湖南日报全媒体记者 谢卓芳 1月9日，在长沙河西的青山路，冬日暖阳照在万兴科技（长沙）创意科学园一期项目的建设工地上。 万兴科技是一家AIGC（生成式人工智能）软件A股上市公司，业务覆盖200多个国家和地区，累计活跃 用户突破20亿，被誉为"中国版Adobe"。 从2018年返湘时租赁一层办公楼，到打造万兴创意科技大厦，再到如今投资近10亿元自建创意科学园， 万兴科技在长沙完成了令人瞩目的"三级跳"。 在一期项目封底仪式上，万兴科技创始人吴太兵表示："这里远不只是物理空间的拓展，更是公司汇聚 创新、孵化创意的新起点。" 根据该公司规划，这里将升级为公司的国际化全球总部，成为集研发、产业、生活、生态于一体的全球 化"创意聚落"。未来，园区不仅服务于万兴科技自身，更将向音视频、文创等上下游的合作伙伴敞开大 门，特别是为大学生初创团队提供孵化空间，目标是形成一个共生共荣、活力澎湃的产业生态圈。 "我们提出'拿深圳同等高薪，住长沙宜居房子，干全球AI事业'，就是希望吸引全球英才来湘发展。"万 兴科技人力资源负责人介绍，自2018年以来，公司已汇聚近千名科技与创意人才。为加大在湘人才引进 力度，公司面向2026届毕业生 ...

"如果在黄鹤楼，遇到一个会吟诗的'李白'为你讲解历史；在江汉路，碰到一位'潮人'为你搞定游玩路 线……这样的武汉之旅，会不会更有趣？"今年武汉市两会，市政协委员、华视集团董事长陈继承带来 的提案中，建议运用AIGC（生成式人工智能）与数字人技术，为武汉打造沉浸式文旅新场景。 市政协委员陈继承。记者詹松 摄 "技术不仅能'复刻'历史，更能连接当下。"陈继承表示，数字人可搭载于景区智能大屏、移动透明屏幕 甚至机器人上，实现"线上传播+线下体验"全覆盖。对于外国游客，数字人掌握百余种语言，能轻松切 换英语、法语等提供导览，可以极大提升服务的包容性与效率。 事实上，这也是陈继承连续多年就文旅板块提出建议。去年，他关于"将武汉打造成超级网红城市"的提 案，已获文旅、宣传等部门采纳并推进。今年，他的建议更为具体：构建代表武汉不同文化特质的数字 人IP矩阵；建设能听会说、有问必答的智能交互系统；设计一条串联黄鹤楼、东湖、省博、江汉路等核 心资源的"数字游览主线"，让游客在虚实融合的剧情任务中，更深度地探索城市脉络。 "文旅不仅是看风景，更是体验文化、产生共鸣。"陈继承认为，运用AIGC与数字人技术，正是以科技 之"新"承文 ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 rose by 14.2% year over year to RMB 35.6 billion, driven by growth across all business segments [3][29][30] - Adjusted net profit increased by 26.3% year over year to RMB 5 billion, with an adjusted net margin of 14% [3][33] - Operating profit surged by 69.9% year over year to RMB 5.3 billion, reflecting improved operating efficiency [29][31] Business Line Data and Key Metrics Changes - Revenue from online marketing services reached RMB 20.1 billion, up 14% year over year, with growth attributed to AI-driven enhancements in marketing solutions [12][30][46] - E-commerce GMV grew by 15.2% year over year to RMB 385 billion, supported by merchant incentives and traffic optimization [17][18] - Live streaming revenue increased by 2.5% year over year to RMB 9.6 billion, driven by high-quality content and AI innovations [24][31] Market Data and Key Metrics Changes - Average Daily Active Users (DAUs) on the Kuaishou app reached 416 million, marking the third consecutive quarter of record highs [3][10] - Monthly Active Users (MAUs) reached 731 million, reflecting sustained user growth and engagement [9][10] - Total spending from online marketing services driven by AI-generated marketing materials exceeded RMB 3 billion in Q3 [9] Company Strategy and Development Direction - The company continues to advance its AI strategy, focusing on scenario-based applications and innovative use cases to enhance operational efficiency and profitability [3][4] - Kuaishou aims to empower creators through its Kling AI platform, which has achieved significant advancements in video generation capabilities [5][6] - The strategic focus is on AI-powered film and television production, with plans to expand applications beyond traditional media [36][37] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects, emphasizing the importance of AI in driving innovation and operational efficiency [33][34] - The competitive landscape for video generation AI is expected to evolve rapidly, with Kuaishou positioning itself to leverage its technological advancements [35][36] - Future investments will prioritize user needs and AI capabilities to enhance the overall business ecosystem [28][34] Other Important Information - The company declared a special dividend of HKD 2 billion in Q3, reflecting confidence in its financial position [33] - Total cash and cash equivalents amounted to RMB 106.6 billion as of September 30, 2025, indicating a robust balance sheet [33] Q&A Session Summary Question: Insights on Kling AI's competitive strategy - Management highlighted the attractiveness of the video generation market and the ongoing innovation driven by increasing competition [35] - The focus remains on empowering creators and enhancing technology for film and television production [36] Question: AI's role in content ecosystem and operational efficiency - AI technologies have been integrated across Kuaishou's operations, improving content understanding, generation, and recommendations [41][43] - The company is leveraging AI to enhance customer service efficiency, with over 70% of inquiries handled by AI systems [43] Question: Online marketing services revenue acceleration - Online marketing services revenue grew by 14% year over year, driven by increased impressions and higher CPM due to AI enhancements [46] - The company continues to optimize its marketing solutions to improve conversion rates and client spending [49]

Core Viewpoint - Lingzhi Software plans to acquire 100% equity of Kaimirui Technology through a combination of share issuance and cash payment, which is expected to constitute a significant asset restructuring [2][5]. Group 1: Transaction Details - The share purchase price is set at 15.31 yuan per share, which is not less than 80% of the average trading price over the last 60 trading days prior to the pricing benchmark [5]. - The transaction is anticipated to involve related party transactions, as certain parties will hold more than 5% of the company's shares post-transaction [5]. - The controlling shareholders of Kaimirui are Rao Xi and Dong Kunlin, who collectively control 61.94% of the equity [5]. Group 2: Strategic Intent - The acquisition aims to enhance Lingzhi Software's comprehensive service capabilities and market competitiveness in the financial technology sector, particularly in response to domestic financial institutions' needs for core system localization and data security [7]. - Lingzhi Software provides a full range of software development services across various financial sectors, while Kaimirui focuses on integrated solutions for financial institutions, including risk management and digital transformation [7]. Group 3: Financial Impact - Post-transaction, Lingzhi Software's total assets, net assets, revenue, and net profit are expected to improve, thereby enhancing its ongoing operational capabilities [8]. - As of Q3 2025, Lingzhi Software's total assets are projected to be 1.749 billion yuan, with net assets of 1.232 billion yuan, while Kaimirui's total assets are 366 million yuan and net assets are 195 million yuan [8]. - Kaimirui's recent financial performance shows a declining trend, with revenues of 292 million yuan, 229 million yuan, and 117 million yuan for 2023, 2024, and the first three quarters of 2025, respectively [11]. Group 4: Industry Challenges - The financial technology sector is experiencing increased competition, leading to aggressive pricing strategies that may compress profit margins and pose risks to Kaimirui's profitability and service quality [13]. - Lingzhi Software has indicated that if the industry continues to face persistent price competition, it could erode Kaimirui's reasonable profits and impact its long-term market competitiveness [13].

【 导读 】凌志软件拟购买凯美瑞德100%股权， 自11月11日开市起复牌 中国基金报记者 闻言 11月10日 晚间 ，凌志软件 发布的交易预案显示， 公司 拟 通过发行股份及支付现金的方式，购买凯美瑞德（苏州）信息科技股份有限公 司 （ 以下简称凯美瑞德 ） 100% 的 股权，并募集配套资金，预计构成重大资产重组。 凌志软件拟通过本次交易，提升在金融信创领域的核心竞争力及产品化水平，但凯美瑞德在近年来的业绩呈现下滑趋势，所处行业面临价 格压力与盈利空间收窄的挑战。 凌 志 软 件 自 1 0 月 2 8 日 开 市 起 停 牌，计 划 自 1 1 月 1 1 日 开 市 起 复 牌 。 截 至 1 0 月 2 7 日 收 盘，凌 志 软 件 股 价 报 1 7.7 7 元 / 股，涨 幅 达 3. 0 7 %，总 市 值 为 7 1.0 8 亿 元 。 预计构成关联交易 拟借交易提升竞争力 交易预案显示，本次交易中发行股份购买资产的价格为15.31元/股，不低于定价基准日前60个交易日凌志软件股票交易均价的80%。 凌志软件公告称，经初步测算，交易完成后部分交易对方及其一致行动人所持公司股份比例超过5%。 ...

Core Viewpoint - The "2025 Reading Literature Creation Conference" highlighted the growing potential of the secondary cultural market, with the company aiming to leverage its extensive IP portfolio to capitalize on emerging trends in consumer behavior and content creation [2][3]. Group 1: Market Trends and Opportunities - The company identified four key trends: the importance of compelling stories in a content-saturated environment, the role of originality in the age of AIGC (Artificial Intelligence Generated Content), the leverage of IP in the new consumer era, and the global co-creation of Chinese stories [2]. - The secondary market, referred to as "谷子" (derivative products), is seen as a crucial amplifier for IP, transforming emotional and experiential value into tangible consumer products [3][4]. - The potential of the derivative product market is significant, with the company's GMV for these products reaching 480 million yuan in the first half of the year, nearing the total expected for 2024 [4]. Group 2: Strategic Initiatives - The company plans to implement a "Global Trendy Toy Co-Creation Plan" in collaboration with top artists to develop recognized trendy toy IPs, moving beyond simple licensing [4][5]. - The upgraded "Creative Partner Program" aims to support the development of the manga and short drama sectors, with a dedicated fund of 100 million yuan to assist creators in cross-industry projects [6][8]. - The company has already developed 30 manga works, achieving over 50 million views, indicating a strong market interest in this format [6][8]. Group 3: Technological Integration - AI tools, such as the "Manga Assistant," are being utilized to streamline the entire process from IP selection to script adaptation, enhancing efficiency in manga production [9][10]. - The integration of AI technology is expected to unlock new possibilities for visualizing literary IPs, contributing to the overall growth of the company's IP ecosystem [10].

Core Viewpoint - The domestic large model industry is experiencing rapid growth, particularly in the areas of AIGC (Generative Artificial Intelligence), multimodal models, and vertical industry models, leading to a significant increase in demand for computing infrastructure [1] Group 1: Industry Growth - The demand for computing infrastructure is significantly increasing due to the accelerated application of AIGC, multimodal models, and vertical industry models [1] - The company has launched the Yuanxing training and inference integrated machine, built on the Muxi GPU, to cater to full-stack application scenarios for large models like DeepSeek-R1/V3 [1] Group 2: Product Offering - The Yuanxing machine provides a one-stop delivery capability from underlying computing power to model deployment, meeting the needs of various industries such as government, enterprise, scientific research, finance, and manufacturing [1] - The company has completed a small number of delivery applications of the Yuanxing training and inference integrated machine in several customer scenarios, accumulating industry practical experience [1] Group 3: Future Outlook - As various vertical application scenarios mature, the delivery scale and market demand for such products are expected to continue to grow in the future [1]

Core Insights - The "2025 Inclusion·Bund Conference" will take place from September 10 to 13 in Shanghai, focusing on the theme of "Reshaping Innovative Growth" and gathering global tech leaders, young scientists, entrepreneurs, and tech enthusiasts [1][5] Event Highlights - The conference will feature a series of activities including one main forum, over 40 open insight forums, 18 innovation stages, and three AI technology competitions, along with a new venture capital Meetup and a 5,000 square meter "Robot Town" [5][11] - The event has attracted nearly 20,000 young tech talents globally, with participation in various activities such as the innovation stage and AI competitions [7][11] Notable Participants - The conference will host 16 academicians and Turing Award winners, including Richard Sutton and Jack Dongarra, along with over 550 industry experts and business leaders [7] - Young AI tech talents will play a significant role, with nearly 100 AI scientists and tech entrepreneurs participating [7] AI Competitions - The AI competitions will focus on three main areas: AI smart hardware, financial intelligence, and AI security, with over 8,000 teams from nearly 20 countries registered [8] Technology Exhibition - The conference will feature a 10,000 square meter cutting-edge technology exhibition showcasing advanced technologies such as large models and controllable nuclear fusion [10] - A "Robot Town" will be established, featuring over 40 renowned domestic and international embodied intelligence companies and more than 100 types of intelligent robots [10] Recruitment and Networking - The event will also include a technology talent recruitment fair with over 1,500 job openings from more than 50 companies, alongside an industry matchmaking event attracting over 100 companies [11]

Group 1 - The article discusses the transformative impact of AI on the gaming industry, highlighting the emergence of AI-driven interactions between players and NPCs [6][19][22] - DeepSeek's R1 model has made significant waves in the gaming sector, similar to the impact of ChatGPT in early 2023 [6][8] - The gaming industry is increasingly adopting open-world designs, which require advanced computational power to enhance player engagement [12][14][15] Group 2 - Companies like NetEase and MiHoYo are pioneering AI integration in games, with NetEase's "Nirvana in Fire" featuring intelligent NPCs that can engage in dynamic conversations with players [17][19] - MiHoYo's upcoming game "Whispers from the Star" emphasizes AI-driven narratives, allowing players to influence story outcomes through interactions with AI characters [25][27] - The article notes a shift in game development paradigms, where only a small fraction of top-tier teams may create groundbreaking content, while others may need to reconsider their roles in the industry [25][30] Group 3 - The rapid evolution of AI technologies is reshaping the gaming landscape, moving from traditional analysis to generative capabilities that can create diverse content [30][34] - AI's role in game development is expanding beyond graphics to include voice acting and music composition, as seen in recent projects by companies like NetEase and Kunlun Wanwei [36][40] - The article suggests that the gaming industry serves as a testing ground for AI advancements, with implications that extend beyond gaming into broader entertainment and media sectors [34][41]

Group 1 - The emergence of AI in the gaming industry is marked by the release of DeepSeek's R1 model, which has significantly impacted both major companies and ordinary users [3][5] - The gaming industry is increasingly integrating AI to enhance player interactions with non-player characters (NPCs), aiming for a more immersive and nonlinear gaming experience [8][9] - The game "Whispers from the Star," developed by miHoYo, exemplifies the shift towards AI-driven gameplay, allowing players to interact with AI characters to influence story outcomes [16][20] Group 2 - The AI technology is transforming game development, leading to a divide where only a small percentage of top teams may create groundbreaking content, while others may need to reconsider their roles in the industry [18][20] - AI-generated content (AIGC) is becoming prevalent in various aspects of game production, from art design to voice acting, showcasing the versatility and potential of AI in enhancing gaming experiences [24][30] - The gaming industry serves as a testing ground for AI technologies, as it encompasses multiple forms of media and entertainment, making it a prime candidate for AI integration [29][30]