数字人民币重大调整,利好金融 IT 和三方支付 [Table_Industry] 综合金融 ——金融科技行业双周报第二十期 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 孙坤(分析师) | 021-38038260 | sunkun@gtht.com | S0880523030001 | 本报告导读： 数字人民币迎利好，允许数币付息和部分准备金制度落地、跨境支付政策落地，利 好金融 IT 和三方支付；部分金融科技行业持续严格监管。 投资要点： 综合金融《数币余额开始付息，供需双向促规模 增长》2026.01.03 综合金融《数币体系升级，规模有望加速增长》 2025.12.29 综合金融《大模型第一股将上市,百融云发布 RaaS 战略》2025.12.22 综合金融《投融资再平衡持续，股权融资逐步回 暖》2025.12.22 股 票 研 究 研 究 报 告 请务必阅读正文之后的免责条款部分 行 ...

小米汽车2026年目标定了。 今日（1月4日）早间，小米创始人、董事长兼CEO雷军在社交平台发文称，"小米汽车，去年交付目标 30万辆，后来提升到35万辆，最终全年交付超过了41万辆。昨晚直播，我公布了2026年交付目标：55万 辆。希望今年也能超额完成。感谢车主朋友们支持！" 谈到2026年的计划，雷军表示，小米将聚焦三个方面。一是坚持技术立业，过去五年小米在技术研发上 差不多投了1050亿元，未来五年至少会投2000亿元。二是加大对大模型的投入，用AI全面赋能。三是 坚持为用户打造"人车家全生态"的体验，把产品做到极致。 就在前一日晚间，雷军举办了新年第一场直播，该直播以工程师现场拆解全新小米YU7为主要形式展 开，并回应了部分网络谣言。 雷军在直播中称，欢迎更多的博主来拆解小米的汽车。他同时表示，人不可能违背良心，去说一些假的 内容。"特别希望大家能说一些公道话，不要为了流量去故意夸大，故意找茬。"雷军说。 直播中，雷军坦言，过去一段时间扑面而来的质疑，让他们有点懵。其中不少是恶意的抹黑，包 括"7000法务""不让农民卖小米""绿化带战神"等，甚至他自己发健身的微博也会被骂。网络尬黑也给他 造成了很大 ...

Core Viewpoint - The article discusses the strategic decisions made by the company "月之暗面" (Kimi) regarding its funding and market approach, emphasizing its preference for private funding over public listing at this stage, while also outlining its ambitious plans for technological advancements and product development [5][6][8]. Funding and Market Strategy - The company recently completed a $500 million (approximately 3.5 billion RMB) Series C funding round, significantly exceeding its initial target, with a post-money valuation of $4.3 billion [7]. - Notable investors in this round included IDG, Alibaba, Tencent, and Meituan's co-founder Wang Huiwen, highlighting strong market confidence in the company [7]. - The CEO, Yang Zhilin, stated that the company is not in a hurry to go public, believing it can raise more capital through private markets than through IPOs [6][8]. Technological Advancements - The funding will be used to aggressively expand GPU resources and accelerate the training and development of the K3 model, aiming to enhance its capabilities significantly [10]. - The company plans to achieve a tenfold increase in the effective FLOPs of the K3 model and introduce unique features that differentiate it from competitors [10]. - Recent product launches include new intelligent agent functionalities and the Kimi-K2 model, which boasts 1 trillion parameters, positioning the company among a select few capable of developing such large models [12][13]. Commercialization and User Growth - Kimi has implemented a tiered subscription model for its services, resulting in a significant increase in paid user growth, with a monthly average increase of over 170% from September to November [15]. - The release of K2 Thinking has led to a fourfold increase in overseas API revenue during the same period [15]. Company Culture and Leadership - The company fosters a unique and efficient culture characterized by direct communication among top talent, allowing for high productivity with smaller teams [16][19]. - CEO Yang Zhilin, a highly accomplished individual with a strong academic background, is considered a key asset to the company [19]. - The company has shifted its focus from aggressive marketing to enhancing its foundational algorithms and model capabilities, maintaining a long-term strategic vision despite short-term user engagement fluctuations [19].

1月3日晚，小米创始人，董事长兼CEO雷军正式开启新年第一场直播。这次直播，雷军携团队在工厂现 场拆了一台小米YU7，并在拆车过程中带着零部件边演示边回应了大家关注的"门把手安全""丢轮保 车"等热门技术话题。 同时，雷军还回应了"小字营销""绿化带战神""不让农民卖小米"等此前热议话题。雷军表示，2026年将 会把更多精力放在小米汽车上，小米汽车去年交付了41万辆车，2026年的交付目标是55万辆。（戳以下 视频了解↓↓） "希望大家能说公道话"，今年目标交付55万辆 雷军表示，这次拆车是为了回应过去这段时间网上对小米汽车的各种问题，过去小米回应得很少，是因 为觉得好产品自己会讲话，清者自清，不要不停地自证。但是前段时间看到不少的米粉朋友们建议还是 要主动及时地回应，过去一年里面要回应的问题特别多，打算分期分批来回应，今天首先回应YU7产品 相关的。 雷军称，"小米YU7发布后一直比较火，我们用料扎实，还是比较自信的。这次拆车可以进一步了解小 米汽车"。 拆解"门把手解锁""丢轮保车"等安全设置 在拆车直播中还特别提到了备受关注的门把手安全话题。 小米整车研发负责人崔强、小米汽车副总裁李肖爽现场介绍称，小米 ...

Core Viewpoint - Xiaomi aims to deliver 550,000 vehicles by 2026, building on a successful 2022 where over 410,000 vehicles were delivered, surpassing the initial target of 300,000 and later 350,000 [1][4]. Group 1: Delivery Goals - In 2022, Xiaomi's delivery target was initially set at 300,000 vehicles, later raised to 350,000, and ultimately exceeded with over 410,000 vehicles delivered [1]. - The new target for 2026 is set at 550,000 vehicles, indicating a strong growth trajectory [1][4]. Group 2: Company Strategy - Xiaomi plans to focus on three main areas: 1. Commitment to technology development, with an investment of approximately 1,050 billion yuan over the past five years and a planned investment of at least 200 billion yuan over the next five years [4]. 2. Increased investment in large models and AI to enhance overall capabilities [4]. 3. Creating a comprehensive "human-vehicle-home ecosystem" to optimize user experience [4]. Group 3: Public Relations and Marketing - CEO Lei Jun addressed recent criticisms and misinformation about the company, emphasizing the importance of objective feedback and the need to combat malicious attacks on the brand [3]. - Lei Jun acknowledged the industry's tendency for "small print marketing" and committed to improving transparency in promotional materials [3][4].

雷军在直播中致歉推迟直播："先说个抱歉，这是一场迟到的直播，原定的跨年直播，因为我 感冒了，最后推迟到今天晚上，虽然是推迟了，但不小心就成了2026年的第一场大型直播，所 以也挺有意义的。" 雷军称拆车是为回应网络传言 1月3日晚上，小米创办人、董事长兼CEO雷军进行2026年的第一场直播，现场直播工程师拆 一台新的小米YU7。 此次直播，雷军回应了多个大众关心的热点问题。 直播中，雷军表示，这次拆车是为了回应一些过去这段时间网上对小米汽车的各种问题，过去 小米回应得很少，是因为觉得好产品自己会讲话，清者自清，不要不停地自证。但是前段时间 看到不少的米粉朋友们建议还是要主动及时地回应，过去一年里面要回应的问题特别多，打算 分期分批来回应，今天首先回应YU7产品相关的。 图/雷军直播视频截图 图/雷军直播视频截图 雷军称，小米YU7发布后一直比较火，我们用料扎实，还是比较自信的。这次拆车可以进一步 了解小米汽车。 雷军还提到，有一个拆车博主说他为什么拆小米的车呢？小米的车特别火，你说它好会火，说 它不好也会火。但总体说来，说他不好更高一些。所以他刚开始也是抱着挑毛病的心态来拆 的，拆完以后发现确实还可以。他讲了 ...

Group 1 - The core announcement is that Kunlun Chip has applied for a mainboard listing on the Hong Kong Stock Exchange, with plans to reflect its value more comprehensively through this split [2][20] - The IPO timeline is expected to be accelerated, with a potential application submission in Q1 2026 and completion by early 2027 [2][20] - Kunlun Chip, which specializes in AI chips, has achieved a post-financing valuation of 21 billion yuan as of July 2025 [4][22] Group 2 - The split is anticipated to enhance Kunlun Chip's image among clients and partners, facilitate independent access to capital markets, and improve management focus [6][25] - The company is projected to generate over 1 billion yuan in revenue in 2024 and reach 5 billion yuan in 2025, with a potential valuation increase to 100 billion yuan [6][25] - The split is seen as a strategic move to mitigate sanction risks and attract more investment [6][24] Group 3 - Following the announcement, Baidu's stock surged by 15%, pushing its market capitalization above 50 billion USD [8][27] - Baidu has been a pioneer in AI investments, and the internal emphasis on chip development has increased significantly in recent years [8][27] - The company plans to launch new AI chip products, M100 and M300, in 2026 and 2027, respectively, with a commitment to annual product releases [10][29] Group 4 - The P800 chip, designed for large model training, has been a significant milestone, capable of supporting extensive training tasks for multiple enterprises [12][34] - The company aims to expand its cluster scale to one million cards by 2030, showcasing its technical capabilities [12][31] - Kunlun Chip has secured major contracts, including a significant order from China Mobile, indicating its growing market presence [12][34]

Core Insights - The article discusses the evolving landscape of AI tools, highlighting the lack of user loyalty and the rapid adoption of various AI models as they emerge in 2025 [12][13][46]. - It emphasizes the competitive nature of AI tools, where users frequently switch between different platforms based on their immediate needs and functionalities [10][15][46]. Group 1: User Behavior and Preferences - Users exhibit a "cyber infidelity" attitude towards AI tools, constantly switching based on which tool meets their current needs best [10][12]. - The emergence of new AI tools like Gemini3 has led to a significant shift in user preferences, with users quickly abandoning previous favorites for newer, more capable options [22][34]. - The article illustrates how users prioritize functionality and reliability over brand loyalty, often choosing tools that save them time or enhance their productivity [15][19][46]. Group 2: AI Tool Performance and Features - Gemini3 is highlighted for its impressive ability to analyze YouTube videos, outperforming other tools in terms of accuracy and information density [22][34]. - Users have reported that while tools like ChatGPT have improved, they still face challenges with context retention and accuracy, leading to frustration [20][52]. - The article notes that the integration of AI tools into existing workflows is becoming more seamless, with users increasingly relying on comprehensive ecosystems like Google's suite of tools for their functionality [44][46]. Group 3: Market Dynamics and Trends - The rapid rise in demand for AI tools has led to a booming market for account reselling, with prices for access to tools like Gemini3 skyrocketing shortly after their release [30][34]. - The article suggests that as new AI tools emerge, the market will continue to evolve, with users advised to opt for flexible subscription models to adapt to changing preferences [37][46]. - The future of AI tools is expected to focus on multi-modal capabilities and seamless integration across different platforms, as users seek more cohesive experiences [49][55].

Core Viewpoint - Lei Jun, the founder and CEO of Xiaomi, conducted a live stream to address various concerns regarding the new Xiaomi YU7 car, responding to online rumors and emphasizing the company's commitment to technology and safety [2][15]. Group 1: Company Strategy and Goals - Xiaomi plans to focus on three main areas for 2026: maintaining a commitment to technology, increasing investment in AI, and enhancing the user experience across its ecosystem of products [4]. - The company has invested approximately 105 billion yuan in technology research and development over the past five years and plans to invest at least 200 billion yuan in the next five years [4]. - Xiaomi's automotive delivery target for 2026 is set at 550,000 units, with a previous achievement of 410,000 units delivered in 2025, surpassing the initial target of 350,000 units [4][8]. Group 2: Product Development and Safety - The live stream featured a detailed disassembly of the Xiaomi YU7, showcasing the vehicle's construction and addressing public concerns about its safety and technology [6]. - Lei Jun highlighted the importance of the Electronic Stability Program (ESP) for safe driving, especially in slippery conditions, and introduced a wet mode to enhance safety [9]. - The Xiaomi YU7 has undergone a 25% offset collision test, demonstrating a safety strategy called "wheel loss to protect the car," which aims to mitigate impact forces [12]. Group 3: Addressing Online Criticism - Lei Jun expressed concerns about online criticism and misinformation, stating that the company will strengthen its legal team to combat malicious attacks and rumors [15][16]. - The company aims to clarify misconceptions, such as the rumor about "7000 legal staff," which Lei Jun denied, emphasizing the need for a more robust legal framework to protect the brand [16][17]. - Xiaomi has conducted 484 advanced driving training sessions in nine cities, with over 10,620 participants, to promote safe driving practices among its car owners [14].

1月3日晚，小米CEO雷军举行了新年直播，直播中他与小米集团公关部总经理徐洁云、小米汽车副总裁 李肖爽回应了近半年对小米汽车的几乎所有负面质疑。 关于"绿化带战神" 徐洁云表示，就是有人在刻意收集这些视频，再加上恶意的剪辑，然后贴上"绿化带战神"这几个字的标 签，到处在推，这就是带节奏贴标签的过程。 让其感到愤慨的是，小米的车主收到了很多莫名其妙的账号的人身攻击，车主提了车，在社交媒体上做 一段分享，这本来是件特别好的事，但是评论区就碰到各种各样特别恶意的人身攻击，这让人真的非常 非常愤怒，针对这种非常典型的贴标签恶意攻击的水军行为，坚定的会和车主站在一起。 徐洁云还拿烟台警方最近破获的水军案举例，12个人控制8000多个账号。 雷军表示有时候在留言区、在直播间、在短视频平台上看到成千上万条信息，在骂小米、黑小米的时 候，那实际上背后就是几千人。 雷军认为骂小米确实有流量，但是一定要客观，不要故意抹黑，故意地断章取义，不要这样干，这样干 是违法行为。 "我们非常关注真实用户的声音，只要大家说的对的，我们都会认真的倾听，然后对于那些造谣抹黑的 攻击小米车主的行为，我们也绝对不会姑息，这个不仅仅是为了小米的声誉， ...