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 ...

Core Viewpoint - The first half of 2025 is crucial for domestic AI computing power companies, with significant growth in shipments and revenue driven by local capabilities and the need for AI applications across various industries [3][4][12]. Group 1: Market Dynamics - The AI computing power market is experiencing a shift as domestic companies capitalize on the limitations of foreign chips, leading to rapid growth in shipments [3][4]. - Companies like DeepSeek and iFlytek are leveraging local computing power to enhance their AI models, with iFlytek's X1 model showing a 20% improvement in translation accuracy [5][6]. - The competition among enterprises is expected to accelerate AI implementation, with even a 10% efficiency or cost difference being critical for survival [12]. Group 2: Collaboration and Standards - The establishment of the "Model-Chip Ecological Innovation Alliance" aims to create a unified standard among chip manufacturers and model developers, reducing adaptation costs [9][10]. - Companies are encouraged to collaborate closely to ensure that chip designs align with the rapid iteration cycles of AI models, which currently outpace chip development timelines [9][10]. Group 3: Application Scenarios - Various sectors, including finance, education, and healthcare, are rapidly deploying AI applications, creating a diverse range of use cases that require tailored chip solutions [12][13]. - The unique ecosystem in China, similar to the mobile internet era, may provide significant opportunities for local chip companies to innovate and grow [12][13]. Group 4: Future Outlook - The AI revolution is seen as a critical juncture for Chinese chip companies, which must adapt quickly to avoid falling behind global competitors [13]. - The potential for AI to transform industries is widely recognized, and companies must leverage this technology to drive economic growth and improve operational efficiency [12][13].

Investment Rating - The report maintains a "Positive" investment rating for the industry [6]. Core Insights - On July 31, 2025, the State Council approved the "Artificial Intelligence+" action plan, encouraging the large-scale commercialization of AI applications across various sectors, indicating an unstoppable trend of AI empowering numerous industries [2][9]. - The report highlights three promising sub-sectors for investment: 1. AI interactive products (AI toys and tools) with significant monetization potential 2. Major companies leveraging advantages in traffic distribution, models, and data to create a commercial closed loop focused on consumer AI agents 3. The potential for domestic markets to replicate successful overseas business models in advertising, e-commerce, and education verticals [2][9]. Summary by Sections Policy Support - The government emphasizes the need for deep implementation of the "Artificial Intelligence+" action, promoting the rapid integration of AI into economic and social development, leveraging China's complete industrial system, large market scale, and rich application scenarios [9]. Technological Advancements - The lifting of restrictions on H20 and advancements from DeepSeek are expected to lower costs and accelerate the evolution of multi-modal AI technologies, further supported by national policies [9]. Market Opportunities - The report identifies a strong potential for monetization in AI interactive products, particularly AI toys, which are expected to commercialize rapidly due to enhanced user experiences and broader audience reach [9]. - Major companies are positioned to capitalize on their strengths in traffic distribution and data, focusing on consumer-facing AI agents to establish a sustainable business model [9]. - The report anticipates that successful overseas business models can be replicated in the domestic market, particularly in the advertising, e-commerce, and education sectors [9].

河北省地质矿产勘查开发局第八地质大队海洋大数据中心工作人员通过大数据平台查看入海河口水质变 化情况。曹建雄摄（人民视觉） 福建（泉州）先进制造技术研究院内正待调试的智能服务型机器人。新华社记者 魏培全摄 游人在北京798文化园区的一台智能无人售货车前购买饮品。新华社记者 李 欣摄 安徽省芜湖市镜湖区数字经济产业园项目建设现场如火如荼，一派繁忙景象。马二虎摄（人民视觉） 中国数字经济核心产业增加值占国内生产总值（GDP）比重2024年达到10.4%，首次突破10%——近 日，国家发展改革委公布了这样一组数据。 五年前，"十四五"规划纲要明确打造数字经济新优势，壮大经济发展新引擎，并首次提出"数字经济核 心产业增加值占GDP比重达到10%"的目标。如今，这一目标提前实现，对经济发展意味着什么？从三 个视角来看看—— 夯实底座—— 数字技术、基础设施实现新跃升 从2020年的7.8%到2024年的10.4%，中国数字经济核心产业增加值占GDP比重提高2.6个百分点，增量达 到6万亿元左右。 五年，数字经济蓬勃发展，得益于数字技术、基础设施等"数字底座"不断夯实。 看数字技术，国产人工智能（AI）强势兴起。今年7月， ...

Core Viewpoint - The 2025 World Artificial Intelligence Conference (WAIC 2025) showcased over 3,000 cutting-edge exhibits from more than 800 companies, highlighting advancements in AI technology, particularly in smart vehicles, with Geely's "Smart Egg Cabin" receiving the highest honor [1] Group 1: Geely's AI Strategy - Geely is not just an automotive company but one of the earliest adopters of AI technology in the industry, emphasizing the importance of user safety in the application of AI in vehicles [3][5] - The company has established a comprehensive "full-domain AI" technology system, becoming the only automaker globally to achieve such a layout, leveraging advantages like early deployment and rapid development [5][7] - Geely's "Smart Geely 2025" strategy aims to lead in electric intelligence by creating a robust technological foundation through big data, satellite networks, and AI ecosystems [5][7] Group 2: Technological Infrastructure - Geely has built a leading technological foundation comprising computing power, algorithms, and data, forming the "Smart Car Computing Alliance" with partners, achieving a total computing power of 23.5 EFLOPS [7] - The company has developed the world's first full-scenario AI model system for the automotive industry, including language, multi-modal, and digital twin models, and has accumulated 10 terabytes of token data and 40 billion automotive-specific data points [7][8] - Geely's "AI+" technology system includes various innovations in intelligent driving, power systems, chassis, and architecture, all of which are now in mass production [8] Group 3: Collaborative Innovations - At WAIC 2025, Geely and partners introduced the next-generation intelligent cockpit Agent OS, which features advanced multi-modal interaction capabilities [10][11] - The collaboration with partners like Jiyue Star and Qianli Technology has led to significant advancements in multi-modal models and intelligent driving systems, enhancing the overall automotive experience [8][10] - Geely aims to evolve from a traditional car manufacturer to a leading robotics company, integrating AI deeply into its vehicles and services [11][13] Group 4: Industry Transformation - The automotive industry is transitioning from mere transportation to becoming intelligent entities, necessitating a shift in automotive companies towards technology-driven organizations [13] - The integration of AI and electric vehicles positions Chinese companies at the forefront of global innovation, with Geely's approach exemplifying a strategic move towards becoming a leader in the AI era [13]

Group 1 - The core viewpoint of the article highlights the rapid integration of AI technology into everyday life, showcasing its transition from experimental applications to practical, accessible products and services [1][2]. - At the 2025 World Artificial Intelligence Conference, various robots demonstrated their capabilities in a "robot alley," performing tasks such as calligraphy and food preparation, illustrating the practical applications of humanoid robots in daily services [2][4]. - The OmAgent platform, developed by Lianhui Technology, enables robots and other smart devices to possess human-like spatial awareness and decision-making abilities, significantly enhancing their operational efficiency and commercial potential [2][3]. Group 2 - The launch of the new generation foundational model Step3 by Jiyue Xingchen represents a significant advancement in large model technology, capable of understanding images and videos while reducing inference costs [3][4]. - Step3 can assist users in managing their dietary needs by analyzing food images and recommending meal combinations that meet specific caloric requirements, demonstrating the model's practical utility in everyday scenarios [3][4]. - Alibaba introduced its first self-developed AI glasses, "Quark AI Glasses," which integrate advanced AI capabilities and support various services, marking a shift from exhibition items to commercially available products [4][5]. Group 3 - SenseTime showcased a range of AI-powered products, including interactive learning robots and emotional companion toys, emphasizing the growing accessibility of AI in daily life [5][6]. - The increasing versatility of AI technology is expected to lead to its adoption in more niche applications within everyday life, as stated by SenseTime's CEO [5].

Group 1 - Chinese technology companies are increasingly engaging in open-source AI model initiatives, with Alibaba launching multiple models in a short period, including Qwen3-235B-A22B-Instruct-2507, Qwen3-Coder, and Qianwen3 reasoning model [1] - The Kimi K2 model from Moonlight Dark Side, featuring a MoE architecture with 1 trillion total parameters and 32 billion active parameters, was also released [1] - The upcoming Step3 model from Jieyue Star will be the first full-size, native multimodal reasoning model, set to be open-sourced on July 31 [1] Group 2 - The open-source strategy of Chinese tech firms signifies a distinct path in AI development, promoting global AI technology accessibility and fostering an inclusive industrial ecosystem [2] - The Qwen3-Coder model has garnered attention from global investors and tech experts, being compared favorably to the Claude4 model [2] - The mixed model of "open-source ecology + closed-core" proposed by China emphasizes the balance between technology sharing and commercial value [2] Group 3 - The open-source wave in China is positively impacting the real economy, with major companies like FAW Group, China Petroleum, and Ping An Group integrating AI programming models [3] - The derivative models of Tongyi Qianwen have surpassed 140,000, making it the largest open-source model family globally, exceeding Meta's Llama series [3] - The "ecological empowerment" effect of open-source technology is evident across various sectors, creating a virtuous cycle of technology open-sourcing, scenario iteration, ecosystem cultivation, and market validation [3]

Core Insights - Jumpshare Star announced three significant developments: the launch of the new generation foundational model Step3, a strategic partnership with Shanghai State-owned Capital Investment Co., and the establishment of the Model Ecological Innovation Alliance with nearly ten chip manufacturers and computing power platforms [2][3][6]. Group 1: New Model Launch - The new foundational model Step3 is designed to balance intelligence and efficiency, aiming to create the most suitable model for the inference era and will be open-sourced to global enterprises and developers on July 31 [3]. - Step3 boasts a decoding efficiency that can reach up to 300% compared to DeepSeek-R1 on domestic chips, and it is compatible with all chip types [3]. Group 2: Strategic Partnership - The collaboration with Shanghai State-owned Capital Investment Co. marks a significant step in the commercialization of Jumpshare Star, focusing on capital linkage, ecosystem construction, business synergy, and application empowerment [6][9]. - Shanghai State-owned Capital Investment Co. has a registered capital of 10 billion yuan and is involved in strategic equity management and market-oriented investment projects [9]. Group 3: Ecosystem Alliance - The Model Ecological Innovation Alliance aims to enhance model adaptability and computing efficiency through collaborative innovation among foundational technology vendors [11]. - Initial members of the alliance include major companies such as Huawei Ascend, MuXi, and others, with the goal of providing efficient and user-friendly large model solutions [11][13].

Core Viewpoint - Shanghai Jiyue Xingchen Intelligent Technology Co., Ltd. has launched its first full-size, native multimodal reasoning model, Step3, which will be open-sourced for global enterprises and developers on July 31, 2025 [1] Group 1: Model Development - Step3 features an innovative model architecture and algorithm engineering collaboration, utilizing a MoE architecture with a total parameter count of 321 billion and an active parameter count of 38 billion, achieving significant cost optimization while maintaining high decoding efficiency [2] - Step3 possesses visual perception and complex reasoning capabilities, enabling it to accurately perform cross-domain complex knowledge understanding and analyze the intersection of mathematical and visual information [2] Group 2: Performance and Efficiency - Step3 demonstrated over 70% throughput improvement compared to the industry-leading model DeepSeek-R1 when tested on NVIDIA H800 chips, and can achieve up to 300% efficiency on domestic chips [2] - A core innovation alliance has been established with nearly 10 chip and infrastructure manufacturers to enhance model adaptability and computing efficiency [2][3] Group 3: Strategic Partnerships and Revenue Goals - The alliance includes major domestic chip manufacturers such as Huawei Ascend and others, which have successfully implemented and run Step3 [3] - Jiyue Xingchen has formed a strategic partnership with Shanghai State-owned Capital Investment Co., Ltd., aiming for a revenue target of 1 billion RMB for the year, based on confirmed contract revenues and a strong gross profit margin achieved in the first half of 2025 [3][4] - The company has collaborated with over half of domestic smartphone manufacturers to develop intelligent agents and is exploring applications in various verticals, including finance and retail [4]