9月25日早盘，上纬新材（688585.SH）开盘不久便封死20cm涨停，股价飙升至132.1元/股，创历史新 高。 不过，尽管市场将智元机器人入主上纬新材视为"曲线上市"的关键一步。但智元机器人明确否认了"借 壳上市"传闻，并表示未来12个月内无重大业务调整计划。 东吴证券在此前7月12日发布的研报中指出，智元系入主公司，若收购完成，上纬新材有望转型为人形 机器人平台化公司。不过，东吴证券也表示，由于收购具有不确定性，故暂不考虑智元系收购影响，但 仍首次覆盖给予公司"增持"评级。 公开资料显示，智元机器人成立于2023年2月。由包括彭志辉（网名稚晖君）在内的多位业内资深人士 联合创立。自2023年成立至今，根据天眼查，智元已实现了11轮融资，其中投资方不乏京东、腾讯等大 厂，也有多家明星创投资本。 另外，智元机器人近期也宣布，已成功通过CR-3-06:2025《人形机器人数据集CR产品认证实施规 则》，拿下业内首张人形机器人数据集产品CR认证证书，编号"001"，成为国内首批依据T/SAIAS 024 —2025、T/SAIAS 025—2025、T/SAIAS 026—2025、T/SAIAS 027—2 ...

对于要约收购价与股价间的巨大差异，21财经·南财快讯记者以投资者身份致电上纬新材证券部，接线 工作人员表示，本次要约收购价是基于此前协议的约定价格，与公司被收购停牌前的股价相近，公司目 前并未收到再议价通知。查看原文：20CM涨停，股价132元！上纬新材回应7.78元要约收购价刚刚 南方财经9月25日电，上纬新材（688585.SH）开盘不久便封死20cm涨停，股价飙升至132.1元/股，创历 史新高。消息面上，昨日晚间，上纬新材公告称，上海智元恒岳科技合伙企业（简称"智元恒岳"）计划 要约收购公司股份数量为1.49亿股，占公司总股本的37%，要约收购价格为7.78元/股，预计所需最高资 金总额为11.61亿元。值得注意的是，当前上纬新材股价（132.1元）为要约价（7.78元）的16.9倍，若收 购成功，智元恒岳本次所获1.49亿股股份市值将达196.8亿元，较7.78元/股的成本浮盈超185亿元。 ...

Market Overview - On September 25, the A-share market experienced a morning rally, with the ChiNext Index reaching a three-year high. By midday, the Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index increased by 1.14%, and the ChiNext Index surged by 2.22%. The total trading volume in the Shanghai and Shenzhen markets exceeded 1.5 trillion yuan [1][2]. Sector Performance - Sectors such as gaming, AI applications, and controllable nuclear fusion saw significant gains, while sectors like port shipping, precious metals, and tourism faced declines [3][4]. Notable Stock Movements - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock price exceed 400 yuan, closing with a market capitalization surpassing 1.83 trillion yuan, overtaking Kweichow Moutai and China Construction Bank to rank third in A-shares [5][6][7]. - Chery Automobile successfully listed on the Hong Kong Stock Exchange, with its stock price rising by 8.55% on the first day, bringing its market capitalization close to 200 billion HKD [8]. Technology Sector Developments - The technology sector continued to strengthen, with the STAR 50 Index rising by 1.8%. Notable stocks included Shengwei New Materials, which hit the daily limit, and Stone Technology, which rose over 5% [9]. - A collaboration between Alibaba Cloud and NVIDIA in the Physical AI field was announced, aiming to enhance the development cycle for applications like embodied intelligence and assisted driving [9][10]. Copper Market Impact - A mudslide incident at Freeport McMoRan's Grasberg mine in Indonesia led to a significant increase in copper prices, with LME copper rising by 3.27% to reach 10,320 USD/ton, the highest level since June 2024. The mine's production is expected to drop by 35% by 2026 due to the incident [11][12].

市场早盘震荡拉升，沪指窄幅震荡，创业板指探底回升续创三年多新高。南财金融终端显示，截至早盘收盘，沪指涨0.16%，深成指涨1.14%，创业 板指涨2.22%。 盘面上热点轮动较快，AI硬件和AI应用方向集体爆发，浪潮信息涨停创历史新高，华勤技术触及涨停创新高； 有色金属概念股表现活跃，北方铜业等多股涨停； 可控核聚变概念股震荡拉升，合锻智能4天2板，哈焊华通涨停。 下跌方面，港口航运板块集体下跌，南京港盘中跌超8%。 沪深两市半日成交额1.54万亿元，较上个交易日放量1348亿。 个股方面，立讯精密成交额超152亿元居首，新易盛、中际旭创、宁德时代成交额靠前。 | 治深A股 | 上证A股 深证A股 | | 创业板 科创板 风险警示 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 名称 | 涨幅 | 最新价 | | | | | | 成交额▼ | | 1 002475 | | 立讯精密 | -1.11% | 69.42 | -0.78 | -0.07% | 0.63 | 3.0 ...

Core Insights - A new opportunity era for "unknowns" is emerging, with China's post-2000 AI entrepreneurs striving for global recognition [10] - The AI industry is witnessing a shift where language barriers are diminished, allowing for a more global approach to AI entrepreneurship [6][7] Group 1: AI Entrepreneurship Landscape - Young AI entrepreneurs, including university students, are actively participating in financing roadshows to secure seed funding for their AI products [1][2] - Antler, a prominent early-stage investment firm, has invested in over 1,300 companies, ranking first among global AI early investors [2] - EPIC Connector, a non-profit AI startup incubator, aims to assist Chinese AI entrepreneurs in expanding internationally [3][4] Group 2: Globalization and AI - The majority of participants at the AI DEMO Day were fluent in English, indicating a readiness to engage with global markets [4][3] - A report from Macro Polo highlights that 47% of top global AI researchers are from China, showcasing the significant role of Chinese talent in the AI sector [4] - The concept of "Day One Global" is emphasized, suggesting that Chinese AI startups should consider international markets from the outset [7] Group 3: Challenges and Trends - The AI industry faces challenges related to reverse globalization, with some companies relocating to avoid restrictions [8][9] - The recent actions of Manus.AI, including layoffs and relocation, reflect the complexities of operating in a global AI landscape [8] - The distinction between models and agents in AI entrepreneurship is becoming blurred, leading to more specialized and user-focused AI products [11][12] Group 4: Future Outlook - The Chinese government's recent initiatives to promote AI integration across various sectors signal a supportive environment for AI development [10] - The rise of AI is compared to the internet boom two decades ago, suggesting a transformative potential for the digital economy [10] - EPIC Connector aims to elevate promising but lesser-known entrepreneurs to the forefront of the AI industry [12]

Core Insights - The insurance industry faces significant challenges due to frequent climate risks, highlighted by the impact of Typhoon "Haikui" on southern China and the need for improved risk management capabilities [1][3] - The establishment of a multi-layered risk-sharing mechanism involving direct insurance companies, catastrophe co-insurance, reinsurance companies, catastrophe bonds, special funds, and government support is crucial for building a "climate-adaptive society" [1][3] - The development of intelligent risk control systems is accelerating within the insurance sector, with companies leveraging AI and big data to enhance risk management and shift from post-disaster compensation to proactive risk prevention [3][4][7] Insurance Industry Developments - Guangdong province has pioneered catastrophe insurance trials, accumulating premiums of 860 million yuan and payouts of 1.93 billion yuan from 2022 to 2024 [1] - The insurance industry is increasingly adopting digital tools such as satellite remote sensing and big data analytics to improve risk identification, monitoring, and early warning capabilities [3][6] - Companies like Ping An have developed systems like the "Eagle Eye" to provide real-time flood forecasts and enhance risk reduction services [4][6] AI and Risk Management - The emergence of the "AI+" era presents new opportunities for the insurance and asset management sectors, particularly through the development of Large Risk Models (LRM) that can enhance risk visibility and management [2][8] - Traditional risk models are being re-evaluated as they struggle to adapt to the complexities of extreme weather events, prompting the need for AI integration to improve flexibility and responsiveness [8][9] - The potential for AI-driven LRM to provide real-time monitoring and dynamic assessment of risk exposure is being explored, with the aim of transitioning from post-event compensation to preemptive measures [9][10] Future Outlook - The Chinese government's "AI+" strategy emphasizes the application of AI in risk prevention, indicating a shift towards integrating advanced technologies into the insurance sector [11] - The development of AI-driven LRM is expected to become a core infrastructure for risk management in the insurance industry, fostering a new paradigm of "insurance + technology" [11]

Core Viewpoint - The article highlights the unveiling of the world's first multi-modal embodied intelligent "super factory" solution by the company Yuejiang at the 2025 China International Industrial Fair, showcasing its advanced capabilities in industrial automation and robotics [1][2]. Group 1: Super Factory Solution - The "super factory" solution includes various types of intelligent robots such as collaborative robots, bipedal humanoid robots, multi-legged robots, and wheeled humanoid robots, all coordinated by a central "smart hub" [1][2]. - This solution demonstrates the ability to perform a full range of operations including material handling, visual inspection, and precision assembly through collaborative efforts among different robot types [1][2]. Group 2: Technological Advancements - Yuejiang's rapid technological breakthroughs stem from its unique experience of deploying over 100,000 collaborative robotic arms globally, providing it with invaluable real-world process data and insights into industrial pain points [1][3]. - The company emphasizes the importance of a reliable engineering system, which has been validated through extensive field experience, making its humanoid robots effectively "grown from the factory" [1][3]. Group 3: System Architecture - The "super factory" employs a centralized discussion and distributed execution architecture, allowing for seamless integration of various robot forms to meet industrial demands [2][3]. - The smart hub utilizes multi-modal perception devices to create comprehensive environmental models, enhancing decision-making capabilities and task planning for the robots [3]. Group 4: Market Positioning - Yuejiang's platform compatibility allows enterprises to integrate multi-modal robots without extensive modifications to existing production lines, facilitating quick deployment and collaboration [3]. - As industrial automation shifts towards flexible production, the limitations of traditional single-function robots are becoming more apparent, positioning Yuejiang as a leader in defining future factory architectures [3].

（文章来源：21世纪经济报道） 9月25日早盘，锂电龙头宁德时代A股盘中股价一度突破400元关口，截至午间收盘，宁德时代AH股双 双涨超4%，股价均创历史新高，总市值首次站上1.8万亿元，突破1.83万亿元，超越贵州茅台1.80万亿 元、建设银行1.79万亿元的总市值，排A股第三。 ...

南方财经见习记者 王达毓 广州报道 9月24日，台风"桦加沙"横扫华南地区，给广东沿海城市和港澳等地造成较大影响。理赔全线铺开，保 险业又迎来一次巨灾大考。 同日，在联合国气候变化峰会上，中国宣布新一轮国家自主贡献，基本建成"气候适应型社会"的目标成 为关注焦点之一。 在这一日益完善的风险共担机制下，如何提升险企自身风险管理能力、推动风险关口前移，已成为各大 险企数字化转型升级的重点方向。 而随着"AI+"时代的到来，人工智能体的快速发展为保险业和资产管理打开了新的想象空间。未来保险 业能否借助行业通用大风险模型（LRM）赋能保险业实现风险减量管理，进一步让风险可见、可算、 可控、可料，进一步发挥风险管理功能，赋能气候适应型社会建设，也成为行业亟待探索和突破的关键 课题。 气候风险频发，对经济社会和保险业的冲击日益加剧。 目前，台风"桦加沙"造成的经济损失尚在统计中，但以2024年9月登陆的超强台风"摩羯"为例，其是中 国2024年受影响最严重的自然灾害之一，也是自1949年以来登陆我国的最强秋台风，造成直接经济损失 近800亿元。保险业累计赔付及预赔付金额约42亿元。 瑞再研究院中国区首席经济学家戴鑫向记者 ...

9月24日—26日，2025年中国国际信息通信展览会（PT展）在北京国家会议中心举行。本次PT展上，诺基亚贝尔带来了基于AI智能体的网络自智运维解决方 案。展台上，"迈向L5完全自智"的标识引人驻足。 诺基亚贝尔云网服务事业部自智网络负责人王琳对21世纪经济报道记者表示，自智网络从level 0到level 5代表着从全人工值守到完全无人值守的演进，目前 中国的运营商大概达到了Level 3.5，部分场景实现Level 4，即仍然需要人工进行监督检查。公司此次带来的便是推进自智网络走向完全自智的愿景、方案， 主要包含四大关键路径，一是可信的AI-Ready数据，可以实现从保障数据质量到为AI组织数据；二是可度量的全自动流程，对运营模式进行充分变革，打通 流程中的断点；三是可进化的聪明Agents，它可推理可行动，还能在工作中自主学习，进行准确的意图管理；四是可推演的"网络孪生"，可通过全息拓扑实 时反映网络状态。"这四点是帮助运营商实现全智能的、无人值守的网络的核心"。 21世纪经济报道见习记者冉黎黎 北京报道 ...