随着AI大模型的普及，AI公司正涌入无数新玩家，曾经被视为弄潮儿的"AI四小龙"如今也只是AI大浪 潮中的一分子，直面激烈的行业竞争。 7月9日，科创板上市公司云从科技（688327）公告披露显示，公司于近日收到上海证券交易所科创板公 司管理部下发的《关于云从科技集团股份有限公司2024年年度报告的信息披露监管问询函》（以下简 称"问询函"）。问询函重点关注云从科技营收大幅下滑、主要客户显著变动、公司整体毛利率明显下降 等情况。 云从科技公告。 云从科技在回复中表示，相关情况主要是受外部环境和公司战略调整双重因素影响。南都·湾财社记者 观察发现，2024年以来，云从科技的政府、金融等传统"金饭碗"业务收缩明显，公司正在向制造、能 源、文旅等多元板块拓展新业务，拓新过程中毛利率承压。在拓新业务过程中，"现金流"成为云从科技 获取订单的重要考量。 营收大幅下滑引监管关注 称下游客户采购AI更重"性价比" 云从科技2024年年报显示，实现营收3.98亿元，同比减少36.69%，综合毛利率35.68%，同比减少16.20 个百分点。分行业看，公司收入结构变动较大，智慧治理、智慧金融、智慧出行、智慧商业行业的营收 和毛 ...

最近和几家公司对接了下，有一些大模型、强化学习、导航相关的职位需求，这里也和大家分享 下。职位比较靠谱，是具身领域的独角兽公司，资金充裕，感兴趣的同学可以底部扫码了解更多。 1）多模态大模型 base：北京、深圳 薪资：40k-80k/月 2.具有机器人感知/导航/操作、AI大语言模型/多模态大模型等领域丰富的从业经验； 3.了解具身智能领域前沿的VLM/VLN/VLA多模态模型算法，对于比较有挑战性的实际问题有自己的 判断和分析解决能力； 4.具有NaVid/MobilityVLA等将多模态大模型技术应用于机器人导航领域的算法研发及落地经验者优 先； 5.扎实的前沿算法研发与高效的工程实现能力，具备技术快速落地的能力； 方向：移动操作、导航、VLA等； 职位描述： 1.从事具身智能多模态大模型前沿算法研发，应用于室内外多个场景的移动操作平台。包括但不限于 具身智能大模型的框架设计、模型优化、面向导航和操作等下游任务的训练和部署等； 2.探索并推动大语言模型和多模态大模型在机器人领域的技术和Demo。 职位要求： 1.计算机科学、人工智能、机器人、控制工程等相关专业硕士及以上学历； 6.具有良好的团队合作能力 ...

Core Viewpoint - The article highlights the significant advancements in China's patent system over the past 40 years, emphasizing the need for continuous improvement in patent quality and the optimization of patent-related mechanisms to support innovation and economic development [1][2]. Group 1: Patent Quality Improvement Measures - The National Intellectual Property Administration (NIPA) is implementing various measures to enhance patent quality, including adjusting evaluation indicators and promoting a focus on industrialization prospects rather than just quantity [2]. - From January to May this year, NIPA conducted 84,000 priority examinations, 116,000 expedited examinations, and 9,300 delayed examinations, showcasing a commitment to improving examination efficiency [2]. - A total of 109,000 patent applications entered examination through pre-examination channels, marking a 37.5% year-on-year increase [2]. Group 2: Role of Intellectual Property Protection Centers - The 77 national intellectual property protection centers cover 80% of national high-tech industrial development zones, providing "one-stop" protection for 171,000 registered entities [3]. - These centers authorized 75,000 invention patents after pre-examination from January to May this year, demonstrating their effectiveness in supporting high-value patent development [3]. - The centers handled 38,000 rights protection cases with an average resolution time of under two weeks, indicating their efficiency in dispute resolution [3]. Group 3: Regulation and Development of Patent Agency Industry - NIPA is promoting the healthy development of the patent agency industry through policy guidance, market environment optimization, and talent foundation strengthening [4]. - A "14th Five-Year" special plan for high-quality development of the patent agency industry has been initiated to guide the sector towards professionalization and internationalization [4]. - Measures include the issuance of procurement demand standards and the establishment of a multi-level training system to enhance service quality in the patent agency sector [4][5].

Group 1 - The Global Digital Economy Conference recently held a forum to announce the shortlisted cases for the "Open Source Large Model+" software innovation applications [1] - The initiative aims to explore the application potential of open-source large models like DeepSeek across various industries, promoting technological innovation and business upgrades [4] - A total of over 100 typical cases were submitted from across the country, with 68 cases shortlisted after rigorous evaluation based on innovation, technological breakthroughs, and ecological synergy [5] Group 2 - Among the shortlisted cases, 26 were recognized as selected innovative cases due to their technical strength, innovative achievements, and application value [5] - The second round of case collection for "Open Source Large Model+" software innovation applications will begin, with results expected to be announced in the second half of 2025 [5] - The selected innovative cases will be awarded at a future event related to cloud and software security [5]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4][16]. Core Insights - The company is a pioneer in the cross-border payment industry in China, benefiting from the expansion of cross-border e-commerce [4][18]. - The company has obtained 65 global payment licenses, enabling it to provide a wide range of digital payment services [4][18]. - The projected revenue growth for the company is robust, with expected revenues of RMB 1,315 million in 2024, increasing to RMB 2,577 million by 2027, reflecting a compound annual growth rate (CAGR) of 22% [3][44]. - The company is expected to experience significant fluctuations in profits due to a one-time large investment gain in 2025, with net profits projected to be RMB 1,485 million in 2025, followed by losses in 2026 and a small profit in 2027 [3][10]. Financial Summary - Revenue projections for the company are as follows: RMB 1,315 million in 2024, RMB 1,652 million in 2025, RMB 2,089 million in 2026, and RMB 2,577 million in 2027, with growth rates of 28%, 26%, 26%, and 23% respectively [3][9]. - The net profit is expected to be negative RMB 168 million in 2024, positive RMB 1,485 million in 2025, negative RMB 73 million in 2026, and positive RMB 27 million in 2027 [3][10]. - The earnings per share (EPS) are projected to be -0.16 in 2024, 1.38 in 2025, -0.07 in 2026, and 0.03 in 2027 [3][10]. Business Overview - The company has established a global payment network, serving over 590,000 clients with a total transaction payment volume (TPV) of RMB 3.3 trillion in 2024 [4][25]. - The company’s digital payment services include both global and domestic payment solutions, with global payments accounting for approximately 60% of total revenue [25][30]. - The company is expanding its value-added services, which are expected to grow significantly, with revenue growth rates projected at 50%, 35%, and 30% for 2025, 2026, and 2027 respectively [8][9]. Market Potential - The cross-border e-commerce and export trade markets in China are expected to continue expanding, with the total export value projected to reach nearly RMB 47 trillion by 2027 [46]. - The demand for cross-border payment solutions is increasing as traditional foreign trade embraces digitalization and online operations [46][52]. - The cross-border payment service market in China is projected to grow from RMB 4.6 trillion in 2022 to RMB 14.1 trillion by 2027, with a CAGR of 25.2% [52][56].

涂子沛是中国知名的互联网专家和科普作家，多年来致力于推动公众读懂数据，深度挖掘技术背后的人 文精神。其新作"人工智能三部曲"包括《给孩子讲人工智能》《给孩子讲大数据》《给孩子讲大模型： 基于DeepSeek、豆包和ChatGPT》，是他专为青少年创作的科普作品。 书中，作者通过一个又一个故事，将大数据、人工智能、大模型的发展史与基础知识进行拆解，让枯燥 而抽象的内容变得有温度，让那些对人工智能发展作出突出贡献的科学家形象变得鲜活。《给孩子讲人 工智能》涉及人工智能领域的重要历史、火爆话题、前沿应用和实用预警；《给孩子讲大数据》追溯大 数据的发展脉络，充分体现大数据在信息时代的度量衡作用，帮助青少年练就数据思维；《给孩子讲大 模型：基于DeepSeek、豆包和ChatGPT》聚焦热门大语言模型，展示它们的发展历程与强大功能，引导 青少年洞悉大模型背后的"接龙"原理。 在该书写作之初，作者就确立了明确的方向：要用诙谐的语言、生动的故事、幽默的漫画、问题式的引 导给青少年讲前沿科技知识；要站在人文视角，把抽象的科技概念融入青少年熟悉的场景，轻松地构建 起他们对人工智能的宏观认知，激发他们的好奇心与探索欲。 当前，人 ...

Core Insights - The report highlights a potential narrowing of the decline in PPI in the second half of 2025, with June CPI showing a slight improvement to 0.1% year-on-year, compared to a previous value of -0.1% [2] - Global manufacturing PMI has rebounded above the growth line, indicating an overall recovery in manufacturing activity, particularly in developed economies [2] - The report emphasizes the importance of monitoring the performance of various sectors, particularly those expected to benefit from the "anti-involution" policies and improving economic conditions [4] Macroeconomic Overview - June CPI in China improved to 0.1% year-on-year, while PPI decreased by 3.6% year-on-year, indicating a mixed inflationary environment [2] - Global manufacturing PMI showed a notable increase, with developed markets improving while some emerging markets like Vietnam and Indonesia showed marginal declines [2] Sector Analysis Fixed Income - The report discusses the impact of "anti-involution" policies on PPI and CPI, suggesting a potential stabilization in prices, with CPI expected to rise slightly to around 0.5% by Q4 2025 [5] - The report notes that the demand side remains critical for price elasticity, with industry self-discipline and private enterprise willingness being key factors [5] Machinery and Equipment - The report indicates a recovery in excavator sales, with June sales reaching 18,800 units, a year-on-year increase of 13.3%, driven by strong export growth [8] - The growth in second-hand excavator exports is expected to stimulate domestic replacement demand, benefiting leading companies in the sector [8] Agriculture - The report highlights ongoing "anti-involution" efforts in the pig farming industry, which may lead to inventory release and improved profitability for high-quality pig farming companies [9] - The report suggests that the pig farming sector may gradually transition to a phase of high-quality competition, with recommendations for companies like Muyuan Foods and Wens Foodstuffs [9] Renewable Energy and Equipment - The report anticipates strong growth for offshore wind energy, with a significant increase in orders expected to drive performance for leading companies in the sector [19] - The report emphasizes the importance of technological advancements and capacity expansion in the offshore wind sector [19] Electronics and Chemicals - The report forecasts a substantial increase in net profit for Shengquan Group in the first half of 2025, driven by strong demand for electronic materials [20] - The report maintains a positive outlook on the company's growth trajectory, supported by favorable market conditions [20] Company-Specific Insights - Zhaojin Mining is rated as a "buy" with a target price of 23.44 HKD, driven by expected production growth and favorable gold price trends [15] - Harbin Electric is also rated as a "buy," with anticipated recovery in equipment demand across various energy sectors [15] - MGM China is highlighted for its strong performance in the non-gaming segment, benefiting from increased tourist traffic and successful entertainment events [17]

Group 1 - The core viewpoint of the news highlights the increasing regulation and scrutiny of AI technologies and their applications, particularly in combating misinformation and ensuring safety standards [1][2]. - The Central Cyberspace Affairs Commission has taken action against the misuse of AI technologies, addressing over 3,500 AI products and clearing more than 960,000 pieces of illegal information [1]. - The market regulatory authorities are working on establishing a risk assessment system for AI, focusing on key technologies and performance metrics for AI algorithms and systems [2]. Group 2 - DeepSeek's user engagement has reportedly dropped from a peak of 7.5% earlier this year, with website traffic declining by nearly 30%, although this data may not fully represent its usage across third-party platforms [3]. - Nvidia and OpenAI are entering the competitive web browser market with AI-enhanced browsers, aiming to challenge Google's dominance, which currently holds a 68% market share [3]. - Midea Group plans to invest over 50 billion yuan in AI models and related technologies over the next three years to strengthen its technological capabilities [4]. Group 3 - Zhiyuan Robotics has clarified that its acquisition of a 63.62% stake in Upwind New Materials does not constitute a backdoor listing, emphasizing that it is merely a move to gain controlling interest [5][6]. - BYD has announced the achievement of L4-level smart parking capabilities, offering comprehensive safety guarantees for its users in China [6]. Group 4 - Nvidia's market capitalization briefly surpassed $4 trillion, making it the first company to reach this milestone, exceeding the total market value of several major European countries [7].

Key Points - Xiaomi's chief designer emphasizes that while functional parameters can be compared, emotional value is irreplaceable in automotive design [4] - Yu Chengdong states that the accident rate for the AITO Wenjie has decreased by nearly 90% compared to the industry average, with expectations for further reductions in the future [6] - BYD introduces a "full coverage" smart parking system where the company assumes responsibility for accidents, eliminating the need for insurance claims [8][9] - The founding team of ShunYao Electronics, a former EDA company, is launching a new AI hardware venture called Meihong Technology [10] - Vipshop's operations director has been detained for corruption, accused of accepting substantial kickbacks from suppliers [11] - ZhiYuan Robotics denies rumors of a reverse merger, clarifying that it has only acquired a listed company [13] - Apple announces a significant personnel change with COO Jeff Williams stepping down, marking a major shift in the company's leadership [29] - NVIDIA becomes the first company in history to reach a market capitalization of $4 trillion [30] Domestic News - Xiaomi's automotive design philosophy focuses on scientific, natural, and intuitive design principles [4] - AITO Wenjie's accident rate has significantly decreased, showcasing advancements in smart driving technology [6] - BYD's smart parking system promises to cover accident liabilities, enhancing consumer confidence [8][9] - The founding team of ShunYao Electronics is pivoting to AI hardware, indicating a trend in the tech industry towards AI solutions [10] - Vipshop's corruption scandal highlights ongoing issues within corporate governance in China [11] - ZhiYuan Robotics' acquisition of a listed company reflects strategic moves in the robotics sector [13] International News - Apple's leadership change with Jeff Williams stepping down could impact future strategic directions [29] - NVIDIA's market cap milestone signifies its dominance in the tech industry and the growing importance of AI [30]

Core Viewpoint - Beisen Holdings, as China's first HR SaaS public company, has shown continuous revenue growth since its listing in April 2023, surpassing 900 million RMB in FY2025, but faces challenges including ongoing losses, limited AI business contributions, and uncertain merger synergies [2][6][20]. Financial Performance - In FY2025, Beisen Holdings reported revenue of 945.08 million RMB, a year-on-year increase of 10.6%, with annual recurring revenue (ARR) exceeding 908 million RMB, growing over 20% [2][4]. - The company's net loss narrowed significantly from 3.21 billion RMB in FY2024 to 147 million RMB in FY2025, a reduction of 95.4% [6][7]. - Adjusted net loss decreased from 105 million RMB to 29 million RMB, a reduction of approximately 72% [6][7]. - Gross margin improved from 60.2% in FY2024 to 64.9% in FY2025 [2][4]. Business Segments - Revenue from cloud HCM solutions grew from 632 million RMB in FY2024 to 722 million RMB in FY2025, representing a 14.2% increase and accounting for 76.4% of total revenue [4][5]. - Subscription revenue retention rate remained stable at 106% [5]. Market Concerns - Despite the positive financial results, the stock price fell over 18% following the earnings report, indicating market skepticism about the company's future [5][9]. - The AI-related business generated only 6 million RMB in ARR, constituting 0.66% of total ARR, highlighting the need for further development in this area [10][12]. AI Strategy and Competition - Beisen has launched several AI products aimed at recruitment and training, but faces competition from platforms offering similar functionalities for free [10][14]. - The company aims to prioritize independent revenue-generating AI applications rather than supplementary features [14][16]. Acquisition of Cool Academy - The acquisition of Cool Academy for 180 million RMB aims to enhance Beisen's market coverage and integrate its technology with Cool Academy's customer base [16][20]. - However, there are concerns regarding the integration of different organizational cultures and potential conflicts between customer bases [19][20]. - The financial impact of the acquisition remains uncertain, as Cool Academy reported significant losses in previous years [21][23]. Future Outlook - Beisen Holdings must focus on improving core business profitability, accelerating AI innovation, and enhancing organizational management to achieve sustainable growth [20].