Core Viewpoint - Tencent is aggressively recruiting talent in the AI field, particularly for its large language model (LLM) project, "混元" (Hunyuan), aiming to compete with top global models. The company is experiencing a significant shift in its organizational structure and talent acquisition strategy to enhance its capabilities in AI development [10][20][23]. Group 1: Recruitment and Talent Acquisition - Tencent's "青云计划" (Qingyun Plan) targets top graduates for AI roles, directly competing with ByteDance's "Top Seed" program [10]. - The company is offering substantial salary increases, with some candidates seeing their compensation double upon joining Tencent from ByteDance [10][13]. - Key hires from Microsoft and other leading AI teams have been made to bolster Tencent's LLM capabilities, with a focus on candidates from specific high-profile companies [12][18]. Group 2: Leadership Changes and Organizational Structure - The appointment of Yao Shunyu as the chief AI scientist marks a pivotal change in Tencent's approach to its LLM project, granting him direct reporting lines to the company's president [20][21]. - Yao's leadership is expected to streamline decision-making and resource allocation, contrasting with the previous complex management structure [21][46]. - Organizational adjustments have been made to align with the demands of large model development, including the establishment of new departments focused on AI infrastructure and data [45][46]. Group 3: Competitive Landscape and Market Position - Tencent's late entry into the large model space has raised concerns about its competitive position, as it trails behind companies like OpenAI, Baidu, and ByteDance in model performance [23][24]. - The company is under pressure to deliver competitive models quickly, with industry insiders noting that its self-developed models have not been featured prominently in benchmark comparisons [23][24]. - The shift in focus towards LLMs is seen as a response to the urgent need for Tencent to catch up in the rapidly evolving AI landscape [23][47]. Group 4: Model Development Strategy - Yao Shunyu emphasizes a shift towards post-training and a more methodical approach to model updates, contrasting with the previous rapid release cycle [18]. - The upcoming "混元2.0" model, with 406 billion parameters, is anticipated to reflect Yao's influence, although it is unlikely to be entirely his work due to the typical training timelines [52]. - The strategy moving forward will likely involve leveraging proven methodologies from successful models in the industry to accelerate development [47][49].

本文源自：金融界AI电报 "全球大模型第一股"智谱(2513.HK)今日为上市第三个交易日，股价继续上涨，盘中一度飙升超30%至 207港元，再创上市新高，市值升至910亿港元。 ...

消息面上，微创机器人公司近日宣布，依托其自主研发的"神经元MicroGenius"多模态自主手术大模 型，已成功完成全球首例"大模型自主手术"在体动物实验。这一成果在既有公开文献与医疗实践中尚无 先例，故本次实验是全球范围内首次由多模态自主手术大模型驱动手术机器人，在活体动物体内场景中 以流程级自主方式完成关键手术步骤。 值得注意的是，公司此前公告，综合订单方面，经本集团内部初步统计，本集团旗下腔镜、骨科、血管 介入核心产品的综合订单量累计突破230台。其中，核心产品图迈腔镜手术机器人(图迈)于全球范围内 累计商业化订单超过160台，含今年新获订单近120台。根据公开统计数据，图迈2025年全球订单量已跻 身全球前二。 智通财经APP获悉，微创机器人-B(02252)早盘涨超7%，截至发稿，涨5.7%，报26.7港元，成交额1.15亿 港元。 ...

Market Overview - On January 12, the Hang Seng Index opened up by 0.55%, reaching 26,376.84 points, while the Hang Seng Tech Index rose by 0.88% to 5,737.43 points [1][2] - The Hang Seng Biotech Index increased by 1.15%, and the Hang Seng China Enterprises Index gained 0.75% [2] Sector Performance - Most industry sectors experienced gains, with notable increases in non-ferrous metals, military industry, steel, and coal sectors [2] - The "first global large model stock," Zhizhu, surged nearly 15% after its listing on the Hong Kong Stock Exchange on January 8, where it initially rose by 13% on its first day [2] Company Highlights - Zhizhu's market capitalization approached HKD 70 billion after a single-day increase exceeding 20% on January 9, with its current price at HKD 182.30, reflecting a 14.94% rise [2][3] - Major tech stocks such as Meituan, Baidu Group, and Bilibili saw increases of over 2%, while Tongcheng Travel experienced a decline of over 1% [3][5]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2026 年 01 月 12 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 2026CES 展亮相多款 AI 产品展示 AI 应用多元化，关注北交所 AI+产业链标的 ——北交所科技成长产业跟踪第五十九期（20260111） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 源引金融活水 润泽中华大地 内容目录 | 1. | 政策推动 AI | 发展提速，2025 智能体大规模应用的"拐点时刻" 5 | 年被视为 AI | | | --- | --- | --- | --- | --- | | 1.1. | 新闻：多款 AI 产品于 | 2026CES 展发布，包含人形机器人、智能驾驶、智能家居等5 | | | | 1.2. | 行业：AI 从模型转向 | Agent 年中国 AI 应用市场规模或将达 1 ...

Market Overview - The Hang Seng Index (HSI) rose by 145.05 points, or 0.55%, closing at 26,376.84 [1] - The Hang Seng Tech Index (HSTECH) increased by 50.29 points, or 0.88%, reaching 5,737.43 [1] - The Hang Seng Biotechnology Index (HSBIO) saw a rise of 184.18 points, or 1.15%, closing at 16,238.10 [1] - The Hang Seng China Enterprises Index (HSCEI) gained 67.48 points, or 0.75%, ending at 9,116.01 [1] - The Hang Seng Composite Index (HSCI) increased by 22.17 points, or 0.55%, to close at 4,046.77 [1] - Most industry sectors experienced gains, with notable increases in metals, military, steel, and coal sectors [1] Company Highlights - Zhipu AI, referred to as the "first global large model stock," surged nearly 15% on its debut, with a first-day increase of 13% on January 8 and a further rise exceeding 20% on January 9, bringing its market capitalization close to 70 billion HKD [1] - Zhipu AI's stock price reached 182.30 HKD, reflecting a 14.94% increase, with a market value of 180.2 billion HKD and a price-to-earnings ratio of -40.7 [2] - Other tech stocks such as Meituan, Baidu Group, and Bilibili saw increases of over 2%, while Tongcheng Travel experienced a decline of over 1% [2][4]

Summary of Xiaopeng Motors Conference Call Company Overview - **Company**: Xiaopeng Motors - **Year**: 2026 Key Points Industry and Market Environment - The automotive industry has experienced a tightening market environment with reduced subsidies, impacting consumer purchasing costs [2][6][10] - The overall market has faced challenges due to the withdrawal of subsidies and consumer adaptation to new pricing structures [10] Product Strategy - Xiaopeng Motors plans to launch four new SUV models starting in April 2026, marking a significant shift from previous years where only one new model was introduced at a time [2][4] - The company aims to increase its SKU count due to the replacement of NVIDIA chips with self-developed Turing chips, which are expected to enhance product offerings [8] Technology and Cost Management - Xiaopeng will fully replace NVIDIA chips with its self-developed Turing chips across all new models, aiming to reduce hardware costs and improve competitiveness [5][6] - The introduction of the second-generation VLA large model in Q1 2026 will gradually cover all models by Q2 [5] Sales Targets and Strategies - The sales target for 2026 is set at 600,000 vehicles, with a quarterly goal of achieving an average monthly sales of 30,000 units [2][7] - The focus will shift towards Robotaxi and robot production in the second half of the year, with plans to trial Robotaxi services in Guangzhou by Q3 [7] Pricing and Consumer Strategy - Xiaopeng's pricing strategy is conservative, focusing on enhancing product configurations rather than competing solely on price [6][8] - The oil-electric parity strategy aims to promote the extended-range models, encouraging consumer acceptance of similar pricing for both extended-range and pure electric versions [8] Future Growth Opportunities - The company plans to expand its product line with more new SUV models and increase overseas exports, which are expected to be significant growth drivers [9] - The development of the Robotaxi sector is anticipated to be a key factor influencing Xiaopeng's stock price, with expectations of a market capitalization exceeding 200 billion yuan by the second half of 2026 [3][11] Financial Outlook - Xiaopeng's profit in 2026 is expected to remain stable compared to 2025, supported by strong foundational business from Volkswagen [12] - The company is optimistic about the potential for surprises in robot delivery and production in the latter half of the year [12][13] Overall Outlook - Despite uncertainties in the domestic automotive market, Xiaopeng is well-prepared for future developments, particularly in the Robotaxi sector, which could solidify its position in the market [13] - The current price level is viewed as a potential buying opportunity due to the company's promising outlook [13]

2026 年将是 AI 应用的大年 20260110 摘要 2026 年 AI 产业重点在于大模型与端侧垂直领域 AI 硬件协同重塑现实场 景，而非单一技术突破，预示着 AI 应用从云端向边缘侧的深化。 AI 应用发展具节奏性，预计 2026 年一、三季度表现突出，二、四季度 平缓，虽短期涨幅或不显著，但相关标的为 2027、2028 年硬件、软件 炒作主力，需提前布局。 AI 技术重塑行业结构，类比互联网发展初期，2023-2030 年为业务模 式和变现模式定型关键期，营销和电商仍是主要变现途径，AR 时代或有 创新。 人形机器人预计 2026 年进入家庭市场，关键在于自动驾驶技术迁移及 伦理限制突破，结合生成式 AI 重塑应用场景，需关注技术融合与政策影 响。 AI 对供需两侧产生联动影响，AI 工具助力内容生产，但变现依赖评价体 系变革，供给端需优化内容质量，需求端或更信任少数可信信息源。 AI 时代产业链价值分配将重构，流量至上模式不再适用，需关注价值链 利益重新分配，以及央国企和党媒的价值回归。 2026 年关注大模型与垂直硬件、端侧应用结合，尤其在营销、电商领 域，以及生成式 AI 与现实世界细微 ...

Core Viewpoint - Zhizhu (02513) opened nearly 15% higher and is currently up 14.94%, trading at HKD 182.3, with a transaction volume of HKD 17.3 million, reflecting an increase of nearly 60% from the IPO price of HKD 116.2 [1] Group 1: Strategic Cooperation - Zhizhu has announced a strategic partnership with Didi to explore key technologies in General Artificial Intelligence (AGI) and their applications in the transportation sector [1] - The collaboration aims to advance the implementation of Agent scenarios and talent development in large model fields, enhancing intent alignment and reasoning capabilities in transportation contexts [1] - The partnership will focus on validating and implementing Agents in more complex business scenarios [1] Group 2: Company Background - Zhizhu is one of the earliest companies in China to engage in large model research and development, having pioneered the autoregressive fill-in-the-blank pre-training paradigm GLM [1] - The company has released several significant models, including China's first hundred-billion model, the first open-source trillion model, the first dialogue model, the first multimodal model, and the world's first device control Agent, establishing a comprehensive model system [1] - Zhizhu is recognized for maintaining a cutting-edge position in original technology, comparable to global leaders, earning it the title of "China's OpenAI" [1]

智通财经APP获悉，智谱(02513)高开近15%，截至发稿，涨14.94%，报182.3港元，成交额1730.03万港 元，较招股价116.2港元已涨近60%。 消息面上，据智谱官方公众号消息，智谱与滴滴宣布达成战略合作，双方将围绕通用人工智能（AGI） 关键技术及其在出行领域的智能体应用开展前瞻性协同探索。双方将共同推进Agent场景落地和大模型 领域人才培养，深化出行场景的意图对齐与推理能力建设，推动Agent在更复杂业务场景中的验证与落 地。 根据公开资料，智谱是中国最早投身大模型研发的厂商，原创提出了基于自回归填空的通用预训练范式 GLM，率先发布了中国首个百亿模型、首个开源千亿模型、首个对话模型、首个多模态模型，以及全 球首个设备操控智能体(Agent)，形成了全面的模型体系，是国内罕有在原创技术路线上与全球顶尖水 平保持同步的厂商，因此也被誉为"中国OpenAI"。 ...