来源：新浪证券-红岸工作室 11月28日，三态股份跌1.51%，成交额1.33亿元，换手率6.66%，总市值72.26亿元。 异动分析 跨境电商+知识产权保护+AIGC概念+人民币贬值受益+多模态AI 1、深圳市三态电子商务股份有限公司的主营业务为出口跨境电商零售和第三方出口跨境电商物流。公 司的主要产品及服务为出口跨境电商零售业务、出口跨境电商物流业务。 2、根据2023年10月11日互动易，公司自主开发的知识产权风险检测工具"睿观·ERiC"产品已于9月28日 对外开放试用，该产品致力于借助AI大数据模型，为企业提供灵活、低成本、准确的风险监测解决方 案 3、公司上市保荐书：公司研发项目：A+智能图片生成项目：AIGC项目之一，通过Stable Diffusion生成 高质量图片，利用mask机制控制生成过程中每个像素点的生成概率。通过调整掩膜值，经过训练的模 型可以实现图像生成过程的精细调控，从而可以根据目标生成高质量、多样化的图像。通过文本输入描 述应用场景并添加自有元素，模板化订制自身产品形象，塑造品牌IP，大幅提升运营效率和节约制作成 本。同时，在图片处理环节也引入AI工具，自动生成各种场景图、尺 ...

Core Insights - Ant Group launched its multimodal AI assistant "Lingguang" on November 18, which quickly gained attention both domestically and internationally, with Tech Times describing it as making problem-solving feel effortless [1][3] - Within just six days of its release, Lingguang attracted over 2 million downloads, indicating strong market interest and adoption [3] - Lingguang is compared to Google's Gemini 3 Pro, with both products offering similar functionalities, although improvements are expected in future iterations of Lingguang [3] Product Features - Lingguang integrates language, images, sound, and data to produce engaging outputs such as 3D models, animations, charts, interactive maps, and flash programs [3] - The core functionality of Lingguang lies in its ability to break down tasks into manageable subtasks and switch flexibly between different modes, presenting clear and logical results [3] - Ant Group's CTO described Lingguang as akin to having a personal AI developer in one's pocket, simplifying coding and visualization processes [3] Industry Context - Prior to Lingguang's launch, other Chinese AI models like Qianwen and DeepSeek had already outperformed Western counterparts in an AI investment competition, showcasing China's rapid advancements in AI innovation [4] - The emergence of Lingguang has garnered attention from mainstream media, with Business Insider highlighting its "ambient programming" capabilities and IT Boltwise noting its potential to fundamentally change application development [4] - Professional users on overseas social media praised Lingguang's multimodal delivery capabilities, indicating a shift from experimental to practical applications of multimodal technology [6]

Core Viewpoint - Shenzhen SanTai E-commerce Co., Ltd. is benefiting from the depreciation of the RMB and is actively developing AI-driven tools for risk detection in cross-border e-commerce [2][3]. Company Overview - Shenzhen SanTai E-commerce Co., Ltd. was established on January 7, 2008, and went public on September 28, 2023. The company primarily engages in cross-border e-commerce retail and logistics [7]. - The company's revenue composition includes 76.14% from cross-border e-commerce product sales, 23.80% from logistics sales, and minimal contributions from technology services and other businesses [7]. Business Developments - The company has launched a proprietary intellectual property risk detection tool named "RuiGuan·ERiC," which utilizes AI and big data models to provide flexible and cost-effective risk monitoring solutions [2][3]. - The company is also developing an AIGC project that generates high-quality images using Stable Diffusion, enhancing operational efficiency and reducing production costs [2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 1.252 billion yuan, reflecting a year-on-year growth of 0.15%. However, the net profit attributable to shareholders decreased by 25.94% to 31.8471 million yuan [8]. - As of November 20, 2023, the company had a market capitalization of 7.407 billion yuan, with a trading volume of 208 million yuan and a turnover rate of 10.04% [1][8]. Market Position - The company operates within the internet retail sector, specifically in cross-border e-commerce, and is associated with concepts such as intellectual property, small-cap stocks, and AIGC [8]. - As of November 20, 2023, the number of shareholders increased to 29,100, with an average of 7,548 shares held per shareholder [8].

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 点评：随着太空资源竞争日益激烈，卫星互联网已成为全球科技竞争的新高地。未来太空经济将会成为 一个新的产业领域，涉及到卫星通信、卫星导航、卫星遥感、太空旅游等多个方面。星地通信产业当前 市场规模约400-500亿元，预计到2030年将突破2000-4000亿元，年均复合增长率在10%-28%之间。星地 通信产业正站在从"概念验证"向"规模化应用"的关键转折点，随着技术成熟、成本下降和应用场景拓 展，未来十年将形成"天地一体、万物互联"的新型通信格局，成为推动数字经济高质量发展的重要引 擎。概念股包括天银机电、上海瀚讯、佳缘科技等。 3、"漫剧"正成为今年内容市场迅速崛起的赛道，今年在字节跳动和快手等科技巨头的助推下，这种结 合了动漫形式与短剧节奏的内容，正凭借其低成本、高效率的生产优势快速吸引资本和创作者，并为多 模态AI模型找到了一个清晰且规模化的商业变现路径。字节跳动旗下平台迅速布局，不仅红果短剧APP 内部设立了独立的漫剧频道，更在11月推出了"红果免费漫剧"独立应用。对于字节跳动和快手等同时拥 有大模型技术和内容分发平台的公司而言，这构成了一个从AI ...

Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index dropping by 2.45%, the Shenzhen Component Index falling by 3.41%, and the ChiNext Index decreasing by 4.02% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.9657 trillion [1] Sector Performance - The media sector showed resilience, with specific ETFs such as Media ETF (159805) and Media ETF (512980) leading the gains [2] - Conversely, rare metals and new energy-related ETFs faced notable declines, with the top 10 ETFs in this category experiencing drops of up to 7.55% [3] Economic Outlook - According to Zheshang Securities, 2026 is expected to be a year of strong economic performance in China, with a focus on technological self-reliance and new productivity cultivation [2] - Shenwan Hongyuan anticipates that the "15th Five-Year Plan" period will be a critical time for comprehensive reform, with nominal GDP recovery expected to improve corporate profitability [2] Lithium Battery Sector - Dongwu Securities predicts that the lithium battery sector will exceed expectations in Q4, with a projected growth rate of 25-30% for 2026 [4] - The sector is expected to see a 10-20% increase in production in Q4, with a year-on-year growth of 30% [4] ETF Activity - The Silver Hua Daily ETF (511880) recorded the highest trading volume at 21.2 billion, followed by other ETFs such as Short-term Bond ETF (511360) and Huabao Tianyi ETF (511990) [5] - The turnover rate for the Korean Semiconductor ETF (513310) was the highest at 108% [5] Upcoming ETF Launches - Two new ETFs are set to launch next week, including the Food ETF (563850), which tracks the CSI All Food Index, and the Bosera Industrial Software ETF (159108), focusing on industrial digital transformation [6][7] - The E Fund Hang Seng Automotive ETF (159121) will also launch, targeting the recovery of the Hong Kong automotive sector and opportunities in new energy vehicles [7]

来源：新浪证券-红岸工作室 11月21日，三态股份跌3.20%，成交额1.27亿元，换手率6.50%，总市值69.10亿元。 异动分析 跨境电商+知识产权保护+AIGC概念+人民币贬值受益+多模态AI 1、深圳市三态电子商务股份有限公司的主营业务为出口跨境电商零售和第三方出口跨境电商物流。公 司的主要产品及服务为出口跨境电商零售业务、出口跨境电商物流业务。 2、根据2023年10月11日互动易，公司自主开发的知识产权风险检测工具"睿观·ERiC"产品已于9月28日 对外开放试用，该产品致力于借助AI大数据模型，为企业提供灵活、低成本、准确的风险监测解决方 案 3、公司上市保荐书：公司研发项目：A+智能图片生成项目：AIGC项目之一，通过Stable Diffusion生成 高质量图片，利用mask机制控制生成过程中每个像素点的生成概率。通过调整掩膜值，经过训练的模 型可以实现图像生成过程的精细调控，从而可以根据目标生成高质量、多样化的图像。通过文本输入描 述应用场景并添加自有元素，模板化订制自身产品形象，塑造品牌IP，大幅提升运营效率和节约制作成 本。同时，在图片处理环节也引入AI工具，自动生成各种场景图、尺 ...

Group 1: Lithium Battery Sector - The lithium battery sector is experiencing increased differentiation, with lithium mining stocks strengthening while core stocks of lithium hexafluorophosphate are declining sharply [1] - Carbonate lithium prices continue to rise, leading to strong performance in lithium mining stocks such as ZG Shares and DWS Shares, which hit the daily limit [1] - However, core stocks like Tianji Shares and Duofluo Duo both closed at the daily limit down, indicating a potential shift in the sector's overall trend towards differentiation [1] Group 2: AI Applications - Google's new multimodal AI model, Gemini 3.0 Pro Image, represents a significant update, functioning as an inference model that internally reasons before generating images, which may accelerate the commercialization of multimodal AI [2] - The update of the second-generation Nano Banana reinforces the certainty of industry trends, particularly benefiting sectors such as advertising, media, and gaming [2] - Huawei is set to release its open-source AI container technology, Flex:ai, at a forum in Shanghai, aiming to unify and efficiently manage various computing resources, which could lead to market movements in this direction [2]

（原标题：两天下载量破50万，蚂蚁"灵光"如何打造下一代AI入口？） 21世纪经济报道记者 董静怡 "灵光：把复杂变简单的AI伙伴"，开篇，灵光app这样介绍自己。 11月18日，蚂蚁集团发布全模态通用AI助手"灵光"，支持"自然语言30秒生成小应用"，也可以输出3D 数字模型、音频、图标等全模态信息。数据显示，"灵光"上线首日下载量突破20万，两天多下载量破50 万，第三天冲上App Store总榜第七，App Store免费工具榜第一。 大背景是，市场需求已经发生了微妙变化。早期的AI产品用户往往带着好奇和尝鲜的心态，他们对技 术的瑕疵较为宽容。但如今，用户更关心的是AI能否真正解决生活中的痛点。 资本市场同样对单纯的技术突破略显疲态。Meta虽开源Llama系列却难变现，OpenAI因治理动荡和商业 化路径模糊遭遇估值回调，投资者关注焦点已从谁的模型更强转向谁的AI能赚钱。 据悉，"灵光"作为业内首个全代码生成多模态内容的AI助手，首批上线了三大核心功能——"灵光对 话""灵光闪应用""灵光开眼"。 问答部分，虽然还是Chatbot的形式，但支持3D、音视频、图表、动画、地图等全模态信息输出，让对 话更 ...

Group 1 - Google released its latest AI model, Gemini 3, which scored 1501 in the LMArena large model arena, ranking first [1] - Gemini has over 650 million monthly active users, with more than 70% of cloud customers utilizing its AI capabilities, and 13 million developers are leveraging its generative models [1] - Berkshire Hathaway's first investment in Alphabet indicates strong recognition of Google's product ecosystem and AI strategy, boosting global market expectations for AI companies [1] Group 2 - Chinese AI company Wondershare Technology has integrated Google's Veo3 and Nano Banana model capabilities into its products, showcasing its AI-powered video editing tool at the 2025 Google Developer Conference [2] - Wondershare Technology operates in over 200 countries and regions, with a cumulative active user base exceeding 2 billion, offering popular products like Wondershare Filmora and others [2] - In the first three quarters of 2025, Wondershare's AI server call volume surpassed 800 million, reflecting increased user enthusiasm for AI [2]

Group 1 - Google launched its latest AI model, Gemini 3, which scored 1501 in the LMArena large model arena, ranking first [1] - Gemini has over 650 million monthly active users, with more than 70% of cloud customers utilizing its AI capabilities, and 13 million developers using its generative models [1] - Berkshire Hathaway's first investment in Alphabet indicates strong recognition of Google's product ecosystem and AI strategy, boosting market expectations for AI companies globally [1] Group 2 - Chinese AI company Wondershare Technology has integrated Google's Veo3 and Nano Banana model capabilities into its products, showcasing its AI video editing tool at the 2025 Google Developer Conference [2] - Wondershare's products are available in over 200 countries, with a cumulative active user base exceeding 2 billion, including popular offerings like Wondershare Filmora [2] - In the first three quarters of 2025, Wondershare's AI server call volume surpassed 800 million, reflecting increased user enthusiasm for AI [2]