本报讯 （记者张敏）11月27日，医渡科技有限公司（以下简称"医渡科技"）发布截至2025年9月30日止 六个月的中期业绩公告。报告期内，公司业务保持健康增长，总收入攀升至3.58亿元，同比增长8.7%。 值得关注的是，公司盈利质量与运营效率显著跨越：公司现有业务经调整EBITDA较去年同期翻倍，约 5400万元。 生命科学解决方案（AI for Life Science）板块收入为1.38亿元。报告期内，公司成功支持了多个首创新 药的加速获批上市，包括全球首创婴幼儿血管瘤外用凝胶制剂、慢乙肝首创新药等。 健康管理平台和解决方案（AI for Care）板块表现亮眼，收入达6667万元，同比增长30.3%。公司在核 心城市的"惠民保"业务保持领先地位，已连续三年作为"深圳惠民保"及连续五年作为"北京普惠健康 保"的主运营平台。 在慢病管理方面，公司的糖尿病数字疗法从首批试点地区陵水逐步推广至三亚、万宁、琼海、文昌等 地。截至报告期末，健康管理平台上的活跃交易用户数超过2200万。 该公司管理层在会上表示："当前，公司的大模型技术已进入'多点开花、规模落地'的新阶段。这一判 断基于三个维度的落地：一是在顶尖医院 ...

Core Insights - The company, Yidu Tech (2158.HK), reported a healthy revenue growth of 8.7% year-on-year, reaching RMB 358 million for the first half of the 2026 fiscal year [1][4] - The adjusted EBITDA for existing business doubled compared to the same period last year, amounting to approximately RMB 54 million, indicating significant improvement in profitability and operational efficiency [1][7][10] - The company has entered a new phase of its large model technology, with deep applications in over 30 top-tier hospitals and a substantial increase in order amounts across its core segments [1][14] Revenue and Profitability - Total revenue for the reporting period was RMB 358 million, reflecting an 8.7% increase year-on-year [1][4] - Adjusted EBITDA for existing business reached approximately RMB 54 million, showing a significant improvement compared to the previous year [1][7] - The company is nearing breakeven in its financial statements, ahead of management's previous expectations by one year [1][10] Order Growth - The core business segments saw substantial growth in new order amounts, with the big data platform and solutions segment increasing by 19.7% year-on-year, and the life sciences solutions segment experiencing a remarkable 61.1% increase [1][9] Technological Advancements - The company’s large model technology has evolved into a stage of "multiple blooms and large-scale landing," evidenced by its deep application in top hospitals and high-frequency usage of its AI Copilot [1][14][22] - The accuracy of the TNM staging assessment AI has significantly improved, with T staging accuracy reaching 90% and N staging accuracy reaching 80% [1][20][21] Business Collaboration and Ecosystem - The company has established collaborations with top experts and hospitals, creating a digital twin of doctors to extend expert clinical experience to a broader patient base [1][14] - The company has been actively involved in health management, serving over 44 healthcare institutions and covering nearly 30 cities and provinces [1][28]

Core Insights - The core viewpoint of the article highlights the strong performance and growth of Yidu Tech (医渡科技) in the AI healthcare sector, with significant improvements in revenue and operational efficiency for the fiscal year 2026 [1]. Financial Performance - Total revenue reached RMB 358 million, representing an 8.7% year-on-year increase [2]. - Adjusted EBITDA for existing business doubled compared to the same period last year, amounting to approximately RMB 54 million [1][4]. - The company is nearing breakeven in its financial statements, ahead of previous management expectations by one year [1][6]. Business Growth - The company experienced robust growth in new orders, with the big data platform and solutions segment seeing a 19.7% increase, while the life sciences solutions segment achieved a remarkable 61.1% growth in new orders [1][5]. - The total order backlog exceeded RMB 400 million, with 63 new bids won during the reporting period [24]. Technological Advancements - The company’s large model technology has entered a new phase of "multi-point blooming and large-scale landing," evidenced by deep applications in over 30 top-tier hospitals and high-frequency usage of the AI Copilot by doctors [1]. - The accuracy of the TNM staging assessment AI has significantly improved, with T-stage accuracy rising from 58% to 90% and N-stage accuracy increasing from 62% to 80% [15]. Market Position and Collaboration - Yidu Tech has established a strong presence in the healthcare AI market, collaborating with top hospitals and experts to enhance clinical experience and patient services [1][10]. - The company has developed over 1,240 medical AI agents, covering the entire clinical process and significantly improving efficiency in medical record writing and data reporting [15]. Future Outlook - The management expressed confidence in the ongoing evolution of their AI models and the commercial success of their applications in research, diagnosis, and public health [1][9].

出品：新浪财经上市公司研究院 作者：君 10月31日，南京硅基智能科技集团股份有限公司（下称"硅基智能"）向联交所主板提交上市申请，正式向"港股数字人第一股"发起冲击，招银国际、星展银 行（DBS）为联席保荐人。 报告期内，硅基智能的收入高速增长，并通过大幅削减营运成本于今年上半年实现扭亏。不过，这是否"饮鸩止渴"？ 2022-2024年，公司的研发费用率从33.85%降至22.91%，今年上半年进一步降至20.42%。同时，"裁员潮"加速，2023年、2024年及2025年上半年，公司员工 成本中"薪金、工资及其他福利"分别同比减少14%、27%、41%。 在大模型技术快速迭代的背景下，数字人赛道的技术门槛正逐渐降低，字节、腾讯、阿里等巨头加速入局，中小厂商也在细分领域突围，硅基智能的市场领 先地位面临挑战。 创始人曾被传要"全员裁员" 辟谣还是掩盖真相？ 硅基智能专注于数字人智能体以及拟人多模态智能交互技术之研发与商业化应用，技术范畴涵盖语音识别、自然语言处理及计算机视觉。 自2017年12月至2025年6月，硅基智能相继进行了八轮融资，包括Pre-A轮投资、A轮投资、A+轮投资、A++轮投资、B轮投资、 ...

Core Insights - The company has signed a cooperation letter of intent with Alibaba Cloud in April this year, focusing on AI applications in children's education scenarios [1] - The company’s subsidiary, Zhiqu Technology, has launched several educational AI products, including the "AI Lele" reading assistant and various IP-based intelligent agents [1] - The recently launched "AI Intelligent Companion Doll Shanshan" integrates multimodal capabilities and emotional computing to provide personalized companionship for children [1] - The company plans to deepen its collaboration with Alibaba Cloud to enhance the intelligent upgrade of children's educational content creation and reading services [1] Company Collaboration - The company is collaborating with Alibaba Cloud, leveraging its Qianwen series large models and PAI platform technology [1] - The partnership aims to develop AI applications specifically tailored for children's education [1] Product Development - The company has introduced multiple educational AI products, including "AI Lele" and character-based intelligent agents like "Shanshan," "Kankan," and "Dr. Aliang" [1] - The "Lele Fun Smart Reading" AI has been launched on the Qianwen APP, providing professional and precise AI reading and companionship services [1] Future Plans - The company intends to continue its collaboration with Alibaba Cloud, focusing on the technological advantages of the Qianwen series large models [1] - There is a commitment to advancing the intelligent upgrade of children's educational content and reading services [1]

Core Insights - Baidu has established two new research departments focused on artificial intelligence, indicating a strategic emphasis on enhancing its AI capabilities and organizational structure [1][3][4] Group 1: Organizational Changes - The new departments include the Basic Model Research Department, led by Wu Tian, and the Application Model Research Department, led by Jia Lei, both reporting directly to CEO Li Yanhong [1][3] - This restructuring reflects Baidu's commitment to nurturing young talent and enhancing its leadership capabilities, with both Wu and Jia being homegrown talents [2][3] Group 2: Strategic Focus - The Basic Model Research Department will focus on developing high-intelligence, scalable general AI models, while the Application Model Research Department will concentrate on fine-tuning specialized models for specific business applications [3][4] - This dual approach aims to improve organizational efficiency and vitality, reinforcing the strategic importance of large model development within Baidu [3][4] Group 3: Technological Advancements - Baidu recently unveiled the Wenxin 5.0 model, which boasts 2.4 trillion parameters and advanced multimodal capabilities, achieving competitive performance in global benchmarks [4][5] - The Wenxin 5.0 model is designed to handle various tasks, including creative writing and image understanding, with strong adaptability to new fields such as healthcare and finance [5][6]

未来，公司将持续深化大模型技术在投教领域的应用，拓展多模态交互、个性化内容推送等更多场景，让专业的投教服务更具温度、更易触达，为推动资 本市场投资者教育普及、保护中小投资者合法权益贡献更大力量。 新商证券 中国人民银行 THE PEOPLE'S BANK OF CHINA & 2024年度金融科技发展奖 近日，中国人民银行公布2024年度金融科技发展奖（简称"金发奖"）获奖名单。浙商证券自主研发的"基于大模型引擎的新一代全生态投教平台"，凭借其 在投教内容创新与信息技术深度融合方面的突出表现，成功斩获三等奖。 作为我国金融业唯一的省部级科技奖项，"金发奖"前身为1992年设立的"银行科技发展奖"，2021年升级后将评选范围拓展至全金融行业，代表着金融科技 领域的最高行业认可。此次奖项竞争汇聚了银行、证券、保险等全行业的顶尖科技创新成果，浙商证券能够脱颖而出，不仅是其科技创新硬实力获得国家 级权威认证的有力证明，更是对公司"投教是一片旷野而非一条轨道"创新理念的生动实践。 在技术创新层面，公司自主研发的"水滴智擎"AI大模型原生应用平台，通过标准化接口显著降低大模型应用门槛。平台整合投教数据知识库、模型管理系 ...

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Core Insights - Weibo reported its Q3 2025 earnings, with net revenue of $442 million (approximately RMB 3.156 billion) and non-GAAP operating profit of $132 million (approximately RMB 937 million) [1] - The platform's monthly active users reached 578 million, with daily active users at 257 million, and Weibo Zhisu's monthly active users surpassed 70 million, showing over 50% quarter-on-quarter growth in both daily active users and search volume [1] User Engagement and Product Development - Weibo Zhisu, launched in 2024, is an AI search product that integrates platform content to enhance user information retrieval efficiency, significantly upgraded after integrating the DeepSeekR1 model in February 2025 [2] - By Q3 2025, Weibo Zhisu's user engagement metrics showed substantial increases, with users averaging 36.6 uses per month, indicating high engagement compared to other AI applications [2][3] Ecosystem Integration and Technical Advancements - Weibo Zhisu is deeply embedded in the social ecosystem, with independent search access and synergy with trending topics and recommendation streams, enhancing the platform's value as an "event second scene" [3] - The company is focusing on upgrading technical capabilities and integrating ecological scenarios, improving search result relevance and enabling continuous, exploratory dialogue with users [3][4] AI Model Development and Strategic Positioning - The launch of the VibeThinker-1.5B model marks Weibo's strategic shift from AI application to foundational technology, demonstrating that algorithmic innovation can replace sheer computational power in specific high-value scenarios [5][6] - The open-source nature of VibeThinker-1.5B has attracted developers and research institutions, positioning Weibo as a promoter of "AI for all" and enhancing its industry influence [6][7] Future Directions and Market Impact - Analysts note that Weibo Zhisu has significantly impacted user activity, content distribution efficiency, and advertising monetization, becoming a key driver for overcoming growth bottlenecks [4] - The VibeThinker model complements Weibo's existing AI products, enhancing interaction while reducing computational costs, facilitating the transition from a "social platform" to an "intelligent content service" [7]

风险提示：宏观经济需求和关键技术商业化进程低于预期。 >>以上内容节选自国泰海通证券已经发布的研究报 告： 聚焦内需新机遇与科技主题轮动 ， 具体分析内容（包括风险提示等） 请详见完 整版报告。 谷歌 Gemini 3 的发布标志着大模型技术进入新一轮 跃迁期。 阿里巴巴发布基于 Qwen 模型的个人 AI 助手"千问 App "。国务院办公厅印发《关于加快场 景培育和开放推动新场景大规模应用的实施意见》指出，加强人工智能领域高价值应用场景培育和开放。 模型迭代、强资本开支与国产化共振，AI应用催化 不断 。 国泰海通策略、计算机、电子、海外科技、传媒、非银等多 团队联合对AI应用进行解析。 一、研究报告 （点击标题查看报告） 二、深度报告节选 【策略】 聚焦内需新机遇与科技主题轮动 热点主题交易热度较十月降温，科技主题内部分化，消费蓝筹底部回升。看好内需消费新机遇与区域经济新格局。推荐：内需消费 / 新疆基建 /AI 应用 / 机 器人。 主题三： AI 应用。 阿里巴巴发布基于 Qwen 模型的个人 AI 助手"千问 App "。国务院办公厅印发《关于加快场景培育和开放推动新场景大规模应用的实施 意见》指 ...