Core Viewpoint - The collaboration between Zhipu and Huawei has led to the development of GLM-Image, a new generation open-source image generation model, which is the first SOTA multimodal model trained entirely on domestic chips [2][9]. Group 1: Model Development and Features - GLM-Image is based on the Ascend Atlas 800T A2 device and the MindSpore AI framework, completing the entire training process from data to model [2][8]. - The model employs an innovative architecture that combines a 9B autoregressive model with a 7B DiT diffusion decoder, enhancing its ability to understand complex instructions and accurately render text [5][8]. - GLM-Image supports image generation tasks at various resolutions, natively accommodating sizes from 1024x1024 to 2048x2048 without the need for retraining [5][8]. Group 2: Performance and Comparisons - In authoritative rankings for text rendering, GLM-Image has achieved open-source SOTA levels, outperforming several other models such as Seedream and Nano Banana Pro [6]. - The model excels in generating illustrations that involve complex logical processes and textual explanations, maintaining consistency in style and accuracy in text generation across various formats [7]. Group 3: Economic Aspects - The cost for generating an image using GLM-Image via API is only 0.1 yuan, showcasing its affordability and accessibility [8]. - The successful training of GLM-Image on domestic chips validates the feasibility of developing high-performance multimodal generation models on a fully domestic computing stack [9].

Group 1 - The core viewpoint of the news is that the "信创" (Xinchuang) concept stocks are experiencing significant gains, with companies like 海光信息 (Haiguang Information) and 用友网络 (Yonyou Network) rising over 6%, and 深信服 (Shenxinfeng) increasing by more than 4% [1] - The related ETFs for the "信创" sector have also seen a rise of approximately 4% [1] - A brokerage firm has indicated that DeepSeek is leading the development of domestic AI computing power and collaboration with major AI models, which is expected to accelerate the growth of the domestic AI industry [2] Group 2 - The "信创" industry is anticipated to continue its accelerated development due to the backdrop of major technological competition among nations, supported by policy and the performance of listed companies [2] - The combination of domestic AI computing power and the "信创" initiative is expected to reach a turning point, presenting new opportunities for growth in the industry [2]

昨日三大指数集体调整，深成指跌超1%，创业板指冲高回落跌近2%。沪深两市成交额3.65万亿，较上 一个交易日放量496亿。盘面上，全市场超3700只个股下跌。从板块来看，AI应用概念逆势上涨，AI医 疗概念反复活跃，电网设备概念午后走强，零售概念表现活跃，下跌方面，商业航天、可控核聚变等板 块跌幅居前。截至收盘，沪指跌0.64%，深成指跌1.37%，创业板指跌1.96%。 在今日券商晨会上，中信建投认为，持续看好战略金属投资机遇；中金公司认为，通胀温和，但美联储 1月仍不会降息；中信证券认为，关注情绪上行的主题轮动板块。 中信建投：持续看好战略金属投资机遇 近年来，资源民族主义逐步兴起、大国博弈过程中将战略资源"武器化"、供给刚性"显性化"以及需求受 益产业巨变共同铸就了战略金属牛市格局，金属矿产资源是经济社会发展的重要物质基础，是为国计民 生提供坚实支撑保障的"国之大者"。"当今世界正经历百年未有之大变局"，近年尤其是后疫情时代以 来，全球政治、经济局势愈发动荡，稳固高效的全球供应链体系松动，全球化退潮趋势已现，这一背景 下，对稀缺资源的掌握变得重要，其中关键战略性矿产资源已成为各国博弈的新"战场"。近期美 ...

Core Viewpoint - Frequency Holdings Inc. has filed a Form 15 to remove its voluntary SEC reporting, transitioning to direct reporting to OTC Markets, which aims to streamline operations and focus on growth [1][4][5]. Group 1: Company Transition - The company remains publicly traded under the symbol FRQN and continues to disclose information, as it was always a voluntary SEC reporter [3]. - This decision allows Frequency to provide regular financial and corporate disclosures directly through OTC Markets, ensuring continued access for investors [4]. Group 2: Strategic Intent - CEO Rick Jordan emphasized that this move is intended to reduce administrative burdens and redirect efforts towards business development [5][7]. - Frequency has already posted two years of financial statements to comply with OTCID and plans to publish its 2025 year-end reports as scheduled [5]. Group 3: Future Plans - The company is exploring options for full electronic quoting through a registered market maker to enhance market access for retail investors, aligning with its long-term goal of qualifying for higher-tier markets [6]. - Jordan expressed aspirations for NASDAQ listing, indicating that SEC reporting would resume if the company reaches that milestone [7]. Group 4: Company Overview - Frequency Holdings is a holding company focused on high-growth sectors such as cybersecurity, AI, digital identity, and IT infrastructure, with its lead brand, ReachOut, aiming to establish a recognized name in cybersecurity services for small and medium-sized businesses [8]. Group 5: Leadership Profile - Rick Jordan, the founder and CEO, is noted for his expertise in cybersecurity and has a background in leading companies through growth transformations, contributing to national cyber policy discussions [9].

Core Viewpoint - The article highlights the significant partnership between Rongbai Technology and CATL, focusing on the supply of lithium iron phosphate cathode materials, which is expected to generate over 120 billion yuan in sales from 2026 to 2031 [2][3]. Group 1: Partnership and Agreements - Rongbai Technology has signed a procurement cooperation agreement with CATL to supply approximately 3.05 million tons of lithium iron phosphate cathode materials from Q1 2026 to 2031, with a total sales amount exceeding 120 billion yuan [2]. - This agreement follows Rongbai Technology's previous announcement in November 2025, where it became the primary supplier of sodium-ion battery cathode powder for CATL [3]. - The partnership includes opportunities for Rongbai Technology to participate in CATL's new projects and product developments, emphasizing collaboration on quality improvement and rapid delivery [2]. Group 2: Market Trends and Opportunities - The demand for lithium iron phosphate is surging, particularly in overseas markets, driven by advancements in solar and energy storage technologies, which are lowering costs and enabling the growth of distributed power systems [3]. - The article notes that the global energy storage market is poised for explosive growth, with lithium iron phosphate batteries holding a 92.5% share in the energy storage sector due to their safety, long cycle life, and cost-effectiveness [6]. - The increasing energy consumption of AI data centers is creating a significant demand for reliable energy storage solutions, further enhancing the market potential for lithium iron phosphate batteries [4][6]. Group 3: Industry Dynamics - The article discusses the structural differentiation in the domestic lithium iron phosphate industry, highlighting a surplus in low-end products while high-end products remain in short supply [6]. - The fourth-generation lithium iron phosphate products, characterized by high pressure and density, are crucial for meeting fast charging and high energy density demands, indicating a high technical barrier in this segment [6]. - CATL's orders often include technical cooperation clauses, aiming to secure high-quality production capacity in response to the growing demand for advanced lithium iron phosphate products [6].

Market Overview - The A-share market has experienced a correction after continuous growth, while the Hong Kong stock market showed signs of catching up, opening with a gap and closing up 0.90% with a trading volume of HKD 315.2 billion [1] - The AI sector is gaining significant attention, with Alibaba's Tongyi Qianwen series models achieving over 700 million downloads, making it the highest downloaded open-source AI series on the Hugging Face platform [1] - Concerns remain in the market due to geopolitical tensions, particularly with the U.S. urging citizens to leave Iran, which has affected investor sentiment [1] AI Sector - Several domestic AI companies, including MiniMax and Zhipu AI, have recently gone public in Hong Kong, attracting market interest, with the latest listing of Zhaoyi Innovation seeing a rise of over 40% [2] - Despite recent adjustments in the AI sector, the overall interest in high-tech companies remains strong [2] Pharmaceutical and Biotechnology - Merck's CEO indicated plans for aggressive acquisitions to strengthen its innovative drug pipeline before the expiration of the patent for Keytruda in 2028, which is positive news for Chinese innovative drug companies [3] - WuXi Biologics reported record high upfront and total payment amounts for research services, with potential milestone payments exceeding USD 4 billion, leading to a positive outlook for CXO companies [3] Commercial Aerospace - A number of companies in the commercial aerospace sector issued risk warnings, indicating that their aerospace business constitutes a minimal portion of their operations, with most being less than 1% [2] - Regulatory efforts appear to be aimed at cooling down the commercial aerospace hype, as evidenced by a nearly 10% drop in shares of Goldwind Technology [2] Renewable Energy and Storage - The domestic energy storage market saw a significant increase in bidding volume, with a year-on-year growth of 61% in new bidding capacity [5] - Companies like Guofeng Lithium and Tianqi Lithium have performed well, driven by market expectations for increased demand in the short term due to policy changes regarding export tax rebates for photovoltaic and battery products [4] Gold and Mining - Zijin Mining International's stock rose over 7% as gold prices reached new highs, supported by rising risk aversion among investors [7] - The company has a significant amount of gold resources and a low average acquisition cost for gold mines, which positions it favorably for future growth [8] - The company’s gold production is expected to maintain a compound annual growth rate (CAGR) of over 15% through 2025-2027, driven by both internal growth and acquisitions [8]

21世纪经济报道记者 张伟泽 实习生 周静怡 香港报道 1月13日，凯基首席投资总监梁启棠在2026年环球市场展望发布会上表示，新质生产力的崛起与政策宽 松将成为内地和香港股市的核心驱动力，市场投资策略正从"防守"全面转向"进攻"。 梁启棠指出，内地和香港股市已经进入估值修复与盈利增长双轮驱动阶段。当前恒生指数预测市盈率约 13倍，若上调至13.5倍，叠加8%的盈利增长，将支撑恒指冲击30000点，潜在升幅约14%。 凯基投顾董事长朱晏民指出，随着美联储开启降息并转向宽松政策，全球资金预计将回流新兴市场。在 此背景下，估值优势显著的内地及香港股市有望直接受益。 谈及近期上市的纯大模型企业股价波动，梁启棠认为，这主要反映出港股投资者对该类公司的商业模式 与估值逻辑尚需时日熟悉与消化。 对于港股AI板块的差异化特征，梁启棠对21世纪经济报道记者补充道，港股企业布局AI多采用"技术赋 能主业"模式，也就是并非依赖AI直接创收，而是通过AI优化原有业务，进而提升整体盈利能力，这与 纯AI上市公司的盈利逻辑形成本质区别。 在技术发展层面，朱晏民对21世纪经济报道记者表示，中国正凭借其庞大的市场和百万级的年度科创人 才储 ...

Core Viewpoint - The A-share market is experiencing a collective pullback, with the ChiNext index leading the decline, indicating increased short-term adjustment pressure and a shift in market sentiment towards defensive sectors [5][7]. Market Performance - The Shanghai Composite Index is at 4138.76, with 1619 stocks rising and 3726 stocks falling, reflecting a poor profit-making effect in the market [9][5]. - The trading volume in both markets has exceeded 3 trillion yuan for three consecutive days, marking a historical high, supported by both incremental and existing capital adjustments [5]. Capital Flow - There is a net outflow of 805.56 billion yuan from institutional funds, while retail investors are showing a net inflow [6]. - Institutions are exhibiting a "risk-averse and divergent strategy," reallocating funds from high-growth sectors like commercial aerospace and AI applications to undervalued defensive stocks such as banks and pharmaceuticals [7]. Investor Sentiment - Retail investor sentiment shows that 75.85% are cautious, with 36.99% increasing their positions and 19.78% reducing them, indicating a shift towards more defensive strategies [8][11].

Group 1 - The era of humanoid robots capable of work is approaching, with institutions highlighting that the mass production capability of core components will be a decisive factor for investment success. Key companies have been identified [1] - Testing equipment is set to benefit from AI computing power, advanced packaging, and structural opportunities in automotive electronics, with a focus on core domestic replacement targets [1] - An AI industry conference is imminent, presenting a window for investment in two core tracks [1] - The industry is entering a concentrated period of benefits realization, with brain-computer interface commercialization accelerating [1]

Core Insights - The report from Southwest Securities highlights that by 2025, overseas cloud providers will emphasize "cloud service shortages" and "expanding data centers based on demand signals," while increasingly focusing on the commercialization of AI applications. AI investment is transitioning from FOMO CapEx to ROI CapEx [1][2] Group 1: AI Investment Trends - Overseas tech giants are expected to see significant capital expenditure growth in 2024-2025, with increased investment from AI startups and an upward revision of future spending expectations. The industry is currently facing cash flow pressures, prompting tech firms to explore various data center construction methods and financing options [1] - In 2024, some overseas cloud providers indicate that the risk of under-investment in AI is far greater than the risk of over-investment, with AI investments accompanied by FOMO sentiment [2] Group 2: Data Center Efficiency - Data centers are facing power capacity limitations, leading cloud providers to emphasize maximizing tokens output efficiency per watt. This involves optimizing hardware components such as chips, storage, and communication, as well as software stacks and system architectures to enhance computational efficiency [3] - Cloud providers are increasingly focusing on the versatility and flexibility of data center construction to accommodate various generations of GPUs and electrical components, allowing for a flexible switch between training and inference workloads [3] Group 3: AI Model Development - The engineering capabilities of large AI models are continuously improving, with a growing demand for commercializing AI products. Future iterations of AI models will focus on long text, multimodal capabilities, logical reasoning, and tool usage [4] - As the Scaling Law extends from pre-training to reinforcement learning and continuous learning, the requirements for training datasets will evolve, leading to differentiated model capabilities and the emergence of various AI use cases [4] Group 4: Cloud Business Growth - By 2025, overseas AI cloud services are expected to enter a "super large orders + long-term infrastructure" phase, with cloud order amounts ranging from billions to hundreds of billions. The remaining contract amounts for overseas cloud providers are also experiencing rapid growth, indicating a potential acceleration in AI cloud service expansion [5] - The revenue growth of cloud businesses will heavily depend on the pace of capacity rollout, with expectations for accelerated growth as computational capacity is gradually released by 2026 [5]