近期，人工智能板块经历阶段性盘整，市场围绕"AI是否形成泡沫"的讨论再度涌现。12月5日，国联民 生证券研究所副总经理兼海外研究首席分析师孔蓉在与新浪证券的直播对话中指出，以DeepSeek、 Kimi、通义千问为代表的中国大模型所取得的突破，正深刻影响着全球资本对中国科技资产的配置逻 辑。 孔蓉认为，从今年的情况来看，DeepSeek实际上为整个中国资产做了一次非常有力的"全球广告"。这种 关注度的提升，影响是立竿见影且多层次的。它直接带动了国内互联网大厂的股价表现和市场预期，更 重要的是，它改变了全球投资者对于中国科技公司的整体看法和关注度。随着我们的模型能力在未来不 断迭代升级，从全球科技和AI的视角来评估中国机会，在估值层面将处于一个比较有利的位置。 孔蓉表示，估值提升只是故事的一面。我们更应关注基本面的实质变化。我们看到，海外科技巨头通过 AI已经实现了可观的收入增长，并且这一趋势仍在持续。如果我们的中国企业同样能够证明，AI技术 能够带来持续、稳健的收入增长，那么带来的就不仅仅是估值修复，而是基本面的根本性改善。当"估 值提升"和"基本面改善"这两个因素形成共振时，对于整个市场信心的提振将会非常强 ...

Core Insights - The core viewpoint of the news is the official launch of the new version 3.0 of the AI photography platform, Yuelingxi AI, by Yueshang Holdings, marking a significant advancement in AI photography and multi-modal content generation [1][2]. Group 1: Product Features - The new version introduces an AI photography function that enables users to generate high-quality 4K portraits through a streamlined process, including scene selection and style confirmation, with advanced features like expression adjustment and background rendering [1][2]. - The AI model, XingYue-3.0, enhances performance with a 38% increase in 4K portrait generation speed and achieves a 98.4% accuracy in matching poses and lighting [2][3]. - The platform now supports a library of 75 portrait styles and stable video output at 30 frames per second, simulating a real studio shooting process [2][3]. Group 2: Technological Advancements - The new version incorporates a distributed computing scheduling system that supports simultaneous image and video generation, expanding the training dataset to 450 million high-resolution portrait samples [3]. - The introduction of a cultural semantic enhancement dataset improves the model's understanding of Eastern aesthetics and cultural symbols [3]. - The platform utilizes a reinforcement learning framework to continuously optimize the model based on user feedback, enabling an iterative evolution of aesthetic capabilities [3]. Group 3: Market Implications - The release of Yuelingxi 3.0 signifies a transition from tool-based AI to a fully integrated AI-native ecosystem, aiming to create a closed-loop AI content production pipeline [2][3]. - The company plans to open the AI photography API to empower brands, photography studios, and creative organizations, fostering a new generation of AI imaging ecosystem [3].

Core Viewpoint - The article emphasizes that Chinese startups are gaining a leading edge in the multimodal content generation field, particularly in video and 3D creation, contrasting with the U.S. dominance in large language models [1][3]. Group 1: Advantages of Chinese Startups - Chinese teams have accumulated significant experience in video technology, with products like Douyin and Kuaishou laying a strong foundation for video generation [3][7]. - The flexibility of organizational structures in Chinese startups fosters innovation, allowing them to adapt quickly to market needs [3][4]. - The multimodal field remains open for innovation, with rich application scenarios and a strong talent pool in China providing fertile ground for technological advancements [3][8]. Group 2: Competition with Major Players - Startups maintain strategic focus and seek niche opportunities despite competition from giants like Alibaba and Tencent, who are entering the space with open-source models [4][9]. - The competition with large companies is seen as a rite of passage for startups, pushing them to mature and refine their strategies [10][11]. - Startups are leveraging their early investments in core technologies to stay ahead of larger competitors who are now trying to catch up [9][11]. Group 3: Future Trends and Innovations - The article discusses the potential for technology to lower the barriers for content creation, enabling more ordinary users to participate in multimodal content generation [5][37]. - Key trends include the unification of generation and understanding in multimodal models, which enhances controllability and consistency in outputs [14][15]. - Real-time generation capabilities are advancing, with companies like Pixverse achieving near real-time video generation speeds, which could lead to new application scenarios [17][18]. Group 4: User Engagement and Market Dynamics - The shift towards user-generated content (UGC) is highlighted, with startups aiming to create tools that simplify the content creation process for everyday users [21][22]. - The market for short video creation remains vast, with a significant portion of users yet to engage in content creation, presenting growth opportunities for startups [23][24]. - Startups are focusing on developing professional-grade tools that cater to both professional and semi-professional users, ensuring a robust ecosystem for content creation [25][26]. Group 5: Goals and Challenges Ahead - Companies aim to achieve high-quality real-time video generation models and expand their user base significantly in the coming year [37]. - The challenge lies in creating accessible tools for 3D content creation, with aspirations to democratize the process for a broader audience [37].