Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal! AI is eating the world—and the machines behind it are ravenous. Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink. Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and b ...

Core Insights - The article highlights the emergence of "Physical AI" as a national strategic core productivity in China's technology industry, driven by the integration of artificial intelligence and humanoid robotics [1] - The company Wuyi Vision (6651.HK) is positioned as a crucial player in the Physical AI ecosystem, leveraging its self-developed technology and strategic partnerships to support this transformation [1] Group 1: Technology and Innovation - The core technology of Physical AI focuses on overcoming the Sim-to-Real conversion bottleneck, enabling low-cost, large-scale training and validation of AI models in virtual environments [2] - Wuyi Vision has developed the 51Sim platform, which provides a high-fidelity Sim-to-Real training environment, establishing a significant technological barrier comparable to NVIDIA's Omniverse and Cosmos platforms [2] Group 2: Strategic Partnerships and Ecosystem - Wuyi Vision has created a comprehensive Physical AI ecosystem with a full chain from synthetic data to simulation training platforms, successfully implementing benchmark cases in various sectors such as smart driving and smart factories [3] - The company's shareholder structure includes prominent players like Moore Threads and SenseTime, which enhances its capabilities in computational power and visual algorithms, solidifying its position as a foundational infrastructure provider in the Physical AI domain [3] Group 3: Market Position and Valuation - Wuyi Vision has achieved a leading position in China's digital twin solutions market, with projected revenues exceeding 250 million HKD in 2024, making it the first company in the industry to reach this scale [4] - The current market valuation of Wuyi Vision at 18 billion HKD presents a compelling value proposition compared to global AI leaders, indicating potential for significant value re-evaluation amid favorable policy and industry dynamics [4]

Core Insights - The report from the Beijing Zhiyuan Artificial Intelligence Research Institute outlines the key trends in AI technology for 2026, indicating a significant shift from language models to a deeper understanding and modeling of the physical world [1][14] Group 1: AI Technology Trends - Trend 1: The consensus in the industry is shifting towards multi-modal world models that understand physical laws, moving from "predicting the next word" to "predicting the next state of the world" with Next-State Prediction (NSP) as a new paradigm [3][14] - Trend 2: Embodied intelligence is transitioning from laboratory demonstrations to real-world industrial applications, with humanoid robots expected to break into actual industrial and service scenarios by 2026 [4][14] - Trend 3: Multi-agent systems are becoming crucial for solving complex problems, with standardized communication protocols like MCP and A2A emerging, allowing agents to collaborate effectively [5][14] - Trend 4: AI is evolving from a supportive tool to an autonomous researcher, termed "AI Scientist," which will significantly accelerate the development of new materials and drugs [6][14] - Trend 5: The new "BAT" (Baidu, Alibaba, Tencent) landscape is forming in the AI era, with major players competing for dominance in consumer AI applications through integrated services [7][14] - Trend 6: Enterprise AI applications are entering a "trough of disillusionment" due to data and cost issues, but a recovery is expected in the second half of 2026 as data governance and toolchains mature [8][14] - Trend 7: The rise of synthetic data is crucial for model training, especially in fields like autonomous driving and robotics, as high-quality real data becomes scarce [9][14] - Trend 8: Optimization of inference remains a key focus, with continuous improvements in algorithms and hardware reducing costs and enhancing efficiency [10][14] - Trend 9: The development of an open-source compiler ecosystem is essential for breaking the monopoly on computing power and addressing supply risks [11][14] - Trend 10: AI security is evolving from "hallucinations" to more subtle "systemic deception," necessitating robust mechanisms for understanding and mitigating risks [12][14] Group 2: Strategic Implications - The transition to understanding physical laws through world models and NSP is seen as a strategic high ground for leading model vendors [14] - The shift towards embodied and social intelligence indicates a move from software to physical entities, with humanoid robots entering real production environments [14] - The emergence of a dual-track application model in AI, with a focus on both consumer and enterprise sectors, is expected to yield measurable commercial value [14]

Group 1 - MiniMax Group Inc., a Chinese generative AI startup, is set to go public in Hong Kong with strong backing from top global long-term funds and sovereign wealth funds [1][4] - The IPO is priced at HKD 165 per share, with 29.2 million shares issued, raising a total of HKD 4.8 billion (approximately USD 619 million), indicating strong market interest [1][2] - The subscription rate for MiniMax's shares exceeded 70 times among institutional investors, reflecting robust demand for this company viewed as a challenger to OpenAI [1][4] Group 2 - MiniMax is scheduled to begin trading in Hong Kong this Friday, amidst a wave of significant AI tech company listings in the region [2] - The performance of MiniMax will be a key indicator for investors assessing whether Chinese AI firms can effectively compete with their American counterparts [2][5] - MiniMax and its competitor, Zhizhu, represent a pragmatic development model in China's AI sector, demonstrating higher capital efficiency compared to U.S. firms like OpenAI [5]

事关Manus被收购一事，商务部发声！ 1月8日，在商务部例行新闻发布会上，新闻发言人何亚东在回应有关审查Meta收购人工智能平台Manus 的提问时说，中国政府一贯支持企业依法依规开展互利共赢的跨国经营与国际技术合作。需要说明的 是，企业从事对外投资、技术出口、数据出境、跨境并购等活动，须符合中国法律法规，履行法定程 序。商务部将会同相关部门对此项收购与出口管制、技术进出口、对外投资等相关法律法规的一致性开 展评估调查。 交易金额或在40亿—50亿美元 在去年3月份，由武汉创业公司"蝴蝶效应"研发的智能体Manus曾引起科技圈轰动。 3月6日凌晨，"蝴蝶效应"研发的全球首款通用型AI Agent Manus正式上线内测，凭借"独立思考—规划 —执行"的全链路闭环能力引爆科技圈。官网因访问量暴增一度瘫痪，二手交易平台上的内测邀请码更 被炒至5万元天价，创下AI行业新纪录。 在2025年年末，市场传Manus被Meta收购的消息，据《晚点LatePost》报道，此次Meta收购Manus的费 用为数十亿美元，也有业内人士估计，此次交易金额或在40亿—50亿美元。 12月30日，硅谷科技巨头Meta突然宣布"Ma ...

谁能想到，AI界最权威的大模型排行榜，竟然是个彻头彻尾的骗局？ 最近，2025年底的一篇名为《LMArena is a cancer on AI》的文章被翻了出来。 登上了Hacker News的首页，引起轩然大波！ 炸裂的是，这篇文章直接把LMArena——这个被无数研究者奉为圭臬的评测平台——钉在了耻辱柱上，称其为AI发展的「癌症」。 从金标准到毒瘤 所以，LMArena究竟是何方神圣？ 先说说背景。 LMArena（也叫LMSYS Chatbot Arena）是由加州大学伯克利分校、卡内基梅隆大学等顶尖学府的研究者于2023年创建的大模型评测平台。 | 图 Text | | | 1 8 days ago | WebDev | | | 1 9 days ago | | --- | --- | --- | --- | --- | --- | --- | --- | | Rank 14 | Model 11 | Score J | Votes 1 | Rank 11 | Model 1J | Score ↓ 0 | Votes 11 | | 1 | G gemini-3-pro | 1490 | 21,938 ...

Meta收购Manus，或许还未到尘埃落定之际。 2026年1月8日，就在外界以为Meta收购Manus一事已尘埃落定之际。 中国商务部在例行新闻发布会上的一番表态，为这笔备受瞩目、金额达数十亿美元的交易增添了新的不确定性。 据商务部新闻发言人何亚东透露，商务部将会同相关部门对此项收购与出口管制、技术进出口、对外投资等相关法律法规的一致性开展评估调查。 消息链接：商务部回应审查Meta收购Manus 这意味着，这笔被视为AI领域里程碑式的收购，或许依然处于「悬而未决」的状态。 商务部回应：评估调查正在进行 商务部的回应措辞审慎。 何亚东表示，中国政府一贯支持企业依法依规开展互利共赢的跨国经营与国际技术合作，但同时强调，企业从事对外投资、技术出口、数据出境、跨境并 购等活动，须符合中国法律法规，履行法定程序。 值得注意的是，商务部使用的措辞是「评估调查」，而非「正式调查」。 通俗解释一下，就是中国有一份「技术出口清单」，把技术分成三类： 这一表述存在解读空间：既可能是常规的合规审查，也可能升级为更深入的调查程序。 商务部回应涉及的法律法规解读 商务部在回应Manus收购案时，提到了「出口管制、技术进出口、对外投 ...

美国科技巨头Meta，要斥资140亿元人民币，收购中国AI初创公司Manus的事，有可能发生变故。 2025年3月，Manus以"全球首款通用Agent"的身份，带来行业狂热，之后陷入"套壳""不可控"的质疑声浪，再到4月完成7500万美元融资、估值逼近5亿美 元，直到被Meta看中 。 1月8日，商务部新闻发言人何亚东，在回应有关审查Meta收购Manus的提问时说，中国政府一贯支持企业依法依规开展互利共赢的跨国经营与国际技术合 作。 值得一提的是，Manus一开始就瞄准了全球化。2025年7月，在爆火4个月后，Manus将总部搬到了新加坡，并裁掉了国内七成团队。 同时，企业从事对外投资、技术出口、数据出境、跨境并购等活动，须符合中国法律法规，履行法定程序。商务部将会同相关部门对此项收购与出口管制、 技术进出口、对外投资等相关法律法规的一致性开展评估调查。 目前看来，这一收购，有更复杂的情况，可能通向不同的结果。 去年12月30日，Meta宣布完成对Manus的收购。这场由CEO扎克伯格亲自操盘的谈判仅用十余天敲定，交易对价超过20亿美元（约合人民币140亿元），跻 身Meta史上第三大并购案。若收购完成， ...

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) officially listed on the Hong Kong Stock Exchange on January 8, becoming the "first global large model stock" with a closing price increase of 8.06%, reaching a market capitalization of over HKD 55 billion [1] Group 1: Company Performance - Zhiyu's public offering was oversubscribed by 1,159.46 times, indicating strong market interest, with cornerstone investors committing a total of HKD 2.98 billion [1] - Despite a volatile first trading day, the stock price fluctuated but ultimately stabilized above the issue price [1] - The company reported a significant revenue increase from CNY 57.4 million in 2022 to CNY 312.4 million in 2024, but also faced a cumulative net loss of approximately CNY 6.2 billion from 2022 to mid-2025 [2] Group 2: Business Model and Strategy - Zhiyu, founded in 2019, has a strong technical foundation stemming from Tsinghua University's Computer Science Department, focusing on making machines think like humans [3] - The company primarily generates revenue by providing localized deployment of large model services, accounting for about 70% of total revenue [4] - Zhiyu plans to allocate approximately 70% of the net proceeds from its IPO (around HKD 2.9 billion) to further develop general AI large models, aiming to strengthen its technological moat [2] Group 3: Industry Outlook - The large model industry is experiencing rapid growth, with domestic companies in China leading in global competition, although no single company has established a dominant market position yet [4] - The industry faces challenges such as high research and development costs and increasing losses, which are common among AI large model companies [2]

智源研究院理事长黄铁军分享了他的技术趋势观察：AI的发展要重视"结构决定功能，功能塑造结构"的相互作用。当前人工智能正从功能模仿转向理解物理 世界规律，这一根本转变意味着AI正褪去早期狂热，其发展路径日益清晰，即真正融入实体世界，解决系统性挑战。 随后，智源研究院院长王仲远发布了十大AI技术趋势，详细阐释了这一变革。基础模型的竞争，焦点已从"参数有多大"转变为"能否理解世界如何运转"。他 指出：我们正从 "预测下一个词"跨越到"预测世界的下一个状态"。这标志着以"Next-State Prediction"（NSP）为代表的新范式，正推动AI从数字空间的"感 知"迈向物理世界的"认知"与"规划"。 报告认为，2026年将是AI从数字世界迈入物理世界、从技术演示走向规模价值的关键分水岭。这一转变由三条清晰的主线驱动： 首先，是认知范式的"升维"。以世界模型和NSP为核心，AI开始学习物理规律，这为自动驾驶仿真、机器人训练等复杂任务提供全新的"认知"基础，成为国 内外领先模型厂商竞相布局的战略高地。 其次，是智能形态的"实体化"与"社会化"。智能正从软件走向实体，从单体走向协同。头部科技公司的人形机器人正进入真实 ...