Core Insights - AIGC software company Wanjing Technology (300624.SZ) hosted an investor meeting in Shenzhen, attended by nearly 40 institutional and individual investors, to discuss product strategies, large model development, and operational strategies [1] Group 1: Product Development and AI Integration - Wanjing Technology has established a strong presence in the digital creative software sector, focusing on video, drawing, and document products, while advancing mobile and AI capabilities [1] - The company has launched Wanjing Tianmu 2.0, which ranks among the top three globally in the VBench-2.0 evaluation for text-to-video models, achieving the highest scores in camera motion and motion rationality [1] - The company has partnered with Shenzhen Broadcasting, Hubei TV, and Dayibo ONLINE to implement AI creative practice cases, gaining widespread industry recognition [1] Group 2: Model Utilization and Cost Management - The company employs a "dual-model drive" strategy, investing in its self-developed Wanjing Tianmu large model while integrating high-quality third-party models such as Google Veo3 and OpenAI Sora2 [2] - The self-developed model's usage has surpassed that of third-party models, with over 800 million calls to AI servers expected by the third quarter of 2025, indicating a growing user willingness to utilize AI features [2] - The overall gross margin of the company remains stable at over 90%, with expectations for further cost reductions as the Wanjing Tianmu continues to support AI functionalities across more products [2] Group 3: Business Strategy and Recognition - Wanjing Technology is focusing on three strategic directions: leveraging AIGC for application opportunities, enhancing mobile product development, and improving internal efficiency through AI tools [3] - Since its establishment in 2003 and listing in 2018, the company has strengthened its communication with investors and received multiple awards for governance and innovation [3] - The company operates in over 200 countries and regions, with over 2 billion active users, and is recognized as a "Chinese version of Adobe" [3]

Group 1 - The 2025 China Digital Entertainment Conference opened in Guangzhou, focusing on "new technologies, new models, and new business formats" [1] - The conference aims to create a platform for the digital entertainment industry to promote high-quality development in China, with a permanent location in Guangzhou starting in 2024 [1] - Guangzhou's government has approved a policy to support the gaming and esports industry, which will soon be announced to the public [1] Group 2 - The Vice President of Pop Mart International Group emphasized that IP is the core driving force for the company's development and connects global consumers emotionally [2] - The micro-short drama industry is transitioning from "traffic-driven" to "value cultivation," with high-quality content being essential for sustainable industry growth [2] - The "China Entertainment Industry AI Application Development Report" indicates that the digital entertainment market in China will reach 1.75 trillion yuan in 2024, with short video users making up 93.6% of the audience [2]

Core Insights - ByteDance is advancing collaborations with hardware manufacturers such as Vivo, Lenovo, and Transsion to develop AI smartphones, aiming to pre-install AIGC plugins to gain user entry and shift the current passive stance of AI in execution [1] Group 1: Collaborations - ByteDance is working closely with Lenovo, Doubao, and Volcano Engine on various business initiatives [1] - Lenovo has been maintaining close communication with Doubao regarding collaborations in the smart terminal sector [1]

Group 1 - ByteDance is advancing partnerships with hardware manufacturers such as Vivo, Lenovo, and Transsion to develop AI smartphones [1][2] - The collaboration aims to pre-install AIGC plugins on devices to gain user access and shift the current passive position of AI in execution [1][2] - Lenovo has been closely cooperating with ByteDance's subsidiaries like Doubao and Volcano Engine in the smart terminal sector [1][2]

Core Viewpoint - The company, Wanxing Technology, is actively engaging with investors to showcase its advancements in AI-driven digital creative software and its strategic focus on large model development and product innovation [1][3]. Group 1: Company Overview - Wanxing Technology, established in 2003 and listed on the Shenzhen Stock Exchange in 2018, specializes in digital creative software, covering over 200 countries and regions with more than 2 billion active users [3]. - The company has developed a range of products including video, drawing, and document software, and is committed to enhancing mobile and AI capabilities [1][3]. Group 2: AI Model Development - The company employs a "dual model drive" strategy, investing in its proprietary Wanxing Tianmu large model while also integrating high-quality third-party models such as Google Veo3 and OpenAI Sora2 [2]. - As of the first three quarters of 2025, the cumulative call volume of the company's AI servers exceeded 800 million, indicating a growing user willingness to utilize AI features [2]. Group 3: Business Strategy - Wanxing Technology is focusing on three main areas: leveraging AIGC (AI Generated Content) opportunities, promoting multi-end collaborative development, and enhancing internal efficiency through AI tools [3]. - The company has received multiple awards for its governance and innovation, reflecting its commitment to transparency and investor communication [3].

2025 年 12 月 19 日 从字节跳动 Force 大会看到什么？ 推荐(维持) 投资要点 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | -2.9 | -9.2 | 9.7 | | 沪深 300 | -0.2 | 1.7 | 16.1 | 市场表现 -20 -10 0 10 20 30 (%) 传媒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《传媒行业周报：外看 GPT5.2AI 竞争新叙事内看国企与民企迎十五 五》2025-12-14 2、《传媒行业周报：AI 时代的媒介 入口之争看 AI+消费新场景新模式新 业态》2025-12-07 3、《传媒行业周报：AI+IP 驱动 AI 应用与兴趣消费双增看文化国企改 革与民企共举》2025-11-30 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 2025 年 12 月字节跳动冬季 Force 大会上推出通用 Agent 模 型 Seed1.8，具有较强多模态能力，支持图文输入，能在信 息检索、代码生成、GUI 交互 ...

Core Viewpoint - The company, Hainan Jinpan Intelligent Technology Co., Ltd., emphasizes its commitment to technological innovation and its dual-driven model of "incremental innovation" and "leapfrog innovation" as it aims to grow alongside Hainan's development as a free trade port [2]. Group 1: Company Overview - Jinpan Technology is a globally recognized supplier of electrical equipment, with products including transformers and energy storage systems, sold in 87 countries [2]. - The company's core products are widely used in key areas such as Artificial Intelligence Data Centers (AIDC), renewable energy, and energy efficiency, while also expanding into intelligent industrial robots and new materials [2]. Group 2: Market Demand and Product Development - The rapid development of global AI technology and the increasing demand for AI computing power are driving significant growth in AIDC construction and its associated electrical demand [3]. - Jinpan Technology is developing future iterations of power conversion devices, specifically high-voltage direct current (HVDC) systems, and has designed a 10kV/2.4MW solid-state transformer prototype suitable for HVDC 800V power supply architecture, showcasing competitive advantages and forward-looking layouts [3]. Group 3: Strategic Positioning and Global Expansion - The operation of Hainan's free trade port is seen as a profound restructuring of development logic, enhancing Jinpan Technology's global resource allocation capabilities and paving the way for its global market expansion [3]. - As one of the first users of the multi-functional free trade account (EF account) in Hainan, Jinpan Technology leverages the advantages of the EF account for cross-border transactions, which will facilitate effective interaction with international markets [4]. - The innovative systems and open environment of the free trade port are expected to attract international talent and technological resources, supporting Jinpan Technology's innovation and enhancing its agility and resilience in the international market [4].

Core Insights - The micro-short drama market has grown significantly, surpassing 50 billion, with a compound annual growth rate of 19.2%, becoming a "spiritual refuge" for young people [1][14] - Vatti, a high-end kitchen appliance brand with 33 years of industry experience, has entered the short drama creation space since 2024, launching four distinct short dramas in 2025, achieving over 100 million views, exemplifying brand rejuvenation [1][14] - By accurately identifying the emotional needs of Generation Z, Vatti has transformed cold kitchen appliances into warm storytelling vehicles through a "content is marketing" strategy [1][14] Short Drama Matrix - Young people spend over 2.8 hours daily on fragmented entertainment, making short dramas with "quick, strong resonance" characteristics a psychological refuge [3][16] - Vatti's short drama matrix covers various genres, from ancient fantasy to sci-fi AI, effectively reaching different age groups and interest circles [3][16] - The first short drama, "The Double Soul Contract of the Concubine," connects the grandeur of the Tang Dynasty with modern life, integrating Vatti's beauty bath water heater into the narrative [3][16] Continuation of IP Life - The sequel "The Office Worker Concubine's Transformation" continues the IP's life with a light comedy style, showcasing the product's skin health benefits in a humorous context [4][17] - "The Chef, Please Guide Me" focuses on the 20-39 age female audience, highlighting Vatti's product features through a storyline about an ancient chef adapting to modern kitchens [6][19] - As of December 10, the view count for "The Chef, Please Guide Me" reached 42.14 million, with total interactions at 93,500 [6][19] Innovative Sci-Fi Narrative - "The Fire Chronicle: Echoes of Civilization 2079" is the first AIGC sci-fi short drama in the kitchen appliance industry, redefining the imagination of kitchen appliances through a post-apocalyptic narrative [8][21] - The narrative features Vatti's products as "survival gear," effectively engaging Generation Z's preference for innovative storytelling and aesthetic experiences [8][21] Brand Breakthrough Strategies - Vatti's success in short drama marketing stems from a synergistic approach of IP creation, technological integration, and emotional resonance [10][23] - The use of the cultural symbol Yang Guifei establishes emotional connections while building proprietary IPs like the "Chef Universe" for long-term content assets [10][23] - The application of AIGC technology in "The Fire Chronicle" amplifies product functionality through creative storytelling, ensuring audience retention of core product features [10][23] Emotional Resonance - Each short drama addresses contemporary young people's emotional needs, transforming Vatti's products from mere tools into partners in the pursuit of a better life [12][24] - Vatti's revenue for the first three quarters of 2025 reached 4.158 billion, with high-end product revenue accounting for 62%, significantly contributed by younger consumers [12][24] - Vatti's stores have been upgraded to immersive experience hubs, attracting more young consumers and enhancing brand vitality, earning the title of a "trendy brand" in the kitchen appliance sector [12][24] New Paradigm for Brand Transformation - Vatti's short drama marketing practice offers a new paradigm for traditional brands' rejuvenation, emphasizing the importance of storytelling and emotional engagement in a fragmented attention economy [13][24]

Research Background and Significance - The rapid flow of information has led to unprecedented speed and influence of rumor dissemination, necessitating a stable and professional fact-checking capability to maintain a healthy information ecosystem and protect user rights [7][9]. Methodology and Data Sources - The report employs quantitative statistics, trend comparisons, questionnaire surveys, and case studies to analyze the evolution of rumors from 2015 to 2025, focusing on total volume, type distribution, and dissemination patterns [10][11]. Ten Core Findings 1. The rumor ecosystem has evolved through three phases: 2015-2019 focused on health and food safety rumors; 2020-2022 centered on major public events; and 2023-2025 characterized by AI integration and content diversification [13]. 2. The dissemination of rumors has undergone a "channel revolution," transitioning from text-based to video and algorithm-driven platforms, significantly altering the spread and impact of misinformation [13]. 3. AI technology has lowered the barriers for producing false information, leading to a "probability truth" challenge where the focus shifts from content authenticity to source credibility [13]. 4. Public trust and recognition have deteriorated as highly realistic content blurs the lines of truth, increasing anxiety and apathy towards the concept of "truth" [13]. 5. A significant portion of the public exhibits cognitive closure, with 93% of respondents preferring clear answers, making them susceptible to emotionally driven misinformation [14]. 6. The public's ability to identify health-related rumors is notably weak, with 55.63% of respondents scoring low due to the complexity and misleading nature of health misinformation [14]. 7. Fact-checking methods have evolved through three stages: manual verification, algorithmic identification, and AI-driven real-time verification, enhancing efficiency by up to 90% [14]. 8. The governance model has shifted from independent platform efforts to a collaborative ecosystem involving multiple stakeholders, including authoritative institutions [14]. 9. The effectiveness of fact-checking has been quantitatively assessed, showing a 36.5% reduction in public panic during the pandemic due to effective rumor management [14]. 10. "Pre-fact-checking" strategies have proven effective, particularly for policy-related rumors, with 92% of respondents showing a habit of verifying through official channels [15]. Evolution of Rumors Over the Past Decade - The chapter outlines the significant changes in the forms, media, and social impacts of rumors over the past decade, reflecting technological advancements and societal developments [19]. Phases of Rumor Evolution - The rumor landscape is divided into three phases: - 2015-2019 saw a rise in everyday life rumors amid a lack of scientific literacy [22]. - 2020-2022 shifted focus to major public health events, with video content becoming the dominant form of rumor [26]. - 2023-2025 is marked by AI's role in content creation, complicating the identification of misinformation [28]. Lifecycle of Rumors - The lifecycle of rumors includes four stages: emergence, diffusion, peak, and decline, with some rumors re-emerging periodically [37]. Types of Rumors - "Evergreen" rumors maintain relevance due to their broad applicability, while "flash-in-the-pan" rumors arise from specific events and have shorter lifespans [39][40]. Upgrading of Rumor Dissemination Methods and Public Perception Changes - The evolution of media technology has restructured rumor dissemination, transitioning from text-based platforms to visual and algorithm-driven short video platforms, significantly altering public attitudes and behaviors towards misinformation [45]. Channels of Rumor Dissemination - The transition from traditional text-based platforms to visual content and algorithm-driven platforms has redefined the mechanisms of rumor spread [46]. Public Attitudes and Behavioral Changes - Public attitudes towards rumors have shifted significantly over the past decade, influenced by life anxieties and the trust dynamics within social networks [58].

Core Insights - Wanjing Technology has launched an upgraded version of its AI video conversion and quality enhancement tool, Wanjing Youzhuan 2026, which integrates new AI algorithms to optimize video format conversion, quality enhancement, intelligent compression, and recording [1][2] - The company is recognized as a leading player in the digital creative software sector in China, with a wide product range and significant revenue, often referred to as the "Chinese version of Adobe" [1] - Wanjing Technology is accelerating its large model technology layout, having released the Wanjing Tianmu multimedia large model 2.0, which ranks in the top 4 domestically on the SuperCLUE global leaderboard [1] Company Overview - Wanjing Technology operates in over 200 countries and regions, with flagship products including Wanjing Miaoying, Wanjing Naotu, Wanjing Tushi, and Wondershare Selfyz AI [1] - The upgraded Wanjing Youzhuan 2026 aims to lower the barriers for professional video processing, representing an innovative application of cutting-edge AI technology in the audio and video processing field [2] - The AIGC creative tools, exemplified by Wanjing Youzhuan, are expected to empower a broader range of creators and drive the digital creative industry into a more efficient and intelligent new phase [2]