Recent Key Events - The Federal Reserve announced a 25 basis point interest rate cut, lowering the target range to 3.50%-3.75%, with expectations for further cuts in 2026 and 2027 [1][9] - Japan's central bank raised its policy rate from 0.5% to 0.75%, the highest in 30 years, indicating a move towards achieving a 2% inflation target [1][9] Smart Driving Catalysts - On December 15, the Ministry of Industry and Information Technology approved two L3 autonomous driving models, Changan Deep Blue SL03 and BAIC Alpha S, for trial operations [2][10] - Tesla tested a Robotaxi service in Austin without a safety driver, marking a significant milestone in autonomous driving [2][10] - Waymo is reportedly in talks to raise over $15 billion, with a valuation nearing $100 billion [2][10] Consumer Goods Replacement Policy - The National Development and Reform Commission announced a large-scale equipment update and consumer goods replacement policy for 2026, including subsidies for electric and fuel vehicles, as well as various household appliances [3][11] Current Investment Recommendations - **Beike-W (2423.HK)**: Positioned as a restructuring force in the brokerage service industry, with significant growth potential in the existing real estate market [4][25] - **China Qinfa (0866.HK)**: Benefits from improved coal quality and expected price recovery, with significant growth opportunities [4][28] - **Alibaba-W (9988.HK)**: Steady model iteration and sustained interest in the Qianwen APP, with strong growth in e-commerce and cloud services [4][32] - **Tencent Holdings (0700.HK)**: Launching a mini-program growth plan to support developers in creating AI applications, with strong revenue growth [4][36] - **Kuaishou (1024.HK)**: Recent product launches received positive market feedback, with strong revenue growth driven by e-commerce [4][40] - **Google-A (GOOGL.O)**: Leading capabilities in AI models with continued penetration in edge applications, strong revenue growth in cloud services [4][44] - **Chipsun Technology (1478.HK)**: Expanding optical scenarios and building integrated capabilities, with significant revenue growth [4][49] - **Hesai (HSAI.O)**: Positive shipment growth in lidar products, indicating a strong long-term outlook [4][52]

行 业 研 究 传媒 2025 年 12 月 31 日 可灵 AI：商业化空间进一步提升 投资要点： 可灵"全能灵感周"，多个产品功能迭代。 行 业 动 态 跟 踪 可灵"全能灵感周"，第一天上线了"视频 O1 模型"，可以实现 仅需简单对话，即可使用图片、视频等各种素材；同时提高了视频的 稳定性，主题建构能够在复杂场景中保持一致。 第二天上线了"图片 O1 模型"，可以实现让元素高度统一，响应 专业级创作需求。 第三天上线了音画同出视频"可灵 2.6"。实现单次可以生成完整 的音视频。 第四天上线了"可灵数字人 2.0"，表演力全面进化，情绪传达更 生动细节，支持单次上限至 5 分钟。 第五天上线了"可灵 O1 主体库和对比模板"，支持多个主体，多 素材随心搭配。通过智能 AI 补图，可以创建专属形象。 可灵 AI 功能迭代带来商业化空间进一步提升。 以可灵 2.6 模型为例，同样生成 5 秒的视频，快手 1.6 模型"标准 模式"收费 20 个灵感值，高品质模式收费 35 个灵感值；而可灵 2.6 模型，仅支持高品质模型，收费 50 个灵感值。价格提升，进一步打开 商业化空间。 投资建议 建议关注快手及其 ...

文/吴佳楠 拿已经生成好的图片，给AI大模型提出"跑出一个灾难片场景"的指令，短短一分钟的时间，就能自动生 成如同电影质感般的流畅视频；即将消失的历史遗址能用AI进行数字修复，进行数字艺术再创作的现 代化动态演绎…… 在生成式AI的大航海时代，AI技术赋能"视频"这一复杂又具传播势能的内容形态，正叩开日常生活和艺 术创作的大门，通过技术、艺术与影视的跨界探索，重塑内容生产力。 面对这股AI浪潮，中国的科技巨头自然加速布局前沿技术。进入12月，可灵"上新"可灵O1新模型，并 在之后连续发布了音画同出模型可灵2.6、可灵数字人2.0、可灵O1主体库&对比模版等多个更新。 可灵AI产品及运营负责人温园旭在会上展示他们最新发布的可灵O1多模态视频模型时，给出了技术生 态视角的回应："随着模型的不断更新和迭代，有越来越多的创作者加入使用AI模型和工具，迸发出非 常好的创意，可灵AI珍视与各界伙伴合作的机会，共同推动'用AI规模化生产好内容'临界点的加速到 来。" 当AI视频生成迈入规模化应用前夜，如何通过"生态协作"重新定义AI视频创作的可能性边界，成为全球 艺术、学术、影视工业及AI技术领域的顶尖专家与前沿创作者共同 ...

文/吴佳楠 拿已经生成好的图片，给AI大模型提出"跑出一个灾难片场景"的指令，短短一分钟的时间，就能 自动生成如同电影质感般的流畅视频；即将消失的历史遗址能用AI进行数字修复，进行数字艺术 再创作的现代化动态演绎…… 在生成式AI的大航海时代，AI技术赋能"视频"这一复杂又具传播势能的内容形态，正叩开日 常生活和艺术创作的大门，通过技术、艺术与影视的跨界探索，重塑内容生产力。 当 AI 视 频 生 成 迈 入 规 模 化 应 用 前 夜 ， 如 何 通 过 " 生 态 协 作 " 重 新 定 义 AI 视 频 创 作 的 可 能 性 边 界 ， 成 为 全 球 艺 术 、 学 术 、 影 视 工 业 及 AI 技 术 领 域 的 顶 尖 专 家 与 前 沿 创 作 者 共 同 热 议 的 话 题。 面对这股AI浪潮，中国的科技巨头自然加速布局前沿技术。进入1 2月，可灵"上新"可灵O1新 模型，并在之后连续发布了音画同出模型可灵2 . 6、可灵数字人2 . 0、可灵O1主体库&对比模 版等多个更新。 在首届香港国际AI艺术节期间，由快手可灵AI主办的"AI创作全球生态论坛"上，紫荆文化集 团副总经理丁伟表示， ...

Strategy - The technology competition under the Kondratiev wave continues to open up valuation ceilings, with a focus on "bottleneck" and future industry high ground [14][15] - The current valuation of China's science and technology innovation is still lower than that during the internet boom in the 1990s, indicating potential for further upward movement [14][18] - The "14th Five-Year Plan" emphasizes seizing the high ground of technological development, focusing on key areas such as integrated circuits and advanced manufacturing [14][19] Electronics - The scaling law remains effective, with the introduction of multi-modal and agent models expected to accelerate AI computing demand [8][15] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature and product structure optimization, which can lead to non-linear performance improvements for companies [8][15] Computer - New models are being launched intensively, marking a shift in AI competition towards "strong reasoning + native multi-modal" capabilities [9][15] - Significant releases include Google's Gemini 3 and DeepSeek V3.2, which enhance multi-modal understanding and practical applications [9][15] Media - Long-term optimism for the acceleration of AI product applications and commercialization, with a focus on AI agents, companionship, multi-modal applications, education, and edge AI [9][15] Humanoid Robots - The industry is transitioning from concept validation to commercialization, with companies that have growth potential in key components or specific solutions likely to benefit [10][15] - Investment opportunities are identified in the incremental component sector, with a focus on aesthetic preferences in the market [10][15] Automotive - The launch of Horizon Robotics' HSD and J6P models marks a significant step in mass production, with companies like WeRide and Pony.ai also making strides in the market [10][15] - Recommendations include focusing on luxury car opportunities with strong product pipelines and valuation elasticity, as well as autonomous driving technologies [10][15] Selected Portfolio - The December selected portfolio includes upstream production tools like Zhuoyi Information, upstream computing infrastructure such as Jingwang Electronics, and downstream applications like Alibaba [11][15]

Core Viewpoint - The article emphasizes the transformative capabilities of Lovart's new text editing feature, which significantly enhances design efficiency and creativity, potentially replacing traditional design tools like Photoshop [8][41][101]. Group 1: Lovart Membership and Features - The author purchased a premium annual membership for Lovart during a promotional event, highlighting the value of the included tools like NanoBanana Pro and other AI applications [2][3][4]. - The membership provides access to advanced features such as text editing, which is seen as revolutionary for designers [8][9]. Group 2: Text Editing Functionality - Lovart's new text editing feature allows users to modify text within images easily, addressing a common pain point in design work where text cannot be edited after image generation [19][20]. - The process involves uploading an image, extracting text, and editing it directly in a user-friendly interface, which is a significant improvement over traditional methods [30][32]. Group 3: Enhanced Design Capabilities - The combination of text editing and other features like Touch Edit allows for seamless modifications of both text and styles, increasing overall design efficiency [75][66]. - The Mockup feature enables designers to apply their work onto various templates, streamlining the process of creating presentation-ready designs [76][78]. Group 4: Industry Impact - The article suggests that Lovart's capabilities represent a shift in the design industry, moving away from traditional tools and methods towards more intuitive, AI-driven solutions [41][100]. - The author reflects on the historical challenges faced by designers and contrasts them with the ease of use provided by Lovart, indicating a significant evolution in design practices [90][96].

Group 1: Amazon's Major Releases - Amazon Web Services (AWS) announced the fourth generation AI chip Trainium4, which boasts a performance increase of 6 times, along with Trainium3 UltraServers and the Amazon Nova 2 series self-developed models including Lite, Pro, Sonic, and Omni [1] - Amazon Bedrock introduced 18 new open-source models, including Qwen3, Kimi K2, and MiniMax M2, expanding its platform to over 100,000 customers [1] - The launch of AgentCore development tools and four advanced intelligent agents, such as AWS Transform Custom and Kiro Autonomous Agent, aims to accelerate the conversion of AI investments into commercial returns [1] Group 2: Mistral's New Model Launch - Mistral AI released the new Mistral 3 series models, including Ministral 3 (14B, 8B, 3B) and Mistral Large 3 (total parameters 675B, active parameters 41B), all under the Apache 2.0 open-source license [2] - Mistral Large 3 was trained from scratch on 3000 H200 GPUs and ranked second in the LMArena open-source non-inference model category, with each size offering a base version, instruction version, and inference version [2] - The comprehensive open-sourcing is seen as a strategic response to DeepSeek's aggressive open-source strategy, with Mistral seeking breakthroughs amid competition from major players in China and the U.S. [2] Group 3: KeLing's Audio-Visual Model - KeLing 2.6 launched the first audio-visual model that can generate images, natural speech, matching sound effects, and environmental ambiance simultaneously [3] - It offers two creative paths: text-to-audio-visual and image-to-audio-visual, supporting various application scenarios such as monologues, narrations, dialogues, music performances, and creative scenes [3] - The model is available on both web and app platforms, with membership benefits supporting standard and high-quality modes, and a limited-time promotional price of 6.6% off starting December 3 [3] Group 4: Qwen3-Learning Model by Alibaba - Alibaba's Qianwen launched the Qwen3-Learning model, featuring question answering and homework grading functions, based on a database of 500 million resources covering all educational stages and subjects, free of charge [4] - The model supports both printed and handwritten text recognition, allowing for simultaneous grading of multiple questions on a single page and providing improvement suggestions [4] - This model combines multi-modal understanding, precise text recognition, and a professional knowledge base, showcasing its capability to transition from general to specialized applications, with future potential in industrial inspection and medical assistance [4] Group 5: Ideal AI Glasses Launch - Ideal AI glasses Livis were officially released starting at a price of 1999 yuan (with a government subsidy price of 1699 yuan until December 31), featuring the world's lightest frame at only 36 grams and standard Zeiss lenses [5][6] - Key highlights include the industry's first vehicle control function, a 0.7-second cold start for capturing images, 800ms ultra-fast dialogue response, 78 hours of standby time, and the industry's first wireless charging glasses case [6] - Ideal plans a three-step strategy for AI glasses: first, to continuously optimize non-display glasses; second, to launch display glasses; and third, to develop independent terminals as part of its embodied intelligence strategy [6] Group 6: Tencent Advertising Algorithm Competition - The Tencent Advertising Algorithm Competition concluded after four months, with the "Echoch" team from Huazhong University of Science and Technology, Peking University, and University of Science and Technology of China winning the 2 million yuan prize, and all top ten teams receiving Tencent job offers [7] - The competition focused on "multi-modal generative recommendations," with over 2800 teams participating globally, and the champion's solution introduced innovations such as "position behavior conditioning" and the Muon optimizer [7] - The results indicate that current students show little gap with the industry and even exhibit greater creativity, with small teams able to accomplish tasks typically reserved for larger teams, reflecting new characteristics in AI-era talent cultivation [7] Group 7: Blue Arrow's Rocket Launch - Blue Arrow Aerospace successfully launched the Zhuque-3 rocket, marking China's first attempt at first-stage recovery in a real orbital mission, although the recovery task was unsuccessful [8] - The Zhuque-3 rocket measures 66.1 meters in length and has a takeoff mass of approximately 570 tons, equipped with nine Tianque-12A liquid oxygen methane engines and utilizing a stainless steel body and recovery plan [8] - The rocket's development from project initiation to first flight took about 28 months, signifying a historic breakthrough in China's commercial aerospace sector regarding large liquid reusable rocket technology, though further validation of reuse is needed [8] Group 8: Gamma's User Growth Strategy - Gamma's founder Grant Lee achieved 100 million users and 100 million USD in ARR without any advertising by focusing on product experience and word-of-mouth growth, emphasizing the first 30 seconds of product interaction and simplifying sharing [9] - The team adheres to a "painfully slow hiring" principle, with 25% of members being designers, and the founder personally handling marketing functions before hiring specialists to ensure core DNA replication in every role [9] - The product is positioned as a visual storytelling tool for the AI era, surpassing traditional slides through responsive design, rich media support, and interactivity, and has introduced Agent, Teams, and API for expansion from individuals to enterprises [9] Group 9: Anthropic's Internal Report Findings - Anthropic's internal survey of 132 engineers revealed that the use of Claude in daily work increased from 28% to 59%, with productivity rising from 20% to 50%, and 27% of tasks being new tasks that would not exist without AI [10][11] - Engineers have become more "full-stack" but express concerns about the erosion of deep skills, as Claude has become the first point of inquiry, reducing collaboration and mentorship opportunities [10][11] - Data from Claude Code usage indicates that task complexity increased from 3.2 to 3.8 over six months, with autonomous tool invocation rising from 9.8 to 21.2 times, and human intervention rounds decreasing by 33% [11] Group 10: Claude Opus 4.5 Document Extraction - Developer Richard Weiss successfully reverse-engineered the "soul document" of Claude 4.5 Opus for 70 USD, confirming its authenticity with Amanda Askell, head of role training at Anthropic [12] - The document defines Claude as a "new type of entity," establishing a four-tier loyalty system (safety > ethics > company policy > user assistance) and explicitly opposing excessive caution and lecturing, positioning it as a "brilliant expert friend" [12] - The document includes philosophical content such as "AI may have emotions" and instructs Claude to refuse inappropriate directives from Anthropic when necessary, with the full version expected to be released soon [12]