仅2个月后，OpenAI便用实际行动回应了凯文的预言。 「奔向AGI」 栏目聚焦AI大模型、AI agent、AI应用、芯片、机器人等前沿、热门的AI技术和商业创 新。 5月6日，据彭博社、路透社等多家外媒报道，OpenAI已与AI编程工具开发商Windsurf达成收购协议，交易金额达30亿美元（约合人民币217亿元），这将成为 OpenAI自成立以来规模最大的一笔收购案。 此前，OpenAI曾数次试图收购估值已达90亿美金的Cursor，但据说双方在价格等细节上未能达成一致，OpenAI才将目光转向了市场份额第二的Windsurf。 作者丨刘杨楠 编辑丨巴里 图源丨CNN 去年，Windsurf在General Catalyst领投的一笔交易中估值为12.5亿美元。此次收购价格较 Windsurf去年12.5亿美元的估值翻倍。 2025年3月15日，OpenAI首席产品官凯文·威尔在一档播客中表示，GPT-5即将推出，并预测AI将在编程领域第一次"永远超越人类"。 这个问题的答案，或许并不指向AI是否会代替人类开发者的宏大命题，其更大的现实意义在于，让外界看到，刨除资本和舆论的附加光环后，作为一家企业， O ...

金属卤化物钙钛矿 是下一代 发光二极管 （LED） 的有前景的发光材料候选者。在 纯红色 钙钛矿发光二极 管 （PeLED） 中同时实现高亮度和高效率是一个持续追求的目标。三维 CsPbI 3- x Br x 发射体具有出色 的载流子传输能力和高色纯度，这能够实现高效且超亮的纯红色 PeLED。然而，这类器件容易出现效率滚 降现象，导致在高电流密度下效率低且亮度低。 编辑丨王多鱼 排版丨水成文 https://www.nature.com/articles/s41586-025-08867-6 设置 星标 ，不错过精彩推文 开放转载 欢迎转发到朋友圈和微信群 微信加群 5 月 7 日， 中国科学技术大学 姚宏斌 、 樊逢佳 、 林岳 、 胡伟 ， 中国科学院上海高等研究院 郑官豪杰 作为共同通讯作者，在 Nature 期刊发表了题为 ： Intragrain 3D perovskite heterostructure for high- performance pure-red perovskite LEDs 的研究论文 。 该研究揭示了纯红光 钙钛矿发光二极管 （PeLED） 性能瓶颈的原因，进而成功制备出 ...

划重点： OpenAI已告知投资者，计划减少微软的营收分成比例，根据OpenAI与投资者分享的财务预测，这个比例在2030年前将至少减少一半； OpenAI希望说服微软放弃营收分成，转而获得传统股权； 微软希望获得2030年之后继续使用OpenAI技术的权利。 5月7日消息，OpenAI正推进公司架构重组以安抚投资者和监管机构，但其需要获得最大外部股东兼核心商业合作伙伴微软的批准。 据知情人士透露，OpenAI的重组计划包括减少与微软的营收分成比例。根据OpenAI与投资者分享的财务预测，这个比例在2030年前将至 少减少一半，但微软尚未同意相关变更。 根据当前协议，OpenAI同意在2030年前将其20%的营收分给微软。OpenAI预计到2030年，该公司营收将达到1740亿美元。然而，内部文 件显示，OpenAI近期告知投资者，届时其向包括微软在内的商业合作伙伴分成的营收比例将降至10%。 目前唯一尚未明确立场的是微软，后者拥有否决此次重组方案的权力。据悉，奥特曼与微软首席执行官萨蒂亚·纳德拉（Satya Nadella） 以及双方高管团队近几个月来一直在就相关变更进行磋商。 自2019年双方建立合作关系 ...

Core Insights - Umecrine Cognition, a portfolio company of Karolinska Development, is presenting new clinical scale data for Primary Biliary Cholangitis (PBC) at the EASL Congress 2025 in Amsterdam [1][2]. Company Overview - Karolinska Development AB holds a 73% ownership stake in Umecrine Cognition [5]. - The company focuses on identifying and investing in breakthrough medical innovations in the Nordic region, aiming to develop these into commercial products [6][8]. Drug Development - Umecrine Cognition is developing golexanolone, a drug candidate currently in a Phase 2a clinical study for PBC [2]. - The newly developed CGI-S-PBC™ scale is designed to evaluate symptom severity in PBC patients, which cannot be measured by conventional laboratory tests [3]. Clinical Research - The CGI-S-PBC™ scale expands on the PBC-40 patient-reported outcome measure and has been validated in two separate studies [3]. - Abstracts summarizing the validation and implementation of CGI-S-PBC™ will be presented at the EASL Congress, focusing on its role as a clinical trials outcome tool [4].

Core Insights - Ipsen announced new data on IQIRVO (elafibranor) at the European Association for the Study of the Liver congress, highlighting its efficacy in treating primary biliary cholangitis (PBC) [1] Group 1: Clinical Data and Efficacy - Additional analyses from the ELATIVE study indicate that patients with PBC treated with IQIRVO experienced greater improvements in fatigue after 52 weeks compared to placebo, with 42.9% of IQIRVO patients showing improvement versus 31.3% in the placebo group [2] - Among patients with moderate-to-severe fatigue at baseline, 66.7% of those treated with IQIRVO achieved clinically meaningful improvements, compared to 31.3% in the placebo group [2] - The positive effect of IQIRVO on fatigue appears to occur independently of its effect on pruritus [2] Group 2: Mechanistic Insights - A comprehensive proteomic analysis revealed changes in the expression of over 20 proteins involved in inflammation, immune response, and key symptomatic domains of PBC, including fatigue, in patients treated with IQIRVO [3] - The observed effects on fatigue-associated proteomic signatures are linked to PPARα activation [3][6] Group 3: Treatment Context and Approvals - IQIRVO is an oral, once-daily PPAR agonist that improves cholestasis and has anti-inflammatory effects, and it was granted Breakthrough Therapy Designation by the FDA in 2019 [5] - The drug received accelerated approval from the FDA in June 2024, conditional approval from the European Commission in September 2024, and approval from the UK MHRA in October 2024 for treating PBC in adults with inadequate response to UDCA [5] - Ipsen licensed the exclusive worldwide rights to elafibranor from GENFIT in 2021, and IQIRVO is currently undergoing regulatory processes with other authorities [5] Group 4: Disease Context - PBC is a rare autoimmune liver disease affecting approximately 100,000 people in the US and 165,000 in Europe, predominantly women, and can lead to severe complications if untreated [4]

wo[Table_Title] Research Report 6 May 2025 海外科技 Technology 全球 AI 产业观察（1）: OpenAI 收购 Windsurf 加码 AI 工具，转型 PBC 或冲击融资预期 Global AI Industry Watch (1): OpenAI Acquires Windsurf to Strengthen AI Tools; PBC Transition May Weigh on Fundraising Expectations 姚书桥 Barney Yao 吴叡霖 Louis Ng barney.sq.yao@htisec.com louis.yl.ng@htisec.com [Table_yemei1] Flash Analysis [Table_summary] 事件： 2025 年 5 月 6 日，据彭博社报道，OpenAI 已同意以约 30 亿美元收购 AI 辅助编码工具 Windsurf（前身为 Codeium），这将成为 OpenAI 迄今为止最大的一笔收购；此外，OpenAI 宣布将其营利性子公司转型为公 共利益公司（Public ...

马斯克笑了，孙正义慌了。 5月6日，OpenAI宣布取消经营主体从非营利性组织法人转为营利AI企业的计划，未来，公司将回归非营利组织主导的模式，放弃全面营利性转型。在"非 营利控股+公益企业"双轨治理架构下，OpenAI发生了"去商业化"的重大转向，在全球范围内引发对技术伦理、资本逻辑与公共利益平衡的深度讨论。 根据OpenAI的介绍，公司的架构主要有四大方面：一是将继续由目前的非营利组织控制；二是现有的营利部门将成为公共利益公司(PBC)；三是非营利组 织将控制PBC，并成为其大股东；四是非营利组织和PBC将继续保持相同的使命。 这一声明意味着，OpenAI将继续保持与目前"极其接近"的结构。外界分析称，OpenAI放弃全面营利性转型或是多重压力的下的无奈妥协。自开启营利性 转型以来，OpenAI不仅受到了特斯拉创始人埃隆.马斯克源源不断的诉讼指控，还受到了来自政府监管机构的高度关注与介入调查。 但随着AI研究的推进，公司需要的计算资源及高素质人才与日俱增。为了获得更多投资，OpenAI在2019年创建了一个营利性子公司"OpenAI LP"，隶属于 非营利组织之下，用以筹集投资资金并以初创公司的股权吸引人 ...

整理 | 华卫 昨日，OpenAI 宣布，其成立之初是一家非营利组织，如今将继续由非营利组织监督和管控。 据 OpenAI 董事会主席 Bret Taylor 称，这一决定是"在听取了市政领导的意见，并与特拉华州总检察长办 公室和加利福尼亚州总检察长办公室进行了建设性对话之后"做出的。具体而言，OpenAI 针对公司之后的 架构演进制定了一项新计划： OpenAI 的营利性有限责任公司（LLC）自 2019 年以来隶属于非营利组织，今后将转型为一家公益公司 （PBC）—— 这是一种以目标为导向的公司架构，必须同时考虑股东利益和公司使命。 非营利组织将对 OpenAI 实施控制，并会成为其大股东，从而为该非营利组织提供更好的资源来支持多 项福利。 OpenAI 的使命保持不变，成为公益公司也将秉持相同的使命。 此举代表 OpenAI 拟议的重组计划发生了重大转变，该公司此前最新的计划版本虽然打算将 OpenAI 设立为一 家公益公司，但非营利组织仅持有少数股份且影响力有限，而此次修订后的方案则让非营利组织牢牢掌控着公 司的运营。 "营利性之路"遇重大阻力 OpenAI 于 2015 年作为非营利性组织成立，但在 ...

过去几年市场表现动荡，一些投资者的心态逐渐从"求快"转向"求稳"，实则"慢就是快"。"市场先生"造成的波动是常态，但长期来看，股票的定价总会向 内在价值靠拢。所以，长期投资的结果，本质上取决于收益的稳定性，这便是投资领域中至关重要的复利力量。 在权益领域有这样一位基金经理，把为投资者实现复利的投资效果作为坚定追求，历经7年多的投资磨砺，用稳扎稳打的投资业绩践行着"慢慢变富"的投 资路径。他就是安信基金的张明。 张明的代表产品安信企业价值优选，自2017年5月5日管理以来，经历过明显的牛熊周期以及价值与成长的风格轮换，期间连续7个完整年度（2018-2024） 均跑赢沪深300指数和中证A500指数 [1]。如果把安信企业价值优选的业绩相比沪深300画出一条超额表现的走势图，这条曲线呈现稳定上行的态势，即使 是在2022—2024年主动投资逆风阶段仍然继续保持超额表现的增长趋势。 安信企业价值相对沪深300指数的累计超额 数据来源：Wind，截至2025/3/31 在同期全市场上1596只权益基金（在2017年5月5日前成立的股票型、偏股混合型及灵活配置型基金）中，能达成此业绩且由同一基金经理管理的，仅有6 只 ...

Financial Data and Key Metrics Changes - The company reported a revenue growth of 16% in Q1, significantly above expectations, primarily due to favorable timing of material receipts [22][24] - Adjusted EBITDA for the quarter was $82 million, representing a 17% growth year-over-year, with an adjusted EBITDA margin of 10.3%, reflecting a slight year-over-year margin expansion of 10 basis points [24][26] - First quarter net earnings were $50 million, with diluted EPS of $0.19, marking a 7273% increase, while adjusted net earnings were $54 million, with adjusted diluted EPS of $0.20, up 42% [26][30] Business Line Data and Key Metrics Changes - The Advanced Sensing and Computing (ASC) segment saw a revenue growth of 18%, while the Integrated Mission Systems (IMS) segment's revenue increased by 11% [23][24] - ASC adjusted EBITDA increased by 2%, but the margin declined by 130 basis points due to negative contract adjustments and increased costs from a sole source supplier [25][26] - IMS adjusted EBITDA rose by 38%, with margin expansion of 260 basis points, driven by favorable contract adjustments and increased volume from the Columbia Class program [25][26] Market Data and Key Metrics Changes - The company secured nearly $1 billion in bookings during the quarter, resulting in a book-to-bill ratio of 1.2, marking the thirteenth consecutive quarter with a book-to-bill above one [6][20] - The backlog increased to $8.6 billion, reflecting growth on both a year-over-year and sequential basis [7][20] - Domestic growth was highlighted, while international growth faced some headwinds due to timing of deliveries [35][36] Company Strategy and Development Direction - The company is focused on enhancing its role in national defense initiatives, particularly in layered air defense, counter UAS, and shipbuilding [11][12] - The company is investing in its Charleston facility to support shipbuilding and is exploring opportunities in electric propulsion and unmanned naval platforms [17][18] - The company is also advancing its AI capabilities to enhance threat detection and situational awareness in combat vehicles [18][19] Management's Comments on Operating Environment and Future Outlook - Management noted a dynamic operating environment but expressed confidence in maintaining a book-to-bill ratio above one for 2025 [10][11] - The global threat environment remains elevated, which is expected to sustain demand for defense spending [11][12] - The company anticipates the FY '26 President's Budget Request will provide clarity on funding allocations for key priorities [11][12] Other Important Information - The company initiated a dividend payment and stock repurchases as part of its capital return initiatives [8][20] - The company is actively engaged in M&A opportunities, viewing them as a top priority for capital allocation [78][79] - The company has implemented economic price adjustment clauses in contracts to mitigate risks associated with price volatility of raw materials [81][82] Q&A Session Summary Question: Can you talk about material receipts and international growth? - The material acceleration impacted revenue holistically across the board, with domestic growth being the primary contributor while international growth faced some headwinds [35][36] Question: What are the margin expectations for ASC? - The ASC segment is expected to have a lower gross margin prospectively, but adjustments made in Q1 should mitigate some impacts moving forward [41] Question: How do you see your share of the defense budget evolving? - The company expects to grow ahead of the defense budget, aligning with the administration's priorities in shipbuilding and force protection [56][58] Question: What is the opportunity in the European defense market? - There is a substantial near-term opportunity in areas like counter-drone systems and advanced sensing programs, although competition may evolve over time [66] Question: How is the company positioned for Navy opportunities? - The company is engaged in discussions to increase its role in shipbuilding and is positioned to support the Navy's increased throughput needs [70][71] Question: What is the outlook for interest expense? - The company anticipates a lower interest burden for the full year due to improved cash position and linearity [111]