金吾财讯 | 商汤(00020)午后股价维持高位，截至发稿，涨3.38%，报2.14港元，成交额6.44亿港元。 公司日前宣布正式发布及开源与南洋理工大学S-Lab合作研发的全新多模态模型架构"NEO"，预期是行 业首个可用的、实现深层次融合的原生多模态架构(Native VLM)，通过从底层原理出发，以"专为多模 态而生"的创新设计，在核心架构层面进行多模态深层融合，实现性能、效率和通用性的整体突破，为 日日新SenseNova多模态模型奠定新架构基础，并标志着AI多模态技术迈入"原生架构"的新时代。 金吾财讯 | 商汤(00020)午后股价维持高位，截至发稿，涨3.38%，报2.14港元，成交额6.44亿港元。 公司日前宣布正式发布及开源与南洋理工大学S-Lab合作研发的全新多模态模型架构"NEO"，预期是行 业首个可用的、实现深层次融合的原生多模态架构(Native VLM)，通过从底层原理出发，以"专为多模 态而生"的创新设计，在核心架构层面进行多模态深层融合，实现性能、效率和通用性的整体突破，为 日日新SenseNova多模态模型奠定新架构基础，并标志着AI多模态技术迈入"原生架构"的新时代。 ...

Core Insights - The resurgence of 3D printing is characterized by its transition from a concept to practical everyday products, with a notable increase in street vendors selling 3D printed items like dragon eggs and jointed toys [2][3] - The business potential is significant, with some vendors reporting earnings exceeding 10,000 RMB in just half a month [4] - The popularity of 3D printing is amplified by social media platforms, where numerous influencers are promoting a specific 3D printing brand, leading to millions of views [7][8] Market Dynamics - According to market research firm CONTEXT, global shipments of entry-level 3D printers are expected to surpass 1 million units by Q1 2025, marking a 15% year-on-year growth, with Chinese suppliers contributing 95% of this volume [10] - Among the manufacturers, TuoZhu Technology stands out with a remarkable 64% year-on-year increase in shipments, rapidly gaining popularity [11] Company Overview - TuoZhu Technology, founded in Shenzhen in 2020, focuses on using robotic technology to innovate desktop 3D printing [13] - The company's first product, the X1, launched in 2022, achieved nearly 50 million RMB in global orders within a month, setting a record for Kickstarter [16] Software and Community Engagement - The launch of TuoZhu's UGC platform, MakerWorld, in 2023 has been pivotal in driving the 3D printing craze, offering an open-source community for 3D models with integrated printing parameters [18][19] - MakerWorld's unique points system incentivizes users to upload models, allowing them to earn points that can be redeemed for TuoZhu products, enhancing user engagement [23][24][26] Technological Advancements - The integration of AI in 3D modeling has lowered the entry barrier for users, enabling them to create printable models from simple photo uploads [30] - TuoZhu's shipment volume reached approximately 1.2 million units in 2023, capturing 29% of the domestic market share, surpassing its main competitor [31] Retail Strategy - TuoZhu has expanded its reach by opening a physical store in Shenzhen, allowing customers to print models on demand, which serves as a marketing strategy to elevate brand awareness [38][44] - The store's design showcases 3D printed components, reinforcing the brand's identity as a lifestyle choice rather than just a tool [41][44] Historical Context - The 3D printing industry has evolved significantly since its inception, with early developments in the 2000s primarily serving research institutions due to high costs [47][48] - The RepRap project initiated in 2005 marked a turning point, making 3D printing accessible to the public and sparking a wave of commercialization [51][52] Competitive Landscape - The current market is characterized by improved cost-effectiveness and technological advancements, with entry-level 3D printers now available for as low as 1,000 RMB, significantly enhancing their appeal [61][62] - The shift towards personalized and creative uses of 3D printing has attracted a younger demographic, positioning 3D printers as essential tools for creativity [63][66]

Group 1 - The core prediction is that global annual capital expenditure on AI infrastructure will reach $5 trillion, with OpenAI potentially becoming the next trillion-dollar company due to its rapid growth trajectory [1][3] - OpenAI's growth is driven by a closed-loop logic where AI multimodal technologies are accelerating, with over 1 million applications integrating its API and a 300% year-on-year increase in customer numbers [1] - The demand for AI inference is surging, with computational power consumption per interaction increasing fivefold compared to last year, indicating an exponential growth in computational needs [1] Group 2 - The market bull run has validated the wealth creation logic of "leading companies driving the supply chain," exemplified by Nvidia's market cap rising from over $2 trillion to $4 trillion since June [3] - If OpenAI achieves a trillion-dollar valuation, its core partners in the A-share market, such as GoerTek, BlueFocus, and Industrial Fulian, are also expected to gain significant attention [3] - GoerTek is in discussions with OpenAI to provide speaker modules for AI hardware, while BlueFocus has integrated ChatGPT into its marketing solutions, enhancing efficiency by 80% [3][5] Group 3 - Industrial Fulian is collaborating with Oracle on the "Stargate" project, benefiting from the demand for AI server infrastructure driven by OpenAI [3] - Inspur Information is a key player in the global AI server market, closely tied to Nvidia's GPUs and handling training demands for models like GPT [5] - A mysterious company has signed an agreement with OpenAI to manufacture its first consumer-grade AI devices, with production expected to start by the end of 2026 [5]