Core Viewpoint - Apple has partnered with Google to utilize Google's Gemini AI technology as a temporary solution to enhance its AI capabilities, particularly for the upcoming Siri updates, while continuing to develop its own models [6][28]. Group 1: Partnership Details - Apple and Google announced a collaboration where Google's Gemini will support the development of Apple's foundational models, particularly for a more personalized Siri experience [6][10]. - Apple is expected to pay Google approximately $1 billion annually for this partnership, which will not involve direct data sharing with Google [11][12]. - The Gemini model will not be embedded in Apple's operating system but will serve as a foundational tool to enhance Apple's existing models [12][14]. Group 2: Strategic Implications - This collaboration is seen as a strategic move for Apple to address delays in its AI developments, particularly the new Siri, which has faced multiple postponements [19][23]. - Apple's decision to work with Google is not surprising given their long-standing relationship, where Google pays Apple over $20 billion annually to be the default search engine on Safari [25][26]. - The partnership aims to ensure that Apple can deliver timely updates and maintain user trust, especially after setbacks in its AI initiatives [21][22]. Group 3: Market Reactions - Following the announcement, Alphabet's stock rose by 1.7%, marking a significant milestone with its market value surpassing $4 trillion, while Apple's stock saw a minimal increase [36]. - The collaboration has drawn criticism from figures like Elon Musk, who expressed concerns about the concentration of power with Google [7][38]. - OpenAI, which previously had a partnership with Apple, may find its position diminished compared to Google's role in this new collaboration [39][40].

Core Viewpoint - The implementation of the "Artificial Intelligence Generated Synthetic Content Identification Measures" on September 1, 2025, marks the beginning of a regulated era for AI-generated content in China, requiring explicit identification for such content [1][3]. Group 1: Implementation and Impact of AI Identification Policy - The AI identification policy has been in effect for over 100 days, with many platforms launching identification features and management measures, yet challenges remain in execution, as many AI-generated contents still lack clear identification [1][3]. - The user base for generative AI in China reached 515 million by June 2025, an increase of 266 million from December 2024, indicating a rapid growth in AI content consumption [3]. - Various platforms, including Douyin and Kuaishou, have established unique AI identification mechanisms, allowing users to declare AI-generated content, which is then marked accordingly [4]. Group 2: Challenges and Issues in AI Content Identification - Despite the introduction of the identification policy, AI forgery remains prevalent, with more sophisticated techniques emerging, creating a challenging environment for identification governance [8]. - A survey from a university AI governance team indicated a 40% increase in users' skepticism towards unknown content following the policy's implementation, and the time to trace AI-generated false news has decreased from 72 hours to 12 hours due to implicit identification [7]. - The emergence of a black market for "anti-identification" services, including tools to remove AI watermarks, has been noted, with prices ranging from tens to thousands of yuan [9][10]. Group 3: Recommendations for Strengthening AI Governance - Experts suggest enhancing the technical standards for AI identification to prevent tampering and ensure traceability, as current regulatory technologies have weaknesses [11]. - There is a call for clearer delineation of responsibilities among content generators, platforms, and distributors, along with stricter penalties for violations related to identification [11][12]. - A collaborative governance model involving government, public, and platforms is recommended to improve reporting and oversight mechanisms, encouraging public participation in AI content governance [12][13].

Group 1 - The report maintains a bullish outlook on A-shares, commodities, and gold, indicating that the expected changes continue to favor risk assets as domestic fundamental concerns ease and risk evaluations decline [7][51] - A-share style and industry allocation focus on mid-cap blue chips, with small and micro-cap stocks potentially having a catch-up opportunity, highlighting sectors such as non-ferrous metals, media, defense, chemicals, and electronics [7][51] - The report emphasizes the continued strength of trends in A-shares, gold, and commodities, while noting a slight increase in medium-term uncertainty for commodities [31][51] Group 2 - Recent macroeconomic events impacting asset prices include a rise in CPI and a narrowing decline in PPI, alleviating concerns about the domestic economic downturn [19][21] - The U.S. non-farm payroll data indicates weak demand, with a drop in new jobs and a slight decrease in the unemployment rate, suggesting that the labor market remains fragile [23][26] - Adjustments to export tax rebate policies for various products, including solar energy and battery products, are expected to enhance China's competitive advantage in industries with high energy consumption and pollution [27] Group 3 - The report highlights the significant outperformance of CTA strategies, with the highest return reaching 7.45%, while other strategy categories lagged behind [14] - A-share market sentiment has shown a short-term increase, while medium-term risks remain stable, with fluctuations in various asset classes indicating changes in trading sentiment [36][40] - The report notes that the trends in non-ferrous metals and defense industries are strong, with both short-term sentiment and medium-term uncertainty rising [34][44]

2026 年伊始，港交所的钟声为上海芯片企业接连敲响。1月8日，上海天数智芯半导体有限公司正式挂 牌港股。而在短短一个月内，壁仞科技登陆港交所成为"港股国产 GPU 第一股"，沐曦股份在科创板上 市首日涨幅近7倍，燧原科技完成IPO辅导冲刺科创板…… 加上此前上市的英矽智能，一个月内，上海 人工智能与集成电路企业密集叩开资本市场大门。 这不是幸运的偶然，而是一场基于硬核实力、爆发于优越生态的"上海现象"。壁仞、沐曦、天数、燧原 等芯片企业，连同在AI大模型、具身智能、AI制药等领域领跑的一批上海企业，共同勾勒出上海"芯"势 力的崛起图景。 创新能力：从"量产破局"到"全球领跑" 登陆资本市场的底气，源于实实在在的创新与交付能力。 天数智芯战略与公共关系部副总裁余雪松表示，上市是企业发展的新起点。作为国内首款量产通用 GPU 的缔造者，天数智芯的"天垓"系列产品已累计交付超5.2万片，服务290余家客户。其招股书以详实 的出货数据，传递出"量产即王道"的硬核逻辑。即将量产的"天垓 Gen3"瞄准更优性能的AI计算需求。 "这绝非初创公司凭一己之力所能实现。"曦智科技创始人沈亦晨坦言，上海政府部门有过两次关键相 ...

美银证券发布研报称，预计今年股价表现仍将分化，人工智能板块将再次跑赢大市，娱乐及旅游等虚拟 消费将继续优于实体电商，人工智能仍是业界最大增长亮点。但疲弱的宏观环境对消费支出（电商）及 企业支出（广告）构成压力，仍是拖累行业的因素。不过中国互联网股估值具备吸引力，为下行风险提 供缓冲，目前预测市盈率为18倍，低于十年平均的23倍、纳指100的26倍及"美股七巨头"的31倍。 百度集团-SW（09888）在人工智能领域具备吸引力，价值释放亦步入正轨。数字娱乐方面偏好线上游 戏，推荐哔哩哔哩-W（09626）及腾讯音乐-SW（01698）。细分行业中，看好京东健康（06618）及携 程集团-S（09961）。 选股方面，该行仍更偏好人工智能及线上游戏而非电商，腾讯控股（00700）仍是行业首选，兼具人工 智能应用推动增长、市场竞争格局稳定、股东回报优异以及估值吸引等多重优势。阿里巴巴（09988） 仍是中国人工智能领域的最佳投资标的，亦是中国电商股首选。 ...

Company Highlights - Dipo Technology (1384.HK), recognized as the "first stock of enterprise-level large model AI applications" in Hong Kong, saw its stock price rise by 7.49% to HKD 74.6, reaching a three-week high [1] - Since its IPO at HKD 26.66, the stock has appreciated approximately 1.8 times, indicating strong market performance [1] - The stock has increased by 18.4% over the last 10 trading days, outperforming the Hang Seng Index, which rose by 5.88% during the same period [1] - Dipo Technology entered a strategic cooperation agreement with Muxi Co. on December 17, 2025, to leverage each other's strengths in the enterprise-level large model AI application sector [1] Industry Insights - The AI sector is witnessing significant developments, with overseas companies like xAI and Anthropic securing funding, and domestic policies promoting "AI + manufacturing" [2] - Companies such as Zhipu and MiniMax have experienced substantial stock price increases following their listings, indicating a positive market sentiment [2] - The upcoming release of DeepSeek-V4 is expected to trigger a new wave of AI application enthusiasm [2] - Citic Securities highlights that as model capabilities improve, particularly in reasoning and long-window cost reduction, AI downstream application scenarios are accelerating towards commercial validation [2] - Key focus areas for commercialization include search & marketing, coding, multimodal applications, agents, and AI for science [2]

明略科技-W(02718)午后涨超13%，截至发稿，涨12.36%，报258.2港元，成交额4574.52万港元。 国信证券发布研报称，据明略科技数据，国内已有超80%的用户通过AI获取消费信息，近35%消费者每 日高频互动，消费者向AI咨询消费类问题已经成为日益主流的行为。随着生成式AI推动传统搜索方式 变革，当前GEO市场快速增长，据明略科技数据，2026年全球GEO市场规模将达240亿美元，预计到 2030年全球GEO市场规模有望达到1000亿美元。 消息面上，近日，明略科技旗下全球化AI创意测试产品AdEff(AdEff.com)，正式宣布进入印度尼西亚市 场，开始为印尼本地品牌广告主和创意代理机构提供AI驱动的创意测试及筛选服务。该产品基于明略 科技自主研发的超图多模态大语言模型（HMLLM）开发，采用大模型及混合专家模型协同架构，可快 速、准确预测消费者对广告的主观反应和广告效果，并给出优化建议。 ...

Core Insights - MiniMax has been rated "Buy" by CITIC Securities, highlighting its strategic focus on model intelligence breakthroughs amidst the global generative AI wave [1][5] - The company is one of the first in Shanghai to obtain large model registration, showcasing strong development potential through technological depth and commercial foresight [1][5] Company Strategy - MiniMax discards traditional thinking of "traffic as a barrier" and concentrates resources on model research and development [1][5] - The founder, Yan Junjie, possesses top-tier research capabilities and ToB commercialization experience, having previously led a team to create a leading facial recognition algorithm that generated over 2 billion yuan in smart city business revenue [1][5] - The strategic focus will shift to "technology iteration" in 2025, with plans to streamline inefficient teams and reduce marketing expenses to concentrate on core areas like multimodal interaction [1][5] Technological Advancements - MiniMax is adeptly navigating the second half of the Scaling Law trend, making continuous breakthroughs in architecture innovation and reasoning optimization [1][5] - The company has developed a unique layout in the multimodal field, combining "high-sensory interaction + productivity tools," with products like Talkie and Xingye accumulating vast RLHF data [1][5] Financial Performance - In the first three quarters of 2025, MiniMax achieved total revenue of 53.44 million USD, a year-on-year increase of 175%, with a diversified revenue structure driven by three main business segments [1][5] - The ToB business boasts a gross margin of 69.4%, while C-end products have also achieved a positive gross margin of 4.7%, indicating a significant recovery in profitability [1][5] Future Outlook - CITIC Securities forecasts that from 2025 to 2027, the company's revenue will maintain over 90% high-speed growth, with Non-GAAP gross margin expected to rise to 55% and net loss rate continuing to narrow [2][6] - As the AI industry transitions from tools to "digital employees," MiniMax is positioned to unlock significant opportunities in the trillion-yuan labor market, establishing itself as a leading player in the AI sector [2][6]

同时，在AI大模型领域，思朗科学计算中心及区域总部项目部署高性能算力资源，聚焦AI基础模型与 材料模拟，推动"人工智能+科学研究"融合；清听声学研发生产基地项目年产100万件聚音屏模组贴合系 列产品，凭借其全球首创的聚音屏定向声技术，将带动消费电子、智能汽车等领域声感知技术创新与产 业升级，填补定向声领域市场空白。 据悉，合肥高新区始终坚持把产业项目招引作为推动高质量发展的"第一要务"，深化"产业链+场景+基 金"招商模式，强化土地、载体、人才等要素保障，构建覆盖项目线索、签约、开工、投产全生命周期 的服务机制。 其中，在半导体领域，两个10亿元级重大项目落地。功率模块封装测试项目将建设碳化硅器件及功率模 块封测产线，达产后预计年产值15亿元、税收1亿元，有效支撑新能源汽车、光伏储能等下游应用；半 导体量检测设备产业园项目致力于突破晶圆缺陷检测设备国产化瓶颈，推动产业链自主可控。 中新网安徽新闻1月13日电 近日，合肥高新区在推动"产业先导区"建设方面取得重要进展，思朗科技区 域中心及3D科学计算中心等16个高质量项目相继签约落地，总投资106.7亿元，标志着一季度招商引资 工作实现良好开局。 这些项目紧扣国 ...

Company Highlights - Dipo Technology (1384.HK), recognized as the "first stock of enterprise-level large model AI applications" in Hong Kong, saw its stock price rise by 7.49% to 74.6 HKD, reaching a three-week high [1] - Since its IPO at 26.66 HKD, the stock has appreciated approximately 1.8 times, indicating strong market performance [1] - The stock has gained 18.4% over the last 10 trading days, outperforming the Hang Seng Index, which increased by 5.88% during the same period [1] - Dipo Technology entered a strategic cooperation agreement with Muxi Co. on December 17, 2025, to leverage each other's strengths in the enterprise-level large model AI application sector [1] Industry Insights - The AI sector is witnessing significant developments, with overseas companies like xAI and Anthropic securing financing, and domestic policies promoting "AI + manufacturing" [2] - Companies such as Zhipu and MiniMax have experienced substantial stock price increases following their listings, indicating a positive market sentiment [2] - The upcoming launch of DeepSeek-V4 is expected to trigger a new wave of AI application enthusiasm [2] - CITIC Securities highlights that as model capabilities improve, particularly in reasoning and cost reduction for long-window applications, AI downstream application scenarios are rapidly entering the commercialization validation phase [2] - Key areas of focus include search & marketing, coding, multimodal applications, agents, and AI for science, with expectations for accelerated commercialization processes among related companies [2]