Group 1 - OPPO is in deep cooperation with Alipay and plans to announce another strategic partnership in January [1] - OPPO's ColorOS product development director denied rumors of rejecting collaboration with ByteDance regarding "Doubao AI phone," emphasizing an open attitude towards partnerships [1] Group 2 - JD's restaurant platform, Seven Fresh Kitchen, has opened 30 stores in Beijing within four months, achieving coverage in major urban areas within the Fifth Ring Road [2] Group 3 - Thunderbolt eSports Hotel has signed over 200 locations nationwide, doubling its scale in six months, with high occupancy rates and a young customer demographic [3] Group 4 - Hyundai Motor Company is recalling over 51,000 vehicles in the U.S. due to safety hazards, including issues with trailer lights and potential short circuits [4] Group 5 - "Yisoo Innovation," a tech company focused on desktop laser processing equipment, has completed a Pre-A round financing of 100 million yuan to enhance core technology and expand product lines [5] Group 6 - Alibaba upgraded its voice model family Qwen3-TTS, introducing new models for voice design and cloning, which can generate human-like voices and enhance applications in various fields [6] Group 7 - Tencent Music launched its AI music creation tool "VEMUS" for public testing, offering a comprehensive platform for music creation with low barriers to entry [7] Group 8 - SoundAI released its multi-modal AI fashion headphones on Kickstarter, designed as a "personal perception tool" integrating sound and vision [8] Group 9 - The National Development and Reform Commission and the Ministry of Commerce released the "Encouragement Directory for Foreign Investment Industries (2025 Edition)," increasing the number of entries to 1,679 [9] - The central bank and eight departments are exploring cross-border digital currency payment trials with Singapore [9] Group 10 - Beijing has adjusted housing purchase policies for non-local residents, reducing the required duration of social insurance or income tax payments for home purchases [10] Group 11 - The State Administration for Market Regulation is implementing stricter regulations for live e-commerce, including the establishment of a supervisory framework [11] Group 12 - Japan's Tokyo Electric Power Company plans to restart the Kashiwazaki-Kariwa nuclear power plant on January 20, marking the first restart of a nuclear reactor since the Fukushima disaster [12][13]

业 及 产 业 行 业 研 究 / 行 业 点 评 证 券 研 究 报 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 杨海晏 A0230518070003 yanghy@swsresearch.com 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 李国盛 A0230521080003 ligs@swsresearch.com 郝知雨 A0230525060002 haozy@swsresearch.com 陈晴华 A0230525100001 chenqh@swsresearch.com 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 姜安然 A0230125070008 jiangar@swsresearch.com 陈悦 A0230524100003 chenyue@swsresearch.com 联系人 林起贤 A0230519060002 linqx@swsresearch.com 2 ...

知名 AI 科学家 LeCun 周四证实， 他已创办一家新创企业 ——这是科技界人尽皆知的秘密——但他表示不会以首席执行官身份运营这家新公司。 他所创办的这家公司名为 " 高级机器智能 " ，并聘请了医疗转录 AI 明星企业 Nabla 的联合创始人兼首席执行官亚历克斯·勒布伦担任首席执行官。 Nabla 在一份新闻稿中披露了勒布伦的新工作，而勒昆在领英的简短帖子中确认了此事。 新闻稿也证实了众所周知的进展： AMI 实验室正在开发世界模型 AI 。这是 LLMs 的一种替代方案，该模型试图理解环境（即世界），从而能模拟 因果关系和各种假设情景以预测结果。世界模型的创建者认为，这是解决 LLMs 结构性幻觉问题的答案。 LLMs 本质上具有 " 非确定性 " ——即创 造性——因此无法保证其从不捏造信息。 顶尖实验室和初创公司如 Google DeepMind 与李飞飞创立的 World Labs 也在开发世界模型。相较之下， AMI 的融资目标显得更为大胆。当 World Labs 去年 8 月首次亮相时， 李飞飞就以 10 亿美元估值募集了 2.3 亿美元 ，这在当时已被视为巨额融资。但那可是在 2024 ...

Core Viewpoint - The company is developing multimodal AI technologies and products, focusing on the integration of software and hardware to support various interaction experiences such as voice, vision, and touch [1] Group 1 - The company is currently researching and developing multimodal AI-related technologies and products [1] - The technology aims to achieve synergy between software and hardware for enhanced interaction experiences [1] - Future plans include a steady advancement based on industry demands [1]

经济观察网据科创板日报消息，多模态AI企业智象未来近日完成A+轮融资，京东集团、金华市金婺赋 能基金联合参投，资金将用于核心业务拓展与技术研发。知情人士表示，智象未来已启动B轮融资筹 备，计划2026年初完成交割。本次A+轮融资具体金额及细节暂未披露。 ...

12月17日消息，多模态AI企业智象未来宣布完成A+轮融资，京东集团、金华市金婺赋能基金联合参 投，资金将用于核心业务拓展与技术研发。据知情人士透露，智象未来已启动B轮融资筹备，计划2026 年初完成交割。本次A+轮融资具体金额及细节暂未披露。 ...

来源：新浪证券-红岸工作室 12月17日，中胤时尚涨2.15%，成交额4310.71万元，换手率1.12%，总市值38.69亿元。 异动分析 新疆振兴+三胎概念+人民币贬值受益+虚拟数字人+多模态AI 1、根据2022年年报：为积极响应国家"扶持中西部地区实业发展"的号召，公司于2021年在新疆和田地 区建立了鞋履生产基地，新疆中胤鞋业有限公司。 区间今日近3日近5日近10日近20日主力净流入-273.51万-470.98万-766.05万-1566.20万-1542.30万 主力持仓 2、根据2021年4月15日互动易：公司童鞋设计和供应链整合业务收入占在10%-15%之间，作为一家创意 设计企业，公司鞋履设计覆盖全品类，包括女鞋、童鞋及男鞋，可为客户提供不同款式不同类别的鞋履 设计。 3、根据2024年年报，公司海外营收占比为83.07%，受益于人民币贬值。 4、2023年6月16日公司互动：元起点和新畅元科技在虚拟人技术上储备了多项技术，在3D数字人生成 重建、AIGC+3D数字人、3D数字人AI跨模态实时交互等多项国际领先。 5、据2023年半年报显示：新畅元科技为公司参股孙公司。NNKOSMOS新畅 ...

Core Viewpoint - The company, Shenzhen SanTai E-commerce Co., Ltd., is focused on cross-border e-commerce retail and logistics, benefiting from the depreciation of the RMB and leveraging AI technologies for operational efficiency and risk management [2][3][7]. Group 1: Company Overview - Shenzhen SanTai E-commerce Co., Ltd. was established on January 7, 2008, and listed on September 28, 2023, with its main business involving cross-border e-commerce retail (76.14% of revenue) and logistics (23.80% of revenue) [7]. - The company has a total market capitalization of 6.342 billion yuan and a trading volume of 59.4348 million yuan on December 16, with a share price decline of 0.25% [1]. Group 2: Business Developments - The company is developing an AIGC project that utilizes Stable Diffusion for generating high-quality images, enhancing brand IP and operational efficiency [2]. - The company launched a proprietary intellectual property risk detection tool named "RuiGuan·ERiC" on September 28, 2023, aimed at providing low-cost and accurate risk monitoring solutions for enterprises [3]. Group 3: Financial Performance - For the period from January to September 2025, the company reported a revenue of 1.252 billion yuan, reflecting a year-on-year growth of 0.15%, while the net profit attributable to shareholders decreased by 25.94% to 31.8471 million yuan [8]. - The company's overseas revenue accounted for 99.98% of its total revenue, benefiting from the depreciation of the RMB [3]. Group 4: Market Position and Shareholder Information - As of December 10, 2023, the company had 28,500 shareholders, with an average of 7,708 circulating shares per person, showing a slight increase of 0.22% [8]. - The company has distributed a total of 110 million yuan in dividends since its A-share listing [9].

来源：新浪证券-红岸工作室 异动分析 新疆振兴+三胎概念+人民币贬值受益+虚拟数字人+多模态AI 1、根据2022年年报：为积极响应国家"扶持中西部地区实业发展"的号召，公司于2021年在新疆和田地 区建立了鞋履生产基地，新疆中胤鞋业有限公司。 2、根据2021年4月15日互动易：公司童鞋设计和供应链整合业务收入占在10%-15%之间，作为一家创意 设计企业，公司鞋履设计覆盖全品类，包括女鞋、童鞋及男鞋，可为客户提供不同款式不同类别的鞋履 设计。 3、根据2024年年报，公司海外营收占比为83.07%，受益于人民币贬值。 4、2023年6月16日公司互动：元起点和新畅元科技在虚拟人技术上储备了多项技术，在3D数字人生成 重建、AIGC+3D数字人、3D数字人AI跨模态实时交互等多项国际领先。 5、据2023年半年报显示：新畅元科技为公司参股孙公司。NNKOSMOS新畅元2023年7月13日官微：新 畅元第一代数字人产品"创视元"支持AIGC多模态内容生成，无论文本(ppt\pdf\word)、语音均可快速识 别，一键智能生成视频，操作简单，便于修改。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者 ...

当 AI 模型逐渐变成"水电煤"，真正决定价值的，开始不是谁造得更好，而是谁掌控了供应网络的阀门。三个月，估值翻三倍。Fal.ai 在最新一轮 D 轮融 资中估值升至 45 亿美元。红杉领投，凯鹏华盈、英伟达跟投。相比融资金额，更值得注意的是连续性——这是红杉今年第三次加注 Fal。 这不是一次押注产品的投资，而是一次押注标准的投资。AI 的定价权，正在从模型层，转向运行层。 红杉为什么连投三轮：从推理优化到运行平台 Fal 不训练基础模型，也不直接做应用。它卡在一个长期被低估的层级——为图像、视频、音频等多模态模型提供托管、推理、调度与扩展能力，把 GPU 管理、延迟控制和稳定性问题，包装成可直接调用的基础设施。 2023 年，这类公司还容易被视为"infra 的浪漫主义"。但今天，条件已经改变。多模态生成正从 demo 走向真实业务流：广告素材、电商商品图、内容特 效，全部进入高频、实时、稳定的生产阶段。一旦实时性成为硬约束，谁能把延迟压下去、把成本打下来、把系统跑稳，谁就开始接近真正的议价权。 Fal 联合创始人 Bu rkay Gur 在 a16z 的访谈中曾指出，随着模型能力快速提升，限制应用落地的 ...