Core Viewpoint - The recent IPOs of five AI companies in Shanghai highlight the city's rapid development in the AI sector, showcasing a robust innovation ecosystem from foundational computing power to advanced AI applications [1][10]. Group 1: Recent IPOs and Market Performance - MiniMax, a company that has been established for less than four years, successfully listed on the Hong Kong Stock Exchange, demonstrating strong stock performance on its debut [1]. - The recent IPOs include MiniMax, TianShu ZhiXin, and BiRan Technology, marking a significant moment for Shanghai's AI industry with five companies going public within a month [1][2]. Group 2: Industry Landscape and Growth - The companies listed represent a vertical cross-section of Shanghai's AI technology industry, with a focus on foundational computing power, particularly in the GPU sector [2]. - TianShu ZhiXin is noted for being the first domestic company to develop general-purpose GPUs, supporting over 450 AI models across various critical industries [2]. Group 3: Innovation Ecosystem - Shanghai's integrated circuit industry is projected to generate over 460 billion yuan by 2025, doubling its revenue in five years, with over 1,200 integrated circuit companies established [2]. - The city is fostering a high-density innovation community, particularly in the Caohejing Development Zone, which provides resources and subsidies to support AI companies [5][6]. Group 4: AI Applications and Advancements - MiniMax has achieved a record for the shortest time from establishment to IPO in the AI sector, reflecting its rapid development in multimodal models [3]. - AI is penetrating various fields, with companies like YingSi Intelligent transforming traditional pharmaceutical development timelines from an average of 4.5 years to just 12-18 months for clinical candidate nominations [3]. Group 5: Future Development and Talent Cultivation - Shanghai is focusing on nurturing talent through innovative educational institutions like the Chuangzhi Academy, which has already incubated 17 companies with a total valuation exceeding 2 billion yuan [8]. - The city is implementing a "Hundred Teams, Hundred Projects" initiative to foster collaboration between industry and academia, aiming to solve real-world problems with AI technology [9].

今日（1月9日），上海大模型独角兽MiniMax稀宇科技在港股挂牌上市，开盘后股价迅速冲高,一度涨超80%,市值破900亿港元。 截至上午收盘，股价涨超 78%，市值达898亿港元。 上海市人工智能行业协会秘书长钟俊浩向《科创板日报》记者表示，AI生态链企业上市潮的出现，背后反映出融资结构、商业模式和全球竞争格局的深 刻变化，也折射出上海在孵化科技初创企业方面的系统性优势。"换言之，企业能够在同一时间段集中迈入资本市场，并非偶然，而是上海创新生态成熟 度的集中体现"。 最新的数据也印证了这一趋势。 2025年前三季度上海394家规上人工智能企业营收4354.92亿元，同比增长39.6%，利润总额407.81亿元，同比增长11.4%。预计全年规上人工智 能产业规模超5500亿元，增速超30%。 沪产大模型进入丰产期 MiniMax创始人闫俊杰，出生于河南，他从中国科学院自动化研究所博士毕业后，继续在清华大学计算机系从事博士后研究。博士期间，闫俊杰加入商汤 科技，曾任商汤集团副总裁、研究院副院长和智慧城市事业群CTO。 在此之前，天数智芯、沐曦股份、壁仞科技等上海AI芯片龙头相继登陆资本市场。 位于上海徐汇的模速 ...

岁末年初，上海人工智能领域的企业上市潮持续翻腾。 1月9日，MiniMax（稀宇科技）正式登陆港股资本市场。早盘高开一度涨超50%，市值破763亿港元， 成史上IPO规模最大的AI大模型公司。一天前，天数智芯正式登陆香港联交所主板，上市首日股价高开 31.54%。一周前，壁仞科技在港交所上市，成为港股"国产GPU第一股"。算上2025年12月中下旬先后上 市的沐曦股份和英矽智能，近一个月内上海五家AI企业接连上市。 而面对如此浪潮，要找寻牵动它的引力所在，目光或许可以投向一年前。 2024年末，上海正式发布《关于人工智能"模塑申城"的实施方案》。这一方案提出了关于世界级人工智 能产业生态的构想，并从基础底座、关键生产力工具、重点垂直领域、创新应用生态等方面全方位地进 行了布局。 在人工智能的产业赛道上，"模塑申城"正如其名，是一个面向全城的智能生态布局。企业在新兴赛道上 快速起跑、飞跃，背后有政策的托举，这是上海的"战略敏捷"。在研发难度大、周期长、投入高的领域 上，上海的"战略定力"也给予足够的支撑，等一朵花开。 这是上海长期以来在人工智能产业的落子，如今正凝聚为一副覆盖全域且支撑AI的"钢筋铁骨"。 视觉 ...

Core Insights - Shanghai has achieved a record of "five AI companies listed in one month," indicating that the AI industry in Shanghai is entering a "harvest period" [1] - The five listed AI companies possess high technological content, reflecting Shanghai's comprehensive industrial chain from algorithms to applications, unlike other cities that focus on single breakthroughs [1][2] - Shanghai is home to a significant concentration of AI talent, with 250,000 AI professionals, accounting for one-third of the national total [2] AI Industry Growth - By 2025, Shanghai's AI industry is expected to exceed 550 billion yuan in scale, with a growth rate of over 30% [2] - In the first three quarters of 2025, 394 large-scale enterprises in Shanghai reported revenues of 435.49 billion yuan, a year-on-year increase of 39.6% [2] - MiniMax, a local AI company, has achieved rapid growth, with 2.12 billion personal users and a monthly active user count of 27.6 million by September 2025 [4] Technological Advancements - Shanghai has established a development pattern of "1 open-source base model + 3 commercial base models + N innovative models" in model algorithm innovation [4] - The city is focusing on the development of large models, with significant advancements in multi-modal scientific models that outperform leading closed-source models [4] - Companies like MiniMax and SenseTime are leading in the development of advanced models, with MiniMax's model achieving code generation speeds twice that of competitors at a fraction of the cost [4] GPU and Semiconductor Industry - Shanghai is recognized as China's "GPU capital," with four major GPU companies successfully listed, contributing to the city's robust semiconductor industry [5][7] - The city has a well-established integrated circuit industry, ranking fourth globally and first in mainland China, supporting the AI industry's growth [7][8] - The local government provides substantial financial support for the semiconductor sector, enhancing the overall ecosystem [7] Robotics and Physical AI - Shanghai is making strides in humanoid robotics, with companies like Zhiyuan Robotics achieving significant production milestones [9][11] - The city is leveraging its strong supply chain in the Yangtze River Delta to support the rapid scaling of humanoid robot production [11][12] - Recent technological breakthroughs in humanoid robots and related components are driving the industry forward, with a focus on enhancing training facilities and data collection standards [12]

Core Viewpoint - Shanghai's AI industry is entering a "harvest period" with five AI companies listed in one month, indicating a robust ecosystem that integrates hardware, software, and applications, unlike other cities that focus on singular breakthroughs [3][4]. Group 1: AI Industry Growth - In the past 30 days, five AI companies from Shanghai have gone public, showcasing a unique "listing wave" that reflects the city's comprehensive AI industry chain [3]. - Shanghai is building a complete ecosystem from "brain" (computational algorithms) to "blood" (data) and "limbs" (embodied intelligence), which is not seen in other cities [3][4]. - The AI industry in Shanghai is projected to exceed 550 billion yuan in scale by 2025, with a growth rate of over 30% [5]. Group 2: Major AI Companies - MiniMax, established in early 2022, is a representative of Shanghai's local AI model companies, achieving the fastest IPO globally with a workforce where 73.8% are R&D personnel [5][6]. - MiniMax's model, MiniMax-M2, has a code generation speed twice that of its U.S. counterpart Claude, at only 8% of the cost, demonstrating significant efficiency [5][6]. - By September 2025, MiniMax had 212 million personal users, with 73.1% of its revenue coming from overseas, highlighting its global expansion [6][8]. Group 3: GPU and Computational Power - Shanghai is recognized as China's "GPU capital," with four major GPU companies successfully listed, indicating a strong foundation for AI technology [10][12]. - The local integrated circuit industry has been developing for decades, positioning Shanghai as a leader in the global semiconductor landscape [12][13]. - The city has established a complete integrated circuit industry chain, fostering numerous leading enterprises across various segments [13]. Group 4: Embodied Intelligence and Robotics - Human-shaped robots are seen as the ideal carriers for embodied intelligence, with significant milestones achieved in mass production [15][17]. - Shanghai's local robotics companies are rapidly scaling up production, with plans for substantial increases in output capacity [17][18]. - The city is enhancing its embodied intelligence training facilities and supporting the establishment of unified training standards across regions [18][19].

Group 1 - Shanghai is building a complete AI ecosystem, unlike other cities that focus on single breakthroughs, with five AI companies listed in one month, indicating the industry is entering a "harvest period" [1] - The five listed AI companies in Shanghai, including MiniMax, have high technological content, supported by a comprehensive industrial chain that includes hardware, software, algorithms, and applications [1][2] - By 2025, Shanghai's AI industry is expected to exceed 550 billion yuan in scale, with a growth rate of over 30%, reflecting significant revenue and profit increases among major enterprises [2] Group 2 - MiniMax, established in early 2022, is a representative of Shanghai's local AI model companies, achieving the fastest IPO globally, with a high proportion of R&D personnel [3] - MiniMax's model, MiniMax-M2, has a code generation speed twice that of its competitors at a fraction of the cost, showcasing its efficiency [3][6] - Shanghai has developed a model algorithm innovation system with a structure of "1 open-source base model + 3 commercial base models + N innovative models" [6] Group 3 - Shanghai is recognized as China's "GPU capital," with four major GPU companies listed, indicating a robust foundation for AI technology [7][11] - The integrated circuit industry in Shanghai has been developing for decades, ranking fourth globally and first in mainland China, supporting the AI industry's growth [7][11] - The city has established a complete integrated circuit industry chain, fostering leading enterprises in various segments, including chip design and manufacturing [11] Group 4 - Human-shaped robots are seen as the ideal carriers for embodied intelligence, with significant production milestones achieved by local companies [12][14] - Shanghai's robot companies have rapidly scaled production, supported by a well-established supply chain in the Yangtze River Delta region [14][15] - The city is enhancing the effectiveness of embodied intelligence training facilities and building a high-quality data set for training [15]

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]

| 销门则 | | | --- | --- | | | K | | 时间 | 事项 | | 周一 12/15 | 国家统计局发布11月国民经济运行数据 | | | 国家统计局公布70城住宅销售价格月度报告 | | | 央行开展6000亿元买断式逆回购操作,期限为6个 | | | 深证成指、创业板指、深证100、创业板50等 | | | 深市指数定期调整正式实施 | | | 北证指数样本股定期调整生效 | | | 2025中国汽车软件大会(上海, 12/15-12/16) | | | 世界旅游经济论坛2025年峰会(哈尔滨, 12/15-12/ | | | 【新股申购】 健信超导 | | 周二 12/16 | 美国11月失业率、11月季调后非农就业人口 | | | 恒生港股通软件及半导体指数更名，剔除中芯国际、华虹半 | | | 2025两岸企业家峰会年会 (南京, 12/16-12/17) | | | 【新股申购】江天科技 | | | 海南自贸港正式启动全岛封关运作 美国11月CPI | | --- | --- | | | 欧洲央行、英国央行公布利率决议 | | 周四 12/18 | 火山引擎FORCE原动力 ...

Core Insights - Jinqiu Fund has completed an investment in Manifold AI, focusing on world models and embodied intelligence, with a total of over 100 million yuan raised in two funding rounds [2][4] - Jinqiu Fund emphasizes a long-term investment philosophy, seeking groundbreaking technologies and innovative business models in the field of general artificial intelligence [3][16] Investment Overview - The recent angel round of financing for Manifold AI was led by Jinqiu Fund, with participation from co-investors including Chuangweiye and existing shareholder Inno Angel Fund [4] - The seed round was led by Inno Angel Fund, with follow-on investment from the Waterwood Tsinghua Alumni Seed Fund [4] Technological Focus - Manifold AI's original embodied world model technology aims to drive the large-scale deployment of robotic brains, addressing the challenges of diverse bodies, limited data, and fragmented applications in general robotics [6][16] - The company utilizes a World Model Action (WMA) approach, leveraging vast amounts of ego-centric video data for pre-training, which is expected to enhance physical space intelligence emergence [10][16] Industry Context - The rapid evolution of robotics and the need for autonomous operational capabilities are critical for large-scale implementation [6] - The shift in technology strategies by companies like Tesla and Figure AI towards using extensive ego-centric video data for training reflects a broader trend in the industry [6][7] Team and Leadership - Manifold AI's core team is based in Beijing, with members having backgrounds in robotics and large models, and experience in developing AI products with millions of users [12] - The founder and CEO, Dr. Wu Wei, has extensive management experience and previously led the development of the world model at SenseTime [13][16] Future Outlook - Jinqiu Fund anticipates exploring the next generation of embodied intelligent world models in collaboration with Manifold AI, as the industry moves towards a deeper understanding of machine interaction with the world [17]

Core Insights - SenseTime has launched the Riri Xin V6.5 multimodal model, which is the first commercial-grade model in China to achieve "image-text interleaved thinking chain" technology [2] - The development of multimodal intelligence is essential for achieving Artificial General Intelligence (AGI), as it allows for the integration of various forms of information processing, similar to human sensory perception [4][5] - SenseTime's approach to building multimodal intelligence involves a progressive evolution through four key breakthroughs, culminating in the integration of digital and physical spaces [5][12] Multimodal Intelligence and AGI - Multimodal intelligence is seen as a necessary pathway to AGI, as it enables autonomous interaction with the external world beyond just language [4] - The ability to process and analyze different modalities of information is crucial for practical applications and achieving comprehensive value [4] Development Pathway - SenseTime's development strategy includes the early introduction of multimodal models and significant advancements in multimodal reasoning capabilities [5][8] - The company has achieved a significant milestone by completing the training of a billion-parameter multimodal model, which ranks first in domestic evaluations [8] Native Multimodal Training - SenseTime has opted for native multimodal training, which integrates multiple modalities from the pre-training phase, as opposed to the more common adaptive training method [7][9] - This approach allows for a deeper understanding of the relationships between language and visual modalities, leading to a more cohesive model [7] Model Architecture and Efficiency - The architecture of the Riri Xin 6.5 model has been optimized for efficiency, allowing for better processing of high-resolution images and long videos, achieving over three times the efficiency compared to previous models [11] - The design philosophy emphasizes the distinction between visual perception and language processing, leading to a more effective model structure [11] Challenges and Solutions in Embodied Intelligence - Transitioning AI from digital to physical spaces requires addressing interaction learning efficiency, which is facilitated by a virtual system that simulates real-world interactions [12] - SenseTime's "world model" leverages extensive data to enhance the simulation and generation capabilities, improving the training of intelligent driving systems [12] Balancing Technology and Commercialization - SenseTime views the pursuit of AGI as a long-term endeavor that requires a balance between technological breakthroughs and commercial viability [13] - The company has established a three-pronged strategy focusing on infrastructure, models, and applications to create a positive feedback loop between technology and business [13][14] Recent Achievements - Over the past year, SenseTime has made significant progress in its foundational technology, achieving innovations such as native fusion training and multimodal reinforcement learning [14] - The commercial landscape is rapidly expanding, with AI performance leading to increased deployment in various intelligent hardware and robotics applications [14]