既然旧的"效率优先"全球化逻辑不灵了，买房致富的路径也失 效了，那么，钱该往哪里去？ 作者：郑晨烨 封图：受访者供图 "如果商品不能越过国界，那么军队就要越过国界。"11月19日，在2025年第九届中欧国际工商 学院深圳论坛上，兴业银行首席经济学家鲁政委引用了法国经济学家巴斯夏的一句名言，来描述当 下的全球贸易局势。 他认为，全球经济正处于"康波萧条期"，老的技术潜力耗尽，新的技术还没长大，存量博弈导致 多边合作被零和思维取代。这种状态，就像科幻小说《三体》里的"乱纪元"，行星围着三颗恒星 转，轨道已经算不清楚了。 这种"乱"，在数据上表现得更直接。野村证券中国首席经济学家陆挺在现场算了一笔账：过去五 年，中国出口年均增长率接近8%，但在未来的"十五五"期间，这个数字可能会回落到3%至5%。 陆挺同时表示，不能只看新经济，而不管被称为"老登"的房地产行业，虽然房地产不再是增长支 柱，但它留下的债务链条和历史遗留问题，仍是未来五年中国宏观经济不得不面对的负累。 既然旧的"效率优先"全球化逻辑不灵了，买房致富的路径也失效了，那么，钱该往哪里去？ "要去大海里打鲸鱼，不要在烂泥塘里挖泥鳅。"深圳东方港湾投资管理股份 ...

IT之家 11 月 20 日消息，在马斯克描绘的未来里，人类不再需要工作和金钱，贫困也会彻底消失。 据《商业内幕》报道，当地时间周一，马斯克在美沙投资论坛上与英伟达 CEO 黄仁勋同台并表态：生成式 AI 的发展会让金钱"失去意义"，电力等能量和 质量依旧会形成限制，但"货币终将变得无足轻重"。 马斯克提到科幻作家伊恩・班克斯的"文化系列"，称这些作品能帮助人们理解"更有可能出现的积极 AI 未来"。 谈到工作时，马斯克说，未来的工作会像运动或玩游戏一样"随意参与"。他还把这种未来比作园艺：在后院种菜虽然费力，但喜欢的人仍然会做；工作未来 也会变成这种"可做可不做"的活动。 过去几个月里，马斯克多次描绘 AI 时代的愿景，包括消除贫困。据IT之家了解，他曾在本月早些时候的股东活动上说，"实现全民脱贫和极佳医疗只有一条 路，就是 Optimus 机器人。" 马斯克在 10 月对乔・罗根表示，当 AI 和机器人让所有工作和金钱都不再必要后，政府应发放全民收入，而且必须是"全民高收入"。"在较温和的情境下， 会出现全民高收入，人人都能获得想要的产品和服务，但过程会伴随相当大的冲击。" 在论坛上谈到"金钱将变得无意义 ...

吕能幸认为，"Alpha世代"未来25年的成长，将直接定义中国品牌的全球地位。他们对本土文化的认同，正是突破文化茧房的关键。 谈及品牌出海的具体路径，吕能幸提出了"OEM+文化价值观"的进化公式。"品牌发展就像蝴蝶破茧，要经历从代工（OEM）到设计制造（ODM），最终到 自主品牌（OBM）的过程，而文化就是破茧的力量。"他说。 吕能幸对比中外品牌现状："中国市场能轻松举出上百个美国品牌，但在欧美市场，我们的本土品牌数量仍显不足。这需要以'和而不同'的文化包容，传递 共同的价值观——品牌是冰山的10%，文化与价值观才是水下的90%。" 上证报中国证券网讯（记者 杨翔菲）11月18日，胡润集团CEO、联合创始人吕能幸在太湖世界文化论坛第八届年会上表示，AI时代需以文化为基推动品牌 出海。 "当AI浪潮袭来，我们该如何守护文明、传递文化，推动品牌出海？这是时代抛给我们的重要命题。"在吕能幸看来，新时代的文明出海，不能只有产品，要 建立全球认可的品牌价值共识——文明是出海的底气，而品牌是底气的具象化表达。 "AI不是单纯的技术，而是一个全新物种。AI具备自我迭代、硬件升级的能力，其与人类的关系值得深思。"在吕能幸看来 ...

中国文字学会会长李守奎表示，我们正处在中国文字学学术研究全面繁荣的大好时期。AI时代已经来 临，语言文字工作者要拥抱机遇，应对挑战，创造出更多无愧时代、经得起历史检验的优秀成果。 (责编：杨光宇、胡永秋) 本报济南11月17日电 （记者杨立新）"汉字与中华文明的连续性"学术研讨会暨中国文字学会第十二届 学术年会15日、16日在山东大学举办。200余名专家学者与会，就甲骨金文、春秋战国文字、秦汉文字 以及汉字理论等议题展开交流研讨。 《 人民日报 》（ 2025年11月18日 13 版） ...

Group 1 - The core idea is that China and the United States are the only two countries with significant entrepreneurial and innovative activities, forming a "dual pole" in global entrepreneurship [2][10] - Both countries possess large domestic markets that support the growth of unicorns without the need for early globalization, with China having a population of 1.4 billion and the U.S. having a high-consumption market of 340 million [3][4] - The funding and capital structures in both countries are uniquely capable of continuous self-renewal, with the U.S. having a mature primary market ecosystem and China having abundant domestic capital willing to invest in long-term cycles [4][5] Group 2 - Both countries have complete and iterative full-stack technology industrial chains, with the U.S. excelling in software, chips, and basic research, while China leads in manufacturing, supply chains, and engineer density [6][7] - Other regions may have entrepreneurial activities, but they are limited by smaller markets, lack of funding, or conservative venture capital, leading to a focus on service outsourcing rather than innovative startups [9] - The AI era is expected to further reinforce the "dual pole" entrepreneurial landscape, with the next generation of startups requiring national-level investment and full-stack industrial chains, which only China and the U.S. can provide [9][10]

Core Insights - Rokid has established itself as a leading player in the smart glasses market, achieving significant sales milestones and positioning itself as a major contender by 2025 [2][10] - The company emphasizes a user-driven approach, having completed over 200 product updates since the launch of its smart glasses, enhancing functionality and user experience [5][10] - Rokid's strategy includes breaking out of the traditional tech-savvy user demographic, attracting a more diverse user base across various professions [8][10] Company Overview - Rokid has been operational for 11 years, raising over 3.5 billion RMB through 13 funding rounds, with notable investors including Temasek and IDG Capital [2] - The company aims to redefine user interaction in the AI era, moving away from traditional devices like smartphones and computers to smart glasses as the new interface [2][3] Product Development - Rokid has partnered with various companies to launch innovative applications, including navigation, payment, and music experiences tailored for smart glasses [5] - The introduction of "Rokid Care," an insurance product for accidental damage, reflects the company's commitment to enhancing user confidence in smart hardware [5] Market Expansion - The user demographic for Rokid Glasses has shifted significantly, with only 16% of users being from the tech industry, indicating a successful expansion into broader markets [8] - The collaboration with BOLON to create stylish AI smart glasses highlights the company's focus on merging fashion with technology, aiming to attract a wider audience [9][10] Future Outlook - The partnership with BOLON is expected to enhance market competitiveness and innovation, positioning smart glasses as a fashionable and functional accessory [10] - The industry is witnessing a transformation where smart glasses are seen not just as tech devices but as a new medium for personal expression and lifestyle [10]

Core Insights - The 19th National Futures (Options) Live Trading Competition has concluded, with Maike Futures serving as the designated trading firm for the third consecutive year, enhancing its brand influence and customer interaction [1][4] - The competition saw a significant increase in customer participation, with 875 participants, a 33% year-on-year growth, attributed to internal promotions and incentives [1] - The company emphasizes the importance of risk management and education in futures trading, aiming to prevent clients from overtrading and to promote disciplined trading practices [3][4] Company Strategy - Maike Futures aims to respond to the complex market environment and industry changes by adhering to compliance and driving innovation, focusing on providing safe, convenient, and high-quality services [2] - The company plans to enhance its wealth management capabilities and improve its research and service levels through continuous interaction with traders [1][5] - Future strategies include personalized services and customized products based on client needs, as well as embracing AI advancements to improve trading technology and service convenience [5] Industry Trends - The competition highlighted a shift in options trading from a niche activity to a mainstream risk management and strategy expression tool, indicating a growing maturity in the market [4] - The company recognizes the need for deeper understanding of macroeconomic factors and policies, as well as the proficient use of various trading tools in a competitive environment [2][4] - The ongoing transformation in China's futures market is expected to enhance participant maturity and stability, with the competition serving as a catalyst for industry development [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first three quarters of 2025, the company achieved revenue of 2.933 billion yuan, a year-on-year increase of 18.61%, and a net profit attributable to the parent company of 502 million yuan, a year-on-year increase of 73.50% [5][10]. - In Q3 2025, the company reported revenue of 999.5 million yuan, a year-on-year increase of 5.66% and a quarter-on-quarter increase of 5.42%, with a net profit of 197 million yuan, a year-on-year increase of 39.11% and a quarter-on-quarter increase of 72.19% [5][10]. - Despite the impact of national subsidy reductions and weakened downstream demand, the company still achieved growth in both year-on-year and quarter-on-quarter revenue in Q3 [10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 38.51%, an increase of 4.75 percentage points year-on-year [10]. - The company has successfully expanded its market share through its leading technology and quality customer service, with rapid growth in the shipment of its 2800 series chips used in TWS headphones, smartwatches, and glasses [10]. - The company has introduced new clients such as Xiaotianzi and Songtu, and the shipment of smart watch chips continues to grow rapidly [10]. Research and Development - In the first three quarters of 2025, the company's R&D expenses amounted to 539 million yuan, a year-on-year increase of 13.73% [10]. - The company maintains a high level of R&D investment, which supports the continuous improvement of its core technological capabilities [10]. - The BES2800 series chips have advantages such as multi-concurrency, low latency, high bandwidth, and low power consumption, applicable in various scenarios including headphones, watches, and wireless microphones [10]. Future Outlook - The next-generation low-power high-performance smart wearable chip, the BES6000 series, is progressing well in development and is expected to enter the sample delivery stage in the first half of 2026 [10]. - The company is positioned as a leader in wearable SoC, with proven capabilities in expanding product categories from TWS headphones to smartwatches and wristbands [10]. - The company forecasts net profits attributable to the parent company of 703 million yuan, 951 million yuan, and 1.511 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 4.17 yuan, 5.64 yuan, and 8.96 yuan [10].

Core Insights - The article discusses the rise of digital humans in the live-streaming e-commerce sector in China, particularly highlighting the capabilities of AI-driven digital humans in enhancing human-machine interaction [1][3] - Li Yanhong, during the Baidu World 2025 conference, emphasized that digital humans serve as a universal interface in the AI era, making interactions more natural and human-like [1] Group 1: Digital Humans in E-commerce - Digital humans are increasingly utilized in various sectors including education, healthcare, consulting, customer service, and sales, indicating a broad application potential [3] - The recent "Double 11" shopping festival showcased that many of the live-streaming sales led by Luo Yonghao were supported by digital humans, demonstrating their effectiveness in driving e-commerce [3] Group 2: Technological Advancements - Digital humans possess new capabilities that enhance real-time interaction, perception, and decision-making, allowing them to provide feedback based on real information [3] - The integration of digital humans into live-streaming not only improves engagement but also elevates the overall interactive experience for consumers [3]

Core Viewpoint - The article celebrates the 10th anniversary of Qidian Research, highlighting its commitment to the renewable energy sector and the journey from a small dream to a significant research institution with professional value in the industry [2][3]. Group 1: Company Development - Qidian Research has evolved from focusing solely on lithium batteries to covering the entire renewable energy industry chain, including sodium batteries, solid-state batteries, energy storage, electric vehicles, and wind-solar storage [3]. - The company has developed a comprehensive service matrix consisting of 1 research institute, 1 exhibition, 6 media platforms, and 4 membership platforms, enhancing its capabilities and influence in the industry [3][21]. Group 2: Industry Achievements - Over the past decade, Qidian Research has provided services to over 1,000 leading companies in the renewable energy sector, including major players like CATL, Panasonic, and BYD, covering areas such as batteries, materials, equipment, and electric vehicles [8]. - The company has published numerous industry reports that have been widely cited, contributing valuable market analysis and technical insights to support decision-making for various enterprises [12]. Group 3: Future Outlook - The renewable energy industry is poised for unprecedented growth opportunities, driven by carbon neutrality goals, the proliferation of electric vehicles, and advancements in energy storage and AI technologies [14][15]. - Qidian Research aims to enhance its research capabilities and service levels, expand its research scope, and strengthen international cooperation to provide more valuable insights for the industry [15].