本报（chinatimes.net.cn）记者胡梦然 见习记者 黄海婷 深圳摄影报道 万架无人机在夜空绽放，背后是一场关于低空经济未来的资本博弈。这场博弈的主角之一，正是近期备 受关注的深圳大漠大智控技术有限公司。 近日，工业和信息化部公布2025年度国家级专精特新重点"小巨人"企业名单，深圳大漠大智控技术有限 公司（下称"大漠大"）凭借卓越的技术实力与创新能力荣耀上榜，成为全国无人机集群表演领域唯一获 此殊荣的企业。 这个问题的答案，藏在低空经济的产业逻辑与大漠大的技术布局中。"低空经济市场潜力巨大，但基础 设施的完善仍需时间。"同创伟业科技行业合伙人张一巍向《华夏时报》记者道出了资本布局的核心逻 辑，"以表演场景为切入点，一方面可以更快实现商业闭环，另一方面，通过高频次的无人机间通信能 力积累，完善底层技术储备。" 大漠大的技术实力，正是通过一场场极限表演得到市场与资本的验证。时间拨回2024年9月，大漠大智 控以10197架无人机首次实现万架无人机同时升空，打破两项吉尼斯世界纪录，让这家中国科技企业在 全球范围内一举成名。 这场惊艳全球的表演，不仅是视觉奇观，更是一次严苛的技术压力测试。"如果没有当年毅 ...

Core Viewpoint - Nvidia's recent financial report indicates a significant recovery in revenue and net profit growth, driven primarily by strong demand in the data center business, despite challenges in the Chinese market [3][4]. Financial Performance - For the third quarter of fiscal year 2026, Nvidia reported revenue of $57 billion, a 22% increase from the previous quarter and a 62% increase year-over-year; net profit reached $31.9 billion, up 65% year-over-year and 21% quarter-over-quarter [4]. - The revenue growth rate had previously slowed down, but this quarter marks the first simultaneous increase in both revenue and net profit after several quarters of decline [4]. - The data center segment remains the primary revenue driver, generating $51.215 billion, a 66% increase year-over-year; gaming revenue was $4.265 billion, up 30%; professional visualization revenue was $760 million, up 56%; and automotive revenue was $592 million, up 32% [5]. Market Dynamics - Nvidia's CEO Jensen Huang dismissed concerns about an "AI bubble," asserting that the company is well-prepared to succeed in all stages of AI development [6][7]. - The demand for Nvidia's Blackwell architecture GPUs has exceeded expectations, contributing significantly to revenue growth [5][7]. - Despite Nvidia's strong performance, major stakeholders, including SoftBank and Huang himself, have sold off significant shares, raising concerns about potential market bubbles [6][7]. Strategic Investments - Nvidia continues to invest strategically in companies like Intel, OpenAI, and Nokia to expand its AI ecosystem and ensure optimal performance across its product range [8]. - The company aims to maintain a robust cash flow management approach while pursuing these investments [8]. Challenges in the Chinese Market - Nvidia's market share in China has plummeted from 95% to 0% for high-end AI chips due to U.S. export controls, leading to a complete withdrawal from the Chinese market [10]. - The company expressed disappointment over missed large purchase orders in China due to geopolitical issues and increased competition [10]. - Nvidia's absence in the Chinese market has created opportunities for local AI chip manufacturers, such as Cambrian, which reported a 1332.52% year-over-year revenue increase [11].

美国科技七巨头全线收跌，英伟达业绩利好昙花一现，同样上演高开后大跳水：盘中涨超5%后，收盘跌3.15%，报180.64美元，市值一夜蒸发1429亿美元 （约合人民币10169亿元），黄仁勋在财报电话会上表态试图打消市场疑虑。 据媒体报道，英伟达CEO黄仁勋在财报电话会议上直言："有很多关于AI泡沫的讨论，但从我们的角度看，情况截然不同。"但分析认为指望黄仁勋承认泡 沫存在本就不现实：没有哪个"卖铲子"的人会告诉淘金者山里没有金子。此前该公司发布的超预期财报曾一度推动股价上涨5%。 | 177.040 -5.08% | 04:59 180.740 1072 | | --- | --- | | DE:00 U4:59 180.750 22:30 | 955 | | 分时量 ▼ ? 量:19728120 现手:1225 2238.68万 04:59 180.740 额:35.63亿 | 300 | | 04:59 180.750 | 250 | | 04:59 180.835 6.46万 | | | 04:59 180.830 3.89万 | | | the half historial and see a sea ...

资料图。 分析人士指出，尽管英伟达的强劲财报一度提振了市场情绪，但市场仍对AI估值是否已经到达顶峰怀 有疑虑。此外，美联储12月降息概率持续下降，也加剧了市场的担忧。 美国劳工部周四盘前公布了因政府停摆而延迟发布的非农数据，美国9月非农就业增加11.9万，远高于 市场预估的5.2万，但失业率意外升至四年新高的4.4%。数据公布后，利率期货市场显示的美联储12月 降息概率已不足40%。美联储理事巴尔周四表示，在通胀仍比目标2%高出一个百分点的情况下，央行 在考虑进一步降息时需要谨慎。 科技巨头股价集体下挫，英伟达收跌3.15%，苹果跌0.86%，微软跌1.6%，谷歌跌1%，亚马逊跌2.5%， Meta跌0.2%，特斯拉跌2.1%。其中，英伟达股价早盘一度大涨逾5%，市值单日蒸发约1429亿美元（约 合人民币10171亿元）。 文/帅可聪 当地时间11月20日，因投资者担忧AI泡沫及美联储降息预期持续降温，美股周四出现剧烈震荡，三大 指数盘初大涨，盘中又集体跳水转为大跌。 截至收盘，道指跌0.84%，报45752.26点；纳指跌2.15%，报22078.05点；标普500指数跌1.56%，报 6538.76点。其 ...

对于此前公告披露的收购约定，该人员表示："当时签订合同，是没有业绩对冲、对赌的，是双方谈出 来的一个合同条件。公告的内容并不是签订文件的原版全文，只是主体部分或主要条款，在全文中我们 认为有部分条款可以作为主张我们合法权益的依据，后续也会积极应诉。" 行业调整下估值现分歧 本报（chinatimes.net.cn）记者夏高琴 南京报道 三年之约未履约，测绘股份（300826.SZ）与孙公司小股东闹上法庭。日前，测绘股份披露一则重大诉 讼公告，因未按2021年协议约定收购孙公司江苏易图地理信息科技有限公司（下称"易图地信"）剩余 30%股权，测绘股份被持股股东熊焰、袁志和、扬州易图管理咨询中心（有限合伙）共同诉至法院，涉 案金额高达6480万元。 据了解，2021年测绘股份宣布以自有资金1.51亿元人民币易图地信70%股权，当时曾对剩余30%股权的 收购计划进行约定，而根据彼时公告的内容，易图地信业绩已满足启动对易图地信剩余股权的收购条 件。 测绘股份为何没有按约收购？《华夏时报》记者致电测绘股份，相关人员称："因为行业出现了比较重 大的变化，对于收购事项，我们双方的矛盾点在于是否按照当年的估值去进行对剩余股权 ...

Core Viewpoint - The A-share market is gradually recovering, leading to increased activity in new fund issuance, highlighted by the launch of the Huisheng Balanced Return Mixed Fund, marking a significant step for Huisheng Fund Management in equity investment and a test of fund manager Qian Ruinan's investment capabilities [2][4]. Fund Launch and Performance - Huisheng Fund's new product, the Huisheng Balanced Return Mixed Fund, officially started fundraising on November 17, 2023, with a target fundraising cap of 2 billion yuan and a fundraising period from November 17 to December 5, 2023 [4]. - The fund aims to invest 60%-95% of its assets in stocks and depositary receipts, with up to 50% allocated to Hong Kong Stock Connect stocks, under the management of Qian Ruinan [4]. Existing Fund Challenges - Concurrently, Huisheng Fund faces potential liquidation risks for another mixed fund, the Huisheng Huiyi Mixed Fund, due to its net asset value falling below 50 million yuan for 40 consecutive working days, with a warning that liquidation procedures may be initiated if this continues for 50 days [3][4]. Management Background - Qian Ruinan, with 16 years of experience, has previously held significant positions in well-known fund companies and managed various funds, although his past performance includes negative returns for several actively managed equity funds [5][7]. - His management of the Huisheng Huiwei Flexible Allocation Mixed Fund has shown promising results, achieving returns of 27.34% and 27.06% for A and C shares, respectively, within 138 days of his involvement [7]. Company Structure and Strategy - Huisheng Fund, established in 2018, has seen its total management scale exceed 55 billion yuan, but it heavily relies on bond funds, which account for over 90% of its assets, with mixed funds totaling less than 4.3 billion yuan [7][8]. - The company has been actively recruiting equity investment talent, hiring at least six new active equity fund managers in 2024, indicating a strategic shift towards diversifying its product offerings and reducing reliance on bond funds [8].

Core Viewpoint - The article highlights the efforts of the Agricultural Bank of China's volunteer team in providing audio descriptions for visually impaired individuals to enjoy movies, showcasing a commitment to social responsibility and inclusivity [2][15][19]. Group 1: Volunteer Activities - The Agricultural Bank's volunteer team has been conducting audio description activities for visually impaired individuals for twelve years, evolving from a small gathering to nearly a hundred attendees per session [2][15]. - Volunteers guide visually impaired attendees from public transport to the cinema, ensuring a seamless experience [3][5]. - The preparation for each movie involves a collaborative effort where volunteers write detailed scripts, requiring approximately 30 hours of preparation for a two-hour film [11][12]. Group 2: Impact on Participants - The initiative has significantly impacted the lives of visually impaired individuals, fostering social connections and encouraging them to engage more with the community [19][20]. - Participants express a sense of belonging and enjoyment, with some even taking on roles such as hosts during events [19][20]. - The program has led to the development of friendships and support networks among visually impaired attendees and volunteers [19][20]. Group 3: Organizational Structure and Growth - The volunteer team has grown from a few members to a stable group of 256, supported by a structured operational model that includes training and experience sharing [16][17]. - The team has expanded its services beyond movie screenings to include recording audiobooks and advocating for better accessibility in public transport [17][19]. - As of October 2025, the team has narrated 125 films, written 2.58 million words of scripts, and provided over 11,400 hours of volunteer service, benefiting approximately 11,500 visually impaired individuals [17][19].

Core Viewpoint - The 2025 World Happiness Report highlights that happiness is influenced by a combination of seven dimensions, including health, mental well-being, family relationships, and career development, rather than a single factor [1] Group 1: Happiness Dimensions - The report identifies seven core dimensions that contribute to happiness: health, vitality, mental health, family relationships, career development, self-realization, and social value [7][10] - Health has been recognized as the top factor influencing happiness for several years, aligning with traditional Chinese beliefs that health is the foundation of happiness [10] Group 2: Anran's New Brand Launch - Anran has launched a new business brand called "Anran Colorful Life," which embodies the brand's deep understanding of a beautiful life and aims to promote the seven dimensions of happiness [4][7] - The brand's philosophy is encapsulated in the slogan "Colorful Life, Everything is OK," encouraging individuals to become builders and disseminators of a happy life [7] Group 3: Community and Family Focus - Anran emphasizes the importance of family as a core element of happiness, addressing common pain points such as lack of time for family due to work commitments [19][21] - The company promotes a business model that allows individuals to balance career aspirations with family life, enabling them to participate in significant family moments [21] Group 4: Personal Growth and Opportunities - Anran provides a low-threshold, high-support entrepreneurial platform that offers equal opportunities for all, regardless of background [23] - The company supports personal growth through various training programs, helping individuals enhance their skills and achieve self-realization [25][27] Group 5: Social Responsibility and Environmental Awareness - Anran has a strong commitment to social responsibility, having donated nearly 100 million yuan and engaged in various charitable initiatives [31] - The company integrates environmental sustainability into its operations, utilizing plant stem cell technology and conducting tree-planting activities to promote a harmonious relationship with nature [35][37]

Core Points - The chairman of New Oriental, Yu Minhong, faced controversy after sharing videos of his trip to Antarctica and discussing the costs associated with it [1][5] - Yu clarified that the cost of the cruise to Antarctica was not 1.48 million but rather between 200,000 to 250,000 yuan for a 12-day trip, depending on the cabin type [1][10] - The company aims to support outstanding employees by offering them a chance to visit Antarctica next winter [1] Summary by Sections Company Background - New Oriental celebrated its 32nd anniversary on November 16, with Yu Minhong reflecting on the company's journey and future aspirations in an internal letter [3] - The company aims to be a "sower of hope" and represent "the conscience of merchants" through its various business segments [3] Employee Reactions - The internal letter and subsequent social media posts did not resonate as expected with employees, leading to discussions about empathy towards a traveling boss [5] - Employees expressed feelings of disconnect with Yu's experiences while he was on vacation [5] Travel Details - Yu Minhong's cruise, the "Summer Commander," is a state-of-the-art polar exploration ship with a capacity of 245 passengers, designed for extreme conditions [10] - The ship offers various itineraries, with prices ranging from approximately 260,000 to 1.48 million yuan per person, depending on the length and type of accommodation [10][8]

Core Insights - The performance of convertible bond funds has significantly outperformed other investment products in the capital market, with the "Southern Changyuan Convertible Bond A" fund leading with a return of 38.09% this year [2] - Convertible bond funds have become the dominant players in the bond fund market, occupying 6 out of the top 30 positions in terms of returns, and accounting for 19 out of the top 30 funds overall [2] - Private equity convertible bond funds have also shown impressive performance, with some achieving annualized returns exceeding 70% without any negative returns reported [2] Group 1: Performance Analysis - The average net value growth rate of convertible bond funds has surpassed 20% this year, significantly higher than the overall bond fund average of 2.13% [6] - Among the top 50 bond funds, 29 positions are held by convertible bond funds, showcasing their dual investment advantages in both equity and debt [6] - The convertible bond market has seen a 41% increase in fund size in the third quarter, reaching 133.4 billion yuan [4] Group 2: Market Dynamics - The "strong stock, stable bond" market environment has provided an ideal backdrop for convertible bonds, with the stock market's upward momentum driving the rebound of convertible bonds [5] - The characteristics of convertible bonds, which offer downside protection and unlimited upside potential, make them particularly attractive during market volatility [5] - The acceleration of forced redemptions in the convertible bond market has created opportunities for active strategies, allowing investors to capitalize on predictable outcomes [9] Group 3: Investment Strategies - Public funds tend to have more restrictions on individual bond selection due to risk control and liquidity requirements, while private funds have greater flexibility, potentially leading to higher returns [7] - The performance of private equity convertible bond products can vary significantly, with top performers achieving remarkable returns, but also carrying higher risks and lower transparency [6][7] - Investors are advised to focus on selecting high-quality management products rather than engaging in direct trading, especially in a volatile market environment [10]