7月21日早盘，游戏板块表现略微震荡，游戏ETF(159869)现涨幅有所收窄，涨近1%。游戏ETF(159869)已连续5个交易日获资金净流入，累 计"吸金"达15.18亿元，备受资金青睐。 华创证券指出，2023年是闭源通用大模型的爆发之年，看好2025年成为中国开源大模型爆发及应用格局重塑之年。游戏板块建议关注回调后的 布局机会，核心产品高频数据持续向好。AI应用方面，Agent落地范式逐步成熟，垂类2B降本增效及2C体验优化加速；AI陪伴、AI教育等场景 商业化进程加快，符合个性化需求且付费意愿高。IP衍生赛道景气度提升，授权业务进展加速。 据统计，2025年上半年共有812款网络游戏获得版号，涉及618家运营单位，其中国产网络游戏757款，进口网络游戏55款。从数量来看，今年 上半年游戏版号数量为近5年之最，全年有望突破1500款，接近2019年水平。从审批情况来看，今年上半年游戏版号月均过审135款，超去年同 期的115款，整体发放稳中有增。中信建投（601066）数据显示1-5月国内手游市场规模同比增长20%——在版号充足、需求大增但买量成本同 样高涨的背景下，行业呈现出长青游戏营收压舱、新游表 ...

Core Insights - The third China International Supply Chain Promotion Expo highlighted the significance of open-source AI models like DeepSeek and Tongyi Qianwen, which are considered top-tier globally, showcasing China's excellence in open-source initiatives [1][2] - NVIDIA's CEO emphasized the importance of the Chinese market for NVIDIA, describing it as one of the largest and most vibrant markets in the world [3] Group 1: AI Technology Development - AI technology has evolved from perception-based to generative AI, with significant advancements in computer vision, speech recognition, and language understanding surpassing human capabilities [1] - The future trend of AI development is expected to penetrate the physical world, leading to the rise of physical AI applications in robotics [1][2] Group 2: China's Role in AI - China leads the world in the number of AI research papers published, indicating its pivotal role in the AI technology landscape [2] - Open-source models are facilitating the formation of China's AI ecosystem and are also contributing to the development of AI ecosystems in other regions globally [2] Group 3: NVIDIA's Strategic Position - NVIDIA announced the resumption of H20 chip sales in China and the launch of a new GPU compatible with the Chinese market, signaling positive developments for the AI industry chain [3] - The company's products are being utilized in various sectors in China, including supply chain digital management and training embodied intelligent models [3] Group 4: Future Outlook - NVIDIA's technology roadmap covers nearly a decade, with the CEO indicating that there is substantial work ahead, particularly in the context of AI and chip technology advancements [3] - Innovations in silicon technology are anticipated in transistor structure, packaging technology, and silicon photonics, which will drive future developments in the chip sector [2]

Core Insights - The article discusses the emergence of MoonShot's latest open-source model K2, which has a parameter scale of 1 trillion, making it the largest open-source model currently available [2] - K2's performance in various benchmarks positions it as a strong competitor against established models like Claude 4 Opus and GPT-4.1, highlighting China's growing influence in the global AI landscape [2][4] - The competitive landscape in the AI sector is intensifying, with Chinese companies like MoonShot and MiniMax leading the charge in open-source innovation, challenging Western counterparts [4][6] Company Developments - MoonShot's K2 model has quickly gained popularity, becoming the top trending open-source model on HuggingFace shortly after its release [4] - The model's architecture incorporates fewer attention heads and more experts, enhancing efficiency in processing long contexts, which is a significant improvement over previous models [8][10] - MoonShot has disclosed a total funding amount of approximately $1.5 billion, which is significantly lower than that of its Western competitors, indicating a more efficient operational model [6] Market Impact - K2's compatibility with OpenAI and Anthropic's API formats positions it favorably in the AI application development market, potentially allowing it to capture a significant share of the market [7] - The article notes that the competitive dynamics between MoonShot and DeepSeek have intensified, with both companies releasing multiple models aimed at various AI applications [5][12] - The focus on multi-agent collaboration and the integration of various models into K2 may enhance its commercial viability and market appeal [12]

Group 1 - The Global Digital Economy Conference recently held a forum to announce the shortlisted cases for the "Open Source Large Model+" software innovation applications [1] - The initiative aims to explore the application potential of open-source large models like DeepSeek across various industries, promoting technological innovation and business upgrades [4] - A total of over 100 typical cases were submitted from across the country, with 68 cases shortlisted after rigorous evaluation based on innovation, technological breakthroughs, and ecological synergy [5] Group 2 - Among the shortlisted cases, 26 were recognized as selected innovative cases due to their technical strength, innovative achievements, and application value [5] - The second round of case collection for "Open Source Large Model+" software innovation applications will begin, with results expected to be announced in the second half of 2025 [5] - The selected innovative cases will be awarded at a future event related to cloud and software security [5]

Macro Dynamics - The National Health Commission of China is intensifying efforts to regulate the internet health science popularization, addressing issues with "internet celebrity doctors" who misuse their authority for profit [1] - The commission emphasizes that medical quality and safety are non-negotiable, urging the public to be cautious and avoid scams [1] Market Data - The average price of pork in China's wholesale markets increased to 20.58 yuan per kilogram, up 1.7% from the previous week [3] Company Dynamics - Shanghai Lego Land officially opened on July 5, with plans for future expansion over the next 5-10 years [10] - Sales of 3C certified power banks have surged following a recall event, leading to stock shortages among some retailers [11] - Road Gang has been appointed as the chairman of Beijing Construction Group, replacing Fan Jun [12]

Core Viewpoint - The Pangu team emphasizes that the Pangu Pro MoE open-source model is developed and trained on the Ascend hardware platform, and it is not based on incremental training from other vendors' models [1] Group 1 - The Pangu Pro MoE open-source model includes some foundational components whose code implementations reference industry open-source practices, involving portions of open-source code from other large models [1] - The Pangu team asserts that they strictly adhere to open-source license requirements, clearly marking copyright statements for open-source code in the open-source code files [1]

Core Viewpoint - Huawei's Noah's Ark Lab announced the release of the Pangu Pro MoE open-source model, emphasizing that it is developed and trained on the Ascend hardware platform and not based on incremental training from other vendors' models [1] Group 1 - The Pangu Pro MoE open-source model incorporates some foundational components whose code implementations reference industry open-source practices, including portions of open-source code from other large models [1] - The team stated that they strictly adhere to open-source license requirements, clearly marking copyright statements in the open-source code files [1] - This approach aligns with the common practices of the open-source community and reflects the industry's advocacy for open-source collaboration [1]

Core Insights - The article highlights the recent advancements by Zhipu AI in the field of artificial intelligence, particularly the launch of the new visual language model GLM-4.1V-Thinking, which enhances reasoning capabilities and supports multimodal inputs including images and videos [1][7][10] - Zhipu AI has secured a strategic investment of 1 billion yuan to bolster its operations in Shanghai and contribute to the development of a supercomputing resource pool known as the "Ten Thousand Card Cluster" [3][5] - The company is focusing on commercializing its AI models, with significant increases in daily token usage and revenue, indicating a growing demand for AI applications across various industries [12][14] Group 1: Product Development - Zhipu AI introduced the GLM-4.1V-Thinking model, which supports complex cognitive tasks and has shown superior performance in various benchmarks compared to larger models [7][8][10] - The model's capabilities include understanding dynamic video content and performing reasoning tasks, which expands its application potential in real-world scenarios [9][11] - The lightweight version, GLM-4.1V-9B-Thinking, has achieved outstanding benchmark scores, demonstrating the potential of smaller models to perform at high levels [8][10] Group 2: Strategic Investments and Collaborations - Zhipu AI has completed its 16th financing round, securing a total of 1 billion yuan from strategic investors, which will support its growth in the AI sector [3][5] - The company is collaborating with Shanghai's state-owned enterprises to develop a new AI infrastructure that integrates energy, computing power, and AI models [5][6] - The "Ten Thousand Card Cluster" aims to create a supercomputing resource pool to meet the increasing demand for AI computational power in various industries [5][6] Group 3: Commercialization Efforts - Zhipu AI's daily token usage has increased nearly 30 times year-on-year, with a 52% rise in daily expenditure, reflecting the growing adoption of its AI solutions [12][14] - The company has significantly reduced API prices, with some models seeing price cuts of up to 90%, making AI services more accessible [14][15] - Zhipu AI is focusing on providing agent capabilities to businesses, allowing them to integrate AI without the need for extensive in-house development [15][16]

Core Insights - The Global Digital Economy Conference and the SecGo Security Forum highlighted the recognition of Ping An Good Doctor's AI products as exemplary cases in software innovation applications [1][3] Group 1: Company Achievements - Ping An Good Doctor's AI products "Ping An Xin Yi" and "An Zhu Ren" received honors at the conference, showcasing their capabilities in providing closed-loop services through data, models, and scenarios [1][3] - The products focus on core medical service scenarios and leverage a top-tier network of doctors, offering 24/7 online health consultations and support [3][5] - Both products successfully passed the China Academy of Information and Communications Technology's evaluation for integrated application capabilities, receiving professional recognition for their effectiveness and risk management [3] Group 2: Industry Context - The development of medical AI is becoming increasingly important in the context of high-quality healthcare development and the "Healthy China" initiative [5] - As a flagship of Ping An Group's healthcare and elderly care ecosystem, Ping An Good Doctor is enhancing service quality while innovating technology to create a comprehensive medical AI product matrix [5]

Core Viewpoint - The article discusses the recent open-source initiatives by major Chinese tech companies, particularly Baidu and Huawei, highlighting a strategic shift towards open-source models in the AI industry to enhance competitiveness and respond to market demands [2][4][10]. Group 1: Open Source Movements - Baidu has open-sourced ten models from its Wenxin 4.5 series, including a mixture of experts (MoE) model with 47 billion and 3 billion parameters, as well as a dense model with 0.3 billion parameters [1][4]. - Huawei has announced the open-sourcing of its Pangu model with 70 billion parameters and the Pangu Pro MoE model with 720 billion parameters, showcasing its commitment to the open-source ecosystem [1][5]. - The trend of open-sourcing is seen as a response to the growing importance of AI applications and a strategic move to capture market share amid international competition [2][4]. Group 2: Strategic Shifts - Baidu's shift from a closed-source model to open-source was influenced by the success of DeepSeek, which demonstrated the effectiveness of low-cost, high-efficiency open-source models [4][5]. - Huawei's decision to join the open-source movement reflects internal deliberations and a recognition of the need to enhance transparency and trust in its AI capabilities [5][10]. - Both companies aim to leverage open-source models to drive innovation and accelerate AI applications across various industries [10][12]. Group 3: Competitive Landscape - The open-source initiatives by Baidu and Huawei are part of a broader trend in the industry, with Alibaba also heavily investing in open-source models, having released over 200 models since the beginning of 2023 [7][9]. - The competition in the open-source space is intensifying, with Alibaba's Tongyi Qwen model achieving significant download numbers and community engagement [7][9]. - Analysts suggest that the coexistence of open and closed-source models will foster a diverse competitive environment, promoting rapid iteration and innovation in AI applications [11][12]. Group 4: Future Implications - The open-source strategy is expected to reduce operational costs, with estimates indicating that the inference costs for large models are decreasing by 90% annually [10]. - Despite the benefits of open-sourcing, companies like Huawei and Baidu face challenges, including potential competition from developers creating products based on their open-source models [11][12]. - The success of AI projects will ultimately depend on the companies' product capabilities and their understanding of customer needs, rather than solely on whether the software is open-source [12].