以下文章来源于海豚研究 ，作者海豚君 海豚研究 . 有灵魂的思考，有态度的研究！ 本文来自微信公众号： 海豚研究 ，作者： 海豚君，原文标题：《深扒Minimax与智谱：大模型，一 场算力强度与融资耐力的残酷绝杀？》，头图来 自：视觉中国 2026年初ChatGPT发布三年之际，中国两大AI大模型创业公司Minimax和智谱几乎同时，均以约60 亿美金的估值上市，且上市后都以暴涨带动整个AI应用的普涨行情。但同时，扒开两个大模型公司 的报表，都是"亏无止境"的面相。 一边是全球大模型疯狂卷价格、出现越来越多的大宗商品 ， 一边是模型无底洞的研发投入，但同时 还有这种上市即翻倍的盛景。冰火交织下，海豚君一直的疑问是大模型到底是一种什么样的生意。 这次，海豚君就结合两个上市的公司数据，来认真探讨一下这个问题： 大模型到底需要怎样的投入要素和密度？ 以下是详细分析： 一、拔高的收入、惊悚的投入 两个大模型公司Minimax和智谱，都是"短小精悍"型——人手少、产品迭代快，收入增长快。人数到 2025年下半年没超一千人，收入零起步，两三年年化收入都在快速迈向一亿美金。 但到了支出层，再高增的收入，在凶猛的投入面前也相 ...

以下文章来源于不懂经 ，作者不懂经也叔的Rust 不懂经 . 《主权个人》：未来会活得很爽的有三种人，一是技术精英，二是各行业头部，三是有资本及良好判断 力的人。本号专注后面两种。 本文来自微信公众号： 不懂经 ，作者：不懂经也叔，原文标题：《关于美国的斩杀线，这是我看到 的最深刻的一篇》，头图来自：AI生成 一、斩杀线：当游戏术语变成社 会隐喻 斩杀线的话题，余温未了。这个话题的发起人牢A，最近从美国回到了国内。某32岁程序员的猝死， 也与这个概念挂上了勾。这种标准的"斩杀"，让很多人从上头的情绪里回过神来。 我在之前说过，某种层面上，斩杀线确实存在。但这种现象，超越超越国界，超越语言，超越意识形 态，是这个时代的东西方的中层和底层所共通的。 就像硅谷教父彼得·蒂尔所说，美国的年轻人已经不再相信资本主义。华尔街日报去年也有过报道， 75%的美国人，已经不再相信美国梦，不再相信努力就可以过上幸福的生活。 所以，如果只是对比东大西大的普通人的生活，其实没有抓住重点。重点是两边群众的日子都不好 过，并变得日益艰难，而贫富差距在不断拉大，一小撮人掌握的财富都超过了70%甚至80%大众的财 富总和。 这一点，在两个大 ...

Core Viewpoint - The article discusses the contrasting strategies of tech giants and startups in the healthcare AI sector, emphasizing that while large companies aim for broad applications, startups focus on niche, specialized solutions [2][14]. Group 1: Industry Dynamics - The healthcare industry is characterized by a paradox: it generates a significant amount of data (30% of the world's data) but has low digital penetration in core diagnostic processes [9]. - The healthcare sector is projected to grow from $4.8 trillion in 2023 to $7.7 trillion by 2032, making it an unparalleled market opportunity [9]. - The compound annual growth rate (CAGR) of healthcare data is expected to be 36%, driven by the proliferation of electronic health records and wearable devices [9]. Group 2: Major Players and Strategies - OpenAI has invested $100 million to acquire Torch, a data cleaning company, and launched "ChatGPT Health," which allows users to integrate their health data [3][12]. - Anthropic has introduced Claude for Healthcare, which connects to extensive medical databases, focusing on B2B applications [13]. - The article highlights that OpenAI's ChatGPT sees 230 million weekly health consultations, indicating a high-frequency usage scenario in healthcare [11]. Group 3: Startup Opportunities - Startups like OpenEvidence focus on providing specialized services for healthcare professionals, requiring strict user verification and offering a "professional version" of AI tools [15][16]. - OpenEvidence employs a freemium model, generating revenue through targeted advertising rather than charging healthcare institutions [16]. - The startup's approach includes accumulating data through user interactions and integrating continuing medical education (CME) credits into its platform, enhancing user engagement [17]. Group 4: Challenges and Considerations - The healthcare sector's stringent data quality requirements mean that large companies may not have a definitive advantage over specialized startups [12]. - The article suggests that only industries with substantial scale and rich data resources are suitable for deep AI transformation [8].

以下文章来源于那个NG ，作者那个NG 那个NG . 用关注决定视界｜复杂世界的策展人 出品 | 那个NG 本文首发于虎嗅青年文化公众号"那個NG"（ID：huxiu4youth）。在这里，我们呈现当下年轻人的面 貌、故事和态度。 "我们创作建筑，而后建筑塑造我们。" 1943年10月28日，温斯顿·丘吉尔在议会探讨如何重建在被炸毁的下议院议事厅时，说了这么一句富 有哲理的话。为的就是坚持旧式狭长、对坐式议会厅，而不是改成半圆形结构。 这种笃定，是因为他坚信，空间会影响议会空间内的政治运行方式乃至逻辑。 议会如此，居所亦然。 远古人类选择洞穴，是为了规避自然风险；古代社会追求宏伟与装饰，是为了彰显权力、具象秩序； 而现代人类对于居所，除了有功能需求和美学需求以外，还希望它能够提供情绪价值。 2026年的人类对于空间的追逐正愈现返祖，越来越多的人希望把自己的家里变成大野地。一句话总 结就是： 野起来了！ 旧金山房地产公司Green Banker Real Estate在 2025年发布的一份销售指南，他们的数据指出完 善升级房屋庭院，可使售价上涨7-15% 虽然从整体数值来看，这个数字算不得惊人，但要拆开一看， ...

以下文章来源于旅界 ，作者theodore熙少 旅界 . 跟踪时代浪潮，讲述文旅商业好故事。 本文来自微信公众号： 旅界 ，作者：theodore熙少，头图来自：视觉中国 一 在线旅游平台去哪儿搜索数据显示，巴西免签消息发布后，相关旅游搜索量显著增长。 其中，里约热内卢、圣保罗和巴西利亚成为搜索热度排名前三的城市，搜索量均较上周同期增长五倍 以上，免签对旅游的带动作用肉眼可见。 另一个显而易见的事实是，中国护照确实在后疫情时代变得更好用了。 根据权威护照指数数据Henley Passport Index，2026年中国普通护照 （大陆地区） 的签证自由度在 疫情后显著提升，排名第59位，可免签/落地签入境81个国家/地区，这还不包括近期刚宣布免签的巴 西和土耳其，排在泰国之前。 而在2020年初，Henley指数显示，疫情全面暴发前，中国护照排名约70到72位，可免签/落地签入境 约75到78个目的地。 免签国逐渐增加背后，我不由得想起这两年在国外出差、休假时的一些见闻。 去年12月瑞典圣露西亚节期间，我在哥德堡遇到了一个独自背包旅行的中国台湾朋友，大家聊起未 来的旅行计划，他说自己接下来挺想去格鲁吉亚的，但 ...

以下文章来源于东针商略 ，作者东针商略 东针商略 . 聚焦科技趋势，分享商业新知，关注世界变化，一起思考有价值的内容，在沸腾的时代里，并肩成长。 本文来自微信公众号： 东针商略 ，作者：东针商略，题图来自：AI生成 专家警示，2026年全球资产格局或迎重大转折。 在全球市场经历了复杂多变的2025年后，多家机构及资深专家近期发布展望指出，2026年可能成为 全球资产配置的"转折之年"。 市场在人工智能热潮和政策变动中展现的强韧，或将让位于新的宏观拐点、资产价格分化与潜在的风 险重估。 综合观点显示，转折可能来自多个维度。 首先，持续领跑的美股市场集中度与估值均处于历史高位，有专家警示在流动性充裕和投资者狂热情 绪推动下，市场可能走向"彻底泡沫化"，并在年内面临破裂风险。 其次，全球增长动力与政策路径出现显著分化。美国经济在财政刺激与AI投资支撑下保持韧性，但 高关税带来的滞胀风险隐现；欧洲与部分亚洲市场则因估值相对合理、政策支持及结构性改革，提供 了更分散的机会。 此外，通货膨胀可能卷土重来，成为主导大宗商品及利率走势的关键变量，对固收资产构成压力。 面对潜在的巨大转折，有专家建议投资者采取更为审慎和多元化的 ...

以下文章来源于黄青春频道 ，作者黄青春Youth 黄青春频道 . 看清流量迁徙的切面 热闹是 AI 的，微信闷声发 财 出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 题图｜视觉中国 1 月 15 日，"2026 微信公开课 PRO"在广州广交会展馆如期举行。尽管微信团队主动降噪去 PR 化、网上 信息寥寥，但笔者乘车前往会场时，司机都带着口音说，"琴日大把多人去咗边"。 抵达现场，果然挤得如同春运。上午 9-12 点，短剧、视频号、小程序等专场座无虚席，后面还站着两圈预 约的观众；下午 1-5 点，小游戏、小店、跨境专场，提前预约的观众仍然要提前半小时才能抢到座位—— 满满当当一天下来，讲师们神采昂扬，高密度信息扑面砸且一分钟不掉， 现场一口气甩出 30 个计划上线 或在筹备的新功能、新场景 ——显然，热闹是 AI 的，马上搞钱的路子总在闷声发财。 腾讯张军也在当晚写下一段文字感慨："今年的微信公开课已是第 12 届，今年主创团队来了不少 90 后甚至 00 后。从最初的线上直播到现在的线下聚会，它愈发回归创始初心——建立一个能够真正的交流平台。去 掉所有的包装，去掉所有的喧嚣。" 他还提及一个特别的分论 ...

Group 1 - The U.S. military's Abraham Lincoln aircraft carrier strike group is being deployed to the Middle East to promote peace and stability in the region [2] - The European Commission has launched a formal investigation into X platform, focusing on the potential risks associated with its AI chatbot, Grok, and whether appropriate measures have been taken [2] - Microsoft has released its second-generation AI chip, Maia 200, which is designed to reduce reliance on Nvidia chips and improve efficiency, achieving a 30% performance increase per dollar compared to its latest hardware [4] Group 2 - Apple has launched an upgraded version of AirTag, featuring a 50% increase in tracking distance and a louder speaker, while maintaining the same price of $29 [5][6] - Alibaba has introduced its flagship reasoning model Qwen3-Max-Thinking, which has over one trillion parameters and outperforms top international models in various evaluations [8] - Trump announced an increase in tariffs on various South Korean goods from 15% to 25% due to the failure of the South Korean legislature to ratify a trade agreement [9] Group 3 - The price of silver has seen a significant fluctuation, erasing a 14% gain, while gold has dropped below $5000 per ounce [11] - Yuhui Supermarket in Beijing has temporarily closed due to issues with the property management, despite having reopened after renovations less than a year ago [13][14] - The founder of Miaokelan Duo has been removed from his positions, with the company's stock price dropping by 1.77% following the announcement [15] Group 4 - KFC has made a slight price adjustment of an average of 0.8 yuan for its delivery products, while maintaining in-store prices unchanged [19] - Baicaowei has faced criticism for misleading consumers regarding the contents of its nut gift boxes, which contain significantly less nuts than advertised [20][21] - Tencent's CEO Ma Huateng emphasized the importance of saving users' time and improving efficiency through AI integration in their products during the company's annual employee meeting [30]

Core Viewpoint - The article emphasizes that the real bottleneck for the future of artificial intelligence (AI) is not computational power but electrical power, particularly the availability of large power transformers, which are crucial for the operation of AI data centers and energy infrastructure [4][6]. Group 1: Current Challenges in the U.S. and Europe - In the U.S., there is a significant shortage of large power transformers (LPTs), with an average delivery time of 128 weeks for standard transformers and 144 weeks for generator step-up transformers (GSUs) [6][8]. - The decline of U.S. manufacturing capabilities since the 1980s has led to over 80% of large power transformers being imported, primarily from China [7]. - European countries face similar issues, with many renewable energy projects unable to connect to the grid due to a lack of suitable transformers, highlighting a critical lag in the upgrade of transmission systems [10][11]. Group 2: The Role of China in Transformer Manufacturing - China has developed a complete and efficient transformer manufacturing supply chain, from raw materials to assembly, making it a key player in the global market [12][13]. - Chinese manufacturers can deliver large transformers in 10 to 14 months, significantly faster than their U.S. and European counterparts, which can take up to three years [13]. - The demand for Chinese transformers is increasing globally, as countries like the U.S. and those in Europe are forced to rely on Chinese imports despite political tensions and tariffs [15][18]. Group 3: Strategic Implications - The reliance on Chinese transformers reveals the limitations of "decoupling" strategies in critical infrastructure sectors, as the need for reliable electrical supply outweighs political considerations [15][18]. - The article suggests that the ability to produce essential infrastructure equipment domestically is a form of strategic deterrence in a world marked by supply chain vulnerabilities and geopolitical conflicts [18].

Core Viewpoint - Tencent emphasizes a steady and focused approach to its business, particularly in the context of AI development, highlighting the importance of long-term product competitiveness and user experience [5][6]. Group 1: AI Strategy and Product Development - Tencent's new product "Yuanbao" is inspired by past experiences and aims to explore new social interactions through AI, integrating features from existing platforms [5][6]. - The company plans to invest 1 billion yuan in cash red envelopes to attract new users to the Yuanbao app, hoping to replicate the success of WeChat's red envelope feature from 11 years ago [6][8]. - The "Yuanbao" app includes features such as AI interaction, task management, and multimedia activities, aiming to enhance user engagement and experience [10][12]. Group 2: Organizational Changes and Talent Acquisition - Tencent has restructured its AI team, moving the "Yuanbao" team to a more prominent position within the organization to enhance its AI application capabilities [15]. - The company has made significant changes in talent acquisition and organizational structure to strengthen its AI strategy, including the establishment of new departments focused on AI infrastructure and data [15][16]. - The appointment of key personnel, such as Yao Shunyu, signals a strategic focus on large models and AI applications within Tencent [15][16]. Group 3: Market Position and Competitive Strategy - Tencent aims to leverage its extensive user base and data to create a robust feedback mechanism, enhancing product development and user experience [18]. - The company believes that its ability to convert complex technology into user-friendly products will be crucial in the AI era, focusing on practical applications rather than just technical superiority [18]. - Tencent's strategy includes building a top talent pool and flexible organizational structures to adapt quickly to market changes and technological advancements [18].