除了视频大模型，昆仑万维旗下AI视频创作平台SkyReels进行了多项升级。在内容制作方面，目前平台 已支持30秒长视频生成，满足用户对长时内容的创作需求。数字人方面，已实现长达40秒的稳定表现。 在商业化方面，有效提高支付成功率和营收水平。 在AI音乐与AI音频方向亦不断深耕。2025年3月，昆仑万维发布全球首个音乐推理大模型Mureka O1及 音乐基座模型Mureka V6。其中O1模型通过引入思维链(Chain-of-Thought)，显著提升音乐生成品质以及 音乐创作效率与灵活性，评测指标全面优于行业竞品；2025年7月，昆仑万维进一步推出Mureka V7， 标志着AI音乐生成从"工具化"走向"人性化"，其良品率从V6的43.4%提升至57.7%，人声真实度提升 44%，音质提升近一倍；2025年8月15日，公司再度推出Mureka V7.5模型，该版本在中文歌曲音色、演 奏技法、咬字与情感表现方面全面升级。此外还发布了全新的音频模型Mureka TTS V1，并提出首个基 于MOE的角色描述语音合成框架——MoE-TTS。Mureka已开放国内登录入口和API接口，支持音乐生 成API和语音合成 ...

8月22日，昆仑万维(股票代码：300418.SZ)公布了2025年半年报，公司上半年实现营业总收入37亿，同比增长 49%。其中，海外收入34亿元，同比增长56%，占收入比重达92%，同比增加4个百分点。 Skywork测评表现 AI视频大模型持续升级迭代，性能不断优化。2025年2月18日，昆仑万维正式开源首个面向AI视频创作的开源视 频生成模型——SkyReels-V1，该模型在同等分辨率下各项指标实现开源SOTA，此外还同步开源首个SOTA级别、 基于视频基座模型的表情动作可控算法——SkyReels-A1；2025年4月21日，公司又发布并开源首个基于"扩散强迫 (Diffusion-forcing)"框架的无限时长电影生成模型——SkyReels-V2，标志着AI视频生成迈入"无限时长、影视级质 量、精准控制"的新阶段；2025年8月11日，公司发布音频驱动视频生成模型SkyReels-A3，该模型基于 DiT(Diffusion Transformer)结构，能够实现任意时长的全模态音频驱动数字人创作，能在单分镜条件下输出超过60 秒、多分镜无限时长的视频内容。 SkyReels-A3框架示意图 ...

公司自研AI游戏《猫森学园》正推进测试，聚焦个性化、沉浸感与社交性优化。社交平台Linky持续迭 代优化，提升用户体验与平台稳定性。 AI应用产品商业化进程加速。2025年5月，公司面向全球发布天工超级智能体(Skywork Super Agents)， 具备一站式生成文档、PPT、表格、网页、播客及多媒体内容的能力，在GAIA评测中位列全球第一。8 月推出其核心引擎Skywork Deep Research Agent v2，在多模态能力、深度浏览与任务执行等方面均实现 重大突破。 AI视频生成模型持续升级迭代。公司先后开源视频生成模型SkyReels-V1、无限时长电影生成模型 SkyReels-V2，以及音频驱动视频生成模型SkyReels-A3。旗下AI视频创作平台SkyReels进行了多项升 级，已支持30秒长视频生成，数字人方面，已实现长达40秒的稳定表现。预计9月平台将推出新一轮产 品更新。 AI音乐生成方面，公司推出音乐推理大模型Mureka O1和基座模型Mureka V6，随后发布V7和V7.5版 本，良品率、人声真实度和音质显著提升，并发布语音合成模型Mureka TTS V1和MoE- ...

Investment Rating - The report maintains a "Recommended" investment rating for the AI industry, highlighting the continuous evolution of domestic agents and the promotion of universal protocols for systematic applications [2]. Core Insights - The AI agent field is experiencing rapid advancements, with capabilities doubling approximately every seven months since the release of ChatGPT in 2022, leading to an exponential increase in the tasks that AI agents can complete [5]. - Major internet companies are competing to capture the AI agent market, which is expected to surpass the existing app ecosystem by providing more versatile and service-oriented solutions [9]. - The introduction of the Agent2Agent (A2A) protocol by Google aims to enhance communication and collaboration between different AI agents, significantly improving operational efficiency across platforms [69][72]. Summary by Sections Section 1: Domestic Intelligent Agent Technology Innovation - The report discusses the launch of ByteDance's Coze Space, a versatile agent product designed to facilitate efficient collaboration between users and AI agents, enabling the completion of complex tasks [13][14]. - Coze Space features two collaboration modes: an exploration mode for quick task completion and a planning mode for in-depth user engagement [14][17]. - The report also mentions the introduction of specialized agents within Coze Space, such as a user research expert and a stock observation assistant, which enhance the platform's functionality [19][20]. Section 2: MCP Open Protocol Continues to Expand - The A2A protocol allows different AI agents to communicate and collaborate on complex tasks, enhancing the overall efficiency and innovation potential of AI systems [69][72]. - Microsoft has announced support for the A2A protocol through its Azure AI Foundry and Microsoft Copilot Studio, indicating a significant shift towards collaborative AI systems [69][72]. - The report highlights the integration of various tools and applications with the MCP protocol, enabling seamless task execution across platforms [76][80]. Section 3: Related Companies - The report identifies several companies involved in the AI agent space, including Zhuoyi Information, which is developing low-code IDE tools integrated with AI capabilities to enhance software development efficiency [84][85]. - Puyuan Information is also mentioned for its low-code platform that incorporates advanced model capabilities to assist developers in code generation and data modeling [89]. - Hehe Information has launched an MCP server service for document processing, aimed at facilitating the use of intelligent document processing agents in various industries [90].

Group 1 - Kunlun Wanwei launched the Skywork Super Agents, a product that utilizes AI agent architecture and deep research technology to generate various types of content, marking a significant shift from traditional office software to the "AI Office Agent" era [1] - The AI industry is transitioning from reasoning capabilities to agent-based systems, with products increasingly able to understand objectives, possess external memory, and reasoning abilities, indicating a systemic leap in the AI agent industry chain [1] - The evolution path of AI agent applications is characterized by the upgrade of underlying model capabilities, the prosperity of intermediate tools, and the landing of commercial scenarios, with future applications needing to enhance planning capabilities and multi-modal understanding [1] Group 2 - The rapid breakthroughs in agent technology are leading the AI industry chain into a new phase, enhancing autonomous learning and decision-making capabilities, which are crucial for smarter and more efficient applications [2] - Continuous model iteration is revealing advantages for software companies in data processing and application scenarios, while the increasing demand for model privatization is driving strong market demand for hardware devices like integrated machines and hyper-converged servers [2] Group 3 - Qichuang Data focuses on AI-driven high-tech solutions, specializing in smart IoT terminals, data storage devices, cloud services, and server remanufacturing [3] - Jinqiao Information is centered on smart space information solutions, deeply engaging in AI agent technology, and aims to drive digital transformation in traditional industries through technological innovation [3]

Market Overview - A-shares experienced fluctuations on May 22, with the North Securities 50 Index dropping over 6%, and more than 4,400 stocks declining, leading to a total trading volume of 1.1 trillion, a decrease of 70.8 billion from the previous trading day [1] - The Shanghai Composite Index fell by 0.22%, the Shenzhen Component Index by 0.72%, and the ChiNext Index by 0.96% [1] - There is a notable divergence between the micro-cap stock index and major indices like the CSI 300, indicating a potential shift in market dynamics [1] Sector Performance - The banking sector showed resilience, with stocks like Shanghai Bank and Jiangsu Bank reaching new historical highs [1] - The military industry sector saw renewed interest, with stocks such as Sichuan Chuanwei and others hitting the daily limit [1][3] - Conversely, high-priced stocks faced significant declines, with multiple stocks hitting the daily limit down [1] Individual Stock Highlights - Kunlun Wanwei reached a 20% limit up after launching its Skywork Super Agents, which faced high user traffic leading to service limitations [2] - The military sector stocks, including Sichuan Chuanwei and others, experienced significant gains due to geopolitical factors and increased defense spending [3][4] Institutional Insights - Zhongyuan Securities anticipates a steady upward trend in the market, supported by strong economic recovery and improved corporate cash flow [5] - Dongxing Securities suggests that the market will continue to exhibit structural trends, with a focus on sector rotation and active participation in investment opportunities [6] - Oriental Securities notes that the market is likely to maintain a fluctuating upward trajectory, with rapid rotation among thematic stocks [7]

Core Insights - Kunlun Wanwei's Skywork Super Agents launched on May 22, leading to high user traffic and resulting in system overloads [1] Company Summary - The launch of Skywork Super Agents has caused significant user engagement, prompting the company to implement throttling measures to manage the increased load [1]

Core Viewpoint - Kunlun Wanwei (300418) has launched the Skywork Super Agents, an AI-driven product that integrates deep research technology to generate various types of content including documents, PPTs, spreadsheets, web pages, podcasts, and multimedia content in a one-stop solution [1] Group 1 - The product utilizes AI agent architecture and deep research technology [1] - Skywork Super Agents can create multi-modal content, enhancing productivity and efficiency for users [1]