Core Insights - Shenzhen has produced a number of globally impactful companies, showcasing a shift from "Made in China" to "Created in China" [2] - The 45th anniversary of Shenzhen Special Economic Zone marks a significant milestone in its rapid modernization and brand development [2][3] - The "Shenzhen Brand Development White Paper (1980-2025)" outlines the evolution of Shenzhen's brands and their internal logic and success factors [3][5] Group 1: Brand Evolution - Shenzhen's brand journey reflects a transition from manufacturing to innovation, with key phases including the emergence of local brands in the 1980s and 1990s, and the rise of autonomous brands in the early 2000s [7][10] - The current phase is characterized by cluster upgrades, with companies like Tencent, BYD, and DJI leading in various sectors [8][10] - As of now, Shenzhen has cultivated 1,220 notable local brands, including 13 billion-level brands and 7 trillion-level brands, with Tencent, Ping An, and Huawei each exceeding a brand value of 490 billion [10][11] Group 2: Economic Contributions - The 1,220 notable brands contribute 47.97% of the city's sales, 42.05% of tax revenue, and 32.87% of exports, serving as the backbone of Shenzhen's high-quality economic development [11] - These brands span critical sectors such as electronics, renewable energy, biomedicine, high-end equipment, financial services, and digital economy, forming a robust industrial structure [11] Group 3: Brand Development Factors - Shenzhen's brand success is attributed to a unique ecosystem supported by policy innovation, technological advancement, and collaborative industrial frameworks [15][16][19] - The government has played a crucial role in creating a conducive environment for brand growth through targeted policies and regulatory frameworks [16] - Innovation drives brand competitiveness, with companies investing over 10% of their annual revenue in R&D, fostering a comprehensive innovation ecosystem [17] Group 4: Global Expansion and Responsibility - Shenzhen brands have established clear pathways for international expansion, evolving from processing trade to localized operations and global standardization [20] - Social responsibility is ingrained in the corporate strategy, enhancing brand value and sustainability through practices like tax compliance and community support [21] Group 5: Future Outlook - The release of the white paper is a significant step in documenting Shenzhen's brand journey and providing strategic guidance for future brand development [31] - Shenzhen's brands are expected to continue thriving in emerging sectors like digital and low-altitude economies, contributing to the global narrative of Chinese brands [33][34]

Core Viewpoint - ZTE Corporation's stock increased by 1.18% to 37.71 CNY per share, with a trading volume of 765 million CNY and a turnover rate of 0.50%, resulting in a total market capitalization of 180.39 billion CNY [1] Group 1: Company Overview - ZTE Corporation is located in Nanshan, Shenzhen, Guangdong Province, and was established on November 11, 1997, with its listing date on November 18, 1997 [1] - The company's main business involves investment and the sale of electronic and communication equipment components, with revenue composition as follows: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2: Fund Holdings - BlackRock's fund holds a significant position in ZTE Corporation, specifically the BlackRock Pu Yue Feng Li Mixed A Fund (016678), which held 8,000 shares in the third quarter, accounting for 0.61% of the fund's net value, making it the sixth-largest holding [2] - The BlackRock Pu Yue Feng Li Mixed A Fund was established on November 23, 2022, with a latest scale of 14.21 million CNY, and has achieved a year-to-date return of 3.09% [2] Group 3: Fund Manager Performance - The fund manager Wang Yang has been in position for 3 years and 35 days, managing assets totaling 2.04 billion CNY, with the best fund return during his tenure being 5.61% and the worst being -0.6% [3] - Co-manager Liu Xin has been in position for 2 years and 295 days, managing assets of 1.8 billion CNY, with the best fund return during his tenure being 7.09% and the worst also being -0.6% [3]

当你的手机屏幕第一次在无人操控的情况下自动跳转，各大应用被《钢铁侠》中"贾维斯"一样的 AI Agent（智能体）用无形之手打开、滑动、点击，这种既令人兴奋又让人不安的感觉，或将成 为2026年手机行业新变局的"背景色"。 2025年以来，随着豆包与中兴通讯合作的豆包AI手机（努比亚M153）横空出世，各大手机厂商 和AI大模型厂商纷纷"集结兵力"，加速了AI Agent手机的研发和落地进度。 尽管AI Agent手机是手机厂商和大模型厂商共同的"目的地"，但不同企业的路径不同，可以将其 分为以豆包AI手机为代表的"激进派"和以华为等厂商为代表的"稳健派"。苏商银行特约研究员付 一夫向记者表示，豆包AI手机被视为"激进派"，因其采取高权限集成模式，直接调用系统底层功 能，这触及了传统App的生态边界。而华为等手机厂商更加稳健，通过操作系统级API接口实现 跨应用协作，更符合现有开发规范。 "vivo、华为等头部手机厂商去年出货量超过4000万部，任何系统级改动都意味着亿元级别的合 规等费用，ROI（投资回报率）倒逼它们把AI做成'功能'而非'底座'。而中兴手机全球市场份额约 3%，边际风险低，反而愿意用系统权 ...

来源：证券时报 作者：许盈 | | 券商金股组合2025年收益排名 | | | --- | --- | --- | | | (截至12月29日) | | | 排名 | 存商 | 累计收益率 | | 1 | 国元证券月度金股 | 83.73% | | 2 | 东北证券月度金股 | 67.47% | | 3 | 开源证券月度金股 | 67.00% | | ব | 东兴证券月度金股 | 61.53% | | 5 | 华鑫证券月度金股 | 60.67% | | 6 | 招商证券月度金股 | 60.31% | | 7 | 光大证券月度金股 | 55.50% | | 8 | 东莞证券月度金股 | 51.82% | | ਰੇ | 国泰海通月度金股 | 51.62% | | 10 | 长城证券月度金股 | 50.95% | 证券时报记者 许盈 每市APP显示，截至12月29日收盘，共有10家券商推荐的金股组合年内录得了超过50%（收益率计算规 则：将券商推荐的月度金股等权编制成指数，每月调仓）的收益率。 具体来看，来自国元证券的金股组合收益率最高，为83.73%；东北证券、开源证券的金股组合以 67.47%、67%的收益率分 ...

Core Viewpoint - The emergence of AI Agent smartphones is anticipated to revolutionize the mobile industry by 2026, with significant developments from various manufacturers and AI model companies, although challenges remain in compliance, cost, and value [1][10]. Group 1: Industry Developments - The collaboration between Doubao and ZTE has led to the introduction of the Doubao AI smartphone, marking a significant step in AI Agent smartphone development [1]. - Major companies like ByteDance are reportedly pursuing partnerships with leading hardware manufacturers such as Vivo and Lenovo to advance AI smartphone initiatives [3]. - The "Big Model Six Little Tigers," including Zhipu, are contributing to the AI Agent smartphone landscape, with Zhipu's AutoGLM model being a notable development [3]. Group 2: Diverging Paths - The industry is witnessing two distinct approaches: the "radical faction," represented by Doubao AI smartphones, which integrates high-level permissions, and the "conservative faction," represented by companies like Huawei, which opts for a more cautious approach through API interfaces [4]. - Major smartphone manufacturers like Vivo and Huawei, which had over 40 million units shipped last year, face significant compliance costs for system-level changes, influencing their strategy to treat AI as a feature rather than a foundational element [4]. Group 3: Challenges and Concerns - The development of AI Agent smartphones raises concerns regarding user privacy and security, particularly as applications like WeChat and Taobao have begun to block access to Doubao's AI assistant due to potential risks [6][7]. - The relationship between permissions and intelligence is described as a "seesaw," where increased permissions for AI can enhance functionality but also pose privacy threats, leading to cautious authorization from app and phone manufacturers [7][8]. - To address these challenges, industry experts suggest the need for advancements in privacy computing and regulatory frameworks to establish clear guidelines for AI usage [8]. Group 4: Future Outlook - The year 2026 is projected to be a pivotal moment for AI Agent smartphones, contingent on achieving specific technological benchmarks, including processing power and cost reductions [10]. - The successful mass production of AI smartphones will depend on overcoming three key hurdles: compliance with regulatory standards, managing production costs, and demonstrating compelling user value [10].

证券时报记者 许盈 2025年收官在即，券商金股也在一波三折的年度长阳行情中脱颖而出。 数据显示，截至12月29日，今年有10家券商的金股组合取得了超过50%的亮眼收益。提早在低位挖掘相关个股并 持续向市场推荐，是不少券商斩获超额战绩的秘诀。比如，某券商自低位起连续4个月推荐新易盛，完整地吃到了 该股超4倍的涨幅。 值得一提的是，腾讯控股以每月获7家左右券商推荐的超高人气，荣登年度最热门金股。 10家券商金股收益率超50% 每市APP显示，截至12月29日收盘，共有10家券商推荐的金股组合年内录得了超过50%（收益率计算规则：将券商 推荐的月度金股等权编制成指数，每月调仓）的收益率。 具体来看，来自国元证券的金股组合收益率最高，为83.73%；东北证券、开源证券的金股组合以67.47%、67%的 收益率分列第二、三名；东兴证券、华鑫证券、招商证券的金股组合也都取得了超过60%的收益率。此外，光大 证券、东莞证券、国泰海通、长城证券的金股组合，收益率均在50%以上。 近几年，经过加码发展，券商金股已成为多家券商研究所一项成熟的金牌业务——以每月一期（通常为10只股 票），展示券商最为看好的标的。作为券商月度策略 ...

Core Viewpoint - The emergence of AI Agent smartphones is expected to revolutionize the mobile industry by 2026, driven by advancements in AI technology and collaborations between smartphone manufacturers and AI model developers [2][3]. Group 1: Industry Trends - The AI Agent smartphone is seen as a ticket to a new era in mobile technology, especially as traditional smartphone sales stagnate [3]. - Major companies like ByteDance are reportedly collaborating with leading hardware manufacturers such as Vivo and Lenovo to develop AI smartphones [3]. - The "Big Model Six Little Tigers," including Zhiyu, are accelerating the development of AI Agent smartphones, with Zhiyu announcing the open-sourcing of its AutoGLM model, which can autonomously operate smartphones [3][4]. Group 2: Development Paths - The industry is divided into two distinct paths: the "radical faction," represented by Doubao AI smartphones, which integrates high-level permissions to access system functions, and the "conservative faction," represented by companies like Huawei, which uses API interfaces for cross-application collaboration [4][5]. - Companies like ZTE are more willing to explore aggressive strategies due to their lower market share, while larger firms face significant compliance costs with any system-level changes [5]. Group 3: Challenges and Concerns - The development of AI Agent smartphones raises concerns about user privacy and security, as the technology requires extensive permissions that could be exploited by malicious software [6][7]. - Major applications, including WeChat and banking apps, have begun to block access to Doubao AI smartphones due to security concerns, highlighting the tension between innovation and risk management [6][7]. - The industry faces three major hurdles before AI Agent smartphones can achieve mass production: compliance with regulations, cost management, and demonstrating clear value to consumers [9][10].

Group 1 - The article discusses the impact of the Trump administration's restrictions on Huawei and ZTE, indicating that these measures were just the beginning of a broader strategy against Chinese technology firms [1] - The author, Otaviano Canuto, has extensive experience in international finance and economics, having held significant positions at institutions like the World Bank and the International Monetary Fund [1] Group 2 - No relevant content available for this section [2][3]

随着AI大模型快速发展，从基础设施到上层应用的演进正成为新一轮科技竞争的关键。 一种行业观点认为，基座大模型的数量未来将持续收敛至个位数左右，但围绕千行百业将衍生出诸多更 为丰富的垂域模型与应用，那也将是本轮AI浪潮真正引发技术变革的关键所在。 其中，物理AI成为一种重要关注窗口，正加速推进具身智能、自动驾驶等领域演进，有望深刻改变未 来社会的运行方式。但技术路线仍存分歧，法律、合规与伦理等软性基础尚在夯实。而进入"Agent元 年"，让AI技术真正触及实体经济的"深水区"，仍有挑战需要克服。 中兴通讯首席发展官崔丽接受21世纪经济报道记者专访时，深入分析了物理AI的技术路线走向。据她 观察，一些具体行业已经在真正借力AI，率先完成价值闭环。 物理AI之辩 2025年初，Sora的横空出世因其高度还原物理世界的视频生成能力，引发关于"世界模型"的广泛讨论， 也让物理AI的两条核心路线——世界模型与 VLA（视觉语言模型）的竞争浮出水面。 崔丽对记者分析道，Sora等模型的爆发，标志着AI正从单纯的"预测者"向"模拟者"进化，是从"数据驱 动"到"模型仿真驱动"到"物理对齐"到"通用模拟"的范式转移，也是AI落 ...

Core Insights - The emergence of DeepSeek in 2025 is seen as a pivotal moment in the global competition of large AI models, indicating a shift in the industry dynamics from open-source to closed-source models [1] - The current landscape of AI models is evolving into a "three-pole" competition, where open-source models are challenging the traditional closed-source business model [4] Group 1: Industry Dynamics - Meta's transition from open-source to closed-source models is a strategic response to capital efficiency and competitive pressures, marking a significant shift in the AI landscape [2][3] - The initial success of Meta's Llama series in creating an open-source ecosystem is now facing challenges due to rising costs of model training, which have exceeded $10 billion [3] - The competition is no longer solely about which model ranks highest but is shifting towards integration and distribution of AI services [1][4] Group 2: Model Classification - The "three-pole" structure consists of: 1. High-end closed-source models from the U.S., exemplified by GPT-5 and Gemin3, focusing on enterprise applications and security [4] 2. Chinese open-source models, such as DeepSeek-V3, which aim to optimize algorithms and reduce training costs significantly [5] 3. Domain-specific Agentic AI, which targets niche applications and value extraction [5] Group 3: Future of AI Development - The evolution of AI is moving from General AI (AGI) to Super AI (ASI), emphasizing objective optimization over human-like imitation [6] - ASI is defined as intelligence that surpasses human capabilities in scientific and mathematical domains, shifting the focus to quantifiable engineering challenges [6] Group 4: Infrastructure Challenges - The future of computing power is not merely about increasing GPU numbers but enhancing communication efficiency and system reliability [9] - The dual challenges of "memory wall" and "communication wall" are critical bottlenecks in AI model training, necessitating advanced techniques like pipeline and tensor parallelism [8] Group 5: Financial Considerations - Concerns about an "AI bubble" are rising, with comparisons to the 2000 internet bubble, though current AI applications show substantial revenue growth and established cash flows among major players [13] - The financial landscape is marked by a potential $600 billion revenue gap and risks associated with debt financing and valuation bubbles [14][15]