Core Viewpoint - The article discusses the controversies surrounding the brand Shein, highlighting its regulatory challenges in the global market, particularly in Europe and the U.S., and questions the feasibility of its potential return to the Chinese market for an IPO given its compliance issues [2][3][5][10]. Group 1: Regulatory Challenges - Shein has faced multiple compliance accusations globally, including improper use of cookies, leading to a €150 million fine from French authorities [3]. - The company is accused of using data collection techniques that violate user privacy, even after users have opted out [5]. - Shein's algorithm lacks transparency, which has drawn criticism from regulatory bodies, particularly under the EU's Digital Services Act [3][5]. Group 2: Ethical Concerns - Investigations revealed that Shein's products often feature false discounts, manipulating consumer behavior through urgency tactics [5]. - The company is also facing allegations of labor law violations in its supply chain, including the use of child labor and forced overtime in factories located in countries like Vietnam and Bangladesh [5][7]. - Shein's strategy of offshoring data storage to evade local regulations has raised further concerns about its compliance with EU data localization requirements [5][7]. Group 3: Financial and Tax Issues - Shein's UK subsidiary is under investigation for allegedly transferring 84% of its sales revenue to its Singapore parent company to reduce tax liabilities [7]. - The potential for Shein to return to China for an IPO raises questions about the integrity of regulatory standards, especially given its ongoing issues in Western markets [8][10]. Group 4: Broader Implications - The article emphasizes the need for stringent regulatory oversight to prevent companies like Shein from exploiting regulatory gaps, suggesting that leniency could undermine market integrity [10]. - It argues that allowing Shein to operate without addressing its compliance issues would set a dangerous precedent for the industry, potentially leading to long-term negative consequences [10].

智通财经APP获悉，欧盟监管机构已对德国软件巨头SAP SE(SAP.US)发起反垄断调查，旨在查明该公 司在售的一款管理类软件相关本地部署维护及支持服务是否存在扭曲市场竞争的行为。 欧盟委员会周四通过电子邮件发表声明称，SAP的商业行为可能阻碍其客户选择其他能以更低价格提供 相关服务的供应商。此次调查涉及SAP授权的一款名为"企业资源计划"(Enterprise Resource Planning，简 称ERP)的软件，该软件主要用于企业业务运营管理。 值得注意的是，在欧盟宣布此次调查之前，这家欧洲最大的软件厂商刚宣布与OpenAI及亚马逊 (AMZN.US)AWS达成合作，计划向欧洲各国政府拓展其"数字主权"相关服务。 近年来，SAP一直致力于推动软件业务适应云计算需求，如今也正积极调整以应对生成式人工智能时代 的挑战。数据显示，SAP的云业务销售额预计将达到近220亿欧元，接近其2019年水平的三倍。 SAP则在另一份声明中强调，其业务政策遵循全球软件行业长期通用的标准，所有政策与行为均符合法 律规定，且此次调查不会对公司财务业绩产生重大影响。 截至发稿，SAP周四美股盘前下跌约1.6%，其同行企业股价 ...

Core Viewpoint - The collaboration between SAP, OpenAI, and Microsoft aims to launch a "German version of OpenAI" by 2026, specifically designed to provide AI technology services to the German public sector, ensuring data sovereignty and compliance with strict legal standards [3][4][7]. Group 1: Project Overview - The project involves a clear division of responsibilities: SAP will provide enterprise application expertise and sovereign cloud infrastructure, OpenAI will contribute advanced AI technology, and Microsoft will support the Delos Cloud on its Azure platform [3][7]. - The initiative is aligned with Germany's national AI strategy, which aims for AI-driven value creation to reach 10% of GDP by 2030 [3]. Group 2: Investment and Infrastructure - SAP has allocated €20 billion to support the global promotion of its sovereign cloud products, with existing services in 10 regions including the US and Europe [9]. - To support the German AI project, SAP plans to expand its Delos Cloud infrastructure to 4,000 GPUs for AI workloads [10]. Group 3: Market Response and Future Plans - Following the announcement, SAP's stock price rose over 2%, reflecting positive market sentiment towards the company's strategic shift towards generative AI [4]. - SAP is also accelerating its sovereign cloud product layout globally, having launched services in India to meet regulatory demands [8][9].

尽管Nscale的数据中心被标榜为"主权基础设施"，但英国媒体随后挖出更多有关Nscale的底细：该公司 成立于2024年，并在当年12月获得1.55亿美元的A轮融资，用于在欧洲和北美开发数据中心。值得注意 的是，虽然这家企业总部和注册地均设在英国，但却是由澳大利亚人拥有和运营的。 根据英国公司注册局发布的一份确认声明，截至今年6月，Nscale的全部股本均归总部位于澳大利亚的 数据中心基础设施提供商Arkon Energy所有。 英国政府原首席数字和数据官布拉肯在媒体上撰文称，在人工智能时代争夺数字主权的竞赛中，英国从 一开始就落入下风。英国在数据、技能和生产能力方面都依靠外包，将这项关键新技术的控制权，拱手 交给垄断的国际平台。（纪双城） 【环球时报综合报道】英国政府上周借美国总统特朗普来访时机，签署两国价值数百亿英镑的《科技繁 荣协议》，并宣布打造"Stargate UK"（英国"星际之门"），这被视为罕见的英国科技成功案例，成为近 期英媒报道焦点。但英国《金融时报》20日报道指出，在这项主权人工智能（AI）核心计划中的"英国 公司"其实是一家澳大利亚资本控制的企业。 报道称，英伟达已经宣布将向英国云计 ...

Core Points - The EU is moving to exclude major US tech companies like Meta, Apple, Google, and Amazon from its new financial data-sharing system, which aims to foster the development of consumer-oriented digital financial products [1][4] - This decision is supported by Germany and is seen as a way to enhance European banks' ability to compete against large US tech firms, which are perceived as threats to the traditional banking sector [1][4] - The negotiations for the Financial Data Sharing Framework Regulation (FIDA) are nearing completion, with expectations that large tech companies will face significant setbacks in their lobbying efforts [1][3] Group 1: FIDA Framework - FIDA aims to provide a legal basis for compensated data sharing, emphasizing transparency and non-discriminatory pricing principles to ensure fair revenue distribution [3] - The framework extends "open banking" beyond payment services to include savings, credit, investment, pensions, and insurance, with standardized interfaces and clear consumer control [3] - European financial institutions are advocating for stricter access restrictions to prevent large tech firms from leveraging sensitive financial data, which could reinforce their dominant positions [3][4] Group 2: Regulatory Environment - The EU's stringent digital technology regulations stem from concerns over potential infringements on personal rights and the need to support local businesses in the face of competition from US and Chinese firms [4][6] - The EU aims to establish a "digital sovereignty" that may lead to a fragmented data economy if other countries follow suit, potentially hindering innovation within Europe [6] - Observers note that while strict regulations may protect local markets, they could also impede the EU's global competitiveness and innovation capabilities [6]

作者 | 汤拯 2025.09. 17 过去30年，互联网和智能手机迅速发展，成为现代社会的关键基础设施，深刻改变了人类的生活方式。然而，欧盟却未能孕育出可与美国硅谷或东亚 科技巨头比肩的新兴企业，与互联网移动时代屡屡失之交臂。 当前，人工智能（AI）正以惊人的速度成为下一代"数字基础设施"，其重要性可媲美当年的互联网和智能终端。这一次，欧盟各界弥漫着一股危机感。 从重新审视产业政策到加大研发投入，越来越多欧洲人意识到，AI时代很可能是重塑这片大陆竞争力的最后窗口期。如果再度错失良机，欧盟在未来 的产业与科技角逐中或将被彻底边缘化。 本文字数：3858，阅读时长大约6分钟 AI将成为未来社会的基础设施 首先，欧洲资本市场整体偏保守且碎片化，高风险创新项目难以获得持续大规模的融资。欧洲风险投资的规模和激进程度远不及美国。数据显示， 2018年至2022年欧洲深度科技创业公司仅吸引到约325亿欧元投资，同期美国这一数字超过1200亿欧元。欧洲社会和资本对失败的容忍度较低，更青 睐稳健经营，这种保守文化使很多创业者不敢或无力采取激进扩张策略。 其次，欧洲大型企业对初创公司的带动作用不足。统计显示，只有约12%的欧洲 ...

美国国会通过"不卖就禁"法案给TikTok戴上最后期限的紧箍咒，这事儿耗时很长，在国际上讨论热度也 很多。但很少有人能料到，会在西班牙马德里迎来逆转。 中国商务部副部长李成钢9月15日晚间表示，中美双方已就如何合作解决TikTok问题达成初步共识，同 时双方还同意减少投资障碍、促进经贸合作。 李成钢在会后发布会上说，这两天双方团队积极落实两国领导人此前通话达成的重要共识，本着相互尊 重、平等协商的原则，就TikTok等经贸问题进行了坦诚、深入且富有建设性的沟通。 美方放弃了强令出售的要求，中方同意了"算法授权+数据委托运营"的创新方案。在这场持续48小时的 谈判中，TikTok背后站着的不仅仅是一家市值千亿的企业，更有一个崛起中的超级大国在为它的合法权 益保驾护航。 在TikTok问题上，李成钢强调中国一贯反对将科技和经贸问题政治化，绝不会通过牺牲原则和企业利益 来换取协议。中方将依法进行技术出口审批，同时支持企业在市场原则基础上进行平等商业谈判。 国家网信办副主任王京涛补充说明，中美双方同意通过"委托运营"方式管理TikTok美国用户数据，并通 过授权使用算法等知识产权来解决安全问题。中国政府将依法对相关技 ...

Core Insights - Brazilian Finance Minister Fernando Haddad highlighted that the current exchange rate has impacted tax revenue positively, with the rate at 5.30 reais per dollar [1] - The minister expressed optimism about the balance between interest rates and exchange rates, suggesting potential for interest rate reductions in the coming months [1] - Economic forecasts indicate that Brazil's annual GDP growth rate could approach 3% by the end of President Lula's term, with unemployment at historical lows and cumulative inflation expected to be the lowest in four years, below 20% [1] - Haddad hopes that Brazil's potential GDP could exceed the current estimate of 2.5%, although no specific targets or pathways were provided [1] - Regarding U.S. tariffs on Brazil, Haddad described these measures as political actions and argued that Brazil should not be treated differently from other South American countries [1] - The government plans to submit a measure to Congress aimed at stimulating investment in data centers, with anticipated tax reforms to reduce investment tax burdens, promoting digital sovereignty at competitive prices [1]

Core Viewpoint - The European Union (EU) faces a critical moment in the AI sector, recognizing the need to invest heavily in AI to avoid being marginalized in the global technology landscape, similar to its past failures in the internet and smartphone revolutions [1][2][12] Investment and Funding Disparities - In 2023, private sector investment in AI in the US reached approximately €62.5 billion, while the entire EU, including the UK, only managed about €9 billion, highlighting a significant funding gap [2] - Between 2018 and 2022, European deep-tech startups attracted around €32.5 billion in investment, compared to over €120 billion in the US during the same period [4][5] Research and Talent - Europe has a strong academic foundation in AI, producing significant innovations and talent, yet struggles to translate this into industrial success [3] - Approximately 73% of large language models (LLMs) are developed by US companies, with only 15% from China, indicating Europe's minimal presence in this cutting-edge field [3] Challenges in Innovation and Market Dynamics - The EU's capital markets are conservative and fragmented, making it difficult for high-risk innovative projects to secure sustained funding [4][5] - Only about 12% of large European companies have attempted to acquire startups or establish corporate venture funds, compared to nearly 40% in the US [5] Regulatory and Market Structure Issues - The EU's strict regulations on data privacy and antitrust create high compliance costs and barriers to innovation, potentially stifling the growth of nascent AI companies [6][8] - The lack of a unified market within the EU, compounded by diverse languages and regulatory requirements, hampers the scalability of startups [6] Digital Sovereignty and Infrastructure - The EU relies heavily on US cloud services, with 80%-90% of cloud services used by European consumers and businesses coming from American giants [8] - The EU has initiated the "Digital Sovereignty" strategy, including the Euro Stack plan to build a common digital infrastructure and the Invest AI plan to mobilize around €200 billion for AI investment [9][10] Cultural and Structural Reforms Needed - To regain competitiveness, the EU must enhance its digital infrastructure, improve financial ecosystems for tech startups, and foster a culture that embraces innovation and risk-taking [10][11] - The EU's regulatory framework should balance high standards with the need to maintain industry vitality, allowing for innovation to flourish while ensuring compliance [9][12]

Group 1 - The core issue of the upcoming US-China negotiations revolves around five critical points that the Trump administration has laid out, indicating a potential breakdown of the ceasefire agreement if China does not provide acceptable responses [2][4][19] - The first issue is related to agricultural product purchases and trade deficits, with China reducing its agricultural imports from the US by 18% in the first three quarters of 2025, while increasing its market share from Brazil and Argentina [5][7] - The second issue concerns economic structural reforms, with the US demanding that China stop subsidizing key industries such as new energy, electric vehicles, and semiconductors, which the US views as a means to regain control in global supply chains [9][11] Group 2 - The third point focuses on technology suppression under the guise of national security, with the US seeking concessions from China regarding dual-use technology exports, particularly in relation to cooperation with Russia [11][13] - The fourth issue is the TikTok situation, where the US is pressuring China to allow control over TikTok's operations in the US, which China views as a violation of its digital sovereignty [15][17] - The final point is the anti-money laundering topic, which the US is using to exert pressure on China regarding its financial dealings with Russia, threatening secondary sanctions if Chinese banks continue to facilitate transactions for Russian companies [17][19]