2025年10月22日，Airwallex空中云汇（以下简称"空中云汇"）举办的"未来金融峰会"在上海中心大厦举 行，巴伦中国为峰会战略合作媒体。峰会以"共振十载，幸汇未来"为主题，汇聚政府代表、行业专家、 企业领袖及合作伙伴，共同回顾公司十年历程，探讨AI时代金融创新趋势。澳大利亚驻上海总领事John Williams、新加坡企业发展局副司长董伟国、上海市黄浦区投资促进办公室副主任王菊等嘉宾出席峰会 并发表致辞。 会上，空中云汇从多维度展现企业战略布局，介绍将AI融入运营的经验，发布三大AI策略，并发布全 球计费管理（Airwallex Billing）新产品，一站式解决企业全球账单管理难题，开启"构建全球金融未 来"新征程。经济学家薛兆丰在峰会中肯定了AI对经济的驱动作用，呼吁企业拥抱技术变革。 用智能与信任，重新定义金融业 "这十年技术飞速发展，从移动互联网、API和云原生技术到AI，都推动着空中云汇重新定义金融 业。"空中云汇首席营收官吴恺在峰会上回顾，十年来空中云汇用API、算法与智能体重塑出海企业全 球化进程。如今，世界亟需更聪明、更安全、更透明的连接。 吴恺表示："出海企业开拓新市场，除支付接口 ...

文｜万联万象，作者｜万爷 作为光伏产业链最上游的硅料环节，在大西南打响了行业"反内卷"的重要一枪。 据SMM消息，受近期政策会议及丰枯水期电价调整影响，中国西南地区部分多晶硅生产基地已逐步降 低原料投放量，预计在10月底至11月初实现全面停产，涉及年产能约32万吨。 这一涉及中国已建成多晶硅总产能近十分之一的停产计划，势必会引发整个光伏产业的连锁反应。 随着最上游的骨牌即将被推到，光伏产业也正是进入到涅槃重整的新阶段。 西南多晶硅产能抉择与区域影响 作为中国水电资源富集区，西南地区多晶硅生产一直高度依赖季节性水电供应，这也成为其发展的双刃 剑。四川、云南等省份凭借丰富的水电资源，在过去几年吸引了大量多晶硅企业落户，形成了完整的光 伏产业链集群。然而，水电资源的季节性特征使得该地区的能源供应呈现出明显的不稳定性。 丰枯水期电价差异直接推动了本轮停产决策。西南地区在枯水期（通常为每年11月至次年4月）电价较 丰水期上涨30%-50%，大幅推高了多晶硅这一高耗能产品的生产成本。按照多晶硅生产的能耗水平，电 力成本占总生产成本的30%以上，电价的波动直接影响企业的盈利能力。 在当前多晶硅价格持续低迷的市场环境下，电价 ...

Core Viewpoint - ST Jingfeng's capital fate has reached a critical turning point as the Hunan Changde Intermediate People's Court has officially accepted creditors' restructuring applications, marking a significant step in the company's efforts to survive amidst financial difficulties [2][8]. Group 1: Company Background and Financial Performance - ST Jingfeng, originally a subsidiary of Yibai Pharmaceutical, once thrived with peak sales exceeding 1 billion yuan, particularly driven by its core product, the Ginkgo Biloba Glucose Injection [3]. - The company experienced a dramatic decline in revenue starting in 2019, with a nearly 50% drop in operating income and over 70% decline in injection product revenue, leading to continuous losses over five years [5]. - Cumulatively, from 2019 to 2023, ST Jingfeng reported losses of nearly 2.4 billion yuan, with a skyrocketing asset-liability ratio of 114.49% by the end of 2023, indicating a severe liquidity crisis [6]. Group 2: Stock Market Performance - Despite its poor financial performance, ST Jingfeng's stock exhibited extreme volatility, achieving 46 trading limits in 54 days from July 2 to September 13, 2024, with a cumulative increase of over 500% during this period [7][8]. Group 3: Restructuring Process - The court's acceptance of the restructuring application signifies the transition from a year-long pre-restructuring phase to a substantive restructuring process, making ST Jingfeng the seventh A-share company to receive a restructuring approval in 2024 [8]. - The restructuring plan involves Shiyao Group investing 526 million yuan for controlling stakes, with an additional 122 million yuan from a local state-owned platform, totaling 648 million yuan [9]. Group 4: Strategic Implications for Shiyao Group - Shiyao Group's involvement as the lead investor in the restructuring is pivotal, as it aims to enhance its oncology product pipeline, which has faced declining sales in recent years [10][11]. - The acquisition of ST Jingfeng's assets, particularly in the field of anti-tumor plant drugs, is expected to fill gaps in Shiyao Group's product matrix and strengthen its market position [11][12].

Core Viewpoint - The "Double 11" shopping festival has been extended to 36 days, coinciding with a significant crackdown on counterfeit products in the liquor industry, particularly targeting unauthorized sales channels [2][3][4]. Group 1: E-commerce Promotions - Major e-commerce platforms are adopting straightforward discount strategies, with JD.com offering discounts as low as 10% and Douyin providing at least 15% off, while Tmall is distributing 50 billion yuan in consumer vouchers [3]. - JD.com reported a significant increase in sales, with over 5.2 million brands seeing a year-on-year growth of over 300%, particularly in liquor categories, where aged liquor sales surged by 150% [3]. Group 2: Crackdown on Counterfeit Products - Leading liquor companies like Kweichow Moutai and Wuliangye have released official lists of authorized sales channels, while also naming unauthorized sellers, including major platforms like Douyin and Pinduoduo [4][5]. - The crackdown is a response to the aggressive price cuts and the proliferation of counterfeit products, with Moutai's price dropping below 1700 yuan and Wuliangye's below 800 yuan on some platforms [5][6]. Group 3: Industry Dynamics - The liquor industry's recent anti-counterfeit actions are not new, as major brands have previously targeted unauthorized sellers during major sales events [5]. - Industry analysts suggest that the crackdown aims to stabilize pricing, protect consumers from counterfeit products, and encourage e-commerce platforms to establish authorized sales mechanisms [5][9]. Group 4: Market Challenges - The ongoing low-price promotions threaten the survival of offline distributors and disrupt the established pricing structure of the liquor industry [7]. - There are concerns about counterfeit products, with a significant percentage of products tested being fake, highlighting the risks associated with low-price sales [7]. Group 5: Online Sales Growth - Despite challenges, online sales of liquor have seen substantial growth, with platforms like Meituan reporting an eightfold increase in sales and JD.com experiencing a 109% increase during the recent shopping festival [8][9]. - The liquor industry is navigating a complex landscape where online sales are becoming increasingly important, prompting companies to redefine their sales strategies [9].

长兴半导体并非行业新兵。企查查数据显示，该公司成立于2012年11月30日，法定代表人张治强，是一家专注于半导体集成电路封装测试的高新技术企业。 公司注册资本6111.7922万元，实缴资本5229.1922万元，人员规模100-199人，参保人数151人。 2025年10月21日晚，一则股权收购公告引发市场关注。刚刚完成破产重整并更名的盈新发展（000620.SZ）宣布，拟以现金收购广东长兴半导体科技有限公 司（以下简称"长兴半导体"）81.8091%股权。 这不仅是盈新发展自提出"文旅+科技"战略后的首笔重大跨界收购，更因其公告前股价连续两日涨停，被推至信息泄露质疑的风口浪尖。从文旅地产到半导 体封装测试，盈新发展跨界"背后一站"背后，是新掌舵人王庚宇试图将公司从传统业务泥潭中连根拔起的转型野心。 文旅地产老兵跨界半导体 根据公告，盈新发展已与广东长兴信息管理咨询有限公司及张治强签署《股权收购意向协议》，拟以现金方式收购双方合计持有的长兴半导体81.8091%股 权。尽管交易对价尚未披露，但这一控股型收购已引发市场对盈新发展战略方向的重新评估。 从技术实力看，长兴半导体已建立起完整的芯片集成封装一站式解决 ...

文 | 新质动能，作者｜沐风 王自如，这个曾被雷军、明珠"爱过"，又被罗永浩怼过的男人，又有新工作了。 10月22号，王自如与雷鸟创始人李宏伟展开对谈，说要"寻找他新身份的线索"。而就在2天前，雷鸟创 新官宣王自如正式入职。 这一下，王自如"傍上"了TCL李东生的"大腿"！ 要知道，雷鸟创新是TCL旗下的AR眼镜公司。这家公司有多牛呢？在中国市场，每卖出3副AR眼镜， 就有1副是雷鸟的。 这就让人看不懂了。一个曾被群嘲的格力高管、一个被法院限高的"过气网红"，居然又在爆火的AI领 域，找到了属于他的新位置。 从雷军到董明珠，再到李东生，王自如的前半生，总少不了提携他的"大佬"。这个充满争议的男人，到 底凭什么？ 入职雷鸟转型AI 王自如的转型，早有苗头。 他离开格力后，"沉寂"了将近一年。今年6月，王自如突然官宣回归，说要搞"AI内容创业"，押注时下 大热的人工智能的风口。他说，这事来钱快，资源整合也快。他的社交账号也从"王自如Zealer"，改为 了"王自如AI"。 就在所有人都以为，他要重新当个UP主，靠"讲故事"东山再起的时候，他却悄悄地找好了下一个老板 ——TCL的李东生。 他入职的这家"雷鸟创新"， ...

IDC发布的《边缘进化：从核心到边缘驱动成功》（简称《报告》）研究报告中指出，79%的受访企业 认为，生成式AI已经或将在未来18个月内对其业务产生颠覆性影响，这一比例高于亚太平均水平12 个 百分点；此外，37%的受访企业已将生成式AI应用部署到生产环境，另有61%的企业正处于技术测试与 概念验证阶段，这意味着，在AI落地过程中，企业已从"PPT阶段"进入"实战阶段"。 回顾生成式AI的发展历程，2023~2024年的核心关键词是"大模型参数竞赛"，彼时企业追求"千亿级参 数"，以及"多模态能力"；而当时间来到2025年，关键词已转向"场景落地"，如何让AI真正解决业务问 题，成为企业的核心诉求。 在此过程中，亚太地区（APAC）的企业正意识到，仅靠集中式云架构无法满足日益增长的规模、速度 和合规性需求。企业必须重新思考和加强基础设施策略，将边缘服务纳入其中，以保持竞争力、满足合 规要求，并为实际的人工智能部署做好准备。 "未来企业亟需构建现代化数字基座，该基座整合了'云-核心-边缘计算'的基础设施，将智能服务部署在 更靠近用户与应用的位置。"在AI技术快速发展的背景下，这是Akamai亚太区与全球云架构师 ...

Core Insights - The main topic of discussion in the ToB enterprise service sector for 2025 is the implementation of enterprise-level AI applications, particularly in the logistics industry, where previously unimaginable demands are now being met due to advancements in AI technology [1][2] - There are significant challenges in standardization and the integration of AI hardware and software, despite the potential for AI to transform logistics operations [1] Group 1: AI Implementation in Logistics - AI is expected to have a limited immediate impact on revenue in the logistics sector, but it is anticipated to significantly influence income in the near future [2][15] - G7 Yiliu's edge AI products are currently in trial phases, addressing previously unsupported demands such as monitoring unloading conditions and providing real-time weather updates for drivers [2][15] - The shift towards a "pay for results" model has increased clients' willingness to pay for software solutions, enhancing the value proposition of AI applications in logistics [2][19] Group 2: Comparison of AI Development in China and the US - There is a notable gap in foundational AI models between the US and China, with OpenAI having released GPT-5 while most Chinese models are still exploring the capabilities of version 3.5 [2][12] - In the application domain, many US ToB companies are already profitable, whereas Chinese companies face challenges in customer payment willingness, necessitating deeper application development from the outset [2][12] Group 3: Observations from Industry Leaders - Insights from discussions with industry leaders, such as the recognition of a bubble in the current robotics industry, highlight the limitations of existing robotic vision technologies [4][6] - The emergence of innovative products, such as the 2.5D printer from Anker, showcases the potential of combining AI with hardware to create new market opportunities [9][10] Group 4: Future Directions and Events - G7 Yiliu plans to showcase new AI products and services at the upcoming 2025 Digital Logistics Conference, focusing on the technological advancements and benefits AI can bring to the logistics sector [21]

消费电子企业是当前新一代出海全球化品牌的中坚力量。 从小米、OPPO，到Anker、影石创新，都在各自领域成为全球领先品牌。其中，影石创新Insta360成为 了新一代全球化品牌的一种范式。 依靠对全景拍摄产品的创新研发，影石创新重新定义了全球运动拍摄、全景拍摄的品类，多次海外新品 发售引发消费者在门店大排长龙，实现了从"跟随"到"领跑"的品牌超越。 另一方面，创新性的产品获得消费者和市场的认可、达到10亿级的销售规模，不仅是企业发展关键里程 碑，更是对赛道、品类选择的一种认证，也是让企业能够持续投入品牌的底气。 定义品类的能力、达到一定规模，成为了消费电子新品牌全球化的两项关键能力指数。 不久前，出海参考在亚马逊《水手星计划》首映礼上，遇到了3位营收规模超亿级的全球化消费电子品 牌负责人。交流中，我们发现3家企业出海时间不长，但都在海外取得了不俗的成绩，不仅拿下了亚马 逊相应类目的最佳销售（Best Seller），更是这些类目的产品定义者。 几素JisuLife 2020年开启小风扇品牌出海，强调做品牌要先定义自己，至今规模突破10亿；Heybike 2021年成立初期就走向北美，围绕用户需求打造提供功能 ...

AI会给ERP带来怎样的变革？全球ERP巨头SAP近来的动作足以回答这个问题：争分夺秒，做到AI ready。 "AI优先，套件优先"——这是SAP今年上半年推出的新战略，在SAP大中华地区新任总裁原欣看来，这 一新策略充分强调了商业AI和整合应用的相互依存关系，只有双轮并举，才能在AI时代引领增长。 SAP Business Suite（商业套件）并非是简单的业务工具，而是企业成功应用AI的必要基础。"人无远虑 必有近忧，要把自身平台打开，延展自己的边界，不仅做到将越来越多的AI能力嵌入工作流程中，同 时还让SAP的平台和外界协作发挥Agent to Agent的能力。更多的把业务、AI的能力和流程、数据紧密 结合和嵌在一起，这是SAP最核心的价值。"原欣表示。 在2025年阿里云栖大会的现场，SAP大中华地区新任总裁原欣首次与钛媒体进行了独家面对面交流。这 位在数字化领域深耕近三十年、曾任微软高管的女性领导者，自接任SAP以来就备受业界关注。此次面 对面交流，恰逢今年5月SAP与阿里巴巴集团宣布战略合作后，走向实质性落地的关键阶段，也正值AI 技术席卷全球、传统软件架构面临颠覆性挑战的历史性节点。 目前， ...