② 【加密货币概念股走强】加密货币概念股盘前走强，Bitfarms涨近4%，Coinbase涨近2.4%，Strategy和MARA Holdings涨超2%。消息面上，比特币一度 逼近94000美元，创11月17日以来的盘中高位，现报92874美元。 ③ 【热门中概股多数下跌】热门中概股多数下跌，哔哩哔哩跌超2%，小鹏汽车跌近1.5%，京东、蔚来汽车跌超1%，拼多多跌近1%，爱奇艺跌0.5%。 ④ 【Marvell涨近10%】芯片设计企业Marvell盘前涨近10%。消息面上，该公司12月2日表示，将以32.5亿美元收购半导体初创公司Celestial AI，并预计第 四季度营收将高于华尔街预期。 ⑤ 【微芯科技涨超3%】半导体制造商微芯科技盘前涨超3%。消息面上，微芯科技上调第三财季净销售额和每股收益的预期，主要是因为期内的预订表现 强劲。 每经记者｜郑雨航 每经编辑｜何小桃 兰素英 ① 【三大期指齐涨】道指期货涨0.17%、标普500指数期货涨0.12%、纳指期货涨0.07%。 ⑩ 北京时间21:15，被称为"小非农"的美国11月ADP就业人数变动发布，在非农数据缺失的情况下，ADP成为市场关注焦点。A ...

智通财经获悉，贝莱德智库中东及亚太区首席投资策略师庞文博(Ben Powell)表示，不认为会出现AI泡 沫，泡沫意味着供应太多，价格下调，就像上世纪90年代情况那样。而现在对于硬件及AI的需求，问 题是供应不足，因此并不算是泡沫。 贝莱德固定收益投资亚太区主管Navin Saigal表示，目前美元比以往而言更是一项风险资产，因此会减 少持有。 本文源自：智通财经网 他还表示，大家都增持(overweight)美国股票，认为AI公司股票便宜，因此他不认为这是泡沫，而是便 宜的股票，这主要因为收入、现金流等。 贝莱德智库发表的2026年全球展望报告表示，仍然对美国在AI方面的股票维持增持，风险偏好受惠于 美联储减息。 如果将美国GDP细分一下，就可以发现科技的投资超过消费，而消费传统上来说驱动美国经济。这一点 非常重要，说明投资可以继续驱动整体(aggregate) GDP增长，驱动整体收入(headline)水平增长。 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) is becoming a key destination for Chinese robotics companies seeking IPOs, with over 20 firms planning to list by 2025 [1] - The surge in IPOs is driven by two main types of companies: A-share listed firms pursuing a dual listing to enhance international financing and brand influence, and companies benefiting from the new Chapter 18C of the listing rules, which allows unprofitable tech firms to access the market [1][3] - The robotics industry is at a critical juncture, transitioning from technological breakthroughs to large-scale commercialization, prompting increased interest in capital markets [1][10] Industry Trends - As of October 31, 2025, HKEX completed 78 IPOs, raising approximately 210.63 billion HKD, largely due to recent reforms aimed at attracting tech companies [2] - Nearly 30 companies from the robotics supply chain have submitted IPO applications, showcasing a diverse range of firms including new entrants and established A-share companies seeking dual listings [2][3] - The introduction of the Chapter 18C listing rules has created a significant appeal for unprofitable tech companies, with at least 26 firms in the queue for listing [3][5] Financial Strategies - Many companies are focusing their fundraising efforts on technology development, with a high percentage of funds allocated to R&D and product development [8][9] - For instance, Stand Robot plans to allocate 65% of its raised funds to develop a new generation of mobile robot platforms, reflecting the competitive pressures in the industry [8][9] - Established firms like Estun are also using IPO proceeds to optimize financial structures and invest in overseas capacity expansion and next-generation robotics technology [8] Market Dynamics - The HKEX's unique market positioning and diverse regulatory advantages attract global investors and facilitate efficient capital inflow from mainland China [3][4] - The market's liquidity and valuation recovery have created favorable conditions for tech companies to raise funds [4] - However, the influx of companies raises concerns about whether they can secure sufficient capital in a tightening liquidity environment [10] Regulatory Environment - The Chapter 18C rules significantly lower the barriers for unprofitable tech firms, allowing them to list without meeting traditional profitability requirements, provided they meet certain R&D spending criteria [5][6] - Companies must demonstrate substantial R&D investment and secure backing from experienced independent investors to qualify for listing [6][7] - The rules emphasize technological attributes and market potential over profitability, making it a crucial financing channel for robotics firms still in the investment phase [7] Future Outlook - The robotics market in China is projected to exceed 150 billion CNY by 2025, with a compound annual growth rate of 18%, driving companies to pursue IPOs aggressively [10] - The success of these IPOs will depend on the companies' ability to leverage raised funds for technological advancements and market expansion [10][11] - Ultimately, the HKEX serves as a critical platform for companies to enhance their growth potential, but sustainable success will hinge on their core technological capabilities and commercialization strategies [11][12]

英伟达在今年 10 月短暂突破 5 万亿美元（IT之家注：现汇率约合 35.39 万亿元人民币）市值大关，成 为首家达到这一里程碑的公司。然而，过去一个月其股价已下跌逾 11%，主要源于市场对其面临竞争 加剧的担忧。 IT之家 12 月 3 日消息，英伟达首席财务官周二驳斥了"竞争对手正在赶超这家全球市值最高公司"的说 法，并坚称人工智能（AI）经济并未处于泡沫之中。 在 UBS 全球科技与人工智能大会上接受分析师采访时，她进一步指出，全球经济目前仍处于向支撑 AI 所需的数据中心基础设施转型的"早期阶段"。克雷斯重申，英伟达预计到本十年末，全球在 AI 领域的 投资总额将达到 3 万亿至 4 万亿美元。 上周，有报道称 Meta 正与谷歌就使用后者自主研发的张量处理单元（TPU）芯片在其数据中心展开洽 谈，导致英伟达股价承压。对此，英伟达迅速在社交媒体平台 X 上回应，强调其广受欢迎的 GPU"领先 业界整整一代"，应用范围广泛。 克雷斯还透露，英伟达近期宣布的对 ChatGPT 开发商 OpenAI 高达 100 亿美元的投资计划尚未最终敲 定。"我们尚未达成具有约束力的协议，但仍在与他们合作，"她表示， ...

"它写完了整段程序，我什么都没做。那是我二十多岁拼命写出来的东西，它几分钟就完成了。" 2025 年 12 月 2 日，这位编程55年、曾带领 Google 走向世界的前 CEO 埃里克·施密特（Eric Schmidt），在哈佛肯尼迪学院的讲台上，抛出了一个问题： "我们是不是低估了 AI 对人的冲击？" 他不是在谈参数，不是在谈算力。他说的是： AI 已经能自己做判断，但我们还以为它只是工具； 越来越多孩子把 AI 当朋友，而不是人类； 系统越来越高效，但人类可能已经无法喊停。 问题不是 AI 能做什么，而是人还能做什么。 第一节 | AI 不只是工具，它在替你做决定 "我让它写了整个程序，我什么都没做，只是看着。" Eric Schmidt 在公开承认，这一瞬间带来的不是惊艳，而是失落，因为 AI 正在替他做决定。 Schmidt 把这种替代称为"判断力的失位"。 这一代 AI 已经不再是人类点击后的响应者，而是可以连续执行、不断尝试、自主决策的行动者。 Schmidt 提到一个关键点：AI 可以递归尝试，不断优化，直到找到答案。虽然真正的"递归自我改 进"（recursive self-improve ...

Verisk Analytics Conference Summary Company Overview - **Company**: Verisk Analytics (NasdaqGS: VRSK) - **Industry**: Insurance and Data Analytics Key Points and Arguments Financial Growth and Projections - Verisk Analytics targets **6.6%-8% organic growth** in revenue, consistent since going public in 2009, with only two exceptions during the financial crisis in 2009 and COVID-19 in 2020, where growth was slightly above 5% [2][3] - Growth drivers include: - **3-4 percentage points** from pricing - **1.5-2 percentage points** from cross-selling and upselling - **1.5-2%** from new products - **50-150 basis points** from new customers, offset by attrition [4] Strategic Focus on Insurance Industry - Verisk has refocused entirely on the insurance industry after previously diversifying into other verticals, which did not yield expected synergies [5][6] - The company emphasizes the growing need for **digitization and modernization** within the insurance sector, which is outpacing overall industry growth [7] Customer Engagement and Product Innovation - Increased engagement at the **C-suite level** has led to better performance and receptivity to Verisk's offerings [8] - The company aims to provide cost-effective tools for the insurance industry, with revenues representing about **30 basis points** of total U.S. P&C insurance premiums [10][11] Market Conditions and Challenges - The insurance market is normalizing from previously elevated premium growth rates, moving from high single digits to mid-single digits [21][22] - Profitability in the insurance industry is improving, allowing carriers to invest more aggressively in growth [23] - Industry M&A activity is picking up, which could pose a modest headwind for Verisk as larger customers emerge [28] Pricing and Product Development - Pricing strategies are linked to the perceived value of products; innovation is crucial for maintaining pricing power [35] - The **Core Lines Reimagined** initiative aims to modernize product offerings, enhancing usability and data accessibility [37][38] Competitive Landscape - Increased competition, particularly in the auto segment, is acknowledged, but Verisk believes its unique data sets and comprehensive offerings provide a competitive advantage [41][44] - The company recognizes the rise of insurtechs but emphasizes the importance of industry expertise and established relationships for successful product adoption [46][54] AI Integration and Future Outlook - Verisk is actively integrating AI across its product lines, enhancing capabilities such as document summarization and risk modeling [48][49] - The company sees a robust future with continued growth potential, despite some near-term softness in transactional revenue due to weather-related factors [18][19] Additional Important Insights - The company has experienced its best sales year to date, indicating strong underlying business health [17] - The normalization of premium growth is viewed as a sign of industry health, as carriers become more comfortable with profitability [23][30] - Verisk's proprietary and contributory data sets create significant barriers to disintermediation, ensuring continued relevance in the market [52][54] This summary encapsulates the key insights from the Verisk Analytics conference, highlighting the company's strategic focus, growth drivers, market conditions, and competitive positioning.

来源：大河报 科技狂人、世界首富、现实版"钢铁侠"——马斯克，这个掌控亿万帝国的男人，在爱情这件事上，似乎 从未真正"着陆"。据网友统计，目前为止，马斯克和4名女性共同孕育了14个孩子(已公开的)。 近日，马斯克在印度企业家尼基尔·卡马斯创办的播客节目《People by WTF》里侃侃而谈。聊天过程 中，马斯克跟卡马斯提起："你知道我的伴侣希文就是半个印度人。" 公开资料显示，希文·齐里斯1986年出生，比马斯克小15岁。她不是传统意义上的名媛或网红，而是一 位实打实的AI专家，曾就读于耶鲁大学，加入IBM研究院，后成为马斯克旗下Neuralink的项目负责人之 一。 2021年11月，齐里斯为马斯克生下一对龙凤双胞胎。但有知情人士透露，齐里斯曾称她和马斯克没有恋 爱关系，也没有发生性关系，两人是通过体外受精怀上的孩子。近两年，齐里斯接连被爆出又生了两个 孩子。对此，马斯克曾回应："这根本不是什么秘密，所有的亲朋好友都清楚这件事。"而马斯克的母亲 也对齐里斯评价很高，认为她又智慧又独立。 来源： 台州晚报综合梨视频、荆楚网等 编辑：任华飞 ...

一项调查显示，随着美国公司在治理方面滞后，以及员工对采用AI的热情不一，越来越多的员工正在 悄悄使用AI来减少工作负荷。 责任编辑：张俊 SF065 一项调查显示，随着美国公司在治理方面滞后，以及员工对采用AI的热情不一，越来越多的员工正在 悄悄使用AI来减少工作负荷。 责任编辑：张俊 SF065 ...

全球首富埃隆•马斯克（Elon Musk）既是特斯拉的首席执行官，也是xAI的创始人，这两家公司目前都 在推进人工智能（AI）项目。虽然他并不认为自己是投资者，但在最新播出的一档播客节目中，当被 问及如果他不得不在股市押注AI领域时，马斯克点名推荐了两只"大型AI股"——谷歌母公司Alphabet和 英伟达。"人工智能和机器人技术将变得非常重要。这两大技术的商品和服务产出如此之高，以至于让 其他一切都相形见绌。"他补充道。 ...

Core Insights - The cryptocurrency industry showed a comprehensive recovery and diversified development in Q3 2025, with significant breakthroughs in market size, asset performance, and ecological innovation [1][2] Market Overview - The total market capitalization of cryptocurrencies increased by $563.6 billion (+16.4%) in Q3 2025, reaching $4.0 trillion, marking two consecutive quarters of significant capital appreciation [10][11] - The average daily trading volume rebounded to $155 billion, a 43.8% increase from the previous quarter, indicating a sustained rise in market participation [10][11] - The top 30 cryptocurrencies saw a reshuffle, with USDe rising significantly in rank, while some previously prominent coins dropped out of the list [10] Asset Performance - Bitcoin reached a new all-time high of $123,561, closing the quarter with a 6.4% increase and a daily trading volume rebound of 28.4% [36] - Ethereum outperformed with a closing price of $4,215, a 68.5% increase, and reached a peak of $4,946 during the quarter, increasing its market share by 3.8 percentage points to 12.5% [1][2] - Other major cryptocurrencies like BNB and SOL also saw substantial gains of 53.6% and 34.7%, respectively [1][2] Stablecoin Market - The total market capitalization of the top 20 stablecoins reached a historic high of $287.6 billion, driven by significant growth in USDT and USDC [20] - The stablecoin market saw an influx of $44.5 billion (+18.3%) in Q3, surpassing the previous quarter's growth [20] DeFi and NFT Developments - The DeFi sector experienced a strong recovery, with total market capitalization growing by 40.2% to $161 billion, and total value locked (TVL) increasing from $115 billion to $161 billion [2] - The NFT market also showed significant improvement, with the trading volume of the top 12 blockchains increasing by 56.8% [2] Exchange Activity - Centralized exchanges (CEX) saw a 31.6% increase in trading volume among the top 10, while decentralized exchanges (DEX) experienced a 9.9% growth in spot trading volume [2] - The perpetual contract trading volume reached a record high of $24 trillion [2] Industry Dynamics - The net inflow for US spot Ethereum ETFs reached $9.6 billion, surpassing Bitcoin ETFs for the first time [2] - Digital asset holding companies (DATCos) reported a quarterly acquisition expenditure of $22.6 billion, the highest for a single quarter to date [2][29] - The performance of cryptocurrency-related IPOs was mixed, with some companies maintaining profitable stock prices [2][32]