在过去的2025年，中国AI在世界上的地位突飞猛进，豆包、Kimi、DeepSeek等诸多大模型的名字闪耀 海内外。记者注意到，大部分知名国产大模型的研发团队均设置在北京，从中关村到五道口，从花园北 路到蓟门桥，一条条看似普通的街道，却勾勒出了中国AI产业最具活力的核心版图。 （来源：千龙网） "全球的信息扑面而来，每天都要接收大量的信息并深入思考，不管是工作量还是思考量，比一年以前 都翻了两倍以上，但随着行业发展，现在我不会刻意纠结是否在'上班'，而是觉得作为行业一分子，理 应多做点事。"晚上十点，北京一些聚集大量科技公司的写字楼依旧灯火通明，一名从事大模型技术研 发工作的AI初创公司员工刚刚下班。谈起过去一年的工作感受，她这样告诉新京报记者。 "北京无疑是科技公司最佳的创业沃土。这里人才优势突出，有大量可用高端、跨学科技术人才，聚集 了大量科研和产业资源，能帮助企业快速实现技术落地与验证。还有完善的人工智能自主生态系统，便 于企业与各类产业伙伴协同创新，彻底避免闭门造车的困境。更重要的是，北京市政府对科技前沿的认 知足够深入，沟通效率高，也愿意对长期投入和早期创业项目给予有力支持。"光轮智能联合创始人、 ...

Core Insights - The "AI New Year First Meeting" was held in Beijing on January 5, focusing on the construction of the 2026 Beijing Artificial Intelligence Innovation High Ground [5][18] - Beijing has rapidly advanced its position in the global AI landscape, with numerous prominent AI models emerging from the city [4][8] - The city is recognized as a fertile ground for tech startups due to its talent pool, research resources, and supportive government policies [4][11][18] Group 1: AI Development and Innovation - The Beijing Academy of Artificial Intelligence officially released the "Zhongzhi FlagOS 1.6," a software stack aimed at solving compatibility issues for training large models across different AI chips [5] - Beijing's AI research output is significant, with 7,340.3 adjusted papers and an AI index of 402.59, placing it first globally [8] - The city has transformed from a "follower" to a core source of AI research and innovation [8] Group 2: Talent and Ecosystem - The concentration of high-end, interdisciplinary talent in Beijing is a key factor driving innovation in the AI sector [4][11] - The presence of major universities like Tsinghua University facilitates a strong academic atmosphere, fostering a culture of innovation among young researchers [6][11] - Companies in Beijing benefit from a well-established AI ecosystem that encourages collaboration and avoids isolated development [11][12] Group 3: Government Support and Policy - The Beijing government demonstrates a deep understanding of technological frontiers, providing strong support for long-term investments and early-stage startups [18][19] - The city is developing multiple innovation districts, including the Haidian Original Community, to enhance its AI industry landscape [18][20] - Beijing's development strategy emphasizes a "one committee, one industry, one area, one product" approach to foster AI integration across various sectors [19] Group 4: Industry Growth and Future Prospects - By 2025, Beijing's core AI industry is projected to reach a scale of 450 billion yuan, with over 2,500 companies established [16] - The city is expected to continue leading in AI innovation, contributing to various sectors such as healthcare, governance, and industry [22][23] - The narrative of Beijing's AI development reflects China's commitment to technological self-reliance and innovation [22][23]

人工智能行业是典型的人才密集型行业，顶尖人才已成为决定竞争成败的核心资源。而在城市间人工智能的产业竞争中，人才优势同样至关重要。据了解， 北京在人工智能产业的人才资源方面有明显优势：北京入围AI2000全球最具影响力学者榜单的有148人，占全国超40%；AI学者总量达1.5万人，占全国 30%。 21世纪经济报道记者周慧 北京报道 1月5日，北京新年AI的"第一会"在海淀召开。 在这场2026北京人工智能创新高地建设推进会上，以"智启新元"为主题，发布了《北京人工智能创新高地建设行动计划》。 北京明确提出一系列人工智能发展的"硬指标"：计划用两年左右时间，实现人工智能基础理论和核心技术原创能力大幅提升，涌现更多首创成果，人工智能 核心产业规模突破万亿元，成为全球人工智能创新高地。 该行动计划覆盖涵盖技术攻关、算力生态、数据供给、产业应用等全链条关键环节，也提出核心产业规模等一系列量化目标。 近一年来，资本市场持续聚焦科技主线，从年初的机器人、大模型，到近期备受关注的"国产GPU第一股"摩尔线程，再到即将成为"大模型第一股"的智谱 AI——这些热点均与北京海淀密切相关。作为全国科技人才资源最为集聚的区域之一，海 ...

Strategy - The year 2025 marks a watershed moment for Chinese and American technology stocks, with Chinese tech stocks showing a significant increase compared to their American counterparts, driven by "hard technology" and domestic substitution [12][15][19] - The overall performance of Chinese tech stocks includes a 49.6% increase in the ChiNext Index, a 46.3% increase in the Sci-Tech Innovation Board Index, and a 23.5% increase in the Hang Seng Tech Index, outperforming the Nasdaq's 20.4% increase [12][15] - The market is increasingly cautious about the high concentration of profits among a few tech giants in the US, as evidenced by the performance of the "MAG 7" stocks [19][24] Electronics - The scaling law remains effective, with the introduction of multimodal and agent models expected to accelerate AI computing demand [35] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature, with capacity release and product structure optimization driving non-linear performance improvements [35] - Recommended stocks in this sector include Jingwang Electronics, Shenzhen South Circuit, Dongshan Precision, Huitian Technology, and others [35] Computer - The inference and agent ecosystem is experiencing a comprehensive explosion, with global models gradually entering a commercial closed loop [36] - Significant events include OpenAI's partnership with Disney for the Sora model and the planned IPO of Zhipu AI, which aims to be the first publicly listed company focused on general artificial intelligence [36][37] - The release of OpenAI's GPT-5.2-Codex marks a new benchmark for AI programming capabilities [36] Media - The capitalization progress of the AI industry chain is ongoing, which is expected to boost sentiment in the internet and AI sectors [37] - Notable acquisitions include Meta's purchase of the AI agent application Manus, which has achieved an ARR of over $100 million [37] - The valuation of global AI applications is expanding, with OpenAI's ARR projected to reach $20 billion and a valuation exceeding $500 billion [37] Humanoid Robots - The humanoid robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components or specific solutions likely to benefit [38] - The market's aesthetic preferences prioritize incremental components and Tesla-related supply chains, indicating potential investment opportunities [38] - Recommended stocks include Xinjie Electric, Huichuan Technology, and Hengli Hydraulic [38] Automotive - The 2026 automotive subsidy policy is expected to lead to an early rebound in the automotive sector, with retail sales projected to grow by 2% and electric vehicle sales by 11% [39] - The shift from fixed subsidies to percentage-based subsidies is anticipated to favor higher-priced vehicles [39] - Recommended stocks include Geely Automobile and BYD, with a focus on the intelligent driving sector [39]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market by more than 5% in the next six months [5]. Core Insights - The AI film industry is entering a phase of large-scale implementation driven by technological convergence and policy support, with significant demand for cost reduction and efficiency improvements in the film sector [8]. - AI technology is deeply penetrating the entire film production process, leading to dual breakthroughs in cost reduction and content innovation [8]. - The industry faces both opportunities and challenges, with a need for sustainable development amidst the release of industrial value [8]. - A competitive landscape has emerged with multiple strong players focusing on technology, content, and ecosystem integration [8]. Summary by Sections A. Technological Path Convergence and Policy Support - AI video generation technology has evolved through three stages, currently dominated by the DiT (Diffusion Transformer) architecture, which addresses key issues like frame consistency and physical realism [13]. - Domestic models such as Kuaishou's Keling and ByteDance's Jidream have shown significant advancements, particularly in Chinese semantic understanding and local scene adaptation [17][20]. B. AI's Penetration Across the Film Industry Chain - AI tools enhance script creation and concept design, significantly reducing the time required for these processes [24]. - Virtual filming and digital human applications are optimizing production processes, reducing costs associated with physical sets and actor availability [27]. - Post-production efficiency is improved through AI-driven editing and special effects, with tools enabling high-quality output at lower costs [31]. C. Industry Logic Reconstruction - The positive impacts of AI include significant cost reductions, lowered creative barriers, and the emergence of new content forms like AI comics and interactive films [39]. - Challenges include copyright and compliance risks, content homogenization, and employment impacts due to reduced demand for traditional roles [40]. D. Competitive Landscape - The industry features a multi-strong player dynamic, with key players like OpenAI and Google leading in technology, while domestic companies like Kuaishou and ByteDance are rapidly catching up [42]. - Traditional film companies are increasingly adopting AI to enhance production efficiency, with firms like Huace Film and Light Media leveraging AI for content creation [42].

Core Viewpoint - The two companies, Zhipu and MiniMax, represent distinct commercialization paths in the AI large model sector, with Zhipu focusing on the B-end market and achieving a gross margin of 50%, while MiniMax targets the C-end market with over 70% of its revenue coming from overseas [2][4]. Group 1: Financial Performance - From 2022 to mid-2025, Zhipu accumulated revenue of 685 million yuan, with cumulative losses exceeding 6.2 billion yuan [4]. - MiniMax reported cumulative revenue of 86 million USD (approximately 600 million yuan) and cumulative losses of about 1.32 billion USD (approximately 9.3 billion yuan) from 2022 to September 2025 [5]. - Both companies operate at a revenue scale in the billion range, with MiniMax's revenue for the first nine months of 2025 being 53.4 million USD (approximately 376 million yuan) and Zhipu's revenue for the same period being 190 million yuan [6]. Group 2: Market Position and Competition - Zhipu's B-end business primarily serves large domestic government and enterprise clients, while MiniMax's C-end business relies on overseas individual users [5][10]. - Zhipu's revenue from enterprise deployments has decreased from 95% to 85% over the past three years, indicating increased competition in the B-end market [8]. - MiniMax's average monthly active users reached 27.6 million, with 1.77 million paying users, but still lagging behind major internet companies [8][9]. Group 3: Investment and Costs - Both companies face significant capital requirements, with Zhipu and MiniMax's cumulative R&D investments being 4.4 billion yuan and 500 million USD (approximately 3.5 billion yuan), respectively [6]. - In the first half of 2025, Zhipu's computing power expenditure was 1.1 billion yuan, while MiniMax's was 140 million USD (approximately 987 million yuan) [7]. - The high costs associated with computing power present a challenge for both companies, as they need to balance low revenue with substantial operational expenses [7]. Group 4: Future Outlook and IPO Strategy - Both companies are vying for the title of the first AI large model stock, with the urgency to go public for financing and providing an exit for external shareholders [12]. - MiniMax has a more robust cash position, with cash reserves of 1.04 billion USD (approximately 733.4 million yuan) as of September 30, 2025, compared to Zhipu's 2.5 billion yuan [12]. - The cash burn rate for Zhipu increased to approximately 2.21 million yuan per month in the first half of 2025, indicating a growing financial strain [12].

经济观察报 记者 任晓宁 钱玉娟 在ChatGPT引爆生成式人工智能热潮3年后，中国大模型领域的两家独角兽——智谱与MiniMax，在2025年12月相继向港交所递交招股书。这是国内AI大模 型公司首次全方位披露用户数、收入、亏损、现金流、市场份额等方面数据。 这两份招股书展现了两条截然不同的商业化路径：智谱深耕B端市场，毛利率高达50%，客户主要是大型政企；而MiniMax则选择C端突围，超70%收入来自 海外。从招股书数据看，两家公司的盈利回报情况并不乐观。 生意难做 根据招股书，从2022年至2025年上半年，3年半时间里，智谱累计收入6.85亿元，而累计亏损超过62亿元。 首先是收入规模不大。两家公司的收入都在亿级规模，其中MiniMax 2025年前9个月收入5343.7万美元（约3.76亿元），智谱2025年上半年收入为1.9亿元。 这样的收入数字，难以比肩互联网大厂旗下产品——快手可灵今年前三季度收入为7亿元，百度仅2025年第三季度单季，来自AI业务的收入为100亿元。与 一些AI新秀公司相比，智谱和MiniMax的收入也不算多——Manus联合创始人称，今年Manus的年度经常性收入（ARR ...

证券研究报告 核心结论 2）模型侧，我们认为多模态能力从根本上降低了大模型的理解、交互和解决实际问题的门槛，从而将其应用范围从 文字世界，极大地拓展至我们身处的这个物理世界，重点关注大模型多模态能力提升。 从"+AI"到"AI+"，AI巨轮破浪前行 ——2026年计算机行业年度策略 西部证券研发中心 2025年12月12日 分析师：郑宏达 S0800524020001 邮箱地址：zhenghongda@research.xbmail.com.cn 分析师：谢忱 S0800524040005 邮箱地址：xiechen@research.xbmail.com.cn 分析师：李想 S0800525040006 邮箱地址：lixiang@research.xbmail.com.cn 分析师：卢可欣 S0800525080006 邮箱地址：lukexin@research.xbmail.com.cn 2025年回顾：1）回顾2025年，年初以DeepSeek为代表的国内AI大模型取得较大突破，计算机行业于2月份走出一 轮显著跑赢大盘的独立上涨行情。4月，外部冲击与内部估值压力形成共振，导致板块出现一轮快速回调。经过调整 ...

造富大戏开演 就说创作者KK，每天上午10点准时打开三款AI视频软件，靠这些工具接广告单，半年就赚了数十万 元，比之前在广告公司上班挣得多多了。 KK这还不是个例，成千上万的创作者都靠AI视频赚得盆满钵满。而企业这边更夸张，头部AI视频公司 的年收入，从去年几乎可以忽略不计，直接飙升到亿元级别，最高的都快摸到10亿大关了。 哈喽大家好，今天小无带大家聊聊2025年最疯的造富风口——AI视频。 普通人靠它半年赚数十万，企业年入直奔10亿，资本挤破头要入局，这波全民狂欢的背后，藏着你不知 道的爆发逻辑和行业密码。 热闹背后有坑 快手可灵、字节跳动即梦这些产品都搞起了会员制，月费从59元到1399元不等，比起还在找方向的大语 言模型赛道，AI视频早就把赚钱的路子走通了。 资本闻着钱味就来了，2025年下半年堪称AI视频企业的融资盛宴。爱诗科技、生数科技这些公司接连 官宣融资，金额从几亿元到上亿美元不等，海外的Runway和LumaAI也在筹备数十亿级别的融资。 AI视频能这么火，可不是凭空掉下来的，核心是技术终于给力了，还赶上了流量爆发的东风。 KK对2024年做AI视频的经历记得特别清楚，那年9月做一支视频要两天 ...

Core Insights - The article discusses the competitive landscape of AI video generation, highlighting the rapid growth and potential of companies like Aishi Technology and OpenAI's Sora [5][7][11]. Company Developments - Aishi Technology has completed a B+ round financing of 100 million RMB, bringing its total funding to over 100 million USD since its establishment in April 2023 [5]. - Aishi's products, PixVerse and Pai Wo AI, have over 100 million total users and a monthly active user count exceeding 16 million, with an annual recurring revenue (ARR) of 40 million USD [5]. - OpenAI launched the Sora 2 video generation model and Sora App, which quickly topped the US App Store free chart and surpassed 1 million downloads in less than two weeks [8][13]. Market Dynamics - The video generation app market is vast, with existing tools unable to cover all users, as evidenced by TikTok and Douyin's monthly active users exceeding 2 billion [9]. - Aishi's CEO noted that the emergence of AI is reshaping content consumption, similar to the impact of short videos [8]. - Despite Sora's rapid growth, Aishi's PixVerse has not been negatively impacted, indicating a large market capacity for multiple players [9]. Competitive Landscape - The current leading models in video generation are dominated by Chinese companies, with Kuaishou's Kling, Aishi's PixVerse, and MiniMax ranking in the top three, while Sora ranks 31st [11]. - ByteDance's video generation models, Seedance and Waver, are also strong competitors, with significant daily active user growth targets [12]. - The competition in the multi-modal field is intensifying, driven by the enormous consumer and entertainment potential [13].