Amdocs (DOX) 2025 Conference June 11, 2025 04:00 AM ET Speaker0 All right. Right on time, we'll get going here. Well, good morning, everybody. Thank you for joining us here today. My name is Jack Caswell. I'm with Nasdaq. I'm the Senior Vice President and Head of our Listings for Western And Central U. S. And fortunate to have a great conversation forthcoming. Maybe we'll start, just so I don't butcher it, with both of you, and Matt, introducing yourselves for the group. Speaker1 Morning, everyone. Shuky Sc ...

科技媒体正密切关注 Mary Meeker的最新报告，该报告显示 ChatGPT在三年内的搜索量增长速度超过了 传统主导的 Google搜索（ 现在主要基于超链接的互联网使用方式）。 这是六年来首份此类报告，全文大约 360 页，由一位在科技领域颇有资历的人士撰写。 "她之前的年度报告对于塑造硅谷乃至更广泛科技领域的认知与投资起到了关键作用，" Ikala 的一位匿 名作者写道。 "这份以 AI 为中心的报告是她有影响力工作的一种自然延伸，现已聚焦于许多人认为是 当下最具变革性的技术。" 因此，这份内容详实的重量级报告出自一位声誉卓著的人手：Meeker 现管理着 Bond基金，管理近 60 亿美元的投资资本。在 Kleiner Perkins 时，她曾领导投资 Facebook和 Spotify等一些最大的科技公司。 （ 她还曾著名参与 Netscape以及后来的 Google 的 IPO。）这也是很多与行业密切相关的人在报告发布 时纷纷关注的原因之一。 一些发现 Meeker 发现，自 2010 年以来，AI 训练模型数据的年增长率达到了 260%，而同期训练所需计算资源的 年增长率则高达 360%。 此 ...

新华财经上海6月11日电.6月10日，上海闵房集团发布公告，拟收购商品房用作保障性租赁房，最终收购价格以 房源评估价值为准。 关于以公开收购方式筹集保障性租赁住房 (阶段性房源)的公告 为贯彻落实本市关于完善住房保障体系、促进房地产市场平 稳健康发展的决策部署,进一步盘活存量房源,优化区域住房资 源配置,根据《关于本市保障房配建的实施意见》(沪房保障〔2024〕 120 号)文件精神,现面向社会公开征集符合要求的房地产项目 用作保障性租赁住房(阶段性房源)使用。具体公告如下: 一、征集范围及条件 (一)项目性质:收购标的须为合法合规的新建住宅商品房 项目,并具备现房交付条件。 (二)地理位置:项目须位于闵行区南部地区。 (三)房源要求:可收购房源需集中分布,单项目提供房源 总建筑面积不少于7500平方米。房源需产权清晰、无权属纠纷、 未被法院查封、扣押、冻结。 (四)收购价格:最终收购价格以房源评估价值为准。 二、申请(报名)资料 (一)项目证明材料:营业执照、房地产权证、测绘报告原 件及复印件。 (二)房源相关资料:项目概况、房源明细表(一房一价)。 三、报名时间 1. 2025年6月10日至2025年6月 ...

上海闵房集团将收购商品房作保障房。 上海闵房集团旗下的上海市闵行公共租赁住房投资运营有限公司日前发布公告称，为进一步盘活存量房源，现 面向社会公开征集符合要求的房地产项目用作保障性租赁住房（阶段性房源）使用。收购标的须为合法合规的 新建住宅商品房项目，并具备现房交付条件。 记者注意到，这是上海今年首个通过收购商品房用作保障性租赁住房的项目。去年5月发布的"沪九条"明确， 探索通过国有平台公司等主体收购适配房源，优化住房保障供应。同年，上海徐汇惠众公共租赁住房运营有限 公司收购了海波花苑70-73、75-78号的存量房屋，作为保障房供应。 上海易居房地产研究院副院长严跃进对证券时报记者表示，上海打响了"今年收购存量商品房第一枪"，意味着 上海在收购库存商品房方面开始发力。相关模式和其他城市做法相似，进一步说明地方政府及国有企业积极探 索去库存和多元化保障房供应模式。 用存量房产优化保障房源供应 上海市闵行公共租赁住房投资运营有限公司发布的公告提到，项目须位于闵行区南部地区。可收购房源需集中 分布，单项目提供房源总建筑面积不少于7500平方米。房源需产权清晰、无权属纠纷，未被法院查封、扣押、 冻结。 今年5月，上 ...

美国欠的这36万亿美元国债，现在就像个滋滋冒火星的炸药包，引线已经烧到华盛顿国会山脚下了。别 看拜登政府现在还能在G7峰会上装阔，财政部那帮人每天上班第一件事就是查各国央行的抛售清单 ——上周日本又悄摸减持了230亿，沙特王爷们更狠，石油美元结算量砍了四成转头塞给人民币，这比 当年苏联解体前夜的卢布挤兑还刺激。 看看今年二季度的账本更吓人。联邦政府单月财政收入才3890亿，光国债利息就要付出去890亿，这相 当于每个美国上班族每天清早睁眼就先背60美元利息债。纽约联储的地下金库现在比网红打卡点还热 闹，各国运黄金的专机排着队降落，德国人连存在美国的53吨黄金都不要票据了，直接派军舰押运回 国。要我说美债这艘泰坦尼克号现在最惨的是救生艇不够用——全球外汇储备里美元占比跌破58%那 天，估计美联储主席鲍威尔得连夜给北京打电话求缓刑。 最魔幻的还得看美国财政部表演。上个月耶伦大妈刚说完"美债信用坚如磐石"，转头就批准了单季度 1.2万亿的新发债计划。这操作好比高利贷公司老板边吐血边给小弟打鸡血："接着放贷！把年息给我干 到5.5%！"现在十年期美债收益率在4.9%高位荡秋千，华尔街那帮精算师算过账：按这个利率滚雪球 ...

Group 1: Capital Market Overview - Global major asset classes are performing flat, reflecting the difficulty in finding certainty amid weak economic demand [2] - The pause in the tariff war has led to a temporary end to stock market valuation recovery, resulting in an overall calm market [2] - The automotive sector is experiencing adjustments due to inventory buildup and price competition, while sectors like environmental protection and biomedicine have seen some rebounds [2] Group 2: Economic Fundamentals - China's PMI data shows signs of stability but indicates a fragile recovery due to weak domestic demand and ongoing trade tensions [3] - The manufacturing PMI in China rose from 49.0% to 49.5%, while the non-manufacturing business activity index decreased slightly to 50.3% [3] - In the U.S., the manufacturing PMI recorded 48.5%, indicating a contraction for the third consecutive month, with most demand and output indicators showing a downward trend [4][5] Group 3: External Shocks - The U.S. has increased steel import tariffs to 50%, which is seen as a step to reduce reliance on China, exacerbating trade tensions [7] - The ongoing conflict in Ukraine is expected to prolong the situation and may escalate, impacting global stability and investor sentiment [8] - The emergence of stablecoins is viewed as a potential solution to debt issues, as they can enhance bond purchasing power and may lead to inflationary pressures in the long term [9] Group 4: Strategic Recommendations - In the face of increasing uncertainty, a prudent strategy is to remain inactive and conserve resources for future opportunities [10]

Group 1 - The recent surge in international gold prices, reaching a high of $3,400, is primarily driven by increased global trade and economic uncertainties, particularly in response to the U.S. government's proposed "reciprocal tariffs" [1] - The global financial market has seen a significant shift towards safe-haven assets, as evidenced by the simultaneous decline in U.S. stocks, bonds, and the dollar, reflecting concerns over rising U.S. debt and the stability of the dollar [1] - The World Gold Council reported that global physical gold ETFs have seen net inflows for five consecutive months, leading to a record high in total assets under management (AUM) [1] Group 2 - Central banks worldwide have continued to purchase gold, with a net acquisition of 17 tons in March 2025, while only a few central banks, such as Uzbekistan, Kyrgyzstan, and Singapore, reported net sales [2] - The increase in gold prices is closely linked to the ongoing trend of central bank gold purchases, as the U.S. debt has surpassed $36 trillion, raising concerns about the monetization of U.S. debt [2] - The recent passage of a tax reduction bill by the U.S. House of Representatives is expected to exacerbate the fiscal deficit, further impacting gold prices [2] Group 3 - The current rise in gold prices signals a potential restructuring of the global monetary system, as the reliance on fiat currencies has increased since the collapse of the Bretton Woods system [3] - There is a prevailing view that the U.S. government may be seeking to devalue the dollar to offset rising government debt, which could lead to unintended consequences from aggressive tariff policies [3] Group 4 - The volatility of gold prices is on the rise, as indicated by the increasing ratio of put options to call options, suggesting that the search for safe-haven assets will continue amid growing uncertainties [4]

Core Viewpoint - The global telecommunications industry is facing a "growth without revenue" bottleneck, where the increase in network traffic does not translate into corresponding revenue growth, leading to a "growth reduction" phenomenon [1][3]. Group 1: Industry Challenges - The traditional network service model is homogenized, failing to meet diverse market demands, resulting in a lack of differentiation between high-value and ordinary services [1]. - Operators are experiencing a "pipeline" dilemma, where the expansion of 5G networks does not yield proportional income increases [1]. Group 2: Differentiated Connectivity - "Differentiated connectivity" has become a consensus in the industry, focusing on using technology to identify the value of different services and providing customized network guarantees for high-priority applications [3]. - Singapore Telecommunications (Singtel) exemplifies this approach by offering tiered service packages based on user needs, transforming operators from mere traffic providers to "service value definers" [3]. Group 3: Programmable Networks and AI Integration - Ericsson views programmable networks as a core development goal for 5G-A, enabling dynamic network configuration based on business needs through software-defined networking (SDN) and network function virtualization (NFV) [5]. - The integration of AI is reshaping network management, transitioning from passive to proactive management, with AI acting as a "network brain" for autonomous decision-making [5][7]. Group 4: Ecosystem Development - Ericsson is building an open ecosystem to attract third-party developers, creating a "network as a service" economic model, with a RAN ecosystem comprising 56 members [8]. - The acquisition of Vonage and the establishment of Aduna aim to create a CPaaS ecosystem, addressing fragmentation in network capability and enhancing collaboration with developers [8]. Group 5: Future Outlook - Despite the commercial launch of 5G-A, challenges remain, including deployment strategy delays in some regions and low penetration rates of new terminals [9]. - Ericsson proposes a dual-track development strategy to enhance 5G-A capabilities while promoting end-to-end differentiated services, aiming to redefine the telecommunications industry's revenue model and digital infrastructure [9].

Core Viewpoint - The intertwining of U.S. military and financial hegemony is creating a vicious cycle of military spending and currency devaluation, leading to a global arms race dominated by the U.S. [1] Military Spending - The U.S. military budget for 2024 is projected to reach $997 billion, accounting for 37% of global military expenditures, with expectations to exceed $1 trillion by fiscal year 2026 [3] - A significant portion of this budget, 44%, is allocated to personnel salaries and pensions, raising concerns about the actual investment in weapon modernization compared to China [3] - The funding is primarily aimed at maintaining 140 military bases and 800 overseas military facilities [3] Financial Strategy - The U.S. is leveraging military deterrence and financial extraction by compelling allies to purchase American weapons and binding them to the dollar-based financial system [4] - In 2023, U.S. military aid to Ukraine amounted to $6 billion, with over 40% returning to the U.S. defense industry through arms orders, illustrating the closed-loop of military aid, arms trade, and dollar repatriation [4] Currency Devaluation - The U.S. dollar index has fallen by 8% since 2024, while the U.S. is transferring the costs of its hegemony through "fiscal deficit monetization," exporting inflation globally [5] - The national debt has surpassed $35 trillion, with the Federal Reserve's quantitative easing policies shifting debt costs to countries holding dollar assets [5] Political Implications - The military-financial model is increasingly constraining U.S. domestic spending, with military expenditure reaching 3.2% of GDP in 2024, significantly above NATO's 2% standard [7] - The military-industrial complex is influencing U.S. politics, as seen in Trump's 2025 legislation linking military spending increases to tax cuts for the wealthy [7] Global Response - The credibility of the dollar is being undermined, with oil-producing nations like Saudi Arabia exploring non-dollar settlement systems and BRICS countries promoting local currency swap agreements [9] - To maintain its hegemony, the U.S. is compelled to increase military spending, with the 2026 budget focusing on next-generation aircraft and nuclear modernization for global military interventions [9] Conclusion - The U.S. has demonstrated over 70 years that hegemony cannot be sustained indefinitely, as military spending erodes future prospects and currency devaluation undermines global trust [11] - A new global governance order based on multilateralism is needed, moving away from the zero-sum game of military intervention [11]

Group 1 - The core focus of the discussions at the 2025 China Technology Network Conference was on Beisen's artificial intelligence strategy, including new AI learning platforms and AI monetization [1] - Management expressed a positive outlook on the accelerated development of AI applications in human resources this year, anticipating that AI monetization will accelerate from 2026 due to enhanced foundational model capabilities and deep collaboration with industry clients [1] - There is a consensus between management's comments on industry demand and spending on AI and Goldman Sachs' view that enterprises prefer to allocate spending to AI software that yields higher returns on investment [1] Group 2 - Beisen is a leader in the domestic human resources software-as-a-service sector, offering integrated cloud-based human capital management solutions covering core HR, recruitment, performance, succession, and assessment modules [2] - The company is expanding its AI HR applications with the support of third-party AI foundational models, including features like AI learning, AI interviews, and AI recruitment [2] - In May 2025, Beisen launched an AI learning platform equipped with five AI agents, which significantly enhance learning efficiency, with the AI teacher improving material generation efficiency by 4-5 times and the AI learning assistant increasing learning efficiency by 300% [2] Group 3 - Beisen began monetizing its AI interview feature in the second half of 2024, integrating the deep learning AI foundational model in October 2025 [3] - The AI interview function has already started monetization by penetrating multiple enterprise clients, assisting in candidate screening, sending interview invitations, conducting interviews, and generating candidate evaluation reports [3] - Management noted that AI functionalities attract enterprises to pay more for software compared to traditional interview methods [3]