Core Viewpoint - xAI, a large model unicorn under CEO Elon Musk, has successfully completed its E round of financing, raising $20 billion, surpassing its initial target of $15 billion, and achieving a valuation of $230 billion, doubling its previous valuation from March 2025 [3][5]. Group 1: Financing and Valuation - The recent financing attracted top global capital, including Valor Equity Partners, Fidelity, Qatar Investment Authority, and Abu Dhabi's MGX, with strategic investments from Nvidia and Cisco to support xAI's infrastructure expansion [5]. - xAI's valuation has increased significantly, from $113 billion in March 2025 to $230 billion, following its acquisition of the X platform (formerly Twitter) [5]. - The total financing amount for xAI since its inception in 2023 has reached $42 billion, with a notable $10 billion monthly burn rate [6]. Group 2: Product Development and Market Position - xAI's Grok series models are competing effectively with Google's Gemini, OpenAI's GPT series, and Anthropic's Claude series, with approximately 600 million monthly active users [6]. - The company is currently training Grok 5 and plans to focus on innovative consumer and enterprise products to reach billions of users [7]. Group 3: Regulatory Challenges - xAI is facing regulatory scrutiny due to its chatbot Grok generating inappropriate content, prompting investigations from authorities in the EU, UK, India, Malaysia, and France [7]. - In response to these concerns, Musk stated that the platform would take measures against illegal content and cooperate with investigations [7].

港股互联网ETF(513770)及其联接基金(017125)被动跟踪中证港股通互联网指数，重仓阿里巴巴-W、腾 讯控股等互联网龙头，两大权重股合计占比近30%；前10大持仓汇聚AI云计算、大模型+各领域AI应用 公司，合计占比超78%，龙头优势显著。目前，港股互联网ETF(513770)最新基金规模超132亿元，支持 日内T+0交易，不受QDII额度限制，流动性佳。 1月7日，开年连涨的港股AI首回调，港股AI核心资产——港股互联网ETF(513770)跌逾2%，不过买盘资 金逢跌积极进场，场内实时溢价率超0.4%。近期，资金流入港股互联网板块，呈现加速态势。上交所 数据显示，港股互联网ETF(513770)昨日单日获资金净流入1.31亿元，近20日资金累计净流入超17亿 元。 分析指出，美联储2026年降息预期的升温，外部流动性压力显著缓解，为港股科技股的估值修复提供 了"黄金窗口"。叠加AI主线持续催化，互联网龙头为中国AI领域领头羊，有望迎来内、外资共振做多。 ...

| 分时 多日 * | | F9 盘响盘后 叠加 九死 面线 工具 @ 2 > | | | | | | 港股互联网ETF 1 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.565 | | 513770[湘股互联网ETF] 10:20 价 0.539 涨跌 -0.012 | E 261 | | 0.539 -0.012 -2.18% | | | 513770 | | | | | | | | SSE CNY 10:20:23 交易中 查看L2全覆 净值进势 华宝中证表股通互联 | | | | T+0 品 40,000 | | 0.558 | | | 31% | | | | 现金融代比例上限 | | 100% | | | | | | 或比 | 28.43% 型差 | 473901 | | | | | | | | | 费石 | 0.544 | 89251 | 甲胸腰回允许情况 | | 申购赎回答允许 | | 0.551 | | | 0.00% | 原因 | 0.543 | 53165 | T日预估现金发展 | | 0.56元 ...

Core Insights - The core viewpoint of the news is that China's postal and express delivery industry has achieved significant growth, with the volume of delivery services surpassing 200 billion pieces and supporting online retail sales exceeding 14 trillion yuan in 2025 [2][10]. Group 1: Industry Growth and Projections - The postal and express delivery industry in China is projected to achieve a business revenue of 1.8 trillion yuan and a delivery volume of 2.165 billion pieces by 2025, representing year-on-year growth of 6.4% and 11.5% respectively [3]. - The industry has seen a substantial increase in service capacity, with annual business revenue rising from 1.1 trillion yuan to 1.8 trillion yuan during the 14th Five-Year Plan period, reflecting an average annual growth rate of over 10% [17][19]. Group 2: Infrastructure and Network Development - China's delivery network has become more comprehensive, with key postal and express delivery hubs established in regions such as the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area [4]. - The rural express delivery service coverage has improved, with a total of 13,000 intermodal postal routes opened and 145,000 cooperative stations built [6]. Group 3: International Logistics and Technology Integration - The international delivery logistics system is rapidly developing, with 374 overseas warehouses established, an increase of 41 from 2024, covering an additional area of 1.22 million square meters [8]. - The industry is adapting to new consumption models such as live-streaming sales and social e-commerce, and is integrating artificial intelligence into postal and express delivery services [12][14]. Group 4: Market Trends and Economic Indicators - The logistics industry in China is experiencing a stable recovery, with the logistics business activity index reaching 52.4% in December 2025, indicating a continuous expansion in logistics demand [23][30]. - The overall logistics demand remains robust, driven by sectors such as energy, manufacturing, and consumer goods, with the new orders index also showing positive growth [25][29].

Core Insights - The presentation at CES 2026 highlighted the significant advancements of Chinese AI models, particularly Kimi K2 and DeepSeek, which are now competing closely with closed-source models in performance [1][8] - The introduction of the MoE (Mixture of Experts) architecture has become a mainstream choice, with over 60% of open-source AI models adopting this structure since 2025, leading to a substantial increase in intelligence levels [16][31] Group 1: Model Performance and Advancements - Kimi K2 Thinking's inference throughput increased tenfold, with token costs dropping to one-tenth of previous levels, indicating a shift towards a "price parity era" for AI inference [4][6] - DeepSeek-R1 and Kimi K2 represent top-tier attempts under the MoE architecture, significantly reducing computational load and memory bandwidth requirements [2][12] - The performance of Kimi K2 Thinking was validated in tests, showing a tenfold increase in performance on the GB200 NVL72 platform [9][19] Group 2: Global Recognition and Impact - DeepSeek and Kimi K2 were recognized in a rigorous benchmark test, with Kimi K2 Thinking achieving the title of "best-performing non-U.S. model" due to its low misguidance rate [21][24] - The rapid development of Chinese open-source models is closing the gap with the strongest closed-source models, providing a significant first-mover advantage [31] - The increasing international acceptance of Chinese AI models is evidenced by endorsements from prominent figures in the tech industry, indicating a growing influence in the global market [24][33] Group 3: Trends and Future Directions - The transition from high benchmark scores to practical usability is evident, with models like Qwen evolving from being known for high scores to being recognized for their quality [32] - The emergence of features such as "interleaved thinking" in Kimi K2 Thinking reflects a trend towards more sophisticated model capabilities, enhancing their applicability in real-world scenarios [34] - The rise of open-source models is pressuring U.S. closed-source giants, as the value proposition of paid models becomes harder to justify against the performance of open-source alternatives [35]

2026年开年第一周，同为"AI六小虎"的智谱AI与MiniMax（稀宇科技）将先后于港交所挂牌上市。随着两家原生大模型"独角兽"撞线，中国乃至全球范围 内的"大模型第一股"即将诞生。 今天我们就来盘点一下智谱AI与MiniMax背后的资本阵容。 作为第一家上市的大模型公司，智谱AI在冲刺IPO前已完成8轮融资，44家机构投资，累计融资金额超83亿元。 智谱AI背后投资方阵容强大，既有从前期即陪伴的中科创星、达晨财智、华控基金、启明创投、君联资本等创投机构，又有强势入局的美团、阿里巴 巴、蚂蚁集团、腾讯、学而思、BOSS直聘等产业资本，以及红杉、高瓴、顺为资本、光合创投等知名机构，更有顺禧基金、中国信科、珠海科技创投、 杭州城创、中关村科学城、金浦投资等一大批国资背景基金。 产业投资者中的美团、蚂蚁集团、阿里巴巴、腾讯、学而思、BOSS直聘等均与智谱AI有业务合作，形成"投资+业务"协同效应。 数据来源：执中ZERONE、公开资料 智谱AI在本次IPO发行中引入了多元化的基石投资阵容，涵盖北京国资、头部保险资金、大型公募基金、明星私募基金、产业投资方等，包括清华大学教 育基金、北京金控、泰康人寿、广发基金、上 ...

记者从国家邮政局了解到，"十四五"以来，我国建成世界上规模最大、受益人数最多的寄递网络。邮政 快递业业务收入年均增长10%，人均年快递使用量翻一番。 五年来，我国邮政快递业智能化水平提升，规模以上分拣中心基本实现自动化运营，云计算、大模型在 需求预测、智能仓管、智能调度、路径规划等多个场景加速应用。邮政快递的综合运输组合效率、信息 化组织化程度、服务范围和性价比稳居世界前列。 （文章来源：央视新闻） 国家邮政局数据显示，"十四五"期间我国邮政快递业服务能力不断提升。年业务收入从1.1万亿元提升 至1.8万亿元，年均增长超过10%，增速居现代服务业前列。年快递业务量实现从百亿级到千亿级跃 升，由800多亿件增长到近2000亿件。人均年快递使用量从59件增长到141件。 ...

Core Insights - The article introduces the upgraded capabilities of the CICC Insight Model, which allows users to obtain in-depth analysis and real-time insights by simply inputting keywords, covering macroeconomic, market, industry, and company data [1][2]. Macroeconomic Data - The CICC Insight Model can quickly integrate the latest macroeconomic data, providing structured analysis frameworks, such as dual-axis comparison charts, to highlight core driving factors and potential risks behind the data [3][6]. - Recent data indicates that while new job additions slightly exceeded expectations, the absolute level remains low, and the unemployment rate is rising, suggesting a weak employment market [9]. Market Strategy Data - The model aids in market analysis and strategy formulation by automatically associating and analyzing relevant data when users input queries like "A-share market turnover rate," generating structured strategy reports to identify potential signals and allocation opportunities during market style rotations [11]. Industry Research Data - The model aggregates industry-specific databases to track technological changes, policy impacts, and competitive landscapes. For instance, when querying "What is the price trend of DDR5?", the model not only presents data but also dissects the trends to help users grasp industry cycles and investment fundamentals [17][22]. Intelligent Stock Analysis - The model provides comprehensive analysis of companies by generating detailed reports on recent core financial data and valuation situations upon user requests, enabling informed decision-making [26][30]. Condition-based Stock Screening - Users can quickly filter stocks based on custom logic using natural language queries. For example, inputting criteria for semiconductor companies with market caps between 5 billion and 20 billion that are among the top 50 in monthly gains will yield a list of qualifying companies along with key metrics for further analysis [34][38].

雷军1月3日晚在直播中介绍，小米汽车工厂投产以来约20个月交付50万辆车，仅2025年12月单月交付就 突破了5万辆。作为小米首款SUV车型的YU7表现亮眼，上市半年交付超15万辆，是SU7同期交付量的 2.3倍。据悉，2025年小米汽车新增超过400家门店，目前已有477家门店，完成了为1万人免费提供高阶 驾驶培训的目标。 转自：北京日报客户端 日前，小米集团创始人、董事长雷军在其个人社交账号上透露，2026年小米汽车交付目标为55万辆。小 米汽车去年交付目标30万辆，最终实现超额交付，全年交付超41万辆。"希望今年也能超额完成。"雷军 表示。 雷军在直播中坦言，2026年挑战肯定不会少，新一年小米将坚持三方面工作，首先是坚持技术研发，未 来五年至少会投入2000亿元，第二是加大对大模型的投入，第三是坚持为用户打造人车家全生态的体 验，把产品做到极致。 来源：北京日报 此外，作为北京市工业旅游示范点，2025年小米汽车工厂接待了超13万游客参观。雷军表示，2024年小 米汽车工厂建成以后，小米就下决心对外发布，"让车主朋友们来工厂看一看汽车是怎么造出来的，也 领略一下我国汽车智能制造的水平到了什么阶段。" ...

Group 1 - MiniMax's IPO attracted approximately 420,000 subscriptions, with an oversubscription rate of 1848 times, and is set to debut on the Hong Kong stock market on January 9, with stock code 0100 [2] - The IPO price range for MiniMax is set between HKD 151 and HKD 165 per share, with a base issuance scale of 25.3892 million shares, aiming to raise approximately HKD 38.34 to 41.89 billion [2] - MiniMax has secured 14 cornerstone investors, including notable institutions such as Alibaba and Eastspring, with a total subscription amount of HKD 27.23 billion, accounting for 69.8% of the global offering [2] Group 2 - MiniMax, established in early 2022, focuses on the development of multimodal models and has launched several AI-native products, serving over 200 million individual users and more than 100,000 enterprise clients globally [3] - For the first three quarters of 2023, 2024, and 2025, MiniMax reported revenues of USD 2.46 million, USD 30.52 million, and USD 53.44 million, respectively, with net losses of USD 269 million, USD 465 million, and USD 512 million [3] - The company's AI-native product revenue accounted for over 70% of total revenue in the first three quarters of 2025, with significant contributions from products like Hailuo AI and Talkie [4] Group 3 - MiniMax's overseas market revenue constituted 73.1% of total revenue in the first three quarters of 2025, with Singapore and the United States contributing 24.3% and 20.4%, respectively [4] - Recently, MiniMax partnered with Zhiyuan Robotics to provide comprehensive AI technology support, enhancing user interaction through customized voice synthesis [4] Group 4 - Another AI model company, Zhiyuan, also experienced significant interest in its IPO, attracting 206,000 subscriptions with an oversubscription rate of 1164 times, expected to list on January 8 [5] - Zhiyuan plans to issue 37.4195 million shares, with an expected fundraising of approximately HKD 43 billion, and has secured cornerstone investments totaling HKD 29.8 billion [6] - Zhiyuan's revenue for 2022, 2023, 2024, and the first half of 2025 is projected to be HKD 57.4 million, HKD 124.5 million, HKD 312.4 million, and HKD 190.9 million, respectively, with net losses increasing significantly [6][7]