我们如何定义 GPT 下一代大模型？我们判断 OpenAI 对大模型的产品线与预期曾进行过调整。2024 年 7 月 OpenAI 首席技术官 Mira Murati 称，GPT-5 有望在 2025 年底或 2026 年初推出。但根据 2025 年 2 月 13 日 Altman 在社交平台上表明，GPT-5 几个月后面世。我们判断，GPT-5 的发布时间或提前，或由于 DeepSeek 近期的重磅更新和亮眼表现对 OpenAI 产品版图构成了威胁，进而希望加快产品迭代步伐。自 OpenAI 在 2015 年成立以来，通过多轮融资不断扩展其技术产品布局。从时间周期来看，平均 1 年半左右 OpenAI 会获得一次新的融资。从大的模型迭代节点来看，随着 ChatGPT 把热度推高，竞争对手持续推陈出新，市场对于 OpenAI 产品迭代速度的预期在加快。

2024年全球半导体销售额有望创下历史新高，而未来国际设备企业中中国大陆销售额占比或将下滑。以ASML为例，其财报显示2024年第三季度中国大陆业务占比为 47%，但预计2025年中国大陆销售额占比将滑落到20%左右。2024年12月2日，美国商务部工业与安全局宣布了对华半导体出口管制措施的新规。我们认为，出口限制下，海外龙头公司中国大陆占比下滑，有望给国产设备腾出市场空间。

过去五年，重点转向生成式人工智能，实现图像、资产的翻译与转换，人工智能检索方法也大变。以往侧重存储、获取多版本数据，如今 AI 像主动助手，能理解请求上下文与含义，动态生成响应，这一转变近年对技术各层面影响重大。现在是生成计算模型，不像过去提前创建、存储多版本内容再取用，AI 能理解我们提问并生成所知，必要时检索信息、加深理解并给出答案，不再是检索数据，而是生成答案，彻底改变计算方式，过去几年尤其是两三年内，计算的每一层都发生了变化。

Artificial intelligence in asset management refers to the use of advanced technologies such as ML and natural language processing to analyze large sets of financial data, make predictions on trends and market movements, and help asset managers make informed investment decisions. artificial intelligence can help identify potential risks and opportunities that may have been missed through traditional methods, leading to more efficient and profitable portfolio management. Additionally, artificial intelligence can assist in automating certain processes such as portfolio rebalancing and risk management.

Building automation and control systems are computer-based control systems deployed in large buildings for efficient energy management. They control and manage building facilities such as lighting, electricity, fire precautions, safety, security, and HVAC. They are installed in industrial facilities, commercial buildings, IT parks, hotels, restaurants, manufacturing plants, retail outlets, and residential buildings for effective facility management. The control system enables easy automation and management of buildings for better cost savings and improved performance. Building automation and control systems include sensors, smart equipment, routers, and software.

Botanical extracts are mixtures obtained from different parts of plants that have medicinal or therapeutic properties, flavor, and/or scent. These extracts are used in products across industries such as the food and beverages (F and B), nutraceuticals, and cosmetic industries

Boron nitride is a thermally stable, chemically inert material composed of boron and nitrogen atoms. It exists in various forms, including hexagonal boron nitride (h-BN), cubic boron nitride (c-BN), and amorphous forms. Known for its excellent thermal conductivity, electrical insulation, and lubricating properties, boron nitride is widely used in electronics, aerospace, automotive, and industrial applications. Its high-temperature resistance and eco-friendly nature make it a versatile material for advanced technologies.

Bispecific antibodies for cancer are artificial proteins that simultaneously target two or more tumor antigens on the same or separate cells to interrupt cancer progression. They can simultaneously block two different pathways that employ unique pathogenesis.

Biosimilars are highly similar versions of biological drugs derived from living microorganisms found in plant or animal cells. They are nearly identical in structure and function to an original biological drug.

This report provides a comprehensive and current market scenario of the GLOBAL BIOPHARMACEUTICAL CONTRACT MANUFACTURING (BCM) MARKET, including market size, anticipated market forecast, relevant market segmentations, and industry trends.