以下文章来源于字母榜 ，作者李炤锋 字母榜 . 让未来不止于大 AI可能是"最酷的技术"， 但不一定能做出"最酷的硬件" 文 ｜ 李炤锋 编辑 ｜ 王靖 来源｜ 字母榜（ID:wujicaijing） 封面来源 ｜ IC photo "当下的计算机形态，与我们想象中科幻感的'AI伴侣'并不契合。真正适合的形态还有待探索，但最终重要的，将是那些能够在环境中持续感知、与人保持 自然互动的硬件形态。"上个月，OpenAI CEO萨姆·奥特曼在一则播客节目中这样说道。 奥特曼的观点已经在OpenAI的业务布局中显现，这家头部模型企业正将"做硬件"提上日程。 先是在今年5月，苹果传奇设计师Jony Ive创办的io Products团队并入OpenAI；而在上周，《The Information》报道披露，OpenAI已经与立讯精密签订了合 同，并且与另一家苹果产品的组装商歌尔股份接洽，希望后者为其未来的AI产品系列提供扬声器模块等组件。据了解，这款神秘AI设备"类似于一款没有显 示屏的智能音箱"，OpenAI还考虑打造眼镜、数字录音机和可穿戴胸针，首批产品计划于2026年底或2027年初发布。 而在大洋的另一边，张一 ...

物理空间的算力边界到底在那里？答案是今年炙手可热的AI硬件。 2025年，AI硬件已经成为厂商押注、资本涌入的核心战场。尽管创新形态层出不穷，但当下这一阶段，"主力选手"已经相对集中在三个强势的细分领域：学 习机、智能手机、AI眼镜。 其中，AI教育硬件作为需求稳健的"压舱石"仍在持续发力；AI眼镜作为"新物种"的代表在全球范围内快速爆发，形成了覆盖多个场景的产品和价格矩阵，一 场"百镜大战"悄然打响；而智能手机在系统级通用模型能力的注入之下，正在经历从功能叠加到体验重构的深层AI化变革。 在百花齐放的AI硬件生态中，大模型的应用落地不只在于提升效率和增强娱乐空间，也打开了人类未来生活方式的想象力。 在刚刚过去的2025云栖大会主论坛上，吴泳铭提到：大模型是下一代操作系统，超级AI云则是下一代计算机。 今年云栖大会上，阿里云重磅升级了全栈AI体系，实现了从AI大模型到AI基础设施的全面技术更新，将自身定位升级为"全栈人工智能服务商"。与此同 时，阿里云与36氪在本次2025云栖大会共同举办的先锋AI硬件专场「智涌向新：引领AI硬件新浪潮」中，也探讨了AI硬件的未来趋势。 如今，打造一款前沿、实用、能够持续迭代 ...

Core Viewpoint - The global robotics market is projected to exceed $1.2 trillion by 2030, indicating a significant growth opportunity despite previous uncertainties in business monetization paths [3][7]. Group 1: Industry Trends - The robotics industry has faced a period of unclear business paths, with companies focusing on long-term value creation rather than immediate financial returns [6][7]. - A shift is expected by 2025, driven by advancements in embodied intelligence and increased investment activity, leading to a more structured ecosystem [8][9]. Group 2: JD's Strategic Positioning - JD has launched its embodied intelligence brand, JoyInside, aiming to become a key player in the robotics market by providing both hardware and software solutions [12][14]. - JoyInside offers a comprehensive solution that integrates hardware, software, and ecosystem support, addressing the technical gaps faced by traditional robotics companies [18][39]. Group 3: AI Toy Market Dynamics - The AI toy market is anticipated to surpass $10 billion by 2030, with a growth rate exceeding 70%, attracting significant interest from major players [21][22]. - JoyInside enhances AI toys by providing intelligent interaction capabilities, making them more appealing to consumers and increasing user engagement [25][27]. Group 4: Competitive Advantages - JD's JoyInside platform leverages its extensive retail experience and data to optimize user interactions and improve the overall customer experience [39][41]. - The integration of JoyInside into various AI products has shown significant improvements in user engagement, with some products experiencing over 120% increase in interaction [31][43].

从增量资金的入市节奏视角，每一轮牛市都有显著的增量资金，使得牛市的启动可以脱离基本面、流动 性等不同条件的约束。第一、二轮牛市以居民直接开户为主，第三轮牛市依靠杠杆资金渠道、第四轮牛 市陆股通为主要渠道，第五轮牛市公募基金为主要渠道。从2025年上半年情况来看，内地保险资金或发 挥主要增量作用。行情进入8月后，融资余额，保险，主动偏股型基金发行，被动ETF发行等各项资金 数据并未出现大幅提升现象。整体而言，当前阶段主力渠道并未显现，参考此前五轮牛市的经验，这种 显着的增量资金数据或更多体现在牛中和牛顶阶段。 当前科技结构牛背后是市场部分资金对于AI硬件方向结构性景气和强产业趋势的正向积极反馈。该行 预计A股未来将转入"全面牛"。对比类似的2012-2015-2017年完整的宏观经济U型修复背景下的市场轮动 结构，从科技结构牛转向顺周期蓝筹牛，从小盘转向龙头大盘风格是可参考的经验。宏观经济改善线索 出现后，将进一步扩散至"全面牛"属性的反内卷、消费等方向。当前仍处于第一阶段，继续建议优先关 注科技核心方向。 格隆汇9月26日｜中银证券发表A股策略报告，认为本轮牛市仍有望实现慢牛、长牛，结构上类似2013 至20 ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 09 月 26 日） 一、研究观点 | 品种 | 点评 沪指全天窄幅震荡，创业板指涨超 1.5%，再创 3 年多以来新高。个股跌多涨 | 观点 | | --- | --- | --- | | | 少，沪深京三市超 3800 股飘绿，今日成交 2.39 万亿。截止收盘沪指跌 0.01%， 深成指涨 0.67%，创业板指涨 1.58%。美联储降息 25BP，但表态相对谨慎， | | | | 其内部对于年内降息路径存在分化，权益市场涨跌不一，目前市场预计年内 | | | | 降息 3 次。国内方面，此前发布的 8 月经济数据中消费、投资等需求端指标 | | | | 环比均有小幅走低，体现经济筑底企稳仍在路上，本轮行情主要计价中长期 | | | 股指 | 政策预期，当期基本面因素影响有限。此前，中共中央办公厅、国务院办公 | 偏强 | | | 厅印发了《育儿补贴制度实施方案》，标志着育儿补贴制度正式在全国范围 | | | | 内落地。这是我国近年来第一次发布普惠型中央财政政策，尽管总量仍有提 | | | | 升空间，但对于提升居民端收益水平影响较为直接。预计未 ...

策略研究 | 证券研究报告 — 总量深度 2025 年 9 月 26 日 策略深度 这是一轮混合牛 本轮牛市仍有望实现慢牛、长牛，结构上类似 2013-2014 年叠加 2016-2017 年，组成先结构牛、后全面牛的混合牛。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐亚 （8621）20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 A 股历史牛市回顾。2001 至 2025 年，A 股历史上典型意义上的牛市共计 六轮，前五轮牛市类型各不相同，有全面牛亦有结构牛，驱动逻辑上估 值扩张是共性要素，但盈利驱动方面并不一致，第一轮和第二轮牛市的 宏观背景是经济及全 A 盈利显著提升，而第三轮牛市背后的宏观经济及 A 股盈利则处于承压状态，第四、五轮牛市更多呈现结构性景气。 从资金视角对比前五轮牛市。从增量资金的入市节奏视角，每一轮牛市 都有显著的增量资金，使得牛市的启动可 ...

Market Overview - The A-share market shows a mixed performance with the ChiNext Index reaching a three-year high, indicating a strong upward trend in the growth sector [1][4] - The Shanghai Composite Index closed at 3853.30, slightly down by 0.01%, while the ChiNext Index rose by 1.58% to 3235.76, reflecting a divergence in market sentiment [2][4] Sector Performance - The top-performing sectors include Media (up 2.23%), Communication (up 1.99%), and Non-ferrous Metals (up 1.87%), indicating strong investor interest in these areas [3] - Conversely, sectors such as Textiles and Apparel (down 1.45%) and Agriculture, Forestry, Animal Husbandry, and Fishery (down 1.22%) faced declines, suggesting a rotation away from these industries [3] Future Outlook - The report highlights a "slow bull" market characterized by a stable capital market and a need for further policy support to sustain growth [5] - The trading volume in the A-share market reached 2.37 trillion, marking the 11th consecutive day above 2 trillion, which indicates robust liquidity and investor engagement [6] - The market is expected to maintain a volatile pattern in the short term, influenced by ongoing U.S.-China trade negotiations and domestic policy developments [6] Investment Recommendations - The report suggests focusing on sectors such as Technology, Media, Telecommunications (TMT), Public Utilities, Non-ferrous Metals, and Financials for potential investment opportunities [6]

市场早盘震荡拉升，沪指窄幅震荡，创业板指探底回升续创三年多新高。南财金融终端显示，截至早盘收盘，沪指涨0.16%，深成指涨1.14%，创业 板指涨2.22%。 盘面上热点轮动较快，AI硬件和AI应用方向集体爆发，浪潮信息涨停创历史新高，华勤技术触及涨停创新高； 有色金属概念股表现活跃，北方铜业等多股涨停； 可控核聚变概念股震荡拉升，合锻智能4天2板，哈焊华通涨停。 下跌方面，港口航运板块集体下跌，南京港盘中跌超8%。 沪深两市半日成交额1.54万亿元，较上个交易日放量1348亿。 个股方面，立讯精密成交额超152亿元居首，新易盛、中际旭创、宁德时代成交额靠前。 | 治深A股 | 上证A股 深证A股 | | 创业板 科创板 风险警示 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 名称 | 涨幅 | 最新价 | | | | | | 成交额▼ | | 1 002475 | | 立讯精密 | -1.11% | 69.42 | -0.78 | -0.07% | 0.63 | 3.0 ...

在AI大模型竞争趋于白热化、自研AI芯片的较量正如火如荼之时，OpenAI又在AI硬件市场点燃了战 火。而在供应链层面，消息称OpenAI已与立讯精密、歌尔股份等"果链"公司建立或洽谈合作，相关传 闻也带动"果链"公司股价集体大涨。业内人士分析称，OpenAI正从云端走向终端，试图以"模型+硬 件"的闭环，重塑AI时代的硬件入口。 然而，这款号称要彻底变革人机互动模式的产品，发布后便遭遇市场"滑铁卢"。由于续航能力差、发热 严重、功能鸡肋、售价高达699美元且需每月支付24美元订阅费。Humane最终以1.16亿美元被惠普收 购，估值大幅缩水，成为"AI硬件泡沫"的代表案例。 投资折戟后，今年5月，OpenAI宣布以65亿美元收购由苹果前首席设计师Jony Ive创办的AI硬件公司io Products。在外界看来，这笔收购其中一项重要的意义在于使OpenAI获得了工业设计基因和现成的硬件 研发团队，掌握了整个设计生态系统以及与Jony Ive相关的巨大品牌信誉。 搭上"果链" 进军硬件 受OpenAI发力AI硬件领域、苹果iPhone 17首发销量超预期等影响，立讯精密股价连续大涨。9月24日， 立讯精密尾 ...

Report Summary 1. Overnight Night Market Trends - International precious metal futures generally closed lower, with COMEX gold futures down 1.24% at $3,768.5 per ounce and COMEX silver futures down 1.11% at $44.115 per ounce [3]. - U.S. EIA crude oil inventories unexpectedly decreased by 607,000 barrels. WTI crude oil futures rose 2.21% to $64.81 per barrel, and Brent crude oil futures rose 2.02% to $68.32 per barrel [4]. - London base metals all rose, with LME copper up 3.46% at $10,320 per ton, LME zinc up 1.18% at $2,922.5 per ton, LME aluminum up 0.63% at $2,654.5 per ton, and LME nickel up 0.53% at $15,435 per ton [4]. - As of 2:20, U.S. soybeans fell 0.35%, U.S. corn fell 0.53%, U.S. soybean oil fell 0.22%, U.S. soybean meal fell 0.50%, and U.S. wheat fell 0.19% [5]. - As of 23:00, most domestic futures contracts closed higher. Soybean No. 2, palm oil, soybean meal, low-sulfur fuel oil (LU), and fuel oil rose more than 1%, while cotton fell slightly [5]. 2. Important News Macroeconomic News - The People's Bank of China will conduct 600 billion yuan of MLF operations on September 25, 2025 [8]. - Zhengzhou Commodity Exchange will adjust the trading margin and price limit of certain futures contracts from September 29, 2025 [8]. - The Ministry of Housing and Urban-Rural Development announced that 25,000 old urban residential areas are planned to be renovated in 2025, and 21,700 have been started from January to August [8]. - U.S. Treasury Secretary Besent expressed disappointment that Fed Chair Powell did not set a clear agenda for interest rate cuts and called for a 100 - 150 basis point cut by the end of the year [8]. - The U.S. officially lowered tariffs on EU cars, effective August 1, 2025 [8]. - Fed's Daly fully supports the 25 - basis - point rate cut last week and said further policy adjustments may be needed [9]. Energy and Chemical Futures - Multiple departments issued the "Work Plan for Stable Growth in the Building Materials Industry (2025 - 2026)", aiming to control cement and glass production capacity [12]. - As of the week of September 24, the capacity utilization rate of 92 asphalt refineries in China was 42.0%, up 5.7% week - on - week, and the weekly output was 701,000 tons, up 15.5% [12]. - As of September 24, 2025, China's methanol port inventory decreased by 65,600 tons to 1.4922 million tons [12]. - As of the week of September 22, the total refined oil inventory at the Fujairah Port in the UAE increased by 1.833 million barrels to 14.922 million barrels [12]. - U.S. commercial crude oil inventories (excluding strategic reserves) decreased by 607,000 barrels to 415 million barrels in the week ending September 19, 2025, while strategic petroleum reserve inventories increased by 230,000 barrels to 406 million barrels [13]. - Eight international oil companies in the Kurdistan region of Iraq reached a preliminary agreement to resume oil exports [13]. Metal Futures - Xinjiang Dongfang Hope New Energy Co., Ltd. started annual maintenance on its first - phase polysilicon production line, and the third - phase project is ready for maintenance [16]. - The Shanghai Futures Exchange will adjust the trading margin and price limit of copper, aluminum, zinc, lead, gold, and silver futures contracts from September 29, 2025 [16]. - The Antamina copper mine in Peru expects zinc production to increase by 67% this year, offsetting a 12% decline in copper production [16]. - From January to July 2025, the global copper market had a surplus of 101,000 tons, compared with a surplus of 401,000 tons in the same period last year [17]. - An accident at the Grasberg Block Cave mine in Indonesia led to the suspension of operations, and the company lowered its copper and gold sales forecasts for the third quarter [17]. Black - Series Futures - In mid - September, the daily output of crude steel by key steel enterprises decreased by 0.6% month - on - month, while the daily output of iron and steel products increased [20]. - Beibu Gulf Port in Guangxi suspended manganese ore pick - up due to a typhoon, with limited impact on inventory [20]. - On September 24, the auction price of coking coal in Linfen market rose significantly, with an average increase of about 92 yuan per ton [20]. - Dalian Commodity Exchange will adjust the trading margin and price limit of iron ore, coke, and coking coal futures contracts from September 29, 2025 [21]. Agricultural Product Futures - The EU postponed the implementation of anti - deforestation regulations, providing a respite for palm oil exporters [23]. - As of September 20, the inventory of sugar in third - party warehouses in Guangxi decreased by about 300,000 tons compared with August [23]. - In August 2025, China's industrial feed output was 29.36 million tons, up 3.7% month - on - month and 3.8% year - on - year [25]. - Indonesia's palm oil exports in July were 3.54 million tons, with a production of 5.11 million tons and an inventory of 2.57 million tons [26]. - The CNF price of Argentine soybeans imported into China decreased, and the cost of imported soybeans declined [26]. - A senior analyst predicted that Malaysian BMD crude palm oil futures may rise 27% in the first quarter of next year [26]. - The average pig - to - grain ratio in Guangdong Province entered the second - level early - warning range of excessive decline, and the province will conduct frozen pork reserve purchases [26]. - Brazil's ANEC lowered its September soybean export forecast to 7.15 million tons and raised its corn export forecast to 7.61 million tons [27]. 3. Financial Markets Stocks - A - shares rose, with the ChiNext Index and the Sci - Tech Innovation 50 Index hitting new highs. The semiconductor industry chain was strong, while AI hardware and the banking sector declined. The Shanghai Composite Index rose 0.83%, the Shenzhen Component Index rose 1.8%, the ChiNext Index rose 2.28%, and the Sci - Tech Innovation 50 Index rose 3.49%. The total trading volume was 2.35 trillion yuan [30]. - The Hong Kong Hang Seng Index rose 1.37%, the Hang Seng Tech Index rose 2.53%, and the Hang Seng China Enterprises Index rose 1.64%. Southbound funds had a net purchase of HK$13.7 billion [30]. - Chery Automobile's H - shares were listed on the Hong Kong Stock Exchange at a final offer price of HK$30.75 per share [31]. - Mercedes - Benz plans to acquire a minority stake in A - share listed Qianli Technology [32]. Industries - Six departments issued a work plan for stable growth in the building materials industry, aiming for green building materials revenue to exceed 300 billion yuan by 2026 [33]. - The State Administration for Market Regulation solicited opinions on a new standard for food delivery platform services [35]. - The National Press and Publication Administration approved 145 domestic and 11 imported game licenses in September [35]. - The transportation department issued a plan to promote the integrated development of container rail - water intermodal transport, aiming for a 15% annual growth in volume by 2027 [35]. - From January to August, China's railway passenger volume increased by 6.7% year - on - year, freight volume increased by 2.6%, and fixed - asset investment increased by 5.6% [35]. - The "Blue Book on the Development of the Beidou Industry (2025)" showed that the total output value of China's satellite navigation and location - based services industry reached 575.8 billion yuan in 2024, and the number of new Beidou - supported terminals is expected to exceed 400 million by the end of 2028 [36]. Overseas Markets - The U.S. and the EU finalized a tariff agreement, with the U.S. lowering tariffs on EU cars and the EU getting tariff exemptions for certain products [37]. - U.S. Treasury Secretary Besent criticized Fed Chair Powell for not setting a clear interest - rate - cut agenda and called for a 100 - 150 basis point cut by the end of the year. The Treasury is considering a $20 billion currency swap with Argentina [37]. - The U.S. government is negotiating to restructure a $2.3 billion energy department loan to Lithium Americas through equity investment [39]. - U.S. new home sales in August reached an annualized rate of 800,000 units, far exceeding expectations, and the inventory of new homes for sale decreased [39]. - Bank of England Governor Bailey said there is room for interest rate cuts, depending on inflation [40]. - Australia's CPI in August rose 3% year - on - year, reaching the upper limit of the RBA's inflation target range [40]. - Germany's September IFO business expectations and sentiment indices declined [41]. International Stock Markets - U.S. stocks fell slightly, with the Dow down 0.37%, the S&P 500 down 0.28%, and the Nasdaq down 0.33%. Chinese concept stocks generally rose [42]. - European stocks closed mixed, with the German DAX Index rising 0.23%, the French CAC40 Index falling 0.57%, and the UK FTSE 100 Index rising 0.29% [42]. - Saudi Arabia is considering relaxing foreign ownership restrictions on listed companies, leading to a 5% rise in the Saudi All - Share Index [44]. - The Japanese Nikkei 225 Index rose 0.3% to a new high, while the South Korean KOSPI Index fell 0.45% after hitting a new high [44]. - South Korean securities companies may resume U.S. stock trading services in early November [44]. Commodities - Zhengzhou Commodity Exchange and Shanghai Futures Exchange will adjust the trading margin and price limit of multiple futures contracts from September 29, 2025 [45]. - International precious metal futures fell, international oil prices rose, London base metals rose, and global steel production in August increased slightly year - on - year [45][46][47]. Bonds - Yields of major interest - rate bonds in the inter - bank market generally rose, and bond prices fell. The central bank conducted 401.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1.7 billion yuan [48]. - Commercial banks can use certain bonds as collateral for treasury cash time deposits [48]. - The issuance scale of local government bonds from January to August reached 7.68 trillion yuan, a 41.9% year - on - year increase [48]. - U.S. Treasury yields rose, and the issuance of UK government bonds faced weak demand [48][50]. Foreign Exchange - The on - shore RMB against the U.S. dollar closed down 86 basis points at 7.1219, and the U.S. dollar index rose 0.65% [51]. 4. Upcoming Data Releases and Events Data Releases - A series of economic data from Germany, France, the UK, the U.S., and China Hong Kong will be released on September 25 [53]. Events - Multiple central bank meetings, policy announcements, corporate events, and international meetings are scheduled for September 25 [55].