报告认为，商汤大装置通过在算力资源调度、软硬协同、异构训练等底层能力上的持续突破，构建形 成"更懂AI、更懂模型、更懂行业"的全栈AI云能力体系，打造了面向企业与产业的原生AI云服务，推 动产业生态与应用场景系统化落地。 沙利文报告强调，原生AI厂商的核心优势在于"从模型层的精准调优，到推理层的效能提升，再到基础 设施的适配打磨，形成端到端的技术闭环"。 商汤大装置正是通过模型能力与算力基础设施融合，在能效、算效、训推效率和开发效率方面实现突 破。 中新网上海新闻11月19日电(郑莹莹)知名研究机构弗若斯特沙利文(Frost & Sullivan)新近联合头豹研究院 发布《2025年H1中国全栈AI云服务市场报告》。报告显示，商汤科技凭整体市场份额位列中国全栈AI 云服务市场第四，原生AI云厂商首位。 沙利文指出，AI原生正在重塑云服务，并对"原生AI云(AI Native Cloud)"作出明确定义，即专为支持人 工智能工作负载而设计和优化的云计算服务模式，核心是将AI技术深度融合到云服务的每一个层面， 而非传统云服务对AI需求的简单适配。 在AI原生趋势下，沙利文将全栈AI云厂商划分为两类玩家，一类是云计 ...

Core Insights - NetEase Youdao (DAO.US) reported its Q3 2025 financial results, achieving profitability for five consecutive quarters, with operating profit increasing nearly 150% year-on-year in the first three quarters [1] - Huatai Securities maintained a "Buy" rating for Youdao, setting a target price of $12.46, highlighting accelerated growth in advertising and strong performance in AI subscription services [1] Financial Performance - In Q3 2025, Youdao's net revenue reached 1.63 billion yuan, a year-on-year increase of 3.6%, with operating profit at 28.3 million yuan [1] - Online marketing service revenue grew by 51.1% year-on-year to 740 million yuan, becoming the largest revenue source for the first time in a single quarter [1] - AI subscription service sales approached 100 million yuan, marking a historical high with over 40% year-on-year growth, serving as a key driver for the learning services segment [1] Business Strategy - Youdao's "AI-native" strategy has led to high-quality growth across multiple business lines, with learning services sales increasing by over 40% year-on-year [1] - The smart hardware segment continues to optimize, with the launch of the new AI Q&A pen, Space X, in August, enhancing competitiveness in real-time Q&A [1] Advertising Growth - The rapid growth in advertising revenue is attributed to Youdao's ongoing investment in AI technology, which includes three major AI engines: iMagicBox for creative generation, KOL platform, and Xiao Zhi AI optimizer, improving advertising efficiency and effectiveness [2] - During the reporting period, advertising revenue from the gaming industry grew by over 50%, while revenue from overseas markets increased by more than 100% [2] Future Outlook - Youdao's CEO, Zhou Feng, stated that the company will continue to deepen its "AI-native" strategy, promoting the in-depth application of the "Ziyue" large model in learning and advertising scenarios, aiming to build a more competitive digital learning and intelligent marketing platform [2]

Core Insights - NetEase Youdao (NYSE: DAO) reported its Q3 2025 financial results, achieving profitability for five consecutive quarters, with a nearly 150% year-on-year increase in operating profit for the first three quarters [1] - Huatai Securities maintained a "Buy" rating for Youdao, setting a target price of $12.46, highlighting accelerated growth in advertising and strong performance in AI subscription services [1] Financial Performance - In Q3 2025, Youdao's net revenue reached 1.63 billion yuan, a year-on-year increase of 3.6%, with operating profit of 28.3 million yuan [1] - Online marketing service revenue grew by 51.1% year-on-year to 740 million yuan, becoming the largest revenue source for the first time in a single quarter [1] - AI subscription service sales approached 100 million yuan, marking a historical high with over 40% year-on-year growth, serving as a key driver for the growth of the learning services segment [1] Business Strategy - Youdao's "AI-native" strategy has led to high-quality growth across multiple business segments, with learning services sales increasing by over 40% year-on-year [1] - The smart hardware business continues to optimize, with the launch of the new AI Q&A pen, Space X, in August, enhancing competitiveness in real-time Q&A [1] Advertising Growth - The rapid growth in advertising revenue is attributed to Youdao's ongoing investment in AI technology, which includes three major AI engines: iMagicBox for creative generation, KOL platform, and Xiao Zhi AI optimizer, significantly improving advertising efficiency and effectiveness [2] - During the reporting period, advertising revenue from the gaming industry increased by over 50%, while revenue from overseas markets more than doubled [2] Future Outlook - Youdao's CEO, Zhou Feng, stated that the company will continue to deepen its "AI-native" strategy, promoting the in-depth application of the "Ziyue" large model in learning and advertising scenarios, aiming to build a more competitive digital learning and intelligent marketing platform [2]

AI不接受碎片化的数据世界。 这是近期一项最新研究得出的结论——如果AI模型长期接触高流行但低价值的碎片化数据，会出现类似人类"脑损伤"的现象。 在一体化的数据世界，我们需要AI原生一体化的数据库。当"AI+"走向"AI原生"，AI不再是一个零散的附加功能，而是系统架构的核心方向，对于数据库 而言更是如此。 数据库正成为AI的"第二战场" "AI的真正瓶颈不在模型，而在数据。"这是杨冰与OceanBase对AI原生时代的技术判断。 在过去两年生成式AI带来的技术革命中，大模型训练集中于算法模型与算力建设，然而，随着推理模型的深度应用，开发者与企业都逐渐意识到，私有 化数据才是AI真正的"护城河"。这里形成的数据"护城河"有两方面，一是数据本身的质量与模型对数据的理解，二是调用数据的效率。 MIT Project NANDA最新研究显示，95%的企业在生成式AI投入生产后，仍然没能看到可以衡量的回报，其主要原因在于多模态数据割裂、系统链路冗 长、权限管理复杂难以落地，导致模型无法持续理解业务上下文、缺乏实时适应能力。 以往割裂的系统架构使得传统碎片化的数据查询分析，难以适应AI时代的需求。一方面，过去向量数据、 ...

" s e e k d b 不 是 传 统 数 据 库 的 功 能 叠 加 ， 而 是 专 为 AI 时 代 重 构 的 AI 原 生 混 合 搜 索 数 据 库 。 "Oc e a nBa s e CEO 杨 冰 表 示 ， " 它 继 承 Oc e a nBa s e 的 代 码 和 设 计 理 念 ， 更 轻 量 、 更 敏 捷，目标是成为大模型与私有数据融合计算的'实时入口层'。我们希望与开发者一起，在 混合搜索、多模融合等方向加速迭代、大胆创新。" AI不接受碎片化的数据世界。 这 是 近 期 一 项 最 新 研 究 得 出 的 结 论 —— 如 果 AI 模 型 长 期 接 触 高 流 行 但 低 价 值 的 碎 片 化 数 据，会出现类似人类"脑损伤"的现象。 在一体化的数据世界，我们需要AI原生一体化的数据库。当"AI+"走向"AI原生"，AI不再 是一个零散的附加功能，而是系统架构的核心方向，对于数据库而言更是如此。 回望过去十五年数据库的范式跃迁，已从事务交易走向实时分析，再到如今智能化时代走 向"前台"。站在下一个十五年的起点，Oc e a nBa s e面向AI时代的战略回应是：基于十 ...

新浪科技讯 11月20日下午消息，网易发布2025年第三季度财报。财报显示，网易Q3净收入284亿元，非 公认会计准则下归属于公司股东的净利润为95亿元，研发投入45亿元，研发投入强度16%。 三季度，游戏及相关增值服务净收入为233亿元。此外，网易有道Q3净收入16亿元，在"AI原生"战略深 化与业务结构聚焦的推动下，2025年前三季度累计经营利润同比增长近150%，在线营销服务净收入与 AI订阅服务销售额均创历史新高。网易云音乐Q3净收入20亿元。三季度，创新及其他业务净收入14亿 元。（罗宁） 责任编辑：何俊熹 ...

图片来源：灵宇宙 推荐语 本期我们有幸邀请到了灵宇宙的创始人顾嘉唯。他的履历堪称一部"人机交互"的亲身演进史：从微软、百度的"技术少帅"，在"象牙塔"之巅探索未来，到亲 手创办物灵科技、在商业战场淬炼重生。他的每一步，都精准地踩在了 人与机器关系变革 的关键节点上。 当AI硬件的浪潮以前所未有的热度涌来，无数玩家涌入这条拥挤的赛道。就在本月，顾嘉唯创办的灵宇宙刚刚宣布完成由滴滴、国方创新等知名机构参投 的2亿元PreA轮融资，市场的真金白银再次印证了这股热潮。在这场关于"AI硬件终局"的大讨论中，顾嘉唯给出了一份源于实战的答卷。亲历过前沿技术 的"静默期"，也在商业熔炉中淬炼重生，这些极致的经历让他对技术、产品与商业的融合，沉淀下一套独特的创业哲学。 第一部分：个人历程 —— 远见与淬炼 ZP： 外界对您的经历有很多解读，从微软、百度"少帅"，到创办物灵科技，再到今天的灵宇宙。能否请您亲自串讲一下，您眼中自己这十几年来的关键节 点和心路历程？ 顾嘉唯： 这段经历其实是一回事，始终围绕"下一代人机交互"。但不同阶段的"责任边界"和"心态"完全不同。 科学家是技术的引领者，被象牙塔保护着去探索边界；而创业者是企业 ...

Core Insights - The article discusses the emergence of new AI startups at the Web Summit, highlighting the potential for innovation in various countries beyond traditional tech hubs like Silicon Valley and Beijing [2][3][7]. Group 1: AI Startup Landscape - The Web Summit has become a platform for showcasing AI startups from diverse regions, including Brazil, Turkey, and Poland, which are skipping traditional SaaS models to enter the AI-native era [5][8]. - Many startups are focusing on niche problems within their local markets, demonstrating a trend where AI applications are tailored to specific user needs [5][9]. - The rise of AI is evident in sectors like sales and programming, with AI agents becoming increasingly specialized and integrated into business processes [5][28]. Group 2: Global AI Adoption - Smaller countries are leveraging AI to revitalize their economies, with examples like Lovable in Sweden achieving rapid growth and user adoption [7][8]. - The article notes that many startups are self-funded and not as reliant on external financing, indicating a different approach to growth compared to their counterparts in the US and China [5][9]. - AI is reshaping organizational structures, with many startups operating with minimal full-time staff and relying on freelance talent [17][19]. Group 3: Innovative Applications - Several startups are developing unique AI applications, such as Hablla in Brazil, which utilizes WhatsApp for personalized marketing, and Lyway in South Korea, focusing on AI-driven language testing [14][15]. - The article highlights the importance of product understanding and user engagement in the AI space, as seen with companies like Headway, which has successfully gamified learning experiences [24][25]. - AI applications are increasingly being designed to address specific industry needs, such as manufacturing and sales, showcasing the versatility of AI technology [28].

Core Insights - The article discusses the ongoing AI arms race among tech giants, emphasizing the shift from using AI as a tool to integrating it as a core component of business operations and product development [2] - The concept of "AI native" is introduced, which refers to designing systems from the ground up with AI capabilities, rather than merely adding AI tools to existing processes [5][6] - Baidu's advancements in AI, particularly in autonomous driving and AI agents, are highlighted as examples of successful AI native applications [12][14] Group 1: AI Integration and Ecosystem - The real competition lies in building ecosystems that allow AI to emerge as a value creator within products and organizations, rather than just a supplementary tool [2] - Baidu's approach to internalizing AI capabilities is described as transforming AI from a cost into a productivity driver, enhancing decision-making and innovation cycles [2][5] - The integration of AI into daily operations is becoming a priority for more companies, indicating a clear shift towards AI being a fundamental aspect of business processes [2] Group 2: Market Potential and Risks - Morgan Stanley's report predicts that AI could save U.S. companies $920 billion annually and create up to $16 trillion in market value for S&P 500 companies, highlighting the immense potential of AI [5] - However, the report warns that not all companies will benefit equally, as the successful application of AI requires a comprehensive integration strategy that may take decades to achieve [5] - The lack of sufficient internalization of AI within some companies poses significant risks, limiting their ability to realize proportional returns on AI investments [5] Group 3: Baidu's AI Developments - Baidu's "LuoBo KuaPao" autonomous driving service has achieved over 1.4 billion kilometers of fully autonomous driving, with a safety record that outperforms competitors like Waymo [12][18] - The introduction of AI agents, such as "FaMou," represents a significant advancement in AI applications, enabling proactive problem-solving and continuous learning [14][16] - Baidu's comprehensive AI strategy includes the development of its Kunlun chips, which are essential for supporting its AI capabilities and have seen significant deployment across various industries [21][23][26] Group 4: Future Outlook - Baidu is positioned as a leader in the AI era, with a strong focus on creating AI native applications that drive value and efficiency [21][28] - The company is set to release new generations of its Kunlun chips and AI models, reinforcing its commitment to maintaining a competitive edge in the AI landscape [26] - The article concludes that the transformation towards AI native systems is a gradual process that requires a complete overhaul of existing structures, but the potential rewards are substantial [27][28]

Core Insights - The article emphasizes that the Chinese smart terminal market is entering an AI-native era, where AI will reshape core values and interaction methods, driving deep innovation across ecosystems, scenarios, and categories, becoming a key engine for economic transformation and industrial upgrading [1][3]. Industry Trends - IDC predicts that by 2026, the shipment volume of smart terminals in China will exceed 900 million units, with traditional AI terminal penetration expected to surpass 93% by 2027, reflecting a 4% year-on-year growth [3]. - The transition from demographic dividends to "AI dividends" positions smart terminals as crucial carriers of new productive forces [3]. - The integration of AI with cutting-edge technologies like embodied intelligence, quantum technology, and 6G will drive the emergence of new economic models and innovations [3]. Company Performance - Lenovo has established a strong foothold in the AI terminal market, leading the global PC market with a shipment of 19.4 million units in Q3 2025, capturing a market share of 25.5% [4]. - Lenovo's AI PC business continues to lead globally, supported by its unique AI-native technology system and strong competitiveness in both consumer and commercial sectors [4]. Product Innovations - Lenovo's enterprise-level super intelligent agent, launched in May 2025, has generated revenue of 1.89 billion yuan, supporting over 1 million interactions daily and significantly improving user engagement and order conversion rates [5]. - The company is also focusing on emotional interaction, with over 40% of users expecting smart terminals to provide emotional support, shifting from function-oriented to understanding-oriented interactions [7]. Global and Local Strategies - Lenovo's global strategy includes a distributed manufacturing network across 11 countries, enhancing local delivery and reducing trade barriers, which has led to significant revenue growth in overseas markets [9]. - The company is exploring new terminal forms and vertical scenarios, such as AI notebooks and personalized learning agents, to capture growth in the education sector [10]. Supply Chain and Efficiency - Lenovo's AI-driven supply chain management has improved initial failure rates by 45% over five years, showcasing the effectiveness of its innovative quality management practices [12]. - The integration of AI across the entire value chain has led to enhanced marketing, sales, and service efficiencies, with significant improvements in customer engagement and service response times [12]. Competitive Landscape - IDC highlights that the core competitiveness of AI-native terminals will be defined by natural interaction, diverse forms, and scenario-based solutions, which Lenovo is addressing through its hybrid AI strategy [13]. - As the AI-native era accelerates, Lenovo's AI terminal business is expected to continue leading the market, setting a benchmark for Chinese smart terminal companies on a global scale [13].