校对 贾宁 闫俊杰，1989年生，河南人，MiniMax稀宇科技创始人和CEO。2015年7月获得中科院博士学位，在顶 级会议和期刊上发表约200篇学术论文。MiniMax成立于2022年，2026年1月9日在香港上市，目前总市 值1186亿港元，迄今已有超过200个国家及地区的逾2.12亿名用户，超过70%的收入来自海外市场。 编辑 岳彩周 新京报贝壳财经讯（记者罗亦丹）1月19日下午，中共中央政治局常委、国务院总理李强主持召开专 家、企业家和教科文卫体等领域代表座谈会，听取对《政府工作报告》和《"十五五"规划纲要（草 案）》两个征求意见稿的意见建议。 MiniMax稀宇科技创始人、CEO闫俊杰出席座谈会并发言，成为继DeepSeek创始人梁文锋后，第二位参 会的AI大模型企业代表。 ...

Group 1 - The meeting was chaired by Li Qiang, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, to gather opinions on the government work report and the draft outline of the 14th Five-Year Plan [1] - Yan Junjie, founder and CEO of MiniMax, represented the AI large model enterprises at the meeting, marking the second participation of an AI company following Liang Wenfeng from DeepSeek [3] - MiniMax, founded in 2022, is recognized as a leading global general artificial intelligence technology company, specializing in self-developed multimodal capabilities across text, video, and voice [3] Group 2 - MiniMax achieved a record for the fastest IPO among AI companies, going public within four years of its establishment [3] - The company has over 212 million users across more than 200 countries and regions, with over 70% of its revenue generated from international markets [3]

北京商报讯（记者 魏蔚）1月19日，巨人网络宣布，旗下游戏《超自然行动组》上线全新"AI大模型挑 战"，将AI大模型正式引入游戏核心玩法，面向用户全量开放。在该玩法中，游戏内NPC（非玩家角 色）"假人"由AI大模型实时驱动，不再只是固定脚本角色，而是以"玩家对手"的身份直接参与对局。它 们可以语音交流、模仿真人行为混入队伍，在关键时刻主动发起进攻，与真人玩家正面对抗。上线一周 后，AI参与对局数累计超过2500万。 ...

Core Viewpoint - Giant Network has launched a new game, "Supernatural Action Group," which integrates AI large models into its core gameplay, marking the first instance of such integration in a high DAU (Daily Active Users) game in China [1] Group 1: Game Development and Innovation - The game features an "AI Large Model Challenge," making AI large models accessible to all users [1] - This initiative represents a significant step in the application of AI in gaming, aiming for large-scale implementation within high DAU games [1] Group 2: Collaborations and Partnerships - Giant Network is collaborating with major model providers such as Alibaba Cloud, Volcano Engine, and Tencent Cloud to address key issues like model capability adaptation, real-time inference efficiency, and high concurrency stability [1] - The collaboration aims to create a comprehensive solution for integrating multiple large model capabilities into a single product [1] Group 3: Industry Impact - "Supernatural Action Group" is positioned as a pioneering example in the industry, being the first high DAU product to successfully integrate and apply multiple large model capabilities at scale [1]

Core Viewpoint - Giant Network has integrated AI large models into its popular game "Supernatural Action Group," marking the first deep integration of AI in a high DAU game in China [1] Group 1: AI Integration - The new "AI Large Model Challenge" feature allows NPCs to be driven by AI large models, enabling them to interact as "player opponents" rather than fixed-script characters [1] - AI-driven NPCs can communicate via voice, mimic real player behaviors, and engage in direct confrontations with human players [1] - Within one week of launch, AI participation in matches exceeded 25 million [1] Group 2: Industry Collaboration - To facilitate the large-scale implementation of AI native gameplay, Giant Network has partnered with major model providers such as Alibaba Cloud, Volcano Engine, and Tencent Cloud [1] - The collaboration focuses on core issues such as model capability adaptation, real-time inference efficiency, and high concurrency stability [1] - "Supernatural Action Group" serves as a pioneering example of integrating multiple large model capabilities in a high DAU product [1]

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [22] Core Insights - The report highlights that the Qianwen APP has fully integrated into Alibaba's ecosystem, enhancing the application scenarios of AI large models. This integration allows for a significant upgrade from "chatting" to assisting users in "doing tasks," showcasing the improvement in model capabilities and the deepening of application scenarios [4][9] - The demonstration effect of the Qianwen APP is expected to accelerate the promotion of large model applications by domestic internet giants, thereby speeding up the application process of large models in China. This acceleration will create a substantial demand for inference computing power, further driving the development of China's domestic computing power industry chain [4][9] Summary by Sections Industry News and Commentary - On January 15, 2026, Alibaba held a product launch for the Qianwen APP in Hangzhou, announcing its full integration with various Alibaba ecosystem services such as Taobao, Alipay, and Fliggy. This integration enables AI shopping functions like ordering takeout and booking flights, marking a global first [4][7] - The Qianwen APP will launch over 400 AI task functions, positioning it as the first AI assistant capable of completing complex real-life tasks, transitioning the AI industry from "chatting" to "doing" [7][9] Weekly Market Review - The computer industry index rose by 3.82% this week, outperforming the CSI 300 index, which fell by 0.57%, resulting in a 4.39 percentage point advantage [13] - As of the last trading day of the week, the overall P/E ratio (TTM, excluding negative values) for the computer industry was 61.4 times, with 249 out of 359 A-share component stocks rising in price [15] Investment Recommendations - The report recommends continuous attention to investment opportunities in the AI theme, particularly in AI computing power and AI algorithms and applications. Specific companies recommended include: 1. AI Computing Power: Haiguang Information, Longxin Zhongke, Industrial Fulian, Inspur Information, Unisplendour, Zhongke Shuguang, Digital China, and Deepin Technology [18] 2. AI Algorithms and Applications: Strongly recommended are Hengsheng Electronics, Zhongke Chuangda, and Shengshi Technology, with additional recommendations for Daotong Technology, Kingsoft Office, iFLYTEK, and others [18]

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The 2026 International Consumer Electronics Show (CES) showcased advancements in smart home appliances, with Chinese brands leading in categories such as robotic vacuum cleaners, garden robots, and NAS private cloud storage [3][4][14] - Key products include the G-Rover by Stone Technology, which is the world's first stair-cleaning robotic vacuum, and various innovative garden robots from Ninebot [3][4][14] - The report emphasizes the continuous improvement in product capabilities and the increasing penetration of these technologies, suggesting a focus on innovative companies like Stone Technology, Ecovacs, Ninebot, and Ugreen [3][4][14] Market Data - The home appliance sector saw a slight increase of 0.2% this week, with specific segments showing varied performance: white goods down by 2.0%, black goods up by 6.2%, small appliances up by 3.0%, and kitchen appliances up by 6.9% [5][40] - Raw material prices fluctuated, with LME copper increasing by 1.91% and LME aluminum decreasing by 1.04% compared to the previous week [5][40]

Group 1 - Xibei will close 102 stores, accounting for 30% of its total, with the process expected to complete in the first quarter [2] - Xibei's founder, Jia Guolong, confirmed that all affected employees will receive their full wages and customer prepaid cards can be used at other locations or refunded [2] - Xibei has ranked first in revenue for Chinese cuisine for eleven consecutive years, serving 70 million customers annually [2] Group 2 - Chaomag Energy has completed a multi-hundred million RMB angel round financing, led by Dingfeng Kechuang, to develop high-temperature superconducting magnets for controlled nuclear fusion [3] - Yuandong Excellence has secured several million RMB in Series A financing, focusing on key components for semiconductor equipment [4] - Inmo has completed its C1 round financing, raising nearly 500 million RMB in a year, making it a leading player in the AI+AR smart glasses sector [5] Group 3 - Ailios has completed over 100 million RMB in pre-B round financing, aimed at the development and commercialization of self-developed filtration membranes [6] - Baichuan Intelligent plans to initiate an IPO in 2027, with a focus on AI medical applications [7] - Linli, a lemon tea brand, has completed a multi-million A round financing, with plans for brand and supply chain upgrades [7] Group 4 - Liufeng Space Technology has completed an angel+ financing round, raising a significant amount with investments from multiple venture capital firms [8] - Shizai Bio has raised 400 million RMB through B/B+ and C1 rounds, with participation from various investment groups [9] - Dongpeng Beverage has passed the Hong Kong Stock Exchange hearing, being the leading functional beverage company in China [10] Group 5 - Hubei Hongtai Zhanxin Industrial Investment Fund has been established with a total scale of 1 billion RMB, focusing on high-quality development [11] - Panzhihua City and Sichuan Industrial Fund have signed a strategic cooperation agreement to establish a 5 billion RMB vanadium-titanium industry development fund [12] - Anhui's first pet industry fund has been launched with an initial scale of 200 million RMB, focusing on various segments of the pet economy [13] Group 6 - GoerTek plans to establish a 690 million RMB fund, focusing on XR and advanced manufacturing technologies [14]

Group 1 - Custom software development is tailored to specific business logic, operational processes, and functional requirements, emphasizing a "made-to-measure" approach that includes full lifecycle management from requirement analysis to deployment and maintenance [2] - The core value of custom software development includes precise matching of business processes, support for high cohesion and low coupling microservices architecture, ensuring data sovereignty and system security, and possessing good scalability and technological foresight [3] Group 2 - Choosing a professional custom software development team is crucial, with experience and delivery capability being key factors. For instance, Zheko Software, a national high-tech enterprise with 12 years in the field, has served over 2000 brand clients and successfully delivered more than 3000 projects with a customer satisfaction rate exceeding 98% [4] - Zheko Software's technical team consists of over 500 members, with 82% holding bachelor's degrees or higher, and an average industry experience of 6.8 years, enabling rapid response to complex demands [4] Group 3 - Typical application scenarios for custom software development include ERP/OA system reconstruction, smart supply chain platforms, B2B/B2C e-commerce platforms, and internal efficiency tools, all requiring highly flexible architecture and rapid response capabilities [5][6][7] Group 4 - The future trend of custom software development is evolving from customization to intelligent solutions, with advancements in AI, low-code platforms, and edge computing transforming custom systems into "digital employees" for enterprises [8][9] Group 5 - Initial investment in custom software development may be higher compared to off-the-shelf software, but the total cost of ownership (TCO) is often lower in the long run due to avoidance of unnecessary subscription fees and integration costs [10] - The development cycle for custom software varies based on project complexity, with small internal tools taking 2-4 weeks and medium to large systems typically requiring 3-6 months, often utilizing an agile approach for phased deployment [11] - Evaluating a custom software development company's strength can involve examining technical qualifications, team background, delivery case numbers, and customer repurchase rates, with Zheko Software having served over 50 Fortune 500 companies and achieving a repurchase rate of 70% [12]

Core Viewpoint - The new power market reform has entered a critical phase, with the implementation of document "136" marking the end of mandatory energy storage, leading to a significant transformation in independent energy storage and the opening of third-party operation markets [1][2]. Group 1: Market Dynamics - The introduction of document "136" signifies the exit of mandatory energy storage, accelerating the transition to a "value reconstruction" phase for independent energy storage, which will diversify revenue models and enhance the demand for professional operation capabilities [2]. - The independent energy storage sector is expected to experience rapid growth as the market for third-party professional operations expands due to increased operational requirements [2]. Group 2: Company Strategy - The company has strategically positioned itself in the independent energy storage management sector, leveraging AI models as a technological foundation and adopting a dual approach of "product sales + management operations" to capture market opportunities [3]. - By utilizing the investment platform of Rixin Hongsheng, the company aims to establish a binding relationship between investment returns and operational rights, targeting independent energy storage investors and related financial institutions to expand its customer base [4]. Group 3: Financial Performance - The company has reported a significant increase in revenue, achieving 500 million yuan in operating income for the first three quarters of 2025, representing a year-on-year growth of 36.97%, and a net profit attributable to shareholders of 75 million yuan, up 41.75% year-on-year [5]. - The cash flow situation has improved markedly, with operating cash flow reaching 48 million yuan, compared to a negative 42 million yuan in the same period last year [5]. Group 4: Innovation and Growth - The company is advancing its innovative business through AI empowerment, generating 16.16 million yuan in revenue, a year-on-year increase of 1.53%, while its wholly-owned subsidiary Rixin Hongsheng achieved a remarkable revenue growth of 665.96% [6]. - The company has successfully launched its first energy storage management project, providing full management services for a 100MW/400MWh energy storage station in Ningxia, with an annual management fee of 1.5 million yuan, indicating a strong market entry [6].