编辑｜杜伟 2026 马年注定迎来一个「AI 味」最浓的春节。 一个与众不同的玩家进入我们的视线，它正是国内最有活人感的生活和消费社区 —— 小红书，卷起了「感知力」。 小红书围绕着发布、评论、搜索、社交等高频互动场景，开放了多种 AI 语音新玩法，包括 语音发布、语音评论、语音问一问、语音私信拜年 等。 这些新奇有趣的语音玩法，带来的直观效果是：用户之间的沟通媒介不再只是图文，而开始了「动嘴」模式。 语音回帖让以往冷冰冰的评论区有了「满满的活人感」 ，涌进世界各地的语言、中国各地的方言，还有人秀起歌喉以及各式各样的播音腔、磁性嗓、低音炮。 它与传统 AI 搜索最大的区别是将真人经验与 AI 总结结合了起来，你搜索到的每一个答案，都是真实用户的知识与经验沉淀。 在小红书里直接搜「语音问就有活人答案」进入活动页面，便能开启该功能 。这个春节，年货买什么、哪里好逛，开口问就行。 用户还可以参与「语音问一问抽新春小红盒、语音拜年、语音联欢会」等特色迎春活动， 互动起来更能感受到年味。 图源： @ 甜甜圈 图源： @ 牛角包大王 @ 别咬我兔耳朵 如果说语音评论增强了社交趣味性，这两天正式上线的「语音问一问」则是社区 ...

格隆汇1月19日丨神州泰岳(300002.SZ)在投资者互动平台表示，AI语音目前尚未应用在公司手游产品。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][18] Core Insights - The company is a pioneer in AGI technology commercialization, with rapid deployment of AI solutions in daily life and healthcare sectors. The AI solutions and medical markets are experiencing fast growth [2][10] - The company is expected to achieve revenues of RMB 12.68 billion, RMB 19.43 billion, and RMB 26.59 billion for the years 2025 to 2027, representing year-on-year growth rates of 35%, 53%, and 37% respectively. The net profit attributable to the parent company is projected to be -RMB 2.45 billion, -RMB 1.35 billion, and -RMB 1.04 billion for the same years, with growth rates of 46%, 45%, and 23% respectively [10][18] Financial Summary - Total revenue is projected to grow from RMB 727.32 million in 2023 to RMB 2,659.25 million by 2027, with annual growth rates of 21.1%, 29.1%, 35.0%, 53.2%, and 36.9% [4][10] - Gross profit is expected to increase from RMB 294.51 million in 2023 to RMB 1,069.12 million in 2027 [4] - The company’s net profit is forecasted to improve from -RMB 375.46 million in 2023 to -RMB 103.67 million in 2027 [4] Market Position - The company ranks fourth in the Chinese AI solutions market, with a market size of RMB 1,804 billion in 2024 and a compound annual growth rate (CAGR) of 33.7% expected until 2030 [10] - In the daily life AI solutions market, the company holds the third position, while in the medical AI market, it ranks fourth [10] Business Segmentation - Revenue from daily life solutions is projected to grow significantly, with expected revenues of RMB 622.53 million in 2024, RMB 819.79 million in 2025, and RMB 1,250.88 million in 2026 [13] - The AI medical segment is anticipated to generate revenues of RMB 199.18 million in 2024, RMB 279.33 million in 2025, and RMB 445.58 million in 2026, with growth rates of 34.36%, 40.24%, and 59.52% respectively [13][14] Valuation - The report employs two valuation methods, resulting in a target price of HKD 451.33 based on a cautious approach [18] - The PS valuation method indicates a reasonable valuation of HKD 451.33, while the PSG method suggests a higher valuation of HKD 527.62 [17][18]

Group 1 - Shenzhen Anfeion Technology Co., Ltd. has undergone a business change, with new shareholders including Huawei's Shenzhen Hubble Technology Investment Partnership and Shenzhen High-tech Investment Ding Sheng Innovation Private Equity Fund, increasing registered capital from 1 million RMB to 1.125 million RMB [1] - The company specializes in voice AI large models, focusing on voice deep forgery detection to help users identify and prevent false voice content [1] - The global AI voice market is expected to reach $10.05 billion by 2025 and expand significantly to $19.48 billion by 2033, indicating strong growth potential in the sector [1] Group 2 - AI technology is accelerating the evolution of voice deep forgery to "real-time," allowing attackers to mimic others' voices during calls with nearly 100% success rate [2] - The global AI in cybersecurity market is projected to grow from $34.1 billion in 2025 to $234.64 billion by 2032, with a compound annual growth rate of 31.70% during the forecast period [2] Group 3 - Shenzhou Taiyue's subsidiary Dingfu Intelligent plans to launch avavox (AI Voice Agent) on June 18, 2025, designed for various communication scenarios, allowing users to generate a robot in 30 seconds through voice description [3] - The business model charges based on call duration in 10-second increments, breaking away from traditional monthly or high prepayment models [3] Group 4 - Zhouming Technology is planning AI voice smart toys and holographic Buddhist altars [4]

Core Insights - The development of AI voice technology is transforming various industries and is likely to become a significant new interaction interface in the future [1] - Cartesia recently announced a $100 million funding round and launched its advanced real-time dialogue model, Sonic-3, which is based on state space models (SSM) rather than Transformers [1][2] Model Insights - Sonic-3 exhibits a natural conversational feel with a model latency of 90ms and an end-to-end latency of 190ms, supporting 42 languages [2] - Unlike Transformers, which require revisiting the entire conversation for each new word, SSM allows for contextual memory, enabling more natural dialogue without replaying all content [3] Application Insights - The rapid penetration of AI customer service and various AI note-taking applications indicates strong market demand, with companies like ServiceNow, Cresta, and Decagon utilizing Sonic for millions of conversations monthly [3] - Cluely, which previously faced controversy, has pivoted to an AI note-taking application that provides real-time meeting intelligence, distinguishing itself from conventional tools that summarize meetings post-factum [4] Investment Insights - Significant investments are being made in voice AI technologies, with firms like a16z and Sequoia backing Cluely and other voice AI hardware initiatives [4] - The AI recruitment method of chatting with AI has expanded into other industries, with a product focused on customer research completing three funding rounds totaling nearly $100 million [5][6] Efficiency Insights - The AI product allows companies to conduct hundreds or even thousands of in-depth user interviews within hours, automating traditionally labor-intensive tasks [7]

Core Insights - ElevenLabs has achieved a valuation of $6.6 billion, with the first $100 million in ARR taking 20 months and the second $100 million only taking 10 months [2] - The company is recognized as the fastest-growing AI startup in Europe, operating in a highly competitive AI voice sector [3] - The CEO emphasizes the importance of combining research and product development to ensure market relevance and user engagement [3][4] Company Growth and Strategy - The initial idea for ElevenLabs stemmed from poor movie dubbing experiences in Poland, leading to the realization of the potential in audio technology [4][5] - The company adopted a dual approach of technical development and market validation, initially reaching out to YouTubers to gauge interest in their product [7][8] - A significant pivot occurred when the focus shifted from dubbing to creating a more emotional and natural text-to-speech model based on user feedback [9][10] Product Development and Market Fit - The company did not find product-market fit (PMF) until they shifted their focus to simpler voice generation needs, which resonated more with users [10] - Key milestones in achieving PMF included a viral blog post and successful early user testing, which significantly increased user interest [10] - The company continues to explore ways to ensure long-term value creation for users, indicating that they have not fully settled on PMF yet [10] Competitive Advantages - ElevenLabs maintains a small team structure to enhance execution speed and adaptability, which is seen as a core advantage over larger competitors [3][19] - The company boasts a top-tier research team and a focused approach to voice AI applications, which differentiates it from larger players like OpenAI [16][18] - The CEO believes that the company's product development and execution capabilities provide a competitive edge, especially in creative voice applications [17][18] Financial Performance - ElevenLabs has recently surpassed $200 million in revenue, achieving this milestone in a rapid timeframe [33] - The company aims to continue its growth trajectory, with aspirations to reach $300 million in revenue within a short period [39][40] - The CEO highlights the importance of maintaining a healthy revenue structure while delivering real value to customers [44] Investment and Funding Strategy - The company faced significant challenges in securing initial funding, with over 30 investors rejecting their seed round [64][66] - Each funding round is strategically linked to product developments or user milestones, rather than being announced for the sake of publicity [70] - The CEO emphasizes the importance of not remaining in a perpetual fundraising state, advocating for clear objectives behind each funding announcement [70]

Core Insights - Sequoia Capital views the AI revolution as a transformative event comparable to the Industrial Revolution, presenting a $10 trillion opportunity in the service industry, of which only $20 billion has been automated by AI so far [2][9][12]. Investment Themes - In the next 12 to 18 months, Sequoia will focus on five key investment themes: persistent memory, communication protocols, AI voice, AI security, and open-source AI [3][35]. - The company predicts that the computational power consumption of knowledge workers will increase by 10 to 10,000 times, creating significant opportunities for startups specializing in AI applications [3][32]. Historical Context - The article draws parallels between the current cognitive revolution and the Industrial Revolution, highlighting the importance of specialization in the development of complex systems [4][8]. - The first GPU in 1999 is likened to the steam engine of the current era, while the first AI factory in 2016 is seen as a pivotal development in AI production [5]. Market Potential - The U.S. service industry market is valued at $10 trillion, with only $20 billion currently automated by AI, indicating a massive growth opportunity [12][18]. - Sequoia emphasizes the importance of market size in investment decisions, as highlighted by their founder Don Valentine [15]. Investment Trends - The company identifies five investment trends in the AI cognitive revolution, including leveraging tasks over certainty, validating AI in the real world, and the integration of AI into physical processes [20][25][29]. - AI is expected to significantly enhance productivity, with knowledge workers potentially using hundreds or thousands of AI agents simultaneously [32][33]. Specific Investment Themes - Persistent memory is crucial for AI to integrate deeply into business processes, addressing both long-term memory and the identity of AI agents [36]. - Seamless communication protocols are needed for AI agents to collaborate effectively, similar to the TCP/IP protocols of the internet [39]. - AI voice technology is maturing, with applications in consumer and enterprise sectors, enhancing automation in various industries [42]. - AI security presents a vast opportunity across the development and consumer spectrum, ensuring safe technology deployment and usage [44]. - Open-source AI is at a critical juncture, with the potential to compete with proprietary models, fostering a more open and accessible AI landscape [47].

Core Viewpoint - Sequoia Capital describes the current AI development as a "cognitive revolution," which they believe could create transformation opportunities worth up to $10 trillion in the service industry [1][4][16]. Group 1: AI Revolution Comparison - The AI revolution is likened to the Industrial Revolution, with significant milestones occurring much faster; for instance, it took 17 years from the first GPU in 1999 to the first AI factory in 2016, compared to over two centuries for the Industrial Revolution [1][6][10]. - The concept of "specialization is imperative" is emphasized, indicating that complex systems require a combination of general and highly specialized components and labor to mature [1][7][13]. Group 2: Market Opportunities - The potential market for AI in the U.S. service sector is estimated at $10 trillion, with only about $20 billion currently automated by AI, indicating a vast opportunity for growth [1][16]. - Sequoia Capital highlights the importance of market size, referencing their founder Don Valentine’s emphasis on market significance [1][18]. Group 3: Investment Trends - Five key investment trends are identified: leveraging uncertainty, real-world validation, reinforcement learning, AI in the physical world, and computational power as a production function [1][22][30][33][37]. - The shift towards real-world validation is noted, where companies must prove their AI capabilities in practical scenarios rather than just academic benchmarks [1][25][27]. Group 4: Investment Themes - Sequoia Capital outlines five investment themes for the next 12-18 months: persistent memory, communication protocols, AI voice, AI security, and open-source AI [1][39][42][45][49][52]. - Persistent memory is crucial for AI to understand long-term context and maintain its identity over time, presenting a significant opportunity for development [1][39]. - The need for seamless communication protocols among AI systems is highlighted, which could lead to innovative applications [1][42]. - AI voice technology is seen as timely and applicable in various consumer and enterprise contexts, enhancing operational efficiency [1][45]. - AI security is identified as a critical area with vast opportunities, ensuring safe development and usage of AI technologies [1][49]. - The role of open-source AI is emphasized as essential for fostering a competitive and accessible AI landscape [1][52].

Core Insights - The article emphasizes the transformative impact of AI voice technology, highlighting its shift from a supplementary feature to a core interaction method and its role in revolutionizing content production across various industries [1][2][3] Group 1: Technological Advancements - AI voice technology is evolving from GUI-dominated software to a hybrid model integrating GUI and LUI, with AI voice becoming a primary interaction method [2] - The release of MiniMax's Speech 2.5 model showcases significant advancements in multilingual capabilities, emotional nuances, and voice replication accuracy, marking a shift towards AI voice as an essential infrastructure for human-computer interaction [3][6] - The Speech 2.5 model has expanded its language coverage to 40 languages, including lesser-known languages, enabling cost-effective and high-quality voice generation for diverse applications [12][25] Group 2: Market Opportunities - The AI voice market is projected to reshape both interaction and content production, tapping into trillion-dollar markets by enhancing user engagement and operational efficiency [15][16] - The global AI voice cloning market was valued at $1.45 billion in 2022, with an expected CAGR of 26.1% until 2030, indicating rapid growth potential, particularly in Asia [28] - MiniMax's strong commercial execution capabilities position it favorably to capture market share in the evolving AI voice landscape, making it a key player in the industry [30]

Core Insights - The AI voice sector is experiencing significant investment and technological advancements, with major companies and startups actively participating in the market [1][2][3] - MiniMax has launched its new voice generation model, Speech 2.5, which boasts improvements in multilingual performance, voice replication accuracy, and coverage of 40 languages [6][7] - The collaboration between MiniMax and various companies, such as 起点读书 and 高途, highlights the growing trend of integrating AI voice technology into commercial applications, enhancing user engagement and experience [4][6][9] Investment Trends - In the first half of the year, four startups in the AI voice sector secured over $300 million in funding, indicating strong investor interest [1] - Major tech companies like Amazon, OpenAI, and Google are also entering the AI voice model market, further intensifying competition [1] Technological Advancements - MiniMax's Speech 2.5 model has achieved three significant breakthroughs compared to its predecessor, Speech 02, enhancing its capabilities in multilingual expression and voice replication [6][7] - The model's performance improvements have led to its adoption by leading platforms in both domestic and international markets, showcasing its competitive edge [7] Commercial Applications - The partnership between MiniMax and 起点读书 has resulted in the creation of personalized AI reading characters, enhancing user experience and engagement [4] - The introduction of AI voice technology in educational tools, such as the "AI阿祖" by 高途, demonstrates the potential for personalized learning experiences [6] Future Directions - The industry is moving towards integrating emotional intelligence into AI voice technology, with products like the "Bubble Pal" showcasing the ability to express emotions and engage in meaningful interactions [8][9] - The expectation for AI voice technology to evolve into more intelligent and empathetic systems is growing, indicating a shift towards a new era of interaction driven by advanced voice capabilities [9]