1月8日，北京智谱华章科技股份有限公司（02513.HK）（简称"智谱"）正式在香港联合交易所挂牌上 市，发行价为每股116.20港元，以120港元/股的价格开盘，午后震荡走高，一度涨近16%。 市场关注智谱股价走势，核心原因在于作为"基座模型第一股"，智谱成为高投入高亏损赛道价值判断的 重要标的。而智谱之外，MiniMax、壁仞科技、天数智芯等科技公司准备或已登陆港股，多位投资界人 士对第一财经记者表示，针对科技公司的上市政策红利逐渐落实，资本端、政策端也已达成共识。 启明创投主管合伙人周志峰表示，以智谱、DeepSeek为代表的中国AI创新正在获得全球范围的关注和 认可，这为整个生态打开了新的空间，意味着中国团队将更深度地参与全球技术竞赛。这次上市成功明 确地告诉市场：坚持底层核心技术创新，即使短期内巨额投入导致亏损，只要路径正确、团队过硬，资 本市场会给予认可和价值重估。而上市只是一个新的起点，利用好资本市场的资源加速创新和生态建 设，才是接下来真正的考验。 智谱背后的中国大模型路径 在张鹏的视野中，探索AGI是比公司商业化更为重要的事，他在专访中对第一财经记者强调，如果一味 追求商业化而放弃AGI，" ...

Core Viewpoint - ByteDance's Doubao AI glasses are reportedly entering the shipping phase, but the company has denied any concrete sales plans, creating a contrast with market expectations and supply chain rumors [1][2] Group 1: Product Development and Features - The Doubao AI glasses are developed in collaboration with ODM manufacturer Longqi Technology, with R&D primarily conducted at Longqi's Huizhou factory and mass production at its Nanchang facility, aiming to mitigate manufacturing challenges [1] - The glasses will feature ByteDance's self-developed spatial algorithm chip, weigh under 50 grams for comfort, and will require the Doubao app for functionality, similar to the Ola Friend headphones [2] - Multiple configuration options are planned, including variations with and without photo and display capabilities [2] Group 2: Release Schedule and Pricing Strategy - ByteDance intends to release the glasses in versions, with a non-display version expected in Q1 2026 and a display version in Q4 2026, with a starting price projected to be under 2000 RMB [2] Group 3: Investment and Market Expectations - ByteDance has invested over 50 million RMB in R&D for this product, with Longqi requiring a minimum order quantity of 1 million units, indicating strong market expectations and production readiness [2] - The Doubao AI glasses align with ByteDance's strategic focus on "AI + hardware," leveraging the Doubao model, which has been integrated into devices from brands like Xiaomi and Tesla, with a significant increase in daily token usage expected to exceed 50 trillion by December 2025 [2] - The company has built hardware experience through acquisitions, including VR brand PICO and audio brand Oladance, which supports its entry into smart glasses [3] - The demand for smart glasses is driven by market anxieties and the need for new growth avenues as mobile internet traffic peaks, positioning smart glasses as a potential next-generation human-computer interaction interface [3]

1 月 5 日，据《蓝鲸新闻》报道，字节跳动的豆包 AI 眼镜即将进入出货阶段。报道称，该产品与 AI 智 能体耳机—— Ola Friend 类似，需配合豆包 APP 使用。 对此，观察者网向字节跳动方面求证，豆包相关负责人表示，传闻不实，目前没有明确销售计划。 这一官方否认与近期密集的供应链爆料和市场预期形成了鲜明对比，使得这款备受瞩目的AI硬件产品 蒙上了一层神秘面纱。 再者，市场焦虑与增长需求是深层动因。随着移动互联网流量增长见顶，字节跳动等互联网巨头需要寻 找新的增长空间。智能眼镜被视为下一代人机交互的潜在入口，机构预测其市场空间巨大。通过硬件承 载其抖音、今日头条等内容生态服务，开辟新的增长曲线，是巨头们的共同逻辑。 因此，即使字节跳动"豆包AI眼镜"不是真的"即将出货"，但市场依然很期待字节跳动给出的最终答案。 发布节奏与定价策略：字节跳动计划分版本推出这款眼镜，无屏幕的版本预计在2026年第一季度率先发 布，而带有显示功能的版本则计划在第四季度推出。价格方面，其起步价预计将控制在2000元人民币以 内。 投入与预期：字节跳动在该领域的研发投入已超过5000万元，合作方龙旗科技对AI眼镜订单的起 ...

在一个多月后的除夕夜，估计会有不少人边看春晚，边玩豆包，边嘀咕： 火山引擎是什么？ 春晚冠名这个互联网公司兵家必争之地，终于在 12 月 29 日官宣确认 ，字节跳动又一次成为 官方合作方，而与前几年都不同的是，在字节系诸多耳熟能详的 C 端产品之外，这一次反而 是一个 ToB 的业务线来承载这泼天流量： 火山引擎。 它正式成为 2026 年央视春晚独家 AI 云合作伙伴。 作为字节跳动旗下的 AI 云服务，火山引擎在今年确实突飞猛进。前不久的火山引擎 FORCE 原动力大会，现场是这样式的： 5000 人挤在会场，门口还有人排队进不去，上万人涌入整个活动场地，一大群火山生态里的 AI 公司展台前人挤人。 同时，在用来衡量 AI 调用量的 Token 数量上，火山也保持着国内第一，同时继续高速增长， Force 大会刚宣布豆包大模型 Tokens 在 12 月的日均调用超过 50 万亿，而最新官宣新闻 里，这数据攀升到了 63 万亿 Tokens。以及，你应该也在各大机场看到过火山引擎的广告 牌。它已经开始频繁出现在日常场景里。 一切来势汹汹。 但人们依然是有很大惯性的：一个云服务和一个国民级的大晚会似乎不搭 ...

Investment Rating - The industry rating is "Outperform the Market" [6][13]. Core Insights - The domestic AI application sector is poised for explosive growth, with major companies actively investing in AI models and talent [2][6]. - Competition in AI model development and application commercialization is intensifying, with significant advancements in both super entry points and vertical functionalities [2][6]. Summary by Sections Industry Dynamics - Tencent has launched the Tencent HY 2.0 language model, significantly improving performance in complex reasoning scenarios, and has released the HY-World 1.5 model for real-time 3D reconstruction [3]. - Alibaba has open-sourced the Qwen-Image-Edit-2511 model, enhancing character consistency and industrial design adaptability, and upgraded the Qwen3-TTS voice model for comprehensive audio understanding [4]. - ByteDance has released the Doubao model 1.8, enhancing autonomous planning and cross-system collaboration, and introduced the Seedance 1.5 Pro model for audio-visual synchronization [4]. - MiniMax has updated its M2 series model, achieving an average score of 88.6 on the VIBE comprehensive ranking, surpassing several international models in multilingual programming capabilities [4]. - Zhipu AI has launched the GLM-4.7 model, focusing on programming, reasoning, and intelligent agents, supporting 128K long texts and multimodal interactions [4]. Application Commercialization - Tencent's Yuanbao APP has added a novel writing feature and integrated with QQ groups for intelligent message summarization [5]. - Alibaba's Qianwen APP surpassed 40 million monthly active users within 30 days of public testing, integrating local life services and launching an AI drama generation feature [5]. - ByteDance's Doubao series models have achieved a daily usage of over 50 trillion tokens, ranking first in China and third globally, with the Doubao APP's daily active users exceeding 100 million [5]. - MiniMax has collaborated with Kuaikan Manhua to launch the first AI interactive comic, enabling animated and voice-enabled characters [5]. - Zhipu AI has fully integrated the GLM-4.7 model capabilities into its applications, enhancing coding abilities and task planning [5]. Investment Recommendations - The report expresses optimism about the explosive growth potential in the domestic AI application sector, recommending attention to Tencent, Alibaba, MiniMax (upcoming IPO), and Zhipu (upcoming IPO) [6].

部门：北京专项与营销组 数据说明 研究对象 1. 研究对象： 中国移动互联网网民 ©2025 iResearch Inc. 中国移动互联网AIGC赛道流量报告 2025年 2. 研究范围： 中国移动互联网AIGC赛道（即人工智能一级行业）APP使用行为 数据说明 ü 数据来源： 艾瑞咨询 UserTracker 多平台网民行为监测数据库 ü 数据统计时间： - 2025.01-2025.10 ©2025.10 iResearch Inc. www.iresearch.com.cn 2 摘要 ©2025.10 iResearch Inc. www.iresearch.com.cn 3 03 • 语言模型：豆包APP在语言模型领域流量领先，腾讯元宝流量跃升显著。 • 图像处理：即梦AI在图像处理领域断层式第一。 细分赛道分析 • 智能伴聊：行业增长低迷，但星野APP用户规模实现正增长。 • 智能工具：行业规模稳定，用户流量生态与平台设备深度绑定。 CONTENTS 01 • 2025年前10个月，AIGC赛道进入规模化应用期，用户规模 4.83 亿，市场渗透率突破30%。 市场动态 02 • AIGC应用的核心用 ...

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call discusses the advancements in AI technology and its integration into mobile operating systems, specifically focusing on ByteDance's collaboration with Nubia to embed the Doubao AI assistant into mobile devices [1][2][3]. Core Insights and Arguments - **Collaboration with Nubia**: ByteDance has partnered with Nubia to integrate the Doubao AI assistant into its mobile operating system, aiming to enhance user experience by directly calling underlying commands for services like food delivery and flight booking, thus avoiding direct competition with major brands like Xiaomi and Huawei [1][2]. - **AIOS Capabilities**: The AIOS (Artificial Intelligence Operating System) developed by ByteDance allows for system-level command execution, simulating user interactions to overcome interface barriers with other leading companies. This includes a combination of edge models (3 billion to 1.5 billion parameters) and cloud processing to address latency issues [1][4][7]. - **User Engagement Metrics**: The Doubao app has a daily usage time of approximately 30 minutes, significantly higher than the industry average. It boasts around 56.7 million daily active users and 176 million monthly active users, with a retention rate of 30%-40% [2][18]. - **Commercialization Strategy**: ByteDance plans to monetize the Doubao assistant through model licensing, token consumption, and advertising revenue, with a revenue-sharing model of 9:1 in favor of hardware manufacturers [2][22]. Additional Important Content - **Technical Challenges**: The integration of the AI assistant into the operating system is crucial for obtaining system-level permissions, which enhances user experience by reducing the need for frequent permission requests [5][6]. - **Performance Optimization**: The latency for ordinary tasks is between 300-800 milliseconds, while simpler tasks can be completed in 80-200 milliseconds. This performance is achieved through a combination of edge and cloud processing [7][10]. - **Future Product Iterations**: Upcoming iterations of the Doubao app will focus on enhancing cross-app functionality, improving interaction accuracy, and upgrading the model from 3 billion to 7 billion parameters to support more complex dialogues [19][20]. - **Market Positioning**: ByteDance does not view competitors like Zhiyun as direct threats, focusing instead on leveraging its extensive application ecosystem to gather user data and optimize its AI capabilities [16][17]. This summary encapsulates the key points discussed in the conference call, highlighting the strategic direction, technological advancements, and market positioning of ByteDance in the AI and mobile technology landscape.

12月1日，字节跳动向第一财经表示，豆包团队发布豆包手机助手技术预览版，是在豆包APP基础上与手机厂商在操作系统层面合作的AI助手软件。豆包目 前正与多家手机厂商洽谈助手合作，并没有自己开发手机的计划。目前官方披露的手机合作厂商只有中兴手机。截至发稿，中兴通讯(000063.SZ)股价涨 6.84%。 ...

新浪科技讯 12月1日上午消息，字节跳动豆包团队发布豆包手机助手技术预览版。 责任编辑：宋雅芳 据介绍，豆包手机助手是在豆包APP的基础上，和手机厂商在操作系统层面合作的AI助手软件。基于豆 包大模型的能力和手机厂商的授权，豆包手机助手能够为用户带来更方便的交互和更丰富的体验。豆包 大模型能力全面，模型在推理、视觉理解、图像创作、视频生成、语音等方面的性能达到国际一流水 平。 据悉，现阶段，开发者和科技爱好者可以在豆包与中兴合作的工程样机nubia M153 上，体验豆包手机 助手的技术预览版本。豆包方面表示，这是一款需要和手机厂商一起完成的产品。豆包目前正与多家手 机厂商洽谈助手合作，并没有自己开发手机的计划，后续将公布更多进展。（罗宁） ...

Core Insights - Alibaba's "Qianwen" project has officially launched, marking its entry into the AI to C market, and has quickly become the fastest-growing AI application in history, surpassing competitors like ChatGPT and DeepSeek [4][5][9] Group 1: Market Performance - Following the announcement of Qianwen, Alibaba's stock surged by 4.13% by midday [3] - The Qianwen app reached the fourth position on the Apple App Store's free applications chart within a day of its public beta launch, causing server congestion due to high traffic [5][6] - By November 19, just two days after its launch, Qianwen climbed to the third position on the App Store [6] Group 2: Competitive Landscape - Qianwen's download speed has significantly outpaced other popular AI applications, achieving over 10 million downloads faster than ChatGPT and DeepSeek [7][8] - The Qwen model, which powers Qianwen, has become a leading open-source model globally, with over 600 million downloads, and is recognized for its superior performance compared to competitors like Llama and DeepSeek [9] Group 3: Strategic Vision - Alibaba views Qianwen as a critical component in the "AI era future battle," aiming to establish a consumer-facing AI entry point [10] - Analysts suggest that Qianwen's initial success is just the beginning, with potential for further growth through subscription models and integration with Alibaba's other services [10] - The app is positioned as an "Agentic AI" capable of understanding and executing complex tasks, indicating a shift from passive AI tools to proactive AI agents [11]