AI 行业深度：2025 国产 AI 机会正启 - 字节生态篇 摘要 差距也在缩小，根据超级团队测评结果，国内第一梯队的大模型与 OpenAI 最新 型号之间能力差距进一步缩小。 到 2025 年，我们预计这种趋势将继续加速。 特别是在视频生成领域，国内玩家正在逐渐追平海外水平。例如谷歌 VideoTwo 系列报告显示，国产快手科勒尼和 Mini Max 的视频生成模型用户偏好度分别达 到 33%和 30%，而谷歌仅为 27%。此外，到 2024 年底，中国 AI 原生应用网民渗 透率已超过 12%，预计到 2025 年将进一步加速。 为什么字节跳动生态被认为是最值得重视的 AI 产业机会之一？ 字节跳动在 AI 领域布局最激进，其高通大模型虽然目前非顶尖，但正在快速追 赶，并积极降低成本推动应用加速。字节跳动采用全面进攻态势，通过让利扶 持生态合作伙伴，共同做大市场蛋糕。在资本开支不断增加、高薪聘请顶尖人 才、大规模投入研发等方面，都体现了其对 AI 领域高度重视。此外，其创始人 张一鸣亲自下场推动，公司内部对 AI 布局极为重视。 基于字节跳动全面布局 带来的上下游产业机遇值得期待。尽管豆包大模型整体综合 ...

Summary of the Conference Call on Quadruped Robots Industry Overview - The conference focuses on the quadruped robot industry, particularly in defense and aerospace applications, highlighting the commercialization of bionic technology and robotic dogs [1] Key Insights and Arguments - **Advantages of Quadruped Robots**: Quadruped robots exhibit significant flexibility and stability, especially in complex terrains, outperforming wheeled, tracked, or humanoid robots in unstructured environments [3][6] - **Market Growth**: The global quadruped robot market is expected to grow at an annual rate of over 30% in the next five to six years, with the domestic market projected to grow around 40% [3][10] - **Commercialization Challenges**: High manufacturing costs and limited application scenarios are major pain points for quadruped robotic dogs. However, algorithm optimization and cost reduction in components may alleviate these issues [3][6][22] - **Key Components**: The quadruped robot consists of five functional systems: structural and drive systems, control systems, perception systems, communication systems, and other functional modules. The structural and drive systems account for 60% to 70% of the total value, with precision joint motors being the most valuable components [3][13] - **Motor Drive Trends**: Electric motor drives are the future trend, with each leg typically having three degrees of freedom, totaling 12 rotary joint motors. The cost of a single joint motor ranges from 200 to 5,000 RMB [3][16] - **Importance of Motion Control Algorithms**: Motion control algorithms are a core competitive advantage for manufacturers, determining the robot's movement path and execution precision, crucial for stable operation in various environments [3][19] - **Perception Systems**: These systems utilize LIDAR, ultrasonic sensors, and dual cameras for environmental awareness, aiding in gait adjustment and movement planning [3][21] Market Dynamics - **Global and Domestic Market Size**: By 2024, the global quadruped robot market is estimated to reach approximately 1.6 billion RMB, with consumer and industrial markets each accounting for half. The military market's potential remains significant but is difficult to quantify due to its opacity [9][10] - **Competitive Landscape**: Boston Dynamics has long led the hydraulic quadruped robot technology. However, since 2019, several Chinese companies, including Qushui Technology, have rapidly emerged, with Qushui holding 40% of global revenue and 70% of sales [12] Future Outlook - **Challenges to Industrialization**: The quadruped robot industry faces challenges in achieving cost-effectiveness and performance balance. Enhancements in intelligence, autonomy, and algorithm improvements are necessary for broader market penetration [22] - **Investment Opportunities**: The industry shows promise in special scenarios due to the flexibility and stability of quadruped robots. Continuous monitoring of software algorithms and AI model advancements is recommended, as these developments could significantly enhance robot capabilities. Companies with technological advantages, such as Xindong Link and Lingyun Co., are expected to have good growth opportunities [23]

Q&A 春节前后资本市场的表现有哪些主要变化？ 春节前后，资本市场的主要变化集中在几个方面。首先是关税问题，尤其是特 朗普上任后对美墨加征关税、暂缓关税以及对中国商品和香港地区包裹的免征 等政策。这些政策引发了市场关注，并对全球经济格局产生了影响。其次是科 技领域的突破和变化，特别是 Deepseek 技术的出现，对全球资本市场定价产生 了扰动，尤其影响了美国资产。此外，高频消费数据如影院、餐饮和人流量等 也显示出春节期间消费活跃。债券市场方面，由于央行流动性调控，十年国债 利率回到 1.6%左右，30 年国债触及历史低点。大宗商品市场则在春节前后表现 中信建投宏观 周周芝道 - 全球变局已启动 摘要 • 特朗普政府的关税政策对全球经济格局产生显著影响，预示着未来四年全 球经济和政治格局的重构，并已开始反映在资本市场上，影响美国和中国 相关资产。 • AI 技术驱动的科技革命类似于 20 世纪 80 年代初的个人电脑和 1995 年至 2000 年的互联网革命，美国正处于信用小周期叠加科技增长长周期的状态， 美国资产的大拐点需由更大的经济周期决定。 • 央行流动性调控是近期债券市场变化的主要因素，春节前后流动 ...

深度解读：Deepseek 如何影响智驾产业 摘要 Q&A 知行汽车科技的基本情况和近期发展如何？ 知行汽车科技于 2023 年 12 月在港交所上市，成为自动驾驶领域的首家上市公 司，目前备受关注。公司每日流通量约为 2 亿，并在德国设有子公司。此外， 公司在苏州总部设有工厂，同时在马来西亚也有一个海外工厂，主要服务于海 外客户。知行汽车科技专注于自动驾驶技术的量产落地，核心竞争力包括算法 软硬一体、行波一体、仓储一体以及深厚的工程化能力。目前，公司已与吉利、 • 知行汽车科技专注于自动驾驶技术量产落地，已与吉利、长城等车企实现 多款车型量产，交付 50 万套自动驾驶系统，核心竞争力在于算法软硬一体 化及深厚的工程化能力。 • 知行汽车科技与地平线合作推出 IDC510 产品，基于 G6 系列芯片，支持高 速 NVP、自动泊车等功能，定位中端市场，已应用于奇瑞 iCar 05 项目， 预计 2025 年下半年量产。与地平线征程三芯片合作的新产品已在新纪元 ETES 及 iCar V23 车型上量产，并获得欧盟 GSR 认证。 • Deepseek 技术通过模型蒸馏降低算力需求，利好中小算力平台玩家和尚未 达 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the evolution of China's renewable energy grid pricing policies and the implications of recent policy adjustments on the renewable energy sector [2][3][4]. Core Insights and Arguments - **Evolution of Pricing Policies**: China's renewable energy pricing policy has evolved since the introduction of the Renewable Energy Law in 2006, with significant changes in 2009, 2016, 2019, and 2022, culminating in a goal for full market participation by 2030 [2][3]. - **Market Transition**: Starting from June 1, 2024, new projects will default to full market pricing, eliminating government-set prices and relying on market mechanisms for revenue confirmation [2][3]. - **Sustainable Pricing Mechanism**: A new "sustainable development pricing settlement mechanism" will be implemented, allowing for a "multi-return, less-supplement" approach to ensure project revenues align with market prices [5][6]. - **Current Participation Rate**: As of 2023, nearly 50% of China's renewable energy generation is market-based, with expectations for this to increase as policies are adjusted [6][7]. - **Impact on Existing Projects**: The policy adjustments provide unexpected guarantees for existing projects, allowing them to continue operating under current pricing mechanisms as long as they do not exceed local coal power benchmark prices [7][8]. Additional Important Content - **Incremental Project Pricing Mechanism**: New incremental projects will be priced through competitive bidding, categorized by technology type to avoid price undercutting, with the highest bid determining the price [10][11]. - **Market Price Settlement**: The new market price settlement mechanism will not be based on actual transaction prices but on average prices of similar projects, encouraging operational efficiency among renewable energy companies [11][12]. - **Future Trends**: By 2025, provinces will begin long-cycle continuous settlement trials, with an increase in trading frequency for cross-province renewable energy transactions [13][14]. - **Investment Opportunities**: The renewable energy sector remains attractive for investment, particularly in offshore wind and companies with strong competitive advantages in green energy [18]. - **Challenges and Opportunities**: The market faces challenges such as price pressures in certain regions, but recent policies are expected to drive high-quality development and improve the economic viability of renewable energy projects [16][17]. - **Software Development**: Policies favoring price signals will benefit software vendors related to energy trading and power forecasting, enhancing the operational capabilities of renewable energy companies [21]. - **Storage Policy Changes**: The removal of mandatory storage requirements eases the burden on renewable energy companies, although storage remains crucial for optimizing generation and improving economic returns [22][23]. - **Future Pricing Mechanisms**: Anticipated changes in pricing mechanisms for regulatory power sources may include new policies for pumped storage and flexible coal power, contributing to a more robust renewable energy consumption framework [24].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies within it. Core Insights - The DeepSeek AI app has gained significant traction, topping app-store downloads in the US and being available in over 170 countries, showcasing its low-cost and high-performance capabilities [3][26] - The DeepSeek model's training cost is reported at US$5.6 million, with a charge of US$0.14 per million input tokens, making it approximately 94% cheaper than OpenAI's pricing [3][26] - Major Chinese internet companies like Alibaba, Tencent, and Baidu are also advancing in AI and LLMs, with their efforts being underappreciated by investors [5][39] - The report anticipates that the DeepSeek model could lead to a global shift towards lower-cost AI models, accelerating adoption rates and application development [6][28] Summary by Sections DeepSeek Technology - DeepSeek utilizes a Mixture of Experts (MoE) architecture with 671 billion parameters, optimizing for efficiency and cost [4][31] - The model bypasses expensive CUDA infrastructure, directly optimizing for PTX, which contributes to its lower operational costs [4][27] Competitive Landscape - The report highlights that DeepSeek's success may overshadow other AI products like Bytedance's Doubao, which was previously the top productivity app in China [56][59] - Alibaba's Qwen model and Tencent's Hunyuan are also noted for their advancements in AI, with Alibaba's Qwen2.5-Max being released with over 20 trillion tokens of pre-training data [39][40] Global Implications - The report suggests that the success of DeepSeek may inspire US models to adopt similar low-cost approaches, potentially leading to a significant inflection point in AI adoption by 2025 [6][28] - Geopolitical scrutiny may arise due to the rapid adoption of DeepSeek, with some countries already restricting its use [34][36] Market Performance - DeepSeek's app climbed to 1 in both productivity and overall app rankings in the US and China shortly after its release, indicating strong market interest [55][56] - The report notes that the rapid rise of DeepSeek's app has led to a significant shift in the competitive landscape of AI applications in China [55][56]

一直致力在这种AI上面AI应用和Agent的一个创新的应用公司在2023年年初就投入了这一块的研发和一些商品化的一些落地和订单的一些逐步的转化时至今日其实已经过去了两年整的时间了我认为在这个过程中我们确实也走了一些弯路因为毕竟AI是一个新鲜的事物但是在这个过程中我们也取得了一个莫大的成绩 然后完成了一个是智能培训考试系统的一个情况当时接的是DeepSeq的V3未来上线可能会更新到R1这样的一个程度主要是在课程制作上和考试环节两大层面上去实现了DeepSeq的一个融合另外与DeepSeq上我们还做了数据分析 也是和用它的RE模型去做的大概是这两类的一个深度的应用和整合当然其实对于我们这种厂商来讲的这种因为我们自己不做这种通用大模型的训练那对于模型来讲的更多的其实是一个使用和复能的一个过程那这个过程中我们也去适配了多样化的一个厂商就是主要还是与客户的需求以及它这个成本 需求功能应用等等有比较大的一个关联性这就是目前我在弹幕型适配的一个情况我就在与大家之前公布的基础上更新这么多内容然后接下来我就介绍一下我们的今天的一个专家的嘉宾他是田总是我们的首席创新官是协同智能研究院的院长田总在咱们的B端的领域其实是有着非常深厚 ...

【九点特供】合肥助力! 安徽百信完成DeepSeek-V2版本在 产服务器上的模型适配,这家公司刚刚亲承和百信合作共 同推广销售异腾服务器产品;东风、长安两大汽车央企均筹 划童年 九点特供 2025.02.10 08:04 星期一 【市场主线】 上周五市场全天冲高回落,创业板指大涨超2.5%。盘面上,DeepSeek和比亚迪智驾概念股延续强势,光伏板块同样展开反弹, 仅银行等少数板块下跌。指数层面,两市成交额近2万亿目仅1只个股跌停,连续第二天实现了"指数放量大涨+跌停消灭"的目 标，而之所以能够大涨，就好比一个人在黑夜里摸着石头过河，等发现自己已经上岸了，便开始加速奔跑。如图所示，周五上证 冲了稻体上沿后回落，创业板指更是接近收复了年初的跌幅，但现在毕竟不像去年春节后（当时A股是从前一年国庆假期后一路 跌到2月），去年9月底之前也是连续跌了近4个月，因此经过连续两日的放量后，指数大概率会盘整一番，乐观预期下，等下方 的均线跟上后,有望突破箱子C并回到上方的箱体B开启新的区间震荡,关键还是看量能,量能看什么,看消息驱动,比如2月的 海外宏观(本周即将宣布"对等关税"措施）,3月的全国两会,4月的财报季。 题材 ...

09 Feb 2025, 08 Feb 2025, 08 Feb 2025、 test-article2 测试文章2 Commentary 评论 APAC Flows - DeepSeek propelled HK/China rally and drove East Asian tech outflows 亚太地区资金流向 - DeepSeek 推动香港/中国股市上涨，并导致东亚科技资金流出 09 Feb 2025, 09 Feb 2025、 Commentary 评论 U.S. Merger Arbitrage Monitor (2/7/25) 美国兼并套利监测（2/7/25） APAC Flows - DeepSeek propelled HK/China rally and drove East Asian tech outflows 亚太地区资金流向 - DeepSeek 推动 香港/中国股市上涨，并导致东亚科 技资金流出 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要 ...

Market Insights | Markets | Equities 市场洞察 | 市场 | 股票 GS US TMT .. what a week .. GS US TMT ......多么美好的一周. GS US TMT: All references to "we/us/our" refer to the views and observations of the desk. … looking ahead, while many TMT companies have gotten "over" the 1Q / CY25 guidance wall-of-worry that weighed on sentiment during preview season (think NET, PINS, SPOT, TTWO 'clearing event' reactions) – it does feel like investors are starting to underwrite a tinge of optimism about 2Q/2H+ inflections across TMT - ...