Core Insights - The article discusses the latest paradigms in AI, particularly focusing on the concept of "test-time compute" and how large language models (LLMs) can enhance their reasoning capabilities through various methods [3][12][26]. Group 1: AI Paradigms - The blog systematically organizes the latest paradigms in AI, emphasizing "test-time compute" [3]. - LLMs exhibit similarities to human thought processes, drawing parallels with Daniel Kahneman's "Thinking, Fast and Slow" [4][5]. - The reasoning process in LLMs can be likened to human cognitive systems, where "System 1" represents quick, intuitive responses, and "System 2" denotes slower, analytical thinking [6][7]. Group 2: Enhancing Reasoning in LLMs - The concept of "Chain of Thought" (CoT) allows models to allocate variable computational resources based on problem complexity, particularly beneficial for complex reasoning tasks [9]. - Reinforcement learning (RL) has been scaled up in reasoning, with significant changes initiated by OpenAI's developments [14]. - The training process of models like DeepSeek R1 involves parallel sampling and sequential improvement, enhancing the reasoning capabilities of LLMs [15][16]. Group 3: External Tool Utilization - The use of external tools during the reasoning process can improve efficiency and accuracy, such as employing code interpreters for complex calculations [19]. - OpenAI's recent models, o3 and o4-mini, emphasize the importance of tool usage, which marks a paradigm shift in AI development [20][21]. Group 4: Future Research Directions - The article raises open questions for future research, such as improving RNNs to dynamically adjust computation layers and enhancing Transformer architectures for better reasoning [28]. - It also discusses the challenge of training models to generate human-readable CoTs that accurately reflect their reasoning processes while avoiding reward hacking [29][30].

谈及未来，邝子平表示，中国新质生产力的全球化是大势所趋。回顾美国科技七巨头的发展，海外业务 收入占比大多超过50%。中国大型科技企业的国际化和全球认可度也在逐步提升，同时石头科技、影石 创新（Insta360）、禾赛科技、梅卡曼德机器人等新兴科技企业的全球化进程正在迅速推进。 在推进新质生产力发展的进程中，中国的创投行业可以发挥非常重要的作用，也有很多投资的机会。首 先，创投能够寻找到最有潜力的创业者和创新方向；其次，中国绝大部分创投资金都投向了科技创新领 域，包括AI、先进制造、医疗健康、新能源等；第三，创投不同于其他金融产品的一点在于，它不仅 能提供资金支持，更能够在企业"造血"的过程中深度参与多项具体工作。 "作为创投机构，也希望在中国上市公司质量提升的过程中发挥积极作用。"邝子平在发言尾声表示，这 既包括源源不断地向交易所输送优质的拟上市企业，也包括在企业成长过程中，以董事、股东等身份参 与，推动公司治理更加规范。他还透露，启明创投将在收购兼并领域展开新的探索。 在这场题为《创投资本与新质生产力发展》的演讲中，邝子平首先以DeepSeek的"出圈"说明中国在科技 领域的实力。"大家应该有的一个心态是， ...

Group 1 - The 2025 Sohu Technology Annual Forum focused on cutting-edge topics in the tech industry, including breakthroughs in basic science, the industrial application of technological revolutions, and artificial intelligence [1] - Sohu's CEO Zhang Chaoyang highlighted that the AI industry has entered a fast track in recent years, with diverse developments in embodied intelligence, while also emphasizing the importance of verifying information amidst the ease of access provided by AI [1] - Tsinghua University professor Zheng Weimin outlined the five stages of the artificial intelligence model lifecycle: data acquisition, preprocessing, model training, fine-tuning, and inference, noting that the first three stages require significant computing power and storage resources typically handled by major tech companies [1] Group 2 - Former president of Xi'an Jiaotong University Wang Shuguo stated that many innovations and new forms of leadership come from society, suggesting that universities should break out of traditional disciplinary confines [1] - Sun Lijun, former vice president of Beijing Film Academy, argued that education for artistic talent in the AI era should challenge traditional disciplinary boundaries [1] - Wang Qizhou, Deputy General Manager of Yushu Technology, expressed optimism about the future of humanoid robots, suggesting that if young people believe in this industry, humanoid robots may eventually become a reality [1] Group 3 - Chinese Academy of Sciences academician Wang Yifang emphasized the importance of advanced scientific instruments, such as photon microscopes and large hadron colliders, for enhancing national technological competitiveness and expressed hope for more contributions in basic scientific research from China in the future [2]

同时，Manus母公司蝴蝶效应近期完成由美国风投Benchmark领投的7500万美元融资，估值飙升至36亿美元，较年初增长近5倍。据悉，该公司正在组建海 外团队，新融资将用于加速底层技术研发及全球化布局。该团队正酝酿推出面向企业级市场的"AI自动化工作流"新产品线，让AI帮助中小企业实现降本增 效。 当Manus以"手脑协同"的智能体技术引爆硅谷创投圈、DeepSeek凭借开源生态改写AI成本规则后，硅兔君发现一个有趣现象：过去三个月里，每周至少有 五位硅谷VC合伙人、三家科技媒体主编和两位实验室负责人向硅兔君打听——"能否推荐几个像肖弘（Manus创始人）或梁文峰（DeepSeek CEO）那样的 华人AI团队？" 2025年5月13日，爆火的AI智能体平台Manus宣布向海外用户开放注册，取消等候名单机制，用户每日可免费执行一项任务并获得积分奖励。此前，Manus 在3月初发布时因邀请码制度引发疯狂抢购，二手平台甚至出现万元高价交易现象。 这种关注度绝非偶然。硅兔君观察到，硅谷创投内部流传着一份加密名单，其中标注了由MIT、伯克利等顶尖院校华人博士主导的AI Agent初创团队，甚 至有创投人私下和硅兔 ...

Group 1 - AI chips have become a focal point during President Trump's first visit to the Middle East, with NVIDIA announcing the sale of over 18,000 AI chips to Saudi Arabia for a 500 MW data center [1] - The U.S. Department of Commerce has intensified its scrutiny of Huawei products amid ongoing trade tensions, which has implications for the tech industry [1] - Despite the trade war, China's export total reached 6.13 trillion yuan in Q1 2025, showing resilience with a slight decline in imports but a recovery in growth rates [1] Group 2 - The U.S. automotive industry is heavily reliant on global supply chains, particularly from China, and rising tariffs have led to increased costs for manufacturers, ultimately affecting consumer prices and contributing to inflation [3] - The emergence of Chinese companies like DeepSeek, which offer competitive AI models and electric vehicle charging technologies, poses a challenge to U.S. tech firms [3][5] - Elon Musk's role in the Trump administration has become precarious as he faces pressure to distance himself from the government amid declining stock prices and personal wealth [5][7] Group 3 - There is a growing sentiment among U.S. officials, including Treasury Secretary Mnuchin, that the trade war strategy may need to shift as the costs to the U.S. economy become more apparent [7][8] - The need for actual actions to demonstrate sincerity in negotiations with China is emphasized, as mere statements are insufficient for meaningful progress [8]

Group 1 - The article discusses the potential emergence of a "Chinese Century," where China fully realizes its economic and technological potential, reshaping global power dynamics around Beijing [1] - The U.S. government is criticized for focusing on minor conflicts while losing sight of the larger competition with China, which is leading in various industries such as steel, shipbuilding, batteries, solar energy, electric vehicles, drones, 5G equipment, consumer electronics, active pharmaceutical ingredients, and high-speed trains [1][2] - By 2030, China is expected to account for nearly half of global manufacturing, indicating a significant shift in the global manufacturing landscape [1] Group 2 - Chinese startups, such as DeepSeek, are making strides in artificial intelligence (AI), showcasing China's competitive edge in this field [2] - BYD, a Chinese electric vehicle manufacturer, has surpassed Tesla in global sales and is expanding its manufacturing footprint worldwide [2] - In 2023, China installed more industrial robots than the total installed in the rest of the world, highlighting its advancements in automation and manufacturing technology [2] Group 3 - China is overcoming its previous weaknesses in the semiconductor industry, with breakthroughs from companies like Huawei leading to the development of a self-sufficient supply chain [2] - The article emphasizes that China's technological advancements are creating a positive feedback loop, where progress in interconnected fields enhances overall capabilities [2] - The U.S. is warned that tariffs and trade pressures will not compel China to abandon its effective economic model in favor of Western policies [2] Group 4 - The article predicts that if current trends continue, China may dominate high-end manufacturing across various sectors, including automotive, semiconductors, and commercial aviation [3] - The competition in AI is expected to shift from a U.S.-China rivalry to a contest among Chinese tech cities like Shenzhen and Hangzhou [3] - The article suggests that the future of global economic leadership may depend on the U.S.'s policy choices, urging investment in R&D and fostering a welcoming environment for international talent and capital [3]

5月19日至20日，由深交所主办的2025全球投资者大会在深圳举行。 大会现场，施罗德投资北亚区行政总裁、亚太区业务策略主管麦尚仪，安本投资亚太多资产投资主管吴 丽如，瑞士百达资产管理亚洲（除日本）首席执行官赵俊杰及富达国际亚洲（除日本）股票投资总监加 里·莫纳汉等外资机构代表就中国新质生产力的发展展开热烈交流。 新质生产力，正在成为外资机构投资中国的重要方向。 吴丽如认为，中国正在重塑全球宏观的格局，"我们看到，现在不断变化的全球贸易以及供应链，很多 数据显示，现在中国生产了全球70%的太阳能板，生产电动汽车电池接近60%的产能，我们看到全球供 应链的重塑一定是引向实用的新质生产力（方向），这都来自中国，这会产生巨大的影响，（包括）生 产成本会进一步降低，进一步让全球的消费者受益。" 赵俊杰指出，中国在新质生产力发展上有多个领先的优势，首先，中国有着世界上最好、最优技能的工 程师，每年中国有4.6万名博士生毕业。中国在44个科技领域中的37个都保持领先的角色，包括新材 料、人工智能、机器人和生物科技等。另外，中国有非常好的受教育的劳动人口，中国同时也是一个巨 大的单一市场，这样的话公司可以在这里把规模做得非 ...

Group 1 - The core viewpoint is that China's new productive forces are emerging on the global stage, presenting unlimited investment potential, with the venture capital industry playing a crucial role in this process [1] - DeepSeek's advancements in AI, including the release of its flagship model V3 and reasoning model R1, demonstrate China's rapid progress in AI capabilities, now comparable to global leaders like OpenAI, with costs significantly lower at one-thirtieth [1] - The rise of Chinese AI startups, as highlighted by the mention of DeepSeek and others, indicates that China's AI capabilities have entered the world's top tier, with a narrowing gap of only two to three months behind global standards [1] Group 2 - The biopharmaceutical sector in China is experiencing a similar transformation, with 30% of global big pharma's license-in activities coming from Chinese biotech startups in 2024, up from 0% in 2019, marking a shift from being a major recipient to a leading source of licenses [2] - China's export structure has significantly changed over the past 20 years, with machinery, electrical equipment, and consumer electronics now accounting for 42% of total exports, indicating a strong global competitiveness in new energy vehicles [2] - Numerous Chinese tech companies, both large and small, are expanding their international presence, showcasing their competitive strength and potential to develop into world-class enterprises [2] Group 3 - Venture capital is closely linked to technological development, characterized by high-risk tolerance and a long-term value focus, supporting innovation and participating in the growth of companies [3] - Despite challenges in recent years, the global venture capital landscape shows that six out of seven companies founded after 2010 and valued over $100 billion are from China, highlighting significant investment opportunities [3] - Key investment areas identified include artificial intelligence, biopharmaceuticals, renewable energy, and robotics, with AI expected to create substantial opportunities starting in 2025 [3]

"来，咱们一起完成这个脑电波协作任务，看看咱俩的默契度咋样！"5月18日下午，杭州文三数字 生活街区0101PARK里，一场自带"科幻滤镜"的交友活动热闹上演。百名单身青年职工在机器狗热舞、 VR默契大挑战、脑机接口黑科技中沉浸式体验"交友盲盒"，在"520"前夕解锁了一场别开生面的未来式 浪漫。 "原来杭州有这么多厉害的科技企业，通过这次体验，我对杭州的科技发展有了更深的了解，而且 和搭档也有了更多共同话题。"一位参观完体验馆的男嘉宾说，原本他还担心和陌生人没话说，但体验 了这些科技项目后，两人聊得不亦乐乎。 男女青年职工根据各自"次元身份"分组搭配，凭借签到领取的未来身份任务卡中的线索和任务，一 起完成任务打卡，并获得相应积分。在未来科技体验中心，嘉宾们一起组队体验"未来智能"，宇树科 技、DeepSeek、强脑科技等先锋企业带来的前沿科技迅速成了"社交神器"。在VR情感实验室里，一对 对嘉宾戴着VR眼镜，沉浸在虚拟世界中。"往左！往左！""小心，前面有障碍！"在虚拟世界里，大家 仿佛成为并肩作战的"战友"，默契度在一次次协作中逐渐提升。 "从机器狗热舞到脑机接口体验，我们想让年轻人看到，相亲交友也可以很 ...

Core Viewpoint - The article emphasizes the significant investment opportunities in China's new productive forces, particularly in the context of the global market and technological advancements [2][19]. Group 1: New Productive Forces in China - China's new productive forces are gaining global recognition, with immense investment potential [2]. - The emergence of companies like DeepSeek showcases China's advancements in AI, reducing costs significantly compared to international counterparts [4][5]. - The gap between China's AI capabilities and international standards has narrowed to just two to three months, indicating rapid progress [6]. Group 2: Investment Opportunities - The biopharmaceutical sector in China is experiencing a transformation, with 30% of global license-ins coming from Chinese startups in 2024, up from 0% in 2019 [8]. - The shift from being a major recipient of foreign technology to a leading source of innovation (license-out) highlights China's growing influence in the global market [8]. - The export composition of China has evolved, with machinery and electronics now accounting for 42% of total exports, reflecting a shift towards high-tech products [9]. Group 3: Globalization of Chinese Companies - Chinese tech companies are increasingly expanding their international presence, although none have yet surpassed 50% of revenue from overseas [10]. - Emerging companies like Stone Technology and Insta360 are leading in their respective fields globally, with significant portions of their revenue coming from international markets [11]. - The recognition of Chinese technology firms is growing, paralleling the country's manufacturing capabilities established over the past decades [12]. Group 4: Role of Venture Capital - The venture capital industry in China plays a crucial role in supporting technological innovation, focusing on high-risk, long-term investments [15]. - Despite facing challenges in recent years, the potential for investment in Chinese startups remains strong, with six out of seven companies valued over $100 billion globally being from China [16]. - Key investment areas identified include AI, biopharmaceuticals, and renewable energy, which are expected to yield significant returns in the coming years [18].