全球游戏盛会科隆国际游戏展近日落下帷幕，本届展会上由腾讯游戏打造的首个专业AI大模型VISVISE首次亮相 并在现场进行了实机互动演示，引发广泛关注。 科隆国际游戏展VISVISE展台前，开发者体验VISVISE的产品。 科隆游戏展前夕,腾讯游戏针对该模型举行了一场闭门沟通会，南都N视频记者获悉，VISVISE覆盖动画制作、3D 模型生成、智能NPC和数字资产管理4大管线，贯穿游戏创作的模型生成、贴图制作、骨骼绑定、动画制作、场景 构建及渲染六大环节；目前除了在腾讯游戏内部应用以外，已被完美世界、库洛游戏等50多家外部公司采用。 游戏引擎Unity发布的《2025游戏行业趋势报告》显示，96%的游戏工作室正在将AI工具整合到工作流程中。在 AIGC应用到游戏产业的飞轮效应逐渐形成的同时，游戏产品会出现审美同质化的问题吗？这个问题该如何解决？ 提升游戏制作效率，降低门槛 以游戏动画生产过程为例，刘奇申透露，目前在游戏行业内，不同的游戏工作室或者游戏公司在游戏动画生产过 程中会产生不同的方案，大型的3A厂商基本上都是采用动捕+精修的工作流，这样产生的投入成本最高，也要求 厂商必须有自己的动捕基地或者精修团队，如果 ...

2. 绿色转型：中共中央办公厅、国务院办公厅发布关于推进绿色低碳转型 加强全国碳市场建设的意见。主要目标是：到 2027 年，全国碳排放权交易 市场基本覆盖工业领域主要排放行业，全国温室气体自愿减排交易市场实 现重点领域全覆盖。到 2030 年，基本建成以配额总量控制为基础、免费和 有偿分配相结合的全国碳排放权交易市场，建成诚信透明、方法统一、参 与广泛、与国际接轨的全国温室气体自愿减排交易市场，形成减排效果明 显、规则体系健全、价格水平合理的碳定价机制。（资料来源：同花顺） 3. 国家发改委：8 月 25 日，国家发展改革委主任郑栅洁主持召开企业座谈 会，围绕科学编制"十五五"规划，听取关于扩内需、稳就业等方面意见 建议。座谈会上，企业负责人逐一介绍自身生产经营和所在行业发展情况， 并对"十五五"时期发展提出了具体政策建议；郑栅洁主任认真听取企业 发言，与大家深入沟通交流。参会企业谈到，面对近年来国际国内市场发 展新机遇、新挑战，企业积极谋划转型发展，着力推动国内外市场相互联 通、相互促进，努力服务构建新发展格局。建议国家在编制"十五五"规 划时，进一步完善扩大国内需求、促进市场有序竞争、知识产权保护、绿 ...

西风 发自 凹非寺 量子位 | 公众号 QbitAI 在最近与科隆国际游戏展同期举办的Devcom开发者大会上，AI再次赚足了脸面。 微软、腾讯、谷歌、Meta等国际巨头带来 超过20场AI相关议题 ，" AI如何提升游戏美术生产效率 "、" AI工具如何与传统工作流无缝集成 "、" AI在动画生成、场景构建等具体环节的应用案例 "成为开发者们探讨的重点内容。 近年来，游戏美术对精细度的要求呈现指数级增长。随之而来的是几何级增长的工作量。 而在科隆游戏展期间， 腾讯游戏首次面向全球发布 游 戏 创作AI 全链 路解决方案VISVISE 。 简单来说，VISVISE包含一整套AI工具，分为动画制作、模型制作、数字资产管理、智能NPC四大管线，覆盖游戏美术开发全流程，重点在 于辅助游戏美术完成那些 重复、机械且工作量巨大的"体力活" 。 比如在3D动画制作方面，VISVISE的 MotionBlink可根据用户输入的少量关键帧， 自动 补全中 间帧 ，生成完整序列动画 。 在过去，动画师手动补帧甚至要占角色动画制作总工时的60%-70%，短短10秒的动画制作，手K精修可能要3-7人天才能完成。 而现在，AI自动补 ...

证券研究报告 | 2025年08月25日 人工智能周报（25 年第 34 周） 优于大市 英伟达或暂停生产 H20 芯片，DeepSeek-V3.1 正式发布 人工智能动态：1）公司动态：①Meta 将其 AI 团队重组为四大子部门。② OpenAI 计划进入印度并落地本地化团队；③Google 推出 AI 模式全球扩展， 同时新增"Agentic 功能"助力搜索任务落地；④阿里巴巴拟分拆斑马智行 赴港独立上市，推进智能汽车与 AI 布局；⑤腾讯发布最新 AI 艺术创作工具 "VISVISE"；⑥8 月 22 日 IT 之家消息，英伟达要求部分零部件供应商暂停 生产 H20 芯片，同时引入 Blackwell 架构 GPU。 2）底层技术：①DeepSeek-V3.1 正式发布；②字节跳动发布新版开源 AI 模型：Seed-OSS-36B 模型；③阿里通义联合钉钉推出新一代端到端语 音识别大模型 Fun-ASR。 3）行业政策：①上海市市经济和信息化委员会、市发展和改革委员会、市 国有资产监督管理委员会联合发布《上海市加快推动"AI+制造"发展的实 施方案》；②工业和信息化部组织开展 2025 年度人工智能赋 ...

Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [2]. Core Insights - Tencent is enhancing its e-commerce capabilities through the introduction of a group buying feature in WeChat Mini Stores, shifting from a transaction-oriented model to a social-oriented one, which could lower consumer decision costs and differentiate it from competitors like Pinduoduo [4]. - The launch of the "VISVISE" AI solution for game development indicates Tencent's commitment to integrating AI across the gaming industry, aiming to improve efficiency and creativity in game production [5]. - Tencent's AI app, Yuanbao, has seen a decline in downloads, attributed to a cooling market and a strategic shift towards better integration with core Tencent apps, focusing on user growth efficiency [6]. - The upcoming mobile game "Valorant: Source Action" is expected to generate significant revenue, with projections estimating annual income of at least 6 billion to 7 billion yuan, indicating strong market interest [7]. Summary by Sections E-commerce - WeChat Mini Stores are testing a new group buying feature that allows users to share links and accumulate order amounts for discounts, enhancing the social aspect of e-commerce [4]. AI Development - Tencent has launched the "VISVISE" AI solution for game creation, which includes tools for model generation and character animation, marking a shift towards a comprehensive AI system in gaming [5]. - The performance of Tencent's AI app, Yuanbao, has declined, with a focus now on integrating it with other Tencent applications to improve user engagement and growth [6]. Gaming - The mobile adaptation of "Valorant" has begun testing, with high anticipation reflected in over 20 million pre-registrations, and is expected to significantly contribute to Tencent's revenue [7].

Core Insights - The article discusses the increasing integration of artificial intelligence (AI) in the gaming industry, highlighting its transformative impact on game production, user experience, and business models [3][4][21] Group 1: AI's Impact on Game Production - AI technology is significantly enhancing game production efficiency, with 71% of game studios reporting improved development and operational effectiveness after adopting AI tools [5][7] - Companies like Century Huatong have reported efficiency improvements of 60%-80% in art production processes, reducing project timelines from 30 days to 4-7 days [7][10] - AI tools are being integrated into various stages of game development, including art creation, programming, and testing, leading to a substantial reduction in labor hours and costs [10][11][12] Group 2: AI's Influence on User Experience - AI is revolutionizing player interactions by enabling dynamic, two-way communication with non-player characters (NPCs), creating a more immersive gaming experience [12][14] - Games like NetEase's "逆水寒" are utilizing AI to develop NPCs that can remember player actions and adapt their behavior accordingly, enhancing the depth of gameplay [12][13] - The introduction of AI-driven gameplay modes, such as in "太空杀," allows for complex interactions between human players and AI, showcasing the potential for innovative game mechanics [16][17] Group 3: Future Trends and Developments - The future of AI in gaming is expected to focus on dynamic content generation, intelligent NPC interactions, and user-generated content (UGC) capabilities [19][20] - AI tools are being utilized to streamline game localization and marketing strategies, allowing smaller teams to compete in global markets [20][21] - The gaming industry is seen as a fertile ground for AI experimentation, providing valuable data and scenarios for AI development, which could lead to broader applications in other sectors [21][22]

Investment Rating - The report maintains a "Buy" rating for key companies in the media sector, including 吉比特 (G-bits), 恺英网络 (Kying Network), and 姚记科技 (Yaoji Technology) [8][6][4]. Core Insights - The media industry has shown a weekly increase of 2.59%, ranking 7th among various sectors, outperforming the Shanghai Composite Index and the CSI 300 Index [2][11]. - The AI sector continues to evolve, with significant growth in subscription revenues for applications like ChatGPT, which reached an annualized revenue of $1.25 billion, reflecting a 20% month-over-month increase [3][23]. - 吉比特's new game, 《杖剑传说》, has performed exceptionally well, entering the iOS bestseller list at 11th place [4][31]. - The film industry saw a total box office of 460 million yuan during the Dragon Boat Festival, marking a 20.1% year-on-year increase, with the top film, 《碟中谍 8：最终清算》, grossing 191 million yuan [39][41]. Market Performance - The media sector's weekly performance from May 31 to June 7, 2025, showed a 2.59% increase, with the gaming sector leading at 4.12% [11][19]. - Key stocks such as ST 联合 and 湖北广电 saw significant gains, with increases of 21.36% and 20.41%, respectively [19][20]. AI Application Data - In May 2025, ChatGPT's annualized subscription revenue was $1.25 billion, with a month-over-month growth of 20% [23][24]. - Chinese AI applications like 百度网盘 and 夸克 ranked among the top ten globally in terms of monthly active users, with 百度网盘 reaching 153.14 million users [25][28]. Gaming Data - 吉比特's new game, 《杖剑传说》, ranked 11th in the iOS game sales chart as of June 5, 2025 [31][32]. - The top three games in the sales chart were 《王者荣耀》, 《和平精英》, and 《金铲铲之战》 [31]. Film Data - The total box office for the Dragon Boat Festival reached 460 million yuan, with a year-on-year increase of 20.1% [39][40]. - The top films during this period included 《碟中谍 8：最终清算》, which accounted for 41.5% of the total box office [39][41].

Economic Data and Market Trends - US economic activity showed signs of slowing down, with the ISM services index falling to 49.9, indicating contraction for the first time in a year[8] - The Dow Jones decreased by 0.22%, while the S&P 500 rose slightly by 0.01% to 5970.81 points, and the Nasdaq increased by 0.32%[1] - A-shares strengthened post-holiday, with the Shanghai Composite Index up 0.42% to 3376.2 points[1] Sector Performance - The Hong Kong Hang Seng Index rose by 0.6% to 23654.03 points, led by gains in the consumer sector and active trading in precious metals[1] - Jewelry stocks maintained strong performance, while brokerage stocks were active, and beer-related stocks received a boost[1] US-China Relations and Technology - US Commerce Secretary stated that China currently lacks the capacity for large-scale production of advanced chips, estimating only about 200,000 units can be produced, which is minimal compared to demand[8] - The US Federal Reserve's Beige Book indicated a broad economic impact from tariff policies and rising uncertainty, with labor demand weakening across all regions[12] Investment and Corporate Actions - Shiu Fook Jewelry plans to raise funds through an IPO to expand its sales network, with a valuation potentially exceeding 10 billion RMB[10] - Nidec Corporation announced a share buyback plan of up to 8 billion RMB, having repurchased approximately 664,000 A-shares for about 1.55 billion RMB[13]

Market Overview - US stock indices experienced fluctuations, with the Dow Jones down 0.22%, Nasdaq up 0.32%, and S&P 500 up 0.01. The VIX index fell 0.45% to 17.61. The US dollar index decreased by 0.45% to 98.82. The yield on the 10-year US Treasury bond dropped by 2.244% to 4.356%, with a spread of 48.7 basis points compared to the 2-year bond yield. Spot gold rose by 0.56% to $3,372.18 per ounce, while Brent crude oil fell by 1.11% to $64.84 [1]. Industry & Stocks - In the industry sector, apart from energy, utilities, and consumer staples which fell by 1.95%, 1.75%, and 0.7% respectively, the other seven sectors of the S&P 500 saw gains: semiconductors up 1.49%, communications up 0.64%, materials up 0.38%, real estate up 0.31%, healthcare up 0.2%, technology up 0.15%, and industrials up 0.06 [1]. - Chinese concept stocks mostly rose, with KWEB up 2.48%, TSMC up 2.42%, Alibaba up 3.9%, Pinduoduo up 1.34%, JD.com up 2.84%, Li Auto down 0.17%, Xpeng up 3.77%, Futu up 6.93%, and NIO up 6.23 [1]. Focus of the Day - STMicroelectronics CEO Jean-Marc Chery indicated signs of market recovery, expecting increased demand that could boost performance in upcoming quarters. The company anticipates achieving the midpoint of its revenue forecast for Q2, which is $2.71 billion [3]. - Broadcom announced the shipment of its latest data center switch chip, Tomahawk 6, which boasts an Ethernet switching capacity of 102.4 terabits per second, double that of any current market Ethernet switch bandwidth. This chip is designed for data centers running AI processor clusters [5]. - The German government approved a tax relief plan worth €46 billion aimed at stimulating economic growth, which includes favorable depreciation options for businesses [6]. - India formally challenged the US over increased auto tariffs at the WTO, indicating a tougher trade stance despite ongoing negotiations for a temporary agreement [7]. Tesla Sales Data - Tesla's wholesale sales in China for May reached 61,662 units, a year-on-year decline of 15%. In Europe, sales plummeted, with UK sales down 45.8% to 1,758 units and German sales down 36.2% to 1,210 units [9]. - Cathie Wood's Ark Invest reduced its Tesla holdings by approximately 50,000 shares, realizing about $17 million, despite previously projecting a price target of $2,600 for Tesla [9]. Cryptocurrency Insights - Coinbase CEO Brian Armstrong warned that if the US fails to manage its debt effectively, Bitcoin could potentially replace the dollar as the new reserve currency. This sentiment is echoed by the Winklevoss twins, who advocate for Bitcoin investment amid rising US debt concerns [10]. Market Trends - Bubble Mart has emerged as the first tenfold stock in the "Guzi economy," with its share price soaring from HKD 19.8 to a peak of HKD 233.2, marking a cumulative increase of over 10 times and a market capitalization exceeding HKD 300 billion [10].

Core Viewpoint - Tencent is developing an AI-driven game creation solution called "VISVISE," which includes various development tools like Auto LUV and Skirt AI, indicating a significant investment in AI technology for game development [1] Group 1: AI Game Development Tools - Tencent's GoSkinning team has created tools such as Auto LUV and Skirt AI as part of the VISVISE initiative, showcasing a comprehensive approach to AI in game development [1] - The company is actively developing various AI game tools to enhance its offerings in the gaming sector [1] Group 2: Industrial-Grade AIGC Platform - Tencent's mixed yuan has launched an industrial-grade AIGC game content production engine, which significantly optimizes game asset generation and production processes [1] - The platform can accurately replicate various artistic styles and themes, including "thick paint," "celluloid," and "cyberpunk," demonstrating its versatility in generating high-consistency game content [1] Group 3: Financial Impact and Industry Trends - During the Q1 earnings call, Tencent's CEO Ma Huateng noted that AI capabilities have already made substantial contributions to businesses like Changqing Games [1] - Other companies in the industry, such as NetEase and miHoYo, are also increasing their investments in AI game development, indicating a broader trend towards AI integration in gaming [1]