Core Insights - Morgan Stanley predicts that 25 humanoid robot companies will dominate the industry, with 7 Chinese companies listed [2][3] - The Chinese companies include Baidu, Alibaba, Horizon Robotics, Junsheng Electronics, iFlytek, Desay SV, and Hesai Technology, focusing on various sectors such as AI, automotive, and electronic manufacturing [3][4] - The report emphasizes the importance of component and module suppliers over traditional humanoid robot manufacturers, highlighting the critical role of companies providing AI chips, visual sensors, precision actuators, and power management chips [3][4] Company and Industry Summary - The 7 Chinese companies identified are significant players in their respective fields, with a focus on AI, automotive intelligence, language recognition, and electronic manufacturing [3] - The absence of companies like Yushun and Zhiyuan in the report raised questions about its professionalism, but Morgan Stanley justified this by focusing on the foundational components essential for the humanoid robot industry [4] - The Chinese market has seen the emergence of nearly 150 humanoid robot startups, indicating a growing interest and investment in this sector, regardless of potential market bubbles [4]

Core Viewpoint - The article discusses the evolving landscape of investment strategies, particularly the tension between growth and value investing, emphasizing the need for a nuanced understanding of these concepts in the context of modern economic changes [6][8][9]. Group 1: Growth vs. Value Investing - James Anderson acknowledges a widening divide between growth and value investing, suggesting that traditional value metrics may not suffice in a changing economic landscape dominated by tech giants like Microsoft and Google [8]. - The article highlights that while growth and value investing appear divergent, they share fundamental principles, such as the importance of honest long-term cash flow estimation and risk awareness [9]. - Anderson emphasizes the need for a longer time perspective and serious company research, valuing patience and governance sensitivity inherent in value investing [9][10]. Group 2: Historical Context and Literature - The article notes a lack of literature supporting growth investing compared to the extensive documentation of value investing, which has a rich tradition and numerous classic texts [11][13]. - It references Benjamin Graham's views on growth stocks, indicating that while he recognized their potential, he also warned of their speculative nature and preferred investing in larger, less popular companies [13][14]. - The article argues that the realities of the past decade have diverged from Graham's observations, with growth stocks outperforming traditional value stocks [15]. Group 3: Future Investment Landscape - The article posits that future returns are highly uncertain, urging a reevaluation of investment beliefs and strategies in light of complex market dynamics [18][30]. - It suggests that understanding structural changes in the global economy is crucial for predicting long-term investment outcomes, rather than focusing solely on short-term financial metrics [33][34]. - The piece warns against relying on historical volatility to forecast future performance, advocating for a mindset open to exploring various possibilities [38][39]. Group 4: Case Studies - The article compares Coca-Cola and Facebook, illustrating how traditional value metrics may misrepresent the potential of high-growth companies [64][69]. - It highlights that Coca-Cola's growth has stagnated, while Facebook has shown significant growth potential, challenging the notion of which company represents true value [66][70]. - The automotive industry is used as a case study, showcasing how different companies within the sector exhibit varying growth and value characteristics, with General Motors and Ferrari serving as contrasting examples [82][88].

据介绍，淘宝闪购"服务分"通过弹性约束和激励，让骑士收入不再因超时受影响，实现多劳多得、优劳 优得，带来骑士安全、履约效率与用户体验的协同提升。 责任编辑：杨赐 近日，在上海、重庆、深圳、福州、南昌、贵阳、哈尔滨、太原、兰州、青岛等城市完成上线后，面向 众包骑士，淘宝闪购超时免罚已覆盖全国直营城市。此前本月初，淘宝闪购取消超时扣款举措扩大覆盖 到60城，新的"服务分"机制以更科学、更温和的正向激励和技术支持牵引骑士服务，获得广泛认可。 新浪科技讯 12月12日下午消息，淘宝闪购超时免罚举措已全面落地。 近日，在上海、重庆、深圳、福州、南昌、贵阳、哈尔滨、太原、兰州、青岛等城市完成上线后，面向 众包骑士，淘宝闪购超时免罚已覆盖全国直营城市。此前本月初，淘宝闪购取消超时扣款举措扩大覆盖 到60城，新的"服务分"机制以更科学、更温和的正向激励和技术支持牵引骑士服务，获得广泛认可。 据介绍，淘宝闪购"服务分"通过弹性约束和激励，让骑士收入不再因超时受影响，实现多劳多得、优劳 优得，带来骑士安全、履约效率与用户体验的协同提升。 责任编辑：杨赐 新浪科技讯 12月12日下午消息，淘宝闪购超时免罚举措已全面落地。 ...

Group 1 - The A-share market indices have all turned positive, with a recovery in the technology sector, particularly in the CPO and storage chip segments, and the software development sector showing a strong performance [1] - Alibaba Group has officially established the Qianwen C-end Business Group, formed by merging the original Intelligent Information and Intelligent Connectivity groups, aiming to create a super app for the AI era [1] - The software industry plays a crucial role in the AI industry chain, providing essential technology support and application implementation in both the midstream technology layer and downstream application layer [1] Group 2 - Citic Securities points out that the Qianwen App is positioned as an all-in-one AI assistant, with the potential to become a core traffic entry point in the AI era, leveraging deep integration with Alibaba's e-commerce and local life ecosystems [2] - The organizational adjustment by Alibaba aims to concentrate resources to break into the C-end market, with Qianwen expected to grow into a new high-frequency super entry point within one to two years [2] - Related products include the ChiNext Software ETF Huaxia (159256), ChiNext 200 ETF Huaxia (159573), and the AI ETF (515070) [2]

千问的崛起和广泛应用，证明了在软件和算法层面，中国已经具备了与硅谷分庭抗礼，甚至在开源生态 上略胜一筹的实力。 撰文丨沸雪 谁也没想到，美股科技七巨头之首的Meta创始人扎克伯格，居然有一天也成为了中国AI模型支持者。 12月10日，彭博社报道称，曾经的全球开源霸主Meta新模型"牛油果"（Avocado）项目，选择蒸馏中国 阿里千问的开源模型。 根据报道，扎克伯格密切关注新组建的TBD实验室团队，他们的"牛油果"模型训练，蒸馏了多方开源模 型，除了谷歌的Gemma、OpenAI的gpt-oss之外，这一次还出乎大家预料地选择了中国科技巨头阿里巴 巴旗下的通义千问。 这也意味着，扎克伯格面对日益强大的中国开源模型，出现了180度的态度转变，此前，扎克伯格多次 呼吁要支持美国模型，然而随着Meta今年Llama4的失败和中国模型的强势崛起，扎克伯格也转投阿里 千问。 那么问题来了，为什么一度被视为"美国优先"的硅谷开源强硬派的小扎，如今也开始选择中国AI大厂作 为自己的模型底座？ 开源开放、全栈AI 开源，应该可以算是这场自2023年打响的AI战争中的最大变量。 曾几何时，Meta凭借Llama系列模型，几乎以 ...

Core Viewpoint - Meta is shifting from an open-source strategy to a closed-source model, marking a significant strategic pivot for the company [11][12][28]. Group 1: New Model Development - Bloomberg reports that Meta is set to release a new model codenamed "Avocado" in spring 2025, which is expected to be closed-source [2][10]. - The closed-source model "Avocado" will utilize AI training from Alibaba's Qwen, indicating a collaboration with third-party models [4][5][10]. Group 2: Market Reaction - Following the news of the collaboration with Alibaba, Alibaba's stock saw a pre-market increase of 4% and closed with a 2.53% gain [6]. Group 3: Strategic Shift - Meta's transition to a closed-source model represents a 180-degree turn from its previous commitment to open-source, which was once considered a core narrative for the company [11][12]. - The shift is seen as a response to the competitive landscape, particularly acknowledging China's advancements in the open-source domain [15]. Group 4: Internal Changes and Leadership - Meta's leadership has undergone significant changes, with the new Chief AI Officer, Alexander Wang, being a strong proponent of closed-source models [21]. - Following the failure of the Llama 4 model, there has been a restructuring within Meta, leading to the marginalization of open-source advocates and a focus on closed-source initiatives [28][30]. Group 5: Talent Acquisition - Meta has invested heavily in acquiring top talent for its AI initiatives, with reports of salaries reaching up to hundreds of millions and personal outreach from CEO Mark Zuckerberg to recruit key researchers [23][25][27]. - The newly formed TBD Lab, which is central to Meta's AI strategy, has been closely monitored by Zuckerberg, indicating a hands-on approach to the new direction [32][33].

小雷想先问大家一个问题：你们平时都是怎么网购的？以小雷自己来说，我是属于简约派的，习惯直接在京东搜索然后挑个价格合适且顺眼的直接下单。虽 然这样的流程简单快捷，但是也基本上与"最实惠"的选择绝缘了。 当然也有像小雷的朋友那样，搜索后耐心翻页、对比、凑单、领券，最后再下单，有时候还会用到慢慢买之类的价格软件，看看是否最低价，上一次打折是 什么时候，这套流程虽然可以确保买到最优惠的商品，却也是相当的麻烦。 那么是否存在既可以省事，又可以省钱的"购物方法"呢？以前可能没有，但是现在有了，那就是让AI代劳。 AI厂商集体下场：从"导购"到"帮购" 前段时间，豆包发布了旗下第一款AI手机，内置的手机助手就具备购物功能，用户只需要说一句"帮我全网比价并下单xxx"，AI就会在后台自动打开淘宝、 京东、拼多多等多个App，完成同款搜寻、价格与规格对比、自动领券，最后帮你选中最便宜的一家，直接停在下单页，你只需要点一下确认。 图源：豆包 要说还有什么缺点，那就是AI还需要用户圈定商品，而且在对比时也是以那款商品为主，不会关注其他品牌是否有更值得购买的产品。但是也已经省下了 许多时间，特别是在买日常用品时，品牌和商品规格大多时 ...

新浪科技讯 12月12日上午消息，视频博主"影视飓风"团队表示，已入驻B2B出海平台阿里国际站，全面 应用AI来开拓海外市场。 据介绍，影视飓风团队使用了阿里国际站平台上的多个AI Agent，把商品信息一键翻译、生成适配海外 市场的多语言产品介绍和视频，快速把海外店铺开起来。其店铺里的主营商品为T恤、连帽衫、运动 服、配饰，与国内电商售卖的一致。同时，影视飓风在接待海外客户时，也大量使用了平台的AI Agent 辅助接待。 责任编辑：杨赐 新浪科技讯 12月12日上午消息，视频博主"影视飓风"团队表示，已入驻B2B出海平台阿里国际站，全面 应用AI来开拓海外市场。 据介绍，影视飓风团队使用了阿里国际站平台上的多个AI Agent，把商品信息一键翻译、生成适配海外 市场的多语言产品介绍和视频，快速把海外店铺开起来。其店铺里的主营商品为T恤、连帽衫、运动 服、配饰，与国内电商售卖的一致。同时，影视飓风在接待海外客户时，也大量使用了平台的AI Agent 辅助接待。 据悉，目前影视飓风团队已收到30多国客户发来的合作意向。 责任编辑：杨赐 据悉，目前影视飓风团队已收到30多国客户发来的合作意向。 ...

值得关注的是，香港大盘30ETF（520560）近5日连续吸金，合计金额3973万元，拉长时间来看，近20 日累计吸金1.14亿元，反映资金看好港股后市表现，积极运用哑铃策略进行布局！ 成份股方面，百胜中国领涨近3%，农夫山泉、小米集团、联想集团涨逾2%，美团、安踏体育、理想汽 车、中国人寿等个股跟涨。 今日（12月12日）港股全线反攻！港股三大指数携手涨超1%，自带"科技+红利"哑铃策略的——香港大 盘30ETF（520560）场内价格现涨1.07%，盘中收复5日均线。 四季度以来，主要受外盘不确定性及美联储降息预期反复的影响，港股市场整体出现一定波动。 业内人士指出，整体而言，当前港股处于较为适宜的布局窗口。港股近期的调整更多受流动性预期、短 期情绪与阶段性资金行为影响，基本面并未发生显著变化。阶段性调整之后，港股估值在全球主要股指 中仍具吸引力，配置价值显现。当前是关注港股，尤其是估值合理且具备长期成长逻辑领域的较好时 机。 机构普遍认为，港股市场结构性机会突出，科技、红利方向均有机会： 港股科技方面，小米17 Ultra被曝将推出特别版机型 Deco自带变焦环，小米汽车即将推出3款重磅新 车。港股科技 ...

Core Viewpoint - The Nasdaq China Golden Dragon Index has seen a decline, with major Chinese concept stocks experiencing significant drops in their share prices [1] Group 1: Index Performance - The Nasdaq China Golden Dragon Index's decline has expanded to 1% [1] Group 2: Individual Stock Performance - BOSS Zhipin has decreased by 4.45% [1] - Kingsoft Cloud has fallen by 3.89% [1] - Alibaba's stock price has dropped by 3.16% [1] - Pinduoduo has seen a decline of 3.2% [1] - Bilibili has decreased by 2.92% [1]