炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月8日，智谱正式在港交所挂牌上市，成为"大模型第一股"。 作为清华系AI明星公司，智谱一直是国产大模型"六小虎"中最受关注的那一只。公司不仅集结了一群清 华大咖，其融资历程更是一路席卷创投圈。 在逾50家（同一集团不同投资主体分开计算）投资机构名册上，既有美团、阿里、腾讯等互联网大厂， 还有君联资本、启明创投、"风投女王"徐新旗下今日资本、达晨财智等头部VC机构，多地国资基金也 驻扎其中。其中，中科创星作为早期投资人，"早"到智谱公司还没成立就敲定了投资。 随着智谱上市，投资人究竟能在港股的聚光灯下兑现多少回报？谁又将成为大赢家？ 中科创星：智谱未成立已敲定投资 招股书显示，智谱成立于2019年6月，由一支拥有清华大学深厚学术背景的团队创立，致力于追求通用 人工智能（AGI）创新。 在众多投资智谱的机构中，中科创星的身份颇为不同——既是外部股东，也是"共同发起设立方"。据 悉，中科创星早在智谱尚未成立时，就已决定投资。 近日，中科创星创始合伙人米磊接受中国证券报记者采访时表示，早在2018年底，中科创星就与智谱团 队敲定了投资金额和投 ...

● 本报记者王雪青 1月8日，智谱正式在港交所挂牌上市，成为"大模型第一股"。 作为一家刚刚成立的公司，智谱初期的投后估值为3.75亿元。"当时来看，这个估值很高，并且应用场 景不如今天的大模型那么明晰，但中科创星仍坚持作为独家投资方，给智谱投了4000万元，支持其从0 到1的发展。这笔投资也是当时中科创星那只基金单笔金额最大的投资和全年单笔金额最大的投资。"米 磊说。 作为清华系AI明星公司，智谱一直是国产大模型"六小虎"中最受关注的那一只。公司不仅集结了一群清 华大咖，其融资历程更是一路席卷创投圈。 在逾50家(同一集团不同投资主体分开计算)投资机构名册上，既有美团、阿里、腾讯等互联网大厂，还 有君联资本、启明创投、"风投女王"徐新旗下今日资本、达晨财智等头部VC机构，多地国资基金也驻 扎其中。其中，中科创星作为早期投资人，"早"到智谱公司还没成立就敲定了投资。 随着智谱上市，投资人究竟能在港股的聚光灯下兑现多少回报？谁又将成为大赢家？ 中科创星：智谱未成立已敲定投资 招股书显示，智谱成立于2019年6月，由一支拥有清华大学深厚学术背景的团队创立，致力于追求通用 人工智能(AGI)创新。 在众多投资智谱的 ...

Core Insights - The most valuable segment in the AI-generated application industry is AI Coding, which serves as a productivity tool that spans research, production, supply, sales, and service, creating new value and demand space, with significant market potential due to the current technological climbing phase and large disparities among companies [1] Group 1: AI Coding Overview - AI Coding has become the hottest sector in the industry since the second half of this year, opening up prospects for the commercialization of AI [1] - AI Coding refers to the process of using artificial intelligence to assist or automate code writing, significantly improving development efficiency and reducing labor costs [1] - The core goal of the company is to liberate application development from a few professional developers, allowing more people to directly build usable, operational, and monetizable business applications through a "natural language" approach [1] Group 2: Unique Features and Differentiation - The company has set up a differentiated demand transformation phase to address the challenges faced by non-technical users in clearly describing complex application logic, utilizing an intelligent product manager to convert vague requirements into detailed product design documents [2] - Unlike other similar products, the company focuses on the application layer of the Baidu AI ecosystem, targeting small B-end and non-professional C-end developers, leveraging Baidu's underlying capabilities [2] Group 3: Commercialization Strategy - The company's business model consists of two main phases: charging users for large model invocation during the development phase and for cloud resource hosting fees during the operation phase, with the company already entering the paid commercial usage stage [2] - The future core customer direction is B2B, avoiding traffic advertising and relying on value-based charges, with a unique aspect of blurring the lines between C (individual) and B (business) users [3] - The company aims to achieve significant user growth and commercial revenue, believing that the current market is still in its early stages with substantial room for growth [3]

2025年11月，95后AI"天才少女"罗福莉一条加入小米的朋友圈，为持续近一年的"雷军千万年薪挖角"的传闻画上了句号。 罗福莉，这位在AI领域声名赫赫的"非典型天才"，自2019年开始便频繁走进大众视野。 2019年，凭借"八篇ACL论文"在知乎一夜爆红；2021年，北大硕士毕业后直通阿里星项目进入达摩院；2022年，成为开源大模型DeepSeek-V2的核心开发 者，并凭借这一成绩被雷军关注。 细数她的履历发现，罗福莉并非公众认知中的"AI天才"，而是AI领域的"低起点者"。 大学时被调剂到北京师范大学电子系，成绩在班级一度垫底；为保研北大转入计算机系，从未接触过编程，靠死记硬背达到保研标准；大三时进入北大语 言计算实验室，从自学Python（通用编程语言）起步，一步步追赶，成功保研。 她形容自己"像一只蜗牛一样，不追求最快但每一步的路径都清晰可见"，在一次次正反馈中，罗福莉迎来人生中诸多高光时刻，却又异常清醒。 她淡化"天才少女"的标签，拒绝媒体采访，发文称"只想安安静静做难而正确的事情"，拒绝被外界的声音裹挟。 在AI狂飙的时代，罗福莉始终专注而笃定。 2025年1月20日，硅谷一夜无眠。 彼时，中国 ...

原文发表于 2025 年 11 月 28 日《金融时报》第三版 率先将中国债市纳入旗舰债券指数，支持债券通、互换通等互联互通机制落地，协助中资金融机构 走向海外，并在全球主要金融中心举办中国市场主题的路演活动、让全球投资者更好地"看见中 国"……在中国金融市场开放与发展的进程中，彭博始终扮演着关键"连接者"的角色。今年11月，彭 博迎来在中国内地展业30周年。 彭博大中华区总裁汪大海 近日在接受《金融时报》记者专访时表示，作为全球重要的金融信息和数 据服务提供商，彭博的使命始终是用数据和技术提升市场的透明度和效率。在中国债市开放的进程 中，彭博同样致力于释放技术和数据的潜力，发挥桥梁作用，帮助全球投资者更高效地理解并参与 中国市场。 Q 第三是彭博不断深化与中国金融机构的合作，共同推动它们的全球化发展。 彭博与多家银行、 证券公司和资产管理机构保持长期合作，通过数据与技术的支持，帮助它们在风险管理、定 价、交易及信息披露方面更好地对接国际最佳实践，提升全球业务能力，融入国际市场。就在 本月，我们与目前中国最大的证券公司国泰海通签署了战略合作协议，助力其国际化进程的加 速。 Q 首先，祝贺彭博在中国市场展业30 ...

Core Insights - Artificial Intelligence (AI) is revolutionizing the trading landscape, bringing unprecedented efficiency, accuracy, and speed to financial markets. By 2025, AI is expected to handle nearly 89% of global trading volume, impacting everything from high-frequency stock trading to decentralized cryptocurrency ecosystems [1][10]. Group 1: Evolution of AI in Trading - The adoption of AI in trading is driven by the need for automation, reducing human errors, and executing trades at record speeds [10]. - Current markets generate and process over 2.5 million terabytes of data daily, including news, social media, satellite images, and blockchain transactions, creating a data explosion that AI can help manage [13]. Group 2: Core Technologies Driving AI Trading - Key technologies include machine learning, deep learning, natural language processing, and quantum computing, which enhance trading strategies and decision-making [13][14]. - AI systems can achieve nanosecond-level trading responses, significantly faster than human reaction times, improving overall market efficiency [13]. Group 3: AI Trading Platforms and Strategies - AI trading strategies encompass quantitative trading, algorithmic trading, sentiment analysis, and reinforcement learning, all aimed at maximizing returns and managing market risks [14][15]. - The regulatory landscape is evolving, with institutions like the SEC approving new AI-driven order types, legitimizing autonomous trading systems [13].

Core Insights - Baidu Cloud's financial technology service provider, BaiRong YunChuang, has demonstrated strong growth in the financial digitalization sector, with loan service revenue exceeding 800 million yuan in the first half of the year [1] - Despite the revenue growth, there are ongoing complaints regarding high interest rates associated with its loan services, with reported annualized rates reaching as high as 35.95% [1] - The company claims that it has not received complaints regarding interest rates reaching 36%, asserting that all loan contracts are compliant and clearly state the applicable rates [1] Financial Performance - BaiRong YunChuang reported a revenue of 2.929 billion yuan for 2024, reflecting a year-on-year growth of 9% [4] - The revenue from Model as a Service (MaaS) was 932 million yuan, up 5% year-on-year, while Business as a Service (BaaS) revenue reached 1.997 billion yuan, growing by 12% [4] - The net profit for the year was 266 million yuan, a decline of 21%, with the net profit margin decreasing from 13% to 9% [4] Regulatory Context - The National Financial Regulatory Administration has issued guidelines requiring commercial banks to clearly define service fees in cooperation agreements and ensure that the total financing costs align with legal standards [2] - The Supreme People's Court has emphasized the need to regulate high-interest loans and support borrowers in reducing excessive interest rates that exceed 24% annually [3] - BaiRong YunChuang's subsidiary, Rongshu Loan, operates under these regulatory frameworks, providing intelligent financial services [3]

Group 1 - The third National Industrial and Information Technology Skills Competition was held in Chongqing from November 26 to 28, featuring 408 teams and 834 participants competing in six advanced categories [1][2] - This year's competition introduced a new category for Generative Artificial Intelligence System Application, focusing on practical problem-solving skills in humanoid robot navigation and precise grasping [1] - The event is co-hosted by multiple government bodies, emphasizing the theme of "integration of industry and talent" and targeting key areas such as new energy vehicles, industrial robots, smart chips, industrial big data, digital transformation of manufacturing, and industrial internet [1][2] Group 2 - The competition expanded the number of categories to six, nearly doubling the previous editions, with new categories like Mixed Integrated Circuit Assembly Worker focusing on RISC-V architecture [2] - The event reflects three key improvements: alignment with technological frontiers, enhanced industry characteristics, and a more robust management system [2] - The competition serves as a platform for talent discovery, practical skills training, and promoting the integration of industry and talent, contributing to the goal of new industrialization [3]

率先将中国债市纳入旗舰债券指数，支持债券通、互换通等互联互通机制落地，协助中资金融机构 走向海外，并在全球主要金融中心举办中国市场主题的路演活动、让全球投资者更好地"看见中国"…… 在中国金融市场开放与发展的进程中，彭博始终扮演着关键"连接者"的角色。今年11月，彭博迎来在中 国内地展业30周年。 彭博大中华区总裁汪大海近日在接受《金融时报》记者专访时表示，作为全球重要的金融信息和数 据服务提供商，彭博的使命始终是用数据和技术提升市场的透明度和效率。在中国债市开放的进程中， 彭博同样致力于释放技术和数据的潜力，发挥桥梁作用，帮助全球投资者更高效地理解并参与中国市 场。 《金融时报》记者：首先，祝贺彭博在中国市场展业30年。在这30年中，您认为彭博在中国发展的 里程碑有哪些？又有哪些时刻让您觉得中国市场融入了全球？ 汪大海：彭博在过去30年见证了中国内地金融市场的发展，也亲身参与了中国与全球市场不断接轨 的过程。如果要说具有里程碑意义的，我认为有三个方面： 第一是完成中国债券纳入彭博全球综合指数。2018年，彭博率先宣布将中国国债和政策性银行债纳 入旗舰债券指数——彭博全球综合指数，并在2020年11月首先完成 ...

Core Insights - AI content generation tools are transforming the content creation ecosystem by utilizing artificial intelligence to help users quickly generate, optimize, and publish content [1] - These tools integrate natural language processing, machine learning algorithms, and big data collection technologies to automate the entire process from content acquisition to distribution [1] Group 1: Tool Evaluations - Youcaiyun AI Content Factory is positioned as a comprehensive automated content solution, offering a complete workflow from article collection to publication, with a core advantage in deep originality, providing 100% machine-generated articles that maintain good readability [1][20] - The system allows users to set desired article length and choose reference content sources, supporting 1 to 10 adjustable citations [3] - It features options for hot topic integration and originality enhancement while ensuring content uniqueness and timeliness [4] Group 2: Features and Capabilities - Youcaiyun supports extensive web scraping, with a maximum collection rate of 500 articles per hour, and includes mechanisms for URL duplication prevention, content fingerprint checking, and relevance filtering [4] - The platform offers highly configurable publishing settings, enabling automatic posting to websites or social media accounts with flexible scheduling options [4] - It includes comprehensive image processing capabilities, such as local saving, cloud storage uploads, automatic image matching, and AI-generated images [4] Group 3: Additional Tools - Wenzhitong稿大师 excels in automatic media release generation, featuring various news genre templates for quick compliance with media requirements [5][20] - Chuangwen Kuai Shou Pro focuses on social media content creation, providing rich hot topic tracking and trend analysis features, with one-click multi-platform publishing capabilities [8][9] - Yuying Intelligent Writing Platform emphasizes collaboration, allowing multiple users to participate in content creation and review processes, though it has lower automation levels [12][15] Group 4: Overall Assessment - Different AI content generation tools have distinct strengths, with Youcaiyun AI Content Factory leading in functionality and automation, making it suitable for large-scale, high-quality content production [20] - Other tools demonstrate advantages in specific areas, allowing users to select the most suitable solution based on their content needs, technical background, and publishing frequency [21] - The continuous development of AI technology is expected to enhance the quality and intelligence of these tools, offering more possibilities for the content industry [22]