（1）AI技术驱动战略，从智能设备到场景智能体服务商。公司 深耕可信身份领域，凭借深厚的技术沉淀与积累，相关技术及产品已 广泛应用于国内外多行业多场景之中，特别是数字身份凭证制作设备 及证件工艺，已比肩国际一流企业水准。在技术快速变革的当前，我 们仍然有许多短板和差距，需要快速补齐。2025年，紧跟行业前沿， 充分融合人工智能、机器人、大模型等先进技术要素，全力推动公司 技术迭代升级，产品精益求精，重构我们的智慧政务、智慧交通的设 备类产品，变为场景智能体服务商。 （2）加大海外战略布局，完善产业链，建设海外生态圈。公司 将围绕国家"一带一路"的发展战略，基于雄帝科技在可信身份领域 及安全证照的专业能力、创新能力、服务能力，以证件类、选举类、 政务类项目为主要业务目标，结合不同国家的实际需求，提供符合本 地需求的专业的整体解决方案，同时在技术创新、商业模式创新打开 新思路，继续打造好布基纳法索国家的运营模式样板，争取将该模式 复制到更多国家，推进本地化运作，建立本地化队伍，实现多维、多 模式的产业生态。同时，加强海外业务的产业链及生态建设。积极布 局，确定方向，加大对东南亚、中东、非洲、南美等地区的投入，对 ...

Group 1: Communication Industry - Broadcom's CPO (Co-Packaged Optics) has made significant progress, launching a single-channel 200G CPO product series in May and delivering the Tomahawk 6 (TH6) switch chip in June, which supports both conventional and CPO versions [2] - The report anticipates that technology giants like Broadcom and NVIDIA will accelerate the advancement of CPO technology, fostering a mature ecosystem within the industry [2] - The outlook for the CPO industry is positive, with opportunities expected for related passive optical devices, optical chips, and optical engines, recommending companies such as Tai Chen Guang and Tianfu Communication, while suggesting to pay attention to Zhongji Xuchuang and New Yi Sheng [2] Group 2: Multi-Financial Industry - In May, the ETF market saw a total asset scale increase of 1.6%, with stock ETFs rising by 0.9%, indicating a stable growth trend despite market fluctuations [3] - Bond funds reached a record high with a net asset value of 284.1 billion, growing by 15% month-on-month, and their market share increased by 0.8 percentage points to 6.9% [3] - The report highlights the implementation of the "Action Plan for Promoting High-Quality Development of Public Funds," which aims to enhance the scale and proportion of equity investments in public funds, suggesting that stock ETFs may experience rapid growth opportunities [3] Group 3: Electronics and Computing Industry - The outdoor sports trend and the rapid growth of social media content are driving the transition of action cameras and panoramic cameras from niche products to mainstream creative tools for outdoor enthusiasts and short video users [4] - Key players in this emerging market include Ying Shi Innovation, GoPro, and DJI, with the industry expected to evolve towards "all-in-one" personal imaging devices [4] - Competition is shifting from hardware specifications to multi-dimensional competition involving AI, software ecosystems, and differentiated innovation capabilities [4] Group 4: Financial Engineering - The LLM-FADT strategy, based on the open-source model Qwen3-8b, has shown significant improvement over the previous BERT-FADT strategy, with annualized excess returns of 12.16% for the LLM-FADT Top25 CSI 300 index combination and 18.53% for the LLM-FADT healthcare sector combination [6] - The report emphasizes the effectiveness of the enhanced strategy in stock selection, particularly in the context of the healthcare sector [6] Group 5: Transportation Industry - The aviation sector is expected to perform well due to strong demand during the summer travel season and favorable oil exchange rates, with a long-term supply growth slowdown improving supply-demand dynamics [11] - The report recommends high-dividend Hong Kong road stocks, highlighting the stability of the road sector's performance and suggesting a focus on companies like China National Aviation and China Eastern Airlines [11] - The easing of tariffs has significantly boosted shipping rates, although market expectations may have already priced this in, leading to increased volatility in the sector [11]

Core Insights - The AI and robotics sector is undergoing a critical transition from foundational technology breakthroughs to practical applications [2] - The large model industry is experiencing a brutal reshuffle, with only 1-3 major players likely to survive, while others will pivot to vertical markets [5] - Investors are urged to focus on AI application layers rather than blindly chasing foundational technology trends [2][5] Investment Focus - The investment strategy of the company has shifted towards three main areas: smart technology, green technology, and internationalization, termed "Go Smart, Go Green, Go Global" [3] - The company prioritizes projects that integrate AI and robotics, emphasizing that robotics encompasses all advanced manufacturing and mobile intelligent devices [3] Challenges in Investment - Non-technical investors face significant challenges in evaluating complex projects in robotics and semiconductors compared to internet applications [4] - The traditional exit mechanisms for venture capital, primarily through mergers and acquisitions, are under pressure due to a decrease in IPOs, leading to a "bottleneck" in the capital market [4] Industry Dynamics - The large model industry is witnessing a "Matthew effect," where capital is concentrating on leading firms, further squeezing the survival space for smaller companies [5] - The year 2025 is anticipated to be a pivotal moment for AI agents, with a call for a focus on practical problem-solving capabilities of technologies [5][6] Market Predictions - A potential "frozen period" in the AI industry may occur in the second half of 2025, following a typical cycle of technological hype and adjustment [6] - Unlike previous tech cycles, the current AI revolution may avoid traditional downturns due to its self-evolving capabilities and rapid advancement [6]

【观网财经丨智能早报 6月11日】 中办、国办发文允许在港粤企深交所上市 中共中央办公厅、国务院办公厅发布关于深入推进深圳综合改革试点深化改革创新扩大开放的意见。健 全金融服务实体经济的激励约束机制。支持深圳开展科技产业金融一体化专项试点。健全科技型企业信 贷、知识产权证券化、科技成果和知识产权交易等实践场景和规则体系。优化科技型企业债权和股权融 资协同衔接机制。深化绿色金融改革。支持保险资金依法合规投资在深圳发起设立的主要投向特定领域 的私募股权投资基金和创业投资基金。允许在香港联合交易所上市的粤港澳大湾区企业，按照政策规定 在深圳证券交易所上市。（新华社） 腾讯音乐收购喜马拉雅100%股权 6月10日，腾讯音乐娱乐集团于纽交所和港交所发布公告，公告称腾讯音乐与中国领先的在线音频平台 之一喜马拉雅控股（下称喜马拉雅）及其他若干订约方就拟收购喜马拉雅签订并购协议及计划。受限于 交割前提条件的满足，腾讯音乐拟以下述对价全资收购喜马拉雅：（1）12.6亿美元现金；（2）总数不 超过总股数5.1986%的腾讯音乐A类普通股（总股数为不晚于交易交割前五个工作日的工作日当天腾讯 音乐已发行及发行在外的普通股）；及（3） ...

Core Insights - The chairman of iFlytek, Liu Qingfeng, emphasized the concept of "root dividend," focusing on self-control, integration of software and hardware, and deep industry engagement to drive innovation in large model technology and achieve true industrial advantages [1][2] - iFlytek's diverse applications showcase its advancements, including the X1 medical model reaching the level of chief physicians in top hospitals and the X1 legal model excelling in legal recommendations [1][3] - The company reported significant growth across its business segments, with a 25% year-on-year increase in revenue from products like learning machines and translation devices, and a 54% increase in users for its "Tingjian SaaS" software [1][3] B-end Developments - iFlytek has secured leading clients in the B-end sector, collaborating with major companies like PetroChina to develop the Kunlun large model and working with the State Energy Group on an intelligent evaluation assistant [2] G-end Applications - The AI-assisted case handling system for procuratorates has been launched for trial use, indicating progress in G-end applications [3] - The overseas market has shown rapid growth, with a 25-fold increase in AI marketing revenue and a threefold increase in C-end hardware sales from January to May [3] Technological Innovations - Liu Qingfeng highlighted three major technological innovations in iFlytek's large models, including a unified model training and reasoning method, reinforcement learning with fine-grained feedback, and a self-controlled reinforcement learning algorithm package [3] - The company is committed to training models based on domestic computing power, facing higher technical barriers and longer R&D cycles compared to overseas computing power, which is seen as essential for true self-control [3] Strategic Vision - Over its 26 years, iFlytek has transitioned from speech synthesis to cognitive intelligence and large models, with Liu Qingfeng stating the company aims to lead in foundational model technology while addressing real industry needs to enhance productivity and creativity [3]

Semiconductor Sector - Cambricon's private placement application for 4.98 billion yuan has been accepted by the Shanghai Stock Exchange[5] - Broadcom launched the Tomahawk 6, the world's first 102.4 Tbps switch chip, doubling the bandwidth of existing Ethernet switches[7] - GlobalFoundries announced a $16 billion investment in the U.S. to expand semiconductor manufacturing and advanced packaging capabilities[11] Automotive Electronics Sector - Xpeng Motors partnered with Huawei to launch the "Chasing Light Panorama" AR-HUD, enhancing navigation capabilities[13] - NIO delivered 23,231 new vehicles in May, a year-on-year increase of 13.1%[16] - Li Auto's supercharging stations surpassed 2,400, with over 13,200 charging piles deployed across 31 provinces[18] AI Sector - Princeton University's AI Lab introduced the general-purpose agent Alita, achieving a 75.15% pass rate in GAIA validation tests[19] - A new Token budget-aware LLM reasoning framework, TALE, was proposed, reducing inference costs by over 60% while maintaining accuracy[21][23] - The first fully asynchronous reinforcement learning training system, AReaL-boba², achieved a training speed increase of 2.77 times compared to its predecessor[24] Metaverse Sector - JBD's ARTCs image quality engine has been commercialized, significantly improving the visual experience of AR glasses[27][28]

截图来自苹果官网 以上是苹果 25 年前业绩下滑时所发布的官方新闻稿的开始，没有修饰、没有辩解。今天已经几乎不 再能看到一个上市公司以这样的诚实公开面对失败，包括苹果自己。 北京时间 6 月 10 日凌晨，WWDC 全球开发者大会上，苹果以今天它所能有的最大程度暗示了自己的 失误。在两小时的新系统、新用户界面、新功能逐一介绍前，苹果 CEO 蒂姆·库克没有再回顾苹果的 各种进展，他的软件负责人克雷格·费德里吉（Craig Federighi）上来先说了两点： 今天，这个市值 3 万亿美元公司的霸权不会因为一年，甚至三年不升级系统用户界面设计而被动摇。 但苹果在今天最重要的软件技术研发上远远落后于对手。Apple Intelligence 发布一年也没有兑现最初 承诺的功能，苹果 AI 的负责人，曾经在 Google 负责收购 DeepMind、把 AI 融入核心产品的约翰·吉 安南德雷亚（John Giannandrea） 已经被解除大部分管理职责 。 智能的 Siri 明年再见，AI 创新交给数百万开发者。 文 丨 贺乾明 黄俊杰 《苹果发布令人失望的一季报》 苹果宣布其销售速度在第一财季显著放缓，这将导致 ...

Core Viewpoint - The article discusses the performance of various AI models in a simulated high school mathematics exam, highlighting unexpected results and the rapid evolution of AI capabilities in understanding and solving mathematical problems [1][21]. Group 1: Testing Methodology - The testing included previously missing models such as Zhiyu Z1, Kimi 1.5, and Wenxin X1, aiming to provide a comprehensive assessment of AI models' mathematical abilities [3][8]. - Specific scoring rules were established, focusing on correctness of results rather than step-by-step solutions, with each question being run through the models three times to determine accuracy [5][6]. - The inclusion of multimodal questions required models to interpret images, which proved challenging for many, with only OpenAI's model performing adequately [10][12]. Group 2: Results and Rankings - The results were surprising, with models like Xunfei Xinghuo and Doubao achieving high scores of 145 points, excelling in most questions except for a specific one [15][16]. - Qwen3 scored 143.3 points, performing well in answer questions but losing points in fill-in-the-blank sections [16]. - Gemini 2.5 Pro ranked fourth with a score of 139.7 points, while other models like Hunyuan T1 and Wenxin X1 tied for fifth place with slightly lower scores [17][18]. Group 3: Observations and Implications - The article notes the rapid advancement of AI, suggesting that within two years, AI models have reached a level comparable to that of excellent students in high school mathematics [21]. - The author expresses a sense of excitement and surprise at the results, indicating a positive outlook on the future capabilities of AI in educational contexts [22].

Core Insights - The collaboration between Dongfeng Liuzhou Motor Co., Ltd. and Zhifang Technology marks a significant step in integrating embodied intelligence technology with traditional automotive manufacturing [1][2] - The partnership aims to explore the application of the GOVLA large model in various manufacturing scenarios, enhancing the efficiency and capabilities of robotic operations within the automotive industry [1][3] Group 1: Strategic Collaboration - Dongfeng Liuzhou and Zhifang Technology signed a strategic cooperation agreement to deepen the application of embodied large models in automotive manufacturing [1] - The collaboration will focus on deploying the AlphaBot 2 robot, equipped with the GOVLA model, in multiple operational scenarios such as quality inspection, assembly, and logistics [1][2] Group 2: Technological Advancements - Zhifang Technology has developed the world's first GOVLA model, which enhances the adaptability and operational capabilities of robots across various environments and tasks [2][3] - The AlphaBot 2 robot demonstrates significant improvements in operational efficiency and flexibility, capable of executing complex tasks autonomously [3][4] Group 3: Data-Driven Evolution - The partnership aims to create a "data feedback loop" that will continuously improve the GOVLA model through real-world operational data generated by AlphaBot 2 [3][5] - This data-driven approach will enhance the robot's performance and adaptability in industrial environments, establishing a competitive edge in the market [3][5] Group 4: Future Innovations - The collaboration will extend beyond current applications, focusing on joint innovation in mobile transport robots and vehicle-mounted robots [4][5] - Both companies aim to leverage their respective strengths to advance the smart robotics industry and enhance manufacturing capabilities [4][5]

【编者按】当前，"算力即国力"已成为国家战略共识，算力芯片性能突破、推理需求爆发、AI应用规模化落地等，正重塑全球科技竞争格局。与此同时， 资本市场的目光也聚焦在这片蓝海，寻求投资机遇。 中国基金报记者 赵心怡 以下为部分采访实录： AI创变，智见未来。《AI中国》本期的主题是算力突围、应用革命与资本前瞻。我们邀请到三位业内资深人士，他们分别是：金山办公解决方案中心总 经理于叶舟、商汤小浣熊产品负责人贾安亚、光证资管投资经理尚青。他们将从技术、应用与资本等不同维度展开讨论，碰撞出思想火花。 中国基金报: 大模型是否正在终结"软件二八定律"（80%的用户只用20%的功能），这对传统产品设计逻辑是否有所颠覆？大模型企业应该如何实现功能 普惠和商业变现的平衡？ 于叶舟: 好的，大模型是否真的在终结软件的二八定律？由于我是解决方案提供者，而非产品经理，因此从我的经验来看，只能说有这样的趋势，而这一 争议尚未平息。原因何在？如今，在为众多头部企业提供解决方案时，我发现许多原本较大的客户非常强调定制开发。实际上，这可以理解为他们在尝试 实现一种定制化的产品或需求。 然而，我发现这在项目中变得越来越困难，尤其是在AI领域。 ...