1.【理想调整研发架构，智驾部门将被重组】 市场消息 称，理想汽车将开启新一轮组织架构调整， 这一轮将重组研发体系。据悉，理想汽车将研发体系重组为三大团队：基座模型团队、软件本体团 队、硬件本体团队，调整的重点是自动驾驶团队被拆分。一名知情人士称，此前自动驾驶高级副总裁 郎咸朋将成为硬件本体负责人，主要负责机器人研发，将向理想汽车总裁马东辉汇报，不再负责自动 驾驶。自动驾驶团队将被并入到勾晓菲负责的软件本体团队。勾晓菲是理想智能空间副总裁。此次调 整后，他将统筹理想智能座舱和智能驾驶研发。勾晓菲也将向马东辉汇报。此外，詹锟将领导基座模 型团队，负责统筹VLA和自研芯片融合，詹锟向理想汽车CTO谢炎汇报。（凤凰网） 2.【保时捷资深设计总监毛迈恪将于下月离任】保时捷1月28日宣布，托比亚斯·苏尔曼（Tobias Sühlmann）将于2月1日起接替毛迈恪（Michael Mauer）出任设计总监。毛迈恪已负责保时捷跑车 设计超二十年。苏尔曼此前担任英国跑车制造商迈凯伦首席设计官。（界面新闻） 3.【1月27日，奇瑞首款电动皮卡威麟R08 EV于芜湖正式发布，售价12.78万起，定位电动皮卡】新 车打破燃油皮卡高 ...

来源丨腾讯科技（ID：qqtech） 作者丨 苏扬 以下文章来源于腾讯科技 ，作者值得关注的 腾讯科技 . 腾讯新闻旗下腾讯科技官方账号，在这里读懂科技！ 编辑丨 徐青阳 图源丨Midjourney "过去一个月，网上流传着很多关于我司2025年出货量的不实信息。"1月22日，宇树科技在一则回 应公告中写道。 宇树的这条回应，矛头直指Omdia此前公布的"人形机器人出货量榜单"。 Omdia此前公布的数据显示， 2025年，人形机器人出货前三名：智元机器人、宇树科技、优必选 ， 对应出货量分别为5168台，4200台和1000台。 另外，市场机构Counterpoint日前披露的数据也显示，智元、宇树和优必选三家企业占据人形机器人 市场份额前三名，分别为30.4%、26.4%、5.2%。 两份榜单虽然口径不一致，但对应头部前三名的排序高度一致。 这种情况下，宇树科技强调2025年人形机器人实际出货量超5500台，外部流传数据不实， 字里行间 都在表达"宇树科技才是人形机器人出货量的第一名。" 不过，也有轮式人形机器人创业者表示， 这份榜单覆盖了绝大部分双足产品，但没有覆盖到轮式 ，"我们出货量也能排上名次，但 ...

以下文章来源于九行Travel ，作者吃卜宝 九行Travel . 新周刊旗下文旅生活媒体，与你『行遍九州，探索世界』。 来源丨九行Travel（ID：jiuxing_neweekly） 作者 | 吃卜宝 图源丨Midjourney 首尔江南区某狗狗幼儿园课表。（图 / 受访者供图） 在生育率持续低迷的韩国，宠物在人们心中占据越来越重要的位置，宠物幼儿园也比想象中更卷。 在 首尔江南区，很多狗狗在幼儿园里不仅可以得到很好的照顾，还能学习各种社会化技能，美甲、占 卜、泡温泉，样样不落。 送宠物入学是一种怎样的体验？韩国社区里涌现的狗狗幼儿园，究竟有什么特别之处？不愿意生娃的 韩国人，为什么沉迷于送狗上学？带着这些疑问，我们和在韩的 "家长"聊了聊。 在首尔， 狗狗幼儿园比人类幼儿园还多 小狗高高今年 9 岁，生活在韩国首尔，是一家 狗 狗幼儿园的大班生。六年前，高妈和高爸从一家狗 收容所将它领养回来。夫妻俩是丁克，高高是他们一起养的第一只宠物狗。 刚来到家庭中 ， 高高 的分离焦虑很严重，家里没人时，它 常 在屋里突然叫起来，引发了几次邻居 的投诉。与此同时，高高也是高敏感体质，环境、饮食稍微变化，就会 引起 ...

Group 1 - Jack Ma emphasizes the importance of teaching children how to effectively use AI rather than debating its necessity, highlighting curiosity, imagination, and creativity as key skills for the AI era [2] - The Ma Yun Rural Teacher Program, initiated by the Jack Ma Foundation in 2015, aims to enhance rural education quality through funding and professional training, selecting 100 teachers annually for support [2] Group 2 - Hunan Mingming Henbang, China's largest snack and beverage retail chain, saw its stock surge by 88.08% upon listing on the Hong Kong Stock Exchange, closing with a market cap of HKD 86.204 billion [4] - The company issued 14.101 million H shares, with a subscription rate exceeding 1500 times, and anticipates net proceeds of over HKD 3 billion from the offering [4] Group 3 - Tesla plans to cease production of Model S and Model X vehicles to transition towards a fully autonomous future, utilizing the "Optimus" robot factory for production [8] - Elon Musk stated that this change is part of Tesla's overall shift towards automation, although support for existing Model S and Model X vehicles will continue [8] Group 4 - SoftBank is reportedly negotiating to invest up to $30 billion in OpenAI, which is seeking to raise up to $100 billion in new funding, potentially valuing the company at $830 billion [10] - OpenAI's largest shareholder, SoftBank, previously invested $22.5 billion in December, increasing its stake to approximately 11% [10] Group 5 - Meta reported Q4 revenue of $59.89 billion, a 24% year-over-year increase, with advertising revenue also rising by 24% to $58.14 billion [11] - The company expects Q1 sales to range between $53.5 billion and $56.5 billion, with a post-earnings stock increase of over 4% [11] Group 6 - Ideal Auto is restructuring its R&D framework, splitting the autonomous driving team into three main groups, with a focus on software and hardware integration [10] - The restructuring aims to enhance the efficiency of the development process and align with the company's strategic goals [10] Group 7 - Amazon announced a reduction of nearly 16,000 jobs as part of an organizational restructuring while continuing to invest in strategic areas [17] - The company aims to balance workforce adjustments with ongoing recruitment in critical functions [17] Group 8 - Longting Technology completed a new round of financing totaling 500 million yuan, with investors including national and local AI industry funds [18] - The funds will be used to accelerate product development and enhance the company's market position [18]

Group 1 - WeRide announced the launch of its self-developed general simulation model WeRide GENESIS, which bridges Physical AI and Generative AI, accelerating the development, training, and commercialization of autonomous vehicles [2] - Lingbo Technology, a subsidiary of Ant Group, released the embodied large model LingBot-VLA, which is fully open-sourced, providing model weights and a complete codebase for data processing, efficient fine-tuning, and automated evaluation [2] - OpenAI introduced Prism, a research tool powered by GPT-5.2, allowing researchers to write papers and collaborate on research, available for free to all ChatGPT personal account users [2] - Xiaomi, in collaboration with Ant Group, launched a parking payment feature on its smart glasses using the GPASS technology framework, enabling users to pay for parking without using their phones [2]

以下文章来源于互联网怪盗团 ，作者怪盗团团长裴培 互联网怪盗团 . 一生只为那颗星。 来源丨互联网怪盗团（ID： TMTphantom ） 作者丨怪盗团团长裴培 图源丨Midjourney 1月26日，Pony在腾讯年会上的讲话，立即得到了资本市场和媒体的高度重视。腾讯管理层近年来很 少对外公开发言，仅有的传播自己观点的场合，第一是每季度的财报电话会议，第二是一年一度的年 会。众所周知，财报电话会议受到合规的重重限制，讲的往往是官样文章；而年会是难得的可以不讲 官样文章的场合。过去三年，每次 Pony 在年会上的演讲都得到了外界充分的、甚至是过度的重视。 这一次，外界的焦点集中在对AI的说法上。我认为最重要、最具指导意义的发言是如下三段： "（对于AI）我们整个动作其实是慢了，一直到2024年底，我们的AI产品元宝和混元大模型才转到 CSIG，他们才开始正式做这个产品。" "（混元大模型）问题的根源可能在于基础设施不足；要应对长期竞争，迭代频次和平台不能比别人 差"。 "大模型和AI产品应该合并，因为很多东西需要联合设计，不能简单剥离。" 这也意味着"以CSIG为主体、以元宝为核心"的C端AI战略会继续推进下 ...

4.【纵横股份自研吨级无人机"云龙-1P"首飞成功】据纵横股份消息，1月27日上午9时，由纵横股份 长三角智能制造基地自主研发的云龙-1P无人机，在西北某试验场圆满完成了首次飞行试验。"云 龙-1P"无人机是纵横股份面向未来广阔民用市场打造的新一代吨级通用平台。该机型采用高效稳定 的双尾撑布局，集高载重、强适应与卓越经济性于一体。其最大起飞重量可达1200千克，有效任务 载荷能力高达350千克，并具备在4500米高原机场起降部署的强大能力，能够适应高原、岛礁等复杂 环境作业需求。（每日经济新闻） 更多智能制造产业资讯…… 扫码可订阅产业日报 1.【Figure发布新一代人形机器人Helix 02】Figure AI发布新一代人形机器人Helix 02，首次实现单 一神经网络对机器人全身的自主控制。Figure指出，在一项持续4分钟的自主任务中，机器人流畅地 完成了61个移动操控动作，借助触觉传感和掌心摄像头实现了灵巧的动作，并协调运用了臀部、脚 部、手部和手臂等全身肌肉。（网易） 2.【科学家研制出"永不沉没"的金属管】制造出"永不沉没"的船只是工程师们一直以来的希望。为实 现这一目标，美国罗切斯特大学光学研 ...

如果在两年前问一家大模型公司最需要什么？答案是 "有没有卡"。但如果今天再问同样的问题，答 算力通胀 之下 都用不起了 "我们正在制造大量的垃圾算力。" 一位负责大模型训练集群的架构师曾这样抱怨。他的焦虑并不是没有风声。过去十年是算力野蛮增长 的十年，规模的快速扩张确实带来了阶段性的产业繁荣。但繁荣背后，是难以忽视的效率困局。 为了追赶 GPT-4 乃至 GPT-5 的能力，国内企业陷入了一场疯狂的参数竞赛。数以万计的 GPU 被 高度集成化塞进数据中心，它们日夜轰鸣，但产出的智能效益却并未如预期般线性增长。 这是一种典型的 "算力通胀"。行业习惯用芯片的理论峰值（ Peak Performance ）来衡量价值，但 在现实的复杂的训练任务中，这些昂贵的芯片往往"有力使不出"。 数据显示，在许多大规模训练集群中，算力 的有效利用率（ MFU ）仅能维持在 40% 左右，而在推 理场景下，大量的算力更是处于闲置状态，利用率甚至不足 20% 。 算法迭代与硬件僵化之间的错位也在加剧这种浪费，模型架构每六个月就发生一次巨变，从 案也许会变成"好不好用"。 天数智芯给出的架构路线图： 2025 年的天数天枢架构，超越 ...

Core Viewpoint - The article discusses the challenges and opportunities in the entertainment and IP economy, particularly focusing on the upcoming IPOs of six companies in the Hong Kong market and the implications of their reliance on licensed IPs for revenue growth [6][7][10]. Group 1: Market Dynamics - Six entertainment companies have filed for IPOs in Hong Kong, including major players like 乐自天成 and TOP TOY, amidst a declining valuation trend in the new consumption sector [6][7]. - Concerns about the sustainability of consumer habits and the ability of companies to maintain high growth rates, particularly for brands like 泡泡玛特, are prevalent among investors [6][7]. - The article highlights a shift towards a model of "self-developed IP + licensing + sales" in the content and toy industries, indicating a trend towards integrated operations [7][34]. Group 2: IP Dependency - Licensed IP has become a critical revenue source for these companies, with some relying heavily on acquiring numerous IPs for rapid expansion, which may pose long-term risks [10][14]. - The revenue contribution ratio of licensed IP to self-developed IP is alarmingly high, often reaching 9:1, indicating a heavy reliance on external IPs [9][10]. - Companies like 桑尼森迪 face uncertainty as their key IPs have not yet established long-term popularity, raising questions about their future revenue stability [29][30]. Group 3: Financial Metrics - The gross profit margins of card companies like 卡游 and Suplay are significantly higher, at 67.3% and 69.5% respectively, compared to toy companies, which range from 30% to 40% [13][14]. - The article notes a concerning trend where many companies are increasing their licensing fees significantly, often deferring cash payments, which could impact cash flow and growth if sales do not meet expectations [17][18]. - The financial history of companies shows a dichotomy, with some like TOP TOY and 金添动漫 having simpler shareholder structures, while others like 乐自天成 have undergone multiple financing rounds [20][21]. Group 4: Regulatory and Market Pressures - The article points out that the pressure from existing investors and regulatory scrutiny is influencing the cautious approach of companies in their IPO filings, particularly in how they present their consumer demographics [22][25]. - Companies are increasingly avoiding sensitive topics related to their consumer base, opting for broader terms to distance themselves from potential regulatory backlash [25][26]. - The competitive landscape in the new consumption sector remains intense, with many companies seeking to capitalize on overseas expansion opportunities while navigating the complexities of the Hong Kong IPO process [18][19]. Group 5: Future of IP Economy - The future of the IP economy is seen as promising, but not all companies will thrive; the ability to develop and maintain valuable IP will be crucial [27][34]. - The article emphasizes the need for companies to have a strong vision for IP selection and development, as the market becomes increasingly competitive and reliant on high-quality IP [34][35]. - The integration of content creation and merchandise production is expected to deepen, leading to more innovative ways to engage consumers and monetize IP [34][35].

Core Viewpoint - The article discusses the resurgence of the Hong Kong Stock Exchange (HKEX) as a leading platform for AI companies, highlighting a significant shift from traditional sectors to technology-driven firms, particularly in AI and semiconductor industries [6][9][12]. Group 1: IPO Trends and Market Dynamics - Wall Street's IPO market has seen a drastic decline from approximately 310 billion HKD in 2021 to just over 100 billion HKD in 2022, a drop of about 65% [6]. - In 2023, the HKEX recorded only 68 IPOs, raising around 46 billion HKD, marking the lowest level since 2013 [6]. - The first two weeks of 2026 witnessed an unprecedented AI IPO wave, with companies like Wallran Technology experiencing a 2348 times oversubscription and raising 130 billion HKD [9]. Group 2: Financial Performance of HKEX - The HKEX reported a 41% increase in major business revenue from 14,542 million HKD in 2024 to 20,438 million HKD in 2025 [10]. - The net profit attributable to shareholders rose by 45%, from 9,270 million HKD in 2024 to 13,419 million HKD in 2025 [10]. - The EBITDA for the first three quarters of 2025 reached 17,164 million HKD, a 48% increase compared to the previous year [10]. Group 3: AI Companies and Their Financial Needs - AI companies often have R&D expenditures that are several times their revenue, with companies like Zhipu spending over eight times their revenue on R&D in the first half of 2025 [11]. - Wallran Technology's revenue surged from less than 500,000 HKD in 2022 to over 300 million HKD in 2024, but its R&D expenses reached 830 million HKD, indicating a cash burn situation [11]. - The need for continuous funding is critical for AI companies, as they require a sustainable capital pool to support ongoing operations and development [12]. Group 4: Advantages of HKEX for AI Companies - The HKEX has adapted its listing rules to accommodate frontier technology companies, allowing unprofitable firms to list if they have technological barriers and top-tier capital backing [13][14]. - The minimum market capitalization requirements for companies have been lowered, benefiting many AI firms [13]. - The HKEX's approval process has been streamlined, reducing the time from 8-12 months to 4-6 months, enhancing its attractiveness for tech firms [14]. Group 5: Future Outlook and Market Sentiment - The article suggests that the HKEX will continue to attract more technology-focused companies, with several AI and semiconductor firms already in the pipeline for IPOs [16]. - The success of AI companies is paradoxical; as they succeed, they require more capital, which may lead to prolonged periods of unprofitability [17]. - Investors are betting on the potential of AI companies, despite uncertainties regarding their profitability and market sustainability [18].