Jiuyan Research: Re-evaluating Kunlun Wanwei's Investment Value: World Model Year One + AI Software-Hardware Synergy, Re-rating the Full-Stack AI Leader

English summary

Jiuyan Research: Re-evaluating Kunlun Wanwei's investment value: World Model Year One + AI software-hardware synergy, re-rating the full-stack AI leader. Investment focus: WAIC released the Matrix-Game 3.5 world model; subsidiary Aijieke Xin won a RMB 110 million AI compiler order; Riemann Power's Riemann-1.0 debuted. Event: Kunlun Wanwei (300418.SZ) covers the entire industry chain of 'AI chips—large models—AI applications'. On July 19, WAIC 2026 released the Matrix-Game 3.5 interactive world model, Mureka v9.5, and O3 music model. CEO Fang Han declared 2026 as the 'Year One of World Models'.…