数字经济周报(202505 第 4 期) 构建科技金融发展的"四梁八柱" 数字经济周报(202505 第 4 期) 核心观点 本周焦点:多部门协同部署科技金融创新政策,构建全周期支持体系。5月 ● 22 日,四部门召开科技金融政策发布会,推出 15项举措。科技部推动先行先 试. 升级"创新积分制"2.0;央行扩大科技创新再贷款规模,试点债券市场 "科技板";金融监管总局扩大保险资金投资试点;证监会为"硬科技"企业 上市开"绿色通道",完善债券市场,多部门协同构建全周期支持网络。 当前我国资本市场赋能新质生产力面临多重挑战:专业机构配置比例偏低,短 期投机倾向明显;科创债市场规模小、期限短、评级严苛,民营发行难;创投 资本退出渠道狭窄;价值与风险评估体系滞后,难适科技创新项目。 发布会是对我国科技金融发展关键问题的系统性回应：通过制度创新融合财 政与市场机制,破解科技企业融资难题,培育融资新模式;资本市场改革转变 估值逻辑,为资本退出提供路径,倒逼中介机构提升能力,有望带动千亿级资 本进入早期项目,提升国际竞争力。 2025 年 5 月 27 日 分析师 章俊 首席经济学家 ☎： 010-8092 8096 网 ...

（图片来源：摄图网） 谷歌搜索长久以来占据着搜索引擎领域的霸主地位。然而，近期的一系列数据和行业动态却表明，搜索引擎 行业正经历着一场前所未有的变局。 谷歌搜索市场份额的变化是这场变局最直观的体现。根据StatCounter的数据，在2024年底，谷歌搜索市场份 额跌破90%，降至89.34%，这是近十年来首次出现的下滑。尽管在2025年2月短暂回升至90.15%，但3月又 回落至89.71%，至今未能恢复。 国际区块链咨询集团创始人马里奥・纳瓦法尔在X平台率先披露了谷歌搜索市场份额的变化，他发文 "与其 在一堆垃圾链接中翻找答案，不如直接用Grok，一步到位"。埃隆・马斯克随后转发并评论"AI将取代搜索 @grok" 当年，谷歌搜索凭借按相关性和重要性排序的算法，取代了早期以主题分类为主的搜索模式，在20世纪90年 代末至2000年代初迅速崛起，成为搜索引擎领域的霸主。多年来，谷歌搜索以其强大的搜索能力和广泛的用 户基础，几乎垄断了搜索引擎市场。然而，时代在变，消费者的需求也在变。如今，消费者正在逐渐转向 AI聊天机器人等工具来满足过去依赖搜索引擎完成的任务。 市场研究机构Gartner去年曾预测，到202 ...

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 [28]. Core Views - The report highlights significant advancements in the computer industry, including Xiaomi's launch of the self-developed chip "Xuanjie O1," which enhances the technological authority of domestic chips and reduces reliance on overseas supply chains [11][10]. - NVIDIA's DreamGen project aims to improve robot training efficiency, allowing robots to learn in a "dream state," which significantly enhances their learning capabilities in unfamiliar environments [12][11]. - Google's introduction of Android XR smart glasses is expected to accelerate research and development in the XR field, potentially leading to advancements in human-computer interaction and related industries [14][13]. Summary by Sections Investment Recommendations - The report suggests focusing on companies related to technology self-sufficiency, including Softcom Power, Dameng Data, Cambricon, Yuntian Lefe, and Zhongke Shuguang, as well as companies with strong fundamentals and significant growth potential like Hehe Information, Dazhi Technology, and Borui Data [3]. Industry News - Xiaomi's new products include the Xuanjie O1 chip, which utilizes advanced 3nm technology and integrates 19 billion transistors, achieving high performance metrics [10]. - NVIDIA's DreamGen project has shown a success rate improvement in learning new actions from 11.2% to 43.2% and in new environments from 0% to 28.5% [12]. - Google's XR smart glasses, developed in collaboration with Samsung, leverage advanced technologies to enhance user experience and interaction [13]. Company Dynamics - Torus Technology granted 4.1 million restricted stocks to 98 individuals at a price of 9.53 yuan per share, representing 0.47% of the company's total equity [20]. - Jieshun Technology completed the repurchase and cancellation of 1,917,920 restricted stocks, reducing its total share capital [20].

美股盘前，明星科技股普涨，苹果、英伟达、特斯拉均涨超2%，谷歌涨超1%。特朗普媒体科技盘前涨 超7%，此前消息称公司特计划募资30亿美元，用于购买比特币等加密货币。 ...

这段时间，有一款神秘 AI 硬件吊足了网友们的胃口——比肩 iPhone 和 MacBook 的使用场景和频率，但不带屏幕，又不是 AI 眼镜、AI 耳机、AI pin、 iPod……它背后的老板还放言要「量产1亿台」。 OpenAI CEO 奥特曼和苹果前首席设计官艾维联创的 io 公司，究竟用 AI 捣鼓了什么「开辟新赛道的硬件设备」，好难猜啊！ 于是，虽然奥特曼透露计划明年末正式发布该产品，但现在已有不少 X 网友忍不住打起了AI「猜」图的主意。万一它知道些「内幕」呢，对吧？ 目前市场上有关 io 首款硬件设备细节的爆料，主要有以下几点： 1.无屏幕，通过内置摄像头和麦克风实现外界环境交互 2.外形设计风格类似 iPod Shuffle 3.未采用 AI 眼镜、智能手机、耳机这几种当下流行的 AI 硬件形态 4.比 AI pin 大一些 5.有挂脖式设计 6.可以与智能手机、PC 联动 话不多说，先来看看 AI 创作博主 Ben Geskin 在 X 上甩出的「io 产品图」，有近 9000 人次的 X 网友前来围观。 综合来看，上图不仅覆盖了这几点核心爆料信息，印上了自家金主 OpenAI 的 Log ...

新浪科技讯 5月27日上午消息，全球开源解决方案提供商红帽公司近日宣布启动新开源项目llm-d，以满 足生成式AI大规模推理需求。据悉，该项目与创始贡献者CoreWeave、Google Cloud、IBM Research和 NVIDIA合作打造，能够利用突破性的大规模生成式AI推理技术，让大语言模型（LLM）推理云能够满 足最苛刻的生产服务级目标（SLO）。 NVIDIA工程AI框架副总裁Ujval Kapasi表示："llm-d项目是对开源AI生态系统的重要补充，体现了 NVIDIA对合作推动生成式AI创新的支持。可扩展、高性能地推理是下一波生成式AI和代理式AI的关 键。我们正在与红帽和其他支持合作伙伴合作，促进llm-d社区的参与和行业采用，利用NIXL等 NVIDIA Dynamo创新帮助加速llm-d的发展。"（文猛） 责任编辑：杨赐 红帽及其行业合作伙伴正通过llm-d应对这一挑战，将先进的推理能力集成到现有的企业IT基础设施 中。据悉，该统一平台使IT团队能够满足关键业务工作负载的各种服务需求，同时部署创新技术以最大 限度地提高效率，并显著降低与高性能AI加速器相关的总体拥有成本（TCO）。 ...

微软的Build 2025大会和Google的I/O开发者大会都选择了在本周举办，并且两场活动谈论的核心都是 AI。 不同的是，微软的重心是向行业展示如何更好搭建Agent。微软在Build 2025大会上向用户呈现了一套 更加成熟的Agent基础设施，想要吸引更多开发者加入到构建开放Agent网络（Open Agentic Web）的进 程中——这是一个 AI 智能体能够在个人、组织、团队乃至整个端到端业务流程中协同运作的体系。 Google则致力于展示一个围绕Gemini搭建的AI操作系统雏形。谷歌首席执行官Sundar Pichai在演讲中使 用了「Gemini时代（Gemini Era）」来描述未来。一方面，Google展示了更强的模型研发能力；另一方 面，Google在将Gemini的能力融入到各个C端产品中。 微软和Google虽然重心不同，但其面向AI的战略规划都具备了一定的整体性，不再是进行散点的尝试， 而是开始找到一条线，将散落的点串联起来，成为一个体系。这个体系的使命就如Pichai所言——让研 究成果真正发挥作用，将其尽快转化为现实应用。 这是目前我们在国内大厂中尚未观察到的一种变化。我 ...

Core Viewpoint - YouTube is increasingly becoming a significant competitor to traditional streaming services and entertainment studios, leading to legal disputes over talent poaching and employment contracts [1][2]. Company Developments - YouTube has hired Justin Connolly, former president of platform distribution at Walt Disney Co., which has resulted in Disney suing both YouTube and Connolly for breach of contract [2][4]. - Connolly was responsible for Disney's distribution strategy and negotiations for licensing deals, including those with YouTube [3][9]. - Disney is seeking a preliminary injunction to enforce Connolly's employment contract, which is set to last until at least March 2027 [4][10]. Industry Context - YouTube accounted for 12% of U.S. TV viewing in March, surpassing other streaming services like Netflix, and generated an estimated revenue of $54.2 billion last year, making it the second-largest media company after Disney [7]. - YouTube's diverse content library includes over 20 billion videos, with more than 20 million videos uploaded daily, combining user-generated and professional content [8]. - The competitive landscape is intensifying, with other streaming services like Netflix acknowledging YouTube as a strong competitor [9].

Core Viewpoint - The market is experiencing volatility with mixed signals from various sectors, prompting investors to seek safer, less volatile assets like blue-chip stocks amidst economic uncertainty [1][2][3]. Group 1: Market Overview - Recent economic data indicates resilience in consumer spending and the job market, yet public sentiment is declining, and inflation expectations are rising [1]. - The S&P 500 has seen a rally of over 15% since April 8, but uncertainty remains, keeping it below February's all-time high [2]. Group 2: Investment Strategy - Investors are advised to consider blue-chip stocks that align with Benjamin Graham's 'margin of safety' principle, focusing on assets trading below their intrinsic value [2][3]. - Three stocks are highlighted as potential safe havens during market volatility, selected based on fundamental and technical metrics [4]. Group 3: Company Analysis - Philip Morris International - Philip Morris International (PM) is forecasted to have a 12-month stock price of $169.20, indicating a downside of 5.06% from the current price of $178.23, with a moderate buy rating based on 11 analyst ratings [5]. - PM offers a 3% dividend yield and has a beta of 0.52, making it attractive in uncertain times [5]. - The company is focusing on smokeless products, generating over 40% of Q1 2025 revenue from these sources, with ZYN nicotine pouches seeing a shipment increase of over 50% [6]. Group 4: Company Analysis - Cardinal Health - Cardinal Health (CAH) has a 12-month stock price forecast of $146.43, with a downside of 4.12% from the current price of $152.73, and a moderate buy rating based on 14 analyst ratings [9]. - The stock has increased over 25% in 2025, with a strong dividend payout ratio under 35% and a history of 29 years of payment increases [10]. - The company reported fiscal Q3 2025 earnings that exceeded analyst estimates by 9%, with year-over-year growth of over 13% [10][11]. Group 5: Company Analysis - Alphabet Inc. - Alphabet Inc. (GOOGL) is trading at less than 20 times earnings for the first time since 2012, with a beta of 1.01, indicating volatility similar to the S&P 500 [14]. - The company has recently paid its first dividend, suggesting a focus on shareholder returns alongside reinvestment in research and development [14]. - Analysts have set an average price target of $199 for GOOGL, indicating potential upside of over 15% [15].

机器之心报道 编辑： 杨文、 +0 好莱坞要完蛋了。 杨子为了演出西门庆的放荡，不是对着于佩尔夸赞「龙睛凤眼，唇红齿白」，就是追着章子怡「死锤烂打」： 刘梓晨版的九妖之王相柳，来一个导师他就「死」一次，演个倒地都一股子喜感： 「你大爷永远是你大爷」这句话的含金量还在上升。 上周谷歌举办了一场开发者大会，祭出一堆好东西，其中最让人震撼的就是 Veo3。 该模型具备强大的文本和图像转视频能力，并首次实现了视频与音频的同步生成。 换句话说，视频画面和环境音效、背景音乐、人物对白终于可以一锅出了，而且口型还能对得上。 不少网友心甘情愿为其氪金，并在社交平台放出了诸多 Veo3 生成的视频，我看完后的第一反应就是刘晓艳「附体」： 没演技的流量明星们，回家吧。 咱不说别的，当初看《演员请就位》第一期的时候，就被这群选手们的烂演技炸得脑瓜子嗡嗡的。 再对比下 Veo3 生成的「演技」。一位美国士兵在战火纷飞的战场上踉跄行走，表情木然，双眼空洞，突然他停下脚步，在泥泞中跪下，低声呢喃：「为什么我还 活着？」 瞅瞅这细微的小表情，这流畅的肢体动作，这充满绝望的台词，你觉得流量明星们赶得上吗？ Prompt ： Handheld ...