没上市的Kimi刷屏了。 Anthropic在2月24日发文称遭到来自中国的"蒸馏攻击"，点了三家公司的名，Kimi赫然在列；OpenRouter春节期间token调用量周榜，Kimi 2.5排第二； 而 在各路大谈特谈 O pen C law风口的帖子下面， Kimi C law更以"性价比"优势被大批网友追帖提及； 此前，Kimi还在不到2个月时间内完成了12亿美元的融 资，估值超百亿美元。 这个融资规模相当于刚刚完成港股IPO的Minimax和智谱的融资金额之和。 但人家两个上市40多天涨了5倍，杨植麟和他背后的资本能不着急？ "不以上市为目的"前面应该有个"短期"的限定。 杨植麟 在2025 年 末内部信，虽然又谈到到"不着急上市"，但是， 三大战略 又 无一不含着对上市的部署。 要"追平世界前沿模型"，是因为现在K2.5没有比Minimax M2.5和GLM-5有明显优势。所以， 一切都指望K3了，要求具备"其他模型没有定义过的能力",帮 助"营收规模实现数量级增长"。 2026 Kimi-K2.5技术报告 Kimi C law 不上市可以闷声大发财，要上市则不得不造势。 不得不承认，Minimax ...

Core Insights - The AI competition during the recent Spring Festival has significantly transformed social interactions, with major companies investing heavily to capture market share and educate users about AI [1][2][3] - The total investment from major players like Tencent, Alibaba, ByteDance, and Baidu exceeded 5 billion yuan, surpassing previous years' spending on similar promotional activities [1][2] Group 1: User Engagement and Market Dynamics - The engagement on social media platforms surged, with over 371 trending topics related to AI models on Weibo, accumulating 12.7 billion views and nearly 26.9 million interactions during the festival [1] - The rapid adoption of AI applications was evident, with significant increases in app downloads and user activity, such as the "Yuanbao" app reaching a peak of 1.2 billion in WeChat index within hours of its launch [3][5] - The competition among major players led to a dramatic increase in daily active users (DAU), with "Doubao" achieving 145 million, "Qianwen" at 73.5 million, and "Yuanbao" at 40.5 million during the festival [11] Group 2: Competitive Strategies and Outcomes - Companies aimed to replicate the success of past mobile payment wars by heavily subsidizing user acquisition, but the challenge remains whether these users will continue to engage post-subsidy [2][21] - "Qianwen" emerged as a dark horse, experiencing a 940% increase in user participation after launching its "Spring Festival Treat Plan," which significantly boosted its DAU [15][16] - "Doubao" maintained its lead due to effective marketing strategies, leveraging its parent company ByteDance's ecosystem for user acquisition and retention [15][16] Group 3: Industry Trends and Future Outlook - The AI industry is witnessing a clear bifurcation, with large companies focusing on user engagement and ecosystem integration, while smaller firms concentrate on technological advancements and B2B services [22][23] - The competition is expected to shift from casual interactions to solving real user needs, as companies like "Qianwen" and "Antifor" integrate AI into practical applications like e-commerce and health services [23][25] - The high operational costs associated with AI applications pose a challenge for sustainability, as the industry grapples with the balance between user growth and profitability [25]

Core Viewpoint - The recent actions by Google to ban accounts using OpenClaw to access its AI services have sparked significant backlash from users, raising questions about the company's decision-making and user communication strategies [1][4][5]. Group 1: Google’s Actions and User Reactions - Google has implemented widespread account bans for users accessing its AI services through OpenClaw, leading to user frustration and criticism on platforms like Reddit and X [1][2][4]. - Many users reported being unable to log into their accounts after using OpenClaw, with some receiving vague error messages without prior warning about potential violations [2][4][5]. - The founder of OpenClaw, Peter Steinberger, criticized Google's harsh measures and noted that other companies, like Anthropic, have been more cooperative in addressing similar issues [4][6]. Group 2: OAuth Authorization Abuse - The primary trigger for Google's account bans is identified as "OAuth authorization abuse," where users exploit the authorization mechanism to access services without proper payment [5][7]. - OAuth allows users to grant third-party applications access to their accounts without sharing passwords, but its misuse has led to significant service quality issues for Google [7][11]. - The combination of OpenClaw and OAuth has enabled users to utilize Google’s AI services in a cost-effective manner, undermining the traditional subscription and API payment models [11][12]. Group 3: Competitive Landscape and Industry Response - In contrast to Google’s restrictive approach, Chinese AI companies are embracing OpenClaw, integrating it into their products and enhancing user experience [17][25]. - The recent release of domestic AI models, such as Kimi K2.5, has positioned them as strong competitors in the AI landscape, focusing on capabilities that align with the needs of intelligent agents [24][25]. - The differing strategies between Google and Chinese firms highlight a fundamental divergence in how AI services are structured, with Google favoring tight integration and control, while Chinese companies adopt a more open and service-oriented approach [25].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the developments in the AI industry, particularly focusing on domestic models like Zhipu and Minimax, which have shown strong performance in Agent AI and cost optimization, leading in usage on third-party platforms like Open Router [1][2]. Core Insights and Arguments - **Domestic Model Performance**: Zhipu and Minimax have released new versions (GM5 and M2.5) that excel in coding and agent capabilities, with Zhipu performing well in benchmark tests and Minimax leading in agent capabilities and cost optimization [2]. - **Token Demand Growth**: The rise of Agent AI has significantly increased token demand, making global developers more price-sensitive. Domestic models are capturing substantial demand due to their high cost-performance ratio [1][2]. - **Revenue Growth**: Kimi's K2.5 version generated revenue equivalent to its entire previous year's income within 20 days post-launch, with a higher proportion of revenue coming from overseas [4]. - **ByteDance's C-DOS 2.0**: ByteDance's C-DOS 2.0 is recognized as a leader in video generation, outperforming competitors in effectiveness, cost-performance, and usability, especially during the Spring Festival [5]. - **Alibaba's Progress**: Alibaba's Qianwen 3.5 has improved in multi-modal understanding and reasoning capabilities, maintaining a strong open-source approach despite a slower C-end deployment compared to ByteDance [6]. - **OpenAI's Revenue Goals**: OpenAI aims for $280 billion in revenue by 2030, planning to invest $665 billion in computing power, indicating strong commercial expectations [7]. - **Google's Gemini 3.1**: Google released Gemini 3.1, which is considered to have the leading comprehensive capabilities globally, competing closely with OpenAI's GPT-5.2 [7]. Additional Important Insights - **Future Trends**: The AI industry is expected to see significant advancements in reasoning technology by 2026, with unified models being a key trend that integrates content understanding and generation across various media [3][9]. - **SaaS Model Challenges**: The SaaS model faces challenges, particularly with user-based pricing, but underlying demand for AI infrastructure remains strong, benefiting companies in cloud computing and related fields [11]. - **Investment Opportunities**: Despite short-term pressures, companies with strong industry knowledge and customer barriers are expected to prove their value in the long term, with high-margin companies like TaxFriend and Glodon maintaining significant advantages in the AI era [12]. - **Multi-Agent Collaboration**: The Multi-Agent Scaling Law suggests that collaborative agents can significantly enhance overall efficiency, as demonstrated by Kimi K2.5, which utilizes multiple agents for improved task performance [17]. Conclusion - The AI industry is rapidly evolving, with domestic companies gaining ground through innovative models and competitive pricing. Key players like ByteDance and Alibaba are making strides in multi-modal capabilities, while global giants like OpenAI and Google set ambitious revenue targets. Investors should focus on the ongoing demand for AI solutions and the potential for significant advancements in technology and infrastructure.

Core Insights - Kimi's recent launch of Kimi Claw has rapidly gained popularity, reaching the top of the OpenClaw model usage rankings within a week, leading to a significant increase in revenue and valuation to approximately 70 billion RMB [1][2][26] - The competitive landscape is intensifying as major internet companies like NetEase and Alibaba are also launching their own versions of AI models, indicating a shift towards widespread adoption of AI agents [6][19][39] Company Performance - Kimi's revenue in the last 20 days has surpassed its total revenue for the previous year, with a valuation now exceeding 100 billion RMB, making it the fastest AI company to reach unicorn status in China [15][35] - The company has recently completed a financing round of 700 million USD, bringing its total funding to over 1.2 billion USD [15][35] Product Features - Kimi Claw allows users to deploy applications easily without needing additional APIs, utilizing a cloud-based persistent agent that can be accessed through various platforms [8][28] - The product integrates over 5000 community plugins, enabling a wide range of functionalities including development, coding, and office tasks, enhancing user experience significantly [8][29] Market Dynamics - The launch of Kimi Claw has prompted other tech giants to enter the AI agent space, with NetEase introducing Lobster AI and Alibaba launching CoPaw, both offering similar functionalities [19][39][41] - The competitive environment is characterized by rapid product development and deployment, with Kimi also expanding its offerings to mobile platforms shortly after the initial launch [41]

一、海外 AI 的 C 端与 B 端流量数据及趋势 C 端流量：头部模型用户粘性强劲，技术驱动增长 ChatGPT用户重回增长轨道，日活从 2025 年 12 月的 5 亿短暂回落至 4.6 亿后，2026 年 1 月中旬起恢复增长， 当前日活已达，反映 C 端用户粘性显著。 其增长主要依赖模型能力提升，如 GPT-5.2 及 5.3 Codex编程模型的推出。 一、海外 AI 的 C 端与 B 端流量数据及趋势 C 端流量：头部模型用户粘性强劲，技术驱动增长 ChatGPT用户重回增长轨道，日活从 2025 年 12 月的 5 亿短暂回落至 4.6 亿后，2026 年 1 月中旬起恢复增长， 当前日活已达，反映 C 端用户粘性显著。 其增长主要依赖模型能力提升，如 GPT-5.2 及 5.3 Codex编程模型的推出。 谷歌 Gemini日活从 2025 年的 2300 万增长至 1.3 亿，但近两三个月增速放缓，仍维持增长趋势。 Anthropic 的 Claude Pro 表现亮眼，C 端日活从 500 万翻倍至 1000 万，核心驱动为其在 coding领域的技术优 势，用户订阅意愿提升。 缺乏独家模 ...

今日热点导览 TOP 3 大新闻 三亚飞北上广深机票逼近万元，官方出手 2月23日，春节假期进入尾声。海南三大机场将迎来整个春运期间客流峰值日，预计运送旅客将突破 23.2万人次。记者查询 多家在线旅游平台发现，2月22日至23日期间，从三亚飞往北京、上海等核心城 市的直飞航班经济舱几乎全部售罄，仅剩的公务舱票价普遍逼近万元大关。 与此同时，三亚至广州的直飞航班在23日已显示"售罄"；旅客只能选择耗时更久、价格仍高达近万元的 中转方案。深圳航线也不例外，2月22日、23日三亚飞往深圳的直飞机票全部售罄，一直到24号才有直 飞深圳的航班，售价仍超8000元。 面对"天价机票"，航司方面也给出了回应。根据"海口发布"消息，海南航空工作人员表示，春运期间机 票价格受市场供需关系影响出现波动，属于正常现象。所有国内航班经济舱票价均严格按备案价格体系 执行。"我们通过内部系统实时监控票价波动，确保春运期间票价处于合理区间。"另据新华社消息，中 国民航局已批复多个批次航班增加计划，在海口增加超110架次航班，精准执飞上海、北京、成都等热 门目的地。（智通财经、新华社） 史上最贵iPhone要来了，苹果首发折叠屏定价或冲2 ...

Group 1 - Kimi is set to complete a new financing round of over $700 million, following a previous $500 million round just over a month ago [1] - The latest financing round is led by existing shareholders including Alibaba, Tencent, Wuyuan, and Jiua [1] - Kimi's valuation has doubled to exceed $10 billion, with the total amount raised in the last two rounds reaching over $1.2 billion, marking the highest financing amount in the large model industry in the past year [1]

2026年，全球人工智能领域迎来新一轮技术爆发潮。在这场激烈的技术竞赛中，北京企业展现出强劲实 力，在全球掀起"惊涛骇浪"。 1月8日，智谱AI在香港交易所挂牌上市，成为"全球大模型第一股"，此后发布的智谱GLM-5在全球权威 榜单中位居全球第四、开源模型第一。2月7日，字节推出的视频生成模型Seedance 2.0全球"出圈"，令 好莱坞导演惊叹，让海外网友在社交平台"催上线"。Kimi、生数科技、面壁智能、银河通用等企业也相 继推出新一代大模型产品，在通用大语言模型、多模态视频生成、代码编程、具身智能等核心赛道实现 全面突破。 北京，这座千年古都，正在以惊人的速度蜕变为全球AI创新的策源地。 从"会写代码"到"能完成工程" 过去两年，大模型在代码生成能力方面的进展业界有目共睹。但写代码和完成工程系统之间，始终横亘 着一道鸿沟。这道鸿沟，正在被北京的企业们用实实在在的技术突破填平。GLM-5的发布，标志着国 产大模型完成了从"初级程序员"到"总架构师"的进化。 GLM-5采用了744B总参数、40B激活参数的MoE架构，引入DeepSeek稀疏注意力机制（DSA），部署成 本降低30%以上。在Vending ...

Core Viewpoint - In 2026, Beijing is emerging as a global hub for AI innovation, driven by a combination of policies, talent, capital, and technology, aiming to transform AI from a niche tool into a widespread production resource across various industries [1][9]. Group 1: Technological Advancements - Beijing is transitioning from "technology following" to "ecosystem leading," focusing on building a self-controlled and open collaborative AI industry ecosystem [3]. - Domestic model companies in Beijing are collaborating with local chip manufacturers to create a robust technological foundation, with models like GLM-5 achieving deep compatibility with various domestic computing platforms [3][4]. - GLM-5 has demonstrated high throughput and low latency on domestic chip clusters, providing a solid technical base for the large-scale deployment of domestic AI models [4]. Group 2: Efficiency and Innovation - Beijing AI companies are achieving remarkable efficiency, exemplified by Kimi, which developed a leading open-source model using only 1% of the resources typically required by top international labs [4]. - Kimi's innovations, such as the Muon optimizer and Kimi Linear attention mechanism, have significantly improved processing speeds, showcasing a path of "extreme efficiency" through foundational research [4]. Group 3: Capital Ecosystem - Beijing has established a supportive capital market environment, including a government investment fund with a total scale of 100 billion yuan, aimed at fostering long-term investment in AI and robotics [5]. - The city has seen a surge in AI companies going public, with 38% of China's top 50 AI firms based in Beijing, highlighting its dominance in the sector [5]. Group 4: Global Recognition and Impact - Chinese AI models are gaining international attention, with foreign media acknowledging the impressive capabilities of products like Seedance 2.0 and GLM-5, indicating China's rapid advancement in AI technology [6][7]. - The progress in AI technology in China is not only enhancing the domestic economy but also contributing to global innovation, as companies like Zhiyuan embrace open-source approaches [7]. Group 5: Future Goals - Beijing aims to achieve a core AI industry scale exceeding 1 trillion yuan within two years, with plans to establish a 100,000-card domestic intelligent computing cluster and implement over 100 benchmark AI applications [10]. - The city is on a clear path to becoming the "global AI capital," with a target of adding over 10 new listed companies and 20 unicorns in the AI sector [10].