一场全球范围的"4o保卫战"就这样展开了：海外社区发起在 线签名信，短短几天就有上千人参与；网友组团去奥特曼和 OpenAI的社交账号、邮箱留言；还有人总结"抗争指南"，教 你如何在各个平台发声。 作者：周悦 封图：图虫创意 8月11日，OpenAI宣布： GPT-4o将重新上线，向Plus和Team用户开放，并可在网页版设置中开 启 " 显 示 旧 版 模 型 " 来 访 问 。 同 时 ， 还 将 推 出 迷 你 版 GPT-5 和 具 备 更 深 度 推 理 能 力 的 GPT-5 thinking。 看起来这更像是对全球网友喊话的回应。8月8日凌晨，OpenAI的GPT-5发布。原本被期待能再度 引爆AI圈的"超级升级"，体验并没有想象中惊艳，不少用户立刻转身怀念起它的前任：GPT-4o。 更 让 人 意 外 的 是 ， 伴 随 GPT-5 而 来 的 ， 是 OpenAI 悄 然 停 用 了 GPT-4o 版 本 。 这 一 下 ， 社 交 媒 体"炸"了。推特（X）、Reddit、小红书等平台，充斥着"还我GPT-4o"的呼声——不少用户直接在 评论区喊话OpenAI CEO山姆·奥特曼，让他"把 ...

Core Viewpoint - The article highlights the launch of the Guotai Quality Core Mixed Fund by Guotai Fund, which is expected to enhance investor experience and inject new vitality into the A-share market, leveraging unique advantages of floating fee rate funds [2][4]. Group 1: Fund Overview - The Guotai Quality Core Mixed Fund is one of the newly approved floating fee rate funds, designed to align with the CSRC's requirements and focus on investor interests [2]. - The fund is managed by Li Hai, a seasoned fund manager with 14 years of experience, who employs a value-growth investment style [4][8]. - Li Hai's previous funds, such as Guotai Jintai and Guotai Consumption Preferred, have shown impressive performance, with total returns of 116.22% and 100.74% respectively, significantly outperforming benchmarks [4][5]. Group 2: Performance Metrics - Guotai Jintai, managed by Li Hai since January 2017, achieved a total return of 116.22% as of July 30, with a maximum drawdown of -20.78%, outperforming the industry average [4]. - Guotai Consumption Preferred, under Li Hai's management since August 2019, recorded a total return of 100.74% and a three-year yield of 43.29% [4]. - The Guotai Quality Core Mixed Fund aims to balance investments across various sectors, including internet, electronics, and consumer healthcare, with a notable 43.46% allocation to Hong Kong stocks [5]. Group 3: Company Strengths - Guotai Fund, established in 1998, is recognized for its independent research and ability to identify long-term value companies, leading the industry in profitability and professional strength [8][11]. - The company has generated a total profit of 16.4 billion yuan for investors over the past six years, ranking among the top five public fund companies in terms of profit [11]. - Guotai Fund's proactive approach to floating fee rate products has been validated by strong performance metrics, with its Guotai Research Selected Fund achieving a return of 78% since inception [14]. Group 4: Market Outlook - Li Hai is optimistic about short-term market recovery and long-term revaluation of core Chinese assets, citing the decreasing trade dependency on the U.S. and the global competitiveness of Chinese manufacturing leaders [12]. - The article suggests that the undervaluation of Chinese core assets presents significant investment opportunities as the economy recovers and policies support growth [12].

特朗普2.0的到来，开启了一段俄美关系缓和、重启的窗口 期。如果美国下一届大选共和党不能连任，这个窗口期就稍纵 即逝了。即使共和党连任了，但如果总统不是特朗普而是其他 人（比如万斯），这个窗口期对于俄罗斯而言，其价值大概率 也会打折扣。 作者：王义伟 封图：东方IC 8月15日，美国总统特朗普与俄罗斯总统普京将在美国阿拉斯加举行会谈。 这是俄乌冲突进程中的重大事件。 将乌克兰（包括其总统泽连斯基）和欧盟（包括欧盟各国领导人）撇在一边，单独和俄罗斯媾和， 谈得差不多了再视情况决定谁上桌，这是特朗普一贯的风格。被冷落的乌克兰和欧盟站在国际法和 道德的制高点上高分贝地表明观点、委婉地表达不满，这是一种不得不为的反应。 至于对美、俄总统会谈成果的预判，全球舆论众说纷纭。 笔者的预判是，谨慎乐观。 俄罗斯没有全力以赴，主要表现在两点：第一，核武器的使用一直停留在口头警告层面；第二，将 冲突控制在特别军事行动的范畴，没有进行全国范围内的战争动员，向战时体制进行了倾斜，但整 个国民经济没有转换成类似二战时期的战时经济。 第三，俄罗斯的诉求有取舍的空间。 原因是，普京有所选择。 普京的有所选择，体现在以下几个方面： 第一，从 ...

将"一块好屏"，从一个模糊的消费者概念，变为一个清晰的、 产业约定俗成的"行业标准"，TCL华星的探索还在继续。 作者： 郑晨烨 封图：图片资料室 在一个以残酷周期性和价格战为特征的行业，一家上游企业，究竟是如何摆脱 "供应商"的宿命，将自己的技术，经营成了一个所有顶级品牌都无法绕 开的"行业标准"与"基础设施"？ 一个现象 8 月 1 日， ChinaJoy 开幕首日 ， 在三星的展 区 中心，一块首次公开亮相的屏幕成为全场的焦点之一。 这是三星最新的玄龙骑士 G90XF 裸眼 3D 电竞显示器 ， 在现场演示中，这块 27 英寸的屏幕无需用户佩戴特制眼镜，通过其内置的光场显示技术， 便将游戏画面以三维形态呈现。 2025 年 8 月 4 日，创下 41 万人次观众纪录的第二十二届中国国际数码互动娱乐展览会（ ChinaJoy ）在上海落幕 ， 作为全球数字娱乐产业的核 心舞台之一，这里历来是消费电子品牌激烈角逐的场所。 但在今年的硬件展区， 却有 一个 值得注意的 反常现象 ， 三星的 "玄龙骑士"、联想的"拯救者"、华硕的"玩家国度"等在市场上激烈竞争的旗舰产 品线，罕见地围绕着同一个上游供应商—— T ...

Core Viewpoint - The article highlights the groundbreaking research by paleontologists who have demonstrated that birds are descendants of small feathered theropod dinosaurs, challenging the long-held belief that dinosaurs are completely extinct [2][4][10]. Group 1: Award and Recognition - The 2025 Future Science Prize awarded the Life Science Prize to paleontologists Ji Qiang, Xu Xing, and Zhou Zhonghe for their work on the origin of birds from dinosaurs [2][7]. - The Future Science Prize, often referred to as "China's Nobel Prize," was established in 2016 to recognize outstanding scientific achievements in various fields [7]. Group 2: Research Findings - The research conducted by the awarded scientists has provided substantial evidence linking birds to theropod dinosaurs, transforming the hypothesis into a widely accepted scientific theory [10]. - The discovery of feathered dinosaur fossils in China has played a crucial role in establishing the connection between birds and dinosaurs, with significant findings reported since the 1990s [9][10]. Group 3: Personal Insights and Experiences - The awarded scientists expressed their passion for fieldwork, emphasizing the excitement of discovering fossils in natural settings, which they consider a vital aspect of paleontology [4][5]. - Zhou Zhonghe recounted his memorable experience of discovering bird fossils shortly after graduating, which significantly contributed to the understanding of early bird evolution [5][10].

新能源汽车行业已"狂奔"十年，是时候"立规矩"了。工信部 联合多部门对车企的多次约谈，暴露出汽车行业存在的深层次 矛盾亟待解决，也说明生态体系重建需要更完善的行业监管。 作者：刘晓林 封图：视频截图 理想i8碰撞测试之争，最终以理想汽车、东风柳汽、中国汽研三方联合声明的方式落幕。据悉，这 是在工信部的约谈和调节下取得的结果。若按照舆论炒作的"再撞一次"的方向发展，这场争执恐无 法收场，汽车行业的混乱竞争局面也将面临失控风险。 这是过去两个月中，工信部等相关主管部门第四次约谈汽车企业。 今年以来，仅公开报道的主管 部门对 车企 的约谈已至少有五次 ，加上未披露的约谈，可以看出，中国汽车行业在高速转型与激 烈竞争下的失序局面，已引来监管部门的密集介入。 关注度比较高的五次约谈分别是：4月因小米SU7高速公路碰撞事故约谈多家汽车企业，规范智能 驾驶宣传；6月初针对无序价格战、利润异常约谈头部车企；6月中针对车企公开互斥"排放造 假""低成本倾销"约谈长城、比亚迪等当事方；7月针对供应链账期问题，组织17家车企座谈；8月 因碰撞测试误导公众约谈理想汽车和中国汽研。 从产品安全风险到营销乱象、产业链危机，五次约谈清晰显 ...

Core Viewpoint - The article discusses the significance of the RED LAND event organized by Xiaohongshu as a strategic move to penetrate the ACG (Animation, Comics, Games) market and directly challenge Bilibili's dominance in the two-dimensional space [4][15]. Group 1: Event Overview - RED LAND, Xiaohongshu's first offline event focused on gaming and two-dimensional IPs, took place on Shanghai's Fuxing Island, covering nearly 80,000 square meters and featuring popular IPs from Tencent, NetEase, and MiHoYo [2][4]. - The event attracted approximately 100,000 attendees, showcasing a mix of adventure experiences during the day and immersive music festivals at night [2][4]. Group 2: Market Strategy - Xiaohongshu aims to capture the rapidly growing gaming and two-dimensional community, which has shown significant content growth of 175% for two-dimensional content and 168% for gaming content over the past year [7][16]. - The company is transitioning from an online "grass-planting" community to a platform that can lead and shape offline lifestyle experiences [16]. Group 3: Competitive Landscape - RED LAND is positioned as a direct competitor to Bilibili's Bilibili World (BW), which has been running since 2017 and focuses on creating a "home" for its core users [15]. - While BW emphasizes strengthening connections between UP owners and fans, RED LAND leverages Xiaohongshu's community and commercial capabilities to connect B-end clients (IP and brand owners) with C-end users [15]. Group 4: Event Challenges - The event faced challenges such as extreme heat, with temperatures reaching 35-37 degrees Celsius, leading to long wait times and some attendees experiencing heat-related issues [10][11]. - Despite the difficulties, the event's popularity exceeded expectations, with many attendees queuing for hours to participate [9][10].

Core Viewpoint - The article discusses the rapid commercialization and evolving competition in the embodied intelligence industry, driven by companies like JD and Meituan leveraging funding, platforms, and technology to enhance the deployment of robots in real-world scenarios [4][24]. Group 1: Trends in the Industry - Trend 1: The focus has shifted from merely showcasing technology to emphasizing delivery capabilities and sustainable operational models, with investors prioritizing companies that demonstrate actual shipment volumes and application scenarios [8][20]. - Trend 2: Companies are increasingly moving towards multi-product combinations, such as integrating humanoid robots with robotic dogs or dexterous hands, to cover more scenarios and maintain revenue streams before large-scale humanoid robot deployment [12][22]. - Trend 3: Dexterous hands have become a focal point at exhibitions, with many companies showcasing advancements in this area, indicating a faster path to commercialization compared to humanoid robots [16][20]. Group 2: Investment Landscape - Investment activity remains robust, with companies like Songyan Power and Qianxun Intelligent securing new funding rounds, but the criteria for investment are evolving to focus on practical delivery and application capabilities [20][21]. - Investors are advised to seek innovative applications and avoid crowded markets dominated by established players, emphasizing the importance of differentiation and new market opportunities [20][21]. - Companies with global ambitions are encouraged to engage with overseas capital to leverage larger funding and local resources for market entry [21]. Group 3: Corporate Strategies - JD has announced a plan to invest over 10 billion yuan in the robotics sector over the next three years, aiming to support 100 brands in achieving significant sales milestones and expanding robot applications across various scenarios [23][24]. - Meituan has actively invested in several robotics companies, focusing on the long-term potential of embodied intelligence to transform service industries and enhance operational efficiency through collaborative projects [24].

Core Viewpoint - The real estate industry is witnessing a significant increase in land acquisition activities, with major players like China Merchants Shekou leading the trend, indicating a potential recovery in the housing market despite declining sales figures [2][5][10]. Group 1: Land Acquisition Trends - In the first seven months of 2025, the top 100 real estate companies acquired land worth 578.3 billion yuan, marking a year-on-year increase of 34.3% [2][5]. - China Merchants Shekou purchased five land parcels in July 2025 for a total of 5.668 billion yuan, showing substantial growth compared to previous periods [2][5]. - The majority of land acquisitions are dominated by state-owned enterprises, with eight out of the top ten land acquirers being state-owned [2][5]. Group 2: Sales Performance - The sales performance of major real estate companies has declined, with a reported 49.5% drop in signed area and a 53.26% decrease in signed amount for China Merchants Shekou in the first seven months of 2025 [5][10]. - The overall sales revenue for the top 100 real estate companies fell by 13.3% year-on-year in the same period, with July 2025 seeing an 18.2% decline [5][10]. Group 3: Market Dynamics - The contrasting trends of increasing land acquisition and declining sales suggest a complex market situation, where companies are preparing for future demand despite current sales challenges [5][10]. - Factors contributing to the increased land acquisition include lower land prices compared to previous peaks and improved financial conditions for many companies [6][10]. - The emergence of new high-priced land parcels, such as the record-breaking land price in Shenzhen, reflects a shift towards high-quality land offerings in core urban areas [8][9]. Group 4: Future Outlook - Experts suggest that while the current land acquisition trends may indicate a potential market recovery, the overall real estate market is still in a slow stabilization phase [14]. - The government's recent policy adjustments aimed at optimizing the housing market are expected to enhance market expectations and activity, contributing to a gradual recovery [14].

Core Viewpoint - The global capital system is undergoing a deep reassessment, with asset management institutions shifting from a "return-first" approach to a "certainty-first" strategy, highlighting the renewed importance of gold as a stabilizing asset in diverse investment portfolios [1][14]. Group 1: Gold's Role in Asset Management - Gold's unique attributes, such as independence from cash flow and sovereign credit, make it a crucial stabilizing asset, or "ballast," in various investment strategies [1][14]. - The price of gold has increased by over 27% this year, leading to a surge in "gold+" financial products, with some products achieving annual returns of 31.38% [2]. - Asset management institutions are accelerating the development of "gold+" products as a new source of stable returns amid declining fixed-income yields and increased volatility in equity assets [2][3]. Group 2: Domestic vs. Global Trends - Domestic insurance asset management institutions have a higher allocation to "gold+" compared to banks and public funds, with some products allocating up to 50% to gold [3]. - In contrast to global asset managers who view "gold+" as a strategic component for hedging against extreme market conditions, domestic managers often see it as a tactical investment tool [3][11]. - The understanding of "gold+" as a long-term strategic asset is still developing in domestic markets, with many managers focusing on short-term gains rather than long-term stability [11][12]. Group 3: Factors Driving "Gold+" Adoption - Global asset managers are increasingly adopting "gold+" strategies to hedge against stock and bond market volatility, currency depreciation, geopolitical risks, and inflation [7][8]. - The performance of gold during past financial crises has demonstrated its effectiveness as a protective asset, leading to a growing interest in increasing gold allocations in investment strategies [8]. - A report indicates that 21% of family offices globally plan to increase their allocation to gold and precious metals, particularly in the Asia-Pacific and Middle East regions, which may drive further development of "gold+" products [9]. Group 4: Challenges and Future Outlook - Domestic asset management firms face challenges in integrating "gold+" into their long-term strategies, often viewing it as a short-term tactical investment rather than a strategic asset [11][12]. - There is a need for improved communication within the industry to enhance understanding of gold's role in risk mitigation and long-term returns [4][12]. - The World Gold Council is working with domestic asset management institutions to promote the benefits of "gold+" strategies in navigating financial market risks and achieving stable returns [13].