Market Overview - The Hang Seng Index increased by 2.01%, the Hang Seng Tech Index rose by 4.31%, and the Hang Seng China Enterprises Index gained 2.85% during the week from December 29, 2025, to January 2, 2026[4]. - Net selling through the Hong Kong Stock Connect amounted to 3.4 billion CNY, while southbound funds recorded a net purchase of 1,301.5 billion CNY in 2025, equivalent to 174.92% of the total net purchases for 2024[4]. AI Sector Developments - Meta acquired AI startup Manus for over 2 billion USD, which will continue to operate independently[4]. - Baidu's subsidiary Kunlun Chip submitted a confidential listing application to the Hong Kong Stock Exchange on January 2, 2026[6]. - MiniMax launched the MiniMax M2.1 model and went through the listing hearing with the Hong Kong Stock Exchange[4]. Investment Recommendations - For Tencent Holdings, a PE ratio of 18X is projected for 2026, with expectations of accelerated growth in domestic gaming and healthy overseas growth[4]. - Kuaishou is expected to have a PE ratio of 11X for 2026, with stable growth and potential investment opportunities following any short-term volatility[4]. - Alibaba is projected to have a FY27 PE of 16X, with new AI models and hardware developments to watch[4]. Consumer Sector Insights - Suplay submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to capitalize on its leading position in the collectible card market[6]. - Pop Mart's valuation is at 14X PE for 2026, with potential sales boosts from the holiday season and strong IP performance expected[4]. Risks - Geopolitical risks may impact overseas revenues and competitiveness, potentially affecting stock prices[22]. - Regulatory risks in the internet sector could influence industry and individual stock performance[22].

哈喽，大家好，小圆这篇国际评论，主要来分析2025年岁末科技圈的重磅大事，Meta豪掷数十亿收购 通用AI智能体Manus，可能有朋友会疑惑，一家成立仅两年的公司，凭什么能让扎克伯格掏出这么多真 金白银？ 其实答案很明确，就像标题说的，智能体就是当下AI赛道的明珠，扎克伯格要想在全球AI竞赛中站稳 脚跟，这颗明珠绝不能错过。这笔被视为Meta公司史上第三大的收购案，背后藏着的是Meta的AI战略 焦虑与破局野心，绝非一次简单的资产并购。 Meta的AI焦虑与战略转向 要读懂这起天价收购，首先得搞清楚Meta在全球AI竞赛中的处境。虽然Meta手握强大的AI研究院，还 有开源的Llama大模型系列，但在和OpenAI的GPT、谷歌的Gemini这些顶尖模型的直接比拼中，外界普 遍认为它已经稍显落后。 扎克伯格早就把AI定为公司的首要战略任务，优先级甚至超过了曾经全力押注的元宇宙，为了在AI赛 道追上来，Meta今年动作不断，不仅成立了专注研发高级模型的Meta超级智能实验室，还花140亿美元 收购了Scale AI 49%的股权，把其创始人Alexandr Wang挖过来领导核心部门。 不过小圆觉得，有了顶尖团 ...

王学良 "【提示】2025第八届年度金猿颁奖典礼将在上海举行，此次榜单/奖项的评选依然会进行初审、公审、终审三轮严格评定，并会在国内外渠道大规模发布 传播欢迎申报。 在数字经济和新质生产力不断加速发展的今天，企业与客户的连接方式正经历深刻变革。作为企业与用户沟通的重要桥梁，企业联络行业正告别传统以人 工为主的服务模式，迈向大模型与智能体深度融合的智能化阶段。2024年，中国大模型市场规模已达294.16亿元，同比增长62%，其中多模态大模型以 156.3亿元的市场规模占比超过一半，成为推动行业增长的核心力量。这一趋势为企业联络行业注入了强劲动力，也标志着从效率驱动到价值重构的时代 转折。政策利好、技术突破与市场需求共同推动着这一行业走向智能化、生态化与价值化的崭新阶段。 过去，企业联络的核心任务是提高接待效率与响应速度，如今，这一职能正在被重新定义。大模型与智能体技术的深度融合，正在重构服务的底层逻辑， 使企业不再仅仅"回应需求"，而是能够"主动理解、提前洞察"。传统系统依赖关键词匹配与固定脚本，常常无法应对复杂语义，而搭载大模型的智能体则 能实现自然语言理解、语义推理与情感感知的多重突破。通过语音识别（AS ...

以下文章来源于算法爱好者 ，作者小蒜 算法爱好者 . 有个高赞回复是这样说的："人家跳槽是反映人往高处走的冲天之志，而你跳槽则说明能力不足 "。 真的是人比人气死人，扎心了。 2025 年 12 月， 鹅厂不是官宣了前 OpenAI 工程师姚顺雨入职信息嘛 。 PS ：他在 2024 年 8 月加入 OpenAI 担任研究员，参与智能体产品 Operator 、 Deep Research 等核心项目， 2025 年 9 月传出离职消息。 后来刷到一个帖子，有网友问："姚顺雨在 OpenAI 干了不到一年就跳槽，是不是说明他缺乏稳定性。" 的确，普通 人 牛马 跳槽，则会被 HR 或企业贴上 "缺乏稳定性" 的标签，甚至被解读为 "能力不行"，很有可能 在简历筛选（如部分大厂）时就被直接淘汰了。 而高价值人才跳槽，则会被解读为 "人往高处走" 的职业选择，不会被 "稳定性" 约束。 规则更像针对 普通 人 牛马 的枷锁，强者的选择往往不受同套标准限制。 算法是程序员的内功！「算法爱好者」专注分享算法相关文章、工具资源和算法题，帮程序员修炼内 功。 | 移动开发 · 10年+ | | | | --- | --- ...

金融智能体行业丨研究报告 序 - 背景 摘要： 本报告基于技术发展周期视角 ， 对中国金融智能体的落地现状和趋势展开了深度洞察 ，阐述了 金融智能体在关键周期阶段的主要表现 ， 期望能够为行业提供一份 拥有参考价值的研究内容。 三重驱动因素推进金融智能体发展 相比近年来金融机构采纳的各类新兴技术，大模型及智能体的发展在"技术突破、业务创新与政策支持"的多重因素驱动下，展现 出更为强劲的发展势头 近年来，各类新兴技术相继涌现，均在初步探索期获得市场关注，也都经历了从概念炒作到理性回归的过程。这些技术中，部分通过重塑业务流程实 现稳健发展，部分则因未能规模落地而发展停滞。多家金融机构技术负责人反映，尽管各类新兴技术持续影响金融科技战略布局，但很多决策者日趋 理性，会审慎对待市场炒作，从而更关注技术的实际价值。 与其他技术相比，大语言模型、金融大模型及智能体的创新展现出显著不同的特质。它们凭借技术突破和场景应用创新，为金融业务升级开辟了新路 径；加之政策层面的积极引导，共同为技术的发展构建了坚实的支撑。这种技术、场景创新与政策的多重共振，使大模型驱动的智能体在中国市场展 现出强劲的内生动力。目前，很多金融机构也在采 ...

2025年最后一周，科技圈的日历几乎已经被智能体填满。 12月30日，科技巨头Meta以数十亿美元收购AI智能体Manus的母公司蝴蝶效应，引发了市场对于智能体 的关注。 阿木称，"天禧AI正嵌入联想AI PC、AI手机、AI平板以及AIoT等多类终端，给用户带来全新的超级智 能体的AI体验。 天禧AI建设进程之所以引发市场关注，在于此前曾有消息称联想计划与豆包联合打造AI手机，但并未 获得官方的确认。 信风注意到，联想中国区天禧AI生态事业部总经理陈学桂却在此次大会上，将天禧与豆包进行对比， 凸显天禧的安全性。 陈学桂指出，12月份豆包手机的发布引发了行业对于调用能力讨论，其泛化的跨APP操作能力确实令人 印象深刻。但是现行版本部分设计也引起了行业的广泛讨论。 但在天禧的架构设计中，其可信计算平台从底层设计实现了算力数据的全安全。第一，天禧基于硬件级 的加密安全格局，实现算法与数据的物理隔离，杜绝非法访问；第二，天禧采用了同态加密技术，让数 据可用但不可见，计算过程不会泄露原始数据；第三，天禧通过透明的安全计算制度，每一步的操作均 可验证。 国内各大厂也在近期密集推出了自己的智能体。 钉钉发布了自称是全球首 ...

Core Insights - The Jiangsu Provincial Language Computing and Application Key Laboratory has successfully held its first academic committee meeting, focusing on the transition from generative to executable AI technologies [1][3] - The laboratory aims to become a leading center for original innovation in language computing within three years, contributing to high-quality development in China's AI sector [3][12] Group 1: Laboratory Overview - The laboratory is the first AI key laboratory in Jiangsu led by a company, highlighting the province's emphasis on AI industry development and enterprise-driven technological innovation [7] - It is established in collaboration with Shanghai Jiao Tong University and Suzhou University, leveraging top-tier research resources to focus on core language computing technologies [7] - The laboratory emphasizes a "reliability-first" approach in cross-modal general intelligence, targeting key technologies such as trustworthy speech and multi-modal perception [7] Group 2: Academic Committee Insights - The academic committee, chaired by Zhang Bo, includes experts from various prestigious institutions, providing constructive feedback on the laboratory's mid-to-long-term development plans [5][9] - Experts recommend strengthening foundational research and core technology breakthroughs, particularly in multi-modal perception, agent communication, and reliability enhancement [3][9] Group 3: Industry Applications - The laboratory's AI technologies have been successfully implemented in smart travel, smart office, and smart IoT sectors, demonstrating effective integration of research and application [9][10] - In the smart travel sector, the laboratory's solutions have been adopted by major automotive brands, enhancing in-car language processing and user experience [9][10] - The smart IoT solutions have been deployed in key areas such as smart robotics and consumer electronics, collaborating with leading companies to drive industry transformation [10] Group 4: Future Directions - The laboratory plans to deepen collaboration with local universities and enterprises to accelerate the application of technological achievements in various key scenarios [3][12] - The focus will be on core technology breakthroughs and fostering high-end talent in general AI to enhance Jiangsu's competitiveness in the AI industry [7][12]

Group 1 - The core viewpoint of the article highlights the significant role of artificial intelligence (AI) in transforming various industries and its emergence as a key driver for high-quality economic and social development [5] - The 2025 "AI+" Industry Ecosystem Conference showcased the latest advancements in AI at the industrial level, focusing on policy interpretation, technology demonstration, demand matching, and achievement transformation [1] - The health sector is identified as a challenging application area for AI, requiring high levels of collaboration, diverse data sources, and strong professional constraints, which emphasizes the value of AI in complex scenarios [6] Group 2 - The company, Lighter Health Group, has been recognized as a partner in the "AI Innovation Promotion Plan" due to its systematic breakthroughs in AI agents, health risk management, and insurance service innovation [1][6] - Lighter Health Group views AI not merely as a tool for localized efficiency but as a foundational capability that systematically reconstructs health management and insurance service operations [8] - The company has developed an AIcare technology stack that integrates machine learning, large model capabilities, knowledge graphs, rule engines, and data governance to support multi-agent parallel operations and collaborative decision-making [8] Group 3 - The AIcare technology stack aims to address long-standing issues in health services, such as "information silos" and "service fragmentation," by exploring collaborative mechanisms across service segments [8] - The future of AI in the health industry is expected to evolve beyond mere technological integration to a long-term progression focused on technological foundations, deep scenario applications, and ecological collaboration [9] - Lighter Health Group plans to continue enhancing AI capabilities, expanding health service scenarios, and deepening industry chain collaboration to provide innovative pathways for the high-quality development of the digital health industry [9]

. 1. 0.0.1 Crasical p u 9771 i a Zhopport I ��� 成立不足四年、发布Manus不满一年的创业公司蝴蝶效应被Meta以数十亿美元收购。 12月30日一早，这则消息震动全球AI圈，对于Meta而言这是收购额仅次于WhatsApp 和 Scale AI的大手笔，谈判速度之快让真格基金合伙人、蝴蝶效应公司 天使投资人刘元一度生疑。这不仅是一笔交易，更是一面镜子，映照出AI产业正在发生的深刻转向：大模型基础设施之争渐入尾声，能解决真实问题的AI 应用层，正迎来"黄金时代"。但硬币的另一面同样清晰：这个黄金时代，或许只留给最敏捷的少数人。 "我能为你做什么？" "今天，将是我余生难忘的时刻。"12月30日，肖弘宣布收购案时这样形容自己的心情。读完他短短的120个单词的博文，这位非典型创业者的兴奋不难捕 捉。 回忆Manus创立之初，几乎没人相信通用智能体能够实现，"太多声音说我们太过超前、野心太大、前路太难"。如果从头梳理他对行业的思考，就会发现， 这种超前不是肖弘刻意炫技。在正式上线Manus之前，他对ChatGPT、Cursor、Claude等AI产品和模型反复观察，得到 ...

今天，先说很多人比较关心的几件事。 第一件事，人民币继续升值。截至15:30，离岸人民币兑美元盘中涨破6.99关口，最高至6.98555。此 外，在岸人民币兑美元升破7.0关口，创下2023年5月17日以来的最高水平。 有市场策略师指出，人民币可能进一步升值，主要受外资流入、经济增长复苏预期以及科技板块乐观情 绪支撑。 第二件事，在遭遇"黑色星期一"之后，部分金属期货今天大幅反弹。其中，COMEX白银一度大涨超 5%，COMEX铜一度上涨超3%，LME镍创下今年4月以来的新高，LME锡一度上涨超2%。此外，国际 金价有所止跌。 昨天，达哥提到，芝加哥商品交易所全面上调部分金属品种的期货履约保证金，这可能会影响金属期货 及A股有色板块的短期走势，但有色板块并不能轻言波段见顶。 今天，A股的有色板块指数盘中收复了昨天阴线实体的一半，核心股紫金矿业、洛阳钼业收盘收在昨天 阴线实体的中分位上方，表现均不错。 第三件事，Meta宣布收购AI智能体公司Manus。这是Meta成立以来的第三大收购，花费仅次于 WhatsApp和Scale AI。 对于此次收购，浙商证券指出，预计可继续强化市场对AI应用、智能体乃至算力行业 ...