以下文章来源于AGI接口 ，作者宋思杭 AGI接口 . AI卷起的财富风暴。 出品｜虎嗅科技组 作者｜宋思杭 编辑｜苗正卿 头图｜视觉中国 还有一个月时间，智谱将正式进入IPO冲刺期。 按计划，智谱将于2025年10月完成辅导计划。届时，这家估值第一的AI独角兽也将更快一步奔赴 IPO。 而就在一个月前，有消息称智谱正在同时考虑港股和A股双上市路径。自4月传出上市计划后，这 家AI独角兽还完成了新一轮融资与新模型发布等战略性举措。 但智谱的上市之路并非只有 "加速" 这一个关键词。 虎嗅独家获悉，实际上近半年，智谱由内而外正在发生一系列转变。自智谱原COO张帆离职后， 这家公司的组织架构还进行了一系列大幅度调整——在此次架构调整前，智谱内部有明确分工： 张鹏团队共20人，负责G端业务；张帆团队共50人，负责B端业务。而调整后，原张帆团队成员的 去向发生明显变化，其中大部分人已通过主动或被动安排方式，并入张鹏所负责的团队。 种种迹象表明，从组织架构到商业模式，智谱正在颠覆过去的自己，完成一次"改头换面"。 "国家队"和"清华系"，一直以来是智谱对外最鲜明的标签。2024年9月，智谱获中关村科学城公司 投资，让智 ...

Group 1: AI and Multimodal Intelligence - The industry is witnessing accelerated development in multimodal intelligent agents, with a focus on key technologies and applications [2] - Major models such as Grok4, KimiK2, GLM4.5, Genie3, and GPT5 are evolving rapidly, characterized by open-source, low-cost, low hallucination, and multimodal features [2] - The launch of the first assessment for trustworthy AI multimodal agents aims to promote technology development and product implementation [2] Group 2: Computing Power Conference - The 2025 China Computing Power Conference will be held from August 22 to 24 in Datong, focusing on the theme "Building Foundations with Computing Networks, Guiding the Future" [3] - As of March this year, the number of standard computing power racks reached 10.43 million, with intelligent computing power scaling at 748 EFLOPS [3] - The AI computing market in China is projected to reach $25.9 billion by 2025, with a year-on-year growth of 36.2% [3] Group 3: Brain-Computer Interface Investment - OpenAI is considering investing in Merge Labs, a brain chip company exploring gene therapy for brain cell modification [4][5] - The global market for brain-computer interfaces in the medical field is expected to reach between $40 billion and $145 billion by 2030-2040 [5] - The brain-computer interface industry is suitable for medium to long-term investment, focusing on application expansion, technology iteration, and market demand [5] Group 4: HarmonyOS Development - HarmonyOS 5 has surpassed 10 million terminals, marking a significant milestone in its development [6] - Over 30,000 HarmonyOS applications and services are currently in development or updating, with the top 5000 applications covering 99% of user engagement [6] - The release of HarmonyOS 6 is expected to further enhance the ecosystem, attracting more developers and manufacturers [6]

智通财经APP获悉，中国银河证券发布研报称，随着底层大模型能力的不断选代，当前AI应用已经初步 具备了的发展的技术基础。AI在各个行业试水的不断展开，AI应用落地将对多数行业产生变革性的影 响。其中，B端商业化进展加快在传媒板块的映射较为明显，观察到海外AI技术起步较早，且应用商业 化落地相对成熟。此外，游戏市场2024年暑期以来持续保持较高景气度，主要游戏大厂的重点新游上线 表现都较为亮眼。考虑到后期游戏流水的收入递延效应以及新上线新游的优秀表现有望延续，该行认为 2025年这些公司业绩将有望实现持续增长。 据伽马数据：2025年1-6月，国内游戏市场实际销售收入1680亿元，同比增长14.08%;游戏用户规模近 6.79亿，同比增长0.72%，国内游戏市场销售收入和用户规模两项数据均创历史新高点。自研游戏海外 市场实际销售收入95.01亿美元，同比增长11.07%。市场收入与用户规模同步增长得益于多种因素：一 是多款游戏新品上市后表现不凡，超出预期;二是多款长青游戏运营良好，收入稳中有升;三是电子竞技 和小程序游戏增长势头强劲。 营销大盘阶段调整，细分品类趋势分化 2025年1-6月广告市场整体花费同比上 ...

Group 1 - The core viewpoint emphasizes a strategic increase in investment in the computer sector, particularly focusing on leading companies in the Agent space, as the market shows positive growth trends both domestically and internationally [1][2] - The report highlights the acceleration of major model iterations since July, including Grok4, Kimi K2, GLM4.5, Genie3, and GPT5, indicating a trend towards open-source, low-cost, low-hallucination, and multi-modal features, which are expected to enhance AI application deployment [1][2] - The report suggests actively seizing market fluctuations to build positions in leading companies, especially in the commercial and military AI sectors, as evidenced by Palantir's impressive Q2 2025 performance, where its commercial Agent-driven revenue grew by 93% year-on-year [2] Group 2 - The second chapter of the report provides a focused analysis on overseas AI application leaders and the implications of GPT5, reinforcing the high growth potential in this sector [3]

Investment Rating - The report maintains an "Outperform" rating for the media industry [5][39]. Core Views - The media sector has shown a positive performance with a 1.11% increase, outperforming both the CSI 300 (-1.75%) and the ChiNext Index (-0.74%) during the week of July 28 to August 1 [12][39]. - The report highlights the significant box office performance during the summer season, with total box office revenue surpassing 60 billion yuan, led by the film "Nanjing Photo Studio" [2][19]. - The report emphasizes the upward trend in the performance cycle, particularly in AI applications and IP (Intellectual Property) trends, suggesting a favorable outlook for these areas in the medium to long term [4][39]. Summary by Sections Industry Performance - The media sector's performance ranked third among all sectors for the week, with notable gains from companies like Guomai Culture, Yidian Tianxia, Shanghai Film, and Beijing Culture [12][14]. - The report notes that the top three films for the week were "Nanjing Photo Studio" (1.023 billion yuan, 62.9% market share), "Xitai" (144 million yuan, 8.8% market share), and "Lychee of Chang'an" (124 million yuan, 7.6% market share) [3][19]. Key Developments - The report mentions the opening of ChinaJoy, with 743 companies registered, including a 31.8% foreign participation rate, indicating strong interest in the gaming and digital entertainment sectors [2][18]. - New AI features and products were highlighted, including Grok's new video generation capability and the release of Kimi K2 Turbo, which significantly increased output speed [2][16][17]. Investment Recommendations - The report suggests focusing on sectors such as gaming, advertising media, and film, with specific stock recommendations including Kaiying Network, Giant Network, and Yaoji Technology for gaming; Focus Media and Bilibili for media; and Wanda Film and Huace Film for film content [4][39]. - The report also emphasizes the potential of high-dividend, low-valuation state-owned publishing companies and the growing demand for IP-driven products, recommending companies like Pop Mart and Zhejiang Wenlian [4][39].