在技术架构上，G-ASD采用端到端模型体系，融合多模态基座模型、视觉语言模型(VLM)、视觉语言动 作模型(VLA)、世界模型及强化学习等前沿AI技术，推动从数据系统、感知规控到评测体系的全局模型 化，逐步降低对高精地图与规则工程的依赖。 经济观察网1月6日，在2026年美国消费电子展(CES2026)上，千里智驾与吉利共同宣布，面向全球市场 发布全新辅助驾驶品牌G-ASD(Geely Afari Smart Driving，中文名"千里浩瀚")。其中，"G"代表吉 利，"ASD"代表千里智驾。G-ASD为双方联合研发的高含模量智能辅助驾驶解决方案，能力覆盖L2至 L4级别。 千里智驾方面表示，随着大模型成为智能驾驶技术演进的核心驱动力，Scaling Law在智驾领域的作用 日益显现。千里智驾提出以"含模量"作为衡量智驾系统智能化水平的重要指标，即系统中模型化覆盖的 广度与深度。含模量越高，AI模型在系统中的占比越大，智能能力上限也随之提升。 ...

智通财经APP获悉，国信证券发布研报称，26年推理侧需求有望爆发，一级市场方面，编程场景、 Agent爆发为主要应用方向。从用户量和创业公司的收入估值水平来看，当前规模增长较快的行业以AI 编程、AI Agent、AI内容创作为主，聚焦生产力提升，今年以来诞生了多个爆款应用，明年办公场景有 望迎来更多产品落地。此外，该行认为随着模型能力的成熟，明年在端侧的AI手机、AI眼镜，以及协 助大模型在企业落地的分销商这些领域将看到明显的增长。 国信证券主要观点如下： 25年tokens消耗更多用于大模型企业内部以及推荐系统的重构，但26年开始预计下游应用的需求将持续 增加，AI实际上打开了软件需求的天花板，据IDC数据，预计2029年全球SaaS市场将达到近1万亿美元 规模(对比25年5800亿美元有明显增长)，但该行认为其中玩家将重新洗牌。拥有数据壁垒，主要在垂类 细分场景中布局，软件定义工作流程较复杂，或对准确度要求极高的行业，被大模型替代的风险较小， 复盘美股科技巨头过去三年股价走势，AI叙事不断递进 23年OpenAI领先全球开启AI加速度，微软受益于OpenAI独家合作，估值抬升明显。24年市场低估模型 进 ...

Group 1: Internet Industry and AI - The report highlights the rapid development of AI models, with OpenAI leading the acceleration in 2023, benefiting Microsoft through exclusive partnerships, resulting in significant valuation increases [11][12] - In 2024, the market is expected to underestimate the progress of AI models, shifting focus towards reasoning capabilities, with companies like Meta leveraging their social ecosystem for potential growth [11][12] - By 2025, the gap between AI models and OpenAI is expected to narrow, with Google catching up due to its ecosystem advantages, while the demand for model inference is anticipated to surge [11][12][13] Group 2: Mechanical Industry and AI Infrastructure - SoftBank completed a $40 billion investment in OpenAI, indicating strong capital flow into AI infrastructure, which is expected to drive demand in related industries [17][18] - The report emphasizes the growth potential in the gas turbine and liquid cooling sectors, with companies like 博盈特焊 positioned to benefit from the increasing demand for AI data centers [18][19] - The commercial aerospace sector is highlighted as a long-term investment opportunity, with companies like 蓝箭航天 preparing for IPOs, reflecting the industry's growth trajectory [17][19] Group 3: Guizhou Moutai - Guizhou Moutai is actively pursuing market-oriented reforms to address supply-demand mismatches, with initiatives aimed at enhancing product structure and pricing strategies [23] - The company anticipates stable performance during the Spring Festival sales period, with a projected revenue growth of 5.3% for 2025, supported by improved distributor profitability [23] - Long-term, the market-oriented reforms are expected to strengthen consumer engagement and maintain the company's competitive edge in production and brand value [23] Group 4: 博盈特焊 (Boyin Welding) - 博盈特焊 is recognized as a leading enterprise in overlay welding equipment, with a focus on expanding overseas markets and new business lines [24][25] - The company is positioned to benefit from the rising demand for heat recovery steam generators (HRSG) and oil and gas composite pipes, with significant growth expected in these sectors [24][25][26] - The report forecasts a cumulative demand for HRSG in overseas markets to reach approximately 500-800 billion yuan over the next 3-5 years, driven by the AI industry's growth and the gas turbine sector's upcycle [25][26]

2025年，具身智能行业的发展继续以"烈火烹油"的态势，向前发展。 前9个月，全球（特别是受中国市场驱动）在人形机器人领域的投资交易额达到约70亿美元（约合500亿 人民币）。这一数字相比去年同期增长了250%，太多人期待着机器人的"星辰大海"。 但在产品上来看，几乎所有的人形机器人都还停留在跳舞拳击、走路摔跤的状态，技术发展仍困在迷雾 之中。 2025年12月8日至21日（北京时间），钛媒体集团携手NextFin.AI、巴伦中国举办的2025 T-EDGE 全球 对话正式开启，以连续7日全球连线+贯穿2周N场闭门私享会的方式联动上海、深圳、硅谷、香港、新 加坡、日本、迪拜等全球化创新高地，汇集前沿创新思想，打造全球分布式创新盛会，展开一场【AI 时代的全球对话 Global Conversations for the AI Era】。 会上，「赵何娟 Talk」与商汤科技联合创始人、执行董事、大晓机器人董事长王晓刚，就"具身智能新 的ACE研究范式"展开了深度对话。 "靠读文章、看图片，机器人永远不可能理解真实的物理世界。" 王晓刚表示，AI的研究范式，要从以机器为中心转变成以人为中心，通过采集人类的真实行 ...

今日（1.5），沪指加速上涨超1%重返4000点，算力板块再度强势，云计算ETF汇添富（159273）大幅收涨超3%，全天成交额超3000万元，环比放量33%。 云计算ETF汇添富（159273）标的指数权重股多数收红：金山办公涨超6%，中际旭创、阿里巴巴-W、中科曙光涨超2%，浪潮信息、恒生电子涨近2%，腾 讯控股微涨。 | 序号 | 代码 | 名称 | 估算权重 ▼ | 涨跌幅 | 历了不容负 | | --- | --- | --- | --- | --- | --- | | 1 | 300308 | 中标准创 | 11.14% | 2.21% | 186.59亿 | | 2 | 300502 | 新易感 | 11.02% | -0.99% | 153.60亿 | | 3 | 0700 | 腾讯控股 | 10.09% | 0.24% | 124.50亿 | | 4 | 9988 | 阿里巴巴-W | 9.52% | 2.55% | 156.82亿 | | ਦ | 603019 | 中科脂光 | 6.88% | 2.52% | 52.34Z | | 6 | 688111 | 金山办公 | 3.97% | 6 ...

Core Insights - 2026 is anticipated to be a pivotal year for AI, transitioning from large-scale model development to practical applications that integrate AI into real-world workflows [2][34] - The focus is shifting towards deploying lightweight models and embedding intelligence into physical devices, moving away from mere demonstrations to targeted deployments [2][34] Group 1: Scaling Law and Model Development - The AI industry is nearing the limits of the Scaling Law, prompting a shift towards new architectural research and smaller, more efficient models [4][21] - Experts suggest that smaller language models (SLMs) will become the standard in AI applications by 2026 due to their cost-effectiveness and performance advantages [5][22] - The trend towards SLMs is supported by advancements in edge computing, making them more suitable for deployment on local devices [6][22] Group 2: World Models and Gaming Industry - 2026 is expected to be a key year for world models, which learn how objects interact in three-dimensional space, enhancing predictive capabilities [8][25] - The gaming industry is projected to see significant growth in the world model market, with estimates rising from $1.2 billion in 2022 to $27.6 billion by 2030 [9][25] Group 3: Agent Integration and Practical Applications - The introduction of the Model Context Protocol (MCP) is seen as a critical advancement, enabling AI agents to interact with external tools and databases, thus facilitating their integration into real-world systems [11][27] - As MCP reduces friction in connecting AI agents to practical systems, 2026 may mark the year when these agents transition from demonstration to everyday use [12][28] Group 4: Human-AI Collaboration - There is a growing belief that AI will enhance human workflows rather than replace them, with expectations of new job roles emerging in AI governance and data management [14][31] - The narrative is shifting towards how AI can assist human tasks, with predictions of a low unemployment rate as companies begin to hire for new roles related to AI [14][31] Group 5: Physical AI and Market Trends - Advances in small models, world models, and edge computing are expected to drive the adoption of physical AI applications, including robotics and wearable devices [16][34] - The market for physical AI is anticipated to grow, with wearable devices becoming a cost-effective entry point for consumers [17][34]

Core Insights - The article posits that 2026 will mark the transition of AI from hype to practical application, focusing on deploying lightweight models in real-world scenarios and integrating AI into human workflows [3][4]. Group 1: AI Development Trends - The industry is shifting from large-scale model expansion to new architectural research, emphasizing targeted deployment and collaboration tools that enhance human work [4]. - Many researchers believe the AI industry is nearing the limits of Scaling Law, indicating a need for new approaches beyond merely increasing model size [9]. - Smaller, fine-tuned language models (SLMs) are expected to become standard tools for mature AI enterprises by 2026 due to their cost and performance advantages [10]. Group 2: World Models and Gaming - 2026 is anticipated to be a pivotal year for world models, which learn how objects interact in three-dimensional space, enabling predictive capabilities [14][15]. - The gaming industry is projected to see significant growth, with the world model market expected to increase from $1.2 billion in 2022 to $276 billion by 2030, driven by the technology's ability to create interactive environments [16]. Group 3: Agent Integration and Automation - The introduction of Model Context Protocol (MCP) is seen as a key development that will facilitate the integration of AI agents with real-world systems, potentially marking 2026 as the year these agents transition from demonstration to practical application [18][19]. - There is a belief that AI will enhance rather than replace human workflows, with new job opportunities emerging in AI governance, transparency, and data management [21]. Group 4: Physical AI and Market Adoption - Advances in small models, world models, and edge computing are expected to drive the adoption of physical AI applications, with wearable devices becoming a cost-effective entry point for consumers [24]. - The market for physical AI, including robotics and autonomous vehicles, is projected to grow, although training and deployment costs remain high [24].

复盘美股科技巨头过去三年股价走势，AI叙事不断递进 2023年OpenAI领先全球开启AI加速度，微软受益于OpenAI独家合作，估值抬升明显。2024年市场低估 模型进步空间，叙事转向推理侧，认为应用公司最优，Meta坐拥社交垄断生态(潜在Agent入口)和广告 场景，股价为除英伟达以外PE唯一抬升的巨头。(24年2月，英伟达业绩会估计数据中心收入约40%来自 推理。)同年云厂商由于大幅增加资本开支但供给受限，云收入传导有延迟，三大CSP估值略有所回 落。2025年模型差距与OpenAI明显收敛，谷歌后来居上，生态优势为市场追逐。26年该行认为Scaling Law将持续，模型厂商打开差异化应用市场，模型推理侧需求或进入放量拐点。模型和算力或为最优投 资方向。 2025年四家巨头Capex同比增长50%以上，26年该行测算Capex将持续实现30%以上增速 国信证券发布研报称，模型架构持续演化，多模态与长文本为Agent爆发奠定基础。当前大模型厂商商 业化路径分化，推理侧需求有望于2026年放量，并驱动SaaS市场格局重塑，编程、Agent等应用场景率 先实现商业化突破。 国信证券主要观点如下： 2025年 ...

2026年01月04日 证券研究报告 | 2026年01月05日 人工智能行业专题（14） 大模型发展趋势复盘与展望 行业研究 · 行业专题 互联网 · 互联网Ⅱ 投资评级：优于大市（维持） 0755-81982651 证券分析师：张伦可 证券分析师：张昊晨 zhanglunke@guosen.com.cn zhanghaochen1@guosen.com.cn S0980521120004 S0980525010001 请务必阅读正文之后的免责声明及其项下所有内容 1 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 复盘美股科技巨头过去三年股价走势，AI叙事不断递进。23年OpenAI领先全球开启AI加速度，微软受益于OpenAI独家合作， 估值抬升明显。24年市场低估模型进步空间，叙事转向推理侧，认为应用公司最优，Meta坐拥社交垄断生态（潜在Agent入 口）和广告场景，股价为除英伟达以外PE唯一抬升的巨头。 （24年2月，英伟达业绩会估计数据中心收入约40%来自推理。） 同年云厂商由于大幅增加资本开支但供给受限，云收入传导有延迟，三大CSP估值略有所回落。25年模型差距与OpenAI明显 ...

Jenny 是一个同时理解中美文化、创业、研究与投资的人。她从小在美国长大，2021 年加入 OpenAI，并在 ChatGPT 爆火一周后选择离开，合伙创立了自己的基 金。前一阵她回国，我们借机聊了聊中美 AI 创投之间的差异。 P.S. 本期节目录制于 2025.12.22。几天后，Manus 被微软收购的消息披露。回头再看，Jenny 分享的许多投资思路和对美国市场的判断，其实都有所映照。 本期播客原文约 23000 字，本文经过删减整理后约 7700 字。 曲凯 ：你这两年观察到的几个最主要的 milestones 是什么？ Jenny ：在 23 年，中美都有一个非常明确的共识：投大模型。在美国，就是持续给 OpenAI、Anthropic 这样的公司投钱。这些公司这两年发展得很快，也确实拿 走了行业里大部分的利润。 23 年的另一个共识是，很多人觉得应用只是「套壳」，很轻、很薄，没什么价值。 但到了 24、25 年，这个判断开始发生变化，因为很多应用层公司逐渐做出了自己的特色和护城河，比如 Cursor、Perplexity。 最近两年，Agent 很火。但在真实场景中，AI Agent 的落地依 ...