Core Insights - Southern Airlines and Alibaba Cloud jointly launched the "Tian Dun" security model on December 18, which is based on the Qianwen multimodal large model and Southern Airlines' safety management system [1] Group 1 - The current version of the model is 1.0, primarily used for flight training, flight warning, and fault repair [1] - The model features core functions such as multimodal risk identification, flight operation assessment, and intelligent fault handling [1]

受隔夜美股科技股下挫影响，12月18日，港股再度低开向下，恒生科技指数跌逾1%。科网龙头多数回 调，截至发稿，小米集团-W下跌3%，阿里巴巴-W、快手-W跌逾1%，腾讯控股、美团-W跟跌。 重仓互联网龙头的港股互联网ETF（513770）场内价格现跌0.95%，盘中持续宽幅溢价，显示买盘资金 积极吸筹。上交所数据显示，港股互联网ETF（513770）近10日连续吸金，合计获资金净流入逾11亿 元。 分析认为，近期港股反复调整，主要受到多重因素影响，包括海外流动性担忧、年底资金获利了结、南 向资金流入速度放缓以及12月的解禁高峰等。市场在震荡中寻找方向。 随着科技龙头的回调深入，机构总体对年后港股修复预期较高，提示当下左侧布局机会。银河证券表 示，流动性宽松环境叠加政策利好，港股有望震荡上行。科技板块仍是中长期投资主线，经历前期调整 后估值回落，在多重利好因素提振下，有望反弹回升。 提醒：近期市场波动可能较大，短期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险 承受能力理性投资，高度注意仓位和风险管理。 数据来源：沪深交易所等。中证港股通互联网指数近5个完整年度的涨跌幅分别为：2020年， 109. ...

Core Insights - The article discusses the investment strategies and experiences of Jinqiu Fund, particularly in the AI sector, highlighting its rapid investment in over 50 AI companies within a year [4][12][20] - Jinqiu Fund emphasizes a "fast and certain" approach to investing, which is seen as a competitive advantage in the current volatile market [6][74] Investment Strategy - Jinqiu Fund was established with a focus on AI and robotics, identifying clear signals of AI's potential to enhance productivity and replace labor even before the major AI boom [38][42] - The fund has a management scale of over $500 million and has invested in more than 70 companies since its inception in 2022, with over 90% of its portfolio being AI-related [12][20] - The fund's 12-year investment cycle is designed to accommodate the long-term nature of technological infrastructure changes, allowing for more flexibility in investment decisions [68][71] Team Dynamics and Culture - The team at Jinqiu Fund consists of partners with INTJ personality types, which influences their analytical and strategic approach to investment [26][28] - The company fosters a culture of resilience and passion for work, encouraging team members to focus on their interests rather than succumbing to pressure [9][131] - Jinqiu Fund employs AI tools in its internal processes, enhancing efficiency in sourcing, due diligence, and project analysis [57][168] Market Position and Competition - Jinqiu Fund positions itself as a nimble player in a competitive VC landscape, where larger firms like Sequoia and Hillhouse are also active [19][61] - The fund aims to provide value-added services to its portfolio companies, enhancing their growth potential and differentiating itself from competitors [64][175] Future Outlook - The article predicts a vibrant capital market with a potential wave of IPOs for AI companies by 2026, driven by increased funding and interest in the sector [126][127] - Jinqiu Fund recognizes the importance of adaptability and continuous learning in the rapidly evolving AI landscape, emphasizing the need for founders to possess resilience, learning ability, and execution skills [125][126]

Core Viewpoint - The article discusses the recent progress of two AI model companies, Zhiyu and MiniMax, in their pursuit of listing on the Hong Kong Stock Exchange, highlighting their significance in the capital market and AI industry. Group 1: Company Overview - Zhiyu, established in 2019 as a technology transfer company from Tsinghua University, has completed 19 rounds of financing, attracting investments from notable firms such as Hillhouse Capital and Tencent, with a current valuation of 40 billion RMB [2]. - MiniMax, founded in December 2021, has received investments from major companies including Alibaba and Tencent, with a recent C round financing of nearly 300 million USD, leading to a post-money valuation exceeding 40 billion USD (approximately 300 billion RMB) [4]. Group 2: Financial Performance - Zhiyu's annual recurring revenue from its software tools and model business has surpassed 100 million RMB (approximately 14 million USD), with expectations of over 100% growth in total revenue by 2025 [2]. - MiniMax is projected to achieve a revenue of 70 million USD in 2024, primarily driven by its AI virtual companion application, Talkie [4]. Group 3: Market Position and Comparisons - Both Zhiyu and MiniMax are among the top domestic AI model startups in terms of valuation, but they still lag significantly behind leading US AI companies like OpenAI, which has a valuation of 500 billion USD and plans to go public with a potential valuation of up to 1 trillion USD [4].

每经AI快讯，12月18日，在火山引擎2025冬季Force原动力大会上，火山引擎总裁谭待正式发布了豆包 大模型1.8。据其介绍，豆包1.8有更强的Agent能力、升级的多模态理解和更灵活的上下文管理。据大会 上公布数据，截至今年12月，豆包大模型日均调用量已经超过50万亿，相比去年12月增长超过十倍，对 比发布初则是实现了417倍的增长。(每经记者李宇彤) ...

在今日的火山引擎原动力大会上，火山引擎总裁谭待透露，豆包大模型日均使用量超过50万亿，自发布以来增长417倍。 ...

责任编辑：江钰涵 新浪科技讯 12月18日上午消息，今日火山引擎FORCE原动力大会上，火山引擎总裁谭待宣布，豆包大 模型1.8正式发布。 他表示，豆包大模型1.8具有更强Agent能力，升级多模态理解，更灵活的上下文管理能力。 新浪科技讯 12月18日上午消息，今日火山引擎FORCE原动力大会上，火山引擎总裁谭待宣布，豆包大 模型1.8正式发布。 他表示，豆包大模型1.8具有更强Agent能力，升级多模态理解，更灵活的上下文管理能力。 责任编辑：江钰涵 ...

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。 风险提示及免责条款 火山引擎2025原动力大会上，火山引擎总裁谭待透露，豆包大模型日均使用量超过50万亿，自发布以来 增长417倍。"万亿Tokens俱乐部"成员突破100家。 ...

新浪科技讯 12月18日上午消息，今日火山引擎FORCE原动力大会上，火山引擎总裁谭待表示， 他表示，"相比去年十二月，豆包大模型也实现了超过10倍的增长。"此外，有超过一百家企业在火山引 擎上突破了万亿tokens。 截至今年十二月，豆包大模型的日均调用量已超过50万亿，从发布至今，已经实现超过417倍的增长。 他表示，"相比去年十二月，豆包大模型也实现了超过10倍的增长。"此外，有超过一百家企业在火山引 擎上突破了万亿tokens。 责任编辑：江钰涵 责任编辑：江钰涵 新浪科技讯 12月18日上午消息，今日火山引擎FORCE原动力大会上，火山引擎总裁谭待表示， 截至今年十二月，豆包大模型的日均调用量已超过50万亿，从发布至今，已经实现超过417倍的增长。 ...

Core Insights - Google has officially announced the launch of Gemini 3 Flash, the fastest and most cost-effective model in the Gemini 3 series, which outperforms flagship models in certain performance metrics while being cheaper and faster [1][3]. Performance and Efficiency - Gemini 3 Flash has surpassed the previous flagship model 2.5 Pro in performance and efficiency, achieving a speed increase of 3 times while being offered at a significantly lower price [3]. - In benchmark tests, Gemini 3 Flash scored 78% in SWE-bench Verified, outperforming both Gemini 3 Pro and Claude Sonnet 4.5, and achieved 81.2% in the MMMU-Pro benchmark, exceeding GPT-5.2 and Claude Sonnet 4.5 by several percentage points [4][5]. Cost-Effectiveness - The input cost for Gemini 3 Flash is $0.50 per million tokens, and the output cost is $3 per million tokens, making it the most cost-effective model compared to Claude Sonnet 4.5 and GPT-5.2, which have output costs of $15 and $14 per million tokens, respectively [6]. - Developers have reported that switching from GPT-4 or Gemini 3 Pro to Gemini 3 Flash could reduce costs by 50%-70% [8]. Market Position and Adoption - Gemini 3 Flash is set to replace the previous 2.5 Flash model in the Gemini App, becoming the default model for all users, including free users, while Gemini 3 Pro remains available for more complex tasks [8][9]. - Since its release, the internal API for Gemini 3 has been processing over 1 trillion tokens daily, indicating strong market adoption and usage for various applications, including code simulation and interactive game design [8][9].