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]

Group 1: AI Applications and Industry Impact - The current AI applications have established a preliminary technological foundation for development, with significant transformative impacts expected across various industries [1] - The B-end commercialization progress is notably reflected in the media sector, with overseas AI technology having a more mature commercial application [1] - Continuous updates of large models are accelerating the underlying technology iteration, which will enhance AI applications and agent construction, leading to improved work efficiency and resource optimization [4] Group 2: Film and Gaming Market Performance - The film market showed signs of recovery, with July 2025 box office reaching 4.068 billion yuan, a year-on-year decrease of 24.36% but a month-on-month increase of 113.43% [1] - Key films such as "Nanjing Photo Studio" and "The Jurassic World: Rebirth" performed well, contributing significantly to the box office [1] - The domestic gaming market achieved a historical high in sales revenue of 168 billion yuan in the first half of 2025, with a year-on-year growth of 14.08% and a user base of nearly 679 million [2] Group 3: Advertising Market Trends - The overall advertising market expenditure increased by 0.6% year-on-year in the first half of 2025, with notable increases in entertainment, personal goods, and IT products advertising spending [3] - Specific sectors such as entertainment and leisure saw advertising expenditures rise significantly, with increases of 55.0% and 32.6% respectively [3]

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].