财联社AI daily . 财联社及科创板日报旗下产品——未来已来，AI前沿，独家、深度、专业！ 以下文章来源于财联社AI daily ，作者卞纯 在全球首富马斯克构想的未来里，人类将无需工作、也无需金钱，贫困也将不复存在。 在周三的美沙投资论坛上，马斯克与英伟达首席执行官黄仁勋共同出席了一场关于人工智能（AI）的小组讨论。马斯克在这场讨论中表示， 得益于人工智能，金钱将 "失去意义" 。 "电力和物质等资源仍然存在限制。" 马斯克表示，"但我认为，货币终有一天会失去意义。" 马斯克提到了科幻作家伊恩·班克斯的作品，班克斯在1987年至2012年间创作了《文明》系列小说。他指出，这些书有助于了解"人工智能 未来是什么样子"。 马斯克还谈及工作的终结， 称未来工作将成为 "可选项"，就像 "运动或玩电子游戏" 一样 。 他用园艺类比未来的工作形态。"在自家后院种菜其实麻烦得多，但有些人还是会这么做，因为他们喜欢种菜。"他称，"未来的工作 就是这样：可根据自身意愿选择。" 在过去几个月里，马斯克曾多次分享他对人工智能未来的愿景。这其中包括消除贫困——他在近期的一场投资者会议上就提到了这一点。 "人们常说要消除贫困 ...

Core Viewpoint - XPeng's 3Q25 total revenue increased by 11.5% QoQ to RMB20.4 billion, but the revenue structure showed mixed results with vehicle sales underperforming due to a decline in average selling price (ASP) while service revenue surged, driven by technological services from Volkswagen [1][2][3] Revenue Performance - Total revenue for 3Q25 reached RMB20.4 billion, reflecting an 11.5% QoQ growth, aligning with estimates, but vehicle sales only grew by 6.9% QoQ, missing projections due to a significant drop in blended ASP [2] - Services and other revenue nearly doubled QoQ to RMB2.33 billion, exceeding expectations due to milestone payments from Volkswagen [2] Margin Analysis - Vehicle margin decreased by 0.8 percentage points QoQ to 13.1%, slightly below estimates, attributed to weaker demand for key launches and early-stage deliveries of new models [3] - Blended gross margin improved by 2.8 percentage points QoQ to 20.1%, driven by high-margin service revenue, which accounted for 42% of gross profit [3] Delivery Guidance - 4Q25 delivery guidance is set at 125,000-132,000 units, indicating a potential pullback in November deliveries due to softer end-user demand and delays in new models [4] - For 2026, XPeng plans to launch three super EREV products and four new dual-powertrain models, aiming to capture niche demand trends [4] AI and Technological Advancements - At the 2025 AI Tech Day, XPeng introduced its AI blueprint, including next-gen AI models and robotaxi capabilities, positioning itself as a leader in AI-driven mobility [5] - Plans for three Robotaxi models and mass production of humanoid robots by the end of 2026 were announced, indicating ambitious expansion into AI-driven sectors [5] Valuation Adjustments - Revenue forecasts for 2025-26 have been revised down by 6-7% to RMB77.2 billion and RMB110.3 billion, respectively, reflecting weaker delivery guidance and ASP erosion [6] - Despite recent AI advancements, it is deemed premature to shift valuation methodologies due to the early stage of these initiatives [6][7]

证券之星消息，根据天眼查APP于11月13日公布的信息整理，深圳昱拓智能有限公司B+轮融资，融资额4000万人民币，参与投资的机构包括瑞德 智能，创东方投资。 | 公布日 | 投资方 | 交易全额 | 融资轮次 | | --- | --- | --- | --- | | 2025-11-13 | 瑞德智能 创东方投资 | 4000万人民币 | B+轮 | | 2024-11-28 | 国投美亚基金 | 未披露 | B轮 | | 2022-11-02 | 国家电投 | 未披露 | A+轮 | | | 元祐投资 | | | | 2021-06-28 | 粤科金融集团 | 未披露 | A轮 | 昱拓智能是集科研开发、生产制造、市场营销及工程服务为一体的国家级高新科技企业，围绕机器人视觉伺服控制技术、机器人环境自适应性技 术、机器人模块化可重构带电作业技术、机器人多轴协同高效平稳控制技术、机器人导航技术等核心技术，辅以基于深度学习与智能云的数据智 能分析技术构建研发体系，坚定不移地推动机器人全面替代人工作业。 数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3101043457103 ...

穆尼奥斯曾表示，此次突袭将因劳动力短缺导致工厂建设延迟至少两到三个月，这给本就因美国对韩商 品高额关税(贸易谈判持续数月)而遭受重创的现代汽车带来了更严峻的挑战。 现代汽车表示，关税使其第三季度损失约1.8万亿韩元(约合12亿美元)。随着其加大在美国的投资以缓解 关税影响，该公司下调了2025年的利润预期，同时提高了整体收入预测。 这次突袭事件暴露了韩国在美国清洁能源计划中投资的数十亿美元所面临的风险。此次震撼行业的突击 行动中，被拘留者手腕、腰部和脚踝被铐的画面广为流传，同时也加剧了韩国与美国之间的外交摩擦。 穆尼奥斯称，该事件是一个"糟糕的意外"，但这丝毫没有削弱现代汽车在美投资的承诺，他补充说这家 汽车制造商将加倍落实其计划。"我们不能仅仅因为发生了一件明显是意外的事情——甚至收到了美国 总统的道歉——就说这将改变我们的计划，"他说。"我们加倍投入。我们希望维持在美国的投资。我们 认为，从中长期来看，情况会好转。但显然，我们需要对供应链以及我们将要生产的产品进行大量调 整。" 现代汽车公司首席执行官何塞.穆尼奥斯表示，尽管其佐治亚州电池工厂因涉嫌使用无证工人遭到突袭 搜查，这家韩国汽车制造商仍将继续推进 ...

特区政府医务卫生局局长卢宠茂表示，筹建新医学院将培训更多优秀医生以支持香港本地医疗体系 提供优质服务，同时提升香港的科研及医学教育水平和实力，令香港成为首屈一指培养医疗创新的科研 和临床人才的枢纽。 特区政府教育局局长蔡若莲表示，新医学院的成立将为香港的高等教育注入新动力，进一步巩固香 港成为国际专上教育枢纽及国际高端人才集聚高地。 新华社香港11月18日电（张雅诗）香港特区政府18日公布，行政长官会同行政会议已通过设立第三 所医学院，并原则上批准新医学院由香港科技大学（简称"港科大"）筹办，开办一个全新的4年制第二 学位医学课程。港科大须以在2028/2029学年录取第一届50名学生为目标。 特区行政长官李家超表示，香港积极发展成为国际医疗培训、研究和创新枢纽，设立第三所医学院 将培训更多医疗人才，对提升香港本地医疗服务至关重要。第三所医学院将与现有两所医学院紧密合 作，优势互补，提升香港的科研及医学教育的水平和实力，响应国家建设教育强国的宏大目标。 港科大介绍，该校医学院将立足创新基础，以公共服务为导向，致力于培育兼具医德涵养、精湛临 床技能与科技素养的新一代医学领袖。新医学院将充分运用港科大在数据科学、 ...

Report Industry Investment Rating - No information provided Core Viewpoints - The global economy is entering the top region due to the continuous wrong policies in the United States [2] - The liquidity crunch is the core factor driving the stock market decline, and further decline may lead to "mechanical" selling [1] - Top investors are taking a more cautious stance on high - valuation tech stocks due to rising systemic risks [1] - The importance of retail investors in the US stock market, especially in the options market, is increasing [1][2] - AI and robotics are considered the only way to get rid of the debt crisis and prevent US bankruptcy [1] - AI may lead to a slowdown in corporate recruitment and a "quiet period" in the labor market [1] - The loose financial environment supporting the AI boom is reaching an inflection point [1] Summary by Related Catalogs Global Economy and Finance - Morgan Chase believes the liquidity crunch drives the stock market decline, and further drops may trigger "mechanical" selling [1] - Billionaire Peter Thiel's fund, Bridgewater, and SoftBank have reduced their holdings in NVIDIA, and top investors are cautious about high - valuation tech stocks [1] - Retail investors are among the largest net buyers of the US stock market this year, and their trading volume in the options market has exceeded that of institutions [1][2] - Musk thinks AI and robotics are the only way to avoid US bankruptcy due to unsustainable federal debt growth [1] - US White House economic advisor Hasset says AI boosts labor productivity but may slow corporate recruitment [1] - Amazon raised $15 billion through bond issuance, and the total bond issuance of four major tech giants in the past two months exceeded $80 billion. The financial environment supporting the AI boom is changing [1] - UBS's chairman discussed the possibility of relocating its headquarters to the US due to Switzerland's capital requirements [1] - India's October goods trade deficit hit a record high of $41.7 billion due to increased gold imports and high - tariff impacts on US exports [1] Global Economic Logic - The end of the US government shutdown will inject trillions of dollars from the US Treasury's general account into the market [2] - NVIDIA CEO Huang Renxun believes China will win the AI competition due to a favorable regulatory environment and lower energy costs [2] - Huawei announced "ten major inventions" in computing power infrastructure and storage [2] - Goldman Sachs CEO is optimistic about the Hong Kong and mainland China stock markets [2] - JPMorgan strategists estimate that at least $5 trillion is needed for the AI data center construction boom in the next five years [2] - US data center electricity demand is rising, and a 44 - gigawatt power gap is expected by 2028 [2] - US household excess savings accumulated during the pandemic are almost exhausted, and consumer slowdown has spread to the middle - income group [2] - US corporate layoffs in October reached 153,074, mainly in the technology and warehousing industries, a significant increase from September and almost three times that of last year [2]

早盘提示 Morning session notice | 超大规模云厂商是主要参与者。英伟达 CEO 黄仁勋表示，中国将赢得人工智能竞赛， | | --- | | 他将中国的潜在胜利归功于更有利的监管环境和更低的能源成本。高盛 CEO 对中国 | | 香港和中国内地股市给出了乐观的预期，随着全球估值的上升，许多中国股票看起 | | 来"非常有吸引力"。 | | 【后市展望】 | | 受外部市场走势低迷影响，周二两市主要指数继续走弱。今年前三个季度，保险机 | | 构的股票直投的规模比年初新增约 1.19 万亿元，增幅接近五成。保险资金运用余 | | 额的增加值 4 万亿元，则可发现，险资将今年新增资金规模的超三分之一，投向了 | | 股票—其中主要应该是 A 股股票。英伟达 CEO 黄仁勋称：中国将赢得人工智能竞赛， | | 他将中国的潜在胜利归功于更有利的监管环境和更低的能源成本。瑞银投资银行中 | | 国股票策略研究主管在 2026 年展望报告中指出，预计中国股市将迎来又一个丰年， | | 因包括创新领域发展等许多有利的驱动因素将继续支撑市场。高盛指出，从中国本 | | 土来看，中国资本向股票的结构性迁 ...

Core Viewpoint - Yunyi Electric, a leading domestic automotive smart core electronics company, is actively expanding its business by establishing a wholly-owned subsidiary in Nanjing and forming a joint venture with Chen Zhi Automotive Technology Group to focus on robotics and automotive electronic products [1][2][3]. Group 1: Business Expansion - The company plans to invest 100 million yuan to establish "Nanjing Yunyi Robotics Co., Ltd." to focus on robotic joint modules and related products [2]. - A joint venture with Chen Zhi Group aims to leverage both companies' strengths in the automotive and motorcycle electronic products sector, with a registered capital of 402 million yuan, where Chen Zhi holds 70% and Yunyi holds 30% [3]. Group 2: Financial Performance - For the first three quarters of 2025, Yunyi Electric reported revenues of 1.666 billion yuan, net profit attributable to shareholders of 331 million yuan, and net profit after deducting non-recurring gains and losses of 308 million yuan, representing year-on-year growth of 7.05%, 7.80%, and 10.10% respectively [6]. - The company has maintained a strong financial position with a cash balance of 1.257 billion yuan and a low debt-to-asset ratio of 22.14% as of September 2025 [6]. Group 3: Research and Development - Yunyi Electric has invested over 625 million yuan in R&D over the past five years, with R&D expenses exceeding 100 million yuan annually from 2021 to 2024 [4][5]. - The company is focusing on key areas such as joint modules, force sensors, and lightweight materials, aiming to accelerate the commercialization of its technologies [3]. Group 4: Market Position - Yunyi Electric has established a strong customer base, supplying major automotive manufacturers including Ford, General Motors, and entering the supply chains of global brands like Mercedes-Benz and BMW [5]. - The company has not engaged in equity financing for over nine years, indicating a stable operational strategy and financial health [6].

智通财经APP获悉，特斯拉(TSLA.US)已获准在亚利桑那州开始提供自动驾驶网约车服务，这为其新兴 的机器人出租车业务向新的州扩张扫清了障碍。 亚利桑那州交通部11月17日向这家汽车制造商授予了所谓的交通网络公司许可证。这一里程碑式的许可 使得特斯拉能够在配备人类安全员的前提下，使用自动驾驶系统为公众提供车辆运营服务。 该公司已告知亚利桑那州，计划在凤凰城地区提供网约车服务，此前其已持有允许测试自动驾驶汽车的 许可证。 随着这家电动汽车制造商将重心转向自动驾驶、机器人技术和人工智能，其机器人出租车业务的扩张速 度一直备受投资者关注。特斯拉目前已在奥斯汀提供无人驾驶出租车服务，并在旧金山湾区提供未被视 作完全自动驾驶的网约车服务。 首席执行官埃隆·马斯克曾表示，公司目标在年底前于亚利桑那、内华达和佛罗里达三州推出网约车服 务。 ...

Core Viewpoint - Elon Musk emphasizes that the only way to escape the debt crisis and prevent U.S. bankruptcy is through AI and robotics, highlighting the unsustainable growth of federal debt and its implications for the economy [2][3] Group 1: Economic Concerns - Musk points out that interest payments on national debt now exceed major federal expenditures, including military spending, which serves as a personal wake-up call for him [2] - He views national debt as a structural threat to the future of the economy, not just a political issue, reflecting concerns about government inefficiency and declining industrial productivity [2][3] Group 2: Technological Solutions - Traditional political measures are deemed insufficient by Musk, who argues that economic expansion, supported by advanced automation, is necessary to address the debt crisis [3] - His experience in capital-intensive industries like aerospace and automotive informs his belief that automation is key to improving efficiency and reducing costs [3] Group 3: Historical Context and Future Implications - Musk's optimistic view on technology is supported by historical precedents where rapid innovation led to significant output and tax revenue growth, aiding in debt management [4] - By linking fiscal sustainability with advancements in AI and robotics, Musk places the debt issue within a broader narrative of future economic growth, raising questions about whether emerging technologies can deliver sufficient productivity gains for long-term economic health [4]