每经AI快讯，10月27日，大模型人工智能(AI)应用提供商滴普科技港股暗盘一度涨超50%；"高端中国 茶第一股"八马茶业港股暗盘涨超73%，最高报100港元；剑桥科技港股暗盘涨逾33%，最高报100港 元；三一重工港股暗盘一度跌超5%。 （文章来源：每日经济新闻） ...

编者按： 作为量化模型的构建者，我们并不会决定模型如何去交易。在总结交易规律方面，我们更像是观察者。 大模型是完全区别于原有传统AI投资的算法和训练方法，这会是未来改变游戏玩法的一个要点。 海外市场里量化的占比是70%～80%，而中国市场的占比现在还远没有那么高，如果借鉴海外经验，这就 是一种趋势。 量化为市场提供了流动性，这是它对社会的一大贡献。如果没有量化，A股的流动性可能会降到很低，这 对我国的金融安全是不利的。 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江风华录·十年十人"，特邀十位穿越牛熊周期的行业翘楚，以躬身力行的灼见为经纬，以栉风沐雨 的征程为注脚，共同镌刻一部激荡人心的奋进诗篇。此间星霜，既见群峰竞秀，亦显大江奔流。 本期是"寻访金长江之十年十人"第四期。券商中国记者走进百亿量化私募念空科技，念空科技首席投资官王啸 接受了记者的专访。 2010年股指期货上市后，量化投资在国内逐步发展壮大。由于顶尖量化机构多是私募基金，它们在开拓自身业 务的 ...

Core Viewpoint - Dipu Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the first enterprise-level AI company listed in Hong Kong by 2025, despite facing significant profitability challenges [1][2]. Company Overview - Dipu Technology has completed approximately 9 rounds of financing, raising around 2 billion RMB, with investors including Hillhouse Capital, IDG Capital, and Guotai Junan [1]. - The company focuses on providing cutting-edge AI solutions to help enterprises efficiently integrate data, decision-making, and operations [2]. Financial Performance - Revenue for 2022, 2023, and 2024 is projected to be approximately 100 million RMB, 129 million RMB, and 243 million RMB, respectively, with a compound annual growth rate (CAGR) of 55.5% [2][3]. - The company has incurred significant losses, totaling 2.4 billion RMB over three years, with losses of approximately 655 million RMB, 503 million RMB, and 1.26 billion RMB for the respective years [2][3]. Revenue Breakdown - For 2024, the revenue from FastData and FastAGI solutions is expected to account for 62.8% and 37.2% of total revenue, respectively [3]. - The gross profit margin is projected to improve from 29.4% in 2022 to 51.9% in 2024 [3]. R&D Investment - R&D expenses are substantial, accounting for 93.7%, 63.8%, and 33.5% of total revenue from 2022 to 2024 [5]. - The number of clients has increased significantly, with 245 clients expected by the end of 2024, of which 33.1% are repeat customers [5]. Market Context - The enterprise-level AI application solutions market in China is growing rapidly, with a market size projected to increase from 10.7 billion RMB in 2020 to 38.6 billion RMB in 2024, reflecting a CAGR of 37.8% [6]. - The competitive landscape is concentrated, with the top five providers holding 39.1% of the market share, and Dipu Technology ranked fifth with a market share of 4.2% [12][13]. Commercialization Challenges - Despite the growth in AI applications, many companies face difficulties in commercialization, with examples of other AI firms struggling to achieve profitability [10]. - Dipu Technology has implemented various AI solutions across multiple industries, including retail, manufacturing, and healthcare, but must continue to demonstrate value to clients to sustain growth [11][12].