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Doubling in three days amidst pessimistic voices! What happened to SenseTime?
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CALL$","images":[{"img":"https://community-static.tradeup.com/news/62fd7db85fffe77c18df93f76979466b","width":"933","height":"1543"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/553816293896600","isVote":1,"tweetType":1,"viewCount":766,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":551858672490008,"gmtCreate":1775742170858,"gmtModify":1775742471498,"author":{"id":"4093172008802900","authorId":"4093172008802900","name":"TanCheeHan","avatar":"https://community-static.tradeup.com/news/fd2a230b3679ac74f7a923fd33c66d0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093172008802900","idStr":"4093172008802900"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/QQQ 20260409 607.0 CALL\">$QQQ 20260409 607.0 CALL$</a> ","listText":"<a href=\"https://ttm.financial/OPT/QQQ 20260409 607.0 CALL\">$QQQ 20260409 607.0 CALL$</a> ","text":"$QQQ 20260409 607.0 CALL$","images":[{"img":"https://community-static.tradeup.com/news/57cff6ce14835bc8db596e0f9abe1954","width":"933","height":"1543"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/551858672490008","isVote":1,"tweetType":1,"viewCount":1089,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":538735582262816,"gmtCreate":1772548839699,"gmtModify":1772548909648,"author":{"id":"4093172008802900","authorId":"4093172008802900","name":"TanCheeHan","avatar":"https://community-static.tradeup.com/news/fd2a230b3679ac74f7a923fd33c66d0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093172008802900","idStr":"4093172008802900"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/FIG\">$Figma(FIG)$</a> ","listText":"<a href=\"https://ttm.financial/S/FIG\">$Figma(FIG)$</a> ","text":"$Figma(FIG)$","images":[{"img":"https://community-static.tradeup.com/news/590a696f672c7d2c2a62ddf98bfaaad4","width":"981","height":"1637"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/538735582262816","isVote":1,"tweetType":1,"viewCount":1167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9001481984,"gmtCreate":1641301863844,"gmtModify":1676533594701,"author":{"id":"4093172008802900","authorId":"4093172008802900","name":"TanCheeHan","avatar":"https://community-static.tradeup.com/news/fd2a230b3679ac74f7a923fd33c66d0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093172008802900","idStr":"4093172008802900"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001481984","repostId":"2200717854","repostType":4,"repost":{"id":"2200717854","kind":"highlight","pubTimestamp":1641268267,"share":"https://ttm.financial/m/news/2200717854?lang=en_US&edition=fundamental","pubTime":"2022-01-04 11:51","market":"hk","language":"zh","title":"Doubling in three days amidst pessimistic voices! What happened to SenseTime?","url":"https://stock-news.laohu8.com/highlight/detail?id=2200717854","media":"华尔街见闻","summary":"摘要：申万宏源刘洋团队认为，虽然行业情况并没有发生根本变化，但全球科技和资本市场格局变了。以后，科创板/港股/北交所将承担更多科技力量。2022年1月4日，港股商汤继续逆市大涨，上市之后四连涨。截至发","content":"<p><html><head></head><body>Abstract: Liu Yang's team at Shenwan Hongyuan Securities believes that although the industry situation has not fundamentally changed, the global technology and capital market landscape has. In the future, the Science and Technology Innovation Board/Hong Kong Stock Exchange/Beijing Stock Exchange will undertake more technological resources. On January 4, 2022, SenseTime, a Hong Kong-listed company, continued its surge against the market trend, marking its fourth consecutive day of gains since its listing. As of press time, SenseTime's stock price had risen 10.97%, continuing its previous miracle of doubling in three days. Meanwhile, SenseTime's outstanding performance has also inspired the \"AI brothers\" in the A-share market.<a href=\"https://laohu8.com/S/688088\">Arcsoft Technology</a>、<a href=\"https://laohu8.com/S/002415\">Hikvision</a>、<a href=\"https://laohu8.com/S/002230\">iFlytek</a>A host of \"AI concept stocks,\" including Dahua Technology, opened higher in the morning session.</p><p><img src=\"https://static.tigerbbs.com/ab04b1a49051bec7b6d05ee49038e765\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>However, SenseTime, which boasts metaverse concepts and the title of \"the first AI stock,\" has had a bumpy listing process behind its impressive stock price. Last month, SenseTime's IPO plan was temporarily shelved due to numerous unfavorable external news.</p><p>Fortunately, SenseTime withstood the pressure and quickly completed a series of complex procedures by December 20, readjusted its shareholding structure, and published another prospectus, announcing its listing on December 30, with the issuance size and pricing range remaining unchanged.</p><p><b>At this point, some investors had already noticed that SenseTime's list of cornerstone investors had undergone significant changes.</b>Foreign cornerstone investors such as Pleiad, WT, Focustar Capital, Focustar Fund, and Hel Ved have exited one after another.</p><p><b>Subsequently, numerous questions arose.</b></p><p><b>Regarding fundamentals,</b>After reading the prospectus, some investors found that SenseTime's individual customer base was too high and the continuity of existing customers was not high, raising questions about the sustainability and stability of SenseTime's revenue. Some investors believe that SenseTime's customized business accounts for too high a proportion, raising doubts about SenseTime's ability to control costs and expenses. They worry that expanding scale will prevent the company from reducing costs, turning \"operating leverage\" into \"negative operating leverage,\" making it unprofitable.</p><p><b>In terms of stock price,</b>Some investors are concerned that unfavorable external factors will lead to a large outflow of foreign investors, while business growth prospects will be affected. This will cause current cornerstone investors to have a strong desire to launch stocks after the lock-up period, resulting in long-term instability in stock prices.</p><p>In addition,<b>Regarding liquidity,</b>Some investors are concerned that since cornerstone investors hold the majority of the shares, the company's stock price may show a strong short-term stable trend, but its long-term liquidity may be worrying.</p><p>However, after its IPO, SenseTime exceeded the expectations of most investors. So why has SenseTime's stock price soared amidst widespread pessimism?</p><p>In this regard,<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>Liu Yang's team believes that<b>SenseTime's current performance, which has exceeded many investors' expectations, is inextricably linked to the current environment where investors are more concerned about whether the stock is related to the AI industry and whether it is related to hot topics in metaverse.</b>The team mentioned:</p><p>According to SenseTime's prospectus, \"We have built a multi-layered infrastructure to enable IoT devices and drive the Metaverse (Metaverse) to enhance the end-user experience,\" and \"in 2016,... over the years, we have sold more than 450 million devices.\"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>\"Empowered by mobile phones and over 200 mobile applications, it has become one of the largest metaverse empowerment platforms.\" This article highlights the journey of review AI companies over the past year, from encountering setbacks in their IPO to now being able to go public at a loss.<a href=\"https://laohu8.com/S/06806\">Shenwan Hongyuan</a>Liu Yang's team concluded that although the industry situation has not fundamentally changed,<b>However, the global technology and capital market landscape has changed. In the future, the Science and Technology Innovation Board/Hong Kong Stock Exchange/Beijing Stock Exchange will undertake more technological resources.</b></p><p>Meanwhile, the team believes that SenseTime's current performance, which has exceeded the expectations of many investors, can offer investors the following two insights.</p><p><h2>1. Three opportunities for accelerated AI implementation in 2022</h2>The fragmented application of AI has divided leading companies into two paths: \"lower costs\" represented by Hikvision and Dahua, and \"larger models\" represented by SenseTime and Megvii. Specifically,<b>AI companies such as SenseTime and Megvii choose to develop their own deep learning training platforms.</b>The foundation of a \"large device\" has been built—a completely self-developed AI infrastructure that includes computing power, algorithms, platforms, and underlying training and inference frameworks.</p><p>First, after analyzing these two AI paths, Liu Yang's team at Shenwan Hongyuan Securities believes that:</p><p><ul><li><b>Smart city/security/intelligent manufacturing segment</b>It will still be Hikvision,<a href=\"https://laohu8.com/S/002236\">Dahua Technology</a>Advantageous industries along the path;</li><li><b>Areas such as mobile phones and healthcare that SenseTime and Megvii Technology's large-scale models may strive to explore</b>Currently, AI penetration needs improvement.<b>Logistics, automotive industry</b>Then still<b>More time is needed for verification.</b></li></ul><img src=\"https://static.tigerbbs.com/7b456572de0838c9f0122212c3939e65\" tg-width=\"608\" tg-height=\"450\" referrerpolicy=\"no-referrer\"/></p><p>Regarding the prospects of the artificial intelligence industry in 2022, Liu Yang's team at Shenwan Hongyuan Securities believes that the AI industry will usher in triple opportunities for accelerated implementation:<b>1) Mature application scenarios are emerging; 2) The 14th Five-Year Plan policies have been intensively catalyzed; 3) A wave of AI unicorn IPOs has begun.</b></p><p><b>1) Opportunity 1: The emergence of mature application scenarios</b></p><p>Liu Yang's team at Shenwan Hongyuan Securities believes that currently, intelligent manufacturing, smart warehousing and logistics, and smart finance...<a href=\"https://laohu8.com/S/000816\">Smart Agriculture</a>Smart healthcare, smart home, etc.<b>Mature AI application scenarios are emerging.</b>Leading AI companies already have numerous benchmark cases.</p><p>Meanwhile, analyzing from the perspective of ROI (return on investment), the team believes that...<b>The high returns of the AI industry can accelerate the popularization of the AI industry:</b></p><p>Based on the AI cases provided by Hikvision's official WeChat account, we calculate that the ROI after customer purchases is mostly 50%-150%, and the investment payback period is only 1-2 years. According to a survey by iResearch Consulting, 50% of enterprise AI projects have a payback period of 1 to 3 years, and 36% have a payback period of 0.5 to 1 year. High ROI has catalyzed the accelerated adoption of AI empowerment.<img src=\"https://static.tigerbbs.com/595cd2667929873bf94d0fddcd6773dd\" tg-width=\"609\" tg-height=\"382\" referrerpolicy=\"no-referrer\"/></p><p><b>2) Opportunity Two: Intensive Catalysis of the 14th Five-Year Plan Policy</b></p><p>Recently, the Ministry of Industry and Information Technology (MIIT) has published a series of \"14th Five-Year Plan\" development plans for intelligent and information-based industries on its official website, which put forward multi-level development goals for the artificial intelligence industry. Liu Yang's team at Shenwan Hongyuan Securities believes that:</p><p><ul><li><b>On the To G end,</b>The 14th Five-Year Plan includes numerous requirements to improve the government's digital governance capabilities, which are expected to be implemented more quickly in 2022.</li><li>AI is also a realization<b>Dual-carbon target</b>Important means.</li></ul>The following table summarizes policies related to artificial intelligence:</p><p><img src=\"https://static.tigerbbs.com/81149bb8dcb82f70ca88ac49a3b5557c\" tg-width=\"834\" tg-height=\"839\" referrerpolicy=\"no-referrer\"/></p><p><b>3) Opportunity Three: The Wave of AI Unicorn IPOs Begins</b></p><p>Following SenseTime, AI companies such as CloudWalk Technology, Megvii Technology, Cloudwalk Technology, and Geling Vision plan to complete their listings on the Science and Technology Innovation Board in 2022. AI emerging companies such as Fourth Paradigm and Innovative Intelligence have also submitted their prospectuses to the Hong Kong Stock Exchange and are actively advancing the listing process. Against this backdrop, Liu Yang's team at Shenwan Hongyuan Securities expects...<b>The wave of AI unicorn IPOs is expected to bring greater attention and valuation anchors to the AI sector.</b></p><p>In addition, the team believes that:</p><p>In the post-demographic dividend era, AI is expected to become a high-growth sector for more than a decade; The conditions for explosive growth in demand are already in place, but the bottleneck at this stage may lie on the supply side; The industry will benefit from three opportunities: a large number of successful AI-empowered cases, numerous policy catalysts during the 14th Five-Year Plan period, and a wave of AI unicorn IPOs. The focus is on the implementation capabilities of AI companies.<h2>2. Hong Kong-listed TMT stocks: A reassessment of cognition</h2>Liu Yang's team at Shenwan Hongyuan believes that<b>Changes in the global technology and capital market landscape may undervalue Hong Kong stocks. In the future, Hong Kong stocks are expected to become a new global capitalization haven for technology.</b>。</p><p>The team concluded that:</p><p>1) Investors believe that the different investor composition and valuation systems in the Hong Kong market and the Chinese mainland market are factors hindering the performance of Hong Kong stocks in the technology sector. 2) Hard Technology is listed on the A-share market and is world-class. Soft technologies once favored overseas listings because their growth was often non-linear. 3) It is expected that in the future, those whose business models involve intangible assets creating value will increasingly choose Hong Kong IPOs as the overseas listing environment changes. 4) The \"soft and hard technologies\" of TMT have industry chain linkages and transmission. The maturity of \"hard technologies\" leads to a more mature \"soft technology\" industry. From a domestic perspective, Hong Kong stocks are easier to invest in than those in Europe and the United States. Therefore, we expect the valuation system for domestic investors to invest in \"soft technologies\" in Hong Kong stocks to be different from before (previously, European and American investors were the majority, but Hong Kong stocks were not their optimal choice). 5) SenseTime's current static PS in 2020 is about 61 times, which is higher than the Hang Seng Tech Index/A-share AI, which has a demonstration effect, and this \"demonstration effect\" may have a profound impact.<img src=\"https://static.tigerbbs.com/034269e5bc2020ed77b44e86f6ff91c9\" tg-width=\"761\" tg-height=\"531\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doubling in three days amidst pessimistic voices! 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What happened to SenseTime?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-01-04 11:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Abstract: Liu Yang's team at Shenwan Hongyuan Securities believes that although the industry situation has not fundamentally changed, the global technology and capital market landscape has. In the future, the Science and Technology Innovation Board/Hong Kong Stock Exchange/Beijing Stock Exchange will undertake more technological resources. On January 4, 2022, SenseTime, a Hong Kong-listed company, continued its surge against the market trend, marking its fourth consecutive day of gains since its listing. As of press time, SenseTime's stock price had risen 10.97%, continuing its previous miracle of doubling in three days. Meanwhile, SenseTime's outstanding performance has also inspired the \"AI brothers\" in the A-share market.<a href=\"https://laohu8.com/S/688088\">Arcsoft Technology</a>、<a href=\"https://laohu8.com/S/002415\">Hikvision</a>、<a href=\"https://laohu8.com/S/002230\">iFlytek</a>A host of \"AI concept stocks,\" including Dahua Technology, opened higher in the morning session.</p><p><img src=\"https://static.tigerbbs.com/ab04b1a49051bec7b6d05ee49038e765\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>However, SenseTime, which boasts metaverse concepts and the title of \"the first AI stock,\" has had a bumpy listing process behind its impressive stock price. Last month, SenseTime's IPO plan was temporarily shelved due to numerous unfavorable external news.</p><p>Fortunately, SenseTime withstood the pressure and quickly completed a series of complex procedures by December 20, readjusted its shareholding structure, and published another prospectus, announcing its listing on December 30, with the issuance size and pricing range remaining unchanged.</p><p><b>At this point, some investors had already noticed that SenseTime's list of cornerstone investors had undergone significant changes.</b>Foreign cornerstone investors such as Pleiad, WT, Focustar Capital, Focustar Fund, and Hel Ved have exited one after another.</p><p><b>Subsequently, numerous questions arose.</b></p><p><b>Regarding fundamentals,</b>After reading the prospectus, some investors found that SenseTime's individual customer base was too high and the continuity of existing customers was not high, raising questions about the sustainability and stability of SenseTime's revenue. Some investors believe that SenseTime's customized business accounts for too high a proportion, raising doubts about SenseTime's ability to control costs and expenses. They worry that expanding scale will prevent the company from reducing costs, turning \"operating leverage\" into \"negative operating leverage,\" making it unprofitable.</p><p><b>In terms of stock price,</b>Some investors are concerned that unfavorable external factors will lead to a large outflow of foreign investors, while business growth prospects will be affected. This will cause current cornerstone investors to have a strong desire to launch stocks after the lock-up period, resulting in long-term instability in stock prices.</p><p>In addition,<b>Regarding liquidity,</b>Some investors are concerned that since cornerstone investors hold the majority of the shares, the company's stock price may show a strong short-term stable trend, but its long-term liquidity may be worrying.</p><p>However, after its IPO, SenseTime exceeded the expectations of most investors. So why has SenseTime's stock price soared amidst widespread pessimism?</p><p>In this regard,<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>Liu Yang's team believes that<b>SenseTime's current performance, which has exceeded many investors' expectations, is inextricably linked to the current environment where investors are more concerned about whether the stock is related to the AI industry and whether it is related to hot topics in metaverse.</b>The team mentioned:</p><p>According to SenseTime's prospectus, \"We have built a multi-layered infrastructure to enable IoT devices and drive the Metaverse (Metaverse) to enhance the end-user experience,\" and \"in 2016,... over the years, we have sold more than 450 million devices.\"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>\"Empowered by mobile phones and over 200 mobile applications, it has become one of the largest metaverse empowerment platforms.\" This article highlights the journey of review AI companies over the past year, from encountering setbacks in their IPO to now being able to go public at a loss.<a href=\"https://laohu8.com/S/06806\">Shenwan Hongyuan</a>Liu Yang's team concluded that although the industry situation has not fundamentally changed,<b>However, the global technology and capital market landscape has changed. In the future, the Science and Technology Innovation Board/Hong Kong Stock Exchange/Beijing Stock Exchange will undertake more technological resources.</b></p><p>Meanwhile, the team believes that SenseTime's current performance, which has exceeded the expectations of many investors, can offer investors the following two insights.</p><p><h2>1. Three opportunities for accelerated AI implementation in 2022</h2>The fragmented application of AI has divided leading companies into two paths: \"lower costs\" represented by Hikvision and Dahua, and \"larger models\" represented by SenseTime and Megvii. Specifically,<b>AI companies such as SenseTime and Megvii choose to develop their own deep learning training platforms.</b>The foundation of a \"large device\" has been built—a completely self-developed AI infrastructure that includes computing power, algorithms, platforms, and underlying training and inference frameworks.</p><p>First, after analyzing these two AI paths, Liu Yang's team at Shenwan Hongyuan Securities believes that:</p><p><ul><li><b>Smart city/security/intelligent manufacturing segment</b>It will still be Hikvision,<a href=\"https://laohu8.com/S/002236\">Dahua Technology</a>Advantageous industries along the path;</li><li><b>Areas such as mobile phones and healthcare that SenseTime and Megvii Technology's large-scale models may strive to explore</b>Currently, AI penetration needs improvement.<b>Logistics, automotive industry</b>Then still<b>More time is needed for verification.</b></li></ul><img src=\"https://static.tigerbbs.com/7b456572de0838c9f0122212c3939e65\" tg-width=\"608\" tg-height=\"450\" referrerpolicy=\"no-referrer\"/></p><p>Regarding the prospects of the artificial intelligence industry in 2022, Liu Yang's team at Shenwan Hongyuan Securities believes that the AI industry will usher in triple opportunities for accelerated implementation:<b>1) Mature application scenarios are emerging; 2) The 14th Five-Year Plan policies have been intensively catalyzed; 3) A wave of AI unicorn IPOs has begun.</b></p><p><b>1) Opportunity 1: The emergence of mature application scenarios</b></p><p>Liu Yang's team at Shenwan Hongyuan Securities believes that currently, intelligent manufacturing, smart warehousing and logistics, and smart finance...<a href=\"https://laohu8.com/S/000816\">Smart Agriculture</a>Smart healthcare, smart home, etc.<b>Mature AI application scenarios are emerging.</b>Leading AI companies already have numerous benchmark cases.</p><p>Meanwhile, analyzing from the perspective of ROI (return on investment), the team believes that...<b>The high returns of the AI industry can accelerate the popularization of the AI industry:</b></p><p>Based on the AI cases provided by Hikvision's official WeChat account, we calculate that the ROI after customer purchases is mostly 50%-150%, and the investment payback period is only 1-2 years. According to a survey by iResearch Consulting, 50% of enterprise AI projects have a payback period of 1 to 3 years, and 36% have a payback period of 0.5 to 1 year. High ROI has catalyzed the accelerated adoption of AI empowerment.<img src=\"https://static.tigerbbs.com/595cd2667929873bf94d0fddcd6773dd\" tg-width=\"609\" tg-height=\"382\" referrerpolicy=\"no-referrer\"/></p><p><b>2) Opportunity Two: Intensive Catalysis of the 14th Five-Year Plan Policy</b></p><p>Recently, the Ministry of Industry and Information Technology (MIIT) has published a series of \"14th Five-Year Plan\" development plans for intelligent and information-based industries on its official website, which put forward multi-level development goals for the artificial intelligence industry. Liu Yang's team at Shenwan Hongyuan Securities believes that:</p><p><ul><li><b>On the To G end,</b>The 14th Five-Year Plan includes numerous requirements to improve the government's digital governance capabilities, which are expected to be implemented more quickly in 2022.</li><li>AI is also a realization<b>Dual-carbon target</b>Important means.</li></ul>The following table summarizes policies related to artificial intelligence:</p><p><img src=\"https://static.tigerbbs.com/81149bb8dcb82f70ca88ac49a3b5557c\" tg-width=\"834\" tg-height=\"839\" referrerpolicy=\"no-referrer\"/></p><p><b>3) Opportunity Three: The Wave of AI Unicorn IPOs Begins</b></p><p>Following SenseTime, AI companies such as CloudWalk Technology, Megvii Technology, Cloudwalk Technology, and Geling Vision plan to complete their listings on the Science and Technology Innovation Board in 2022. AI emerging companies such as Fourth Paradigm and Innovative Intelligence have also submitted their prospectuses to the Hong Kong Stock Exchange and are actively advancing the listing process. Against this backdrop, Liu Yang's team at Shenwan Hongyuan Securities expects...<b>The wave of AI unicorn IPOs is expected to bring greater attention and valuation anchors to the AI sector.</b></p><p>In addition, the team believes that:</p><p>In the post-demographic dividend era, AI is expected to become a high-growth sector for more than a decade; The conditions for explosive growth in demand are already in place, but the bottleneck at this stage may lie on the supply side; The industry will benefit from three opportunities: a large number of successful AI-empowered cases, numerous policy catalysts during the 14th Five-Year Plan period, and a wave of AI unicorn IPOs. The focus is on the implementation capabilities of AI companies.<h2>2. Hong Kong-listed TMT stocks: A reassessment of cognition</h2>Liu Yang's team at Shenwan Hongyuan believes that<b>Changes in the global technology and capital market landscape may undervalue Hong Kong stocks. In the future, Hong Kong stocks are expected to become a new global capitalization haven for technology.</b>。</p><p>The team concluded that:</p><p>1) Investors believe that the different investor composition and valuation systems in the Hong Kong market and the Chinese mainland market are factors hindering the performance of Hong Kong stocks in the technology sector. 2) Hard Technology is listed on the A-share market and is world-class. Soft technologies once favored overseas listings because their growth was often non-linear. 3) It is expected that in the future, those whose business models involve intangible assets creating value will increasingly choose Hong Kong IPOs as the overseas listing environment changes. 4) The \"soft and hard technologies\" of TMT have industry chain linkages and transmission. The maturity of \"hard technologies\" leads to a more mature \"soft technology\" industry. From a domestic perspective, Hong Kong stocks are easier to invest in than those in Europe and the United States. Therefore, we expect the valuation system for domestic investors to invest in \"soft technologies\" in Hong Kong stocks to be different from before (previously, European and American investors were the majority, but Hong Kong stocks were not their optimal choice). 5) SenseTime's current static PS in 2020 is about 61 times, which is higher than the Hang Seng Tech Index/A-share AI, which has a demonstration effect, and this \"demonstration effect\" may have a profound impact.<img src=\"https://static.tigerbbs.com/034269e5bc2020ed77b44e86f6ff91c9\" tg-width=\"761\" tg-height=\"531\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3648778\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3b2be8352a2da2e1aeca513d0b204831","relate_stocks":{"00020":"商汤-W"},"source_url":"https://wallstreetcn.com/articles/3648778","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2200717854","content_text":"摘要：申万宏源刘洋团队认为，虽然行业情况并没有发生根本变化，但全球科技和资本市场格局变了。以后，科创板/港股/北交所将承担更多科技力量。2022年1月4日，港股商汤继续逆市大涨，上市之后四连涨。截至发稿，商汤涨幅达10.97%，延续了此前股价三天翻倍的神迹。同时，商汤的优异表现也激励了A股的“AI兄弟”，虹软科技、海康威视、科大讯飞、大华股份等一众“AI概念股”早盘纷纷高开。然而，叠加了元宇宙概念、“AI第一股”名号的商汤，在股价光鲜的背后，却是坎坷的上市历程。上个月，商汤更是因诸多外部不利消息导致上市计划一度搁浅。好在，商汤顶住了压力，到12月20日便已迅速完成了一系列复杂手续，重新调整股份结构，并再次刊发《招股章程》，宣布于12月30日上市，且发行规模和定价区间不变。这时，已有投资者注意到，商汤的基石投资者名单已经发生了重大改变。Pleiad、WT、Focustar Capital、Focustar Fund 和 Hel Ved 等外资基石投资者已相继退出。此后，大量质疑声四起。对于基本面，有投资者在读完招股书后发现，商汤的单个客户占比过高以及存量客户延续性不高，对于商汤收入的可持续性及稳定性发出质疑；也有投资者认为商汤的定制业务占比过高，对商汤业务的成本费用控制能力起疑，担心规模扩增却无法降成本，导致“经营杠杆”变成“经营负杠杆”，使得公司无法盈利。在股价上看，有投资者担心，外部不利因素会导致大量外资投资者流失，同时业务增长前景会受到影响，导致当前的基石投资者在锁定期后推出意愿强烈，导致股价的长期不稳。此外，在流动性方面，还有投资者担心由于基石投资者占大部分份额，会使得公司股价虽在短期稳健趋势强劲，但长期流动性堪忧。然而，上市后的商汤走出了超过多数投资者预期的走势。那么，为何商汤能在一片悲观声中股价气势如虹？对此，申万宏源刘洋团队认为，商汤当前超过较多投资者预期的走势，与目前投资者们更关心股票是否与AI行业有关，是否与元宇宙热点有关的大环境脱不开干系。该团队提及：根据商汤招股说明书，指出“我们已构建用于赋能IoT设备及驱动元宇宙(Metaverse)的多层基础设施，以提升终端使用者体验”，“2016年,……,多年来已为超过450百万部智能手机及超过200个手机应用程序赋能，并成为最大的元宇宙赋能平台之一”）复盘过去一年AI公司从遭遇上市挫折，到目前可以亏损上市的历程，申万宏源刘洋团队总结到，虽行业情况并没有发生根本变化，但全球科技和资本市场格局变了。以后，科创板/港股/北交所将承担更多科技力量。同时，该团队认为，商汤当下超众多投资者预期的走势，可以给投资者带来以下两点启发。1. 2022年AI落地加速的三种机遇AI的碎片化场景落地，使得领军公司分为两种路径，以海康大华为代表的“更低的成本”和商汤、旷视为代表的“更大的模型”。具体来说，商汤、旷视等AI企业选择自研深度学习训练平台，搭建了“大装置”底座——即包含算力、算法、平台和底层训练推理框架完全自研的AI基础设施。首先，在对这两种AI路径进行分析后，申万宏源刘洋团队认为：智慧城市/安防/智能制造环节，仍将是海康威视、大华股份路径的优势行业；手机、医疗等可能商汤、旷视科技的大模型努力尝试的领域，目前AI渗透有待提升的物流、汽车行业则仍需要更多时间验证。对于人工智能行业在2022年的前景，申万宏源刘洋团队认为，AI产业将迎来落地加速的三重机遇：1）成熟的应用场景涌现；2）十四五政策密集催化；3）AI 独角兽上市潮开启。1）机遇一：成熟的应用场景涌现申万宏源刘洋团队认为，当下智能制造、智慧仓储物流、智慧金融、智慧农业、智慧医疗、智能家居等成熟的AI应用场景正在涌现，领军AI 公司已有大量标杆案例。同时，从ROI（投资回报率）上分析，该团队认为，AI行业的高回报可以加速AI产业的普及：以海康威视官方公众号提供的AI案例为计算依据，我们计算客户采购后ROI大多为50%-150%，投资回收期仅为1-2年；根据艾瑞咨询的调研结果，50%的企业AI项目回报周期在1~3年，36%的企业回报周期在0.5~1年。高ROI催化了AI赋能加速普及。2）机遇二：十四五政策密集催化近期，工信部官网密集刊登智能化、信息化相关产业的“十四五”发展规划，其中对人工智能产业提出了多层次发展目标。申万宏源刘洋团队认为：在To G端，十四五规划中包含大量提高政府数字化治理能力的要求，预计将在2022年加快落地；AI也是实现双碳目标的重要手段。对与人工智能有关的政策进行了梳理如下表所示：3）机遇三：AI 独角兽上市潮开启在商汤之后，云从科技、旷视科技、云天励飞、格灵深瞳等AI公司拟于2022年在科创板完成上市；第四范式、创新奇智等AI新锐也已向港交所递交招股书，积极推进上市进程。在此背景下，申万宏源刘洋团队预期，AI独角兽上市潮有望为AI板块带来更高的关注度和估值锚。此外，该团队认为：后人口红利时代，AI有望成为十年以上的高景气赛道；需求爆发增长的条件已经具备，现阶段瓶颈可能在于供给端；行业将获得AI赋能成功案例大量示范效应、十四五大量政策催化、AI独角兽上市潮等三重机遇；重点关注AI企业的落地能力。2. 港股TMT，认知的再评估申万宏源刘洋团队认为，全球科技和资本市场格局的变化，港股可能被低估，未来，港股有望成为科技新的全球资本化港湾。该团队总结到：1）投资者认为香港市场/中国大陆市场不同的投资者成分、估值体系，是阻碍港股科技表现的因素。2）硬科技已A股上市，且属于世界一流。软科技曾经青睐海外上市，因其成长经常并非线性。3）预计未来，商业模式属于无形资产创造价值的，伴随海外上市环境变化，会更多选择港股IPO。4）TMT的“软硬科技”存在产业链联动和传导，“硬科技“的成熟，导致“软科技”产业更成熟。而从国内的视角：便于投资的港股比投向欧美容易。因此，国内投资者去港股投资“软科技“的估值体系，我们预计会和以前不同（之前欧美投资者居多，但港股不是其最优选择）。5）当前商汤的2020年静态PS约61倍，高于恒生科技指数/A股AI，有示范效应，且这种“示范效应”可能会产生深远影响。","news_type":1,"symbols_score_info":{"90006":1,"00020":1}},"isVote":1,"tweetType":1,"viewCount":2107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":538735582262816,"gmtCreate":1772548839699,"gmtModify":1772548909648,"author":{"id":"4093172008802900","authorId":"4093172008802900","name":"TanCheeHan","avatar":"https://community-static.tradeup.com/news/fd2a230b3679ac74f7a923fd33c66d0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093172008802900","idStr":"4093172008802900"},"themes":[],"title":"","htmlText":"<a 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CALL$","images":[{"img":"https://community-static.tradeup.com/news/62fd7db85fffe77c18df93f76979466b","width":"933","height":"1543"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/553816293896600","isVote":1,"tweetType":1,"viewCount":766,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":551858672490008,"gmtCreate":1775742170858,"gmtModify":1775742471498,"author":{"id":"4093172008802900","authorId":"4093172008802900","name":"TanCheeHan","avatar":"https://community-static.tradeup.com/news/fd2a230b3679ac74f7a923fd33c66d0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093172008802900","idStr":"4093172008802900"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/QQQ 20260409 607.0 CALL\">$QQQ 20260409 607.0 CALL$</a> ","listText":"<a href=\"https://ttm.financial/OPT/QQQ 20260409 607.0 CALL\">$QQQ 20260409 607.0 CALL$</a> ","text":"$QQQ 20260409 607.0 CALL$","images":[{"img":"https://community-static.tradeup.com/news/57cff6ce14835bc8db596e0f9abe1954","width":"933","height":"1543"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/551858672490008","isVote":1,"tweetType":1,"viewCount":1089,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9001481984,"gmtCreate":1641301863844,"gmtModify":1676533594701,"author":{"id":"4093172008802900","authorId":"4093172008802900","name":"TanCheeHan","avatar":"https://community-static.tradeup.com/news/fd2a230b3679ac74f7a923fd33c66d0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093172008802900","idStr":"4093172008802900"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001481984","repostId":"2200717854","repostType":4,"repost":{"id":"2200717854","kind":"highlight","pubTimestamp":1641268267,"share":"https://ttm.financial/m/news/2200717854?lang=en_US&edition=fundamental","pubTime":"2022-01-04 11:51","market":"hk","language":"zh","title":"Doubling in three days amidst pessimistic voices! What happened to SenseTime?","url":"https://stock-news.laohu8.com/highlight/detail?id=2200717854","media":"华尔街见闻","summary":"摘要：申万宏源刘洋团队认为，虽然行业情况并没有发生根本变化，但全球科技和资本市场格局变了。以后，科创板/港股/北交所将承担更多科技力量。2022年1月4日，港股商汤继续逆市大涨，上市之后四连涨。截至发","content":"<p><html><head></head><body>Abstract: Liu Yang's team at Shenwan Hongyuan Securities believes that although the industry situation has not fundamentally changed, the global technology and capital market landscape has. In the future, the Science and Technology Innovation Board/Hong Kong Stock Exchange/Beijing Stock Exchange will undertake more technological resources. On January 4, 2022, SenseTime, a Hong Kong-listed company, continued its surge against the market trend, marking its fourth consecutive day of gains since its listing. As of press time, SenseTime's stock price had risen 10.97%, continuing its previous miracle of doubling in three days. Meanwhile, SenseTime's outstanding performance has also inspired the \"AI brothers\" in the A-share market.<a href=\"https://laohu8.com/S/688088\">Arcsoft Technology</a>、<a href=\"https://laohu8.com/S/002415\">Hikvision</a>、<a href=\"https://laohu8.com/S/002230\">iFlytek</a>A host of \"AI concept stocks,\" including Dahua Technology, opened higher in the morning session.</p><p><img src=\"https://static.tigerbbs.com/ab04b1a49051bec7b6d05ee49038e765\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>However, SenseTime, which boasts metaverse concepts and the title of \"the first AI stock,\" has had a bumpy listing process behind its impressive stock price. Last month, SenseTime's IPO plan was temporarily shelved due to numerous unfavorable external news.</p><p>Fortunately, SenseTime withstood the pressure and quickly completed a series of complex procedures by December 20, readjusted its shareholding structure, and published another prospectus, announcing its listing on December 30, with the issuance size and pricing range remaining unchanged.</p><p><b>At this point, some investors had already noticed that SenseTime's list of cornerstone investors had undergone significant changes.</b>Foreign cornerstone investors such as Pleiad, WT, Focustar Capital, Focustar Fund, and Hel Ved have exited one after another.</p><p><b>Subsequently, numerous questions arose.</b></p><p><b>Regarding fundamentals,</b>After reading the prospectus, some investors found that SenseTime's individual customer base was too high and the continuity of existing customers was not high, raising questions about the sustainability and stability of SenseTime's revenue. Some investors believe that SenseTime's customized business accounts for too high a proportion, raising doubts about SenseTime's ability to control costs and expenses. They worry that expanding scale will prevent the company from reducing costs, turning \"operating leverage\" into \"negative operating leverage,\" making it unprofitable.</p><p><b>In terms of stock price,</b>Some investors are concerned that unfavorable external factors will lead to a large outflow of foreign investors, while business growth prospects will be affected. This will cause current cornerstone investors to have a strong desire to launch stocks after the lock-up period, resulting in long-term instability in stock prices.</p><p>In addition,<b>Regarding liquidity,</b>Some investors are concerned that since cornerstone investors hold the majority of the shares, the company's stock price may show a strong short-term stable trend, but its long-term liquidity may be worrying.</p><p>However, after its IPO, SenseTime exceeded the expectations of most investors. So why has SenseTime's stock price soared amidst widespread pessimism?</p><p>In this regard,<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>Liu Yang's team believes that<b>SenseTime's current performance, which has exceeded many investors' expectations, is inextricably linked to the current environment where investors are more concerned about whether the stock is related to the AI industry and whether it is related to hot topics in metaverse.</b>The team mentioned:</p><p>According to SenseTime's prospectus, \"We have built a multi-layered infrastructure to enable IoT devices and drive the Metaverse (Metaverse) to enhance the end-user experience,\" and \"in 2016,... over the years, we have sold more than 450 million devices.\"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>\"Empowered by mobile phones and over 200 mobile applications, it has become one of the largest metaverse empowerment platforms.\" This article highlights the journey of review AI companies over the past year, from encountering setbacks in their IPO to now being able to go public at a loss.<a href=\"https://laohu8.com/S/06806\">Shenwan Hongyuan</a>Liu Yang's team concluded that although the industry situation has not fundamentally changed,<b>However, the global technology and capital market landscape has changed. In the future, the Science and Technology Innovation Board/Hong Kong Stock Exchange/Beijing Stock Exchange will undertake more technological resources.</b></p><p>Meanwhile, the team believes that SenseTime's current performance, which has exceeded the expectations of many investors, can offer investors the following two insights.</p><p><h2>1. Three opportunities for accelerated AI implementation in 2022</h2>The fragmented application of AI has divided leading companies into two paths: \"lower costs\" represented by Hikvision and Dahua, and \"larger models\" represented by SenseTime and Megvii. Specifically,<b>AI companies such as SenseTime and Megvii choose to develop their own deep learning training platforms.</b>The foundation of a \"large device\" has been built—a completely self-developed AI infrastructure that includes computing power, algorithms, platforms, and underlying training and inference frameworks.</p><p>First, after analyzing these two AI paths, Liu Yang's team at Shenwan Hongyuan Securities believes that:</p><p><ul><li><b>Smart city/security/intelligent manufacturing segment</b>It will still be Hikvision,<a href=\"https://laohu8.com/S/002236\">Dahua Technology</a>Advantageous industries along the path;</li><li><b>Areas such as mobile phones and healthcare that SenseTime and Megvii Technology's large-scale models may strive to explore</b>Currently, AI penetration needs improvement.<b>Logistics, automotive industry</b>Then still<b>More time is needed for verification.</b></li></ul><img src=\"https://static.tigerbbs.com/7b456572de0838c9f0122212c3939e65\" tg-width=\"608\" tg-height=\"450\" referrerpolicy=\"no-referrer\"/></p><p>Regarding the prospects of the artificial intelligence industry in 2022, Liu Yang's team at Shenwan Hongyuan Securities believes that the AI industry will usher in triple opportunities for accelerated implementation:<b>1) Mature application scenarios are emerging; 2) The 14th Five-Year Plan policies have been intensively catalyzed; 3) A wave of AI unicorn IPOs has begun.</b></p><p><b>1) Opportunity 1: The emergence of mature application scenarios</b></p><p>Liu Yang's team at Shenwan Hongyuan Securities believes that currently, intelligent manufacturing, smart warehousing and logistics, and smart finance...<a href=\"https://laohu8.com/S/000816\">Smart Agriculture</a>Smart healthcare, smart home, etc.<b>Mature AI application scenarios are emerging.</b>Leading AI companies already have numerous benchmark cases.</p><p>Meanwhile, analyzing from the perspective of ROI (return on investment), the team believes that...<b>The high returns of the AI industry can accelerate the popularization of the AI industry:</b></p><p>Based on the AI cases provided by Hikvision's official WeChat account, we calculate that the ROI after customer purchases is mostly 50%-150%, and the investment payback period is only 1-2 years. According to a survey by iResearch Consulting, 50% of enterprise AI projects have a payback period of 1 to 3 years, and 36% have a payback period of 0.5 to 1 year. High ROI has catalyzed the accelerated adoption of AI empowerment.<img src=\"https://static.tigerbbs.com/595cd2667929873bf94d0fddcd6773dd\" tg-width=\"609\" tg-height=\"382\" referrerpolicy=\"no-referrer\"/></p><p><b>2) Opportunity Two: Intensive Catalysis of the 14th Five-Year Plan Policy</b></p><p>Recently, the Ministry of Industry and Information Technology (MIIT) has published a series of \"14th Five-Year Plan\" development plans for intelligent and information-based industries on its official website, which put forward multi-level development goals for the artificial intelligence industry. Liu Yang's team at Shenwan Hongyuan Securities believes that:</p><p><ul><li><b>On the To G end,</b>The 14th Five-Year Plan includes numerous requirements to improve the government's digital governance capabilities, which are expected to be implemented more quickly in 2022.</li><li>AI is also a realization<b>Dual-carbon target</b>Important means.</li></ul>The following table summarizes policies related to artificial intelligence:</p><p><img src=\"https://static.tigerbbs.com/81149bb8dcb82f70ca88ac49a3b5557c\" tg-width=\"834\" tg-height=\"839\" referrerpolicy=\"no-referrer\"/></p><p><b>3) Opportunity Three: The Wave of AI Unicorn IPOs Begins</b></p><p>Following SenseTime, AI companies such as CloudWalk Technology, Megvii Technology, Cloudwalk Technology, and Geling Vision plan to complete their listings on the Science and Technology Innovation Board in 2022. AI emerging companies such as Fourth Paradigm and Innovative Intelligence have also submitted their prospectuses to the Hong Kong Stock Exchange and are actively advancing the listing process. Against this backdrop, Liu Yang's team at Shenwan Hongyuan Securities expects...<b>The wave of AI unicorn IPOs is expected to bring greater attention and valuation anchors to the AI sector.</b></p><p>In addition, the team believes that:</p><p>In the post-demographic dividend era, AI is expected to become a high-growth sector for more than a decade; The conditions for explosive growth in demand are already in place, but the bottleneck at this stage may lie on the supply side; The industry will benefit from three opportunities: a large number of successful AI-empowered cases, numerous policy catalysts during the 14th Five-Year Plan period, and a wave of AI unicorn IPOs. The focus is on the implementation capabilities of AI companies.<h2>2. Hong Kong-listed TMT stocks: A reassessment of cognition</h2>Liu Yang's team at Shenwan Hongyuan believes that<b>Changes in the global technology and capital market landscape may undervalue Hong Kong stocks. In the future, Hong Kong stocks are expected to become a new global capitalization haven for technology.</b>。</p><p>The team concluded that:</p><p>1) Investors believe that the different investor composition and valuation systems in the Hong Kong market and the Chinese mainland market are factors hindering the performance of Hong Kong stocks in the technology sector. 2) Hard Technology is listed on the A-share market and is world-class. Soft technologies once favored overseas listings because their growth was often non-linear. 3) It is expected that in the future, those whose business models involve intangible assets creating value will increasingly choose Hong Kong IPOs as the overseas listing environment changes. 4) The \"soft and hard technologies\" of TMT have industry chain linkages and transmission. The maturity of \"hard technologies\" leads to a more mature \"soft technology\" industry. From a domestic perspective, Hong Kong stocks are easier to invest in than those in Europe and the United States. Therefore, we expect the valuation system for domestic investors to invest in \"soft technologies\" in Hong Kong stocks to be different from before (previously, European and American investors were the majority, but Hong Kong stocks were not their optimal choice). 5) SenseTime's current static PS in 2020 is about 61 times, which is higher than the Hang Seng Tech Index/A-share AI, which has a demonstration effect, and this \"demonstration effect\" may have a profound impact.<img src=\"https://static.tigerbbs.com/034269e5bc2020ed77b44e86f6ff91c9\" tg-width=\"761\" tg-height=\"531\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Doubling in three days amidst pessimistic voices! What happened to SenseTime?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoubling in three days amidst pessimistic voices! What happened to SenseTime?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-01-04 11:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Abstract: Liu Yang's team at Shenwan Hongyuan Securities believes that although the industry situation has not fundamentally changed, the global technology and capital market landscape has. In the future, the Science and Technology Innovation Board/Hong Kong Stock Exchange/Beijing Stock Exchange will undertake more technological resources. On January 4, 2022, SenseTime, a Hong Kong-listed company, continued its surge against the market trend, marking its fourth consecutive day of gains since its listing. As of press time, SenseTime's stock price had risen 10.97%, continuing its previous miracle of doubling in three days. Meanwhile, SenseTime's outstanding performance has also inspired the \"AI brothers\" in the A-share market.<a href=\"https://laohu8.com/S/688088\">Arcsoft Technology</a>、<a href=\"https://laohu8.com/S/002415\">Hikvision</a>、<a href=\"https://laohu8.com/S/002230\">iFlytek</a>A host of \"AI concept stocks,\" including Dahua Technology, opened higher in the morning session.</p><p><img src=\"https://static.tigerbbs.com/ab04b1a49051bec7b6d05ee49038e765\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>However, SenseTime, which boasts metaverse concepts and the title of \"the first AI stock,\" has had a bumpy listing process behind its impressive stock price. Last month, SenseTime's IPO plan was temporarily shelved due to numerous unfavorable external news.</p><p>Fortunately, SenseTime withstood the pressure and quickly completed a series of complex procedures by December 20, readjusted its shareholding structure, and published another prospectus, announcing its listing on December 30, with the issuance size and pricing range remaining unchanged.</p><p><b>At this point, some investors had already noticed that SenseTime's list of cornerstone investors had undergone significant changes.</b>Foreign cornerstone investors such as Pleiad, WT, Focustar Capital, Focustar Fund, and Hel Ved have exited one after another.</p><p><b>Subsequently, numerous questions arose.</b></p><p><b>Regarding fundamentals,</b>After reading the prospectus, some investors found that SenseTime's individual customer base was too high and the continuity of existing customers was not high, raising questions about the sustainability and stability of SenseTime's revenue. Some investors believe that SenseTime's customized business accounts for too high a proportion, raising doubts about SenseTime's ability to control costs and expenses. They worry that expanding scale will prevent the company from reducing costs, turning \"operating leverage\" into \"negative operating leverage,\" making it unprofitable.</p><p><b>In terms of stock price,</b>Some investors are concerned that unfavorable external factors will lead to a large outflow of foreign investors, while business growth prospects will be affected. This will cause current cornerstone investors to have a strong desire to launch stocks after the lock-up period, resulting in long-term instability in stock prices.</p><p>In addition,<b>Regarding liquidity,</b>Some investors are concerned that since cornerstone investors hold the majority of the shares, the company's stock price may show a strong short-term stable trend, but its long-term liquidity may be worrying.</p><p>However, after its IPO, SenseTime exceeded the expectations of most investors. So why has SenseTime's stock price soared amidst widespread pessimism?</p><p>In this regard,<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>Liu Yang's team believes that<b>SenseTime's current performance, which has exceeded many investors' expectations, is inextricably linked to the current environment where investors are more concerned about whether the stock is related to the AI industry and whether it is related to hot topics in metaverse.</b>The team mentioned:</p><p>According to SenseTime's prospectus, \"We have built a multi-layered infrastructure to enable IoT devices and drive the Metaverse (Metaverse) to enhance the end-user experience,\" and \"in 2016,... over the years, we have sold more than 450 million devices.\"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>\"Empowered by mobile phones and over 200 mobile applications, it has become one of the largest metaverse empowerment platforms.\" This article highlights the journey of review AI companies over the past year, from encountering setbacks in their IPO to now being able to go public at a loss.<a href=\"https://laohu8.com/S/06806\">Shenwan Hongyuan</a>Liu Yang's team concluded that although the industry situation has not fundamentally changed,<b>However, the global technology and capital market landscape has changed. In the future, the Science and Technology Innovation Board/Hong Kong Stock Exchange/Beijing Stock Exchange will undertake more technological resources.</b></p><p>Meanwhile, the team believes that SenseTime's current performance, which has exceeded the expectations of many investors, can offer investors the following two insights.</p><p><h2>1. Three opportunities for accelerated AI implementation in 2022</h2>The fragmented application of AI has divided leading companies into two paths: \"lower costs\" represented by Hikvision and Dahua, and \"larger models\" represented by SenseTime and Megvii. Specifically,<b>AI companies such as SenseTime and Megvii choose to develop their own deep learning training platforms.</b>The foundation of a \"large device\" has been built—a completely self-developed AI infrastructure that includes computing power, algorithms, platforms, and underlying training and inference frameworks.</p><p>First, after analyzing these two AI paths, Liu Yang's team at Shenwan Hongyuan Securities believes that:</p><p><ul><li><b>Smart city/security/intelligent manufacturing segment</b>It will still be Hikvision,<a href=\"https://laohu8.com/S/002236\">Dahua Technology</a>Advantageous industries along the path;</li><li><b>Areas such as mobile phones and healthcare that SenseTime and Megvii Technology's large-scale models may strive to explore</b>Currently, AI penetration needs improvement.<b>Logistics, automotive industry</b>Then still<b>More time is needed for verification.</b></li></ul><img src=\"https://static.tigerbbs.com/7b456572de0838c9f0122212c3939e65\" tg-width=\"608\" tg-height=\"450\" referrerpolicy=\"no-referrer\"/></p><p>Regarding the prospects of the artificial intelligence industry in 2022, Liu Yang's team at Shenwan Hongyuan Securities believes that the AI industry will usher in triple opportunities for accelerated implementation:<b>1) Mature application scenarios are emerging; 2) The 14th Five-Year Plan policies have been intensively catalyzed; 3) A wave of AI unicorn IPOs has begun.</b></p><p><b>1) Opportunity 1: The emergence of mature application scenarios</b></p><p>Liu Yang's team at Shenwan Hongyuan Securities believes that currently, intelligent manufacturing, smart warehousing and logistics, and smart finance...<a href=\"https://laohu8.com/S/000816\">Smart Agriculture</a>Smart healthcare, smart home, etc.<b>Mature AI application scenarios are emerging.</b>Leading AI companies already have numerous benchmark cases.</p><p>Meanwhile, analyzing from the perspective of ROI (return on investment), the team believes that...<b>The high returns of the AI industry can accelerate the popularization of the AI industry:</b></p><p>Based on the AI cases provided by Hikvision's official WeChat account, we calculate that the ROI after customer purchases is mostly 50%-150%, and the investment payback period is only 1-2 years. According to a survey by iResearch Consulting, 50% of enterprise AI projects have a payback period of 1 to 3 years, and 36% have a payback period of 0.5 to 1 year. High ROI has catalyzed the accelerated adoption of AI empowerment.<img src=\"https://static.tigerbbs.com/595cd2667929873bf94d0fddcd6773dd\" tg-width=\"609\" tg-height=\"382\" referrerpolicy=\"no-referrer\"/></p><p><b>2) Opportunity Two: Intensive Catalysis of the 14th Five-Year Plan Policy</b></p><p>Recently, the Ministry of Industry and Information Technology (MIIT) has published a series of \"14th Five-Year Plan\" development plans for intelligent and information-based industries on its official website, which put forward multi-level development goals for the artificial intelligence industry. Liu Yang's team at Shenwan Hongyuan Securities believes that:</p><p><ul><li><b>On the To G end,</b>The 14th Five-Year Plan includes numerous requirements to improve the government's digital governance capabilities, which are expected to be implemented more quickly in 2022.</li><li>AI is also a realization<b>Dual-carbon target</b>Important means.</li></ul>The following table summarizes policies related to artificial intelligence:</p><p><img src=\"https://static.tigerbbs.com/81149bb8dcb82f70ca88ac49a3b5557c\" tg-width=\"834\" tg-height=\"839\" referrerpolicy=\"no-referrer\"/></p><p><b>3) Opportunity Three: The Wave of AI Unicorn IPOs Begins</b></p><p>Following SenseTime, AI companies such as CloudWalk Technology, Megvii Technology, Cloudwalk Technology, and Geling Vision plan to complete their listings on the Science and Technology Innovation Board in 2022. AI emerging companies such as Fourth Paradigm and Innovative Intelligence have also submitted their prospectuses to the Hong Kong Stock Exchange and are actively advancing the listing process. Against this backdrop, Liu Yang's team at Shenwan Hongyuan Securities expects...<b>The wave of AI unicorn IPOs is expected to bring greater attention and valuation anchors to the AI sector.</b></p><p>In addition, the team believes that:</p><p>In the post-demographic dividend era, AI is expected to become a high-growth sector for more than a decade; The conditions for explosive growth in demand are already in place, but the bottleneck at this stage may lie on the supply side; The industry will benefit from three opportunities: a large number of successful AI-empowered cases, numerous policy catalysts during the 14th Five-Year Plan period, and a wave of AI unicorn IPOs. The focus is on the implementation capabilities of AI companies.<h2>2. Hong Kong-listed TMT stocks: A reassessment of cognition</h2>Liu Yang's team at Shenwan Hongyuan believes that<b>Changes in the global technology and capital market landscape may undervalue Hong Kong stocks. In the future, Hong Kong stocks are expected to become a new global capitalization haven for technology.</b>。</p><p>The team concluded that:</p><p>1) Investors believe that the different investor composition and valuation systems in the Hong Kong market and the Chinese mainland market are factors hindering the performance of Hong Kong stocks in the technology sector. 2) Hard Technology is listed on the A-share market and is world-class. Soft technologies once favored overseas listings because their growth was often non-linear. 3) It is expected that in the future, those whose business models involve intangible assets creating value will increasingly choose Hong Kong IPOs as the overseas listing environment changes. 4) The \"soft and hard technologies\" of TMT have industry chain linkages and transmission. The maturity of \"hard technologies\" leads to a more mature \"soft technology\" industry. From a domestic perspective, Hong Kong stocks are easier to invest in than those in Europe and the United States. Therefore, we expect the valuation system for domestic investors to invest in \"soft technologies\" in Hong Kong stocks to be different from before (previously, European and American investors were the majority, but Hong Kong stocks were not their optimal choice). 5) SenseTime's current static PS in 2020 is about 61 times, which is higher than the Hang Seng Tech Index/A-share AI, which has a demonstration effect, and this \"demonstration effect\" may have a profound impact.<img src=\"https://static.tigerbbs.com/034269e5bc2020ed77b44e86f6ff91c9\" tg-width=\"761\" tg-height=\"531\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3648778\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3b2be8352a2da2e1aeca513d0b204831","relate_stocks":{"00020":"商汤-W"},"source_url":"https://wallstreetcn.com/articles/3648778","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2200717854","content_text":"摘要：申万宏源刘洋团队认为，虽然行业情况并没有发生根本变化，但全球科技和资本市场格局变了。以后，科创板/港股/北交所将承担更多科技力量。2022年1月4日，港股商汤继续逆市大涨，上市之后四连涨。截至发稿，商汤涨幅达10.97%，延续了此前股价三天翻倍的神迹。同时，商汤的优异表现也激励了A股的“AI兄弟”，虹软科技、海康威视、科大讯飞、大华股份等一众“AI概念股”早盘纷纷高开。然而，叠加了元宇宙概念、“AI第一股”名号的商汤，在股价光鲜的背后，却是坎坷的上市历程。上个月，商汤更是因诸多外部不利消息导致上市计划一度搁浅。好在，商汤顶住了压力，到12月20日便已迅速完成了一系列复杂手续，重新调整股份结构，并再次刊发《招股章程》，宣布于12月30日上市，且发行规模和定价区间不变。这时，已有投资者注意到，商汤的基石投资者名单已经发生了重大改变。Pleiad、WT、Focustar Capital、Focustar Fund 和 Hel Ved 等外资基石投资者已相继退出。此后，大量质疑声四起。对于基本面，有投资者在读完招股书后发现，商汤的单个客户占比过高以及存量客户延续性不高，对于商汤收入的可持续性及稳定性发出质疑；也有投资者认为商汤的定制业务占比过高，对商汤业务的成本费用控制能力起疑，担心规模扩增却无法降成本，导致“经营杠杆”变成“经营负杠杆”，使得公司无法盈利。在股价上看，有投资者担心，外部不利因素会导致大量外资投资者流失，同时业务增长前景会受到影响，导致当前的基石投资者在锁定期后推出意愿强烈，导致股价的长期不稳。此外，在流动性方面，还有投资者担心由于基石投资者占大部分份额，会使得公司股价虽在短期稳健趋势强劲，但长期流动性堪忧。然而，上市后的商汤走出了超过多数投资者预期的走势。那么，为何商汤能在一片悲观声中股价气势如虹？对此，申万宏源刘洋团队认为，商汤当前超过较多投资者预期的走势，与目前投资者们更关心股票是否与AI行业有关，是否与元宇宙热点有关的大环境脱不开干系。该团队提及：根据商汤招股说明书，指出“我们已构建用于赋能IoT设备及驱动元宇宙(Metaverse)的多层基础设施，以提升终端使用者体验”，“2016年,……,多年来已为超过450百万部智能手机及超过200个手机应用程序赋能，并成为最大的元宇宙赋能平台之一”）复盘过去一年AI公司从遭遇上市挫折，到目前可以亏损上市的历程，申万宏源刘洋团队总结到，虽行业情况并没有发生根本变化，但全球科技和资本市场格局变了。以后，科创板/港股/北交所将承担更多科技力量。同时，该团队认为，商汤当下超众多投资者预期的走势，可以给投资者带来以下两点启发。1. 2022年AI落地加速的三种机遇AI的碎片化场景落地，使得领军公司分为两种路径，以海康大华为代表的“更低的成本”和商汤、旷视为代表的“更大的模型”。具体来说，商汤、旷视等AI企业选择自研深度学习训练平台，搭建了“大装置”底座——即包含算力、算法、平台和底层训练推理框架完全自研的AI基础设施。首先，在对这两种AI路径进行分析后，申万宏源刘洋团队认为：智慧城市/安防/智能制造环节，仍将是海康威视、大华股份路径的优势行业；手机、医疗等可能商汤、旷视科技的大模型努力尝试的领域，目前AI渗透有待提升的物流、汽车行业则仍需要更多时间验证。对于人工智能行业在2022年的前景，申万宏源刘洋团队认为，AI产业将迎来落地加速的三重机遇：1）成熟的应用场景涌现；2）十四五政策密集催化；3）AI 独角兽上市潮开启。1）机遇一：成熟的应用场景涌现申万宏源刘洋团队认为，当下智能制造、智慧仓储物流、智慧金融、智慧农业、智慧医疗、智能家居等成熟的AI应用场景正在涌现，领军AI 公司已有大量标杆案例。同时，从ROI（投资回报率）上分析，该团队认为，AI行业的高回报可以加速AI产业的普及：以海康威视官方公众号提供的AI案例为计算依据，我们计算客户采购后ROI大多为50%-150%，投资回收期仅为1-2年；根据艾瑞咨询的调研结果，50%的企业AI项目回报周期在1~3年，36%的企业回报周期在0.5~1年。高ROI催化了AI赋能加速普及。2）机遇二：十四五政策密集催化近期，工信部官网密集刊登智能化、信息化相关产业的“十四五”发展规划，其中对人工智能产业提出了多层次发展目标。申万宏源刘洋团队认为：在To G端，十四五规划中包含大量提高政府数字化治理能力的要求，预计将在2022年加快落地；AI也是实现双碳目标的重要手段。对与人工智能有关的政策进行了梳理如下表所示：3）机遇三：AI 独角兽上市潮开启在商汤之后，云从科技、旷视科技、云天励飞、格灵深瞳等AI公司拟于2022年在科创板完成上市；第四范式、创新奇智等AI新锐也已向港交所递交招股书，积极推进上市进程。在此背景下，申万宏源刘洋团队预期，AI独角兽上市潮有望为AI板块带来更高的关注度和估值锚。此外，该团队认为：后人口红利时代，AI有望成为十年以上的高景气赛道；需求爆发增长的条件已经具备，现阶段瓶颈可能在于供给端；行业将获得AI赋能成功案例大量示范效应、十四五大量政策催化、AI独角兽上市潮等三重机遇；重点关注AI企业的落地能力。2. 港股TMT，认知的再评估申万宏源刘洋团队认为，全球科技和资本市场格局的变化，港股可能被低估，未来，港股有望成为科技新的全球资本化港湾。该团队总结到：1）投资者认为香港市场/中国大陆市场不同的投资者成分、估值体系，是阻碍港股科技表现的因素。2）硬科技已A股上市，且属于世界一流。软科技曾经青睐海外上市，因其成长经常并非线性。3）预计未来，商业模式属于无形资产创造价值的，伴随海外上市环境变化，会更多选择港股IPO。4）TMT的“软硬科技”存在产业链联动和传导，“硬科技“的成熟，导致“软科技”产业更成熟。而从国内的视角：便于投资的港股比投向欧美容易。因此，国内投资者去港股投资“软科技“的估值体系，我们预计会和以前不同（之前欧美投资者居多，但港股不是其最优选择）。5）当前商汤的2020年静态PS约61倍，高于恒生科技指数/A股AI，有示范效应，且这种“示范效应”可能会产生深远影响。","news_type":1,"symbols_score_info":{"90006":1,"00020":1}},"isVote":1,"tweetType":1,"viewCount":2107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}