Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies discussed Core Insights - The report highlights the evolution of AI technology through three major phases: visual AI, natural language processing, and the current multimodal and generative AI era, emphasizing the importance of multimodal thinking chains for future advancements [2][12] - SenseTime's latest model, SenseNova 6.5, showcases significant improvements in multimodal fusion, inference performance, and cost-effectiveness, with a 20% increase in pre-training data volume and a 35% rise in inference throughput, while reducing inference costs to 30% of previous levels [3][14] - The report discusses the transition of AI from being merely a productivity tool to a results-driven force, exemplified by SenseTime's "Little Raccoon" assistant, which automates complex tasks and allows users to pay for outcomes rather than processes [4][15] - SenseTime's "Wuneng" platform aims to empower the robotics industry by integrating advanced visual perception, navigation, and multimodal interaction capabilities, facilitating real-time recognition and interaction with the physical world [5][16] Summary by Sections Event Overview - On July 27, 2025, SenseTime hosted a forum discussing AI advancements, where CEO Xu Li reviewed the development phases of AI and introduced the SenseNova 6.5 model and the "Little Raccoon" assistant [1][12] AI Development Phases - The report outlines the shift from reliance on manually labeled image data to the integration of multimodal data, which aligns more closely with human learning methods, thereby expanding knowledge boundaries [2][13] SenseNova 6.5 Model - The SenseNova 6.5 model features a "multimodal long thinking chain" that enhances its ability to process complex data, achieving performance comparable to top industry models while significantly lowering costs [3][14] Commercialization of AI - The report addresses the "tool trap" in AI applications, advocating for a shift towards AI that produces tangible results, as demonstrated by the capabilities of the "Little Raccoon" assistant [4][15] Future Outlook - SenseTime's focus on embodied intelligence through the "Wuneng" platform represents a strategic move to bridge digital and physical interactions, enhancing the capabilities of robots in real-world applications [5][16]