未来，公司将持续深化大模型技术在投教领域的应用，拓展多模态交互、个性化内容推送等更多场景，让专业的投教服务更具温度、更易触达，为推动资 本市场投资者教育普及、保护中小投资者合法权益贡献更大力量。 新商证券 中国人民银行 THE PEOPLE'S BANK OF CHINA & 2024年度金融科技发展奖 近日，中国人民银行公布2024年度金融科技发展奖（简称"金发奖"）获奖名单。浙商证券自主研发的"基于大模型引擎的新一代全生态投教平台"，凭借其 在投教内容创新与信息技术深度融合方面的突出表现，成功斩获三等奖。 作为我国金融业唯一的省部级科技奖项，"金发奖"前身为1992年设立的"银行科技发展奖"，2021年升级后将评选范围拓展至全金融行业，代表着金融科技 领域的最高行业认可。此次奖项竞争汇聚了银行、证券、保险等全行业的顶尖科技创新成果，浙商证券能够脱颖而出，不仅是其科技创新硬实力获得国家 级权威认证的有力证明，更是对公司"投教是一片旷野而非一条轨道"创新理念的生动实践。 在技术创新层面，公司自主研发的"水滴智擎"AI大模型原生应用平台，通过标准化接口显著降低大模型应用门槛。平台整合投教数据知识库、模型管理系 ...

Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aimed at providing efficient, professional, and accurate research services by integrating insights from over 30 specialized teams and covering more than 1800 stocks globally [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," offers a one-stop service that includes research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform is designed to deliver daily updates on research focuses and timely articles through CICC Morning Report [4]. - It features live broadcasts where senior analysts interpret market hotspots, enhancing real-time engagement with market trends [4]. Group 2: Data and Frameworks - The platform includes over 160 industry research frameworks and 40 premium databases, providing comprehensive industry data [10]. - CICC Insight also offers a large model for data analysis, which includes AI search capabilities for efficient information retrieval [10]. Group 3: User Engagement - Users can unlock upgraded features by verifying their email, enhancing their experience on the platform [8]. - The platform promotes interactive content, including high-quality videos and visual presentations to facilitate understanding [7].

Core Insights - Weibo reported its Q3 2025 earnings, with net revenue of $442 million (approximately RMB 3.156 billion) and non-GAAP operating profit of $132 million (approximately RMB 937 million) [1] - The platform's monthly active users reached 578 million, with daily active users at 257 million, and Weibo Zhisu's monthly active users surpassed 70 million, showing over 50% quarter-on-quarter growth in both daily active users and search volume [1] User Engagement and Product Development - Weibo Zhisu, launched in 2024, is an AI search product that integrates platform content to enhance user information retrieval efficiency, significantly upgraded after integrating the DeepSeekR1 model in February 2025 [2] - By Q3 2025, Weibo Zhisu's user engagement metrics showed substantial increases, with users averaging 36.6 uses per month, indicating high engagement compared to other AI applications [2][3] Ecosystem Integration and Technical Advancements - Weibo Zhisu is deeply embedded in the social ecosystem, with independent search access and synergy with trending topics and recommendation streams, enhancing the platform's value as an "event second scene" [3] - The company is focusing on upgrading technical capabilities and integrating ecological scenarios, improving search result relevance and enabling continuous, exploratory dialogue with users [3][4] AI Model Development and Strategic Positioning - The launch of the VibeThinker-1.5B model marks Weibo's strategic shift from AI application to foundational technology, demonstrating that algorithmic innovation can replace sheer computational power in specific high-value scenarios [5][6] - The open-source nature of VibeThinker-1.5B has attracted developers and research institutions, positioning Weibo as a promoter of "AI for all" and enhancing its industry influence [6][7] Future Directions and Market Impact - Analysts note that Weibo Zhisu has significantly impacted user activity, content distribution efficiency, and advertising monetization, becoming a key driver for overcoming growth bottlenecks [4] - The VibeThinker model complements Weibo's existing AI products, enhancing interaction while reducing computational costs, facilitating the transition from a "social platform" to an "intelligent content service" [7]

Core Insights - The release of Google's Gemini 3 marks a new leap in large model technology, showcasing significant advancements in reasoning, multi-modal understanding, and code generation capabilities [8][9][10] - Alibaba has launched the "Qianwen App," an AI assistant based on the Qwen model, aiming to compete directly with ChatGPT [5][28] - The Chinese government has issued guidelines to accelerate the cultivation and application of high-value AI scenarios, indicating strong support for AI development [5][24] Group 1: AI Applications and Market Trends - The AI application theme is gaining traction, with a focus on domestic consumption, infrastructure in Xinjiang, and AI applications in various sectors [5][8] - The Chinese government aims for over 70% penetration of new-generation intelligent terminals and agents by 2027, and over 90% by 2030, highlighting the urgency of AI integration [5][8] - The financial sector is identified as a prime testing ground for AI applications, with significant potential for transformation through AI technologies [13][14] Group 2: Technological Advancements - Gemini 3 has achieved a significant leap in reasoning capabilities, scoring 37.5% in the Humanity's Last Exam, a notable increase from its predecessor [8] - The model's multi-modal understanding has set new benchmarks in complex scientific chart analysis and dynamic video comprehension [9] - Innovations in code generation and front-end design have positioned Gemini 3 as a leader in programming competitions, enhancing its commercial viability [9][10] Group 3: Competitive Landscape - Alibaba's "Qianwen App" is positioned to leverage its strong model performance to create a high user engagement platform, potentially accelerating the profitability of large model vendors [28][29] - The competition in the AI space is intensifying, with major players like Google and Alibaba making significant strides in consumer-facing AI applications [34][35] - The AI ecosystem is evolving rapidly, with companies like OpenAI and Nvidia pushing the boundaries of AI capabilities and applications [51][56] Group 4: Policy and Regulatory Environment - The Chinese government's recent policies are designed to foster AI development, emphasizing the importance of high-quality data governance and infrastructure [24][25] - The issuance of guidelines for AI deployment in government sectors indicates a structured approach to integrating AI into public services [24][25] - The focus on AI in governance is expected to create substantial market opportunities, with projections estimating the AI+ government service market to reach 2.54 billion RMB by 2024 [25]

Core Insights - Baidu officially launched its native multimodal large model, Wenxin 5.0, at the 2025 Baidu World Conference, featuring 2.4 trillion parameters and supporting various forms of input and output including text, images, audio, and video [1][4]. Group 1: Model Capabilities - Wenxin 5.0 has undergone comprehensive upgrades in multimodal understanding, instruction adherence, creative writing, factuality, agent planning, and tool application, demonstrating strong understanding, logic, memory, and persuasion capabilities [4]. - In over 40 authoritative benchmark evaluations, Wenxin 5.0's language and multimodal understanding capabilities are on par with models like Gemini-2.5-Pro and GPT-5-High, while its image and video generation capabilities are comparable to specialized models in vertical fields, achieving a globally leading level [4]. Group 2: Technical Innovations - Unlike most industry multimodal models that use post-fusion methods, Wenxin 5.0 employs a unified autoregressive architecture for native multimodal modeling, integrating language, image, video, and audio data from the training phase [6]. - The model utilizes the PaddlePaddle deep learning framework and features a super-sparse mixture of experts architecture, with a total parameter scale exceeding 2.4 trillion and an activation parameter ratio below 3%, enhancing inference efficiency while maintaining strong capabilities [6]. Group 3: Market Position and Accessibility - The Wenxin 5.0 Preview is now available on the Wenxin App for users to experience directly, while developers and enterprise users can access the Wenxin 5.0 API services through Baidu's Qianfan large model platform [6]. - As of November 8, the latest rankings from LMArena show that the Wenxin model ERNIE-5.0-Preview-1022 ranks second globally in text task evaluations and first in China, particularly excelling in creative writing and complex problem understanding [6].

Core Viewpoint - The traditional customer service robots in financial institutions often struggle with understanding and addressing complex customer needs, leading to inefficiencies and dissatisfaction. The introduction of the AI Agent digital employee by Fintech One Account aims to transform customer service by integrating comprehensive capabilities to enhance service efficiency and customer satisfaction [1]. Group 1: Development and Implementation - The development of AI technology at Ping An is guided by the principle of "AI in all," which provides a clear direction for innovation and application in financial services [1]. - The AI Agent digital employee is a result of over a decade of technological iterations and practical applications, leveraging Ping An's extensive experience in the financial sector [1][2]. - The AI Agent system has evolved through the integration of advanced technologies such as ASR, TTS, NLP, and large models, enabling it to provide a more human-like service experience [2]. Group 2: Key Innovations - The AI Agent digital employee addresses four critical areas of customer service: understanding, responding, acting, and expressing, thereby creating a comprehensive intelligent service system [2][4]. - It features multi-intent recognition and emotional perception, allowing it to understand complex customer inquiries and respond accurately without requiring customers to repeat themselves [3][4]. - The system utilizes a unified knowledge management framework that integrates various resources, ensuring that responses to customer inquiries are accurate, up-to-date, and well-sourced [3]. Group 3: Service Experience Enhancement - The AI Agent enables a seamless connection between voice interaction and business processing, allowing for efficient execution of customer requests, such as account freezing, through a predefined workflow [4]. - It employs Emotion TTS technology to provide personalized voice interactions, adapting its communication style based on customer profiles, which enhances the overall service experience [4][5]. - The shift from mechanical responses to empathetic and context-aware interactions represents a significant advancement in customer service within the financial sector [5]. Group 4: Future Outlook - The AI Agent is expected to further enhance its interaction capabilities and expand its application across various financial service scenarios, driving the intelligent transformation of the industry [6]. - As a key player in the "AI in all" initiative, Fintech One Account aims to support the modernization of financial services, contributing to the broader goals of financial inclusivity and efficiency [6].

Group 1: Company Overview - Amer Sports - Amer Sports reported Q3 2025 revenue of $1.76 billion, exceeding guidance with a year-on-year growth of 30%, surpassing the high end of the guidance range of 20% [3][41] - The adjusted gross margin increased by 2.4 percentage points to 57.9%, while the adjusted operating margin rose by 1.3 percentage points to 15.7%, also exceeding guidance [3][41] - The net profit attributable to shareholders surged by 156% year-on-year to $140 million [3][41] Group 2: Segment Performance - The functional apparel segment saw a 31% year-on-year revenue increase, driven by strong performance in the women's business and footwear, with direct-to-consumer (DTC) sales up 46% [3][42] - The outdoor apparel segment experienced a 36% year-on-year revenue growth, primarily due to strong sales of Salomon footwear and apparel, with DTC sales increasing by 67% [4][42] - The ball sports segment reported a 16% year-on-year revenue increase, with significant growth potential through partnerships with leading distributors [4][43] Group 3: Strategic Outlook - The company maintains a positive long-term growth outlook, projecting a compound annual growth rate (CAGR) of low to mid-double digits for revenue from 2025 to 2030, with annual operating margin improvements [5][43] - The strategic plan includes continued investment in product development and marketing, particularly in expanding store presence in North America and Europe [5][43] - The company anticipates a significant increase in revenue from the recovery of its South Korean distribution business, expected to add approximately $25 million in Q4 2025 [3][42] Group 4: Industry Context - Retail and Pharmaceuticals - The retail sector, particularly in the pharmaceutical industry, is experiencing pressure, with the company reporting a 1% decline in revenue for the first three quarters of 2025 [6][8] - The company is focusing on store expansion in lower-tier markets, with a total of 15,492 stores as of Q3 2025, including 9,741 direct-operated stores [9][8] - The pharmaceutical retail business reported a revenue of $13.144 billion, a slight decline of 1.27% year-on-year, with a gross margin of 36.71% [8][9]

证券日报网讯米奥会展11月20日在互动平台回答投资者提问时表示，关于下一代外贸智能体的开发，公 司目前尚未集成阿里巴巴的千问大模型。公司技术路线保持开放和务实，正在积极评估和整合业界多种 大模型技术，旨在根据外贸业务场景的具体需求，灵活选择最优的技术组合来提升智能体的性能与适应 性。在合作层面，公司与阿里巴巴等行业伙伴保持着正常的业务交流与探索。 （文章来源：证券日报） ...

Core Viewpoint - The company has not integrated Alibaba's Qianwen large model into its next-generation foreign trade intelligent agent, maintaining an open and pragmatic technical approach while evaluating various large model technologies to enhance performance and adaptability based on specific foreign trade business scenarios [1] Group 1 - The company is actively assessing and integrating multiple large model technologies from the industry to optimize the technology combination for its intelligent agent [1] - The company maintains normal business communication and exploration with industry partners, including Alibaba [1]

Core Viewpoint - The A-share market shows a positive trend with major indices opening higher, particularly in the technology sector, driven by strong performances from companies like Lexin Technology, Chip Origin, and Jingchen Technology [1] Group 1: Market Performance - The three major A-share indices opened collectively higher, with notable gains in the technology sector [1] - The STAR Market's AI ETF (588930) opened over 1% higher, reflecting positive market sentiment [2] Group 2: Company Earnings - NVIDIA reported a significant revenue of $57.01 billion for Q3 of the 2026 fiscal year, marking a 62% year-on-year increase, surpassing analyst expectations of $55.19 billion [2] - NVIDIA's guidance for Q4 also exceeded market expectations, indicating strong ongoing demand for AI chips [2] Group 3: Industry Insights - Analysts suggest that the concerns surrounding the "AI bubble" may ease following NVIDIA's earnings report, as demand for AI technology remains robust [2] - Artificial intelligence is viewed as a core driver of a new technological revolution, with potential to create new possibilities across various industries [2] - The development of large model technology is expected to reshape the global industrial landscape, potentially generating trillions in new commercial value for the financial sector [2] - Challenges such as technological bottlenecks, high investment costs, and regulatory balance need to be addressed for the continued evolution of large models [2] Group 4: Investment Opportunities - Investors can access the AI sector through the STAR Market AI ETF and its linked funds, which provide a streamlined way to invest in the upward potential of the AI segment [3]