摘要：商汤正通过优化算力和基础模型缩短回报周期。 1月20日，跨国金融机构高盛发布研报表示，基于商汤-W（00020.HK）广泛的产品覆盖和针对特定行业的定制化解决方案，预计其生成式人工智能收入将 持续增长，因此给予"买入"评级，目标价3.53港元。 高盛给予商汤"买入"评级 图源：高盛 高盛指出，盈利能力仍是人工智能发展的关键，主要通过严格的成本控制和选择性项目实现。研报显示，商汤董事长兼CEO徐立称公司正与教育、金融、 旅游、智能设备等应用场景进行深度融合，通过优化算力、基础模型以及应用生态系统最大限度地提高成本效益比，缩短回报周期。 正如冰淇淋经营者们不会同时在一片海滩上售卖相同口味的冰淇淋，AI行业头部玩家间当下正进行有序的"生态位分化"——有企业深耕B端Maas服务，有 企业主攻C端杀手级应用。商汤则凭借"全栈覆盖+软硬协同"占据了有利生态位。 据该研报，算力方面，徐立表示国产GPU完全可满足计算机视觉人工智能的业务需求；基础模型方面，商汤正通过向多模态基础模型拓展进一步提升终端 应用性能。徐立还称，同时使用真实世界的数据训练基础模型，研发机器人和自动驾驶等应用会为公司带来回报。 | 0020.HK ...

Core Insights - The article emphasizes the strategic decision of SenseTime to build its own computing infrastructure instead of selling to tech giants, which has proven to be a strong asset during the AI industry's value verification phase [4][6]. - SenseTime's refusal to be acquired and its focus on creating AI as a foundational infrastructure rather than a mere plugin for larger companies is highlighted as a key factor in its resilience [4][6]. Group 1: Market Transition - The AI industry is undergoing a significant market logic shift, moving from a phase where capital was willing to pay premiums for technology concepts to a phase focused on value verification and stable cash flows [6][8]. - SenseTime's strong performance amidst this transition serves as a testament to its strategic foresight and comprehensive layout in the AI sector [6][8]. Group 2: Financial Performance - By mid-2025, SenseTime's revenue from generative AI has significantly increased to 77%, indicating a successful transition from traditional business models [11]. - As of mid-2025, SenseTime's cash reserves reached 13.16 billion yuan, showcasing a robust financial position that supports its growth and risk mitigation strategies [12]. Group 3: Infrastructure Development - SenseTime began investing in its computing infrastructure as early as 2018, recognizing the need for AI-specific cloud services, which were scarce at the time [14][16]. - By August 2025, SenseTime's operational computing power reached approximately 25,000 PetaFLOPS, with ongoing expansion of its Shanghai Lingang AI Data Center [16]. Group 4: Competitive Positioning - SenseTime's strategy of building a comprehensive technology base allows it to avoid being trapped in low-end markets and instead pursue high-value growth opportunities [17]. - The company's dual approach of serving both B2B and B2C markets positions it favorably against competitors, with a more reasonable valuation compared to other tech firms [22]. Group 5: Long-term Strategy - SenseTime's commitment to building a solid technological foundation has enabled it to extend its growth curves and avoid the pitfalls of price wars in the AI sector [17][21]. - The company's focus on creating a "big device + big model + application" strategic triangle is crucial for its long-term success and market differentiation [17].

Core Insights - SenseTime is actively enhancing its AI product offerings, including various intelligent agents tailored for different scenarios such as short drama creation and e-commerce marketing [2] - The company emphasizes user value by integrating AI into real-world applications, driving innovation through original technological advancements, and building a domestic AI ecosystem centered around its self-developed models [2] - SenseTime is positioning itself as a "connector" and "catalyst" within the domestic AI industry, facilitating a shift from passive technology adaptation to proactive ecosystem collaboration [2] Group 1: Product Development and Innovation - SenseTime has launched several intelligent agents, including "Seko" for short drama creation and "Xiao Huan Xiong" for office scenarios, showcasing its commitment to real-world applications [2] - The company has achieved comprehensive adaptation with all domestic chip manufacturers, including major players like Huawei and Cambricon, enhancing its product capabilities [3] - The release of the Seko 2.0 model marks a significant advancement in multi-modal AI capabilities, demonstrating the integration of domestic AI chips into core applications [4] Group 2: Ecosystem and Collaboration - SenseTime has established a comprehensive adaptation system with domestic chip manufacturers, covering all layers from models to infrastructure, which enhances collaboration and innovation [4][5] - The partnership with Moer Technology exemplifies a closed-loop cooperation mechanism that optimizes demand and supply in AI computing, improving market competitiveness [5] - The collaboration with multiple domestic AI chip companies aims to overcome critical technological challenges, ensuring a self-controlled AI computing environment in China [6] Group 3: Strategic Positioning and Market Impact - SenseTime's strategy of deep collaboration with domestic chip manufacturers creates an "ecological moat," positioning the company as a key organizer and connector within the domestic AI ecosystem [6] - By providing a fully domestic solution, SenseTime addresses the highest data security and supply chain safety requirements for critical sectors like finance and government [6] - The company's approach to running demanding AI models on domestic chips serves as a rigorous test for these chips, fostering their growth and accelerating the maturity of the domestic AI computing foundation [7]

Core Insights - The current technological routes in embodied intelligence, particularly the VLA model, have significant flaws in understanding the physical world and its laws [4][11] - Many companies are developing embodiments, but there is a lack of products that can truly understand the world and solve real problems [5] - In 2025, the domestic market is expected to see a surge in instant retail warehousing applications, which require 24/7 service, presenting an opportunity for robots to excel [5] Group 1: Company Strategy - The CEO of DaXiao Robotics, Wang Xiaogang, emphasizes a restrained approach by not entering the crowded embodiment market or betting on VLA, but instead focusing on the world model as a consensus direction in the industry [6][8] - DaXiao Robotics aims to integrate soft and hard solutions, addressing the shortcomings of existing technology routes, particularly the VLA model, which does not require a true understanding of the physical world [11][12] - The company’s world model consists of three parts: multi-modal understanding, long-term dynamic interaction scenes, and predictive capabilities, which are essential for the core of their technology [13] Group 2: Market Position and Opportunities - The industry is still maturing, and the head positioning has not been completed, with significant opportunities for new startups due to existing technological flaws [17] - The company sees a unique opportunity in the integration of hardware and software, leveraging its extensive client base from previous years to achieve rapid scaling in the robotics field [18] - Short-term goals include deploying four-legged robotic dogs with navigation and AI capabilities, while mid-term focus will be on commercial service scenarios like flash purchase warehouses [19] Group 3: Technological Differentiation - The ACE research paradigm proposed by DaXiao Robotics is seen as a revolutionary change that could provide a competitive edge in the market [18] - The world model approach is believed to be more adaptable and capable of covering a wider range of scenarios compared to VLA, which is limited by its embodiment [21] - The company plans to open-source its model to gather diverse feedback and data, differentiating its development path from other countries [22]

Group 1 - The core focus of the article is the unveiling of "Daxiao Robot" by SenseTime, a leading AI company, which presented a "super brain module" instead of traditional robotic products [1] - The launch of Daxiao Robot occurred towards the end of 2025, indicating a strategic timing for the introduction of advanced AI technology [1] - The presentation did not include specific industrial or household product solutions, highlighting a shift in focus towards AI capabilities rather than physical robots [1]

Core Insights - SenseTime's stock price experienced a significant increase, with a peak rise of over 8.5%, reaching HKD 2.04, driven by recent technological advancements and product innovations in AI [1] - The company launched several new AI-based products during its product release week, including the first integrated creative multi-episode generation AI agent "Seko 2.0" and the first native AI office assistant "Xiao Huan Xiong 3.0" [1] - SenseTime achieved a milestone in adapting its self-developed models to domestic chips, with a strategic partnership established with companies like Zhongke Shuguang and Daxiao for deep integration of its large models [1] Product Innovations - New AI products introduced include the "Ruying" marketing AI engine, "Daxiao Robot" for embodied intelligence, "Kapi Camera" AI photo assistant, and a new generation AI financial assistant "Kapi Accounting" [1] - The SenseCore device has completed full adaptation with mainstream domestic AI chips, including Huawei Ascend, Cambricon, and others, enhancing operational efficiency [2] Strategic Collaborations - SenseTime has established a joint optimization mechanism with chip manufacturers to significantly improve operational efficiency on domestic chips [2] - The company is positioned for potential valuation recovery as product deployment progresses and industry demand increases [2]

Core Viewpoint - The significant stock price increase of SenseTime-W (00020) is attributed to recent technological advancements and product launches that enhance practical applications of AI, demonstrating a shift towards utilitarianism in AI commercialization [1] Group 1: Product Innovations - SenseTime has launched several AI-based products during its product release week, including the first integrated creative multi-episode generation AI "Seko 2.0," the first native AI office assistant "Xiao Huan Xiong 3.0," and a new generation e-commerce AI growth engine "Ruying" marketing assistant [1] - Additional products include the "Daxiao Robot" for embodied intelligence, the new AI financial assistant "Kapi Accounting," and the AI photo assistant "Kapi Camera," which has topped app store rankings in multiple countries [1] Group 2: Chip Adaptation and Collaborations - SenseTime has achieved significant milestones in adapting its products to domestic chips, with the announcement from Cambrian on December 15 that it has completed adaptation for SenseTime's self-developed Seko series models [1] - The company has established strategic partnerships with organizations like Inspur and Daxiao to ensure deep adaptation of its large models with products like Inspur's scaleX supercomputing cluster [1] - SenseCore, SenseTime's large device, has completed full adaptation with mainstream domestic AI chips, including Huawei Ascend, Cambrian, and others, enhancing operational efficiency through a joint optimization mechanism with chip manufacturers [2] Group 3: Future Outlook - As the company continues to advance product deployment and industry demand increases, there is potential for ongoing valuation recovery [2]

Core Insights - SenseTime's Xiaodao Robot is set to debut by the end of 2025, focusing on ecosystem collaboration within the AI industry chain, unlike its peers [1] - The company emphasizes a human-centered approach to address real-world needs with integrated hardware and software products [1] - The transition to embodied intelligence requires a fundamental paradigm shift in data collection and model training due to a significant data volume gap [1][2] Data and Technology - The ACE embodied research paradigm allows for the collection of tens of millions of hours of data annually, significantly enhancing the value of real data [2] - Current embodied intelligence data is limited to 100,000 hours, while Tesla's FSD V14 achieves a training equivalent to 400 million hours of human driving experience daily [1] - The ACE paradigm utilizes environmental data collection through multi-modal devices, providing comprehensive data support for model training [4] Industry Trends - The global humanoid robot market is projected to reach 6 million units sold by 2035, with a market size exceeding $120 billion, potentially rising to $260 billion in optimistic scenarios [6] - Investment institutions are increasingly focusing on the humanoid robotics sector, anticipating a shift towards mass production and diverse business models [6] Challenges and Solutions - The current data collection methods are costly and inefficient, leading to a lack of general cognitive and adaptive capabilities in robots [4] - The industry consensus is that the true value of robots lies in their ability to solve real-world application challenges rather than their physical form [5] - Key obstacles to large-scale deployment include the need for improved data protection and the replicability of industrial applications [6] Cost Reduction and Future Outlook - Key components like planetary roller screws and six-dimensional torque sensors account for about 40% of total costs, with potential reductions of 70% to 80% as domestic supply chains mature [7] - Breakthroughs in AI chips, battery management, and thermal management are expected to take 5 to 10 years, impacting overall cost structures [7] - As costs decrease, humanoid robots may surpass human labor in investment returns, marking a critical point for large-scale replacement of human workers [7]

Core Insights - SenseTime's Xiaodao Robot emphasizes ecological collaboration within the AI industry chain, focusing on human-centered solutions that address real-world needs [2][3] - The company aims to leverage breakthrough technologies like ACE embodied research paradigm and Enlightenment World Model to scale embodied intelligence commercially [2][3] Data and Technology - The transition to embodied intelligence faces a significant data gap, with current real machine data in the field only amounting to 100,000 hours compared to Tesla's FSD V14 training equivalent to 400 million hours of human driving experience [2] - The ACE paradigm allows for the collection of over 10 million hours of data annually, enhancing the value of real data to achieve a scale of over 100 million hours [3] Industry Trends - The global humanoid robot market is projected to reach 6 million units sold and a market size exceeding $120 billion by 2035, with optimistic scenarios suggesting sales could surpass 10 million units and a market size of $260 billion [11] - The industry consensus is that the true value of robots lies in their ability to solve practical problems in real-world applications rather than their physical form [8] Challenges and Opportunities - The key obstacles to scaling embodied intelligence include high data collection costs and the inefficiency of current data acquisition methods, which are often tied to specific hardware [7] - The cost of critical components, such as planetary roller screws and six-dimensional torque sensors, constitutes about 40% of the total cost, with potential reductions of 70% to 80% as domestic supply chains mature [13][14] Future Outlook - The next two to three years are expected to see significant advancements in industrial applications, particularly in areas like front warehouses and flash purchase warehouses, which could lead to large-scale deployment [13] - Breakthroughs in AI chips, battery technology, and thermal management are anticipated to take 5 to 10 years, impacting the overall cost structure and feasibility of humanoid robots [14]

Group 1 - The core announcement from SenseTime is the placement of 1.75 billion new Class B shares, expected to raise approximately HKD 3.15 billion, reflecting strong institutional confidence in the company's long-term value and growth prospects [1] - The proceeds from the share placement will be used to enhance SenseTime's leading position in the full-stack AI sector, including the development of an industry-leading AI cloud and expansion of its AI infrastructure [1] - The funds will also support research and development in generative AI and the commercialization of products derived from multi-modal large models, as well as exploring AI applications in various verticals such as finance and education [1] Group 2 - SenseTime has made significant breakthroughs in product ecosystem co-construction, launching multiple applications based on its multi-modal large model since the start of the "SenseTime Product Release Week" on December 15 [2] - New products include the industry's first integrated creative and multi-episode generation intelligent agent Seko 2.0, which is compatible with domestic AI chips from Cambrian [2] - Additional products such as the AI office assistant Xiaohuanxiong 3.0 and marketing intelligent agent Ruying, along with innovative robots and the Kapi family, showcase SenseTime's ongoing leadership in integrating AI technology with practical applications [2]