以铜为镜，可正衣冠；以史为镜，可知兴替。 信息科技以惊人的速度发展，并在每次科技变革中，都会涌现出耀眼的独角兽企业。如今的生成式AI时代，OpenAI无疑是全球最耀眼的大模型独角兽，国 内也涌现出无数大模型企业，仅完成备案的生成式AI的数量就达748个。 图片来自智谱官网 其中，MiniMax、智谱AI、百川智能、零一万物、月之暗面与阶跃星辰这六家大模型初创企业，有大模型"六小虎"之称，受到资本青睐。 一方面，月之暗面近期获得了一笔5亿美元的融资。MiniMax与智谱AI则通过赴港上市，共筹得超91亿港元，显示出受到资本追逐。 另一方面，人工智能历经70年发展，从神经网络到深度学习，到如今进入生成式AI时代，各界纷纷顺势而为，加速向智能化升级。由此，驱动全球人工智 能市场呈现快速发展态势。随着AI大模型快速发展，人工智能迎来前所未有的发展机遇，市场潜力巨大。 还有，无论是To C端还是To B端，均展现出强劲的发展态势。就C端个人用户而言，正深刻重塑信息获取方式，通过豆包、DeepSeek、Kimi等大模型的自然 交互获取信息，大有取代传统搜索引擎的态势，成为用户获取信息新入口。 面向企业的B端市场，特别是在 ...

格隆汇1月13日丨德艺文创(300640.SZ)在投资者互动平台表示，公司始终将创意家居产品研发创新作为 企业发展的基础。公司结合自身产品体系及业务布局，利用AI等数字化智能化技术赋能产品研发设 计，目前正与相关方合作搭建基于生成式AI的文创产品研发设计平台，整合AI设计工具与数据分析能 力，着重于提升设计部门创意产出效率和质量，以AI设计创新配合公司拓展市场，确保公司设计的产 品满足客户的需求。 ...

Core Viewpoint - The stock performance of WanKa YiLian (1762.HK) has been impressive, with a rise of over 15% as of January 12, driven by its strategic positioning in the GEO (Generative Search Engine Optimization) sector and its advantages in ecological collaboration [1] Group 1: Market Trends - The global AI search user base is projected to exceed 1.98 billion by 2025, indicating a rapid shift in user information retrieval habits from "search links" to "generated answers" [2] - By 2026, approximately 25% of traditional search traffic is expected to transition to AI Q&A platforms, creating substantial demand for GEO [2] Group 2: Company Positioning - WanKa YiLian is establishing a comprehensive competitive advantage suitable for the GEO era, positioning itself as a pioneer and potential beneficiary in the sector [3] - The company has deep partnerships with manufacturers to secure core traffic entry points and has accumulated vast amounts of data, totaling 28 billion records, with over 7.2 million new records added daily [3] - Daily data queries reach 2.35 million, with a data scanning volume of 15.8 TB, enabling the company to accurately analyze user search intentions and generate structured content for AI citation [3] Group 3: Technological Advancements - The company is investing in AI technology to build core capability barriers, including collaboration with Alibaba Cloud to develop AI agents for various life services [3] - Continuous investment in AI data annotation and corpus construction is being made, alongside the establishment of standardized AI data interface platforms with top mobile manufacturers [3] Group 4: Business Model Evolution - GEO is set to transform the commercial monetization landscape, shifting from low advertising revenue to high-value service commission models for mobile manufacturers [4] - WanKa YiLian acts as a crucial bridge between mobile manufacturers and application ecosystems, leveraging its experience in commission monetization from gaming partnerships to expand into diverse transaction applications like ride-hailing, food delivery, and e-commerce [4]

明略科技-W(02718)午后涨超13%，截至发稿，涨12.36%，报258.2港元，成交额4574.52万港元。 国信证券发布研报称，据明略科技数据，国内已有超80%的用户通过AI获取消费信息，近35%消费者每 日高频互动，消费者向AI咨询消费类问题已经成为日益主流的行为。随着生成式AI推动传统搜索方式 变革，当前GEO市场快速增长，据明略科技数据，2026年全球GEO市场规模将达240亿美元，预计到 2030年全球GEO市场规模有望达到1000亿美元。 消息面上，近日，明略科技旗下全球化AI创意测试产品AdEff(AdEff.com)，正式宣布进入印度尼西亚市 场，开始为印尼本地品牌广告主和创意代理机构提供AI驱动的创意测试及筛选服务。该产品基于明略 科技自主研发的超图多模态大语言模型（HMLLM）开发，采用大模型及混合专家模型协同架构，可快 速、准确预测消费者对广告的主观反应和广告效果，并给出优化建议。 ...

Core Insights - MiniMax has been rated "Buy" by CITIC Securities, highlighting its strategic focus on model intelligence breakthroughs amidst the global generative AI wave [1][5] - The company is one of the first in Shanghai to obtain large model registration, showcasing strong development potential through technological depth and commercial foresight [1][5] Company Strategy - MiniMax discards traditional thinking of "traffic as a barrier" and concentrates resources on model research and development [1][5] - The founder, Yan Junjie, possesses top-tier research capabilities and ToB commercialization experience, having previously led a team to create a leading facial recognition algorithm that generated over 2 billion yuan in smart city business revenue [1][5] - The strategic focus will shift to "technology iteration" in 2025, with plans to streamline inefficient teams and reduce marketing expenses to concentrate on core areas like multimodal interaction [1][5] Technological Advancements - MiniMax is adeptly navigating the second half of the Scaling Law trend, making continuous breakthroughs in architecture innovation and reasoning optimization [1][5] - The company has developed a unique layout in the multimodal field, combining "high-sensory interaction + productivity tools," with products like Talkie and Xingye accumulating vast RLHF data [1][5] Financial Performance - In the first three quarters of 2025, MiniMax achieved total revenue of 53.44 million USD, a year-on-year increase of 175%, with a diversified revenue structure driven by three main business segments [1][5] - The ToB business boasts a gross margin of 69.4%, while C-end products have also achieved a positive gross margin of 4.7%, indicating a significant recovery in profitability [1][5] Future Outlook - CITIC Securities forecasts that from 2025 to 2027, the company's revenue will maintain over 90% high-speed growth, with Non-GAAP gross margin expected to rise to 55% and net loss rate continuing to narrow [2][6] - As the AI industry transitions from tools to "digital employees," MiniMax is positioned to unlock significant opportunities in the trillion-yuan labor market, establishing itself as a leading player in the AI sector [2][6]

Core Viewpoint - The electronic and semiconductor industry is currently performing outstandingly in the dual mainline market of technology and cycles, with the global semiconductor cycle showing over nine consecutive quarters of year-on-year positive growth since Q1 2023, demonstrating unprecedented structural depth and resilience in capital expenditure [1] Industry Summary - The current semiconductor cycle, driven by GPU and generative AI, surpasses previous cycles led by consumer electronics in both duration and intensity [1] - Communication equipment, such as optical communication, benefits from the expansion of AI computing power, data center growth, and the electronic upgrade of smart vehicles, showing a structural increase in demand similar to the 5G base station construction period of 2019-2020 [1] - The core driving factor in the industry is ΔG (marginal change in profit growth), with no significant turning point observed, indicating that the AI hardware sector is likely to maintain its strength in a favorable valuation environment [1] - The commercialization of AI applications is accelerating under the resonance of policy, demand, ecology, and capital, with improvements in domestic large model capabilities driving scenario realization, although caution is advised regarding the risk of growth rate shifts due to high base effects [1] Company Summary - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which selects listed companies involved in integrated circuit design, manufacturing, packaging, testing, and related materials and equipment to reflect the overall performance of the integrated circuit industry [1] - This index features high technical content and growth characteristics, effectively representing the development status of China's integrated circuit industry [1]

21世纪经济报道记者季媛媛 每周有超过2.3亿人在AI平台上询问健康问题，全球AI医疗健康市场规模将在2026年达到560亿美元—— 这组来自OpenAI今日披露的最新动态的数据揭示了一个正在爆发的市场。 而在这个全球趋势中，中国正以前所未有的速度推进。1月11日，国家医保局发布《关于开展医保云建 设试点申报工作的通知》（以下简称《通知》）。该《通知》明确：开展"个人医保云"建设试点申报工 作，2026年2月至12月将在部分地区试点建设"个人医保云"，探索构建覆盖全人群、全周期、全场景的 智慧医保管理新范式。 《通知》主要包括三个方面：首先，深化医保数据治理，基于全国统一医保信息平台，全面、实时汇聚 并治理区域内定点医药机构的诊疗、结算、药品耗材使用等核心业务数据，建立常态化数据质控与治理 机制，确保数据真实、准确、完整。 其次，拓展医保数据来源，依法依规探索汇聚公共卫生、健康管理等数据，重点对接处理可穿戴设备、 家庭智能监测设备、体检机构数据等，促进"院内就医结算时点数据"与"院外健康传感器时期数据"的有 效融合。 此外，构建动态多维画像，运用数据分析技术，为参保人构建多维度个人画像，并动态更新。 随着国家 ...

据媒体报道称，马斯克当地时间1月10日在社交媒体平台X发文称，将在一周内正式开源X平台最新的 内容推荐算法，覆盖"所有用于决定向用户推荐自然内容和广告内容的代码"。马斯克表示，"此过程将 每四周重复一次"，同时附带开发者说明，标注算法和逻辑上的改动内容。 编辑丨瑜见 | 代码 | 名称 | 米帽 | 息金额 | 息市值 | 现价 | | --- | --- | --- | --- | --- | --- | | 920021 | 流金科技 | +27.23% | 13.22 乙 | 37.39 Z | 12.02 | | 288362 | 光云科技 | +20.02% | 16.19 乙 | 125.1 乙 | 29.38 | | 301408 | 华人健康 | +20.00% | 13.06 Z | 110.4亿 | 27.60 | | 301378 | 通达海 | +19.99% | 2.08 Z | 43.94 乙 | 45.49 | | 300244 | 迪安诊断 | +19.99% | 13.96 Z | 195.4 乙 | 31.27 | | 300063 | 天龙集团 | +19.97% | 2 ...

Core Viewpoint - MiniMax is positioned as a leading player in the AI industry, leveraging a "counter-consensus" strategy focused on model intelligence breakthroughs, which allows it to stand out amid intense competition [1] Group 1: Company Strategy and Positioning - MiniMax has been recognized as one of the first companies in Shanghai to obtain large model registration, showcasing its strong development potential through technological depth and commercial foresight [1] - The company founder, Yan Junjie, possesses top-tier research capabilities and ToB commercialization experience, having previously led a team to create a leading facial recognition algorithm that generated over 2 billion yuan in smart city business revenue [1] - The strategic focus will shift to "technology iteration" by 2025, with efforts to streamline inefficient teams and reduce marketing expenses, concentrating on core areas like multimodal interaction [1] Group 2: Financial Performance and Growth Potential - In the first three quarters of 2025, MiniMax achieved total revenue of $53.44 million, a year-on-year increase of 175%, with a diversified revenue structure driven by three main business segments [2] - The ToB business boasts a gross margin of 69.4%, while C-end products have also achieved a positive gross margin of 4.7%, indicating significant recovery in profitability [2] - Projections indicate that from 2025 to 2027, the company's revenue will maintain over 90% high-speed growth, with Non-GAAP gross margins expected to rise to 55% and net loss rates continuing to narrow [2] Group 3: Market Opportunities and Competitive Advantage - MiniMax is positioned to unlock significant opportunities in the trillion-level labor market by transitioning from tools to "digital employees" in the AI industry [2] - The company aims to establish a competitive moat through model intelligence, leveraging technological accumulation, team advantages, and a clear commercialization path [2]

Core Insights - The article discusses the ongoing competition among tech giants in the AI space, particularly focusing on the integration of AI into e-commerce and the implications for traditional shopping platforms [2][4][12]. Group 1: AI Integration in E-commerce - Walmart and Google announced a partnership to integrate Walmart's products into Google's Gemini, allowing users to browse and purchase items directly within the AI interface [3]. - The introduction of OpenAI's "Instant Checkout" feature in September 2025 marked a significant shift, enabling users to complete purchases without leaving the AI chat interface [7]. - On Black Friday 2025, AI-driven shopping led to a record online spending of $11.8 billion in the U.S., reflecting a 9.1% increase from the previous year, highlighting AI's growing role in consumer decision-making [4]. Group 2: Competitive Landscape - The competition is evolving into a three-way battle among shopping platforms, search engines, and large model developers, with each vying for control over the transaction entry point [4][12]. - OpenAI's rapid user growth and the introduction of features like SearchGPT have posed a direct threat to Google's traditional search model, which has dominated the market for two decades [9][11]. - Google's response to the AI challenge included the launch of its own large model, Gemini, which aims to enhance its search capabilities and maintain its market position [10][12]. Group 3: Responses from E-commerce Giants - Amazon has taken defensive measures by restricting AI companies' access to its platform, indicating its concern over losing control of the shopping process [15]. - In contrast, Shopify has adopted a more collaborative approach, allowing AI tools to assist in transactions while ensuring that the final payment process remains within its ecosystem [17]. - The differing strategies of Amazon and Shopify reflect their underlying business models, with Amazon focused on maintaining its revenue from search and advertising, while Shopify aims to facilitate transactions for merchants [17][18]. Group 4: Future Implications - The article suggests that while AI shopping tools are still in their early stages, they are beginning to disrupt traditional commercial structures, indicating that no company can remain unaffected by these changes [19]. - The ongoing evolution of AI in e-commerce is expected to redefine the boundaries of search, transaction, and decision-making processes, rather than simply replacing existing systems [18].