Core Viewpoint - The article discusses the AI game "Whispers from the Star," highlighting its narrative-driven gameplay and the limitations of its AI interaction, suggesting that while it aims for high player engagement, it ultimately falls short in providing meaningful choices and freedom [5][35][82]. Summary by Sections Game Overview - "Whispers" is an AI-driven adventure survival game where players guide the protagonist, Stella, through voice dialogue [5][6]. - The game was first revealed four months prior and underwent a closed iOS test before the Steam demo release [3][5]. Gameplay Experience - The demo lasts approximately 30 minutes, starting with a video call from Stella, who is stranded on a planet called Gaia [8][10]. - Players must engage in multiple dialogues to uncover the story, which involves helping Stella escape her predicament [15][20]. - The game features a linear narrative structure, with limited player agency in advancing the plot, leading to a sense of frustration [25][35]. AI Interaction - Stella exhibits a complex personality, allowing for a range of conversational topics, but the gameplay mechanics restrict meaningful player choices [29][31]. - The AI's responses are designed to feel personal and engaging, yet the linearity of the gameplay undermines the potential for deeper interaction [35][54]. Technical Aspects - The demo showcases high-quality graphics and character modeling, with a focus on realistic dialogue and emotional depth [35][68]. - The integration of various AI technologies enhances the interaction, making Stella's responses feel more lifelike compared to traditional AI characters [66][71]. Comparison with Other Games - The game draws comparisons to "Lifeline," a text-based adventure game, but aims to innovate within the AI gaming space by offering a deeper RPG experience [40][53]. - Other games in the genre have explored different mechanics, but "Whispers" seeks to create a unique narrative-driven experience [45][80]. Future Potential - The article suggests that "Whispers" is still in its early stages, with potential for growth and improvement in gameplay mechanics and narrative depth [38][87]. - The development team is focused on refining the AI's capabilities and expanding the game's content to enhance player engagement [82][87].

Core Viewpoint - The AI Fund Yongying Consumer Leader Smart Selection Mixed Fund A (016549) reported a profit of 1.1206 million yuan for Q2 2025, with a net value growth rate of 14.04% during the period [2]. Fund Performance - As of July 16, the fund's unit net value was 0.797 yuan, with a one-year cumulative net value growth rate of 20.43%, ranking 40 out of 139 comparable funds [2][3]. - The fund's three-month and six-month net value growth rates were 16.84% and 15.11%, ranking 6 out of 139 and 24 out of 139 respectively [3]. Fund Management Insights - The fund manager indicated a focus on opportunities in the media sector, particularly in gaming, AI applications, and short dramas, despite a challenging overall consumer environment [2]. - The gaming sector is expected to see performance boosts from new product launches and seasonal demand, while AI applications are gaining traction among leading companies [2]. Fund Characteristics - The fund has a high concentration of holdings, with the top ten stocks including companies like Kaiying Network, Perfect World, and Shanghai Film [18]. - The fund's average stock position since inception is 82.51%, with a peak of 92.84% in Q3 2023 [15]. Risk Metrics - The fund has a maximum drawdown of 41.83% since inception, with the largest quarterly drawdown occurring in Q2 2023 at 19.17% [12].

Group 1: Artificial Intelligence - The ongoing AI arms race is driving significant demand for computing power, with domestic and international cloud vendors increasing capital expenditures [1][3] - The global market for optical modules is expected to grow at a CAGR of 22% from 2024 to 2029, potentially exceeding $37 billion by 2029 [1] - Chinese optical module companies hold over 60% of the global market share, with the latest 2024 global optical module TOP10 list showing Chinese firms occupying 7 positions [3] Group 2: Innovative Pharmaceuticals - The number and value of License out agreements for Chinese innovative drugs are accelerating, with total License out amounts nearing $66 billion in the first half of 2025, surpassing the total for 2024 [3] - The domestic pharmaceutical industry is entering a phase of innovation realization after over a decade of substantial capital investment, which is expected to enhance the performance of innovative drug companies [3][6] - Policy improvements and expanded payment mechanisms are likely to support the profitability of leading biopharmaceutical companies, potentially leading to a "Davis Double" effect in the industry [6] Group 3: Securities - The A-share market is experiencing active trading, with an average daily turnover of nearly 1.4 trillion yuan in the first half of 2025, a 62% year-on-year increase [7] - The recovery of brokerage firms' brokerage and proprietary business performance is driving better-than-expected mid-year forecasts [7] - The equity market is supported by a stable and active capital market, with ongoing high trading activity and a recovering Hong Kong IPO market [7] Group 4: Consumer Sector - The home appliance sector is benefiting from national subsidies, with domestic sales showing strong growth, reporting a 30.2% year-on-year increase in retail sales from January to May 2025 [8] - Export demand is expected to normalize as previously suppressed overseas shipments are released, aided by the upcoming traditional sales peak season [8] Group 5: Gaming Industry - The gaming sector is experiencing a recovery, with performance boosted by new game launches, policy support, and accelerated overseas expansion [9] - The actual sales revenue of China's gaming market reached 141.1 billion yuan in the first five months of 2025, reflecting a 17% year-on-year growth [9] - Emerging consumption trends, particularly in IP derivatives, are gaining market attention, with products like "LABUBU" from Pop Mart receiving widespread popularity overseas [9]

黄仁勋：华为芯片在AI训练中取代英伟达只是时间问题 7月16日，英伟达CEO黄仁勋在接受第一财经等媒体采访时，被问及AI训练时华为AI芯片能否取代英伟 达，他称这只是时间问题。"重点在于，我们已经做了30年，他们（华为）已经做了几年，而华为已经 能告诉大家他们有多强大了。现在没有一个人比我付出更多精力来建造（AI生态），我已经在极高的 水平、以难以执行的规模（在做这件事），而华为已经能和我们相提并论，这说明了一些问题。"黄仁 勋表示。（第一财经） 黄仁勋再度减持，套现3800万美元 【观网财经丨智能早报 7月17日】 米哈游成立无定谷科技公司，注册资本5亿 天眼查App显示，7月16日，上海米哈游无定谷科技有限公司成立，法定代表人为于晨曦，注册资本5亿 人民币，经营范围包括软件开发、动漫游戏开发、数字文化创意软件开发、人工智能应用软件开发等， 由上海米哈游网络科技股份有限公司全资持股。 SpaceX计划进行内部股份出售，估值攀升至约4000亿美元 7月16日，有知情人士表示，埃隆·马斯克旗下火箭和卫星制造商SpaceX正计划进行一轮内部股份出售， 对该公司的估值达到约4000亿美元。此次股份出售的价格为每股2 ...

Summary of the Conference Call Industry Overview - The conference call discusses the **media industry**, specifically focusing on the rise of **short dramas** and their impact on the industry by 2025, drawing parallels to the **2005 online gaming** boom [1][5][9]. Key Points and Arguments - **Short Dramas as a New Content Form**: Short dramas signify the internet productization of film and television content, reshaping production, distribution, and monetization processes. They are characterized by scalability, low cost, rapid iteration, and high success rates, optimizing the media business model [1][2][7]. - **AI's Impact on the Media Industry**: AI technology is expected to have a more significant impact on the film and television industry than on gaming, enhancing production capacity, methods, and distribution, making it easier to generate content [1][6][15]. - **Historical Context of Media Industry Trends**: The media sector has experienced multiple phases, with a significant downturn after 2015, hitting a low in 2022. The anticipated recovery starting in 2024 is expected to last for seven to eight years, similar to the recovery seen in 2005 [1][8][9]. - **Integration Logic and Acquisition Opportunities**: The expected upturn in the media industry in 2025 is based on integration logic and opportunities to acquire promising companies. The transition from PGC (Professionally Generated Content) to UGC (User Generated Content) is a key indicator of this upturn [5][16]. - **Short Dramas and User Engagement**: Short dramas cater to users' habits of consuming quick stories, utilizing web literature promotion and algorithmic recommendations to reach niche audiences. This decentralized creation process allows for low-cost experimentation and rapid feedback [1][7][14]. Additional Important Insights - **Comparison with Online Gaming**: Short dramas are likened to online games in their ability to create blockbuster content. They serve as a bridge between long-form dramas and interactive media, potentially leading to new content forms in the AI era [2][4][18]. - **Investment Considerations**: When selecting stocks in the media sector, it is advised to focus on companies with strong integration capabilities, such as Wanda Film, and those with significant potential that may not be widely recognized [3][19]. - **Future of the Media Industry**: The media industry is undergoing a consolidation trend, with leading companies playing a crucial role. The emergence of new content forms and blockbuster productions is expected to drive this transformation [16][18]. This summary encapsulates the essential insights from the conference call, highlighting the transformative potential of short dramas and AI in the media industry, along with investment strategies and historical context.

Group 1: Short Drama Industry - The short drama gaming sector is experiencing increased popularity, with companies like Tiandi Online and Hengdian Film achieving significant stock gains [1] - DataEye reports that by the first half of 2025, micro-short drama users will reach 696 million, with a half-year increase of 34 million, and average daily viewing time at 101 minutes [1] - The National Radio and Television Administration is promoting the quality and standardization of micro-short dramas while encouraging cross-industry integration [1][2] Group 2: Pharmaceutical Industry - Pharmaceutical stocks are seeing significant gains, with companies like Lizhu Group and Hasi Lian reaching their daily price limits [2] - The National Medical Products Administration has announced the selection of 55 products for the 11th batch of centralized procurement, focusing on maintaining clinical stability and quality [2] - Analysts believe that the rise of innovative drugs is sustainable, with a projected market size of 50.4 billion yuan in 2024, a 35% increase year-on-year [3] Group 3: Nuclear Fusion Industry - The 2025 China International Nuclear Energy and Nuclear Fusion Industry Conference is being held in Shanghai, showcasing innovations across the nuclear fusion technology spectrum [3][4] - The number of members in China's controllable nuclear fusion innovation consortium is expected to increase significantly by the end of 2024, with active financing in commercial nuclear fusion enterprises [4] - Approximately 70% of commercial fusion companies anticipate achieving their first commercial demonstration pile by 2035 [4] Group 4: Intellectual Property - The Ministry of Public Security has issued guidelines to combat intellectual property crimes, emphasizing the protection of technological innovation [5] - The Chinese intellectual property service market is projected to reach 285 billion yuan in 2023, with expectations of continued high growth [5] Group 5: eSIM Technology - China Unicom has launched eSIM mobile services, marking a significant step towards commercial trials of this technology [6][7] - The demand for eSIM is expected to grow due to the rise of AI models and the increasing number of IoT connections [7] Group 6: Environmental Protection - The Ministry of Water Resources is implementing strategies for comprehensive river protection and governance, focusing on water resource conservation and ecological protection [8] Group 7: Macro and Industry News - The State Council is focusing on policies to strengthen domestic circulation and regulate the competition in the new energy vehicle industry [9][10] - The National Energy Administration reported a record national power load exceeding 1.5 billion kilowatts [12]

Core Viewpoint - Huang Renxun, CEO of Nvidia, emphasizes the importance of the Chinese market and the rapid innovation in AI driven by Chinese developers and companies during his speech at the Chain Conference [1][2][6]. Group 1: H20 and Supply Chain - Nvidia is set to resume sales of H20 in China and has announced a new GPU compatible with the Chinese market, with many orders already received [4][5]. - The supply chain for Nvidia's AI supercomputers takes approximately nine months from order to delivery, and the company is working to accelerate this process [4]. Group 2: Recognition of Chinese Tech Companies - Huang Renxun praised 11 Chinese tech companies, including Tencent, Alibaba, and Baidu, highlighting their contributions to global AI development and innovation [6][7]. - He noted that there are currently around 1 million developers in China engaged in AI, which is driving rapid advancements in the field [6]. Group 3: Huawei and Manufacturing - Huang Renxun stated that underestimating Huawei and China's manufacturing capabilities is naive, recognizing Huawei as a powerful tech company with advanced technology [8][9]. - He acknowledged that while Huawei has made significant progress, Nvidia has a longer history in the field, but Huawei is already a formidable competitor [9]. Group 4: Trade Policies and Nvidia's Market Position - Huang Renxun discussed the need for companies to adapt to changing global trade policies, emphasizing Nvidia's strong adaptability [10]. - He expressed pride in Nvidia's growth, noting that the company has become a leading provider of AI computing infrastructure, marking a significant milestone in its history [12].

Group 1 - Tencent has made a significant organizational adjustment by dissolving the original Ubisoft cooperation department and establishing a new K9 cooperation department, indicating a shift from a traditional agency model to a more integrated partnership approach [1][4] - The establishment of the K9 cooperation department is part of Tencent's strategy to deeply embed itself in the lifecycle management of Ubisoft's core IPs, moving away from merely acting as a distributor [3][4] - Tencent's investment of €1.16 billion in Ubisoft's newly formed core IP subsidiary signals a strategic intent to incorporate Ubisoft into its "evergreen" operational framework, focusing on sustaining and expanding the lifecycle of IPs [3][13] Group 2 - Ubisoft has struggled with innovation, leading to stagnation in its major franchises, which has resulted in a perception of its games as repetitive and lacking fresh engagement [5][7] - The gaming industry is witnessing a shift in understanding content lifecycles, with companies needing to combat inertia and creative fatigue, a challenge that Ubisoft faces as it attempts to adapt to modern content demands [7][10] - Tencent's approach to game lifecycle management, characterized by continuous content supply and operational agility, contrasts with Ubisoft's traditional model, which may require a cultural shift within Ubisoft to fully embrace Tencent's methodologies [16][17] Group 3 - Tencent's long-term strategy involves not only enhancing its domestic IPs but also expanding its global footprint, as evidenced by its need to develop more globally relevant evergreen IPs [10][11] - The collaboration between Tencent and Ubisoft is seen as a potential remedy for Ubisoft's current challenges, with Tencent aiming to leverage its operational expertise to revitalize Ubisoft's IPs [13][19] - The ongoing partnership is an experiment to determine whether Tencent's "evergreen logic" can effectively rejuvenate Ubisoft's IPs, with both companies seeking to adapt to the evolving gaming landscape [19]

Market Overview - The current market trend shows that focusing on EPS (Earnings Per Share) is crucial, as stock prices tend to respond positively when EPS is correctly predicted, leading to potential valuation increases [2][3] - The relationship between fundamentals and narratives is emphasized, where strong EPS combined with a compelling narrative can lead to significant stock price appreciation [2][3] - Certain sectors, such as innovative pharmaceuticals and new consumption, are exhibiting signs of a "crazy bull market," with companies showing price increases despite poor fundamentals [2][3] Gaming Industry Characteristics - The gaming industry has a large market size, with domestic companies capturing nearly 40% of the overseas mobile game market and a growing share in PC and console gaming [4][5] - The global gaming market is estimated to be between 15,000 to 18,000 billion, with high gross margins and net profit rates, indicating a lucrative industry [4][5] - The gaming sector is considered a sunrise industry, with increasing gaming populations and spending potential, particularly in East Asia [4][5] Industry Trends - The gaming industry is expected to experience significant growth over the next few years, driven by innovations in gameplay and the rise of cross-platform gaming [9][11] - Major gameplay innovations include the rise of open-world games, which have seen substantial success, particularly with titles like Genshin Impact [9][10] - The trend of single-player games is also resurging, with potential for significant market share in the domestic market [10][11] Investment Methodology - Long-term investment targets should focus on companies with strong EPS growth and shareholder returns, with a preference for those capable of expanding their product categories [12][13] - Mid-term investment opportunities arise from new product launches, with the potential for significant returns based on market conditions and product performance [12][13] - Companies like Tencent and NetEase are highlighted as successful long-term investments due to their consistent performance and growth potential [12][13] Listed Gaming Companies - Tencent remains a dominant player, although it faces challenges from high baseline revenues in certain games [15][16] - NetEase's project approval process is scrutinized, as it may hinder the development of potentially successful games [15][16] - Other companies like Kingsoft and Huya are discussed, with varying degrees of market performance and potential for growth [15][16][17]

Core Viewpoint - NVIDIA is positioned as a driving force behind the global AI ecosystem, showcasing its significant contributions to various industries and its collaboration with leading Chinese companies [3][4]. Group 1: Company Overview - NVIDIA was founded in 1993 with a vision to revolutionize PC gaming through 3D graphics technology, becoming a key player in the gaming industry [1]. - The company developed the first programmable graphics processing unit (GPU) in 1999, paving the way for accelerated computing [2]. - The introduction of CUDA technology in 2006 transformed GPUs into general-purpose computing engines, laying the groundwork for the AI era [2]. Group 2: AI Development and Impact - The success of AlexNet on NVIDIA GPUs ten years ago triggered an explosive growth in artificial intelligence [2]. - NVIDIA has expanded AI computing applications significantly, achieving a performance increase of 100,000 times, which is 1,000 times faster than Moore's Law [2]. - AI is transforming every industry, including scientific research, healthcare, energy development, transportation, and logistics [4]. Group 3: Collaboration with Chinese Companies - AI powers major Chinese platforms such as Tencent WeChat, Alibaba Taobao, and ByteDance Douyin, enhancing their capabilities [5]. - Over 1.5 million developers in China are utilizing NVIDIA's platform to bring their innovations to life [6]. - Chinese-developed open-source AI models like DeepSeek and Baidu Ernie Bot are contributing to the rapid advancement of global AI [6]. Group 4: Future of AI and Robotics - AI is reshaping supply chains and changing production and logistics methods, with hundreds of projects using NVIDIA Omniverse for digital twin simulations [7]. - The next wave of AI will involve robotic systems capable of reasoning and executing tasks, leading to AI-driven factories and human-robot collaboration [7].