Market Overview - The market size of China's large model development platform is projected to reach 1.69 billion RMB in 2024, driven by various applications aimed at enhancing productivity in both state-owned and private enterprises [1] - The market growth is supported by the development of AI applications, with internet companies favoring public cloud platforms for API integration in entertainment applications [1] Key Players - The top six companies in the market include Baidu Smart Cloud, Alibaba Cloud, SenseTime, Zhipu AI, Telecom AI, and Xiyu Technology [1] - Other notable companies include Zhongshu Ruizhi, which focuses on RAG technology and enterprise-level intelligent self-optimization, as well as Shenzhou Digital and Ruijie Technology, which have launched large model platforms earlier [1] International Expansion - The outbound market for China's large model platforms is expected to reach 860 million RMB in 2024, with applications in generative AI gaining global popularity [3] - Users primarily utilize OpenAI GPT on Azure and Claude on Amazon Web Services, while many Chinese companies also opt for Alibaba Cloud for their large model platform needs [3] Future Development - The construction of large model platforms is currently focused on application development, with a need to lower usage barriers by providing low-code flexible development tools [5] - There is also a demand for high-code development tools aimed at professionals to enhance platform capabilities [5]

（原标题：商汤集团等入股AI公司智算方舟） 企查查APP显示，近日，福建智算方舟科技有限公司发生工商变更，新增商汤集团有限公司全资子公司 上海商汤智能科技有限公司等为股东。企查查信息显示，该公司成立于2024年，注册资本1亿元，经营 范围包含：人工智能行业应用系统集成服务；大数据服务；数据处理服务；人工智能应用软件开发等。 ...

Group 1 - Fujian Zhican Ark Technology Co., Ltd. has undergone a business change, with SenseTime Group's wholly-owned subsidiary, Shanghai SenseTime Intelligent Technology Co., Ltd., added as a shareholder [1] - The company was established in 2024 with a registered capital of 100 million yuan [1] - Its business scope includes artificial intelligence industry application system integration services, big data services, data processing services, and artificial intelligence application software development [1]

Core Viewpoint - The 2025 AGIC Shenzhen International General Artificial Intelligence Conference and Industry Expo will take place from August 27 to 29, showcasing advancements in AI and robotics, with over 1000 companies participating [2][3]. Group 1: Event Overview - The conference theme is "Model-Driven, Intelligent Future," with an exhibition area of 80,000 square meters [3]. - Major companies such as Tencent, Huawei, UBTECH, and Baidu will present their latest technologies, including Baidu's open-source Wenxin 4.5 model [3]. - The event will highlight Shenzhen's advantages in the robotics industry, featuring local companies known as the "Eight Golden Kings" and "Thirteen Protectors" [3]. Group 2: International Participation - Over 20 Japanese companies will participate, showcasing solutions in agricultural and collaborative robotics [3]. - The event will include professional forums on core topics like embodied intelligence, large models, humanoid robots, and computing power, with speakers from more than 20 countries [5]. Group 3: Innovations and Reports - Approximately 100 groundbreaking technologies in AI chips, generative AI, and intelligent terminals will debut at the conference [5]. - New products such as humanoid robots, massage robots, and chest diagnostic robots will be showcased [4][5]. - The conference will release the "China Artificial Intelligence Industry White Paper" and the "Artificial Intelligence Development Characteristics (Greater Bay Area Plan)" [5].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The report provides a comprehensive overview of the latest trends in the AI industry, including company performance, application scenarios, model releases, and technological breakthroughs, demonstrating the rapid development and wide - ranging impact of AI technology [9][10][11]. 3. Summary by Directory AI Industry Dynamic - Tencent's Q2 2025 AI profitability emerged. Its Q2 revenue was 184.5 billion yuan, a 15% increase year - on - year, and net profit was 55.6 billion yuan, a 17% increase. AI has become an important driving force for its core business [9]. AI Application Information - The "National Railway Value Engineering Multi - modal Large Model Application Platform" jointly developed by SenseTime and the First Survey and Design Institute of China Railway was launched, offering five functions with over 90% accuracy in 28,000 test questions and covering 420GB of data [10]. AI Large Model Information - Shanghai Jiao Tong University released the native brain - inspired large model BriLLM, which can handle infinite context and has 100% full interpretability, with a nearly 90% reduction in parameters through sparse technology [11]. - The University of Hong Kong and other institutions open - sourced the OpenCUA framework, and its flagship model OpenCUA - 32B achieved a 34.8% success rate on the OSWorld - Verified benchmark [12]. - ByteDance open - sourced the full - modal training framework VeOmni, which can reduce engineering development time by over 90% and has high throughput [13][14]. - Zhipu released the GLM - 4.5V multi - modal model, achieving SOTA results in 41 out of 42 public visual multi - modal tasks [15]. - Alibaba's DAMO Academy open - sourced the Rynn series of models to solve the problems of data, model, and robot adaptation in embodied intelligence development [16]. - Baichuan released the open - source medical large model Baichuan - M2, which outperformed most models in the OpenAI HealthBench evaluation and supports single - card deployment on RTX4090 [17]. Technology Frontier - The first open - source reinforcement learning solution FlashRL supporting 8Bit Rollout was released, which can speed up training by 1.7 times without loss of performance [19]. - China developed the first hybrid pollination robot, which can reduce breeding costs, shorten the cycle, and improve efficiency [22].

Group 1: Computer Vision Market - The computer vision application market in China is projected to reach 12.34 billion RMB in 2024, reflecting a growth rate of 21.2% compared to 2023 [1] - The top five companies in the market include SenseTime, Hikvision, Innovusion, Dahua Technology, and China Telecom AI [1] - The highest year-on-year growth is expected from China Telecom AI, followed by Hikvision, with applications spanning smart security, urban emergency response, and OCR [1] Group 2: Voice and Semantic AI Market - The voice and semantic AI market in China is expected to reach 14.93 billion RMB in 2024, showing a growth of 30.4% from 2023 [3] - Key players in this market include iFlytek, Baidu Smart Cloud, Alibaba Cloud, and Tencent Cloud [3] Group 3: Machine Learning Platform Market - The machine learning platform market in China is anticipated to grow to 3.45 billion RMB in 2024, marking a 22.7% increase from 2023 [5] - The leading companies in this sector are Fourth Paradigm, Huawei Cloud, Innovusion, JiuZhang Cloud, and StarRing Technology [5] Group 4: Recommendations for Technology Providers - Companies are advised to build core competitive advantages in the era of AI, focusing on developing software based on AI agents across various business domains [7] - Emphasis on AI governance is crucial due to the increasing role of AI systems in high-risk decisions, necessitating transparency and accountability [7] - There is a shift towards AI-driven business value, with companies prioritizing measurable ROI and faster time-to-market for AI projects [7] - The AI software market is transitioning from small models to generative AI applications based on large models, which could significantly alter the technology market ecosystem [7]

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The WAIC 2025 showcased advancements in AI models, computing chips, and server technologies, indicating a robust growth trajectory for the domestic AI industry [2][5]. - Domestic AI models and intelligent agents are rapidly evolving, with significant improvements in performance and cost efficiency [10][19]. - The report emphasizes the importance of long-term investment opportunities in the domestic AI supply chain, despite external challenges [2][8]. Summary by Sections WAIC 2025 Highlights - WAIC 2025 focused on AI models, computing chips, and servers, featuring top tech companies and innovations [5][6]. - Key products included the Step-3 model by Jieyue Star, SenseNova V6.5 by SenseTime, and Tencent's Hunyuan 3D World Model, showcasing advancements in multi-modal capabilities [10][19][25]. Domestic AI Model Developments - Jieyue Star's Step-3 model achieved state-of-the-art results in various benchmarks, with a total parameter count of 321 billion and activation parameters of 38 billion [11][12]. - SenseTime's SenseNova V6.5 model demonstrated a threefold improvement in cost-performance ratio compared to its predecessor [21][23]. - Tencent's Hunyuan 3D World Model 1.0 gained over 2.3 million downloads, highlighting its popularity and effectiveness in generating editable virtual worlds [25][28]. GPU Innovations - Muxi's flagship GPU, Xiyun C600, represents a significant breakthrough in domestic high-performance GPUs, featuring a complete supply chain and advanced capabilities [7][42]. - Huawei's Cloud Matrix 384, equipped with Ascend 910C chips, offers 300 PFLOPs of computing power, suitable for large model inference and training [46][50]. Investment Opportunities - The report suggests that the domestic AI industry is progressing in multiple areas, including model capabilities and hardware specifications, making it a worthwhile investment focus [2][8].

Group 1 - Goldman Sachs expresses optimism about Chinese software companies, anticipating benefits from the trend of increased average revenue per AI user and the potential conversion of free users to paying customers [1] - Goldman Sachs sets a target price of HKD 1.83 per share for SenseTime Technology [1] - As of August 18, SenseTime's stock price exceeded the target price, reaching a high of HKD 1.87, with an increase of 8.06% [1] Group 2 - Goldman Sachs identifies SenseTime as a leading AI provider in China, offering comprehensive AI solutions ranging from foundational models to customized industry-specific applications [3] - The firm is optimistic about SenseTime's enhanced AI reasoning and multimodal capabilities with the release of the new version 6.5 [3] - SenseTime is expanding its general AI product coverage to capture commercialization opportunities across various sectors, including finance, healthcare, and office services [3] Group 3 - Goldman Sachs projects that by 2030, revenue from SenseTime's AI solutions will account for 81% of total revenue, up from 64% in 2024 [3] - Customized solutions for specific industries such as finance, TMT, and telecommunications are expected to support accelerated growth for SenseTime [3]

商汤-W涨近6%。资金面消息显示，南向资金连续14日净买入商汤-W，累计净买入13.0亿港元。 （文章来源：第一财经） ...

Group 1 - The core viewpoint is that SenseTime's automotive division, Jueying, has the potential to succeed after addressing key challenges in the automotive industry, with plans to expand partnerships with car manufacturers by 2025 [1] - SenseTime has invested seven years in developing AI technology, aiming to validate its value in the automotive sector [1] - Jueying plans to develop advanced end-to-end solutions based on NVIDIA's Thor platform, indicating a strategic move towards higher-level AI applications in vehicles [1] Group 2 - CEO Wang Xiaogang of Jueying was among the first to identify opportunities in the end-to-end field, having collaborated with Honda on an L4 autonomous driving project in 2017 [2] - The project faced challenges due to computational limitations and industry awareness, which delayed its implementation [2] - Following the production of Tesla's FSD V12, Jueying is accelerating its efforts to catch up, with plans to showcase its UniAD end-to-end deployment at the 2024 Beijing Auto Show [2] - A joint development of an end-to-end autonomous driving system with Dongfeng Motor is set to be realized by the end of this year [2]