1月13日早盘，三大指数集体高开后下挫，截至午盘，沪指跌0.03%，深成指跌0.31%，创业板指跌0.83%。沪深两市半日成交额2.47万亿，较上个交 易日放量2157亿。盘面上热点快速轮动，全市场超2800只个股下跌。 从板块来看，AI应用、锂矿、黄金、CRO概念股活跃。商业航天概念股大幅下挫；算力硬件产业链走低，CPO、服务器方向领跌；稳定币、核聚 变、光伏、智能驾驶等题材纷纷下跌。 1月13日，此前持续高热的商业航天概念板块突发剧烈调整，上演"由大涨至大跌"的反转戏码。板块内个股大面积下挫，航天智装（300455）、铂力 特、高华科技、航天南湖等多股跌幅超10%，航天电子（600879）、北方导航（600435）、中天火箭（003009）、航天电器（002025）等核心标的 跌停，千亿巨头中国卫通（601698）（601698.SH）同样直接跳水跌停。 消息面上，1月12日晚间，十余家相关上市公司集中发布的风险提示公告，这也是该板块自去年12月下旬启动新一轮上涨以来，风险警示最密集的一 次。其中，航天环宇、雷科防务（002413）均明确表态，若后续股价继续异常上涨，将可能申请停牌核查，释放出监管层面的降 ...

Core Insights - Apple and Google have announced a multi-year partnership where Apple will pay Google approximately $1 billion annually for a customized version of the Gemini 3 Pro model, which has parameters of 1.2 trillion, eight times that of Apple's current cloud model, enhancing Siri's capabilities significantly [1] - The new Siri, powered by Gemini, is expected to launch in Spring 2026 with iOS 26.4, providing Apple with a 2-3 year breathing space while its own large model is still in development [2] - This collaboration allows Google to integrate its AI into over 2 billion Apple devices, further solidifying its presence in both major mobile operating systems globally, contributing to a market valuation exceeding $4 trillion [2] Summary by Sections - **Partnership Details**: Apple will utilize Google's Gemini model to enhance Siri, with a significant financial commitment of $1 billion per year for a customized version [1] - **Strategic Implications**: The partnership provides Apple with a temporary solution while it develops its own AI capabilities, and it allows Google to expand its AI reach across major platforms [2] - **Market Reactions**: Elon Musk criticized the partnership as a concentration of power, while OpenAI, a former collaborator, has become a background player in this scenario [2]

Core Insights - DeepSeek has released a new paper focusing on the conditional memory module of large models, suggesting it will be a core modeling primitive in the next generation of sparse large models [2][5][7] Group 1: Research and Development - The new paper, co-authored with Peking University, is titled "Conditional Memory via Scalable Lookup: A New Axis of Sparsity for Large Language Models" [5] - The research identifies two distinct tasks within large models: deep dynamic computation for combinatorial reasoning and static knowledge retrieval, highlighting inefficiencies in the current Transformer architecture [5][6] - DeepSeek introduces conditional memory as a supplementary sparse dimension to optimize the balance between neural computation (MoE) and static memory (Engram) [6][7] Group 2: Performance and Implications - The team discovered a U-shaped scaling law indicating that the mixed sparse capacity allocation between MoE experts and Engram memory significantly outperforms pure MoE baseline models [6] - The introduction of the memory module not only aids knowledge retrieval but also shows significant improvements in general reasoning, coding, and mathematical tasks [6][7] - The paper essentially proposes a "division of labor" optimization for large models, allowing specialized modules to handle specific tasks more efficiently [6][7] Group 3: Future Developments - Industry speculation suggests that the proposed conditional memory may be part of the technical architecture for DeepSeek's upcoming flagship model, DeepSeek V4, expected to be released around February [7] - Initial tests indicate that V4 may surpass other leading models in programming capabilities, with the previous V3 model having already outperformed OpenAI's GPT-5 and Google's Gemini 3.0 Pro in various benchmarks [7]

Core Insights - DeepSeek has released a new paper focusing on the conditional memory module of large models, suggesting it will be a core modeling primitive in the next generation of sparse large models [1][4]. Group 1: Research Findings - The new paper, co-authored with Peking University, is titled "Conditional Memory via Scalable Lookup: A New Axis of Sparsity for Large Language Models" and highlights the need for a native knowledge retrieval mechanism in existing Transformer architectures [4]. - The research identifies two distinct tasks in large models: deep dynamic computation for combinatorial reasoning and static knowledge retrieval, indicating that current models inefficiently simulate retrieval processes [4][5]. - DeepSeek introduces conditional memory as a supplementary dimension of sparsity, optimizing the trade-off between mixture of experts (MoE) and static memory (Engram) [4][6]. Group 2: Performance Improvements - The team discovered a U-shaped scaling law, showing that the mixed sparse capacity allocation between MoE experts and Engram memory significantly outperforms pure MoE baseline models [5]. - The introduction of the memory module not only aids knowledge retrieval but also yields notable improvements in general reasoning, coding, and mathematical tasks [5][6]. - The paper essentially proposes a "division of labor" optimization for large models, allowing specialized modules to handle specific tasks, thereby enhancing efficiency and resource allocation [6]. Group 3: Future Developments - Industry speculation suggests that the proposed conditional memory may be integral to the architecture of DeepSeek's upcoming flagship model, DeepSeek V4, expected to be released around February [6]. - Initial tests indicate that V4 may surpass other leading models in programming capabilities, with the previous model, V3, having already outperformed OpenAI's GPT-5 and Google's Gemini 3.0 Pro in various benchmarks [6].

1月13日凌晨，谷歌公司在官网发布了一则与苹果公司的联合声明。两家科技巨头确认正式达成一项长 期合作协议，苹果的语音助手Siri将基于谷歌的Gemini模型进行升级。 声明写道，"经过审慎评估，苹果认定谷歌的AI技术能为'苹果基础模型'提供最强有力的基础，并对即 将在该技术支持下为苹果用户带来的创新体验充满期待。" 双方在声明中表示，苹果将继续在消费者设备端或通过"私有云计算（Private Cloud Compute）"运行其 AI服务，以维持苹果隐私标准。升级后的Siri，预计将于今年推出。 早在去年8月，彭博社就曾爆料称，苹果正与谷歌洽谈合作，计划斥资每年10亿美元购买谷歌的AI技 术，用于升级Siri。去年年底，彭博社曾发布消息称，两家公司已就该笔交易进行收尾工作。在消息公 布后，谷歌母公司Alphabet的股价迎来上涨，总市值一度突破四万亿美元，随后涨幅有所回落。 一直以来，苹果以"软硬一体"的垂直整合能力著称，从芯片（Apple Silicon）到操作系统（iOS）力求自 研，旨在打造一套封闭的生态闭环。然而自2022年OpenAI的ChatGPT横空出世以来，在本轮席卷全世界 的AI热潮中，这家 ...

Core Insights - The article highlights a significant shift in the Chinese large model industry, with application projects accounting for nearly 60% of the market, indicating a transition from technical competition to value validation in commercial scenarios [1][3][25] - In 2025, the number of large model-related bidding projects reached 7,539, with a disclosed amount of 29.52 billion yuan, marking a dramatic increase of 396% and 356% compared to 2024 [1][3] - The report emphasizes the importance of industry-specific knowledge and high-quality private data as key competitive advantages in the evolving market landscape [19][20] Market Trends - Application projects dominated the bidding landscape, comprising 58% of the total projects, with a peak of 63% in November 2025 [1][5] - The trend shows a quarterly increase in application project share from 44% in Q1 to 61% in Q3, stabilizing at 60.5% in Q4 [5] - The highest monetary share came from computing projects at 52.9%, but their quantity share was only 27%, indicating a preference for direct procurement of computing power and existing models for application development [5] Industry Distribution - The top five industries by project quantity were education, government, telecommunications, energy, and finance, with the government sector leading in monetary share at approximately 40% [5] - The financial sector showed a notable shift from computing investment to application deployment in the latter half of 2025 [5] Vendor Landscape - Major players in the bidding market included general large model vendors like iFlytek, Baidu, Volcano Engine, and Alibaba Cloud, alongside specialized vendors like Zhongguancun KJ, which focused on niche markets [6][11] - Zhongguancun KJ ranked fourth among financial industry large model vendors, showcasing its deep industry expertise and successful project implementations [13] Case Studies - Zhongguancun KJ's collaboration with China Shipbuilding Group led to the development of a large model for the shipbuilding industry, integrating a vast knowledge base and enhancing operational efficiency [11][12] - In the finance sector, Zhongguancun KJ has served over 500 leading financial institutions, creating a comprehensive financial intelligent agent matrix that integrates AI capabilities into core business processes [13][14] Future Outlook - The market is expected to enter a "deep water zone" in 2026, where return on investment (ROI) will become a critical metric for evaluating AI projects [18] - The relationship between specialized vendors and general platforms is anticipated to evolve from competition to collaboration, fostering a symbiotic ecosystem [22][23]

该系统能够通过定制化提示词，引导DeepSeek大模型精准解析监管规则语义，辅助识别复杂业务场景 下可能被触发的合规风险点；同时结合专项小模型，高效处理大量结构化数据，有效规避了大模型 的"幻觉"问题，确保分析结果的准确性和可靠性。同时，依托人工智能技术，系统能够自动读取并匹配 分析决策清单与会议情况，精准识别违规决策、缺失决策主体等异常情况。（编辑：张薇，校对：张 彤，审核：李季威） 《中国民航报》、中国民航网 记者钱擘 通讯员胡璐、蒋敏 报道：近日，国务院国资委2025年智能监管 业务模型创新活动优秀成果名单发布，中国东航审计部和数科公司联合自主研发的"中国东航三重一大 决策合规分析智能监管模型"获评"优秀成果"。 这一监管模型为"制度+科技"赋能东航的企业治理提供了创新范式。该模型依托东航慧燕平台，通过"大 模型+小模型"架构深度融合，风险识别能力得到显著提升，为企业合规经营和稳健发展提供了强有力 的技术支撑。 ...

1月8日9时30分，香港交易所交易大厅内，随着一声锣响，北京智谱华章科技股份有限公司（以下 简称"智谱"）挂牌上市。这家成立仅6年半的"清华系"人工智能（AI）公司，以116.20港元/每股的发行 价开启了全球"大模型第一股"的资本市场征程。智谱董事长刘德兵在上市致辞中感慨道："全球范围内 通用大模型企业第一次以这样的方式走向公开市场，智谱作为中国大模型代表站在这个历史性的起 点。" 上市以来，智谱股价一路走高，截至1月12日收盘，3个交易日已累计上涨79%，充分显示出全球资 本对这家中国AI公司的热情。 站在智谱背后的是中国创投界"明星天团"，既有美团、蚂蚁、阿里、腾讯、小米等产业资本，也有 中科创星、达晨财智、君联资本、红杉中国、高瓴创投等一线机构及地方国资。 在智谱8轮融资的50多家投资机构中，有一家身份尤为特殊——中科创星不仅是智谱的首个投资 人，更是在智谱尚未成立时就敲定了投资方案。"当时3.75亿元的估值已经不低，应用场景也还不像今 天的大模型那么明晰。"中科创星创始合伙人米磊对《金融时报》记者坦言，"但我们还是选择坚定支 持，投资了智谱4000万元天使轮，并且是独家投资方。" 在寒冬中找寻"下一 ...

Summary of the Conference Call Company and Industry Overview - **Company**: 万咖壹联 (Wanka Yilian) - **Industry**: Mobile Advertising and AI Technology - **Market Position**: Holds over 50% market share in mobile advertising, collaborating with major smartphone manufacturers like Apple and Huawei, and covering over 1,300 gaming companies including Tencent and NetEase, reaching approximately 2 billion mobile users [2][4][3]. Core Insights and Arguments - **Strategic Partnerships**: The company has formed strategic alliances with top smartphone manufacturers, enhancing its ecosystem services and solidifying its market position [4][3]. - **AI Integration**: The introduction of generative AI, such as the AI assistant Doubao, is transforming information search and advertising effectiveness, leading to improved ROI for ad campaigns [2][5][9]. - **Advertising Evolution**: The shift from traditional click-based advertising to AI-driven demand fulfillment is expected to lower costs and enhance user experience, with a focus on structured and tagged content for better targeting [6][9]. - **Mobile Manufacturer Strategies**: Major manufacturers like Huawei and Xiaomi are developing their own AI search engines and collaborating with third-party models to enhance user experience [11][21]. Additional Important Points - **Content Quality**: New quality content must be innovative, practical, and data-supported, with a focus on quantitative analysis to provide value [8]. - **Business Model Progress**: The company has seen significant revenue from its browser-related business, with 25% of income derived from GO-related activities, and aims to further enhance this with AI technology [16][18]. - **GEO Impact**: Generative Search Engine Optimization (GEO) is in its early stages but already contributes 25% to 40% of total revenue in browser and search engine operations, indicating strong future growth potential [18]. - **User Experience Changes**: The application of GO technology is expected to streamline user interactions, making product searches and purchases more efficient, thus allowing users to focus on more important tasks [20]. - **Commercialization Opportunities**: Smartphone manufacturers are optimistic about the commercialization potential of AI and GEO integration, with companies like Xiaomi seeking to maintain control over their models while leveraging external AI capabilities [21][22].

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the **AI application sector** in China, particularly its growth trajectory leading into 2026, with significant advancements expected in model iteration and commercialization [1][4]. Core Insights and Arguments - **Acceleration of AI Applications**: 2026 is anticipated to be a pivotal year for AI applications, with a shift towards multi-modal perception and human-like reasoning, enhancing the efficiency of B-end and edge-side agents [1][3]. - **Key Players**: Companies such as **Alibaba, DS, and Doubao** are expected to release models during the Spring Festival, marking a critical commercialization phase [1][5]. - **Investment Recommendations**: - In the **computer sector**, focus on **Alibaba, Zhipu, MiniMax, and iFLYTEK** for large models, and **Yonyou and Fourth Paradigm** for agents benefiting from data barriers [1][7][8]. - In the **media sector**, companies like **BlueFocus and Yidian Tianxia** are recommended due to their success in SaaS services and SEO to AI optimization transitions [1][10]. - The **AI comic market** is projected to reach **36-40 billion** by 2026, with companies like **Kuaishou, Huanrui Century, and Zhongwen Online** highlighted [2][11]. Additional Important Insights - **Computing Power Demand**: The explosion of AI applications will significantly increase the demand for computing power, making companies like **Cambricon and Haiguang Information** critical for investment [1][9]. - **Advertising and E-commerce**: The advertising sector is evolving with SaaS models, while e-commerce is seeing improvements in user experience and AI applications, with **Alibaba** and **Xiaogoods City** as key players [20][21]. - **Future Trends**: The future of AI in e-commerce will see more specialized applications, including intelligent sales and customer service agents, enhancing operational efficiency [22][23]. - **Healthcare Applications**: AI is enhancing pathology and diagnostics, with companies like **Runda, Anbiping, and Huada Gene** recommended for their competitive advantages in the medical field [30][32]. Conclusion - The AI application sector is poised for rapid growth in 2026, driven by technological advancements and strategic company initiatives. Key players across various industries are positioned to capitalize on these trends, making them attractive investment opportunities.