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<!DOCTYPE html>
<html lang="zh-CN">
<head>
<meta charset="utf-8" />
<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
<title>KIMI概念分析报告</title>
<!-- Tailwind CSS & DaisyUI -->
<script src="https://cdn.tailwindcss.com"></script>
<link href="https://cdn.jsdelivr.net/npm/daisyui@5/dist/full.min.css" rel="stylesheet" type="text/css" />
<!-- Font Awesome -->
<link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.4.0/css/all.min.css">
<!-- Google Fonts -->
<link href="https://fonts.googleapis.com/css2?family=Inter:wght@300;400;500;600;700;800&display=swap" rel="stylesheet">
<!-- Vanta.js -->
<script src="https://cdnjs.cloudflare.com/ajax/libs/three.js/r134/three.min.js"></script>
<script src="https://cdnjs.cloudflare.com/ajax/libs/vanta/0.5.24/vanta.waves.min.js"></script>
<!-- Custom Styles -->
<style>
body {
font-family: 'Inter', sans-serif;
background: linear-gradient(135deg, #0f172a 0%, #1e293b 100%);
min-height: 100vh;
position: relative;
overflow-x: hidden;
}
#vanta-bg {
position: fixed;
top: 0;
left: 0;
width: 100%;
height: 100%;
z-index: -1;
}
.glass-card {
background: rgba(255, 255, 255, 0.05);
backdrop-filter: blur(10px);
border: 1px solid rgba(255, 255, 255, 0.1);
box-shadow: 0 8px 32px 0 rgba(31, 38, 135, 0.37);
}
.timeline-dot {
position: relative;
}
.timeline-dot::before {
content: '';
position: absolute;
width: 16px;
height: 16px;
border-radius: 50%;
background: #3b82f6;
left: -8px;
top: 6px;
box-shadow: 0 0 0 4px rgba(59, 130, 246, 0.2);
}
.timeline-line {
position: absolute;
left: 0;
top: 22px;
bottom: -22px;
width: 1px;
background: rgba(59, 130, 246, 0.3);
}
.timeline-item:last-child .timeline-line {
display: none;
}
.gradient-text {
background: linear-gradient(135deg, #60a5fa 0%, #3b82f6 100%);
-webkit-background-clip: text;
-webkit-text-fill-color: transparent;
background-clip: text;
}
.hover-lift {
transition: all 0.3s ease;
}
.hover-lift:hover {
transform: translateY(-5px);
box-shadow: 0 12px 40px 0 rgba(31, 38, 135, 0.5);
}
.badge-custom {
display: inline-flex;
align-items: center;
padding: 0.25rem 0.75rem;
border-radius: 9999px;
font-size: 0.75rem;
font-weight: 500;
}
.badge-partner {
background-color: rgba(34, 197, 94, 0.2);
color: #22c55e;
border: 1px solid rgba(34, 197, 94, 0.3);
}
.badge-invest {
background-color: rgba(59, 130, 246, 0.2);
color: #3b82f6;
border: 1px solid rgba(59, 130, 246, 0.3);
}
.badge-test {
background-color: rgba(251, 146, 60, 0.2);
color: #fb923c;
border: 1px solid rgba(251, 146, 60, 0.3);
}
.badge-service {
background-color: rgba(168, 85, 247, 0.2);
color: #a855f7;
border: 1px solid rgba(168, 85, 247, 0.3);
}
.badge-compute {
background-color: rgba(236, 72, 153, 0.2);
color: #ec4899;
border: 1px solid rgba(236, 72, 153, 0.3);
}
@media (max-width: 768px) {
.timeline-line {
left: 15px;
}
.timeline-dot::before {
left: 7px;
}
}
</style>
</head>
<body>
<div id="vanta-bg"></div>
<div class="container mx-auto px-4 py-8 max-w-6xl">
<!-- Header -->
<header class="text-center mb-12">
<h1 class="text-4xl md:text-5xl font-bold text-white mb-4">
<span class="gradient-text">KIMI概念分析报告</span>
</h1>
<p class="text-gray-300 text-lg max-w-3xl mx-auto">
从技术验证到商业化爆发探索KIMI的AI生态与投资机会
</p>
</header>
<!-- Timeline Section -->
<section class="mb-12">
<div class="glass-card rounded-2xl p-6 md:p-8">
<h2 class="text-2xl font-bold text-white mb-6 flex items-center">
<i class="fas fa-clock-rotate-left mr-3 text-blue-400"></i>
概念发展时间轴
</h2>
<div class="relative pl-8 md:pl-12">
<div class="timeline-item relative pb-8">
<div class="timeline-line"></div>
<div class="timeline-dot">
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<div class="flex flex-col md:flex-row md:items-center md:justify-between mb-2">
<span class="text-blue-400 font-semibold">2023-10</span>
<span class="text-gray-300 font-medium">Kimi 1.0发布</span>
</div>
<p class="text-gray-400 text-sm">
全球首个支持20万汉字无损上下文的智能助手月之暗面Moonshot AI推出
</p>
</div>
</div>
</div>
<div class="timeline-item relative pb-8">
<div class="timeline-line"></div>
<div class="timeline-dot">
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<div class="flex flex-col md:flex-row md:items-center md:justify-between mb-2">
<span class="text-blue-400 font-semibold">2024-03-18</span>
<span class="text-gray-300 font-medium">200万字上下文突破</span>
</div>
<p class="text-gray-400 text-sm">
无损上下文扩展至200万汉字10倍提升启动内测响应速度提升3倍
</p>
</div>
</div>
</div>
<div class="timeline-item relative pb-8">
<div class="timeline-line"></div>
<div class="timeline-dot">
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<div class="flex flex-col md:flex-row md:items-center md:justify-between mb-2">
<span class="text-blue-400 font-semibold">2024-05-13</span>
<span class="text-gray-300 font-medium">AI+医疗布局</span>
</div>
<p class="text-gray-400 text-sm">
月之暗面宣布优化Kimi在医学、法律、财经领域的搜索质量探索Agent应用
</p>
</div>
</div>
</div>
<div class="timeline-item relative pb-8">
<div class="timeline-line"></div>
<div class="timeline-dot">
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<div class="flex flex-col md:flex-row md:items-center md:justify-between mb-2">
<span class="text-blue-400 font-semibold">2024-07-11</span>
<span class="text-gray-300 font-medium">Kimi K2开源</span>
</div>
<p class="text-gray-400 text-sm">
开源1万亿参数MoE模型激活320亿代码/Agent能力达开源SOTA成本仅为Claude4的20%
</p>
</div>
</div>
</div>
<div class="timeline-item relative pb-8">
<div class="timeline-line"></div>
<div class="timeline-dot">
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<div class="flex flex-col md:flex-row md:items-center md:justify-between mb-2">
<span class="text-blue-400 font-semibold">2025-01-20</span>
<span class="text-gray-300 font-medium">k1.5多模态模型</span>
</div>
<p class="text-gray-400 text-sm">
发布k1.5对标OpenAI o1数学/代码/多模态推理追平o1Short-CoT性能提升550%
</p>
</div>
</div>
</div>
<div class="timeline-item relative">
<div class="timeline-dot">
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<div class="flex flex-col md:flex-row md:items-center md:justify-between mb-2">
<span class="text-blue-400 font-semibold">2025-07-15</span>
<span class="text-gray-300 font-medium">K2日均Token破86.6亿</span>
</div>
<p class="text-gray-400 text-sm">
5天内需求爆发金山云/优刻得等云厂商接入H20芯片解禁催化算力需求
</p>
</div>
</div>
</div>
</div>
</div>
</section>
<!-- Core Viewpoints -->
<section class="mb-12">
<div class="glass-card rounded-2xl p-6 md:p-8">
<h2 class="text-2xl font-bold text-white mb-6 flex items-center">
<i class="fas fa-lightbulb mr-3 text-yellow-400"></i>
核心观点摘要
</h2>
<div class="grid md:grid-cols-2 gap-6">
<div class="bg-gray-800 rounded-xl p-6 hover-lift">
<h3 class="text-lg font-semibold text-blue-400 mb-3">阶段判断</h3>
<p class="text-gray-300">
KIMI已从<strong class="text-blue-300">技术验证期</strong>进入<strong class="text-blue-300">商业化爆发期</strong>,核心驱动力是<strong class="text-blue-300">长文本能力+低成本开源</strong>带来的<strong class="text-blue-300">B端API渗透</strong><strong class="text-blue-300">C端用户裂变</strong>
</p>
</div>
<div class="bg-gray-800 rounded-xl p-6 hover-lift">
<h3 class="text-lg font-semibold text-blue-400 mb-3">未来潜力</h3>
<p class="text-gray-300">
K2的开源将复制<strong class="text-blue-300">DeepSeek时刻</strong>,推动<strong class="text-blue-300">AI应用平权</strong>,但需警惕<strong class="text-blue-300">算力瓶颈</strong><strong class="text-blue-300">多模态竞争</strong>
</p>
</div>
</div>
</div>
</section>
<!-- Core Logic -->
<section class="mb-12">
<div class="glass-card rounded-2xl p-6 md:p-8">
<h2 class="text-2xl font-bold text-white mb-6 flex items-center">
<i class="fas fa-brain mr-3 text-purple-400"></i>
核心逻辑与市场认知
</h2>
<div class="space-y-6">
<div>
<h3 class="text-lg font-semibold text-purple-400 mb-3">核心驱动力</h3>
<div class="grid md:grid-cols-2 gap-4">
<div class="bg-gray-800 rounded-lg p-4">
<h4 class="text-blue-300 font-medium mb-2">技术壁垒</h4>
<ul class="text-gray-300 text-sm space-y-1">
<li><strong>无损压缩技术</strong>200万字→20万字推理成本降90%</li>
<li><strong>MuonClip优化器</strong>(万亿参数训练稳定)</li>
<li><strong>OnlineRL范式</strong>(奖励模型迭代闭环,能力无上限)</li>
</ul>
</div>
<div class="bg-gray-800 rounded-lg p-4">
<h4 class="text-blue-300 font-medium mb-2">商业化路径</h4>
<ul class="text-gray-300 text-sm space-y-1">
<li><strong>C端</strong>微信小程序50万日活2024-03自然增长替代APP下载</li>
<li><strong>B端</strong>API定价0.06元/千token仅为GPT-4的1/38</li>
<li><strong>场景渗透</strong>:法律/金融/医疗领域快速落地</li>
</ul>
</div>
</div>
</div>
<div>
<h3 class="text-lg font-semibold text-purple-400 mb-3">市场热度与情绪</h3>
<div class="bg-gray-800 rounded-lg p-4">
<div class="grid md:grid-cols-2 gap-4">
<div>
<h4 class="text-blue-300 font-medium mb-2">热度指标</h4>
<ul class="text-gray-300 text-sm space-y-1">
<li><strong>微信指数峰值</strong>2024-03-20</li>
<li><strong>网页端日活</strong>90万2024-04</li>
</ul>
</div>
<div>
<h4 class="text-blue-300 font-medium mb-2">研报覆盖</h4>
<ul class="text-gray-300 text-sm space-y-1">
<li><strong>深度报告数量</strong>15篇2024-03至2025-07</li>
<li><strong>情绪转变</strong>:从"技术突破"到"生态竞争"</li>
</ul>
</div>
</div>
</div>
</div>
<div>
<h3 class="text-lg font-semibold text-purple-400 mb-3">预期差分析</h3>
<div class="bg-gradient-to-r from-purple-900/50 to-blue-900/50 rounded-lg p-4 border border-purple-500/30">
<div class="grid md:grid-cols-2 gap-4">
<div>
<h4 class="text-blue-300 font-medium mb-2">市场共识</h4>
<p class="text-gray-300 text-sm">KIMI = "长文本工具"</p>
</div>
<div>
<h4 class="text-blue-300 font-medium mb-2">忽略点</h4>
<ul class="text-gray-300 text-sm space-y-1">
<li><strong>Agent能力</strong>:工具调用成功率>90%</li>
<li><strong>算力杠杆</strong>阿里云4000张GPU代金券支持</li>
</ul>
</div>
</div>
</div>
</div>
</div>
</div>
</section>
<!-- Catalysts & Future -->
<section class="mb-12">
<div class="glass-card rounded-2xl p-6 md:p-8">
<h2 class="text-2xl font-bold text-white mb-6 flex items-center">
<i class="fas fa-rocket mr-3 text-green-400"></i>
催化剂与未来发展路径
</h2>
<div class="grid md:grid-cols-2 gap-6">
<div>
<h3 class="text-lg font-semibold text-green-400 mb-4">近期催化剂3-6个月</h3>
<div class="space-y-3">
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<div class="flex items-start">
<div class="bg-green-500/20 rounded-full p-2 mr-3">
<i class="fas fa-microchip text-green-400 text-sm"></i>
</div>
<div>
<h4 class="text-white font-medium mb-1">H20芯片解禁</h4>
<p class="text-gray-400 text-sm">2025-07解决推理算力瓶颈云厂商订单落地</p>
</div>
</div>
</div>
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<div class="flex items-start">
<div class="bg-green-500/20 rounded-full p-2 mr-3">
<i class="fas fa-images text-green-400 text-sm"></i>
</div>
<div>
<h4 class="text-white font-medium mb-1">Kimi+多模态发布</h4>
<p class="text-gray-400 text-sm">预计2025-Q4推出视频理解版本对标GPT-4V</p>
</div>
</div>
</div>
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<div class="flex items-start">
<div class="bg-green-500/20 rounded-full p-2 mr-3">
<i class="fas fa-crown text-green-400 text-sm"></i>
</div>
<div>
<h4 class="text-white font-medium mb-1">商业化落地</h4>
<p class="text-gray-400 text-sm">2025-H2开启会员订阅参考Palace模式</p>
</div>
</div>
</div>
</div>
</div>
<div>
<h3 class="text-lg font-semibold text-green-400 mb-4">长期路径</h3>
<div class="space-y-4">
<div class="bg-gradient-to-r from-green-900/30 to-blue-900/30 rounded-lg p-4 border border-green-500/30">
<div class="flex items-center mb-2">
<span class="text-green-400 font-bold mr-2">2025-2026</span>
<i class="fas fa-arrow-right text-gray-400 text-xs mr-2"></i>
<span class="text-white font-medium">通用Agent平台</span>
</div>
<p class="text-gray-300 text-sm">从"ChatBot"升级为"通用Agent平台"企业级Workflow+垂直场景插件)</p>
</div>
<div class="bg-gradient-to-r from-green-900/30 to-blue-900/30 rounded-lg p-4 border border-green-500/30">
<div class="flex items-center mb-2">
<span class="text-green-400 font-bold mr-2">2027</span>
<i class="fas fa-arrow-right text-gray-400 text-xs mr-2"></i>
<span class="text-white font-medium">多模态统一架构</span>
</div>
<p class="text-gray-300 text-sm">多模态统一架构(文本+图像+视频成为国产AGI基座</p>
</div>
</div>
</div>
</div>
</div>
</section>
<!-- Industry Chain -->
<section class="mb-12">
<div class="glass-card rounded-2xl p-6 md:p-8">
<h2 class="text-2xl font-bold text-white mb-6 flex items-center">
<i class="fas fa-network-wired mr-3 text-cyan-400"></i>
产业链与核心公司
</h2>
<div class="mb-6">
<h3 class="text-lg font-semibold text-cyan-400 mb-4">产业链图谱</h3>
<div class="bg-gray-800 rounded-lg p-6 overflow-x-auto">
<div class="flex flex-col md:flex-row items-center justify-center space-y-4 md:space-y-0 md:space-x-8">
<div class="text-center">
<div class="bg-blue-600 rounded-full w-20 h-20 flex items-center justify-center mx-auto mb-2">
<i class="fas fa-server text-white text-2xl"></i>
</div>
<p class="text-white font-medium">算力层</p>
<p class="text-gray-400 text-sm">阿里云/金山云/优刻得<br>寒武纪/海光信息</p>
</div>
<div class="hidden md:block text-gray-400">
<i class="fas fa-arrow-right text-2xl"></i>
</div>
<div class="text-center">
<div class="bg-purple-600 rounded-full w-20 h-20 flex items-center justify-center mx-auto mb-2">
<i class="fas fa-brain text-white text-2xl"></i>
</div>
<p class="text-white font-medium">模型层</p>
<p class="text-gray-400 text-sm">月之暗面</p>
</div>
<div class="hidden md:block text-gray-400">
<i class="fas fa-arrow-right text-2xl"></i>
</div>
<div class="text-center">
<div class="bg-green-600 rounded-full w-20 h-20 flex items-center justify-center mx-auto mb-2">
<i class="fas fa-layer-group text-white text-2xl"></i>
</div>
<p class="text-white font-medium">应用层</p>
<p class="text-gray-400 text-sm">金山办公-文档Agent<br>恒生电子-金融Agent<br>卫宁健康-医疗Agent</p>
</div>
</div>
</div>
</div>
<div>
<h3 class="text-lg font-semibold text-cyan-400 mb-4">核心玩家对比</h3>
<div class="overflow-x-auto">
<table class="w-full text-sm">
<thead>
<tr class="border-b border-gray-700">
<th class="text-left py-3 px-4 text-gray-300 font-medium">公司</th>
<th class="text-left py-3 px-4 text-gray-300 font-medium">角色</th>
<th class="text-left py-3 px-4 text-gray-300 font-medium">逻辑验证</th>
<th class="text-left py-3 px-4 text-gray-300 font-medium">风险点</th>
</tr>
</thead>
<tbody>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">月之暗面</td>
<td class="py-3 px-4 text-gray-300">模型龙头</td>
<td class="py-3 px-4 text-gray-300">K2开源+日活3600万2024-11</td>
<td class="py-3 px-4 text-red-400">多模态落后GPT-4V</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">金山办公</td>
<td class="py-3 px-4 text-gray-300">应用标杆</td>
<td class="py-3 px-4 text-gray-300">WPS接入Kimi2024-Q2商业化</td>
<td class="py-3 px-4 text-red-400">用户付费率待验证</td>
</tr>
<tr class="hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">深信服</td>
<td class="py-3 px-4 text-gray-300">云算力</td>
<td class="py-3 px-4 text-gray-300">H20芯片优先供应</td>
<td class="py-3 px-4 text-red-400">政策禁售风险</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</section>
<!-- Risks -->
<section class="mb-12">
<div class="glass-card rounded-2xl p-6 md:p-8">
<h2 class="text-2xl font-bold text-white mb-6 flex items-center">
<i class="fas fa-triangle-exclamation mr-3 text-red-400"></i>
潜在风险与挑战
</h2>
<div class="grid md:grid-cols-2 gap-6">
<div class="space-y-4">
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<h3 class="text-lg font-semibold text-red-400 mb-3">技术风险</h3>
<ul class="text-gray-300 text-sm space-y-2">
<li class="flex items-start">
<i class="fas fa-circle text-red-400 text-xs mt-1.5 mr-2"></i>
<span><strong>多模态延迟</strong>K1.5仅文本/图像视频生成需2026年对比Sora已商用</span>
</li>
</ul>
</div>
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<h3 class="text-lg font-semibold text-red-400 mb-3">商业化风险</h3>
<ul class="text-gray-300 text-sm space-y-2">
<li class="flex items-start">
<i class="fas fa-circle text-red-400 text-xs mt-1.5 mr-2"></i>
<span><strong>成本倒挂</strong>API定价0.06元/千token可能低于推理成本需H20芯片降价</span>
</li>
</ul>
</div>
</div>
<div class="space-y-4">
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<h3 class="text-lg font-semibold text-red-400 mb-3">政策风险</h3>
<ul class="text-gray-300 text-sm space-y-2">
<li class="flex items-start">
<i class="fas fa-circle text-red-400 text-xs mt-1.5 mr-2"></i>
<span><strong>出口管制</strong>H20芯片若再被禁国产算力昇腾910B性能缺口30%</span>
</li>
</ul>
</div>
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<h3 class="text-lg font-semibold text-red-400 mb-3">信息矛盾</h3>
<ul class="text-gray-300 text-sm space-y-2">
<li class="flex items-start">
<i class="fas fa-circle text-red-400 text-xs mt-1.5 mr-2"></i>
<span><strong>用户数据</strong>:路演称"APP日活36万"2024-04但新闻称"3600万月活"2024-11</span>
</li>
</ul>
</div>
</div>
</div>
</div>
</section>
<!-- Conclusion -->
<section class="mb-12">
<div class="glass-card rounded-2xl p-6 md:p-8">
<h2 class="text-2xl font-bold text-white mb-6 flex items-center">
<i class="fas fa-flag-checkered mr-3 text-yellow-400"></i>
综合结论与投资启示
</h2>
<div class="space-y-6">
<div class="bg-gradient-to-r from-yellow-900/30 to-orange-900/30 rounded-lg p-6 border border-yellow-500/30">
<h3 class="text-lg font-semibold text-yellow-400 mb-3">阶段判断</h3>
<p class="text-gray-300">
KIMI处于<strong class="text-yellow-300">"技术红利兑现→生态扩张"</strong>过渡期,<strong class="text-yellow-300">2025-H2</strong>是关键验证窗口。
</p>
</div>
<div>
<h3 class="text-lg font-semibold text-yellow-400 mb-4">投资方向</h3>
<div class="grid md:grid-cols-2 gap-4">
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<h4 class="text-blue-300 font-medium mb-2">算力弹性</h4>
<ul class="text-gray-300 text-sm space-y-1">
<li><strong>金山云</strong>K2最大云供应商</li>
<li><strong>寒武纪</strong>(国产推理芯片替代)</li>
</ul>
</div>
<div class="bg-gray-800 rounded-lg p-4 hover-lift">
<h4 class="text-blue-300 font-medium mb-2">应用爆发</h4>
<ul class="text-gray-300 text-sm space-y-1">
<li><strong>恒生电子</strong>金融Agent</li>
<li><strong>卫宁健康</strong>医疗Agent</li>
</ul>
</div>
</div>
</div>
<div>
<h3 class="text-lg font-semibold text-yellow-400 mb-4">跟踪指标</h3>
<div class="bg-gray-800 rounded-lg p-4">
<ul class="text-gray-300 text-sm space-y-2">
<li class="flex items-start">
<i class="fas fa-chart-line text-blue-400 mt-1 mr-2"></i>
<span><strong>Kimi API调用量</strong>(月环比>50%为爆发信号)</span>
</li>
<li class="flex items-start">
<i class="fas fa-microchip text-blue-400 mt-1 mr-2"></i>
<span><strong>H20芯片交付量</strong>(决定推理成本曲线)</span>
</li>
</ul>
</div>
</div>
<div class="bg-red-900/20 rounded-lg p-4 border border-red-500/30">
<p class="text-red-300 text-sm">
<strong>风险提示</strong>若2025-Q4多模态版本延迟或算力成本失控主题炒作将退潮。
</p>
</div>
</div>
</div>
</section>
<!-- Related Stocks -->
<section class="mb-12">
<div class="glass-card rounded-2xl p-6 md:p-8">
<h2 class="text-2xl font-bold text-white mb-6 flex items-center">
<i class="fas fa-chart-line mr-3 text-green-400"></i>
关联股票
</h2>
<div class="overflow-x-auto">
<table class="w-full">
<thead>
<tr class="border-b border-gray-700">
<th class="text-left py-3 px-4 text-gray-300 font-medium">股票名称</th>
<th class="text-left py-3 px-4 text-gray-300 font-medium">关联类型</th>
<th class="text-left py-3 px-4 text-gray-300 font-medium">关联原因</th>
</tr>
</thead>
<tbody>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">九安医疗</td>
<td class="py-3 px-4">
<span class="badge-custom badge-invest">参股</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">深信服</td>
<td class="py-3 px-4">
<span class="badge-custom badge-invest">参股</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">华策影视</td>
<td class="py-3 px-4">
<span class="badge-custom badge-partner">合作</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">掌阅科技</td>
<td class="py-3 px-4">
<span class="badge-custom badge-partner">合作</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">捷顺科技</td>
<td class="py-3 px-4">
<span class="badge-custom badge-partner">合作</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">超讯通信</td>
<td class="py-3 px-4">
<span class="badge-custom badge-partner">合作</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">因赛集团</td>
<td class="py-3 px-4">
<span class="badge-custom badge-partner">合作</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">博睿数据</td>
<td class="py-3 px-4">
<span class="badge-custom badge-test">对接测试</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">汉得信息</td>
<td class="py-3 px-4">
<span class="badge-custom badge-test">对接测试</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">易点天下</td>
<td class="py-3 px-4">
<span class="badge-custom badge-test">对接测试</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">万兴科技</td>
<td class="py-3 px-4">
<span class="badge-custom badge-test">对接测试</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">北信源</td>
<td class="py-3 px-4">
<span class="badge-custom badge-test">对接测试</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">国投智能</td>
<td class="py-3 px-4">
<span class="badge-custom badge-test">对接测试</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">彩讯股份</td>
<td class="py-3 px-4">
<span class="badge-custom badge-test">对接测试</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">人民网</td>
<td class="py-3 px-4">
<span class="badge-custom badge-service">服务</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">海天瑞声</td>
<td class="py-3 px-4">
<span class="badge-custom badge-service">服务</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">润泽科技</td>
<td class="py-3 px-4">
<span class="badge-custom badge-compute">算力</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="border-b border-gray-800 hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">亚康股份</td>
<td class="py-3 px-4">
<span class="badge-custom badge-compute">算力</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
<tr class="hover:bg-gray-800/50">
<td class="py-3 px-4 text-white font-medium">润建股份</td>
<td class="py-3 px-4">
<span class="badge-custom badge-compute">算力</span>
</td>
<td class="py-3 px-4 text-gray-300">Kimi总榜及应用免费榜排名自3月以来快速攀升</td>
</tr>
</tbody>
</table>
</div>
</div>
</section>
</div>
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