（图片来源：网络） 出品｜搜狐财经 作者｜冯圆圆 当AI主播24小时不间断直播带货、数字人客服精准解答用户疑问时，你可能想不到，这些 "硅基劳动力" 背后，藏着一家即将登陆港股的中国头部企业。 日前，硅基智能向港交所递交了上市申请，正式揭开了数字人行业的机遇与暗礁。 在人工智能席卷各行各业的今天，硅基智能凭借其"硅基劳动力"解决方案，已成为电信、金融、医疗、教育等行业的数字化推手。但翻开招股书，高度依赖 单一大客户、连续亏损等问题，也为其上市之路蒙上了一层阴影。 从 "硅基打工人" 到行业龙头：32%市占率的成长故事 南京硅基智能科技集团股份有限公司（下称 "硅基智能"）的故事始于2017年。创始人司马华鹏带领团队提出了"硅基劳动力"的概念。八年时间，硅基智能已 发展成为中国数字人智能体领域的龙头企业。根据灼识咨询报告，2024年硅基智能以32.2%的市场份额稳坐中国数字人智能体行业第一，全球排名第二。 据招股说明书介绍，硅基智能的核心技术是打造"数字人智能体"，即通过语音、外观和思想克隆技术，创造能够模拟人类外貌、行为和认知的数字"人"。 目前，硅基智能已向电信、金融、医疗、教育及公共服务业的多家客户提供了 ...

Core Points - The demonstration of Baidu's digital human technology, "Hui Bo Xing," faced technical difficulties during the 2025 Baidu World Conference, leading to a black screen during the live interaction with the digital persona "Luo Yonghao" [1] - Baidu's founder, Li Yanhong, explained that a dedicated line was used instead of 5G to avoid network congestion due to the large audience, but this line turned out to be unstable [1] - Despite the initial failure, a subsequent demonstration was successful, and Li Yanhong expressed regret over the first attempt but emphasized the value of live demonstrations [1] Company Insights - Baidu is focusing on advancing its digital human technology, which is a key product highlighted at the conference [1] - The company aims to showcase the capabilities of real-time interactive digital humans, indicating a commitment to innovation in AI and digital interaction [1] Industry Context - The incident reflects the challenges faced by tech companies in live demonstrations, particularly in high-stakes environments with large audiences [1] - The reliance on stable network connections is critical for the success of digital technologies, highlighting the importance of infrastructure in tech advancements [1]

Core Insights - Baidu's founder, Li Yanhong, officially launched the Wenxin large model 5.0, which has improvements in multimodal understanding, creative writing, intelligent agent planning, and instruction adherence [1] - The model utilizes a super sparse mixture of experts architecture with a parameter scale exceeding 2.4 trillion [1] - Baidu introduced the world's first commercially available "self-evolving" super intelligent agent, Baidu Famu, capable of simulating and abstracting complex problems and automatically iterating based on changing conditions to provide optimal dynamic solutions [1] Product Development - The first product highlighted during the event was the Huibo Star digital human technology, which included a live demonstration [1] - A technical glitch occurred during the demonstration, leading to an unsatisfactory experience, which Li Yanhong later described as "somewhat regrettable" [1] E-commerce Performance - Baidu's Vice President announced that Luo Yonghao would serve as the Chief Experience Officer for Huibo Star, conducting live broadcasts on Baidu's e-commerce platform [2] - The first live broadcast featuring the digital human attracted over 13 million viewers, generating a GMV of over 55 million yuan, with claims that users found the digital human broadcasts indistinguishable from real human broadcasts [2] - During this year's Double 11 event, GMV from Huibo Star digital human sales increased by 91% year-on-year, with the number of live broadcast rooms rising by 119% [2] AI Transformation Strategy - Li Yanhong stated that digital human agents represent Baidu's effort to reconstruct search through AI, aiming to lead a generational transformation in the search industry [3] - Baidu's AI transformation of search has been aggressive, with AI-generated results now constituting 70% of the top search results, shifting from text and links to rich media content [3] - Despite challenges, Baidu is expected to see long-term growth potential as AI-generated results continue to increase in mobile search [3] Operational Efficiency - Baidu is focusing on enhancing internal efficiency by improving resource coordination among different business units [4] - The company is committed to long-term AI investments while cautiously controlling investment pace to avoid exacerbating profit margin fluctuations [4]

Core Insights - The demonstration of Baidu's "Hui Bo Xing" digital human experienced a minor glitch during the live interaction, but was successfully resolved, showcasing the capabilities of the digital human [1] - The digital human, modeled after Luo Yonghao, was able to engage in multiple rounds of dialogue, addressing various questions and receiving continuous applause from the audience [1] - The "real-time interactive digital human" can deeply understand the real world, provide instant feedback, and express natural emotions, achieving full-modal precise matching [1] Company Performance - During this year's "Double 11" shopping festival, 83% of live stream hosts utilized the Hui Bo Xing digital human, leading to a 119% year-on-year increase in the number of live streaming rooms [1] - The Gross Merchandise Volume (GMV) for these live streams saw a 91% year-on-year increase [1] - Following the event, Baidu's stock saw a pre-market increase of 1.2% [1]

Group 1 - The 2025 Baidu World Conference opened in Beijing on November 13, where Baidu's founder Li Yanhong elaborated on the core value and key pathways of internalizing AI capabilities [1] - The Hui Bo Xing digital human technology was highlighted as the first product introduced, with a live demonstration scheduled [1] - During the demonstration, there was a failure in real-time interaction with the "digital human Luo Yonghao," which Li Yanhong described as "somewhat regrettable" despite previous rehearsals showing impressive results [3] Group 2 - The Hui Bo Xing "real-time interactive digital human" can deeply understand the real world, provide instant feedback, and express natural emotions, enhancing the interactivity of digital humans [3] - During this year's "Double 11" shopping festival, 83% of live stream hosts utilized Hui Bo Xing digital humans, with the number of live streaming rooms increasing by 119% year-on-year and GMV rising by 91%, indicating the reliability and commercial value of the technology [3] - Hui Bo Xing digital humans have already entered the Brazilian market, with plans to expand into Southeast Asia, the United States, and other key markets, targeting platforms like Shopee and Lazada [3]

Core Insights - Digital RMB is rapidly penetrating government service scenarios, with a recent expansion in Jiangsu province's traffic enforcement sector [1][3] - The implementation of digital RMB for online payment of fines and fees enhances efficiency and convenience for transportation professionals [3][4] Group 1: Digital RMB Implementation - As of November 11, digital RMB payment for traffic enforcement fees has been extended from provincial to municipal and county levels in Jiangsu, achieving 30% coverage in online payment acceptance [1][3] - The integration of digital RMB, Alipay, and WeChat Pay into the payment system streamlines the process, allowing for real-time, secure transactions without the need for traditional banking methods [3][4] Group 2: User Experience and Efficiency - The online payment system reduces the need for physical presence and minimizes administrative costs, enhancing user experience for drivers and businesses [4] - Digital RMB's smart contract mechanism helps prevent overpayments and errors, improving enforcement accuracy and data security [4] Group 3: Broader Applications and Future Prospects - The successful application of digital RMB in the housing provident fund sector in Suzhou demonstrates its potential for high-frequency financial transactions, with a cumulative transaction volume exceeding 1,066 billion RMB by May 2025 [4] - Future explorations of digital RMB could include applications in healthcare, pensions, unemployment benefits, and public transportation, enhancing payment precision and user convenience [5]

Group 1 - The core event at Baidu World 2025 was the failed live demonstration of the Huibo Star digital human technology, which raised public concern [1] - During the demonstration, the real-time interaction with the "digital human Luo Yonghao" failed, leading to an unsatisfactory conclusion [1] - Despite the failure, Baidu reported that 83% of broadcasters used the Huibo Star digital human during this year's Double 11, with a 119% year-on-year increase in live broadcast rooms and a 91% increase in GMV [1] Group 2 - Baidu's stock price experienced a slight decline of 0.08%, with a total market capitalization of HKD 347.1 billion [2] - Li Yanhong discussed the AI bubble controversy, stating that the AI industry structure is shifting from an unhealthy "pyramid" to a healthier "inverted pyramid" [3] - The inverted pyramid suggests that model developers should create ten times the value of chip manufacturers, and applications should generate one hundred times the value, promoting a sustainable industry ecosystem [3] - Li Yanhong emphasized that AI capabilities are evolving beyond chatbots, with significant advancements in digital human technology and intelligent coding agents [3] - The company believes that AI should be integrated into every task, transforming it from a cost into a productivity driver [3] - Li Yanhong stated that companies must effectively utilize AI to remain competitive, and individuals must harness AI to shape their futures [3]

面对这一突发情况，李彦宏在大会上坦言这次演示"有点遗憾"，"其实我们在之前演练的过程当中觉得 这个效果还是非常令人惊艳的"。 据悉，百度发布慧播星"实时互动型数字人"，不仅能深度理解真实世界，做出即时反馈，更能在互动中 流露自然情绪，实现全模态精准匹配。今年"双11"，83%的开播主播使用过慧播星数字人，开播直播间 数同比增长119%，GMV同比提升91%。 今日百度港股股价震荡拉升，截至13:07，报128港元/股，涨1.35%，总市值为3520亿港元。 （文章来源：21世纪经济报道） 11月13日，在百度世界2025大会上，百度重点推介的慧播星数字人技术现场演示失败，引发舆论关注。 演示过程中，工作人员与"数字人罗永浩"的实时互动链接失败，几经尝试未能成功，随即以"留下一个 悬念，待大家稍后自行体验"结束。 ...

Core Insights - Baidu's founder, Li Yanhong, emphasized the evolution of AI capabilities beyond chatbots, highlighting advancements in digital human technology and code intelligence, which are now seen as foundational technologies for a new universal interaction interface in the AI era [1][3] Group 1: AI Integration and Industry Structure - Li Yanhong stated that when AI capabilities are internalized as a native ability, intelligence transforms from a cost into a productivity driver, urging businesses to integrate AI into every task for sustainable growth [3] - The AI industry structure is shifting from an unhealthy "pyramid" model, where chip manufacturers capture most value, to a healthier "inverted pyramid" model, where models and applications must generate significantly higher value [3] - The inverted pyramid model suggests that chip manufacturers should earn less, while models should create tenfold value and applications should generate a hundredfold value, promoting a sustainable industry ecosystem [3] Group 2: Digital Human Technology and Market Expansion - During the Double 11 shopping festival, the GMV of the Huibo Star digital human technology increased by 91% year-on-year, with the number of live broadcast rooms growing by 119%, and 83% of broadcasters having used digital humans [4] - Huibo Star digital human technology is expanding internationally, with successful entry into the Brazilian market and plans to target Southeast Asia and the US, focusing on platforms like Shopee and Lazada [5] Group 3: AI in Search Engine Transformation - Baidu's search results are increasingly AI-generated, with 70% of the top results featuring rich media content, transforming the search experience from text-based to a more visual and interactive format [5] - Baidu is recognized as the most aggressive in AI transformation among global search engines, reconstructing search result pages to prioritize rich media over traditional text links [5] - Baidu has opened its AI search capabilities through an API, collaborating with major manufacturers like Samsung and Honor, with 625 companies already integrating Baidu's search API into their systems [5]

11月13日，百度世界2025大会开幕。 据山东商报，慧播星数字人技术成为被重点介绍的首个产品，百度创始人李彦宏表示，慧播星数字人向 全球开放，目前已率先落地巴西等地。 据东方财经，在网友发布的视频中，在演示过程中，工作人员与"数字人罗永浩"的实时互动黑屏。几经 尝试未能成功，随即以"留下一个悬念，待大家稍后自行体验"结束。李彦宏稍后表示这次演示"有些遗 憾"。 编辑：南絮 审核：十月 【来源：山东商报、东方财经】 ...