11月24日，在第五届字节跳动奖学金颁奖典礼上，字节跳动技术副总裁杨震原分享了公司的技术探索历程。 据其透露，2014年，字节跳动创始人张一鸣找到他表示想用大规模机器学习系统来搭建推荐系统，解决各种媒体形式，包括图片、文字、视频的推荐。被这 个想法吸引的杨震原就这样加入了当时还是一家小公司的字节跳动。 杨震原提到，在 2022 年 11 月 30 日 ChatGPT 横空出世之前，字节跳动团队曾在 2021 年有过一次提前关注大语言模型的机会：当时字节跳动的一位同事已 训练出一个大语言模型，但团队当时得出 "该大语言模型暂无实用价值" 的结论。 "所以还是很没眼光。"杨震原说道。 好在公司调整的很快，从2022年开始在这个方向投入至今，也取得了一些成果。"应用上大家可能更熟悉一些，豆包是中国最流行的AI对话助手，火山引擎 的大模型服务也受到客户的认可，根据IDC的报告，火山是中国MaaS市场的第一名。" 字节跳动技术副总裁杨震原 以下为杨震原分享全文： 大家好，很高兴在字节技术奖学金，这样一个场合见到大家。我自己是一个技术爱好者，2014年我加入字节跳动。从最初负责搭建新的推荐系统开始，到现 在已经有快12年 ...

相比往届，2025年字节跳动奖学金不仅增加了获奖名额，也将奖学金从10万元升级 为20万元，含10万元现金，以及10万元专项学术资源补贴，可用于参加学术会议、 科研差旅等相关支出。此外，字节跳动还为每位获奖学生的导师提供10万元奖励， 以此致敬导师在学子成长与科研道路上的辛勤付出。 颁奖典礼上，字节跳动技术副总裁杨震原对获奖师生表示祝贺，并分享了字节跳动 在技术领域的一些探索历程，鼓励同学们保持耐心和热爱，挑战真正有高度的技术 难题，为社会创造更大价值。 以下为杨震原分享全文。 11月24日，第五届字节跳动奖学金颁奖典礼在北京大钟寺办公区举办。 本届奖学金共吸引了中国和新加坡66所高校的500余名同学报名申请，来自清华、 北大、复旦、人大、华中科技大学、香港大学、新加坡国立大学、南洋理工大学等 高校的20位学子获奖，覆盖大模型、机器学习、多模态、AI Infra、机器人、AI for Science、硬件等领域。 大家好，很高兴在字节技术奖学金，这样一个场合见到大家。我自己是一个技术爱好者，2014 年我加入字节跳动。从最初负责搭建新的推荐系统开始，到现在已经有快12年了。这些年来， 也一路参与了字节很多的技 ...

Core Insights - Today's Capital, led by "Venture Queen" Xu Xin, has acquired shares of ByteDance for $300 million, addressing a previous missed investment opportunity [1][2] - The acquisition has raised ByteDance's valuation to $480 billion, driven by strong business growth and innovations in AI technology [1][2][5] Investment Details - The shares were originally priced at $200 million, corresponding to a valuation of $360 billion for ByteDance [2] - The bidding process was competitive, with seven bidders involved, and Today's Capital ultimately outbid others to purchase shares from China International Capital Corporation (CICC), an early investor in ByteDance [2][3] Xu Xin's Investment Background - Xu Xin has a history of successful investments, including early stakes in companies like Wahaha, NetEase, JD.com, and Meituan, earning her the titles "Venture Queen" and "Female Buffett" [1][8][11] - Her previous encounter with ByteDance's founder Zhang Yiming involved a $7 billion valuation, which she initially found too high [3][8] ByteDance's AI Strategy - ByteDance is significantly investing in AI, with projected capital expenditures of $80 billion in 2024, aiming to become a core growth engine for the company [6][7] - The company plans to double its AI investment to $150-160 billion by 2025, focusing on AI computing power and data center infrastructure [7] Market Position - ByteDance's valuation now surpasses that of SpaceX, making it the second-highest valued startup globally, just behind OpenAI [5] - The company's cloud service, Volcano Engine, holds a 46.4% market share in China's public cloud model usage, outperforming major competitors [7]

图 片系AI生成 今年的广州车展，除了表面上的新车扎堆首发，还有一场隐藏在中控屏背后暗战——谁的大模型装得最 多、用得最顺，谁就更像未来智能车里的"操作系统"。 最新一个信号是：在2025年新上市的量产车型里，豆包大模型的搭载量已经冲到行业第一，从奔驰纯电 CLA 到上汽奥迪 E5 Sportback，再到荣威 M7 DMH、东风奕派 007、长安马自达 EZ60，一圈扫过去， 火山引擎几乎成了展馆里最忙的大脑。 这背后折射的是智能汽车竞争逻辑的一个拐点：从卷算力、卷芯片，走向卷谁家的模型更成熟、谁的大 模型更懂车、更懂人。火山引擎和豆包大模型，正在成为这一轮拐点上最典型的样本之一。 大模型上车，从炫技进入落地时代 两年前，"大模型上车"更多是发布会 PPT 上的关键词：调用个开放 API、堆几个 demo 视频，就敢自称 AI 座舱。用户真正的体感往往是——问路要等三秒、连续对话就卡死，最后还是乖乖伸手去点屏幕。 今年广州车展的变化在于：大模型不再只是有没有，而是开始卷好不好用。火山引擎一口气把豆包塞进 了一串重量级车型里，从豪华品牌奔驰、奥迪，到主流家用的荣威、长安马自达、东风奕派，价格带横 跨十万级到三 ...

这一年，AI站在风口浪尖上。 不但科技圈冒出质疑的声音，华尔街也彻底分裂了，甚至以电影《大空头》原型Michael Burry为代表的资金，旗帜鲜明地做 空。 AI泡沫论，为何闹了一年？ 悲观者与乐观者不断交锋 2025年，AI迈入狂欢的高潮，大洋彼岸的英伟达市值首次突破5万亿美元、微软市值首次突破4万亿美元、谷歌市值首次突 破3万亿，而国内的寒武纪股价屡创新高，与贵州茅台争夺A股的"股王"…… 生成式AI诞生以来，虽然不乏对"投入多，获益少"的担忧，但外界整体还是乐观情绪占据主导地位。 与之相伴的是，AI是否有泡沫之争，一直不休。 直到DeepSeek横空出世，才有了微妙的变化。 DeepSeek通过算法优化等手段降低了成本，用最少的资源达到最大的成效，在科技圈与华尔街引起轩然大波。 "高效率+低成本"之下，微软、谷歌等海外巨头也有了更多思考，一度悄悄压缩资本支出，从而令AI泡沫之声沉渣泛起。 图源：华尔街见闻 一时间，AI循环经济备受质疑。 摩根大通分析师Michael Cembalest表示："AI公司承诺未来支付巨额资金给云服务→云服务商借此故事举债建设基础设施→ 基础设施再租给AI公司，这是一个无限 ...

Core Insights - The AI landscape is no longer dominated by a single player, with multiple companies competing fiercely in the AI sector, including Quark and Doubao, which are traditional rivals now facing off in this new arena [2][5][12] - Quark has evolved from a simple search app into a comprehensive AI tool, integrating "search" and AI to create a unique "search as a service" model that enhances user efficiency [2][4] - Doubao, while under pressure from Quark's rise, leverages its strengths in emotional interaction and rapid iteration to maintain its user base and adapt to market demands [7][11] Quark's Evolution - Quark has transformed into an "all-in-one tool" that combines search and AI, allowing users to perform various tasks from a single entry point, significantly improving efficiency [2][4] - The "C Plan" is a long-term strategy for Quark, focusing on integrating "search + conversation" to enhance user interaction and understanding of needs [4][6] - Despite its advancements, Quark faces challenges such as a large app size, compatibility issues, and past penalties for inappropriate content, which affect user trust [4][5] Doubao's Defense - Doubao's strengths include emotional interaction, allowing it to resonate with users on a personal level, and its integration with ByteDance's ecosystem, providing seamless access to a vast user base [7][11] - The platform's rapid iteration capabilities enable it to quickly adapt to user requests for new features, maintaining its competitive edge [7][11] - However, Doubao struggles with the depth and accuracy of responses to professional queries compared to Quark, which benefits from its backing by Tongyi Qianwen [7][11] Competitive Dynamics - The competition between Quark and Doubao reflects a broader struggle between their parent companies, Alibaba and ByteDance, with each leveraging their technological resources to enhance their respective AI offerings [8][10] - Tongyi Qianwen, backed by Alibaba, has significant resources and capabilities, including a vast GPU cluster and advanced algorithms, positioning it well for enterprise services and C-end applications [8][10] - Fire Mountain Engine, under ByteDance, has quickly established itself in the C-end market, focusing on user-centric applications and achieving substantial growth in processing capabilities [11][12] Future Outlook - The competition is not a zero-sum game; rather, it encourages both companies to improve their offerings, ultimately benefiting users [12][13] - Future developments in the AI sector will likely focus on understanding user needs better, with Quark potentially streamlining its features and Doubao enhancing its professional response capabilities [12][13]

Core Insights - The generative AI market is highly competitive, with ByteDance's Doubao model regaining its position among the top players after a quiet start in early 2023 [1] - ByteDance's AI strategy is characterized by a "one chessboard" approach, which is relatively rare among major domestic companies [7][8] Group 1: Doubao App Strategy - Doubao App has become the largest AI chat assistant in China, with over 157 million monthly active users as of August 2025, surpassing competitors like DeepSeek [2] - The app is designed to be user-friendly and accessible, featuring a cartoon character as its icon and supporting various communication modes [2][3] - Concerns have been raised about Doubao's ability to handle complex queries, but ByteDance claims this is intentional to cater to a broader audience [3] - The appointment of Zhao Qi to lead Doubao indicates a shift towards accelerating user growth and monetization strategies [3] Group 2: Doubao Model Positioning - Doubao's underlying model is competitive with other leading domestic models like DeepSeek and Alibaba's Qwen, but still lags behind the most advanced international models [4][5] - The Doubao model has seen rapid growth, with daily token usage exceeding 30 trillion by September 2025, reflecting significant adoption since the release of version 1.6 in June [5] - Despite its domestic success, Doubao's international presence is limited, with low engagement in overseas markets [5][6] Group 3: "One Chessboard" Strategy - ByteDance's "one chessboard" strategy integrates branding, product interaction, and commercialization across its AI offerings [8] - The Doubao model has been effectively utilized in various applications, including mobile devices and smart vehicles, enhancing its market reach [8][10] - The integration of Doubao's capabilities into existing ByteDance products has created a closed-loop system that facilitates user engagement and monetization [11] - ByteDance's internal testing of AI products before external release ensures a robust product-market fit [11] Group 4: Future Challenges - ByteDance faces challenges in keeping pace with global giants like OpenAI and Google while exploring monetization pathways in both domestic and international markets [12] - The company must also address infrastructure and ecosystem complexities as it continues to develop its AI capabilities [12]

Core Insights - Honor has launched a series of flagship products including the Magic 8 series smartphones, MagicPad 3 Pro tablet, and Honor Watch 5 Pro, all powered by the new MagicOS 10 operating system [1] - The upgraded smart voice assistant "YOYO Assistant" features enhanced multimodal interaction capabilities, providing users with more comprehensive and proactive intelligent services [1][3] Product Features - The "YOYO Assistant" integrates with ByteDance's Volcano Engine, utilizing the Doubao large model to offer intelligent services across various scenarios such as online Q&A, smart image recognition, creative photo editing, casual chatting, language practice, and travel planning [3][4] - The upgraded "YOYO Assistant" acts as a knowledge encyclopedia, providing accurate answers by leveraging the Volcano Engine's Q&A Agent, which integrates real-time internet resources and content from the Douyin ecosystem [4] - The assistant supports multiple input modes including images, text, and voice, and can output content in various formats such as text, images, music, and videos, enhancing user interaction and understanding [4][6] User Interaction - Users can engage with "YOYO Assistant" for real-time answers and companionship through voice and video calls, making it a versatile tool for casual conversations, language practice, and professional inquiries [7][9] - The assistant can assist users in practical scenarios, such as selecting fruits in a supermarket via video call, analyzing the quality of produce through its intelligent capabilities [7] AI Capabilities - The Volcano Engine's real-time conversational AI solution ensures low latency and high fluidity in interactions, even in complex network environments, allowing for seamless video calls and accurate responses [9] - The Doubao large model enhances the assistant's ability to understand user emotions and tones, providing personalized and natural voice interactions [9] Creative Features - "YOYO Assistant" offers AI photo editing capabilities, allowing users to generate and modify images efficiently through simple voice commands, catering to various creative needs [10][11] - Users can specify adjustments to photos, and the assistant can execute complex tasks such as removing unwanted objects or altering lighting, demonstrating its advanced understanding of user intent [11]

Core Insights - The AI arms race among major internet companies is intensifying, with significant investments in AI capabilities and infrastructure, leading to both direct and indirect impacts on their core businesses [1][2][3] Group 1: Financial Impact of AI - Major internet companies, including Alibaba, Tencent, Kuaishou, and Baidu, spent a total of 83.141 billion yuan on AI-related initiatives in Q2, accounting for 17% of their revenues [1] - Alibaba Cloud reported a 26% year-over-year revenue growth in Q2, with AI-related product revenues increasing for the eighth consecutive quarter [3] - Tencent's revenue grew by 15% year-over-year in Q2 2025, with advertising revenue increasing by 20%, attributed to AI investments [7][10] Group 2: AI's Role in Business Transformation - AI is enhancing the performance of core business lines, with companies leveraging AI to improve user engagement and advertising efficiency [4][5] - Kuaishou's AI model "Keling" generated over 250 million yuan in revenue in Q2, contributing to a 320% increase in AI content traffic from January to July [5][29] - Tencent's AI optimizations in its advertising system led to a double-digit increase in click-through rates, translating to significant revenue growth [10][12] Group 3: Strategic Approaches to AI - Alibaba's strategy focuses on helping merchants reduce costs through AI, with tools like "Full Site Promotion" enhancing advertising efficiency [12][13] - Tencent adopts an "AI in All" approach, integrating AI across its various business lines rather than focusing solely on AI development [23][25] - Kuaishou is positioning AI as a core growth engine, with significant investments in its AI division and a focus on content generation and user engagement [27][29] Group 4: Challenges and Opportunities - Baidu is facing challenges as its traditional search advertising model is disrupted by generative AI, leading to a 15% decline in online marketing revenue [11][36] - Despite the challenges, Baidu is undergoing a significant transformation, with a focus on enhancing user experience through AI-generated content [36][37] - ByteDance is heavily investing in AI infrastructure, with plans to spend approximately $20 billion in 2025, aiming to create a comprehensive AI ecosystem [39][42]

*免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 东方证券也指出，在算力端，豆包大模型的性能升级和推理需求的迅猛增长，使得算力建设持续性至关 重要。在此背景下，服务器及液冷厂商、PCB厂商等有望受益。此外，数据存力和运力需求的持续攀 升，为存储、光模块和光芯片等企业创造了更多的市场机会，促使整个产业链不断优化升级，以满足日 益增长的AI算力需求。 公司方面，据华创证券表示，润泽科技、宝信软件、光环新网等有合作。 浙商证券指出，字节跳动2024年资本开支达到800亿元，接近百度、阿里、腾讯的总和（1000亿元）。 2025年字节跳动资本开支有望达到1600亿元，旨在打造自主可控的大规模数据中心集群，其中约900亿 元将用于AI算力的采购，700亿元用于IDC基建以及网络设备如光模块、交换机。字节跳动对未来Token 消耗估计较高，预计将持续加大算力投入。 其对豆包大模型带来的算力产业链的GPU/服务器、数据中心设备需求进行了测算。假设2027年日活达 到5000万，日均token使用量达到50万亿，为了满足用户需求，在2.5倍峰值token倍数的假设下，2027年 算力需求达到1 ...