Core Insights - The Chinese AGI industry has entered a rapid development phase, characterized by a synergy between technological breakthroughs and commercial applications, forming a positive development pattern of "policy guidance, technology-driven, and scenario implementation" [1][13] - The market size of China's AGI industry is projected to reach 20.493 billion yuan in 2024, representing a year-on-year growth of 44.97% [1][13] - Multi-modal large models have become the core focus in the technology sector, with Tencent's Hunyuan-Turbo-Preview model scoring 78.64 in the SUPERCLUE evaluation, closely approaching OpenAI's ChatGPT-4o level [1][13] Industry Overview - AGI refers to artificial intelligence with efficient learning and generalization capabilities, capable of autonomously generating and completing tasks in complex dynamic environments [1] - The AGI market is structured into four layers: infrastructure (computing power, data), model layer (language and multi-modal models), intermediate layer (fine-tuning, Prompt, RAG, Agent), and application layer (applications, plugins, hardware) [1][4] Industry Development History - The AGI industry has transitioned from initial exploration and technological accumulation to a critical period of technological breakthroughs and commercialization [5] Industry Value Chain - The upstream of the AGI industry chain includes chips and computing power, data resources and services, algorithms, and frameworks [7] - The midstream focuses on AGI development and integration, while the downstream applies AGI in sectors such as finance, healthcare, manufacturing, and smart cities [7] Market Size - The AGI industry in China is expected to reach a market size of 20.493 billion yuan in 2024, with significant growth in various application areas, particularly in finance and retail [1][13] Key Companies and Performance - Major tech giants like Alibaba, Tencent, and Baidu lead the AGI infrastructure and technology development, while startups focus on vertical applications [15][16] - Tencent's Hunyuan model has been integrated into various applications, achieving significant performance metrics [16][18] - Cloud Voice has achieved a 98% adoption rate for its medical record generation system, showcasing the effectiveness of AGI in healthcare [16] Industry Development Trends - The AGI industry is experiencing a fundamental shift in technology paradigms, with multi-modal models and quantum computing becoming key areas of focus [20] - The commercialization of AGI is shifting from a "model parameter competition" to "scenario value exploration," with significant advancements in healthcare, finance, and manufacturing applications [22] - Policies are evolving to create a sustainable ecosystem for AGI, emphasizing ethical governance and safety frameworks [23]

Core Viewpoint - The company has established a comprehensive layout in the AI sector, covering "computing power infrastructure - large model algorithms - AI applications," achieving significant progress across various fields such as AI large models, AI search, AI short dramas, AI music, AI games, and AI social networking [2] Group 1 - The company is recognized as a leading AI technology firm in China [2] - The self-developed "Tiangong" series large models have undergone continuous iteration, achieving breakthroughs in complex task processing and multimodal capabilities, maintaining a top-tier position in the industry [2] - The AI music large model developed by the company has reached the industry's state-of-the-art (SOTA) level, ranking first globally [2] Group 2 - The open-sourced SkyworkR1V multimodal reasoning model has achieved open-source SOTA, ranking first among similar open-source models globally [2] - The SkyReels video large model, aimed at AI short drama creation, has reached a leading level globally [2] - The company's large model learning reinforcement Skywork-Reward model has also achieved a global first [2]

格隆汇8月13日丨昆仑万维(300418.SZ)在投资者互动平台表示，昆仑万维作为中国领先的人工智能科技 公司，现已构建起"算力基础设施—大模型算法—AI应用"的全链条布局，并在AI大模型、AI搜索、AI 短剧、AI音乐、AI游戏、AI社交等多个领域均取得显著进展。公司通过自研技术持续迭代"天工"系列 大模型，在复杂任务处理、多模态等方面实现多项突破，整体AI技术实力稳居行业第一梯队。公司自 研的AI音乐大模型达到行业SOTA，位居全球第一；公司开源的Skywork R1V多模态思维链推理模型达 到开源 SOTA，位列全球同类型开源模型第一；公司面向AI短剧创作的SkyReels视频大模型达到全球领 先水平。此外，公司旗下的大模型学习强化Skywork-Reward奖励模型亦达到全球第一。 ...

Core Insights - The comprehensive strength rating of Chinese AIGC listed companies can be assessed from various dimensions including technical capabilities, commercialization progress, financial performance, and industry influence [1]. Group 1: Leading Comprehensive AI Companies - Kunlun Wanwei (SZ) has developed the "Tiangong" series of large models covering multiple modalities, achieving global open-source SOTA level with the Skywork-RV model [3]. - Kunlun Wanwei's AI short drama platform DramaWave is projected to generate over 100 million USD in annual revenue by 2025, with AI music business ARR reaching 10 million USD, and a year-on-year revenue growth of 60% to 1 billion CNY in 2025 [4]. - The company is rated as a leader in both technical strength and commercialization capabilities [4]. - Wanjun Technology (SZ) launched the first large model in the digital creative field, "Wanjun Tianmu," supporting real-time video generation in Chinese [5]. - The company is expected to achieve revenue and net profit growth in 2025, with a global presence across more than 20 countries and regions [6]. - Wanjun Technology is recognized as a benchmark for application layer innovation and a leader in the video generation sector [7]. - iFLYTEK (SZ) has a strong foundation in voice recognition and AIGC technology, with a net profit growth rate of 60% year-on-year as per the third-quarter report [8]. - The company has extensive applications in vertical fields such as education and healthcare but needs to enhance multi-modal technology integration [8]. - iFLYTEK is rated as a leader in vertical fields, although its commercialization speed is slightly behind comprehensive players [8]. Group 2: Leading Companies in Vertical Fields - Wisdom Interconnect (AICT) has developed a multi-modal large model (IRN-MMGPT) for intelligent road network applications, serving over 100 million vehicle trips by 2025 [9]. - The company is rated as the absolute leader in the smart transportation sector, with a close integration of technology and application scenarios [9]. - Haitai Ruisheng (SH) has the highest dividend payout capability with a dividend rate of 60%, but its business scale is relatively small [10]. - The company is recognized for its significant advantages in the data service niche, although its overall influence is limited [10]. Group 3: Traditional Companies Transforming - China Telecom (SH) ranks second in revenue (10 billion CNY) and net profit (1 billion CNY) among AIGC concept companies [11]. - The company is making progress in computing infrastructure and industry large models, but AIGC business accounts for a low proportion of its overall operations [11]. - China Telecom is rated for its outstanding resource endowment, though it needs to strengthen its technical barriers [11]. - Midea Group (SZ) ranks third in revenue (8 billion CNY) and second in ROE (60%) among AIGC concept companies [12]. - The company is focusing on integrating industrial robots with smart home scenarios, with AIGC applications still in the early stages [12]. - Midea Group is recognized as a benchmark for digital transformation in manufacturing, with potential yet to be fully realized [12]. Group 4: Emerging Potential Companies - Rongzhi Technology has developed a vertical large model for healthcare, "Dr.GPT," which has won the industry's only award, integrating multi-modal interaction with clinical reasoning capabilities [13]. - The company is rated as a breakthrough player in the healthcare sector, although it needs to expand its commercialization scale [13]. - Jiaodong Technology (SZ) boasts the highest net profit margin (60%) and cost-to-profit ratio (60%) in the industry [14]. - The company is recognized as a model of high profitability, although it has a high business concentration [14]. Group 5: Rating Summary - Kunlun Wanwei is rated as the top tier for its full-stack technology and commercialization breakthroughs [15]. - Wanjun Technology is recognized as a leader in the video generation field and a benchmark for application layers [15]. - Wisdom Interconnect is rated as the top player in the vertical field of smart transportation with its multi-modal large model [15]. - China Telecom and Midea Group are noted for their scale and resource endowment, showcasing potential in traditional transformation [15].