Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - Investment in new materials is fundamentally an investment in emerging industries and structural transformation [10][12] - The lifecycle of the industry is crucial for investment decisions, with new materials often in the development or introduction phase [13][14] - Short-term excess returns in new materials investments are closely tied to market beta (β), regardless of whether the materials are in development or introduction phases [15][16] Summary by Sections Investment in New Materials - Investing in new materials means investing in future emerging industries, as these materials are in recent or ongoing development and outperform traditional materials [10][12] - The materials industry is foundational to modern industrial systems, with each technological revolution linked to breakthroughs in materials [9][10] Lifecycle Assessment - Assessing the lifecycle of new materials is essential, as they are often in the development or introduction phase, which affects their industrialization and investment characteristics [13][14] - For development-phase materials, investment is thematic, while for introduction-phase materials, it is more about industrial investment [13][14] Market Trends and Recommendations - Recent market performance has been strong in sectors like photovoltaic equipment and glass fiber, while sectors like small appliances and communication equipment lagged [3][20] - Recommendations include focusing on solid-state batteries and electronic fabrics, with specific companies highlighted for potential investment [24][25]

上海高院 《斗破苍穹》美杜莎被"喂"给AI大模型 据上海高院11月3日公开的案情简讯，3日下午，上海市金山区人民法院（以下简称金山区人民法院）一审宣判了上海首例人 工智能大模型著作权侵权案。 被告被判赔5万元 美杜莎是知名IP《斗破苍穹》动漫中的一个角色，原告是美杜莎角色形象的著作权人。被告公司运营国内某AI图像生成平 台，平台依托AI大模型为用户提供AI在线生图等服务。被告用户李某是该平台的用户，李某截取了《斗破苍穹》动漫中美杜 莎形象图片二十余张，做成美杜莎图包，使用平台"训练LoRA"功能，将美杜莎图包作为训练素材投入，生成两款美杜莎 LoRA模型。经过平台机审，被告李某将案涉美杜莎LoRA模型发布在自身账号中。其他普通用户使用案涉美杜莎LoRA模型 时，通过输入不同提示词，能够生成与美杜莎形象相同或实质性相似的各种图片。 《斗破苍穹》微博 原告公司主张被告李某构成不正当竞争且侵犯了原告复制权、改编权、信息网络传播权。平台存在大量侵犯原告美杜莎角色 形象的LoRA模型，没有尽到平台责任。 被告公司辩称作为平台方，被告公司并不构成侵权，LoRA模型本身以及提供"训练LoRA"功能作为技术，促进人工智能发 ...

Core Insights - Amazon Web Services (AWS) and OpenAI have announced a seven-year strategic partnership valued at up to $38 billion, aimed at providing cloud infrastructure for OpenAI's AI workloads [1][2] - The collaboration will grant OpenAI access to AWS's extensive computing resources, including hundreds of thousands of advanced NVIDIA GPUs, with the potential to scale to tens of millions to meet the growing demand for AI workloads [1] - This partnership solidifies AWS's position in the AI infrastructure space and provides OpenAI with robust computational support, benefiting millions of users globally from products like ChatGPT [3] Group 1 - The partnership combines AWS's leading cloud infrastructure capabilities with OpenAI's breakthrough technology in generative AI [2] - OpenAI's CEO, Sam Altman, emphasized the need for large-scale, reliable computing to advance frontier artificial intelligence, highlighting the importance of the collaboration in enhancing the computing ecosystem [2] - AWS has extensive experience in securely and reliably operating large-scale AI infrastructure, with a chip cluster scale exceeding 500,000 [1]

【进一步摆脱微软依赖 OpenAI与AWS官宣380亿美元战略合作】11月4日，亚马逊云科技（AWS）与 OpenAI联合宣布达成价值380亿美元的七年战略合作协议，旨在为OpenAI的核心大模型训练和在线推理 提供大规模云端算力与基础设施支持。 行业分析指出，380亿美元相当于AWS未来七年营收的5％～7%，显示其押注AI基础设施的决心。而 OpenAI借助此次合作，将为2026年"AI研究实习生"、2028年"全自动AI研究员"等目标提供算力保障。 这场合作，将加剧云服务商之间围绕AI算力与生态的竞争格局，将全球AI军备竞赛推向新高度。中经 记者 谭伦 李正豪 北京报道 值得关注的是，此举被业内视为OpenAI摆脱微软依赖的关键布局。此前其算力几乎全由微软Azure提 供，而2025年微软优先合作地位到期后，OpenAI已陆续牵手谷歌、甲骨文，此次与AWS的巨额交易更 形成"多云制衡"态势。对AWS而言，这一订单有望扭转其AI算力增速落后于Azure的局面。受消息刺 激，亚马逊股价明显拉升，创下近两年内最佳两日涨幅。 根据协议，OpenAI已立即启用AWS提供的数十万颗英伟达最新GB200/GB300系列 ...

Core Viewpoint - The article discusses the resurgence of the large model sector in China, highlighting the competitive landscape where companies like MiniMax and Zhipu are making significant strides towards IPOs while others struggle for survival [2][10]. Group 1: Company Developments - MiniMax has recently launched its MiniMax-M2 model, which has quickly gained traction, ranking among the top five globally and first in open-source models on the Artificial Analysis (AA) leaderboard [4][5]. - Zhipu released its flagship GLM-4.6 model, which is positioned as a leading coding model, aligning with MiniMax's focus on coding and agent functionalities [2][6]. - MiniMax's M2 model has achieved impressive metrics, including being the third most called model on the OpenRouter platform within just five days of launch [5][13]. Group 2: Market Dynamics - The competitive landscape is characterized by rapid technological iterations, with major players like Alibaba and OpenAI pushing for faster updates, compressing the performance advantage window from six months to three [9][11]. - The article notes that the commercial viability of models is becoming increasingly important, as demonstrated by Anthropic's market share growth from 12% to 32% in the code generation sector [11][18]. Group 3: Pricing and Performance - MiniMax's M2 model offers competitive pricing at $0.3 per million tokens for input and $1.2 for output, significantly lower than its competitors, while also providing faster inference speeds [6][12]. - The founder of MiniMax emphasizes the need for a balance between performance, price, and inference speed, aiming to make high-quality models accessible to a broader audience [12][15]. Group 4: Investment and Valuation - MiniMax has attracted significant investment from major firms, leading to a valuation increase that positions it as a frontrunner among China's large model companies [15][18]. - The article highlights the importance of commercial success in sustaining valuation, with MiniMax's approach focusing on practical applications and API accessibility for businesses [15][19].

Core Viewpoint - Shopify is expected to report third-quarter earnings with revenue projected at $2.73 billion, up from $2.16 billion year-over-year, and earnings per share anticipated at $0.26, down from $0.66 the previous year [1] Group 1: Financial Performance Expectations - The total gross merchandise volume (GMV) is expected to grow by 28%, reaching $89.12 billion [1] - Deutsche Bank predicts a 27% increase in GMV, compared to a 30% increase in the same period last year [2] - Analysts expect revenue growth around 20% and gross profit growth around 20% for the fourth quarter, with GAAP operating expenses as a percentage of revenue around 30% [2] Group 2: Strategic Partnerships and Market Position - Shopify's stock price has risen following its partnership with OpenAI for "Instant Checkout," indicating potential benefits from advancements in AI and smart commerce [2] - The company is actively expanding its platform to attract larger enterprise clients, with notable partnerships including Starbucks and Miele [2] - Feedback from partners suggests strong market share growth in the enterprise customer segment, with expectations of surpassing competitors in new customer acquisition [2] Group 3: Market Sentiment and Holiday Season Outlook - Investors are looking for initial guidance for the fourth quarter as an indicator of holiday consumer trends and Shopify's ability to maintain growth compared to a weak performance last year [2] - Despite macroeconomic concerns, Shopify's stock has increased over 60% this year, driven by accelerated revenue growth and increased GMV share [2] - Analysts anticipate optimistic fourth-quarter guidance, supported by AI-driven efficiency improvements and cost control measures [2]

来源：智通财经网 Shopify一直在努力拓展其平台，吸引更多大型企业客户。星巴克、加拿大鹅、Burton Snowboards以及 高端家电制造商Miele都在第二季度与Shopify签约。Shah认为这一势头将在第三季度延续。他表示："根 据合作伙伴的反馈，Shopify在企业客户领域的市场份额增长势头强劲，预计其新增客户数量将超过同 行，因此Shopify将继续受益于这一增长。" Shopify(SHOP.US)将在周二美股盘前公布第三季度业绩。市场预期该公司第三季度营收将达到 27.3 亿 美元，高于去年同期的 21.6 亿美元；预计其每股收益为0.26美元，低于上年的0.66美元。 根据普遍预期，商家商品交易总额将增长28%，达到891.2亿美元。 分析师预计其在企业和国际市场的扩张将提振业绩。自 9 月底与人工智能领军企业 OpenAI 达成"即时 结账"合作以来，Shopify 的股价持续上涨。 与OpenAI合作 德意志银行分析师Bhavin Shah指出，在Shopify披露OpenAI Instant Checkout后，其股价有所上涨。Shah 在一份报告中表示："这应该会继续强化这样一 ...

值得关注的是，此举被业内视为OpenAI摆脱微软依赖的关键布局。此前其算力几乎全由微软Azure提 供，而2025年微软优先合作地位到期后，OpenAI已陆续牵手谷歌、甲骨文，此次与AWS的巨额交易更 形成"多云制衡"态势。对AWS而言，这一订单有望扭转其AI算力增速落后于Azure的局面。受消息刺 激，亚马逊股价明显拉升，创下近两年内最佳两日涨幅。 行业分析指出，380亿美元相当于AWS未来七年营收的5％～7%，显示其押注AI基础设施的决心。而 OpenAI借助此次合作，将为2026年"AI研究实习生"、2028年"全自动AI研究员"等目标提供算力保障。 这场合作，将加剧云服务商之间围绕AI算力与生态的竞争格局，将全球AI军备竞赛推向新高度。 （文章来源：中国经营报） 11月4日，亚马逊云科技（AWS）与OpenAI联合宣布达成价值380亿美元的七年战略合作协议，旨在为 OpenAI的核心大模型训练和在线推理提供大规模云端算力与基础设施支持。 根据协议，OpenAI已立即启用AWS提供的数十万颗英伟达最新GB200/GB300系列GPU，并具备扩展至 千万级CPU的能力。为匹配需求，AWS专门打造全新架构A ...

Group 1 - The Hong Kong internet sector is experiencing downward pressure, with several popular stocks, including Hezhima Intelligent, Meitu, Suton Ju Chuang, and Kingsoft Cloud, showing significant adjustments, leading to a drop of over 2% in the Hang Seng Internet ETF (513330) during intraday trading [1] - By the first half of 2025, the market size of China's AI infrastructure service is expected to reach 19.87 billion yuan, representing a substantial year-on-year growth of 122.4%, with generative AI infrastructure accounting for over 80% of the market, becoming the core driving force [1] - Alibaba Cloud ranks first in both the overall and segmented markets, holding approximately 25% market share, with its Aegaeon GPU pooling system significantly enhancing resource utilization efficiency by serving seven models simultaneously on a single GPU [1] - Tencent's "Honor of Kings" has achieved a global monthly active user count of over 260 million, setting a new industry record and demonstrating China's dual breakthroughs in AI infrastructure and content application [1] - OpenAI's annual revenue is nearing 20 billion USD, and it has initiated the process for an IPO, indicating a continued acceleration in AI commercialization [1] - The narrowing performance gap between Chinese and American models, along with the open-source path promoting the development of a domestic ecosystem, suggests that capital investment and commercialization progress in the AI industry are consistently exceeding expectations, positioning leading Hong Kong internet companies for new development opportunities driven by technological evolution and capital aggregation [1] Group 2 - The long-term growth logic of the Hang Seng Internet sector is clear, driven by the widespread adoption of artificial intelligence technology, the improvement of the digital ecosystem, and continuous policy support [2] - The Hang Seng Internet ETF (513330) closely tracks the Hang Seng Internet Technology Index, providing comprehensive coverage of leading companies in the Hong Kong internet technology sector, serving as an efficient tool for capitalizing on the benefits of digital economy development and technological iteration [2]

阿里 千问 和 DeepSeek两款中国模型成为唯二盈利的模型。相比之下，四款美国顶尖模型全部亏 损。 作者 | 硬 AI 编辑 | 硬 AI 11月4日，备受关注的AI大模型实时投资比赛"Alpha Arena"落下帷幕。结果极具戏剧性：阿里 千问 Qwen 以 22.32%收益 夺得冠军 ；而 OpenAI的GPT-5和谷歌 的Gemini 2.5 Pro则遭遇惨败，分别亏损 62.66 %和 56.71 %， 大幅腰斩。 在这场为期 17天、全程无人工干预的实盘对决中，阿里 千问 和 DeepSeek两款中国模型成为唯二盈利的模型。相比之下，四款美国顶尖模型全部亏损。 这场由美国人工智能研究实验室 Nof1发起的"AI角斗场"，可能是迄今为止对AI"真实决策水平"最残酷的一次检验。 长久以来，我们习惯于用 MMLU、SWE-Bench之类的学术基准来衡量AI的"智商"。这些榜单固然重要，但它们更像是实验室里的"标准智力测验"，无法回答一个 更根本的问题：当AI离开"考场"，进入混乱、动态且充满对抗的真实世界时，它的"决策水平"究竟如何 ？ 为了回答这个问题，美国人工智能研究实验室 Nof1发起了一场名为 ...