不夸张的说，未来5年程序员最好的技术发展方向，一定是 AI大模型 ！ AI大模型正在重塑传统 CRUD开发模式！ 超60%企业都在布局AI产品， 比起传统岗， 现在最吃香的就是 「 大模型应用开发工程师」 ， 极度稀 缺！ 但想落地AI应用，企业不需要只会 写几个prompt、 调用API的 调参侠。 而是要能搞懂 Fine-tuning、Agent、RAG等AI大模型技术，知道如 何将 业务场景（ 制造、医疗、金融 等行业）与技术相结合，完整交付项目的开发者。 说白了， 现在懂AI大模型技术，相当于拿着高薪就业的金钥匙！ 目前78%大模型应用开发岗年薪在 60-100万 ，实习生日薪也高达 4000 ，远超市场平均水平，是炙手 可热的香饽饽！ 如今市场饱和、内卷加剧，AI这波风口， 是技术人近几年最好、也可能是最后的破局机会！ 你 只需 要 掌握 AI应用开发逻辑+技术体系+积累企业级实战项目 ，就能 远超90%同行，完成职业升 级！ 我特意找到圈内大佬、阿里MVP 陈旸老师，专为开发者们设计了 「大模型应用开发实战营」 课程，帮 大家从0-1构建完整应用开发路径，快速抓住AI技术红利！ 华为 全面布局 A ...

11月17日晚上8时，2000架无人机组成的编队飞过桐庐上空，它们组成的"快递包裹"造型点亮了这 座快递之城的夜空。这是桐庐快递物流产业的又一个历史性时刻——从2019年开始筹划的通达未来城当 天正式启用。这也意味着"三通一达"（申通、圆通、中通、韵达）二总部项目及中通快运"回家"了。 在外打拼多年的"三通一达"，为何选择在此时"回家"？"回归桐庐，不仅是因为乡愁，也是依托当 地区位、制造业等方面的优势，进一步发展智慧物流的需要。"韵达快递主要负责人认为，快递物流公 司本身是"有轮子"的科技公司，在创新浙江加快建设的大背景下，可以借力家乡促进产业提升。"桐庐 是'三通一达'创始人的故乡，近年来，我们坚定'快递回归'战略，发挥场景优势，招引优质项目落 地。"桐庐邮政管理局（民营快递发展中心）相关负责人说。 通达未来城内，一条通达大道沿线相继坐落申通国际总部、韵达全球科创中心、圆通国家工程实验 室、中通快递第二总部、中通快运全球总部，周边还有住宅、学校、商业等配套。目前已有部分启用， 其余也在加快推进业态导入，预计今年底各总部入驻率超60%。 科技+快递，是这座"城"的关键词。在中通快运IT信息中心，产品推广经理 ...

小鹏汽车再次交出了一份史上最强的季度财报：毛利率首次突破20%，超越了特斯拉和比亚迪；营收翻倍，亏损大幅收窄。凭借MONA M03 的持续热销和G6等新车型的出色表现，小鹏终于走出了增长乏力的阴霾。但刚站上盈利门口前的小鹏，不仅要证明自己能持续赚钱，还要在 技术投入和商业回报之间找到平衡。在彻底跑赢这场淘汰赛之前，小鹏要闯的难关，比想象中更多。 毛利率首破20% 11月17日晚，小鹏汽车交出了三季度成绩单：公司总营收达到203.8亿元，同比大幅增长102%，创下历史新高。 更值得关注的是公司盈利能力的改善。三季度小鹏净亏损收窄至3.8亿元，较去年同期的18.1亿元，大幅减少79.01%，毛利率达到20.1%，同比提升4.8个百 分点，这是小鹏汽车综合毛利率首次突破20%大关。 ▲小鹏汽车2025年第三季度财报。图 / 小鹏汽车官方 这意味着，小鹏三季度的毛利率表现赶超了特斯拉（18%）和比亚迪（17.6%）。这背后，与其有效的成本控制和技术研发的相关收入有关，也反映了小 鹏通过技术授权等非整车销售业务获取高利润的模式，有一定成效。 小鹏在财报中表明，汽车销售收入为 180.5 亿元，同比增长 105%。服务及 ...

研究早观点 2025 年 11 月 18 日 星期二 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,972.03 | -0.46 | | 深证成指 | | 13,202.00 | -0.11 | | 沪深 | 300 | 4,598.05 | -0.65 | | 中小板指 | | 7,992.92 | -0.37 | | 创业板指 | | 3,105.20 | -0.20 | | 科创 | 50 | 1,354.04 | -0.53 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【山证纺服】10 月社零数据点评-10 月国内社零同比增长 2.9%，可选 消费品类增速环比提升 【公司评论】星图测控(920116.BJ)：太空服务管理提供商，测管仿算 全产业链构筑核心壁垒 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【 ...

Summary of Key Points Core Viewpoint The company, Guangdong Haomei New Materials Co., Ltd., is planning to issue A-shares to specific investors to raise funds for various projects, including capacity expansion and technological upgrades, while ensuring the protection of investors' interests through specific measures to mitigate the dilution of immediate returns. Group 1: Fundraising and Financial Details - The company raised a total of RMB 63,686.27 million from its initial public offering (IPO) in May 2020, with actual funds received amounting to RMB 58,989.35 million after deducting issuance costs [2][3] - In January 2022, the company issued 824,000 convertible bonds, raising RMB 82,400.00 million, with actual funds received being RMB 81,316.57 million after costs [3] - As of September 30, 2025, the company had a remaining balance of RMB 7,171.56 million from previous fundraising efforts, with RMB 4,000.00 million temporarily used to supplement working capital [23][24] Group 2: Fund Utilization and Project Changes - The company has utilized RMB 52,812.20 million from the IPO funds and RMB 68,513.68 million from the convertible bond funds for various projects as of September 30, 2025 [7][8] - Changes in project implementation have occurred, including the transfer of the "Aluminum Alloy New Material Construction Project" to a subsidiary, which is expected to enhance resource integration and operational efficiency [8][10] - The company has also adjusted the use of funds for the "High-end Energy-saving System Windows and Curtain Walls Production Base" project to focus on "Annual Production of 20,000 Tons of Aluminum Alloy Profiles and 2 Million Sets of Component Deep Processing Technology Renovation Project" [10][12] Group 3: Impact on Financial Metrics and Investor Returns - The company anticipates that the upcoming issuance of A-shares will dilute immediate returns, with projections indicating a decrease in earnings per share post-issuance [35][36] - To mitigate the impact of dilution, the company has outlined specific measures, including improving operational efficiency, ensuring proper fund management, and enhancing profit distribution policies [43][44][47] - The company has committed to maintaining a stable profit distribution policy to protect investor interests and ensure sustainable returns [47][48] Group 4: Regulatory Compliance and Governance - The company has not faced any penalties from regulatory bodies in the past five years, except for a warning issued in December 2023 regarding inaccurate disclosures [51][52] - The company emphasizes its commitment to improving internal controls and compliance with relevant laws and regulations to enhance information disclosure quality [52]

Investment Rating - The report maintains a "Buy" rating for China Gold International (2099) with a target price of HKD 185.63, representing a 26% upside from the current price of HKD 147.30 [2][9]. Core Insights - The report highlights that the Jia Ma mine's continuous production ramp-up is driving record profits for the company, with Q3 revenue reaching USD 345 million, a 36% year-on-year increase, and net profit soaring 410% to USD 142 million [6][9]. - The Jia Ma mine's copper production reached 19,000 tons in Q3, marking a 10.9% year-on-year increase, while gold production saw a temporary decline due to operational adjustments [7][8]. - The report projects that the Jia Ma mine will produce between 2.15 to 2.3 tons of gold and 63,000 to 67,000 tons of copper in 2025, with significant capacity expansions expected by 2027 [7][9]. Company Research - China Gold International's Q3 performance showcases strong profitability, driven by increased copper sales and higher metal prices, despite a slight decline in gold production [6][8]. - The company is expected to benefit from high gold prices, which provide a cushion against production declines, with projected gold production from the Changshanhao mine between 2.4 to 2.6 tons in 2025 [8][9]. - The report forecasts net profits for the company to reach USD 410 million in 2025, USD 531 million in 2026, and USD 716 million in 2027, reflecting substantial growth potential [9][11]. Industry Overview - The report discusses the broader context of the precious and industrial metals market, emphasizing the impact of global inflation and geopolitical uncertainties on metal prices, which are expected to remain high [9]. - The ongoing demand for copper and gold, driven by industrial applications and investment in precious metals, positions the company favorably within the industry [9].

2025年以来，全球范围脑机接口领域投融资动态更为活跃和强劲，仅国内脑机接口产业吸引投资已近10亿元。如同一个强大的磁场，投融资热潮涌动，叠加 政策催化，脑机接口关键技术持续完善，应用场景不断拓展，市场接受度稳步提升，长期增长潜力充沛。 作为变革性的人机交互方式，相比短期风口，脑机接口堪称沃伦·巴菲特青睐有加的"长坡厚雪"赛道，更长的企业生命周期、易于形成壁垒的商业模式，让 创业者有足够的时间和空间调整、成长，并通过技术专利、品牌效应等因素，在厚厚的"雪"中建立起竞争优势。 鹏脑科技总经理马帅 硬科技赛道脑机接口（BCI）或将迎来产业爆发的关键拐点。 从北京、上海到深圳，中国脑机接口的创业版图和发展轴线持续纵深。酷开科技旗下深圳鹏脑科技近日宣布完成数千万元天使轮融资，无疑给这个赛道及市 场信心又添了一把火，同时也让酷开在AI生态的布局更加完善。研发立身、产品已获市场认可的鹏脑科技，如今即将开启新征程。透过鹏脑科技的技术发 展路径和商业化探索，或许我们能窥见一种打破常规、与众不同的创新法则及生长历程。 "撒网开花"战场的背后王牌 对脑机接口行业而言，医疗健康是目前最大的应用领域。顺势而为，鹏脑科技将"科技赋能脑 ...

Core Insights - The launch of the "Enterprise Treasure" platform by Guangdong Kai Securities and Jinzheng Co., Ltd. marks a significant step in providing a comprehensive institutional wealth management service solution, focusing initially on the public fund sector [1][2] - The platform aims to address pain points in institutional client services and promote the digital transformation of institutional business through a full-cycle, integrated approach [1][2] Group 1: Platform Features - The platform covers the entire investment process, including pre-investment research, transaction support, post-investment analysis, and operational management, creating a closed-loop service [1] - It offers a rich and multi-dimensional set of investment research tools to enhance brokerage firms' value-added services [2] - The platform supports various transaction types, including public and private funds, income certificates, fund advisory, on-market ETFs/LOFs, money market funds, and reverse repos, catering to diverse institutional allocation needs [2] Group 2: Technological Integration - Jinzheng Co., Ltd. emphasizes a B2B2C model, focusing on the full lifecycle service needs of professional institutional investors [1] - The project leader from Jinzheng Co., Ltd. highlighted the company's mature construction plan for the platform, which supports integration with heterogeneous systems and allows for rapid deployment [2] - The collaboration between Guangdong Kai Securities and Jinzheng Co., Ltd. explores a new model of institutional services driven by demand, technology, and ecosystem co-construction [2] Group 3: Market Context - The institutionalization of China's securities market is accelerating, making institutional business a core area for high-quality development among securities firms [1] - As the market for institutional wealth management services becomes more specialized and digitalized, Jinzheng Co., Ltd. is committed to leveraging technology, including AI models, to enhance service efficiency [2] - The company aims to build a smart, collaborative, and sustainable new ecosystem for wealth management services by integrating resources with industry partners [2]

计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数从沪深市场中选取业务涉及计算机硬 件、软件及服务等领域的上市公司证券作为指数样本，以反映计算机行业相关上市公司证券的整体表 现。该指数注重行业内优质企业的代表性，覆盖了从信息技术基础设施到应用服务的广泛领域。 （文章来源：每日经济新闻） 平安证券指出，当前全球AI大模型领域竞争依然白热化，有利于持续推动大模型应用的落地普及，也 将拉动AI算力市场持续高景气。以 Kimi K2 Thinking、MiniMax M2等为代表的我国国产大模型持续迭 代，能力持续提升，性能跻身全球大模型第一梯队。我国国产大模型性能持续提升，并与国产加速计算 的适配越来越好，将有利于我国大模型产业的生态发展，加快国产大模型在我国千行百业的落地。国务 院办公厅印发《实施意见》，聚焦加快培育拓展经济社会应用场景，推动人工智能产业发展。在《实施 意见》的推动下，我国国产大模型的落地场景将加快成熟，我国人工智能产业将加快发展。 ...

宝马新世代车型象征着进入"软件定义汽车"的新篇章，将重新定义智能驾趣，宝马在驾控和交互领域划时代的自研技术突破与本土智能驾驶辅助方案相 结合，共同构成了宝马在智能驾驶体验领域的优势与护城河。宝马凭借在汽车智能人机交互领域二十余年的深厚积淀，将通过新世代车型搭载的划时代人机 交互为用户呈现安全可靠的智能驾驶辅助体验。BMW新世代超感智能座舱以直观的操作方式，通过全新3D抬头显示、视平线全景显示、超感方向盘和超感 中控四大界面，以及灯光及声音为驾驶者精准提供必要信息。同时，全新车内摄像头可实时监测驾驶员状态。 宝马在开发阶段就综合考虑智能交互、操控和驾驶辅助的协同整体性方案，力求达到智能便利、驾驶乐趣、行车安全三者的完美平衡。宝马自动驾驶和 驾驶辅助的开发理念是智能驱动（Smart）、共驾思维（Symbiotic）、安全为本（Safe）。安全始终是宝马对驾驶辅助技术的第一要求。新一代系统在设计 上融入了宝马20余年来在驾驶辅助领域的安全技术积淀，建立起全方位的安全冗余和风险应对机制，让用户真正体验到"放心敢用"的智能驾驶辅助。 通过与本土科技力量Momenta的强强联合，宝马将汽车安全工程与中国尖端的人工智能技术 ...