Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][8] Core Insights - The domestic video generation models are continuously advancing, driving industry development. The first global AI unit story collection "New World Loading" premiered recently, showcasing the capabilities of the Kuaishou Keling AI model [5] - Keling AI has achieved significant revenue growth, reaching 150 million yuan in Q1 2025, with nearly 70% of its revenue coming from paid subscriptions by professional users in the self-media and marketing sectors [5] - The top five domestic video generation models have made notable progress, with ByteDance's Seedance 1.0 ranked first, followed by Minimax Hailuo02 and Kuaishou Kling2.0 [5] Summary by Sections Industry Performance - The industry has shown strong relative returns over the past year, with a 34.3% increase in relative returns over 12 months and a 47.59% increase in absolute returns [4] Investment Recommendations - The report suggests focusing on companies such as Zhongwen Online, Yuedu Group, Kaiying Network, Shanghai Film, Kunlun Wanwei, and others, as they are expected to benefit from the ongoing advancements in video generation applications [5]

"这些盗图商家认为如果被发现，赔点钱就完事了。"张薇在网络平台上的发帖，引发许多创作者的共 鸣，有人表示自己也有相似经历，"他们这和偷有什么区别？" 6月13日，北京首例利用AI生成模型侵犯著作权的刑事保护案件宣判。北京市通州区人民检察院指控罗 某某、姚某某等4人利用AI软件篡改网络原创作品，制成拼图销售3000余件、牟利27万余元。通州区人 民法院以侵犯著作权罪判处多名被告人有期徒刑1年6个月至缓刑，并处罚金，涉案的福州市某电子商务 有限公司被判处罚金10万元。 "我画的画被人盗用了，还在网上售卖。"2024年5月27日，张薇向警方报案。 办案检察官介绍，本案受案之初遇到许多困难，"AI生成模型属于前沿科技，尚未有刑事判例可以作为 参考，高技术、新手段的犯罪方式是本案显著特点"。由于涉案拼图在网络平台销量较大，她意识到， 其背后或许还有更多被侵权的创作者。 检方提前介入该案，引导警方侦查取证。最终，56张光盘与3个移动硬盘装载的电子数据被送到检察官 手中——其中的数据量如果打印成文字，体量相当于数百万本网络小说。 检方对扣押物证鉴定结果、第三方电商平台投诉记录等电子数据进行深挖梳理，发现除张薇的作品外， 还 ...