10月22日消息，浙江老鹰半导体技术有限公司（以下简称"老鹰半导体"）宣布B+轮融资顺利收官，此 次融资由中信金石、国新基金两大机构领投，安芯投资、深创投、浙江省科创母基金三期、国科嘉和、 临港数科、曦晨资本等多家头部机构参投，老股东上汽金控（上汽集团战略直投基金）、恒旭资本、诺 瓦星云（301589）、拔萃资本、鼎青投资持续追加投资。 本次单轮融资规模超7亿，创下国内VCSEL（垂直腔面发射激光器）领域创业公司单轮融资最高纪录。 业内人士表示，本轮融资标志着资本市场形成共识：光子芯片和AI算力需求爆发将引爆高速光互连赛 道。 老鹰半导体创始人边迪斐表示："美国的孤立主义和贸易保护措施实际上终结了全球化时代，AI成为中 美战略对抗的主战场，中美科技巨头纷纷布局'芯片-云-模型'算力生态闭环，随着传统芯片面临物理瓶 颈极限到来，光子技术成为唯一能提供超高带宽、超低功耗互联与计算的下一代解决方案"。 算力集群的规模和性能将是人工智能的关键底座，也是中国人工智能的制胜关键之一。华为等企业拿出 了"超节点+集群"算力解决方案，大规模超节点把智算和通算的能力都推向新的高度，同时也对互联技 术提出了重大挑战，高可靠、全光 ...

文 | 时间线Timelines 地缘政治在 AI 算力领域的持续投射，正在中美两个都在努力保持各自技术领先优势的 AI 大国之间， 进一步造成无可逃避的市场分化，甚至是割裂。 这种割裂，已经让 AI 算力巨头英伟达感受到压力。 就在 10 月 6 日，英伟达 CEO 黄仁勋在纽约出席美国城堡证券主板的活动时，明确强调：英伟达在中国 的市场份额已经从 95% 降到了 0%。他表示： 目前，我们 100% 退出了中国市场。无法想象任何决策者会认为这是一个好主意，即我们（美国）实施 的政策导致美国失去了世界上最大的市场之一，降到了 0。 但是，对于中国本土的 AI 算力发展来说，英伟达份额降到 0，反而意味着巨大的市场机遇，以及飞速 增长的空间。 | | | | Personal Production Comparent Comparent Comparent Compares of Contraction Compares of Concession Comparison of Concession Comparent of Concessione of Construction of Construc 11 ...

iPhone作为全球高端智能手机市场的绝对领头羊，占据了62%的份额。不过，由于在创新上的匮乏，导 致终端用户吐槽的声音也很多，为了卖货，苹果也是多次主动降价。今年则不同，iPhone17系列的外观 终于有了变化，标准版也更具性价比，一经开售，市场反响就很好。 根据Counterpoint Research发布的《2025年第三季度中国与美国智能手机周度销量追踪报告》显示， iPhone 17系列在中国和美国上市后的前10天销量较 iPhone 16系列增长了14%。 iPhone Air，图源官网 北京时间10月22日，在万众期待中，iPhone Air正式在国内市场开售。此前，由于eSIM商用批复问题， 导致中国市场要晚于全球其它市场上架iPhone Air。在Apple Store王府井门店，作者也看到了众多来取 货以及把玩的消费者。 "看了好多评测，心里挺中意的，尤其是165g的重量和5.6mm的机身，比现在的旗舰手感好太多了。"一 位果粉对作者说道，虽然此前已经入手了iPhone17 Pro，但还是被Air的设计吸引，"后期看看能不能等 降价买一个作为备用机，要论性能和实用还是Pro更合适些。" 相 ...

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 innovative drug sector is experiencing a surge in business development (BD) transactions, with at least five deals announced in a short span, totaling over $200 million in upfront payments and a potential total value of $4.266 billion [2][4][8] - The recent ESMO annual meeting has provided critical clinical data that supports the valuation of innovative drug assets, coinciding with the traditional peak period for BD transactions in the fourth quarter [2][14] Summary by Category Market Activity - In mid-October, at least five BD transactions in the innovative drug sector were completed, with a total upfront payment exceeding $200 million and a potential total value of $4.266 billion, covering areas such as immunology, ophthalmology, and oncology [2][4] - Major multinational corporations (MNCs) like Roche and Kite Pharma are actively engaging with Chinese companies for licensing agreements, indicating a strong interest in innovative drug assets [3][4] Transaction Details - The largest deal involved Prigen, which secured a total of $1.64 billion for its CAR-T therapy targeting solid tumors, with an upfront payment of $120 million, marking it as a leading figure in the domestic CAR-T licensing landscape [4][8] - Other notable transactions include Hansoh Pharma's collaboration with Roche for its CDH17 ADC drug, valued at $1.53 billion with an upfront payment of $80 million, and collaborations involving dual antibodies and other innovative therapies [5][8] Clinical and Academic Support - The ESMO annual meeting has showcased significant clinical data from Chinese companies, enhancing the credibility of their innovative drug assets and facilitating BD transactions [14][15] - The participation of Chinese firms in ESMO has increased, with numerous studies presented, indicating a growing presence in the global oncology landscape [14][15] Industry Trends - The fourth quarter is historically a peak period for BD transactions, with data showing that 40% of annual BD activity occurs in this timeframe, driven by both domestic companies seeking to boost annual performance and MNCs completing strategic asset acquisitions [9][10] - The overall growth of the innovative drug sector is evident, with a reported 170% year-on-year increase in the total value of innovative drug patent licensing agreements from January to September 2023, exceeding $100 billion [10][12]

Group 1 - The Ministry of Industry and Information Technology (MIIT) is soliciting opinions on the "Guidelines for the Construction of Computing Power Standard System (2025 Edition)", aiming to revise and establish over 50 standards by 2027 in areas such as basic general standards, computing power facilities, and applications [2] - More than 500 enterprises are expected to participate in the promotion and implementation of these standards, which will support innovation and development in the computing power sector [2] - The guidelines emphasize the need for collaboration among research institutions, industry associations, and industrial alliances to enhance standard development and promote technological innovation [3] Group 2 - The guidelines propose to improve the computing power industry ecosystem by establishing communication and coordination mechanisms within the industry chain, encouraging upstream and downstream enterprises to participate in standard formulation [3] - There is a focus on international cooperation in standardization, aiming to engage with international standard organizations to promote Chinese technology standards globally [3] Group 3 - The application of artificial intelligence in financial risk control and smart investment advisory highlights the disruptive impact of new technologies on the financial industry, with computing power being a critical foundation for efficient digital infrastructure [4] - Ensuring that computing resources are reliable and efficient is essential for the successful implementation of intelligent applications in various financial scenarios [4] Group 4 - Domestic company Yushu Technology has launched a quadruped robot training platform aimed at enhancing students' engineering practical skills through a comprehensive talent cultivation and certification platform [5] - Contemporary Amperex Technology Co., Ltd. (CATL) plans to establish over 2,500 "chocolate" battery swap stations across more than 120 cities in China by 2026, enhancing the national battery swap ecosystem [5] Group 5 - The parent company of domestic beauty brand Orange, Ju Yi Group, has completed the acquisition of Italian hair care brand Fong Tian, expanding its portfolio in the beauty industry [7] - OpenAI is training AI to take over the tedious tasks of junior bankers, utilizing over 100 former investment bankers to develop financial models for various transactions [8] Group 6 - The Hong Kong Stock Exchange reports that the asset management scale of ETFs has grown to approximately HKD 650 billion, more than doubling in the past decade, with a projected average daily trading volume of HKD 38 billion by 2025 [19] - Changxin Storage plans to launch an IPO in Shanghai, targeting a valuation of up to RMB 300 billion, with the prospectus expected to be released as early as November [20]

Core Insights - The aerospace industry is rapidly evolving, with significant focus on investment strategies, technological breakthroughs, and the gap between domestic and international developments [1] - SpaceX has emerged as a global benchmark, showcasing a complex development journey from early challenges to the successful implementation of reusable rocket technology, which has drastically reduced costs and increased market share [1][3] - The discussion includes various segments such as manned and unmanned drones, hypersonic rockets, reusable launch vehicles, cargo drones, and unmanned ships, highlighting the investment landscape in these areas [1][2] Investment Landscape - Key investments in the aerospace sector include companies like EHang (NASDAQ: EH) and Lingkong Tianxing, focusing on unmanned aerial vehicles and hypersonic rocket development [2] - The cargo drone sector is represented by companies like White Whale Airlines, which is set to launch the world's largest cargo drone [2] - The domestic landscape includes significant support from the government for commercial aerospace development, with state-owned enterprises actively pursuing reusable rocket technology [6][9] SpaceX Development Journey - SpaceX's business model consists of two main segments: launch services and communications, with a notable shift towards the latter following the maturation of reusable technology [3][4] - The company faced early financial struggles, nearly going bankrupt before securing a $20 million investment from Peter Thiel, which allowed it to successfully launch its first rocket [3][4] - Since 2015, SpaceX has significantly increased its launch frequency, projecting 134 launches in 2024, a dramatic rise from just 4 in 2015 [4][6] Cost Structure and Market Impact - The introduction of reusable technology has transformed the economic model of the rocket industry, allowing SpaceX to reduce launch costs significantly [5][6] - The Falcon 9 rocket's original cost was approximately $60 million, with the potential to recover up to 80% of costs through reusability, leading to a reduction in per-launch costs to below $3,000 per kilogram [5][6] - SpaceX currently holds over 90% of the market share for payloads sent to space, far exceeding China's 8% [6] Domestic Developments - China's rocket development has a long history, with the Long March series being the backbone of its space program, but it has yet to achieve the same level of cost efficiency as SpaceX [9][10] - The domestic industry is beginning to recognize the importance of reusable technology, with several companies now pursuing this avenue after years of skepticism [8][9] - Upcoming milestones include the planned launches of reusable liquid rockets by Blue Arrow Aerospace and Deep Blue Aerospace, which could mark significant advancements in China's commercial space capabilities [11][12] Deep Blue Aerospace's Progress - Deep Blue Aerospace is focusing on the development of its "Xingyun" series rockets, with plans for a successful launch and recovery by early next year [13][14] - The company aims to enhance its engine capabilities significantly, with the Xingyun II rocket expected to achieve a thrust increase from 20 tons to 130 tons by 2027 [14][17] - Deep Blue Aerospace is adopting a vertical integration strategy, similar to SpaceX, to enhance its engine development and overall production capabilities [17][18] Future Industry Trends - The next few years are critical for the Chinese commercial space sector, with expectations for increased launch frequency and advancements in recovery technology [19][20] - By 2030, the demand for satellite launches is projected to increase dramatically, necessitating a robust commercial rocket industry to meet these needs [21][22] - The successful implementation of reusable technology will be pivotal for companies to achieve competitive pricing and reliability in the market [28][29]

Core Insights - Boston Dynamics, once a leader in robotics, is experiencing a decline in popularity and engagement, with recent video views dropping significantly compared to past successes [1][22] - The company has struggled to commercialize its technology effectively, leading to a series of ownership changes and financial losses [17][28] Company History - Founded in 1992 by Marc Raibert after leaving MIT, Boston Dynamics initially focused on military applications and received significant funding from DARPA [4][5] - The company gained attention with its BigDog robot, which was designed for military use, but faced challenges with its hydraulic systems, leading to the termination of military contracts [7][10] - Google acquired Boston Dynamics for $3 billion in 2013, but the company continued to struggle with commercialization, leading to its sale to SoftBank in 2017 [8][11] Commercialization Efforts - Under SoftBank, Boston Dynamics attempted to commercialize its Spot robot, offering rental services and selling units at high prices, but sales were disappointing, with fewer than 400 units sold [13][15] - The company faced significant financial losses, leading to its sale to Hyundai for $9.21 billion, a substantial decrease in valuation from its previous acquisition by Google [17][18] Competitive Landscape - The rise of competitors like Tesla's Optimus and Figure AI has accelerated the evolution of humanoid robots, with these companies focusing on cost control and AI capabilities [20][21] - Figure AI has quickly gained traction in the market, achieving a valuation of $39.5 billion within a year, showcasing the rapid advancement in the humanoid robotics sector [21] - Chinese companies are emerging as strong competitors, leveraging robust supply chains and practical applications, further challenging Boston Dynamics' market position [24][25][27] Current Status - Boston Dynamics is now seen as a "has-been" in the robotics space, struggling to find a clear direction for commercialization while competitors advance rapidly [22][28] - The company has recently updated its Atlas robot, but its pricing and capabilities do not compare favorably with emerging competitors [30][31]

新兴市场动态 1、沙特Kafalah 计划推动中小企业融资同比增长8%，达37.3亿美元 据沙特通讯社（SPA）报道，沙特阿拉伯中小企业融资担保计划（Kafalah）在2025年第三季度共发放 5447份担保，使中小企业融资总额同比增长8%，达到140亿里亚尔（约合37.3亿美元）。其中，担保总 额达106亿里亚尔，较2024年同期增长4%，共有4384家中小企业受益于该计划。数据显示，2025年第二 季度中小企业融资同比大幅增长98%。当季，Kafalah 为32家企业提供担保，总额超过7900万里亚尔。 2、沙特实施货运新规，清关效率成跨境卖家关注焦点 南非政府计划投资约1267亿美元（约1640亿新元），以推进能源转型，解决长期困扰该国的电力供应问 题，推动经济增长。 新华社报道，南非电力和能源部长拉莫豪帕星期天（10月19日）在南非行政首都比勒陀利亚 （Pretoria）公布南非内阁通过的2025年综合资源计划。他说，通过实施这一计划，到2039年，南非可 再生能源、天然气和核能的发电量将明显超过煤炭。 据拉莫豪帕介绍，届时，南非煤炭发电占比将由目前的58%降至27%，风能发电占比将从8%升至24%， ...

Core Insights - GAC Group, JD.com, and CATL have formed a strategic partnership to redefine the sales and manufacturing process of electric vehicles, introducing a new model for the automotive industry [1][3][10] Group 1: GAC Group's Transformation - GAC Group is shifting from a traditional dealership model to a direct sales approach, facing challenges from new entrants in the electric vehicle market [4][8] - The company has experienced a significant decline in revenue and profit, with a total revenue of 426.11 billion yuan, down approximately 7.88% year-on-year, and a net profit turning negative [8][9] - GAC's collaboration with JD.com and CATL represents a strategic shift from "market for technology" to "technology for ecosystem," aiming to leverage its manufacturing capabilities and integrate with external resources [9][10] Group 2: JD.com's Role - JD.com has been building its automotive ecosystem since 2015, focusing on a full lifecycle service model for car owners, including sales, maintenance, and parts [11][12] - The company aims to redefine the car buying experience, making it as simple and transparent as purchasing electronics, and has introduced innovative service packages to enhance customer engagement [13][14] - JD.com is not involved in manufacturing but focuses on consumer insights and sales, positioning itself as a facilitator in the automotive market [11][12] Group 3: CATL's Strategy - CATL is transitioning from a battery supplier to an energy service provider through this partnership, aiming to address competitive pressures from second-tier manufacturers and in-house battery development by automakers [9][10] - The collaboration allows CATL to promote its "chocolate battery" technology and expand its service offerings, enhancing its market position [9][10] Group 4: New "Iron Triangle" Model - The partnership between GAC, JD.com, and CATL represents a new industrial division of labor, integrating manufacturing, technology, and e-commerce to create a comprehensive automotive experience [15][17] - This model shifts the focus from traditional vehicle sales to a full lifecycle service approach, potentially transforming the automotive industry's value chain [15][17] - The collaboration is seen as a proactive response to the declining profit margins in the automotive sector, with the industry profit rate dropping to 3.9% in early 2025 [15][16]