Market Performance - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index falling by 2.23% to 26,775.57 points, the Hang Seng Tech Index dropping by 3.36% to 5,526.31 points, and the China Enterprises Index decreasing by 2.54% to 9,080.19 points [2]. Sector Analysis - The recent market adjustment is attributed to a technical pullback following a rapid rise in indices, compounded by hawkish comments from Fed Chair nominee Waller, which stirred market sentiment. This is not seen as a trend reversal signal [5]. - Key focus remains on the sustainability of volatility, with three main supportive drivers for the first quarter identified: improved liquidity environment, resonance of domestic and foreign capital, and upward revisions in corporate earnings expectations due to economic recovery [6][7]. Investment Strategy - Analysts suggest adopting a mid-term perspective, emphasizing opportunities in small and mid-cap sectors with clear catalysts, such as education, AI applications, and specialty consumption [8]. Sector-Specific Movements - Gold and related stocks saw significant declines, with Shandong Gold dropping by 12.56% and Chifeng Jilong Gold falling by 12.18%, influenced by a broader downturn in commodity prices [10][12]. - The cement and building materials sector also faced losses, with Western Cement declining by 15.47% and China National Building Material falling by 10.14%. The latter is projected to report a loss of approximately RMB 2.3 billion to RMB 4 billion for the year ending December 31, 2025 [13]. - Semiconductor stocks were affected by industry demand fluctuations, with Huahong Semiconductor down by 11.24% and Zhaoyi Innovation down by 9.25%. Reports indicate tightening order reviews by major manufacturers in response to market volatility [15]. Resilient Sectors - Some gaming stocks performed well, with Yabo Technology Holdings increasing by 8.79% and Sands China rising by 4.05%. Yabo announced a technical service agreement with the Hong Kong Gold Exchange [17]. - The liquor sector also showed resilience, with Yiyuan Liquor rising by 8.33% and Qingdao Beer increasing by 1.46%. Analysts expect the liquor industry to hit bottom by 2026, with a potential investment opportunity arising around the Chinese New Year [19]. Notable Stock Movements - Cloud Wisdom saw a rise of 5.49%, with expectations of significant revenue growth from its large model-related business, projected to reach approximately RMB 600 million to RMB 620 million in 2025, marking a year-on-year increase of about 1057% to 1095% [20]. - Kangzheng Pharmaceutical increased by 7.77% following the approval of clinical trials for its complement factor B inhibitor, indicating potential for new product launches [21].

Core Viewpoint - Yunzhisheng (09678) has seen a significant stock price increase, with a nearly 19% rise during the trading session and an approximate 90% increase over the past four trading days, currently trading at 411.40 HKD with a transaction volume of 555 million HKD [1][6] Financial Performance - The company anticipates achieving revenue from large model-related businesses of approximately 600 million to 620 million CNY by 2025, representing a year-on-year growth of about 1057% to 1095% compared to 2024 [1][6] Technological Advancements - Recently, Yunzhisheng officially launched the "Shanhai·Zhiyin" large model version 2.0, marking a critical milestone in its "one foundation, two wings" technology strategy [1][6] - The company is leveraging the "Shanhai·Atlas" intelligent computing base to reshape voice interaction logic through an end-to-end architecture, indicating a shift in AI voice interaction from merely "understanding commands" to "empathetic dialogue" [1][6]

每经AI快讯，云知声(09678.HK)再涨近19%，近四个交易日累涨近90%。截至发稿，云知声涨16.75%， 报416.8港元，成交额4.69亿港元。 （文章来源：每日经济新闻） ...

消息面上，云知声此前发布公告称，公司预期于2025年内实现大模型相关业务收入约6.0亿元至6.2亿 元，大模型相关业务收入相较2024年同比增长约1057%至1095%。此番业绩增长的原因是大模型核心技 术能力领先、商业化落地进程加速。 值得注意的是，近日，云知声正式对外发布"山海·知音"大模型2.0版本，标志着企业在"一基两翼"技术 战略布局上完成了关键拼图。依托"山海·Atlas"智算基座，通过端到端架构重塑语音交互逻辑，标志着 AI语音交互正从"听懂指令"迈向"共情对话"的新阶段。 来源：智通财经网 云知声(09678)再涨近19%，近四个交易日累涨近90%。截至发稿，涨16.75%，报416.8港元，成交额4.69 亿港元。 ...

云知声(09678)再涨近19%，近四个交易日累涨近90%。截至发稿，涨16.75%，报416.8港元，成交额4.69 亿港元。 消息面上，云知声此前发布公告称，公司预期于2025年内实现大模型相关业务收入约6.0亿元至6.2亿 元，大模型相关业务收入相较2024年同比增长约1057%至1095%。此番业绩增长的原因是大模型核心技 术能力领先、商业化落地进程加速。 值得注意的是，近日，云知声正式对外发布"山海.知音"大模型2.0版本，标志着企业在"一基两翼"技术 战略布局上完成了关键拼图。依托"山海.Atlas"智算基座，通过端到端架构重塑语音交互逻辑，标志着 AI语音交互正从"听懂指令"迈向"共情对话"的新阶段。 ...

Core Viewpoint - Yunzhisheng (09678) has seen a significant stock price increase, rising nearly 19% recently and accumulating a total increase of nearly 90% over the past four trading days, with a current price of 416.8 HKD and a trading volume of 469 million HKD [1] Group 1: Financial Performance - The company expects to achieve revenue from large model-related businesses of approximately 600 million to 620 million CNY by 2025, representing a year-on-year growth of about 1057% to 1095% compared to 2024 [1] Group 2: Technological Advancements - Recently, Yunzhisheng officially released the "Shanhai·Zhiyin" large model version 2.0, marking a key milestone in the company's "one foundation and two wings" technology strategy [1] - The company leverages the "Shanhai·Atlas" intelligent computing base to reshape voice interaction logic through an end-to-end architecture, indicating a shift in AI voice interaction from merely "understanding commands" to "empathetic dialogue" [1]

从1月27日收盘到1月29日收盘，云知声（09678.HK）的股价从219.8港元/股涨至392.6港元/股，两天涨 幅近80%。1月29日，盘中云知声一度涨至443.8港元/股，两天内最高涨幅超100%。 一天前（1月28日），云知声发布2025年度大模型相关业务收入业绩预告。其中提到，公司预期于2025 年内实现大模型相关业务收入约6.0亿元至6.2亿元。大模型相关业务收入相较2024年同比增长约1057% 至1095%。 在公告中，云知声提到，此番业绩增长的原因是大模型核心技术能力领先、商业化落地进程加速。 公开资料显示，云知声是一家AI解决方案提供商，主要销售日常生活及医疗场景的对话式AI产品及解 决方案。公司具备基础设施层、模型层和应用层的技术架构规划。其中，公司自研的山海大模型是云知 声提供一系列AI接解决方案的技术基础。 | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | | | 2025年 | | 2024年 | | | | 金額 | | 金额 | | | | (人民幣千元) | 90 | (人民幣下工) | 96 | | | (未經 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 UNISOUND AI TECHNOLOGY CO., LTD. 有關2025年度大模型相關業務收入業績預告之澄清公告 茲提述雲知聲智能科技股份有限公司（「本公司」）日期為2026年1月28日的公告（「該公 告」），內容有關2025年度大模型相關業務收入業績預告。除另有指明外，本公告所用詞 彙與該公告所界定者具有相同涵義。 本公司謹此澄清，截至本公告日期，本公司仍在最終確定2025年度整體業績的過程中， 該公告所載資料僅基於本公司對現時可得信息的初步評估作出，並非最終確切數字，尚 未經本公司會計師事務所審計，未經董事會審核委員會審閱，亦不代表本公司截至二零 二五年十二月三十一日止年度最終將錄得盈利或虧損。 該公告中的2025年度大模型相關業務收入預計及2025年度整體收入預計等資料無意作 為，亦不應詮釋為本公司2025年度整體業績的盈利預測或明示、暗示或代表本公司於 2025年度的整體盈利狀況。本公司尚未 ...

Core Insights - The Chinese AI industry is entering a critical phase of authenticity after two years of competition, with 2024 seen as an exploration year and 2025 as a decisive year for commercial realization [1] - Cloud Wisdom (9678.HK) forecasts a revenue of 1.18 to 1.24 billion yuan for 2025, with a significant portion coming from large model-related business, indicating a shift from experimental validation to scalable revenue generation [1][5] Revenue Growth - Cloud Wisdom's large model revenue is expected to reach 600 to 620 million yuan in 2025, reflecting a staggering year-on-year growth of 1057% [1][5] - The company achieved approximately 100 million yuan in large model revenue in the first half of 2025, doubling from 51.87 million yuan in 2024 [4] - The second half of 2025 is projected to generate around 500 million yuan in large model revenue, marking a fivefold increase from the first half and a tenfold increase compared to the entire 2024 revenue [5][11] Strategic Transformation - Cloud Wisdom has transitioned from selling models to providing services and digital labor, which has contributed to the concentrated release of its performance in the second half of 2025 [7][8] - The launch of the Shouya Agent Platform has been pivotal, enabling the encapsulation of model capabilities into specialized digital employees, thus lowering the usage threshold for B-end clients [8] Industry Focus - The company is focusing on high-barrier industries such as healthcare and transportation, rather than relying on C-end traffic or general applications [9][10] - The "Shan Hai·Zhi Yi Medical Model 5.0" was released in December 2025, showcasing its dominance in serious medical scenarios and addressing compliance needs in hospitals [9] - In the transportation sector, Cloud Wisdom's intelligent customer service system has significantly reduced operational costs and provided stable order guarantees for revenue growth [10] Future Strategy - Looking ahead to 2026, Cloud Wisdom aims to solidify its position as a leader in professional models and intelligent agents, focusing on high-barrier industries [12][13] - The company plans to evolve from a digital employee provider to an intelligent agent ecosystem builder, enabling partners to create their own specialized intelligent agents [13] - The 2025 revenue forecast serves as a reference for the commercialization of AI large models, demonstrating that companies can achieve scalable revenue growth by focusing on vertical industries and enhancing engineering delivery capabilities [14]

Core Viewpoint - Yunzhisheng (09678) has experienced a significant stock price increase following the announcement of a positive earnings forecast, with shares rising over 80% cumulatively and currently trading at 412.20 HKD, up 7.91% [1][4]. Group 1: Earnings Forecast - The company has released its earnings forecast for 2025, indicating substantial growth in revenue from its large model-related business [1][4]. - This revenue growth is attributed to the company's continued industry leadership in core large model technology and accelerated commercialization processes [1][4]. Group 2: Product Development - Yunzhisheng has launched the "Shanhai·Zhiyin" large model 2.0, which leverages the multimodal and cross-language capabilities of "Shanhai·Atlas" [1][4]. - The new model focuses on three key enhancements: understanding professional and regional dialects, fostering emotional connections in conversations, and achieving rapid responsiveness [1][4].