Core Viewpoint - Yidu Tech (02158) saw a significant stock increase of over 6%, currently trading at 5.94 HKD with a transaction volume of 74.37 million HKD, following the approval of a key laboratory focused on intelligent diagnosis and treatment systems for metabolic syndrome [1] Group 1 - The "Multimodal Intelligent Diagnosis and Treatment System Research and Application Key Laboratory" has been successfully approved, led by Peking University First Hospital with Yidu Tech as a core partner [1] - The laboratory will focus on intelligent diagnosis and treatment for heart-kidney metabolic syndrome, marking a significant milestone in Yidu Tech's commitment to specialized intelligent diagnosis [1] - Yidu Tech will integrate its large model technology capabilities into the laboratory's research chain, providing a solid foundation for the implementation of intelligent diagnosis [1] Group 2 - The development of medical artificial intelligence has entered a phase of value verification through practical application [1] - The establishment of the laboratory exemplifies a collaborative innovation model that integrates industry, academia, research, and medicine [1] - Yidu Tech has partnered with several renowned hospitals in China to establish joint laboratories, supporting research from data governance to model development and system construction [1]

全球通用人工智能（AGI）领域迎来了一个重要的发展节点，智谱AI和MiniMax这两家在人工智能大模 型领域领先的企业，相继在资本市场上市，标志着行业的新纪元。 智谱AI于1月8日在香港交易所挂牌交易，紧接着MiniMax于1月9日上市。目前全球资本市场上尚无其他 同类大模型公司上市，智谱AI的上市不仅使其成为全球大模型领域的第一家上市公司，同时也为行业 提供了一个重要的估值参考，填补了市场空白，并激活了国内大模型企业的活力。 智谱AI上市首日股价开盘上涨2.24%，达到120港元/股，尽管盘中一度跌至116.1港元/股，但最终以 131.5港元/股收盘，涨幅达到13.17%，市值达到578.9亿港元。智谱AI成立于2019年，与月之暗面、百川 智能等其他五家公司一起，被称为AI大模型领域的"六小龙"。 智谱AI的技术基础可以追溯到1996年成立的清华大学计算机系知识工程实验室，这是国内最早从事自 然语言处理和知识图谱研究的实验室之一。随着2022年底ChatGPT的流行，大模型技术开始受到广泛关 注。智谱AI在IPO前吸引了包括清华系、国资、产业资本和市场化创投机构在内的国内知名投资机构的 投资，2023年 ...

Core Insights - Xiaopeng Motors announced the commencement of physical AI's implementation and mass production phase at the 2026 global product launch, marking a significant transition from "technological exploration" to "practical application" [1] - The company revealed plans for four major physical AI applications and confirmed that the mass production version of its humanoid robot has completed initial debugging, set to begin mass production in 2026 [1] Group 1: Development and Technology - Xiaopeng Motors has been developing robotics for seven years, initially focusing on quadruped robots due to technological limitations, but shifted to humanoid robots as large model capabilities advanced [3] - The upcoming humanoid robot, IRON, features 82 degrees of freedom for movement and is equipped with three Turing AI chips, providing a computing power of 2250 TOPS [5] - IRON utilizes a high-level brain capability combination of "VLT+VLA+VLM" to achieve advanced intelligence in operations, walking, and interaction [5] Group 2: Market Position and Future Outlook - Xiaopeng's approach contrasts with traditional software-driven robots, focusing instead on AI-driven integration that allows for greater adaptability and generalization across various scenarios [5][7] - The company anticipates that the robotics industry will transition from early exploration to large-scale commercial applications between 2028 and 2038, with significant growth expected as technology matures [6][7] - The CEO expressed confidence that the market for robotics could reach $20 trillion, suggesting that sales could surpass those of automobiles in the future [7]

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) officially listed on the Hong Kong Stock Exchange on January 8, becoming the "first global large model stock" with a closing price increase of 8.06%, reaching a market capitalization of over HKD 55 billion [1] Group 1: Company Performance - Zhiyu's public offering was oversubscribed by 1,159.46 times, indicating strong market interest, with cornerstone investors committing a total of HKD 2.98 billion [1] - Despite a volatile first trading day, the stock price fluctuated but ultimately stabilized above the issue price [1] - The company reported a significant revenue increase from CNY 57.4 million in 2022 to CNY 312.4 million in 2024, but also faced a cumulative net loss of approximately CNY 6.2 billion from 2022 to mid-2025 [2] Group 2: Business Model and Strategy - Zhiyu, founded in 2019, has a strong technical foundation stemming from Tsinghua University's Computer Science Department, focusing on making machines think like humans [3] - The company primarily generates revenue by providing localized deployment of large model services, accounting for about 70% of total revenue [4] - Zhiyu plans to allocate approximately 70% of the net proceeds from its IPO (around HKD 2.9 billion) to further develop general AI large models, aiming to strengthen its technological moat [2] Group 3: Industry Outlook - The large model industry is experiencing rapid growth, with domestic companies in China leading in global competition, although no single company has established a dominant market position yet [4] - The industry faces challenges such as high research and development costs and increasing losses, which are common among AI large model companies [2]

Core Viewpoint - Dongwu Securities expresses optimism about Zhipu AI's strengths in local model technology, open-source ecosystem, and local implementation capabilities, anticipating stable growth in local business and cloud services as the main growth driver, suggesting to pay attention to the company [1] Company Overview - Zhipu AI, established in 2019, is a leading independent general large model developer in China, originating from Tsinghua University's Knowledge Engineering Group (KEG) [1] - The company has developed its own GLM (General Language Model) pre-training framework, which differs from mainstream GPT architectures, offering unique advantages in long text understanding, logical reasoning, and low hallucination rates [1] - Zhipu AI follows a dual strategy of open-source and commercialization, creating a comprehensive model matrix covering language, multimodal, code, and intelligent agent fields, with flagship products GLM-4.5 and GLM-4.7 ranking high in international benchmark tests [1] Market Position - According to Frost & Sullivan data, Zhipu AI ranks first among independent general large model developers in China and second overall, with a market share of 6.6% as of 2024 [2] - By mid-2025, the company has served over 8,000 institutional clients, with 9 out of the top 10 internet companies in China using GLM models [2] - The global download volume of open-source models exceeds 45 million, with over 2.7 million registered developers on the MaaS platform, and daily token consumption reaching 4.2 trillion by November 2025 [2] Business Model - The business model centers around the MaaS (Model as a Service) platform, driven by both localized and cloud deployments [3] - Localized deployment targets government and enterprise clients, providing private operation and customization services, accounting for 84.8% of revenue in the first half of 2025 with a gross margin of 59% [3] - Cloud deployment, through API calls and subscription services, is rapidly growing, making up 15.2% of revenue in the first half of 2025, with a focus on increasing API revenue share in the long term [3] Financial Performance - Historical financial performance shows high revenue growth, with revenues of 0.57 million, 1.25 million, and 3.12 million yuan from 2022 to 2024, reflecting a compound annual growth rate of over 130% [3] - In the first half of 2025, revenue reached 1.91 billion yuan, a year-on-year increase of 325%, surpassing the total revenue for 2023 [3] IPO Details - The IPO price is set at 116.20 HKD per share, with a global offering of 37.42 million H shares, raising approximately 4.3 billion HKD, leading to a market capitalization of about 51.1 billion HKD post-funding [4] - The raised funds will primarily enhance general large model research (about 70%), optimize the MaaS platform infrastructure (about 10%), expand ecosystem cooperation and strategic investments (about 10%), and supplement working capital [4] - Key investors include prominent institutions such as Shanghai Gao Yi, GF Fund, and Taikang Life, with the founding team controlling about 33% of shares through a concerted action agreement [4] Competitive Advantages - The company's core competitive advantages lie in its full-stack self-research technology system, leading model performance, open-source ecosystem, and deep adaptation to domestic computing power [4] - The R&D personnel account for 74%, with a core team from Tsinghua KEG, possessing deep academic accumulation in natural language processing [4] - The rapid iteration of the GLM series, particularly GLM-4.7, shows strong performance in programming scenarios, while AutoGLM enables AI to autonomously operate smartphones and computer GUIs, marking a new paradigm for agents [4] Revenue Forecast - Revenue projections for 2025-2027 are estimated at 790 million (up 151%), 1.55 billion (up 97%), and 3.22 billion (up 108%), with a gradual shift from localized to cloud-dominated revenue structure [5] - The overall gross margin is expected to reach 50% in 2025, stabilizing around 51% in 2026-2027, with cloud gross margins improving from low levels to 40% [5] - The valuation for Zhipu AI in 2026 is projected at a PS ratio of 30 times, higher than comparable companies, but with significant room for compression as revenue grows rapidly [5]

Core Insights - Beijing Zhiyu AI Technology Co., Ltd. (referred to as "Zhiyu AI") officially listed on the Hong Kong Stock Exchange on January 8, 2026, marking it as the world's first IPO of a large model company [1] - The listing signifies a critical breakthrough for China's large model technology, transitioning from laboratory to capital market, and highlights Haidian's role as a global innovation hub [1][10] - Zhiyu AI's IPO raised approximately HKD 4.173 billion, with a share price set at HKD 116.20, and the company experienced a market capitalization of HKD 55 billion shortly after listing [2][1] Group 1: Haidian's Innovation Ecosystem - Zhiyu AI's journey began in Haidian's academic labs, showcasing the integration of research and industry within this innovation-rich area [5] - The company was founded in 2019, evolving from the AMiner project at Tsinghua University, and has established itself as a leader in the large model sector [6][9] - The success of Zhiyu AI is attributed to Haidian's supportive ecosystem, which includes policies that facilitate technology transfer from research to industry [9][17] Group 2: Financial Performance - Zhiyu AI's revenue growth from 2022 to 2025 shows a compound annual growth rate of 130%, with revenues of CNY 57.4 million, CNY 124.5 million, and CNY 312.4 million respectively [8] - In the first half of 2025, the company reported a revenue of CNY 190.9 million, reflecting a year-on-year increase of 325% [8] Group 3: Haidian's Competitive Advantage - Haidian is home to a significant concentration of AI talent, with 37 universities and a large number of AI experts, which fosters innovation and collaboration between academia and industry [12] - The region has developed a comprehensive industrial ecosystem that spans from chip production to application development, enabling a full-cycle support for hard technology companies [13][12] - Market-driven innovation is supported by diverse application scenarios in Haidian, allowing companies to test and iterate their technologies effectively [14]

Core Viewpoint - The article highlights the evolution of power grid dispatching in Shandong, China, showcasing advancements from basic manual operations to the implementation of large model technologies for intelligent grid management over the past 30 years [1] Group 1: Historical Development - In 1996, Liu Yuanlong, the current director of the State Grid Shandong Electric Power Dispatching Center, graduated and began working in dispatch at the Qingdao Electric Power Bureau [1] - Shandong was the first province in China to achieve "universal electricity access" before the Spring Festival in 1996 [1] Group 2: Technological Advancements - Over the past three decades, the dispatching system has undergone continuous upgrades, evolving from phone inquiries and calculator-based calculations to utilizing large model technologies for intelligent dispatching [1] - The current dispatching work involves leveraging billions of calculations to optimize power grid management, reflecting the efforts of countless individuals in the electric power sector [1] Group 3: Operational Goals - The focus of the electric power sector has shifted from merely ensuring electricity access to enhancing the quality of electricity usage across the province [1]

作者：七佰 2025年的A股依旧跌宕起伏，不过"慢牛"的成色依然十足。2025年初股指震荡下行，直至2月DeepSeek横空出世，带动科技板块走出一轮主升行情。4月7日 全球股市遭遇"黑色星期一"，受关税政策冲击，日韩市场开盘急跌，A股创业板指单日暴跌超过9%，市场恐慌情绪加剧，"A股大跌"迅速成为热议焦点。 此后在多方协同努力下，市场迎来强劲反弹，指数连续11个交易日上涨，几乎收复全部失地。2025年8月18日，指数创下十年新高；随后在8月22日、10月9 日、10月28日接连突破3800点、3900点及4000点整数关口，并于11月14日攀升至全年高点4034.08点。 回首2025年，中国资本市场在走向成熟、开放与高质量发展的道路上，步履坚实。我们试图通过十个关键词，梳理这一年的风雨起伏，也在回溯中探寻2026 年A股的前行方向。 关键词1：DeepSeek时刻 DeepSeek横空出世点燃了2025年初科技行情。2025年春节期间，DeepSeek 7天狂揽1亿用户，超越ChatGPT的增长速度，登顶中美应用商店下载榜。随后A股 迎来DeepSeek时刻，中国资产被重估，以算法、算力、数据为核心的多条 ...

文 | 窄播，作者 | 李威 大厂AI应用出现在跨年晚会、跨年演讲上，明星AI创业公司有了新一波资本动作，整个AI行业的竞争 已经进入了大厂主导的时间。 自从开启新一波AI浪潮的ChatGPT 3.5选择在2022年11月发布以来，这几年的年末逐渐成为观察AI行业 发展趋势的一个重要时间节点。 2024年末，OpenAI风头正盛，连续12日的直播发布拿出了一系列新产品，风头直接压过了在同时间段 发布Gemini 2.0的Google。在国内，大模型六小龙也是AI创业公司中绝对的明星，大家曾经对他们的期 待是，从中走出下一个时代的巨头企业。 但到了2025年末，我们看到的是国内外的大厂从基建投入、模型研发、AI应用推广等多个层次发力， 已经在AI入口、AI算力等关键领域主导了AI叙事的走向，大厂和创业公司之间的竞争格局已经悄然发 生变化。 一个标志性体现就是，千问、豆包、夸克眼镜等大厂的AI产品不再只是进行买量，而是有了更激进的 大众化传播动作。跨年演讲、跨年晚会、春晚等聚集大众注意力的场合，都成为大厂AI产品进行大众 化推广的重要选项。对于经历过多轮互联网产品生死搏杀的大厂来说，这种操作是回到了他们的舒适 区 ...

百度公告，于2026年1月1日，昆仑芯已透过其联席保荐人以保密形式向香港联交所提交上市申 请表格(A1表格)，以申请批准昆仑芯股份于香港联交所主板上市及买卖。在拟议的分拆完成 后，昆仑芯预计仍将作为子公司。 此前据路透社消息，百度旗下的AI芯片业务昆仑芯近期已完成估值逼近30亿美元的新一轮融 资。 官网显示，昆仑芯(北京)科技有限公司前身为百度智能芯片及架构部。公司的技术积累可追溯至2011年，彼 时百度为满足深度学习运算需求，已启动基于FPGA的AI加速器研发，并同步大规模部署GPU。2018年7 月，百度在AI开发者大会上正式推出云端全功能AI芯片"百度昆仑"，宣告全面进军AI芯片领域。 昆仑芯已实现三代产品大规模部署落地，通过与数百家客户紧密合作，将AI算力输送到互联网、运营商、 智算、金融、能源电力、汽车等众多领域和行业，惠及数以亿计的终端用户。 据腾讯新闻《一线》获得的信息，近两年来，昆仑芯业务增长迅速。除了百度，昆仑芯外部客户占比约 40%，包括互联网巨头、手机厂商、运营商及央国企等。 根据HKET报道，2024年公司收入约20亿元人民币，净亏损约2亿元人民币。投资资料显示，2025年公司超 过一 ...