在2025年11.26号AI人才培训发展大会暨「AI应用工程师」发布仪式现场，杭州天生不凡教育科技有限公司正式签约成为阿里巴巴钉钉AI咨询研究院咨询 核心伙伴，双方将依托钉钉生态与AI能力，共同推动企业智能化升级与AI人才培养。 本次大会于2025年11月26日在杭州阿里巴巴全球总部中心举办，由钉钉（中国）信息技术有限公司主办、钉钉AI咨询研究院承办，聚焦"培养智能化人 才，推动高质量就业，促进AI技术普惠"核心目标，旨在应对AI发展带来的组织变革与教育挑战，助力企业智能化转型。 此次天生不凡的核心伙伴加入，将进一步丰富研究院的生态服务能力——依托天生不凡在企业咨询陪跑领域的实战经验，结合研究院的AI技术与钉钉企业 级应用场景，双方将共同为企业提供从AI战略规划到落地执行的全链路服务。 《国务院关于深入实施"人工智能+"行动的意见》明确鼓励全民学习AI新知识、新技术。而据数据显示，2025年我国AI人才缺口已达500万，医疗、制造等 领域"一才难求"，企业急需AI技术与业务融合的复合型应用人才。 钉钉AI咨询研究院相关负责人袁中伟表示："AI技术激发了企业对人才的渴求，培训与 教育行业需协同推进AI人才培养， ...

11月28日，港股小幅高开后回落，全天窄幅震荡，恒指收跌0.34%，恒科指几乎平盘报收。港股AI韧性 较强，阿里巴巴-W盘中一度涨近2%，收涨0.6%。 港股AI核心工具——港股互联网ETF（513770）早盘高开后小幅冲高，后维持窄幅红盘震荡，场内价格 收涨0.36%，站上10日线。自11月21日下探本轮调整低点以来，港股互联网ETF（513770）开启小碎步 反弹，资金同步进场，验证阶段支撑位。 10月以来，受降息预期分歧和AI泡沫论影响，港股AI连续回调。近期，多重因素迎来向上拐点，港股 AI新一轮行情或将蓄势待发。 ① 美联储降息预期大反转。 一周内多位美联储官员公开喊话支持降息，带动美联储12月降息预期大幅飙升。CME"美联储观察"最 新数据显示，美联储12月降息25个基点的概率已高达86.9%，而在一周之前，该概率还不到30%。 ② AI叙事重燃。 国产AI算力龙头阿里巴巴最新财报显示，三季度AI云业务营收增长34%至398亿元，超市场预期；单季 度资本开支315亿元，同比增长80%。Omdia数据显示，今年上半年阿里云在中国AI云市场份额达 35.8%，远超第二至第四名总和。此外其To C端突破 ...

周度报告——股指期货 市场波动降低，仍需宏观加码 本周全球股市走修复逻辑，主要国家指数均涨超 2%。中国股市 也迎来修复。但行情有三方面超预期，一是修复力度偏弱，上 证指数周度涨幅仅 1.4%，单周未能收涨与 3900 点以上；二是市 场缩量，周五市场成交跌破 18000 亿元，抄底博弈的力量较弱； 三是微盘股涨幅较大，融资余额放量，表明部分投机性资金仍 较为活跃。总体来看，近期地缘因素仍具有较大不确定性，短 期内市场观望情绪较重也属于正常变化，本轮行情是流动性推 动的牛市，在流动性退坡之际，股指或将维持窄幅震荡。建议 关注 12 月即将召开的重磅会议。 ★风险提示： 经济基本面修复不及预期，海外地缘风险加剧。 | [T走ab势le_评R级an：k] 股指：震荡 | 王培丞 高级分析师（股指） | | --- | --- | | 报告日期： 2025 年 11 月 30 日 | [Table_Analyser] 从业资格号： F03093911 [Table_Analyser] | | [★Ta一bl周e_复Su盘mm：aAry股] 修复偏弱 | 投资咨询号： Z0017305 | | 本周（11/24-11 ...

Core Viewpoint - The latest brokerage "golden stocks" for December highlight a focus on sectors such as electronics, power equipment, pharmaceuticals, and food and beverage, with themes like domestic computing power, robotics, and consumer recovery gaining traction [2][9]. Group 1: Market Performance - In November, the A-share market exhibited a volatile pattern, with the Shanghai Composite Index declining by 1.67%, while the ChiNext Index and STAR Market Index fell by 4.23% and 6.24%, respectively [5]. - The top-performing "golden stock" in November was Shanghai Port Bay, recommended by Huatai Securities, which saw a monthly increase of 60.15% [6]. - Other notable performers included BlueFocus Media with a 45.99% increase and Yaxing Integration with a 43.57% rise, both recommended by different brokerages [6]. Group 2: December Golden Stocks - The December golden stock list shows a diverse allocation strategy, with significant attention on electronics, power equipment, pharmaceuticals, and food and beverage sectors [2][9]. - The electronics sector remains the most favored, with companies like Haiguang Information and Huadian Heavy Industries receiving multiple recommendations from different brokerages [11][12]. - In the power equipment sector, companies like Goldwind Technology and Ningde Times are highlighted for their strong order growth and competitive advantages [12]. Group 3: Investment Themes - The focus on robotics is increasing, with companies like Hengli Hydraulic and Kaidi Co. being recommended for their growth potential in the robotics space [16]. - In the pharmaceuticals sector, innovative companies such as Innovent Biologics and Kangfang Biologics are emphasized for their competitive global products [15]. - The consumer sector is also gaining traction, with companies like Midea Group and Alibaba being included in the recommendations due to their attractive dividend yields and growth prospects [14]. Group 4: Market Outlook - Brokerages generally maintain a bullish outlook for the market, expecting it to remain in a bull phase, although short-term fluctuations may occur [3][18]. - Analysts suggest that the market's focus should be on growth sectors, particularly technology and advanced manufacturing, while also considering defensive and consumer stocks in the short term [20][21].

证券研究报告 | 行业周报 gszqdatemark 2025 11 30 年 月 日 计算机 AI 泡沫？ 算法还在革新，DeepSeekMath-V2 发布。1）11 月 27 日 DeepSeek 推 出新型数学推理模型 DeepSeekMath-V2，采用可自我验证的训练框架。该 模型基于 DeepSeek-V3.2-Exp-Base 构建，通过 LLM 验证器自动审查生成 的数学证明，并利用高难度样本持续优化性能。在 IMO 2025 和 CMO 2024 中均达到金牌水平，Putnam 2024 获 118/120 分。为了实现可自验证的数 学推理，DeepSeek 研究了如何训练一个准确且忠实的基于大型语言模型 的定理证明验证器。然后 DeepSeek 以验证器为奖励模型训练一个证明生 成器，并激励生成器在最终定稿前尽可能多地识别和解决自身证明中的问 题。2）谷歌发布的 Gemini 3 Pro 则证明了高质量训练数据对提高模型能 力的重要作用，预训练数据集是一个大规模、多样化的数据集合，涵盖了 广泛的领域和模态，后训练数据集包括不同类型的指令微调数据、强化学 习数据和人类偏好数据。Gemini ...

周天财经 原创出品 在11月下旬，两份重要的财报相继出炉了。阿里和美团从数据层面公布了这场商业竞争和格局变迁的战况，当然，一句话总结，亏损情况都是较为显著 的。 阿里近期公布的Q3财报显示，中国电商集团的经调整EBITA（息税摊销前利润）从去年同期的443亿元，下降至今年的105亿元。美团Q3营收955亿元，经 营亏损141亿元，经调整净亏损为160.1亿元，去年同期经调整净利润128.29亿元。 也就是说，两家在三季度都烧掉了三百多亿资金，考虑到阿里中国电商的营收增长更大，则投入尺度更大，略多于350亿。如果从现金储备维度看，阿里 投入占现金储备占比则较为更低，显现出这场战役的非对称性。 每家公司如何对待账上现金，态度差异还是非常有趣的，比如百度和携程，千亿级别现金，几乎没有太大的烧钱项目，拼多多账上现金也几乎没怎么动 过，AI叙事没有出现。 但淘宝闪购坚定的投入意志，美团坚壁清野的迎战姿态，都凸显出另一片局部市场的活力与高压。 而到了两家财报发布的11月底，外卖到家的市场份额并没有像部分人相信的那样「补贴一停」就自动回到原点，这无疑又戳破了一些市场幻觉。 外卖的格局已经不可能回到从前，平台的战事也不会轻易 ...

Core Insights - The current era is characterized as the age of artificial intelligence, comparable to the time when the steam engine was invented, marking a significant investment opportunity [3][15] - Technological progress is identified as the fundamental driver of wealth growth and societal advancement, despite economic fluctuations and crises [5][16] - The investment strategy of the company has shifted towards focusing on AI-related companies, similar to past successful investments in technology [9][16] AI Era - The AI era is seen as a transformative period, with potential for significant changes in business models and consumer behavior, such as the use of AI agents for everyday tasks [12][22] - Companies like Nvidia and Google are highlighted as key players in the AI space, with substantial investments in research and development [22][23] Investment Strategy - The company has made strategic decisions to invest heavily in AI technologies, reflecting a belief that the same opportunities that existed in previous technological revolutions are present today [9][16] - The importance of long-term investment perspectives is emphasized, suggesting that successful investments require a multi-decade view [10][19] Market Trends - The Nasdaq index has shown significant growth over the past decades, with historical performance indicating that technology-driven markets tend to outperform others [5][18] - Recent trends show increased investment in companies like Google and Alibaba, indicating a shift in market sentiment towards AI and technology stocks [13][14][23] Competitive Landscape - The competitive environment in AI is described as intense, with major companies like Amazon, Google, and Microsoft investing heavily in AI technologies [22] - The potential for monopolistic structures in the AI industry is noted, with a few companies likely to dominate the market and achieve unprecedented valuations [24]

东方港湾创始人兼董事长但斌出席并发表主旨演讲。 但斌在谈到投资谷歌时，表示我们看到今年也是有点不约而同的，大家都投资阿里巴巴，其实在国内来 说当然很多朋友是专家，我自己认为谷歌的TPU，包括它的Gemini，还有它的数据，国内能对标的公司 可能两家，一个是阿里巴巴，一个是字节，腾讯都有点落后了。唯一的如果从TPU、GPU的角度可能也 就是阿里。你可以看到这个季度很多熟悉国内市场的这些投资人都把阿里巴巴加到了（持仓）里面。 来源：新浪证券 11月28日，2025分析师大会举行，专家学者、券商基金私募掌舵人、首席分析师等齐聚一堂，共寻穿越 周期的投资真谛。 AI的竞争很可能是更加垄断的商业模式竞争，其实我们经历的互联网、移动互联网，我们看到的商业 模式越来越集中，而人工智能AI、Agent的实现很可能让全世界被几家公司所控制，他们的市值可能最 后大得不可思议，很可能英伟达市值超过十万亿美金，今天看起来不仅是英伟达（市值）会超过十万亿 美金，很可能谷歌、英伟达会比翼齐飞，达到十万亿美金。 ...

Core Insights - The Alibaba Quark S1 glasses are gaining significant attention in the AR and AI glasses market due to their integration of display, AI models, and voice control capabilities, allowing users to perform various tasks such as payments, music playback, and photography with a notable battery life of 7 hours [1][2] - The current market trend indicates that AR and AI glasses are becoming the second terminal product for users, alongside smartphones, suggesting a shift in consumer behavior towards adopting these devices as essential technology [2][11] - The development of a robust developer ecosystem for AR and AI glasses is hindered by the closed nature of the Android XR operating system, which is not fully open-source, making it challenging for developers to create applications [2][11] Product Features - The Quark S1 glasses feature a detachable design with a battery life of 7 hours and a standby time of 25 hours, catering to user convenience [1] - The glasses are currently integrated with Alibaba's ecosystem, including applications like Tongyi Qianwen, Amap, and NetEase Cloud Music, focusing on a closed-loop ecosystem [1] Market Dynamics - The competition in the AR and AI glasses market is intensifying, with various manufacturers vying for market share, indicating a potential for rapid growth in this sector [2][11] - The lack of a unified operating system among different AR and AI glasses manufacturers is leading to fragmentation, making it difficult for developers to create cross-compatible applications [15][17] Developer Ecosystem - The success of the Quark S1 and similar devices hinges on the establishment of a developer ecosystem, which requires a significant user base to attract developers [11] - The current absence of a dedicated App Store for the Quark S1 limits its potential user engagement and application development [1][11] Future Outlook - The introduction of new operating systems like MentraOS, which aims to provide an open-source platform for AR glasses, could potentially reshape the market by allowing more flexibility for developers and manufacturers [15][17] - The evolution of user interaction with AR and AI glasses is expected to lead to the emergence of new social applications, potentially replacing existing platforms like WeChat [12][13]

#但斌称国内仅阿里字节能对标谷歌# 【但斌：AI热潮刚刚开始，国内对标谷歌的公司可能只有两家】# 但斌称英伟达市值或超10万亿美元# "今天的AI热潮不是泡沫，而是刚刚开始。"近日，在一场公开活动 上，东方港湾董事长但斌发表主题演讲时表示，英伟达的市值很可能超过10万亿美元。不仅如此，谷歌 很可能与英伟达并驾齐驱，共同达到这一量级。"我认为，谷歌的TPU，包括它的Gemini，还有它的数 据，国内能对标的公司我觉得可能有两家，一个是阿里巴巴，一个是字节，甚至腾讯都可能有点落后 了。所以说，你可以看到这个季度很多国内市场的投资人，都把阿里巴巴加到了持仓里面。"但斌说。 （智通财经，泽塔） ho 零节瞬间 4 下载 日. 1.91 ITTITTENTL T 6 @每日经济新闻 ...