摩根士丹利分析师周四在一份报告中表示，他们认为股市正在形成"新的'牛市论'"。 这一观点源于"过去30天内对'对等关税'的几乎完全逆转以及与中国贸易紧张局势的成功缓和"所带来的 市场反弹。 该银行表示，这一复苏使风险市场完全收复了"解放日"后回调的失地，年初至今的回报率现已转为"正 值"。 此外，还有"认为通胀风险被高估；低油价是有利因素；美联储将很快开始降息"，"相信前期加载的企 业减税"将推动"资本支出和生产力繁荣"，以及"生成式人工智能仍处于早期阶段"的信念。 摩根士丹利指出，"预计标普500指数2026年盈利增长将从2025年的7-8%加速至13-14%"。 然而，他们也警告说，股票估值的复苏已将远期市盈率推高至"21.5倍以上"，而"股权风险溢价仅为6个 基点"。 据称，风险包括"全球收益率曲线"陡峭化和美国预算赤字扩大，摩根士丹利认为这可能是"美国例外论 的不利因素"。 作者：Investing 摩根士丹利指出，标普500指数目前约为6,000点，较2月19日的历史最高点仅低约2.3%，而纳斯达克指 数"已从低点反弹超过25%"。 该银行写道，市场波动性（以VIX衡量）"已大幅下降，读数现已低于其 ...

Core Insights - The rapid development of generative artificial intelligence (AI) is transforming knowledge production processes, necessitating a focus on ethical considerations to ensure its safe and reliable advancement [1][6]. Group 1: Evolution of Generative AI - Generative AI has evolved from theoretical foundations established between the 1950s and 1980s, focusing on probabilistic models, to practical applications with significant breakthroughs such as Generative Adversarial Networks (GAN) in 2014 and the emergence of large language models like GPT in 2018 [2]. - The commercial application of generative AI was marked by the launch of ChatGPT in late 2022, indicating a shift towards widespread use and the establishment of global standards in 2023-2024 [2]. Group 2: Role in Knowledge Production - Generative AI enhances knowledge production efficiency by rapidly processing vast amounts of data, enabling the generation of comprehensive literature reviews and high-quality educational content, thus supporting academic research and public science communication [3]. - The technology promotes knowledge innovation by integrating diverse fields of knowledge, allowing for new insights and creative designs that transcend traditional disciplinary boundaries [4]. Group 3: Ethical Considerations - The use of generative AI raises complex issues regarding intellectual property rights, as the ownership of generated content and the use of training data can lead to copyright disputes [5]. - Privacy concerns arise from the reliance on large datasets that may contain personal information, and the potential for generating low-quality or misleading information poses risks, particularly in sensitive fields like healthcare and finance [5].

Group 1 - The Shanghai International Film Festival (SIFF) is a leading event in the film industry in China and the Asia-Pacific region, attracting filmmakers and audiences alike [1] - The 27th SIFF received a record high of over 3,900 film submissions from 119 countries and regions, with nearly 1,820 being world premieres and over 520 international premieres, marking the highest premiere rate in history [1] - A total of 49 films from 28 countries and regions were selected for the Golden Goblet Awards, with 38 world premieres, 8 international premieres, and 3 Asian premieres among the entries [1] Group 2 - The jury for the Golden Goblet Awards consists of 21 members from 13 countries and regions, with an emphasis on cultural diversity, and is chaired by Italian director Giuseppe Tornatore [2] - The average age of the jury is 35, making it the youngest jury team in the festival's history, particularly in the Asian Newcomer category [2] - The SIFF YOUNG initiative has expanded to include more support for key industry roles, continuing the festival's focus on nurturing new talent in the film industry [2] Group 3 - The film project market received over 530 valid project submissions, a 39% increase from the previous year, facilitating networking and learning opportunities for young filmmakers [3] - The festival introduced the "SIFF ING Youth New Wave Imaging Plan," which supports new creators through AIGC and vertical screen categories, receiving over 3,600 submissions [3] - The international film market showcased innovations in ultra-high-definition production, shooting robots, and VR cinema, promoting the integration of virtual reality technology in the film industry [3]

数据安全是"国之大者"，个人信息保护系"民之所盼"。6月12日，在广东省委网信办指导下，广东省网络数据安全与个人信息保护协会第一届会员代表大会 在广东珠岛宾馆红棉厅召开，标志着协会正式成立。这是我国首个网络数据安全领域的社会组织，也是我国首个个人信息权益保护领域的社会组织。 广东省委网信办副主任王敏伟出席大会并讲话。他首先向广东省网络数据安全与个人信息保护协会的成立表示祝贺，并寄望协会积极支撑广东打造"衔接国 际、全国领先"的个人信息权益保护水平，助力广东优化国际营商、旅居、就业环境。 据介绍，协会是由广东省涉及网络数据安全和个人信息保护相关工作的事业单位、科研院所、企业平台、专业机构、社会团体、新闻媒体、专业人员等自愿 组成的专业性、非营利性社会团体。业务主管单位为广东省委网信办，登记管理机关为广东省民政厅。 回应时代所需 全国首个专注该领域的社会组织 互联网时代，网络数据安全和个人信息保护是经济社会发展的基石，与公众利益息息相关。随着数据体量不断增长，以及生成式人工智能、大数据、云计算 等技术高速发展，数据，尤其是个人信息安全面临的问题也日益错综复杂，对相应的安全治理体系建设也提出了更高要求。 习近平总书 ...

Core Viewpoint - Aurora Mobile's AI Agent development platform, GPTBots.ai, has successfully completed the registration for generative artificial intelligence services in accordance with national regulations, enhancing the AI ecosystem in Guangdong Province [1][2]. Group 1: Registration Background - The "Regulations on the Management of Deep Synthesis of Internet Information Services" and the "Interim Measures for the Management of Generative Artificial Intelligence Services" were jointly issued by various national departments, effective from January 10, 2023, and August 15, 2023, respectively [2]. - These regulations aim to strengthen the management of deep synthesis and AI services, promote socialist core values, safeguard national security, and protect the legitimate rights and interests of citizens and organizations [2]. - Since the beginning of 2023, Guangdong Province has completed the registration of 17 generative AI services, with GPTBots' successful registration adding vitality to the regional AI ecosystem [2]. Group 2: Significance of Registration - The successful registration of GPTBots reflects the company's strict compliance with laws and regulations, highlighting its commitment to safety and marking a key recognition of compliance in technology innovation, service models, and data security [3]. - GPTBots will display its service registration number prominently on service interfaces or product detail pages, enhancing transparency and user trust [3]. - The compliance registration serves as a public commitment from Aurora Mobile to provide safe, reliable, and responsible AI services, ensuring the protection of user rights [3]. - The company plans to continue focusing on technological optimization and service innovation within the legal framework to enhance user experience and fulfill compliance responsibilities [3].

Core Points - The SIGGRAPH conference, organized by ACM SIGGRAPH since 1974, is a leading event in the field of graphics and imaging technology, covering various areas such as animation, simulation, rendering, and machine learning [2][3]. Group 1: Best Paper Awards - This year, five best papers were awarded, with significant contributions from domestic institutions including Shanghai University of Science and Technology, Huazhong University of Science and Technology, Xiamen University, and Tsinghua University [5]. - Paper 1: "Shape Space Spectra" focuses on the feature analysis of differential operators and introduces a shape-space feature analysis method applicable in various fields such as sound synthesis and elastic dynamics simulation [6][8]. - Paper 2: "CAST: Component-Aligned 3D Scene Reconstruction From an RGB Image" presents a novel method for 3D scene reconstruction from a single RGB image, addressing challenges in quality and domain limitations [9][13]. - Paper 3: "TokenVerse: Versatile Multi-Concept Personalization in Token Modulation Space" introduces a method for multi-concept personalization using pre-trained text-to-image diffusion models, allowing for seamless integration of complex visual elements [18][21]. - Paper 4 discusses variance reduction techniques for Monte Carlo integration, introducing a ratio control variable to improve estimation accuracy [25]. - Paper 5: "Transformer IMU Calibrator" presents a dynamic calibration method for inertial motion capture systems, breaking the static assumption in IMU calibration and expanding application scenarios [26]. Group 2: Honorable Mentions - Several papers received honorable mentions, including works from institutions like the University of California, San Diego, and Google, focusing on various advancements in graphics and imaging technology [27][28]. - Notable mentions include "Lifting the Winding Number" and "A Monte Carlo Rendering Framework for Simulating Optical Heterodyne Detection," showcasing innovative approaches in their respective fields [30]. Group 3: Test of Time Award - The Test of Time Award was established to recognize impactful research from 2013-2015, with four papers selected for their significant contributions to the industry [32]. - Awarded papers include "Unified Particle Physics for Real-Time Applications," which introduced a unified dynamics framework for real-time visual effects, and "Learning Visual Similarity for Product Design With Convolutional Neural Networks," which helped shape future research directions in computer graphics [33][34].

Core Viewpoint - Starbucks (SBUX.O) shares increased by 3% as the company plans to promote its generative AI assistant developed in collaboration with Microsoft's (MSFT.O) Azure OpenAI platform in 35 stores this month [1] Group 1 - Starbucks is expanding its use of generative AI technology in its operations [1] - The collaboration with Microsoft aims to enhance customer experience through AI [1] - The promotion will take place in a total of 35 stores [1]

在科技巨头微软首席执行官Satya Nadella退出星巴克董事会大约一年后，星巴克正在强化与微软的关 系。 自OpenAI于2022年底推出ChatGPT以来，各大公司一直尝试在自身运营中应用生成式人工智能，并期望 人工智能热潮能够降低成本，甚至可能推高股价。沃尔玛和摩根大通等企业巨头都已为其员工推出了人 工智能助手。 这个为期三天的活动是为了重振星巴克在美国疲软的销售。去年上任的星巴克首席执行官Brian Niccol 的首要任务包括将每单服务时间缩短至四分钟。快速准确地回答咖啡师的问题有助于实现这一目标。 星巴克首席技术官Deb Hall Lefevre表示："这只是创新技术如何为我们的合作伙伴服务的又一个例子， 并确保我们尽一切努力简化运营，让他们的工作变得更轻松、更有趣，这样他们就可以做他们最擅长的 事情。" 咖啡师无需翻阅手册或访问星巴克内网，只需使用柜台后配备绿点助手的平板电脑即可获取一系列问题 的答案，从如何制作冰镇浓缩咖啡到排除设备故障。 智通财经APP获悉，星巴克(SBUX.US)计划本月在35家门店推广其与微软(MSFT.US)Azure OpenAI平台 合作开发的生成式人工智能(AI ...

Core Viewpoint - The smartphone purchasing intention is weakening, particularly in the U.S. market, with a future 12-month purchasing intention of 36%, showing a month-on-month decline and year-on-year stability [1][12]. Group 1: Market Trends - The ideal replacement cycle for smartphones has extended to 31.1 months, indicating a slowdown in replacement behavior [2][13]. - U.S. purchasing intention has significantly dropped to 37%, down from 50% and 44% in the previous quarters [2][12]. - Despite a 3.2% year-to-date increase in smartphone sales as of April, the overall forecast for global smartphone sales remains conservative, with only a 1% year-on-year growth expected in 2025 and flat growth in 2026 [2][9]. Group 2: Impact of Tariffs - Tariffs are affecting global smartphone buyer sentiment, with 19% of respondents citing concerns over tariffs impacting prices as a reason for not purchasing [3][10]. - Among those likely to purchase a smartphone in the next 12 months, 82% are willing to accept some price increase due to tariffs, but 62% would seek cheaper alternatives if the increase is deemed excessive [3][13]. - The potential for OEMs to raise prices to offset tariff impacts could lead to a broader price increase across the market, affecting demand [3][10]. Group 3: Consumer Interest in AI Features - Interest in generative AI features in smartphones is slowly increasing, but it has not yet translated into significant changes in purchasing behavior [4][14]. - Only 34% of respondents indicated they would purchase a smartphone earlier or pay extra for generative AI features, suggesting that interest has not yet driven substantial demand [4][14]. Group 4: Stock Recommendations - UBS maintains a positive outlook on several smartphone-related stocks, including ASE, Broadcom, Hon Hai, and MediaTek, among others, with buy ratings [5][8]. - Caution is advised for Hua Hong Semiconductor, rated as a sell, and LG Display, rated neutrally [6][7].

Core Viewpoint - The financial landscape and business are undergoing a transformation due to the rise of intelligence, necessitating financial institutions to embrace the intelligent revolution and accelerate localized deployment [1][2] Group 1: Digitalization and Intelligence in Finance - The digitalization of the financial industry is still incomplete, but the intelligent phase has already begun [1] - The financial sector has been at the forefront of digitalization and intelligence, initiating a dual empowerment process [1] - Current applications of generative artificial intelligence in finance are still in the early stages, with strong independent capabilities in single issues but lacking in multi-step task execution [1] Group 2: Strategies for Localized Deployment - A comprehensive solution should be designed for full-scenario revolution, establishing a roadmap to create intelligent workflows and reorganize information and data flows [1] - A leapfrog deployment strategy is recommended, focusing on lightweight localized deployment of AI technologies, as costs are decreasing and demands for diverse intelligent products are increasing [2] - Strengthening foundational capabilities is crucial, including building large-scale domestic computing clusters and addressing data silos within financial institutions [2]