在AI科创表演赛上，机器人翻越崎岖高地，操作电箱闸刀，安插火药雷管，甚至还在废墟中成功救出"婴 儿"，展现AI应用的广阔前景。（受访者供图） 深圳商报首席记者 陈小慧 2025年1月20日，全球AI行业迎来"DeepSeek时刻"——深度求索（DeepSeek）发布了人工智能大模型R1，使 得"DeepSeek"这个名字迅速点燃全球科技圈，成为今年极具标志性和里程碑意义的事件。 市场反响来得更直接猛烈。DeepSeek发布后，A股、港股科技板块应声启动一轮价值重估，以AI算力、大模 型、应用开发为核心的产业链公司领涨。2025刚开年不久，AI行业就掀起了一轮热潮。 时间来到年底，AI热度依旧不减。2025年下半年以来，Sora 2、灵光APP、豆包AI手机、蚂蚁阿福APP相继上 线，一个直观的感受是：AI应用APP越来越多了，也越来越能"理解"人了。 今年以来，在AI赛道的"热闹"图景下，也勾勒出一条清晰的变化路径：AI不再仅限于回答问题，还能完成图 片、声音、视频等多模态信息的处理，更能根据动态的现实世界信息，逐渐实现从"意图理解"到"执行服 务"的跨越。 确实更加聪明 "今年开始，AI确实变聪明了。"在互 ...

时至年末， 在移动互联网红利消退的背景下，Al to C已成为互联网巨头们争夺未来生存权的核心战场。 豆包日活破亿的号角刚落，腾讯与阿里便几乎同时吹响了进攻的集结号：腾讯任命首席AI科学家，剑指技术核心；阿里成立千问C端事业群，意在正面战 场。这绝非巧合，更似决战前的指挥官确权和主攻队伍确认。 当对话成为界面，Agent成为服务载体，谁能在明年抢占这个超级入口，谁才拥有留在牌桌上的资格。这不仅是明年的主基调，更将定义未来十年的格 局。 01 双雄变阵：从保守防御到主动合围 腾讯与阿里的同步转向，标志着大厂AI战略的根本性转折——从技术储备的保守观望，转向生态流量的主动出击。为何是此刻？ 从时机上看，大模型技术已夯实，越过了早期探索阶段，进入应用爆发前夜。经过两年多的迭代，无论是阿里的千问还是腾讯的混元等大模型在理解能 力、生成质量及多模态交互方面取得显著进步，为C端应用爆发扫清了障碍。 从竞争格局看，阿里在电商领域的主导地位正面临挑战，抖音电商GMV以30%增速逼近淘天核心板块，每年缩小近9000亿差距的现实，让阿里必须找到 第二增长曲线；而字节系凭借豆包、汽水等产品在C端连环破局，日活破亿的豆包更如一面镜子 ...

12月23日，专注数据技术领域的大数据产业ETF（516700）盘中表现疲软，场内价格现跌0.52%。 成份股方面，启明星辰、国投智能和奇安信表现较为强势，涨幅分别达到2.17%、1.49%和0.98%。另一方面，中科星图、优刻得和四维图新表现较弱，跌幅 分别为3.06%、2.57%和2.0%。 消息面上，摩尔线程于12月20日发布新一代全功能GPU架构"花港"，支持全精度计算并推出高性能AI训推一体芯片，其夸娥万卡智算集群在多项指标上达到 国际主流水平。此外，阿里于12月15日整合C端业务成立"千问C端事业群"，计划将千问APP打造为AI超级应用入口，覆盖多场景智能服务。 财通证券指出，全球大模型正从"快思考"转向"慢思考"，从算力堆砌转向算法与训练范式优化，行业焦点从基准测试迁移到真实场景任务执行。AI正重塑 生产方式，将人类从手工生产推向任务设计者角色。国内厂商通过算法优化与生态整合形成差异化路径，如DeepSeek实现低成本高推理密度，豆包、千问 等通过OS权限与API打通多场景任务链。竞争核心转向思考链深度、行动能力与场景渗透。 【数据安全为王，科技自立自强】 专注数据技术领域的大数据产业ETF（5 ...

Group 1 - The core viewpoint of the news highlights the performance of the big data industry ETF (516700), which showed a decline of 0.52% in intraday trading, while certain constituent stocks like Qimingxingchen, Guotou Intelligent, and Qi Anxin performed strongly with increases of 2.17%, 1.49%, and 0.98% respectively [1] - The article discusses the recent developments in the AI sector, particularly the launch of the new GPU architecture "Huagang" by Moore Threads, which supports full precision computing and high-performance AI training chips, achieving international mainstream levels in several metrics [3] - The focus of the AI industry is shifting from "fast thinking" to "slow thinking," emphasizing algorithm and training paradigm optimization, with a transition from benchmark testing to real-world task execution [3] Group 2 - The big data industry ETF (516700) passively tracks the CSI Big Data Industry Index, heavily investing in sectors such as data centers, cloud computing, and big data processing, with key stocks including Zhongke Shuguang, Keda Xunfei, and Unisplendour [4] - There are three main catalysts for investors interested in the direction of technological self-reliance: the call for "technology to lead," the top-level design of Digital China to activate digital productivity, and the acceleration of the domestic substitution process [4] - The article notes that the trend of "信创" (Xinchuang) is expected to accelerate, indicating a broad outlook for technological self-reliance [4]

蚂蚁集团副总裁、健康事业群总裁张俊杰介绍说，取名"阿福"寓意健康是福，健康的事就找阿福。AQ升级为"蚂蚁阿福"后，它的定位也从医疗AI工具转 向AI健康朋友，聚焦"健康+"战略。 这意味着，阿福不再满足于成为一个仅提供问答或记录功能插件产品，而是试图融入用户健康生活的全流程，构建一个持续交互建立信任与依赖"陪伴平 台"。 12月15日，蚂蚁集团在AI to C上再有新动作：宣布旗下AI健康应用AQ品牌升级为"蚂蚁阿福"；发布新版本蚂蚁阿福APP；升级健康陪伴、健康问答、健 康服务三大功能。 蚂蚁的盘算不是降低用户对其AI能力的预期，也不是稀释AI to C的投入强度，实则也在主动规避一个风险："AI医生"的潜在弊端，要远大于"AI健康朋 友"。 截至目前，阿福APP月活用户已超1500万，跻身国内AI APP前五，第一大健康管理AI APP。 或许是蚂蚁版的"大力出奇迹"引发行业震动，阿福最新品牌形象发布后，社群、朋友圈就被一张梗图刷屏，阿福与"豆包女孩"亲昵的挨在一起，被配 文"豆包和阿福，你俩搞对象呢？" 图注：网络 这张梗图，从表面看，阿福以垂类AI应用的姿态加入AI to C超级入口争夺战，与豆包、D ...

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong performance in social entertainment media and internet healthcare, while noting challenges in e-commerce and short video segments [4][11]. E-commerce - The report indicates a decline in the year-on-year growth rate of physical e-commerce sales as per the National Bureau of Statistics, suggesting a weak overall sales outlook for Q4 [4][15]. - Alibaba's AI application, Qianwen, has integrated with Gaode Map, marking a significant step in its ecosystem [12]. Social Entertainment Media - Bilibili and Tencent's advertising performance continues to outperform the market, with Tencent's gaming fundamentals showing upward momentum [4][16]. - Tencent's new game, "Delta Action," is expected to become a major title alongside "Honor of Kings" and "Peacekeeper Elite" [4][16]. Internet Healthcare - JD Health and Alibaba Health are leveraging their leading platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][16]. Short Video - The report notes a recent decline in stock prices for AI application-related companies due to market sentiment, but maintains a positive outlook on Kuaishou's core business stability [4][16]. IP and Trendy Toys - Pop Mart's new flagship store in Shanghai is expected to enhance interactive space and expand its presence, with new IPs like 1001moons and supertutu being launched [4][16]. Long Video - The report suggests monitoring investment opportunities in iQIYI and Mango TV, as regulatory changes are expected to improve the long video sector's commercial model [4][17]. Music Streaming - TME and NetEase Music reported stable performance in Q3, although concerns about competition have led to a valuation adjustment [4][18]. Gaming Sector - The domestic gaming industry remains highly prosperous, with continued recommendations for leading companies like Tencent and NetEase, and a focus on companies with improving product trends [4][19]. Advertising - Focus Media has shown strong growth in non-recurring revenue, with a significant increase in advertising spending from internet advertisers in Q3 [4][19]. Publishing - Some publishing companies are facing challenges due to negative impacts from educational reforms, leading to delays in revenue recognition [4][19]. Film and Television - The report highlights the potential for recovery in the long video industry, with a focus on companies with strong production capabilities and project pipelines [4][20]. AI Applications - The report emphasizes the importance of AI in various sectors, including advertising and healthcare, suggesting a growing trend towards AI integration in business models [4][20].

Group 1 - Elon Musk publicly criticized nuclear fusion power, stating that building small fusion reactors on Earth is economically foolish, as the sun itself is a massive, free fusion reactor capable of meeting all energy needs in the solar system [2] - Musk plans to deploy 100GW of solar-powered AI satellites annually, which is equivalent to about a quarter of the total electricity consumption of the United States [2] Group 2 - Zhongke Shuguang unveiled the scaleX Wanka supercluster at the HAIC2025 conference, marking the first appearance of a domestic 10,000-card AI cluster system in physical form [3] - Unisoc announced the establishment of a Central Research Institute to focus on new architectures and models for edge AI chips, particularly for applications in autonomous driving and robotics [3] Group 3 - Cambricon announced plans to use 2.778 billion yuan of its capital reserve to cover cumulative losses, with the aim of bringing its negative retained earnings to zero by the end of 2024 [4] Group 4 - MiniMax has passed the Hong Kong Stock Exchange hearing and plans to go public in January 2026, potentially becoming the fastest AI company to IPO globally within four years of its establishment [6] - Zhiyuan Technology has officially passed the Hong Kong Stock Exchange IPO hearing, with CICC as the sole sponsor [6] Group 5 - Tencent has established an AI Infra department to enhance its large model research framework, with Vincesyao appointed as the chief AI scientist [6][7] - The AI Infra department will focus on building technical capabilities for large model training and inference platforms [7] Group 6 - ByteDance is advancing a collaboration with Lenovo to develop AI smartphones, aiming to pre-install AIGC plugins to gain user access [8] - Doubao released version 1.8 of its large model, enhancing its capabilities for multi-modal agent scenarios [9] Group 7 - Qianwen APP has integrated with Alibaba's ecosystem, enabling it to access underlying services like Gaode Map for enhanced geographical understanding [10] - Alibaba launched the new generation of the Wanxiang 2.6 model, which supports role-playing functions for video production [11] Group 8 - Baidu launched the Wenxin Health Manager, positioning it as a 24/7 "all-in-one family doctor" service [14] - The application offers a comprehensive AI health service system covering light symptom consultations and complex disease planning [14] Group 9 - Aishi Technology signed a comprehensive cooperation agreement with Alibaba Cloud to enhance global deployment and compliance capabilities for its video generation model [15] - Xiaomi open-sourced its MiMo-V2-Flash model, which boasts competitive capabilities at a significantly lower inference cost compared to closed-source models [16] Group 10 - Muxi Technology officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 4.197 billion yuan to accelerate the development of "Chinese chips" [17] - The company focuses on high-performance general-purpose GPU products for AI training and inference [17] Group 11 - Meituan released and open-sourced the LongCat-Video-Avatar model, which supports multiple video generation tasks [18] - The model has achieved significant breakthroughs in action realism and video stability [18] Group 12 - Chinese scientists achieved a breakthrough in optical computing chips, enabling large-scale semantic media generation [19][20] - The LightGen chip demonstrates significant improvements in performance and energy efficiency compared to traditional digital chips [20] Group 13 - Baidu's Kunlun chip business is reportedly nearing completion of its restructuring, aiming for a potential listing in Hong Kong [20] - SenseTime's Seko series models have successfully adapted to the domestic AI chip Cambricon [20] Group 14 - Nvidia's CEO revealed that the company has not yet made any payments to OpenAI as part of a planned $100 billion investment [22] - Nvidia launched the Nemotron 3 open-source model series, significantly improving throughput compared to its predecessor [23] Group 15 - OpenAI plans to raise up to $100 billion, potentially valuing the company at $830 billion [24] - The new image model GPT-image-1.5 was launched, enhancing image generation capabilities significantly [25] Group 16 - Intel is in talks to acquire AI chip startup SambaNova for approximately $1.6 billion [30] - Multiple AI companies have recently completed significant funding rounds to support their growth and technology development [31][32][33][34][35][36][37]

阿里巴巴、字节跳动与腾讯，这三家中国互联网的顶级玩家，在2025年走上不同的AI进化之路。 如果说2024年的AI圈还在比拼谁的模型参数更大，那么2025年的战火已经烧到了最显眼的台面上——甚至变成了一场充满了黑色幽默的"梗图战争"。 今天，一张图片在社交媒体流传：在一场疑似"千问全员大会"上，成百上千身穿蓝色马甲的员工，手中正狠狠地啃食着巨大的白色馒头，背景红幅赫然写 着"干死豆包"。 阿里千问团队迅速辟谣，指出这完全是AI生成的假图，并幽默回应："全是错的，Logo不对，工牌也不对。不过欢迎大家多来玩千问APP的生图功能。" 图片来源于：阿里千问公众号 这张由AI生成的荒诞图片，恰恰是当下中国AI战场焦虑与激进并存的生动隐喻：表面上，这是一个AI玩笑；但剥开这层喧嚣的舆论迷雾，基于高盛最新的 研报与各家近期的战略动作，我们看到了一幅更为复杂的图景。 字节跳动：以"流量"突围 图中，字节跳动的"豆包"成为了主角，这并非空穴来风。在C端应用战场，字节跳动确实展现出了流量优势。 根据最新数据，字节跳动的日均Token使用量已突破50万亿，这一数字远超国内同行。旗下的"豆包"稳居国内AI应用活跃度榜首，而在海外， ...

[Table_Page] 深度分析|计算机 证券研究报告 [Table_Title] 计算机行业 GenAI 系列（二十三） 火山多模态和千问高德：硬核能力成生态格局新基石 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-12-19 [Table_PicQuote] 相对市场表现 -20% -11% -2% 6% 15% 24% 12/24 03/25 05/25 07/25 10/25 12/25 计算机 沪深300 | [分析师： Table_Author]刘雪峰 | | | --- | --- | | SAC 执证号：S0260514030002 | | | SFC CE No. BNX004 | | | 021-38003675 | | | gfliuxuefeng@gf.com.cn | | | 分析师： | 周源 | | SAC 执证号：S0260523040001 | | | 0755-23948351 | | | shzhouyuan@gf.com.cn | | | 请注意，周源并非香港证券及期货事务监察委员会的注册 ...

以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 作者： 杨彼得 来源：华商韬略 随后，备受关注的DeepSeek推出新模型，字节豆包不仅对AI助手进行大幅升级，更以系统级服务的方式切入手机生态，直接触碰既有应用与平台 的"操作权边界"…… 年关将近，科技大厂在AI领域集体发力。 一场大厂AI的年末大战，正式打响 。 01 "白热化"冲刺 11月中旬，阿里巴巴和蚂蚁两大集团先后发布了各自的重大AI应用产品。 阿里巴巴正式上线了全新的千问APP，这是一款基于其大模型"通义千问"打造，普遍被视为直指ChatGPT的C端应用级产品。公开报道显示，为了这 个项目，阿里至少抽调了上百名工程师，在杭州总部划出两层办公区秘密开发。 千问A PP 的核心优势在于强大的多语言能力和生活服务整合潜力。上线仅三天，即推出覆盖119种语言的实时翻译功能，几乎涵盖全球98%以上人 口的常用语种，支持文字、图片、同传等四大场景。 蚂蚁发布的"灵光"A PP 则强调"让复杂变简单"的效率理念，它率先在移动端实现"自然语言30秒生成小应用"，并支持编辑、交互和分享，定位为 高效创作工具。 11月中旬，阿里 ...