在侵权争议持续、主业盈利能力弱化、AI转型尚未见效的多重背景下，视觉中国未来如何破局仍待观察。 视觉中国（000681.SZ）再度成为舆论焦点。 11月22日，视觉中国及其两家关联公司就侵权摄影师戴建峰一案发布致歉声明，这场历时两年的诉讼以其被判赔偿1.5万元、公开 道歉落幕。 法院认定其非法销售戴建峰照片并反向索赔的行为不当，而这已是视觉中国继2019年"黑洞照片版权""国旗国徽图库收录"争议 后，再陷版权风波。 版权争议未平，业绩压力又至。2025年前三季度，视觉中国营收微增0.3%至6.10亿元，净利润却同比下滑9.03%；近5年综合毛利 率从63.52%降至46.81%，核心业务盈利能力持续衰减。 视觉中国押注AI转型，2025年AI训练服务收入同比增300%，但2024年AI相关收入占比仅2.22%，尚未成为业绩支柱，且高研发投 入加剧现金流压力。 一边是反复出现的版权争议，一边是主业颓势难改、新业务贡献有限的业绩困境，如今筹划H股上市的视觉中国，究竟该如何平 衡版权合规与商业盈利，又能否借转型真正破局？ 侵权判决落定，"维权"争议再掀波澜 11月22日，视觉（中国）文化发展股份有限公司及其两家关联 ...

百度集团-SW(9888.HK)涨超4%报116.6港元。隔夜美股市场百度收涨超7%报119.21美元，折算成港股市 场价格为116.17港元/股。消息上，摩根大通大幅上调百度目标价至188美元。 摩根大通在11月23日的报告中表示，百度的投资叙事正在发生根本性转变：公司正从传统搜索广告公司 转型为AI基础设施供应商，预计昆仑芯片销售及GPU计算需求将推动营收增速显著提升。摩根大通预 计，百度昆仑芯片收入将从2025年的约人民币13亿元飙升至2026年的83亿元，增幅达到6倍。摩根大通 称，市场严重低估了百度AI转型的速度和规模，得益于昆仑芯片销量增长，公司云业务收入将在2026 年增长61%。 ...

"企业要的不是颠覆性革命，而是能够连接过去与未来的平滑路径。"林源强调。青云AI Infra 3.0架构在设计之初 就明确了三大原则：兼容存量IT资产、支持按需进化、保障业务连续性与数据安全。 据青云科技副总裁沈鸥介绍，AI Infra 3.0架构分为四层：最底层为PrimusOS信创操作系统，确保对国产芯片的兼 容与性能优化；其上为KubeSphere统一调度层，实现通算、超算、智算的统一调度；再往上为能力层，覆盖虚拟 化、云、云原生、AI智算等全栈能力；最上层为开放层，通过开放API以及MCP等协议支持生态定制与行业适 配。 【环球网科技报道 记者 李文瑶】当AI技术以前所未有的速度渗透至各行各业，企业面对的已不再是"要不要转 型"的选择题，而是"如何转、何时转、能否转得动"的现实难题。在智能化浪潮中，企业既期待借助AI实现业务突 破，又担忧技术投入带来的高成本与高风险。 "企业数智化正面临两难选择：不转型难，转型更难。"青云科技CEO林源对记者说道。在他看来，企业之所以陷 入这一困局，根源在于"技术迭代的颠覆性与企业发展渐进性之间的结构性错配"。 技术跃进与企业渐进的根本矛盾 从虚拟化、云、云原生到AI ...

供给端反内卷政策加码，钢铁品种结构优化升级 中国银河（601881）证券发布研报称，近日钢企陆续发布2025前三季度业绩报告，龙头钢企归母净利润 高增，部分钢企利润同比扭亏为盈，钢铁行业整体盈利能力修复。在供给侧反内卷持续推进的背景下， 钢铁行业产能持续向优质龙头集中;从需求侧看，行业有望受益于制造业升级和AI转型。中长期来看， 该行认为普钢龙头企业有望受益于行业供需格局的改善。建议关注：受益于行业供需格局改善的普钢板 块龙头公司，基本面向好的特钢板块相关龙头公司等。 中国银河证券主要观点如下： 2025前三季度利润修复，行业效益显著改善 2025年前三季度，从业绩来看，中钢协重点统计钢铁企业累计营业收入为4.56万亿元，同比下降2.36%; 营业成本为4.26万亿元，同比下降3.88%，收入降幅小于成本降幅1.52个百分点;利润总额960亿元，同比 增长1.9倍，行业效益相比去年同期明显改善;销售利润率为2.1%，同比上升1.39个百分点。从供需结构 来看，据国家统计局数据，前三季度，全国累计生产粗钢7.46亿吨，同比下降2.9%，预计全年仍将保持 同比下降，实现粗钢产量调控目标;生产生铁6.46亿吨，同比 ...

Core Insights - Cognizant has signed a definitive agreement to acquire 3Cloud, a leading independent Microsoft Azure service provider, enhancing its capabilities in data, AI, application innovation, and enterprise cloud platforms [1][3][4] - The acquisition is expected to significantly expand Cognizant's Azure product portfolio and deepen its expertise in complex engineering projects, driving AI-led business transformation [3][5] - 3Cloud has achieved a 20% organic compound annual growth rate since 2020, with expectations to maintain similar growth through 2025, driven by strong demand for Microsoft Azure-based business transformation [3][6] Company Overview - 3Cloud primarily serves enterprise clients across sectors such as banking, healthcare, technology, and consumer goods [3] - The integration will add over 1,000 Azure experts and more than 1,500 Microsoft certifications to Cognizant's existing team of nearly 20,000 Azure-certified employees [3][5] - 3Cloud has been recognized multiple times as a top Microsoft Azure partner, winning various awards for its innovative Azure solutions [6] Strategic Implications - The acquisition is seen as a critical step for Cognizant in advancing its enterprise AI strategy, enabling organizations to rapidly build, deploy, and scale AI solutions [3][4] - Cognizant aims to establish itself as a leading partner within the Azure ecosystem, leveraging 3Cloud's expertise to enhance client value in their AI journeys [4][5] - The deal is expected to close in the first quarter of 2026, pending regulatory approvals and other closing conditions [6]

Investment Rating - The report suggests a positive outlook for the steel industry, indicating a recovery in profitability and a focus on supply-side reforms [4][29]. Core Insights - The steel industry has shown significant improvement in profitability during the first three quarters of 2025, with total profits reaching 96 billion yuan, a year-on-year increase of 190% [4][6]. - The report highlights the implementation of supply-side reforms aimed at optimizing the structure of steel products and controlling production capacity [4][13]. - The demand for steel is expected to benefit from manufacturing upgrades and AI transformation, with a focus on high-end product development [4][29]. Summary by Sections 1. Industry Profit Recovery and Supply-Side Policies - In the first three quarters of 2025, the cumulative operating revenue of key steel enterprises was 4.56 trillion yuan, a year-on-year decrease of 2.36%, while total profits reached 96 billion yuan, marking a significant recovery [4][6]. - The production of crude steel was 746 million tons, down 2.9% year-on-year, while steel consumption fell by 5.7% [4][6]. - The report notes that the sales profit margin increased to 2.1%, up 1.39 percentage points year-on-year [4][6]. 2. Fund Holdings in the Steel Sector - As of September 30, 2025, the number of fund holdings in the steel sector increased to 41, with a total holding value of 21.99 billion yuan, up 22.44% year-on-year [4][17]. - The report indicates that the steel sector's holdings accounted for 0.50% of total fund holdings, with a notable increase in the number of holdings during the first and third quarters [4][17]. 3. Investment Recommendations - The report recommends focusing on leading companies in the ordinary steel sector that are expected to benefit from improved supply-demand dynamics, as well as companies in the special steel sector with strong fundamentals [4][29].

Core Viewpoint - The article discusses the declining employment rates and salaries for computer science graduates in China, highlighting the impact of AI and technological advancements on job markets and the necessity for continuous learning and adaptation in the workforce [5][7][23]. Employment Trends - The employment rate for 2024 computer science graduates is only 82.4%, ranking 11th from the bottom among 61 major disciplines, significantly lower than the national average of 86.7% [5][6]. - In comparison, the employment rates for history and foreign language graduates are higher, at 87.2% and 86.9% respectively, indicating a shift in job market dynamics [7]. Salary Trends - Salaries for computer science graduates have also seen a decline, dropping from the 5th position in 2014 to 27th in 2023, with many graduates reporting starting salaries below 6,000 [7][8]. Impact of AI on Employment - The rise of AI technologies is significantly affecting the demand for computer programmers, with major companies like Amazon and Microsoft announcing large-scale layoffs, citing a shift towards AI-driven operations [8][10]. - AI's ability to generate code is reducing the need for traditional programming roles, leading to a perception of programmers as less essential [10][11]. Educational System Critique - The article critiques the traditional higher education system, suggesting that it may not adequately prepare students for the current job market, as companies like Palantir are now recruiting directly from high school graduates [13][16]. - There is a growing sentiment that practical skills and adaptability are more valuable than formal degrees in today's rapidly changing job landscape [17][23]. Continuous Learning and Adaptation - The article emphasizes the importance of continuous learning and the ability to adapt to new tools and technologies, suggesting that success in the modern workforce is increasingly determined by one's willingness to learn rather than by one's academic background [23][25].

Core Viewpoint - Guangdong Rontai Pharmaceutical Co., Ltd. has officially submitted its main board listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] Industry Overview - The Chinese off-hospital pharmaceutical market is experiencing continuous growth driven by policies such as prescription outflow and the separation of medical services and pharmaceuticals. The market size has increased from 520.8 billion yuan in 2019 to an expected 655.2 billion yuan in 2024, and is projected to exceed 1 trillion yuan by 2030 [1] Company Business Segments - The company operates in three main segments: - **Digital Sales to Individual Customers**: Rontai Pharmaceutical sells drugs through B2C and O2O e-commerce platforms like JD Health, Alibaba Health, and Meituan Pharmacy, providing brand operation, data monitoring, and smart inventory management services. As of 2024, the company has established partnerships with 196 e-commerce platform clients [2] - **Sales to Grassroots Endpoints**: The company supplies drugs to grassroots medical institutions and retail endpoints through B2B platforms such as Yaoshi Bang and 1Yaocheng. By June 30, 2025, Rontai Pharmaceutical has collaborated with 1,757 regional sales partners, covering over 1.7 million institutions in its grassroots endpoint database [2] - **Sales to Large Chain Pharmacies**: The company directly supplies products to national and regional chain pharmacies, currently covering 787 chain pharmacy brands, thereby enhancing its off-hospital retail network [2] Financial Performance - In 2023, the company's net profit was 45.72 million yuan, which is expected to decline to 3.74 million yuan in 2024 due to strategic layout completion of five subsidiaries across various regions. However, in the first half of 2025, net profit is projected to rebound to 17.09 million yuan, surpassing the total for 2024. During the same period, the number of regional sales partners increased from 754 to 1,705, a growth of 126%, with over 154,000 grassroots endpoints covered through e-commerce channels [2] Client Resources and AI Strategy - Rontai Pharmaceutical has provided services to 15 of the top 20 global pharmaceutical companies by revenue in 2024, including major international firms like Huizhi, Kefu, Johnson & Johnson, and Pfizer, as well as 81 of China's top 100 pharmaceutical companies [3] - The company is advancing an AI transformation strategy, establishing a nationwide AI and IoT-driven intelligent supply chain network, implementing dynamic AI marketing to identify market opportunities, and launching 24/7 customer service based on natural language processing. Additionally, it is creating a comprehensive knowledge graph for decision support and introducing AI-driven automatic compliance monitoring to reduce regulatory risks [3] Future Outlook - Looking ahead, Rontai Pharmaceutical plans to further expand its product portfolio, deepen collaborations with pharmaceutical companies, and promote the implementation of AI technology in supply chain management, precision marketing, customer service, and compliance regulation [3] - With the initiation of the Hong Kong stock listing process, the company is expected to enter a new development phase against the backdrop of the continuous growth of the Chinese off-hospital pharmaceutical market [3]

Core Insights - QingCloud Technology officially launched AI Infra 3.0, emphasizing "All in One, One for AI" as its strategic core, aiming to transform the barriers of AI implementation into growth momentum for enterprises [1][2] Group 1: Challenges in Digital Transformation - Enterprises face three core challenges during digital transformation: balancing historical IT investments with AI innovation, simplifying management while meeting diverse business needs, and ensuring business stability alongside rapid technological iteration [2] - The CEO of QingCloud, Lin Yuan, highlighted the mismatch between the disruptive nature of technology iteration and the gradual nature of enterprise development as the essence of the pain points in digital transformation [2] Group 2: Key Features of AI Infra 3.0 - AI Infra 3.0 possesses four key characteristics: full-stack capability, on-demand scalability, standardized delivery, and smooth evolution [3][4][5][6] - The unified architecture provides a stable, scalable, and highly compatible technical foundation for enterprises, integrating virtualization, cloud, cloud-native, and AI computing capabilities [7] Group 3: Core Values of AI Infra 3.0 - The architecture creates four core values for enterprises: investment assurance (75% cost savings), transformation assurance (100% smooth upgrades), operational assurance (over 70% improvement in management efficiency), and innovation assurance (evolutionary architecture meeting future AI needs) [8] Group 4: Industry Applications - In the education sector, QingCloud provides GPU computing, model inference services, and high-performance computing resources, addressing the core challenges of diverse deployment and usage of computing resources in universities [9] - In smart manufacturing, the unified architecture enhances IT response speed by 75% and significantly shortens the cycle from AI model development to production [9] - In the media industry, the open architecture allows for rapid compatibility with various hardware, improving deployment efficiency and addressing the challenges of scattered computing resource management [9] Group 5: Ecosystem Collaboration - QingCloud aims to create a win-win ecosystem in the AI era by collaborating with partners, emphasizing standardization and openness throughout the design, development, testing, and delivery processes [11] - The AI Infra 3.0 architecture supports heterogeneous needs and helps partners meet customer demands through its open and plug-in architecture [11] Group 6: Partner Benefits - Numerous partners have benefited from the AI Infra 3.0 architecture, including a pharmaceutical research group that quickly launched medical AI analysis capabilities and an operator that achieved integrated deployment and management of AI solutions [12]

记者也从亚马逊刚离职的前员工处了解到，大裁员情况属实，且中国区裁员比例更高，有部门直接减员 一半且管理权限上移美国。 "上周还在出差拜访跨境电商的头部卖家以及跟进平台向税务机关披露卖家收入事宜等相关情况，这周 初就接到了人力通知，后来发现连通知我们的人力也接到了被裁邮件。" 该前员工表示，之前虽有耳闻公司的人员优化举措，只是没想到来得这么集中和迅速。 据了解，自2022年以来，亚马逊已累计裁员超过2.7万人。一方面亚马逊在全球落地AI转型与组织扁平 化的策略，另一方面亚马逊中国区的业绩增速放缓，外界也关注亚马逊后续中国区运营与政策执行的稳 定性。 业绩承压裁员？ 亚马逊：聚焦AI转型 如此大力度的裁员，难免令外界关注亚马逊此举是否与自身运营压力有关。对此，亚马逊表示，裁员之 举是为了聚焦AI转型以及让组织更敏捷。 亚马逊人力体验与技术高级副总裁贝丝·加莱蒂当日致信员工说，人工智能是自互联网诞生以来最具变 革性的技术，使企业能够以前所未有的速度创新。此次裁员旨在通过将资源重新分配到优先领域，让公 司"更加强大"。 全球电商与科技巨头亚马逊近日正式宣布，将在全球范围内实施新一轮组织优化，净裁减约1.4万个企 业白 ...