鹅厂：来玩。 白交 鹭羽 发自 凹非寺 量子位 | 公众号 QbitAI 高考完了这个暑假还没有安排？（Doge） 一年一度，腾讯又开始招募顶尖学生了—— "星火挑战营" ，计划招募60-70人，主要面向高二、高三学生（2025级高考生）。一旦入选，就 有机会前往深圳总部，挑战一线产业难题。 与以往不同的是，此次他们可以面向大模型的最前沿话题—— 超长文本理解、长思维链技术、具身智能+机器人、多模态感知理解。 好好好，现在大模型搞研究得从少年开始抓起。 鹅厂开招顶尖学生 OpenAI、DeepSeek等热门大模型浪潮一波接着一波，星火计划紧随其后，在今年的产业课题方向中，特地新增四个大模型方向： 具体像超长文本理解这个方向。 大模型现在能说话、能思考，但是受制于字数输入上限，读书却始终读不好。 微信读书的AI问书技术团队 目前就正在掀起一场关于超长文本 智能的认知革命，致力于让AI把百万字级小说"先读薄再读厚"。 专家们将带领同学们深入探究大模型的长上下文理解问题，逐步探索AI如何在充分理解人物和世界观的前提下，辅助完成故事的二次创作。 还有 多模态感知理解 ，试想一下，你是否也想拥有钢铁侠里的贾维斯，可以理 ...

白宫再度被曝存在信息安全隐患。 据美媒最新报道，黑客侵入了白宫办公厅主任苏茜·怀尔斯的私人手机，并以她的名义给政府官员、国会议员 和企业高管打电话或发信息。美国联邦调查局（FBI）称，已就此展开调查。 对此，美国总统特朗普当地时间5月30日表示，他认为怀尔斯是"了不起的女性"，她能够处理这件事。他们入 侵了她的手机，他们试图假扮成她。 一名白宫高级官员告诉《华尔街日报》记者，怀尔斯告诉特朗普政府其他成员，她怀疑黑客窃取了自己私人手 机的通讯录，因为"冒牌怀尔斯"只从中挑选知名人士联系。一些接到电话或收到信息的人发现，来电号码并非 怀尔斯的手机号，于是向白宫求证是否的确是怀尔斯联系了他们，事件才浮出水面。 据悉，怀尔斯是首名出任白宫办公厅主任的女性，从政经验非常丰富，是特朗普身边任职时间最长的顾问之 一，曾在2024年总统选举时担任特朗普的竞选经理。 白宫突发 5月31日，据新华社消息，继美国政府高官的"群聊门"丑闻后，白宫再度被曝存在信息安全隐患。美国媒体报 道称，黑客侵入了白宫办公厅主任苏茜·怀尔斯的私人手机，并以她的名义给政府官员、国会议员和企业高管 打电话或发信息。FBI称，已就此展开调查。 另据《华尔 ...

智通财经5月31日电，继美国政府高官的"群聊门"丑闻后，白宫再度被曝存在信息安全隐患。美国媒体 报道称，黑客侵入了白宫办公厅主任苏茜·怀尔斯的私人手机，并以她的名义给政府官员、国会议员和 企业高管打电话或发信息。美国联邦调查局（FBI）5月30日说，已就此展开调查。 (新华社) 白宫办公厅主任手机疑被"黑" FBI启动调查 ...

Group 1 - The China Securities Information Technology Application Innovation Industry Index decreased by 1.67% as of May 30, 2025, with mixed performance among constituent stocks [1] - Tianyang Technology led the gains with an increase of 6.77%, while Huada Jiutian experienced the largest decline at 4.74% [1] - The Xinchang ETF (562570) fell by 1.77%, with the latest price at 1.22 yuan, but saw a cumulative increase of 1.72% over the past week [1] Group 2 - The Xinchang ETF has reached a new high in scale at 614 million yuan, making it the largest among similar ETFs [1] - Over the past 10 days, the Xinchang ETF has experienced continuous net inflows, totaling 190 million yuan, with a peak single-day net inflow of 148 million yuan [1] - The strategic restructuring announcement by Haiguang Information and Zhongke Shuguang is highly relevant to the index, as both companies are significant constituents, with a combined weight exceeding 10.2% [2]

Financial Data and Key Metrics Changes - Gartner has demonstrated a long-term experience of delivering double-digit top-line growth with a contract value CAGR of 14% over ten years and free cash flow CAGR of 16% [4][29] - The company expects EBITDA margins to be at least 23.5% for the year, with structural improvements leading to margins running in the mid to low 20% range [23][28] Business Line Data and Key Metrics Changes - The Research segment is the largest and most profitable, with contribution margins in the low to mid 70% [12][13] - The Conferences segment provides a platform for client engagement with around 50% gross margins [21] - The Consulting segment focuses on high-level IT labor-based strategy and project management services, contributing to overall revenue [22] Market Data and Key Metrics Changes - Gartner's contract value is approximately $5.1 billion, with an identified addressable market of around $200 billion [20] - About two-thirds of contract value is generated in North America, with growth opportunities identified both domestically and internationally [41] Company Strategy and Development Direction - The company aims to expand its sales force and penetrate new territories to capture more of the addressable market [41][42] - Gartner's strategy includes leveraging AI to enhance efficiency within its research organization and services team [36] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that while the company is resilient to macroeconomic challenges, it is not completely immune to a difficult selling environment [42] - The focus remains on generating valuable insights and productizing them to deliver ongoing value to clients [41] Other Important Information - Gartner's business model is characterized by strong free cash flow generation, with annual free cash flow expected to exceed $1 billion [29] - The company has a strong balance sheet with excess cash of about $2.1 billion, targeting a gross debt to EBITDA ratio of about 2 to 2.1 times [30][31] Q&A Session Summary Question: How does AI affect Gartner's business? - Gartner is leveraging AI to help clients with strategy and challenges while also using it internally to improve efficiency in research and sales training [35][36] Question: What is the percentage of clients on each subscription tier? - The most commonly purchased product is the advisor product, priced around $45,000 to $50,000, with reference products at about $20,000 and higher-end services ranging from $75,000 to $80,000 [38][39] Question: What are the key drivers for growth? - Growth drivers include generating valuable insights, expanding sales territories, and hiring sellers, with a focus on execution and resilience in challenging macro environments [41][42]

Core Viewpoint - The cloud gaming industry continues to lead the market, with significant gains in the information security and big data sectors, as evidenced by the performance of related ETFs [1] Group 1: ETF Performance - Several ETFs related to big data have shown a half-day increase of over 1%, with specific ETFs like the Information Security ETF (159613) and the Big Data Industry ETF (516700) rising by 1.59% and 1.51% respectively [2][3] - The Information Security ETFs (159613 and 562920) have small scales, with half-day trading volumes below 10 million yuan, tracking the CSI Information Security Theme Index [3] Group 2: Index Composition - The CSI Information Security Theme Index includes listed companies involved in information security technology, products, and services, reflecting the overall performance of securities in the information security sector [4] - Major stocks in the CSI Information Security Theme Index include Inspur Information (5.78%), Unisoc (5.39%), and Hikvision (5.02%) [5] Group 3: Big Data Sector - The Big Data Industry ETF (516700), Big Data ETF (515400), and Data ETF (516000) also experienced gains exceeding 1%, with the Big Data ETF (515400) having a large scale of 2.3 billion shares and a half-day trading volume of 96.73 million yuan [6] - The CSI Big Data Industry Index selects companies involved in big data storage, analysis, operations, and applications, reflecting the overall performance of securities in the big data sector [6][7] - Key stocks in the CSI Big Data Industry Index include iFlytek (9.23%), Inspur Information (8.72%), and Unisoc (6.22%) [7]

Group 1 - A-shares exhibited a narrow fluctuation trend on May 26, with sectors such as soft drinks, power generation equipment, software, leisure products, and cultural media showing significant gains [1] - The strategic restructuring announcement between Zhongke Shuguang and Haiguang Information is expected to impact the market, with both companies' stocks suspended from trading for up to 10 trading days starting May 26 [1] - Historical data indicates that A-shares have experienced two major merger and acquisition (M&A) waves since 2010, with the current market conditions suggesting a new M&A wave may be starting, driven by economic transformation, industry cycle upturns, and policy support [1] Group 2 - The Zhongzheng Xinchuan Index has a high correlation with the recent events, with Haiguang Information and Zhongke Shuguang being the 1st and 7th largest weighted stocks in the index, collectively accounting for 10.2% of the index [2] - The Xinchuan ETF (562570) tracks the Zhongzheng Information Technology Application Innovation Industry Index, focusing on autonomous and controllable leading companies in cutting-edge technology sectors such as artificial intelligence and data computing [2]

Core Insights - The core achievement of CITIC International Telecom's subsidiary, CITIC International Telecom (CPC), is the silver award in the BPAA Fourth Global Application Algorithm Model Competition for its AI-driven "Information Security Threat Identification Platform" [1][2][3] Company Overview - CITIC International Telecom (CPC) is a wholly-owned subsidiary of CITIC International Telecom Group Limited, listed on the Hong Kong Stock Exchange under stock code 1883 [10] - The company focuses on providing comprehensive digital solutions through advanced technologies, including TrueCONNECT™ dedicated network services, TrustCSI™ information security solutions, DataHOUSE™ global unified cloud data center solutions, and SmartCLOUD™ cloud computing solutions [10][11] Innovation and Technology - The "Information Security Threat Identification Platform" integrates AI technology with information security services, showcasing significant innovation in algorithm models and technical architecture [4][5] - The platform employs a flow anomaly detection algorithm that captures full traffic data and utilizes AI to classify traffic, enhancing security measures [4] - The technical architecture combines large and small model integration with cloud-edge collaboration, optimizing resource consumption and costs for clients [5] Industry Context - The rapid development of digital infrastructure and the emergence of diverse application scenarios are shaping new advantages in the digital economy [7] - The increasing complexity and variability of cybersecurity challenges necessitate proactive defense strategies for businesses, especially those with global operations [7][9] - CITIC International Telecom CPC's AI-driven security services, particularly the "AI offense and defense" practice, are designed to transition clients from passive protection to active defense [8][9] Awards and Recognition - The BPAA competition, which CITIC International Telecom CPC participated in, aims to gather international algorithm resources and establish industry benchmarks, with over 700 teams from more than 15 countries competing [9]

Core Viewpoint - The rapid advancement of technology has led to an increasing turnover of smart devices, raising concerns about the proper disposal of old devices that may contain sensitive personal information, which poses significant security risks [1][2]. Group 1: Data Security Risks - Many people mistakenly believe that manually deleting information and restoring devices to factory settings ensures safety; however, deleted data can still be recovered from storage chips, leading to potential data breaches [2]. - Nearly half of the idle smart devices in China have issues with data residue or incomplete data erasure due to economic incentives, high technical barriers for data wiping, and a lack of awareness regarding data protection [2]. Group 2: Improper Disposal Consequences - Incidents of personal information leaks due to improper disposal of idle smart devices have been on the rise, with discarded devices potentially becoming sources of sensitive data for malicious actors [3]. - Discarding damaged devices poses the highest risk, as even non-functional devices may still have recoverable data on their mainboards and chips [3]. - In the secondary market for idle devices, some individuals and companies may engage in deceptive practices to reduce costs, such as misreporting device types or smuggling devices containing un-erased sensitive data, increasing the risk of data leaks [3]. - Certain smart devices can be remotely tracked and activated even when turned off, making them potential tools for surveillance if they have been compromised [3]. Group 3: Recommendations for Safe Disposal - National security agencies advise that idle smart devices should be treated with caution, emphasizing that they are not ordinary waste and require specific preventive measures during disposal [4]. - Users should avoid storing or processing sensitive information on internet-connected devices and regularly clear memory and fix system vulnerabilities to enhance security [4]. - Before replacing devices, users should thoroughly delete all data and consider overwriting it with non-sensitive information to minimize recovery risks [4]. - It is crucial to log out of all applications, delete login records, and disable privacy settings before selling, donating, or discarding old devices [4].

Core Viewpoint - The rapid advancement of technology has led to an increased frequency of smart device upgrades, raising concerns about the proper disposal of old devices that may contain sensitive information [1] Group 1: Industry Concerns - Many smart devices store sensitive information such as social interactions, financial data, consumption habits, and health information, which poses a risk if not handled properly [1] - Improper disposal of idle and obsolete smart devices can lead to information leaks and security risks, potentially becoming a "black hole" for data breaches [1]