（编辑 丛可心） 证券日报网讯 1月20日，康冠科技在互动平台回答投资者提问时表示，公司将密切关注大模型行业动 态，积极探索AI领域产业的合作机会，并结合AI大模型的表现及产品的应用特点，与更多领先的大模 型企业建立合作关系，以推出更多与新技术和新应用相关的智能显示产品。 ...

Group 1 - The commercialization of Google's Gemini series large models is experiencing explosive growth, with API calls increasing from 35 billion at the launch of Gemini 2.5 to 85 billion by August, representing a growth of over 140% [1] - Gemini Enterprise Edition has reached 1,500 companies with 8 million subscribers and over 1 million online registered users [1][4] - Google plans to highlight the growth performance of Gemini Enterprise Edition in its Q4 2025 financial report scheduled for February 4 [1] Group 2 - The strong growth of Gemini API is attributed to Google's strategic depth in the AI sector, which drives customers' investments in Google Cloud storage and database products, boosting core server sales [3] - Google has established a dual strategy of "model iteration + ecosystem integration" since the launch of the Gemini multimodal large model at the end of 2023 [3] - A partnership with Apple has been formed, where the next-generation Apple foundational model will be built on Gemini and cloud technology, with Apple paying $1 billion annually [3] Group 3 - Google is gradually shifting focus from the consumer market to the enterprise market, with mixed feedback from customers regarding the Gemini Enterprise Edition [4] - The third-quarter financial report showed Google Cloud revenue of $15.16 billion, a year-on-year increase of 34%, with AI-related revenue reaching "tens of billions of dollars" per quarter [6][8] - Advertising remains the primary revenue source for Alphabet, with Q3 advertising revenue reaching $74.18 billion, a year-on-year increase of 12.6% [8] Group 4 - The AI industry is currently facing intense competition, with Google needing to contend with rivals such as OpenAI, Amazon, and Anthropic [9] - Concerns regarding monopoly have arisen from Google's collaboration with Apple, with critics highlighting the concentration of power due to Google's ownership of Android and Chrome [10][11] - Google is actively appealing against a federal ruling regarding its monopoly behavior, arguing that users choose Google voluntarily and that the ruling does not consider the rapid pace of industry innovation [12]

过去一年，AI 硬件重新回到了科技行业的中心舞台。 从手机、电脑到汽车，从耳机、音箱到各种可穿戴设备，当大模型已经能够支撑几乎所有电子设备的交互，所有硬件厂商都在试图成为承载 AI 能力的硬件 形态。 是更强的手机？是更聪明的汽车？还是一种全新的、贴近人体的计算入口？ 在这些探索中，AI 眼镜正在以一种更具确定性的方式被推到台前。它不同于过去十年里反复尝试、却始终难以走向大众市场的 XR 眼镜，AI 眼镜普遍被给 予的期待是，能够承载下一代人机交互范式：始终在线、随时可用、无需掏出手机，就能完成信息获取、拍摄记录、路径导航、即时翻译、AI 问答和环境 理解。 移动互联网改变的是"人与信息"的关系，大模型正在重写的是"人与世界"的关系。而眼镜，恰好处在这个关系的入口——它位于人类视觉与注意力的中心。 多年来，Rokid 一直是沿着这个方向在思考和下注的。 Rokid 经历过 AR 概念最热的年份，也经历过资本与市场降温后的漫长蛰伏；它见过行业里一次次"下一个入口"的叙事起落，也承担过一家公司在不确定赛 道里长期投入的代价。 当前，智能眼镜赛道呈现出明显的分化趋势：一部分产品仍主要沿用音频眼镜的设计逻辑，在基础语 ...

行业周报 千问 APP 全面接入阿里生态， Gemini 新增个人智能功能 [Table_IndRank] 行业评级：增持 报告日期： 2026-1-17 [Table_IndNameRptType] 全球科技 执业证书号：S0010525070001 邮箱： zhaoliang@hazq.com 分析师：赵浦轩 执业证书号：S0010525100002 邮箱： zhaopuxuan@hazq.com 相关报告 1.AI 漫剧起势，供需双向推动 2025- 10-28 2.AI 应用新范式：从工具革命到"超 级 OS"的演进与商业化路径 2025-10- 27 主要观点： [Table_Chart] 行业指数与沪深 300 走势比较 [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com 分析师：赵亮 [⚫Table_Summary] 本周行情回顾 从指数表现来看，本周(2026-1-12 至 2026-1-16), 上证指数 周涨跌幅为-0.45%, 创业板指周涨跌幅为 1%, 沪深 300 周涨跌幅 为-0.57%, 中证 1000 周 ...

Core Insights - The article emphasizes that 2026 is expected to be a pivotal year for the commercialization of AI applications, particularly in the context of China's robust hardware supply chain and talent pool [1] - The rise of open-source large models is a key factor driving innovation in smart hardware, leading to a competitive landscape where software and hardware ecosystems are increasingly integrated [2] Group 1: AI Hardware Development - The rapid advancement of open-source large models in 2025 is laying a solid foundation for the emergence of new hardware [2] - Companies are exploring various new hardware forms, including smart recording devices and AI companions, indicating a trend towards cross-industry collaboration [2] - The integration of large models with hardware is expected to create new user experiences and expand traffic boundaries beyond traditional internet markets [3] Group 2: Business Model Transformation - The combination of large model technology and hardware is anticipated to shift the traditional consumer electronics business model from one-time sales to subscription-based software services [3] - The current challenges in AI hardware adoption include high costs and user privacy concerns, which need to be addressed for broader market penetration [3] Group 3: Ecosystem and Collaboration - Companies like Alibaba Cloud are actively collaborating with hardware manufacturers to create a comprehensive ecosystem, providing one-stop development kits to streamline the integration of AI capabilities into hardware [7] - The introduction of a new billing model based on hardware terminals aims to make cost management more controllable for hardware manufacturers [7] Group 4: Competitive Landscape - The open-source nature of large models is not diminishing the competitive edge of hardware manufacturers; instead, it is fostering new dimensions of competition [8] - Early movers in niche markets can establish significant user bases and define product categories, highlighting the importance of capturing specific consumer needs [8] - The dual transformation of hardware innovation and ecosystem reconstruction is set to reshape the smart hardware industry as it approaches the critical year of 2026 [8]

"这份沉甸甸的成绩单，充分说明2025年中国经济总体运行平稳，达到预期目标。"中国国际经济交流中 心学术委员会副主任、原总经济师陈文玲指出，2025年，中国经济向优向新发展，结构发生变化：传统 产业加快转型升级，战略性新兴产业进一步优化，量子计算、工业机器人、人工智能和大模型等未来产 业发展也很快。 陈文玲认为，更加积极的财政政策、适度宽松的货币政策发挥了重要作用，使统一大市场保持了活力和 动能。尤其是民营经济促进法的出台、市场准入负面清单的修改等，为激活市场提供了制度性保障。此 外，进出口贸易和对外开放也迈出较大步伐。 1月19日，国家统计局公布2025年中国经济"成绩单"。全年国内生产总值达1401879亿元，首次跃上140 万亿元新台阶，同比增长5%。同日，中新社国是直通车举行"2026年中国经济形势分析会"，多位经济 学家围绕最新数据，从楼市、贸易、金融等多个领域进行解读。 在商务部国际贸易经济合作研究院研究员周密看来，未来中国的外贸优势仍然存在。这种优势并非单纯 追求扩大出口规模，而是通过自身稳定性，帮助贸易伙伴更好地对冲外部环境不确定性。 对于备受关注的房地产领域，清华大学房地产研究中心主任吴璟表 ...

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The successful IPO of Beijing Zhipu Huazhang Technology Co., Ltd. marks a significant milestone as it becomes the world's first publicly listed company focused on general large models, indicating a new growth momentum for the domestic AI industry [4][7]. - Zhipu has established itself as one of the largest independent large model vendors in China, with a revenue of 312 million yuan in 2024, reflecting a year-on-year growth of 149.60% and a compound annual growth rate of 133.96% from 2022 to 2024 [27][29]. - The company has made substantial investments in R&D, with expenditures of 529 million yuan in 2023 and 2.195 billion yuan in 2024, ensuring continuous product innovation and competitive strength [31]. Summary by Sections 1. Zhipu's Development History - Founded in 2019, Zhipu focuses on developing intelligent large models, leveraging technology from Tsinghua University's Knowledge Engineering Lab [8]. - The company released its self-developed pre-training framework GLM in 2021, overcoming technical bottlenecks of BERT and GPT [10]. 2. GLM-4.7 Model Performance - GLM-4.7, Zhipu's flagship open-source large language model, has shown significant enhancements in programming and reasoning capabilities, achieving an 84.9% score in the LiveCodeBench V6 benchmark [13]. - The model has improved its reasoning and tool invocation abilities, surpassing GPT-5.1 in the HLE test with a score of 42.8% [13]. 3. Zhipu's Market Position - Zhipu is recognized as the largest independent large model vendor in China, with a revenue ranking second among all general large model developers [27]. - The company’s revenue growth is driven by its integrated MaaS platform, which rapidly penetrates various sectors such as technology and finance [29].

鹭羽 发自 凹非寺 量子位 | 公众号 QbitAI 不讲武德！游戏圈这回真是被AI抄家了。 （doge） 51小时高强度排位，胜率一度逼近93%，直接碾压式登顶韩服LOL。 相关词条更是直冲热搜第一，网友们纷纷吃瓜：这逆天操作，莫不是老马的Grok在提前备战S16？！ （咳咳） 玩梗归玩梗，虽然关于其AI身份尚无定论，但这场全网围观足以证明：AI+游戏已经吊足了所有人的胃口。 这两天，一个ID名为 「快递员」 的神秘游戏账号引起全网围观。 事实上，不止马斯克，全球瞄准这一赛道的游戏厂商还真不少。 在国内就有这样一支先遣队，早已将AI Agent大规模商业化部署，落地在多种类型的游戏产品中。 或许你早已在多个爆款游戏中领略过他们的手笔，他们就是 超参数科技 。 而最近，超参数科技又刚刚推出了一款全新的游戏智能体—— COTA 。 据官方描述，这是一款真正具备通用游戏潜力的Agent产品，从名字就能看出，它强调认知 （Cognition） 、执行 （Operation） 、策略 （Tactics） 和辅助 （Assistance） ： 不仅操作堪比职业选手、决策比肩教练级，推理链路还全程清晰可见。 并且这一切， ...

人民财讯1月20日电，企查查APP显示，近日，北京智在无界科技有限公司发生工商变更，注册资本从 125万元增加到约137.33万元；新增重庆明月湖科技成果转化创业投资基金合伙企业(有限合伙)、灵心巧 手(北京)科技有限公司、北京考拉鲲鹏科技成长基金合伙企业(有限合伙)、重庆科技成果转化股权投资 基金(有限合伙)等为股东；同时，公司主要人员亦发生变更。 企查查显示，北京智在无界科技有限公司成立于2025年1月，法定代表人为李明珠，现由李明珠、无锡 彬复惠新永赢创业投资合伙企业(有限合伙)等及上述新增股东共同持股。据媒体报道，智在无界专注于 人形机器人通用大模型的研发与应用。 ...

Investment Rating - The report maintains a "Strong Buy" rating for 康耐特光学 (02276.HK) [1] Core Views - 康耐特光学's subsidiary, 朝日光学, is set to establish a joint venture with 歌尔光学 to develop, produce, and sell resin lenses and optical waveguide lenses for AI/AR/VR/MR glasses, with respective shareholdings of 30% and 70% [1] - The strategic alliance is expected to enhance 康耐特光学's position in the smart glasses market, transitioning from a "lens solution provider" to a key player in the smart glasses ecosystem, thereby strengthening its competitive advantage in the supply chain and leading industry technology paths [8] - The company is actively expanding its smart glasses projects, with increasing collaborations with overseas clients and successful product deliveries to domestic clients, indicating a positive market response [8] - The investment suggestion highlights 康耐特光学 as a leading lens manufacturer with a promising second growth curve in smart glasses, projecting net profits of 564 million, 696 million, and 869 million yuan for 2025-2027, with corresponding P/E ratios of 47, 38, and 31 [8][9] Financial Summary - Total revenue projections for 康耐特光学 are 2,061 million, 2,347 million, 2,835 million, and 3,380 million yuan for 2024A, 2025E, 2026E, and 2027E respectively, with year-on-year growth rates of 17.1%, 13.9%, 20.8%, and 19.2% [3] - The net profit attributable to shareholders is forecasted to be 428 million, 564 million, 696 million, and 869 million yuan for the same years, with growth rates of 31.0%, 31.7%, 23.3%, and 25.0% [3] - The earnings per share (EPS) are expected to be 0.89, 1.18, 1.45, and 1.81 yuan for 2024A, 2025E, 2026E, and 2027E respectively [3] - The target price for 康耐特光学 is set at 69.36 HKD, with the current price at 62.05 HKD [4]