Henry 当时给我打电话，我对他说： "Henry ，别费心了。你没有任何科技背景，连芯片和薯片都分不清。 " 他 回应道： " 确实如此，但 Eric 答应教我。 " 所以我们非常高兴他能莅临现场。他去年也曾到访，或许这将成为 一项年度传统 ——Henry 于两周前的上周逝世，享年 100 岁。回顾他跨越一个世纪的非凡人生，他深刻影响了美 国的国家安全与世界格局，也改变了无数人的命运 —— 其中既有他的学生，也有曾为他授课的人，以及众多其 他人。 Eric 的背景已无需多言，但我想补充两点：首先正是这位首席执行官将 Google 从一家初创企业打造成全球顶尖 公司之一，这一成就令人惊叹。其次他很早就将人工智能视为未来的核心领域，并推动 Google 吸纳了全球范围 内的顶尖人才，包括 DeepMind—— 正是这家公司为 Google 带来了 Demis Hassabis- 他去年因在 Google 的蛋白 质研究工作获得诺贝尔奖、 Mustafa Suleiman—— 现任 Microsoft 消费者人工智能业务负责人等众多杰出人才。 值得一提的是，在解读人工智能相关的各类言论时，多数高谈阔论者实则在为 ...

深夜23点，北京国贸写字楼的灯光只剩零星几点。程序员小林盯着屏幕上刺眼的"服务器繁忙"提示，第 三次尝试调用DeepSeek API失败。 就在他为瘫痪的程序焦头烂额时，千里之外的杭州，幻方量化的交易系统正自动完成一笔高频交易，其 旗下基金今年收益率已悄然逼近55%。 这两个看似无关的场景，却由同一个名字连接——"极客"梁文锋。他左手打造的DeepSeek从AI顶流沦为 争议焦点，右手培育的幻方量化却成为量化领域的隐形冠军。 这场冰与火的强烈反差，不仅是一家公司的战略分野，更撕开了AI行业的遮羞布——当概念炒作的潮 水退去，技术的真正价值到底藏在哪里？ 01DeepSeek的180天坠落 2025年初的DeepSeek，曾是现象级的存在。 每天2400万人挤爆官网，单日APP下载量突破540万次，社交媒体上充斥着"AI改变世界"的狂热讨论。 上线次月，其月活用户就飙升至1.8亿，力压豆包、腾讯元宝登顶行业第一，估值被外媒疯炒至1500亿 美元，创始人梁文锋的身家也一度跃居亚洲科技大亨前列。 然而，这场狂欢的褪去速度，比任何人预想的都要快。 6月AI产品榜发布，DeepSeek排名从榜首滑落至第五，月活用户骤降 ...

AI的快速发展，正让我们重新站在技术变革的十字路口。 近期，源自硅谷裁员的消息，不断在媒体上被广泛解读和传播。根据追踪裁员动态网站Layoffs.fyi的统 计，今年已有超过218家科技公司进行裁员，总人数超过11万。在 "硅谷10万大裁员"的叙事渲染下，不 仅让科技从业者感受到就业市场的寒意，也在公众层面引发了对AI就业替代的担忧。 从裁员的具体原因来看，各家不尽相同，既有业务过度扩张后的主动收缩，也有经营承压下的财务压 力。也有部分企业，在盈利增长下的反常规裁员操作，被视作AI就业替代的重要信号。具体来看，其 实AI在本轮裁员中呈现出一体两面的复杂作用。一方面作为催化剂，确实在推动企业进行实质性的组 织变革；另一方面AI所带来的巨大投入预期，迫使企业进行的必要战略聚焦和资源重新配置。 虽然此次裁员风波，并非完全由AI引发，但还是透露出一些值得警惕的信号。从个人视角而言，面对 重大的技术变革，需要尽快提升适应能力，成为掌握AI技能的先行者；但从社会的视角而言，也要考 虑构建制度化的社会韧性机制，特别是在从旧技术体系向新科技生态变革的过程中，如何度过技术变革 的的"乱纪元"，是一项需要多方协作的系统性工程。 ...

被誉为「黄金职业通行证」的人类知识堡垒，CFA考试悄然陷落。最新的推理模型不仅轻松通过了CFA三级考试，还创造了几乎满分的成绩。 AI一分钟，人类十年功！ 一觉醒来，AI推理模型已横扫特许金融分析师CFA考试。 | Model Producer | Ranking | Model | Level I | Level II | Level III | | --- | --- | --- | --- | --- | --- | | OpenAI | 9 | ChatGPT [11] | Fail/Fail | Fail/Fail | Fail | | | 8 | GPT-4 [2] | Pass/Pass | Pass/Pass | Fail | | | 7 | GPT-4o [7] | Pass/Pass | Pass/Pass | Pass | | | 3 | GPT-5 [10] | Pass | Pass | Pass | | Google | 2 | Gemini 2.5 Pro [5] | Pass | Pass | Pass | | | 1 | Gemini 3.0 Pro | Pass | Pas ...

刘金松 腾讯研究院 资深专家 AI的快速发展，正让我们重新站在技术变革的十字路口。 近期，源自硅谷裁员的消息，不断在媒体上被广泛解读和传播。根据追踪裁员动态网站Layoffs.fyi的统 计，今年已有超过218家科技公司进行裁员，总人数超过11万。在 "硅谷10万大裁员"的叙事渲染下，不 仅让科技从业者感受到就业市场的寒意，也在公众层面引发了对AI就业替代的担忧。 从裁员的具体原因来看，各家不尽相同，既有业务过度扩张后的主动收缩，也有经营承压下的财务压 力。也有部分企业，在盈利增长下的反常规裁员操作，被视作AI就业替代的重要信号。具体来看，其实 AI在本轮裁员中呈现出一体两面的复杂作用。一方面作为催化剂，确实在推动企业进行实质性的组织变 革；另一方面AI所带来的巨大投入预期，迫使企业进行的必要战略聚焦和资源重新配置。 虽然此次裁员风波，并非完全由AI引发，但还是透露出一些值得警惕的信号。从个人视角而言，面对重 大的技术变革，需要尽快提升适应能力，成为掌握AI技能的先行者；但从社会的视角而言，也要考虑构 建制度化的社会韧性机制，特别是在从旧技术体系向新科技生态变革的过程中，如何度过技术变革的 的"乱纪元"，是一 ...

Core Viewpoint - The primary focus of the article is the comprehensive recovery of the primary market in fundraising, investment, and exit strategies, supported by favorable policies and increased funding in the venture capital industry since 2025 [1]. Fundraising - Fundraising challenges that have long plagued the venture capital industry are gradually improving in 2025, with long-term funds from banks, insurance, and social security funds accelerating their entry into the market [3]. - The establishment of financial asset investment companies (AIC) by major banks marks a significant increase in fundraising capabilities, with a cumulative investment of 45.272 billion yuan, a year-on-year increase of 37.7% since September 2024 [3]. - Local governments have issued 52 billion yuan in special bonds directed towards government-guided funds, enhancing the capital pool for venture capital [4]. - The total contribution from government-guided funds, industrial capital, and state-owned funds has increased by 23.9%, 26.7%, and 59.7% respectively in 2025 [4]. - Institutional LP contributions reached 1.45 trillion yuan in 2025, a year-on-year growth of 16% [4]. Investment Trends - The recovery in fundraising has led to a surge in investments in hard technology sectors such as biomedicine, semiconductors, artificial intelligence, and robotics, with investment speeds increasing by 20% to 30% compared to 2024 [6]. - The resilience of China's technology innovation ecosystem has attracted significant global capital, with notable investments in companies like DeepSeek and Yushutech [6]. - Investment in hard technology sectors has seen over 30% growth in financing numbers compared to 2024, with the robotics sector particularly thriving, surpassing the total number of financing events from the previous two years [7]. Exit Strategies - The exit channels for venture capital have diversified, with IPOs remaining a key exit route, and new avenues such as S funds and mergers and acquisitions gaining importance [9]. - In 2025, several companies have successfully completed IPOs, with the A-share and Hong Kong markets accounting for 16% and 33% of global IPO activities respectively [9]. - The establishment of S funds by local state-owned assets has contributed to a more diverse exit strategy landscape, with 17 new S funds launched between 2024 and the first half of 2025 [10]. - The focus on mergers and acquisitions has increased, with venture capital firms actively seeking exit strategies for their investments [11]. Overall Industry Outlook - The venture capital industry in China is experiencing a comprehensive recovery, supported by policies that enhance the fundraising, investment, and exit ecosystem, thereby strengthening its role in supporting technological innovation and contributing to high-quality economic development [11].

Core Insights - By 2025, China's AI industry is at a historical turning point, with generative AI user base reaching 515 million, an increase of 266 million from December 2024 [1] - The Chinese government has outlined a clear direction for AI development through the "AI+" action plan, emphasizing six key actions and eight foundational capabilities [1] - The capital market has responded positively, with 709 investment events in the AI sector in 2025, amounting to approximately 59.145 billion yuan, which is 94.5% of the total investment in 2024 [1] Group 1: Industry Trends - The AI industry is witnessing a shift from a focus on technology narratives to practical applications, with a brutal elimination process for startups lacking financial viability [2] - Major companies are leveraging their technological advantages to attract capital and accelerate their market presence, while startups face existential challenges [2] - The AI sector is experiencing deep penetration into various industries, indicating a transition from speculative investments to more grounded business models [2] Group 2: Market Developments - New companies like Xiaoma Zhixing and Wenyan Zhixing have recently listed on the Hong Kong Stock Exchange, marking significant milestones in the autonomous driving sector [6] - Xiaoma Zhixing operates a fleet of over 720 Robotaxi vehicles, providing 24/7 service in major cities, while Wenyan Zhixing has over 1,500 autonomous vehicles licensed across eight countries [6] - The AI sector saw 435 new financing events in Q3 2025, a 99% year-on-year increase, with total financing around 37 billion yuan [7] Group 3: Competitive Landscape - The competition in the AI industry is intensifying, with both tech giants and startups vying for market share, leading to a complex competitive environment [8] - The launch of DeepSeek's app has significantly increased user engagement, with active users surpassing 240 million within a month of its release [8] - The AI app user base reached 287 million by September 2025, indicating a growing trend towards multi-model integration in applications [9] Group 4: Investment Dynamics - The investment landscape is evolving, with a focus on AI hardware and applications, as evidenced by significant funding rounds for companies like Ling Yuzhou [13] - The return cycle for AI hardware investments is shorter compared to traditional internet investments, necessitating careful selection of investment targets [14] - The relationship between technology breakthroughs, industry application, and capital investment is forming a virtuous cycle, enhancing the potential for future advancements [14] Group 5: Future Outlook - The AI industry is expected to continue its growth trajectory, with a focus on achieving a balance between technological, industrial, and commercial value [16] - Major companies like Alibaba and Tencent are significantly increasing their investments in AI infrastructure, indicating a long-term commitment to the sector [15] - The Chinese AI patent application volume reached 1.576 million, accounting for 38.58% of the global total, positioning China as a leader in AI innovation [16]

以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 在近日公布的《2025全球独角兽企业500强报告》中，DeepSeek凭借1.05万亿元的估值，力压阿里云、蚂蚁 集团等一众企业，成为了仅次于字节跳动的中国第二大、全球第六大独角兽企业。 早在今年初，就有外媒曾预测DeepSeek的估值最高可达1500亿美元，虽然DeepSeek目前的收入可能不高， 但考虑到其未来增长和研究实力，其值得高估值。 据公众号"全球独角兽企业500强"消息，12月3日，在2025全球独角兽企业500强大会上，独角兽工程院院 长、全球独角兽企业500强大会秘书长解树江发布了《2025全球独角兽企业500强报告》。 我们注意到，在该榜单排名前十的企业中，有四家中国企业上榜，它们分别是字节跳动、DeepSeek、阿里 云和蚂蚁集团。 回看DeepSeek的出圈之路，对于AI行业来说，DeepSeek颇像一条鲶鱼，其用"开源+高性价比"的组合拳，进 一步推动了整个行业的快速发展。 值得一提的是，年初爆红出圈后，DeepSeek的月活随即在一众国产AIGC App中强势登顶，但DeepSeek的优 ...

The report attributed this year's surge in open LLM usage around the world to the growing adoption of Chinese-developed systems, including Alibaba Cloud 's Qwen family of models, DeepSeek 's V3 and Moonshot AI 's Kimi K2 . Alibaba Cloud is the AI and cloud computing services unit of Alibaba Group Holding , owner of the Post.ChatGPT was released by OpenAI on November 30, 2022. Photo: Shutterstock alt=ChatGPT was released by OpenAI on November 30, 2022. Photo: Shutterstock>Fast-forward to the second half of 2 ...

Core Insights - The article discusses the transformative impact of AI on the global economy, with Nvidia's CEO Jensen Huang asserting that AI could quintuple global GDP from $100 trillion to $500 trillion [7][9]. Group 1: Nvidia and AI Leadership - Nvidia has become the world's most valuable company, largely due to its dominance in advanced chip technology that powers the AI revolution [6][9]. - Huang is portrayed as a key figure in the AI landscape, with significant influence in both technology and geopolitics, as evidenced by his interactions with political leaders [6][9]. - The company has significantly exceeded Wall Street's earnings expectations, highlighting its pivotal role in the AI sector [7]. Group 2: AI's Economic and Social Implications - AI is seen as the most influential technology today, with applications across various industries, prompting companies to reassess their strategies to avoid obsolescence [7][9]. - OpenAI's ChatGPT has become the fastest-growing consumer application in history, with over 800 million weekly users, showcasing the rapid adoption of AI technologies [7][9]. - The article notes a growing concern about AI's potential to spread misinformation and manipulate public perception, raising ethical questions about its deployment [7][9]. Group 3: Competitive Landscape and Investment - Major tech companies are heavily investing in AI infrastructure, with significant funding directed towards data centers and AI-related projects [12][26]. - The competition between the U.S. and China in AI development is intensifying, with Chinese companies rapidly closing the gap in AI capabilities [16][20]. - The article highlights the urgency for the U.S. to accelerate its AI initiatives in response to breakthroughs from Chinese firms [16][20]. Group 4: Future of Work and AI Integration - There is a belief that AI will enhance productivity across various sectors, potentially creating new job categories while displacing some existing roles [30][36]. - Companies are increasingly integrating AI tools into their operations, with many small businesses expected to adopt AI chatbots by 2025 [30][31]. - The article discusses the dual nature of AI's impact, where it can provide emotional support and practical assistance, but also poses risks related to mental health and dependency [32][34]. Group 5: Regulatory and Political Dynamics - The U.S. government is shifting its approach to AI regulation, with significant funding and policy changes aimed at fostering AI development [17][25]. - There is a growing public concern about the implications of AI, with many Americans preferring a cautious approach to its deployment [18][19]. - The political landscape is evolving, with candidates who support AI regulation gaining traction, reflecting a broader societal debate on the technology's risks and benefits [40].