Group 1: Impact of DeepSeek on Smart Space Industry - The emergence of DeepSeek has transformed the smart space industry by enabling local deployment of AI language models, addressing data security and privacy concerns for large enterprises and government clients [2] - Prior to DeepSeek, the company had already integrated discriminative AI capabilities into its AIoT platform for fault prediction and energy anomaly detection [2] - DeepSeek's integration allows for enhanced AI applications in smart spaces, including intelligent Q&A, data analysis, and natural language command understanding [3] Group 2: Client Investment in AI Applications - Corporate clients, particularly in enterprise parks, exhibit strong willingness to invest in AI applications for smart spaces [3] - In March 2025, the company launched the V7 version of its AIoT platform, securing an order exceeding 20 million CNY from a well-known domestic commercial bank [3] - Key clients span across finance, technology, and high-end manufacturing sectors, including major firms like CICC, GF Securities, Xiaomi, and CATL [3] Group 3: Benefits of AI Integration - The integration of AI language models with real-time data from the AIoT platform aids clients in achieving cost reduction, efficiency improvement, and enhanced user experience [3] - The AI capabilities help clients in energy conservation, property management optimization, and overall smart park enhancement [3] - The company is positioned to drive the large-scale implementation of AI solutions in enterprise park scenarios due to its strong client base and evolving AI capabilities [3]

Summary of Key Points from the Conference Call Industry Overview - The AI technology is experiencing rapid iteration driven by industrial demand and open-source large models, leading to increased computing power requirements. Cloud vendors and third-party computing providers are enhancing infrastructure, with AI agents and intelligent terminal applications being crucial for a successful business loop [1][2][3]. Core Insights and Arguments - Nvidia plays a pivotal role as an industry driver in the AI sector, with its chip computing power increasing by 4,000 times over the past six years, showcasing its super-Moore's law capability. Future investment hotspots include hardware semi-customization, architecture upgrades, and memory bandwidth improvements, with high-throughput and low-latency interconnect architecture being vital for cloud applications [1][3][4]. - The demand for cloud computing power remains robust, heavily reliant on algorithm support. Edge computing power directly impacts consumer experience, with future embodied intelligence potentially exceeding 1,000 tokens per second, indicating significant growth potential in core chip or SoC chip sectors [1][5]. - AI infrastructure development is shifting from stacking server chips to system optimization and efficiency enhancement, encompassing algorithm models, software systems, hardware architecture, and cross-regional data integration capabilities. This optimization will lower training and inference costs while boosting terminal demand [1][6]. - China's AI sector is developing rapidly but still faces weaknesses. With improvements in domestic computing capabilities and system foundations, China's generative AI industry is expected to achieve global leadership. U.S. export controls are accelerating China's independent research and development [1][7][8]. Additional Important Insights - AI technology is projected to contribute over 12.4 trillion RMB to China's GDP growth, corresponding to an additional annual growth rate of approximately 0.8%. This technological iteration is driven by both industrial demand and the proliferation of open-source large models [2]. - Since the release of ChatGPT in late 2022, AI capital expenditure has surged, nearing $30 billion from 2023 to 2025. A new capital expenditure upcycle for leading cloud vendors is anticipated from 2026 to 2027 [3][9]. - The AI agent market, which includes autonomous and generative agents, is expected to grow significantly, potentially reaching $40 billion by 2030. This growth is supported by advancements in language models and their capabilities [3][12]. - Nvidia's innovations include the introduction of the GB300 chip and the development of small-scale computing infrastructure for personal use, which are expected to accelerate the next wave of AI evolution [15][17]. - The global computing infrastructure has seen rapid development over the past three years, with both domestic and international capital expenditures entering a new upcycle, driven by new AI applications and ecosystems [20].

Core Viewpoint - Moxin-7B represents a significant advancement in open-source AI, providing full transparency in its development process and outperforming many existing models in various tasks [2][23]. Group 1: Open Source Contribution - Moxin-7B is developed under the principle of "open-source science," offering complete transparency from data cleaning to reinforcement learning [2][5]. - The model includes publicly available weights, pre-training data, and code, enhancing accessibility for researchers and developers [7][23]. Group 2: Performance and Cost Efficiency - Moxin-7B achieved a zero-shot accuracy of 58.64% on the ARC-C challenge, surpassing LLaMA 3.1-8B (53.67%) and Qwen2-7B (50.09%) [9]. - The training cost for Moxin-7B was approximately $160,000, significantly lower than GPT-3's estimated $4.6 million [15]. Group 3: Technical Innovations - The model employs a three-stage pre-training strategy, enhancing its multi-task capabilities through instruction fine-tuning on 939K instruction data [10][19]. - Moxin-7B utilizes advanced techniques such as Grouped Query Attention (GQA) and Sliding Window Attention (SWA) to efficiently handle long contexts of up to 32K tokens [17]. Group 4: Comparative Performance - In various benchmarks, Moxin-7B-Enhanced demonstrated superior performance compared to other base models, achieving an average score of 75.44% across multiple tasks [20]. - The reasoning capabilities of Moxin-7B were highlighted, with a performance of 68.6% on MATH 500, outperforming several other models [21]. Group 5: Conclusion on Open Source Impact - Moxin-7B exemplifies the potential of open-source AI, providing a transparent and controllable AI solution for small and medium enterprises [22][23].

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $126.9 million, representing a year-on-year growth of 23.5% [4][29] - Annualized recurring revenue (ARR) reached $493.9 million, up 22.7% year-on-year [5][30] - Adjusted EBITDA was $45.1 million, accounting for 35.5% of revenue, with a year-on-year growth of 40% [5][31] - Gross margin improved to 78.9%, up from 75.1% in FY 2022, exceeding expectations [13][30] Business Line Data and Key Metrics Changes - The company has maintained over 20% revenue growth for the past six years, with a win rate of 80% and a gross revenue retention rate (GRR) of over 98% [9][10] - The launch of a commercial contract restructuring program in 2022 has helped dampen revenue downside during AUM declines while retaining revenue upside during AUM growth [10] Market Data and Key Metrics Changes - The company has secured significant wins in Europe, including a leading German insurance company, which validates its expansion strategy [18] - A global asset manager expanded its partnership to include additional solutions, demonstrating strong cross-sell momentum [18] Company Strategy and Development Direction - The strategic acquisitions of Infusion, Beacon, and Bistro aim to create a fully cloud-native investment platform that integrates front, middle, and back office operations [19][20] - The company plans to implement a three-phase roadmap focusing on maximizing standalone business potential, cross-selling, and developing a unified platform [23][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and drive growth despite market complexities [5][16] - The company is focused on client satisfaction and operational efficiency, which are seen as key to improving profitability [12][31] Other Important Information - The company expects to achieve a 20% growth rate, with a 50 basis point gross margin improvement and a 200 basis point EBITDA expansion per year [27] - The integration of operations and client servicing teams under common leadership is expected to enhance efficiency [14] Q&A Session Summary Question: Thoughts on future growth rates and margin pacing - Management reiterated a commitment to 20% growth for Clearwater and Beacon, with expectations for Infusion to improve from 13% growth [46][47] Question: Demand outlook and macroeconomic impact - Management noted that Q1 revenue was solid and that they have not seen significant negative impacts from recent market turmoil [58][60] Question: Synergies from acquisitions - Management confirmed expectations for $20 million in cost synergies and improvements in gross margin over the next two years [66] Question: Organic growth expectations - Management provided guidance indicating that organic growth for Clearwater would remain above 20%, with contributions from acquisitions factored in [84][87] Question: Insights on Infusion's pricing and customer conversations - Management indicated a strong receptivity to developing a stable commercial model for Infusion, aiming for consistent growth [79][80]

作者：张昊然，Motiff 妙多 Co-Founder、副总裁 编辑：Cage 曾被专业设计师看成"玩具"的生成式 UI，如今正在和 vibe coding 一起改写开发和设计工作流，需求- >代码->设计的新工作流开始出现。本文回溯了这场演变：从早期「拼乐高」式的模板化设计，到 Claude Sonnet 3.5 更新开始模型有了创造力、直接写出高美感和风格化的前端代码，到如今 AI 展现 出理解并遵循特定"设计系统"的能力。 AI 设计的表达力和风格多样性这两个维度上实现了跃迁式进步，让我们开始期待未来有 AI-native 的 设计编辑器，设计中的 70%+ 工作由 AI 完成，类似设计领域的 Cursor 甚至 Devin。设计师的价值不 再是操作设计工具进行构建，而是回归设计本身进行更多的思考、呈现更多的创意方案、推进更高 质量的决策。 本文是一篇读者投稿，来自 Motiff 妙多的 Cofounder 昊然。他基于这两年打造 AI-native 设计工具的 经验，对 AI+设计领域的未来可能性进行了推演，尤其是如何在模型能力的飞速进展下对业务方向 和技术路线作出决策。相信来自优秀读者朋友的实践和观 ...

Summary of the Conference Call on SenseTime Technology Company Overview - **Company**: SenseTime Technology - **Industry**: Artificial Intelligence (AI) Key Points and Arguments Performance and Achievements - SenseTime's "Riri Xin" fusion model ranked first in both SuperCLUE and OpenCompass evaluations, achieving a total score of 18.3, tying with DeepCV3, indicating a significant breakthrough in native fusion modality training [2][4][5] - The company launched the Riri Xin 6.0 version, which constructs over 200 billion high-quality tokens for multi-modal long thinking chain data, achieving a length of 64K, significantly enhancing data analysis capabilities, particularly in vertical industries like finance [2][20] Government Support and Industry Growth - The Shanghai government is heavily supporting the AI industry, with the industry scale expected to exceed 450 billion yuan by the end of 2024, and over 60 generative AI models have been registered with the state [2][7] - SenseTime has developed the SenseCore AI computing platform to provide efficient computing power support for large model research and industrial applications in Shanghai [2][8] Technological Innovations - SenseTime's multi-modal models excel in processing unstructured data, improving efficiency and decision-making in scenarios like financial audits and e-commerce price comparisons [2][24] - The company emphasizes the importance of multi-modal models in achieving general artificial intelligence, as they can enhance learning efficiency and address complex problems [12][67] Future Directions and Applications - SenseTime aims to apply its native modality fusion widely across various scenarios to enhance interaction experiences [6][9] - The company is focused on deepening AI applications in key industries and fostering collaboration with academic institutions to build open platforms [9] Market Position and Competitive Edge - According to a report by Frost & Sullivan, SenseTime ranks first in China's generative AI technology stack market due to its continuous investment in technology innovation and high-performance domestic inference engines [3] Real-World Applications - The multi-modal model has been successfully applied in various fields, including automatic driving and smart healthcare, showcasing its ability to solve complex issues and enhance user experience [2][8][24] - In the e-commerce sector, the model can automatically analyze price information across platforms, providing optimal purchasing suggestions [25][26] Challenges and Opportunities - The rapid growth of multi-modal data presents challenges in data management and processing, necessitating the development of adaptive technologies to optimize performance [19][67] - The company is committed to addressing the challenges of data scarcity in the robotics sector through virtual simulation technologies [68][72] Educational Impact - SenseTime's technology is also being integrated into educational tools, enhancing learning experiences through interactive and immersive methods [50][52] Collaboration and Ecosystem Development - SenseTime collaborates with various partners, including Kirin Software, to develop comprehensive solutions that enhance the domestic AI ecosystem [30][59] Additional Important Content - The company is preparing for the World Artificial Intelligence Conference in 2025, aiming to foster international cooperation and share innovative outcomes [9] - SenseTime's advancements in video editing and AI capabilities are set to revolutionize content creation and enhance user engagement [55][57] This summary encapsulates the key insights from the conference call regarding SenseTime Technology's performance, innovations, market position, and future directions in the AI industry.

发布会上，钉钉开放平台总经理王铭说，在 AI 变革的时代，没有一艘船是安全的，钉钉要做的就是和 合作伙伴抱团取暖。 钉钉在 2021 年转型成为一个企业协同办公和应用开发平台，与第三方开发者共建生态，几年时间钉钉 的应用数量已经超过 1000 万个。 以前，软件开发者更多看重钉钉背后的客户资源，钉钉像一个超市，售卖开发者提供的软件服务；现 在，钉钉加入了更多的底座技术能力、模型能力，以及不同的合作模式，希望从应用卖场变成 AI 应用 和 AI 创业团队的孵化器。 让一部分 AI 创业团队先跑起来。 自 ChatGPT 发布以来，大模型不断刷新着能力的上限，也催生了更多的应用与场景。人们畅想的通用人 工智能助理、数字员工，正一步步形成雏形，行业相信，在模型能力达标后，应用的涌现速度会超出预 期。 但现在 AI 应用面临两重困境：有想法的团队没资源，没法触及目标客户群；有资源、有客群的传统企 业不知道怎么用好 AI、怕被技术的浪潮甩下。 连接双方的需求，一直是平台型企业的使命和机会。AI 时代新的办公、业务需求，平台型企业也在尝试 作出相应的改变。 3 月 20 日，钉钉在北京举办 "AI 创业 N 次方" 生态 ...

Summary of NVIDIA GTC Conference Insights Industry Overview - The conference focused on the future of artificial intelligence (AI) and data center development, highlighting the expected growth in cloud services and AI applications [2][4][7]. Key Insights and Arguments - **Market Growth**: The global AI spending is projected to reach $1 trillion by 2028, driven by the increasing demand for computational power due to the integration of inference and training in AI applications [2][4]. - **AI Development Stages**: AI has evolved through three stages: 1. Perception AI (basic applications like speech and facial recognition) 2. Generative AI (capable of understanding and generating content) 3. Responsible AI (able to take actions based on understanding) [5][6]. - **US vs. China in AI**: The US leads in foundational research and technology innovation with companies like Google and Microsoft, while China excels in application due to its vast data resources and government support [6][7]. - **Increasing Computational Demand**: The demand for high-performance computing (HPC) is expected to rise significantly, with projections of reaching 3.6 ZettaFLOPS by 2025, reflecting the growing needs for large language models and generative AI applications [11][12]. - **NVIDIA's Transition**: NVIDIA is shifting from a hardware-centric model to a service-oriented approach, enhancing revenue through software services like CUDA-X and partnerships with companies like Cisco and T-Mobile [9][12][16]. Additional Important Points - **Large Language Models (LLMs)**: These models require extensive computational resources, with each token processing demanding billions to trillions of floating-point operations, making GPUs the preferred choice over traditional CPUs [10][17]. - **AI Agent Applications**: By the end of 2025, AI agent applications are expected to proliferate across industries, significantly increasing computational demands as AI systems will not only use data but also generate and self-train on it [19][21]. - **Challenges in AI Development**: China faces challenges in chip manufacturing and technology barriers, impacting its ability to scale AI applications effectively [24][23]. - **Future of Chip Demand**: NVIDIA's general-purpose chips are expected to see greater demand compared to customized chips due to their extensive software ecosystem and support [27][35]. - **Quantum Computing**: While quantum computing holds potential, it is still far from achieving the stability and versatility of traditional computing systems like CPUs and GPUs [36]. This summary encapsulates the key insights from the NVIDIA GTC conference, emphasizing the growth trajectory of AI, the competitive landscape between the US and China, and NVIDIA's strategic shifts in the evolving tech ecosystem.

Core Insights - The report highlights the launch of Manus, a universal AI assistant that emphasizes action over mere thought, showcasing its capabilities in tasks such as resume screening, property selection, and stock price analysis [2][24][30] - The MWC2025 event showcased advancements in generative AI, with various companies presenting innovations in robotics, AR glasses, and AI PCs, indicating a trend towards tighter integration of hardware and AI [18][22][40] - The report expresses optimism regarding investment opportunities in the AI sector, particularly with the emergence of domestic AI applications like Manus and Deepseek, which are expected to drive demand for computational power [3][32] Industry Overview - The communication sector index rose by 2.81% from March 3 to March 7, 2025, outperforming the CSI 300 index, which increased by 1.39% [10][11] - The report identifies key stocks to watch, including China Mobile, China Telecom, and ZTE, among others, indicating a focus on major players in the telecommunications and AI sectors [8][23] - The communication sector's current valuation is noted to be 21.96, ranking fourth among TMT industries, suggesting a relatively favorable investment environment [12][14] MWC2025 Highlights - The event featured the world's first 5G-A humanoid robot, developed through collaboration between China Mobile, Huawei, and Leju Robotics, showcasing the potential for advanced applications in various sectors [19][34] - Innovations in AR glasses were presented, with products like the Raybird X3 Pro expected to launch soon, indicating a growing market for augmented reality technologies [21][36] - Intel announced its commercial AI PC product lineup, set to ship by the end of March 2025, reflecting the increasing demand for AI-integrated computing solutions [22][39]

文丨贺乾明 编辑丨程曼祺 吴泳铭难得的公开亮相，给了阿里云。 去年 9 月， 吴泳铭接任阿里巴巴集团 CEO，后直接管理两大业务板块 ：一是阿里赖以起家，目前 仍为最大主业的电商，吴泳铭是淘天集团董事长兼 CEO；另一个就是阿里云，吴泳铭同时担任阿里 云智能集团董事长兼 CEO。自那以后，吴泳铭甚少公开露面，去年的双十一晚会他也没有参加。 在 9 月 19 日举办的 2024 云栖大会上，吴泳铭在主题演讲中说："新技术应用早期，渗透率比较 低，大部分人会产生怀疑，这很正常。但新技术革命会在人们的怀疑中成长，让很多人在迟疑中错 过。" 吴泳铭：生成式 AI 最大的想象力，不是一两个手机上的超级 App。 这概括了如今大模型领域的观点分歧。由 ChatGPT 引发的大模型和生成式 AI 热潮，因一系列进展 不如预期——GPT-5 迟迟未发、Sora 未大规模开放等——在今年下半年转冷。微软、Google 等公司 的财报会上，高管们频繁被追问：到底如何平衡大模型的投入与收益？ 直到一周前，OpenAI 在 9 月 13 日发布最新模型 o1 系列，展示投入更多算力、数据等资源，依然 能换来模型性能提升，才一定程度上 ...