Core Viewpoint - The future competition in the AI industry over the next three years will center around intelligent agents, with a significant focus on multimodal development of large models this year, leading to rapid growth and widespread implementation of intelligent agents [1] Industry Insights - The intelligent agent sector is expected to experience rapid development and simultaneous growth in both consumer (C-end) and industry (B-end) applications this year [1] - The foundational capabilities of large models have reached a usable boundary over the past two to three years, resulting in a well-cultivated market and clearer demand for AI capabilities [1]

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 近日，云知声 (09678.HK) 创始人兼首席执行官黄伟在与凤凰网财经《发现新势力》对话时，谈及 AI 时 代文理科的专业差异与优势问题，他表示当下 AI 研发端理科生更具优势，但未来当 AI 能替代编程 后，审美、鉴别、人文等文科能力会变得更为重要。 凤凰网财经《发现新势力》：在 AI 时代，文科理科的专业差异是不是没那么大了，还是理科生更有优 势？ 黄伟：从 AI 模型研发的角度来看，理科生会更有优势。但从结果层面来讲，如果未来编程变得不那么 重要，AI 也能完成编程工作，那么文科就会变得很重要，因为后续发展所需的审美、鉴别、人文等能 力，都属于文科的能力范畴。所以当下从技术本身看，理工科更重要，而从未来的发展结果来看，文科 可能会更重要。 ...

Core Viewpoint - The discussion highlights the ongoing debate in the AI medical field, emphasizing that while AI has potential, it is not yet fully reliable, and the importance of continuing to train and value human doctors remains critical [1][2]. Group 1: Perspectives on AI in Healthcare - Huang Wei acknowledges that both Zhang Wenhong and Wang Xiaochuan present valid points regarding the role of AI in medicine, with Zhang focusing on the current limitations of AI and the need for ongoing doctor training [2]. - The core argument from Zhang Wenhong is that AI should not be fully relied upon at this stage, and there should be a pathway for doctors to grow and evolve in their roles [2]. - Wang Xiaochuan's perspective emphasizes patient autonomy and the ideal scenario where AI can assist without compromising the growth of medical professionals [2]. Group 2: AI Reliability and Patient Interaction - Huang Wei points out that many patients may use AI tools like DeepSeek to self-diagnose, but they often overlook the high error rates associated with such AI models, which do not take responsibility for their conclusions [2]. - The discussion illustrates the tension between the ideal use of AI in healthcare and the current reality where AI cannot replace the need for human doctors [2].

Core Viewpoint - The recent stock price volatility of Cloud Wisdom (09678.HK) is driven by high growth expectations in its large model business, technological breakthroughs, and commercial progress, despite ongoing losses and cash flow pressures [1][5]. Stock Performance - Cloud Wisdom's stock experienced significant fluctuations in February 2026, with a single-day increase of 16.77% on February 12, closing at HKD 345.40, followed by a 1.45% rise on February 13, closing at HKD 350.40 [1]. - Over the last five trading days, the cumulative increase was 20.33%, and over the last twenty trading days, it was 25.05%, although the stock is down 13.35% year-to-date [1]. - The stock exhibited a daily volatility of 11.58% on February 12, with a range volatility of 39.33% [1]. Business Progress - Cloud Wisdom has made significant advancements in the medical AI sector, with its "Shan Hai. Zhi Yi" large model achieving top rankings in three categories during the MedBench 4.0 evaluation [3]. - On February 6, 2026, the company entered a strategic partnership with Jia Hui Medical to expand into the high-end medical market [3]. - The company released the "Shan Hai. Zhi Yin Model 2.0," which supports full-duplex interaction and has achieved an accuracy rate of over 90% in recognizing complex background sounds [3]. Financial Situation - On February 13, 2026, the net outflow of funds was HKD 466.42 million from institutional investors and HKD 337.91 million from retail investors [4]. - The current price-to-earnings ratio (TTM) is -47.17, and the price-to-book ratio is 17.59, indicating a high market valuation expectation [4]. - Zhongsheng Group has set a target price of HKD 750.58 based on a 25x price-to-sales ratio for 2026 [4]. Future Development - The company faces risks related to slower-than-expected R&D progress and insufficient cash flow, with cash reserves projected to be only HKD 1.56 billion by the end of 2024, against a net loss of HKD 4.54 billion for that year [5]. - The customer retention rate in the medical business has declined from 70.4% in 2022 to 53.3% in 2024, indicating a need for improved customer stability [5].

Core Viewpoint - The discussion highlights the evolving nature of data privacy in the context of AI development, emphasizing the potential benefits and risks associated with the creation of personal digital assets and the transparency it brings to individuals' interactions with AI [1][2]. Group 1: Data Privacy and AI - In the internet era, data sharing has been prevalent, but the scope of data being shared has expanded significantly, leading to concerns about the loss of boundaries regarding personal data [2]. - The concept of transforming all personal data into a digital asset is seen as a positive development, provided it is done securely, allowing individuals to become "super individuals" with AI that understands their needs [2]. - However, there is a contrasting risk where individuals may become completely transparent to AI, which could predict their actions and decisions, raising ethical concerns [2].

Core Insights - 2025 is identified as a pivotal year for China's artificial intelligence (AI) industry, with the core industry scale expected to exceed 1.2 trillion yuan, driven by policy and capital support [1] - The focus of the industry is shifting from mere model size and rankings to practical questions about technology deliverability and real-world impact [1] - A consensus among key figures in the AI sector indicates a transition from large models to multi-modal models and system-level intelligence by 2026 [3] Group 1: Founders - Founders are concerned with the broader implications of AI on society and organizations, rather than just product success [2] - The emergence of the "DeepSeek moment" in early 2025 marked a significant shift in the global AI landscape, with Chinese models gaining industry influence [5] - The year 2026 is anticipated to be the "year of enterprise multi-agent deployment," emphasizing organizational restructuring and the evolution of business models [6] Group 2: Innovators - Innovators are exploring new possibilities for AI, moving beyond traditional applications to create emotional connections and enhance productivity [2] - The focus is shifting from model capability competition to developing systems with long-term memory and real-world feedback loops [20] - The integration of multi-modal capabilities is expected to redefine AI's role in understanding and interacting with the physical world [21] Group 3: Breakthrough Players - Breakthrough players are navigating survival pressures, focusing on the viability of production and business models [2] - The emergence of long-term memory and self-evolving capabilities in AI models is expected to lead to a significant increase in the penetration of intelligent agents in various sectors [62] - The transition from isolated efficiency tools to AI as a collaborative partner in core business processes is reshaping organizational dynamics [74]

Core Insights - The CEO of Yunzhisheng, Huang Wei, discussed the trend of enhanced autonomy in intelligent agents, emphasizing the shift from passive responses to proactive actions as a significant breakthrough in capabilities [1][2] - While the potential value of these advancements is immense, Huang cautioned that without effective control, they could lead to significant harm and risks [1][2] Group 1 - The development of intelligent agents is moving from a passive response model to an active action model, which represents a new capability breakthrough [2] - The excitement surrounding AI advancements, such as ChatGPT, often overlooks the potential negative consequences of increased autonomy [2] - Huang highlighted the dual nature of intelligent agent development, where proper utilization can yield great benefits, but lack of control could result in severe damage [2]

Core Viewpoint - The rapid evolution of AI technology is viewed optimistically, with its current development speed surpassing that of the past centuries and millennia. However, there is a concern regarding the implications of creating an AI that could exceed human capabilities, raising questions about the intended purpose of such technology [1]. Group 1 - AI is developing at an unprecedented pace, faster than in previous decades and centuries [1] - There is a dichotomy in the industry regarding the goal of AI: whether to create a superhuman entity or a supportive tool for enhancing human life [1] - The industry has not yet reached a consensus on the direction and purpose of AI development [1]

Group 1 - Multiple Hong Kong AI medical concept stocks showed active performance on February 10, with Yunzhisheng rising by 11.64%, Inspur Intelligent by 9.46%, Yidu Tech by 2.94%, and Jingtai Holdings by 2.66% [1] - Yunzhisheng announced on February 9 that it completed the placement of 1.008 million new H-shares, accounting for approximately 2.32% of the total issued H-shares and 1.38% of the total issued shares after the placement [3] - The placement price for each H-share was set at HKD 310, with net proceeds from the placement amounting to approximately HKD 307 million, of which about 65% will be used for core technology research and development [3]

Core Viewpoint - Cloud Wisdom (09678) has seen a significant stock price increase, attributed to a research report from Zhongsheng Group highlighting its strong industry barriers and partnerships with top hospitals in China [1] Company Summary - Cloud Wisdom's medical core data creates solid industry barriers, leveraging large models and various agents to penetrate core diagnostic and treatment scenarios [1] - The company has established collaborations with top-tier hospitals such as Peking Union Medical College Hospital, Beijing Friendship Hospital, and Hunan Xiangya Hospital, covering 40% of the top 100 hospitals nationwide [1] - The vast and specialized data assets in vertical fields are expected to form the company's core competitive advantage, supported by efficient data training and a high-quality data flywheel [1] Financial Projections - Revenue for Cloud Wisdom is projected to accelerate over the next three years, with expected revenues of 1.236 billion, 1.923 billion, and 2.918 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 31.6%, 55.6%, and 51.7% [1] - The company is anticipated to achieve profitability by 2026, with a price-to-sales (PS) valuation of 25 times for 2026, leading to a target price of 750.58 HKD [1] Industry Application Potential - The company's extensive data has significant application potential in reducing costs in medical insurance and commercial health insurance sectors [1]