文 | 山上，作者 I 薛星星，编辑 I 蒋浇 和 AI 行业一天一榜首的模型性能迭代类似，大模型创业公司们的资本化进程也要比其他行业都要迅猛 得多。大模型投资热潮的兴起才不过两年时间，"全球大模型第一股"就要来了。 从这个角度上来说，中国 AI 的落地速度确实要比北美快上不少。OpenAI 不过刚刚传出筹划上市消 息，中国大模型公司们已经排排站到了敲钟的门口。 12 月 17 日，大模型创业公司的一北一南代表智谱与 MiniMax 双双通过港交所上市聆讯。两天后，智 谱抢在 MiniMax 之前率先披露招股书，被不少媒体解读为在"全球大模型第一股"争夺战中占得先机。 有媒体报道称，智谱同时也是内地企业赴港上市"报备制"落地以来，最快通过聆讯的公司之一。 相比于其他还在等待估值窗口的 AI 公司们，智谱们之所以加速上市，很大程度上来自于大模型赛道日 益沉重资金压力。在全球科技大厂纷纷加码人才和算力投入的背景下，创业公司面对的研发成本几乎是 同步上涨的，而一级市场的融资热度已明显降温，加快 IPO 进程是必然选择。 根据招股书数据，智谱过去三年收入年复合增长率虽然超过 130%，但亏损扩大速度也几乎同步，且增 ...

" AI 行业的竞争已进入深水区，单纯的技术领先或场景优势都难 以决定最终胜负。 " 作者丨刘伟 编辑丨 林觉民 AI 竞争的下半场真的要来了。 12 月 18 日，千问 APP 开始接入第一个阿里生态场景 —— 高德。接入高德后的千问 AI 助手，开始具 备物理世界的理解和行动能力。千问 APP 不再仅限于回答问题，而是能根据精准、动态的现实世界信 息，实现从 " 意图理解 " 到 " 服务执行 " 的跨越。 新版本中，基于高德庞大的实时地理数据，千问 APP 可生产含餐厅、酒店、路线等信息的可视化决策卡 片，点击即可唤起导航或打车，覆盖周边查询、通勤规划、截图地址提取等场景。 它还能处理复合任务，如顺路规划出行与消费，结合天气、限行规则等给出出行方案，甚至提供穿衣建 议。 AI 竞争下半场：从模型跑分赛到落地淘汰赛 比如，用户可以问： " 从杭州开车去长沙，我的车续航 500km 左右，帮我规划沿途的充电站，最好在服 务区里。 " 、 "3 个人开车从长沙跳马到湘潭万楼怎么走，打算到了后吃附近最好吃的特色馆子，预算 AI 行业的发展轨迹清晰地呈现出两个阶段：上半场是 " 模型为王 " 的技术竞速期，以参数 ...

11 月最受关注重点研究：AI 投资泡沫化了吗？ 20251130 摘要 全球科技巨头对 AI 投入意愿强烈，旨在通过 AI 操作系统融入现有产品， 防御竞争者颠覆，但 AI 高耗能或影响盈利预期。 2026 年全球云服务提供商的经营现金流预计可覆盖 AI 投资，购买转向 租赁模式提高投资杠杆，支付能力并非主要障碍。 AI 技术前景乐观，基于反思功能的持续学习能力将提升重复任务效率和 用户理解，推动生产力变革，尤其在编码和 AIGC 领域。 国内 AI 商业化落地较海外滞后一年，预计 2026 年开启大规模商业化， 并逐步出海，国产算力替代加速是重要方向。 看好"大模型+云"和国产算力环节，推荐阿里巴巴等厂商，以及工业 富联等硬件标的，受益于服务器需求增长。 谷歌 AI 算力需求未来 4-5 年预计每六个月翻倍，带动市场关注度，美股 光模块公司表现良好，推荐中际旭创等谷歌链条企业。 AI 应用赛道渗透率低，关注 0~1 机会，如 AR 加视频和 AI 漫剧，后者 预计明年市场规模可达三四百亿，传媒行业关注 AI 加广告、AI 漫剧及视 频工具赛道。 Q&A 当前 AI 泡沫的主要担忧是什么？ 当前 AI 泡沫 ...

Core Insights - The Hong Kong technology sector has seen a significant reduction in risk after a prolonged period of deep correction, with recent positive factors such as rising expectations for a Federal Reserve interest rate cut, advancements in AI models, and a busy earnings disclosure period contributing to market activity [1][2] Market Performance - The Hang Seng Technology ETF (513130) has shown high liquidity, with daily trading volumes of 6.789 billion, 9.796 billion, and 7.060 billion yuan over the last three trading days, and a mid-day trading volume exceeding 3.4 billion yuan today [1] - As of November 24, 2025, 19 out of 30 companies in the Hang Seng Technology Index have reported Q3 earnings, with 16 companies showing year-on-year revenue growth and 13 companies reporting year-on-year net profit growth [2] Investment Sentiment - A prominent internet company is set to release its Q3 report tonight, which will provide insights into capital expenditure and AI application progress, serving as an important reference for domestic AI development [2] - The recent public testing of the Qianwen App has surpassed 10 million downloads within a week, exceeding competitors like ChatGPT, Sora, and DeepSeek, which has positively impacted market confidence [2] - A leading consumer electronics founder has invested over 100 million HKD in company stock, demonstrating strong confidence in the company's future [2] Fund Performance - The Hang Seng Technology ETF (513130) has experienced a net inflow of 2.76 billion yuan over the last 10 trading days, with its latest share count reaching 58.877 billion, marking a new high for seven consecutive trading days [2] - The current price-to-earnings ratio of the Hang Seng Technology Index stands at 21.56, which is at a relatively low percentile compared to the past five years, indicating a potential value investment opportunity [2] Fund Characteristics - The Hang Seng Technology ETF (513130) is recognized as a preferred tool for investors looking to allocate to the Hong Kong technology sector, with over 220,000 account holders as of the latest mid-year report [2] - The fund offers advantages such as large scale, good liquidity, and support for T+0 trading, with a low annual management fee of 0.2%, making it an attractive option for low-cost investment in Hong Kong technology assets [2]

Core Insights - The article discusses the emergence and evolution of digital human agents, which are transforming from marketing tools to intelligent labor forces capable of handling various tasks in sectors like finance, education, and healthcare [1][2][11]. Company Overview - Silicon-based Intelligence, founded in 2017, is preparing for a Hong Kong IPO and has achieved a 32.2% market share in China, ranking second globally in the digital human sector [2][9]. - The company's revenue grew from 223 million yuan in 2022 to 655 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 71.5% [2][9]. - The company has developed the "Yan Emperor Model" and a full-stack digital human technology, serving over 40 industries with more than 80,000 digital human agents [8][9]. Market Trends - The global market for digital human agents has expanded from 1.3 billion yuan in 2021 to 4.1 billion yuan in 2024, with an average annual growth rate of 44.7% [11]. - The demand for digital human agents is driven by the deepening digital transformation of enterprises, labor shortages in countries like Japan and South Korea, and the explosion of cross-border e-commerce [12][14][15]. Competitive Landscape - The industry remains fragmented with low concentration, allowing specialized vendors to compete based on technical expertise and responsiveness to specific scenarios [5][16]. - Major players like Baidu and Tencent pose significant competition, while new entrants can focus on niche markets to differentiate themselves [16][19]. Technological Evolution - Digital human agents are evolving from simple virtual representations to capable entities that can independently handle tasks and possess professional judgment [18]. - The transition opens new growth opportunities but also increases competition complexity, requiring a focus on comprehensive capabilities including algorithms, application scenarios, and industry adaptation [18][20].

Core Insights - The U.S. IPO market experienced a strong recovery in 2025, with Nasdaq emerging as the preferred venue for innovative companies to go public since 2021 [1] Group 1: Market Overall Recovery - In the first half of 2025, Nasdaq saw 142 companies go public, raising $19.2 billion, marking the highest record for the first half since 2021 [2] - Among the listed companies, 83 were operating companies and 59 were SPACs, indicating broad acceptance of various types of enterprises [2] - Operating companies had an average first-day gain of 34%, the second-highest level since 2014 [2] - The annual average gain for IPO companies in 2025 reached 27%, nearly double the S&P 500 index's gain of 15%, with larger companies yielding higher returns [2] Group 2: Chinese Companies' Breakthrough - As of September 2, 2025, 61 Chinese companies went public in the U.S., a 56.4% increase compared to 39 companies in the same period of 2024 [5] Group 3: Industry Focus - Three high-growth sectors are leading the trend, transitioning from "concept validation" to "commercialization" [9] - Key sectors include AI chips, high-speed optical modules, and liquid cooling technology, along with AI solutions in finance and law [9] - Companies in renewable energy sectors like photovoltaics, energy storage, hydrogen energy, and smart grids are becoming significant players in the IPO landscape, driven by policies such as the U.S. Inflation Reduction Act [9] Group 4: Opportunities and Challenges - Chinese companies in sectors like healthcare and TMT are achieving significant valuation premiums [13] - Flexible listing standards cater to companies at different development stages and industries [14] - Efficient review processes allow some companies to go public within 4-6 months [14] - The new regulations from the China Securities Regulatory Commission have simplified the overseas listing process, leading to a 50% year-on-year increase in the number of companies filing for overseas listings in the first half of 2025 [14]

Core Viewpoint - The recent plunge in the US stock market, particularly the Nasdaq index, is attributed to renewed tensions in US-China trade relations, exacerbated by Trump's announcement of additional tariffs on China, which has caused significant concern among tech entrepreneurs [2][4]. Group 1: Market Impact - The Nasdaq Composite Index fell by 3.56%, marking the largest drop in six months, with Nvidia experiencing a decline of 4.89% [1]. - The market downturn is linked to the political friction between the US and China, particularly regarding new Chinese rare earth export controls and Trump's unilateral decision to cancel high-level meetings [2]. Group 2: AI Industry Developments - Nvidia announced a $100 billion investment in OpenAI to develop a large-scale AI data center, which will consume more electricity than France's total annual usage [4]. - OpenAI has also partnered with Oracle to purchase $300 billion worth of computing power over five years, indicating a strong collaborative effort among major tech companies [4]. - Nvidia's investments extend to Intel and Elon Musk's xAI, with Musk's company now valued at over $20 billion, showcasing Nvidia's strategy to build alliances in the AI sector [6]. Group 3: Competitive Landscape - The AI industry in the US is entering a phase of collaboration among major players, referred to as the "alliance era," as companies seek to leverage each other's strengths [6][12]. - The traditional "Silicon Valley + Wall Street" model of innovation is under scrutiny due to the risks of creating market bubbles and disconnects from real market demands [7][8]. Group 4: Chinese AI Opportunities - Despite the significant capital investments by US tech giants, Chinese AI companies are focusing on the speed of application and commercialization rather than just capital [10][12]. - Chinese entrepreneurs emphasize the importance of finding real-world applications for AI technology, as highlighted by Alibaba's and Tencent's leadership perspectives [10][12]. - The competitive advantage for Chinese AI firms lies in their ability to understand and meet local market needs, as demonstrated by successful innovations in the past [12][13].

Group 1 - The EmTech China 2025 Global Emerging Technology Summit and the "50 Smart Companies" (TR50) event took place in Shanghai, focusing on the pathways and challenges of industrializing cutting-edge technologies [1][3] - The summit featured numerous global experts, including Nobel laureates and industry leaders, discussing the transition from conceptual breakthroughs to practical applications in technology [3][4] - The Shanghai Jing'an District is positioning itself as a key player in Shanghai's international technology innovation center, emphasizing its advantages in location, industrial ecology, and policy support for innovation [3][4] Group 2 - The summit included discussions on four core topics, with a focus on the commercialization of AI, highlighting the shift from model parameter competition to practical industry applications [4][5] - Key speakers addressed the challenges and opportunities in robotics, emphasizing the journey from theoretical models to interactive virtual humans and wearable robots [5] - The event also explored the integration of AI with life sciences and new materials, showcasing how intelligent technologies can disrupt traditional research paradigms [5][6] Group 3 - The "50 Smart Companies" list was announced, featuring notable firms such as Alibaba, Huawei, Xiaomi, and others, which are expected to shape the technological landscape over the next decade [6][7]

Core Insights - A report from MIT reveals that up to 95% of companies are not seeing any returns from their generative AI investments, challenging the optimistic sentiment on Wall Street and leading to a significant sell-off in tech stocks [1][2] - The Nasdaq Composite Index fell by 1.4%, marking its largest single-day drop since August 1, while the S&P 500 Index decreased by 0.7% [1] - Key beneficiaries of the AI boom, such as Nvidia, Palantir, and Arm, experienced notable declines in their stock prices, indicating a shift of funds from high-risk tech stocks to defensive sectors [1][2] AI Investment Gap - The MIT report titled "The Generative AI Gap: The State of Business AI in 2025" highlights that most AI projects fail to deliver financial impact, despite high expectations from enterprises [2] - Based on interviews with 150 business leaders and analysis of 300 AI deployment cases, only about 5% of AI pilot projects achieved rapid revenue growth [2][3] - The report attributes the failures not to the quality of AI models but to internal organizational issues and integration strategies [2][3] Success vs. Failure in AI Deployment - Successful AI implementations often involve targeting specific pain points and forming strategic partnerships, with some startups reportedly increasing their revenue from zero to $20 million within a year [3] - Over half of generative AI budgets are allocated to sales and marketing tools, while the highest ROI comes from backend automation [3] - Purchasing AI tools from specialized vendors has a success rate of about 67%, compared to only one-third for internally built systems, challenging the trend of companies developing proprietary AI solutions [3] Market Sentiment and Valuation Pressure - The report coincides with growing concerns over the high valuations of tech stocks, with the Nasdaq 100 Index's expected P/E ratio at 27, significantly above its long-term average [4] - Sam Altman's warning about potential investor losses and the possibility of irrational exuberance has further fueled market anxiety [4] - The market's sensitivity to negative news regarding AI commercialization capabilities has been demonstrated, as evidenced by previous market reactions to adverse developments [4]

Market Overview - A-shares experienced a strong rebound today, with the Shanghai Composite Index rising by 0.48% to 3683.46 points, marking a new high since December 2021 [1] - The Shenzhen Component increased by 1.76%, the ChiNext Index by 3.62%, and the STAR Market Index by 1.49% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.15 trillion yuan, an increase of 269.4 billion yuan compared to the previous trading day [1] - Technology-related sectors led the gains, particularly in communications, artificial intelligence, and innovative pharmaceuticals, while dividend sectors like coal, finance, oil, and transportation lagged [1] Economic and Policy Insights - The market is currently focused on tariff disruptions and the pace of interest rate cuts in the U.S. [1] - The Trump administration's recent decision to extend tariffs on certain goods by 90 days aligns with market expectations, but concerns remain regarding "secondary tariffs" on Indian products due to energy purchases from Russia [2][1] - Analysts suggest that the secondary tariffs may be a strategic move to pressure China regarding the Russia-Ukraine conflict [2] Inflation and Interest Rate Outlook - Despite concerns that tariffs could lead to long-term inflationary pressures, actual inflation growth is not meeting expectations [3] - Predictions indicate that the year-end CPI may reach 3.2%, with a gradual peak expected [3] - The recent U.S. CPI data falling below expectations has created conditions for potential interest rate cuts in September [2] Sector Performance - The communication ETF (515880) saw a daily increase of 6.45%, driven by significant gains in optical module stocks, which constitute over 40% of the ETF's index [3] - The entrepreneurial AI ETF (159388) rose by 5.50%, benefiting from explosive growth in AI computing demand and product technology iterations [3] - The innovative pharmaceutical sector rebounded strongly, with the innovative drug ETF (517110) increasing by 4.05% [7] Innovative Pharmaceuticals - The innovative drug sector showed a mixed performance in the first half of the year, with leading companies achieving high growth while some faced short-term pressures [9] - The sector's growth is driven by product volume increases, business development (BD) overseas, and favorable procurement policies [9] - The Chinese innovative drug BD transaction volume reached 26.3 billion USD in the first half of 2025, accounting for 33% of the global market, up from 17% in 2021 [9] AI and Technology Developments - Huawei introduced a new technology, UCM, aimed at transforming the AI inference industry by efficiently managing large amounts of memory data [5] - The domestic AI application landscape is expected to follow the capital expenditure model of overseas giants like Meta and Microsoft, focusing on infrastructure investments [6] - Investors are encouraged to consider opportunities in communication ETFs and entrepreneurial AI ETFs to capitalize on the upward trend in the AI supply chain [6]