朋友们早上好，我是帮主郑重。这两天，消息面炸了锅。特朗普关税政策被最高法院打回来，转头又换 个马甲继续加；黄金重回5100美元，白银暴涨近9%；OpenAI突然砍算力，港股AI股却还在疯涨。这一 连串信号，到底在交易什么？咱们捋一捋。 先说最大的变量——特朗普关税。2月20日，最高法院裁定特朗普依据《国际紧急经济权力法》加征的 对等关税违法。结果你猜怎么着？特朗普当天就签了新命令，依据《1974年贸易法》第122条，对全球 商品加征10%关税，为期150天。这还没完，他还考虑上调到15%，并启动232和301调查。 这告诉我们什么？关税不是退潮，是换了个姿势继续涨潮。国泰海通的研报说得透：对等关税被推翻， 不等于去通胀，再通胀的风险反而更高了。短期靠122条款维持税率，中长期看，232行业关税和301国 别关税才是真正的补丁。涉及的产品占美国进口约20%，中国、墨西哥、欧盟、越南都得接招。 这直接引爆了避险资产。周五黄金涨超2%，重回5100美元；白银盘中一度大涨8%，COMEX白银期货 收涨8.93%。为什么？两个逻辑：一是伊朗局势再度紧张，二是经济数据让市场担忧滞胀。美国去年四 季度GDP增速只有1.4% ...

Core Viewpoint - The company emphasizes an open and collaborative technology strategy, actively engaging with the open-source ecosystem and adapting its products to mainstream domestic open-source large models [2] Group 1: Technology Strategy - The company has achieved full-stack adaptation of its "training and inference integrated machine" to mainstream domestic open-source large models [2] - The strategy of "hybrid cloud + hybrid model" integrates the general advantages of open-source models with the company's self-developed large models [2] Group 2: Product Offering - The company's integrated machine products provide "out-of-the-box" private deployment solutions tailored for various industry segments, addressing customer concerns regarding data security and deployment barriers [2] - The efficient inference and low-cost characteristics of open-source small models, combined with the company's integrated software and hardware delivery model, help reduce AI implementation costs for enterprises [2] Group 3: Market Expansion - The company's approach is aimed at expanding into the small and medium-sized enterprise market, enhancing product adaptability to different scenarios and improving commercialization efficiency [2]

21世纪经济报道记者雷若馨香港报道 面对新的硬科技周期，香港科技大学商学院内地策略发展负责人杨晓燕、瑞声科技孙学京、碳云智能王敏昆一致认为，高校在学术、科研中 的"慢"，和商业新场景的"快"中，应该协同探索技术在具体场景中真正落地、创造价值。 产学研界认为，AI竞争的焦点已从参数转向能否切实提升效率、实现规模化应用。面对这一趋势，香港凭借其国际化科研与金融优势，正积 极构建连接全球创新与中国庞大市场的桥梁。 业界认为，通过深化与深圳等内地城市的协同，例如依托河套深港科技创新合作区促进要素流通，香港有望成为AI成果产业化的关键"超级联 系人"，在大湾区新质生产力发展中扮演不可替代的角色。 AI创新浪潮正从研发转向落地 "AI技术的发展已从模型规模的竞争，转向如何深度嵌入实体经济、创造可衡量价值的阶段。"科大讯飞副总裁吴骏华在近日的"甦·新商业盛典 2026"上指出，评价AI落地的标准应包括三方面：是否真正提升生产效率、是否具备规模化复制能力、能否形成可量化的数据价值。 中兴通讯首席发展官崔丽也强调，当前AI产业已呈现多元化竞争格局，性价比、行业渗透率与实用性能成为企业选型的关键。她建议企业无 论面对用户需求还是 ...

当AI热潮渐褪，企业如何找回务实的主旋律？ 在数字化转型进入深水区、AI 技术从概念走向应用的关键节点，企业 CIO 们正面临着共同的命题：如 何让AI真正落地产生价值，而非陷入"跟风投入却不见成效"的困境？ "各行各业都在试AI，进展到哪一步了？有什么收益，有什么坑？"这是业内同仁们最关注的话题，本文 从企业AI应用现状切入，用四个篇章揭开了企业AI落地的真实图景与破局之道。 Part 01 应用现状——从宏大叙事到微观价值 他分享了一组令人印象深刻的数据："我们差不多有5.8亿的消费者会员，每天几百万的真实交互中，超 过90%的客服案例由AI完全处理。"剩余的10%涉及复杂市场活动、食品安全或政府关系等敏感问题， 才需要人工介入。 这个数字背后，是AI技术在特定领域的成熟应用。他指出，与早期基于规则或NLP训练的客服系统不 同，如今专门针对客服场景训练的AI小模型已经能够做到响应快速、回答精准、能力不会"外溢"产生幻 觉或矛盾。 另一个创新应用是针对一线员工的AI培训陪练。"我们在全国有40万名员工，一线服务员的年流失率差 不多为100%。"他解释道。对于如此高的流动率，传统集中培训成本高昂且效果有限。现 ...

Core Viewpoint - The gaming sector is experiencing a "turnaround" since 2025, driven by a combination of improved policies, performance realization, and the integration of AI technology [1][2] Group 1: Policy Environment - The regulatory environment for the gaming industry has significantly improved, with a normalization in the issuance of game licenses, which increased by approximately 25% in 2025 compared to 2024, totaling 1,771 approved titles [1] - The stable supply of licenses has boosted market confidence and provided a rich product pipeline for gaming companies, leading to a recovery in overall industry revenue [1] Group 2: Financial Performance - Gaming companies are witnessing accelerated recovery in profitability, with a net profit growth rate of about 49% for the first three quarters of 2025 among the constituents of the Shenwan Gaming Index, with some leading firms achieving even higher growth [1] - The ongoing implementation of cost reduction and efficiency enhancement strategies, along with the contribution of high-margin new products, has supported this impressive profit growth [1] Group 3: AI Integration - The practical application of AI technology is reshaping productivity and interaction experiences in the gaming industry, moving beyond cost reduction to include innovative applications like intelligent NPCs and dynamic storyline generation [2] - The deep integration of "AI + gameplay" is expected to create new blockbuster game categories, further expanding the industry's valuation ceiling [2] Group 4: Market Outlook - The gaming sector is anticipated to maintain high allocation value against a backdrop of improving macro liquidity and ongoing positive fundamentals [2] - Investors are advised to consider gaming ETFs (516010) and adopt a phased investment approach to capitalize on the long-term benefits of industry recovery and technological transformation [2]

Core Viewpoint - The article discusses Alibaba Cloud's launch of a multimodal interaction development kit, marking a significant step towards the practical application of AI in everyday life, moving beyond just software to integrate AI into hardware [2][4]. Group 1: AI Application and Interaction - The new development kit aims to make AI more tangible, allowing devices like glasses and toys to possess intelligent capabilities, thus transforming user interaction with technology [2][3]. - The kit achieves low latency in interactions, with voice response times as low as 1 second and video interactions at 1.5 seconds, enabling real-time feedback that aligns with human communication speeds [3][4]. - This shift from a "Chatbot" experience to a more immersive hardware interaction signifies a crucial advancement in AI's integration into daily life [3][4]. Group 2: Business Model and Accessibility - Alibaba Cloud has altered its pricing model from a token-based system to a more hardware-friendly "per device license" approach, making it easier for hardware manufacturers to adopt AI technology [4][7]. - The company provides pre-built agents and tools, allowing developers to create complex devices with simple drag-and-drop functionality, thereby lowering the barrier to entry for AI hardware development [4][7]. - This strategy is seen as a long-term investment, anticipating that the data and user engagement generated by AI-enabled devices will surpass traditional cloud service revenue [4][9]. Group 3: Future Prospects and Innovations - Alibaba Cloud's collaboration with RISC-V architecture aims to create a new ecosystem for AI hardware, likened to a modern Wintel alliance, facilitating efficient deployment and performance of AI models [5][6]. - The company envisions a surge in innovative AI hardware by 2026, with products designed to understand and interact with users in more meaningful ways, such as emotionally responsive toys and intelligent glasses [5][6]. - The article emphasizes the potential for diverse new AI-enabled devices to emerge, moving beyond conventional smartphones to cater to specific needs in various physical environments [7][9].

Core Insights - AI is transitioning from being a tool to becoming an integral part of all software applications, indicating a significant shift in how technology is utilized in various industries [3][4] - The concept of "double relocation" in AI signifies that it is moving from traditional applications to a new paradigm that includes both physical and digital environments [2][4] - The emergence of open-source models is democratizing AI, allowing a wider range of participants, including startups and researchers, to engage in AI development [5][8] Group 1: AI's Evolution - AI is no longer just a tool but is becoming foundational to all software, indicating a shift in application development [3] - The technology stack for software development is being completely overhauled, moving from CPU-based programming to GPU-based training, which allows for more dynamic and context-aware applications [4] - The modernization of approximately $10 trillion worth of computing infrastructure is underway to accommodate this new AI-driven approach, with significant venture capital flowing into this transformation [4] Group 2: Open-Source Models - The introduction of open-source models, such as DeepSeek R1, has sparked widespread interest and participation in AI development across various sectors [6][8] - The rapid growth in the download of open-source models indicates a global enthusiasm for AI, with contributions from startups, large companies, and academic institutions [8][9] - Open-source initiatives are seen as crucial for building trust among developers and fostering innovation in the AI space [9] Group 3: Physical AI - AI is evolving from being a digital assistant to a physical worker, capable of understanding and interacting with the real world [10][11] - The development of "physical AI" involves training AI to comprehend physical laws and realities, which is essential for applications like autonomous driving and robotics [11][12] - NVIDIA's Cosmos platform is designed to generate synthetic data for training AI in real-world scenarios, enhancing its ability to perform tasks in various environments [13][14] Group 4: Computational Power Upgrade - The introduction of the Rubin platform aims to address the challenges of computational power and cost associated with AI, significantly improving training efficiency and reducing operational costs [20][22] - Key advantages of the Rubin platform include a fourfold increase in training speed, a tenfold reduction in token costs, and a sixteenfold increase in context memory, enabling more complex tasks without loss of information [23][25][26] - The platform is designed to enhance energy efficiency, allowing for greater computational output with lower energy consumption, which is critical for the sustainability of AI operations [28][35] Group 5: Industry Insights - NVIDIA's CEO emphasizes the importance of competition, particularly from Chinese AI chip companies, as a driving force for innovation and improvement within the company [30][32] - The advice for robotics startups includes focusing on either broad technologies applicable across various sectors or specializing in specific verticals to create competitive advantages [33][34] - The energy demands of AI operations are acknowledged, with a focus on improving energy efficiency to ensure sustainable growth in the industry [35][36]

本届CES以"AI落地赋能消费电子"为核心趋势，海信冰箱参展的智慧大屏冰箱精准呼应这一主题，更成为2026世界杯联名套系的核心亮点。该款冰箱搭载双 高清屏幕，21英寸大屏负责内容展示与家居应用交互，小屏聚焦冰箱核心功能调控，操作便捷且直观。 近日，被誉为"科技春晚"的CES 2026在拉斯维加斯正式拉开帷幕。 作为2026年世界杯全球官方指定冰箱，海信冰箱以AI落地应用为焦点，展示了其在智能交互与全场景互联领域的前沿成果。集中展示中国智造的硬核实 力，成为本届CES智能家居领域的焦点。 智慧大屏+星海大模型，响应AI落地核心趋势 产品设计上，海信全球首创的磁吸光幕门板成为一大亮点。该门板通过特种技术在玻璃内层植入磁性介质，既保留通透质感与隔热性能，又具备强大磁吸能 力，可吸附各类冰箱贴与备忘便条，兼顾美学与实用性，更斩获2025国际CMF设计奖，彰显中国家电设计的国际认可度。 创新结硕果，国内外市场双丰收 持续的技术与产品创新，为海信冰箱赢得了市场与荣誉的双重认可。在国内市场，奥维云网数据显示，海信冰箱稳居真空保鲜冰箱细分市场销量第一，成为 该领域绝对领军者。同时，其凭借硬核实力斩获奥维云网"云鼎奖"、AWE ...

Core Insights - The CES 2026 event in Las Vegas highlighted Hisense refrigerators as a focal point, showcasing their AI applications and smart home integration, emphasizing China's manufacturing capabilities [1][4] Group 1: AI Integration and Product Features - Hisense's refrigerator features a smart dual-screen setup, with a 21-inch display for content and home interaction, and a smaller screen for core functions, enhancing user experience [2] - The refrigerator incorporates Hisense's proprietary Star Sea model, creating an AI cooking assistant that offers visual guidance for meal preparation, making cooking accessible even for beginners [2] - The ConnectLife system allows seamless integration with other smart appliances, facilitating a comprehensive smart kitchen experience from food storage to meal planning and post-cooking cleanup [2] Group 2: Technological Innovations and Competitive Edge - Hisense focuses on user-centric innovations, particularly in vacuum preservation, AI control, and automatic ice-making technologies, establishing a competitive advantage [3] - The vacuum preservation technology, which prevents oxidation and enzyme activity, has been shown to maintain food freshness for up to seven days, outperforming national standards for fresh meat [3] - AI technology enhances preservation by analyzing over 800 food storage characteristics, allowing for customized storage solutions [3] Group 3: Market Recognition and Achievements - Hisense refrigerators lead the vacuum preservation segment in the domestic market, recognized as the top seller, and have received multiple industry awards for innovation [4] - Internationally, Hisense refrigerators have achieved sales leadership in 11 countries, including Canada, France, and Mexico, with significant market shares in Europe [4] - The participation in CES 2026 as the official refrigerator for the World Cup underscores Hisense's commitment to showcasing its technological advancements and global competitiveness [4]

Core Insights - The article highlights Hisense refrigerators as a focal point at CES 2026, showcasing their AI applications and smart home integration, emphasizing China's manufacturing capabilities [1][2] Group 1: AI Integration and Product Features - Hisense's smart screen refrigerator aligns with the CES theme of "AI Empowering Consumer Electronics," featuring dual high-definition screens for content display and user interaction [2] - The refrigerator incorporates Hisense's proprietary Star Sea model, creating a dedicated AI cooking assistant that offers visual guidance for cooking processes, making it user-friendly even for novices [2] - The refrigerator connects seamlessly with other smart home devices through the Hisense Connect Life system, enabling intelligent collaboration for food storage, cooking planning, and post-meal cleaning [2] Group 2: Technological Innovations - Hisense focuses on user-centric innovations, particularly in vacuum preservation, AI control, and automatic ice-making technologies [4] - The vacuum magnetic preservation technology provides a competitive edge, maintaining food freshness for up to seven days, with meat quality exceeding national standards [4] - AI technology enhances preservation by analyzing over 800 food storage characteristics to customize storage solutions, while the ice-making feature boasts a 99.99% antibacterial rate [4] Group 3: Market Performance and Recognition - Hisense refrigerators lead the vacuum preservation segment in the domestic market, recognized as the top seller, and have received multiple industry awards [5] - Internationally, Hisense refrigerators rank first in sales volume or revenue in 11 countries, including Canada, France, and Mexico, with significant market shares in Europe [5] - The participation in CES 2026 as the official refrigerator for the World Cup underscores Hisense's commitment to showcasing its technological advancements and global competitiveness [5]