【热点导读】 算力基础设施核心，AI浪潮下电力设备供需缺口进一步放大 "AI+安全"产业发展迎来新的发展机遇 金属铟价格涨至十多年来最高水平 同比激增300%，多元需求推动文旅行业焕新升级 阅文集团发布春节内部信，全力布局AI漫剧等新场景 商务部召开汽车企业座谈会，多措并举推动汽车消费扩容提质 【主题详情】 金属铟价格涨至十多年来最高水平 近日，中国粗铟生产商提高报价。另据报道，鹿特丹金属交易的金属铟的价格已经突破了每公斤 500~600美元，达到了十多年来的最高水平。此外，2026年初至今，铟价从2500元/KG暴涨88%至4700 元/KG。 算力基础设施核心，AI浪潮下电力设备供需缺口进一步放大 行业媒体报道，谷歌母公司Alphabet计划通过发行美元债券筹集200亿美元资金，超出此前150亿美元的 预期规模。Alphabet上周表示，今年计划投入高达1850亿美元的资本开支，超过过去三年的总和，原因 是公司正大力投资对其人工智能战略至关重要的数据中心。 当前，全球AI算力建设进入爆发期，高功率、高稳定的供电成为算力集群的"生命线"，电力设备变压器 正升级为算力基础设施的核心。华泰证券表示，海外方面，全 ...

Core Viewpoint - Kunlun Wanwei is strategically shifting its focus from competing directly with major players in the AI field to building a differentiated competitive advantage in vertical markets and overseas expansion, aiming for long-term market positioning and ecological advantages rather than short-term profitability [2][5][9]. Financial Performance - For 2025, Kunlun Wanwei forecasts a net loss attributable to shareholders between 1.35 billion to 1.95 billion CNY, continuing the trend of losses from the previous year [2]. - The company expects a revenue growth of over 40% year-on-year for 2025, with an increasing proportion of revenue coming from overseas markets [2][3]. - In Q3 2025, the company achieved a net profit of 190 million CNY, marking a 180.13% year-on-year increase, but ended Q4 with losses [3][11]. Investment and R&D - From 2021 to 2024, Kunlun Wanwei's R&D expenditures increased from 628 million CNY to 1.598 billion CNY, with a total of 1.211 billion CNY spent in the first three quarters of 2025 [4]. - Sales expenses also rose significantly, reaching 2.891 billion CNY in the first three quarters of 2025, primarily for global promotion of AI applications [4]. Market Strategy - The company has opted for a differentiated competition strategy, focusing on vertical markets and AI application ecosystems rather than engaging in direct competition with leading firms in the general AI model space [5][6]. - Kunlun Wanwei has developed various AI models and applications, including the Skywork series and Mureka, which have shown significant advancements and commercial viability [6][7]. Growth Areas - The short drama segment has emerged as an unexpected growth point, with platforms like DramaWave and FreeReels achieving substantial user engagement and revenue growth [8]. - The company anticipates that its short drama business will generate 1.68 billion CNY in revenue for 2025, reflecting a 900% year-on-year increase [8]. Future Outlook - Analysts predict that 2026 will be a pivotal year for Kunlun Wanwei, with expectations of narrowing losses and potential profitability by 2027 [11]. - The company's total market value is currently estimated at 68.8 billion CNY, with a projected target market value of 93.2 billion CNY based on a sum-of-the-parts valuation approach [11].

当国内互联网巨头为抢占流量入口在春节红包大战中激烈厮杀时，一家中国AI企业却选择在海外 市场悄然布局，并迎来突破性进展。 记者丨 雷晨 编辑丨朱益民 昆仑万维（300418.SZ）曾高喊"All in AI"，也是国内率先推出对标ChatGPT大模型的企业。 2026年1月底，这家公司交出了2025年的业绩预告： 归属于上市公司股东的净利润亏损13.5亿元 至19.5亿元，扣除非经常性损益后的净利润亏损14.48亿元至20.48亿元，延续了上年的亏损状 态。 但另一组数据却呈现出增长态势： 2025年公司收入预计同比增长超过40%，其中海外收入占比 进一步提升。 这背后，是公司放弃在通用大模型基础层与"大厂"进行资本和资源的正面消耗战，转而将资源倾 斜至应用生态构建、垂直领域深耕与海外市场扩张，力图将前沿AI技术转化为可规模化的具体产 品和现金流。 其生存逻辑不在于短期盈利，而在于能否在技术浪潮中精准卡位，用持续的投入换取未来的市场 席位和生态优势。 持续烧钱竞速 昆仑万维业务范围覆盖AGI与AIGC、Opera海外信息分发、短剧平台、社交娱乐等多个核心领 域，涉及全球超100多个国家和地区，商业变现体系涵盖 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 当国内互联网巨头为抢占流量入口在春节红包大战中激烈厮杀时，一家中国AI企业却选择在海外市场 悄然布局，并迎来突破性进展。 昆仑万维（维权）（300418.SZ）曾高喊"All in AI"，也是国内率先推出对标ChatGPT大模型的企业。 2026年1月底，这家公司交出了2025年的业绩预告：归属于上市公司股东的净利润亏损13.5亿元至19.5亿 元，扣除非经常性损益后的净利润亏损14.48亿元至20.48亿元，延续了上年的亏损状态。 但另一组数据却呈现出增长态势：2025年公司收入预计同比增长超过40%，其中海外收入占比进一步提 升。 这背后，是公司放弃在通用大模型基础层与"大厂"进行资本和资源的正面消耗战，转而将资源倾斜至应 用生态构建、垂直领域深耕与海外市场扩张，力图将前沿AI技术转化为可规模化的具体产品和现金 流。 其生存逻辑不在于短期盈利，而在于能否在技术浪潮中精准卡位，用持续的投入换取未来的市场席位和 生态优势。 持续烧钱竞速 昆仑万维业务范围覆盖AGI与AI ...

2026年1月底，这家公司交出了2025年的业绩预告：归属于上市公司股东的净利润亏损13.5亿元至19.5亿 元，扣除非经常性损益后的净利润亏损14.48亿元至20.48亿元，延续了上年的亏损状态。 21世纪经济报道记者雷晨 当国内互联网巨头为抢占流量入口在春节红包大战中激烈厮杀时，一家中国AI企业却选择在海外市场 悄然布局，并迎来突破性进展。 昆仑万维（300418.SZ）曾高喊"AllinAI"，也是国内率先推出对标ChatGPT大模型的企业。 昆仑万维业务范围覆盖AGI与AIGC、Opera海外信息分发、短剧平台、社交娱乐等多个核心领域，涉及 全球超100多个国家和地区，商业变现体系涵盖用户充值、会员订阅、API调用、广告、搜索、虚拟道 具付费等。 2025年全年，昆仑万维预计亏损规模的中位数与上年基本持平。上年同期，公司归属于上市公司股东的 净利润亏损15.95亿元，扣除非经常性损益后的净利润亏损16.43亿元。 值得关注的是，2025年第三季度，昆仑万维一度实现单季度扭亏，归属于上市公司股东的净利润为1.9 亿元，同比增长180.13%。但到了第四季度，公司依然以亏损收尾。根据业绩预告推算，公司去年 ...

Core Viewpoint - Kunlun Wanwei is expected to incur losses in 2025 due to continued heavy investments in AI large models, market promotion, and R&D [1] Financial Performance - The net profit attributable to shareholders is projected to be between -1.35 billion and -1.95 billion, compared to -1.59479 billion in the same period last year [2][8] - The net profit after deducting non-recurring gains and losses is expected to be between -1.448 billion and -2.048 billion, compared to -1.64338 billion in the same period last year [2][8] - Revenue is expected to grow by over 40% year-on-year, with an increasing proportion of overseas revenue [8] Business Developments - The company has made significant breakthroughs in AI large models, including the release of various models such as Skywork-Reward-V2 and Matrix-3D, while continuously iterating existing models [3][4] - The TianGong Super Intelligent Agent has integrated AI Agent architecture and Deep Research technology, focusing on enhancing office efficiency and multi-modal creation [4] - The AI music product Mureka has reached version V8, improving in multiple dimensions, and aims to provide a seamless music creation experience for users [5] Short Video Platform Growth - The short video business has become a significant growth driver, with the DramaWave platform achieving over 28 million monthly active users globally [6] - The FreeReels application has surpassed 40 million monthly active users, leveraging a "free to watch" strategy to gain market share in emerging markets [6] Technological Innovations - The Opera platform has launched the AI Agent browser Opera Neon, which enhances user interaction by automating web browsing and task execution [7] - The StarMaker platform has integrated AI technology for song and video creation, significantly boosting user growth [7] - The company plans to deepen the industrialization of AI technology and strengthen its global market presence to enhance its core competitiveness [7]

Core Viewpoint - The article discusses the launch and capabilities of the AI model SkyReels-V3 by Kunlun Tiangong, highlighting its advanced features in video generation and its open-source nature, which is seen as a significant technological advancement in the AI field [3][4][10]. Group 1: Model Features - SkyReels-V3 is a multi-modal video generation model capable of generating videos from text and images, extending video lengths, and creating virtual avatars [7][9]. - The model aims to eliminate the stiffness and disjointedness often associated with AI-generated videos, achieving a new level of realism and coherence [9][10]. - It supports various video formats and resolutions, allowing for seamless transitions and maintaining visual quality across different aspect ratios [19][45]. Group 2: Technical Innovations - SkyReels-V3 addresses common issues in AI video generation, such as the scarcity of high-quality training data, computational limitations, and a lack of understanding of physical laws [33][36]. - The model employs a "one core, multiple branches" architecture, utilizing a multi-modal in-context learning framework for differentiated fine-tuning across tasks [37][38]. - It incorporates advanced techniques like cross-frame pairing for data construction, multi-reference condition fusion for detail control, and mixed training strategies to enhance generalization [39][42][45]. Group 3: Performance Metrics - In comparative evaluations, SkyReels-V3 outperformed other models in terms of reference image consistency, instruction adherence, and visual quality [46][47]. - The model's video extension capabilities go beyond simple frame addition, employing intelligent semantic understanding to create coherent narrative continuations [49][54]. - It also features a virtual avatar model that can generate synchronized audio-visual content, supporting multi-character interactions and long video generation [55][60]. Group 4: Industry Context - The AI video generation sector is transitioning from mere technical demonstrations to a competitive landscape focused on commercial applications, with SkyReels-V3 standing out for its multi-modal capabilities and precision [64][65]. - Kunlun Tiangong's strategic focus on self-developed technologies and a diverse model matrix positions it as a leader in the AI space, with applications spanning various domains [68][70]. - The company has successfully launched multiple AI products catering to different consumer needs, establishing a sustainable cycle of technology, user engagement, and product innovation [73][74].

Group 1 - The gaming sector is experiencing fluctuations, with the gaming ETF (159869) showing a slight decline, while individual stocks like Yaoji Technology and Zhejiang Shuzhu Culture have increased by over 6% [1] - As of January 13, the gaming ETF (159869) has reached a scale of 16.217 billion yuan, attracting a total of 1.405 billion yuan in the last 10 trading days, providing investors with a convenient tool for investing in A-share gaming leaders [1] - Open Source Securities believes that the listing of MiniMax may enhance its financial strength, financing capability, and brand awareness, which could support its model development and commercialization efforts in the AI social sector [1] Group 2 - The gaming sector is catalyzed by multiple factors including AI, content, and changes in commercialization models, with the gaming ETF (159869) tracking the CSI Animation and Gaming Index, which has the highest AI application content in the market [2] - The current gaming sector is benefiting from favorable policies, product cycles, and the empowerment of AI, suggesting a potential window for focusing on gaming sector investments [2]

Core Insights - The core message of the news is that Kunlun Wanwei's AI music product Mureka has achieved positive gross profit for the first time after reducing marketing expenses, highlighting the company's ability to convert technology into commercial success amidst the challenges faced by the AI industry in monetization [1][2]. Group 1: Financial Performance - In Q3 2025, Kunlun Wanwei reported revenue of 2.072 billion yuan, a year-on-year increase of 56.16%, and a net profit of 190 million yuan, marking a turnaround from losses in the previous year [1]. - For the first three quarters, the company achieved revenue of 5.805 billion yuan, up 51.63% year-on-year, with overseas business revenue reaching 5.41 billion yuan, a significant increase of 58%, accounting for 93.3% of total revenue [1]. Group 2: Business Strategy and Global Expansion - Kunlun Wanwei has been focusing on overseas markets since its establishment in 2008, leveraging the team's experience and market insights to expand its business across over 100 countries and regions [4]. - The company has established offices in more than 20 countries and employs around 1,200 overseas staff, with research and development centers in locations like Poland [5]. Group 3: AI Integration and Efficiency - The integration of AI technology has significantly improved efficiency and reduced costs in content production, with Mureka reducing the cost of music generation from 100,000 yuan to less than 1 yuan [7]. - The AI product matrix includes DramaWave, generating an annual revenue of 240 million USD, and Linky, an AI social product with over 20 million downloads and a monthly revenue peak of over 1 million USD [7]. Group 4: Localization and Compliance - Kunlun Wanwei emphasizes the importance of local adaptation to navigate regulatory and cultural challenges in international markets, ensuring compliance with local rules before launching operations [10]. - The company employs local staff for customer service and sales roles to better connect with users, and it actively engages with local regulations to minimize policy risks [10]. Group 5: Long-term Vision - The company's approach combines technology development with local adaptation, embodying a long-term commitment to sustainable growth in the global market [11].

Core Viewpoint - Kunlun Wanwei has evolved from a domestic gaming company to a global leader in artificial intelligence, with significant overseas revenue and a strong user base, positioning itself as a benchmark for Chinese tech companies going global [1][4]. Group 1: Company Growth and Strategy - The company was founded with a global vision, starting from online game development and expanding into international markets early on [1][2]. - Kunlun Wanwei's flexible market strategy allows it to focus on rapidly growing markets without fixed revenue targets, adapting to industry changes effectively [2]. - The company has made strategic investments, such as acquiring Opera and launching successful products like StarMaker, which has over 310 million registered users [2][4]. Group 2: AI Development and Revenue - In 2025, Kunlun Wanwei achieved a total revenue of 5.8 billion yuan, a 52% year-on-year increase, with overseas revenue accounting for 93% [4]. - The company has established a comprehensive presence in the AI sector, with products like DramaWave generating significant revenue and Linky achieving over 20 million downloads [4][5]. - The AI music platform Mureka and the Opera browser also contribute to the company's strong market performance, with Opera being the fourth largest browser globally [4]. Group 3: Market Expansion and Compliance - Kunlun Wanwei emphasizes "technological innovation" and "proactive compliance" as key factors for success in international markets [5]. - The company invests heavily in technology and localizes its products to fit diverse cultural contexts in regions like India and Africa [5]. - A rigorous compliance approach ensures that the company secures necessary licenses before launching operations in new markets [5]. Group 4: Government Support - The rapid growth of Kunlun Wanwei is supported by various levels of government in Beijing, providing policy, talent, and funding advantages [6]. - The local government offers tailored services to address the company's needs and assists in obtaining operational licenses for AI products [6]. - Chinese embassies abroad also play a crucial role in facilitating business operations and ensuring the stability of overseas teams [6].