格隆汇1月8日丨润建股份(002929.SZ)公布，公司与京东科技签署了《战略合作框架协议》，拟围绕AI 应用、智算云拓展、智算AIDC合作等多领域开展合作，促进AI技术商业化应用。 1、【AI融合与产业赋能】双方携手深入拓展人工智能技术产业融合与商业实践，计划通过整合双方在 行业模型开发、智能体蒸馏与协同、多智能体系统构建等方面的技术优势，结合双方在AI商业化推广 的能力，共同探索推进AI解决方案在智慧农业、智能园区、数字文旅、智慧零售等领域的规模化落地 与价值创造；2、【共建智算云平台】双方共同投入核心资源，在南宁五象云谷智算中心合作部署京东 云专属高性能智算节点，计划联合打造广西云服务节点，合作采用"共同、共建、共营、共享"的创新模 式，实现双方在云计算与智算领域的深度协同和共赢；3、【润建云升级与拓展】京东计划依托其领先 的云技术架构及庞大生态资源体系支持，全方位协助润建股份完成"润建云"的技术升级和品牌强化，同 时借助京东广泛的市场渠道，共同推动"润建云"产品与服务在多元化市场的业务拓展；4、【智算AIDC 全栈合作】双方拟在算力领域开展全栈式深度合作，涵盖算力基础设施、算力集群服务、算力维保服 务 ...

Core Viewpoint - Meta announced the acquisition of AI startup Manus for several billion dollars, marking its third-largest acquisition to date [3]. Group 1: Acquisition Details - Manus was founded by Chinese entrepreneurs and had its core technology team based in Beijing and Wuhan before relocating to Singapore in June 2025 [3]. - The acquisition is currently under scrutiny by relevant authorities to assess whether it violates technology export control regulations [4]. Group 2: Regulatory Concerns - Authorities are evaluating whether the transfer of Manus employees and technology to Singapore, followed by the sale to Meta, requires an export license [4]. - The review is in its preliminary stage, and no formal investigation has been initiated yet; however, if violations are found, domestic authorities may intervene in the transaction [4]. Group 3: Expert Opinions - Experts suggest that domestic review may not necessarily apply to the Singapore entity's acquisition but rather focus on how the original domestic company and personnel transitioned abroad [4].

2026年1月8日，由南山区打造的常态化、品牌化投融资服务平台"X-Day"西丽湖路演社2026年度首场活 动"启航·未来早期投资专场"在深圳大学城国际会议中心成功举办。本次活动聚焦萌芽期、初创期科技 项目"从0到1"的成长需求，深度链接西丽湖国际科教城X9高校院所联盟的源头创新资源，为前沿科技 项目与顶 级资本搭建了高效精准的对接桥梁。 现场特邀银杏谷资本创始人、董事长陈向明，金沙江联合资本管理合伙人周奇，峰瑞资本合伙人马睿， 啟赋资本合伙人宋昶，南科大资产公司总经理曹洪亮，力合创投副总经理康绳祖，汇通金控副总经理胡 再霞，南山战新投副总经理黄恒中，工商银行深圳南山支行副行长黎佳楠，国寿财险深圳分公司总经理 助理石峰担任点评嘉宾，为项目发展与资本对接提供专业见解。 此外，路演通过Ai南山、投资界、深交所科融通V-Next、中国基金报、创业邦、甲子光年等多个平台进 行同步直播，线上线下联动打破空间界限。 前沿项目，捕捉硬核科技新机遇 此次活动精心筛选六个锚定未来产业方向的优质早期项目登台路演，充分彰显南山区科创生态的蓬勃活 力与深厚底蕴。路演项目矩阵全面覆盖人工智能、新能源、先进制造等多个战略新兴赛道，技术创 ...

Core Viewpoint - Dongwu Securities expresses optimism about Zhipu AI's strengths in local model technology, open-source ecosystem, and local implementation capabilities, anticipating stable growth in local business and cloud services as the main growth driver, suggesting to pay attention to the company [1] Company Overview - Zhipu AI, established in 2019, is a leading independent general large model developer in China, originating from Tsinghua University's Knowledge Engineering Group (KEG) [1] - The company has developed its own GLM (General Language Model) pre-training framework, which differs from mainstream GPT architectures, offering unique advantages in long text understanding, logical reasoning, and low hallucination rates [1] - Zhipu AI follows a dual strategy of open-source and commercialization, creating a comprehensive model matrix covering language, multimodal, code, and intelligent agent fields, with flagship products GLM-4.5 and GLM-4.7 ranking high in international benchmark tests [1] Market Position - According to Frost & Sullivan data, Zhipu AI ranks first among independent general large model developers in China and second overall, with a market share of 6.6% as of 2024 [2] - By mid-2025, the company has served over 8,000 institutional clients, with 9 out of the top 10 internet companies in China using GLM models [2] - The global download volume of open-source models exceeds 45 million, with over 2.7 million registered developers on the MaaS platform, and daily token consumption reaching 4.2 trillion by November 2025 [2] Business Model - The business model centers around the MaaS (Model as a Service) platform, driven by both localized and cloud deployments [3] - Localized deployment targets government and enterprise clients, providing private operation and customization services, accounting for 84.8% of revenue in the first half of 2025 with a gross margin of 59% [3] - Cloud deployment, through API calls and subscription services, is rapidly growing, making up 15.2% of revenue in the first half of 2025, with a focus on increasing API revenue share in the long term [3] Financial Performance - Historical financial performance shows high revenue growth, with revenues of 0.57 million, 1.25 million, and 3.12 million yuan from 2022 to 2024, reflecting a compound annual growth rate of over 130% [3] - In the first half of 2025, revenue reached 1.91 billion yuan, a year-on-year increase of 325%, surpassing the total revenue for 2023 [3] IPO Details - The IPO price is set at 116.20 HKD per share, with a global offering of 37.42 million H shares, raising approximately 4.3 billion HKD, leading to a market capitalization of about 51.1 billion HKD post-funding [4] - The raised funds will primarily enhance general large model research (about 70%), optimize the MaaS platform infrastructure (about 10%), expand ecosystem cooperation and strategic investments (about 10%), and supplement working capital [4] - Key investors include prominent institutions such as Shanghai Gao Yi, GF Fund, and Taikang Life, with the founding team controlling about 33% of shares through a concerted action agreement [4] Competitive Advantages - The company's core competitive advantages lie in its full-stack self-research technology system, leading model performance, open-source ecosystem, and deep adaptation to domestic computing power [4] - The R&D personnel account for 74%, with a core team from Tsinghua KEG, possessing deep academic accumulation in natural language processing [4] - The rapid iteration of the GLM series, particularly GLM-4.7, shows strong performance in programming scenarios, while AutoGLM enables AI to autonomously operate smartphones and computer GUIs, marking a new paradigm for agents [4] Revenue Forecast - Revenue projections for 2025-2027 are estimated at 790 million (up 151%), 1.55 billion (up 97%), and 3.22 billion (up 108%), with a gradual shift from localized to cloud-dominated revenue structure [5] - The overall gross margin is expected to reach 50% in 2025, stabilizing around 51% in 2026-2027, with cloud gross margins improving from low levels to 40% [5] - The valuation for Zhipu AI in 2026 is projected at a PS ratio of 30 times, higher than comparable companies, but with significant room for compression as revenue grows rapidly [5]

Z.ai was founded in 2019 as a commercialization of technological achievements from Tsinghua University. With the mission "to make machines think like humans", the company has remained dedicated to AGI research and development. Since its inception, Z.ai has launched China's first 10-billion-parameter model, its first open- source 100-billion-parameter model, its first conversational model, its first multimodal model, and the world's first device-control AI agent. It has built one of the world's most advanced ...

Core Insights - The CEO of Futurum Group, Daniel Newman, argues that the AI industry is not in a bubble but is facing a significant crisis due to a global shortage of compute power necessary for a long-term technological shift [1][2] - The rise of "agentic" AI systems will lead to unsustainable levels of compute intensity, resulting in a critical hardware shortage in the technology sector over the next 5 to 10 years [2] - 2026 is identified as a pivotal year for enterprise AI, where substantial corporate returns on investment (ROI) will begin to materialize, moving beyond consumer applications [3][4] Infrastructure Gap - Newman emphasizes that the current market frenzy is a preliminary stage of a multi-decade super-cycle, rather than a bubble [1] - The demand for compute power is expected to outstrip supply, with Newman stating, "We don't have enough turbines" to meet current and future needs [2] Enterprise AI and ROI - The industry is currently underutilizing available trained data, with much of it locked in proprietary systems for various applications [3] - The transition from the "build phase" of AI model training to the "monetization phase" of inference is underway, which will lead to measurable productivity gains [4] Efficiency at Scale - Google's Gemini AI model is generating an impressive 10 trillion tokens daily, showcasing the scale of current AI activity [5] - AI has significantly improved operational efficiency, reducing complex market research workflows from six months to just two weeks [5] Investment Opportunities - A list of AI-linked ETFs is provided for investors, highlighting their performance over six months and one year, with notable options including: - Defiance Quantum ETF (NASDAQ:QTUM) with a one-year performance of 44.55% [6] - iShares Expanded Tech Sector ETF (NYSE:IGM) with a six-month performance of 16.51% [6]

Core Insights - Tiiny AI has launched the Tiiny AI Pocket Lab, a personal AI computer designed for offline use, addressing concerns over data privacy and cloud dependency [1][2] - The device can run large language models with up to 120 billion parameters locally, achieving decoding speeds of over 20 tokens per second, making it suitable for practical daily use [3][4] - Tiiny AI aims to provide a more personal AI experience, allowing users to operate AI without ongoing fees or internet connectivity, contrasting with traditional cloud-based services [5][6] Product Features - The Pocket Lab is designed to work alongside existing computers, connecting via plug-and-play and enabling older devices to access advanced AI capabilities without hardware upgrades [5] - It includes TiinyOS, an on-device software platform that allows users to download and run open-source models and AI agents easily, as well as tools for developers to create local AI workflows [6] - The device is set to launch on Kickstarter in February at a price of $1,399, aimed at making local AI more accessible rather than positioning it as a premium product [7] Market Positioning - The Pocket Lab is positioned as capable of running large models locally, a feature that has been challenging for devices in its price range, thus placing it among a select group of emerging systems for high-capacity AI inference [8] - The growing interest in local AI solutions reflects broader industry discussions on data governance, enterprise security, and the economics of AI services [8] - Tiiny AI has received recognition from Guinness World Records for the Pocket Lab as "The smallest mini PC capable of running a 100B-parameter large language model locally," enhancing its market credibility [9]

智谱AI是中国领先的独立通用大模型开发商，成立于2019年，由清华大学知识工程实验室（KEG）技 术成果转化而来。公司自研GLM（GeneralLanguage Model）预训练框架，与主流GPT架构不同，采用 自回归填空设计，在长文本理解、逻辑推理和低幻觉率方面具备独特优势。公司坚持开源与商业化并行 策略，已构建覆盖语言、多模态、代码和智能体领域的完整模型矩阵，旗舰产品GLM-4.5和GLM-4.7在 多项国际基准测试中位居开源模型前列，并在全球开发者社区获得广泛认可。 根据弗若斯特沙利文数据，按2024年收入计算，公司在中国独立通用大模型开发商中排名第一，在整体 通用大模型开发商中排名第二，市场份额6.6%。截至2025年上半年，公司已服务超过8000家机构客 户，中国前十大互联网公司中有9家使用GLM模型。开源模型全球下载量超过4500万次，MaaS平台注 册开发者超过270万，日均token消耗量快速增长，2025年11月已达4.2万亿，付费API收入超过所有国产 模型总和。公司于2025年底通过港交所聆讯，并将于2026年1月8日在香港主板上市，股票代码 02513.HK，成为全球首家上市的基座大 ...

Core Viewpoint - The Chinese government is conducting a compliance investigation regarding Meta's acquisition of the AI platform Manus, emphasizing the need for adherence to Chinese laws and regulations in cross-border investments and technology transfers [2][3]. Group 1: Acquisition Details - Meta announced the completion of its acquisition of Manus for over $2 billion (approximately 14 billion RMB) by the end of 2025, marking it as Meta's third-largest acquisition [2]. - Manus's CEO, Xiao Hong, will become a Vice President at Meta, and the company will continue to operate in Singapore, providing services to millions of businesses and billions of users on Meta's platform [2]. Group 2: Compliance Investigation - The Chinese Ministry of Commerce is assessing whether Manus's relocation to Singapore and subsequent sale to Meta requires an export license under Chinese law, focusing on the transfer of personnel and technology [3][4]. - The investigation is in its early stages, with concerns about whether Manus's core technology was developed in China and if the personnel transfer constitutes unauthorized technology export [3]. Group 3: Operational Changes - In June 2025, Manus moved its headquarters to Singapore, changing its operational entity to Butterfly Effect Pte, and significantly reduced its domestic workforce from 120 to about 40 core technical staff [3]. - This strategy, referred to as "Singapore washing," aims to detach the company from its "Chinese identity" [3].

Group 1 - The Ministry of Commerce of China supports enterprises in conducting cross-border operations and international technology cooperation in accordance with laws and regulations [1] - Meta's acquisition of AI startup Manus, valued at over $2 billion (approximately 140 billion RMB), is one of the largest deals in Meta's history, completed in just over ten days [1] - Manus, founded by a Chinese team, specializes in an "AI agent" capable of executing complex tasks such as research and coding, with its founder becoming a vice president at Meta post-acquisition [1] Group 2 - The Ministry of Commerce emphasizes that the export control of dual-use items to Japan is aimed at preventing militarization and nuclear ambitions, while civil applications will not be affected [2][3] - China opposes U.S. hegemonic actions that violate international law and threaten peace in Latin America, reaffirming its commitment to deepening economic relations with Venezuela regardless of political changes [3] - China's approach to economic cooperation with Latin American countries is based on equality and mutual benefit, without seeking spheres of influence or targeting any specific party [3]