以下文章来源于棱镜 ，作者温世君 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 减持清单也曝光了。 文 ｜ 温世君 编辑 ｜ 孙春芳 来源｜ 棱镜（ID：lengjing_qqfinance） 封面来源 ｜ 视觉中国 11月12日，道琼斯工业指数冲上48431.57点的历史新高。相较于2023年初——也就是本轮美股牛市的起点，已经上涨了46%。 ChatGPT引爆的AI革命是本轮美股牛市的核心驱动力，纳斯达克指数的涨幅自然不遑多让。10月29日24019.99点的历史新高，相较2023年初翻番还要多：上 涨了131.25%。 关键的支撑来自几家数万亿市值的科技股：不到三年时间，微软、苹果股价翻番，总市值双双攀升至4万亿美元上下；谷歌（ALPHABET-A）涨幅超 200%，总市值站上3.5万亿美元大关……作为本轮美股牛市的核心旗手，英伟达的涨幅一度突破1300%，不仅成为三年13倍的超级牛股，更创下历史纪录， 成为首家总市值突破5万亿美元的公司——创始人黄仁勋也顺理成章地登上全球华人首富的宝座。 但情况似乎在悄然发生变化：无论是黄仁勋，还是曾经的全球首富比尔·盖茨，都在减持自家股票。而借着这轮AI ...

Financial Data and Key Metrics Changes - In Q3 2025, GMV decreased by 2.3% year-over-year to RMB 2.62 billion, while total revenues increased by 2.1% to RMB 2.33 billion, indicating a recovery in top-line growth [17] - Adjusted net loss narrowed significantly by approximately 78% year-over-year to RMB 14 million, with an adjusted net loss margin improving to 0.6% [5][20] - Operating loss decreased by 69.3% to RMB 32.3 million, with the margin improving to negative 1.4% from negative 4.6% [19] Business Line Data and Key Metrics Changes - The number of transacting customers exceeded 70,000, reaching a new quarterly high, and private label GMV grew by 16.7% year-over-year, accounting for 8.2% of total GMV [17][8] - Gross margin for product sales YP model increased by 11.2 basis points to 16.2%, while the marketplace model's take rate rose by 47.5 basis points to 13.1% year-over-year [18] Market Data and Key Metrics Changes - The average weekday order value improved from approximately RMB 37 million in July to RMB 52 million in November, representing an increase of over 40% [4] - The company added over 2.3 million sellable SKUs, bringing the total to more than 19 million, and onboarded over 1,200 new suppliers [7] Company Strategy and Development Direction - The company is focused on enhancing its supply chain capabilities and product offerings, particularly in professional and industrial-grade MRO categories [9][25] - AI technologies are being integrated across various business processes to improve operational efficiency and customer experience [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving quarterly profitability in Q4 2025, driven by improved operational efficiency and a balanced customer mix [21] - The company anticipates GMV growth of 15%-20% per year going forward, while balancing profitability with long-term investments in core competencies [33] Other Important Information - The company generated net cash of approximately RMB 105.5 million from operating activities, a significant improvement from the previous year [21] - The launch of the Expert Linglong AI model is expected to enhance the entire MRO supply chain, improving efficiency and productivity [11] Q&A Session Summary Question: Views on the competitive landscape of the MRO market in China - Management believes that the IPO of JD Industrial is beneficial for the industry, as it promotes the concept of one-stop purchasing on e-commerce platforms [24] - The company emphasizes its specialization in chemicals and industrial-grade MROs, which sets it apart from competitors [25][26] Question: Reasons for not being profitable and balancing profitability with long-term investments - Management indicated that previous losses were due to significant investments in infrastructure and core competencies, but they are now entering a phase focused on profitability [30] - The company plans to control expenses while continuing to invest in R&D and overseas expansion to ensure sustainable profitability [33] Question: Future plans for overseas expansion - Management is focused on serving Chinese companies going abroad while also developing business in the U.S. and Europe, with a break-even target for overseas operations by 2026 [36]

毕马威中国环境、社会和治理(ESG)主管合伙人沈莹在COP30分享中国在绿色低碳高质量发展方面的最 新实践与智慧，与全球伙伴共同探讨通过可持续的方式推进能源转型。从企业的角度，沈莹认为，在全 球对气候与可持续发展要求不断提升的背景下，企业披露的可持续信息正在从"可选题"转变为"必答 题"，ESG鉴证如今正逐渐成为企业战略管理的重要组成部分。全球ESG鉴证成熟度呈现分化态势，而 数据质量成核心竞争力。总体趋势已经非常明确：ESG鉴证不是终点，而是一个持续旅程的起点。 本报讯(记者闫立良)11月10日至21日在巴西贝伦市举行的《联合国气候变化框架公约》第三十次缔约方 大会(COP30)被国际社会寄予厚望。继深度参与COP29后，专业服务机构毕马威此次以"创新驱动转型之 路"为主题，继续投身COP30的全球议程。毕马威在此次巴西COP30大会上，解读《毕马威2025年环 境、社会与治理鉴证成熟度指数》报告等研究成果，并聚焦"披露和可持续投资"等相关议题，与国际多 边机构、标准制定组织、机构投资者等进行深入交流。 本次毕马威参加COP30，还就人工智能(AI)对气候行动与能源转型的影响；自然与生物多样性在企业转 型规 ...

Group 1 - GAC Toyota's sales vice president denied rumors about discontinuing multiple fuel vehicle models, stating the information is false [1] - The company is reportedly facing market speculation regarding the potential discontinuation of two main fuel vehicle models by 2026 [1] Group 2 - Ant Group's AI assistant "Lingguang" achieved over 500,000 downloads within three days of its launch, ranking seventh on the App Store overall chart and first in the free tools category [2] Group 3 - Airbus announced the initiation of the second phase of its share buyback program, which aims to support future employee stock ownership and incentive plans, with a maximum buyback limit of 4.14 million shares [3] Group 4 - Yann LeCun, Meta's chief scientist, announced his departure to start a new company focused on Advanced Machine Intelligence, aiming to revolutionize AI capabilities [4] Group 5 - Xiaomi's automotive division announced the production of its 500,000th vehicle, with expectations to exceed 400,000 deliveries in 2025 [5] Group 6 - The U.S. government plans to launch an initiative called "Genesis Mission" to enhance AI development, emphasizing its importance comparable to historical projects like the Manhattan Project [6] Group 7 - Google plans to invest $2 billion in building a data center in Turkey, as announced by the Turkish Vice President [7] Group 8 - Singapore-based fintech company RockFlow completed a new funding round of several million dollars, led by Ant Group [9] Group 9 - The Thai Ministry of Finance is considering increasing the VAT rate from 7% to 8.5% in 2028, contingent on economic recovery [10] Group 10 - The Chinese Chemical and Physical Power Industry Association is set to issue a notice to regulate pricing in the lithium iron phosphate industry, aiming to combat ongoing losses and price competition [11] Group 11 - The Ministry of Finance and the Ministry of Industry and Information Technology in China are seeking public opinions on the draft standards for government procurement of new energy vehicles [12] Group 12 - Indonesia is in discussions with Singapore and Malaysia to establish a trilateral data center collaboration [13] Group 13 - China's first green hydrogen coal chemical project has commenced market operations, showcasing a successful model for the green transformation of the coal chemical industry [14]

Core Viewpoint - Lenovo Group has signed a long-term supply agreement with key component suppliers to address the rising storage chip prices driven by the surge in artificial intelligence (AI) demand [1][2]. Group 1: Supply Chain Strategy - The long-term contract aims to ensure sufficient supply for the upcoming year, reflecting Lenovo's emphasis on stability and sustainability during its AI transformation [1][2]. - By locking in key component supplies, Lenovo can better control cost fluctuations and gain strategic advantages in a competitive market [2][3]. - Lenovo's significant purchasing power allows it to negotiate favorable terms in the supply chain, creating a competitive edge that smaller players cannot match [3]. Group 2: Market Context and Performance - The global storage chip prices are increasing due to heightened demand from data center operators for AI server construction, leading to a tightening supply of traditional storage chips used in smartphones, computers, and gaming devices [1]. - Lenovo's Intelligent Devices Group (IDG) reported a revenue of 108.1 billion RMB in the second quarter of the 2025/26 fiscal year, marking a 12% year-on-year increase, with AI terminal devices contributing significantly to this growth [3]. - The CEO of Lenovo believes that the market will not experience a bubble, but rather a phase of AI technology becoming more widespread and accessible [3].

Core Insights - The academic report by Yan Ning at Shanghai Jiao Tong University discusses the relationship between AI and scientific research, emphasizing a new paradigm in biological discovery led by structural insights [1][19]. Research Focus - Yan Ning's initial goal in establishing her lab in 2007 was to produce results that could be included in textbooks, focusing on glucose transport proteins and sodium ion channels as primary research areas [2][5]. - The research on glucose transport proteins (GLUTs) has successfully reached publication in textbooks, with the next target being sodium ion channels, particularly the Nav1.7 subtype, which is linked to pain perception [5][10]. Technological Advancements - The advent of cryo-electron microscopy (cryo-EM) has revolutionized the ability to analyze protein structures, achieving resolutions as high as 1 Å, which allows for detailed structural analysis previously only possible with X-ray crystallography [6][8]. - The development of AI tools, such as Alphafold, is being integrated into research, although current predictions from these tools are not yet sufficiently accurate for the desired conformations of proteins [8][20]. New Research Paradigms - The research approach is shifting from a problem-oriented methodology to an observation-driven paradigm, allowing for the discovery of new molecular structures, including unique sugar fibers that may have applications in carbon neutrality and material science [11][14]. - The introduction of a new algorithm named Ahaha aims to enhance the efficiency of determining the absolute chirality of sugar fibers in cryo-EM images, showcasing the integration of AI in structural biology [16][18]. AI Integration - AI is seen as a tool for empowerment in scientific research, facilitating the analysis of large datasets generated by cryo-EM and enabling the development of models for sugar structures [19][21]. - The collaboration between biology and AI is expected to lead to significant advancements in both fields, with potential implications for the future design of AI hardware inspired by biological structures [21].

AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 11月20日（周四）21:30，美国将公布"姗姗来迟"的9月非农报告。经济学家预测，报告将继续显示就业 市场疲软，继8月数据不佳之后，9月的招聘情况仅小幅回升。 市场预测非农就业人数在9月增加5万人，高于8月的2.2万人。相比之下，美国经济在年初时每月平均增 加约10万个工作岗位。失业率料将继续维持在4.3%。 Comerica银行的首席经济学家比尔·亚当斯（Bill Adams）则表示："金融市场对9月就业报告的反应可能 会比平时小，因为私人来源已经提供了更多关于就业市场表现的信息。不过，政府数据仍然是衡量就业 市场状况的黄金标准，任何一个方向的重大意外都将带来大量新信息。" 亚当斯预测9月非农就业人数将增加约4万人。 其他数据显示就业市场降温 尽管此前缺乏官方就业数据，但其他指标表明美国劳动力市场正在降温。10月份，美国大部分地区的裁 员通知数量显著增加，更是凸显了就业市场的压力。 克利夫兰联储的数据显示，21个州的39006名员工收到了《工人调整和再培训通知法案》通知，告知他 们即将面临裁员。这一数字是自2006年1月开始跟踪该数据以来的最高水平 ...

Core Insights - The new cross-border listing framework aims to attract tech growth companies from Asia to the IPO market, enhancing access to global capital [2][4] - The initiative is expected to launch by mid-next year, pending regulatory approval, and is designed to streamline the IPO process for issuers [3][4] - There is a growing pipeline of over 30 companies preparing for IPOs on SGX, indicating a robust market environment [13] Group 1: IPO Market Dynamics - The IPO market has seen a turnaround recently, with $2.4 billion raised in the third quarter across various companies, including SaaS firms [8] - The framework will provide a single set of documents for issuers, simplifying the regulatory obligations [3] - Companies like Grab and Sea, which previously listed overseas, may consider returning to the local market due to this new mechanism [4] Group 2: Market Opportunities - There is significant interest from unicorns and tech companies in Southeast Asia looking to list, supported by venture capital and private equity [5][10] - The SGX is positioned to attract Chinese companies seeking to expand their footprint outside of China, leveraging multiple listing pathways [9] - The introduction of the Next 50 Index aims to enhance the representation of tech and AI companies within the market [11] Group 3: Future Growth Projections - The company anticipates revenue growth of 6 to 8% over the medium term, with plans to expand its FX business and launch new financial products [14][15] - The ongoing consultations with the ecosystem indicate a positive sentiment among companies looking to IPO, which is expected to bolster the market further [6][7] - The company is exploring acquisitions to strengthen its multi-asset platform, focusing on commodities and risk management tools [16][17]

Core Viewpoint - Lenovo Group's latest financial report shows a mixed picture, with a 15% year-on-year revenue growth driven by a recovery in the PC market and strong demand for AI servers, but a 5% decline in net profit raises concerns about future profitability due to rising component costs [3][10][11]. Financial Performance - Lenovo's quarterly revenue reached $20.5 billion, exceeding market expectations of $20.1 billion [5]. - The net profit for the quarter was $340.3 million, falling short of the consensus estimate of $434.2 million [4][11]. - For the first half of the year, Lenovo reported a net profit of $845.6 million and revenue of $20.45 billion [6]. Business Segments - The PC business has shown strong performance, with a 17.3% year-on-year increase in shipments from July to September, helping to boost revenue [8][9]. - AI servers have emerged as a key growth driver, with increasing investments in computing infrastructure from global enterprises accelerating demand [10]. Cost Pressures - Rising storage chip prices are significantly impacting Lenovo's profit margins, leading to concerns about the overall profitability of PC manufacturers [11][12]. - Morgan Stanley has downgraded its rating for Lenovo based on the anticipated erosion of profits due to increasing component costs [3][12].

Group 1 - The core viewpoint is that large language models (LLMs) are not a universal solution, and the future will see more customized and specialized models that address specific problems [1][2] - The current focus and funding are heavily concentrated on the idea of building a "universal model" using vast computational resources, but the reality is that smaller, specialized models will emerge to effectively solve different issues [2] - The potential bursting of the LLM bubble may have limited impact on the company, as the AI industry is large and diversified, meaning that even if the sector is overvalued, it will not significantly affect the overall industry or its business [3] Group 2 - Hugging Face has adopted a cautious spending strategy, with half of the $400 million raised still in the bank, contrasting sharply with the "burn rate" of other AI companies, particularly in the large language model space [3] - The company aims to build a "long-term, sustainable, and globally impactful" business, learning from past industry cycles where many practitioners are eager for quick results and act with a short-term perspective [3]