记者丨郑康喜 编辑丨蒋韵 "调研显示，大部分外贸企业正积极运用AI技术提升生产经营效率，AI在中国外贸领域正处于爆发期，未来将逐步成为普惠性工 具。"王健说。 阿里云解决方案总监周琴霞在论坛上谈到，AI在企业出海创新中主要有两个提升方向，即 生产力和产品力 。在跨境电商领域，全 平台涌现出众多AI服务商，发展迅速，已在跨境电商全链条中构建了成熟可靠、切实可行的解决方案生态体系。 腾云天下科技有限公司副总裁、行业消费可信数据空间负责人闫辉认为 ，我国是第一个将数据列为生产要素的国家，正加快培育一 体化技术和数据的整体市场。这有利于挖掘产业场景的应用价值，尤其是依托丰富的场景数据，中国企业出海将更加精准。 10月18日，第138届广交会AI贸易生态发展论坛在广交会堂第二会议室成功举办。论坛以"新出海·新生态·新动能——AI贸易生态构 建者"为主题，由中国对外贸易中心集团有限公司主办、中国国际电子商务中心（公司）协办。论坛汇聚政府代表、企业高管、专家 学者及行业嘉宾百余人，共同探讨人工智能技术赋能全球贸易的新路径。 本届论坛创新性采用"虚拟AI主持人+实时多语种翻译"技术组合，实现中英双语同步传输，为与会者带来沉浸 ...

Core Points - The auction for JD's "National Good Car" No. 001 started on October 22 and concluded with a final price of 78.193399 million yuan, with a total of 23,733 bids placed [1][4] - The auction began with a starting price of 1 yuan and required a deposit of 100 yuan from participants, lasting for four hours until 18:00 [4][5] - The winning bidder will receive not only the car but also additional benefits valued at 14,218 yuan, including a car maintenance service card [7] Auction Details - The auction saw rapid price increases, reaching over 10,000 yuan within seconds and exceeding 1 million yuan in just 16 minutes [1] - The auction format allowed for continuous bidding, with the auction ending early if no new bids were placed within 30 minutes [4][5] - Participants who win the auction must complete their order within 24 hours and make payment within 30 minutes to avoid cancellation [5] Product Information - The "National Good Car" No. 001 is a special edition vehicle jointly launched by JD, GAC Group, and CATL, focusing on user insights and sales channels without direct manufacturing involvement [9] - The specific parameters of the vehicle are still pending release, with online reservations starting on October 17 [9]

Core Viewpoint - Marco Polo Holdings Co., Ltd. has successfully listed on the Shenzhen Stock Exchange, with its stock price rising over 128% on the first day, reaching a market capitalization of 37.6 billion yuan [1][5]. Company Overview - Founded in 1996 and headquartered in Dongguan, Marco Polo is a large enterprise group engaged in the research, production, and sales of building ceramics and sanitary ceramics, primarily owning the brands "Marco Polo Tiles" and "Weimei L&D Ceramics" [2][3]. - The company has five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, with main products including glazed and unglazed tiles [2]. Financial Performance - The company faced a decline in performance, with revenue projected to decrease from 86.6 billion yuan in 2022 to 73.24 billion yuan in 2024, and net profit expected to drop from 15.14 billion yuan to 13.27 billion yuan during the same period [4][6]. - In the first half of the year, revenue was 32.18 billion yuan, down 11.82% year-on-year, and net profit was 6.55 billion yuan, a decline of 7.9% [6]. IPO Details - The total issuance was 119 million shares, with an online issuance of 75.28 million shares at a price of 13.75 yuan per share, resulting in a price-to-earnings ratio of 14.27, significantly lower than the industry average of 32.20 [3][4]. - The actual funds raised from the IPO amounted to 1.643 billion yuan, with plans to use the funds for capacity expansion and technological upgrades [8][9]. Industry Challenges - The ceramic industry is undergoing significant changes due to adjustments in the real estate market, stricter environmental policies, and consumer upgrades, leading to increased competition and declining sales prices [9]. - The company has reported high accounts receivable, with values of approximately 20.28 billion yuan, 15.99 billion yuan, and 12.14 billion yuan over the reporting periods, raising concerns about potential bad debts [7]. Future Outlook - Marco Polo plans to expand production capacity, with a new project expected to add 10 million square meters of building ceramic product capacity [10]. - The company aims to enhance its competitiveness through green and intelligent manufacturing upgrades, despite concerns about market demand and potential overcapacity [10].

Group 1 - Zhang Xuefeng, a well-known college entrance examination consultant, resumed posting on social media after his accounts were previously restricted from being followed [1][4] - On September 24, Zhang Xuefeng's accounts on multiple platforms, including Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, faced issues, leading to a total follower count exceeding 65 million being affected [4] - The restriction was reportedly due to inappropriate comments made during a live broadcast, which violated platform rules, and the team indicated they were addressing the situation [4] Group 2 - Alibaba Small Loan has officially been deregistered, indicating a significant shift in the company's operational strategy [4] - Semiconductor company Cambrian's market value has returned to 600 billion, reflecting a recovery in investor confidence and market performance [4] - High-profile stocks in the real estate sector experienced a surge, with multiple stocks hitting the daily limit, suggesting a positive trend in the real estate market [4] Group 3 - Amazon Web Services experienced a major outage lasting 15 hours, resulting in losses of at least several billion dollars and impacting over a thousand businesses, highlighting vulnerabilities in cloud service reliability [4]

对此，21财经·南财快讯记者以投资者身份致电寒武纪，公司证券部工作人员表示， 股价波动可能是受到了多种因素影响，小作文涉及公司的 经营业绩的相关情况请以公司公告为准。经营合作的情况，可以参考过去的定期报告里面的经营分析的章节。 2025年中报显示，在运营商领域，寒武纪公司聚焦核心应用，持续提供深度优化的算力解决方案，保持客户业务场景的领先性与稳定性。在金 融领域，公司不断加深与银行、保险公司及基金公司的业务探索。在支持传统人工智能应用的同时，公司通过先进的算力架构，为金融行业的 大模型训练与推理提供支撑，与头部客户共同推进大模型在典型业务中的适配优化与规模化落地，加速了大模型的行业应用。在互联网领域， 公司产品持续在大模型、多模态等互联网核心应用领域展开规模化应用，展现了公司产品在业界领先的产品力。 记者丨叶映橙 见习记者林健民 编辑丨张楠 10月22日午后，寒武纪（688256.SH）一度飙涨超7%，股价再度超越贵州茅台（600519.SH），带动人工智能板块震荡走强，随后回落，收 1429.50元/股，涨超4%。 消息面上，多篇关于寒武纪的订单小作文在各大平台刷屏，引起市场广泛关注。 2025年中报内容均 ...

Core Viewpoint - The article discusses the opportunities and risks faced by Chinese enterprises as they expand into emerging markets, particularly in the context of the Belt and Road Initiative and the changing global trade environment [1][3]. Group 1: Trade Environment and Market Trends - In the first three quarters of 2025, China's imports and exports to Belt and Road countries reached 17.37 trillion yuan, an increase of 6.2%, accounting for 51.7% of total trade value, up by 1.1 percentage points [1]. - The growth in trade with ASEAN, Latin America, Africa, and Central Asia was 9.6%, 3.9%, 19.5%, and 16.7% respectively, indicating a diversification of China's export markets [1]. - The overall credit risk for small and medium-sized foreign trade enterprises has been on the rise, with an average annual increase of 7.2% in the risk index over the past three years [3][4]. Group 2: Risks in Emerging Markets - The global trade environment is increasingly influenced by protectionism and resource nationalism, leading to heightened uncertainty and risk in international trade [4]. - Labor-intensive industries like textiles and light manufacturing face challenges from trade barriers and raw material cost fluctuations, while technology-intensive sectors like electronics and new energy vehicles encounter rising compliance costs and intense competition [4]. - Emerging market currencies are often volatile, with examples like the Turkish lira experiencing daily fluctuations exceeding 10% [8]. Group 3: Compliance and Legal Risks - Companies expanding into Southeast Asia must be aware of environmental compliance and ESG requirements, as neglecting these can lead to significant penalties and operational disruptions [9]. - Intellectual property risks, such as trademark squatting and technology leakage, are prevalent in Southeast Asia, necessitating proactive measures from companies [9]. Group 4: Strategies for Risk Management - Companies are advised to conduct compliance planning before entering new markets, ensuring that tax compliance is integrated into business strategy [11]. - For managing currency risks, companies can use hedging strategies involving direct transactions with the renminbi or through a two-step process involving the US dollar [11]. - Establishing a knowledge property defense matrix is recommended, including simultaneous IP registration in target countries and monitoring mechanisms to track trademark registrations [13].

记者丨黎雨辰 编辑丨姜诗蔷 围绕公募基金改革，又一大重磅细则即将落地。 10月22日，21世纪经济报道记者独家获悉，中国证券投资基金业协会即将于近日发布公募基 金业绩比较基准规则征求意见稿。 同时据记者前期自行业机构了解，以头部基金公司为主的多家管理人已上报了一批拟作为业 绩比较基准的指数，种类涵盖宽基、行业、风格等多种类型。不过对于进入实际基准库的指 数数量，监管层的态度整体较为审慎。 发挥其确定产品定位、明晰投资策略、表征投资风格、衡量产品业绩、约束投资行为的作 用。 有公募人士向21世纪经济报道记者分析称，业绩比较基准规则的推出，意味着基金业协会或 将同步发布多项业绩比较基准，供基金管理人根据旗下产品特性从中选择使用。该基准将成 为评价基金经理是否跑赢同业、创造超额收益的核心标准。 而在此基础上，基金经理的后续薪酬以及行业重要奖项的评选，也将均与其所实现的超额收 益紧密挂钩。同时，业绩比较基准一经选定即具备约束力，不得随意变更。 回顾公募基金行业改革启动的近半年历程，多项政策已陆续落地，包括新型浮动费率产品的 推出、第三阶段费率改革配套政策等。而在业内人士看来，作为刻画投资者"获得感"的重要 指标，业绩 ...

Core Viewpoint - The article emphasizes the transition of urbanization in China from rapid growth to stable development, focusing on improving the quality of urbanization and the integration of agricultural transfer populations into cities as a key task for the "15th Five-Year Plan" period [1][6][8]. Urbanization and Development - By the end of 2024, China's urbanization rate is expected to reach 67%, indicating that 940 million people will live in urban areas, with a steady improvement in urban carrying capacity [1]. - The shift in urban development is moving from large-scale expansion to enhancing existing urban quality and efficiency [1][6]. Agricultural Transfer Population - The primary task of the new urbanization strategy is to promote the urbanization of agricultural transfer populations, focusing on equal access to public services rather than merely resolving household registration issues [5][9]. - Current challenges include the disparity in public services and social welfare for agricultural transfer populations, leading to difficulties in their integration into urban life [8][9]. Urban Agglomeration and City Group Development - The size of urban agglomerations and city groups should be determined by the connections between cities and their radiation capabilities, rather than aiming for larger sizes [2][14]. - The implementation of approved urban agglomeration plans is crucial, with an emphasis on establishing regional cooperation mechanisms [2][16]. Regional Coordination and Quality Development - The core of regional coordinated development remains consistent, focusing on reducing disparities in GDP, living standards, and public services across regions [6][7]. - The "15th Five-Year Plan" will continue to prioritize high-quality regional development through strategies like urbanization and regional major strategies [6][7]. Urban Structure and Function - The article discusses the need for a balanced development structure among large, medium, and small cities, addressing the "core siphon" effect where large cities attract resources at the expense of surrounding areas [12][13]. - A focus on optimizing spatial layouts and defining the functional roles of different cities is essential for promoting coordinated development [16][17]. Urban Renewal and Infrastructure - Urban renewal is highlighted as a critical aspect of improving urban quality, with plans for upgrading old infrastructure and enhancing living conditions [17][18]. - The article suggests that urban renewal should be guided by planning and address funding challenges to ensure successful implementation [18].

Core Viewpoint - The article discusses the formal cancellation of Zhejiang Alibaba Microloan Co., Ltd. (referred to as "Alibaba Microloan") on October 17, marking the end of its operational history as part of the Alibaba Group's financial services [1][3]. Group 1: Company Overview - Alibaba Microloan was established on March 25, 2010, by Alibaba Group in collaboration with external shareholders such as Fosun Group, Yintai Group, and Wanxiang Group, primarily providing microloan services to e-commerce merchants [3]. - It was the first company approved to conduct microloan business nationwide, offering products like "Taobao Loan" and "Tmall Order Loan" [3]. Group 2: Business Transition - In 2015, the establishment of MyBank led to the gradual transfer of all business operations from Alibaba Microloan to MyBank, resulting in Alibaba Microloan ceasing actual business operations by November 2022 [3]. - By February 2024, Alibaba Microloan entered the liquidation process, having received regulatory approval to exit the microloan pilot program [3]. Group 3: Related Entities - Apart from Alibaba Microloan, Alibaba Group had other microloan licenses, including Chongqing Alibaba Microloan Co., Ltd. (renamed to "Chongqing Ant Merchant Microloan Co., Ltd.") and Alibaba Microloan Co., Ltd. [3]. - The latter two licenses were eventually transitioned to Ant Group's consumer finance products "Jiebei" and "Huabei," with both companies officially deregistered by December of the previous year [4]. Group 4: Financial Performance - MyBank reported a revenue of 10.005 billion yuan for the first half of 2025, remaining stable compared to the previous year, with a net profit of 2.047 billion yuan, reflecting a year-on-year increase of 41.86% [4]. - Over its ten years of operation, MyBank has provided comprehensive financial services to over 68 million small and micro business operators [4].

Core Viewpoint - OpenAI has launched ChatGPT Atlas, a new browser that integrates AI capabilities deeply into the browsing experience, aiming to challenge Google's dominance in the browser market [2][5]. Group 1: Product Features - ChatGPT Atlas is built on the Chromium kernel and retains traditional browser features while introducing three key functionalities: "Conversational Browsing," "Browser Memories," and "Agent Mode" [3]. - The "Conversational Browsing" feature allows users to interact with ChatGPT directly within the browser, providing services like page summaries and content explanations without switching applications [3]. - "Browser Memories" records user browsing history to offer personalized suggestions, enhancing the user experience by tailoring recommendations based on past activities [3][4]. - The "Agent Mode" enables the browser to perform tasks on behalf of the user, such as booking flights and editing documents, although it is still in early development and may encounter errors [4]. Group 2: Market Impact - The launch of ChatGPT Atlas poses a significant challenge to Google Chrome, which currently holds a 71.77% market share with over 3.5 billion users [7]. - Following the announcement, Alphabet's stock price fell by over 4%, indicating market concern regarding the competitive threat posed by OpenAI's new browser [5]. - OpenAI's existing user base of over 800 million weekly ChatGPT users presents a substantial opportunity for user conversion to the new browser, potentially making it the third-largest browser if even a 10% conversion rate is achieved [7]. Group 3: Competitive Landscape - Both Google and Microsoft have integrated AI capabilities into their browsers, with Google launching an AI mode in Chrome that includes features like web explanations and information extraction [8]. - New entrants like Perplexity's Comet browser are also emerging in the AI browser market, indicating a growing competition in this space [8].