人民财讯12月30日电，据京东云消息，近日，京东与华为技术有限公司正式达成深度技术合作。双方将 聚焦智能广告、大模型及云计算等核心领域，通过京东云计算、广告算法升级、华为鲲鹏技术联合创 新，重点破解高并发场景下的广告技术瓶颈，共同构建下一代高效、智能的广告技术基础设施。 ...

Core Insights - The acquisition of Manus by Meta is not a game-changer or a critical move; it is part of a broader trend of mergers and acquisitions in the AI industry expected to intensify by 2026 [1][7] - The central theme of competition is the "force" behind AI models, which is essential for creating intelligent applications [1][5] Group 1: Acquisition Analysis - The purchase of Manus is not a decisive factor for Meta, similar to the previous $14.8 billion acquisition of Scale AI [8] - Manus may help Meta in user engagement but lacks the "force" that drives innovation; the acquisition focuses on the team's ability to leverage models rather than acquiring core technology [3][9] - Meta's AI strategy is currently weak in foundational models, which are crucial for its competitive positioning [2][10] Group 2: Future Directions - Meta is expected to pursue significant acquisitions in the range of $20 billion to $50 billion to strengthen its model capabilities [3][11] - The company is also likely to recruit entire teams or individual talents from leading AI firms to enhance its technological prowess [3][11] - The AI landscape is anticipated to undergo major transformations by 2026, with significant mergers and acquisitions centered around the concept of "force" [12][13] Group 3: Competitive Landscape - The AI industry is entering a phase of intense competition, with major players engaging in strategic mergers, talent acquisition, and ecosystem collaborations [6][12] - The competition will not only reshape the AI model landscape but also impact traditional industries and employment structures [12][13] - Companies lacking the "force" in their AI capabilities, including major tech firms, are likely to seek acquisitions to bolster their positions [5][13]

Core Insights - The report by CCID Consulting outlines the development blueprint and transformation directions for the IT industry in China by 2026, focusing on ten key areas including computing power, storage, AI, industrial software, and financial digital transformation [1][2][3]. Computing Power - The demand for computing power is expected to grow exponentially due to the deep integration of large models and industry applications, with China's total computing power projected to exceed 1200 EFLOPS by 2026, maintaining the second position globally, and intelligent computing contributing nearly 90% [1]. - A collaborative model of "cloud centralized training and edge flexible reasoning" will be widely adopted, with super-node architectures overcoming traditional computing cluster bottlenecks, becoming a significant choice for large intelligent computing centers [1]. Artificial Intelligence - The "AI+" sector is anticipated to enter a new phase of typical demonstration and large-scale implementation by 2026, with cloud services accelerating towards AI-native evolution, transitioning from "resource supply" to "intelligent engine" [2]. - High-quality private data sets will become scarce resources, and lightweight AI terminals will serve as crucial carriers for application implementation, driving deep penetration of "AI+" in industries such as automotive and logistics [2]. - The large model market is expected to experience explosive growth, with both deployment and usage volumes increasing significantly, focusing on vertical small models and autonomous collaborative intelligent agents [2]. Industrial Software - The global industrial software market is projected to grow steadily from 2023 to 2025, with a compound annual growth rate of approximately 6.4%, reflecting a balance of stable growth and structural optimization [2]. - By 2026, industrial software is expected to play a vital role in transforming manufacturing from experience-driven to data-driven, enhancing industry efficiency and resource allocation [2]. Financial Digital Transformation - By 2025, the financial industry is expected to undergo a high-quality paradigm shift from "digitalization" to "intelligentization," driven by AI and open API ecosystems, supported by distributed core system restructuring and technological breakthroughs [3]. - IT investment in China's financial sector is projected to continue expanding, with AI reshaping financial technology and generative AI accelerating penetration into vertical financial fields, evolving IT from a supportive tool to a core engine driving financial innovation [3].

文 | 大力财经 快手的技术核心圈，年末传来重磅人事变动！ 据多位知情人士爆料，快手科技副总裁、基础大模型及推荐模型负责人周国睿已进入休假状态，内部系统签名已改为"Log Out"，这意味着这位执掌快手核 心推荐算法的技术大牛，即将正式告别快手。消息一出，立刻引发行业震动——毕竟周国睿不是普通高管，他亲手主导了快手推荐大模型的革新，是程一笑 力推AI战略的关键执行者。 要搞懂这场人事变动的分量，得先看清周国睿在快手的"含金量"——他手里攥着的，是快手的"生命线"。 而这波离职潮的背后，是快手进入"程一笑时代"后的组织架构大调整。2023年底，快手宣布了上市以来最大规模的组织架构和管理层调整，涉及主站、电商 与商业化三个事业部的15条业务线，25名中层管理人员受到影响。架构调整必然伴随业务合并和权责变动，不少高管因此被架空，这也被认为是近期高管密 集离职的核心原因。 除此之外，快手内部治理的漏洞也被暴露过。今年9月初，曾有举报邮件流出，称快手某员工泄露公司核心数据和规划打法获利，给公司造成重大损失。这 一事件也让外界对快手的内部管控产生质疑，或许也加剧了核心人才的流失。 2021年加入快手后，周国睿很快坐上核心 ...

Core Viewpoint - The company Zhiyu Huazhang Technology Co., Ltd. (智谱) has officially launched its IPO process in Hong Kong, aiming to raise approximately HKD 4.3 billion with an expected market capitalization exceeding HKD 51.1 billion upon listing [2][3]. Group 1: IPO Details - Zhiyu plans to issue a total of 37.42 million H shares, with 1.87 million shares available for public offering in Hong Kong and 35.55 million shares for international offering [3]. - The IPO price is set at HKD 116.20 per share, leading to an estimated fundraising scale of around HKD 4.3 billion after deducting related issuance costs [3]. - The company has raised a cumulative financing amount of approximately CNY 8.34 billion in the private market, with a latest valuation of CNY 24.38 billion, indicating a near doubling of its market value as it approaches listing [3]. Group 2: Investor Participation - The cornerstone investor lineup is notable, with total subscriptions amounting to HKD 2.98 billion, accounting for nearly 70% of the total issuance scale [4]. - Participating cornerstone investors include 11 institutions such as JSC International Investment Fund SPC, JinYi Capital Multi-Strategy Fund SPC, and others [4]. Group 3: Market Context and Challenges - The high proportion of cornerstone subscriptions comes amid a challenging environment for tech assets in the Hong Kong stock market, highlighting the significance of this IPO in the context of the "global large model first stock" race [5]. - The company faces ongoing challenges in the AI large model sector, with some competitors opting to exit the foundational model competition and focus on vertical applications [7]. - Zhiyu primarily targets enterprise-level solutions (to B), having already implemented services in various industries including finance, internet, smart devices, and healthcare [7]. Group 4: Financial Performance - In the first half of the year, Zhiyu reported revenues of CNY 191 million but incurred a significant loss of CNY 2.36 billion, with R&D costs reaching CNY 1.6 billion [7]. - The market is shifting towards a clearer focus on model capabilities and commercialization pathways, which poses challenges even for leading companies in the sector [7]. Group 5: Technological Advancements - Zhiyu's technology framework is centered around the GLM model, which integrates autoregressive generation and masked prediction for unified modeling of understanding and generation tasks [11]. - The company has released several iterations of its GLM series, with the latest GLM-4.7 model showing significant improvements in various benchmarks compared to its predecessors [12][16]. - The company has also developed multimodal models and an AI agent model named AutoGLM, which supports over 8,000 institutional clients and approximately 80 million devices [17]. Group 6: Future Outlook - The transition to the public market is seen as a critical test for the company, as it will face scrutiny regarding its high R&D investments, rising computing costs, and the still-evolving commercialization path for general large models [17].

"全球大模型第一股"即将登陆港股！北京智谱华章科技股份有限公司（下称"智谱"）今起招股，预计2026年1月5日结束，并计划于2026 年1月8日正式以"2513"为股票代码在港交所主板挂牌上市。 全球公开发售文件显示，智谱(02513.HK)计划在本次IPO中发行【3741.95】万股H股。其中，香港公开发售【187.1】万股H股，国际发售 【3554.85】万股H股。以每股【116.20】港元发行价计算，智谱本次IPO募资总额预计将达43亿港元，IPO市值预计超511亿港元。 智谱招股书链接： 智谱作为中国最早研发大模型的企业，也是中国收入体量最大的独立大模型厂商，一直备受市场青睐，在IPO之前，智谱已完成了8轮融 资，融资规模超83亿元，云集一批主流明星投资机构。根据弗若斯特沙利文的资料，按2024年的收入计，公司在中国独立通用大模型开 发商中位列第一，在所有通用大模型开发商中位列第二。 本次登陆港股，其作为"全球大模型第一股"的标的稀缺性，更是吸引国际长线基金、知名产业资本及投资机构作为基石投资者。根据全 公开发售文件，本次上市，智谱引入JSC International Investment Fund ...

Core Viewpoint - Zhiyu (Beijing Zhiyu Huazhang Technology Co., Ltd.) is set to become the "first global large model stock" by launching its IPO on the Hong Kong Stock Exchange, with the listing date scheduled for January 8, 2026 [1] Group 1: IPO Details - Zhiyu plans to issue 37.42 million H-shares, with 1.87 million shares for public offering in Hong Kong and 35.55 million shares for international offering [3] - The estimated fundraising amount is expected to reach HKD 4.3 billion, with a projected market capitalization exceeding HKD 51.1 billion at the IPO price of HKD 116.20 per share [3] - Cornerstone investors are set to subscribe for approximately HKD 2.98 billion, accounting for nearly 70% of the total offering [3] Group 2: Market Position and Financials - According to Frost & Sullivan, Zhiyu ranks first among independent general large model developers in China and second among all general large model developers, holding a market share of 6.6% with projected revenue of RMB 310 million for 2024 [3] - Revenue figures for Zhiyu are reported as RMB 57.4 million in 2022, RMB 125 million in 2023, and RMB 312 million in 2024, reflecting a compound annual growth rate of 130% [4] - Despite revenue growth, Zhiyu has not yet achieved profitability, with net losses increasing from RMB 143 million in 2022 to RMB 788 million in 2023, and projected to reach RMB 2.958 billion in 2024 [4] Group 3: Business Model and Use of Proceeds - Zhiyu has been developing a MaaS (Model as a Service) business model since 2021, emphasizing comprehensive model capabilities and extensive application scenarios [4] - Approximately 70% of the net proceeds from the IPO (around HKD 2.9 billion) will be allocated to R&D for general AI large models to strengthen competitive positioning [5] - About 10% of the funds (approximately HKD 420 million) will be used to optimize the MaaS platform and enhance infrastructure [6]

截至收购前，其平台已处理超147万亿个token，创建超8000万台虚拟计算机，技术上以"能力溢出"挖掘 技术登顶RLI基准测试。 文 | 象先志 今早，Meta 完成了一项大收购，将智能体初创公司 Manus 收入麾下。 目前，双方交易的具体细节（包 括具体收购金额等）尚未公布。 这家曾植根中国、后迁至新加坡的AI智能体明星企业，其成长路径与最终归宿，精准折射出中国创业 者的机遇与困境。 对于正处在技术突围与全球化探索关键期的中国大模型创业公司而言，这场收购既是参照，也是警示。 从中国初创到巨头收购， Manus的转型与逆袭 2025年12月30日，Meta官宣完成对AI智能体公司Manus的收购，交易跻身其成立以来第三大收购案。 Manus的前身是成立于中国的北京蝴蝶效应科技有限公司，创始人肖弘为核心操盘者。 2023年8月，Manus在新加坡注册主体，早早埋下全球化布局的伏笔。 2025年3月产品正式上线，仅用8个月就实现1.25亿美元年化营收，成绩惊艳行业。 背后资本支持阵容强大，真格基金、红杉中国、腾讯等中美头部资本均有入局，估值从1400万美元飙升 至近5亿美元。 而这一切的前提，2025年7月， ...

Core Viewpoint - The Hong Kong stock market, particularly the internet sector, is experiencing a downturn, with the Hong Kong Internet ETF (513770) showing signs of bottoming out despite recent fluctuations. The ETF has seen a net inflow of 35.89 million yuan, indicating some investor interest amidst the decline [1][3]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) opened lower and fluctuated, reaching a new low since October, with a decrease of 0.19% [1]. - The index tracked by the ETF has dropped over 19% since October, with the latest price-to-earnings (PE) ratio at 24.38, which is significantly lower than the 25th percentile of the past five years [2][3]. Group 2: Investment Opportunities - Analysts suggest that the current valuation of Hong Kong internet stocks reflects pessimistic expectations, and with potential interest rate cuts from the Federal Reserve, a favorable investment window is emerging [3]. - The internet sector, particularly driven by AI advancements, is expected to be a strong market rebound driver, with major companies transitioning from competition for traffic to competition based on ecosystem capabilities [3]. Group 3: ETF Characteristics - The Hong Kong Internet ETF (513770) passively tracks the CSI Hong Kong Internet Index, heavily investing in leading companies like Alibaba, Tencent, and Xiaomi, with over 73% of its top ten holdings focused on AI and cloud computing [3]. - The ETF has an average daily trading volume exceeding 600 million yuan, providing good liquidity and supporting intraday T+0 trading without QDII quota restrictions [3].

Core Viewpoint - Manus is set to be acquired by Meta, marking a significant recognition of Manus's work in the general AI agent field. This acquisition is Meta's third-largest in history, valued at several billion dollars, following its previous acquisitions of WhatsApp and Scale.ai [3][4]. Group 1: Acquisition Details - Manus has processed over 147 trillion tokens and created more than 80 million virtual computers since its launch [3]. - The acquisition aims to strengthen Manus's strategic position in AI applications, allowing for scalable and reliable systems to execute user tasks in real-world scenarios [3]. - Following the acquisition, Manus will continue to operate independently, with its CEO, Xiao Hong, becoming a Vice President at Meta [4]. Group 2: Market Context and Implications - The acquisition took only about ten days to finalize and serves as a significant encouragement for young entrepreneurs in the AI era [5]. - Prior to the acquisition, ByteDance had offered approximately $30 million for Manus, indicating the competitive landscape for AI startups [5]. - Manus was reportedly attempting to secure a new round of financing with an annual recurring revenue (ARR) exceeding $100 million [5]. Group 3: Industry Trends - The AI model landscape is transitioning from "unlimited data" to a "limited data" phase, emphasizing the importance of architectural and data innovations [6]. - By acquiring Manus, Meta aims to address its shortcomings in productization and commercialization within the general intelligence domain, although it does not resolve ongoing issues related to model performance and infrastructure [6]. - The acquisition reflects a shift in industry competition from foundational models to application-level capabilities [6]. Group 4: Strategic Insights - The acquisition is seen as a strategic move for Meta to enhance its general agent platform capabilities, with potential positive effects on its platforms like Facebook [7]. - Manus's strategy involves collaborating with major tech companies to integrate the best models, which may change post-acquisition as it aligns more closely with Meta's objectives [7].