以下文章来源于盐财经 ，作者张旦珺 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 技术的时代，终归属于人才。 文 ｜ 张旦珺 编辑 ｜ 何子维 来源｜ 盐财经（ID：nfc-yancaijing） 封面来源 ｜ Pexels 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 ...

Core Viewpoint - Nvidia's stock experienced a decline of 16% following news of a Chinese AI start-up, DeepSeek, which developed a cost-effective training method for AI models, raising concerns about demand for Nvidia's GPUs. However, Nvidia's CEO Jensen Huang suggested that the emergence of new AI models could actually increase GPU demand instead [1][2][17]. Financial Performance - Nvidia reported record revenue of $130.5 billion for fiscal 2025, marking a 114% increase from the previous year and surpassing management's forecast of $128.6 billion [5]. - The data center segment contributed $115.1 billion to total revenue, reflecting a significant 142% increase year-over-year [5]. - The company began shipping its new Blackwell GB200 GPUs in fiscal 2025's fourth quarter, generating $11 billion in sales, the fastest product ramp-up in Nvidia's history [6]. Product Innovation - The Blackwell GB200 GPU can perform AI inference at speeds up to 30 times faster than Nvidia's previous flagship chip, the H100, enhancing the efficiency of AI applications [7]. - Nvidia plans to scale up production of the Blackwell GPUs due to high demand from customers, indicating a robust market appetite for AI computing power [8]. Market Dynamics - DeepSeek's V3 model was trained for only $5.6 million, raising concerns about the competitive landscape for AI development and the potential impact on Nvidia's market position [9]. - Despite DeepSeek's innovations, major AI developers like OpenAI are shifting towards "reasoning" models that require significantly more computational resources, which could drive demand for Nvidia's chips [14][15]. Stock Valuation - Nvidia's fiscal 2025 earnings per share (EPS) was $2.99, resulting in a price-to-earnings (P/E) ratio of 42.5, which is 28% lower than its 10-year average of 59.3 [16]. - Wall Street's consensus estimates suggest Nvidia could achieve an EPS of $4.49 in fiscal 2026, leading to a forward P/E ratio of 27.7, indicating potential for significant stock price appreciation [16].

Group 1: Lithium Battery - The lithium battery index increased by 1.31%, outperforming the Shanghai and Shenzhen 300 index which decreased by 2.22% [2][18] - The macro policy encourages the development of the new energy vehicle industry, with significant sales growth in January 2025 [18] - Short-term investment opportunities are suggested based on industry prosperity and market trends [18] Group 2: Chemical Industry - The CITIC basic chemical industry index fell by 0.27%, while the Shanghai and Shenzhen 300 index fell by 2.22%, indicating better performance than the benchmark [3][21] - 26 sub-industries within the chemical sector increased, with modified plastics and electronic chemicals leading the gains [21] - Investment focus is recommended on potassium fertilizer, polyester filament, and organic silicon industries due to their growth potential [21][24] Group 3: New Materials - The new materials index decreased by 0.46%, slightly outperforming the Shanghai and Shenzhen 300 index [4][26] - New materials are supported by national policies as a strategic emerging industry, with growth driven by advancements in commercial aerospace and robotics [26][27] - Investment suggestions include thermal barrier coatings and rare earth permanent magnet materials [27] Group 4: Light Industry Manufacturing - The light industry manufacturing index rose by 0.38%, outperforming the Shanghai and Shenzhen 300 index by 2.60 percentage points [5][29] - The paper industry is expected to benefit from rising prices of imported pulp and government policies to stimulate consumption [29][31] - The home furnishing sector is showing signs of recovery, with potential growth driven by promotional activities [29][31] Group 5: Agriculture, Forestry, Animal Husbandry, and Fishery - The agriculture, forestry, animal husbandry, and fishery index fell by 0.91%, but still outperformed the Shanghai and Shenzhen 300 index by 1.31 percentage points [6][34] - The pig farming sector is expected to see improved profitability in 2024 due to reduced supply and cost pressures [37] - Investment focus is suggested on the pig farming and pet food sectors as they approach performance turning points [34][37] Group 6: Securities - The securities index fell by 2.97%, underperforming the Shanghai and Shenzhen 300 index by 0.75 percentage points [9][42] - Despite recent declines, the securities sector is expected to enter a new upward cycle, with average valuations remaining below historical levels [42][43] - Continuous attention to the securities sector is recommended as it maintains a structural market [42] Group 7: Machinery - The CS machinery sector decreased by 1.84%, outperforming the Shanghai and Shenzhen 300 index by 0.38 percentage points [10][44] - Investment suggestions include traditional engineering machinery and high-speed rail equipment due to stable fundamentals [44][48] - The sector is experiencing adjustments in AI and robotics themes, indicating potential volatility [48] Group 8: Photovoltaics - The photovoltaic industry rose by 1.01%, outperforming the Shanghai and Shenzhen 300 index [11][50] - The sector is experiencing significant transaction volume, with expectations for continued growth in global photovoltaic installations [50][51] - Investment focus is recommended on leading companies in the photovoltaic supply chain, particularly in polysilicon and module manufacturing [51] Group 9: Power and Utilities - The power and utilities index fell by 1.03%, outperforming the Shanghai and Shenzhen 300 index by 1.19 percentage points [12] - The sector is poised for growth due to increasing electricity demand from new energy systems and market reforms [12] - Investment suggestions include large hydro and nuclear power companies with strong dividend yields [12] Group 10: Media - The media sector fell by 8.06%, significantly underperforming the Shanghai and Shenzhen 300 index [13] - The impact of AI on the media industry is highlighted, with potential for growth in gaming and content creation [13][14] - Long-term investment focus is suggested on gaming companies benefiting from AI integration [14]

Group 1 - The 14th National People's Congress (NPC) is set to open at 9 AM today in Beijing, with Premier Li Qiang delivering the government work report [2] - The NPC spokesperson highlighted the rise of companies like DeepSeek as evidence of China's innovative and inclusive approach to technological development [3] - The Ministry of Commerce has placed 15 US entities, including Lidos, on an export control list, indicating ongoing tensions in US-China trade relations [6] Group 2 - Guizhou Moutai has repurchased 822,200 shares at a cost of 1.2 billion yuan [9] - SF Holding has repurchased 20.77 million shares for 758 million yuan [9] - The company Jiangnan Yifan's board members and shareholders plan to reduce their holdings by no more than 4% [9] Group 3 - Ningbo Port reported a container throughput of 3.35 million TEUs in February, a year-on-year increase of 11% [10] - The North Bay Port achieved a cargo throughput of 23.98 million tons in February, reflecting a year-on-year growth of 14.56% [10] - Hainan Huatie's subsidiary signed a 3.69 billion yuan computing power service agreement [10] Group 4 - Long-term demand for computing power remains strong, with leading cloud service providers benefiting from enhanced resource utilization [12] - The trend of decreasing model usage costs and improving model performance is expected to drive further AI application scenarios [12] - Private cloud solutions are anticipated to maintain investment value due to the demand for localized AI model deployment [12]

Group 1 - Amazon is developing an AI model with advanced reasoning capabilities, similar to OpenAI's o3-mini and DeepSeek's R1, expected to launch under the Nova brand as early as June [1] - The new reasoning model will adopt a hybrid reasoning architecture, potentially allowing for quick answers and complex extended thinking within a single system, akin to Anthropic's Claude 3.7 Sonnet [2] - Amazon aims to make its Nova reasoning model more price-efficient than competitors, although this may be challenging given DeepSeek's reputation for low pricing [3]

Core Viewpoint - The announcement by Lu Chen Technology to suspend DeepSeek API services is primarily driven by cost considerations, despite DeepSeek's high theoretical profit margin of 545% [2][4][5]. Group 1: Company Actions and Decisions - Lu Chen Technology is the first company to officially announce the suspension of DeepSeek API services, coinciding with DeepSeek's announcement of a 545% theoretical profit margin [2][5]. - The decision to halt the DeepSeek API service was made without public explanation from Lu Chen Technology, but internal sources indicate that cost issues are the main reason [4][9]. - The official communication from Lu Chen Technology to users stated that the API service would be suspended due to business adjustments, allowing users to request refunds for unused balances [9]. Group 2: Cost Analysis and Industry Implications - The cost of providing stable access to DeepSeek services is significantly high, requiring substantial redundant computing resources that smaller cloud service providers like Lu Chen Technology cannot afford [10]. - DeepSeek's recent open-sourcing of many inference components has made it challenging for third-party MaaS providers to match official costs, leading to a narrowing of profit margins for these companies [10]. - The competitive landscape for smaller MaaS providers is deteriorating as DeepSeek's open-source initiatives disrupt existing business models, making it difficult for them to maintain a competitive edge [10]. Group 3: Founder’s Perspective - Founder You Yang of Lu Chen Technology has publicly expressed concerns about DeepSeek's cost structure, arguing that the reported training costs for models are misleading and that the actual costs for sustained operations are much higher [6][8]. - You Yang's analysis suggests that the profitability of third-party MaaS providers is questionable, as they often operate at a loss while trying to offer DeepSeek services [9].

文｜ 张旦珺 编辑｜ 何子维 视觉 | 顾芗 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 习研究员的最高年薪超过176万。 即便是"AGI实习生"，其工资为500元/天—1000元/天，亦能月入上 万。 DeepSeek发布的岗位招 ...

Core Viewpoint - The article discusses the key points from the press conference of the 14th National People's Congress, highlighting the importance of the Private Economy Promotion Law and the mutual benefits of China-US economic relations [1][3][5]. Legislative Developments - The draft of the Private Economy Promotion Law was first reviewed by the National People's Congress (NPC) Standing Committee in December last year and has undergone further review recently. This law aims to ensure equal legal protection for various ownership economies and promote fair market competition [3]. - Since the second session of the 14th NPC, the NPC Standing Committee has reviewed 39 legal proposals, passing 24 of them, which includes the formulation of 6 new laws and amendments to 14 existing laws [8]. China-US Economic Relations - The essence of China-US economic relations is mutual benefit, with trade volume increasing over 200 times since the establishment of diplomatic relations. The total bilateral investment stock is approximately $250 billion [5]. - The article emphasizes the need for dialogue and negotiation to resolve differences, while firmly maintaining national sovereignty and development interests [6]. Technological Innovation - The progress of DeepSeek represents the rise of Chinese companies in the AI sector, showcasing China's innovation and inclusivity in technology development. The Chinese government is committed to protecting data privacy and promoting global AI governance [10]. Economic Outlook - Despite facing challenges, the fundamentals of the Chinese economy remain strong, with a resilient foundation and significant potential for long-term growth. The government is actively managing local government debt to ensure sustainable economic development [12][13].

坚持好完善好运行好人民代表大会制度 十四届全国人大三次会议大会发言人娄勤俭说，新时代新征程，要找准人大在推进中国式现 代化中的定位和任务，紧紧围绕党和国家工作大局履职尽责。人大将围绕发展全过程人民民 主，坚持好、完善好、运行好人民代表大会制度，为实现新时代新征程党和人民的奋斗目标 提供坚实制度保障。 3月4日，十四届全国人大三次会议在北京人民大会堂举行新闻发布会。大会发言人娄勤俭就大会议 程和人大工作相关问题回答中外记者提问。图/新华社 2 0 2 4年立法工作取得新进展新成效 十四届全国人大三次会议3月4日1 2时在人民大会堂新闻发布厅举行新闻发布会，由大会发言 人就大会议程和人大工作相关问题回答中外记者提问。 十四届全国人大三次会议会期7天 十四届全国人大三次会议大会发言人娄勤俭说，本次大会3月5日上午开幕，11日下午闭幕， 会期7天。大会议程共有7项，包括审议政府工作报告等6个报告，审议《中华人民共和国全国 人民代表大会和地方各级人民代表大会代表法（修正草案）》的议案。大会的各项准备工作 已全部就绪。 十四届全国人大三次会议大会发言人娄勤俭说，十四届全国人大二次会议以来，全国人大常 委 会 充 分 发 ...

1 2025 年，锐仕方达整合海量数据资源，通过薪酬报告这一人力资源中的重要参考，助力人力资源市场向合 理的方向运动，为各行业企业带来以下价值： 2025 生成式人工智能薪酬报告 www.risfond.com 前言 锐仕方达人才科技集团（简称"锐仕方达"）于 2008 年在北京创立，是数据驱动的一站式人力资源解决方案 供应商，也是 AAAAA 级人力资源服务机构。目前公司在全球 70 多座城市设有 200+ 直营分支，全职团队 近 4000 人，长期为数千家芯片、半导体、高端装备、生物制药、新能源等战略新兴企业提供快速、精准猎聘 服务；助力数百家新能源、制造业、电商客户出海欧洲、中东、东南亚。 公司拥有自主研发的"RNSS 系统"（Risfond Network Search System），每年为上万家高速增长中的企 业提供优秀人才寻猎服务，截至目前：已有超过 50000 家国内外知名企业选择锐仕方达招募精英，每年为 企业推荐优秀人才近百万次，截至目前，公司累计成功猎聘案例已超 11 万个。 薪酬管理作为人力资源管理的重要组成部分，决定着人力资源的合理配置。薪酬一方面代表着劳动者可以提 供的不同劳动能力的 ...