多款新游表现亮眼，AI 多模态应用成效显著 业绩概览：2025H1 公司实现营业收入 84.86 亿元，同比下滑 8.08%；实现归母净 利润 14.00 亿元，同比增长 10.72%；实现扣非归母净利润 13.87 亿元，同比增长 8.83%。公司 2025 年上半年利润分配预案拟向全体股东每 10 股派 2.1 元（含税）。 《时光大爆炸》等新品表现优异，长线运营优势持续巩固。公司于 2025 年初推出 《时光大爆炸》《英雄没有闪》等多款产品。其中《时光大爆炸》1 月 APP 首发荣 获 iOS 免费榜第一，后续上线小程序版本，迅速跻身微信小游戏畅销榜第 4 名； 《英雄没有闪》APP 版上线后进入 iOS 畅销榜前五，小程序版也随后登顶微信小 游戏畅销榜。同时公司多款在运营产品仍保持强生命力。例如《寻道大千》以联动 模式实现多维突破，携手国漫顶流《斗破苍穹》IP 打造沉浸式消费场景、联动玄 幻经典《神墓》IP，并于二周年庆时融合国民级 IP《葫芦兄弟》，深耕用户运营， 推动游戏收入回升；模拟经营手游《时光杂货店》稳健运营，通过营销结合、城市 巡游等内容构建更完善的用户运营模式，与《大话西游》等经典影视 ...

Core Insights - The willingness to pay for happiness has no ceiling, indicating a strong consumer demand for companies that can deliver joy and satisfaction [1][4] - The investment strategy focuses on the intersection of consumer goods and technology, particularly in sectors that enhance emotional connections and innovative products [2][3] Group 1: Investment Philosophy - The investment framework is built around the concept of "happiness," with a focus on companies that create positive experiences for consumers [1] - A four-quadrant stock selection model is employed, emphasizing non-linear growth potential in TMT sectors, early-stage investments in cyclical industries, and innovative consumer products [2] Group 2: Market Trends - The shift from functional consumption to emotional consumption is highlighted, with a comparison to Japan's market evolution in the 1990s, suggesting a similar trajectory for China [3] - The rise of "self-indulgent consumption" is identified as a significant trend, with categories like trendy toys, pets, and gaming expected to see substantial growth [3] Group 3: Company Performance - A notable example is a leading trendy toy company that has shown resilience and growth despite broader market declines, indicating strong brand loyalty and emotional engagement [3] - The performance of the trendy toy sector is linked to emotional connections and the potential for high returns, akin to blockbuster films [2] Group 4: Future Outlook - The next decade is expected to see an increasing importance of the media sector in China's economy, with significant cultural consumption trends emerging [3] - The belief that companies creating joy can achieve high market valuations is reinforced, with references to global giants like Disney as benchmarks for potential success [4]

Core Viewpoint - The willingness to pay for happiness has no ceiling, indicating a strong potential for companies that can create joy and emotional connections for consumers [1][6]. Group 1: Investment Philosophy - The investment philosophy emphasizes companies that enhance life quality and happiness, reflecting a personal value system [1]. - The manager has achieved a return of 39.86% since taking over the fund, with a significant increase of over 600% in a key holding [1]. - The investment strategy is built on a cross-industry perspective, particularly focusing on the intersection of consumer goods and technology, known as TMT (Technology, Media, and Telecommunications) [2]. Group 2: Market Trends - The trend towards "self-consumption" and emotional spending is seen as a significant industry trend, with potential for growth in various sectors such as toys, pets, and gaming [3]. - The manager draws parallels with Japan's 1990s experience, suggesting that as material wealth increases, emotional consumption will take precedence [3]. - The manager identified a leading toy company that continued to grow despite a general decline in retail sales, highlighting its unique emotional connection with consumers [3]. Group 3: Future Opportunities - The emergence of AI applications in emotional companionship is expected to create new market opportunities, enhancing consumer experiences in gaming and other sectors [4]. - The importance of the media sector in the A-share market is projected to increase, with notable successes in various cultural products indicating a cultural consumption boom [4]. - Companies that can consistently create joy for consumers may have limitless market potential, similar to Disney's historical market cap achievements [6]. Group 4: Valuation Perspective - The belief that industry trends are more critical than valuation metrics shapes the investment approach, allowing for tolerance of high absolute valuations if justified by growth potential [6]. - The manager highlights the disparity in valuation perceptions between traditional analysts and those focused on emerging technologies, suggesting that this difference can lead to excess returns [6].

Core Viewpoint - The cloud computing sector is experiencing significant growth driven by advancements in AI technology, with notable increases in revenue and net profit for key players in the industry [1][5]. Group 1: Cloud Computing ETF Performance - The cloud computing ETF, Huatai-PineBridge (159273), saw a nearly 2% increase, with a trading volume exceeding 320 million yuan and a premium of 0.41% [1]. - The ETF received a net subscription of 14 million units for three consecutive days, indicating strong investor interest [1]. Group 2: Key Company Performances - A leading industrial internet company reported record highs in revenue and net profit for the first half of 2025, attributed to growth in AI business [1]. - Major stocks within the cloud computing ETF, such as Huasheng Tiancai and Tianyuan Dike, experienced gains exceeding 7%, while Alibaba and Hengsheng Electronics rose over 1% [3][4]. Group 3: AI and Cloud Computing Synergy - The continuous iteration of AI large models is enhancing reasoning capabilities, which is expected to drive downstream AI applications and the AI Agent ecosystem [4]. - The commercialization of AI applications and AI Agents is accelerating, leading to increased demand for cloud services, with a focus on investment opportunities in the cloud computing sector [5]. Group 4: International Market Dynamics - AI is enhancing the efficiency of existing business models for major international companies, with significant increases in user engagement and monetization [6]. - In Q2 2025, Azure and Google Cloud reported revenue growth of 39% and 32% respectively, indicating a supply-demand imbalance in AI services [6].

Core Viewpoint - The AI-focused ETF, Huaxia (589010), has shown strong performance with a 15.69% increase over the past 20 trading days, significantly outperforming the Shanghai Composite Index, indicating the robust elasticity of the "AI + Sci-Tech Board" sector [1][2] Group 1: ETF Performance - As of 14:20 today, Huaxia AI ETF is down 0.35%, but has demonstrated a solid upward trend recently [1] - The ETF has a turnover rate of 22.20% and a total trading volume of 16.75 million, reflecting active market participation [1] Group 2: Holdings Performance - Cambricon Technologies leads with a 2.82% increase, while Chipone Technology rises by 2.68% [1] - Lingyun Technology has the largest decline at 3.78%, with other companies like Amlogic and Daotong Technology also experiencing drops of over 2% [1] Group 3: Major News - On August 5, after market close, Jintai Holdings announced a significant AI pharmaceutical collaboration with DoveTree, securing a $51 million upfront payment and potential further payments totaling $4.9 million and milestone payments of $58.9 billion, bringing the total deal value to $59.9 billion [1] - This collaboration sets a new record in the "AI + Robotics" new drug development sector [1] Group 4: Industry Outlook - Longcheng Securities suggests that the continuous upgrade of global foundational large models, along with decreasing costs and improved effectiveness, will drive the prosperity of multimodal AI applications and the AI Agent ecosystem [1] - The report emphasizes the potential of AI-driven digital interactions to become a hot sector in the media and internet industry [1]

Investment Rating - The industry rating is "Outperform the Market" with expectations for the overall industry performance to surpass the market in the next six months [14]. Core Insights - The acceleration of large model iterations both domestically and internationally is expected to foster a prosperous AI application ecosystem, particularly in multi-modal applications and AI Agents [2][3]. - The report highlights that 2025 is anticipated to be a pivotal year for the commercialization of AI multi-modal applications and AI Agents, with significant advancements expected in these areas [3]. Summary by Sections Domestic Developments - On July 28, Zhiyu released its flagship model GLM-4.5, achieving state-of-the-art performance in 12 benchmark tests across reasoning, programming, and agent capabilities [1]. - Alibaba launched the video generation model Tongyi Wanshang Wan2.2, which is the first in the industry to utilize a Mixture of Experts (MoE) architecture, featuring a total parameter count of 27 billion and an activation parameter count of 14 billion, resulting in approximately 50% savings in computational resources [1]. International Developments - Google DeepMind introduced Genie 3, a third-generation universal world model capable of real-time interaction and enhanced memory, which is expected to accelerate the transition of models to application layers [2]. - Anthropic released Claude Opus 4.1, achieving a score of 74.5% on the SWE-Bench Verified, indicating significant improvements in programming capabilities and efficiency in handling complex multi-step problems [2]. - OpenAI reintroduced two open-weight language models, GPT-OSS-120B and GPT-OSS-20B, supporting various reasoning intensities and designed for personal devices [2]. Application Focus - The report suggests focusing on the commercialization progress of AI multi-modal applications and AI Agents, with notable advancements in areas such as image and video generation, where companies like Meitu and Kuaishou are leading [3][6]. - The AI Agent sector is also highlighted, with companies like Kingdee International and Maifushi making strides in developing enterprise-level AI solutions [6]. Related Companies - Key companies to watch include Alibaba, Baidu, Tencent, Meitu, Kuaishou, Kingdee International, and Maifushi, among others, which are positioned to benefit from advancements in AI technologies [6].

Investment Rating - The industry rating is "Outperform the Market" [5] Core Insights - The AI multimodal applications and AI Agent ecosystem are experiencing continuous prosperity, with significant improvements in product performance and commercialization capabilities [2][3] - The cloud computing industry is expected to benefit from the acceleration of AI applications and AI Agent commercialization, leading to increased demand for cloud services [4] Summary by Sections AI Multimodal Applications - Domestic AI multimodal applications, such as video generation products, are enhancing their capabilities and cost-effectiveness, exemplified by Kuaishou's launch of the new Kexing 2.1 model, which has shown superior performance in various aspects [3] - Kuaishou's annual revenue run rate for AI reached over 100 million USD by March 2025, with monthly payments exceeding 100 million RMB in April and May [3] AI Agent Ecosystem - 2025 is projected to be the year of commercialization for AI Agents, with various general and vertical Agent products being launched [3] - Companies like Maifushi have introduced AI-Agentforce 2.0, a platform for enterprise-level Agent development and operation, successfully applied in sectors such as retail and finance [3] - JiaoTou Technology's AI Agent product, AI Maike 4.0, has automated the entire foreign trade workflow and has over 11,000 members as of Q1 2025 [3] Cloud Computing Industry - The cloud computing sector is positioned as a foundational infrastructure for the AI era, expected to benefit from the growth of AI applications and Agent commercialization [4] - The report anticipates a stabilization and recovery of market share for internet cloud vendors, recommending attention to Alibaba Cloud and Tencent Cloud [4]