Group 1: Strategic Collaboration - Cambricon Technologies and SenseTime are collaborating to enhance China's self-reliance in AI infrastructure, aiming to create a new indigenous AI development paradigm [1][2] - The partnership will combine SenseTime's foundational models with Cambricon's AI processors to develop AI computing solutions and vertical enterprise services [3] Group 2: National Priorities and Market Context - The Chinese government has prioritized self-reliance in AI, encompassing integrated circuits and AI models, as part of its 15th five-year plan [2] - Cambricon, known as "little Nvidia," has seen its stock price increase fivefold over the past year, reflecting strong market interest [4] Group 3: Financial Performance - Cambricon reported a remarkable 4,348% year-on-year increase in first-half revenue, reaching 2.88 billion yuan (approximately US$404.8 million) [5] - SenseTime experienced an adjusted loss of 1.16 billion yuan in the first half, impacted by previous US sanctions [5] Group 4: Technological Advancements - SenseTime has released several foundational models, including the SenseNova V6.5, and emphasizes its strengths in computer vision technology [6]

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the advancements in the AI industry, particularly highlighted during the World Artificial Intelligence Conference (WAIC) 2025, emphasizing the evolution of AI infrastructure and model capabilities [1][7]. Core Insights - **AI Supply Chain Enhancements**: The AI supply chain is increasingly centered on improved AI infrastructure, with notable examples like Huawei's SuperPod achieving 300 PFLOPs performance [1]. - **AI Model Upgrades**: New AI models are being developed with enhanced multi-modal, agentic, and reasoning capabilities, aimed at improving efficiency and reducing costs associated with AI training and inferencing [1][7]. - **Product Launches**: Several new AI products were launched at WAIC, including: - **AI Models**: Companies like Sensetime and Zhipu introduced models with significant upgrades, such as Sensetime's SenseNova V6.5, which boasts a 5x increase in inferencing efficiency [6][7]. - **AI Agents**: New AI agents were introduced by companies like Kingsoft Office and Midu, focusing on complex context understanding and task execution [1][10]. - **Industry-Specific AI Solutions**: Partnerships between AI model/app suppliers and industry vendors are being formed to create customized AI solutions for sectors like automotive and healthcare [1]. Notable Product Highlights - **SenseNova V6.5**: Offers multi-modal capabilities and 5x higher inferencing efficiency compared to its predecessor [6]. - **iFlytek X1**: Enhanced capabilities in mathematics and translation [6][14]. - **Zhipu GLM 4.5**: An open-source model designed for AI agents, featuring improved coding and inferencing capabilities [6][9]. - **Midu V Assistant 2.0**: A full-flow public opinion analysis tool [6][10]. - **Datagrand AI Agents**: Four new AI agents for auditing, Q&A, form filling, and data summarization [10]. Additional Insights - **Cost Efficiency**: A significant focus remains on lowering the costs associated with AI training and inferencing, which is crucial for vendors to maintain competitive pricing [7]. - **Market Trends**: The trend of more software suppliers entering the AI agent space indicates a growing market for AI-driven solutions that enhance business operations [10]. Conclusion - The advancements in AI technology showcased at WAIC 2025 reflect a robust growth trajectory in the industry, with significant innovations aimed at improving efficiency and reducing costs. The collaboration between AI model developers and industry-specific vendors is likely to drive further growth and customization in AI applications across various sectors [1][10].

Core Viewpoint - DBS maintains a "Buy" rating on SenseTime-W (00020), raising the target price by 16.7% from HKD 1.8 to HKD 2.1 [1] Group 1: Product Development - SenseTime launched the upgraded SenseNova V6.5 at the 2025 World Artificial Intelligence Conference (WAIC), which is considered a top model globally, offering a cost-effectiveness improvement of approximately 5 times compared to its predecessor [1] - The company introduced an embodied intelligence platform, referred to as the "robot brain," to enhance its competitive advantage [1] Group 2: Market Position and Capabilities - SenseTime's leading multimodal generative AI capabilities (text, image, audio, and video processing) benefit from proprietary visual data and strong training and inference efficiency, providing the company with a significant advantage in developing AI applications [1]

Group 1 - The core viewpoint of the article is that DBS maintains a "Buy" rating for SenseTime-W (00020) and raises the target price by 16.7% from HKD 1.8 to HKD 2.1 [1] - SenseTime's upgraded SenseNova V6.5, launched at the 2025 World Artificial Intelligence Conference (WAIC), is noted as a top-tier model with a cost-effectiveness improvement of approximately 5 times compared to the previous version V6 [1] - The management is focused on commercializing artificial intelligence to create results for clients, indicating a strong commitment to innovation and market application [1] Group 2 - SenseTime introduced an embodied intelligence platform, referred to as a "robot brain," which enhances its competitive advantage in the market [1] - The company possesses leading multimodal generative AI capabilities (text, image, audio, and video processing), benefiting from proprietary visual data and strong training and inference efficiency [1]