The current world model is still in the early stage of transitioning from proof-of-concept to engineering, and there is still a huge gap from truly possessing the ability of general physical understanding and trusted deployment. However, the expectations of the capital market and industrial narratives regarding the current technological level tend to outpace the actual progress, leading to some valuation bubbles and technological exaggerations. This report aims to objectively sort out the conceptual sources, technical schools, application scenarios and investment and financing status of the world model based on the existing public information, providing a framework reference for the rational assessment of this direction.

2026H1，中国AI行业一级市场发生融资事件1408个，同比增长90.01%；已披露融资总额2537.34亿元，同比增长279.90%，占中国一级市场披露融资总额的52.80%，其中2026Q2占比进一步升至59.52%。资金加速向头部集中，DeepSeek、阶跃星辰、月之暗面、智平方、华深智药五家企业合计吸收超四成行业融资。