【主编观市】 在A股强势带动之下，港股上周继续往上发力。 上周五美联储主席鲍威尔在杰克逊霍尔央行年会上发表鸽派讲话，他表示就业市场下行风险正上升，今 年劳动力增长已显著放缓。关税已开始推高某些商品价格，关税对CPI影响如今已然清晰，基本假设是 一次性的影响。长期通胀预期仍保持良好锚定，我们不会让通胀成为持续的问题。由于货币政策处于紧 缩区间，我们可能需要调整政策立场。很明显态度已经转变，9月降息差不多是板上钉钉。而9月之后会 有几次降息，需要看接下来的通胀数据，如本周美国7月个人消费支出价格指数(PCE)也需要再佐证一 下。 本周是8月底最后一周，月底迎来上合组织峰会，再后面就是大阅兵，因此，股市需要稳定的环境，但 如果涨势过大也要小心最后几天的震荡。 当前市场最大热点无疑是DeekSeepV3.1催化的芯片国产替代热潮，注意英伟达将于美东时间8月27日公 布2026财年第二财季的财报数据。可以窥见全球AI的景气度如何。但整体不会影响到中国AI发展，工 信部：有序引导算力设施建设，加快突破GPU芯片等关键核心技术。今年我国智能算力规模增长将超 40%。预计芯片股持续催化。 英伟达黄仁勋将于 8 月 25 日发 ...

Group 1 - The event at WAIC 2025 showcased a "man-machine showdown" where AI models from various institutions demonstrated their mathematical reasoning capabilities, highlighting the intersection of AI and mathematics as a driving force for industrial transformation [1][2] - The forum featured a unique "human posing questions - machine answering" format, testing AI's deep reasoning abilities and guiding it to focus on significant mathematical challenges, thus avoiding ineffective computational efforts [2][3] - The establishment of two international mathematics laboratories in Shanghai signifies a shift in the global focus of mathematics and AI integration research towards China, recognizing Shanghai's research capabilities [2][3] Group 2 - The forum included insights from top scholars, emphasizing the need for mathematical support in AI model optimization, particularly addressing the limitations of finite parameters in the context of infinite-dimensional problems [3] - Collaborative demonstrations between mathematicians and AI teams showcased AI's ability to solve complex geometric problems and analyze student errors, indicating the potential for AI to enhance educational processes [3][4] - Shanghai's strategic positioning as a global hub for AI and mathematics integration is reinforced by its advanced computational infrastructure and a strong academic foundation in mathematics, making it an ideal testing ground for this interdisciplinary research [4][5] Group 3 - Shanghai is implementing four key initiatives to enhance the "AI + Mathematics" integration ecosystem, including talent development, the establishment of open platforms, policy support through innovation funds, and practical applications in various sectors [4][5] - The city's ambition to become a global center for AI and mathematics research is aligned with national strategies and urban development goals, positioning it as a leader in the ongoing intelligent revolution [4][5]

Core Theme - The 2025 World Artificial Intelligence Conference (WAIC) is set to take place in Shanghai, focusing on the theme "Intelligent Era, Shared Future" and emphasizing global collaboration in AI development [1][2]. Event Scale and Participation - The exhibition area for the conference has exceeded 70,000 square meters, featuring over 800 companies and more than 3,000 cutting-edge exhibits, marking the largest scale in the event's history [2]. - More than 1,200 guests from over 30 countries and regions are confirmed to attend, including 12 international award winners and over 80 academicians, creating a high-profile knowledge-sharing environment [2][3]. Thematic Focus Areas - The conference will cover ten key areas including AI infrastructure, AI for Science, and AI applications in various sectors such as finance, healthcare, and education, facilitating discussions among interdisciplinary experts [3][4]. - Four main exhibition halls will be established: Core Technology Hall, Industry Application Hall, Intelligent Terminal Hall, and All-domain Linkage Hall, showcasing the integration of AI capabilities across different sectors [4]. Application and Experience - The "WAIC City Walk" concept will be introduced, focusing on three main application areas: daily life, urban services, and industrial ecosystems, illustrating how AI integrates into urban life [5]. - The event will feature immersive experiences, including a themed street showcasing the contrast between traditional and futuristic elements, and a smart transportation network connecting various venues [5][6]. Technological Innovations - SenseTime will participate in multiple core segments of the conference, hosting a forum on large model technologies and demonstrating AI applications across various industries [7]. - The conference will also introduce a digital assistant, Hi! WAIC, which will enhance visitor engagement through intelligent interaction and real-time information access [6].

Core Insights - The report shifts focus from demand to supply in the AI 2.0 landscape, analyzing various companies like SenseTime, Black Sesame Intelligence, Qunhe Technology, and others, highlighting their different strategies and challenges in achieving profitability and sustainable growth [1][2][3]. Group 1: SenseTime - SenseTime has transitioned from a government-focused AI 1.0 company to a more diversified AI 2.0 entity, with a significant shift towards generative AI, achieving a revenue of 3.772 billion yuan in 2024, marking a 10.75% year-on-year growth [5][10]. - The company's revenue structure has evolved, with traditional AI contributing only 30% of total revenue by 2024, while generative AI has surged to 63.7% of total revenue, growing by 103.1% year-on-year [7][10]. - Despite revenue growth, SenseTime faces challenges such as declining gross margins, which fell from 70.6% in 2020 to 42.9% in 2024, and cumulative losses of 46.4 billion yuan over five years [16][20]. Group 2: Black Sesame Intelligence - Black Sesame Intelligence focuses on providing cost-effective smart automotive chips and solutions, with 92.4% of its 2024 revenue (4.38 billion yuan) coming from automotive products [27][32]. - The company has improved its gross margin significantly, achieving a gross profit of 195 million yuan in 2024, up 153% year-on-year, with a gross margin of 41.14% [36]. - However, high R&D costs have led to continued losses, with an adjusted net loss of 1.304 billion yuan in 2024, remaining stable compared to the previous year [39]. Group 3: Yingshi Network - Yingshi Network, a subsidiary of Hikvision, has upgraded its business model to focus on AI and IoT, achieving a revenue of 5.442 billion yuan in 2024, a 12.41% increase [45]. - The company’s core product remains smart home cameras, which contributed 54% of total revenue, but growth in this segment has plateaued [46]. - Yingshi's cloud platform services have seen significant growth, nearly doubling from 5.38 billion yuan in 2021 to 10.52 billion yuan in 2024, with a gross margin of 76% [49][50]. Group 4: Qunhe Technology - Qunhe Technology, known for its space design software, reported a revenue of 664 million yuan in 2023, with a 10.48% year-on-year growth [66]. - The company has established itself as a leading provider in the space design software market, holding a 22.2% market share [79]. - Despite revenue growth, Qunhe Technology continues to operate at a loss, with an adjusted loss of 94 million yuan in Q3 2024 [78]. Group 5: Innovation Qizhi - Innovation Qizhi focuses on AI solutions for the manufacturing sector, achieving a revenue of 1.222 billion yuan in 2024, a 30.21% decline year-on-year [85]. - The company has maintained strict cost control, with total operating expenses at 66.3% of revenue, but still reported a loss of 117 million yuan in 2024 [90][94]. - The decline in revenue is attributed to challenges in the manufacturing and financial services sectors, which are critical to its business model [87].

Core Viewpoint - The article discusses the challenges faced by AI companies, particularly the "AI laggards alliance," which includes firms like SenseTime that struggle to transition from AI 1.0 to AI 2.0, highlighting the need for technological transformation and market validation to remain competitive in the evolving landscape of artificial intelligence [6][25][36]. Group 1: AI 1.0 Era Challenges - The AI 1.0 era was characterized by breakthroughs in computer vision technology, with companies like SenseTime, CloudWalk, Megvii, and Yitu emerging as leaders [15][18]. - SenseTime, once the highest-valued AI unicorn, has seen its market value evaporate by over 300 billion HKD since its peak in 2021, reflecting the difficulties in maintaining investor confidence and market performance [7][23]. - The shift in China's AI strategy post-2020 has led to a decline in government support, making it difficult for companies reliant on such backing to sustain their business models [22][23]. Group 2: Financial Performance and Workforce Adjustments - SenseTime's revenue for 2024 is projected at 3.772 billion CNY, a 10.8% increase year-over-year, but still 19.7% lower than its peak in 2021, with a net loss of 4.278 billion CNY [23][24]. - The financial pressures have resulted in significant workforce reductions, with SenseTime cutting its employee count from 6,113 in 2021 to 4,672, while other companies like CloudWalk and Yitu have also implemented drastic layoffs [24]. Group 3: Transition to AI 2.0 - The emergence of large-scale pre-trained models marks a significant shift to AI 2.0, necessitating companies to demonstrate their ability to adapt and innovate in this new environment [27][36]. - Companies like Fourth Paradigm are pivoting towards AI Agent services, which can optimize specific industry processes, indicating a trend towards specialization in AI applications [30][31]. - SenseTime is investing in building AI-native cloud computing infrastructure to support its transition to AI 2.0, with its Shanghai facility being one of the largest in Asia [38]. Group 4: Competitive Landscape and Market Dynamics - The competitive landscape is increasingly challenging, with large tech firms leveraging open-source models to enhance their offerings, putting pressure on smaller AI companies to prove their unique value propositions [41][44]. - The article highlights the need for AI companies to not only innovate technologically but also to establish sustainable business models that can withstand market scrutiny and investor expectations [36][45].

Core Viewpoint - The company has shown a significant recovery in revenue growth and a notable increase in the contribution of generative AI to its overall income, while also managing to reduce losses substantially [2]. Financial Performance - In 2024, the company achieved a revenue of 3.77 billion yuan, representing a year-on-year growth of 10.8% compared to a decline of 10.6% in 2023 [2]. - Generative AI revenue reached 2.4 billion yuan, marking a 103% increase year-on-year, and its share of total revenue rose from 35% in 2023 to 64% in 2024 [2]. - The gross margin was 42.9%, slightly down from 44.1% in 2023 [2]. - Adjusted net loss was 4.31 billion yuan, narrowing by 33.7% year-on-year, while EBITDA loss was 3.14 billion yuan, a reduction of 42.3% [2]. - R&D expenses (excluding SBC) were 4.05 billion yuan, up 19.2% year-on-year, while sales expenses decreased significantly by 20% [2]. Cash Flow and Capital Management - The company experienced a net cash outflow from operating activities of 3.93 billion yuan, which widened by 690 million yuan year-on-year, but improved cash turnover efficiency with the cycle reducing from 334 days to 228 days [3]. - Trade receivables increased by 19% year-on-year, and the net loss from financial asset impairments and contract assets decreased from 1.84 billion yuan to 780 million yuan [3]. - Capital expenditures fell to 1.13 billion yuan, down 29.9% year-on-year, while total cash reserves increased to 12.75 billion yuan, up 11.8% [3]. Business Highlights - The company is focusing on a synergistic development model of "large devices + large models + AI applications," with a 1+X architecture to concentrate resources [4]. - The self-owned 5A-level intelligent computing center in Shanghai has increased its computing power to 23,000 PetaFlops, ranking third in China's GenAI IaaS market with a share of 13.3% [4]. - The company launched the "Riri New" 5.0 model in 2024, maintaining industry leadership in multi-modal capabilities, and plans to release the "Riri New" 6.0 model in 2025, which is expected to match international standards [4]. AI Applications - The reduction in inference costs is accelerating the deployment of AI applications [5]. - In productivity tools, customer willingness to pay increased sixfold in 2024 compared to 2023 [5]. - The company is advancing its autonomous driving solutions, with the first mass-produced models based on the domestic Horizon J6M computing platform expected to be delivered in 2025 [5]. - Monthly user engagement for interactive tools has increased eightfold compared to 2023 [5].

Investment Rating - The report gives a "Buy" rating for SenseTime with a target market value of HKD 79.49 billion [6][7]. Core Insights - The report reviews the development of cloud computing over the past 20 years and anticipates changes brought by AI, highlighting rapid growth in traffic as a core factor [6][7]. - The report emphasizes the competitive landscape, noting the emergence of three tiers of cloud service providers and the expected stabilization of market shares among internet giants [6][7]. - The report identifies AI as a significant driver for structural changes in demand, with expectations for substantial growth in AI cloud services [6][7]. Summary by Sections Cloud Computing Development - The report outlines the evolution of cloud computing from 2006 to 2021, detailing phases from addressing traditional IT architecture issues to the rise of SaaS [8][10][21]. - It notes that IaaS investment and revenue saw high growth from 2017 to 2018, with a focus on government and industry clouds from 2019 to 2020 [21][23]. Competitive Landscape - The report categorizes cloud service providers into three groups: internet giants, telecom operators, and medium-sized cloud providers, with each group having distinct advantages [39][40]. - It highlights the intense price competition among major cloud providers, with significant price reductions observed in recent years [33][36]. Future Outlook - The report predicts that 2023 will be the "Year of AI," with internet giants benefiting first from AI cloud services, and anticipates a structural shift in demand with the introduction of open-source models by 2025 [41][42]. - It discusses the potential for medium-sized cloud providers to grow significantly, driven by the demand for differentiated services and the increasing importance of domestic computing resources [49][50]. Company Updates - SenseTime is highlighted as a leading player in AI, focusing on generative AI and restructuring its business model to enhance profitability [53][54]. - The report notes that SenseTime's revenue for 2024H1 is projected to reach CNY 1.74 billion, with a significant increase in revenue from generative AI [54][56].