随着大语言模型加速迈向多模态与智能体形态，传统以单一维度为主的安全评估体系已难以覆盖真实世界中的复杂风险图景。在模型能力持续跃升的 2026 年，开 发者与用户也愈发关注一个核心问题： 前沿大模型的安全性，到底如何？ 基于这一背景， 复旦大学 、上 海创智学院、迪肯大学与伊利诺伊大学厄巴纳 — 香槟分校的研究团队联合发布 本次安全评测报告，面向 GPT-5.2、Gemini 3 Pro、Qwen3-VL、Grok 4.1 Fast、Nano Banana Pro、Seedream 4.5 六大前沿模型，构建了一套覆盖 语 言、视觉语言与图像生成 三大核心场景的统一安全评测框 架，对当前主流大模型的安全能力进行了系统性、全景式刻画。在评测设计上，融合了四大关键维度，形成多层次、立体化的安全评估体系： 通过全方位的安全评测，本报告揭示了前沿大模型 在不同应用场景、威胁模型与监管语境下的安全边界 ，为产业落地与政策制定提供一定参考。 论文链接: https://arxiv.org/pdf/2601.10527 项目主页: https://xsafeai.github.io/AI-safety-report/ 声明： ...

Core Insights - The article discusses the launch of Doubao Model 1.8 by Huoshan Engine, which is optimized for multi-modal agent scenarios, featuring a context window of 256k and various token limits for input and output [2][3]. Model Performance - Doubao 1.8 achieves a processing speed of 5000k tokens per minute (TPM) and 30k requests per minute (RPM), leading to significant improvements in various benchmarks, surpassing competitors like Gemini 3 [3][4]. - In specific benchmarks, Doubao 1.8 scored 94.6 in AIME-25 for mathematics and 85.7 in GPQA-Diamond for reasoning, indicating its strong performance across multiple tasks [4]. Multi-modal Capabilities - The model has enhanced multi-modal understanding, excelling in visual judgment, spatial understanding, document parsing, and video motion recognition, positioning it among the global leaders in these areas [3][7]. - Doubao 1.8 can efficiently process long videos, quickly identifying critical moments, which has applications in various sectors such as online education and safety inspections [5][7]. Business Applications - The model's capabilities allow for complex agent construction, which can create significant value across various industries, with a reported daily token usage exceeding 50 trillion, marking a 417-fold increase since its launch [6][16]. - Huoshan Engine introduced the "Doubao Assistant API," enabling businesses to utilize core agent capabilities easily, with plans to expand functionalities [16][17]. Cost Efficiency Initiatives - The "AI Savings Plan" offers unified pricing for enterprises using large models, allowing for cost savings of up to 47% based on usage [17]. - The "Inference Outsourcing" service allows businesses to upload encrypted model parameters without managing GPU infrastructure, potentially halving hardware and operational costs [18][19]. Creative Tools - The article highlights advancements in Doubao's image and video generation capabilities, including the new Seedream and Seedance models, which enhance creative processes in various applications [8][9]. - Seedance 1.5 Pro introduces features like synchronized audio-visual output and multi-language support, significantly improving content creation efficiency [9][13].

Core Insights - Black Forest Labs, a German AI startup, has gained recognition for its FLUX.2 model, ranking second in the latest Artificial Analysis text-to-image model rankings, just behind Google's Nano Banana Pro [2][3] - The company has achieved significant financial milestones, raising over $450 million since its inception in August 2024, with a recent $300 million Series B funding round that tripled its valuation to $3.25 billion [8][22] - Black Forest Labs has established partnerships with major tech companies, including a $140 million multi-year contract with Meta, and collaborations with Adobe and Canva, indicating strong market demand for its AI image generation technology [9][19] Financial Performance - As of August 2023, Black Forest Labs reported an annual recurring revenue of $96.3 million, with projections to reach $300 million by the fiscal year 2026 [19] - The company’s valuation increased from $1 billion to $3.25 billion within a year, reflecting investor confidence and market traction [8][22] Technological Advancements - The FLUX.2 model has been noted for its impressive performance, nearly matching Google's offerings, and supports high-resolution image generation up to 4K [20][22] - Black Forest Labs has positioned itself as a leader in open-source AI models, with its FLUX series gaining significant traction in the developer community, evidenced by over 225,000 downloads on Hugging Face [5][20] Strategic Partnerships - The company has secured substantial contracts with industry giants, including a $35 million payment from Meta in the first year of their partnership, increasing to $105 million in the second year [16] - Collaborations with xAI, Adobe, and Canva have further solidified its market presence, with total contract values exceeding $300 million [19] Market Positioning - Black Forest Labs aims to differentiate itself by focusing on the creative industry, particularly in Hollywood, while maintaining a commitment to intellectual property and enhancing creator capabilities [25] - The company’s strategic location in Freiburg, away from Silicon Valley, has fostered a focused development environment, contributing to its unique corporate culture [23][24]

Macro and Strategy - The Federal Open Market Committee (FOMC) is facing a personnel change that will influence future policy direction and independence boundaries, with a key focus on the upcoming 2026 board member replacements [7][8] - The current structure of the FOMC, with a mix of "core dependent" and "institutional defense" members, will determine the continuation of its independence, with potential shifts in policy power dynamics anticipated [8] - The report predicts that the Federal Reserve is likely to enter a phase of "political rate cuts," with increased uncertainty in decision-making frameworks [9] Industry and Company Agriculture, Forestry, Animal Husbandry, and Fishery - The investment strategy for December 2025 highlights an expected reversal in the livestock cycle, recommending key stocks in the dairy farming sector such as Yuran Agriculture and Modern Farming [13] - The report emphasizes the potential for a rebound in meat and milk prices, driven by a synchronized recovery in the livestock sector, with leading companies expected to experience significant earnings recovery [13][14] - Recommendations include leading companies in various segments: livestock (Yuran Agriculture, Modern Farming), pork (Hua Tong, De Kang), and pet food (Guaibao Pet) [15][17] Food and Beverage - The food and beverage sector has seen a decline of 1.80% recently, with A-share food and beverage indices underperforming the broader market [18][19] - The report identifies a divergence in performance across categories, with alcoholic beverages facing supply-demand imbalances, while dairy products are expected to see gradual recovery [19][20] - Investment recommendations focus on high-potential companies in the beverage sector, such as Nongfu Spring and East Peak Beverage, as well as premium liquor brands like Luzhou Laojiao and Moutai [19][20] Real Estate - The real estate market is experiencing significant pressure, with a 9.6% year-on-year decline in sales volume and a 6.8% drop in sales area from January to October 2025 [25][26] - The report notes that while non-popular cities are seeing population outflows, local residents still have improvement-driven housing demands, which could stabilize the market [26][28] - Recommendations include focusing on companies that are well-positioned in non-popular cities, such as China Overseas Land & Investment, which can leverage local demand for housing improvements [28] Internet and AI - The report highlights advancements in AI technology, with significant product launches from companies like OpenAI and Tencent, indicating a growing trend in AI applications across various sectors [29][30] - Investment strategies suggest focusing on internet giants that are leveraging AI for growth, with recommendations for Alibaba and Tencent as key players benefiting from AI integration [30] - The report also notes the potential for AI to enhance advertising and cloud service revenues for these companies, suggesting a positive outlook for their financial performance [30]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Insights - DeepSeek has launched the V3.2 model, enhancing its reasoning capabilities to a globally leading level, suitable for everyday use in Q&A and general agent tasks [12][27] - The V3.2 model achieved performance comparable to GPT-5 in benchmark tests, slightly below Gemini-3.0-Pro, while significantly reducing output length and computational costs [12][27] - The introduction of the DSA (DeepSeek Sparse Attention) mechanism reduces context computation costs, changing complexity from O(L²) to O(Lk), where k is a fixed value of 2048 [13][14] - The report highlights the launch of the Doubao mobile assistant, which integrates AI capabilities into mobile operating systems, allowing users to perform complex tasks with voice commands [15] Summary by Sections Industry Performance - The computer sector underperformed relative to the Shanghai Composite Index, with a 1-month relative return of -5.4% and a 3-month return of -4.5% [5][16] - The computer sector index ranked 25th among 30 industry indices, indicating weaker performance [19] Important Industry News - Google’s TPUv7 has begun to challenge NVIDIA's dominance in AI chips, marking a significant shift in the competitive landscape [25] - The 2025 World Computing Conference showcased advancements in computing systems, emphasizing the importance of system capabilities over individual card performance [26]