以下文章来源于经纬创投 ，作者经纬创投主页君 经纬创投 . 经纬创投的官方信息发布平台 本文来自微信公众号： 经纬创投 ，作者：经纬创投主页君，原文标题：《AI 野火即将来临：疼痛 无比，却极其健康 |【经纬低调出品】》 当下，对于AI大规模投资的"泡沫"讨论热火朝天，投资者应该如何理性地看待AI科技革命热潮？ 但其实，AI领域的狂热从不是转瞬即破的泡沫，而是一场重塑生态的野火。这里面蕴藏着疼痛却暗 藏健康生长的力量。野火历来是行业周期的清醒剂，清理冗余、沉淀养分，为新物种腾挪空间， 2000年初的互联网泡沫和2008年的金融危机的浪潮早已印证，每一次燃烧后的修正，都能催生一批 核心强者。 如今硅谷资本充盈但赛道拥挤，人才稀缺且同质化竞争凸显，地表增量枯竭，野火的纠偏已然临近。 这场火势更集中于核心领域，算力既是燃料也是关键约束，过度建设的产能终将转向实际需求，而能 源根基的比拼更决定长远格局。 不同参与者如同生态里的各类植物，或易燃成养分，或耐火更坚韧，或借火获新生。唯有扎根核心能 力、筑牢商业闭环、适配真实需求，方能扛过周期考验。野火必然烧尽浮华，而真正的价值与机遇， 正藏在灰烬之后的新生之中，见证AI生 ...

Core Viewpoint - The term "Old Deng" has become a widely recognized label in various sectors, indicating traditional industries and brands that are perceived as outdated or lacking innovation, particularly among younger consumers [5][10]. Group 1: Characteristics of "Old Deng" Brands - "Old Deng" brands are typically from traditional industries with low technological content, heavily reliant on channel construction and often family-owned, maintaining strong ties with political and business relationships [5][10]. - The essence of "Old Deng" consumption focuses on "preservation of value," with products like Moutai liquor, fuel vehicles, luxury goods, and cultural artifacts being favored, reflecting a preference for stability and understated sophistication [5][10]. - Brands that have been labeled as "Old Deng" often fail to resonate with younger consumers due to a lack of empowerment in decision-making during social drinking scenarios, leading to a negative perception of products like liquor [8][9]. Group 2: Evolution of Brands - The phenomenon of "brand aging" occurs as consumer demographics shift, with brands that were once popular among older generations losing appeal to younger consumers, exemplified by the transition of Hai Lan's Home from a trendy brand to one associated with older generations [17][18]. - The historical context of brands shows that many successful companies emerged during the rapid urbanization of the 1990s, capitalizing on the economic boom, but they now face the risk of becoming "Old Deng" as consumer preferences evolve [22][24]. - The case of Gome and its founder Huang Guangyu illustrates how a once-innovative business can struggle to adapt to changing market conditions after a significant period of absence from the industry [28][30]. Group 3: The Future of "Middle Deng" Companies - Current "Middle Deng" companies, which have validated their business models and possess strong cash flows, face the challenge of avoiding the "Old Deng" label as they struggle to innovate and grow user bases [35][36]. - Companies like Alibaba and Baidu are at risk of becoming "Old Deng" as their core businesses mature, but their ventures into AI and other emerging technologies provide opportunities to remain relevant [36][39]. - The ongoing technological advancements in areas such as drones, robotics, and AI suggest that companies maintaining their innovative spirit are less likely to transition into the "Old Deng" category [39].

百亿市场创业窗口正在关闭 出品 | 虎嗅科技医疗组 作者 | 陈广晶 编辑 | 苗正卿 头图 | 视觉中国 让赵亚冉感慨万千的一幕发生在3年前（ 2022年 ），那正是美元基金大退潮的时候。处于商业化关键阶段 的未名拾光，急需资金来建设工厂。恰逢疫情期间，赵亚冉每天收拾停当，简单吃完早饭，就坐在电脑前 等待约好的投资人做线上交流。路演的那一个月里平均每天要见三到四个投资人。一共见了六七十家机构 的投资人。"业内的投资人几乎都见了个遍。" 好不容易敲定投资，就在11月份要交割的时候，跟投机构又忽然改主意了。"一下子出现2000多万元的缺 口，当时我脑袋嗡的一下。"赵亚冉告诉虎嗅，他最担心的是跟投基金撤退，会导致领投撤资。 那时候还在疫情期间，未名拾光账上的钱仅能维持基础运营一年，如果融不到这笔钱，建厂计划泡汤，订 单无法按期交付，公司基本上会处于慢性死亡的状态。 很多企业没有未名拾光这么幸运。2022年以来，有多家合成生物知名企业破产或陷入危机，包括号称合成 生物鼻祖的Amyris。 在冷暖交替的巨变和命运的跌宕起伏中，未名拾光和它所身处的合成生物正在AI等新技术浪潮裹挟中，涌 入一个拥有无限可能又容错率极低的 ...

Core Insights - The article discusses the challenges faced by the post-2000 generation entering the workforce, particularly in large internet companies, highlighting the limited high-quality job opportunities available to them [4][15]. - It emphasizes a shift in mindset among these young workers, who view jobs more as life experiences rather than mere means of survival, leading to a more pragmatic approach to their careers [4][10]. Group 1: Job Market Dynamics - Many post-2000 graduates are finding that high-paying positions often come with excessive workloads, leading to a realization that their effective hourly wage may be lower than expected [9][10]. - The job market for traditional roles, such as operations, remains saturated, while positions in AI and technology are growing but require specific skills and qualifications [4][32]. - The competitive landscape is further complicated by older employees blocking advancement opportunities and younger, cheaper interns entering the workforce [17][21]. Group 2: Employee Perspectives - Employees like Yezi and Ganlan express a sense of disillusionment with their roles, recognizing that despite the allure of working for a prestigious company, the actual work can be mundane and unfulfilling [10][12]. - Ganlan's decision to leave a high-profile job for a smaller company reflects a desire for personal growth and a more meaningful work experience, rather than just a prestigious title [14][30]. - The article notes that many young workers are aware of the limited career progression in large firms, leading them to seek alternative paths that offer better work-life balance and personal satisfaction [18][31]. Group 3: Future Outlook - The article suggests that while large companies are transitioning to more stable operations, the opportunities for new graduates are becoming increasingly competitive, particularly in high-skill areas like AI [32][33]. - The overall sentiment among young workers is one of caution, as they navigate a job market that is both promising and daunting, with many fearing the long-term implications of their career choices [30][31].

Core Insights - The article discusses the competitive landscape for NVIDIA, particularly focusing on the recent approval by the U.S. government for NVIDIA to sell high-end H200 GPU chips to China and other approved clients, albeit with a 25% sales commission [4][5]. - Despite this approval, NVIDIA faces significant competition from major hyperscalers like Google, Amazon, and Microsoft, who are accelerating their development of self-designed AI chips [5][6]. Group 1: NVIDIA's Market Position - NVIDIA's market share in the AI GPU sector has drastically declined from 95% to nearly zero in the Chinese market due to previous export restrictions [4]. - The company's data center revenue reached $130 billion in the most recent fiscal year, but it is heavily reliant on a few major clients, with the top two clients accounting for 39% of revenue [5][6]. Group 2: Competitors' Developments - Amazon's new AI chip, Trainium 3, is designed to be a low-cost alternative to NVIDIA's GPUs, boasting training speeds four times faster than its predecessor and reducing costs by 50% [8][9]. - Google has released its seventh-generation TPU, Ironwood, which offers a tenfold performance increase over its predecessor and is optimized for high throughput and low latency [11][12]. Group 3: Market Dynamics - The article highlights a shift in the AI chip market, with major companies moving towards self-designed chips, which could potentially capture up to 25% of the market share from NVIDIA [22]. - Amazon aims to increase its self-designed chip usage to 50% and expand its AI cloud market share from 31% to 35% [20]. Group 4: Future Outlook - The competition between performance and cost is expected to intensify by 2026, as NVIDIA maintains a performance edge while competitors emphasize cost savings [17][19]. - The article suggests that while NVIDIA currently dominates the market, the increasing adoption of self-designed chips by major players could significantly alter the competitive landscape in the coming years [22].

以下文章来源于镜相工作室 ，作者镜相作者 镜相工作室 . 商业世界的风向与人 本文来自微信公众号： 镜相工作室 ，作者：阮怡玲，头图来自：AI生成 阿里工号11的戴珊曾给过"老白兔"一个形象的定义：那些看起来勤勤恳恳、实际产出不高，还时不时 说点风凉话的人，就是"老白兔"。 过去几年，"老白兔"一度是互联网公司公开批判的对象。但那时行业仍风光，巨头们有钱、有资源， 既能对外扩张，也能对内安抚，招新人、养老人都不算难。如今环境变了，增长变慢、故事退潮，大 厂对"老白兔"的容忍度也随之下降。当企业不再处在一路狂飙的轨道上，这些"老人"的位置也变得愈 发微妙。 在基层员工眼中，他们占位、压舱、影响晋升；在管理者心里，他们既带不动业务，又动不得——清 理他们的成本，往往比留着更高。但更尴尬的是，在降本增效的周期里，老白兔似乎已并非个人的问 题，而是组织缩编的必然产物。 一种新的现实也浮现了——在大厂，人们清除老白兔，但也培养老白兔。 五年前，周乾刚进百度时，一度很疑惑，为什么给高职级的员工发消息时，对方常常不回复，甚至如 果不多催几次或者打电话，永远不会回复。 后来，一位高职级的同事主动给周乾分享了秘密——他会主动立 ...

他至今都能回忆起，彼时经常送餐的一家公司正是雷军出任CEO的金山毒霸。他能感受到那里的激情：汗水、野心、灰尘和键盘敲击声交织在一起。 但他并未想到，25年后，他已经从东北小菜馆老板儿子、送餐员的身份，奋斗成为拥有400多家门店的火锅品牌"熊喵来了"创始人。 出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 头图｜熊喵来了 2000年，中关村。 时年22岁的东北小哥吴红涛，正拿着打包好的餐盒，穿梭在中关村的写字楼中。就在不久前，他刚辞去东北铁饭碗，来北京投奔在中关村经营东北菜 馆的母亲。和东北办公室里"体面"的工作不同，在中关村，吴洪涛的起点是"外卖员"。 以下文章来源于商业弧光 ，作者李佳琪 商业弧光 . 听风者，捕光人，最准点的商业节拍 在熊喵来了门店内，虎嗅发现，整个门店是一个国潮与熊猫IP的沉浸式融合场域。红墙为底，木质格架吊顶垂挂着缤纷的灯笼，暖光揉着国风韵味漫 开，与金属质感的吊灯碰撞出年轻的时尚感。墙面排布着熊猫主题的菜品海报，巨型熊猫形象跃然墙边，将品牌IP基因揉进空间细节。 不难看出，品牌在设计层面想要达到既是火锅消费的场景，也是契合年轻人审美、适合打卡传播的视觉载体的效果。 值得注意的是，当 ...

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【美众议院有关弹劾总统特朗普的动议经表决后被搁置】 据央视新闻，当地时间12月11日，美国众议院以237票赞成、140票反对的投票结果，搁置了得克萨斯州国会众 议员阿尔·格林提出的弹劾美国总统唐纳德·特朗普的动议。 所有共和党议员都投票支持这项所谓的"搁置动议"，而尽管许多众议院民主党议员私下里认为特朗普不应该继 续担任总统，或者应该被弹劾，但他们大多不愿推进这项决议。 【OpenAI发布更先进模型GPT-5.2】 财联社12月12日电，OpenAI宣布推出新人工智能模型GPT-5.2，旨在提升ChatGPT在编程、科学及工作任务中 的表现。该模型速度更快，擅长信息查找、写作和翻译，分为三档以模拟人类推理，处理复杂任务。GPT-5.2 将于周四向付费用户开放。 此前，OpenAI CEO Sam Altman在公司备忘录中拉响"红色警报"，要求加快改进ChatGPT，但表示谷歌Gemini 3的影响小于预期。Altman预计公司将于明年1月退出"红色警报"状态，恢复常态。 【中央明确普通高中优质本科扩招】 据第一 ...

Core Insights - The article emphasizes the importance of understanding the return on investment (ROI) in e-commerce, as many businesses struggle to reconcile their sales growth with actual profits, highlighting a case where a company achieved 13 million yuan in sales but only 50,000 yuan in net profit due to focusing solely on GMV growth without considering ROI [2][4]. Group 1: E-commerce Challenges - E-commerce platforms are becoming more complex, requiring businesses to adapt to diverse consumer behaviors and marketing strategies [3]. - Businesses are encouraged to analyze the entire customer journey rather than focusing on isolated metrics, as this can lead to better resource allocation and decision-making [4][11]. Group 2: New Solutions from Douyin E-commerce - Douyin E-commerce has introduced a new marketing product called "Qianchuan·Chengfang," which aims to help businesses clarify their operational costs and maximize the value of every investment [8][10]. - The platform offers three main capabilities: Qianshe (strategy management), Qianyi (execution management), and Qianxun (intelligent recommendations), which collectively enhance businesses' marketing effectiveness [10][14]. Group 3: Steps to Optimize Business Operations - The first step involves helping businesses calculate their total costs across all stages of the sales process, providing a comprehensive view of user acquisition costs [11]. - The second step focuses on optimizing budget allocation and ROI targets through intelligent systems that streamline marketing and advertising efforts [12][15]. - The third step aims to enhance profit levels by optimizing marketing strategies to achieve the best ROI and maximize overall profits [15]. Group 4: Enhanced Marketing Strategies - The article discusses the upgrade of smart coupons to help businesses achieve specific growth targets, such as attracting new customers or activating memberships [20]. - A new dual-commission model for influencer partnerships allows for more flexible collaboration, benefiting both influencers and businesses by reducing costs and increasing profits [21][22]. Group 5: AI Integration and Dynamic Decision-Making - AI plays a crucial role in optimizing marketing strategies by analyzing user behavior across the entire customer journey, enabling businesses to make informed decisions [14][23]. - The integration of AI tools allows for real-time adjustments and recommendations, helping businesses stay aligned with market trends and consumer preferences [23]. Conclusion - The evolution of user behavior and business needs has prompted a shift in platform strategies, with Douyin E-commerce moving towards a model that emphasizes shared ROI goals with businesses, marking a significant transformation in the e-commerce landscape [25].

Group 1: Industry Overview - The non-ferrous metals industry, often labeled as "bulky and crude," has unexpectedly entered a high-profile period since 2025, with indices outperforming even the AI-driven TMT sector, and core commodity prices like gold and copper reaching historical highs [5] - The industry is undergoing a systematic transformation, with China evolving from a follower to a leader in global resource allocation through overseas acquisitions and capacity expansion [6][7] Group 2: Changes in Industry Narrative - A new variable, processing attributes, has emerged as a third core attribute alongside financial and resource properties, increasingly influencing the pricing and competitiveness of non-ferrous metals [9] - Supply rigidity is a fundamental support for price stability, as insufficient investment in resource extraction over the past decade, coupled with rising nationalism and stricter environmental regulations, has made new capacity hard to release [10] - Geographical mismatches in resource distribution have intensified national competition for influence in the non-ferrous industry, with countries like China actively acquiring overseas mines to secure resource safety [13][14] Group 3: Gold Market Dynamics - The new pricing logic for gold is shifting towards hedging against dollar credit risk, with gold becoming a preferred reserve asset amid rising global debt and currency devaluation [16][17] - Central banks and individual investors have increasingly turned to gold, with central banks net purchasing around 1,000 tons annually, accounting for about 23% of global demand [20] - China, as the largest gold producer and consumer, has seen its mining companies actively participate in global resource allocation, with significant acquisitions enhancing their competitive edge [21][24] Group 4: Copper Market Insights - The copper market is experiencing a tight balance between supply constraints and steady demand growth, with prices rising over 30% this year [26] - China's copper enterprises have transitioned from followers to leaders, with significant investments in overseas resources and a complete industrial chain from mining to processing [30][33] - The global copper supply is expected to face significant challenges due to aging mines and declining ore grades, while Chinese companies are well-positioned to capitalize on these trends [31][33] Group 5: Aluminum Industry Landscape - Aluminum, the most consumed non-ferrous metal, maintains high prices due to its strong processing attributes and the competitive nature of the industrial system [35] - China dominates the global aluminum market with a 57% share of electrolytic aluminum production, and the industry is expected to maintain a balanced supply-demand dynamic [36] - Chinese aluminum companies are expanding their competitive advantages through cost reduction strategies and integrated operations, solidifying their global leadership [38][40] Conclusion - The non-ferrous metals industry is not merely a cyclical story of price fluctuations; it reflects a complex interplay of financial, resource, and processing attributes, alongside global resource allocation dynamics, showcasing the rise of Chinese enterprises from followers to leaders in the sector [41][43]