炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：量子位 资料图。 张钹、杨强与唐杰、杨植麟、林俊旸、姚顺雨（最新发言实录） 1月10日下午，在由清华大学基础模型北京市重点实验室、智谱AI发起的 AGI-Next 前沿峰会上，汇聚 了刚刚上市两天的智谱、领跑独角兽月之暗面、全球开源大模型顶流 Qwen 的创始人、CEO 和负责 人，多位国内头部开源AI实验室的技术掌舵人罕见同场亮相。 清华大学张钹院士，香港理工大学AI研究院院长、智能投研技术联盟（ITL）主席杨强院士，智谱创始 人兼首席科学家、智能投研技术联盟（ITL）高级技术顾问唐杰，月之暗面创始人兼CEO杨植麟，阿里 千问大模型技术负责人林俊旸和腾讯总裁办公室首席AI科学家姚顺雨等人，就AGI路径、Scaling极限、 Agent落地与中国AI的长期机会等热点话题，进行观点的交流和碰撞。 1、张钹：当前大模型存在指称、因果等五大根本缺失。AGI应有"可执行、可检验"的定义，核心是具 备多模态理解、在线学习、可验证推理等五项能力。 2、杨强：Agent的核心分化在于AI能否自主完成目标设定与规划，而非由人类预先定义，未来应通过 ...

Group 1 - The Hong Kong stock market has seen increased trading activity since the beginning of the year, with the Hang Seng Index's average daily turnover returning to the level of 250 billion HKD [1] - The Hong Kong thematic ETFs have attracted over 10 billion HKD in inflows since the start of the year, with several products reaching record high shares, indicating strong capital inflow into the Hong Kong technology sector, including the Hong Kong Stock Connect Technology ETF [1] - The listing of AI companies such as Zhipu Huazhang and MiniMax on the Hong Kong Stock Exchange in January 2026 marks a transition from technology validation to commercial value realization, particularly in advertising, gaming, and social sectors [1] Group 2 - The A-share technology sector is experiencing rising enthusiasm, which is positively impacting the performance of the Hong Kong technology sector [2] - Investment firms suggest focusing on new consumer sectors benefiting from the Federal Reserve's easing expectations and the recovery of the domestic economy, as well as technology sectors with growth potential amid the AI wave [2] - The Hong Kong Stock Connect Technology ETF reached a new scale of 10.117 billion HKD and a share count of 9.224 billion, both record highs since its inception, with significant net inflows observed recently [2] Group 3 - The Hong Kong Stock Connect Technology ETF closely tracks the Hang Seng Stock Connect Technology Index, which reflects the performance of Hong Kong-listed companies related to technology themes, excluding pharmaceuticals, automobiles, and home appliances [3] - Major constituents of the index include leading AI companies such as Tencent, Alibaba, and Xiaomi, which together account for over 40% of the index weight, with Tencent alone representing nearly 15% [3]

1月9日，港股早盘冲高后窄幅震荡，截至收盘，恒指、恒科指分别收涨0.32%、0.15%，互联网板块强 势领涨，重仓互联网龙头的港股互联网ETF（513770）场内价格一度涨超2%，收涨1.69%。AI应用方向 涨幅亮眼，快手-W、哔哩哔哩-W涨超3%，阿里巴巴-W涨2.73%，汇量科技、医脉通、美图公司等领涨 居前。 | 序号 | 代码 | 名称 | 两日图 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 1860 | 汇量科技 | 17.480 | 2.040 | 13.21% | | 2 | 2192 | 医脉通 | 11.860 | 1.110 | 10.33% | | 3 | 6682 | 第四范式 | 49.680 | 3.440 | 7.44% | | 4 | 1357 | 美图公司 | 7.930 | 0.510 | 6.87% | | 5 | 0241 | 阿里健康 | 5.770 | 0.260 | 4.72% | | 6 | 2400 | 心动公司 | 77.500 | 3.300 | 4.45% | | 7 | ...

1月9日，港股早盘冲高后窄幅震荡，截至收盘，恒指、恒科指分别收涨0.32%、0.15%，互联网板块强 势领涨，重仓互联网龙头的港股互联网ETF（513770）场内价格一度涨超2%，收涨1.69%。AI应用方向 涨幅亮眼，快手-W、哔哩哔哩-W涨超3%，阿里巴巴-W涨2.73%，汇量科技、医脉通、美图公司等领涨 居前。 看好港股科技但又希望降低波动？也可以关注全市场首只——香港大盘30ETF（520560），自带"科技 +红利"哑铃策略，重仓股既有阿里巴巴、腾讯控股等高弹性科技股，又囊括了建设银行、中国平安等 稳健高股息，是港股长期配置的理想底仓工具。 | 序号 | 代码 | 名称 | 两日图 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 1860 | 汇量科技 | 17.480 | 2.040 | 13.21% | | 2 | 2192 | 医脉通 | 11.860 | 1.110 | 10.33% | | 3 | 6682 | 第四范式 | 49.680 | 3.440 | 7.44% | | 4 | 1357 | 美图公司 | ...

Core Insights - Alibaba's ambition in the AI era is highlighted by the launch of Quark AI glasses, which integrate the Qianwen AI assistant and aim to create a comprehensive ecosystem for navigation, payment, and AI Q&A functionalities [2][4][5] - The market for AI glasses is rapidly growing, with online retail sales of smart wearable products increasing by 23.1% from January to October this year, and a significant surge in sales during the "Double 11" shopping festival [4][5] - Alibaba's move into smart hardware is driven by the need to capture user traffic and establish a new entry point for user interaction, positioning AI glasses as the next generation of personal mobile devices [5][6][7] Product Features and Ecosystem - Quark AI glasses feature seamless integration with Alibaba's ecosystem, including services from Gaode, Alipay, and Taobao, enhancing their utility as personal assistants [4][5] - The glasses are designed to operate in noisy environments, allowing for voice interactions and quick actions like price comparisons and payment confirmations without needing to touch a smartphone [2][4] - The glasses are positioned as a central hub for human-computer interaction, potentially surpassing smartphones in functionality and user engagement [6][7] Market Context and Strategy - The current competitive landscape is described as a "hundred glasses war," with significant growth potential in the AI glasses market, as evidenced by a 2500% increase in sales during the "Double 11" event [4][5] - Alibaba's strategic shift towards AI and smart hardware is seen as a necessary evolution to maintain its competitive edge and leverage its existing cloud and AI capabilities [7][8] - The company aims to unify its various consumer-facing capabilities under the Qianwen model, which is expected to drive revenue growth in both B2B and B2C segments [7][8] Future Outlook - The development of AI glasses is anticipated to lead to a transformation in the hardware industry, with a focus on creating a more integrated and user-friendly experience [10][11] - Future advancements may include improved materials and technologies that enhance the usability and functionality of AI glasses, making them a viable alternative to smartphones [18][19] - The success of AI glasses will depend on building a robust ecosystem similar to that of smartphones, with a focus on user experience and seamless integration of services [19][22]

Core Insights - Quark AI glasses are equipped with navigation, payment, and AI Q&A functions, leveraging Alibaba's internal ecosystem to address the current ecological challenges faced by AI glasses [5][6] - The AI glasses market is rapidly growing, creating new market opportunities for companies within the industry [5][11] Product Launch - On November 27, Quark AI glasses were officially launched, featuring two series (S1 and G1) with a total of six models, priced from 1,899 yuan to 3,799 yuan [8] - The S1 series includes three models with different frame styles and colors, while the G1 series focuses on fashion and portability [8] Market Dynamics - The competition in the AI glasses sector is intensifying, with a focus on AI model capabilities and ecosystem development [5][6] - Analysts suggest that a successful consumer-facing AI terminal product could provide Alibaba's core e-commerce ecosystem with new traffic sources, creating a synergy between technology empowerment and business growth [8] Industry Consensus - There is a growing consensus in the industry that the key to AI glasses lies in AI technology rather than just combining AI with eyewear [8][9] - The true potential of AI glasses is seen in their ability to serve as genuine AI terminals rather than mere novelty devices [8] Collaborative Efforts - Alibaba has formed an industry ecosystem alliance for Quark AI glasses, collaborating with companies like Qualcomm and Luxshare Precision to enhance product development and production capabilities [10] - Strategic partnerships between listed companies and AI glasses manufacturers are driving industry development, with companies like Guanghe Tong and Lens Technology actively participating in the ecosystem [11] Technological Advancements - The hardware implementation of AI glasses in China is not considered a significant challenge due to the maturity of the consumer electronics supply chain [10] - Companies are focusing on developing new products and technologies, such as bone conduction microphones for AI glasses, to meet the evolving market demands [11]

Group 1 - Multiple money market funds, including Tianhong Yu'ebao, have announced a reduction in management and custody fees to better meet investor needs [1] - Tianhong Yu'ebao's custody fee has been lowered from 0.08% to 0.07%, with a fund size of 793.219 billion yuan as of June [1] - Guoxin Guozheng Cash Growth Fund has adjusted its management and custody fees to 0.2% and 0.07% respectively [1] Group 2 - The National Energy Administration reported that China's total electricity consumption reached 1,015.4 billion kWh in August, marking a 5.0% year-on-year increase [1] - This is the first time globally that monthly electricity consumption has exceeded 1 trillion kWh for two consecutive months, driven by high summer temperatures [1] - Industrial electricity consumption in August was 590.9 billion kWh, accounting for nearly 60% of total consumption, with manufacturing electricity usage growing by 5.5% year-on-year [1] Group 3 - IDC reported that global smart camera shipments reached 32.784 million units in Q2 2025, a 0.9% year-on-year increase [2] - The Asia-Pacific market (excluding China and Japan) and the US and Canada have seen year-on-year declines in smart camera shipments [2] - China's smart camera market shipped 23.592 million units, with a growth rate of 3.1%, indicating a gradual slowdown [2] Group 4 - The State Administration for Market Regulation is set to release the "Live E-commerce Supervision Management Measures," which clarify the legal responsibilities of various stakeholders in live e-commerce [3] - The measures aim to strengthen supervision and establish a closed-loop regulatory enforcement system [3] Group 5 - Embedded NAND and LPDDR4X products have seen a price increase due to rising resource costs and increased market inquiries [3] - NAND Flash wafer prices have generally increased by single-digit percentages, with 512Gb TLC NAND prices rising nearly 10% [3] Group 6 - Alibaba's Qwen has updated three large models, including an open-source multimodal model and an image editing model [4][5] Group 7 - Fat Donglai has reportedly spent over 10 million yuan on packaging design for its self-operated mooncake gift boxes [5] Group 8 - Jiangsu Jiangshun Precision Technology Group received a regulatory letter from the Shenzhen Stock Exchange for inaccuracies in its financial disclosures [6] Group 9 - *ST Wanfang's major shareholder's stock was auctioned off twice without success, raising concerns about potential changes in control [6] - The company is under investigation for information disclosure violations [6] Group 10 - China Electric Research announced a preliminary share transfer price of 24.09 yuan per share for its shareholder's inquiry [7] Group 11 - Tianzhou Culture plans to invest up to 450 million yuan of idle funds in low-risk financial products [8] Group 12 - Yishitong intends to repurchase shares worth between 30 million and 55 million yuan, with a maximum price of 40.69 yuan per share [9] Group 13 - Libaba Co. plans to invest 50 million yuan in the establishment of a private equity fund focusing on key industries in the Yangtze River Delta [10] Group 14 - Dayu Water-saving announced a joint bid for a high-standard farmland project worth 106 million yuan [11] Group 15 - Wan'an Technology's subsidiary has been selected as a supplier for a major domestic automotive group, with an expected sales total of approximately 280 million yuan over five years [12] Group 16 - The ChiNext index experienced a rebound, closing up 0.21%, with significant activity in the semiconductor sector [13]

Core Viewpoint - The article highlights the recent interactions between securities firms and investors, focusing on performance disclosures, dividend policies, mergers, and strategic initiatives in response to market conditions [1][2]. Dividend and Market Value Management - Several securities firms, including Shanxi Securities and Changjiang Securities, have announced their dividend plans, with Shanxi Securities proposing a cash dividend of 0.9 yuan per 10 shares for 2023 and 1 yuan for 2024, representing 50.43% of net profit attributable to shareholders [3][4]. - Changjiang Securities plans to distribute 1.50 yuan per 10 shares for the 2024 fiscal year, emphasizing a commitment to stable and sustainable returns for investors [3][4]. - Shanxi Securities aims to increase its cash dividend payout ratio from at least 10% to at least 30% over the next three years [3]. Mergers and Shareholding Changes - West Securities is in the process of acquiring control of Guorong Securities, with the acquisition currently under regulatory review [5]. - Guosheng Jinkong has received approval from the CSRC for its absorption merger with Guosheng Securities, which will lead to the dissolution of Guosheng Securities [5][6]. - Changjiang Securities is undergoing a potential share transfer that could make Hubei State-owned Assets the largest shareholder, pending regulatory approval [6]. Research Business Adaptation - Changjiang Securities has risen to third in commission income rankings amid declining public fund commission rates, focusing on expanding services to non-public clients and enhancing research capabilities [7]. - West Securities plans to establish an industry research institute to better serve local economies and key industries, aiming to enhance its research brand [7]. Financial Technology Transformation - Shenwan Hongyuan is advancing its digital transformation by integrating technology into its services, including the development of wealth management and client service platforms [8]. - Shanxi Securities has deployed AI technologies, including the DeepSeek model, to enhance operational efficiency and improve client services through various applications [9].