2026年1月8日，深圳市精锋医疗科技股份有限公司（股票代码：02675.HK）以"精锋医疗-B"之名正式在香 港联交所主板挂牌上市。此次IPO发行价每股43.24港元，开盘大涨36.45%报59港元，市值突破200亿港元。 至此，这家由两位海归博士王建辰与高元倩在 2017年创立的手术机器人企业，正式挺进了全球高端医疗科技 竞争的核心战场。 其公开发售获近 1092倍认购的火爆场景背后，是包括阿布扎比投资局（ADIA）、瑞银、腾讯、OrbiMed等 13家顶级基石投资者的鼎力支持，合计认购7500万美元。其中，中东最大主权基金之一的ADIA豪掷1500万 美元，成为最大基石投资者。这不仅是一次资本盛宴，更是国产手术机器人完成技术破局后，迈向全球市场的 一个关键信号。 ▍ 硬核技术立身：全栈自研构筑双重护城河 精锋医疗由麻省理工学院博士王建辰与哈佛大学博士高元倩于 2017年联合创立。二人均师从中国机器人专家 王树新教授，在手术机器人领域深耕近十年。 创业之初，国内手术机器人赛道尚处萌芽，达芬奇在国内装机量不足百台。但未被满足的庞大临床需求与技术 自主的产业抱负，驱动了这家公司的诞生。 创业之初，最大的共识与 ...

"技术为本，是小米永不更改的铁律。只有掌握更多的核心技术，才能支撑我们坚定地迈向硬核科技， 坚定地做好智能制造。"雷军在颁奖活动现场表示，模式创新、场景创新、产品创新是小米看家的本 事，必须坚定不移地坚持下去。但只有持续不断的硬核技术创新，才能确保小米穿越周期，保持持续的 成功。 据了解，获奖的还有小米17 Pro系列-妙享背屏、2200MPa小米超强钢、小米汽车四合一域控制模块以及 小米智能眼镜创新架构、端到端+强化学习寻位泊车辅助系统、1000万Clips版小米端到端辅助驾驶系 统、小米超级像素、LOFIC高动态影像技术、异形高硅电池结构技术、有序介孔硅碳电池材料等10个项 目，分别斩获本次年度技术大奖的二、三等奖。 "每年开年公司第一件大事——千万技术大奖颁奖典礼。该奖项专门奖励小米集团最优秀的工程师和工 程团队。从2019年开始，已经累计奖励了7500万元。"小米集团创始人、董事长兼CEO雷军1月7日在北 京小米科技园揭晓了小米集团2025千万技术大奖。 本届大奖的最高奖项颁给了"玄戒O1"团队。对此，雷军在颁奖活动现场表示，"玄戒O1"获得这次千万 技术大奖的最高荣誉，当之无愧。 "'玄戒O1'发布 ...

2025年，"具身智能"作为前瞻布局的未来产业，被写入"十五五"规划建议中。简单来说，具身智能就是有了"身体"的人工智能。它不仅能思考，还会行动。 2025年，它们用身体感知世界，在学习中不断进化，它们登上春晚舞台、站上马拉松跑道、走进学校和工厂。从杭州到深圳，从上海到北京，机器人和背后 的科研团队，正沿着不同的路径加速奔跑。 年初还慢慢悠悠，年底就解锁了高难度空翻，人形机器人2025年的迭代之快，令人称奇。 宇树科技股份有限公司 高远：我们看到，它有一个非常长的滞空时间。瞬间又爆发出非常强劲的力量，落地的时候，它没有用手或者膝盖去支撑形成三角 关系，而是两条腿直接站在地上，这个难度会非常大。 机器人越来越灵活、稳定，靠的是复杂的运动控制算法，简单来说就是人类的小脑。 宇树科技股份有限公司首席营销官 王其鑫：基于人类的一些行为视频或者动作捕捉数据来构建一个行为数据库。比如说我们去参加人形机器人运动会的时 候，需要对机器人做大量的测试。可能之前想的是工程师在办公室里面敲敲代码，然后改改结构，但实际上我们的工程师都会一拥而上跟着机器人一起去 跑，看机器人的状态、速度、响应等，然后来判断哪里需要修复，哪里需要调整。 ...

央视网消息：2025年，具身智能作为前瞻布局的未来产业，被写入"十五五"规划建议中。简单来说，具身智能就是有了"身体"的人工智 能，它不仅能思考还会行动。2025年，它们用身体感知世界，在学习中不断进化。它们登上春晚舞台、站上马拉松跑道、走进学校和工厂。从 杭州到深圳，从上海到北京，机器人和背后的科研团队正沿着不同的路径加速奔跑。 刚刚过去的2025年，你记住了哪些具身智能的瞬间？ 是在舞台上扭秧歌，还是在全运会上演奏乐曲？是昂首冲过马拉松终点，还是断了一只胳膊仍然坚持完赛？ 这一年，它们也曾跌跌撞撞、迷失方向，但更多的是在被击倒后爬起再战。在跌倒与爬起之间，机器人跑出了具身智能的"加速度"。 软件算法提升 运动控制能力强大 姓名：G1 出生日期：2024年5月 身高：132cm 体重：35kg 技能：韦伯斯特空翻 年初还慢慢悠悠，年底就解锁了高难度空翻，人形机器人2025年的迭代之快令人称奇。 众擎机器人创始人兼CEO赵同阳介绍，奔跑、格斗以及跳跃爆发的时候，用到的电流特别大。关节这么小能接近一个跑车的扭矩，设计不足够 优秀，板子可能会烧掉，齿轮可能就会崩掉，所以他们从材料的轻量化研究、抗冲击能力，包括电路 ...

Core Viewpoint - The company aims to become a world-class smart electric vehicle manufacturer in the next decade, driven by technological innovation and global expansion [1][9]. Group 1: Company Overview - The founder and CEO, Zhu Jiangming, reflected on the company's ten-year journey in the automotive industry, emphasizing the importance of maintaining control by the founding team despite new investments [2]. - As of now, the company has delivered over 1.2 million vehicles, with an expected annual sales volume of nearly 600,000 units in 2025, positioning it as a leader among new automotive manufacturers [2]. Group 2: Historical Challenges - The company faced significant challenges in its early years, describing the past decade as "nine lives," indicating the difficulties encountered in achieving profitability and market acceptance [3]. - The initial market response to the first model, S01, was lukewarm, leading to financial and market pressures until the successful launch of the T03 model in 2020, which validated the company's strategy of offering high-value products [5]. Group 3: Product Development and Financial Milestones - The launch of the C11 model in September 2021 marked a significant turning point, offering strong product capabilities and achieving a notable market presence [6]. - In 2023, the company achieved a milestone by reaching a positive gross margin of 0.5%, indicating its first profitable year in vehicle manufacturing [6]. Group 4: Future Goals and Strategies - The company has set an ambitious target of achieving annual sales of 4 million vehicles in the next decade, supported by a clear strategy that includes expanding its product line and accelerating global operations [9][12]. - Plans include launching a full range of vehicles from A0 to D class over the next three years and establishing a presence in key international markets through partnerships and local operations [12]. Group 5: Challenges Ahead - The company will face intense competition in the mainstream market segment priced between 150,000 to 250,000 yuan, with new entrants like Huawei and Xiaomi [14]. - Global expansion will require adaptation to local regulations, consumer habits, and infrastructure, alongside the need to build multiple factories to support the production of 4 million vehicles [14].

Core Viewpoint - Vivo is establishing a "full-stack self-research + open-source kernel + industry-academia-research competition" strategy to innovate in the operating system sector, particularly focusing on the transition to Rust for enhanced security in the AI era [2][5][19]. Group 1: Technological Innovation - The third Vivo Blue River Operating System Innovation Competition showcased the industry's shift towards Rust language, addressing foundational software security challenges [2][4]. - The winning team, Blue Lotus, achieved a significant breakthrough in the "C2Rust project-level translation tool," successfully translating 11,000 lines of code with a 100% test pass rate and over 97.8% syntax safety [4][12]. - Vivo's strategy aims to bridge the gap between academia and industry, transforming innovative ideas into practical engineering capabilities for the advancement of domestic operating systems [5][19]. Group 2: Industry Context and Challenges - The AI wave has heightened the urgency for operating system security, as traditional C/C++ systems show vulnerabilities in handling complex data [6][8]. - Over 70% of severe security issues stem from memory safety, prompting a shift towards Rust, which offers a systematic solution with strict ownership and lifecycle management [8][9]. - Major tech companies, including Google and Microsoft, are increasingly adopting Rust, indicating a broader industry trend towards safer programming practices [9]. Group 3: Competition and Talent Development - The Vivo Blue River Operating System Innovation Competition has attracted over 150 teams from more than 50 top universities, reflecting its growing influence in the industry [21]. - The competition serves as a platform for addressing real industry challenges, accelerating the verification and accumulation of cutting-edge technologies while cultivating talent skilled in Rust system development [21]. - Vivo's approach of integrating competition with research fosters a continuous innovation loop, reinforcing its leadership in the Rust technology domain [19][21]. Group 4: Open Source and Ecosystem Development - Vivo has initiated the open-sourcing of the Blue River Operating System kernel, named "BlueKernel," which emphasizes security, lightweight design, and compatibility with various chip architectures [17][18]. - The open-source initiative aims to lower the barriers for industry-wide adoption of Rust, providing a sustainable technical foundation for system-level innovation [18]. - By promoting open-source collaboration and hosting competitions, Vivo is positioning itself as a key player in the evolution of domestic foundational software ecosystems [19][21].

Core Insights - TianShu ZhiXin is the first company in China to achieve mass production of general-purpose GPUs, set to be listed on the Hong Kong Stock Exchange on January 2026, marking a significant milestone in its development and positioning it as a rare GPU entity in the Hong Kong market with "domestic substitution" and "full ecosystem compatibility" capabilities [2][9]. Business Operations and Core Advantages - TianShu ZhiXin provides general-purpose GPU products and full-stack AI computing solutions across various industries, including general-purpose GPU chips, accelerator cards, and customized AI computing solutions that integrate self-developed hardware and proprietary software stacks [4]. - The company has achieved several breakthroughs in the Chinese chip design sector, being the first to mass-produce inference and training general-purpose GPU chips, and the first Chinese general-purpose GPU design company to utilize advanced 7nm process technology for these milestones [4]. - As of June 30, 2025, TianShu ZhiXin has delivered over 52,000 general-purpose GPUs, leading the industry in shipment volume, with a revenue of 189 million yuan, 289 million yuan, and 540 million yuan over the past three years, and a market share of 9.8% in the domestic general-purpose GPU sector, ranking third [4]. Issuance and Fundraising Plans - The company plans to issue no more than 29,246,520 overseas listed ordinary shares and convert 219,670,165 shares held by 68 existing shareholders into overseas listed shares for trading on the Hong Kong Stock Exchange [6]. - The raised funds will primarily be allocated to R&D of products and solutions, including general-purpose GPU chips and accelerator cards, expanding the R&D team for proprietary software stack development, promoting AI computing solutions, sales and marketing over the next five years, and supplementing working capital for general corporate purposes [7]. Listing Progress and Management Team - TianShu ZhiXin is currently in the post-hearing stage and is expected to complete subsequent processes for trading, leveraging its competitive advantage as the first to achieve mass production and full compatibility with mainstream ecosystems [9]. - The management team possesses extensive international operational experience and top-tier technical backgrounds, including the CEO and Chairman, Gai Lujiang, with nearly 20 years in global professional services, and Vice President Sun Yile, who has over 20 years of chip development experience [10][12]. Conclusion - In the increasingly competitive landscape of domestic GPUs, TianShu ZhiXin, while not the most vocal player, has demonstrated its capabilities through the first mass production of both training and inference chips using 7nm technology, proving its ability to convert designs into products and scale shipments [14]. - The upcoming listing positions this technically robust enterprise to translate its full-stack self-research system and ecosystem compatibility into a clear and sustainable commercial path, offering investors a viable option with both technological strength and commercial validation [14].

编者按：当出海越来越成为一家中国公司核心战略时，如何征战全球市场就成为一个极其专业的话题。在全球化的演变中，已有不少中国品牌站 立潮头。鉴于此，硬氪特推出「Insight全球」专栏，从品牌成长与变迁，探索中国品牌出海的前沿方向与时代契机，为出海玩家与行业提供思考 与启发。 这是我们专栏第57期——一家来自深圳的AI办公硬件公司成者（CZUR），它凭借一款AI扫描仪切入全球政企市场，在亚马逊连续8年稳居品类 第一，已辐射全球107个国家和地区。然而，其故事的特殊性在于：它并未止步于单一爆款的成功，而是选择投入近2亿元研发，押注于开创"AI 会议产品"。在巨头林立中，走出一条依靠"全栈自研"与"技术创新"的差异化道路。 作者丨欧雪 编辑丨袁斯来 在美国国会、迪拜人力资源部、斯里兰卡土地改革委员会，你如果留意，会发现一张张扫描资料，来自一家深圳公司成者（CZUR）。 在全球智能化浪潮中，办公场景的智能化转型虽不如消费级市场那般瞩目，却正成为一块日益壮大的"蛋糕"。 成者就是水面下的一员。它成立于2013年，从AI扫描仪起步，如今已拓展至AI投影仪、AI智能会议终端、AI影像处理工具软件等领域。目前，成者的业务 已辐 ...

Core Viewpoint - The recent listing of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. on the STAR Market, with a first-day increase of nearly 700% and a market capitalization exceeding 330 billion yuan, indicates strong market confidence in the company and its potential in the domestic GPU sector [1][2]. Group 1: Company Overview - Mu Xi is one of the few domestic companies committed to a fully self-developed high-performance GPU path, achieving significant progress in technology development and commercial application within five years [1][2]. - The founding team, with nearly 20 years of experience in GPU and integrated circuit design, has a proven track record in high-performance chip mass production, which enhances the company's competitive edge [2][3]. Group 2: Product Development - The company has established a clear GPU product matrix, including the "Xi Si N series," "Xi Yun C series," and "Xi Cai G series," targeting various AI computing and graphics rendering scenarios [3][4]. - The Xi Yun C series is designed for cloud computing, while the Xi Si N series focuses on AI inference, and the Xi Cai G series is aimed at graphics processing [3]. Group 3: Commercialization Progress - Mu Xi's commercialization is accelerating, with over 25,000 GPU products sold and deployed in more than ten intelligent computing clusters, marking it as one of the few suppliers achieving large-scale commercial applications in China [5][6]. - The company reported a compound annual growth rate of 4074.52% in revenue from 2022 to 2024, with a projected revenue of 1.5 billion to 1.98 billion yuan for 2025, indicating a significant growth trajectory [5][6]. Group 4: Revenue Structure and Software Ecosystem - In 2024, over 97% of the company's revenue came from its integrated training and inference products, highlighting its successful penetration into high-end markets [6][7]. - The MXMACA software stack supports over 6,000 CUDA applications, facilitating a developer ecosystem with over 150,000 registered users and 13 million API calls, which enhances the company's software capabilities [6][7]. Group 5: Research and Development - Mu Xi's R&D expenses reached 901 million yuan in 2024, accounting for 121.24% of its revenue, reflecting a strong commitment to innovation [7]. - The company holds 245 invention patents and has developed the MetaXLink high-speed interconnect technology, positioning it competitively in terms of performance and scalability [7]. Group 6: Market Demand and Future Outlook - The demand for intelligent computing centers in China is projected to grow significantly, with a forecasted resource demand of 9,480 MW by 2027, driven by the rapid evolution of AI models [7][8]. - Mu Xi's full-stack self-research capabilities and experience in cluster-level delivery are expected to secure a significant position in the domestic high-end GPU market [8].

近日，由大疆核心产品线Inspire悟系列前负责人欧迪创立的机器人平台公司璇玑动力，完成近亿元天使轮 融资，本轮融资由御海资本、兰璞创投与步长家办联合投资。 据了解，本轮融资将重点用于行业级四足机器人的量产及消费级产品的研发。公司首款行业级四轮足机器 人将于今年12月启动交付；消费级产品计划于明年正式发布。 深圳璇玑动力科技有限公司成立于2024年6月，核心团队均来自大疆，创始人欧迪拥有深厚的高端制造与 机器人领域积淀，作为大疆Inspire悟系列的产品负责人，他主导了这款大疆从0到1全平台自主研发产品的 完整生命周期，该系列凭借全面的技术体系与超高系统复杂度，长期保持全球领先地位。此外，欧迪还曾 担任大疆全平台预研及在产产品线审核评判组组长，积累了从产品定义、核心研发到大规模量产的全流程 管控经验。 整个团队拥有丰富的高端制造与机器人系统工程经验，在复杂产品系统协同、工程优化与供应 链管理方面优势显著。 全栈自研突破技术瓶颈，轴向磁通电机领跑行业 技术全栈自研是璇玑动力的核心竞争力，公司坚持核心零部件与机器人本体全栈自主研发，构建了从电机 到整机的完整技术闭环。其自主研发的轴向磁通（axial-flux）电 ...