来源：问董秘 投资者提问： 董秘回答(荣信文化SZ301231)： 董秘你好，能否介绍一下公司的漫剧业务，谷歌Gemini 3.0y Nano Banana 2正式上线，多模态技术大踏 步前进。对漫剧广告游戏制作有极大帮助，公司有导入谷歌软件制造漫剧吗，公司出海漫剧和其有合作 吗谢谢 查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 尊敬的投资者您好，荣信文化依托自身的优质内容资源及IP储备，正在积极布局AI漫剧方向。近日，公 司与杭州余禾文化传播有限公司达成《框架合作协议》，双方将基于各自在内容策划、IP储备与AI技术 应用方面的核心优势，围绕AI漫剧联合开发、IP多形态运营等领域开展深度合作。未来，公司将持续探 索"IP+内容+AI"的更多可能性，通过AI漫剧等创新性形式，赋予优质内容、经典IP二次生命，打造兼具 趣味性与知识性的新型文化产品，为行业探索更多实践路径。感谢您的关注！ ...

股票研究 / [Table_Date] 2025.11.25 2025-11-24 计算机周观点第 25 期：算力、模型、应 用协同深化，AI 叙事迈向奇点关键期 本报告导读： 谷歌实现多模态技术突破，腾讯与杭州生态共推 AI 应用普惠，摩尔线程与宇树科技 引领硬科技资产资本化，算力、模型、应用协同演进。 投资要点： [Table_Industry] 计算机 行 业 跟 踪 报 告 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 [table_Authors] [Table_Summary] 投资建议：谷歌连发 Gemini 3 与 Nano Banana Pro 确立多模态领先优势， 腾讯开源视频模型与阿里"千问"App 和 AI 助手"灵光"共推应用普惠，摩尔 线程 IPO 与宇树科技冲刺上市标志硬科技资本化加速，算力、模型、应用 协同演进。我们维持计算机板块"优于大市"评级，推荐标的：日联科技、金 山办公、合合信息、海康威视、新大陆、道通科技、汉得信息、海光信息， 相关标的：中科曙光。 谷歌连续发布两大核心产品，断层式领先引领大模型新叙事。11 月 18 日， 谷歌 Gemin ...

11月22日，蚂蚁集团旗下全模态AI助手"灵光"上线仅4天，下载量突破100万，并登上App Store中国区免 费榜第六。其热门功能"闪应用"因访问量激增一度短暂宕机。 有业内人士对《证券日报》记者表示，这场由中国本土企业发起的"AI普惠运动"，不仅标志着我国在生 成式AI领域实现从技术追赶到应用领跑的跨越，更揭示出全球AI产业格局的深刻变革——当技术突破 与真实场景需求形成共振，中国正以"场景驱动"模式开辟AI发展的新范式。 据了解，灵光首批上线三大功能："灵光对话""灵光闪应用""灵光开眼"。上线4天内，团队已紧急扩容8 轮，重点保障"闪应用"稳定运行。 灵光的爆发式增长，本质上是多模态技术成熟与用户需求爆发的精准契合。这款被称为"手搓应用神 器"的AI助手，开创性地在移动端实现"自然语言30秒生成小应用"，支持编辑、交互与分享，也是业内 首个能全代码生成多模态内容的AI助手，可输出3D模型、音视频、图表、动画、地图等丰富形式。 更重要的是，灵光直击传统AI应用的核心痛点。早期大模型多以纯文本交互为主，用户需跨越较高的 认知门槛；而"灵光"强调原生多模态交互——用户无需懂代码、不必学操作，仅用生活化语言 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 11 月 23 日 [Table_Title] Google 引领全球 AI 产业前进 计算机行业周报 [Table_Title2] 本周观点: [Table_Summary] Gemini 3 发布，Google 加快赶超 openAI Gemini 3 正式发布。Gemini 是 Google 推出的多模态语 言生成模型。根据中国科技信息杂志社消息，11 月 18 日，Google 正式推出 Gemini 3 系列人工智能（AI）模 型，并同步上线 Gemini 3 Pro 预览版。Google 在 AI 产 业布局方面相对全面，Gemini 3 补齐产品矩阵短板。我 们认为，Google 一直作为大模型第一梯队中的跟进 者，在 Bard、Gemini 1.x 和 2.x 等前期版本中均呈现 跟随和追逐姿态，本次 Gemini 3 的推出，既相对于前 期版本有明显提升，同时针对 GPT-5.1、Claude 4.5 等 竞品均表现出赶超乃至领先态势，标志着 Google 有望 成为基础模型技术第一梯队领头羊角色。 Nano Banana ...

Macro News - The People's Bank of China announced that the 1-year and 5-year Loan Prime Rates (LPR) remain unchanged at 3.0% and 3.5% respectively, marking six consecutive months of stability since June [1] - The Federal Reserve's October meeting minutes revealed mixed opinions among officials regarding a potential rate cut in December, with a 36.2% probability of a 25 basis point cut and a 63.8% probability of maintaining the current rate [1] - The U.S. Bureau of Labor Statistics will not release the October non-farm payroll report, combining it with the November data to be published on December 16 [2] Industry News - Counterpoint Research forecasts that memory prices are expected to rise by approximately 50% before the second quarter of 2026, primarily due to a critical chip shortage affecting traditional LPDDR4 [3] - The Shanghai Real Estate Brokerage Industry Association initiated a self-discipline campaign to maintain market order, emphasizing accurate market reflection, honest information dissemination, and fair competition among real estate agencies [4] - The China Semiconductor Industry Association predicts that the chip design industry sales will reach 835.73 billion yuan in 2025, a 29.4% increase from 2024, translating to approximately 118.04 billion USD, marking the first time sales exceed 100 billion USD [5] Sector Opportunities - CITIC Securities suggests that domestic charging infrastructure is poised for a new acceleration phase, driven by policy support, particularly for high-power fast charging equipment, benefiting related charging pile equipment companies [6] - Huaxin Securities believes that the overall price of the new energy vehicle supply chain is at a low point, with strong demand resilience, presenting a good opportunity for investment in core companies within the supply chain [6] - CITIC Securities highlights significant advancements in Gemini 3 Pro's multimodal understanding and logical reasoning capabilities, suggesting continued attention to the development of native multimodal technologies and the new application opportunities they present [6]

截至2025年11月20日 10:24，上证科创板人工智能指数下跌0.64%。成分股方面涨跌互现，石头科技领 涨0.64%，奥普特上涨0.51%，乐鑫科技上涨0.48%；福昕软件领跌3.13%，凌云光下跌1.97%，星环科技 下跌1.95%。科创AIETF(588790)下跌0.67%，最新报价0.75元。拉长时间看，截至2025年11月19日，科 创AIETF本月以来累计上涨0.81%。 流动性方面，科创AIETF盘中换手1.45%，成交8899.80万元。拉长时间看，截至11月19日，科创AIETF 近1年日均成交3.92亿元。 据报道，OpenAI 昨日（11 月 19 日）宣布推出 GPT-5.1-Codex-Max 智能体编程模型，显著提升了长远 推理能力、效率和实时交互能力。此外该模型将取代 GPT-5.1-Codex，成为 Codex 集成界面上的默认模 型。 当地时间11月18日，谷歌推出新一代大型语言模型Gemini 3，发布当日起将其部署至谷歌搜索的AI模 式、Gemini应用、API接口、VertexAI等核心产品。 中信证券最新研报指出，Gemini 3 Pro多模态理解和逻辑推理两大 ...

中信证券发布研报称，Gemini 3 Pro多模态理解和逻辑推理两大关键能力显著提升，其中多模态性能有 显著领先，应持续关注原生多模态技术发展带来的产业变化，以及多模态推理带来的全新应用场景机 会。Agent相关能力升级符合预期，在长文本检索、任务流程规划等方面形成亮点，结合模型能力和开 发平台升级，更好支持细分场景的Agent开发落地。Coding方面以前端开发为主要方向，相关效果值得 期待。建议关注以多模态为代表的应用机会，同步关注模型发展带来的算力新需求。 中信证券主要观点如下： 事项： 美国时间11月18日，Google发布最新基座模型Gemini 3 Pro，模型强调多模态理解和深度推理两大基础 性能，围绕agent开发、代码生成、用户交互等关键能力持续升级，在主流测试集上达到领先水平。目 前，新模型已经全面向Search、Gemini app、AI Studio、Vertex AI、Google Antigravity等渠道开放。 多模态：性能表现达到领先水平，持续关注原生多模态架构创新。 Google官网将Gemini 3 Pro定位为"世界最好的多模态理解模型"，并强调模型综合利用多种模态信息 ...

Core Insights - The report from CITIC Securities highlights significant improvements in Gemini3Pro's multimodal understanding and logical reasoning capabilities, with notable advancements in multimodal performance [1] - The development of native multimodal technology is expected to bring about industry changes and new application opportunities through multimodal reasoning [1] - Upgrades in agent-related capabilities are in line with expectations, showcasing strengths in long text retrieval and task flow planning, which will better support the development of agents in specific scenarios [1] - The focus on coding is primarily directed towards front-end development, with promising results anticipated [1] - There is a recommendation to pay attention to application opportunities represented by multimodal technology, while also considering the new computational demands arising from model advancements [1]

Market Overview - The market size of AI large model solutions in China is projected to reach 3.49 billion yuan in 2024, representing a year-on-year growth of 126.4%, while the MaaS (Model as a Service) market is expected to see explosive growth of 215.7% [2][6] - The MaaS market is anticipated to grow at a compound annual growth rate (CAGR) of 66.1% from 2024 to 2029, reaching 9 billion yuan by 2029 [6][10] Cost Challenges - High infrastructure costs are a significant barrier to the scaling of enterprise-level AI applications, with Nvidia predicting global AI infrastructure spending to reach 3-4 trillion USD by 2030, with a CAGR of 38%-46% from 2025 to 2030 [3] - The cost of training a single enterprise large model can exceed 1 million yuan, with ongoing costs during the inference phase creating a rigid expenditure burden [3][4] - Small and medium-sized enterprises (SMEs) average AI investment is only 3.2 million yuan, less than one-tenth of that of large enterprises, limiting their applications to basic scenarios like intelligent customer service [4] Technical Challenges - The complexity of enterprise-level AI applications is significantly higher than personal scenarios, particularly in terms of computing power management and model adaptation [4][5] - The coexistence of multiple chip brands, including domestic and Nvidia chips, creates a "computing island" phenomenon due to differences in instruction sets and optimization logic [5] MaaS Advantages - MaaS is seen as the optimal service model for the implementation of enterprise-level AI, providing an integrated solution that includes model repositories, inference engines, and operational tools [6][10] - The cost advantages of MaaS are evident, as it significantly reduces the overall costs of AI applications through technological optimization and model innovation [6][7] - Companies using the MaaS model report a 2-3 times higher return on AI investment compared to traditional models, with the financial sector seeing returns as high as 4 times [7] Future Trends - The MaaS market is evolving towards "intelligent integration, localization, and ecosystem development," with public cloud services becoming more prevalent among SMEs and private deployments focusing on security and customization for large enterprises [10][11] - The integration of AI agents and multimodal technologies is expected to transform MaaS services from auxiliary tools to core infrastructure for digital transformation, enabling AI to become a productivity tool accessible to all enterprises [12]

Group 1 - The core viewpoint of the articles highlights the increasing integration of humanoid robots in the logistics sector, driven by major players like Hangcha Group, Jingsong Intelligent, and Zhongli Co., which are launching innovative robotic solutions to enhance operational efficiency [1][2][3] - Hangcha Group's "Hangcha X1 series logistics humanoid robot" is designed for various tasks such as box handling and stacking, featuring human-like movements and high navigation precision, which allows it to operate in unstructured environments [1][2] - Jingsong Intelligent's humanoid robot supports a 30kg load and is capable of performing tasks like sorting and inventory, with a design that allows it to navigate complex environments such as stairs [2][3] Group 2 - The entry of logistics equipment giants into the humanoid robotics field signifies a shift towards advanced automation solutions, as traditional automated equipment struggles to meet the growing demands of logistics transportation [3][4] - The evolution of humanoid robots, aided by advancements in AI and multimodal technologies, enables these robots to understand, make decisions, and interact, marking a significant leap from traditional automated guided vehicles [3] - The introduction of humanoid robots is expected to enhance the construction of intelligent logistics systems, addressing gaps in automation for specific tasks and environments that current solutions cannot effectively manage [4]