在阅读文章前，辛苦您点下"关注"，方便讨论和分享。作者定会不负众望，按时按量创作出 更优质的内容 文 |小戎 哈喽，大家好，小戎这篇评论，主要分析中国AI大模型企业急赴港股上市背后的缺钱困境，以及模型 强不等于产品香的行业现状。 家人们谁懂啊！中国AI大模型这波创业战打了3年，总算要出阶段性"成绩单"了——不是比谁技术牛， 是比谁先冲去港股敲钟！ 大模型巨头急冲港股上市 12月刚过半，智谱和MiniMax这俩"AI六小虎"就跟约好了似的，接连甩招股书出来，而且都过了港交所 的聆讯，顶多4周就能挂牌。 这速度快得像突击考试交卷，背后全靠港交所5月开的"科企专线"buff——保密递表、门槛降低，相当 于给科技公司开了上市绿色通道，之前地平线上市还得层层闯关，现在直接走捷径了。 说穿了，这俩急着上市就一个原因：缺钱缺到快扛不住了！智谱账上只剩25.5亿，上半年就亏了24亿， 等于坐吃山空倒计时；MiniMax看着好点有74亿现金，但亏得更猛，去年亏33亿，今年前9个月又亏36 亿，再没人输血，撑不过一年就得"gameover"。 毕竟AI圈烧钱跟流水似的：人才年薪百万起步，模型训练一次上千万，算力账单天天有，每笔钱 ...

Group 1 - The Deep Research product "Jieyue Shenyan" has launched an invitation for testing, capable of completing complex research tasks in about 10 minutes, achieving a 70% pass rate in evaluations [1] - Microsoft has introduced a new Copilot mode in its Edge browser, which actively assists users by predicting their next actions and organizing information flow [1] - The MiniMax large model successfully passed the Turing test during a debate, with over 30% of the audience unable to distinguish between the AI and a human [2] Group 2 - Standard Chartered Group has signed a strategic cooperation memorandum with Alibaba Group to leverage Alibaba Cloud's AI technology for enhancing financial services [2] - A seminar on the performance standards framework for large model integrated machines is scheduled for August 1, aiming to establish unified evaluation benchmarks for the industry [3] - Major Chinese airlines, including Air China, China Southern Airlines, and China Eastern Airlines, support ticket purchases through the "Civil Aviation Version 12306" direct sales platform to ensure passenger rights [4] Group 3 - Apple announced the closure of its first direct store in China, located in Dalian, due to multiple retailers leaving the shopping center, while planning to open a new store in Shenzhen [5] - A shooting incident in New York resulted in the death of Blackstone executive Wesley LePatner, highlighting security concerns in corporate environments [6][8] - Xiaomi Group ranked 297th in the 2025 Fortune Global 500, marking a significant increase of 100 places from the previous year, with total revenue reaching 365.9 billion yuan [9] Group 4 - China Mobile is offering a month-long free Beidou satellite messaging service for users in Beijing to ensure communication during emergencies [10][11] - The establishment of China Chang'an Automobile Group in Chongqing marks the formation of a new central enterprise in the automotive sector, joining other major state-owned automotive groups [12] - The price increase effect of DDR4 DRAM is expected to last until the end of 2025, driven by strong demand and supply constraints [13]

Group 1 - Li Auto is currently testing an automatic charging robot [1] - The pre-sale price for the Wenjie M8 is not the final price, which will be confirmed at the official product launch in August [1] - ByteDance's Volcano Engine denies rumors regarding "Doubao Auto" and has no plans for autonomous driving business [1] Group 2 - MiniMax's large model has passed the Turing test through human-machine debate [1] - The European Union plans to purchase AI chips worth €40 billion as part of a trade agreement with the United States [1] - Alibaba Communications has begun to stop renewals and will remove its app by October 31 [1] Group 3 - The China Passenger Car Association reported that 48,000 pickup trucks were sold in June, representing an 8% year-on-year increase [1] - Insiders indicate that Anthropic is set to raise up to $5 billion at a valuation of $170 billion, led by Iconiq [1] - Guo Minghao predicts that Tesla's AI 6 chip will use Samsung's 2nm process, with an SF2 yield of approximately 50%, making mass production uncertain [1]