人工智能(AI)企业数量超过6000家，AI核心产业规模预计突破1.2万亿元，同比增长近30%；国产开源大 模型全球累计下载量突破100亿次；中国成为AI专利最大拥有国…… 这些数据勾勒出2025年中国AI发展的图景。一边是AI技术突破，走出一条不同于美国硅谷的"开源创 新"之路，另一边是AI与经济社会的融合由浅入深。 1月以来，多家国内AI企业上市；行业专家形成共识：以对话为核心的"Chat"范式已告终结，AI竞争转 向"能办事"的智能体时代。 2026年是"十五五"开局之年。根据"十五五"规划建议，中国将加强人工智能同产业发展、文化建设、民 生保障、社会治理相结合，全方位赋能千行百业。新华社记者广泛采访，前瞻AI发展新趋势。 技术范式：AI从"聊天"走向"做事" 1月，DeepSeek连发两篇公司创始人梁文锋参与署名的论文，再次将这家AI企业推到聚光灯下。业界评 价，新一代大模型模样更清晰了。 "DeepSeek标志着中国AI技术路线分化突破的出现。"清华大学智能产业研究院创始院长张亚勤说，"中 国转向拥抱更轻的模型、更聪明的架构、更高的效率和更低的价格。" 眼下，AI发展正沿两条主线并进：技术向上冲刺， ...

涨价视角下解读火山云和行业竞争格局 20260127 摘要 云服务厂商面临综合成本上涨挑战，提价策略效果受限。大型厂商如字 节跳动、阿里巴巴和百度可能受益于提价，但中小型厂商如金山、青云、 UCloud 因议价能力弱，盈利能力受影响。 国内外云服务市场应对涨价策略差异显著。海外厂商如 AWS、Azure 和 Oracle 议价能力强，能有效转嫁成本；国内厂商议价能力较弱，被动跟 随上游价格变化，盈利增长面临挑战。 国内云服务市场价格谈判初期，下游客户对涨价反应强烈，认为不应承 担扩展成本。市场若形成共识性涨价趋势，小型公司将被迫接受，私有 化部署成本也将上升。 火山引擎采取逆周期扩张策略，利用算力储备优势，在其他厂商涨价时 保持低价，吸引客户，扩大市场份额，目标是从金山、青云、UCloud 等竞争对手处获取客户。 存储成本上涨显著影响云服务提供商，存储在通算服务器成本占比从 10%增至 25%。阿里云通过涨价筛选客户，缓解资源紧张，但可能导 致部分客户流失。 Q&A 如何看待基础云资源涨价的现象？ 基础云资源涨价的逻辑非常简单，主要原因是供需关系的变化。当前通用 CPU 机器在中国大陆境内的交付周期大约为 4 ...

Core Viewpoint - The domestic AI large model sector is experiencing a vigorous development characterized by simultaneous "technological breakthroughs and commercial implementation," shifting from mere parameter competition to a fierce contest for actual value creation [1]. Group 1: General Large Models - Alibaba released its flagship reasoning model Qwen3-Max-Thinking in January 2026, achieving multiple global records with over one trillion parameters and a new "test-time expansion" mechanism that significantly enhances reasoning efficiency and performance, scoring 58.3 in the "Human Last Test" (HLE), surpassing GPT-5.2-Thinking and Gemini 3 Pro [3]. - Baidu launched its native multimodal model Wenxin 5.0 in December 2025, featuring over 2.4 trillion parameters and topping the LMArena text leaderboard with a score of 1451, marking it as the best in China [3]. - ByteDance's Doubao model version 1.8, released in December 2025, optimized for multimodal agent scenarios, has shown impressive growth with a daily token usage exceeding 50 trillion [3]. Group 2: Vertical Models - Baidu's Wenxin 5.0 has been applied in the education sector, collaborating with publishers to create "AI picture books" for special needs children [5]. - iFLYTEK continues to leverage its voice interaction advantages with its Xinghuo model, achieving significant commercial success in medical and government sectors through voice transcription and meeting minutes generation [5]. - Tencent's Mixuan model has made breakthroughs in 3D generation, with the open-source Mixuan World model 1.1 enabling rapid 3D world creation for industries like gaming and design [5]. - Baichuan Intelligent announced the full opening of the M3 Plus API, with its Baichuan-M3 model ranking first globally in the HealthBench medical evaluation with a score of 65.1, surpassing GPT-5.2 [5]. Group 3: Hardware Developments - The year is marked as the "Battle of Hundreds of Chips," with companies like Birun Technology delivering over 12,000 GPU chips and holding unfulfilled orders worth 822 million yuan as of December 2025 [8]. - Baidu's Kunlun chip is preparing for an IPO on the Hong Kong Stock Exchange, having released multiple AI processing units and achieving significant shipment volumes [8]. - Alibaba's Pingtouge plans to pursue a separate listing, alongside other companies like Moer Thread and Muxi Integrated Circuit, which are also preparing for IPOs [9]. - Current policies are supportive of the AI hardware sector, with overall positive trends in the market, exemplified by the strong performance of the Sci-Tech Semiconductor ETF (588170) [10][11].

从历史上看，春节活动能有效帮助互联网公司为其消费级应用吸引大量关注。花旗预计2026年活动后， 中国AI助手应用的采用将快速推进。基于近期股价表现，花旗当前对AI概念股的偏好顺序为：腾讯>阿 里巴巴>百度。 港股通科技ETF基金（159101.SZ）、恒生互联网ETF（513330.SH）在内地交易所上市，并支持T+0日 内灵活交易，为A股投资者参与港股市场提供便利。 投资工具方面，可以借道相关ETF，间接布局阿里巴巴、腾讯、百度三大AI应用巨头： （文章来源：每日经济新闻） 1月28日，受隔夜中概股行情带动，恒生科技开盘走高，港股通科技指数成分股腾讯控股、金山云等股 价走高。 港股通科技ETF基金（159101.SZ）及其联接C（025806.OF），成分股与恒生科技指数重叠度较高，软 硬件兼备，同时增配了生物科技板块，并降低了汽车、零售等行业权重，科技属性更为突出，阿里巴 巴、腾讯控股合计权重达31%。 消息面上，阿里通义开源Qwen3-TTS，百度、腾讯先后宣布旗下AI应用春节发放数亿元现金。花旗预 计阿里巴巴的通义千问也将加入红包促销行列。 恒生互联网ETF（513330.SH）及其联接C（01317 ...

Core Insights - The self-sufficiency process of domestic AI chips in data centers is accelerating due to strict chip export controls, with over ten brands including Huawei Ascend, Baidu Kunlun, and Alibaba PingTouGe emerging in the market [1] - At least nine Chinese AI chip companies have reported shipment or order volumes exceeding 10,000 units, indicating a growing market acceptance of domestic AI chips [1][2] - The average price of domestic inference AI chips ranges from 30,000 to 200,000 yuan per unit, reflecting their performance, stability, and total cost of ownership [1] Group 1: Market Dynamics - The Chinese AI chip server market is projected to reach $16 billion in the first half of 2025, with domestic AI chips capturing approximately 35% market share, significantly growing faster than Nvidia [2] - The emergence of companies with 10,000-unit shipments marks the beginning of a "scale delivery verification" phase in the industry [2][15] - Major players like Huawei Ascend and Baidu Kunlun are leading in market share, with Huawei Ascend being used in various domestic clusters [5] Group 2: Company Performance - Companies like Mozi, Tianshu Zhixin, and Suiruan Technology have reported cumulative shipments exceeding 10,000 units, with Mozi achieving over 25,000 units by August 2025 [8] - Sunrise and Qingwei Intelligent, still in startup phases, have also surpassed the 10,000-unit mark, although they lag behind leading companies in terms of volume [10] - The performance of some domestic AI chips has reportedly reached or exceeded that of Nvidia's H20, particularly in inference scenarios [14] Group 3: Competitive Landscape - Domestic AI chip companies are focusing on usability and controllability rather than peak performance, often utilizing more mature manufacturing processes like 12nm due to limited advanced process capacity [11] - The push to lower inference costs is a common goal among industry players, with some companies aiming to reduce the cost of generating one million tokens to one cent [13] - The software ecosystem remains a challenge, with many domestic chips facing difficulties in model adaptation compared to Nvidia's offerings [15] Group 4: Future Outlook - The domestic AI inference chip market is expected to experience explosive growth between 2026 and 2027, with multiple new products anticipated [11] - The competitive landscape is likened to the early stages of the photovoltaic industry, with rapid growth driven by policy support and market dynamics [16] - However, the unique nature of AI chip development, influenced by software, hardware, and ecosystem factors, suggests that competition will differ fundamentally from that of standardized manufacturing products like solar panels [16]

随着OpenAI、Google、阿里巴巴、字节跳动等AI巨头相继下场，AI消费级硬件的军备竞赛在2026年年初被提升到了一个新的高度。 近日，OpenAI全球事务官Chris Lehane在达沃斯论坛上表示，公司正按计划于2026年下半年推出首款硬件设备。这也标志着，这家在全球拥有8.1亿月活用 户的AI公司，正式闯入AI硬件赛道。 在OpenAI高调宣布入局前，Google已经在去年年底重启AI眼镜项目，Meta也在去年下半年集中更新多款AI眼镜产品。 在国外AI巨头密集布局硬件产品的同时，国内大厂们也没闲着。 字节跳动旗下的飞书近期推出了首款AI硬件"录音豆"，此前字节还曾先后试水AI耳机、AI手机、AI眼镜；阿里巴巴旗下的夸克、钉钉分别推出AI眼镜、 录音卡等C端AI硬件产品；百度旗下小度则在更早的时间布局了AI手机和AI眼镜等硬件产品。 不同于海外AI巨头钟情于AI眼镜，国内的AI大厂们的硬件布局显得更加多元。但共同点是，它们都更强倾向于选择已经被市场验证过的AI硬件产品作为 切入点，而非押注全新的硬件形态。 一位从事AI软硬件早期投资的投资人告诉「定焦One」，AI巨头们的这种打法会导致AI硬件产品 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - In 2025, Chinese companies' overseas expansion did not experience a singular turning point but rather accelerated along multiple changing trajectories, significantly impacting their overseas operations [6] - The focus of overseas market layout has shifted, with compliance and organizational setup becoming prerequisites, and localization evolving from a strategic option to a fundamental requirement [6] - The importance of 2025 lies not only in what occurred but in the changes that have begun to emerge, reshaping the decision-making logic of overseas enterprises and influencing their long-term choices [6] Summary by Sections Overall Changes in 2025 - The industry coverage for Chinese companies going abroad has expanded, encompassing retail e-commerce, tea drinks, entertainment, AI, automotive, and hardware, with Southeast Asia, the Middle East, Latin America, and Africa becoming significant growth sources [14] - The technological investment has increased, and compliance challenges have intensified, with a notable shift in export structure, as evidenced by a trade surplus exceeding $1 trillion for the first time in 2025 [19][21] Country-Specific Roles in Overseas Expansion - The Global South has emerged as a crucial growth source for Chinese companies, transitioning from a supplementary market to a core strategic depth [28] - The Gulf region is becoming a key node in the global AI capability competition, with significant investments in digital infrastructure and AI technologies [31] - Competition in the European and American markets has shifted towards regulatory and compliance aspects, with stringent measures impacting market access for Chinese firms [34] Industry-Specific Changes in Overseas Expansion - The automotive industry's focus has shifted from export expansion to deep localization, with significant investments in overseas manufacturing facilities [43][48] - The global AI landscape is being restructured, with Chinese AI capabilities transitioning from a follower to a leader in the market [49] - The competitive focus in cross-border e-commerce has shifted towards fulfillment and infrastructure capabilities, reflecting the need for robust operational frameworks [6] Strategic Responses of Companies and Service Systems - Chinese brands are entering a critical window for global reputation and brand premium, with the first generation of overseas experience beginning to systematically fail [4][10] - The overseas service system is evolving from a reactive response to customer needs to a proactive global service model, indicating a shift towards comprehensive service offerings [10]

Group 1 - A 32-year-old programmer's sudden death has raised concerns about the company's health management practices, as the deceased had not undergone the required health check-ups, which the company does not acknowledge [5][6] - The company sent internal emails addressing the situation, stating that the employee had never completed health checks at their facility, despite having annual check-ups at a top-tier hospital [5][6] - Following the incident, the company announced a return to normal operations, canceling celebratory events and emphasizing the need to resume regular business activities [6] Group 2 - Tencent's CEO, Ma Huateng, announced the company's exit from investments in Meituan and JD.com, citing unsustainable cash-burning competition in the food delivery sector [8] - Tencent's investment in Meituan began in 2014, and by the end of 2022, the company had reduced its stake significantly, ultimately exiting completely by early 2026 [8] Group 3 - Li Xiang, CEO of Li Auto, faced criticism from employees after a lengthy all-hands meeting focused primarily on AI trends, with many employees expressing confusion and a desire for more concrete company direction [9] - The company reported a 19% year-over-year decline in vehicle deliveries for 2025, completing only 63.4% of its adjusted sales target [9] Group 4 - DeepSeek released a new open-source model, DeepSeek-OCR 2, which utilizes an innovative method to dynamically rearrange image components based on their meaning, enhancing AI's visual understanding capabilities [11][12] - The model's design allows for more accurate interpretation of complex documents, integrating visual understanding with reasoning and programming abilities [12] Group 5 - NIO has strengthened its intelligent driving team by hiring a former algorithm expert from Alibaba, indicating a commitment to advancing its AI and autonomous driving technologies [24][25] - The company plans to increase its computational resources and aims to regain its position among the top players in the industry through significant updates in the current year [25] Group 6 - Baidu's smart cloud division has raised its AI revenue growth target from 100% to 200%, aiming to capture a larger share of the rapidly growing AI cloud market [40] - The company has been successful in securing a significant number of AI-related projects, leading the market in both project count and total value [40] Group 7 - The automotive industry is witnessing a surge in electric vehicle models, with companies like Volkswagen and Xpeng introducing new models that emphasize advanced features and competitive pricing [42][34] - Xpeng's flying car, expected to be delivered by 2026, showcases innovative design and technology, aiming to capture market interest in the emerging flying vehicle segment [34]

不只是春节期间，元宝、文心近日相继开启内测的群聊功能，以及阿里千问此前强调的"能办事"，都在 为原本一用即走的AI助手增添更多使用场景和用户粘性。在这背后，围绕AI时代超级流量入口的争夺 从未停止。 春节争相发红包 今年的春节AI红包大战由腾讯和百度同时掀起。 1月25日，腾讯旗下AI助手元宝宣布，将于2月1日启动新春活动，计划在App中发放总额10亿元的现金 红包。据《华夏时报》记者观察，目前该活动已开放预约。同一日，百度也宣布自1月26日至3月12日， 用户在百度App使用文心助手，就有机会瓜分5亿现金红包。需要提及的是，百度App还将作为首席AI合 作伙伴登上2026北京广播电视台春节联欢晚会。 春节一直是科技公司花式争夺用户和流量的重要战场。 今年争相发红包"拉新"的主角变成了AI。1月25日，腾讯旗下AI助手元宝App和百度App先后宣布今年春 节将发放10亿元和5亿元红包。此外，截至目前，字节旗下火山引擎和百度App还分别与央视春晚和北 京春晚进行了合作。 不仅是春节期间，AI助手也尽力在日常生活中提升自己的使用场景和用户粘性。继能办事之后，高频 的社交场景成为AI助手眼下的比拼重点。 1月27日 ...

美军中央司令部宣布第九航空队将在中东举行为期数天的空军战备演习，未透露具体时间地点，演习旨在提升快速部署等作战 能力。此前美"亚伯拉罕・林肯"号航母打击群已驶入中东，美还向以通报对伊军事行动准备，相关工作拟两周内完成。伊朗同 日强硬回应，革命卫队海军高官称已实现霍尔木兹海峡智能化实时监控，掌控海峡通行权，伊朗不寻求战争但已做好充分应战 准备。 据英国金融时报援引知情人士消息，特朗普政府向乌克兰表示，美方向其提供的安全保证，需以乌方先与俄达成和平协议为前 提，协议或涉及乌向俄割让顿巴斯地区。美方还暗示乌东部撤军可换更多武器援助。泽连斯基原计划本月与美签署安全保证文 件，乌欧官员认为美方此举是胁迫乌方接受领土让步。 美股方面，三大指数涨跌不一，道指跌0.83%，纳指涨0.91%，标普500涨0.41%。 大型科技股多数上涨，亚马逊涨2.63%，微软涨2.19%，苹果涨1.12%，英伟达涨1.1%，谷歌、meta涨不足1%，特斯拉跌近1%。 纳斯达克中国金龙指数涨0.48%，热门中概股涨跌不一。百度涨1%，阿里巴巴、蔚来、拼多多涨不足1%；小鹏汽车跌1.17%， 理想汽车跌1.12%，京东、网易跌不足1%。 | | ...