专题：财经中国2025年会 12月7日，"和讯财经中国2025年会"在北京举行，主题为"寻找中国经济破局之路"。腾讯云资深专家舒 文琦出席并演讲。 舒文琦表示，当下人工智能技术的能力，已经可以帮助提升工具的效率。下一阶段，它将变成效能的伙 伴，不再是传统的把工作流程线条串起来，在某个点达成帮助，而可能会重构整个创意的流程。 在谈到AI内容创作趋势上，他认为，未来内容传播和承载的形态，将向着多模态转变。从报纸、电视 到现在的短视频、长视频，甚至于元宇宙，越来越多的多模态将触达到人。 而在新媒体和媒体行业，舒文琦认为，人机协同已经达到上佳的阶段，智能体可以帮助一家媒体分析热 点、调性、传播方式。 他还提出，针对于企业的营销，AI最大的变化就是从"触达"变成"触动"。以前很多企业花钱去买流量， 但是转换率不一定高，但是有了人工智能、智能体以后，就能帮助企业将内容触动到其所关注、关心的 用户群体里，进而提升转化率。 对于产业来说，舒文琦谈到，"触动"发展会把很多的历史数据、现有数据结合在一起，把整个媒体产业 推动向更高维度、更全面的维度发展。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于 ...

Group 1: Investment Opportunities in Entertainment Sector - The core opportunities in the entertainment sector stem from domestic young users and overseas expansion, with key targets having a projected PE of around 15x for 2026 [1] - Giant Network is expected to see an increase in domestic DAU and revenue during the Spring Festival, with plans to expand its game "Supernatural" to Southeast Asia and Japan in 2026 [1] - 37 Interactive Entertainment received an administrative penalty on December 5, with a low PE and high dividend yield, and 32% of its revenue coming from overseas [1] Group 2: Key Players and Market Trends - Century Huatong's core SLG product remains strong, with a focus on the global expansion of casual games in 2026 [2] - Pop Mart is viewed as overly pessimistic regarding single IP expectations, with IP and regional expansion (Europe and America) being key growth drivers [2] - Zhi Zi Cheng's social entertainment business is thriving in the Middle East, with a projected revenue increase of 34.5% to 36.4% year-on-year for the first nine months of the year [2] Group 3: AI and Technology Developments - Companies like Tencent, NetEase, and Bilibili are exploring AI applications, with Bilibili launching "百将牌" in Q1 2026 and AI advertising options [3] - Baidu and Alibaba are focusing on AI infrastructure, with Baidu's Kunlun chip M100 set to launch in early 2026, optimized for large-scale inference scenarios [4] - The integration of AI applications into various sectors, including advertising and e-commerce, is being pursued by multiple companies, with a focus on short videos and IP [3]

Core Insights - The article emphasizes the importance of a strong competitive moat for companies, highlighting that high profits can be fleeting without a sustainable advantage [1][6] - It discusses the differentiation between companies with deep moats, such as Moutai and Fuyao Glass, and those lacking such advantages, particularly in the consumer sector [1][3] Group 1: Competitive Moats - Apple has established a user retention barrier through its ecosystem, with iPhone 17 sales increasing by 14% year-on-year in the first ten days of launch [2] - Moutai maintains a gross margin above 90%, leveraging its social value and brand trust, which is difficult for new brands to replicate [1] - Fuyao Glass has a global market share exceeding 30% for five consecutive years, showcasing its strong competitive position in the automotive glass market [1][3] Group 2: Innovation and R&D - Continuous innovation is crucial for maintaining a competitive edge, as demonstrated by Andisu's 22-fold increase in net profit due to a robust patent portfolio [2] - WuXi AppTec's annual R&D investment exceeding 10 billion yuan supports its competitive moat through a cycle of research, patents, and profits [2] - Companies like Apple and Fuyao are investing heavily in R&D to enhance their competitive positions, with Apple allocating hundreds of billions annually for AI and hardware innovation [5] Group 3: Scale and Cost Advantages - Fuyao Glass exemplifies scale advantages, with logistics costs 12% lower than smaller competitors and a production line automation rate exceeding 90% [3] - The company's purchasing power allows it to negotiate lower prices for raw materials, significantly enhancing its cost structure compared to smaller firms [3] - The article highlights that for manufacturing firms, scale should be defined by the ability to eliminate competition rather than just capacity [3] Group 4: Switching Costs and Network Effects - High switching costs in B2B sectors, such as design software and ERP systems, create significant barriers for customers to change providers [4] - The network effect is illustrated by WeChat's 1.3 billion users, making it difficult for new social platforms to attract users away from established networks [4] - Companies that create ecosystems with integrated services, like Tencent, are building strong competitive moats through user engagement and functionality [4] Group 5: Market Trends and Investment Focus - The article notes a shift in capital market focus from seeking bargains to identifying companies with deep competitive moats, with over 80% of favored stocks having clear advantages [6] - Companies that invest in brand development, technological innovation, and scale optimization are positioned to thrive through industry cycles [6] - The current market environment favors firms that can demonstrate resilience and adaptability, reinforcing the importance of a strong competitive moat [6]

Group 1: Company Financing - The high-end gold jewelry brand "寶蘭" has completed over 100 million RMB in Series A financing, led by Challenger Capital, with funds allocated for brand enhancement, multi-channel layout, supply chain resilience, and talent empowerment [1] - The smart delivery company "江苏云闪送" has announced a completion of 30 million RMB in Series A financing, focusing on upgrading its intelligent scheduling system, expanding its national service network, and building a logistics ecosystem [2] - AI video generation platform Pollo AI has raised 14 million USD in financing, with over 20 million registered users and achieving breakeven in May this year [3] - Robotics company "优理奇机器人" has completed a total of 300 million RMB in financing across two rounds, indicating market recognition of its integrated strategy in embodied intelligence [4] - "戴盟机器人" has completed a strategic round of financing worth over 100 million RMB, aimed at advancing technology breakthroughs and global market expansion [5] Group 2: Company Developments - The launch of the "豆包手机助手" on the nubia M153 has faced issues with WeChat login, leading to the discontinuation of this feature by ByteDance [6][7] - The Taiwanese authorities have announced a one-year ban on the app Xiaohongshu, citing security concerns, although the app remains accessible to many users [8][9] - Shanghai Linqingxuan Cosmetics Group has updated its IPO application, reporting a 98.3% year-on-year revenue growth in the first half of 2025 [10][12] - The breakfast initiative by "蜜雪冰城" is currently being tested in select cities, expanding its product offerings [14][15][16] - The launch of the winter product "豆乳黑麒麟" by Tea Baidao has achieved over 200,000 cups sold on its first day [17] - "奈雪的茶" has appointed actress Gao Yuanyuan as its brand ambassador and launched a low-GI fruit tea product [19] Group 3: Industry Insights - The 2025 holiday film season has surpassed 2.5 billion RMB in box office revenue, led by "疯狂动物城2" [20] - China's esports industry revenue reached 29.33 billion RMB in 2025, with a 6.4% year-on-year growth [21] - Global smartphone production reached 328 million units in Q3 2025, marking a 7% year-on-year increase [22]

传媒行业周报系列 [Table_Title2]2025 年第 48 周 证券研究报告|行业研究周报 [Table_Title] [Table_Title] 奈飞与华纳达成收购协议，DeepSeek-V3.2 正式发 布 [Table_Date] 2025 年 12 月 7 日 月 7 日 ► 市场行情回顾 [Table_Summary] 2025 年第 48 周（实际交易日为 2025.12.1-2025.12.5）上证 指数上涨 0.37%，沪深 300 指数上涨 1.28%，创业板指数上涨 1.86%。恒生指数上涨 0.95%，恒生互联网指数上涨 0.87%，行 业落后恒生指数 0.07pct。SW 传媒指数下跌 3.86%，落后创业 板指数 5.72pct，在申万一级 31 个行业涨跌幅排名中位列第 31 位。子行业中影视、游戏和广电位列前三位，分别为上涨 1.32%、下跌 1.08%和下跌 1.84%。 ► 核心观点&投资建议 奈飞以 827 亿美元收购华纳兄弟核心资产，流媒体行业格局 重塑。本周，据新华社报道，奈飞公司与华纳兄弟探索公司 达成协议，将以总价 827 亿美元收购后者包括华纳兄弟电影 集 ...

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 整理 | 兰杰 Busy Money 黄金品牌「寶蘭」完成过亿元A轮融资 36氪获悉，专注于花丝镶嵌和古法黄金技艺的高端黄金珠宝品牌"寶蘭"，近日完成过亿元A轮融资。本轮由挑战者创投领投，开云集团和顺为资本跟投。 资金将主要用于品牌价值提升、全渠道布局、供应链韧性升级和核心人才赋能等四大核心战略方向。 "寶蘭"成立于1988年，近四十年来采用中华皇家制金古法，尤其专注于"花丝镶嵌"这一非物质文化遗产的延续与创新。 即时配送企业"江苏云闪送"近日完成3000万融资 近日，智慧配送企业江苏云闪送网络科技有限公司（简称"江苏云闪送"）宣布完成3000万元A轮融资。本轮融资由国内知名创投机构领投，资金将聚焦 智能调度系统升级、全国服务网络拓展及运力生态构建三大方向。 目前，江苏云闪送可以实现全品类覆盖，既为个人提供紧急递送、生活配送等便民服务，也为企业定制数字化配送方案。 AI视频生成产品Pollo AI完成1400万美元融资，由高成资本领投 据《晚点 LatePost》报道，Pollo AI近日完成1400万美元融资，高成资本领投，真格 ...

然而，将新材料技术从实验室推向实际应用并非易事，成本与规模化是首要挑战。 徐坤表示，在原料配置上，传统工艺生产1吨产品需消耗1吨石油基原料，而新技术仅需0.7吨。当前石 油基原料价格约为8000至10000元/吨，二氧化碳成本约为200至410元/吨，理论上采用二氧化碳可显著 降低生产成本。但受限于现有产能与商业化程度，目前整体成本仍偏高。 "碳寻制造"是腾讯发起的"绿色材料孵化平台"，推动多种技术路线的绿色材料落地应用，目前聚焦在二 氧化碳利用与转化，未来有望拓展到生物基、化学回收等更多前沿的新材料领域。本次"碳寻制造"合作 的技术方坤晟，也是腾讯"碳寻计划"一期的终选团队。 12月3日，2025可持续社会价值创新大会(以下简称"S大会")在北京召开。其间，腾讯"碳寻制 造"(CarbonXmade)新品发布会吸引了多方关注。 21世纪经济报道记者在S大会期间实地探访了发布现场，见证了一系列以二氧化碳捕集与利用技术为核 心的创新环保产品亮相。 从固碳沙发、碳捕集环保吸管，到碳捕集纤维制成的T恤，这些贴近日常生活的环保制品背后，共同指 向一项关键的"黑科技"——将工业排放的二氧化碳捕获并转化为实用材料。这不仅 ...

那个一心想把人类送上火星的科技狂人，最近却为一个能买早餐、交水电费的手机软件操碎了心。没错，说的就是埃隆·马斯克。他不止一次地公开表示， 对中国的微信羡慕得"直流口水"，认为那才是互联网的终极形态，并誓言要把自己的X平台（就是以前的推特）改造成一个西方的"全能应用"。这听起来有 点不可思议，一个颠覆了汽车和航天工业的男人，竟然在一个社交软件面前犯了难。这背后，可不是技术行不行的问题，而是一道由文化、习惯和规则砌成 的高墙，高到连马斯克也望而却步。 在我看来，这两种模式的差异，并非简单的优劣之分，更像是两种不同环境下演化出的不同物种。微信的"一体化"，是中国移动互联网"跨越式"发展的必然 结果，它在传统服务体系尚不完善的土壤里，以社交为根基，迅速长成了一棵覆盖支付、生活、工作的参天大树，效率极高。而西方的"分立式"生态，则是 一个成熟商业社会在数字世界的投影，银行、零售、媒体等各个行业早已根深蒂固，互联网应用更多是作为它们各自的"线上触手"而存在。这种格局保护了 竞争，给予了用户更多选择权，但代价就是体验的碎片化。微信真正的可怕之处，在于它早已不单是腾讯的一款产品，而是一个拥有自我进化能力的"热带 雨林"。 这 ...

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 来源丨 镜相工作室 （ID： shangyejingxiang ） 作者丨 马舒叶 编辑丨 卢枕 图源丨Midjourney AI焦虑已经从大厂渗透进了大学这座象牙塔。在一片"被替代"的忧惧声中，一群来自非北上广深、非 985高校的大学生，主动跳进了这股浪潮——他们不是来做实习的，是来兼职"拧螺丝"的，拧的是AI 大模型的螺丝。 在"AI将替代99%的岗位"和"拿AI offer月入3万"两种声音的共同影响下，这批不容易挤进大厂实习 队伍的大学生，走进了大厂数据标注的流水线，成为新的AI工人。他们每天在大厂提供的兼职平台上 抢单、标注、纠错、优化，月收入大多在1000到2000元之间。在这条看不见的AI流水线上，他们既 是训练者，也是被挑选的对象。 他们分散在成都、郑州、武汉、厦门等非一线城市的角落，在课余或下班后的时间里，登录那个决定 他们今晚"有活干"还是"白蹲守"的后台，他们标注图片，校准对话，贡献乡音，优化代码，试图找到 新的机会。 对于大厂来说，大学生群体兼具垂直领域的专业知识和充足的参与热情，是完成最基础的AI数据标 注 ...

Group 1 - The core point of the article is that Tencent Technology (Shenzhen) Co., Ltd. has obtained a patent for a method and device related to "screen projection status determination," with the patent number CN114296675B and an application date of August 2020 [1] - Tencent Technology (Shenzhen) Co., Ltd. was established in 2000 and is located in Shenzhen, primarily engaged in software and information technology services [1] - The registered capital of Tencent Technology (Shenzhen) Co., Ltd. is 2 million USD [1] Group 2 - According to data analysis from Tianyancha, Tencent Technology (Shenzhen) Co., Ltd. has invested in 15 companies and participated in 277 bidding projects [1] - The company has 5,000 trademark records and 5,000 patent records, along with 574 administrative licenses [1]