2025 年 12 月，《财富》杂志记者鲁克米尼・拉奥走进 Zoho 研发中心，与 Zoho 创始人兼首席科学家斯 瑞达•温布、Zoho CEO 马尼坎丹・温布、集团 CEO 沙伊莱什•戴维及其他核心高管围坐畅谈，这场轻松 却富有深意访谈，呈现了 Zoho 在 AI 版块的前瞻布局、近些年高速增长的动力来源及对未来全球化市 场的研判。 此外，Zoho 在语音识别模型上也有新动作，去年中旬分别推出了针对英语和印地语的 ASR 模型，这类 语音模型能够与 Zia LLM 高效联动，实现会议纪要、客服工单等多场景自动化，为企业客户提供高效 安全的语音驱动工作流。 不同于通用大模型的场景使用逻辑，「我们努力的方向是，是通过自研技术，聚焦 B2B 企业场景，探 索企业级 AI 应用边界。」 从白手起家，到成为全球云计算赛道的百强企业，三十年的风雨兼程，Zoho 不仅实现了从本土到全球 的业务跨越，更成为了 SaaS 企业全球化的标杆典范。 Zoho 企业级 AI 应用探索 「大约半年前，市场上曾盛行一种观点，AI 将会接管大部分的软件工作。半年过去，这种声音小了很 多，显然短期内很难实现。市场从早期对 AI 的理想化狂 ...

企业级AI应用行业 丨研究报告 前言： 应用现状： 随着"百模大战"逐渐落幕，行业竞争重心转变，企业级AI从技术探索期全面转向规模化应用期。得益于大语言模型能力的快速跃升，新一代AI应用已在智能客 服、知识库问答、内容生成等知识密集且交互相对开放的场景中率先取得规模化突破。 关键问题： 在新一代AI应用的规模化落地过程中，企业也面临着更加复杂的挑战。其应用成果不仅依赖于单一的技术突破，更在于构建系统性、端到端的落地能力。 应 用层 ： Agent成为当前企业级AI应用落地的核心载体，拆解最小任务单元，利用Function Call、MCP、Skills等方式，促进Agent与企业业务流程的深度整合。 支撑层： 以场景为中心进行模型选型，构建Data+AI的数据底座与面向AI的数据安全体系。 基础设施层： AI算力基建向多元异构演进，国产替代背景下软硬件深度协同优化重要性凸显。 组织层： 高 层推动的顶 层设计、员工维度的角色升级共同推动企业的AI转型。 厂商落位： 目前企业级AI应用领域主要有应用软件、技术服务及解决方案、云服务和AI模型四类厂商，部分深耕垂直场景，部分聚集平台能力，形成分层协作、动态竞合 的 ...

最近和几个朋友聊天，发现大家对年末市场的感受特别矛盾——指数像钟摆似的晃来晃去，没个稳定方向；有的股票却像踩了油门，比如商业航天、可控核 聚变的个股，短短几周就涨出了新高；可有的股票像陷进了泥沼，比如之前期待的白酒股，明明想着消费提振能涨，结果反而越跌越深。我邻居上个月买了 只无人驾驶的股票，才两周就赚了20%，可另一个朋友持有的消费股，拿了半年没动静，还亏了点。其实年末这种"一半火一半冷"的分化，不是今年才有的 新鲜事，但怎么看懂背后的逻辑，找到真正能站住脚的方向，才是最让人挠头的。今天就结合最近的市场情况，和大家聊聊我摸出的一些门道——最后会说 说怎么用数据帮着理清楚思路，不用再跟着消息瞎跑。。 一、年末的"热"与"冷"：不是指数说了算，是资金在选方向 临近年末，A股的震荡其实藏着不少"暗线"——商业航天、可控核聚变、无人驾驶这些主题板块，热度高得离谱，有的板块指数甚至创出了历史新高；可另 一边，白酒、传统消费这些之前被看好的板块，却在悄悄下跌。为什么会这样？我查了几家私募的观点，其实是"资金调仓+产业事件"凑出的结果：机构全 年任务差不多完成了，开始从之前涨太多的AI算力里撤出来，转向"政策催化强、估值 ...

Group 1: Restaurant Industry Insights - The report emphasizes the resilience of the restaurant industry, highlighting key companies such as Yum China, Xiaocaiyuan, Haidilao, and Dashishi as potential investment opportunities due to their operational capabilities and market positioning [2][10] - The restaurant sector is expected to benefit from government policies aimed at boosting service consumption, with specific measures outlined to enhance the sector's growth [7] - Restaurant revenue is projected to account for 12% of total retail sales in 2024, with growth rates of 20% and 5% for 2023 and 2024 respectively, indicating a stronger performance compared to overall retail sales [8] Group 2: Computer Industry Outlook - The computer industry is anticipated to see significant advancements in AI applications, with a focus on increasing computational power and model sophistication [3][12] - The report highlights the emergence of large AI models and their commercial applications, indicating a strong growth trajectory for AI-related technologies [12][14] - The demand for AI capabilities is expected to drive investments in domestic AI chip development, with a focus on enhancing performance and establishing a robust software ecosystem [13] Group 3: Aerospace and Defense Sector - Hangya Technology is positioned as a key player in the aerospace engine components market, leveraging its expertise in precision forging technology to meet rising international demand [4][16] - The company reported a revenue of 530 million yuan and a net profit of 78 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.95% in revenue but a decline of 16.04% in net profit [16][17] - The report forecasts significant revenue growth for Hangya Technology, projecting revenues of 817 million yuan, 1.09 billion yuan, and 1.51 billion yuan for 2025 to 2027, with corresponding net profits increasing substantially [17] Group 4: Macro Economic Context - The macroeconomic environment is characterized by a stable growth outlook, with a projected GDP growth target of around 5% for 2026, supported by proactive fiscal and monetary policies [30] - The report notes a focus on domestic demand as a primary driver of economic growth, with specific measures aimed at stabilizing the real estate market and enhancing employment [30][31] - Financial data indicates a slight decline in loan growth, with a notable drop in household loans, while overall social financing growth is stabilizing [18][19]

此次交易完成后，成都传媒集团不再直接持有每经科技的股份，每经科技将成为成都传媒集团旗下上市公司博瑞传播的资产。业内人士指出，博瑞传播支 付4300多万元对价，变相为成都传媒集团进行了现金"输血"。 公开资料显示，每经科技成立于2018年12月，2022年11月被每经传媒整合控股，是《每日经济新闻》重点孵化的高新技术企业。其核心业务聚焦于企业级 AI应用赛道，深耕内容生产与传播场景，以自研智能化软件产品与场景化解决方案为核心，助力金融、政务、企业及媒体等机构实现智能传播。 12月9日，成都传媒集团旗下A股上市公司成都博瑞传播股份有限公司（以下简称博瑞传播）发布公告称，成都传媒集团及旗下成都每经传媒有限公司 （以下简称每经传媒）持有的每经数智（成都）科技有限公司（以下简称每经科技）51%股权将被转让给博瑞传播，博瑞传播将支付对价6649.02万元。 观媒注意到，这是一笔关联交易。根据博瑞传播发布的收购股权暨关联交易的公告，交易前，成都传媒集团、每经传媒分别持有每经科技33.26%、 66.74%股份；交易后，博瑞传播、每经传媒分别持有每经科技51%、49%股份。这意味着，成都传媒集团将持有的33.26%股份、每经 ...

Core Viewpoint - The Hong Kong chip industry chain is experiencing a resurgence, highlighted by the strong performance of the first ETF focused on the "Hong Kong chip" sector, which saw a daily increase of 2.07% and significant trading volume [1][9]. Group 1: ETF Performance - The Hong Kong Information Technology ETF (159131) recorded a trading volume of 82.28 million CNY and successfully recovered its 5-day and 10-day moving averages [1][9]. - The ETF's index has a current price-to-earnings ratio of 34.26, which is at the 39.85 percentile over the past three years, indicating substantial room for growth compared to its peak earlier in the year [5][13]. Group 2: Market Composition - The ETF is composed of 70% hardware and 30% software, focusing on semiconductor, electronics, and computer software sectors, with significant weights in companies like SMIC (20.48%), Xiaomi (9.53%), and Hua Hong Semiconductor (5.80%) [15]. - The ETF excludes major internet companies like Alibaba, Tencent, and Meituan, allowing for a sharper focus on AI hard technology trends in the Hong Kong market [15]. Group 3: Industry Outlook - The AI sector is expected to see significant growth, with a focus on AI chips and applications, driven by increasing capital expenditures from major manufacturers and the demand for scalable AI applications [3][11]. - The introduction of new AI models, such as OpenAI's GPT-5.2, is anticipated to boost sentiment in the AI sector, indicating a positive outlook for AI-related investments [3][11].

12月9日，博瑞传播（600880.SH）公告称，公司拟以自有资金购买每经科技51%股权，交易价格为 6649.02万元。 长江商报消息 博瑞传播拟通过收购聚焦企业级AI应用。 每经科技主要业务聚焦于企业级AI应用赛道。而近几年，博瑞传播公司持续推进向"数字化""智能化"转 型，并通过并购实现多业务协同发展。 业绩方面，2025年前三季度，博瑞传播实现营业总收入4.35亿元，同比增长40.86%；归母净利润784.68 万元，同比下降35.97%。 博瑞传播表示，交易完成后，将进一步完善公司数字化业务布局。 拟收购每经科技51%股权 根据博瑞传播发布的公告，公司拟以自有资金向关联方收购每经数智（成都）科技有限公司（以下简 称"每经科技"）合计51%股权。 具体来看，本次收购中，博瑞传播将向控股股东成都传媒集团收购其持有的每经科技33.26%股权，同 时向成都传媒集团控制的每经传媒收购17.74%股权，合计获取51%股权。 以经评估的市场价值定价为基础，本次交易价格确定约为6649.02万元。交易完成后，每经科技将成为 公司控股子公司并纳入公司合并报表范围。本次交易不构成重大资产重组。 公开信息显示，每经科技是 ...

Core Viewpoint - Chengdu Borui Communication Co., Ltd. plans to acquire a total of 51% equity in Meijing Technology (Chengdu) Co., Ltd. from related parties for a transaction price of RMB 66.49 million, aiming to enhance its digital transformation in the media sector and expand its smart business layout [2][3][35]. Summary by Sections Transaction Overview - The acquisition involves purchasing 33.26% equity from Chengdu Media Group and 17.74% from Chengdu Meijing Media Co., Ltd. [2][3] - The transaction does not constitute a major asset restructuring and has been approved by the company's board of directors [3][6]. Financial Assessment - The assessed value of Meijing Technology's total equity as of June 30, 2025, is RMB 130.37 million, with a valuation increase of 53.48% compared to its book net assets [15][20]. - The transaction price of RMB 66.49 million is based on the assessed market value [23][25]. Company and Industry Context - Meijing Technology is a national high-tech enterprise focused on AI applications in the software development and service industry, particularly in intelligent communication [9][10]. - The company has developed five products, three of which are generating revenue, and is positioned in a growing market supported by national strategies [9][10][35]. Strategic Rationale - The acquisition aligns with the company's strategy to capitalize on opportunities in the AI application sector and supports its digital transformation goals [35][38]. - The transaction is expected to enhance operational synergies and create new business growth points through collaboration with existing business units [39]. Governance and Future Plans - Post-acquisition, Meijing Technology will become a subsidiary and will be included in the company's consolidated financial statements [43]. - The company plans to implement a long-term support strategy for Meijing Technology, focusing on R&D investment, capital operations, and talent incentives [32][39].

12月9日，三大指数涨跌不一，沪指、深成指震荡回落，创业板指冲高回落尾盘拉升。板块方面，算力硬件、零售、福建等板块涨幅居前，海南、有色金 属、煤炭等板块跌幅居前。全市场超4000只个股下跌。沪深两市成交额1.9万亿元，较上一个交易日缩量1327亿。 下面一起来看今天公募基金的表现。 2.单日跌幅榜 | 证券代码 | 让 : 间标 | 单日净值增长率(%) | 近1周回报(%) | 今年以来回报(%) | 基金经理(现任) | 基金规模(乙元) | | --- | --- | --- | --- | --- | --- | --- | | 011355.OF | 华泰柏瑞港股通时代机遇A | -4.07 | -5.06 | 23.71 | 何琦 | 6.58 | | 013674.OF | 长城价值甄选一年持有A | -3.9 | -0.2 | 73.48 | 陈子扬 | 0.9 | | 024895.OF | 泰康资源精选A | -3.79 | -0.08 | 34.94 | 刘少军 | 0.27 | | 021636.OF | 长城周期优选A | -3.61 | -0.32 | 54.97 | 陈子扬 | ...

本次交易完成后，每经科技进入公司合并报表范围。公司将全面推动每经科技在技术、产品、渠道、客 户等方面与公司现有智慧管理、新媒体等业务板块联动，通过有效探索、逐步融合发展，以期挖掘新产 品和新业务增长点。 博瑞传播（600880）(600880.SH)发布公告，公司拟以自有资金向关联方收购每经数智(成都)科技有限公 司(以下简称"每经科技"或"标的公司")合计51%股权。其中向关联方成都传媒集团收购其持有的全部即 33.26%股权、向关联方成都每经传媒有限公司(以下简称"每经传媒")收购其持有的17.74%股权。以经评 估的市场价值定价为基础，本次交易价格确定为人民币6,649.02万元。交易完成后，每经科技将成为公 司控股子公司并纳入公司合并报表范围。 标的公司每经科技为一家为聚焦于企业级AI应用赛道、以自研智能化软件产品与场景化解决方案为核 心、在智能传播领域正在逐步形成规模化落地应用的高新技术企业，过去几年均处于产品矩阵研发和市 场拓展期，而随着产品体系的成熟和完善，产品知名度的提升，有望进入成长期。 ...