经济观察网11月14日，抖音直播公布最新统计数据，2025年以来，8.8万人次因低俗诱导打赏被处罚， 11.7万个账号因色情违规被无限期回收直播权限。对于违规内容，抖音强化治理力度，更新技术手段， 进行精准打击；对于违规主播，则通过健康分机制，长效、常态化地分级引导和治理。 ...

Core Viewpoint - Kioxia's disappointing financial results reflect uncertainties at the tail end of the industry's cyclical low, yet there is optimism regarding the overall upward trend in NAND prices [2][7]. Financial Performance - Kioxia reported a net profit of 40.7 billion yen (approximately 1.873 billion RMB) for Q2 of FY2025 (July-September), a significant decline of 62% year-on-year, falling short of market expectations of around 47.4 billion yen [4][5]. - The poor performance is attributed to seasonal smartphone demand, which led to a high proportion (35%) of low-margin smart device products, while the share of high-margin AI data center products remained low [4]. Market Reaction - Following Kioxia's financial report, its stock price plummeted by 23.03% to 10,025 yen, causing a ripple effect in the U.S. market, with major storage companies like SanDisk, Seagate, and Western Digital experiencing declines of 15.6%, 7.31%, and 5.39% respectively [5][6]. - Concerns over global storage chip supply-demand imbalances were heightened, despite strong AI and data center demand, as Kioxia's results revealed profitability pressures [5]. A-Share Market Impact - The negative impact of Kioxia's report extended to the A-share market, with stocks like Zhaoyi Innovation and Baiwei Storage dropping by over 3% and 11% respectively [6]. - The A-share storage sector had previously benefited from a "price surge" in the global storage chip market and the explosive demand from AI [6]. Future Outlook - Analysts remain optimistic about the storage sector's rebound, driven by AI demand, despite the short-term panic triggered by Kioxia's results [7]. - Kioxia anticipates record revenue and profit for Q3 of FY2025 (October-December), primarily due to higher average selling prices and increased NAND demand related to AI [7].

随着AI技术和应用快速发展，AI智能体（AI Agents）正以自主决策、实时协作和多任务编排的能力，悄然重塑制造业企业生产运营全链路。从智能排产到 质检异常拦截，从供应链风险预警到的日常合同审批，智能体已成为嵌入企业核心流程的"数字员工"。 2023年11月，长虹发布了基于大模型的智慧家电AI平台——"云帆AI"，云帆AI的五大核心技术包括"大模型决策""多模态交互""AI智能体""场景化自学 习""全屋互联"，通过持续迭代升级。实现了涵盖"AI+电视""AI+空调""AI+冰洗""AI+智慧家居""AI+机器人"五大核心系列产品在内的全屋AI家电落地。 以长虹AI电视为平台，接入云帆AI后，电视具备深度思考与超级搜索能力，能理解复杂指令，进行拟人对话，成为家庭娱乐与信息交互的核心终端，AI音 色、AI画质等功能可发挥硬件潜能，显著提升视听效果。AI电视内置的智能体还可通过多模态交互与场景化自学习，实现内容推荐、画质优化、情感陪伴 等个性化服务。 在空调、冰箱、洗衣机等白电方面，AI智能体化身为"隐形管家"。长虹AI空调通过随声控2.0技术实现"风随人动""节能智控"，一句多指令也能精准响应。 长虹美菱（0 ...

经济观察网 据威斯克生物微信公众号消息，近日，由威斯克生物联合四川大学华西医院自主研发的痤 疮治疗性疫苗，正式获得中国国家药品监督管理局（NMPA）新药临床试验申请（IND）批准，成为我 国首款进入临床阶段的痤疮治疗性疫苗。威斯克生物是一家创新型生物医药企业，2021—2025年连续四 年成功入选独角兽企业，在北京、成都和广州设立了研发、生产和销售机构。 ...

智能化期待 经济观察报 记者 张锐 中国人的家正在走向全屋智能时代，家电企业的生态战也已经悄然打响。 11月11日，刘醒决定给新家的儿童卧室购买一款美的品牌的"AI（人工智能）空调"，这台空调最吸引她 的是"能给孩子讲睡前故事"。这一功能可以解放她大约半小时的"哄娃"时间。 同一时间，程斌趁"双十一"优惠活动，下单了一款华为品牌具有视频通话、远程看家功能的电视机。在 程斌看来，华为并不是他最初购买电视机的首选，让他改变主意的是父母使用的智能手机、智能手环、 摄像头以及自己使用的智能音箱等都是华为品牌。他认为，这样可以方便自己在同一个系统内操作、查 看"幸福一家人"所有联网设备的实时情况。 刘醒与程斌的选择，正是家电竞争日趋激烈的新战场：一方面，传统家电企业如美的集团（000333） （000333.SZ）、格力电器（000651）（000651.SZ）、海尔智家（600690）(600690.SH)、海信家电 （000921）（000921.SZ）等通过发展AI技术、拓宽产品线、出海等方式，寻找新的增长点；另一方 面，华为、小米等科技企业凭借已形成的智能生态优势，加剧了家电市场的竞争。 过去一周，经济观察报记 ...

Core Viewpoint - Kioxia Holdings' disappointing financial results have negatively impacted the stock prices of major storage companies globally, despite a surge in demand for storage hardware driven by AI data centers [1][2][3]. Financial Performance - Kioxia reported a net profit of 40.7 billion yen (approximately 1.87 billion RMB) for Q2 of FY2025, a significant decline of 62% year-over-year, falling short of market expectations of around 47.4 billion yen [2]. - The company's poor performance is attributed to a high proportion of low-margin smartphone products, which accounted for 35% of sales, while high-margin AI data center products had a lower share [2][3]. Market Reaction - Following Kioxia's earnings report, its stock plummeted by 23.03% to 10,025 yen, while other major storage companies like SanDisk, Seagate Technology, and Western Digital also experienced significant declines in their stock prices [3][4]. - The overall drop in the storage sector is linked to concerns over a global supply-demand imbalance in storage chips, despite strong demand from AI and data centers [3]. A-share Market Impact - Kioxia's financial results triggered a sell-off in the A-share market, with stocks of domestic storage companies like Zhaoyi Innovation and Jiangbo Long experiencing notable declines [4]. - The A-share storage sector had previously benefited from rising prices in the global storage chip market and the explosion of AI demand [4]. Future Outlook - Analysts remain optimistic about the long-term prospects for the storage sector, citing a potential rebound driven by AI demand, which is expected to account for 40% of storage needs by 2025 [4][5]. - Kioxia anticipates record revenue and profit for Q3 of FY2025, driven by higher average selling prices and increased NAND demand related to AI [6].

"无论AI（人工智能）如何强大，最终都必须坚持人机协同与流程回滚，确保每一项决策责任明确到人。"青岛银行首席信息官杨斌在2025金融街论坛年会 ·AI+金融专题论坛上，接受经济观察报在内的媒体采访时表示。 杨斌表示，AI的到来，正在深刻改变银行的核心职能。在AI的应用层面，中小银行不能盲目跟风，而应找准方向，结合自身区域特色明确发展路径。 核心能量引擎 在杨斌看来，作为信息技术应用较充分的行业，银行业已从传统"计算"时代迈入"智能"时代。AI不再局限于交易处理、数据存储等基础职能，而是深度渗透 到用户体验优化、产品流程升级和场景生态构建等核心环节，成为驱动银行经营发展的"核心能量引擎"。 杨斌表示，AI对银行业的影响是革命性的。过去，计算机技术主要帮助银行提升效率；如今，AI不仅能进一步提效，还能优化服务体验、提升经营效益， 甚至重塑金融业务底层逻辑。"传统存贷汇业务是行业标配，未来银行的核心竞争力将聚焦于用户信任与口碑，而AI正是构筑这一竞争力的关键要素。"他强 调，AI不再是可有可无的辅助工具，而是需要深度融入银行 DNA的"核心能量引擎"。 然而，当前银行业的AI应用，尤其是对于中小银行而言，仍处于探索 ...

Core Viewpoint - Hesai Technology faces pressure from the capital market despite strong shipment growth over the past two quarters, with a recent downgrade in target prices by招商证券国际 due to equity expansion from its Hong Kong listing [2][4]. Financial Performance - In Q3, Hesai reported revenue of 795 million RMB, a year-on-year increase of 47.5%, and achieved a net profit of 256 million RMB, marking a turnaround from losses and a quarter-on-quarter growth of 481% [4]. - Excluding a one-time investment gain of 173 million RMB, the core net profit was 83.31 million RMB, exceeding consensus expectations by approximately 30% [4]. - The gross margin was 42.1%, down 5.6 percentage points year-on-year, primarily due to an increase in the proportion of lower-priced ADAS products [4]. Shipment and Market Dynamics - Total shipments reached 441,000 units in Q3, a year-on-year increase of 229% and a quarter-on-quarter growth of 25.43%, although the growth rate has slowed compared to the previous quarter [5]. - The average selling price (ASP) of ADAS lidar decreased from approximately 4,000 RMB in Q1 to 1,800 RMB in Q3, indicating a "volume increase, price decrease" structural change [5]. Future Outlook - Hesai has raised its full-year profit guidance, projecting a net profit range of 350 million to 450 million RMB for 2025, up from a previous estimate of 200 million to 350 million RMB [5]. - The company expects Q4 shipments to be around 600,000 units, with revenue anticipated between 1 billion to 1.2 billion RMB and a gross margin of approximately 40% [5]. - For 2025 to 2026, ADAS product shipments are expected to grow to 2 to 3 million units, with significant growth anticipated in the robotics sector as global demand recovers [5]. Industry Trends - As L3 autonomous driving advances, the number of lidar units per vehicle is expected to increase from one to three to six, potentially raising the per-vehicle value to between 500 to 1,000 USD [6]. - Hesai's customer base is expanding, with new orders from companies like GAC and Chery expected to begin in 2026, alongside additional orders from overseas Robotaxi clients [6]. - Despite concerns over temporary gross margin declines, the long-term market potential in automotive and robotics remains substantial, with quarterly profit fluctuations considered normal in the early stages of scaling [6].

经济观察网11月14日，国家统计局数据显示，10月份，一线城市新建商品住宅销售价格同比下降 0.8%，降幅比上月扩大0.1个百分点。其中，上海上涨5.7%，北京、广州和深圳分别下降2.0%、4.2%和 2.6%。二线城市新建商品住宅销售价格同比下降2.0%，降幅收窄0.1个百分点。三线城市新建商品住宅 销售价格同比下降3.4%，降幅与上月相同。 ...

经济观察网 A股市场投资者规模再创新高。 11月14日最新数据显示，10月上海证券交易所新开户231万户，2025年前10个月累计新开2246万户，推 动投资者总数逼近2.5亿关口，若年末开户量维持当前水平，突破这一大关将成大概率事件。 细究投资增长结构，在2025年新增开户者中，海外投资者与国内年轻群体占比显著提升。这部分投资者 更关注合规透明、信息获取便捷性，但金融知识相对有限，容易遇到"选基难""持股焦虑"等问题。 面对这一汹涌浪潮，传统依赖人力的服务模式已难以应对，行业从"人力密集型"向"AI驱动型"的结构性 转变成为必然选择。中央金融工作会议将"科技金融"列为"五篇大文章"之首，为这一转型指明方向。 在这一背景下，券商服务模式正经历从"销售导向"向"买方投顾"的根本性转变。传统券商长期以产品分 销与交易为核心，而未来的竞争力在于以客户利益为中心，提供长期、专业、定制化的财富管理方案。 国金证券（600109）认为，AI投顾不仅是工具升级，更是推动服务范式变革的重要驱动力。据国金证 券相关负责人介绍，AI能够在三个方面发挥关键作用：增强投顾能力、提升客户体验、实现普惠与分 层服务。 国金实践：技术突破 ...