智通财经APP在《AGI"六边形战士"云知声(09678)：大模型收入狂飙10倍，领跑AI变现赛道》中指出， 2025年云知声大模型相关业务收入为6.0亿元至6.2亿元，同比大增1057%至1095%，预计将占据公司整 体收入的48%至53%——这意味着，曾经的技术试验田，如今已成为真正的"现金牛"。这不仅是一次财 务结构的重塑，更标志着中国AI产业正从"参数竞赛"迈向"价值兑现"的深水区。产品端，依托统一 的"山海.Atlas"智算一体基座，公司将底层模型能力封装为标准化的智能体(Agent)解决方案，覆盖智慧 客服、文档审核、智能营销等高频场景，大幅降低交付成本与实施周期。 云知声(09678)再涨超15%，盈喜后股价累涨逾八成。截至发稿，涨8.9%，报416港元，成交额4.28亿港 元。 消息面上，近日，云知声发布2025年业绩预告。公告称，本期间内，公司大模型相关业务收入实现显著 增长，主要源于公司在大模型核心技术能力持续保持行业领先，以及商业化落地进程加速推进的共同作 用。与此同时，公司重磅发布"山海.知音"大模型2.0。"山海.知音"大模型2.0依托"山海.Atlas"的多模 态、跨语言基座能力， ...

Core Viewpoint - Company Yunzhisheng (09678) has experienced a significant stock price increase of over 80% following a positive earnings forecast, indicating strong growth in its large model-related business and advancements in core technology capabilities [1][2] Group 1: Financial Performance - For the year 2025, Yunzhisheng's revenue from large model-related business is projected to be between 600 million to 620 million yuan, representing a year-on-year increase of 1057% to 1095% [2] - This revenue is expected to account for 48% to 53% of the company's total revenue, highlighting a transformation from a technology trial phase to a substantial revenue-generating segment [2] Group 2: Product Development - The company has launched the "Shanhai·Zhiyin" large model 2.0, which leverages the multimodal and cross-language capabilities of the "Shanhai·Atlas" foundation [1] - The new model focuses on three key enhancements: understanding professional and regional dialects, fostering emotional connections in conversations, and providing rapid responses [1] Group 3: Industry Context - The growth of Yunzhisheng's large model business signifies a shift in the Chinese AI industry from a "parameter competition" phase to a "value realization" phase, indicating a maturation of the market [2] - The company is packaging its foundational model capabilities into standardized intelligent agent solutions, which cover high-frequency scenarios such as smart customer service, document review, and intelligent marketing, significantly reducing delivery costs and implementation time [2]

Core Viewpoint - Southbound capital saw a significant increase in trading volume today, reaching approximately HKD 137.85 billion, but still experienced a net outflow of about HKD 34.27 billion, marking a continuous outflow trend over the past four trading days totaling approximately HKD 64.88 billion [2][3]. Trading Activity - Southbound trading accounted for 38.13% of the total turnover of the Hang Seng Index today, with a notable net outflow from the Shanghai-Hong Kong Stock Connect of approximately HKD 47.72 billion and a net inflow from the Shenzhen-Hong Kong Stock Connect of about HKD 13.45 billion [2]. - Major stocks with significant net inflows included Tencent Holdings (HKD 1.21 billion), Pop Mart (HKD 734 million), Yangtze Optical Fibre (HKD 298 million), and CloudWalk Technology (HKD 74 million) [3]. - Conversely, stocks with substantial net outflows included Alibaba (HKD 945 million), Zijin Mining (HKD 854 million), China Mobile (HKD 748 million), and SMIC (HKD 379 million) [3]. Stock Performance - Tencent Holdings increased by 2.31%, with a cumulative reduction of approximately 80,000 shares over the past five days, but has seen a return of capital in the last three days [4]. - Pop Mart surged by 7.03%, with an increase of 19.44 million shares over the past five days, indicating a continued inflow trend [5]. - Yangtze Optical Fibre rose by 15.43%, despite a reduction of 6.78 million shares in the previous five days, suggesting a short-term outflow [5]. - CloudWalk Technology experienced a significant increase of 73.79%, with an addition of 440,000 shares over the past five days, indicating accelerated inflow [5]. - Alibaba saw a rise of 2.12%, with an increase of 27.08 million shares over the past five days, maintaining a short-term inflow trend [5]. - Zijin Mining increased by 3.13%, but has seen a reduction of 49.81 million shares over the past five days, indicating a short-term outflow [5]. - China Mobile rose by 3.06%, with a reduction of 21.9 million shares over the past five days, continuing the outflow trend [5]. - SMIC increased by 3.52%, with an addition of 44.02 million shares over the past five days, indicating a short-term inflow trend [5].

Market Performance - The Hong Kong stock market experienced a strong rally on January 28, with the Hang Seng Index rising over 2%, reaching a nearly four-and-a-half-year high at 27,826.91 points, an increase of 699.96 points or 2.58% [1] - The Hang Seng Technology Index closed at 5,900.16 points, up 145.44 points, reflecting a gain of 2.53% [2] Trading Volume and Capital Flows - The total trading volume for the day was 365.1 billion HKD, an increase of over 100 billion HKD compared to the previous day [4] - Despite the market's rise, southbound capital recorded a net outflow of over 3.4 billion HKD, marking four consecutive days of net selling in Hong Kong stocks [4][6] Analyst Insights - Analysts suggest that the continuous net selling by southbound funds, alongside the rising volume in Hong Kong stocks, may indicate foreign institutional investors are taking long positions in the market [6] - Goldman Sachs' chief China equity strategist noted that earnings growth is the primary driver for the rise in Chinese stocks this year, with an expected inflow of 3.6 trillion CNY into the Chinese stock market, partly through the "Shanghai-Hong Kong Stock Connect" [6] Company Highlights - CloudWalk Technology (HK09678) saw a significant intraday surge of 99%, closing up over 73%, although it remains far from its historical high of 879 HKD set last year [6] - CloudWalk announced that it expects revenue from its large model-related business to reach 600 to 620 million CNY by 2025, representing a year-on-year growth of approximately 1,057% to 1,095% [7] Sector Performance - The non-ferrous metals sector saw a notable increase, with China Aluminum (HK02600) rising over 12% [8] - Citigroup indicated that gold prices may rise to 6,000 USD in a bull market scenario, while copper and aluminum are seen as key components in AI and energy transitions, with bullish targets of 15,000 USD/ton for copper and approaching 4,000 USD/ton for aluminum [9] Market Outlook - Dongwu Securities highlighted that the Hong Kong market is in a long-term upward trend but faces short-term challenges, particularly regarding overseas factors and the potential impact of U.S. tech earnings on Hong Kong stocks [10] - The report suggests maintaining a "barbell strategy" for overall portfolio allocation, focusing on value dividends as a base while dynamically monitoring sectors like AI technology and non-ferrous metals [10]

公司大模型相关业务收入实现显著增长，主要源于公司在大模型核心技术能力持续保持行业领先，以及商业化落地进程加速推进的共同作用。公司围绕 通用与行业应用需求，已构建起"山海"系列大模型，形成了涵盖"山海"大语言模型、"山海"多模态大模型及"山海"专业行业大模型在内的完整模型矩阵布 局。在模型架构设计、底层算法能力、工程化交付及行业适配性等关键维度形成了可持续的系统性优势。同时，公司基于统一的智能体平台，对上述模 型能力进行场景化封装，已形成覆盖智慧客服、智慧营销、文档审核等典型业务场景的多类智能体（Agent）。依托上述领先且成熟的技术与产品体系， 公司的大模型产品在医疗、医保及交通等多个专业性和复杂度较高的严肃应用场景中持续实现落地与复制，客户认可度不断提升，商业化进程加快，推 动公司大模型相关业务收入于本期间内实现较快增长。 云知声(9678.HK)午后涨幅进一步扩大，一度拉升涨99.45%至438.44港元，截至目前成交额放大至逾16亿港元。消息面上，公司公告称，预期2025年实现 大模型相关业务收入合计约为人民币6.0亿元至人民币6.2亿元，同比增长约1057%-1095%。 ...

（文章来源：每日经济新闻） 每经AI快讯，1月28日，港股云知声午后涨幅进一步扩大，一度拉升涨99.45%至438.44港元，成交额放 大至逾16亿港元。 ...

每经AI快讯，1月28日，云知声午后涨幅扩大，截至发稿涨82%，成交超13亿港元。 ...

Core Insights - Cloud Wisdom (云知声) has successfully transitioned from "technological leadership" to "product implementation" and "commercial realization," marking a significant achievement in the AI industry [1] - The company's revenue from large model-related businesses is projected to reach between 600 million to 620 million RMB in 2025, representing a year-on-year increase of 1057% to 1095%, and is expected to account for 48% to 53% of total revenue [1] Group 1: Growth Drivers - The company's growth is attributed to three main drivers: technological leadership, enhanced productization capabilities, and deep integration into serious application scenarios [2] - Cloud Wisdom has developed a comprehensive "Shan Hai" large model matrix, which includes general large language models, multimodal models, and vertical industry models, achieving top rankings in various assessments [2] - The newly released "Shan Hai·Zhi Yin 2.0" has reached the highest level in speech recognition, supporting over 30 Chinese dialects and 14 international languages, while also achieving advanced speech synthesis capabilities [2] Group 2: Focus on High-Value Applications - The company focuses on high-value "serious scenarios" such as healthcare, insurance, and transportation, which require high accuracy, compliance, and stability [3] - The "Shan Hai·Zhi Yi" system has been deployed in nearly 400 hospitals, with a high case generation citation rate of nearly 90% at Beijing Friendship Hospital, indicating strong commercial value [3] Group 3: Strategic Direction - Cloud Wisdom aims to become a leader in the professional large model and intelligent agent field in China by 2026, with a clear strategic direction [4] - The company plans to deepen its "one base, two wings" technology strategy, focusing on solidifying its general large model foundation and developing expert-level intelligent agents [4] - The successful model in the healthcare sector will be replicated in other complex fields such as insurance, government, and transportation, aiming for scalable commercial potential [4] Group 4: Industry Implications - Cloud Wisdom's transformation reflects the broader trends in the Chinese AI industry, emphasizing that market value is derived from solving real problems rather than just parameter scale [5] - The case of Cloud Wisdom provides key insights for investors, highlighting the importance of companies with controllable technology, clear application scenarios, and visible revenue [6]

Core Insights - Cloud Wisdom (09678) has successfully transitioned from "technological leadership" to "product implementation" and "commercial realization," showcasing a comprehensive breakthrough in the AI industry [1] - The company is projected to generate revenue of 600 million to 620 million RMB from its large model-related business in 2025, representing a year-on-year increase of 1057% to 1095%, which will account for 48% to 53% of total revenue [1] Group 1: Growth Drivers - The company's growth is attributed to three main drivers: technological leadership, enhanced productization capabilities, and deep integration into serious application scenarios [2] - Cloud Wisdom has developed a complete "Shan Hai" large model matrix, including general large language models, multimodal models, and vertical industry models, with "Shan Hai. Zhi Yi 5.0" achieving top rankings in medical intelligence, large language models, and multimodal assessments [2] - The newly released "Shan Hai. Zhi Yin 2.0" has reached the highest level in speech recognition, supporting over 30 Chinese dialects and 14 international languages, while its speech synthesis can humanize 12 dialects and 10 foreign languages [2] Group 2: Focus on Serious Applications - Cloud Wisdom focuses on high-value "serious scenarios" such as healthcare, insurance, and transportation, which require high accuracy, compliance, and stability [3] - The "Shan Hai. Zhi Yi" system has been deployed in nearly 400 hospitals, with over 700 hospitals in testing, achieving a nearly 90% utilization rate for medical record generation at Beijing Friendship Hospital [3] Group 3: Strategic Direction - With large model revenue exceeding half of total revenue, Cloud Wisdom aims to become a leader in the professional large model and intelligent agent field in China by 2026 [4] - The company will continue to deepen its "one base, two wings" technology strategy, focusing on solidifying its general large model foundation and developing expert-level intelligent agents [4] - Cloud Wisdom plans to replicate its successful model from the healthcare sector to other complex fields such as insurance, government, and transportation, aiming for scalable commercial potential [4] Group 4: Industry Reflection - Cloud Wisdom's transformation reflects the broader trends in the Chinese AI industry, emphasizing that market value is derived from solving real problems rather than just parameter scale [5] - The company is positioned to establish a replicable, sustainable, and profitable commercialization model for the AI industry [6] - Investors are encouraged to focus on companies with controllable technology, clear scenarios, and visible revenue, as exemplified by Cloud Wisdom's strategic execution [6]

Market Overview - Hong Kong stock market opened positively with Hang Seng Index up 0.73%, National Enterprises Index up 0.63%, and Hang Seng Tech Index up 0.56% [1][4] - Major blue-chip stocks like HSBC Holdings rose by 2.23%, Zijin Mining by 2.21%, China Ping An by 1.65%, and JD Group by 1.5% [1][4] - New Oriental saw a decline of 3.56%, Haidilao down 0.75%, and Trip.com down 0.72% [1][4] Company Highlights - CloudWalk Technology (云知声) opened high at 10.56%, expecting to achieve revenue from large model-related businesses of approximately RMB 600 million to 620 million for the fiscal year ending December 31, 2025, representing a year-on-year growth of about 1,057% to 1,095% compared to RMB 51.87 million for the fiscal year ending December 31, 2024 [1][4] - China Gold International (中国黄金国际) opened up 3.76% and provided production guidance for 2026, estimating copper production at approximately 140 million to 149 million pounds (about 63,500 to 67,500 tons), gold production at approximately 70,732 to 75,554 ounces (about 2.2 to 2.35 tons), and silver production at approximately 4.18 million to 4.82 million ounces (about 130 to 150 tons) from the Jiamar Mine [5] - Vanke Enterprises (万科企业) opened up 2.49%, announcing that its major shareholder, Shenzhen Metro Group, will provide a loan of up to RMB 2.36 billion for repaying bond principal and interest, with a loan term of 36 months [6] Financial Activities - Vanke also reported that the extension proposal for the principal repayment of its medium-term notes "22 Vanke MTN004" and "22 Vanke MTN005" was approved unanimously at a bondholder meeting [6] - Cao Cao Travel (曹操出行) opened down 1.96%, planning to place 12 million shares at HKD 32.46 per share, which represents a discount of approximately 8.97% compared to the last trading day's closing price, with expected total proceeds of about HKD 389.52 million [6]