Group 1 - Jensen Huang, CEO of Nvidia, faces significant challenges due to US tariffs on China, which could result in a loss of approximately $5.5 billion in quarterly revenue and a market value drop exceeding 600 billion RMB since the beginning of the year [2][12] - Huang's strategy includes a visit to China to meet with key figures and emphasize Nvidia's commitment to the Chinese market, despite US government restrictions [3][4] - Nvidia's revenue from China reached a record $17.1 billion in the fiscal year ending January 2024, a 66% increase from the previous year, highlighting the importance of the Chinese market for the company [7] Group 2 - Nvidia's market position is threatened by increased competition in China, with over 50 companies developing technologies that could rival Nvidia's products [15][17] - The company has experienced a significant stock price decline of approximately 26% over three months, resulting in a loss of nearly $90 billion in market value, influenced by both the emergence of competitors and US tariff policies [14][15] - Huang's recent engagement with Chinese officials marks a notable shift in Nvidia's approach, as he has historically avoided political interactions, indicating a potential pivot in strategy to navigate the current geopolitical landscape [8][10] Group 3 - The US government's export restrictions are expected to lead to a revenue loss of $14 billion to $18 billion for Nvidia, which could represent about 20% of its income from China [15][17] - The emergence of domestic competitors like Cambricon, which reported a 4230.22% increase in revenue in Q1, suggests a growing challenge for Nvidia in maintaining its market dominance in China [19][20] - Analysts predict that Nvidia will continue to develop regulatory-compliant products for the Chinese market, indicating a strategic adaptation to the changing landscape [17][18]

刘亦菲出席智界品牌之夜 "智界品牌之夜"再次将华为鸿蒙智行推上了聚光灯。品牌大使刘亦菲如约亮相，成为现场最受瞩目的焦 点之一。 早在3月20日的鸿蒙智行发布会上，华为常务董事余承东就提前"剧透"了这场明星助阵，并配以"以玫瑰 之姿向上生长，以科技之美探索边界"的官方文案，赋予智界品牌"智美双全"的情绪表达。 刘亦菲分享了与智界同行的心路历程。在她看来，智界是一个特别先锋的品牌，智界"凭天赋，去颠 覆"的宣传语也与自己的艺术态度不谋而合，"天赋"是深入体验角色后自然流露的独特灵感，而"颠 覆"则是源于全心投入与自我突破。刘亦菲也在现场预告了即将在4月21日上线的智界广告片《玫瑰箴 言》。 但当烟花散去，真正决定智界能否站稳脚跟的，依然是技术底层与产品竞争力。 不仅"更便宜"，还试图重新定义增程 此次品牌夜最重磅的发布，莫过于智界R7增程版的正式登场。新车提供53.4kWh大电池和华为 DriveONE四驱系统，对应的增程版比之前上市的纯电版便宜了1万元，售价29.98万-31.98万元。 一价格在当前的中大型智能SUV市场中颇具攻击性。但真正值得探讨的是，智界在增程路线上的技术深 化。 智界R7增程Max版搭载 ...

使文科"人工智能"化，会导致文科本身的死亡么？中国传统文化中的程朱理学和儒释道学说，又能够为 通用人工智能带来哪些"智能的哲学思想"？ 用价值观而非数据去驱动通用人工智能的发展，并不是一个新鲜的说法，加州伯克利大学的斯图尔特· 罗素教授就曾经表示：校准的最终目标是"确保强大的人工智能与人类价值观保持一致"。随着 ChatGPT、DeepSeek等大模型兴起，学界逐渐意识到数据驱动的生成式AI存在"鹦鹉学舌"问题，虽能模 仿语言模式，但缺乏对因果、伦理和物理常识的理解。朱松纯教授提出，AGI需采用"乌鸦范式"（小数 据、大任务），通过价值函数引导智能体在开放环境中自主探索，而非依赖海量标注数据。这一路径强 调智能体需具备类似儿童的本能价值观。而对比西方传统哲学，东方文化中更加注重"传承"和"包容"的 价值体系也将为通用人工智能的中国路线赋予独特的"中国心"。 2025年4月16日，由人民邮电出版社主办的《通用人工智能标准、评级、测试与架构》媒体见面会在北 京圆满举行。本书主编、全球知名的人工智能科学家朱松纯教授携本书主创团队，与钛媒体等多家权威 媒体的代表齐聚一堂，聚焦人工智能的发展趋势展开深度探讨。 《通用人 ...

这一番话，道出了在"智驾平权"成为流量密码的行业背景下，一家传统车企逆流而上的坚持。 数据显示，我国乘用车市场L2智能驾驶功能的新车渗透率已接近60%，预计2030年L2以上智驾的市场 渗透率有望达到90%。智能驾驶正在从L2级智能辅助驾驶，向更高阶的L3级甚至L4级自动驾驶迈进。 在这个智能驾驶技术全面狂飙的年代，安全是否正在被遗忘在技术的喧嚣之下？ "作为车企，我们不能只谈体验，却忽略安全。体验可由用户定义，但安全必须由车企把控。离开安全 谈智驾，是本末倒置。"广汽集团董事长冯兴亚在2025广汽科技日上如是说。 这意味着无论是燃油车还是电动车，都开始在智能化的道路上加速狂奔，智能驾驶逐渐成为各类车型上 的标准配置。今年年初，各大车企纷纷喊出要跻身"智驾第一梯队"，以及推动"智驾平权"的口号。 图片来源：钛媒体App现场拍摄 当技术的狂欢达到一定的高潮之后，理性的回归就会自然到来。在近期各大车企的发布会上，智驾技术 不再独占鳌头，确保出行安全相关的"安全技术"能力也成为新焦点。 作为全国首批获得开展L3自动驾驶上路通行试点资格的七家车企之一，广汽集团此前宣布将在今年第 四季度上市销售首款L3自动驾驶车型。 ...

Core Viewpoint - Shanghai Kaixin (300899.SZ) faces significant financial challenges, including a sharp decline in annual revenue and net profit, leading to potential delisting risks due to non-compliance with disclosure regulations [1][2][3] Financial Performance - In 2024, Shanghai Kaixin reported operating revenue of 81.61 million yuan, a year-on-year decrease of 34.52%, and a net loss of 1.65 million yuan, a decline of 110.56% [2] - The company experienced a dramatic drop in Q4 2023, with revenue of 3.31 million yuan and a net loss of 8.77 million yuan [4] - Conversely, the first quarter of 2025 showed a significant increase in performance, with projected revenue between 71 million and 91 million yuan, representing a year-on-year growth of 127.13% to 191.11% [4] Revenue Recognition Issues - The discrepancies in revenue recognition between internal and external audits have led to significant adjustments in reported figures, raising questions about the company's financial management [3][5] - The company attributed the lack of timely disclosure of risks to differences in revenue recognition timing with auditors, which were only resolved later [3] Customer Concentration and Accounts Receivable - A high concentration of sales among a few customers poses risks, with the top five customers accounting for 71.67% of total sales [5][6] - As of 2023, accounts receivable stood at 115 million yuan, with a bad debt provision of 17.31 million yuan, indicating potential liquidity issues [5][6] Industry Context - The company claims to benefit from a recovery in the industry, with new orders increasing by over 20% compared to 2023, and cash received from sales rising by 69.94% [6] - The sustainability of this recovery remains uncertain, as the company has faced ongoing financial difficulties since its listing in 2020 [5][6]

Core Viewpoint - Nvidia's CEO Jensen Huang's recent visit to China is significant due to new U.S. export restrictions on AI chips, particularly the H20, which is now subject to licensing requirements for export to China, impacting Nvidia's market strategy and financial outlook [1][3]. Group 1: Impact of U.S. Export Restrictions - Nvidia has received formal notification from the U.S. government that all AI chips meeting certain bandwidth standards, including the H20, will require export licenses, marking a significant policy shift [1][3]. - The company estimates that this change could lead to a financial impairment and procurement loss of up to $5.5 billion in Q1 of fiscal 2026, which represents approximately 32.16% of Nvidia's total revenue from China in 2024 [1][3]. - The H20 chip was initially seen as a strategic product to maintain market presence in China after previous high-end chips were restricted, with pre-sale orders estimated between $12 billion to $15 billion [2][3]. Group 2: Nvidia's Market Position in China - China is Nvidia's fourth-largest revenue region, contributing $17.1 billion in revenue for the fiscal year ending January 2024, a 66% increase from the previous year [4][5]. - The Chinese market is not just a buyer but a critical player in the global AI ecosystem, with local companies like Baidu and Alibaba developing their own models, which increases the importance of Nvidia's technology in this landscape [5][6]. - The rise of Chinese AI firms, such as DeepSeek, utilizing H20 chips for model training, has raised concerns in the U.S. about national security, prompting further export restrictions [6][7]. Group 3: Nvidia's Strategic Responses - Nvidia is exploring three potential paths to mitigate the impact of the restrictions: applying for export licenses, developing lower-performance compliant chips, and pursuing soft collaborations or technology licensing with Chinese firms [8][9][10]. - The first path involves attempting to signal compliance and cooperation to the Chinese government, although Nvidia has expressed skepticism about the likelihood of obtaining such licenses [9]. - The second path may involve creating new, lower-performance chips to navigate the restrictions, but there is a risk that these products may not meet market standards, leading to a loss of customer interest [10]. - The third path suggests a shift towards collaborative development and technology licensing, which could allow Nvidia to maintain a presence in the Chinese market without direct sales of chips [11][12]. Group 4: Conclusion and Future Outlook - Huang's visit to China is seen as an attempt to explore whether Nvidia can retain a technological and ecological buffer in the face of increasing restrictions [13]. - The company's future in China is becoming increasingly precarious due to geopolitical tensions and regulatory changes, which could lead to a structural contraction in its market presence [13].

【钛媒体综合】据新华社报道，4月17日，国务院以"加强预期管理，协同推进政策实施和预期引导"为 主题，进行第十三次专题学习。国务院总理李强在主持学习时强调，要深入学习贯彻习近平总书记重要 指示精神和党中央关于稳预期、强信心的决策部署，深化对加强预期管理的认识，结合当前形势，着力 促进社会预期稳定向好，形成应对风险挑战、共促高质量发展的强大合力。 中国社会科学院学部委员高培勇作讲解。国务院副总理何立峰、张国清，国务委员吴政隆作交流发言。 李强在听取讲解和交流发言后指出，经济发展主要取决于相应的客观条件，但也有很强的主观属性，市 场预期便是影响经济活动的重要因素，市场经济很大程度也是预期经济。在宏观经济治理中，不仅要注 重供需平衡调控，还要注重预期管理与引导，不断提高宏观调控效能，实现稳预期、强信心与稳经济的 相互促进、良性循环。 李强指出，做好预期管理综合性强，在政策制定实施和政府工作的方方面面，都要有稳预期的意识，特 别要结合形势变化，提高政策针对性、有效性。要找准政策重点，善于抓住有风向标作用的问题，对症 下药、集中施策，及时推出有力有效的政策举措。要讲究政策时机，在一些关键的时间窗口，推动各方 面政策措施 ...

文 | 港股研究社 "谁掌握了芯片，谁就掌握了未来。"克里斯·米勒在《芯片战争》中的断言，在2025年全球科技产业变 局中愈发显现其预见性。 4月15日，一则关于小米手机部成立芯片平台部、任命前高通高管秦牧云为负责人的消息引发市场热 议。 尽管随后被澄清为部门架构误读，手机芯片平台部一直存在，但是用于选型评估和深度定制，而负责人 秦牧云也已加入公司多年，但舆论的敏感反应折射出一个核心议题： 时至今日，在全球半导体产业链重构与地缘政治博弈的夹缝中，中国科技企业的"芯"困局突破进展如 何？小米的芯片自研战略当前又有几成把握可以独立支撑其在高端市场的持续突破？ 而从现有资料来看，小米手机芯片的供应链格局呈现出"多元协作+自研突破"的双轨并行态势——即主 力芯片供应更多地与高通、联发科深度绑定，自研突围战略持续推进。 销量继续大增，小米芯片价值量"水涨船高" 作为全球第三，国内第一大智能手机厂商，小米手机全球销量的持续攀高意味着其芯片供应的价值量也 在大增。 据Canalys数据，去年小米占据全球智能手机市场13.8%的份额，连续18个季度稳居全球前三，并成为全 年全球前三厂商中唯一实现正增长的品牌，公司全球智能手机 ...

文 | 格式刷 从 ChatGPT 问世到 Deepseek 的出现，AI 给人类带来的惊艳已无需多言，AI 大模型的发展速度远超过 我们想象。「如何打开脑洞让 AI 帮你做 PPT？」、「如何写 prompt 提示词让 AI 显得更专业？」，现 在市面上并不缺乏教你如何更好使用 AI 大模型的内容。 今天我想要和大家聊聊的是：除了这些众所周知的，还需要知道哪些 AI 大模型的知识？ 01核心问题是…？ 作为非 AI 领域的人，可能并不需要深入了解其技术原理和运作方式，但在当前猛烈的技术浪潮下，你 总有一天会遇到这样的问题： 如何充分利用 AI 大模型， 融入自己的产品设计， 更好满足用户需求？ 在此之前，你可能听说过一些名词，诸如微调、知识库、Token、插件、MCP等，但知其名，不知其 意。 此外，现在 AI 大模型也种类繁多，国外的 OpenAI、Google Gemini、Anthropic Claude、Meta Llama、 xAI Grok…以及国内的 Deepseek、阿里通义千问、月之暗面 Kimi、字节豆包、腾讯混元… 纵然乱花渐欲迷人眼，但其实大体上核心基本能力相似，分支专业领域各有所长 ...

文 | 港股研究社 过去一年来，从新茶饮到快餐连锁，蜜雪冰城、古茗、老乡鸡等消费品牌相继冲击港股，掀起一股"赴 港上市潮"。 日前，以川渝风味面食为主打的连锁品牌"遇见小面"正式向港交所递交招股书，拟募资拓展门店网络与 数字化能力。若成功上市，其将可能成为港股"中式面馆第一股"。 "民以食为天"，餐饮行业既是民生刚需，亦是资本竞逐的赛道。遇见小面又能否讲好它的资本故事？ 从"街头小店"到"川渝面馆一哥" 主打重庆麻辣风味的遇见小面于2014年在广州开设了第一家面馆，由此开启了它的故事。 历经十余年的发展，公司已成为中国领先且快速发展的现代中式面馆经营者，门店主要分布在内地和香 港。 截至2025年4月5日，公司的餐厅网络包括中国内地22个城市的374家餐厅及香港6家餐厅，其中有47家餐 厅实行24小时运营，并有64家新餐厅在积极筹备中。 放在动辄上是千店规模、万店规模的餐饮业中，遇见小面的规模其实并不大。 不过，就2024年总商品交易额而言，据弗若斯特沙利文数据，公司是中国第一大川渝风味面馆经营者及 第四大中式面馆经营者；并在2024年中国前十大中式面馆经营者中，公司2022年至2024年的总商品交易 额年复 ...