Group 1 - The China Capital Market Society was established on July 26, 2025, in Shanghai, with Wu Qing elected as the first president [1] - The society has set up seven professional committees focusing on various aspects such as macro and industrial development, market stability, innovation, and investor protection [1] Group 2 - The 2025 World Artificial Intelligence Conference (WAIC) opened in Shanghai on July 26, attracting over 800 domestic and international companies and showcasing more than 3,000 smart technology exhibits [4] - Notably, over 150 humanoid robots were presented, marking the largest display of humanoid robots in China to date [4] - Major tech companies like Tencent, NetEase, and JD.com unveiled significant AI advancements, including Tencent's global launch of the open-source "Hunyuan 3D World Model" [4] Group 3 - The Henan Provincial Department of Industry and Information Technology announced a notification for recommending enterprises to enter the "Specialized, Refined, Characteristic, and Innovative" board, which will provide various support services [6] Group 4 - The U.S. and EU reached a new trade agreement, with the EU committing to increase investments in the U.S. by $600 billion and purchasing $750 billion worth of U.S. energy products [8] - The agreement maintains existing tariffs on steel and aluminum, with a focus on energy and automotive sectors [8] Group 5 - The U.S. Secretary of Commerce announced that the deadline for imposing additional tariffs on August 1 will not be extended, emphasizing the need for a favorable agreement with the EU [10] Group 6 - The State Council of China announced plans to gradually implement free preschool education, highlighting its importance for long-term development and the need for local governments to detail funding and support measures [12] Group 7 - The National Bureau of Statistics reported a 1.8% decline in profits for large-scale industrial enterprises in the first half of 2025, with state-owned enterprises seeing a 7.6% drop [16] - In contrast, foreign and Hong Kong-Macau investment enterprises experienced a 2.5% profit increase [16] Group 8 - The National Development and Reform Commission allocated 69 billion yuan for the third batch of special bonds to support the consumption of old goods [17] Group 9 - The Chinese government proposed the establishment of a World Artificial Intelligence Cooperation Organization to promote global governance and bridge the digital divide [19] Group 10 - The Ministry of Agriculture and Rural Affairs and nine other departments issued a plan to promote agricultural product consumption, encouraging collaboration between food companies and research institutions [20][21] Group 11 - The China Pesticide Industry Association launched a three-year action plan to improve market order and combat low-price competition in the pesticide industry [23] Group 12 - Shouchuang Securities announced plans to list on the Hong Kong Stock Exchange to enhance capital strength and international influence [25] - Linglong Tire submitted its H-share issuance application to the Hong Kong Stock Exchange [27] Group 13 - Shanghai Jinqiao Information Co., Ltd. plans to raise 633 million yuan through a private placement to fund AI research and upgrade core solutions [29] Group 14 - *ST Suwu faces potential delisting due to alleged information disclosure violations, with the company under investigation by the China Securities Regulatory Commission [31] - *ST Wanfang and Taiyuan Heavy Industry also received notices of investigation for similar violations [32][33] Group 15 - Zijin Mining's vice president plans to reduce holdings by up to 250,300 shares to fund the company's employee stock ownership plan [37] - ST Luton and Ruixin Technology announced plans for share reductions by specific shareholders [37] Group 16 - Rebekah reported a 15.31% increase in net profit for the first half of 2025, with total revenue reaching 598 million yuan [38] - Laopu Gold expects a net profit increase of 279% to 288% for the same period, with sales projected between 138 billion yuan and 143 billion yuan [39] - Tongzhou Electronics turned a profit with a 662% increase in net profit, achieving revenue of 540 million yuan [40]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies discussed Core Insights - The report highlights the evolution of AI technology through three major phases: visual AI, natural language processing, and the current multimodal and generative AI era, emphasizing the importance of multimodal thinking chains for future advancements [2][12] - SenseTime's latest model, SenseNova 6.5, showcases significant improvements in multimodal fusion, inference performance, and cost-effectiveness, with a 20% increase in pre-training data volume and a 35% rise in inference throughput, while reducing inference costs to 30% of previous levels [3][14] - The report discusses the transition of AI from being merely a productivity tool to a results-driven force, exemplified by SenseTime's "Little Raccoon" assistant, which automates complex tasks and allows users to pay for outcomes rather than processes [4][15] - SenseTime's "Wuneng" platform aims to empower the robotics industry by integrating advanced visual perception, navigation, and multimodal interaction capabilities, facilitating real-time recognition and interaction with the physical world [5][16] Summary by Sections Event Overview - On July 27, 2025, SenseTime hosted a forum discussing AI advancements, where CEO Xu Li reviewed the development phases of AI and introduced the SenseNova 6.5 model and the "Little Raccoon" assistant [1][12] AI Development Phases - The report outlines the shift from reliance on manually labeled image data to the integration of multimodal data, which aligns more closely with human learning methods, thereby expanding knowledge boundaries [2][13] SenseNova 6.5 Model - The SenseNova 6.5 model features a "multimodal long thinking chain" that enhances its ability to process complex data, achieving performance comparable to top industry models while significantly lowering costs [3][14] Commercialization of AI - The report addresses the "tool trap" in AI applications, advocating for a shift towards AI that produces tangible results, as demonstrated by the capabilities of the "Little Raccoon" assistant [4][15] Future Outlook - SenseTime's focus on embodied intelligence through the "Wuneng" platform represents a strategic move to bridge digital and physical interactions, enhancing the capabilities of robots in real-world applications [5][16]

Group 1 - The event at WAIC 2025 showcased a "man-machine showdown" where AI models from various institutions demonstrated their mathematical reasoning capabilities, highlighting the intersection of AI and mathematics as a driving force for industrial transformation [1][2] - The forum featured a unique "human posing questions - machine answering" format, testing AI's deep reasoning abilities and guiding it to focus on significant mathematical challenges, thus avoiding ineffective computational efforts [2][3] - The establishment of two international mathematics laboratories in Shanghai signifies a shift in the global focus of mathematics and AI integration research towards China, recognizing Shanghai's research capabilities [2][3] Group 2 - The forum included insights from top scholars, emphasizing the need for mathematical support in AI model optimization, particularly addressing the limitations of finite parameters in the context of infinite-dimensional problems [3] - Collaborative demonstrations between mathematicians and AI teams showcased AI's ability to solve complex geometric problems and analyze student errors, indicating the potential for AI to enhance educational processes [3][4] - Shanghai's strategic positioning as a global hub for AI and mathematics integration is reinforced by its advanced computational infrastructure and a strong academic foundation in mathematics, making it an ideal testing ground for this interdisciplinary research [4][5] Group 3 - Shanghai is implementing four key initiatives to enhance the "AI + Mathematics" integration ecosystem, including talent development, the establishment of open platforms, policy support through innovation funds, and practical applications in various sectors [4][5] - The city's ambition to become a global center for AI and mathematics research is aligned with national strategies and urban development goals, positioning it as a leader in the ongoing intelligent revolution [4][5]

Core Insights - The evolution of AI has transitioned from perceptual intelligence to generative intelligence, with future breakthroughs dependent on AI's ability to actively explore and interact with the real world [1][3] Group 1: AI Development Stages - The development of human intelligence is rooted in continuous interaction with the physical world, while machine intelligence has been limited by the finite supply of human knowledge [3] - The rise of deep learning algorithms, such as CNN and ResNet, from 2011 to 2012 led to an explosive growth in perceptual AI, but these models are constrained by their reliance on manually labeled data [3] - The introduction of the Transformer architecture around 2017 to 2018 enabled AI to extract knowledge from natural language, with models like GPT-3 processing text equivalent to 100,000 years of human creative output [3] Group 2: Challenges in AI Evolution - A looming crisis is anticipated as natural language data may be exhausted by 2027 to 2028, while visual data, although abundant, is challenging to extract knowledge from effectively [3] - The production rate of visual data lags behind the growth of computational power, leading to a mismatch in data requirements for models [3] - The next phase of AI development necessitates overcoming the challenge of scarce high-quality interactive data, drawing inspiration from human learning through physical world interactions [3] Group 3: Solutions and Innovations - The high cost of real-world interactions presents a significant barrier, with traditional solutions relying on simulators that often fail to bridge the "Sim-to-Real Gap" [4] - To address these challenges, the company has introduced the "KAIWU" world model, which generates high-quality simulated data by considering temporal and spatial consistency [4] - The "WUNENG" embodied intelligence platform, powered by the company's world model, provides robust perception, visual navigation, and multimodal interaction capabilities for robots and smart devices [6] Group 4: Practical Applications - The "WUNENG" platform enables various hardware to achieve a deep understanding of the world, supporting integration into edge chips for enhanced adaptability [6] - The embodied world model can generate multi-perspective videos while ensuring temporal and spatial consistency, allowing machines to understand, generate, and edit real-world scenarios [8] - Users can interact with the embodied world model through simple prompts, enabling autonomous generation of poses, actions, and commands in real-world contexts [8]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) showcased significant advancements in AI technology, particularly in computing power, algorithms, and applications, indicating a robust growth trajectory for the industry [12][60] - Domestic manufacturers are progressively enhancing their chip performance from inference to training, emphasizing ecosystem support and application scenarios [13][60] - The report highlights the emergence of quantum computing as a disruptive innovation in the computing power industry, with potential for exponential growth in computational capabilities [38][39] Summary by Sections 1. Industry Overview - The WAIC 2025 featured over 800 companies and more than 3000 cutting-edge exhibits, marking the largest scale in its history [12] - The conference focused on AI technology frontiers, industry trends, and global governance practices [12] 2. Computing Power - Domestic chip manufacturers are evolving from inference-focused AI chips to high-performance training chips, showcasing various industry applications [13] - The report notes the importance of supernodes, integrated machines, and liquid cooling solutions as key trends in the future of domestic AI computing power [18][19] 3. Algorithms - The evolution of large models is highlighted, with a shift towards multi-modal capabilities and the integration of deep reasoning and thinking abilities [43][44] - The report emphasizes the growing importance of AI agents and physical AI, which aim to enable intelligent agents to understand and interact with the real world [43][44] 4. Applications - The report identifies a flourishing landscape for both B2B and B2C AI applications, with significant advancements in areas such as AI glasses, smart driving, and robotics [60] - C-end applications focus on AIGC and productivity tools, while B-end applications emphasize cost reduction and efficiency improvements across various sectors [60][61] 5. Quantum Computing - Quantum computing is positioned as a critical future technology, with companies showcasing solutions that leverage quantum mechanics for superior computational capabilities [38][39]

Core Viewpoint - SenseTime officially announced its entry into the field of embodied intelligence with the launch of the "Wuneng" embodied intelligence platform at the WAIC 2025 large model forum [1][2]. Group 1: SenseTime's Technological Advancements - SenseTime introduced the "Riri Xin V6.5" multimodal reasoning model, which features a unique image-text interleaved thinking chain that significantly enhances cross-modal reasoning accuracy [3][4]. - The new model outperforms Gemini 2.5 Pro in multimedia reasoning capabilities across multiple datasets, showcasing its competitive edge [8]. - Compared to its predecessor, Riri Xin 6.0, the V6.5 model has improved performance by 6.99% while reducing reasoning costs to only 30% of the previous version, resulting in a fivefold increase in cost-effectiveness [10]. Group 2: Transition to Embodied Intelligence - SenseTime's shift towards embodied intelligence is a natural progression from its expertise in visual perception and multimodal capabilities to physical world interactions [12][13]. - The company has accumulated over ten years of industry experience, particularly in autonomous driving, which has provided valuable data and world model experience for the development of embodied intelligence [13]. - The "Wuneng" platform integrates the general capabilities of the Riri Xin multimodal model with the experience of building and utilizing world models, aiming to create an ecosystem for embodied intelligence [14]. Group 3: World Model Capabilities - The "KAIWU" world model supports the generation of multi-perspective videos and can maintain temporal consistency for up to 150 seconds, utilizing a database of over 100,000 3D assets [16][18]. - It can understand occlusion and layering spatially, as well as temporal changes and motion patterns, allowing for realistic object representation [17][20]. - The platform can simultaneously process people, objects, and environments, creating a 4D representation of the real world [21]. Group 4: Industry Collaboration and Data Utilization - SenseTime is pursuing a "soft and hard collaboration" strategy, partnering with various humanoid robot and logistics platform manufacturers to pre-install its models, enhancing the multimodal perception and reasoning capabilities of hardware [29]. - The company is addressing the common industry challenge of data scarcity by generating synthetic data in virtual environments and using real-world samples for calibration [32][33]. - The integration of first-person and third-person perspectives in training enhances the model's ability to learn from human demonstrations while executing tasks from its own sensory input [26][35]. Group 5: Future Outlook and Competitive Edge - SenseTime is establishing a self-reinforcing data ecosystem through large-scale simulations, real data feedback from hardware, and the fusion of different perspectives, which is expected to drive continuous model upgrades [39]. - The company is positioned to lead the future of embodied intelligence by leveraging multimodal capabilities and hardware collaboration to build a competitive moat in the industry [40].

WAIC 2025第二日精华速递 一图纵览大会第二日亮点—— 《科创板日报》27日讯，今日，2025世界人工智能大会暨人工智能全球治理高级别会议迈入第二天。众 多科技巨头共襄盛举，腾讯、智元机器人、商汤科技等世界模型产品尽数亮相，蚂蚁、阿里云、OPPO 等也发布了多项人工智能成果。 ...

Group 1 - Worth Buying Technology Group has signed a strategic cooperation agreement with SenseTime to promote the application of AI technology in the consumer sector and innovate consumption scenarios [1] - The collaboration aims to develop an AI shopping assistant named "Zhang Dama," leveraging SenseTime's cloud application capabilities and Worth Buying's high-quality consumer data [1][2] - The partnership will focus on enhancing consumer decision-making efficiency and experience through deep integration of AI with consumption scenarios, including digital marketing and AI office tools [1][2] Group 2 - Worth Buying Technology has prioritized AIGC as a key strategy in 2023 and plans to release a comprehensive AI strategy in 2024, featuring a product matrix consisting of "1 large model, 2 databases, 3 engines, and 4 application types" [2] - The AI shopping assistant "Zhang Dama" will utilize a new generation reasoning engine to combine intent analysis with task execution for streamlined shopping management [2] - The strategic partnership is seen as a deep integration of technology and scenarios, aiming to build a more open, efficient, and sustainable "AI + consumption" ecosystem [2]

7月27日，在"大爱无疆·模塑未来"WAIC 2025大模型论坛上，商汤科技发布「悟能」具身智能平台。 「悟能」具身智能平台以商汤具身世界模型为核心引擎，依托商汤大装置提供端侧和云侧算力支持，能 够为机器人、智能设备提供强大的感知、视觉导航及多模态交互能力，推动智能终端向更高层次的自主 化与智能化演进。 ...

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC 2025) is being held in Shanghai from July 26 to 28, where Worthbuy Technology and SenseTime have signed a strategic partnership to promote "AI + consumption" innovation [1][3]. Group 1: Strategic Partnership - Worthbuy Technology and SenseTime will collaborate to create an AI shopping assistant named "Zhang Dama," leveraging SenseTime's cloud application capabilities and Worthbuy's high-quality consumer data [3]. - The partnership aims to enhance consumer decision-making efficiency and experience by exploring deep connections between AI and consumption scenarios [3][4]. Group 2: AI Product Matrix - In 2023, Worthbuy Technology has prioritized AIGC as a key strategy, with plans to release a comprehensive AI strategy in 2024, which includes a product matrix consisting of "1 large model, 2 databases, 3 engines, and 4 application types" [3]. - The company is focusing on AIUC engine capabilities to understand online consumer content, effectively curating and summarizing real consumer experiences for decision support [3]. Group 3: Future Developments - The AI shopping assistant "Zhang Dama" will utilize a new generation of reasoning engines to combine intent analysis and task execution for one-stop shopping management [4]. - The partnership is expected to lead to deeper understanding, stronger execution, and higher security in the shopping process, with an iOS version of "Zhang Dama" set to launch soon [4].