再次，美方滥施关税引发的逆全球化风浪破坏这类项目的预期收益。与二战时期美国的"曼哈顿计划"不 同，"星际之门"需要通过市场变现，产生持续性收益。以投资规模来看，该项目不仅着眼于美国国内市 场，还希望争取海外市场，构建全球产业生态。然而，这一战略目标现在面临经济以及科技全球化 的"逆风"。关税摩擦引发的连锁反应很可能让其他国家将美国科技产业、数字服务业作为"反制报复对 象"，美国人工智能产业则将首当其冲。 三是国际合作仍是人工智能产业发展的大趋势。"星际之门"项目遵循"主权人工智能"逻辑，一些人认 为，人工智能可以成为科技产业中"特别的存在"，即每个国家都可以建立"独立而完整"的产业链，并以 此为基础开展国际竞争。但这一愿景似乎与现实越来越远。从"星际之门"的现状看，全球分工和产业链 合作仍是解决这类大型项目成本预算等难题的最佳路径。"星际之门"同样需要全球范围内的人才流动、 生态建设和市场推广等。事实上，该项目的参与方之一OpenAI公司已经开始计划将"星际之门"项目拓 展到美国之外，提出通过国际合作共建算力中心、开发算法应用等。相关调整虽然依然带有强烈的意识 形态色彩，比如声称要促进"民主人工智能"的发展， ...

Group 1 - The emergence of DeepSeek signifies a shift in local governments' understanding of "core competitiveness," moving from tax incentives to a new battleground focused on "data sovereignty" [3][6] - The role of General Partners (GPs) is evolving from "financial investors" to "ecosystem architects," requiring enhanced data analysis capabilities to help governments quantify data value and design compliant data usage frameworks [3][6] - The rise of DeepSeek is prompting deeper exploration of cooperation models among governments, enterprises, and investment institutions, moving away from traditional subsidy models to new mechanisms based on value co-creation and risk-sharing [7] Group 2 - DeepSeek's success represents a restructuring of productivity tools, utilizing a model with 7 billion parameters to achieve the effectiveness of 100 billion parameter models, reducing deployment costs by 90% [4] - The transformation in AI applications reveals that while less data can yield practical results, core technology still relies on foreign infrastructure, pushing investors to seek opportunities that allow AI to take root in industries [5] - The investment focus is shifting towards AI platforms that enable enterprises to build applications independently and ensure sustainable data resource revenue [5] Group 3 - The return of cultural confidence in China is reshaping the economic value system, with traditional cultural symbols entering mainstream life through various mediums, marking a response to Western consumerism [8] - Three evolving investment logics are emerging: a reconstruction of cultural valuation systems, a shift in the paradigm of technological empowerment, and an elevation of cultural consumption scenarios [8][9] - The challenge lies in balancing cultural dignity with commercial efficiency, with sustainable cultural assets emerging from projects that maintain cultural purity while establishing modern value exchange systems [9] Group 4 - The Chinese primary market in 2025 is expected to present a complex landscape of "ice and fire," with both new opportunities and transitional challenges [10] - Investment direction is shifting from broad trends to a focus on industry details, with specialized funds gaining an advantage over those following trends [10] - The exit strategies for investments are being reshaped, with a move towards industrial mergers and acquisitions as traditional public listings become less reliable [10] Group 5 - The international environment, particularly the Sino-U.S. technology competition, is becoming a dominant variable, clearly dividing investment tracks into "safe zones" and "risk zones" [10] - The biggest opportunities may lie in "curve innovation" areas, such as establishing Chinese-led IoT standards in smart home appliances, which could receive policy and funding support [10][11] - The winners in 2025 are likely to be investors who understand technical details, are familiar with industry ecosystems, and can capture policy trends [11]

【环球时报驻美国特约记者 戴润芝 环球时报记者 李迅典】编者的话：5月7日，白宫发言人表示，美国财政部和商务 部已按照总统特朗普2月签署的行政令要求，在限期内制定了关于设立美国主权财富基金的计划，但其中部分内容遭 到白宫的拒绝，该计划短期内很难有显著进展。主权财富基金被一些媒体形容为"国家的超级理财账户"，是指由一国 政府控制和支配的、通常以外币形式持有的公共财富。在美国，关于联邦层面是否应该设立主权财富基金长期存在争 议，围绕美国政府究竟希望通过这笔资金达成什么目的也有不同的说法。有分析认为，在当下地缘政治紧张局势加剧 的背景下，美国要建立主权财富基金，不仅希望将其作为一个金融工具，而且对其赋予了与外交、产业政策和国家战 略有关的复杂意义。 " 巨大的潜力 "VS" 不完整的想法 " "我们有巨大的潜力，我认为在短时间内，我们将拥有世界最大的基金之一。"今年2月，美国总统特朗普重返白宫后 签署行政令，要求在联邦层面设立主权财富基金，并要求财政部和商务部在90天内提交相关计划。该命令还表明，这 份计划应包括对融资机制、投资策略、基金结构和治理模式的建议，同时需要评估设立和管理此类基金的法律问题。 美国财政部长 ...

Core Viewpoint - The White House announced a collaboration between Amazon Web Services (AWS) and the UAE Cybersecurity Council to launch a sovereign cloud platform [1] Group 1 - The partnership aims to enhance cybersecurity measures and provide secure cloud services tailored for the UAE [1] - This initiative reflects a growing trend of governments seeking to establish sovereign cloud solutions to protect sensitive data [1] - The collaboration is expected to bolster the UAE's digital infrastructure and support its national security objectives [1]

中美博弈下的资本转向：长和港口交易风波背后的深层逻辑 转机出现在中美联合声明发布的时刻。两国宣布阶段性暂停部分高关税政策，关税水平回溯至4 月2 日 之前，这不仅是中国在经贸谈判中斩获的重要成果，更标志着中国在国际话语权与战略主动权上的重大 突破。美国施压策略的降温，中国对外博弈态势的扭转，成为改变长期决策的关键变量。公告发布后， 舆论场上关于"表忠心""终于醒悟"的讨论不绝于耳，但拨开表象审视本质，这场态度的180 度大转弯， 与其说是"良心发现"，不如说是资本在局势变化下的现实选择。 有人将长和的转变解读为"识时务者为俊杰"，但在国家主权与发展安全的大是大非面前，资本的"识时 务"不应是"见风使舵"的投机，更不能是"等风来"的侥幸。不妨做个假设：若中美博弈形势未发生反 转，若中国未能在谈判中赢得主动，长和是否还会保持沉默、继续推进交易？若没有反垄断审查的利剑 高悬，没有高层的严厉批评，这家商业巨头是否会无视风险一意孤行？答案不言而喻。 商人逐利本是市场规律，但在涉及国家安全、民族利益的重大问题上，企业家肩负的绝不仅是经济责 任，更有沉甸甸的政治责任与历史使命。港澳资本依托国家政策红利与内地市场发展壮大，在 ...

意大利10年期国债收益率跌8.0个基点，刷新日低至3.631%，北京时间19:00之前开始加速下行。 西班牙10年期国债收益率跌7.7个基点，刷新日低至3.241%。 周四（5月15日）欧市尾盘，法国10年期国债收益率跌7.8个基点，刷新日低至3.301%，全天持续震荡下 行。 希腊10年期国债收益率跌6.8个基点，报3.395%。 ...

Group 1 - The core viewpoint of the articles highlights Saudi Arabia's ambition to become a leader in the AI sector, driven by its sovereign wealth fund PIF and significant investments in technology infrastructure [1][2][4] - Saudi Arabia aims to enter the top 15 global AI markets by 2030, with a projected AI market size of approximately $34.18 billion by 2030, growing at a compound annual growth rate (CAGR) of 29.55% [2] - The PIF is strategically positioning itself in the AI industry by controlling platforms like Humain for technology development and Alat for local manufacturing, creating a comprehensive AI industry chain [2][5] Group 2 - Lenovo has signed a $2 billion strategic cooperation agreement with Alat to establish a manufacturing base in Saudi Arabia, which will produce millions of PCs and servers annually, aligning with the timeline of Humain's data center delivery [3][4] - The local manufacturing advantage allows Lenovo to meet Saudi government procurement requirements for domestically produced hardware, positioning it as the only company in the Middle East with large-scale server production capabilities [4] - Lenovo's collaboration with both Nvidia and AMD, along with its partnership with Alat, enables it to integrate advanced chips into its servers, which is crucial for fulfilling the demands of the Saudi AI strategy [4][6] Group 3 - The partnership between PIF and Lenovo exemplifies a new model for Chinese tech companies to penetrate foreign markets by embedding manufacturing capabilities into host countries' strategic industries [6] - As Saudi Arabia's AI infrastructure is expected to enter a growth phase from 2026 to 2030, Lenovo's early investments may lead to significant revenue growth, with the Middle East and Africa IT services market projected to reach $38 billion by 2027 [6]

Group 1 - The Trump administration's fluctuating tariff policies have significantly undermined investor confidence in the U.S. government and dollar assets, raising concerns about a potential recession in the U.S. economy [1] - The U.S. Treasury bond market experienced a massive sell-off, leading to a collapse in bond prices and a rapid increase in the yield of the 10-year Treasury bond, which surpassed 4.5% [1] - The proposed tax bill by the House Republicans is expected to cut up to $4.9 trillion in taxes over the next decade, resulting in a projected deficit of $3.7 trillion for the U.S. Treasury [1] Group 2 - Recent trade agreements between the U.S. and China, as well as with the U.K., have somewhat alleviated the current global trade tensions, attracting investors back to U.S. equities and putting pressure on the Treasury bond market [2] - Federal Reserve Chairman Jerome Powell has emphasized a cautious approach to interest rate cuts, with Goldman Sachs pushing back its forecast for the next rate cut from July to December [2] - Powell's stance on interest rates has contributed to the upward pressure on Treasury yields, further impacting bond prices negatively [2]

金十数据5月15日讯，美国总统特朗普周四表示，美国需要在建立主权财富基金之前还清债务，这表明 一年内建立基金的计划可能会有转变。特朗普在多哈的新闻发布会上说："我宁愿先还清债务，然后再 建立主权财富基金。"特朗普今年2月签署了一项行政令，要求在未来一年内建立一个主权财富基金。特 朗普此前曾表示，对美国进口商品征收关税所获得的收入，可能构成一只财富基金的基础。 特朗普：美国需要在建立主权财富基金之前还清债务 ...

金十数据整理：每日全球外汇市场要闻速递（5月15日） 1. 韩国最高贸易特使将于周四下午与美国贸易代表格里尔举行双边会谈。 1. 消息人士：美国在关税谈判中不寻求美元贬值。 2. 欧洲央行要求区内银行评估压力情况下美元短缺风险，因担忧特朗普执政下无法依赖美联储。 3. 美国监管机构准备在未来几个月降低大型银行补充杠杆率。 4. 消息人士称，美国与日本和韩国的贸易关税协议接近达成，具体时间尚不清楚。与印度的协议也将达 成，但因与巴基斯坦的紧张关系而受到影响。 5. 美联储-①古尔斯比：4月份通胀数据的某些部分反映了数据的滞后性；目前是美联储等待更多信息、 努力摆脱数据噪音的时机。②戴利：目前的货币政策能够应对经济中的各种变化，耐心是当下的关键 词。③副主席杰斐逊：关税可能导致通胀上升，但尚不确定其影响是否持续。 6. 德意志银行：美联储可能要到12月才会降息，随后在2026年一季度降息两次，每次25个基点。 7. 特朗普：宁愿先还债，再搞主权财富基金。 2. 中国央行今日开展645亿元7天逆回购操作，利率为1.40%，与此前持平。 3. 韩国将于9月起将存款保险上限从目前的5000万韩元提高至1亿韩元。 2. ...