产品在垂直领域的领先优势，同时加快推进暗壳 AI全球化市场。与此同时，公司也借助此次政府投资平台优势，优化股权结构与产业资源，全面提升行业地位和竞争优势。此前，暗壳科技已获得设计 领域上市公司矩阵股份的战略投资。 在当前资本市场趋于审慎的背景下，暗壳科技仍能逆势完成融资，充分体现了市场对其技术实力、产品能力与商业模式的高度认可，其核心产品 "暗壳 AI"以AIGC技术重塑设计与营销，展现出巨大的行业潜力。 01 从"矩阵股份"孵化到独立融资 2023年，全球住宅设计NO.1公司"矩阵股份"启动对暗壳AI的孵化，并在同年取得产品市场匹配度（PMF）成熟验证，2024年暗壳AI正式上线。截至目 前，暗壳AI合作已实现居住产业全覆盖，拥有超10万设计师用户、合作全球超100家B端企业，超30万sku优选入库，获得 ...

Group 1 - The 15th China Songzhuang Cultural Art Season opened on September 28, featuring 42 themed exhibitions, 15 series of cultural and sports activities, and various cultural benefits for the public [1] - The event will run until November and offers a joint ticket for visitors to access multiple high-level exhibitions across various art museums in Songzhuang [1] - The total number of exhibits in the 42 themed exhibitions exceeds 10,000, showcasing works from renowned artists such as Han Meilin, Zhu Yaoqu, and others, along with nearly a hundred pieces from artists across 20 countries and regions [1] Group 2 - The integration of technology and art is a key highlight of this year's art season, with initiatives like the AIGC laboratory competition and the "Digital 100" project aimed at exploring innovative applications of digital technology in art creation [1] - Songzhuang is focused on building a "Digital Songzhuang" brand, leveraging AI and digital innovation to transform art creation, display, and dissemination [1] - During the National Day and Mid-Autumn Festival holiday, Songzhuang will offer a "19.9 yuan to visit 4 museums and 1 season" ticket, allowing access to seven high-level themed exhibitions and various consumer discounts at over 30 local businesses [2]

Core Viewpoint - The 2025 Chengdu International Digital Cultural and Creative Season has officially launched, showcasing Chengdu as a leading hub for digital cultural and creative industries in China, with a focus on integrating technology, culture, and tourism [1][14]. Group 1: Event Overview - The event runs from September 28 to October 26, featuring 28 popular local digital cultural IPs and a variety of activities aimed at enhancing consumer engagement and industry collaboration [1][12]. - Major activities include digital art exhibitions, virtual character parades, esports industry summits, XR concerts, and trendy markets, providing immersive cultural experiences for citizens and tourists [2][12]. Group 2: IP and Consumer Engagement - The event highlights the participation of top IPs such as "Honor of Kings," "Nezha," and "Hua Ju," attracting large crowds and creating a vibrant atmosphere in the city [6][9]. - The "Super IP Gathering" on Chengdu's trendy street has successfully engaged young consumers, blending gaming exploration with urban experiences [5][12]. Group 3: Future Prospects and Innovations - The launch of the "2025-2026 Chengdu Digital Cultural IP Star Map" AI video outlines Chengdu's achievements and future plans in IP incubation, digital art, and immersive cultural tourism [2][10]. - The upcoming Chengdu International Digital Cultural and Creative Ecological Partners Conference on October 23 will feature over 300 domestic and international guests, focusing on the release of the "2025 China Digital Cultural City Index" and the establishment of an international digital cultural industry alliance [12][13]. Group 4: Cultural Integration and Talent Development - The event emphasizes the integration of culture, technology, and commerce, with initiatives aimed at nurturing young creators and entrepreneurs in the digital cultural sector [12][13]. - The Chengdu International Digital Cultural Innovation Application Competition aims to cultivate 1,000 AIGC creative talents and teams, highlighting the city's commitment to innovation and future industry development [12][13].

Core Viewpoint - Wankang Technology has officially submitted its prospectus to the Hong Kong Stock Exchange, aiming for a dual listing in both A-share and H-share markets, amidst a competitive landscape in the AI industry [2][3]. Company Overview - Wankang Technology is a global AIGC digital creative software provider, focusing on video creative products and has developed a multimedia model to support its three main product lines: drawing creativity, video creativity, and document creativity [4][6]. - The company boasts a global user base, with products available in over 200 countries and regions, and active users exceeding 2 billion [6]. Market Performance - Despite a strong global presence, Wankang Technology has faced challenges in user growth, particularly against competitors like Adobe and ByteDance in overseas markets, and domestic rivals such as Jianying and Kuaiying [6][10]. - The average monthly active users slightly decreased from 67.4 million in 2023 to 67.3 million in 2024, before recovering to 68.7 million in the first half of 2025 [7]. Financial Performance - Revenue figures for Wankang Technology from 2022 to 2025 show fluctuations, with revenues of 1.18 billion RMB in 2022, 1.48 billion RMB in 2023, and a projected 1.44 billion RMB in 2024 [10][11]. - The company has experienced a decline in net profit, with losses reported in 2024 and the first half of 2025, indicating a shift from profit to loss during these periods [10][12]. Cost Structure - Wankang Technology has a high gross margin of 92.4% in the first half of 2025, significantly higher than its competitors, but struggles with high marketing, management, and R&D costs, leading to low net profits [12][14]. - Marketing expenses accounted for over 60% of total revenue in the first half of 2025, reflecting the company's aggressive customer acquisition strategy in a competitive market [13][14]. Industry Context - The global AIGC video creative software market is projected to grow from approximately 800 million USD in 2020 to about 10.5 billion USD by 2024, with a compound annual growth rate of 90.3% [9]. - Despite the industry's growth, Wankang Technology's performance has not aligned with market trends, highlighting the challenges of converting high gross margins into sustainable profits [10][12].