专题：2025分析师大会：资本市场"奥斯卡"启幕 责任编辑：张恒星 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 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。 东方港湾创始人兼董事长但斌出席并发表主旨演讲。但斌谈到，今年东方港湾的投资做了一个方向的选 择，前两年英伟达一直是我们（东方港湾）的第一大重仓，今年年初的时候我们很多人认为谷歌受AI 影响，它的估值一直比较低，但是我们的研究团队发现AI对谷歌业务是推动的作用，并没有影响它， 所以我们把谷歌加到第二大重仓股。最近这段时间大家看到了美国的"老登"，包括巴菲特的伯克希尔、 包括索罗斯、包括美国几个很重要的投资人、包括段永平先生、包括景林，都不约而同的加仓了谷歌。 其实，伯克希尔的加仓非常重要！无论我们在中国怎样去喊"千万不要错失一个伟大的时代"，但这个声 音比较"小"，但伯克希尔（加仓谷歌的举动）相当于一个和尚拿着一个很粗的钟撞了一下，告知了全世 界。而且我特别期待的是，这个季度伯克希尔在谷歌上的投资是像（投资）苹果一样不断增加，比如说 从1%到5%、到10% ...

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。 东方港湾创始人兼董事长但斌出席并发表主旨演讲。但斌谈到，今年东方港湾的投资做了一个方向的选 择，前两年英伟达一直是我们（东方港湾）的第一大重仓，今年年初的时候我们很多人认为谷歌受AI 影响，它的估值一直比较低，但是我们的研究团队发现AI对谷歌业务是推动的作用，并没有影响它， 所以我们把谷歌加到第二大重仓股。最近这段时间大家看到了美国的"老登"，包括巴菲特的伯克希尔、 包括索罗斯、包括美国几个很重要的投资人、包括段永平先生、包括景林，都不约而同的加仓了谷歌。 其实，伯克希尔的加仓非常重要！无论我们在中国怎样去喊"千万不要错失一个伟大的时代"，但这个声 音比较"小"，但伯克希尔（加仓谷歌的举动）相当于一个和尚拿着一个很粗的钟撞了一下，告知了全世 界。而且我特别期待的是，这个季度伯克希尔在谷歌上的投资是像（投资）苹果一样不断增加，比如说 从1%到5%、到10%、或是到50%，特别期待明年的1月中旬或者中下旬我们能看到伯克希尔在谷歌上的 （投资）是不是类似于（投资）苹果这样一种变化，如 ...

Core Insights - Alphabet Inc. (GOOG, GOOGL) has been experiencing strong momentum with a series of positive developments over recent months [1] Company Overview - The company is viewed favorably by shareholders, with one individual noting an average entry price of $185 per share [1] - The focus is on identifying GARP (Growth At a Reasonable Price) and turnaround stocks, emphasizing the importance of valuation in stock selection [1] Investment Strategy - The investment strategy is centered around stocks that present limited downside risk and significant upside potential [1] - The portfolio manager has a background in business studies across multiple countries, indicating a diverse educational foundation [1] Market Position - The company is highlighted as a popular choice among investors, with the portfolio manager being recognized as a Popular Investor on the eToro platform [1]

Core Insights - Alphabet Inc. (GOOG, GOOGL) has experienced significant positive momentum recently, driven by a series of favorable developments [1] Group 1: Company Performance - The company has been highlighted as a potential GARP (Growth At a Reasonable Price) investment, indicating a focus on stocks that offer growth potential without excessive valuation [1] - The average entry price for shareholders is noted at $185 per share, suggesting a strong interest in maintaining a favorable investment position [1] Group 2: Analyst Background - The article is authored by a professional portfolio manager with extensive experience in investment funds, indicating a level of expertise in stock analysis [1] - The author has a publicly available portfolio on eToro, showcasing transparency in investment opinions and decisions [1]

Core Insights - The article discusses the unconventional methods used by AI startups, particularly the practice of pretending to be AI through human labor, highlighting the blurred lines between innovation and deception in the tech industry [1][4][9]. Group 1: Human Pretending to be AI - Fireflies.ai's founders initially posed as an AI named "Fred" to record meetings, demonstrating a "human intelligence" model that surprisingly succeeded in generating revenue [5][6]. - This practice is not isolated; many startups employ similar tactics, such as hiring workers to manually operate processes that are marketed as automated [6][7]. - The phenomenon reflects a broader survival strategy in the AI boom, characterized by deception, extreme dedication, and brute force [7][9]. Group 2: The Dark Side of "Pretending AI" - The case of Devin, a self-proclaimed AI software engineer, illustrates the risks of overpromising capabilities that are not yet realized, leading to a backlash from the tech community [10][13]. - Pear AI's controversy over copying an open-source project highlights the ethical dilemmas faced by startups in the competitive landscape [14]. - The "Wizard of Oz technique," where human operators simulate AI functions to gather data for future automation, is a legitimate but controversial strategy [15][17]. Group 3: The Culture of Hardship - A culture of extreme work ethics, termed "performative suffering," is prevalent among AI founders, where personal sacrifices are made to signal commitment to investors [20][27]. - Founders often live in substandard conditions, such as cramped sleeping pods, to save costs and maximize work hours [24][26]. - This culture is institutionalized, with some companies explicitly seeking employees willing to work excessively long hours [26][27]. Group 4: The Role of Brute Force - Many founders rely on "brute force" tactics, engaging directly with customers and manually handling tasks to drive initial growth [30][34]. - Historical examples, such as Airbnb's founders selling cereal to raise funds, illustrate the lengths to which entrepreneurs will go to survive [31]. - Fireflies.ai's growth strategy involved the founder personally securing early clients, emphasizing the importance of direct engagement over automated processes [36][38]. Group 5: The Paradox of AI Development - The article concludes that the true drivers of success in AI startups are not just technological innovations but also the human elements of sacrifice, market intuition, and relentless effort [53][54]. - The irony lies in the pursuit of an automated future that heavily relies on the most basic human qualities [55].

编辑丨 量子位 点击下方 卡片 ，关注" 具身智能之心 "公众号 >> 点击进入→ 具身 智能之心 技术交流群 更多干货，欢迎加入国内首个具身智能全栈学习社区： 具身智能之心知识星球（戳我） ，这里包含所有你想要的! 学术界看不下去了，直接戳破： 华尔街在尬吹谷歌TPU ！ 起因是Meta被曝要和谷歌签订数十亿美元的TPU订单，消息曝出后英伟达盘中最大跌幅达到了7%，按照现在的市值计算，一举蒸发了超 3000亿美元。 反观谷歌，在盘中情绪最热烈时涨幅一度达4%，换算成市值相当于增加了约1500亿美元，合人民币超1万亿。 《华尔街日报》将其视为谷歌向英伟达的市场主导地位发起冲击的信号。 但在从业人士看来，华尔街对此举的看法实在是外行了：Meta、xAI在内的大公司和学术界多年一直在用TPU，市场突然就拿他当成算力救世 主了？ 谷歌没有护城河，英伟达也没有 OpenAI技术人员 Clive Chan 表示，不仅谷歌自己的Gemini一直在TPU上训练，像Claude、生图模型MidJourney、Ilya的SSI，也全都用 过TPU。 所以在他看来，Meta和谷歌签TPU订单不是什么奇怪的事，如果Meta没用过的 ...

#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 ...

Nvidia was an early leader in AI and has reaped the rewards. But it may soon need to defend its crown.The artificial intelligence (AI) market is booming, and could grow from $235 billion last year to $631 billion by 2028. The top AI stocks have already enjoyed tremendous returns since early 2023, and the future looks bright. Remember, the internet hasn't stopped growing since its initial boom decades ago.Nvidia has arguably been the most apparent AI winner thus far. Its GPU chips have become the de facto ch ...

称，已下架BBC标记的六家企业内容。这些企业声称在英格兰经营，但实际从亚洲发货廉价商品，同 时还强调禁止欺诈行为。（IT之家） 更多AIGC资讯…… 扫码可订阅产业日报 欢迎加入 睿兽分析会员 ，解锁 AI、汽车、智能制造 等相关 行业日报、图谱和报告 等。 1.【北京AI产业规模今年将超4500亿元】11月29日，北京市科学技术委员会、中关村科技园区管委 会正式发布《北京人工智能产业白皮书（2025）》（以下简称"《白皮书》"）。《白皮书》数据显 示，2025年上半年，北京全市人工智能核心产业规模2152.2亿元，同比增长25.3%。初步估算 2025年全年，产业规模有望超过4500亿元。（环球网） 2.【但斌：AI行业可能会更加垄断 谷歌、英伟达市值可能会达到十万亿美金】11月28日，2025分析 师大会举行，东方港湾董事长但斌表示，AI的竞争很可能是更加垄断的商业模式的竞争，其实，过去 经历的互联网、移动互联网时代，可到看到商业模式比较集中的原因。而人工智能AI Agent时代，很 可能让全世界的市场都被几家公司所控制，它们的市值最后可能大得不可思议，今天看起来不仅是英 伟达市值可能会超过十万亿，很可能 ...

Core Insights - Berkshire Hathaway's recent investment in Alphabet marks a significant shift in Warren Buffett's investment strategy, as it is a rare move into a pure tech stock while simultaneously reducing its stake in Apple [2][3][4] - Apple has agreed to pay Alphabet $1 billion annually to utilize its large language model, Gemini, to enhance Siri's capabilities, indicating a strategic partnership aimed at improving Apple's AI competitiveness [9][10][12] - Despite selling a portion of its Apple shares, Berkshire's investment in Alphabet may reflect continued confidence in Apple's long-term prospects, especially given the strong performance of the iPhone and the new iPhone 17 [5][10][12] Investment Strategy - Buffett's team sold approximately 41.8 million shares of Apple, representing about 14.9% of its position, while simultaneously acquiring $4.3 billion worth of Alphabet stock [3][4] - At the end of 2023, Apple's stake constituted 50% of Berkshire's equity portfolio, which has since decreased to just over 21%, suggesting a need for diversification [5][6] - The high valuation of Apple, with a P/E ratio of 37, may have influenced the decision to sell some shares, despite the company's stability and reliability [7][8] Market Performance - Apple's stock has been gaining traction due to strong iPhone sales, particularly with the new iPhone 17 performing well in China, reinforcing the notion that betting against Apple has historically been unwise [10][12] - The partnership with Alphabet is seen as a strategic move to bolster Apple's AI capabilities, addressing market concerns about its competitiveness in this area [10][12] - Buffett's long-standing regret over not investing in Alphabet earlier, combined with the new partnership, suggests a dual vote of confidence in both companies' futures [13]