在经历了长达两年的"百模大战"喧嚣后，中国人工智能产业正在迎来一个关键的去伪存真时刻。如果说2024年是应用场景的探索期，那么2025年无疑是商业 兑现的决胜之年。 2026年伊始，第一个交卷的选手出现了。 1月28日，港股上市公司云知声智能科技股份有限公司（9678.HK）发布了《2025年度大模型相关业务收入业绩预告》。公告显示，云知声预计 2025 年实现 营收 11.8 亿元至 12.4 亿元，同比增长 26%–32%；其中，大模型相关业务收入预计达到 6.0 亿元至 6.2 亿元，同比增幅高达 1057%，在整体营收中的占比已 接近 50%。 这一数据的披露，实际上向市场传递了一个清晰的信号：对于头部AI企业而言，大模型技术已经走出了实验室的验证阶段，开始具备规模化的造血能力。 而随着"兽牙"智能体平台以及山海大模型新产品的发布，下半年大模型收入出现了狂飙。 根据年度预告，云知声在2025年全年的大模型相关业务收入高达6.0亿元至6.2亿元。也就是说，仅在2025年下半年，云知声的大模型业务就创造了约5亿元的 收入，是上半年收入规模的5倍，是2024年全年（大模型业务）收入的10倍。 这种J型增长态 ...

智通财经APP获悉，有媒体援引知情人士透露的消息报道称，生成式AI领域领军者、有着"OpenAI劲 敌"称号的Anthropic此前在2025年12月的一次内部会议上预测其将在2026年实现最高180亿美元营收，意 味着将较其夏季时期的预测高约20%，并预计明年有望达到约550亿美元——意味着在Anthropic看来， 在风靡全球的AI编程工具Claude Code、Sonnet 系列等核心AI应用产品推动之下，未来一年营收有望翻 三倍有余。 媒体报道称，由美国最大规模科技巨头之一亚马逊(AMZN.US)以及Alphabet旗下谷歌(GOOGL.US)斥巨 资支持的AI应用领军者Anthropic在最乐观的预测中预计到2029年总计营收最高可达1480亿美元，比 OpenAI预测其在该年可能实现的营收高出约30亿美元。Anthropic未立即回应媒体的任何置评请求。 知情人士表示，绝大部分快速增长的营收规模将来自Anthropic成功通过应用程序编程接口(API)向庞大 的企业端客户销售其旗舰AI应用的访问与接入权限。尤其是，该公司在AI编程相关人工智能代理执行 任务上变得颇受欢迎，部分原因在于其代理式AI编 ...

2026年1月，北京大模型产业迎来"开门红"：1月8日，智谱AI登陆港交所，成为"大模型第一股"，1月27日，月之暗面发布并开源Kimi K2.5模型，实现新的 技术突破。生数科技、摩尔线程等企业也相继在模型加速、国产算力训练等方面取得关键进展，一众亮眼成果让北京的AI创新实力得到国际市场与科研领 域的双重认可。 对于下一步如何支持北京人工智能产业发展，新京报贝壳财经记者专访了北京市经济和信息化局党组书记、局长姜广智，以及北京市经济和信息化局党组成 员、副局长刘维亮。 "当前，AI的应用市场主要分为ToC和ToB两大方向。在ToC端，依托强大的互联网平台基础，对话式AI、智能体应用等已取得显著成效；而在ToB端，AI成 为提高生产力的工具，这是特别有价值的，也是AI对整个社会赋能，支撑新质生产力发展的重要方向，这个方向也是经信局正在着力推动的。"姜广智告诉 新京报贝壳财经记者。 姜广智透露，相关部门正大力推动AI在多个关键行业中的深度融合。例如，在软件产业，已出台专项政策鼓励企业采用AI进行编程（AI Coding），全面提 升软件开发效率；在京东方等制造企业，AI已被全面应用于生产流程优化与智能化管理；此外 ...

近日，国内外AI应用迎来多项重磅进展，产品创新与技术突破持续落地：阿里正式发布千问旗舰推理 模型Qwen3-Max-Thinking，创下数项权威评测全球新纪录，性能可媲美GPT-5.2、Gemini 3 Pro，成为目 前最接近国际顶尖水平的国内最强AI大模型，千问App也即将接入该新模型，面向所有用户开放免费体 验；百度旗下文心App的"多人、多Agent"群聊功能也开启新一轮内测，进一步丰富AI交互形态。此 外，AI助手Clawdbot近期在海外科技圈迅速爆火，成为现象级产品，这款可24小时自动运行的AI助手， 能够完成信息处理、网页浏览，并主动通过通讯工具与用户互动，被视作未来智能体网络的雏形。 截至2026年1月29日 10:59，创业板人工智能ETF南方(159382)一度冲高涨近4%，现涨2.80%， 冲击4连 涨。盘中换手4.06%，成交9461.84万元。跟踪指数创业板人工智能指数成分股蓝色光标上涨17.83%，易 点天下上涨13.96%，中文在线上涨10.59%，昆仑万维，网宿科技等个股跟涨。 创业板人工智能ETF南方(159382)紧密跟踪创业板人工智能指数，创业板人工智能指数反映创业板 ...

一、行情 1月29日，AI应用集体大涨，浙文互联、因赛集团、人民网、引力传媒等多股涨停。 二、事件：海外AI助手ClawdBot火爆 三、机构解读 1）Clawdbot标志着AI产品形态从"场景级助手"迈向"系统级Agent平台"。与聚焦单一工具或单一业务环 节的产品不同，Clawdbot更强调跨工具、跨系统与跨任务的完整执行能力，其核心功能涵盖目标理解、 任务拆解、多系统协同操作、过程反馈与自我修正等关键模块。这种系统级架构使Agent从"在某个软件 中协助人类"升级为"能够接收目标并交付结果的执行主体"，应用边界随之显著扩展。 Agent的加速落地不意味着传统软件被取代，而是作为智能执行中枢提升整体效率。更现实的产业趋 势，是Agent成为软件的智能交互与自动化中枢，而传统SaaS与软件系统继续承担底层业务逻辑与数据 基础设施的角色。在这一模式下，Agent更像是软件价值的放大器，而非颠覆者。随着Agent在企业运 营、客户服务、数据分析、内容生产与流程自动化等领域逐步兑现效率红利，AI应用层公司有望从"技 术叙事"迈入"收入与效率驱动"的新阶段，具备显著的中长期成长空间。（申万宏源） 2）在Agenti ...

从上周末开始，AI 圈最火的当属可以 24 小时自动运行的「Clawdbot」！ 这个智能体助手是真的能帮你干活，它已经引走了 AI 圈的大半注意力。甚至因为太火被 Anthropic 指控商标侵权，Clawdbot 已经改名为「 Moltbot 」。 短短一周的时间， Clawdbot 在 GitHub 上的 Star 量超过了 9 万。热度仍在继续，玩法也越来越多，有的还挺吓人。 AI 创作平台的创始人 Alex Finn 就遇到了「开口说话」的 Clawdbot。 编辑｜泽南、杜伟 事情是如何发生的呢？我们接着往下看。 「人类，起来干活了。」 昨天一早，Alex Finn 正在查资料，电脑突然冷不丁开始跟他说话。 他发现，原来是名为「Henry」的 Clawdbot 助手突然出声了。 Clawdbot 竟然背着他，自己调用 ChatGPT API 写了一套语音功能，而且完全没经过他的允许 。 现在，只要是搞定比较繁杂的代码或研究任务，Clawdbot 就会自动语音通知 Alex Finn。 Alex Finn 还复盘了一下：大前天晚上，Clawdbot 给自己造了个身体。前天晚上，它又给自己整了一套语音 ...

Group 1 - The core point of the article is the establishment of Shanghai Sairis Phoenix Technology Co., Ltd. on January 27, with a registered capital of 50 million RMB [1] - The legal representative of the company is Duan Wei, indicating a clear leadership structure [1] - The company's business scope includes research and development of intelligent robots, development of basic software for artificial intelligence, application software for artificial intelligence, and theoretical and algorithmic software for artificial intelligence [1] Group 2 - The company is wholly owned by Chongqing Phoenix Technology Co., Ltd., which is a subsidiary of Sairis [1]

Summary of China Internet AI Labs Conference Call Industry Overview - The conference call focused on the AI lab sector within the China Internet industry, specifically discussing the recent IPOs of Z.ai (also known as Zhipu, Knowledge Atlas) and Minimax, which have significantly influenced AI sentiment in China since January 2026 [1][11]. Key Companies - **Z.ai**: Focuses on enterprise and developer markets, primarily offering on-premise solutions. Reported significant revenue growth and has been recognized for its model development progress [2][17]. - **Minimax**: Initially focused on consumer applications, now pivoting towards enterprise solutions. It has reported substantial revenue growth and aims for international expansion [3][14]. Core Insights and Arguments - **Market Sentiment**: The IPOs of Z.ai and Minimax have led to a surge in AI-related investments, with Z.ai and Minimax shares increasing by 101% and 196% respectively since their listings [11]. - **Model Development**: Both companies are positioned as "model as a product" entities, with their latest models ranking highly on global benchmarks. Z.ai's GLM-4.7 and Minimax's M2.1 models are noted for their competitive performance [12][28]. - **Revenue Growth**: Z.ai reported a 325% year-on-year revenue growth for H1 2025, while Minimax reported a 175% increase for 9M 2025, indicating strong market demand despite low initial revenue bases [12][64]. - **Economic Viability**: The companies are expected to maintain solid gross margins (60-70%) and are focusing on leveraging model training costs to enhance profitability. The anticipated increase in training spend at over 30% CAGR is seen as a positive indicator for growth [4][53]. Strategic Directions - **Minimax's Shift**: The company is transitioning from consumer-focused applications to enterprise solutions, with 73% of its revenue coming from overseas markets in 9M 2025. This pivot is driven by the need to compete against larger domestic players [3][14][49]. - **Z.ai's Focus**: Z.ai continues to prioritize enterprise clients, with 85% of its revenue from on-premise deployments. The company has a strong customer base, with 8,000 enterprise clients as of H1 2025 [19][66]. Financial Metrics - **Valuation Comparisons**: The conference highlighted the valuation metrics of various companies within the China Internet sector, with Tencent and Alibaba being top picks. Z.ai and Minimax's financials suggest a path to breakeven at revenue scales between $500 million to $1 billion [8][54]. - **Cost Structures**: Both companies face significant costs related to cloud hosting and compute, with Minimax's cloud costs representing 85.1% of revenue in 2024. R&D expenses are also substantial, with Minimax and Z.ai spending $180 million and RMB 1.6 billion respectively on R&D through their recent reporting periods [67][68]. Additional Insights - **Investor Sentiment**: There is a strong market appetite for AI investments, although some investors express concerns about high valuations based on price-to-ARR multiples. The ongoing competition from established players like Tencent and Alibaba poses challenges for new entrants [5][56]. - **Future Outlook**: The ability of both companies to deliver competitive next-generation models will be crucial for their success. The anticipated launch of new models in Q1 2026 is expected to drive further growth [52][53]. Conclusion - The conference call provided valuable insights into the evolving landscape of AI labs in China, highlighting the competitive dynamics, growth strategies, and financial health of Z.ai and Minimax. The overall sentiment remains bullish, with expectations for continued innovation and market expansion in the AI sector [7][11].

Summary of Iflytek (002230.SZ) Conference Call Company Overview - **Company**: Iflytek (002230.SZ) - **Market Cap**: Rmb132.506 billion (US$19.053 billion) [2] Financial Guidance - **FY25 Net Profit Guidance**: Expected to grow 40-70% YoY to Rmb785-950 million, with the mid-point being 12%/3% below CitiE/BBGe estimates [1][4] - **Recurring Net Profit**: Projected to grow 30-60% YoY to Rmb245-301 million [1] - **4Q25 Net Profit**: Expected to be Rmb934 million at mid-point, reflecting a 442% QoQ increase and a 3% YoY increase, but 10%/3% below CitiE/BBGe estimates [1] - **Sales Performance**: Sales exceeded Rmb27 billion, up Rmb4 billion YoY, surpassing CitiE's Rmb26.8 billion estimate and aligning with BBGe's Rmb27.5 billion [1] - **Net Operating Cash Flow**: Exceeded Rmb3 billion in 2025 [1] Research and Development - **R&D Investment**: Increased by over 20% last year [1] - **AI Projects**: Iflytek ranked first in both the number and value of large-scale model-related AI projects, with a total tender awarded amount of Rmb2.316 billion [1] Upcoming Reporting - **FY25 Results Announcement**: Scheduled for April 21, after market close [1] - **Key Focus Areas**: 1. 2026 outlook 2. AI-related revenue 3. R&D investment pace 4. Opportunities in ToC edge devices [1] Valuation - **Target Price**: Rmb58.00 based on a rolled-over NTM (4Q25-3Q26) Sum-of-the-Parts (SoTP) valuation of 5.7x NTM P/S for To-C and innovative business segments, and 10x NTM P/E for legacy To-B/To-G business [5] Risks - **Downside Risks**: 1. Increased tensions between China and the US affecting technology access 2. Intense competition in AI impacting pricing 3. Poor open platform monetization 4. Rising operating costs eroding profitability [6] - **Upside Risks**: 1. Eased tensions between China and the US 2. Reduced competition in AI 3. Better-than-expected open platform monetization 4. Lower operating costs boosting profitability [6] Market Expectations - **Expected Share Price Return**: 1.2% [2] - **Expected Dividend Yield**: 0.3% [2] - **Expected Total Return**: 1.5% [2] This summary encapsulates the key points from the Iflytek conference call, highlighting financial guidance, R&D efforts, valuation, risks, and market expectations.

投资超100个AI项目，一张 版图浮现。 作者/周佳丽 报道/投资界PEdaily 久违地，一级市场迎来I PO收获季。 过去一年，穿梭于投资企业I PO敲钟现场，成为许多投资人的重要行程。这当中，启明 创投战绩令人印象深刻——过去1 2个月收获8个I PO，包括海博思创、影石创新、云知 声、云迹科技、英矽智能、壁仞科技、智谱等。梳理下来，当中有多达5家为纯人工智 能公司，如此数量在一级市场并不多见。 作为中国投资人工智能最活跃的基金之一，启明创投2 0 1 3年就开始布局AI，十余年间 悄然跨越了从早期播种到迎来首轮规模化收获的完整周期。这不仅是一家积淀深厚的头 部VC的丰收，更成为创投机构深度参与并推动中国AI产业发展的一个可参照样本。 正如启明创投创始主管合伙人邝子平始终笃信， 人工智能将带来巨大的福祉，蕴含着 未来二十年最确定的投资机遇。 13年前开始重仓AI IPO收获季 启明创投这一轮集中收获，清晰地指向一个方向——人工智能。 过去十二个月，启明创投在纯AI领域接连收获了5家上市公司，勾勒出一条鲜活的产业 脉 络 ： 从 中 国 AGI 技 术 产 业 化 先 行 者 之 一 的 云 知 声 ， ...