如果盘点2025年，投资热情最高，资金集中度拉满的赛道，必然无法绕开AI玩具。 作为大模型成熟之后，商业化落地最便捷的领域，被赋予「AI灵魂」的「智能玩具」，过去两年成为创业热情最高涨的所在。一批 新公司密集涌现，顺势点燃了机构的投资热情。 或者说，在经历AI六小龙的短暂辉煌继而快速沉寂之后，大家不得不接受一个现实：大模型通用APP的机会还是掌握在阿里、字节 和腾讯等大公司手里。 但是大模型水平已经越来越成熟，token消耗量摆在那里，总要找到新的应用机会。AI玩具就是被证明，有市场需求，产业链也有支 撑，能快速交付产品并推向市场的理想投资赛道。 根据Statista的预测数据，2024年全球AI玩具市场规模已接近200亿美元。预计未来十年内，市场将以约14%—16%的复合年增长率持 续攀升，到2030年，全球AI玩具市场规模将有望达到351.1亿美元，到2034年可能突破600亿美元。 投资机构终于迎来久违的一次狂欢。甚至一些此前在一线市场并不是很活跃的生面孔，也开始出现在融资新闻。 毕竟，没有投资人愿意错过下一个「Labubu」。 AI玩具赛道融资双雄 与自创立起便以打造新一代的人机交互硬件OS的灵宇宙不 ...

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights the potential of HBF (High Bandwidth Flash) technology to meet the memory capacity requirements of AI large models, which have been increasing due to the growth in model parameters and context lengths [13][20] - Companies with a database technology foundation are well-positioned to develop data infrastructure software based on HBF, with major players including Huawei and Alibaba, as well as independent firms like StarRing Technology and PingCAP [29][32] - The maturity of HBF technology is expected to drive the application of related data infrastructure software, particularly in AI inference tasks [33] Summary by Sections HBF Technology Development - HBF is anticipated to become the optimal solution for meeting the memory capacity demands of AI large models, as current HBM (High Bandwidth Memory) solutions are insufficient [20][23] - The first batch of HBF samples is expected to be delivered in the second half of 2026, with integrated AI inference hardware projected for early 2027 [23] Data Infrastructure Software Opportunities - The report identifies a growing need for data processing software that can handle the high memory requirements of various AI models, particularly large language models and video generation models [28][30] - Companies with existing database technology capabilities are likely to develop software optimized for HBF, enhancing their competitive edge in the market [29][32] Key Company Valuations and Financial Analysis - StarRing Technology (688031.SH) has a current price of CNY 97.99 with a rating of "Increase" [8] - Cambricon (688256.SH) is rated "Buy" with a target value of CNY 1480.92, reflecting strong growth potential [8] - Inspur Information (000977.SZ) is rated "Increase" with a current price of CNY 62.85 [8] - Unisplendour (000938.SZ) is rated "Buy" with a target value of CNY 39.18 [8]

理想研发体系，在硅谷拓疆。 36氪从多处获悉，理想汽车正式筹建硅谷的AI研发中心，将负责智能化技术研发，已在数月前开启人 员招聘。 中国新势力车企中，蔚来和小鹏布局更早，2014年、2018年便在美国硅谷建立研发中心。理想此次落子 硅谷、聚焦自动驾驶研发，意味着中国智能电动车的技术竞争已进一步升级。 2025年，汽车智能驾驶的竞争，火药味日趋浓烈。 华为今年发布了ADS 4.0版本，面向高速场景推出L3级自动驾驶的商用解决方案。目前在售的尊界 S800、问界M8等车型均已搭载支持L3级自动驾驶功能的硬件。 理想则在今年3月发布了VLA司机大模型，其技术原理是通过视觉-语言-动作联合建模，引入语言模型 和思维链，使车辆能理解场景、进行因果推理和常识判断，从而降低对规则系统的依赖，提升系统在未 知场景中的泛化能力。 9月10日，理想已向用户开启全量推送，但CEO李想在社交平台上表示，此次推送的VLA大模型是"残血 版"，有核心功能尚未开放。 知情人士告诉36氪，此前理想北美便拥有一个小型研发团队，支持芯片研发以及其他AI相关工作，"这 次是要把硅谷团队升级为一个真正的研发中心"。 据36氪了解，理想硅谷研发中心此 ...

很显然，这又是美国政客的老套路：通过污名化中国科技产品，禁止其进入美国市场，打压中国相关产 业，给美国企业的发展让出市场空间，就像当年遏制华为一样。 中国企业目前已在激光雷达领域占据引领地位。据法国著名咨询公司Yole Group估算，2024年，中国禾 赛科技、速腾聚创、华为和图达通4家企业占据全球88%的车载激光雷达市场份额。今年上半年，仅华 为激光雷达装机量就超过40万台。今年1月至9月，禾赛科技就生产了超过100万台激光雷达。 日前，美国众议院"中国问题特别委员会"资深成员、民主党众议员拉贾·克里希纳穆尔蒂提出《安全激 光雷达法案》，要求逐步淘汰美国境内正在使用的中国造激光雷达，并在三年后禁止进口新的中国激光 雷达，除非用于科研、网络安全测试等领域。 克里希纳穆尔蒂在声明中污蔑中国激光雷达威胁美国国家安全，还说要"确保这些系统由值得信赖的合 作伙伴建造"，美国及其盟友应该引领激光雷达创新，而不是将这项关键技术的控制权拱手让给中国。 这些成绩的取得得益于中国激光雷达企业技术与制造两手抓。一方面不断突破激光雷达关键技术，持续 提高产品性能。据统计，禾赛科技、速腾聚创掌握的相关专利数量分别是美国领军企业Ou ...

主题报告环节，行业专家与企业代表分享了前沿理念与实践经验。辽宁省机械工程学会理事长、东北大学原校长赵继作题为《AI重塑制造业 的核心路径与未来图景》主题报告。美的集团美云智数副总裁魏晓刚作题为《双灯塔模型驱动中小企业高质量转型升级》主题报告。华为政企咨 询首席专家刘文安作题为《华为智能制造实践》主题报告。库卡中国视觉总经理关靖添作题为《KUKA以机器人AI大脑赋能中小企业智能制造》 的主题报告。 此次活动是推动全省中小企业高质量发展、推进新型工业化的重要举措。辽宁省工信厅与沈阳工学院携手，共同建设辽宁省中小企业新型工 业化院，将有效打通高校科研资源与中小企业发展需求之间的"最后一公里"，搭建一个政府引导、高校支撑、中小企业参与的综合性服务平台， 不断提升辽宁省中小企业核心竞争力。 新华网沈阳12月17日电 12月16日，辽宁省促进中小企业高质量发展工作会议暨辽宁省中小企业新型工业化院揭牌仪式在沈阳工学院举办。 仪式上，辽宁省工信厅与中信银行沈阳分行、辽沈银行签订战略合作协议。沈抚改革创新示范区产业创新局与辽宁省中小企业新型工业化 院、辽宁省软件行业协会、知合高新科技（辽宁）有限公司、知享数据技术（沈阳）有限公 ...

内容概况：当前，中国网络附加存储（NAS）行业正经历从以企业市场为核心的单一结构，向企业级与 消费级市场并行的双轨结构转型的关键阶段。2024年，中国网络附加存储（NAS）行业市场规模约为 286.4亿元，同比增长8.28%。这一稳健增长的背后，既反映了企业数字化转型对存储需求的持续释放， 更凸显了个人与家庭用户对数据管理、影音娱乐及隐私安全的需求爆发。以绿联、极空间等为代表的新 兴消费级品牌，正通过简化操作、丰富应用生态，强力推动NAS设备从专业数据中心向普通家庭的渗透 与普及，行业未来的增长空间将显著取决于在消费级市场的深耕与创新。 二、行业产业链 网络附加存储（NAS）行业产业链上游主要包括存储硬盘、硅片、内存模块、芯片、主板、电容、电 阻、连接器、电源模块、散热片、网络适配器等原材料及零部件。产业链中游为网络附加存储（NAS） 生产制造环节。产业链下游主要应用于数据备份、影音中心、智能家居中控、文件共享、协同办公、数 据集中管理等领域。 相关上市企业：绿联科技（301606）、海康威视（002415） 相关企业：上海硅产业集团股份有限公司、中芯国际集成电路制造有限公司、上海韦尔半导体股份有限 公司、广 ...

智通财经记者 | 周姝祺 在中国新能源汽车快速扩张的阶段，速度、性能和智能化是最容易被感知、也最容易被传播的竞争语 言。而随着多起安全事故引发社会关注，监管层对相关问题持续施压，这套语言体系正在被重写。汽车 公司开始开始将安全重新推向台前，通过更直观的方式向外界证明其对事故风险的控制能力。 吉利汽车首轮投资20亿元的全球全域安全中心于近期正式对外发布。该中心可用于整车碰撞、电池与系 统安全、雨雪雾主动安全、行人保护及关键零部件等27项测试项目。官方称，这是全球建筑面积最大、 验证能力最全的综合型安全试验室。 与过往汽车公司低调处理安全试验不同，在发布当天，吉利汽车向众多媒体开放了其安全测试过程，并 通过现场直播方式，展示了一场耗资约数百万元的整车碰撞试验。 此类测试通常服务于研发与合规环节，仅会对外披露测试结果和评分。吉利汽车选择公开完整测试过 程，意味着其在安全议题上接受更高程度外部审视的同时，开始将隐藏在研发体系内的安全能力，主动 转化为可被市场识别的品牌资产。 理想汽车和华为同样积极释放各自在产品安全和质量方面的努力。理想汽车材料研发负责人段吉超向智 通财经等媒体透露，为从根源上降低碰撞时的座舱变形风险 ...

Core Insights - Major automotive companies are increasingly adopting AI as a core strategy for future development, with significant investments in AI technologies and models [1] - The automotive software industry is undergoing structural changes, shifting the value focus from traditional hardware manufacturing to software and services, with projections indicating a rise in software profit share from 6% in 2020 to 25% by 2030 [2][3] - The integration of software is fostering a new ecosystem that bridges various sectors, enhancing collaboration and resource efficiency across the automotive industry [3][4] Group 1: Industry Trends - The automotive software industry's value is transitioning from a "one-time sale" model to a "full-cycle service" model, with hardware profit share decreasing from 79% in 2020 to an expected 59% by 2030 [2] - The commercial value of in-vehicle operating systems is becoming increasingly significant, with the market projected to reach approximately 600 billion yuan by 2025 and exceed 1 trillion yuan by 2030 [3] - The future of automotive software development is expected to focus on integration, moving towards highly adaptive intelligent operating systems that support comprehensive resource management [4] Group 2: Challenges and Solutions - The automotive industry faces challenges in establishing a unified and open software and hardware ecosystem, with varying levels of openness and interface standards among chip manufacturers [7] - Collaboration between companies remains inefficient, often requiring extensive customization and debugging, which hampers the overall efficiency of solutions [7] - The industry is encouraged to adopt open-source models to build a unified technical foundation, reducing costs and fostering innovation through community collaboration [5][9] Group 3: Future Directions - The integration of advanced safety features and the expansion of collaborative boundaries are essential for building sustainable competitive advantages in the automotive sector [11] - The industry is exploring the incorporation of satellite technology into existing vehicle-road-cloud systems to enhance data and computational networks [12] - The relationship between AI and the automotive industry is expected to evolve, with AI becoming a critical component in the development of intelligent vehicles and applications [12]

Group 1 - The U.S. House of Representatives' "China Task Force" has proposed the "Laser Radar Security Act," aiming to phase out Chinese-made laser radars in the U.S. and ban imports after three years, except for research and cybersecurity testing [1] - The act's proponent, Congressman Raja Krishnamoorthi, claims that Chinese laser radars pose a national security threat and emphasizes the need for the U.S. and its allies to lead in laser radar innovation [1] - Chinese companies currently dominate the laser radar market, with estimates indicating that four firms—Hesai Technology, RoboSense, Huawei, and TuSimple—will hold 88% of the global market share by 2024 [1] Group 2 - Chinese laser radar companies are excelling in both technology and manufacturing, with Hesai Technology and RoboSense holding over three times the number of relevant patents compared to U.S. leaders Ouster and Luminar [2] - The mass production capabilities of Chinese firms are highlighted, with Hesai's automated production line producing a laser radar every 20 seconds and achieving competitive pricing, with some products priced as low as $200 [2] Group 3 - U.S. companies once held a leading position in the laser radar market, with Velodyne dominating with over 80% market share in the 2010s, but have struggled with low-cost mass production [3] - Recent challenges include the bankruptcy of Luminar, which was once highly valued, and difficulties faced by other U.S. laser radar companies, with Ouster's actual shipments being only 7,200 units in Q3 2025 [3] Group 4 - The struggles of the U.S. laser radar industry reflect broader issues within its manufacturing sector, suggesting that relying on market restrictions against Chinese products may not resolve underlying challenges [4]

智通财经APP获悉，近日，"2025科创企业高质量发展大会"在雄安新区隆重举行，备受业界瞩目的《2025中国科 创企业创新力TOP500发展报告》与"2025科创企业创新力TOP500榜单"(以下简称"榜单")正式发布。AIGC软件A 股上市公司万兴科技(300624.SZ)凭借其在数字创意软件及AIGC领域的创新表现，成功入选该榜单。此次一同上 榜的还有华为、腾讯、百度等头部AI公司。 在产品创新层面，万兴科技持续推进旗下视频、绘图、文档三大创意产品矩阵的AI智能化升级。在视频创意领 域，万兴科技近期焕新上线视频创意产品万兴喵影2026，聚焦智能生成与创作流管理，首次在通用型视频创意软 件中实现从AI素材生成、AI续写到精细剪辑的一站式体验，大幅降低专业视频创作门槛。在文档及绘图创意领 域，万兴科技此前焕新发布文档创意软件万兴PDF V12，并上线智能加密、专业翻译等全新AI功能，大幅提升文 档处理效率；绘图创意软件万兴脑图V13通过升级知识库体系和AI能力，推动知识管理智能化、系统化；全新万 兴图示V15则聚焦AI绘图与智能交互，为用户提供更便捷的图表创作体验。 | | 科创企业创新力 TOP500 榜单 ...