美国1/3的经济增长靠数据中心建设，AI公司到2030年可能面临8,000亿美元的收入缺口…… 当所有人都在问「AI是不是泡沫」时，我想用上一轮移动互联网的经验，给你一个不一样的思考框架，同时聊聊AI的投资/创业机会在哪。 Part 1 替代 or 增量 目前有不少应用层的AI，从终端消费来看，变现过程还是替代逻辑而不是增量逻辑。 比如perplexity，其变现是订阅+广告，其实替代的都是媒体—— 阅读perplexity整理过的内容，我自然会减少对传统媒体的订阅费； 而企业愿意付的广告费，也不会因为多了一个渠道就增加预算，只是从另外的渠道挪预算过去； 当然，大量融资的新创企业会增加投放，但洗牌也会抹掉被淘汰企业的预算。 再比如sora/midjourney/suno等AI生图生视频生音频应用，同样也是替代的逻辑—— 消费者的注意力最多也就24个小时，我们能看的图或视频、能听的音频并不会增加多少。 只是我们看的内容可能会比以前制作更精良（替代了以前的草根内容）。 所以从这个角度来看，从总量上看，没有创造新需求的AI，暂时只能替代人（只能「节流」），但还替代不了欲望（没法「开源」）。 不过，从行业内部来看，A ...

原标题：用电量折射经济向好态势 国家能源局日前发布数据显示，今年8月份全国全社会用电量10154亿千瓦时，同比增长5%。这是 继7月份之后，月度全国全社会用电量再次超过万亿千瓦时，连续两月创历史新高。 具体来看，第一产业用电量保持较快增长。今年前8个月，第一产业用电量1012亿千瓦时，同比增 长10.6%，增速比上年同期提高3.6个百分点。8月当月，第一产业用电量同比增长9.7%，较去年同期提 高5.1个百分点。 第二产业用电量持续回升。前8个月，第二产业用电量4.34万亿千瓦时，同比增长3.1%。8月当月， 第二产业用电量持续回升，同比增长5%。 前8个月，高技术及装备制造业合计用电量同比增长5.3%，增速高于同期制造业平均增长水平2.5个 百分点，所有子行业均保持增长。其中，汽车制造业、通用设备制造业、专用设备制造业等用电量增速 超过5%。新能源整车制造业继续保持高速增长，前8个月用电量同比增长23%。 第三产业用电量延续快速增长势头。前8个月，第三产业用电量1.33万亿千瓦时，同比增长7.7%。8 月当月，第三产业用电量增速7.2%，环比略有下降。 前8个月，信息传输/软件和信息技术服务业用电量同比增长 ...

国家能源局日前发布数据显示，今年8月份全国全社会用电量10154亿千瓦时，同比增长5%。这是继7月 份之后，月度全国全社会用电量再次超过万亿千瓦时，连续两月创历史新高。 另一方面，在国家"两新""两重"促消费以及"反内卷"稳工业增长等一系列政策拉动下，宏观经济保持回 暖态势，各行业产能持续释放。8月当月，全国制造业用电量同比增长5.5%，为今年各月以来最高，其 中，钢铁、建材、有色、化工等原材料行业用电量复苏势头明显，合计用电量同比增长4.2%，比7月提 高3.7个百分点；高技术及装备制造业用电量体现出极强的发展韧性，合计用电量同比增长9.1%，所有 子行业均实现正增长，新能源汽车整车制造、光伏产业制造用电量也都保持快速的增长势头，显示出新 质生产力蓬勃发展，正在形成新的经济增长点，推动用电量向上攀升。 （文章来源：经济日报） 前8个月，高技术及装备制造业合计用电量同比增长5.3%，增速高于同期制造业平均增长水平2.5个百分 点，所有子行业均保持增长。其中，汽车制造业、通用设备制造业、专用设备制造业等用电量增速超过 5%。新能源整车制造业继续保持高速增长，前8个月用电量同比增长23%。 第三产业用电量延续快速 ...

Group 1 - Liu Bo, a partner at Qingliu Capital, has been in the VC industry for 12 years and has experienced significant changes in the economy and industry dynamics [3][5][7] - The VC industry has evolved from a "handcrafted" approach to a more industrialized model, with specialization in project sourcing, valuation, and post-investment management [4][5] - The current generation of investors, represented by Liu Bo, is characterized by mentorship and structured learning, contrasting with earlier generations that relied on personal style [4][5] Group 2 - The consumer sector faced severe challenges, leading Liu Bo to reassess her career and investment strategies as she approaches her 40th birthday [5][6][8] - The liquidity crisis in the primary market has made it difficult for projects to secure funding, impacting the risk-reward balance for VCs [7][8][11] - The shift in focus from consumer investments to sectors like renewable energy and AI reflects the need for adaptability in response to market conditions [14][15][18] Group 3 - The VC industry is experiencing a transformation where traditional methods of project evaluation and relationship management are being challenged by new dynamics [17][19] - The importance of maintaining optimism and learning agility is emphasized as essential traits for success in the VC field [19][20] - The perception of age and experience in the VC industry is evolving, with a call for more visibility and representation of individuals over 40 [21][22][23] Group 4 - Liu Bo's insights suggest that the VC landscape is becoming more competitive, with fewer opportunities and a need for deeper engagement with projects [18][24] - The exploration of family office perspectives on VC investments indicates a shift in how assets are evaluated and managed in the current market [24][25] - The focus on exit strategies is highlighted as crucial for realizing the value of past investments, underscoring the importance of timing in the investment cycle [25]

证券日报网讯宝通科技（300031）9月26日在互动平台回答投资者提问时表示，股价受宏观环境、行业 周期、市场情绪、资金流向等多重因素影响。公司将聚焦工业互联网和移动互联网双主业，坚持科技创 新的差异化发展策略，以主业经营的稳定性应对市场变化。 ...

Group 1 - The core viewpoint of the article highlights the steady growth of China's telecommunications industry, with significant increases in mobile internet traffic and user numbers [1] - In the first eight months of the year, China's mobile internet traffic reached 2534 billion GB, representing a year-on-year growth of 16.4% [1] - As of the end of August, the number of mobile internet users in China reached 1.601 billion, with a net increase of 31.32 million users compared to the end of the previous year [1] Group 2 - The total telecommunications business revenue for the first eight months amounted to 118.21 billion yuan, reflecting a year-on-year growth of 0.8% [1] - The total telecommunications business volume, calculated at constant prices from the previous year, grew by 8.8% year-on-year [1] - The total number of fixed internet broadband access users reached 689 million, with a net increase of 18.85 million users since the end of the previous year [1] Group 3 - The total number of mobile phone users among the three major telecommunications companies and China Broadcasting reached 1.819 billion, with a net increase of 29.53 million users since the end of the previous year [1] - The number of 5G mobile phone users reached 1.154 billion, with a net increase of 14 million users since the end of the previous year [1] - As of the end of August, the total number of 5G base stations in China reached 4.646 million, with a net increase of 395,000 stations, accounting for 36.3% of the total mobile base stations [1]

（文章来源：证券时报） ...

数据显示，前8个月，我国电信业务收入保持正增长，累计完成11821亿元，同比增长0.8%。5G用户规 模持续扩大，移动物联网终端用户增长较快。截至8月末，三家基础电信企业及中国广电的移动电话用 户总数达18.19亿户，其中，5G移动电话用户达11.54亿户，比上年末净增1.4亿户；三家基础电信企业发 展移动物联网终端用户28.72亿户，比上年末净增2.16亿户。 据新华社电 记者23日从工业和信息化部获悉，今年前8个月，我国通信业呈现平稳运行态势。其中移动 互联网流量延续较快增势，截至8月末，移动互联网用户数16.01亿户，比上年末净增3132万户。 ...

截至8月末 我国移动互联网用户数达 T 比上年未净增 3132元户 8月当月户均移动互联网 接入 流量 @ C C 编辑 刘佳妮 ...

Group 1 - The total mobile internet access traffic in China from January to June 2025 reached 1866.81 billion GB, representing a cumulative growth of 16.4% [1] - In June 2025, the mobile internet access traffic was 330.03 billion GB, showing a year-on-year growth of 17.6% but a month-on-month decline of 2.3% [1]