戴建峰诉视觉中国案的意义在于，为行业划出了一条操作底 线：版权交易的前提是权属清晰、程序合规。对视觉中国及其 他同类平台而言，真正的挑战不是如何扩大图库规模，而是如 何构建可信赖的授权验证机制，如何在商业利益与权利保障之 间保持平衡。 作者： 远山 封图：图虫创意 11月20日，天津市和平区人民法院一纸判决，为摄影师戴建峰与视觉中国之间长达两年的纷争画 上句号。 法院认定，视觉中国在未获授权的情况下销售戴建峰作品《银河下的村庄》，构成对其信息网络传 播权与署名权的侵犯；同时指出，该公司此前向作品原创者索赔8万余元的行为"存在明显不当"， 缺乏必要的审慎义务。判决要求视觉中国三家关联公司连带赔偿经济损失及合理支出共计15000 元，并在官网首页连续48小时刊载声明以消除影响。 戴建峰诉视觉中国案的意义在于，为行业划出了一条操作底线：版权交易的前提是权属清晰、程序 合规。对视觉中国及其他同类平台而言，真正的挑战不是如何扩大图库规模，而是如何构建可信赖 的授权验证机制，如何在商业利益与权利保障之间保持平衡。 从长远发展的角度看，视觉中国所处的图库行业，版权是核心资产，创作者是内容源头。若想行稳 致远，须将尊重版权、 ...

其招股书里的数据很直观，营收增速确实快，2025年上半年收入就达到了7.02亿元；但代价是巨 大的研发投入，过去三年半累计亏损了54.86亿元，因此摩尔线程此次挂牌科创板募集的80亿 元，不仅要用来补充紧缺的流动资金，更是支撑它继续进行高强度技术迭代的本钱。 毕竟，顶着"中国版英伟达"的名号，市场给了它高溢价，未来，就需要它用真金白银的业绩，来 证明自己配得上这个身价。 光速过会 就在前一天晚间，这家公司敲定了科创板的发行价，114.28元/股，按此计算，其发行后总市值约 为537亿元。 这是2025年以来科创板融资规模最大的IPO项目，从受理到过会，摩尔线程只用了88天。 在上市路演长达三个小时的问答里，投资者的问题淹没了交流平台，大家抛出的问题都很直白：公 司什么时候能盈利？"全功能GPU"路线，到底成色几何？ 摩尔线程这次上市，确实赶上了一个好时候。 在国产算力紧缺的当下，市场需要的本就不止一个选项，而是 百花齐放的科技力量。在摩尔线程身后，沐曦、壁仞等国产 GPU玩家也在排队等待进场，这场争夺"中国版英伟达"头衔 的角逐，才刚刚拉开序幕。 作者：郑晨烨 封图：摩尔线程官网 11月21日下午两点，摩尔线 ...

Core Viewpoint - The shortage and price increase of storage chips may continue for another two to three years, driven by the surge in AI demand, ultimately impacting consumers who will face higher prices for electronic devices like smartphones [1][24]. Market Dynamics - The storage chip market is currently experiencing significant price increases, with DDR5 memory prices rising by 307% in just over two months, and NAND Flash prices also seeing substantial weekly increases [5][6]. - The market is characterized by instability, with manufacturers often not providing clear pricing, leading to panic and confusion among buyers [6][12]. Supply and Demand Imbalance - Despite the price surges, the growth in end-user demand for devices like smartphones and PCs has not kept pace, with global smartphone shipments only increasing by 2.6% year-on-year [7][8]. - The current price increases are primarily driven by supply-side adjustments, as manufacturers are cautious about expanding production capacity after previous overproduction led to price drops [9][12]. AI Demand Impact - The explosion of demand for AI servers from major cloud service providers has redirected production capacity away from consumer electronics, leading to a scarcity of chips for smartphones and PCs [9][10]. - Major manufacturers like Samsung and SK Hynix are prioritizing high-bandwidth memory (HBM) and enterprise solid-state drives (eSSD) for AI applications, which are more profitable than traditional memory products [10][11]. Price Transmission to Consumers - The rising costs of memory components are expected to lead to significant price increases for smartphones and PCs, with manufacturers indicating that they cannot fully absorb the costs [16][18]. - Xiaomi and Lenovo have both acknowledged that the surge in memory prices will necessitate higher retail prices for their products in the coming year [16][19]. Market Segmentation - The storage market is becoming increasingly divided, with large clients having priority access to supply, while smaller brands face severe shortages and higher prices [12][19]. - The shift in focus towards AI has left many smaller players in the consumer electronics space struggling to secure necessary components, leading to a potential reshaping of the market landscape [19][22]. Long-term Outlook - The current supply constraints are expected to persist, with predictions indicating a 40%-50% increase in server storage demand against a supply growth of only 20%-30% [14]. - The ongoing supply-demand imbalance suggests that the price increases for storage chips will not revert to previous levels, making higher prices a new norm for consumers [20][24].

在人工智能等新科技领域竞争日趋激烈的情况下，提振民间投 资的政策应该进一步调整着力点，合理设置"红绿灯"，让敢 投、能投、愿投的企业，挑起新增投资的大梁，成为在新科技 赛场上实现突破的关键力量。 作者：宋笛 封图：图虫创意 尽管美国AI（人工智能）投资是否存在泡沫还有待时间检验，但一个事实是：AI驱动的巨量投资， 已对美国宏观经济产生了显著影响。 2025年前两个季度，投资对美国GDP的贡献升至每季度年化1个百分点，创下2023年以来的最高 水平。美国经济的"三驾马车"中，消费长期占据主导地位，而2025年AI带动的投资，少见地让投 资对GDP增长贡献率逼近消费。这些投资主要投向了数据中心和相应设备领域。 主导这一轮投资的是美国头部企业。2025年第二季度，美股"七姐妹"（ 苹果、微软、英伟达、 亚马逊、谷歌母公司Alphabet、Meta和特斯拉）的资本开支规模近1000亿美元，较三年前同期 规模翻倍，年增速接近65%。预计2025年全年，美国科技巨头的资本开支将达到5000亿美元。 摩根士丹利预测，从2025年至2028年，全球数据中心支出将接近3万亿美元，其中1.4万亿美元 来自科技巨头。 这俨然是一个 ...

Core Viewpoint - The increasing presence of outdoor brands on the first floor of shopping centers is reshaping the commercial value of these spaces, moving away from traditional luxury and fashion brands to high-end outdoor sports brands [2][4]. Group 1: Market Trends - Beijing Raffles has seen about 40% of its first-floor area occupied by high-end outdoor sports brands after three years of adjustments, indicating a significant shift in tenant composition [6][7]. - The outdoor sports industry in China is experiencing rapid growth, with participation reaching 540 million people in 2023 and an expected market size exceeding 600 billion yuan in 2024, reflecting a compound annual growth rate of over 30% in the past five years [7][8]. Group 2: Brand Strategy - Brands like The North Face are relocating their stores from higher floors to the first floor, focusing on larger spaces and enhanced customer experiences, with sales per unit area increasing enough to offset higher rents [10][16]. - The introduction of flagship stores and concept stores by outdoor brands is prioritized by shopping centers, as these formats emphasize experiential consumption and community engagement [13]. Group 3: Consumer Engagement - Outdoor brands are leveraging their physical spaces to create unique consumer experiences, such as hosting community events and activities that enhance customer engagement and increase dwell time in shopping centers [13][15]. - The clustering effect of outdoor brands in shopping centers is creating a brand community, which helps in attracting high-income consumers who are already familiar with outdoor products [14]. Group 4: Future Outlook - Shopping centers are adapting their space planning and tenant mix in response to the growing presence of outdoor brands, with a focus on health and sports-related retail as essential components of their future strategies [15][16]. - Companies like CapitaLand are planning to introduce additional health and outdoor-related retail brands in their shopping centers to align with evolving consumer preferences towards active lifestyles [15].

经济观察报在小红书上咨询多位发布低价房源的博主后发现， 多数房源要么已经"卖出"，要么根本不存在，但可以推荐其他 项目。换言之，小红书上大量的高性价比房源，只是销售人员 和中介机构用于吸引流量的"诱饵"。 作者：田国宝 封图：图虫创意 "北京菜市口复式公寓，130平方米三居室，带独立小院，总价161万元。" "北京车公庄，79平方米上下两层三居室，独门独院，现价142万元。" "北京劲松83平方米三居带花园小院，精装修，总价165万元。" 在小红书上，此类"核心商圈、豪华装修、价格诱人"的低价房源信息并不罕见。每条笔记下通常 都有数十甚至上百条咨询留言。 经济观察报在小红书上咨询多位发布此类低价房源的博主后发现，多数房源要么已经"卖出"，要 么根本不存在，但可以推荐其他项目。换言之，小红书上大量的高性价比房源，只是销售人员和中 介机构用于吸引流量的"诱饵"。 "假房源"曾长期是房地产中介行业的顽疾。链家创始人左晖早年在公开演讲中提到，2010年前， 国内中介行业中高达90%的房源信息为虚假房源，消费者平均要看完10套假房源才能接触到一套 真实房源。 2011年，链家在北京率先推出"真房源"体系，经过内部阻力、 ...

"站在十周年的新起点上，我们将继续坚持消费者导向，持续 进化组织，以钉钉子的精神，扎扎实实、一个一个地解决用 户、商家、产业的实际问题，持续构建多方共赢的平台生态， 承担更大的社会责任，继续为广大的普通人创造价值。" 拼多 多集团执行董事、联席CEO赵佳臻表示，拼多多将拿出更多的 真金白银投入到生态建设，以更大的力度回馈生态和社会。 作者：李康 封图：图片资料室 11月18日，拼多多发布第三季度财报，营收为1082.8亿元，同比增长9%，这一增速较前几个季 度明显放缓。第三季度经营利润为250亿元，同比仅录得低个位数增长。调整后归属于普通股股东 的净利润314亿元，同比增长14%，环比出现下滑。在线营销服务收入增速较上一季度也有所下 滑。 这些措施给广大中小商家带来了实实在在的实惠。在浙江永康，有年轻商家在平台扶持下升级生产 线并创立品牌，一年扩展了10条生产线。在云南普洱，咖啡产业通过平台的数据和品牌赋能，摆 脱了"廉价原料"的标签，实现了价值跃迁。 有商家反馈，仅"推广服务费退返"一项每年可节省数百万元的推广费用，拼多多单个季度能为商 家共节省上百亿元的成本。在千亿扶持计划下，拼多多平台大家电、二手数码等 ...

委员会内部以及与欧盟各成员国首都进行非正式讨论，在正式通过之前，方案内容仍可能面临更 改。 有意思的是，《AI法案》（AI Act）也出现在了拟放宽的法规清单上。虽然《AI法案》名义上已于 2024年8月生效，但由于多项条款需分阶段实施，法案事实上尚未正式运行。例如，备受关注 的"高风险AI系统条款"将于2026年8月才正式生效。在这种情况下，法案本身就要面临修改，着 实有些令人意外。 当中美等国还在积极研究AI立法的必要性、可行性等问题时， 欧盟早早推进了相关立法进程，并率先通过了《AI法案》。而 短短几年之后，欧盟的立场就发生了如此重大的改变。这种先 紧后松的逆转，原因究竟何在？在修正之后，欧盟的AI监管到 底会是什么样？这对欧洲和全世界的AI产业发展会产生怎样的 影响？对于中国来说，这一事件又有何意义？ 作者： 陈永伟 封图：图虫创意 11月7日，英国《金融时报》爆出了一则大新闻：欧盟委员会正计划放宽部分数字监管法规。据报 道，欧委会已经拟定了一个"简化方案"，并将在11月19日对该方案作出决定。目前，该草案仍在 众所周知，在数字经济领域，欧盟素来以监管严格著称。坊间曾有一个说法：在数字经济发展上， 美 ...

2025年，国信期货以"保险+期货"为核心，通过价格保障、 产业帮扶等多元举措，为超8万户农户稳收增收，持续注入金 融力量助力乡村振兴。 作者：王海言 封图：图片资料室 "有了期货工具兜底，种花生、养蛋鸡再也不用看天吃饭了！"河南省开封市祥符区农户李大姐的 感慨，道出了许多涉农从业者在国信期货乡村振兴服务中的获得感。2025年，作为金融服务实体 经济的先锋力量，国信期货以"保险+期货"为核心抓手，联动产业帮扶、消费帮扶、金融扶智等多 项举措，在广袤乡野间书写金融助农的生动答卷。 工具创新筑屏障，风险防控显实效 国信期货立足农业生产"靠天吃饭、看价增收"的痛点，持续深化金融工具创新应用，为特色产业 筑起风险"防护网"。 在江淮大地，安徽霍邱县鸡蛋产业迎来金融活水浸润。2025年1月至3月，国信期货安徽分公司联 合国信金阳推出鸡蛋场外期权项目，为当地农牧企业提供超400吨鸡蛋价格保障，通过2个月的期 权存续期管理，成功抵御市场波动风险，不仅稳定了农户收益，更以"订单收购+期货"模式推动产 业结构升级。 在黄河岸边的祥符区，花生产业获得更系统的金融护航。2025年8月，国信期货牵头的郑商所花 生"保险+期货"项目正 ...

Group 1 - The event "Venture Capital Development Conference" was held in Beijing, emphasizing the critical role of venture capital in promoting the "technology-industry-finance" cycle, with policies supporting the growth of patient capital and the establishment of national venture capital guidance funds [1][2] - The integration of banking and venture capital is highlighted as a key path to activate innovation and drive industrial upgrades, with Beijing Bank focusing on a comprehensive service model that combines equity and debt financing [2][5] - A report titled "China Venture Capital Market Development Index Report" was released, providing multidimensional research results including various development indices that reflect the operational status and structural changes in the Chinese venture capital market [4] Group 2 - Beijing Bank has committed to serving technological innovation as a strategic core, establishing a private equity business center and expanding its network to nearly 3,000 VC/PE institutions, while providing significant credit support to technology-oriented SMEs [5] - The bank has provided over 1.4 trillion yuan in credit to 58,000 technology SMEs, serving a large proportion of listed companies on various stock exchanges, demonstrating its commitment to supporting specialized and innovative enterprises [5] - A strategic cooperation agreement was signed between Beijing Bank and the China Investment Association Venture Capital Committee to enhance collaboration and create integrated solutions for equity empowerment and debt support [4]