可以说，科技驱动商业变革，已不再是简单的口号。 不过，一项新兴科技从发布到商业化落地，往往需要数年甚至数十年的时间，因此，对于许多人而言，与最前沿科技的接触，往往是通过行业标志 性展会。 文 / 巴九灵（微信公众号：吴晓波频道） 2025年，科技浪潮迭起。从2月份DeepSeek异军突起，仅花费约30万美元就训练出震动世界的大型语言模型R1，到新凯来在高端芯片制造上大举 突破，展出90GHz示波器与2款拥有完全自主知识产权的EDA产品，科技正在不断搅动着全球市场格局。 今年的诺贝尔经济学奖，也颁给了"创新驱动经济增长"这一方向，二十届四中全会公报，更是10次提到"科技"，8次提及"创新"，并将"科技自立 自强水平大幅提高"列入"十五五"时期经济社会发展的主要目标之一。 点击上图▲立即报名 明年1月，吴晓波频道、华商出海产业联盟将继续带领企业家前往美国，开启美国CES科创新趋势访学，直击CES展会现场，并深入硅谷访学，沉 浸式参访全球顶尖科技企业、学术机构及创新实验室等，由启明创投投资合伙人沈劲担任CES段带队导师，由丹麦哥本哈根商学院终身教授李平担 任硅谷段带队导师。 此次访学的首站，正是全球科技创新的前沿阵 ...

北京时间10月28日早盘，国际黄金、白银市场稍有回暖。截至发稿，伦敦现货黄金小幅上扬，重新站上4000美元/盎司关口；伦敦现货白银也小幅上涨， 重返47美元/盎司上方。而就在隔夜，国际金银价格暴跌，伦敦现货黄金一度下逼至3970美元/盎司；伦敦现货白银跌幅扩大至5%，离跌破46美元/盎司仅 一步之遥。 当地时间周一，美股市场表现"火热"，三大指数齐创新高。截至收盘，道指涨0.71%，报47544.59点；纳指1.86%，报23637.46点；标普500指数涨1.23%， 报6875.16点。 盘面上，大型科技股多数上涨。其中，苹果、谷歌均再创新高，苹果总市值逼近4万亿美元。个股方面，高通推出人工智能芯片，在数据中心市场与英伟 达展开竞争，公司股价应声大涨超11%，创2024年7月以来新高。 中国资产也在周一迎来"爆发"。纳斯达克中国金龙指数收涨1.59%，热门中概股集体上涨。小鹏汽车、小马智行涨超6%，百度涨近5%，金山云涨超4%。 美股三大指数齐创新高 热门中概股普涨 当地时间周一，美股三大指数集体收涨并再创新高。截至收盘，道指涨337.47点，涨幅0.71%，报47544.59点；纳指涨432.59点，涨 ...

Core Insights - The main objective of artificial intelligence (AI) is to design agents capable of autonomously predicting, acting, and achieving goals in complex environments. The challenge has been to enable these agents to independently develop efficient reinforcement learning (RL) algorithms [1][2]. Group 1: Discovery Methodology - Google DeepMind introduced a method called DiscoRL, which allows agents to autonomously discover RL rules through interactions in various environments. This method outperformed existing RL algorithms in both known and challenging benchmark tests [1][2]. - The discovery process involves two types of optimization: agent optimization and meta-optimization. Agents optimize their parameters by updating their strategies and predictions, while the meta-network optimizes the goals of the RL rules to maximize cumulative rewards [3][5]. Group 2: Performance Evaluation - DiscoRL was evaluated using the interquartile mean (IQM) as a performance metric, demonstrating superior performance over existing RL algorithms like MuZero and Dreamer in the Atari benchmark tests [7][8]. - The Disco57 rule, trained on 57 Atari games, achieved an IQM score of 13.86, surpassing all current RL rules and showing significant efficiency improvements over MuZero [8][14]. Group 3: Generalization and Robustness - The generalization capability of Disco57 was tested across 16 independent benchmark tests, outperforming all published methods, including MuZero and PPO. It also showed competitive performance in the Crafter benchmark and ranked third in the NetHack NeurIPS 2021 challenge without using domain-specific knowledge [9][11]. - Disco103, discovered in 103 environments, demonstrated comparable performance to Disco57 in Atari benchmarks and reached human-level performance in the Crafter benchmark, indicating that more complex and diverse environments lead to stronger and more generalizable RL rules [11][14]. Group 4: Efficiency and Scalability - The optimal performance of Disco57 was achieved within approximately 600 million steps per game, significantly more efficient than traditional human-designed RL rules, which require more experimental iterations and time [14][18]. - The performance of the discovered RL rules improved with the increase in the number of training environments, suggesting that the effectiveness of the discovered RL is dependent on the data (environments) and computational resources available [14][17].

2025.10. 28 本文字数：1916，阅读时长大约3分钟 作者 | 第一财经 樊志菁 "七巨头" 中有五家将于本周公布财报，微软、Meta和谷歌将于周三下午率先揭晓业绩，苹果和亚马 逊则将于随后一个交易日披露。 美国银行上周公布的全球基金经理调查显示，其衡量市场情绪的综合指标（基于现金持有水平、股票 配置比例及全球经济增长预期）达到了自今年2月以来的最高值。 "做多七巨头"的比例高达39%，依 然是最拥挤交易之一。 富国银行投资研究所（Wells Fargo Investment Institute）日前在客户报告中表示："接下来市场的 核心关注点将是大型科技、工业企业的第三季度财报 —— 这些企业均与人工智能（AI）相关。我们 认为，关于人工智能资本支出计划的数据，对第三季度盈利表现和股市进一步上涨至关重要。" 第一财经记者汇总发现，分析师预计上季度科技板块将以超过23%的盈利增速处于领先位置，考虑 到权重和热度，科技与AI板块的重要性不言而喻。费城半导体指数走势这不仅印证了人工智能 （AI）领域的热潮仍在持续，且目前尚无降温迹象；同时也表明，市场对AI的投入正从硬件和基础 设施领域，逐步扩展至软件开 ...

Market Overview - US stock markets experienced a collective surge, with the Dow Jones rising by 0.71%, Nasdaq increasing by 1.86%, and S&P 500 up by 1.23% [1] - Notable gains were seen in major tech stocks, including Tesla up by 4.31%, Google A up by 3.6%, and Nvidia and Apple rising by up to 2.81% [1] Company Developments - Qualcomm's stock surged by 11.09% following the launch of two AI chips and rack products, positioning the company to compete with Nvidia in the data center market [2] - Chinese assets saw a significant rally, with the Nasdaq Golden Dragon China Index rising over 2%, and popular Chinese stocks like Xpeng Motors and Baidu also experiencing gains [2] - Amazon is set to announce its largest-ever layoffs, affecting core departments including cloud computing [9] Currency and Commodities - The offshore RMB appreciated against the USD, trading at 7.1093, marking a significant increase of 168 points, the largest single-day gain since August 28 [3] - Copper prices reached a historic closing high, surpassing $11,000 for the first time [10] Strategic Partnerships and Innovations - NextEra Energy confirmed a collaboration with Google in the nuclear energy sector [6] - Nvidia and Deutsche Telekom plan to deploy a €1 billion data center in Germany [7] - The US Department of Energy has established a $10 billion partnership with AMD for supercomputing and AI initiatives [8] Domestic Developments - The People's Bank of China will resume open market transactions of government bonds to combat virtual currency speculation [12] - The China Securities Regulatory Commission announced plans to optimize margin trading regulations and enhance investor protection [12] - A significant project in quantum computing was awarded to Boson Quantum by China Merchants Bank [14] Sector Insights - The low-altitude economy is gaining traction, with Shandong Province issuing a comprehensive plan to develop low-altitude information infrastructure, aiming for a trillion-yuan industry cluster by 2027 [20][21] - The robotics sector is expected to benefit from advancements in physical AI, with Nvidia's global technology conference focusing on this area [22] Financial Highlights - Several companies reported impressive third-quarter earnings, including Tongfu Microelectronics with a net profit of 4.48 billion, up 95.08% year-on-year, and Huafeng Technology with a net profit increase of 135.40% [28]

Market Performance - Major US stock indices reached historical highs, with the Dow Jones up 337.47 points (0.71%) closing at 47,544.59, Nasdaq up 1.86% at 23,637.46, and S&P 500 up 1.23% at 6,875.16, marking its first close above 6,800 points [1] - The Philadelphia Semiconductor Index hit a record high, driven by trade negotiation news, with Nvidia rising 2.8%, Intel up 3.3%, and Qualcomm surging over 11% after launching two AI chips for data centers expected to be commercially available next year [1] - Chinese tech stocks also performed well, with the Nasdaq Golden Dragon China Index up 1.6%, Baidu rising 4.8%, JD up 3.0%, Pinduoduo up 2.8%, Alibaba up 2.7%, while NetEase fell 0.4% [1] Commodity Prices - International oil prices slightly declined, with WTI crude oil down 0.31% at $61.31 per barrel and Brent crude oil down 0.49% at $65.62 per barrel [1] - Gold prices fell significantly, with COMEX gold futures for October delivery dropping 2.83% to $4,001.90 per ounce, marking the first time spot gold fell below the $4,000 mark since the beginning of the month [2] Regulatory Developments - The People's Bank of China announced the resumption of open market government bond trading and a supportive monetary policy stance, while also planning to optimize the positioning of the digital RMB [3] - The China Securities Regulatory Commission (CSRC) is set to implement reforms for the Growth Enterprise Market and has launched an optimization plan for the Qualified Foreign Institutional Investor (QFII) system, enhancing access and operational efficiency for foreign investors [4][5] Corporate Earnings - Notable corporate earnings include: - Xinyi Technology reported a net profit of 4.01 billion yuan for Q3, up 1,143.72% year-on-year - Shenxin Technology reported a net profit of 1.47 billion yuan for Q3, up 1,097.40% year-on-year - Shenghong Technology reported a net profit of 11.02 billion yuan for Q3, up 260.52% year-on-year - Other companies like Henglian Petrochemical and Northern Rare Earth also reported significant year-on-year profit increases [5]

美国大型科技股集体上涨，美国科技七巨头指数上涨2.4%。个股方面，特斯拉涨超4%，谷歌、英伟达、苹果均涨超2%，其中谷歌、苹果股价再创新高， 苹果总市值逼近4万亿美元。 高通涨超11%，创2024年7月以来新高。消息面上，高通宣布，推出面向人工智能数据中心市场的芯片和计算机，旨在挑战英伟达公司。该公司的新款 AI200系列将于明年开始发货，首位客户是沙特阿拉伯的人工智能初创公司Humain。 当地时间10月27日，美国三大股指全线收涨，道指涨0.71%，标普500指数涨1.23%，纳指涨1.86%，均再创历史新高。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 47544.59 | 23637.46 | 6875.16 | | +337.47 +0.71% +432.59 +1.86% +83.47 +1.23% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 8494.48 | 25996.00 | 6911.75 | | +132.58 +1.59% +32.25 +0.12% +3.50 +0.05% | | ...

Core Insights - The optimistic sentiment surrounding artificial intelligence (AI) continues to drive up valuations for major tech companies like Nvidia and Microsoft, contributing to record highs in major stock indices such as the S&P 500, Nasdaq, and Dow Jones [1] - The upcoming earnings reports from the "Tech Seven" companies, including Microsoft, Apple, Google, Amazon, and Meta, will serve as a critical test for the sustainability of the stock market rally driven by AI [1] Earnings Season Overview - The third quarter earnings season is entering its busiest phase, with 175 S&P 500 companies set to report their results [2] - So far, 87% of the reported earnings per share have exceeded expectations, and 83% of revenues have surpassed forecasts [2] - Analysts expect the technology sector to lead with over 23% earnings growth, highlighting the significance of AI-related companies [2] Market Sentiment and Investment Trends - A recent global fund manager survey indicated that market sentiment has reached its highest level since February, with 39% of managers favoring long positions in the "Tech Seven" [2] - Wells Fargo emphasizes that upcoming earnings reports from large tech and industrial companies, particularly those related to AI, will be crucial for market performance [2] - Morgan Stanley forecasts a 24% increase in total capital expenditures for large tech companies next year, reaching nearly $550 billion [3] Valuation and Risk Factors - The "Tech Seven" currently holds a 34% weight in the S&P 500, with a projected price-to-earnings ratio of 30 times, a 34% premium over the overall index [5] - Concerns about high valuations and potential market corrections are prevalent, with analysts noting that any earnings shortfall could lead to significant market reactions [4] - Despite concerns about valuation bubbles, Goldman Sachs remains optimistic about AI's growth potential, suggesting that the current market rally is driven more by fundamental growth than irrational speculation [5]

扬子晚报网10月28日讯(记者范晓林)今天是周二，昨天沪指差0.93点就冲上4000点，盈新发展（000620）6连板，世龙实业（002748）5连板，时空科技 （605178）4连板，农心科技（001231）、达华智能（002512）3连板，平潭发展（000592）7天5板。市场震荡上涨，沪指再创十年新高，盘中逼近4000 点。沪深两市成交额2.34万亿，较上一个交易日放量3659亿。板块方面，存储芯片、CPO、可控核聚变等板块涨幅居前。中国外交部发言人10月25日向世 界分享中国"人造太阳"：预计2027年竣工，有望成为人类历史上首个实现聚变发电的装置。可控核聚变概念再度大放异彩，东方钽业（000962）、安泰科 技（000969）、纽威股份（603699）均实现反包涨停，多项利好举措下，国内可控核聚变技术有望加速追赶实现弯道超车。 A.利好精选 北方稀土：前三季度净利润同比增长280%稀土产品销量增加 北方稀土（600111）(600111.SH)发布2025年三季报，第三季度营收为114.25亿元，同比增长33.32%；净利润6.1亿元，同比增长69.48%。前三季度营收为 302.92亿元，同比增长 ...

来源：环球时报 美国《纽约时报》10月25日文章，原题：大型科技公司的掠夺性模式未必会成为我们的未来 21世纪 初，不少人认为互联网会让每个人都变得富有。乐观主义者相信，互联网能够让个人卖家与小型商户以 较低成本接触全球客户市场，同时，互联网也让人们更容易找到工作、理财投资和学习新技能。 然而，事实证明，这个预测是错误的。诚然，如亚马逊、谷歌这类大型科技公司创造了难以估量的巨额 财富，甚至改变了社会架构。但其产出的金钱和权力并未得到广泛分配。相反，这些大公司攫取了其中 绝大部分，导致社会财富高度集中，这不由得令人想起"镀金时代"（1865年—1900年，美国南北战争结 束后至20世纪初的工业化快速发展时期，特点是经济繁荣与贫富分化加剧）。世界上的普通人劳碌终 生，让一批又一批的富人更加富有。 重新挖掘互联网经济的潜力 不过我们仍然可以重拾互联网时代早期的乐观主义精神和对机遇的无限憧憬。虽然时光无法倒流，但我 们可以通过颁布适当的法律和政策，重新挖掘互联网经济的潜力，将其发展重心转向鼓励多数人的创新 创业。这也是打造更公平、更有活力的经济社会的"良方"。 建设多权力中心的经济社会 这类法律会抑制经济增长或损害互 ...