每经记者｜刘艳美 每经编辑｜杨欢 这几天，一场科技盛宴正在杭州上演。 9月25日起，为期五天的第四届全球数字贸易博览会（以下简称"数贸会"）正式拉开帷幕。 作为我国唯一以数字贸易为主题的国家级、国际性、专业型展会，本届数贸会的一大亮点，就是围绕数字贸易核心优势，不仅注重改造提升传统产业，也注 重培育壮大新兴产业，布局建设未来产业。 在15.5万平方米的展会现场，超1800家参展商携前沿技术、创新产品和重磅首秀亮相。其中，低空经济作为新质生产力的典型代表和战略性新兴产业，在此 次数贸会上备受关注。 9月27日，第四届数贸会"低空经济新兴技术与产业发展对接会"举行。会上，由每日经济新闻·每经智库、城市进化论与火石创造联合编写的《城市低空经 济"链接力"指数（浙江2025）》报告正式发布。 报告从企业聚集度、创新聚集度、资本活跃度、环境友好度和AI低空融合度等五大维度，对浙江各市低空经济发展水平进行了系统性评估，为城市找准"坐 标"、协同发展提供参照。 在对接会圆桌对话环节，每经智库总裁、城市进化论主编江然还与德国不来梅州经济促进局亚洲部部长Matthias Hempen，浙科投资董事长、浙江省创业投 资协会副会长 ...

Core Viewpoint - The article discusses the concept of parallel industries in China and the U.S., highlighting their respective strengths and challenges, particularly in the context of geopolitical economic power and the need for China to enhance its domestic demand and international competitiveness in sectors like AI, platform economy, innovative pharmaceuticals, and commercial aerospace [3][5][10]. Summary by Sections 1. Parallel Industries and Geopolitical Economic Power - Parallel industries are defined as sectors where both China and the U.S. have their strengths and are developing concurrently, such as AI, platform economy, innovative pharmaceuticals, and commercial aerospace [3][5]. - From a geopolitical economic perspective, competition in these industries is not just about business rivalry but also about enhancing national economic power [10]. 2. Challenges Facing China's Parallel Industries - China's parallel industries face challenges including weak domestic demand, limited external market expansion, significant financing constraints, and a need to improve its influence over technical standards [3][10]. - The primary contradiction is insufficient demand, necessitating strategies to expand market demand, especially for small and medium-sized enterprises [3][10]. 3. Sector-Specific Analysis AI - AI is viewed as a critical technology for national competitiveness, with significant potential to enhance productivity [11]. - The U.S. has established a strong military application for AI, emphasizing the need to maintain leadership in this field [11]. Platform Economy - The platform economy is crucial in the digital age, influencing information dissemination and resource allocation [12]. - Chinese platforms like Alipay and WeChat are leading domestically but face challenges in international expansion due to reliance on the SWIFT system [12]. Innovative Pharmaceuticals - The COVID-19 pandemic highlighted the strategic value of pharmaceutical innovation, with countries that control vaccines and treatments gaining significant geopolitical power [13]. - China's pharmaceutical market is growing, but it still lags behind the U.S. in terms of innovation and market share [23]. Commercial Aerospace - The rise of commercial aerospace has lowered entry barriers, allowing private companies to participate in satellite manufacturing and launching [14]. - The global space economy is projected to reach $1.8 trillion by 2035, with significant military applications [14]. 4. Demand-Side Challenges - Insufficient demand is a key constraint on the development of China's parallel industries, with factors such as market saturation and low payment willingness among consumers [31][33]. - The platform economy faces user saturation, while commercial aerospace relies heavily on public sector orders, limiting private sector growth [33][34]. 5. Supply-Side Issues - The lack of vibrant capital markets and insufficient technical standard influence are significant challenges for innovation in parallel industries [52][53]. - The number of new unicorns in sectors like AI and innovative pharmaceuticals has declined, indicating reduced market vitality [55].

Core Insights - The article emphasizes the emergence of "Agency" as a core competency in AI systems, highlighting the shift from passive tools to proactive collaborators in various industries [3][11][46] - The research introduces the "Agency Efficiency Principle," suggesting that the development of agency capabilities relies more on strategic data construction rather than merely increasing data volume [5][44][52] Group 1: Definition and Importance of Agency - Agency is defined as the ability of AI systems to autonomously identify problems, formulate hypotheses, and execute solutions through interaction with their environment [3][11] - The significance of agency lies in its potential to transform AI from a passive assistant into an active participant capable of handling complex tasks in knowledge work [3][11] Group 2: Research Findings and Methodology - The LIMI research demonstrates that a model can achieve superior agency performance using only 78 samples, outperforming models trained on 10,000 samples by 53.7% [4][14][38] - The study focuses on two core areas: collaborative programming and scientific research workflows, which require comprehensive agency capabilities [16][17] Group 3: Data Construction and Efficiency - LIMI's approach to data construction emphasizes the importance of high-quality, strategically curated samples over sheer quantity, challenging traditional beliefs about data scaling [5][44][40] - The training data for LIMI exhibited an average length of 42.4k tokens, significantly exceeding typical training sample lengths, which enhances the complexity and richness of learning signals [28][31] Group 4: Experimental Results and Performance - In the AgencyBench evaluation, LIMI achieved an average score of 73.5%, significantly surpassing all baseline models, including GLM-4.5, which scored 45.1% [37][41] - The findings indicate that strategic data construction can lead to more effective capability transfer than simply increasing the size of training datasets [38][40] Group 5: Implications for the AI Industry - LIMI's discoveries could revolutionize the AI industry by lowering the barriers to entry for smaller teams and shifting the focus from data collection to high-quality sample design [47][48] - The approach has broad commercial potential, reducing development costs and time while improving performance in specific applications [50][51]

Group 1 - Zhongke Shuguang's subsidiary, Zhongke Tianji, has launched a high-resolution meteorological data sharing initiative, marking a significant milestone in China's AI industry for open sharing and industrial integration [1][2] - The shared meteorological data includes global 12 km and regional 3 km resolution data, covering over 160 meteorological elements such as temperature, wind field, and precipitation, with a time scale of up to 15 days and hourly updates [2][3] - The initiative addresses the data bottleneck, a key factor in AI development, as China has abundant data resources but lacks effective and high-quality domain-specific data [3][5] Group 2 - The AI computing open architecture, announced by Zhongke Shuguang in collaboration with over 20 industry partners, aims to foster collaborative innovation across the AI ecosystem, moving away from isolated technological advancements [4][5] - China's AI industry is projected to exceed 900 billion yuan in 2024, with a year-on-year growth of 24%, and over 5,300 companies operating in the sector [5] - The establishment of standards and frameworks for collaborative innovation, along with the development of legal regulations and ethical guidelines, positions China's AI industry for high-quality growth and a more significant role on the global stage [5][6]

Core Insights - A new opportunity era for "unknowns" is emerging, with China's post-2000 AI entrepreneurs striving for global recognition [10] - The AI industry is witnessing a shift where language barriers are diminished, allowing for a more global approach to AI entrepreneurship [6][7] Group 1: AI Entrepreneurship Landscape - Young AI entrepreneurs, including university students, are actively participating in financing roadshows to secure seed funding for their AI products [1][2] - Antler, a prominent early-stage investment firm, has invested in over 1,300 companies, ranking first among global AI early investors [2] - EPIC Connector, a non-profit AI startup incubator, aims to assist Chinese AI entrepreneurs in expanding internationally [3][4] Group 2: Globalization and AI - The majority of participants at the AI DEMO Day were fluent in English, indicating a readiness to engage with global markets [4][3] - A report from Macro Polo highlights that 47% of top global AI researchers are from China, showcasing the significant role of Chinese talent in the AI sector [4] - The concept of "Day One Global" is emphasized, suggesting that Chinese AI startups should consider international markets from the outset [7] Group 3: Challenges and Trends - The AI industry faces challenges related to reverse globalization, with some companies relocating to avoid restrictions [8][9] - The recent actions of Manus.AI, including layoffs and relocation, reflect the complexities of operating in a global AI landscape [8] - The distinction between models and agents in AI entrepreneurship is becoming blurred, leading to more specialized and user-focused AI products [11][12] Group 4: Future Outlook - The Chinese government's recent initiatives to promote AI integration across various sectors signal a supportive environment for AI development [10] - The rise of AI is compared to the internet boom two decades ago, suggesting a transformative potential for the digital economy [10] - EPIC Connector aims to elevate promising but lesser-known entrepreneurs to the forefront of the AI industry [12]

Core Insights - The fourth Global Digital Trade Expo, themed "Seeing the Innovative Future in Digital Trade," opened on September 25 in Hangzhou, Zhejiang, showcasing China's commitment to digital trade [1][2] - The expo features a total exhibition area of 155,000 square meters with 1,812 exhibitors, including 381 international exhibitors, representing 21% of the total [1] - The number of international attendees has reached 11,000, marking a 64% increase from the previous year, with a total procurement amount expected to reach 30 billion yuan [1][2] Group 1 - The expo is organized around the needs of participating companies and professional audiences, featuring over 30 key industry, investment, and competition events focusing on sectors like healthcare, digital infrastructure, and cultural entertainment [2] - New specialized committees have been established, including data intelligence, digital trade venture capital, spatiotemporal intelligence, and digital cities, with the introduction of "Digital Trade Venture Capital Day" to match 100 innovative projects with 100 funds [2] - A total of 154 countries and regions are represented, with the United Arab Emirates and Indonesia serving as guest countries, and 33 international organizations confirming participation, reflecting a 50% increase from the last event [2] Group 2 - The expo has received certification from the International Exhibition Association (UFI), emphasizing its international recognition and credibility [2] - The event aims to facilitate face-to-face interactions, with the motto "One meeting is worth a thousand emails," highlighting the importance of direct engagement in business [2]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) are set to announce a "Fixed Income and Currency Market Development Roadmap" focusing on four key areas and ten initiatives to enhance Hong Kong's position as a major fixed income and currency hub [1] Group 1: Key Initiatives - The roadmap will include measures to promote primary market issuance, enhance secondary market liquidity, expand offshore RMB business, and build a new generation of market infrastructure [1] - The initiatives reflect a commitment from both the government and the market to maintain competitiveness, inclusiveness, and global connectivity in Hong Kong's financial markets [1] Group 2: Market Context - Amid geopolitical tensions and rising unilateralism, Hong Kong is attracting global investors seeking diversified asset allocation [1] - The positive sentiment towards Chinese technology companies, such as DeepSeek, is reigniting optimism regarding China's technological capabilities and investment prospects [1] Group 3: Market Dynamics - Hong Kong is viewed as a safe haven, providing ideal resources for the market, which is leading to an influx of capital [1] - The performance of the Hong Kong stock market reflects this positive trend and capital inflow [1]

Group 1 - Investor sentiment towards the stock market has improved, with 63.1% believing that A-shares will rise, an increase of 1.6 percentage points compared to April 2025 [1] - Since Q4 2024, A-shares have experienced an upward trend after a prolonged decline, with the Shanghai Composite Index rising by 17.9% and the Shenzhen Composite Index by 26.8% from August to December 2024 [1] - In 2025, after a brief market correction, A-shares stabilized and began a new round of rebound, with the Shanghai Composite Index up 15.1% and the Shenzhen Composite Index up 24.8% from January to August [1] Group 2 - The rising A-share market has increased investor willingness to invest, with a net increase of 18.9% in those willing to invest in stocks, up 6.2 percentage points from the previous period [2] - The willingness to invest in stock funds also increased, with a net increase of 14.5%, up 5.5 percentage points from the last survey [2] - The current A-share market rally is primarily driven by valuation recovery rather than improvements in the fundamentals of listed companies [2] Group 3 - High-tech companies in China, such as Yush Robot, DJI, and others, have gained significant domestic and international attention, with stock prices in sectors like semiconductors and automation equipment rising over 60% year-on-year as of August 2025 [3] - Approximately 38% of survey respondents expect China's GDP growth to exceed 5%, an increase of 4.8 percentage points from the previous survey [3] - The survey collected around 2100 valid samples, including 1300 from retail investors and 800 from financial industry professionals [3]

Core Insights - The DEMO CHINA 2025 event, themed "Awakening, Symbiosis, and Transcendence," focuses on AI and hard technology, showcasing 126 early-stage companies in various tech sectors [2][19] - The event aims to create a significant platform for early-stage tech companies, having attracted over 47,000 startups and 1,506 companies over 18 years, with 35 companies successfully listed [2][4] Group 1: Event Overview - DEMO CHINA 2025 is hosted in Hangzhou, with support from local government and aims to highlight early-stage AI and hard tech companies [2][4] - The event features awards for "2025 Notable AI Innovators" and "2025 Notable Hard Tech Innovators," emphasizing the importance of innovation in these fields [2][19] Group 2: Regional Development - Hangzhou's Gongshu District is positioned as a hub for innovation, with a projected GDP exceeding 220 billion in 2024 and a commitment to maintaining over 10% annual growth in R&D spending [6][9] - The district has launched a three-year action plan for AI industry development, aiming to create a supportive environment for tech innovation and entrepreneurship [6][7] Group 3: Investment Landscape - The event attracted 213 investment institutions, indicating strong interest in early-stage tech ventures [2][19] - Investment opportunities are highlighted in AI and hard tech sectors, with a focus on long-term support for these industries through new financial ecosystems [15][17] Group 4: Company Insights - The participating companies are predominantly young, with an average establishment time of 2.76 years, and many have founders with advanced degrees [20] - The event serves as a platform for underrepresented companies, with 16% of participants being previously undiscovered by venture capitalists [20]

Core Insights - The report from Shanghai Securities highlights a surge in the humanoid robot industry, with significant participation from both domestic and international players, indicating a trend towards commercialization and mass production of humanoid robots [1] Industry Developments - Major companies such as Huawei, ByteDance, BYD, Xiaomi, and Ant Group are increasing their investments in embodied intelligence, while international firms like Tesla and Figure AI are accelerating their commercialization efforts [1] - The humanoid robot industry is entering a phase of diverse innovation, with a clear trend towards industrial applications, suggesting a high degree of certainty in future commercialization [1] Company Highlights - **Tuosda**: Recently launched its first wheeled humanoid robot "Xiao Tuo," which features a four-stewart wheel design and can perform complex tasks autonomously [1] - **Zhiyuan Robotics**: Successfully demonstrated the "Webster Flip," becoming the first humanoid robot to perform this complex gymnastic move, showcasing advanced motion control capabilities [2] - **Moliang Technology**: Completed a Pre-A round financing of tens of millions, aimed at expanding production lines and enhancing delivery capabilities across various sectors [3] - **Figure**: Secured over $1 billion in Series C funding, reaching a valuation of $39 billion, which will support the growth of its humanoid robots and AI platform [4] - **Tesla**: CEO Elon Musk's recent stock purchase and a new compensation plan linked to the delivery of 1 million humanoid robots is expected to catalyze production efforts [5] - **Luxiao Technology**: Announced a partnership with Kepler Robotics to develop AI-integrated home service robots, targeting sales of at least 1 million units in the next three years [6][7]