Core Viewpoint - Major insurers are retreating from providing coverage for risks associated with artificial intelligence due to the potential for multibillion-dollar claims and systemic risk posed by correlated losses across multiple incidents [1][2][12] Group 1: Insurers' Response to AI Risks - Insurers like AIG, Great American, and WR Berkley are introducing explicit exclusions for AI-related risks, particularly concerning agents and language models [1] - The potential losses related to AI could reach several hundreds of millions of dollars, with the primary concern being the possibility of simultaneous, massive losses that cannot be mutualized [1][2] Group 2: Systemic Risk and Interconnectedness - The interconnected nature of AI systems creates a breeding ground for contagion, where a single error can propagate rapidly across a network, affecting thousands of users simultaneously [5][10] - Financial systems exhibit a "robust-yet-fragile" dynamic, where they can withstand numerous shocks but may collapse suddenly when a specific shock travels through interconnected channels [3][4] Group 3: Challenges in Insurability - Insurability relies on the law of large numbers, which requires events to be independent; however, cyber risks and generative AI create environments where losses are highly correlated and difficult to attribute [6][8] - Generative AI amplifies the structural fragility of cyber insurance, as a single defect or vulnerability can lead to widespread, identical losses across an entire sector [7][8] Group 4: Legal and Regulatory Implications - The issue of "AI liability" remains largely unexplored, with significant contractual asymmetry where AI providers limit their liability and transfer risk to users [19][20] - This creates a regulatory gap, a contractual gap, and an insurance gap, leading to a legal systemic risk characterized by diffuse responsibility and concentrated dependency [23]

编辑 | 夏木 美股齐涨 美股延续上周五涨势走高。市场预期美联储12月下调联邦基金利率的概率上升，投资者暂时搁置了对科技股估值过高的担忧。截 至收盘，道指涨202.86点，涨幅0.44%，报46448.27点，纳指涨2.69%，报22872.01点，标普500指数涨1.55%，报6705.12点。 博通上涨11%，为标普500指数和纳斯达克综合指数成分股中最大涨幅。汇丰银行将该股目标价从400美元上调至535美元，并维持 "买入"评级。诺和诺德跌 5.6%。该公司称，其采用司美格鲁肽开展的阿尔茨海默病临床试验，未能达到延缓疾病进展的效果。 纳斯达克中国金龙指数涨2.8%，百度涨7.4%，摩根大通发布研究报告，将百度投资评级从"中性"上调至"增持"。该行认为市场聚 焦百度云端与AI业务，其将成主要增长引擎和价值驱动因素。预计百度云收入增速2026年将加快至约61%。阿里巴巴涨5.1%，网 易涨4.2%，京东涨0.4%，拼多多涨0.2%。 市场概述 经济数据方面，达拉斯联储11月制造业指数从10 月的-5.0跌至-10.4，表明工厂活动收缩幅度扩大。 近期为期六周的政府停摆结束后，一系列延迟发布的经济数据暗示劳动 ...

Group 1 - The U.S. government, under President Trump, has launched a new national initiative called the "Genesis Project" aimed at transforming scientific research through artificial intelligence [2][3] - The Department of Energy is tasked with creating an AI experimental platform that integrates supercomputers and unique data assets to support scientific modeling and robotics [2] - Major U.S. tech stocks saw a collective rise, with the Tech Giants Index increasing by 2.75% to 204.65 points [2] Group 2 - The initiative is considered as strategically important as the Manhattan Project and the space race, with collaboration between the government, academia, and private sector innovators [3] - The Trump administration plans to challenge state-level AI regulations deemed unconstitutional and threaten funding cuts to states with overly restrictive AI laws [3] - The Department of Energy is prioritizing oil and nuclear resources to meet the surging energy demands associated with AI, moving away from previous commitments to renewable energy [3] Group 3 - There are discussions about approving the export of NVIDIA's H200 AI chips to China [4] - Amazon announced a significant investment of up to $50 billion to expand AI and supercomputing capabilities for its AWS government clients, with plans to break ground by 2026 [4] - Jeff Bezos noted that the current AI sector is experiencing a typical "industrial bubble" phase, but it is expected to leave lasting technological benefits for society [4]

戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 朱傅哲 (8621)23297818× zhufz@swsresearch.com 2025 年 11 月 25 日 反弹科技先行，重视 T 链真落地企 业 看好 ——2025/11/17-2025/11/21 汽车周报 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 业 汽车 - ⚫ 观点：上周五机器人板块反弹明显，我们认为机器人产业链相关公司股价经过前期数周 调整，当前隐含的预期较低，但产业端进展仍在持续：海外，随着马斯克万亿薪酬获 批、2026 年人形机器人量产在即，短期或看到 T 链相关公司定点落地；国内，宇树 ipo 辅导完成，国产机器人链条也有望迎来催化。我们建议首先关注包括特斯拉、小鹏 等的科技领先企业，及其相关的机器人产业链公司，如恒勃、双环、隆盛、福达、银轮 等。同时对业绩有支撑、 ...

Core Insights - Tesla's CEO Elon Musk has offered licensing opportunities for its Full Self-Driving (FSD) technology to legacy automakers, but they have shown little interest in adopting it [1][2] - Musk expressed frustration that legacy automakers are slow to engage with Tesla regarding FSD, often discussing minor programs that are not feasible for collaboration [2] - The recent FSD v14.3 update is seen as a potential breakthrough for achieving unsupervised autonomous driving, receiving positive feedback from experts [4] - Tesla is ramping up its AI chip production, with expectations to outpace competitors, supported by collaboration between its hardware and software teams [5] - Tesla's stock has shown strong momentum, with a 6.82% increase to $417.78 at market close, and a slight rise in after-hours trading [6]

Group 1 - Fubo Group (03738) increased by over 9% after launching AI music detection services on November 21 [1] - Hard Egg Innovation (00400) rose nearly 8% as it reported a revenue of approximately RMB 3.332 billion for Q3 2025, a year-on-year increase of about 22.1% [1] - ZTO Express (02057) saw a rise of over 4% following a report indicating a Q3 revenue and adjusted net profit growth of 11% and 7% year-on-year, respectively [1] - Qiniu Intelligent (02567) increased by 5% due to its core advantage in integrated MPaaS technology, supporting one-stop audio and video solutions [1] Group 2 - HAPO Pharmaceuticals-B (02142) rose nearly 5% after announcing an expanded collaboration with AstraZeneca for new generation biotherapies [2] - Junshi Biosciences (01877) increased by over 5% after achieving primary research endpoints in a clinical study for its drug JS001sc [2] - Dazhong Public Utilities (01635) rose over 8% following the announcement of the successful IPO of Moer Thread, marking a record high issuance price in the A-share market [2] Group 3 - Airline stocks faced declines, with China Eastern Airlines (00670) dropping nearly 6% and China Southern Airlines (01055) down nearly 3% due to a significant increase in flight cancellations to Japan [3] Group 4 - Alibaba-W (09988) increased by over 3% after its app surpassed 10 million downloads within a week of public testing [4] - Xiaomi Group-W (01810) rose over 5% as its founder invested over HKD 100 million to increase his stake to 23.26%, reflecting confidence in the company's growth potential [4] Group 5 - U.S. storage stocks saw collective gains, with SanDisk (SNDK.US) up 13.33% and Western Digital (WDC.US) up 8.43%, following a bullish outlook from Bank of America [5] - Qudian (QD.US) rose 10.3% after reporting a Q3 diluted earnings per ADS of RMB 2.47, exceeding last year's figure [5] - WeRide (WRD.US) surged 14.72% with a 144% year-on-year revenue growth to RMB 171 million for Q3, attributed to fleet expansion [5] Group 6 - Lotus (LOT.US) fell 1.57% after reporting a narrower loss of USD 0.10 per share for Q3, with sales declining to USD 137 million [6] - Chinese concept stocks mostly rose, with HSAI (HSAI.US) up 18.08% and Alibaba (BABA.US) up 5.1%, driven by significant partnerships in the ADAS sector [6] Group 7 - Major tech stocks in the U.S. saw gains, with Google A (GOOGL.US) up 6.31% and Tesla (TSLA.US) up 6.82%, following advancements in AI technology [7]

Core Insights - Tesla has established a strong AI chip and circuit board engineering team, successfully designing and deploying millions of AI chips for its smart vehicles and data centers, which solidifies its technological leadership in real-world AI [1] - Tesla has officially entered an annual AI chip iteration cycle, planning to launch a new generation AI platform approximately every 12 months, with a production target of up to 200 billion AI chips annually to support its expanding FSD fleet and future projects like Optimus robots and Cybercab autonomous taxis [2] Production Strategy - To overcome chip supply bottlenecks, Tesla is implementing a dual strategy of "self-built + diversified procurement," which includes advancing the construction of TeraFab-level wafer fabs to meet its anticipated semiconductor demand [2] - Tesla has integrated partnerships with TSMC and Samsung for the production of AI5 and next-generation AI6 chips, while also planning to include Intel's foundry services in its supply chain [2] - Despite the essential support from top chip manufacturers, Tesla recognizes that their capacity alone cannot fully meet its growth needs, making the establishment of its own wafer fabs a logical necessity [2]

Core Viewpoint - Elon Musk proposes a revolutionary vision of deploying AI computing centers in space, driven by the need for sustainable energy and cooling solutions for large-scale AI data centers on Earth [1][2]. Group 1: Vision and Rationale - Musk believes that operating large-scale AI systems in orbit will be more cost-effective than on Earth within the next four to five years, primarily due to "free" solar energy and easier cooling technologies [2]. - He estimates that achieving a continuous computing capacity of 200 to 300 gigawatts (GW) would require building large and expensive power plants, which is impractical given the current energy infrastructure [2][4]. - Musk's plan involves deploying 100 GW of solar-powered AI satellites annually, which could potentially exceed the total electricity consumption of the U.S. [4][6]. Group 2: Technical Challenges - The construction of large AI data centers in space faces significant challenges, including the need for massive heat dissipation structures and the high costs associated with launching thousands of spacecraft [7][8]. - Current technology for high-performance AI accelerators may not withstand the radiation in geostationary orbit (GEO) without substantial modifications, which could hinder the feasibility of building AI data centers in space [7][8]. - The proposed project requires advancements in high-bandwidth connections to Earth, autonomous maintenance, and debris avoidance technologies, which are still in their infancy [8].

Elon Musk claims the new steering wheel-less, pedal-less Cybercab goes into production in April. But Tesla doesn’t have a regulatory exemption needed to sell it — it hasn't even applied for it.Read more: https://t.co/2UFxgKICC5 https://t.co/5pqMv79gJi ...

AI浪潮正以不可阻挡之势重塑全球，从工厂流水线到写字楼办公室，从基础客服到专业白领岗位，这项技术已不再是遥远的科幻概念，而是深度渗透就 业市场的"变革之力"。 最新数据显示，世界经济论坛预测AI将在未来5年内取代9200万个工作岗位，同时催生1.7亿个新岗位；摩根大通更给出激进预判：20年内15%的现有岗位 将被AI替代，却可能推动全球GDP增长7万亿美元。 撰文| 钱亚光 编辑| 张 南 设计| 荆 芥 一边是"失业焦虑"蔓延，一边是"生产力爆发"的期待，这场矛盾风暴中，11月19 日华盛顿特区肯尼迪中心的美沙投资论坛（US-Saudi investment forum） 成为焦点——科技圈两大巨头直接"对垒"未来。埃隆・马斯克（Elon Musk）抛出石破天惊的预言：10-20 年内工作将成 "可选的爱好"，金钱将变得不再 重要！ 而英伟达 CEO 黄仁勋（Jensen Huang）却当场唱起反调，直言"AI 不会让你失业，但会让不用AI的人失业"，这场关于人类未来的终极辩论，瞬间点燃全 场热议！ 01 马斯克：未来10-20年工作成选择，金钱无关紧要 马斯克大胆预测，在未来10到20年，工作将不再是人类 ...