截至目前，平头哥在算力芯片领域推出AI推理芯片含光800、CPU倚天710以及AI芯片PPU，在存储芯片 领域推出SSD主控芯片镇岳510，在网络芯片领域据称也将推出相关芯片，已布局数据中心全栈芯片。 平头哥还在端侧芯片推出羽阵IoT芯片，已实现数亿出货，布局覆盖云端和终端。 在此之前，除阿里以外，另一互联网巨头百度集团-SW(09888)同样公布了昆仑芯的分拆计划。根据其发 布的公告，于2026年1月1日，昆仑芯已透过其联席保荐人以保密形式向香港联交所提交上市申请表格 (A1表格)，以申请批准昆仑芯股份于香港联交所主板上市及买卖。分拆完成后，昆仑芯仍是百度附属公 司。 智通财经APP获悉，据媒体援引知情人士报道，阿里巴巴(09988)正准备推进旗下AI芯片制造企业"平头 哥"(T-Head)独立上市。阿里计划将其重组为一个部分由员工持股的业务实体，随后再寻求进行首次公 开募股(IPO)，但具体上市时间尚未确定，该行动仍处于准备阶段。 公开资料显示，平头哥半导体有限公司成立于2018年9月，作为阿里巴巴集团的全资半导体芯片业务主 体，其拥有端云一体全栈产品系列(涵盖数据中心芯片、IoT芯片等)，实现芯片端到端 ...

研究报告 Research Report 22 Jan 2026 百度集团-SW Baidu (9888 HK) 4Q 经营现金流持续为正，昆仑芯上市有望持续释放估值 Able to maintain positive OCF in Q4, KLX's listing unlocks valuation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$160.00 目标价 HK$178.00 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$440.00bn / US$62.84bn 日交易额 (3 个月均值) US$229.01mn 发行股票数目 2,226mn 自由流通股 (%) 96% 1 年股价最高最低值 HK$160.00-HK$75.50 注：现价 HK$160.00 为 2026 年 01 月 22 日收盘价 资料来源： ...

前十大沽空偏离值排行 | 股票名称 | 沽空金额 | 沽空比率 | 偏离值↓ | | --- | --- | --- | --- | | 京东集团-SWR(89618) | 7.10 万元 | 100.00% | 37.56% | | 中国平安-R(82318) | 464.94 万元 | 71.16% | 33.98% | | 中国罕王(03788) | 9310.21 万元 | 41.31% | 33.27% | | 商汤-WR(80020) | 3.76 万元 | 85.00% | 32.05% | | 李宁-R(82331) | 52.54 万元 | 93.21% | 31.52% | | 药明康德(02359) | 1.99 亿元 | 50.15% | 31.18% | | 百度集团-SWR(89888) | 132.06 万元 | 57.80% | 25.83% | | 华润啤酒-R(80291) | 5.72 万元 | 100.00% | 25.22% | | OSL集团(00863) | 1581.75 万元 | 55.70% | 22.71% | 新意网集团(01686) 1.33 亿元 3 ...

Monetary Policy and Economic Measures - The central bank governor Pan Gongsheng stated that a moderately loose monetary policy will continue in 2026, with room for further cuts in reserve requirement ratios and interest rates to maintain ample liquidity [3] - The first batch of 936 billion yuan of ultra-long special government bonds has been allocated to support approximately 4,500 projects in various sectors, expected to drive total investment exceeding 460 billion yuan [4] - The People's Bank of China will conduct a 900 billion yuan MLF operation on January 23, net injecting 700 billion yuan into the market, marking the 11th consecutive month of increased operations [4] Consumer and Investment Trends - State-owned banks collectively announced the implementation of personal consumption loan interest subsidy policies, allowing some high-quality clients to enjoy effective interest rates in the "2%" range, lower than current housing loan rates [3] - Public funds have focused their fourth-quarter 2025 positions on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock [3] Market Performance - The A-share market saw a slight increase, with the Shanghai Composite Index rising 0.14% to 4122.58 points, and the Shenzhen Component Index increasing by 0.5% [6] - The Hong Kong stock market also experienced minor fluctuations, with the Hang Seng Index rising 0.17% to 26629.96 points, and net inflows from southbound funds amounting to 5.166 billion HKD [6] Corporate Developments - Alibaba Group has decided to support its chip company "Pingtouge" for independent listing, with plans for restructuring to a mixed-ownership enterprise [7] - Xiaomi Group has initiated a stock repurchase plan of up to 2.5 billion HKD [9] - Nanjing Bank reported a net profit growth of 8.08% year-on-year for 2025 [9] Regulatory and Policy Updates - The State Administration for Market Regulation has issued a red card for the first time in the public utility sector, prohibiting a merger between two gas companies [10] - Nine departments jointly issued opinions to promote high-quality development in the pharmaceutical retail industry, encouraging mergers and acquisitions among retail pharmacies [10] Economic Indicators - The unemployment rate for urban labor aged 16-24 was reported at 16.5% in December 2025, while the rate for those aged 25-29 was 6.9% [5] - The National Bureau of Statistics reported a 28.1% year-on-year increase in sales revenue for the smart device manufacturing industry in 2025 [10]

智通财经APP获悉，周四，美股三大指数集体收涨。恒生指数ADR上涨，按比例计算，收报26739.45点，较香港收市涨109.49点或0.41%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价 | 较港股升跌 | 较港股升跌% | ADR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 597.500 | -5.000 | -0.83% | TCEHY | 594.990 | -2.510 | -0.42% | 7 | | 2 | 阿里巴巴-W | 09988 | 164.800 | +1.600 | 0.98% | BABA | 172.684 | +7.884 | 4.78% | 17 | | 3 | 汇丰控股 | 00005 | 129.700 | +1.500 | 1.17% | HSBC | 130.600 | +0.900 | 0.69% | 00 | | 4 | 建设银行 | 00939 | 7.610 ...

吴甜现场介绍了"文心导师"计划的最新进展。文心导师队伍持续壮大，目前已吸纳835位来自科技、金融、文化、教育、医疗、能源等十余个重点行业以及 数理化生文史哲等学科的专家，在知识传授、鉴赏评价、专业校准方面对大模型进行指导，帮助模型在逻辑严谨性、专业深度、创意质量和价值观对齐等方 面不断精进。 在40余项权威基准的综合评测中，文心 5.0 正式版的语言与多模态理解能力超越Gemini-2.5-Pro、GPT-5-High等模型，稳居国际第一梯队。图像与视频生成 能力与垂直领域专精模型相当，整体处于全球领先水平。 有分析认为，文心5.0正式版的上线，意味着原生全模态技术路线逐渐走向成熟与实用，体现了中国模型厂商在多模态大模型底层自主创新能力，有助于进 一提升中国AI在全球AI产业竞争中的技术话语权。 据了解，2025年11月，百度发布文心大模型5.0并上线Preview版本。此后，文心5.0系列模型多次登上LMArena全球大模型竞技场，多次位居文本榜和视觉理 解榜国内第一，跻身国际第一梯队。1月15日，文心5.0以1460分位列LMArena文本榜国内第一、全球第八，超过GPT-5.1-High、Gemini- ...

比达分析师李锦清向北京商报记者表示："此群聊非彼群聊。可以这样理解，文心App的群聊以结果为 目的，即时通讯App的群聊以社交为目的。" 在与媒体沟通时，百度内部人士表示："我们没有考虑过要做一个微信或者取代微信，这个不现实。百 度这一产品是基于需求和任务出发的。大家如果有特定的任务，比如家庭健康、小组作业、旅游规划， 或者是一些特别复杂的决策，我们希望提供一个平台给大家，大家可以尝试在这里跟同学、朋友一起， 借助AI的能力，更好地完成任务。" 以"文心健康管家"为例，当群聊助手识别到讨论内容涉及专业医疗健康问题时，会自动邀请健康领域的 垂直类智能体入群解答。 按照百度内部人士的解读，该产品旨在解决传统群聊中信息过载、结论稀缺及协作失效等痛点。致力于 将群聊从单纯的交流工具升级为协作空间，让群聊成为产出结果、推动行动的场所。形象地说，文心群 聊就像是把一家外包公司拉进了群，通过AI技术辅助用户完成从讨论到执行的全过程。 一对一交互不是Agent（智能体）的上限。1月22日，北京商报记者获悉，文心App正在内测多人、多 Agent群聊功能。该功能支持在同一群聊中调动多个AI角色，AI能根据讨论氛围主动应答。目前 ...

1月22日，百度发布并上线原生全模态大模型文心5.0正式版。该模型参数达2.4万亿，采用原生全模态统 一建模技术，具备全模态理解与生成能力，支持文本、图像、音频、视频等多种信息的输入与输出。目 前，个人用户可在文心APP、文心一言官网体验，企业与开发者可通过百度千帆平台进行调用。 百度集团副总裁、深度学习技术及应用国家工程研究中心副主任吴甜介绍，与业界多数采用"后期融 合"的多模态方案不同，文心5.0的技术路线采用统一的自回归架构进行原生全模态建模，将文本、图 像、视频、音频等多源数据在同一模型框架中进行联合训练，使得多模态特征在统一架构下充分融合并 协同优化，实现原生的全模态统一理解与生成。 此外，文心5.0采用超大规模混合专家结构，具备超稀疏激活参数，激活参数比低于3%，在保持模型强 大能力的同时，有效提升推理效率。同时，基于大规模工具环境，合成长程任务轨迹数据，并采用基于 思维链和行动链的端到端多轮强化学习训练，显著提升了模型的智能体和工具调用能力。 得益于原生全模态建模，文心5.0在多模理解、代码、创意写作等能力上实现显著突破。 大会现场，仅输入一段博主复刻"活了么"App教程视频，文心5.0便能自动 ...

Market Overview - Major indices showed positive performance with ChiNext Index up by 1.01%, North Star 50 by 0.69%, Shenzhen Component Index by 0.50%, Sci-Tech 50 by 0.41%, and Shanghai Composite Index by 0.14% [1] - TMT sector led the gains with SW Communication Network Equipment and Devices increasing by 4.15%, SW Printed Circuit Board by 3.84%, and SW Horizontal General Software by 3.19% [1] - Conversely, TMT sector also saw declines with SW Integrated Circuit Packaging and Testing down by 3.65%, SW Semiconductor Equipment by 2.28%, and SW Semiconductor Materials by 2.09% [1] Domestic News - BlueTech Optical raised 1.055 billion for AR optical product industrialization, with 500 million allocated for advanced production and testing equipment [2] - Fudan University team successfully created large-scale integrated circuits within flexible polymer fibers, achieving high precision interconnections [2] - Passive component manufacturer Huaxin announced a price increase for resistors effective February 1, aligning with industry leader Yageo's plans [2] - Yuexin Semiconductor's fourth-phase project commenced, with a total investment of approximately 25.2 billion for a production line capable of 40,000 12-inch wafers per month [2] Overseas News - Kioxia's storage division reported that its 2026 production capacity is sold out, and it plans to enhance factory efficiency to meet demand [3] - Cadence partnered with Microsoft to develop a high-performance, low-power memory system for data centers, set for deployment in Microsoft's facilities [3] - The EU Commission proposed a draft revision of the Cybersecurity Law, aiming to phase out high-risk suppliers in 18 critical infrastructure sectors [3] - Display industry trends indicate that panel manufacturers are adjusting utilization rates to balance supply and demand, with expectations for price increases in 2026 [3] AI News - Adobe introduced new AI features in Acrobat for document review and content creation, enhancing workflow efficiency [4] - Baidu launched the Wenxin large model 5.0, featuring 2.4 trillion parameters and advanced multimodal capabilities [4] - Tencent Cloud released CodeBuddy 2.0, enhancing AI application development capabilities for enterprises [4] - Microsoft Research introduced the Rho-alpha AI model, capable of interpreting natural language commands for complex robotic tasks [4] Industry Tracking - China's commercial space sector is projected to complete 50 launches in 2025, accounting for 54% of total launches, with 311 commercial satellites entering orbit [5] - A high-throughput flexible brain-computer interface system was developed, achieving real-time Chinese language decoding [5] - A pilot production line for 6N-grade synthetic quartz sand was established in Liaoning with an investment of 3.36 million [5] - UBTECH Robotics signed a cooperation agreement with Airbus to supply robotic products for aerospace manufacturing [5] Earnings Forecasts - Yidao Information expects a net profit of 60 million to 78 million for 2025, a year-on-year increase of 76.04% to 128.85% [6] - Zhaoyi Innovation anticipates a net profit of 1.61 billion for 2025, up 46% year-on-year [6] - Ruichuang Micro expects a net profit of 1.1 billion for 2025, reflecting a 93% increase [6] - Founder Technology forecasts a net profit of 430 million to 510 million for 2025, a growth of 67.06% to 98.14% [6] High-Frequency Data Updates - As of January 22, 2023, international DRAM spot prices showed varied trends, with DDR5 16G averaging $36.667, unchanged from the previous day [7] - Semiconductor material prices were updated, with 4N zinc oxide powder priced at 1,495 yuan per kilogram, reflecting a daily increase of 10 yuan [7]

Core Insights - Baidu officially launched the Wenxin large model version 5.0, featuring 2.4 trillion parameters and utilizing a native multimodal unified modeling technology that supports various forms of information input and output, including text, images, audio, and video [2] Group 1: Model Features - Wenxin 5.0 employs a unified autoregressive architecture for native multimodal modeling, allowing for joint training of text, images, video, and audio within the same model framework, enhancing the integration and optimization of multimodal features [2] - Despite having a high parameter count, Baidu implemented a sparse activation strategy, activating less than 3% of parameters to address inference cost issues associated with large models [2] - Official tests indicate that Wenxin 5.0's language and multimodal understanding capabilities are on par with leading international models such as Gemini-2.5-Pro and GPT-5-High [2] Group 2: Application and Development - Baidu has developed a matrix model and specialized models based on the Wenxin foundational large model, with the matrix model aimed at rapid deployment in product-level applications and general scenarios, including Wenxin Lite, video, and voice models [3] - Specialized models target industry applications and vertical scenarios, including search lightning models, e-commerce steam engine models, Wenxin digital human models, and industry-specific large models [3] - The Baidu Qianfan platform has developed over 1.3 million agents, indicating a significant push towards the industrial application of large models [4] Group 3: Industry Context - The global AI industry is entering a new fast track after several years of rapid development, with chatbots primarily based on dialogue or text input remaining the mainstream form in AI applications [4] - Baidu aims to support various intelligent applications with its models and continues to explore AI solutions that empower industries [4]