Core Insights - The focus of the article is on the commercial value and return on investment (ROI) that professional multimedia exhibition design can bring to enterprises, rather than just the basic pricing per square meter [1][12] - The complexity of design costs in the multimedia exhibition sector has increased significantly, moving away from traditional area-based pricing to a model that considers creative value and technical complexity [1][12] Design Cost Components - **Creative and Planning Depth**: This aspect determines the "soul" of the exhibition. A well-crafted design integrates the company's culture, products, and vision into a compelling narrative, which requires deep exploration of the brand's core [1][5] - **Multimedia and Digital Application Complexity**: The cost increases with the sophistication of multimedia applications, from basic touch screens to advanced technologies like holography and immersive VR/AR experiences [2][5] - **Team Qualifications and Experience**: A seasoned design team with cross-industry experience can minimize risks related to design failures, project delays, and budget overruns, thus justifying higher design fees [2][5] Pricing Tiers - **Basic Tier**: Focuses on layout and simple multimedia applications, with design fees constituting about 5% - 8% of total investment [5] - **Standard Tier**: Integrates brand storytelling with space design and multimedia, with design fees around 8% - 12% of total investment [5] - **High-End/Immersive Tier**: Utilizes cutting-edge technologies for a fully customized experience, with design fees potentially exceeding 10% - 15% of total investment [5] Project Phases - **Concept Planning and Design**: Involves brand research, narrative development, and initial design concepts, crucial for establishing competitive advantage [6] - **Detailed Design**: Includes technical drawings and material specifications to ensure accurate implementation [6] - **Multimedia Interaction Design**: Focuses on the interactive elements and user interface, which are essential for engaging visitors [6] Case Study - A technology company faced challenges in effectively showcasing its advanced manufacturing processes. The design team proposed a narrative-driven approach that utilized digital sand tables and immersive AR walls, significantly enhancing visitor engagement [8][9] - Post-implementation, visitor dwell time increased by 2.5 times, and project conversion rates improved by nearly 40%, demonstrating the high ROI of professional design investment [9] Common Concerns - **Budget Allocation**: Companies should prioritize creative planning and core interactive design over peripheral multimedia hardware to ensure quality brand representation [11] - **Quality Assurance**: Selecting a design-build service provider can enhance project reliability and reduce the risk of discrepancies between design and execution [11] - **Maintenance Costs**: Long-term operational costs should be factored in, with professional firms typically offering maintenance support as part of their service [11] Strategic Considerations - Companies should be cautious of low-cost design packages, as they may indicate subpar creativity or technical capabilities. Professional design should be viewed as a strategic investment in brand equity [12][13] - Decision-makers should evaluate design firms based on their ability to integrate various disciplines and their track record of successful local projects [13]

编辑 | 关雪菁 头图 | AI制图 昨晚，美股AI板块遭遇了一场集体"血洗"：英伟达跌3.81%，AMD重挫5.29%，博通大跌4.48%，谷歌 跌3.21%，特斯拉跌4.62%，而风暴中心的甲骨文（Oracle），更是大跌5.40%，股价创下9月以来的新 低。 仅仅一晚，数千亿美元的市值灰飞烟灭。 但这并非毫无征兆。在经历了长达两年的单边上涨后，美股AI板块正进入一个最为凶险的阶段——估 值逻辑的根本性切换。 出品 | 妙投APP 作者 | 董必政 昨夜的暴跌，表面看是一次个案引发的恐慌，实则是美股AI"多空拉锯战"中，空头取得的首场决定性胜 利。华尔街的耐心正在耗尽，他们不再为宏大的"梦想"买单，开始拿着计算器，锱铢必较地清算每一笔 投入产出比（ROI）。 一、 100亿美元的"黑天鹅" 这场暴跌的导火索，是一次看似不起眼的融资终止。 Blue Owl Capital，一家在私募信贷领域颇具分量的机构，突然宣布终止与甲骨文的谈判。这原本是一笔 高达100亿美元的巨额交易，旨在为甲骨文位于密歇根州的数据中心项目提供资金支持。 理由简单而残酷：担心甲骨文的债务规模和支出过大。 在过去两年里，AI行业的增长逻 ...

大摩认为，尽管2025下半年中国市场订单超20亿元，但交付存在不确定性；长期来看，该行预测2050年全球市场规模将达5万亿美元，保有量约10亿 台，潜力远超当前汽车产业。在中国，约1870亿元政策基金正驱动产业发展，而软件能力与商业化ROI将成为竞争关键胜负手。 人形机器人行业正处在一个充满矛盾的十字路口，市场情绪在短期炒作与长期巨大潜能之间摇摆。 投资银行摩根士丹利在最新发布的行业展望报告中指出，人形机器人领域呈现出"短期被过度炒作，但长期潜力被低估"的鲜明特征。 一方面，短期市场情绪高涨，订单数据亮眼，但背后隐藏着交付不确定性的风险。另一方面，其长期潜力被严重低估，摩根士丹利预测到2050年全球 市场规模可达5万亿美元，远超当前汽车产业。 报告认为，尽管行业发展迅速，但商业化落地将是决定未来成败的关键胜负手，也是验证行业真实价值的试金石。 短期过热：订单激增下的现实考验 报告指出，中国市场在2025年下半年展现出惊人的热度，集成商宣布的订单总额已超过20亿元人民币（约合3亿美元），主要来自工业、商业服务和数 据中心三大领域。 | Announced Date | Integrator | Client | ...

Core Insights - The humanoid robot industry is at a crossroads, characterized by short-term hype and long-term potential being underestimated [1] - Morgan Stanley's report highlights that while order data appears strong, delivery uncertainties pose risks, and the true value of the industry will be tested through commercialization [1][2] Short-term Overheating: Reality Check Amid Order Surge - The Chinese market is expected to show remarkable growth by the second half of 2025, with announced orders exceeding 2 billion RMB (approximately 300 million USD) primarily from industrial, commercial services, and data center sectors [2] - However, many of these orders may not be fulfilled this year, with some being "framework orders" that have low execution certainty [2] Long-term Underestimation: A Grand Narrative of a $5 Trillion Market - Morgan Stanley predicts that by 2050, the global humanoid robot market could reach a staggering 5 trillion USD, significantly surpassing the current automotive industry [4] - The report estimates that by 2050, the global humanoid robot stock will reach 1 billion units, with a cumulative deployment of approximately 237 million units by 2036 and 1.34 billion units by 2040 [5] Price Dynamics and Market Penetration - The initial price of humanoid robots in high-income countries is projected to be 200,000 USD, decreasing to around 50,000 USD by 2040, while prices in other markets are expected to drop from 50,000 USD to approximately 1,500 USD by 2050 [7] - The report emphasizes that as technology matures and costs decline, humanoid robots will first gain traction in commercial applications before entering households [7] Commercialization: From "Showcasing Technology" to "Calculating ROI" - The key to the industry's success lies in commercialization, with a shift from merely demonstrating advanced technology to proving value in real-world applications through ROI [8] - Software is identified as a critical differentiator, while the hardware supply chain has achieved over 90% domestic production, laying a foundation for commercialization [8] China's Ambition in Humanoid Robotics - The development of the humanoid robot market in China is strongly supported by policies and capital, with various funds totaling approximately 187 billion RMB established to support the industry [9][11] - The dual drive of "policy + capital" provides China with a unique advantage in the global humanoid robot competition, indicating a shift from technological exploration to commercialization [9] Notable Developments and Companies - Figure AI's Figure 02 robot has participated in the production of 30,000 cars at BMW's Spartanburg plant, installing over 90,000 components [10] - Booster Robotics has delivered over 700 humanoid robots to more than 200 clients across 20 countries since its establishment in August 2023 [10] - Ubtech anticipates its industrial humanoid robot production capacity will reach 5,000 units by 2026 [10]

华尔街本以为英伟达公司（NVDA）的爆赚财报能安抚投资者对人工智能（AI）股泡沫的担忧，但事与 愿违。 如今，AI相关交易究竟处于何种境地？答案因人而异。 在英伟达财报发布后的上周四，股市的剧烈波动凸显了这种不确定性。这家芯片巨头的股价起初暴涨逾 5%，带动一众其他AI概念股走高，随后却调转方向，收盘下跌3.2%。标普500指数（SPX）和纳斯达克 100指数（NDX）也随之起伏，开盘上涨后迅速抹去涨幅，最终大幅收跌。 当前市场分为两大阵营，一方是怀疑论者，另一方是乐观主义者，双方观点针锋相对。 怀疑派：担忧估值、债务与系统性风险 乐观派：视回调为健康信号，坚信增长才刚开始 "需求强劲的确定性起初引发了一波缓解性反弹，但投资者现在开始追问后续问题：能源需求如何解 决？利润率情况怎样？投资回报率（ROI）有多少？"Apeira Capital Advisors管理合伙人娜塔莉·黄 （Natalie Hwang）表示，"只要市场仍有未解之惑，缓解性反弹就难以持续。" 上周五，投资者终于获得些许喘息，主要股指早盘在涨跌之间摇摆后，果断转为上涨。 两极对立：怀疑派警惕泡沫风险，乐观派看好长期增长 怀疑论者担心，随着投 ...

Core Insights - The live-streaming e-commerce industry is entering a downturn phase, marked by the departure of key influencers and a decline in overall engagement and revenue [1][2][9] Group 1: Industry Trends - The departure of prominent streamers like Dong Dong and Xin Ba indicates a significant shift in the industry landscape, revealing the struggles faced by both top and emerging talent [1][2] - The live-streaming sector has seen a decline in viewer engagement and revenue, with the ROI for live-streaming events dropping from 1:4.2 to as low as 1:3.5 [7][8] - The overall market for live-streaming e-commerce is projected to exceed 5 trillion yuan in 2024, but the growth rate of penetration has slowed significantly from nearly 100% to single-digit percentages [10] Group 2: Financial Implications - Many streamers have experienced a salary reduction of 30% to 40%, with average monthly incomes for over 80% of professional streamers now below 8,000 yuan [8][9] - The competitive landscape has intensified, leading to a decrease in compensation for new entrants, with initial hourly wages for streamers dropping significantly [6][8] - The financial strain is evident as many streamers are forced to downgrade their living conditions and lifestyle due to reduced earnings [8][11] Group 3: Career Transitions - Streamers like Yao Yangyang and Ren Qing have transitioned to new careers outside of live-streaming, reflecting a broader trend of professionals leaving the industry due to its unsustainable nature [12][14] - The shift in focus from live-streaming to other business ventures, such as selling fruits online, indicates a search for more stable and fulfilling career paths [12][14] - The industry is witnessing a high turnover rate, with many professionals opting for alternative careers that offer a better work-life balance and less pressure [15]

【导读】没offer？大胆要求加试！OpenAI新员工Bas的求职之路：真诚是武器，直接问「我怎么才能通过」，至少救活一次面试。求职博弈，从头到尾 都是艺术。 一图看透全球大模型！新智元十周年钜献，2025 ASI前沿趋势报告37页首发 「所有面试，本质上都是表演。」 在历经数轮苛刻面试后，成功入职OpenAI后，Bas van Opheusden得出的终极结论。 你需要准备的不仅是完美的代码，还有一个能展现领导力的「失败故事」，一套应对「非正式聊天」的标准话术，甚至是一间光线完美的房间和两个显示 器。 几周前，Bas van Opheusden成功入职OpenAI研究岗。 他将面试过程和经验写成万字「求职圣 经」，在推特上爆火。 其中既有需要长期准备的技术栈，也有需要现场应对的小技巧。面经原文为英文，相关链接在文末。 面试准备，人生中ROI最高的事 想要面试AI研发岗，你首先需要做好充分的准备。 为面试所做的准备，可能是你一生中投资回报率ROI最高的事情。要尽可能早地开始准备。 在准备面试的过程中，你可以学习新技能、阅读论文，或者重温一些经典研究。 通过练习面试，你可以从面试官那获得真实的反馈，从而更好地审 ...

Core Insights - NIO's founder Li Bin acknowledged that the 60 billion RMB investment in R&D may not be entirely efficient, as the true value of projects can only be assessed post-launch [1] - The R&D budget is allocated to foundational technologies, core components, and specific vehicle models, which includes software applications and advanced driver-assistance systems [1] - The company emphasizes the importance of setting return targets and evaluating return periods based on different types of R&D, advocating for long-term ROI assessments [1] R&D Investment Breakdown - The 60 billion RMB investment is primarily focused on three areas: foundational technologies, core components like chips and batteries, and vehicle model development [1] - Li Bin highlighted that the investment not only benefits NIO but also has a positive impact on the entire industry, including talent cultivation [1] Project Management and ROI - Since the second half of last year, NIO has implemented ROI closed-loop management for every project to identify those that create real value for users and generate profits for the company [1] - The company will not reduce R&D return targets or scope but aims to improve efficiency to achieve better product development outcomes with less financial input [1]

Core Insights - NIO's founder Li Bin acknowledged that the 60 billion RMB investment in R&D may not be entirely efficient, as the true value of projects can only be assessed post-launch [1] - The R&D budget is allocated primarily to foundational technologies, core components, and specific vehicle models, including software applications [1] - NIO has implemented ROI closed-loop management for all projects since last year, focusing on identifying projects that create real value for users and revenue for the company [1] R&D Investment Breakdown - The 60 billion RMB investment is divided into several key areas: foundational technology, core components (like chips and batteries), and vehicle model development [1] - Li Bin emphasized the importance of setting return targets and evaluation periods based on different types of R&D, advocating for long-term assessments rather than short-term returns [1] Project Management Approach - NIO will not reduce R&D return targets or scope but aims to improve efficiency to achieve better product development outcomes with less financial input [1] - Each project must undergo a financial assessment to ensure clarity on ROI, with a focus on accountability and value creation [1]

Core Viewpoint - The Chinese food delivery platforms are facing a long-term low-profit era due to excessive subsidies leading to negative effects on the industry, prompting regulatory intervention to ensure sustainable development [1][4]. Group 1: Regulatory Intervention - The State Administration for Market Regulation has urged major platforms like Ele.me, Meituan, and JD to correct aggressive promotional behaviors to protect the interests of consumers, merchants, and delivery personnel [1][2]. - The focus of regulatory discussions has shifted from "healthy growth of platform economy" to "sustainable development of the catering service industry" [1]. Group 2: Negative Effects of Subsidies - Excessive subsidies have weakened foot traffic to offline restaurants, compressed overall industry profits, and particularly burdened small and medium-sized restaurants [3][4]. - Increased orders have led to over-packaging and significant waste, while reinforcing a consumer mindset that equates low prices with value, potentially leading to price wars and deflation in the industry [4]. Group 3: Short-term Market Impact - The regulatory discussions are expected to improve short-term market sentiment, with stocks of Meituan, JD, and Alibaba rising by 3% to 5% in after-hours trading following the news [5]. - Major platforms have invested approximately 20 billion to 30 billion RMB in the food delivery sector, making it unlikely for them to withdraw easily [5][6]. Group 4: Shift in Investment Strategy - Platforms are likely to adopt more ROI-focused strategies, shifting from direct subsidies to more structured promotions like "discount coupons" [5][6]. - The types of subsidized products may expand from beverages to lighter meals and snacks, reducing the impact on the main meal sector [5]. Group 5: Long-term Structural Changes - The industry is expected to see accelerated concentration, with subsidies favoring chain brands that can handle increased order volumes, marginalizing small restaurants [8]. - Consumer price sensitivity is anticipated to rise, leading to increased competition and pressure on average order values and profit margins [9]. - Platforms may accept lower profit margins as a marketing investment to drive user engagement and retention [10]. - Rising fulfillment costs due to heightened consumer expectations for rapid delivery may lead to an over-service scenario in the industry [11]. Group 6: Stock Performance Outlook - Short-term stock performance is expected to favor Meituan, followed by JD, with Alibaba showing less immediate benefit [12]. - In the medium term, Alibaba is viewed as having greater potential due to its diversified business lines and ability to attract investment through narratives like AI [12].