Macro Dynamics - The Ministry of Commerce and five other departments issued the "Action Plan for Promoting High-Quality Development of Service Outsourcing," aiming to cultivate a group of internationally competitive leading service outsourcing enterprises by 2030 [2] - The plan emphasizes the digitalization, intelligence, greening, and integration of service outsourcing, with a significant increase in employment [2] Steel Industry - As of early December, the steel inventory of key steel enterprises reached 14.75 million tons, a year-to-date increase of 19.2% [3] Fixed Asset Investment - From January to November, national fixed asset investment (excluding rural households) totaled 4.44035 trillion yuan, a year-on-year decrease of 2.6% [4] Financial Institutions - CITIC Bank clarified that it has never cooperated with "KOO Wallet" and warned against fraudulent activities using its name [5] - ICBC announced adjustments to its management of personal precious metal trading business, urging clients to withdraw funds from accounts with no positions or debts [6] Market Data - On December 15, A-shares saw a collective decline, with the Shanghai Composite Index down 0.55% and the ChiNext Index down 1.77%, with a total market turnover of approximately 1.773439 trillion yuan [8] - Hong Kong stocks also fell, with the Hang Seng Index down 1.34% and the Hang Seng Tech Index down 2.48% [9] Company Dynamics - Muxi Co., Ltd. announced that its stock will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, and will be classified as a growth tier company due to its current unprofitability [10] - Cambrian Technology plans to use 2.778 billion yuan from its capital reserve to offset accumulated losses [11] - Unisoc's board approved the establishment of a Central Research Institute focusing on AI chip architecture and other advanced technologies [12] - Tongrentang announced legal action against a company for unauthorized use of its name on a product with allegedly false labeling [13] - Baina Qiancheng is planning a major asset restructuring and will suspend its stock trading starting December 16, 2025 [14]

据悉，后续，阿里达摩院将联合浙大一院在全国范围内推广iAorta模型。 （文章来源：新华财经） 据介绍，iAorta是阿里达摩院基于在"平扫CT+AI"方面的领先技术，联合浙江大学医学院附属第一医院 （下简称"浙大一院"）历时三年多研发出的AI模型，攻克了急性主动脉综合征（AAS）的漏诊、误诊频 发的国际难题。在20万人的大规模临床试验中，iAorta模型的敏感性和特异性分别达到95.5%和99.4%， 可将AAS的漏诊率从48.8%显著降低至4.8%，平均确诊时间从4.3小时缩短至1.7小时。 相关专家表示，该AI模型所需检查手段仅为常规平扫CT，偏远地区和基层医院无需额外采购设备即可 部署，具有重大的医疗普惠意义。 新华财经北京12月15日电 记者从阿里获悉，近日，工业和信息化部、国家药品监督管理局联合组织的 2025年人工智能医疗器械创新任务揭榜挂帅入围单位公布，阿里达摩院牵头研发的"急性主动脉综合征 CT图像智能辅助分诊软件"iAorta成功入选。该AI模型已在全国十余家医院落地，帮助减少急性主动脉 综合征的漏诊、误诊。 ...

12月15日，今天A股表现较弱，下方支撑依然是120日均线。有人担心股市复刻2015-2016的走势，我认为这是"杞人忧天"，属于"刻舟求剑"的谬误观点。 这一轮牛市上涨的核心逻辑是中国资产的价值重估，DeepSeek让世界认识到了中国企业的研发实力强大。中国有世界一流的科技企业，却有第三世界国家 的估值水平，投资人要对中国经济和股市有信心，要坚定看多唱多，不仅是保持正能量、乐观的心态，而是要相信中国必将在未来成为世界经济的领军力 量。 若能坚定以上信念，那么本轮牛市中的每一波下跌，都将是我们的财富机遇。 若确信中国经济和股市将在未来十年或者二十年蒸蒸日上，那么我们可以采取一种匹配该预期的投资方式。择股和择时我说很多遍了。 那么今天，我来谈一种基于仓位管理的投资策略。做法很简单，我称之为"半仓持股法"。即永远持有半仓。比如你用50%的现金买入A股票，同时保留50% 的现金。若A股票下跌下跌20%，此时你A股市值和现金比重为4:6（非严谨计算），那么此时你可以拿出现金，重新让市值和现金的比例回到1:1。 这个持仓配置非常适合那些：长期经营稳定，但短期来看，企业股价波动率较大的股票。 该投资策略来自计算机之父香农 ...

千问把PPT制作、写作润色、翻译、拍题答疑和资料检索等高频需求以免费方式提供，被不少学生 视为"把好几个会员合在一起"。也有用户在小红书评论称，省下的订阅费用"算下来够一台iPad了"。 大学生对千问的用法各式各样。四六级考试结束后，有人在小红书发帖称，自己用千问App押中了 作文题目。除了备考，论文场景也被频繁提起：不少学生把它当成"格式克星"，能直接套用内置的近千 所高校论文模板，把原本最耗时间的页眉页脚、目录、参考文献样式调整压缩到几分钟内完成。 这股热度背后，是学生对"会员墙"的集体疲劳。过去一年，写作、翻译、资料检索、PPT生成等学 习类AI工具密集上线，但多数产品把核心能力切成碎片、再用订阅逐层解锁，用户不得不在多个App之 间拼凑工作流。 近日，阿里巴巴旗下千问App宣布将学习、文档等核心能力向用户免费开放，这一举措很快在高校 学生群体中引发关注。多名学生在社交平台分享称，如果将PPT制作、资料下载、翻译、文档写作等常 用工具的订阅费用叠加计算，千问的免费策略一年可以帮他们省下最高2000元的会员开支。 | 阿里千问 免费功能 | AI PPT | Al 写作 | Al 文库 | Al 讲题 | ...

Core Viewpoint - The article emphasizes the importance of controlling drawdowns in investment funds to achieve long-term success, suggesting that lower volatility often correlates with higher returns [4][7][17]. Fund Performance Analysis - From January 1, 2020, to November 20, 2025, the median return of Chinese equity mutual funds was approximately 44.78%, with an annualized compound return of about 6.45% and a median drawdown of 45.12% [5][6]. - Funds with severe drawdowns (60-80%) accounted for 12.53% of the total, with an average return of 26.8%. In contrast, funds with smaller drawdowns (15-30%) represented 10.25% and achieved an average return of 72.25% [6][7]. - The data indicates that 81.28% of funds experienced drawdowns greater than 30%, with over 50.38% facing drawdowns exceeding 45% [6]. Drawdown and Return Relationship - There is an inverse relationship between drawdown magnitude and average return; larger drawdowns lead to lower average returns. For instance, a drawdown of over 30% requires a rebound of 43% to break even [7][8]. - Funds with drawdowns between 15% and 30% achieved the highest average returns, while those with minimal drawdowns (0-15%) had lower average returns [7]. Investor Behavior and Market Dynamics - Investors often struggle to profit from highly volatile funds due to emotional reactions, leading to premature buying and selling decisions [8][10]. - The case of "Wooden Sister" (Cathie Wood) illustrates how significant volatility can lead to substantial losses for latecomers who buy at market peaks [8][10]. Investment Philosophy - The article draws parallels between investment strategies and philosophical teachings from "Tao Te Ching," advocating for moderation and the avoidance of excessive greed [17][20]. - It highlights that enduring volatility is essential for long-term investment success, as evidenced by successful investment firms that manage to withstand significant drawdowns [15][16]. Conclusion - The key takeaway is that achieving a balance between risk and return is crucial in investment, and understanding the costs associated with pursuing higher returns is essential for long-term success [22][23].

IT之家 12 月 15 日消息，抖音电商今日发布关于升级"违规蹭热不当获利"内容治理规范的公告。 公告称，极个别账号试图利用互联网平台，在热点事件，或在关乎国计民生的重要领域，以所谓"打假""测评""揭黑"等为名，在缺乏科学分析、缜密研判甚 至事实依据的前提下，通过发布不实信息蹭热、炒作，或批量发布同质低质内容，借此引发各方关注，使其账号快速涨粉，最终通过电商销售等形式不当获 利，影响恶劣。 针对这一现象，抖音在 2024、2025 年，先后发布了《关于更新"违规蹭热不当获利"内容治理规范的公告》《抖音社区热点信息和账号治理规则（试行）》 以及《抖音电商社区运营规范》。上述"规则"与"规范"均明确表示：针对引发争议热点当事人暂停商业变现功能；以及不得以所谓"揭黑""揭秘"为噱头，发 布虚假营销信息诋毁行业、商户或商品，随后在上述领域进行实物、知识付费（课程）等商品销售，不当获利。 2、打假、测评他人内容、商品时，应避免在相同行业售卖同类商品或相关知识付费课程： 为了更好治理以"打假""测评""揭黑"等为名，故意蹭热引发争议后不当获利的账号，营造清朗的网络空间。近日，抖音电商再次更新与升级了治理相关内容 和行 ...

每经AI快讯，12月15日，恒生科技指数扩大跌幅，最新下跌2.1%，报5522.59点。阿里巴巴股价下跌 3.4%，百度下跌4.9% ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [34]. Core Insights - Alibaba has established the "Qianwen C-end Business Group" to develop an AI super app, aiming to enhance its AI to consumer (AI to C) strategy and create a comprehensive AI assistant for users [10][12]. - OpenAI has released the GPT-5.2 model, which is optimized for professional applications, marking a shift towards specialized capabilities in the AI model competition [13][14]. - The U.S. government has allowed NVIDIA to sell its H200 AI chips to China, signaling a shift in export policy towards conditional release rather than outright restrictions [17][18]. Summary by Sections Investment Recommendations - It is advised to focus on companies related to the Qianwen and domestic computing power supply chain, including Data Port, Qianfang Technology, Guangyun Technology, Boyan Technology, Shiji Information, Zhongke Shuguang, Haiguang Information, Inspur Information, Horizon Robotics, and Black Sesame Intelligence [3]. Industry News - Alibaba's Qianwen C-end Business Group aims to integrate various consumer-facing services into a single AI super app, enhancing user engagement and accessibility [10][12]. - OpenAI's GPT-5.2 model has set new benchmarks in various professional tasks, indicating a competitive landscape in AI development [14][16]. - The U.S. has permitted NVIDIA to export H200 chips to China, which are crucial for AI model training, reflecting a strategic adjustment in technology export policies [17][18]. Company Dynamics - The establishment of the Qianwen C-end Business Group by Alibaba represents a significant organizational shift aimed at enhancing its AI capabilities and market presence [12]. - OpenAI's rapid iteration of its models, including the recent release of GPT-5.2, highlights the intense competition in the AI sector and the need for continuous innovation [14][16]. - The policy change regarding the export of H200 chips is expected to alleviate some high-end computing power shortages in China, while also emphasizing the importance of domestic advancements in chip technology [18].

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [44]. Core Insights - The media sector has shown resilience, with a 0.26% increase in the media index, outperforming the Shanghai and Shenzhen 300 index by 0.33% [8][6]. - Disney's partnership with OpenAI marks a significant shift towards AI-driven content creation, with a $1 billion investment aimed at integrating AI into its media operations [29][30]. - The gaming market remains strong, with Tencent's products dominating the iOS game sales charts, indicating robust consumer engagement [16][18]. - The film market is recovering, with total box office revenue reaching 448.68 billion yuan, approximately 79% of the 2019 levels, showcasing a steady recovery in audience attendance [21][24]. Market Performance Review - The media index increased by 0.26% last week, while the Shanghai and Shenzhen 300 index decreased by 0.08%, placing the media sector 8th among all sectors [8][6]. - The gaming market continues to thrive, with top titles like "Honor of Kings" and "Delta Force" maintaining strong sales positions [16][17]. - The film market's total box office for 2025 has reached 448.68 billion yuan, with a recovery rate of approximately 79% compared to 2019 [21][24]. Industry News and Company Announcements - Disney's strategic partnership with OpenAI is expected to reshape content creation in the media industry, leveraging AI for enhanced storytelling [29][30]. - The upcoming release of "Avatar 3" has generated significant pre-sale interest, with ticket sales exceeding 11 million yuan, positively impacting related stock prices [29]. - The gaming title "Ningchao" won the "Player's Voice" award at TGA, highlighting the growing recognition of Chinese games in the global market [30].

最近，一直很低调的阿里主席蔡崇信，在香港大学做了一场演讲，台下座无虚席。 他在演讲中聊了很多，关于AI、关于阿里、关于中美博弈。 今天是周六，我最想和你聊的，是他关于普通人如何做选择的观点。 他大概意思是说，真正好的选择，是你能承受它的下限，却看不到它的上限。 什么意思？ 用他的亲身经历解释就是，他当初放弃投行副总裁的职位，放弃百万年薪，去杭州加入阿里，只拿500 块钱的月薪，那是因为他算清了一笔账。 他觉得，自己加入阿里，即使什么事都没做成，失败了，那顶多不过是回到原点，风险有限且清晰。 但是，如果一旦成了，那带来的收益却是无限的，那一定是一家足以改变未来的大企业。 看完这个，我感受颇深。我也是个老阿里人了，趁着这个机会，和你谈谈我的几点思考。 做最坏的打算，尽最大的努力 人在做重大选择时，往往很容易被未知和不确定性吓住。 我们想改变，可是又怕失败。想尝试新的行业、新的赛道，却担心职业前景不理想。 而大部分普通人的问题就在于，他只幻想最好的结果，却回避思考最坏的可能。 结果就是，他心里没底，每走一步，都心惊胆战。 我经常跟团队小伙伴说，所谓"all in"，不是莽撞，而是我知道代价，我能承受后果，所以我能毫 ...