计算机周观察20251221：豆包模型重磅升级，智谱通过港股聆讯

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [4]. Core Insights - The report highlights the significant advancements in the Doubao model family, particularly the release of Doubao Model 1.8 and Seedance 1.5 pro, which have achieved top-tier capabilities in multimodal understanding and generation [8][11]. - The Doubao model's daily token usage has surpassed 50 trillion, ranking first in China and third globally, with over 100 enterprises utilizing the platform [11][12]. - The introduction of the "AI Savings Plan" aims to optimize model usage costs for enterprises, offering discounts of up to 47% based on usage volume [8][18]. - Zhihui Technology has successfully passed the Hong Kong Stock Exchange listing hearing, marking a significant milestone as the first company in Hong Kong focused on AGI foundational models [18]. - Zhihui's revenue is projected to grow from 57 million yuan in 2022 to 312 million yuan in 2024, reflecting a compound annual growth rate of over 130%, despite increasing losses due to R&D investments [23][28]. Summary by Sections Industry Overview - The report emphasizes the rapid iteration of AI large models and the intensifying competition for super OS entry points, urging continued attention to AI applications [8][28]. Company Performance - Zhihui's MaaS platform offers a comprehensive range of models, including language, multimodal, agent, and code models, with a focus on adaptability and extensive application scenarios [20][22]. - The company's revenue structure shows a strong growth trajectory, with significant R&D expenditures impacting net profits [23][27]. Market Performance - The computer sector experienced a slight decline of 0.68% in the third week of December 2025, with notable stock performances from companies like Xinghuan Technology and Wanjitech [29][30].