二，全新的模型架构设计。已经广泛使用近10年的Transformer架构已经显露出一些不足，包括超长上下 文的计算开销、记忆机制、更新机制等。这些都需要探索全新的模型架构，发现新的Scaling范式，通过 芯片-算法协同设计等技术提高计算效率。 三，具有更强泛化能力的RL。当前主流的RLVR范式虽然在数学和代码领域取得了成功，但其依赖人工 构造可验证环境的局限性也日益凸显。今年需要探索更通用的RL范式，支持AI不仅能在人类指令下完 成特定任务，更要能理解并执行跨越数小时甚至数天的长时程任务。 新浪科技讯 1月8日上午消息，智谱AI今日上市，新浪科技了解到，上市当天，清华大学计算机系教 授、智谱创立发起人兼首席科学家唐杰发布内部信，宣布很快将推出新一代模型 GLM-5。并进一步明 确了2026年公司的目标是"成为国际领跑的大模型企业"。 唐杰提及了DeepSeek出现带给自己的警醒道："文锋2023年创业的时候和我聊过，当时我并没有意识到 他对AGI如此执着，感谢他带给我很多不一样的思考。"唐杰称，"选择对AGI技术的执着追求，不断探 索AGI的上界，同时精准的未来预判成为下一步智谱需要不断改进和升华的地方。" ...

Welcome to 真实人类世界。 上周末在香港看了场机器人比赛，还是太有乐子了。 虽然岔子出的还是千奇百怪，摔的也是各有千秋，但跟之前机器人运动会的比法不一样，这次的比赛场景被落到了现实生活，虽然岔子出的还是千奇百 怪，摔的也是各有千秋，但跟之前机器人运动会的比法不一样，这次的比赛场景被落到了现实生活，比如接水浇花、捡垃圾并分类，还有过吊桥和在山里 定向越野。所以它被定性为一场"真实世界极限挑战赛"。 参赛的也不是各大机器人厂商，而是13支来自全球的高校学生队伍。是由香港中文大学主办，ATEC前沿科技探索社区和北京大学、北京师范大学、蚂蚁 集团联合承办的第五届ATEC科技精英赛（线下赛）。 这也是第一次真正把机器人拉出来遛。比赛场地在香港中文大学岭南体育场，纯户外自然地形，有草有坡有石子，定向越野还得上山到小桥流水生态区。 就是想看看当前机器人是否具备"真正进入人类世界"的能力，最好还是"全自主"，不依赖遥控和预设程序那种。这可太难了。 在动态的真实环境中，机器人不仅需要响应指令，更需具备在不确定条件下进行实时推理与决策的能力。然而，当前算法的泛化能力——即举一反三、适 应新场景的能力——仍是突出短板。例 ...

12月7日，在香港中文大学的户外赛场上，一台机器人正小心翼翼地调整姿态，试图在微颤的吊桥上保持平衡；不远处，另一台机器人则凭借自身的感 知系统，识别并分拣着散落于草地上的垃圾。这些并非预设的演示，而是"第五届ATEC科技精英赛（线下赛）·真实世界极限挑战赛"（简称"ATEC2025"） 的真实场景。 经过两天的激烈角逐，来自全球的13支顶尖赛队完成了吊桥穿越、定向越野、自主浇花与垃圾分拣等系列任务，最终来自浙江大学的赛队凭借其在机器 人全自主智能方面的卓越表现，成功摘得15万美元大奖。 在"鼓励全自主、探索无遥操"的赛制引导下，各参赛队伍针对户外复杂场景，展开了充满创造力的技术探索。面对真实世界的复杂性与不确定性，选手 们尝试了多样化的技术路径与创新方案：有的团队将传统模块化算法与前沿的端到端大模型方案并行测试，寻找稳定性与智能化的最佳平衡；有的在机械臂 抓取策略上反复调试，只为提升毫米级的操作精度；还有的为应对吊桥的动态晃动，设计出轻量化控制与实时环境建模相结合的独特策略。 "实验室里调试完美的算法，在真实环境中会遇到无数意外。"来自冠军赛队"wongtsai"的队长朱承睿坦言。参赛队伍中，有来自北美、欧洲 ...

【环球网科技综合报道】12月7日，香港中文大学。在真实的户外赛场上，一台机器人正小心翼翼地调整姿态，试图在微颤的吊 桥上保持平衡；不远处，另一台机器人则凭借自身的感知系统，识别并分拣着散落于草地上的垃圾。这些并非预设的演示，而 是"第五届ATEC科技精英赛（线下赛）·真实世界极限挑战赛"（简称"ATEC2025"）的真实场景。 经过两天的激烈角逐，来自全球的13支顶尖赛队完成了吊桥穿越、定向越野、自主浇花与垃圾分拣等系列任务，最终来自浙江大 学的赛队凭借其在机器人全自主智能方面的卓越表现，成功摘得15万美元大奖。 赛事由香港中文大学主办，ATEC前沿科技探索社区、北京大学、北京师范大学、蚂蚁集团联合承办。比赛首次将完整赛场置于 户外自然地形中，通过评分规则明确鼓励"无遥操"（无人工遥控操作），推动机器人从依赖遥控的"工具"向自主决策的"智能 体"演进。 实现"无遥操"，意味着机器人需在充满不确定性的真实环境中，独立完成从感知、分析到决策、执行的全链路闭环，任何环节的 失误都可能导致任务中断，这对机器人的感知鲁棒性、决策智能性和系统稳定性提出了极高要求。 "本届赛事旨在回答一个核心问题：机器人能否真正走出实验室 ...

11月27日消息，汇丰银行（HSBC）在最新研究报告中警告称，即便到2030年营收实现爆发式增长，OpenAI仍将面临 至少2070亿美元的资金缺口。 这个数字不仅揭示了基础设施成本的飙升和市场竞争的白热化，更引发市场对整个AI生态系统可持续性的深刻忧 虑。这个需求爆棚、资金密集度空前的技术趋势，是否能够持续运转？ 天价算力需求：用巨额租赁合同堆砌的AI基石 业内将OpenAI的运营模式戏称为"顶着网站门面的烧钱无底洞"，而对算力的需求正是造成其财务黑洞的直接成因。 汇丰银行美国软件与服务团队更新了OpenAI评估模型，纳入了两项关键数据：OpenAI在10月底与微软签署的2500亿 美元云计算资源租赁协议，以及与亚马逊达成的380亿美元云服务合约。这两笔重磅交易使得OpenAI的合同总算力 猛增至36吉瓦。 按照高达1.8万亿美元的合同总价值推算，OpenAI未来每年需要支付约6200亿美元的数据中心租赁费用。令人担忧的 是，在此期间预计只有三分之一的合同算力能够实际投入运营。 报告显示，从今年到2030年，OpenAI的累计租赁成本将达到7920亿美元。而展望至2033年，总计算投入承诺可能攀 升至1.4 ...

Core Insights - The article highlights the advancements made by Yunzhisheng in the field of AGI technology, particularly in four key areas: voice technology, medical large models, edge AI, and digital human technology, showcasing China's strong capabilities in artificial intelligence [1] Group 1: Medical Large Model - The "multi-modal medical vertical large model" integrates diverse medical data, achieving over 90% accuracy in liver focal lesion detection and significantly outperforming human averages in clinical exams, thus supporting the intelligent transformation of the healthcare industry [2][3] Group 2: Edge AI and Digital Human Technology - The "refined small model on chip" technology optimizes AI model performance on edge chips, reducing resource consumption by over 100 times while maintaining excellent interaction quality, addressing traditional challenges in edge model performance [6] - The "multi-modal emotional intelligent digital human" technology creates high-fidelity digital humans capable of natural behavior and emotional expression, applicable in various sectors such as customer service and education [6] Group 3: Comprehensive AI Industry Strategy - Yunzhisheng has established a four-layer technical architecture that connects technology, scenarios, and data, enhancing its core competitiveness in the AI industry and facilitating the development of specialized digital experts across various verticals [7] - The breakthroughs in four internationally leading technologies strengthen the company's foundational technology and ensure a complete link from research and development to implementation, aiming to accelerate the commercialization of cutting-edge innovations [7]

Core Viewpoint - The mechanical equipment industry is expected to experience a dual trend of cyclical growth and expansion in the first half of 2025, with significant performance releases in sectors such as engineering machinery, export chains, and shipbuilding [1] Summary by Category Industry Performance - The mechanical equipment sector (Shenwan) is projected to achieve revenue of 10,109 billion yuan in H1 2025, representing a year-on-year growth of 9% [1] - The net profit attributable to the parent company is expected to reach 763 billion yuan, with a year-on-year increase of 22% [1] Engineering Machinery - The engineering machinery segment benefits from both domestic and overseas markets, with H1 2025 revenue expected to grow by 5% year-on-year and net profit increasing by 14% [1] - The five major manufacturers in this sector anticipate a revenue growth of 10% and a net profit growth of 29% [1] Export Chain - The export chain is performing well, with revenue projected to grow by 9% year-on-year and net profit expected to increase by 30% [1] Shipbuilding Industry - The shipbuilding sector continues to show strong performance, with revenue expected to grow by 20% year-on-year and net profit experiencing a substantial increase of 112% [1] Emerging Sectors - The industrial gas and photovoltaic equipment sectors are currently in a bottoming phase [1] - The humanoid robot industry is transitioning from formation to expansion, with expectations for significant investment opportunities in 2025 due to breakthroughs in AGI technology, improved supply chains, and increased downstream demand [1] Investment Opportunities - The Robot Industry ETF (159551) tracks the Robot Index (H30590), focusing on companies involved in the research, production, and related services of robots, covering various sub-sectors such as industrial and service robots [1]

Core Viewpoint - The recent market rally has led to a surge in stock prices, yet major shareholders and executives are announcing plans to reduce their holdings, raising concerns for ordinary investors about the implications of these actions on future company performance and stock valuations [1][3]. Shareholder Actions - The controlling shareholder of Focus Technology plans to reduce their stake by up to 6,344,716 shares, representing no more than 2% of the total share capital, within a specified period [3]. - The controlling shareholder holds 46.42% of the company's total shares, indicating a highly concentrated ownership structure [3][4]. - The second-largest shareholder holds only 2.26% of the shares, further emphasizing the dominance of the controlling shareholder [3]. Financial Performance - In the first half of the year, Focus Technology reported a total revenue of 919.19 million yuan, a year-on-year increase of 15.83% [6][9]. - The net profit attributable to shareholders was 295 million yuan, reflecting a growth of 26.12% compared to the previous year [6]. - The company's earnings growth has been volatile, with previous years showing single-digit growth rates, raising questions about sustainability [6]. Business Structure - The primary revenue source for Focus Technology is the China Manufacturing Network, which accounts for over 80% of total revenue [8][9]. - The company has seen a 35% increase in overall traffic to its platform, with significant growth in emerging markets such as the Middle East and South America [8]. Dividend Policy - Historically, the company has maintained a high cash dividend payout ratio, with some years exceeding 200%, benefiting the controlling shareholder significantly [4][5]. - The cash dividend distribution has raised concerns about whether it is sustainable given the concentrated ownership structure [4]. Membership Growth - The growth in paid membership for the China Manufacturing Network has been sluggish, with only 581 new members added in the second quarter compared to 716 in the same period last year [9][10]. - The company has launched AI-driven products aimed at enhancing its service offerings, but revenue from these initiatives has not been disclosed in recent reports [10].

Core Insights - The 2025 World Robot Conference opened in Beijing, with JD.com as the exclusive global strategic partner, announcing an investment of over 10 billion in the smart robotics sector to support 100 brands achieving over 1 billion in sales within three years [1][3][4] Industry Overview - The smart robotics industry is experiencing unprecedented growth, with projections indicating that the Chinese robotics market will reach 100 billion by 2028. However, challenges such as slow commercialization and application difficulties remain [3][4] JD.com's Strategic Initiatives - JD.com is providing a zero-threshold entry service for partners, connecting over 600 million consumers and 8 million enterprise users through its comprehensive supply chain infrastructure [4][7] - The company has launched the JoyInside brand, which offers advanced application capabilities and emotional interaction for robots, with a free access plan to attract more robotics companies [6][14] Market Engagement - JD.com is facilitating a full-chain solution for partners, covering the entire ecosystem from components to assembly, promoting the integration of robots into various industries such as technology, logistics, and healthcare [7][11] - The company is hosting the first "JD Cup" robotics talent competition, showcasing over 50 advanced robotic products and engaging users in interactive experiences [8][10] Logistics Innovations - JD Logistics has introduced self-developed intelligent products like the unmanned light truck, which has garnered significant attention for its large cargo capacity and efficiency in logistics [11][13] - The company has implemented the Smart Wolf system in warehousing, achieving a fourfold increase in storage efficiency and a 99.99% accuracy rate in picking operations [13][14] Future Outlook - JD.com aims to deepen collaboration with industry partners to build an open and win-win robotics ecosystem, driving the development of China's smart robotics industry and creating substantial social and economic value [14]

Core Insights - JD.com announced a significant investment plan exceeding 10 billion yuan in the smart robotics sector during the World Robot Conference held in Beijing, aiming to assist 100 robot brands in achieving over 1 billion yuan in sales within three years and to integrate smart robots into over 1 million terminal scenarios [1][2] Group 1: Investment and Strategic Goals - JD.com is set to invest over 10 billion yuan in the smart robotics industry, with a goal to support 100 robot brands in reaching sales of over 1 billion yuan each within three years [1][2] - The smart robotics market in China is projected to reach a scale of 100 billion USD by 2028, driven by advancements in AGI technology [2] Group 2: Industry Collaboration and Support - JD.com has partnered with leading global robotics brands such as Yushutech, Zhiyuan, and others to enhance the commercialization process of smart robots [2] - The company offers a zero-threshold entry service for partners, connecting over 600 million consumer users and 8 million enterprise users through various platforms [2][3] Group 3: Technological Advancements - JD.com introduced the JoyInside brand, which provides advanced application capabilities and emotional interaction experiences for robots, with a limited-time free access plan for top brands [2] - The company is focusing on a full-chain solution for partners, covering the entire industrial ecosystem from components to final products [3] Group 4: Event Highlights - The first "JD Cup" robotics talent competition showcased over 50 cutting-edge robot products, allowing attendees to interact with robots and experience AI technology [4] - During the event, JD.com launched a "robot zone" on its app, featuring new products from various robotics brands and a special auction event starting at 1 yuan [5] Group 5: Logistics Innovations - JD Logistics showcased its self-developed intelligent products, including the unmanned light truck, which aims to enhance efficiency and reduce costs in the logistics sector [7] - The unmanned light truck, with a cargo capacity of 24 cubic meters, is positioned as the largest in the logistics industry, redefining smart logistics solutions [7]