Core Viewpoint - The company Zhihua Technology is set to launch its IPO on the Hong Kong Stock Exchange, marking a significant milestone as the first publicly listed company focused on AGI (Artificial General Intelligence) in China, indicating a new phase of integration between technology leadership and capital empowerment in the AI large model industry [1] Group 1: IPO and Financial Overview - Zhihua plans to issue 37.42 million H-shares globally, with 1.87 million shares for public offering in Hong Kong and 35.55 million shares for international offering [1] - The company has completed 8 rounds of financing prior to the IPO, raising over 8.3 billion yuan [1] - Revenue from large models is the primary source of income for Zhihua, with a compound annual growth rate (CAGR) of 130% from 2022 to 2024, and revenue figures of 57.4 million yuan, 124.5 million yuan, and 312.4 million yuan for those years respectively [2] Group 2: Business Model and Growth - Zhihua employs a MaaS (Model as a Service) model, providing general intelligence capabilities through API calls to developers and enterprises, which has led to exponential growth in cloud-based MaaS and subscription services [2] - The company has seen a 325% year-on-year revenue increase in the first half of 2025, with a significant contribution from its AI programming subscription products, which have attracted over 150,000 paid developer users globally [2] Group 3: Research and Development - Established in 2019, Zhihua is recognized as "China's OpenAI," with a research and development team comprising 74% of its workforce [3] - The company has significantly increased its R&D investment, totaling approximately 4.4 billion yuan from 2022 to mid-2025, with the latest flagship model GLM-4.7 achieving top rankings in both open-source and domestic model evaluations [3] Group 4: Market Context and Future Outlook - According to IDC, the global AI market is projected to exceed $500 billion by 2027, with generative AI and related services expected to account for over 30% of this growth [4] - Zhihua aims to allocate 70% of the net proceeds from its IPO to further R&D in general AI models, enhancing its competitive edge in this sector [5] - The IPO is seen as a pivotal opportunity for Zhihua to drive its R&D and business expansion, shifting the narrative in the AI large model field from "technical stories" to "commercial value realization" [5]

业务遍布全球的AI驱动生物科技公司。 据IPO早知道消息，InSilico Medicine Cayman TopCo（以下简称"英矽智能"）于2025年12月30日正式以"3696"为股票代码在港交所主板挂牌上市。 这意味着，英矽智能成为首家通过联交所主板上市规则8.05条上市的人工智能生物医药科技公司。 值得一提的是，英矽智能本次IPO募集资金总额为22.77亿港元，是年内募集资金最高的港股生物医药IPO。同时，英矽智能本次香港发售获1427.37倍超额 认购，锁定认购资金逾3283.49亿港元，创下年内非18A港股医疗健康IPO香港公开发售认购金额之最；国际发售占比90%，录得26.27倍超额认购，创下年内 非18A港股医疗健康IPO国际配售认购倍数之最。 此外，英矽智能在本次IPO发行中还引入包括礼来公司、腾讯、淡马锡、施罗德、瑞银、橡树资本、易方达、泰康人寿等在内的15家全球化基石投资者，阵 容涵盖全球制药龙头、互联网巨头、国际主权基金与大型资管机构以及国内头部公募与险资。 截至11:00，英矽智能报于每股34.16港元，较发行价上涨42.04%，市值超190亿港元。 英矽智能创始人兼首席执行官、首 ...

| NTES 网易 | | | | --- | --- | --- | | 139.340 ↑ +1.270 +0.92% | | 收盘价 12/29 16:00 美东 | | 142.000 ↑ 2.660 +1.91% | | 盘前价 12/30 04:51 美东 | | 一 7 24 4 8 8 8 日 0 | | ● 快捷交易 | | 最高价 139.340 | 开盘价 138.030 | 成交量 50.63万 | | 最低价 137.780 | 昨收价 138.070 | 成交额 7032.17万 | | 平均价 138.897 | 市盈率 17.30 | 总市值 882.3亿 (…) | | 振 幅 1.13% | 市盈率(静) 21.24 | 总股本 6.33亿 | | 换手率 0.14% | 市净率 3.955 | 流通值 488.85亿 | | 52周最高 158.899 委 比 -- | | 流通股 3.51亿 | | 52周最低 85.507 | 量 比 1.28 | 色 手 1股 | | 历史最高 158.899 股息TTM 2.946 | | 换股比率 5.00 | | 历史最低 - ...

网易(NTES.US)盘前涨1.91%，报142美元。消息面上，花旗发研报指，2025年中国游戏产业年会本月中 旬在上海举办，活动上发布了年度中国游戏产业报告，指出政策支持、创新与常青游戏驱动国内市场健 康增长、自研游戏拓展海外市场、生成式AI应用率提升、数字经济赋能、有效的未成年人保护措施， 以及人才发展等趋势，均推动今年中国游戏市场不断增长。展望明年，花旗相信中国游戏市场将在生成 式AI互动应用增加及吸引玩法推陈出新的驱动下，实现可持续增长，重申腾讯、网易及世纪华通为板 块首选股，均予"买入"评级，网易美股目标价161美元。 责任编辑：山上 美股频道更多独家策划、专家专栏，免费查阅>> ...

"生成式 AI 出现后，有可能让服务业变成制造业，让每一个人都被立即关注、立即互动、立即提 升。"与爱为舞创始人兼CEO张怀亭表示，"这是几千年来教育的范式变革，让不可能三角第一次有机会 被打破。" 责任编辑：何俊熹 新浪科技讯 12月30日晚间消息，AI原生应用企业与爱为舞发布数据，首个真人级AI一对一导师落地近 一年，教出的首批AI学习原住民规模已达百万级，学员持续学习达316天，单个学员最长学习记录达 9000分钟，单次课最高互动达274次。 公开信息显示，与爱为舞成立于2023年5月，核心创始团队深耕AI技术与教育场景多年。今年2月，公 司发布旗下教育品牌"爱学"，为国内第一款大规模落地的真人级AI一对一导师产品，面向全年龄段人群 提供可持续陪伴学习服务。 公开信息显示，与爱为舞成立于2023年5月，核心创始团队深耕AI技术与教育场景多年。今年2月，公 司发布旗下教育品牌"爱学"，为国内第一款大规模落地的真人级AI一对一导师产品，面向全年龄段人群 提供可持续陪伴学习服务。 "生成式 AI 出现后，有可能让服务业变成制造业，让每一个人都被立即关注、立即互动、立即提 升。"与爱为舞创始人兼CEO张怀亭表示 ...

Core Insights - The article discusses the vision of world models in understanding and transforming the physical world, emphasizing the role of continuous technological breakthroughs in generative AI for autonomous driving [2] - It highlights the ongoing exploration of world models in the autonomous driving sector, particularly in video generation and OCC generation [2][3] - The article addresses the challenges faced by newcomers in grasping the concept of world models and the complexities involved in data generation and closed-loop simulation [4][5] Summary by Sections Introduction to World Models - The first chapter provides an overview of world models and their connection to end-to-end autonomous driving, detailing the historical development and current applications [12] - It categorizes different types of world models, including purely simulated models and those that integrate planning and sensory input generation [12] Background Knowledge - The second chapter covers foundational knowledge related to world models, including scene representation and technologies like Transformer and BEV perception [13] - This chapter is crucial for understanding the technical vocabulary frequently encountered in job interviews related to world models [13] General World Model Discussion - The third chapter focuses on general world models and recent advancements in autonomous driving, discussing notable models such as Marble, Genie 3, and VLA+ algorithms [14] Video Generation-Based World Models - The fourth chapter delves into video generation algorithms, highlighting significant works like GAIA-1 & GAIA-2 and recent advancements in the field [15] OCC-Based World Models - The fifth chapter centers on OCC generation algorithms, discussing three major papers and a practical project that extends to vehicle trajectory planning [16] World Model Job Topics - The sixth chapter shares practical insights from industry experience, addressing the application of world models in the industry, common pain points, and interview preparation [17] Course Overview - The course aims to provide a comprehensive understanding of end-to-end autonomous driving, with a focus on world models, and is designed for individuals looking to enter the autonomous driving industry [17][20] - It includes detailed discussions on key technologies and methodologies, ensuring participants can apply their knowledge in real-world projects [20] Course Schedule - The course is set to begin on January 1, with a duration of approximately two and a half months, featuring offline video lectures and online Q&A sessions [21][22]

Core Insights - The article discusses the development of the all-optical computing chip LightGen by a team from Shanghai Jiao Tong University, which significantly enhances the capabilities of large-scale generative AI models, enabling high-resolution image generation, 3D generation, and video generation with improved speed and energy efficiency [1][2] Group 1: Technological Advancements - LightGen achieves a two-order-of-magnitude improvement in computational power and energy efficiency compared to leading digital chips, making real-time generative tasks feasible [1] - The chip supports various large-scale generative tasks, including denoising and feature transfer, while maintaining quality comparable to advanced electronic neural networks [1] - The theoretical computational power of LightGen could increase by seven orders of magnitude with the use of cutting-edge input devices, addressing the computational gap in deploying generative AI [1] Group 2: Research and Development - The research team has overcome significant challenges, including the integration of millions of optical neurons, all-optical dimension transformation, and the development of a no-true-value training algorithm, which are crucial for generative tasks [2] - LightGen represents a qualitative leap in optical computing, moving from decision-making tasks to semantic generation, and is not merely an enhancement of existing optical chips [2] - The team aims to commercialize LightGen for content production processes, enabling real-time previews and significantly reducing rendering times from hours to seconds or even sub-second levels [2] Group 3: Future Prospects - The transition of LightGen from laboratory research to a usable technology product will require the establishment of standardized processes and mass production testing standards [2] - The research team is actively collaborating with industry partners to facilitate the practical application of LightGen [2]

Core Insights - The article emphasizes the formation of a clear and efficient "innovation closed loop" in the global technology industry, with CES in Las Vegas serving as the "trend source" and CES Asia in Beijing as the "value converter" [2][3] Group 1: CES as a Trend Source - CES is regarded as the "first test" of global technology trends each January, showcasing cutting-edge technologies and defining the technological agenda for the year ahead [3] - The core value of CES lies in its ability to "define" the focus of industry competition and the flow of capital and R&D resources [3] - Innovations presented at CES face significant challenges in transitioning from prototypes to market-ready products, requiring further development in closer-to-market environments [3][4] Group 2: CES Asia as a Value Converter - CES Asia, scheduled for June 10-12, 2026, in Beijing, has evolved beyond mere exhibition to become a "commercial validation arena" and "value converter" for global innovations [4] - The focus at CES Asia shifts from "what technology can do" to "what the market needs," allowing companies to iterate products based on feedback from CES [4][5] - The event serves as a platform for companies to present viable commercial solutions tailored to the unique preferences and regulatory environments of Asian markets [4][5] Group 3: Value Realization Dimensions - CES Asia's value realization is evident in three dimensions: market validation and product calibration, industry ecosystem integration, and investment and scalable implementation [5] - Innovations are tested against one of the world's most dynamic consumer bases, influencing production decisions and product features [5] - The event brings together a complete industry ecosystem, facilitating the transformation of collaboration intentions from CES into concrete contracts and agreements [5] Group 4: Closed Loop Logic - The dual-platform strategy of "CES debut, CES Asia showcase" follows the objective laws of technology commercialization, creating a complete loop from global definition to regional value creation [6] - This closed loop reflects significant changes in the global technology landscape, with Asia, particularly China, emerging as a core of the global supply chain and a fertile ground for innovative application scenarios [6] - Increasingly, tech giants and startups are incorporating CES Asia into their product launch cycles, viewing it as a critical milestone for transitioning innovations from R&D to revenue growth [6]

花旗发表研究报告指，2025年中国游戏产业年会本月中旬在上海举办，活动上发布了年度中国游戏产业 报告，指出政策支持、创新与常青游戏驱动国内市场健康增长、自研游戏拓展海外市场、生成式AI应 用率提升、数字经济赋能、有效的未成年人保护措施，以及人才发展等趋势，均推动今年中国游戏市场 不断增长。 展望明年，花旗相信中国游戏市场将在生成式AI互动应用增加及吸引玩法推陈出新的驱动下，实现可 持续增长，重申腾讯、网易及世纪华通为板块首选股，均予"买入"评级，腾讯目标价751港元，网易美 股目标价161美元。 ...

Group 1 - Meta has announced the acquisition of Chinese AI startup Manus to enhance its AI capabilities and integrate advanced AI technologies into its consumer and enterprise product lines [1] - The acquisition will allow Meta to take full control of Manus's operations and sales, integrating its core technologies into products such as the Meta AI assistant and enterprise AI solutions [1] - Manus specializes in developing general AI systems, including a multilingual intelligent dialogue engine and automated decision-making tools adaptable to various industries [1] Group 2 - The acquisition comes amid intense global competition in AI, with Meta strengthening its AI technology reserves through strategic investments and talent acquisition [2] - In early 2025, Meta invested $29 billion in data labeling giant Scale AI and hired its founder Alexandr Wang to lead its AI infrastructure department [2] - Meta has also launched the open-source large model Llama 3.5 and is focusing on generative AI, robotics control, and neural interface technologies [2]