证券研究报告 核心结论 2）模型侧，我们认为多模态能力从根本上降低了大模型的理解、交互和解决实际问题的门槛，从而将其应用范围从 文字世界，极大地拓展至我们身处的这个物理世界，重点关注大模型多模态能力提升。 从"+AI"到"AI+"，AI巨轮破浪前行 ——2026年计算机行业年度策略 西部证券研发中心 2025年12月12日 分析师：郑宏达 S0800524020001 邮箱地址：zhenghongda@research.xbmail.com.cn 分析师：谢忱 S0800524040005 邮箱地址：xiechen@research.xbmail.com.cn 分析师：李想 S0800525040006 邮箱地址：lixiang@research.xbmail.com.cn 分析师：卢可欣 S0800525080006 邮箱地址：lukexin@research.xbmail.com.cn 2025年回顾：1）回顾2025年，年初以DeepSeek为代表的国内AI大模型取得较大突破，计算机行业于2月份走出一 轮显著跑赢大盘的独立上涨行情。4月，外部冲击与内部估值压力形成共振，导致板块出现一轮快速回调。经过调整 ...

Group 1 - OpenAI is developing four new models named Emperor, Rockhopper, Macaroni, and Mumble, with reasoning budgets of 512, 64, 16, and 0 respectively [1] - The leaked internal code indicates that OpenAI is working on a "memory search" feature to improve user experience in memory management [1] - There is speculation that OpenAI may release GPT-5.2 to counter competition from Google's Gemini, following a wave of subscription cancellations due to ad pushes in ChatGPT [1] Group 2 - Keling's digital human 2.0 has been fully launched, featuring enhanced expressiveness, precise control of hand and lip movements, and support for videos up to 5 minutes long [2] - The model excels in body language, gestures, expressions, and camera language, significantly improving detail in hand movements [2] - The product outperforms competitors in objective evaluations and is suitable for various content scenarios, including educational and entertainment purposes [2] Group 3 - Doubao-Seedream-4.5, a new image creation model by Huoshan Engine, has been released, focusing on commercial productivity [3] - The model enhances multi-image generation capabilities and optimizes poster layout and logo design functions [3] - It supports applications in advertising, e-commerce, film production, digital entertainment, and education, with API access available for enterprises [3] Group 4 - Meta has hired Alan Dye, a former Apple executive, to lead a new design studio, marking a significant talent acquisition from Apple [4] - Dye has a 19-year history at Apple, contributing to the design of products like the Apple Watch and Vision Pro [4] - This move is part of Meta's broader strategy to strengthen its design capabilities, following several other key hires from Apple [4] Group 5 - OpenAI has introduced a new training method called "Confessions" for GPT-5-Thinking, where the model generates a "confession report" after responses [5][6] - In tests, the model admitted to errors in at least half of the scenarios, with an average false negative rate of only 4.36% [6] - This method is intended as a monitoring diagnostic tool, designed to work alongside other safety technologies [6] Group 6 - Tongxing Technology has launched China's first AI glasses for the visually impaired, featuring obstacle avoidance, object reading, and voice assistance [7] - The glasses can provide real-time road prompts with a latency of 300ms, utilizing dual 121-degree wide-angle cameras [7] - The product's design incorporates a main unit, smartphone, remote control ring, and cane, significantly reducing computational costs [7] Group 7 - Yingstone has released its first drone, the A1, which features 360-degree panoramic technology and is lightweight at 249g [8] - The standard package includes an 8K panoramic camera drone and a pair of flight goggles with dual 1-inch Micro-OLED displays [8] - The drone allows users to separate viewing angles from flight direction, simplifying the filming process [8] Group 8 - a16z partner Olivia Moore shared data indicating that the Sora app's user retention rate plummeted to 1% by day 30 [9] - Despite initial success with over a million downloads, the app's ranking has dropped significantly due to poor recommendation algorithms and design flaws [9] - OpenAI's chief research officer noted that operating short video products presents challenges for the company, as Sora is primarily viewed as a creative tool [9] Group 9 - Wispr Flow, an AI voice input product, has seen a tenfold increase in ARR within five months, achieving a valuation of over $700 million [10] - The product boasts a user retention rate of 70% after one year, with revenue increasing nearly 40% since June [10] - The founder emphasized the importance of addressing "dictation" rather than "transcription," achieving a zero-edit rate of 89% [10][11]

一水 发自 凹非寺 量子位 | 公众号 QbitAI Sora APP，这就凉凉了？！ 刚刚，a16z合伙人Olivia Moore分享了一组数据，结果让所有人都大吃一惊—— 这款爆发速度比ChatGPT还要快的应用 （5天下载破百万） ，用户留存率一路从10% （day1） 降至2% （day7） 、1% （day30） 、0% （day60） 。 就是说， 虽然新增还在继续，但用户留存不下来 …玩玩儿就腻了。 单看一处细节也能一窥Sora APP的困境。 刚出道时，它轻轻松松地拿下了App Store免费榜第一，但此时此刻它的排位已经降至第22，别说和谷歌Gemini对打了 （第2） ，连麦当劳 （第11） 、谷歌地图 （第19） 这些都打不过。 所以，Sora APP怎么了？过去两个月到底发生了什么？ 出道即巅峰，大多只是尝个鲜 Sora APP是OpenAI今年10月上线的一款视频应用，基于其最新视频模型Sora 2打造。 它整体看起来就像是一个"AI版"抖音短视频平台，形式be like： 由于融合了很多AI玩法，所以刚发布时吸引了大量用户尝鲜，甚至还让OpenAI CEO奥特曼一度成为恶搞主角。 ...

Summary of Conference Call Records Industry Overview - The focus is on the computer sector, particularly the AI application segment, with major players like OpenAI shifting resources towards application development, exemplified by the launch of the Sora APP [1][2] - AI revenue for leading companies is expected to exceed 20% of total revenue by 2026, indicating a shift from concept to actual profit growth [1][2] - The computer sector's performance has shown significant improvement since Q3 2025, with companies like Hikvision, Dahua, and Sangfor experiencing accelerated profit growth [1][2][4] Key Insights and Arguments - The ChatGPT effect is becoming evident, combined with a recovery in downstream demand and policy support, driving growth in the computer sector [1][2][4] - The "信创" (Xinchuang) sector is benefiting from policy initiatives, with a complete replacement of systems like OA email and document management required by 2027, which will drive business growth for related companies [1][3] - The current allocation in the computer sector is low, at around 3% in Q3 2025, compared to a market capitalization share of over 4.5%, indicating significant upside potential [1][5] Notable Companies and Performance - Companies such as Hikvision, Kingsoft, Hehe Information, Sangfor, and iFlytek are highlighted for their strong performance and robust revenue growth expectations, making them attractive investment opportunities [1][7] - Specific performance metrics include: - Hikvision's profit growth exceeding 20% in Q3 2025 [4] - Kingsoft's projected revenue of 6 billion RMB this year, increasing to 7 billion RMB next year [7] - Hehe Information's expected profit of 650 million RMB next year [7] Investment Opportunities - The AI sector presents two main investment directions: AI computing power and AI applications, with companies like Kingsoft, Hehe Information, Hikvision, and Sangfor showing significant advantages in AI applications [8] - The technology self-reliance sector is also gaining attention, with companies like Dameng Database and Huawei Jiutian showing strong growth potential [9][10] Market Environment and Future Expectations - The computer sector is entering a favorable investment window, with a historical trend of improved performance during the November to April period due to a lack of new earnings reports and increased risk appetite [5] - Despite a 20% increase in the computer sector this year, it still lags behind other sectors like telecommunications (70%), electronics (50%), and media (30%) [6] - New regulations from the China Securities Regulatory Commission may encourage fund managers to increase allocations to underweighted sectors like computers, potentially driving market performance upward [6]

Core Viewpoint - The market is experiencing a divergence in performance among indices and stocks, with a notable shift towards smaller stocks as larger stocks face a pullback [3][4][7]. Market Performance - On October 31, major indices declined, with the Shanghai Composite Index down 0.81% and the ChiNext Index down 2.31%. The overall market saw approximately 3,800 stocks rise, with a total trading volume of 2.35 trillion yuan, a decrease of 114.5 billion yuan from the previous trading day [3][5]. - The Shanghai Composite Index has increased by 1.85% for the month, briefly surpassing 4,000 points, while the ChiNext Index has decreased by 1.56% [3][8]. Historical Trends - Historically, November tends to be a month where "cross-year speculative stocks" are identified, with smaller stocks often outperforming larger ones during this earnings vacuum period [9][10]. - The micro-cap stock index has shown strong performance in November over the past five years, with an average increase of 7.16% in 2023 and a cumulative increase of 77% year-to-date [11][12]. Sector Analysis - The market is currently seeing a "broad-based rally," with significant gains in sectors such as biopharmaceuticals, film and television, and innovative drugs [19]. - The innovative drug sector is benefiting from the ongoing national medical insurance negotiations, which include discussions on cancer and chronic disease medications [20]. - In the AI application sector, the release of OpenAI's Sora2 model is expected to enhance the capabilities of video creation and distribution, indicating a growing investment opportunity in this area [21]. Investment Strategy - Analysts suggest focusing on sectors that are likely to benefit from global trends, such as upstream resources and capital goods, as well as domestic consumption sectors like coal and food and beverage [16]. - The solid-state battery sector is highlighted for its growth potential, driven by advancements in technology and production processes [22].

Market Overview - The three major indices weakened, with the Shanghai Composite Index down 0.81% and the ChiNext Index down 2.31% [2] - The computing hardware industry chain showed a significant pullback, particularly in CPO and memory sectors, while AI applications, innovative pharmaceuticals, and consumer concepts performed strongly [2] - Approximately 3,800 stocks rose, with a total trading volume of 2.35 trillion yuan, a decrease of 114.5 billion yuan from the previous trading day [2] Monthly Performance - The Shanghai Composite Index increased by 1.85% for the month, briefly surpassing 4,000 points, marking a ten-year high, while the ChiNext Index fell by 1.56% [2] - The North China 50 Index performed well, with a monthly increase of over 3.5% [2] Market Sentiment - There is a noticeable divergence in performance between indices and individual stocks, with a significant number of stocks rising despite the overall index decline [2] - Recent trends indicate a shift from large-cap stocks to smaller-cap stocks, as investors seek opportunities in smaller, high-growth companies [4] Sector Performance - The WenDe Microcap Index has shown strong performance in November historically, with a cumulative increase of 77% year-to-date [8] - The Microcap Index has recorded positive monthly performance for ten consecutive months, indicating strong market expectations for the upcoming month [8] Investment Opportunities - Analysts suggest that the current market environment favors smaller stocks, particularly during the earnings vacuum period in November, which historically sees strong performance from micro-cap stocks [6] - The focus on innovative pharmaceuticals is heightened due to the introduction of a "commercial insurance innovative drug directory" mechanism in national negotiations [15] - AI applications are gaining traction, particularly with the release of OpenAI's Sora2 model, which enhances video creation capabilities and social media integration [16] Sector Highlights - The biotechnology sector showed strong gains, with biopharmaceuticals up 4.09% and innovative drugs up 3.35% [14] - The solid-state battery sector is expected to see growth due to advancements in technology and production requirements, presenting investment opportunities [17]

Group 1: Industry Performance - In the first three quarters, cultural enterprises achieved a total profit of 909.3 billion yuan, a year-on-year increase of 14.2% [2] - The operating income profit margin for cultural enterprises was 8.30%, up by 0.45 percentage points compared to the same period last year [2] - By the end of the third quarter, the total assets of cultural enterprises reached 22,422.7 billion yuan, an increase of 8.4% year-on-year [2] - For every 100 yuan of assets, the operating income was 66.8 yuan, an increase of 0.3 yuan year-on-year [2] Group 2: Technological Advancements - The release of OpenAI's video generation model Sora2 in September 2025 marked three significant technological breakthroughs: realism in the physical world, multi-modal integration for simultaneous audio generation, and initial capabilities in narrative logic and shot scheduling [4] - The Sora APP allows users to create and publish derivative works from popular videos, integrating social attributes into the AI video creation process for rapid dissemination [4] Group 3: Content Innovation - The emergence of "AI comic dramas" has gained popularity, combining AI technology with original IPs like comics and novels, offering a full production process while retaining original storylines and artistic styles [4] - This new content form is expected to capture a significant share of internet time among young users, creating various opportunities across the industry chain [4] Group 4: Future Trends in AI Video - The next phase of AI video applications is expected to focus on three directions: deep integration with social interactions for consumer applications, evolution of ChatGPT into a comprehensive ecosystem, and the combination of video generation with AIAgent for a one-stop solution to video creation needs [5] - The integration of generative video tools into a platform will facilitate a full cycle from generation to distribution and monetization [5] Group 5: Industry Disruption - The advancements in AIGC tools like Sora are set to disrupt traditional film and television content production, activating new dynamics within the industry [6] - AI is now capable of handling most production processes for comic dramas and short films, leading to the emergence of innovative content forms and new opportunities for the industry chain [6]

Market Overview - The technology and non-technology stocks exhibited a "seesaw" effect, with significant declines in the computing and semiconductor sectors, including stocks like New Yisheng, Industrial Fulian, and Lanke Technology [1] - Conversely, sectors such as new energy, pharmaceuticals, consumer goods, and AI applications saw gains, with leading stocks like 360, WuXi AppTec, and Heng Rui Pharmaceutical rising [1] AI Applications Sector - The AI applications sector showed strong performance, with notable gains in Sora concept, AI corpus, and Zhipu AI, leading the market [4] - OpenAI's recent release of the Sora2 video generation model is expected to enhance the capabilities of AI video creation, benefiting industries like film, gaming, and IP [6][8] - The emerging "AI comic drama" sector is gaining attention, combining AI technology with original IPs to create content that retains artistic styles while being more diverse [7] Consumer Goods Sector - The consumer goods sector demonstrated active performance, with significant increases in white wine, grain economy, duty-free shops, and food processing manufacturing [8] - Duty-free shop stocks like Hainan Development and Caesar Travel saw notable increases, driven by new policies aimed at boosting consumption [9][12] - The food processing manufacturing sector also experienced gains, with stocks like Youfa Food and Richen Co. achieving substantial increases [13] Investment Opportunities - Analysts suggest that companies with advantages in manga, web literature, and animation, as well as those with AI technology and platform advantages, are likely to benefit from the AI comic drama trend [8] - The food and beverage industry is undergoing significant changes, with a shift towards rational consumption trends, leading to new investment opportunities in instant retail and membership supermarkets [15] - The competition in the supermarket channel is evolving from price and category focus to brand recognition and user relationship building, favoring companies with strong private brand capabilities and innovative product development [15]

Market Overview - The technology and non-technology stocks exhibited a "seesaw" effect, with significant declines in the computing and semiconductor sectors, including stocks like New Yisheng, Industrial Fulian, and Lanke Technology [1] - Conversely, sectors such as new energy, pharmaceuticals, consumer goods, and AI applications saw gains, with leading stocks like 360, WuXi AppTec, and Heng Rui Pharmaceutical rising [1] - The Shanghai Composite Index fell by 0.63%, the Shenzhen Component Index decreased by 0.62%, and the ChiNext Index dropped by 1.49% [1] AI Applications - The AI application sector showed strength, with notable gains in Sora concepts, AI corpus, and Zhipu AI, leading the market [2] - OpenAI's recent release of the Sora2 model, which allows for innovative video creation and social sharing, is expected to enhance the capabilities of the film, gaming, and IP industries [3] AI Manhua (Comic) Industry - The emerging "AI Manhua" sector is gaining attention, combining AI technology with original IPs from comics and novels to create content that retains original storylines while incorporating short video characteristics [4] - Companies with advantages in comics, web literature, and animation, as well as those with AI technology capabilities, are expected to benefit from this trend [4] Consumer Goods Sector - The consumer goods sector showed active performance, with increases in white wine, grain economy, duty-free shops, and food processing manufacturing [4] - Duty-free shop stocks like Hainan Development and Caesar Travel saw price increases following a new policy aimed at boosting consumption and attracting foreign spending [5][8] Food Processing Industry - The food processing sector experienced significant gains, with stocks like Youfa Food and Richen Co. reaching their daily limits [9] - The food and beverage industry is undergoing a transformation, with consumers increasingly valuing product quality, cost-effectiveness, and convenience, leading to the rise of new retail channels [10] - The supermarket channel is shifting from extensive expansion to focused cultivation, emphasizing brand recognition and user relationships [11]

Core Insights - Sora has introduced three major new features: Character Cameo, video stitching, and community leaderboard [1][12][13] - The app has temporarily lifted the invitation code requirement in the US, Canada, Japan, and South Korea to facilitate direct registration [2][17] - The motivation behind the limited-time opening is attributed to insufficient computing power [3] Feature Summaries - **Character Cameo**: This upgraded feature allows users to maintain consistency with non-human cameo characters, including pets or animated figures, enhancing user engagement [6][9] - **Video Stitching**: Users can now combine two videos if they find the generated content too short, increasing the versatility of video creation [12] - **Community Leaderboard**: This feature categorizes the most used cameo characters and the most remixed videos, fostering community interaction [13] Market Strategy - The temporary removal of the invitation code requirement coincides with the launch of Sora's Android version, aiming to rapidly expand the user base and capture market share [18] - Initially, Sora employed a viral marketing strategy where each activated account could share four invitation codes, creating significant buzz but also a gray market for codes [15][16]