作者 | meisah 编辑 | 大模型之心Tech 原文链接： https://www.zhihu.com/question/668128319/answer/3636373481 点击下方 卡片 ，关注" 大模型之心Tech "公众号 戳我-> 领取大模型巨卷干货 >> 点击进入→ 大模型没那么大Tech技术交流群 本文只做学术分享，如有侵权，联系删文 ，自动驾驶课程学习与技术交流群事宜，也欢迎添加小助理微信AIDriver004做进一步咨 询 写在前面 Agent的狂欢基本已经结束了， 不建议继续纯做这个，起码得加点多模态和ML,DL了 。 具体可以看看各家公司的Agent都到什么水平了，比如网易逆水寒这种，别人已经纯商业赚钱了， 你如果不如人家的，大概率还是很难。 现在LLM Agent的工作好几类，而我主要是关注游戏方面的，所以有些地方肯定是没写清楚或者有 错误，还希望多多包涵。 博弈类 第一种可以称之为博弈类，或者MALLM类。 这类一般是以前做过MARL的人转战LLM Agent，把之前的MARL里面的方法拿过来各种套。大部 分工作都会在矩阵博弈，overcook这种环境做，主要目标还是涨点啥的 ...

Core Viewpoint - The increasing participation of visually impaired individuals in live streaming is facilitated by technological advancements, allowing them to share their lives, skills, and perspectives with a broader audience [1][6][7]. Group 1: Participation of Visually Impaired Individuals - A significant number of visually impaired individuals are engaging in live streaming, utilizing smartphones and assistive tools to create content [1][6]. - Wu Jing, a notable figure in this community, has leveraged her experiences to connect with audiences through her live streaming platform, "Wu Jing's Colorful World," which she founded in 2021 [2][3]. - High Zihan, another visually impaired individual, has transformed her passion for broadcasting into a career, establishing a studio and planning a live streaming space for visually impaired readers [4][6]. Group 2: Technological Innovations - The application of various assistive technologies, such as AI voice systems and high-sensitivity microphones, has made it easier for visually impaired individuals to participate in live streaming [6][7]. - These technologies enhance environmental perception and facilitate communication between visually impaired streamers and their audiences, allowing for a more interactive experience [6][7]. - The work of individuals like Zi Xuan, who assists visually impaired streamers with audio equipment setup, exemplifies the collaborative efforts within this community to improve live streaming accessibility [6][7]. Group 3: Social Impact and Awareness - Live streaming serves as a platform to reshape societal perceptions of visually impaired individuals, showcasing their talents and contributions [7]. - The initiative of broadcasting the 2025 CCTV Spring Festival Gala with accessibility features highlights the growing recognition of the rights of disabled individuals to participate in social life [7]. - Through these efforts, there is a call for increased public awareness and support for the construction of barrier-free environments [7].

Market Overview - The market experienced fluctuations with the Shanghai Composite Index reaching a peak near 3500 before retreating, closing at 3472.32, up 0.32% with a trading volume of 567.24 billion [1] - The Shenzhen Component Index fell by 0.25% to 10508.76, while the ChiNext Index decreased by 0.36% to 2156.23, with respective trading volumes of 861.32 billion and 420.45 billion [1] - Strong performances were noted in sectors such as gaming, financial services, semiconductor equipment, and innovative pharmaceuticals, while sectors like non-ferrous metals, telecommunications, and robotics saw declines [1] Technical Analysis - A clear "breakout-pullback-rally" pattern has emerged, indicating a strong market sentiment despite profit-taking pressures near previous highs [2] - The market's trading focus has shifted upward, supported by various key moving averages and critical levels, suggesting a continuation of the strong high-level consolidation [2] Economic Context - The easing of the US-China tariff dispute and the introduction of "anti-involution" policies signal a potential resolution to the "supply-demand mismatch" clouding the Chinese economy [4] - Recent meetings between US and Chinese officials have led to the resumption of exports of key products to China, indicating a positive shift in trade relations [4] Investment Strategy - A "dividend + growth" strategy is recommended, focusing on dividend-paying sectors and growth-oriented stocks that are expected to benefit from economic recovery and liquidity easing [5] - Investors are encouraged to consider sectors like coal and consumer goods, which are aligned with the dividend strategy, alongside growth sectors such as semiconductor equipment and innovative pharmaceuticals [5] Financial Sector Performance - The financial sector, particularly banks, securities, and insurance, has shown strong performance, with ETFs reflecting significant gains [6][9] - High dividend yields and a rebalancing of public fund allocations are driving interest in bank stocks, which currently have a yield exceeding 5% [6] - The ongoing consolidation in the securities industry, with major mergers and acquisitions, is enhancing market optimism and improving competitive dynamics [8] Gaming Industry Insights - The gaming sector is witnessing a dual development path focusing on "IP + quality," with successful titles boosting market sentiment [10][11] - The frequency of game license approvals has increased, providing a supportive environment for industry growth [11] - The integration of generative AI is expected to lower development costs and enhance profitability, further driving the sector's valuation [12]

■ 区域市场格局：全球市场呈现"核心稳量、新兴增量"格局。 美日韩三大传统市场贡献57.27%收入，但增速 分化（韩国增长快，美国停滞）。欧洲以245亿欧元规模成为"第四极"市场。东南亚（庞大用户基数）、中东 （超高付费力，沙特ARPPU达270美元）、拉美（休闲游戏蓝海）构成重要的新兴增量市场。这促使企业分层 布局，头部深耕欧美，中小团队开拓新兴市场。 ■ 发展历程与市场规模： 国产游戏出海经历了四个关键阶段：2012年前端游试水东南亚（如剑侠情缘）； 2012-2018年SLG手游爆发（如列王的纷争）；2018年后进入全品类时代（如原神）；2024年标志性3A大作 （黑神话悟空）引领文化出海新阶段。 2024年，中国自研游戏海外收入达185.57亿美元，占全球市场份额约 11%，展现出强劲增长势头。 ■ 硬件生态与文化偏好： 中国手游占比（73.13%）远高于全球水平（52.25%），导致目前国产游戏出海仍以 移动游戏为主，未来在主机游戏领域或存在深耕机遇。游戏类型偏好深受区域文化影响：美国博彩类领先 （28.9%流水），欧洲偏好SLG（33.7%），日本RPG主导（52%份额）。消除类和策略类凭借普适性 ...

Core Insights - The Chinese entertainment industry has recently experienced unexpected successes with "Black Myth: Wukong" and "Nezha: The Devil's Child," both achieving record-breaking sales and box office figures, indicating a potential reevaluation of the industry's market space and content quality [2][3]. Industry Overview - Historically, the Chinese entertainment industry has been undervalued, with its GDP contribution remaining below 5% as of 2023, compared to 31% in the U.S. in 2017, suggesting significant growth potential [3]. - The success of "Black Myth: Wukong" and "Nezha 2" may prompt a reassessment of the market's capacity for high-quality content, indicating that the ceiling for premium content is far from being reached [3]. Company Analysis: Yu Wen Group - Yu Wen Group reported a revenue of 8.12 billion yuan for 2024, marking a three-year high, with a net profit of 1.14 billion yuan, highlighting its strong performance in the entertainment sector [4]. - The company has developed a comprehensive approach to IP (Intellectual Property) development, leveraging its extensive experience in content production to create a full industry chain advantage [5][12]. IP Development Strategy - Yu Wen has successfully transitioned from merely licensing IP to actively producing content, exemplified by the success of "Qing Yu Nian," which has set multiple viewership records [14]. - The company has established a systematic approach to IP development, focusing on series and multi-category expansions, which enhances the longevity and commercial viability of its IP [19][29]. Financial Performance - Yu Wen's revenue for 2024 increased by 15.8%, with its copyright operation revenue rising by 34.2% to 4 billion yuan, reflecting the effectiveness of its content strategy [8][10]. - The company's IP derivative business also saw rapid growth, with a GMV exceeding 500 million yuan, indicating a successful expansion into merchandise and related products [10][21]. Market Trends - The entertainment industry is increasingly focused on IP as a means to mitigate the uncertainty of blockbuster content, with a growing emphasis on creating reliable and repeatable success through IP management [24]. - The global derivative market is valued at 300 billion USD, presenting a significant opportunity for Yu Wen as it continues to develop its IP commercialization strategy [23]. Conclusion - The recent successes of "Black Myth: Wukong" and "Nezha 2" underscore the demand for quality content in the Chinese market, while Yu Wen Group's strategic advancements in IP development position it as a leader in the industry, suggesting a bright future for both the company and the broader entertainment sector [33][34].

嘉宾简介： 张向阳上海股权投资协会会长海通开元投资有限公司董事长 拥有逾30年资本市场从业经历，成功主导了东方财富(300059.SZ)、新强联 ( 300850.SZ )、 恺英网络 ( 002517.SZ )、盛美上海 (688082.SH)、芯联集成(688469.SH)等一系列标杆项目的投资，曾多次获得中国 私募股权投资人10强、中国最具影响力30位投资人、金牛奖券商股权投资精英人物、最佳国资基金首席 战略决策人等荣誉。 一、贸易摩擦关税大战中国市场仍被资本看好 第一财经高远 感谢张总接受第一财经专访，您有30多年资本市场的从业的经历，穿越了资本市场的几个周期，在中美 贸易摩擦和关税大战导致的可能发生的世界经济格局重构的当下，很多人可能对于行业未来的发展有些 悲观情绪，您如何看当下的情况？ 海通开元张向阳 当下的国际环境变化非常大，贸易关系也在重构，对企业及资本市场肯定会有影响。 但是经过几十年的发展，我们的资本市场现在已经成为了全球第二大资本市场，给整个国家经济发展作 出了巨大的贡献，特别是科创板推出以后，对科技进步起到很大的促进作用。我们的资本市场分为一级 市场和二级市场两部分，二级市场现在是处于 ...

Core Viewpoint - The article discusses the significant growth of China's overseas revenue in 2024, indicating a potential wave of companies expanding internationally, contrasting with the domestic market's decline [1][4][5]. Group 1: Overseas Revenue Growth - In the first half of 2024, China's listed companies' overseas revenue surpassed 3.8 trillion, matching the total for 2018, indicating a doubling of overseas business in just six years [1]. - China's listed companies' overseas revenue grew nearly 10% in 2024, marking the first time it exceeded 10 trillion, accounting for 13.8% of total revenue [4]. - The gap between domestic and overseas revenue growth is approaching 10%, similar to the conditions preceding Japan's outflow in the 1990s [5]. Group 2: Comparison with Japan's Outflow - The article draws parallels between the current situation in China and Japan's outflow in the 1990s, noting that both countries experienced a significant shift in revenue sources before a large-scale international expansion [3][6]. - Japan's outflow was characterized by a transition from domestic revenue decline to overseas revenue growth, a pattern now observed in China [3]. Group 3: Manufacturing and Cultural Outflow - China's manufacturing sector is expected to experience a golden decade of overseas expansion from 2024 to 2034, similar to Japan's experience from 1994 to 2004 [13][14]. - The manufacturing sector's overseas investment is projected to exceed $300 billion in 2024, with automotive and equipment industries leading the charge [15]. - Cultural outflow from China is progressing faster than Japan's, with brands like Pop Mart and Miniso achieving significant overseas success [24][25]. Group 4: Opportunities for Individuals - The article highlights the potential for individuals to benefit from the ongoing outflow, particularly through localization efforts by companies, which may create new job opportunities abroad [16][18]. - The demand for high-educated talent is increasing, with 86% of overseas job postings requiring a bachelor's degree or higher [20]. Group 5: Future Outlook - The dual outflow of industry and culture is expected to create a new wave of opportunities in China, potentially leading to a "cultural dividend" similar to Japan's experience post-2005 [27][28]. - The article concludes that despite global challenges, the trend of Chinese companies expanding overseas is likely to continue, supported by initiatives like the Belt and Road [29][30].

今天晚上有中日世界杯足球预选赛，日本主场。 就连我这种平时不看足球的也 很清楚现在两边根本不是一个档次的 实力，日本 大量明星球员纵横欧 洲联赛， 在世界杯上和欧美 列强踢的 有输有赢， 目前大概是世界一流里的下游，正经 top8-16的水平。 中国男足......本来小组赛就回家了，硬是最后关头在担架上被新加坡抬进了十强赛。现在的中国队大概亚洲二流下游，正经亚洲top10-15的水平。 有意思的是，cctv放弃直播了今晚的球赛，转而播放了残奥会的录像。cctv官方的解释是转播权价格太高，严肃谴责扰乱体育转播市场的行为，拒播。中 国大陆只有爱奇艺拿到了转播权，付费观看，一个人9块。 能花钱看中国队客场踢日本的，绝对是真铁杆球迷，没的说。我肯定不看，我听个结果就行了。 7:0 ，吹哨收盘了 。 比赛一结束，海信的股东就直拍大腿，说央视不播可惜，错过全国电视机以旧换新的机会 …… 类似的套路去年以来玩过好几轮了，游资不傻，看似瞎玩，实则都是精心挑选那些盘子小，易于控盘的票，要说名字喜庆谁还能比得过中国平安， 但不会有人炒中国平安的。 他们有一个自己的圈子，炒作的时候会若有若无的勾兑，点火成功了就开始利用关系网向外 ...

…… 今天所有我之前看北向数据的渠道，都停止更新了，所以昨晚的新闻我没有读错，北向资金的流入流出明细从8月19日起，从每日公布改为每个季度公 布。 北向自2014年开通以来，连续9年净流入，历史最巅峰的时候外资累计净流入接近2万亿。转折出现在去年8月，外资整体买少卖多，到了2024年的前8个 月，更是首次出现年度净流出。 由于北向外资的数据有较大的影响力，之前监管就做过一次调整，把原先盘中实时更新的数据改为收盘后更新，现在又改了，以后是每个季度看一次。 怎么说呢，任何事情都有积极的一面，我看《投名状》电影的时候有一幕印象很深，刘德华骑马冲击敌阵之前，掏出一块黑布把马的眼睛蒙住，这样马看 不见前面的长枪，冲锋的时候就会一往无前。 现在马已经就位，就差个刘德华了。 昨晚的文章发出后有网友提醒我内容里和《黑神话悟空》、华谊兄弟有关的部分有误。 我去搜了一下，确实彼此之间的股权信息有更新。首先是华谊兄弟在2021年就卖掉了大半的英雄互娱股份，只剩下5%左右；其次是英雄互娱在2022年作 价4.8亿出售了所有的游戏科学公司股份（《黑神话》游戏开发商）。 比较奇怪的是这4.8亿的转让款，2022年已经收到2.8亿，剩下的 ...

周末捋一捋直的关注的事情。 1、先给昨晚的内容做一个更新，岭南股份公司找了一个第三方，对可转债进行收购，收购价是停牌前20天均价的115%，我算了一下正好是100元保本 价。另外这次收购是部分收购，所有持债人收购1000张，也就是10万元，超过1000张的以后再说。 其实一句话解释，就是10万元以下的散户可以拿回债券面值本金，10万元以上的再议。 2、今晚有一个刚出炉的新闻 ， 沪股通和深股通将公布每日的成交总额、总成交笔数、ETF成交总额、前十大成交活跃证券名单及其成交总额，并按 月度、年度公布汇总数据。 上面这段话我是复制粘贴过来的，你们看出门道了吗，只有每天的成交总额和总成交笔数，没提另一个重要数据，8月19日（明天）开始执行，所以是不 是我想的那样，明天就知道了。 3、证监会公开处罚了超级牛散章建平和他的岳父方德基，原因是他们互相借用证券账户交易，各自被罚了顶格的50万。我刚炒股的时候章建平就可以动 用十亿以上的资金封涨停，两个50万对他来说真的是毛毛雨。证监会的处罚其实是给市场一个信号，不要再试图借用账户买股票来规避监管。 可能有读者觉得自己家人借账户炒股算什么，这在普通老百姓里很常见。但对于超级大 ...