长按即可免费加入哦 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：16发财油菜君 来源：雪球 一 、 科技 " 七姐妹 " 估值泡沫与交易拥堵风险 估值水平创历史新高 2025年初 ， 美股整体前瞻市盈率及中位数均升至过去22年 （ 除疫情泡沫期外 ） 的最高水平 ， 市场乐观情绪达到极端状态 。 尤其是 " 七姐妹 " （ 苹果 、 微软 、 亚马逊 、 英伟达等 ） 的市 值占美国GDP比重接近60% ， 远超合理区间 ， 形成显著的估值泡沫 。 这种高估值在美国利率较 高时更显脆弱 ， 形成 " 泡沫易被戳破 " 的市场环境 。 三 、 特朗普政策反复放大市场不确定性 关税与产业政策扰动 交易拥堵与资金集中风险 美国家庭部门直接和间接配置于股票的金融资产比例高达43.4% ， 创历史新高 ， 市场风险承受 能力已达极限 。 资金过度集中于科技巨头 ， 导致市场流动性高度依赖少数公司的表现 。 一旦出 现负面冲击 （ 如DeepSeek的技术突破 ） ， 资金踩踏式撤离将加剧波动 。 二 、 DeepSeek打破AI垄断 ， 估值溢价逻辑崩塌 技术突破颠覆行业 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report discusses the evolution of intelligence and the new normal of human-machine collaboration, emphasizing the transformative impact of AI on various sectors [1][55] - It highlights the significant advancements in AI models, particularly the transition from GPT-3 to DeepSeek-V3, showcasing improvements in training data volume and model architecture [4][6] - The report notes the rapid growth of AI tools and applications, indicating a shift towards more integrated and efficient AI solutions across industries [71][74] Summary by Sections 1. Evolution of Intelligence - The evolution of AI is marked by increasing data volumes and model complexities, with DeepSeek-V3 utilizing 14.8 trillion tokens compared to GPT-3's 300 billion tokens [6] - The report outlines the historical context of AI development, linking it to broader industrial revolutions and technological advancements [64][66] 2. Human-Machine Collaboration - The report emphasizes the importance of human-machine collaboration, suggesting that AI will augment human capabilities rather than replace them [55][57] - It discusses the potential for new job creation alongside job displacement, highlighting the need for skill enhancement in the workforce [57][58] 3. Industry Status - The report provides an overview of the current state of AI applications in various sectors, including consumer and enterprise-level integrations [74] - It notes the deployment of advanced AI models in critical areas such as energy, healthcare, and governance, showcasing their practical benefits [74] 4. Educational Growth - The report stresses the need for educational initiatives to prepare the workforce for the AI-driven future, focusing on skill development and adaptability [57][58] - It suggests that AI can lead to improved work-life balance, potentially enabling shorter workweeks as productivity increases [57][58]

Core Viewpoint - The article discusses the significant drop in Nvidia's market value due to the emergence of China's DeepSeek, which raises concerns about a potential valuation bubble in the AI industry, drawing parallels to the internet bubble of the early 2000s [4][5][6]. Group 1: Nvidia's Market Performance - On January 27, 2025, Nvidia experienced a record single-day drop of 17%, losing approximately $600 billion in market value, marking the highest single-day loss for a company in U.S. stock market history [4]. - Nvidia's stock had previously surged by 239% in 2023 and an additional 171% in 2024, leading to investor skepticism regarding whether its valuation had peaked [4]. Group 2: DeepSeek's Impact - DeepSeek's launch of a low-cost, open-source model, DeepSeek-R1, is seen as a catalyst for Nvidia's market decline and highlights the competitive pressure from Chinese companies in the global AI landscape [4][6]. - The technological advancements and cost control demonstrated by DeepSeek are intensifying global competition and prompting a reevaluation of AI industry valuations [3][4]. Group 3: Market Reflections and Comparisons - The article draws a comparison between the current AI investment frenzy and the internet bubble of 25 years ago, suggesting that both phenomena exhibit similar market dynamics and risks [5][6]. - Historical context is provided, noting that the NASDAQ index reached a peak of 5048 points in March 2000, followed by a significant market correction that resulted in a loss of $6.5 trillion in market value over two years [4][5].

Core Viewpoint - The emergence of DeepSeek from Hangzhou signifies a shift in the innovation landscape, challenging the dominance of major players like OpenAI and recalibrating the innovation strength rankings among Chinese cities [2][8]. Group 1: Comparison of Innovation Between Shenzhen and Hangzhou - Shenzhen has a higher R&D intensity at 6.46% of GDP compared to Hangzhou's 3.92% for 2024 [6]. - Shenzhen has accumulated 1.844 million invention patents over the past decade, significantly more than Hangzhou's 850,000 [6]. - Shenzhen boasts over 25,000 national high-tech enterprises, with a density of 12 per square kilometer, far exceeding Hangzhou's 16,500 [6]. - Despite Shenzhen's advantages in R&D and technology enterprise density, Hangzhou has successfully birthed the "Six Little Dragons," indicating a strong innovation atmosphere [6][8]. Group 2: Structural Differences in Industry - Shenzhen's industrial structure is heavily focused on manufacturing, with a 2023 GDP contribution of 0.1% from the primary sector, 37.6% from the secondary sector, and 62.3% from the tertiary sector [10]. - In contrast, Hangzhou's GDP contribution is 1.7% from the primary sector, 28.3% from the secondary sector, and 70% from the tertiary sector, highlighting a more service-oriented economy [10]. - Shenzhen's industrial output is primarily in electronics, with significant production in robots, smartphones, and integrated circuits [11][12]. Group 3: Innovation Ecosystem and Strategy - Hangzhou's strategic pivot towards modern service industries has fostered a digital economy, with a projected core industry value of 630.5 billion yuan in 2024, growing at 7.1% [16]. - The city has effectively utilized its private sector's dynamism to develop information services, cultural creativity, and financial services, creating a unique innovation ecosystem [16]. - The contrasting focus of Shenzhen on hardware innovation versus Hangzhou's emphasis on platform economy and algorithm innovation illustrates their distinct paths in the innovation landscape [12][14]. Group 4: Broader Implications of Innovation - The rise of DeepSeek challenges the notion that only hardware breakthroughs constitute true innovation, emphasizing the importance of algorithm optimization and digital economy advancements [18][19]. - The innovation spectrum encompasses both tangible and intangible advancements, suggesting that both Shenzhen and Hangzhou contribute uniquely to China's technological landscape [19][20]. - The competition between Shenzhen and Hangzhou should be viewed as complementary rather than adversarial, as each city plays a distinct role in the broader innovation ecosystem [20].

Group 1 - Huawei has terminated multiple employees from various departments for engaging in recruitment violations, including arranging proxy exams and leaking test questions, which severely breached the company's code of conduct [3] - The involved personnel are required to return illegal profits and compensate the company for losses incurred due to their actions [3] Group 2 - Cat's Eye Professional Version issued an apology for data plagiarism allegations, confirming that the disputed information was provided by a third-party service provider [6] - The company has taken immediate action to remove the disputed data and has communicated with CMDB to clarify the situation, expressing sincere apologies for the oversight [7] - CMDB, which specializes in collecting and organizing film personnel information, has recorded 16,265 Chinese films in its database, emphasizing the importance of respecting industry efforts in building professional databases [6][8] Group 3 - U.S. stock markets experienced a decline, with the Dow Jones falling by 1.14%, while the Nasdaq and S&P 500 also saw decreases of 0.18% and 0.76% respectively [11] - Despite the overall market downturn, Chinese concept stocks saw a rise, with the Nasdaq China Golden Dragon Index increasing by 2.83%, driven by significant gains in companies like Hesai and NIO [11]

Core Viewpoint - The article highlights the recent approval of Aotuo Technology's IPO on the Sci-Tech Innovation Board, marking a significant shift in the IPO landscape in China, particularly in supporting technology innovation and private enterprises [2][5][7]. Group 1: Aotuo Technology's IPO Details - Aotuo Technology is focused on the research, production, and sales of programmable logic controllers (PLC) and is recognized as a national-level specialized "little giant" enterprise [2]. - The company plans to raise 779 million yuan through its IPO, with a strong emphasis on domestic production and technology independence, achieving up to 100% localization of components [4]. - Financial performance shows a steady increase in revenue from 114 million yuan in 2021 to 197 million yuan in 2023, with net profit growing from approximately 25.1 million yuan to 68.7 million yuan during the same period [4]. Group 2: Market Context and Regulatory Support - The approval of Aotuo Technology's IPO is significant as it is the first IPO accepted by the Shanghai and Shenzhen Stock Exchanges in 2023, amidst a backdrop of declining IPO numbers in previous years [5]. - The China Securities Regulatory Commission (CSRC) has expressed intentions to enhance support for private and technology innovation enterprises, including those that are not yet profitable [7][8]. - Recent discussions during the National People's Congress emphasized "technology innovation" as a key topic, with the CSRC committing to a more inclusive approach for listing standards, particularly for high-quality technology firms [8].

编者荐语： "日经中文网"开设了"日经BP精选"栏目。日经BP是日本经济新闻社媒体集团的一员，成立于1969年。 作为日本领先的B2B媒体公司，聚焦经营管理、专业技术及生活时尚三大主要领域。敬请读者关注。 以下文章来源于日经BP ，作者日经BP 日经BP . 日经BP成立于1969年4月, 隶属于日本经济新闻社集团。作为日本领先的B2B媒体公司，我们聚焦"经营 管理"、"专业技术"及"生活时尚"三大主要领域，满足客户多元化的需求。 （本文由日经BP提供） 由于中国AI企业DeepSeek开发出了高性能的低成本大语言模型，2025年1月下旬，英伟达 （NVIDIA）等美国高科技公司的股价暴跌。"DeepSeek冲击"这一说法，可能模仿了前苏联在1957年成 功发射全世界第一颗人造卫星"斯普特尼克1号（Sputnik-1）"后，美国受到的"斯普特尼克冲击"。两种 说法都表示美国因其他国家取得辉煌成就而受到了打击。 DeepSeek 的训练成本据称在数亿日元左右，但目前又出现了成本远低于此的开发案例。那就是斯 坦福大学的研究团队于2025年1月下旬发布的大语言模型。 阅读更多内容请点击下方" 阅读原文 " 笔者深切 ...

Group 1 - The Chinese government opposes the broadening of national security concepts and the politicization of economic and technological issues [1] - The Chinese government will firmly protect the legitimate rights and interests of Chinese enterprises [1]

报道 I 投资界PEdaily 经历洗牌，剩者为王。 作者 I 吴琼 De e pSe e k效应正在渐渐显现。 肉眼可见的是，压力率先传导到了大模型"六小虎"——月之暗面、智谱AI、百川智能、 零一万物、Mi nima x、阶跃星辰。国内AI投资人已经感受到寒意，"大模型创业公司们的 融资正在变得更困难"。 融资门槛越来越高。早在2024年5月，De e pSe e k发布De e pSe e k -V2开源MoE模型，因极 度降低推理成本就掀起一场大模型价格战，"尤其是其V2. 5版发布后，De e pSe e k基本已 经成为最强的模型之一了 。 " 这是否意味着，曾经风光无限的六小虎们黯然失色？一位不愿具名的AI投资人直言： "有三家已经出局了。" DeepSeek爆红后 "六小虎"200亿估值受到挤压 De e pSe e k爆红出圈，意外开启中国科技崛起的宏大叙事。 其北京和杭州的办公室楼下，一度挤满前往拜访的媒体和投资人。有外媒传出De e pSe e k 首次考虑进行外部融资，以应对不断增长的算力需求；而近期招聘CFO、注册香港公司 等一系列动作，也被外界视作为资本化准备。 不过很快就有了辟谣 ...

以下文章来源于盐财经 ，作者张旦珺 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 争抢人才。 盐财经 . 作者 | 张旦珺 来源 | 盐财经 （ID：nfc-yancaijing） 市场对寻求AI人才的渴望，到了按图索骥的程度。 晚点latepost曾在报道中记录过这样一个细节：当一位投资人循着AI论文上的名字一个 个去拜访时，发现他们此前都与张一鸣单独见过面，其中包括尚未毕业的博士生。 这是一个信号，意味着互联网大厂正在使用它们的最大能量挖掘AI领域的人才。 不只是顶尖精英，对于任何一个处于快速爆发期的行业来说，支撑业务落地的基础岗位 员工也会成为争夺的焦点。2月中旬，阿里巴巴AI To C业务开启大规模招聘，开放岗位 达到数百个；几乎在同一时间，腾讯旗下AI助手腾讯元宝开启"热招"。 腾讯元宝开启"热招" /图源：腾讯招聘 当焦灼、激烈、残酷的AI竞赛发生时，属于个人的机会就出现了——各大公司率先捧出 的招聘诚意，就是薪资。 今年农历新年之初，超级独角兽DeepSeek就曾因高薪招人引发了大量关注。 根据DeepSeek母公司幻方量化发布的招聘信息，所有招聘岗位年薪均至少约50万元， 部分岗位如深度学 ...