以下文章来源于智能涌现 ，作者周鑫雨 智能涌现 . 直击AI新时代下涌现的产业革命。36氪旗下账号。 从"六小虎"最早IPO的企业，到2025年最快成为独角兽的AI公司，为何都出自"商汤系"？ 文 ｜ 周鑫雨 编辑 ｜ 苏建勋 来源｜ 智能涌现（ID： AIEmergence） 封面来源 ｜ 企业官方 在硬件领域，让投资人们集体FOMO（害怕错过）的一个词，是"大疆系"。AI领域，近来让人同样心颤的，则是"商汤系"： 如果你曾驾车驶过上海中环路，可能会在高架上看到商汤科技如同航空母舰般的大楼。其实只需从大楼后面的林荫道步行十几分钟，就能抵达另一家AI独 角兽：上海稀宇科技有限公司，它有一个更广为人知的名字：MiniMax。 两家AI公司比邻而居，创始团队更是有颇深的渊源。MiniMax的创始人是前商汤科技副总裁、研究院副院长及智慧城市事业群CTO闫俊杰。 就在2025年12月下旬，MiniMax和另一家大模型创业公司智谱AI，分别通过港交所聆讯，并发布了招股书，预计最早在2026年1月上市。 靠着模型和ToC产品并行的商业化布局，MiniMax是为数不多已经迈入"亿元年营收俱乐部"的中国AI公司。招股书显示， ...

前几天继续玩 Nano Banana Pro 的时候，搞了一套将你的旅游景点和足迹放到罐子里的提示词非常漂亮。很多朋友也交作业了，提示词 在这里： 将你的旅行记忆放在罐子里｜提示词 刚好藏师傅也是一个菜鸡户外运动爱好者，于是就想能不能帮户外运动爱好者做一套用 Nano Banana Pro 展示自己的运动成果的图片提 示词和海报。 这几天就一直在搞这个，没想到最后搞出来效果不错，先来看一下成果: 无论你是徒步、滑雪、骑行还是露营都有对应的提示词和展示方式，不止可以展示你的数据，还能展示装备和你所去位置的微缩模型和天 气，炫耀的同时保证隐私。 是不是很漂亮，可爱的同时又展示了自己的成绩和装备，非常适合跟打卡照片一起发。 你以为这就结束了吗，并没有。 这些微缩模型因为面数比较少，是不是非常适合转成 3D 呢，于是我将这些图片转成了 3D 模型，然后做了一个软件来展示，这样是不是 更加酷炫了。 然后你以为这就结束了？并没有。 前几天 Gemini 写的手势控制 3D 模型界面不是很火吗，藏师傅也整了一个，为这个产品加上手势控制，更加唬人了，手掌左滑停止旋 转、右滑继续旋转、捏手指缩小、张开手掌放大。 很好奇这些是怎 ...

Core Insights - Tencent's "Hunyuan 3D" has accelerated its global outreach by launching an international version of its creative engine and achieving over 3 million downloads of its open-source model, marking a significant step in its AI strategy [2][3][21] - Tencent's unique position as a technology company lies in its combination of massive 3D demand from various sectors, mature multi-modal capabilities of its Hunyuan model, and a comprehensive distribution network through WeChat, QQ, and Tencent Cloud [3][4] Group 1: Business and Technology Integration - The traditional 3D industry faces challenges of high costs and long production times, with art costs in game development often accounting for 50%-80% of total expenses, and 3D asset creation being the most resource-intensive [6][7] - Hunyuan 3D aims to address these issues by enhancing the efficiency of 3D asset production and solving scene-level construction problems through two main technical lines [8][9] - The integration of Hunyuan 3D into Tencent's internal game projects has shown promising results, significantly reducing the time required to create 3D assets from days to mere hours [12][14] Group 2: Market Applications and Expansion - Hunyuan 3D's applications extend beyond gaming, with over 150 companies across various industries, including e-commerce, film, advertising, and 3D printing, utilizing its models to enhance production efficiency [25][27] - The technology has enabled a shift in consumer 3D printing, allowing users to generate personalized models with minimal expertise, thus expanding the market [26] - In advertising and content creation, Hunyuan 3D is poised to transform how brands engage with consumers by moving from static displays to interactive experiences [27][29] Group 3: Strategic Vision and Competitive Edge - Tencent's AI strategy focuses on building ecological barriers rather than merely scaling operations, emphasizing quality, controllability, and cost-effectiveness as foundational capabilities [31][32] - The company has achieved recognition for its Hunyuan image model, which topped global rankings, indicating its leadership in multi-modal technology [31] - Tencent's approach to 3D generation is characterized by a commitment to understanding industry pain points and fostering an ecosystem that supports sustainable growth [39][40]

Core Insights - The article introduces PhysX-Anything, the first framework for generating 3D assets with physical properties directly from a single image, aimed at enhancing embodied AI and robotics applications [5][27][28]. Group 1: Framework Overview - PhysX-Anything allows for the generation of high-quality, sim-ready 3D assets that include explicit geometric structures, joint movements, and physical parameters, addressing the limitations of existing 3D generation methods [5][6]. - The framework employs a "coarse-to-fine" generation approach, utilizing multiple dialogue rounds to create both global physical descriptions and detailed geometric information from a single image [8][14]. Group 2: Technical Innovations - A novel 3D representation method is introduced, achieving a compression ratio of 193 times while retaining geometric structure, inspired by voxel representation [9][27]. - The framework utilizes a tree-structured, VLM-friendly format to enhance the richness of physical attributes and textual descriptions, facilitating better understanding and reasoning by the VLM [12]. Group 3: Performance Evaluation - PhysX-Anything outperforms existing methods like URDFormer and PhysXGen in both geometric and physical attribute metrics, demonstrating superior generalization capabilities [18][20]. - Human evaluations indicate that the generated structures from PhysX-Anything received the highest scores for both geometric and physical attributes, confirming its effectiveness [22]. Group 4: Practical Applications - The generated sim-ready 3D assets can be directly imported into simulators for various robotic strategy learning tasks, showcasing their practical utility in embodied intelligence applications [25][26]. - The framework is expected to drive a paradigm shift from "visual modeling" to "physical modeling" in 3D vision and robotics research [28].

Core Insights - The article highlights the significant advancements made by Yingmou Technology in the field of 3D generation, particularly through their model Rodin and its latest iteration, Rodin Gen-2, which has achieved substantial improvements in generation quality and controllability [2][6][9]. Group 1: Company Achievements - Yingmou Technology's Rodin model was showcased at GDC, capturing the attention of top game developers and leading to the successful application of 3D generation technology in mobile gaming [2]. - The company recently completed a multi-million dollar funding round led by BlueRun Ventures, with participation from ByteDance and Sequoia China, positioning it as a leading startup in the 3D large model sector [2]. - The research paper "CLAY" received nominations for best papers at SIGGRAPH, marking a significant milestone for the young team that has been focused on 3D research since its inception [2][3]. Group 2: Technological Innovations - Rodin Gen-2 has been upgraded to utilize a dataset of millions and billions of parameters, resulting in a qualitative leap in generation quality, including smoother geometric surfaces and reduced post-processing costs [6][9]. - The introduction of the "Bang to Parts" feature allows users to decompose generated models into smaller components, enhancing the controllability of 3D models and streamlining workflows in various applications [9][12]. - The model's ability to generate clean and clear 3D meshes reduces the need for extensive repairs in software like Blender and Unity, making it more production-ready [8]. Group 3: Industry Trends - Major companies are increasingly investing in 3D generation technologies, with Roblox open-sourcing CUBE 3D and ByteDance releasing Seed3D 1.0, indicating a growing trend in the industry [6]. - The demand for rapid and accurate 3D model generation is driving innovations, with Yingmou's technology achieving model generation speeds of under 10 seconds, catering to diverse industry needs [24]. - The team believes that 3D generation will play a crucial role in future applications, serving as a foundational technology for various sectors, including digital content creation, industrial design, and AR/VR interactions [29].

Group 1 - ByteDance's Seed team launched a 3D generative model called Seed3D 1.0, capable of generating high-quality simulation-level 3D models from a single image using a Diffusion Transformer architecture [1] - Kuaishou's StreamLake officially released an AI coding product matrix, including the intelligent development tool CodeFlicker and self-developed large models KAT-Coder, with KAT-Coder-Pro V1 achieving a 73.4% solution rate in SWE-bench Verified tests, surpassing GPT-5 and Claude Sonnet 4 [2] - Apple is reportedly considering acquiring Warner Bros to expand its Apple TV streaming lineup, with other major players like Amazon and Paramount also interested in bidding [3] Group 2 - Two federal judges in the U.S. acknowledged that court rulings were flawed due to the use of AI in drafting, which did not undergo the usual review process, prompting them to improve the review methods [4] - Due to worsening chip supply issues, semiconductor supplier Ansem Semiconductor has reduced or suspended deliveries, causing concerns in the German automotive industry, with Volkswagen forced to halt production at its Wolfsburg plant [5] - Ansem Semiconductor's largest packaging and testing facility is located in Dongguan, China, responsible for about 70% of its global packaging tasks, highlighting the critical role of this facility in the automotive supply chain [5]

Group 1: Equity Fund Market - The equity fund issuance market has seen a resurgence of "one-day sold-out" funds, with 16 equity funds sold out in one day since September [1] - The recently issued Huatai Bairui Yingtai Stable 3-Month Holding Mixed FOF fund raised over 5 billion yuan in a single day [1] - The increase in active fund issuance indicates a notable rise in investor risk appetite [1] Group 2: Banking and Financial Products - As of the end of Q3 2025, the total scale of the banking wealth management market reached 32.13 trillion yuan, a year-on-year increase of 9.42% [1] - The number of existing wealth management products in the market is 43,900, reflecting a year-on-year increase of 10.01% [1] - Wealth management products from financial companies account for 91.13% of the total market [1] Group 3: Corporate Developments - JD's subsidiary Jingda HK Trading Co., Limited has obtained a Hong Kong insurance brokerage license, valid until October 2028 [1] - ByteDance's Seed team launched a 3D generative model, Seed3D 1.0, which can create high-quality 3D models from single images [2] - Anshi Semiconductor (China) has assured clients that all products produced in China comply with local laws and regulations [2] Group 4: Regulatory Actions - Beijing Securities Regulatory Bureau has mandated corrective measures for Beijing Sunshine Tianhong Asset Management Co., Ltd. due to non-compliance with information disclosure regulations [3] Group 5: Financing and Investments - New Stone Technology has completed over $500 million in Pre-IPO financing, with Tencent and other notable investors participating [7] - Xinhua Securities has received approval from the China Securities Regulatory Commission to issue up to 10 billion yuan in technology innovation corporate bonds [7] Group 6: Project Contracts and Investments - Jinggong Steel Structure signed a contract for a project in Saudi Arabia worth 6.5 billion Saudi Riyals (approximately 1.23 billion yuan) [8] - Chuanfa Longmang plans to invest 366 million yuan in a 100,000 tons/year lithium dihydrogen phosphate project [9] Group 7: Financial Performance - High-speed Rail Electric reported a 54.32% year-on-year increase in net profit for the first three quarters of 2025 [10] - Huaguang Bio achieved a 146.55% year-on-year increase in net profit for the same period [11] - Northern Navigation turned a profit with a net profit of 125 million yuan, compared to a loss in the previous year [13]

Core Viewpoint - The article highlights the significant presence and influence of Chinese companies at the Tokyo Game Show (TGS), showcasing advancements in AI technology and its integration into the gaming industry [1][36]. Group 1: Chinese Companies at TGS - Major Chinese gaming companies such as NetEase, Tencent, and others have established impressive exhibition spaces, attracting numerous players [2][8]. - AI companies are also making their mark at TGS, demonstrating their capabilities and innovations in the gaming sector [8][10]. Group 2: AI Technology Showcase - Alibaba's booth prominently featured its open-source models, including Tongyi Qianwen and Tongyi Wanxiang, offering a range of commercial solutions from IaaS to SaaS [11][12]. - The Model Studio platform and AI development platform PAI were highlighted as part of Alibaba's offerings, indicating a strong push for AI integration in gaming [13][15]. Group 3: 3D Generation Technology - Tencent Cloud emphasized its cloud computing capabilities for game security and operations, while also discussing the potential of mixed reality 3D technology [21][22]. - VAST's Tripo, a leading open-source 3D generation project, is gaining attention from game developers both domestically and internationally [26][27]. Group 4: AI Applications in Gaming - HakkoAI, an AI gaming companion, showcased its ability to understand and interact with various games, outperforming several top general models in specific gaming scenarios [34]. - The integration of AI in gaming is creating new possibilities and enhancing player experiences, indicating a growing trend in the industry [36].

Core Viewpoint - The article discusses the introduction of PhysXNet, the first systematically annotated physical property 3D dataset, which aims to bridge the gap between virtual 3D generation and physical realism [1][3]. Group 1: Introduction of PhysXNet - PhysXNet contains over 26,000 richly annotated 3D objects, covering five core dimensions: physical scale, materials, affordance, kinematic information, and textual descriptions [3][11]. - An extended version, PhysXNet-XL, includes over 6 million programmatically generated 3D objects with physical annotations [12]. Group 2: Current Research Landscape - Existing 3D generation methods primarily focus on geometric structure and texture, neglecting the modeling based on physical properties [2][8]. - The demand for physical modeling, understanding, and reasoning in 3D space is increasing, necessitating a comprehensive physical-based 3D object modeling system [8][9]. Group 3: Data Annotation Process - The team designed a human-in-the-loop annotation process to efficiently collect and annotate physical information [16][19]. - The annotation framework consists of two main phases: initial data collection and determination of kinematic parameters [19]. Group 4: Generation Methodology - PhysXGen is introduced as a novel framework for generating 3D assets with physical properties, utilizing pre-trained 3D priors to achieve efficient training and good generalization [13][26]. - The method synchronously integrates basic physical properties during the generation process, optimizing structural branches for dual objectives [29][30]. Group 5: Experimental Evaluation - The team conducted qualitative and quantitative evaluations of the model, comparing it against a baseline that uses a separate structure to predict physical properties [33][34]. - PhysXGen demonstrated significant performance improvements in generating physical attributes, achieving relative performance gains of 24%, 64%, 28%, and 72% across various dimensions [38]. Group 6: Future Directions - The article emphasizes the importance of addressing key challenges in physical 3D generation tasks and outlines future research directions [43].

Core Insights - The article highlights the significant participation of Chinese companies in CVPR 2025, showcasing their technological advancements and commitment to AI development [4][9][46] - Key trends identified include a focus on multimodal and 3D generation technologies, with Gaussian Splatting emerging as a prominent technique [8][15][17] Group 1: Event Overview - CVPR 2025 has gained increased attention and social engagement, with a record number of Chinese enterprises participating [2][4] - The conference is recognized as a leading event in the field of computer vision, with the acceptance of papers indicating cutting-edge technological trends [12][13] Group 2: Research Trends - Multimodal and 3D generation are highlighted as popular research directions, with Gaussian Splatting being a frequently mentioned keyword in accepted papers [8][15][17] - A total of 2878 papers were analyzed, revealing high-frequency terms such as "Multimodal" (75 occurrences) and "Diffusion Model" (153 occurrences) [16] Group 3: Chinese Companies' Participation - Chinese companies, particularly Tencent, have shown deep involvement, with Tencent alone having over 40 accepted papers across various research areas [33][34] - The participation of Chinese firms in sponsorship and workshops indicates their commitment to the conference and the broader AI landscape [36][38] Group 4: Technological Advancements - Tencent's investment in AI research is substantial, with R&D spending exceeding 70.686 billion RMB in 2024, reflecting a strong commitment to technological innovation [46] - The company has also made significant strides in patent applications, with over 85,000 applications filed globally [46] Group 5: Talent Attraction - The presence of Chinese companies at top conferences serves to attract talent, emphasizing the importance of technical recognition over salary for top-tier professionals [47] - Tencent's diverse application scenarios, including WeChat and gaming, provide a robust ecosystem that supports ongoing technological development [49][50]