记者丨黎雨桐 编辑丨曾静娇 美国三大股指收盘涨跌不一，道指涨0.16%，标普500指数涨0.13%，纳指跌0.21%。 能源股集体上涨，埃克森美孚涨超2%，雪佛龙涨逾1%，康菲石油涨超1%，斯伦贝谢涨近1%，西方石油涨超2%。 航空股多数上涨，波音跌近1%，美国航空涨超3%，达美航空涨近2%，西南航空涨3%，美联航涨超1%。 芯片股多数下跌，费城半导体指数跌1.01%，微芯科技跌逾5%，ARM跌超3%，迈威尔科技跌逾2%，英特尔涨超2%。 中概股多数下跌，纳斯达克中国金龙指数跌0.95%，万得中概科技龙头指数跌0.98%。 个股方面， 个股方面，小鹏汽车跌超6%，再鼎医药、小马智行跌超5%，腾讯音乐、禾赛科技，跌超4%；大全新能源涨超9%，阿特斯太阳能 涨超6%，唯品会、华住集团涨逾2%，百胜中国涨逾1%。 大型科技股涨跌互现，万得美国科技七巨头指数下跌0.56%。 个股方面，特斯拉跌超3%，谷歌跌超2%，苹果跌0.48%，亚马逊涨0.56%，脸书涨0.45%，微软跌0.06% 连跌8天，创2011年11月以来最长连 跌天数。 英伟达涨0.04%。 | 资彩 成分 | 资讯 | 相关基金 | 月度收益 | | ...

Core Viewpoint - The 2025 World Internet Conference in Wuzhen focuses on building an open, cooperative, and inclusive digital future, emphasizing the importance of collaboration in the digital economy [2]. Group 1: AI Development and Impact - Alibaba's CEO, Wu Yongming, highlighted the rapid evolution of AI technology towards Artificial General Intelligence (AGI) and eventually Super Artificial Intelligence (ASI), expressing confidence in achieving significant milestones by 2035 [4]. - JD Group's founder, Liu Qiangdong, projected a tenfold growth in the global tourism market over the next five years, driven by advancements in technology that will create new job opportunities and reduce labor intensity [4]. - JD Logistics has developed automated equipment capable of large-scale deployment, with plans to establish the world's first fully unmanned delivery station by April next year [6]. Group 2: AI Accessibility and Inclusivity - Wu Yongming emphasized that the new generation of AI products will be accessible to various demographics, including the elderly and disabled, aiming to bridge the digital divide [6]. - Alibaba's "Mota" community has become the largest AI open-source community in China, with over 120,000 open-source models and 5,500 services, serving more than 20 million users [7]. Group 3: Future of Robotics and Technology - The "Hangzhou Six Little Dragons" discussed the rapid advancements in robotics, with expectations for significant developments in the coming years [8]. - Companies like Qiang Brain Technology are focusing on brain-computer interface technology to assist individuals with disabilities, while also planning to develop products for the general public [9]. - Cloud Deep Technology aims to replace human labor in hazardous environments with robots, showcasing the first humanoid robot capable of outdoor operations [10].

AI话题贯穿整场圆桌。深度求索资深研究员陈德里说，公司创立之初，就将实现通用人工智能（AGI） 作为根本目标。在追求这一目标的过程中，始终聚焦于最前沿、最硬核的技术探索。他认为， DeepSeek的核心优势之一在于能够秉持长期主义，专注于前沿智能突破的主线，主动舍弃一些短平快 的支线任务。 今年年初，杭州"六小龙"的提法不胫而走。但这六家科技新锐企业的员工代表同框，直到11月7日的世 界互联网大会乌镇峰会才得以达成。 在当日"六小龙乌镇对话"环节中，深度求索（DeepSeek）创始人梁文锋并未露面，而是安排了一名资深 研究员与会。其余五家公司——宇树科技、云深处科技、游戏科学、强脑科技、群核科技，均由创始人 本人出面参加。 "六小龙乌镇对话"现场。图：樊文扬 王兴兴对人形机器人的前景表示乐观：尤其与核聚变或火星移民等愿景相比，具身智能更易实现。他预 计，未来几年，许多科幻中的设定会加速走进现实，"明年和后年带给大家的惊喜，可能比今年还会更 多"。 同样身处具身智能赛道，云深处科技创始人朱秋国特别提到机器人双手的制造难度：能否让机器人的灵 巧手在长序列、复杂且不确定性场景中执行任务，这依然是一个问号。他就此调侃 ...

Group 1 - The World Internet Conference in Wuzhen focuses on building a community in cyberspace, emphasizing digital economy and cultural heritage protection [1] - Over 1,600 guests from more than 130 countries and regions attended the conference, highlighting its global significance [1] - The conference features 24 sub-forums discussing various topics, showcasing the transition from "connected" to "intelligent" internet [3] Group 2 - AI-driven industrialization, smart manufacturing, and logistics are core trends in China's digital economy, with companies like JD.com leading the way [5] - JD.com aims to reduce social logistics costs to below 10% of GDP within five years, indicating a significant acceleration in logistics efficiency [5] - The first fully unmanned delivery station is set to be established by JD.com by April next year, showcasing advancements in automation [5] Group 3 - The emergence of embodied intelligence and spatial intelligence marks a significant shift in AI technology, moving from virtual to physical applications [6] - The concept of spatial intelligence is seen as a crucial milestone in AI development, with expectations for breakthroughs in the coming years [6] - Companies are preparing for a future where robots will play a significant role in daily life, necessitating advanced spatial intelligence for management [6] Group 4 - Domestic internet giants are investing heavily in large-scale AI infrastructure, progressing towards Artificial General Intelligence (AGI) [8] - The development of AI is seen as a three-stage process, with the current phase being the beginning of AGI [8] - AGI is expected to evolve into a "digital life form" capable of perception, reasoning, and collaboration, moving beyond simple language processing [8] Group 5 - The current limitations of AI include a lack of stable intelligence and the inability to self-iterate like humans, which is a focus for future development [9] - Humanoid robots are viewed as ideal carriers for AGI, providing a means for interaction with the physical world [9] - The Wuzhen Conference serves as a critical observation point for the evolution of China's internet ecosystem, highlighting its role in the global AI landscape [9]

今年是构建网络空间命运共同体理念提出十周年。当前，互联网已成数字时代核心基础设施，其作用延 伸至哪些领域，又带来哪些新引擎？ 11月7日，2025年世界互联网大会乌镇峰会（以下简称"乌镇峰会"）在浙江乌镇开幕。 本届乌镇峰会以"共筑开放合作、安全普惠的数智未来——携手构建网络空间命运共同体"为主题，围绕 数字经济、文化遗产数字化保护与传承等议题举办24场分论坛，来自130多个国家和地区的1600多名嘉 宾参会。 人工智能的爆发，也让一批"硬科技创业者"站到了乌镇峰会的舞台中央。本届乌镇峰会特设"六小龙乌 镇对话"，中国工程院院士、之江实验室主任王坚与杭州"六小龙"企业负责人，围绕全球人工智能技术 创新发展等前沿趋势进行交流。 当前，智能制造、智慧物流、AI驱动产业化，正成为中国数字经济发展的核心趋势，以京东为代表的 企业正在加速推动供应链与物流体系的智能化升级。 京东集团创始人、董事局主席刘强东表示，随着人工智能和机器人时代的到来，未来5年之内整个中国 的社会化物流成本占GDP的比重能降到10%以内，"也就是未来5年的进度可能会超过过去10年甚至15年 的进度。" 到明年4月份，京东将建成全球第一个全无人的配 ...

Core Insights - OpenAI has restructured its partnership with Microsoft, ending the exclusive agreement with Azure and forming a new strategic collaboration with AWS worth $38 billion, which includes access to extensive computing resources [5][10][12]. Group 1: OpenAI's Strategic Shift - OpenAI's focus has shifted from solely training models to making them widely accessible, indicating a transition from a "model development lab" to a "global AI platform company" [14][15]. - The partnership with AWS is seen as a move to enhance commercial reach rather than just technological breakthroughs, contrasting with the previous exclusive relationship with Azure [15][16]. Group 2: Implications of the New Alliance - The new collaboration with AWS allows OpenAI to leverage a broader ecosystem, ensuring its models are available across multiple platforms, including Azure, AWS, and potentially Google Cloud [14][15]. - The relationship with Microsoft remains crucial, as both companies aim to redefine the AI industry's value distribution logic amidst rising competition and technological advancements [22][23]. Group 3: Insights on Computing Power - Both Sam Altman and Satya Nadella emphasized that the future of computing power will eventually become abundant, with the real challenge being the physical infrastructure needed to support it [19][21]. - They highlighted the importance of software optimization over just hardware advancements, suggesting a shift in focus from GPU manufacturing to platform services and system integration [21][22].

Core Viewpoint - The article discusses the potential bursting of the AI bubble in the U.S. stock market, highlighting the growing consensus on the risks associated with AI investments and the uncertainty surrounding the development of Artificial General Intelligence (AGI) [1][2]. Group 1: Market Trends - Recent global market fluctuations, including a significant drop in U.S. stock indices, are attributed to concerns over the sustainability of the AI narrative [1]. - A survey indicates that 95% of companies using generative AI in the U.S. have not achieved profitability from the technology, raising questions about the long-term viability of AI investments [2]. - AI-related spending in the U.S. is reported to contribute more to GDP growth than all consumer spending combined, with projections suggesting that 92% of GDP growth in the first half of 2025 could stem from AI investments [2]. Group 2: Financial Implications - OpenAI, valued at nearly $1 trillion, reported a net loss of $13.5 billion in the first half of the year, reflecting the financial strain on leading AI companies [2]. - The current AI bubble is compared to Japan's economic bubble, where companies inflated asset values through mutual investments and high valuations, suggesting a similar pattern in the U.S. AI sector [3]. - The proliferation of data centers in the U.S. and the bundling of long-term leases into bonds are likened to the mortgage-backed securities that contributed to the subprime crisis, indicating potential hidden leverage risks [3]. Group 3: Competitive Landscape - The U.S. approach to AI focuses on the uncertain future of AGI, while China adopts a more pragmatic, application-driven strategy in sectors like autonomous driving and biopharmaceuticals, leading to healthier business ecosystems [4]. - Investment firms like Goldman Sachs and Morgan Stanley are warning of potential corrections in U.S. tech stocks while expressing optimism about Chinese markets in AI and electric vehicles, signaling a shift in capital preferences [4].

Core Insights - Alibaba Group's CEO, Wu Yongming, emphasizes a shift in focus from e-commerce and digital economy to artificial intelligence (AI) during the World Internet Conference, highlighting the company's commitment to AI development [2][3] - Wu outlines three stages of AI evolution: intelligent emergence, general artificial intelligence (AGI), and super artificial intelligence (ASI), indicating that the industry is currently at the beginning of the AGI stage [3][4] - The company positions Alibaba Cloud as a full-stack AI service provider, aiming to support the growing demand for large-scale computing infrastructure necessary for the AI revolution [5] AI Development Stages - The first stage, intelligent emergence, involves AI learning from vast human knowledge to solve real-world problems, characterized by "learning humans" [4] - The second stage, AGI, is marked by AI agents performing numerous tasks in the digital realm and interacting with the physical world, characterized by "assisting humans" [3][4] - The third stage, ASI, will see AI autonomously learning and iterating, characterized by "surpassing humans," but this stage is still a long way off [4][5] Infrastructure and Technology - The demand for super-scale computing necessitates a robust infrastructure, which Alibaba aims to fulfill through its "super AI cloud" strategy [5] - Alibaba Cloud's offerings include a comprehensive AI service chain that encompasses model training, inference, deployment, and optimization, moving beyond mere computing resource provision [2][5] Community and Accessibility - The "Mota" community, established by Alibaba, has become the largest AI open-source community in China, providing a platform for developers to access and contribute to over 120,000 open-source models [6][7] - The community has seen significant participation from small organizations and independent developers, with initiatives aimed at leveraging AI for social good, particularly in education and support for vulnerable groups [6][7] Market Position and Future Outlook - Alibaba's "Tongyi Qianwen" model has gained recognition as a leading open-source model, dominating rankings and fostering a developer-friendly ecosystem [5] - The company expresses confidence in achieving the goal of transitioning to an intelligent economy and society by 2035, driven by AI's potential to enhance productivity and liberate human capabilities [4]

Core Insights - Alibaba Group's CEO emphasizes the accelerated evolution of AI technology towards Artificial General Intelligence (AGI) and ultimately Super Artificial Intelligence (ASI) [1][2] - The company is significantly investing in building a super AI cloud to promote open-source and technology accessibility [1] - AI development is categorized into three stages: emergence of intelligence, transition to AGI, and realization of ASI, with the current focus on the second stage [1] Group 1 - The first stage of AI development involves the emergence of intelligence, where AI learns from vast human knowledge to solve real-world problems [1] - The second stage, currently underway, is characterized by AI's ability to assist humans in various digital tasks and connect with the physical world [1] - The third stage aims for ASI, where AI will autonomously learn and iterate, requiring a significant amount of time to achieve [1] Group 2 - The Chinese government's initiative aims for the country to fully enter a new stage of intelligent economy and society by 2035 [2] - The CEO expresses confidence in achieving this decade-long goal, highlighting the transformative potential of AI on productivity and human liberation [2] - Alibaba is constructing large-scale AI infrastructure to provide leading AI services to global developers [2]

Core Insights - Alibaba's CEO, Wu Yongming, emphasizes the acceleration of AI development towards General Artificial Intelligence (AGI) and ultimately Super Artificial Intelligence (ASI) [1][2] - The company is investing in building a Super AI Cloud to support this evolution and promote open-source and inclusive technology [1][3] AI Development Stages - AI development is expected to progress through three stages: emergence of intelligence, transition to AGI, and realization of ASI [2] - The first stage involves AI learning from vast human knowledge to solve real-world problems, characterized as "learning human" [2] - The second stage, currently beginning, sees AI assisting humans in digital tasks and connecting to the physical world, termed "assisting human" [2] - The final stage, ASI, will enable AI to autonomously learn and iterate, surpassing human capabilities, but this is projected to take a long time [2] Alibaba's Super AI Cloud Initiative - In response to the Chinese government's directive for AI development by 2035, Alibaba is confident in achieving this goal and believes AI will significantly enhance productivity and human liberation [3] - The Super AI Cloud is positioned as a necessary infrastructure to support large-scale computing demands, with Alibaba Cloud aiming to be a leading provider of AI services globally [3] Open Source and Inclusive Technology - Alibaba's "Tongyi Qianwen" model is recognized as a leading global model, dominating the Hugging Face community rankings [4] - The company has committed to an open-source approach, having released over 300 models and achieving over 600 million downloads, with more than 170,000 derivative models [4] - The "Mota" community, the largest AI open-source community in China, has gathered over 120,000 models and served over 20 million users, fostering a collaborative environment for AI developers [4][5] Social Impact and Accessibility - The company highlights the importance of technology inclusivity, ensuring that vulnerable groups can benefit from AI advancements [5] - Initiatives like the "Small Opportunities" AI open-source public welfare innovation challenge aim to explore AI solutions for rural education, elderly care, and accessibility for disabled individuals [5]