继2024年全年财报宣布AI战略进入重投入期，预计2025年AI投入将带来显著经济效益之后，腾讯交出 2025年第一季度成绩单： 总览本季财报即昨晚进行的业绩电话会，还有几点值得关注： 腾讯元宝迭代方向：复杂任务+生态融合 具体来看，腾讯高层在业绩电话会上明确，GPU租赁（或算力租赁）业务目前在腾讯优先级较低，中国 之外存在的大模型订阅模式不是目前中国最有可能的主流商业模式。 腾讯高层比较关注的事情是，AI、混元大模型在各业务线的落地，以及落地之后能用户/客户中产生"实 质影响"。这就包括，后续逐步提供更多微信生态系统与元宝的连接，观察AI对微信生态系统内视频 号、微信小店、AI搜索等业务的促进作用。在游戏方面也是如此，腾讯已经开始在游戏中部署AI，比 如游戏陪伴、防作弊等等，有望改善用户参与及付费。 腾讯AI战略下的盈利点，不在通用大模型订阅、不在算力租赁，而是各业务线的产品能力； 腾讯后续将加大与微信生态系统与元宝的连接； 元宝还将逐步迭代，比如完成"复杂任务"等方面； AI对效果广告、长青游戏等各业务线的实质贡献还将逐步释放，Q1腾讯研发投入增长21%达189 亿元，今年相关投入或再加码。 实现总收入1 ...

Group 1 - The article discusses the contributions of György Buzsáki to the field of hippocampal research, particularly focusing on neural syntax and the role of inhibitory interneurons in network oscillations [1][3][4] - Buzsáki's research established the concept of feed-forward inhibition, demonstrating how excitatory inputs can activate interneurons before pyramidal cells, thus regulating neuronal activity [9][12][25] - The significance of theta waves, gamma oscillations, and sharp wave-ripple events in memory consolidation and cognitive functions is highlighted, showcasing the interconnectedness of these phenomena [46][49] Group 2 - The historical context of hippocampal research is explored, emphasizing the collaborative nature of scientific discovery and the evolution of key concepts over time [2][3][26] - Buzsáki's journey through various institutions and collaborations with prominent neuroscientists illustrates the importance of interdisciplinary approaches in advancing understanding of neural mechanisms [15][18][34] - The article reflects on the development of terminology in neuroscience, such as "gamma oscillations" and "long-term potentiation," and how these terms have shaped the discourse in the field [37][42]

中国无人车出海提速 在全球贸易紧张局势和地缘政治压力增大的背景下，与海外企业合作，一定程度上能够规避掉很多风 险；同时，海外许多国家鼓励国外自动驾驶公司进入当地市场，这就为像九识智能这类中国自动驾驶公 司提供了更多市场准入机会。 图片来源：九识智能 继完成近3亿美元B轮融资后，九识智能在出海方面又传来好消息。 5月15日，钛媒体独家获悉，九识智能与阿联酋邮政达成合作，双方在阿联酋共同成立一家合资公司。 该合资公司将充分整合双方在自动驾驶技术、物流运营及本地资源方面的优势，优先服务于阿联酋本地 市场的末端物流需求，提升配送效率和服务质量。 据知情人士透露，在初步实现商业化落地和稳定运营的基础上，该合资公司将以阿联酋为区域总部，逐 步拓展服务范围，覆盖海湾合作委员会（GCC）国家及更广泛的中东市场。 同时，根据合资企业的发展计划，项目预计于2025年完成阿联酋自动驾驶车辆相关牌照的申请与审批流 程，并于2026年正式启动商业化运营。运营初期将以服务阿联酋邮政内部配送业务为主，未来将逐步拓 展至面向第三方客户的多元化物流服务。 根据官方公开资料显示，从去年开始，九识智能开始在一些海外地区实现产品落地。2024年初， ...

文 | 高见观潮，作者 | 高恒 在网贷平台只需几分钟的审核时间里，年轻人就能获得几千到上万元的"信用额度"，而真正偿还这笔 钱，往往需要数年，甚至拖垮整个生活。 他们是骑着电动车送餐的外卖员，是靠提成吃饭的销售，是想翻身的直播创业者——在高强度工作与碎 片化收入之间，他们借钱只是为了"活得像个人"，但当催收电话、逾期利息与系统性羞耻接踵而至，生 活变成一场无法逃离的围猎。他们试图上岸，也有人选择逃离，更多的人困在沉默与孤立中。 这不仅是个体的困境，而是一个社会在信贷技术狂飙之后，留下的裂缝。我试图通过几个年轻人的故 事，看清这套系统的运作逻辑，也重新理解，在"债务"之外，一个人还能如何保有尊严与出口。 不是不想还，是根本还不起 晚上8点，手机安静了下来。小刘习惯性地翻了下屏幕，今天一共来了46个电话和70条短信，大多来自 他已经记不清的催收平台。陌生号码背后是类似的话术："您好，提醒您今日账单即将逾期，请于23:00 前完成还款，否则将影响您的征信记录。"短信末尾通常会加上一句，"为了您的信用，请及时处理。" 他将手机调成飞行模式，像是按下了一个暂停键，世界顿时安静下来。可那种安静，更像是神经上的真 空。即 ...

Group 1 - The core viewpoint emphasizes that software competition is not just about products but also about building a robust ecosystem that accelerates domestic digitalization [2] - Since 2020, the integration and innovation industry has entered a phase of large-scale promotion, supported by national policies such as fiscal subsidies and tax reductions [2][3] - By 2025, it is anticipated that the industry will reach a critical point of explosion, with a complete ecosystem from basic software and hardware to core application systems already established [2][5] Group 2 - The demand for domestic software is driven by the need for technological autonomy and data security, as well as the unavailability of international models like OpenAI in the Chinese market [3] - The application of large model technologies requires robust underlying infrastructure, which further accelerates the procurement and deployment of domestic software and hardware by state-owned enterprises and government departments [3][5] Group 3 - Domestic software is no longer viewed as a "downgrade" but rather as a superior choice due to performance improvements, with significant adoption in sectors like finance [5][6] - Tencent's TDSQL database has been adopted by over 1,000 financial institutions, including 7 of the top 10 banks in China, breaking the long-standing reliance on foreign databases [5][6] Group 4 - The transition from single product replacement to a mature ecosystem is crucial, with a consensus among industry players on the need for a comprehensive ecosystem [6][7] - Tencent has developed a full-stack integration and innovation software system, including various products that are compatible with mainstream domestic software and hardware ecosystems [6][7] Group 5 - Tencent has collaborated with over 60 ecosystem partners to create 65 replicable industry solutions across more than 30 sectors, lowering the barriers for industry upgrades [7] - The company emphasizes an open and compatible approach in its ecosystem cooperation, ensuring that all hardware is unbound and software is fully compatible [8]

Core Viewpoint - The company Zongyi Co., Ltd. (综艺股份) is pursuing a cash acquisition of Jiangsu Jilai Microelectronics Co., Ltd. (吉莱微) to gain control, amidst ongoing financial struggles and a need to improve its performance [1][2]. Group 1: Acquisition Details - Zongyi has signed an investment cooperation intention agreement to acquire control of Jilai Micro through cash investment or share transfer, with specific terms to be determined later [1]. - The transaction is expected to constitute a major asset restructuring and will not involve issuing new shares or related party transactions [1]. - Following the acquisition, Jilai Micro is anticipated to become a subsidiary of Zongyi, potentially enhancing the company's revenue and net profit levels [2]. Group 2: Financial Context - Zongyi's financial performance has been weak, with a reported revenue of 348 million yuan in 2024, a year-on-year increase of 8.15%, but a net profit of only 30.22 million yuan, with a non-recurring profit still showing a loss of 36 million yuan [2]. - The company is nearing the delisting risk warning threshold, as per the revised rules of the Shanghai and Shenzhen Stock Exchanges, which could trigger delisting if net profit is negative and revenue falls below 300 million yuan [3]. Group 3: Jilai Micro's Profile - Jilai Micro, established in 2001, specializes in the research, production, and sales of power semiconductor chips and devices, with applications across various sectors including consumer electronics and electric vehicles [6]. - The company previously attempted an IPO but withdrew its application, leading to the termination of the review process by the Shenzhen Stock Exchange [6]. - Financial data shows Jilai Micro's revenue growth from 134 million yuan in 2019 to 301 million yuan in 2021, with net profits increasing from 1.27 million yuan to 69.96 million yuan during the same period [6].

Core Insights - Alipay has introduced a voice call feature aimed at enhancing social connectivity within its payment platform, signaling its ongoing pursuit of relevance in connecting people [1][3] - The company is not merely competing with WeChat but is integrating communication capabilities into payment activities, emphasizing the importance of relationship-building in financial transactions [3][4] - Recent updates to Alipay include various features that enhance user experience across payment, finance, lifestyle, and social interactions, with a focus on appealing to younger users [4][12] Feature Summaries - The voice call feature allows users to communicate directly during transactions, enhancing the payment experience by facilitating real-time discussions about shared expenses or identity verification [1][3] - "Small Wallet" is a relationship-based accounting tool that enables users to share expenses with friends and family, transforming traditional bookkeeping into a social activity [7][8] - The "Tap to Pay" feature utilizes NFC technology for quicker transactions, aiming to make payment a more engaging and social experience, similar to WeChat's "Shake" feature [7][8] User Engagement Strategies - Alipay is investing in user retention by offering cash rewards for interactions within the "Small Wallet" feature, encouraging users to engage with the platform [8] - The company recognizes the need to adapt to changing user preferences, as it faces competition from other apps that cater to social and content needs [12][19] - Alipay's updates reflect a broader strategy to create a comprehensive "lifestyle operating system" that integrates various aspects of daily life, from payments to health management [20] Health Management Initiatives - Alipay is expanding its AI health module, introducing features like a weight loss section and personalized health advice, positioning itself as a health management platform [15][17] - The company aims to establish a new entry point for users in health management, which could become a significant aspect of its service offerings beyond payments [17][19] Challenges and Market Position - Alipay is facing challenges in maintaining user engagement and relevance as it evolves from a payment tool to a multifunctional platform [18][19] - The company is aware that its previous dominance is waning, and it is striving to create memorable user experiences that resonate with current needs [19][20] - Despite its rapid updates and feature expansions, there is concern about whether users will perceive these changes as valuable and relevant to their daily lives [18][20]

（图片系AI生成） 时隔多年后，大股东资产注入计划终于再次启动。 股权结构方面，云铜集团持有40%股权，凉山州工业投资发展集团有限责任公司持有40%股权，云南铜 业持有20%股权。2022年1月，云铜集团将凉山矿业40%的股权委托云南铜业管理。2023年11月，云南 铜业发布控股股东承诺事项延期的公告称，因凉山矿业土地、房产等资产问题较为复杂，云铜集团对凉 山矿业的股权注入承诺已延期至2026年11月底前启动。 目前市场对云南铜业存在较强的重组预期，此次大股东终于启动凉山矿业资产注入计划似乎让投资者看 到了希望。再加上2023年间接控股股东中国铜业已将中矿国际股权委托云南铜业代管，并压缩管理层 级，被外界视为资产注入前兆；2024年中国铝业集团增持云南铜业股权1.98%亦被看作是为后续整合铺 路。 但此次凉山矿业能否注入成功还要打一个问号，一是因为云南铜业曾有多次重大筹划"落空"，比如2014 年、2015年的两次定增。二是云铜集团也曾违背承诺，其在2014年6月云铜集团明确了资产注入时间 表，即在当年内启动资产注入，同年云南铜业也曾公告筹划资产重组。然而，该事项最终在上市公司停 牌三个月后宣告终止，理由是" ...

Core Viewpoint - The article highlights the significant growth in economic losses due to natural disasters globally, driven by climate change, and emphasizes the emergence of a substantial market for emergency management solutions in China, particularly through the launch of the "Integrated Disaster Prevention and Emergency Warehouse" by Chuanrun Co., Ltd. in collaboration with China Telecom and Communication University of China [1][3]. Industry Overview - The World Meteorological Organization reports a 47% increase in economic losses from natural disasters over the past five years compared to the previous decade, with China experiencing direct economic losses of 328.7 billion yuan in 2024, a 21% increase from pre-pandemic levels [1]. - The State Council's "14th Five-Year Plan" for the national emergency system has created a market exceeding 100 billion yuan for the emergency management industry [1]. Company Development - Chuanrun Co., Ltd., listed on the Shenzhen Stock Exchange since 2008, has shifted its focus from high-end energy equipment manufacturing to the "smart emergency" sector, leveraging its technological and resource advantages in energy equipment [3]. - The newly launched "Integrated Disaster Prevention and Emergency Warehouse" integrates energy assurance, smart communication, material scheduling, and low-altitude economic services, aiming to establish a "normal service, emergency response" model [3]. Technological Innovations - The emergency warehouse features several innovative aspects, including a green energy system that integrates wind, solar, and storage technologies, a communication system that combines satellite, 5G drones, and shortwave technology, and AI-driven early warning and IoT material management systems [4]. - The warehouse is designed to provide a comprehensive emergency management system from early warning to response, as stated by Chuanrun's hydraulic general manager [5]. Collaborative Efforts - During the development of the emergency warehouse, Chuanrun collaborated with China Telecom and Communication University of China to overcome key technological challenges such as drone swarm control and shortwave communication [7]. - The partnership with China Telecom aims to establish a "5G + Cloud Network + AI" low-altitude economic infrastructure that can cover 15 industries and numerous low-altitude economic scenarios, enhancing the versatility of the product [7]. Future Directions - Chuanrun plans to deepen strategic collaborations with government, enterprises, and research institutions to promote the transformation and upgrading of the emergency industry towards smart, digital, and integrated solutions [7]. - The company aims to continuously improve the emergency resource integration platform and contribute to the construction of a more efficient emergency management system for the national emergency framework [7].

5月8日，身处控制权更迭中的康惠制药（603139.SH)在北京酒仙桥注册了新的子公司，业务聚焦科技人 工智能与中药毫无关联，名称中的"智创"字样则与收购方名称（悦和智创）一脉相承。 相关细节正折射一种可能：虽然转让控制权的交易仍在等待交易所的审查与确认，理论上尚存不确定 性，但公司已经按照易主成功完成来启动业务布局。 康惠制药这次易主事件，属于典型的"小公司，大戏码"。新崛起的"算力新贵"携真金白银完成了对传统 中药大佬的逆袭，而卡在财报季最后，康惠制药拿出一份行业垫底、经营崩塌之惨烈超预期的成绩单， 则让交易各方真实目的越来越难以遮掩：套现方急于速战速决，接盘方图的就是个"壳"。 前文《康惠制药：迷途中易主，"遗老"与"新贵"的资本联姻术》，梳理了一个靠保健品生意起家的传 统"药人"，如何在运营上市企业过程中陷入并购迷途，最终只能靠卖掉企业套现来完成最后一搏； 也对这场资本联姻的逻辑进行剖析：一对算力公司实控人夫妇，通过一个当天成立的合伙企业，以外界 眼中非理性高价（24.70元/股）豪掷5.43亿，来收购一家财务恶化的中药上市公司——同时不管你信不 信，坚称其目的不是借壳。 本文则聚焦这场控制权变更"速 ...