Core Insights - Shanghai-based AI unicorn Jieyue Xingchen has completed a B+ round of financing, raising 5 billion yuan, setting a record for single financing in the large model sector over the past 12 months [1][4]. Company Developments - Jieyue Xingchen announced that Yin Qi has been appointed as the chairman, responsible for overall strategic direction and technological guidance [2][5]. - Yin Qi has extensive experience in the AI field and will work alongside CEO Jiang Daxin, Chief Scientist Zhang Xiangyu, and CTO Zhu Yibo as part of the core management team [2][5]. Strategic Goals - Yin Qi expressed two main expectations for Jieyue Xingchen: to become one of the top companies in China's foundational model sector and to establish a commercial closed-loop system [3][6]. - The company aims to integrate AI or large models with terminal applications, focusing on both B2B and B2C markets centered around terminal use cases [3][6]. - Yin Qi emphasized the importance of talent density as a fundamental support for achieving the vision of Artificial General Intelligence (AGI) and commercial viability [3][6].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [3][28]. Core Insights - The report highlights that 2026 is expected to see a surge in mature AI agent products due to advancements in large models, particularly in multi-modal capabilities, long text processing, and reasoning abilities. This increase in demand for reasoning will drive revenue growth for upstream cloud computing vendors [2][25]. - It notes that domestic internet giants are approximately one year behind their overseas counterparts in AI capital expenditures. As the capabilities of large models improve and supply builds up, AI will increasingly empower the core businesses of these giants [2][25]. - The report anticipates that the third quarter will mark a peak in spending for the internet giants' food delivery competition, with a projected narrowing of losses for Alibaba, Meituan, and JD.com in the fourth quarter [2][25]. - The report recommends focusing on AI-related stock selection, specifically highlighting Alibaba and Tencent Holdings as key investment opportunities [2][25]. Company Summaries - Tencent Holdings (0700.HK) is rated "Outperform" with an adjusted EPS forecast of 27.60 in 2025 and 32.63 in 2026, with PE ratios of 20.3 and 17.1 respectively [3]. - Alibaba Group (9988.HK) is also rated "Outperform," with an adjusted EPS of 6.66 for 2025 and 8.77 for 2026, and PE ratios of 23.8 and 18.1 [3]. - Meituan (3690.HK) is rated "Outperform," with a forecasted adjusted EPS of -1.26 in 2025 and 5.20 in 2026, reflecting a significant improvement in its financial outlook [3]. - Baidu Group (9888.HK) is rated "Outperform," with an adjusted EPS of 7.64 for 2025 and 8.87 for 2026, and PE ratios of 19.7 and 17.0 [3]. - Kuaishou (1024.HK) is rated "Outperform," with an adjusted EPS forecast of 4.68 in 2025 and 5.51 in 2026, with PE ratios of 16.3 and 13.9 [3]. - Tencent Music (TME.N) is rated "Outperform," with an adjusted EPS of 5.64 for 2025 and 6.50 for 2026, and PE ratios of 21.1 and 18.4 [3]. - NetEase Cloud Music (9899.HK) is rated "Outperform," with an adjusted EPS of 14.54 for 2025 and 12.09 for 2026, with PE ratios of 11.5 and 13.8 [3]. - Meitu (1357.HK) is rated "Outperform," with an adjusted EPS of 0.16 for 2025 and 0.27 for 2026, with PE ratios of 48.6 and 28.8 [3].

曲子恒表示，养老服务既是重要的民生保障内容，也是银发经济发展的重要载体。当前，养老服务面临 的关键问题，已从"能否覆盖"转向"是否具备高质量、可持续、稳定的供给能力"。为此，他建议通过政 策引导、金融支持和标准建设等方式，加快培育一批具有品牌影响力、服务能力和组织化水平的平台和 企业主体，推动北京养老服务产业实现规模扩张、质量提升和效能增强。 1月25日，北京市十六届人大四次会议开幕。市人大代表、58同城副总裁曲子恒围绕养老服务供给与民 生服务场景创新提交了两份建议，重点关注老龄化背景下服务供给能力的提升，以及数字技术助力民生 服务提质增效的实现路径。 加快培育养老服务主体，提升供给质效 随着人口结构深度变化，居家养老服务需求持续增长，对服务的专业化、规范化和稳定性提出了更高要 求。数据显示，2024年北京市60岁以上常住人口已达514万人，占常住人口的23.5%。 围绕民生服务的中长期发展，曲子恒表示，在民众服务需求提质增量与数智技术迭代的"双轮驱动"下， 生活服务业正迎来新一轮场景拓展和模式创新的重要窗口期。他建议北京进一步发挥政策引导作用，推 动人工智能、大模型和智能装备在养老、家政、社区服务、就业匹配 ...

2026年1月26日，上海大模型创业公司阶跃星辰（StepFun）完成超50亿人民币B+轮融资，一举刷新过去12个月中国大模型赛道单笔最高融资纪录。同日， 阶跃星辰官方宣布印奇正式出任公司董事长，负责公司战略节奏与技术方向的制定。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 本次融资参与机构涵盖上国投先导基金、国寿股权、浦东创投、徐汇资本、无锡梁溪基金、厦门国贸、华勤技术等产业投资人，腾讯、启明、五源等老股东 也进一步跟投。融资资金将全部用于基础模型研发，打造全球顶尖基座模型，加速AI+终端战略落地。 ...

Core Viewpoint - AI startup Jieyue Xingchen has appointed Yin Qi, chairman of Qianli Technology, as its new chairman to oversee strategic direction and technology development [1] Group 1: Company Leadership and Strategy - Yin Qi has been involved with Jieyue Xingchen since its establishment in April 2023 and believes that large models align with the pursuit of AGI (Artificial General Intelligence) [1] - The company aims to become one of the leading firms in China's foundational model sector and achieve a commercial closed loop [1] - Key focuses for the company under Yin Qi's leadership include enhancing research and development, improving organizational effectiveness, and increasing talent density [1] Group 2: Technical Focus and Development - Jieyue Xingchen will concentrate on three main technical directions: enhancing the intelligence level of foundational models, promoting multimodal integration of text, speech, and images, and developing visual language action models for better synergy between the brain and execution devices [1] - The company plans to advance from Step 3.5 to Step 4 in model iteration [1]

同日阶跃宣布印奇正式出任公司董事长，负责公司战略节奏与技术方向的制定。印奇将与CEO姜大昕、 首席科学家张祥雨、CTO朱亦博组成核心管理团队。阶跃星辰表示，依托模型算法与系统能力，阶跃在 语言基模、多模态模型及端云协同模型上达到世界领先水平。同时，围绕汽车、手机及穿戴式、具身机 器人等场景，阶跃正加快构建AI+终端商业化体系。 北京商报讯(记者魏蔚)1月26日，大模型创业公司阶跃星辰宣布，已完成超50亿元B+轮融资，刷新过去 一年中国大模型赛道单笔最高融资纪录。参与机构包括上国投先导基金、国寿股权、浦东创投等产业投 资人，腾讯、启明、五源等老股东跟投。本轮融资将用于基础模型研发，打造全球顶尖基座模型，加速 AI+终端战略落地。 ...

Core Insights - Shanghai is emerging as a leading hub for the semiconductor and artificial intelligence industries in China, with significant growth projections for both sectors by 2025 [1][7][13] - The rapid expansion of the general GPU market in China is driven by the increasing demand for computing power, particularly due to the rise of AI models [3][6] - A number of innovative AI companies have recently gone public, highlighting the vibrant "Shanghai tech sector" [6][11] Industry Overview - The integrated circuit industry in Shanghai is expected to achieve a revenue scale exceeding 488 billion yuan by 2025, doubling in five years [1] - The artificial intelligence industry in Shanghai is projected to exceed 550 billion yuan, with a growth rate surpassing 30% [1] - Shanghai ranks fourth globally and first in China in the latest global integrated circuit industry competitiveness ranking [8] Company Developments - Wallen Technology, the first GPU company listed on the Hong Kong stock market, has set a record for the largest IPO since the implementation of the special technology company listing mechanism [3] - TianShu Intelligent Chip is expected to deliver approximately 15,000 general GPU units in the first half of 2025, covering various sectors including finance and healthcare [3] - MiniMax, a rapidly growing AI company, has achieved significant milestones in video model development, generating over 590 million videos [4][5] Investment and Ecosystem - Shanghai has established a comprehensive investment ecosystem, including a fund matrix with a scale of 105 billion yuan to support core technology breakthroughs and industry chain organization [11][12] - The city is fostering a collaborative environment for AI companies, with over 200 AI enterprises having settled in the "Mosu Space" innovation community [9][10] - The government is actively supporting innovation by facilitating pilot projects for new products, which is crucial for early-stage product iteration [12]

两年多长成一只超级独角兽，阶跃星辰成长速度惊人；而在过去一个月，智谱AI、Mi n iMa x排队上市，双双缔造千亿市值，我们正 在亲历着中国波澜壮阔的AI时代。 分水岭。 作者/刘博 AI圈依旧震撼。 投资界获悉，阶跃星辰正式 完成超5 0亿人民币B+轮融资， 一举刷新过去1 2个月中国大模型赛道单笔最高融资纪录 。参与机构包括 上国投先导基金、国寿股权、浦东创投、徐汇资本、无锡梁溪基金、厦门国贸、华勤技术等产业投资人，腾讯、启明、五源等老股东 进一步跟投。 外界可能不知道，2 0 2 3年阶跃星辰成立于上海，至今已发布超3 0款大模型，被外界视为"多模态卷王"。同样在今天， 公司迎来一位 AI领军人物挂帅——印奇 ，现千里科技董事长 ，正式出任阶跃星辰董事长。他将带领阶跃星辰打响大模型突围赛的第一枪。 创 投 圈 一 个 普 遍 观 点 是 ， 随 着 过 去 一 年 De e p S e e k 迅 速 爆 红 ， 投 资 人 意 识 到 基 础 大 模 型 尚 未 到 达 天 花 板 上 限 ， 赛 道 开 始 进 入 慢 性 淘 汰，这时候需要的是押注优质标的。 那么，何为优质标的？眼下投资人最看重 ...

Core Insights - StepFun, a Shanghai-based AI startup, has appointed Yin Qi as chairman to lead strategic and technological directions, marking a significant leadership change [2] - The company has completed a B+ round financing of over 5 billion RMB, setting a record for the highest single financing in China's large model sector in the past 12 months [2] - The funding will be utilized for foundational model research and to accelerate the implementation of the AI + terminal strategy [2] Strategic Focus - StepFun is committed to the "foundational large model" and "AI + terminal" strategies, leveraging unique algorithms and system capabilities to achieve world-leading levels in language and multimodal models [3] - The company has released three generations of foundational large models, with Step 3 achieving a new industry high in inference efficiency [3] - StepFun is advancing in both multimodal (voice, image, etc.) and edge-cloud integration, transitioning models from understanding the world to actively interacting with it [3] Application and Market Performance - The company has successfully established a commercial loop in key consumer scenarios such as automotive and mobile, demonstrating a head effect [4] - As of the end of 2025, the API call volume for its terminal Agent has grown nearly 170% over three consecutive quarters [4] - In the mobile sector, 60% of leading domestic smartphone brands have partnered with StepFun, with over 42 million units of its models installed, serving nearly 20 million users daily [4] - In the automotive sector, StepFun has collaborated with Qianli Technology and Geely to launch the first end-to-end voice model in an intelligent cockpit, with the Geely Galaxy M9 selling nearly 40,000 units within three months of its launch [4] - The company anticipates that its large models will be integrated into over one million vehicles this year [4] Competitive Landscape - The large model sector is transitioning from a "hundred model battle" to a "head-to-head competition" phase, with the recent financing and leadership change providing a critical acceleration for StepFun's development [4]

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 阶跃星辰（StepFun）完成超50亿元B+轮融资，创下过去12个月中国大模型赛道单笔最高融资纪录。参 投机构包括上国投先导基金、国寿股权、浦东创投、徐汇资本、无锡梁溪基金、厦门国贸、华勤技术等 产业投资人，腾讯、启明、五源等老股东进一步跟投。 风险提示及免责条款 ...