| 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交額 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 成驻信息 | 5.97% | | 通信 | 通信设备 | 通信终端及配件 | 1947 | 2.83亿 | | 2 | 福昕软件 | 2.60% | m | 计算机 | 软件开发 | 横向通用软件 | 9017 | 5.02亿 | | 3 | 优刻得-W | 1.85% | / | 计算机 | IT服务II | IT服务Ⅲ | 1104Z | 1.79亿 | | प | 发云光 | 1.81% | | 机械设备 | 专用设备 | 其他专用设备 | 173亿 | 1.85亿 | | ટે | 天准科技 | 1.53% | In | 机械设备 | 自动化设备 | 其他自动化设备 | 105亿 | 5595.38万 | | e | 复目微电 | 1.31% | 1 | 电子 | 未曾体 | 数字芯片设计 | 416亿 | 2.03亿 | | 7 | 量环科技-U | ...

Summary of Key Points from the China Macro Tour Conference Call Industry Overview - **Industry**: Chinese Economy - **Event**: Citi's 2025 China Macro Tour held in Beijing on November 3rd–4th, attended by approximately 20 investors, including former policy advisors, think tank representatives, industry participants, and regulators [1][4] Core Insights and Arguments 1. **Overall Sentiment**: There is a slight improvement in sentiment compared to previous tours, but policy expectations remain muted with no significant breakthroughs anticipated [5][6] 2. **Growth Target**: A consensus exists around maintaining a growth target of "around 5%" for 2026, although some participants suggest it could be lowered to "around 4.5%" due to demographic challenges [6][8] 3. **Consumption Rebalancing**: The necessity for consumption rebalancing was acknowledged, with a target of increasing the consumption ratio by one percentage point annually, requiring government support equivalent to 0.7% of GDP [7][8] 4. **Cyclical Policy Expectations**: Expectations for cyclical policies are low, with potential rate cuts limited to 10-20 basis points in 2026 and a sustained fiscal deficit at 4% [8][9] 5. **Industrial Policies and AI**: A new approach to industrial policies is deemed necessary, focusing on future industries and the role of private companies. Concerns about AI's impact on productivity and job losses were raised [10][11] 6. **External Risks**: Participants expressed cautious optimism regarding external relations, particularly with the US, while acknowledging ongoing strategic rivalry [12][13] 7. **Exports Outlook**: Most participants expect a smaller but positive contribution from net exports in 2026, driven by structural factors despite concerns over external demand [14] 8. **Consumption Rebalancing**: There is a strong consensus on the need to lift consumption, but structural tools to achieve this have not yet shown meaningful progress [15][16] 9. **Housing Market Sentiment**: Sentiment regarding the property sector has worsened, with expectations of continued downturn, particularly in tier 3 and 4 cities [17][18] 10. **RMB Appreciation**: There is a consensus among participants for RMB appreciation, driven by economic fundamentals and the need for RMB internationalization [21][23] Additional Important Insights - **Policy Constraints**: Long-standing constraints on monetary and fiscal policies remain, with concerns about local officials' incentives and the effectiveness of current measures [9][10] - **Inflation Outlook**: Participants expect marginal improvements in PPI and GDP deflator in 2026, but negative numbers may persist [20] - **Housing Policy**: There is skepticism about the effectiveness of current housing policies, with calls for more demand-side measures [22] - **Anti-involution Policies**: Participants do not view anti-involution as a significant solution to current economic challenges, indicating a need for more comprehensive strategies [19][22] This summary encapsulates the key takeaways from the conference call, highlighting the current state and outlook of the Chinese economy as discussed by various participants.

DeepSeek打破了近一年的公开沉默，11月7日，其资深研究员陈德里在乌镇举行的世界互联网大会上预 测，在经历短暂的"蜜月期"后，AI将在10到20年内可能取代绝大多数人类工作。 据媒体报道，这是自今年1月凭借一款低成本高性能模型引发全球轰动以来，DeepSeek近一年内的首次 公开亮相。 陈德里在发言中清晰地描绘了一个三阶段的演变路径：短期内人与AI协同创造更大价值；中期则伴随 着部分工作被取代与失业风险上升；长期来看，社会可能面临大规模的岗位替代。 最后是10到20年的长期阶段。陈德里警告，AI可能取代"余下的（人类）工作"，社会秩序将经历"巨大 挑战"。他认为，科技公司届时必须承担起"人类守护者"的责任，至少要确保人类的安全，并积极参与 社会秩序的重塑。 AI成为"智慧主体" 为强调其预测的严肃性，陈德里明确表示，"上述观点并非危言耸听"。他解释了本轮AI革命与历史上任 何一次技术变革的根本区别，这构成了其长期悲观判断的核心逻辑。 据《中国青年报》报道，陈德里指出，在以往的工业革命中，人类发明工具，但智慧的主体始终是人。 然而，在正在发生的AI革命中，AI本身也可以成为"智慧主体"，甚至在未来可能比人 ...

转自：新华财经 新华财经上海11月8日电（记者 王鹤）第八届中国国际进口博览会正在上海举办，在汽车及智慧出行展区里，多家低空经济领域的"造机新势力"收获了一批 新订单、签署了一系列新合作。 在本届进博会，可以看到低空经济的新技术、新场景不断涌现，发展空间不断拓展，供应链、产业链生态在不断构建。 更多机型、更多订单、更多资金涌入 第一次参加进博会的天翎科，全球首秀了一架炫酷的eVTOL（电动垂直起降航空器）。该机型采用混动增程全倾转涵道翼构型设计，最大航程达600公里， 最高巡航速度360公里／小时，兼具高性能、高安全与低噪声，可承载1名驾驶员与5名乘客。 天翎科首席市场官卢懿对记者表示，该机型已完成全尺寸涵道翼段的风洞、铁鸟台试验等验证工作，于10月已下线全尺寸真机，计划年内完成首飞。 图为天翎科展示的混动增程全倾转涵道翼构型eVTOL产品INFLYNC L600 记者王鹤 摄 如果说去年eVTOL制造企业在进博会上实现了订单从无到有的突破，今年这些企业则迎来了"国内+海外"订单同步"放量"，更值得一提的是，不只意向订 单，确认订单也在逐步增加。 时的科技与工银金融租赁签署战略合作协议，工银金租计划向时的采购 ...

在浙江乌镇举办的2025年世界互联网大会乌镇峰会，首次特设了"六小龙乌镇对话"的环节。 11月7日下午大会的主论坛上，这场对话由中国工程院院士、之江实验室主任王坚主持，宇树科技股份 有限公司创始人王兴兴，强脑科技有限公司创始人兼首席执行官韩璧丞，群核科技联合创始人兼董事长 黄晓煌，云深处科技创始人兼CEO朱秋国，游戏科学创始人、CEO、《黑神话：悟空》制作人冯骥， DeepSeek（深度求索）资深研究员陈德里，围绕全球AI技术创新发展等前沿趋势进行交流。 "杭州六小龙"是对浙江杭州涌现出的六家创新型科技公司的合称，是一个由国内AI大模型、具身智能等 前沿科技迅速崛起、引爆出圈的说法，这六家在业内外具备影响力且落户杭州的公司，某种程度上也被 视为浙江政务系统优秀的服务能力的代名词。 如果从个人毕业履历的时间线来看，如同王兴兴一样，这次代表DeepSeek出席乌镇峰会主论坛陈德 里，也是一位年轻的AI领域的新星。 目前关于陈德里的公开资料不多，已有的公开信息是，他曾于2018年至2021年在北京大学攻读硕士，之 后在腾讯WeChat担任研究员，2023年加入DeepSeek负责语言模型、对齐机制（value-al ...

Core Insights - The discussion at the 2025 World Internet Conference highlighted the limitations of current AI technologies, particularly in their ability to generalize across different domains and perform simple tasks effectively [1] - The concept of "jagged intelligence" was introduced, indicating that while AI can excel in complex areas, it still struggles with tasks that humans find straightforward [1] - The need for AI to develop stable generalization learning algorithms and establish more connections with the real world was emphasized, suggesting a path towards more human-like learning capabilities [1] Group 1 - The leaders of the "Hangzhou Six Little Dragons" gathered for a dialogue at the conference, indicating a collaborative effort among key players in the tech industry [1] - Chen Deli, a senior researcher at DeepSeek, pointed out the current inadequacies of AI in self-iteration and evolution compared to human learning processes [1] - The discussion included the importance of multimodal and embodied intelligence to enhance AI's learning in real-world environments [1] Group 2 - Looking ahead 10 to 20 years, there is optimism about the potential for achieving Artificial General Intelligence (AGI), as technological advancements often accelerate over time [2] - The example of ChatGPT's rapid improvement in solving mathematical problems illustrates the potential for significant breakthroughs in AI capabilities [2] - The sentiment expressed is that the current phase of the AI revolution is still in its early stages, with expectations for future advancements [2]

Core Viewpoint - The discussion at the 2025 World Internet Conference highlights the dual nature of AI development, presenting both short-term opportunities and long-term risks [1][2]. Group 1: Short-term Perspective (3-5 years) - In the short term, AI is expected to enhance human capabilities, allowing for the resolution of more complex problems and the creation of greater value [1]. - This period is characterized as a "honeymoon phase" where AI cannot independently realize its value [1]. Group 2: Mid-term Perspective (5-10 years) - In the mid-term, AI is anticipated to start replacing certain human jobs, leading to increased risks of unemployment [1]. - Technology companies are urged to act as whistleblowers, informing the public about which jobs are irreplaceable and the skills needed for the future [1]. Group 3: Long-term Perspective (10-20 years) - Over the long term, AI may pose significant dangers by potentially replacing a large number of jobs, challenging the existing social order [2]. - Technology companies are expected to play a role in safeguarding human safety and participating in the restructuring of social order [2]. - The current AI revolution is noted to differ significantly from past industrial revolutions, as it may have a more profound impact on human institutions and roles [2].

两人小团队，仅用两周就复刻了之前被硅谷夸疯的DeepSeek-OCR？？ 复刻版名叫DeepOCR，还原了原版低token高压缩的核心优势，还在关键任务上追上了原版的表现。 完全开源，而且无需依赖大规模的算力集群，在两张H200上就能完成训练。 而DeepSeek-OCR想出了个反常识的解法——把文字渲染成图片，用视觉模态当压缩媒介。 DeepSeek-OCR的设计思想是"靠视觉压缩一切"，通过用少量的视觉token来表示原本需要大量文本token的内容，以此降低大模型的计算开销，解决了大 模型处理长文本的算力爆炸难题。 两人小团队能在短时间里复刻出核心能力，怎么做到的？ 更实用的复刻版 先来简单回顾一下DeepSeek-OCR为啥会大爆。 大模型处理长文本时，算力会跟着序列长度呈二次方增长，几百页的文档就能把显存撑爆。 △ 这样一来，原本要几千个文本tokens才能承载的内容，几百个视觉tokens就够了，压缩比能做到7-20倍，而且10倍压缩下准确率还能保持97%。 也难怪它一开源就火了，还被称为"AI的JPEG时刻"。 而两人小团队复刻的核心策略也很明确，先把原版的逻辑架构精准还原。 DeepSeek- ...

Core Insights - Ant Group's AI health application AQ has surpassed 10 million monthly active users (MAU) within four months of its launch, making it the fifth AI native app in China to achieve this milestone [1] - The top five AI applications with over 10 million MAU are from major companies including ByteDance, Tencent, DeepSeek, and Ant Group, indicating a competitive landscape in the AI application market [1] - AQ stands out as the only professional-grade AI application among the top five, showcasing significant growth potential with a compound annual growth rate (CAGR) of 83.4%, far exceeding the industry average of 13.5% [1] Company Performance - AQ's rapid user growth positions it as a leading player in the "AI + healthcare" sector, highlighting its potential as a strong contender in the AI application market by 2025 [1] - The competitive dynamics among the top five applications show a stable "tripod" situation with Doubao, DeepSeek, and Yuanbao, while Doubao has recently overtaken DeepSeek in both downloads and MAU [1] - The launch of the all-in-one AI creation platform, Jimeng AI, by ByteDance further enriches its content creation ecosystem, indicating ongoing innovation in the sector [1]

Core Insights - The AI investment competition "Alpha Arena" concluded with Alibaba's Qwen3-Max winning with a return of over 20% [1][4] - DeepSeek v3.1 secured the second position, marking a strong performance for Chinese models, while all four leading American models reported losses, with GPT-5 suffering a loss exceeding 60% [1][6] Competition Overview - The competition lasted 17 days and involved six top AI models, including Qwen3-Max, DeepSeek v3.1, GPT-5, Gemini 2.5 Pro, Claude Sonnet 4.5, and Grok 4, with a total investment of $10,000 per model [1][2] - All models received the same market data and prompts, ensuring fairness and transparency, with real-time trading records and account values publicly available [2] Performance Analysis - Initially, DeepSeek v3.1 led the competition, but a significant downturn occurred on October 21-22, causing Grok 4 and Claude Sonnet 4.5 to shift from profit to loss [2][4] - Qwen3-Max and DeepSeek v3.1 adapted their investment strategies during this downturn, allowing them to recover and outperform the other models [4] Final Rankings - The final standings showed Qwen3-Max with an account value of $12,232 and a return of +22.32%, while DeepSeek v3.1 had an account value of $10,489 and a return of +4.89% [8] - The American models, including Claude Sonnet 4.5, Grok 4, Gemini 2.5 Pro, and GPT-5, reported significant losses, with GPT-5 at -62.66% [8] Industry Implications - The success of Chinese models like Qwen and DeepSeek highlights their potential in real-world applications and the importance of understanding AI in practical scenarios [14] - The competition reflects a growing trend in the AI industry towards open-source models, which are seen as crucial for fostering innovation and competitiveness in the global AI landscape [14]