曾经"百模齐放"的狂热竞争逐渐落幕，行业告别"参数竞赛"的草莽时代，进入了"商业闭环"的验证期。 撰稿小豹，全文3300字，欢迎点击文首订阅豹速科技财经。 年初的港股市场，两大AI大模型独角兽智谱与MiniMax先后敲响上市钟声。 智谱以"稳健"姿态拉开序幕，1月12日午后一度涨超60%，总市值突破千亿港元。 MiniMax首日涨幅即高达109.09%，市值突破千亿港元大关。 这场"背靠背"的资本演出，不仅为投资者奉上了年度"科技盛宴"，更如同一面多棱镜，映照出AI大模型产业在商业化探索中形成的两种生存哲学与发展路 径。 在全球AI竞争进入深水区、商业化压力与日俱增的背景下，这两家企业的"上市答卷"与路径分野，为AI产业下一步的演进提供了宝贵的观察窗口。 1 技术基因决定商业路径： MaaS深耕与C端破局 智谱与MiniMax的商业模式分野，并非一朝一夕的市场选择，而是其"创始基因"在商业战场上的必然投射。 智谱的骨子里流淌着清华系的"厚重"血液。作为清华大学技术成果转化的标杆企业，智谱选择了MaaS（模型即服务）这条"被集成"之路。 这种"To B再To C"的路径，优势在于客户粘性高、收入稳定，形成了以A ...

文 | 新识研究所 抖音又把手伸到了腾讯阿里的地盘。 据Tech星球消息，"抖音买单"功能也就是抖音线下支付，已在上海、深圳、杭州等一线城市开启试点。 用户在门店消费时，不再需要切换App，只需打开抖音扫描官方二维码，输入金额，便可选择抖音支 付、支付宝或微信支付完成付款，整个过程在抖音App内丝滑闭环。 这被视为抖音商业化版图的最后一块，也是最关键的一块拼图。抖音这个手握超过8亿日活用户的流量 帝国，终于将触角从线上内容、电商、本地生活，伸向了线下支付这个最基础、最高频的商业场景。 然而，支付江湖早已不是一片蓝海。 据中国支付清算协会数据，2025年第一季度微信支付市场份额达到59.7%，支付宝则为36.2%，两者合 计占据超90%的市场。近年来，两者的份额比例一直处于"五五开"的拉锯状态。 从细分场景看，易观分析数据显示，微信支付凭借社交优势，在线下小额高频场景如餐饮、零售渗透率 达63.1%，日均使用频次是支付宝的1.5倍。支付宝在大额支付场景如网络购物、生活缴费中保持优势， 用户月均支付金额是微信支付的2.3倍。 面对这样铜墙铁壁般的格局，抖音携万钧流量而来，更像是一场"防御性进攻"。其目标并非颠覆支 ...

Core Insights - The article discusses the integration of Qwen APP with Gaode, transforming it into a personal assistant that connects AI with real-world applications [3][6] - Alibaba aims to create an "AI-native C-end super entrance," allowing users to perform various tasks seamlessly within a single app [3][8] - The focus has shifted from mere AI capabilities to practical applications that solve real user problems, marking a new phase in AI development [7][10] Group 1: Integration and Functionality - Qwen APP's integration with Gaode enables it to provide real-time geographic information and decision-making capabilities for users [4][6] - The app can assist users in unfamiliar cities by suggesting restaurants, hotels, and travel plans, utilizing Gaode's extensive data [4][5] - Users can expect a comprehensive service that includes planning trips, making reservations, and processing payments all within the app [3][9] Group 2: Market Position and Growth - Qwen APP has quickly become the fastest-growing AI application globally, with a growth rate of 149.03% in monthly active users since its public testing began [9] - The app is positioned as a central hub for Alibaba's various services, including maps, e-commerce, and local life, creating a robust ecosystem [8][9] - The integration of AI with real-world applications is seen as a significant competitive advantage in the evolving AI landscape [17][18] Group 3: Strategic Vision - Alibaba's strategy focuses on building an "entity-based ecological advantage" in the AI era, leveraging its extensive offline service network [15][17] - The company aims to transform its entire business model into an "AI model," similar to Google's approach with its Gemini application [12][18] - The ambition is for Qwen to become the super entrance of the AI era, expanding its reach into various sectors such as food delivery, ticketing, and shopping [18]

Core Viewpoint - Xiaohongshu has made a strategic move by acquiring a payment license, but it simultaneously announced the suspension of its local life membership program "Xiaohong Card," indicating a complex strategic landscape with both expansion and contraction elements [1][8]. Group 1: Payment License Acquisition - Xiaohongshu acquired 100% of Dongfang Electronic Payment Co., Ltd., gaining a payment license that allows for core functions such as user recharge, consumption, and transfer, which aligns with its e-commerce and local life payment needs [3][10]. - The acquisition of the payment license is expected to optimize cost structures, improve merchant settlement efficiency, and provide valuable data assets for the platform [3][10][11]. - Previously, Xiaohongshu relied on third-party payment channels, incurring high transaction fees estimated at around 2.4 billion yuan annually based on a projected GMV of over 400 billion yuan for 2024 [2][9]. Group 2: Suspension of Xiaohong Card - The "Xiaohong Card," launched in September 2025 with an annual fee of 168 yuan, aimed to create a premium membership experience in cities like Shanghai, Hangzhou, and Guangzhou, but will be suspended starting January 1, 2026 [5][12]. - The suspension is attributed to high operational costs and a mismatch with Xiaohongshu's core online content-driven model, which contrasts with the "heavy operation" nature of local life services [5][12][13]. - The decision to pause the program allows Xiaohongshu to reallocate resources towards more critical areas, particularly the integration of its e-commerce and payment systems [6][13].

Core Viewpoint - The recent announcement by Xiaohongshu to suspend its local life membership product "Xiaohong Card" indicates challenges in establishing a successful business model in the competitive local life market, despite the platform's strong community influence and user engagement [1][5][6]. Group 1: Product Launch and Suspension - Xiaohongshu's "Xiaohong Card" was launched on September 8, 2023, during the third "Street Life Festival" but will be suspended from January 1, 2026, with full refunds for users [1][4]. - The company aims to refocus resources on enhancing local life content and tools rather than continuing the card's trial operation [4][8]. Group 2: Market Position and Strategy - The "Xiaohong Card" was intended to create a paid model based on community trust, differentiating itself from competitors like Meituan and Dazhong Dianping by focusing on high-quality, niche offerings [5][7]. - Despite the initial goal of not prioritizing GMV, the limited user engagement and merchant coverage have raised concerns about the card's effectiveness in driving actual transactions [8][9]. Group 3: Competitive Landscape - The local life service market is projected to grow to 35.3 trillion yuan by 2025, with a compound annual growth rate of 12.6%, indicating a lucrative but highly competitive environment [10]. - Major players like Meituan and Douyin have established strong positions, making it challenging for Xiaohongshu to carve out a niche without a robust merchant network and competitive pricing [12][13]. Group 4: Future Directions - Xiaohongshu remains committed to the local life sector, planning to enhance its content and tools to assist users in discovering quality local options, despite the suspension of the Xiaohong Card [14][15]. - The company acknowledges the need for a more effective commercial model and aims to innovate its approach to achieve a sustainable business strategy in the local life market [14].

小红书继续加码本地生活。 近期，小红书上涌现大量服务商发布的招商信息，承诺为入驻商家提供从流量扶持、权益激励到一站式运营的全链路服务。 这是小红书继9月上线"小红卡"后的又一次布局。而如今本地生活赛道早已群狼环伺，成为各大巨头的必争之地。 小红书能否啃下本地生活这块蛋糕？ 01 小红书加码本地生活 小红书继续加码本地生活。 近期，小红书上涌现大量本地生活服务商发布的招商信息，承诺为入驻商家提供从流量扶持、权益激励到一站式运营的全链路服务—— 商家入驻限时0保证金；提供门店、商品、笔记一站式经营管理工具；专属商品笔记有流量扶持以及有专属培训课...... 招商类目方面，据某MCN机构创始人通过其公众号表示，目前小红书正在美食餐饮、运动健身、休闲娱乐及生活服务等类目展开全面招商。 平台的扶持政策为商家降低了入驻门槛，除此之外部分商家有更深层需求：获取流量并实现销售转化，这种需求被服务商捕捉到并构建出差异化服务体 系。 以上信息得到小红书合作伙伴的侧面印证。 有赞在其官网发布于11月16日的文章中指出，对于绝大部分小红书团购新商家，目前平台采用"0元入驻"政策。当前大部分团购类目对新入驻商家不收取 年费和月费。 至 ...

沐曦股份的上市进程堪称光速。从上市申请获受理到过会的周期仅为116天，从过会到拿到批文仅20 天。这样的审核速度，在科创板历史上也属罕见。 沐曦股份成立于2020年，正是国内GPU创业热潮涌动的年份。那一年，国家集成电路产业投资基金二期 （即"大基金二期"）启动，重点支持GPU和AI芯片等高端芯片的国产化。 从股东阵容来看，沐曦股份汇聚了国内顶级的风险投资机构、产业资本及具有国资背景的基金。 私募大佬葛卫东和其创立的混沌投资分别持有沐曦股份1433.82万股、1259.97万股，持股比例分别为 3.98%和3.5%，为公司第五、第六大股东。经纬创投、红杉资本等知名机构也现身股东名单。 截至2025年3月最后一轮融资，沐曦股份的估值已达210.71亿元，成功跻身独角兽行列。而与其同日递 交招股书的摩尔线程，Pre-IPO轮融资时的投前估值已达246.2亿元。 高估值背后的巨额亏损 与高估值形成鲜明对比的是，沐曦股份至今尚未实现盈利。财务数据显示，2022年至2024年，沐曦股份 营收分别为42.6万元、5302.1万元和7.43亿元，增速显著。 但同期净亏损分别为7.8亿元、8.7亿元、14.1亿元，三年总亏3 ...

Core Insights - The article discusses the emergence of Xiaohongshu Venture Capital in Shenzhen's investment scene, highlighting its rapid investment capabilities and unique approach to deal-making [1][3][5]. Investment Strategy - Xiaohongshu Venture Capital has invested in nearly 10 startups within six months, showcasing a preference for quick decision-making and minimal due diligence [5][9]. - The team can complete investments within 24 hours, often bypassing traditional due diligence processes, which has led to a competitive environment among seasoned investors [3][5]. - Xiaohongshu is willing to increase valuations by 20%-30% to secure exclusive investment opportunities, with investments typically ranging from several million to over 10 million USD [5][10]. Market Position - The valuation of Xiaohongshu surged by 19% in just three months, reaching 31 billion USD, indicating a shift in investor perception from a mere traffic platform to a platform giant with a complete business ecosystem [9][10]. - The company aims to build an ecosystem rather than focusing solely on short-term financial returns, as evidenced by its active investment strategy [8][10]. User Engagement - As of August 2025, Xiaohongshu's monthly active users exceeded 350 million, with an average daily usage time of over 74 minutes, reflecting strong user engagement [11]. Strategic Acquisitions - Xiaohongshu's acquisition of Guangdong Oriental Electronic Payment Co., Ltd. for 100% ownership is seen as a strategic move to complete its commercial ecosystem by obtaining a payment license, reducing reliance on third-party payment platforms [10].

Core Insights - The article discusses the rapid investment activities of Xiaohongshu Ventures in Shenzhen's investment landscape, highlighting its aggressive approach to funding startups and its strategic positioning in the market [3][4][10]. Investment Trends - Xiaohongshu Ventures has invested in nearly 10 startups within six months, showcasing a fast-paced investment strategy that can complete deals in as little as 24 hours [4][5]. - The firm is known for its "lightning investment" approach, often skipping due diligence to expedite the investment process, which has raised eyebrows among traditional investors [4][5]. Market Positioning - Xiaohongshu is shifting its perception from a mere traffic platform to a platform giant with a complete business ecosystem, as evidenced by its valuation surge to $31 billion within three months [8][9]. - The company aims to build an ecosystem rather than focusing solely on financial returns, indicating a long-term strategic vision [8][9]. User Engagement - As of August 2025, Xiaohongshu's monthly active users exceeded 350 million, with an average daily usage time of over 74 minutes, reflecting strong user engagement [10]. Strategic Acquisitions - The acquisition of Guangdong Oriental Electronic Payment Co., Ltd. for 100% ownership is seen as a critical move to complete Xiaohongshu's commercial ecosystem by securing a payment license [9].

Core Insights - The "Qixing Mountain Camel Cup" extreme wilderness survival challenge has become a phenomenon, attracting over 5 billion clicks online and generating significant commercial interest [3][5] - The event has led to a 30% year-on-year increase in tourism revenue for Zhangjiajie, with the sponsor Camel Clothing achieving over 30 million in sales [6][19] Event Overview - The event is hosted by Zhangjiajie Qixing Mountain Scenic Area and organized by Lao Liu Wilderness, with exclusive sponsorship from Camel Clothing [5][6] - The competition has garnered massive attention, with participants gaining popularity and being sought after by MCN agencies [3][14] Commercial Impact - The event has significantly boosted ticket sales for the scenic area, although specific growth figures have not been disclosed [4][5] - Camel Clothing's products, particularly the "Wangzhe Kaijia ICON" jacket, have been prominently featured, leading to increased brand exposure and sales [6][19] Social Media and Audience Engagement - The event has resulted in a dramatic increase in followers for the organizing account, with a 770% growth in just eight months [5] - Participants have leveraged their newfound fame on social media, with some amassing tens of thousands of followers [15][17] Long-term Viability - Analysts suggest that while the event has created a temporary surge in interest, sustaining this momentum will require ongoing engagement and innovation [7][18] - The potential for participants to become long-term influencers remains uncertain, as many may only achieve short-lived fame [18] Strategic Marketing - Camel Clothing has established a dedicated product category for "Wilderness Survival" items to capitalize on the event's traffic [9][11] - The brand's marketing strategy has been closely aligned with the event, enhancing its visibility during major sales events like Double Eleven [12][19]