近期活跃于新兴产业投资的无极资本(Infini Capital)，短短半个月内，便投资约77.08亿元参与3家港股的配售融 资： 7月17日，拟以13.08亿港元投资第四范式(06682)，持股4.98%; 7月31日，完成以25亿港元投资商汤(00020)，持股4.31%; 无极资本，成立于2015年，双总部位于香港、阿布扎比，是国际领先的资产管理公司，曾以96%的投资回报率拿 下2021年亚洲对冲基金回报率第一名。 无极资本，由前投行家钱涛(Tony Chin To)创立，他曾就职于摩根士丹利、汇丰银行的并购部门工作。在创立无 极资本之前，他是专注于亚洲金融行业并购和重组机会的香港私募股权公司GCS Capital的合伙人。 钱涛，出生于上海，在香港长大，曾就读于香港的苏浙小学和圣士提反书院，并拥有密歇根大学安娜堡分校的经 济学学士学位。 | | | 2021年亞洲對沖基金回報率排名 | | | --- | --- | --- | --- | | 名灾 | 對沖甚金名稱 | 類型 | 回報率 | | 1 | Infini無極資本 | 多策略 | +96% | | 2 | Tribeca Global Na ...

Meta Platforms公布财报显示，第二季度营收超过预期，对当前时期的预测也强于预期，这表明这家社 交媒体公司的广告业务仍在快速增长，足以支持其在人工智能方面的大举支出。财报公布后，Meta美 股盘后一度大涨10%。 Meta预计，其第三季度营收将达到475亿美元至505亿美元，此外，Meta还上调了2025财年资本开支预 期区间的下限，因为该公司继续加大对人才、基础设施、数据中心和能源的投资，以在快速发展的AI 竞赛中保持竞争力。Meta目前预计全年资本支出将在660亿美元至720亿美元之间，较此前640亿至720 亿美元的预期有所提高。 格隆汇7月31日｜港股市场AI概念股集体强势，其中，美图公司涨超14%，金蝶国际涨超11%，创梦天 地、金山云涨超10%，汇量科技、快手-W涨超8%，粉笔、迈富时涨超7%，第四范式涨超6%，微盟集 团涨超5%，金山软件涨超4%。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 01357 | 美图公司 | (0) | 14.71% | 12.480 | 569.86 ...

Core Viewpoint - Fourth Paradigm (06682) shares increased by nearly 4%, currently up 3.68% at HKD 54.9, with a trading volume of HKD 140 million [1] Group 1: Product Launch - The Phancy AI smart glasses, developed by Fourth Paradigm, officially went on sale on July 23 and will begin shipping in early August [1] - The smart glasses will be showcased at the VisionX AI Smart Glasses Supply Chain Trends Conference in Hangzhou on August 5 [1] Group 2: Product Features - The Phancy AI smart glasses offer features such as first-person perspective shooting, real-time translation, open sound field, AI voice assistant, and schedule reminders [1] - The glasses are designed with a lightweight body weighing 39 grams and include a high-definition camera for first-person perspective shooting [1] - The open surround sound field design enables smart navigation and real-time translation, demonstrating the company's strong capabilities in generative AI, agent intelligence, and integrated hardware-software solutions [1]

Core Viewpoint - Fourth Paradigm (06682) has seen a nearly 4% increase in stock price, currently trading at 54.9 HKD with a transaction volume of 140 million HKD, following the launch of its Phancy AI smart glasses [1] Group 1: Product Launch - The Phancy AI smart glasses, developed by Fourth Paradigm, officially went on sale on July 23 and are set to be shipped in early August [1] - The smart glasses will be showcased at the VisionX AI Smart Glasses Supply Chain Trend Conference in Hangzhou on August 5 [1] Group 2: Product Features - The Phancy AI smart glasses offer features such as first-person perspective shooting, real-time translation, open sound field, AI voice assistant, and schedule reminders [1] - The glasses are designed with a lightweight body weighing 39 grams and include a high-definition camera for first-person perspective shooting [1] - The open surround sound design enables smart navigation and real-time translation, highlighting the company's strong capabilities in generative AI, agent intelligence, and integrated hardware-software solutions [1]

Industry Overview - The artificial intelligence agent industry in China is defined as software systems driven by large language models (LLMs) that integrate various plugins to make autonomous decisions and learn from their environment [1] - The industry has formed a complete system covering the foundational, technical, and application layers, with hardware and computing power providers at the base, model providers in the middle, and application developers and service providers at the downstream [2][5] Market Size and Growth - In 2023, the AI agent market in China reached 55.4 billion yuan, with projections to grow to 852 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 72.7% [12] - The demand structure for AI agents is diverse and rapidly growing, with the intelligent customer service market exceeding 7 billion yuan in 2023 and expected to reach 18.13 billion yuan by 2027, a CAGR of over 27% [13] Development Trends - The AI agent industry is still in its early stages, evolving from simple chatbots to more complex agents capable of autonomous reasoning and decision-making [8] - The penetration rate of AI agents in enterprises is currently below 5% but is expected to rise to 25% for large enterprises and 15% for small and medium-sized enterprises by 2028 [15] Policy Background - Since 2015, the Chinese government has been promoting AI technology development and application through a comprehensive policy framework that includes ethical norms and data security [10][11] Competitive Landscape - The competitive landscape is characterized by a concentration of leading companies such as Alibaba, Tencent, and Baidu, which dominate the large model layer, while vertical players focus on specific industry applications [21][24] - Initial companies are leveraging technological breakthroughs and innovative models to disrupt the industry, with examples like Manus and Dify gaining significant traction [25] Future Outlook - The AI agent market is expected to experience significant growth, with industrial and medical applications showing strong potential due to the rapid release of smart manufacturing and automation needs [27] - Key technological breakthroughs in multi-modal interaction, autonomous decision-making, and multi-agent collaboration are critical for the industry's future development [30]

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company has launched the Phancy AI smart glasses, which feature capabilities such as first-person perspective shooting, real-time translation, and AI voice assistance, indicating strong integration of AI solutions in hardware products [1]. - The core business, the "Prophet AI Platform," has shown robust growth, with revenue reaching 3.676 billion RMB in 2024, a year-on-year increase of 46.7%, accounting for 69.9% of total revenue [3]. - The company reported a total revenue of 1.077 billion RMB in Q1 2025, reflecting a year-on-year growth of 30.1%, with a notable increase in the average revenue contribution from benchmark users [3]. - The Shift intelligent solutions business experienced a revenue decline of 20.3% in 2024, while the AIGS service business grew by 35.4% in the same year, showcasing a mixed performance across different segments [3]. - The company is focusing on optimizing costs through continuous technological iterations, with R&D expenses amounting to 2.170 billion RMB in 2024, representing 41.2% of total revenue [3]. Summary by Sections Product Launch - The Phancy AI smart glasses were officially launched on July 23, 2025, with pre-sales initiated on the company's website and JD.com, expected to ship in early August [1]. Financial Performance - The Prophet AI Platform's revenue for 2024 was 3.676 billion RMB, up 46.7% year-on-year, and Q1 2025 revenue was 808 million RMB, accounting for 74.8% of total revenue [3]. - The total revenue for Q1 2025 was 1.077 billion RMB, with a gross profit of 444 million RMB, both showing a growth of 30.1% year-on-year [3]. Business Segments - The Shift intelligent solutions business saw a revenue decrease of 20.3% in 2024, while the AIGS service business grew by 35.4% [3]. - The company has 59 benchmark users in Q1 2025, with an average revenue contribution of 11.67 million RMB, up 31.3% from the previous year [3]. Cost Management - R&D expenses for 2024 were 2.170 billion RMB, with a rate of 41.2%, and Q1 2025 expenses were 368 million RMB, with a rate of 34.2%, indicating a focus on cost optimization [3].

Group 1 - Fourth Paradigm announced a joint venture with Jiuyang Technology to establish FanTai Technology Limited [1] - The joint venture is based on key opportunities and core demands arising from the current stablecoin market [1]

Core Insights - The strategic partnership between Fourth Paradigm and Jiuyang Technology aims to develop a "Stablecoin Underlying Asset Management Solution" to enhance the stability and compliance of stablecoin investments [1][2] - The collaboration is a response to the growing regulatory framework surrounding stablecoins, particularly following the implementation of Hong Kong's Stablecoin Regulation [2][12] Group 1: Partnership Overview - Fourth Paradigm leverages its AI capabilities and extensive experience in serving top financial institutions to support stablecoin asset management [3][12] - Jiuyang Technology specializes in fixed income portfolio management and risk control, providing a robust foundation for the partnership [3][12] Group 2: Solution Features - The solution includes intelligent risk warning systems that utilize AI to monitor market signals and predict potential risks [3][5] - Dynamic optimization of collateral assets is achieved through AI algorithms, enhancing capital efficiency and risk resilience [3][7] - A compliance and risk monitoring engine is established to improve regulatory transparency and investor trust [5][9] Group 3: Market Context - The stablecoin market is transitioning towards compliance and institutional development, necessitating effective asset management solutions [2][6] - The partnership addresses the critical need for a secure asset management framework that mitigates risks associated with market volatility and fraud [2][6] Group 4: Future Outlook - The collaboration aims to create a closed-loop operational mechanism encompassing asset allocation, risk warning, and compliance verification [5][10] - Short-term goals include launching an integrated SaaS solution for compliance and portfolio management to facilitate regulatory sandbox projects [11] - Long-term aspirations involve building a national-level stablecoin technology infrastructure to support cross-border digital currency interoperability [11][12]

Group 1: Investment Opportunities - Vili Zhibo-B (HK02617) has launched its IPO with a subscription rate of approximately 178.91 times on the first day, indicating strong investor confidence in its prospects [1] - Aux Group has refiled its listing application with the Hong Kong Stock Exchange, aiming to enhance brand influence and expand into international markets [2] - Fourth Paradigm (HK06682) plans to place 25.9 million shares at a subscription price of HKD 50.50 per share, raising approximately HKD 1.306 billion for investment in emerging fields like AI and blockchain [3] - October Rice Field (HK09676) expects an adjusted net profit of at least HKD 283 million for the six months ending June 30, 2025, representing a growth of no less than 90% year-on-year due to product innovation and improved sales channels [4] Group 2: Market Performance - The Hang Seng Index closed at 24,498.95, down 0.08% on July 17 [5] - The Hang Seng Tech Index increased by 0.56% to 5,448.85 [5] - The National Enterprises Index fell by 0.09% to 8,853.10 [5]

Group 1 - The company announced a placement of 25.9 million H-shares to Infini Global Master Fund, raising approximately HKD 1.308 billion, with a subscription price of HKD 50.5 per share, representing an 8.93% discount to the previous closing price [1] - The proceeds will be allocated as follows: 50% for R&D in emerging fields such as embodied intelligence and blockchain, 40% for global business expansion and potential acquisitions, and 10% for general corporate purposes [1] - Infini Global Master Fund is managed by Infini Capital, a hedge fund management company with a network in Asia and the Middle East, and the subscription will not result in the fund becoming a major shareholder [1] Group 2 - The company believes the subscription will enhance its financial position and broaden its shareholder base, contributing to future growth and high-quality development [2] - The company is positioning itself as a stablecoin concept stock, launching a "Stablecoin Intelligent Risk Control & Compliance Solution" ahead of the implementation of Hong Kong's Stablecoin Regulation on August 1 [2] - The new regulation is expected to issue a limited number of licenses, with anti-money laundering requirements being a key criterion for approval [2] Group 3 - The "Stablecoin Intelligent Risk Control & Compliance Solution" is based on an intelligent anti-money laundering system and a transaction anti-fraud solution [3] - The system utilizes algorithms to analyze global regulatory documents and adjust compliance parameters dynamically, while also monitoring cross-border fund flows and on-chain data to preemptively warn against risks [3] - The company has successfully intercepted fraudulent transactions exceeding CNY 10 billion and has nearly 2,000 successful case implementations across various sectors [3]