OpenAI与微软这对曾经的亲密盟友，如今正围绕人工通用智能（AGI）的定义和相关合同条款展开激烈 博弈。当OpenAI CEO奥特曼宣称"已掌握构建AGI方法"时，微软CEO纳德拉却驳斥这是"荒谬的指标操 纵"。这场关于人工智能终极形态的定义权之争，正使科技界最具影响力的合作伙伴关系走向分岔口。 据科技媒体The Information近日深度调查，OpenAI与微软2023年签订的百亿合作协议因"通用人工智能 （AGI）"条款触发重大分歧。微软要求删除合同中允许OpenAI在达成AGI时终止技术授权的关键条 款，但截至2025年5月谈判仍陷僵局，而这可能危及OpenAI计划的史上最大规模IPO。 合同争议核心在于「中断技术授权条款」。根据双方2019年原始协议，OpenAI非营利董事会可以认 定：当人工智能进化到超越人类的AGI（通用人工智能）阶段时，OpenAI有权立即切断微软的技术访 问权。"所有人都在嘲笑这个想法"，一位亲历谈判的知情人士回忆道。当时在微软高管眼中，这种科幻 小说般的设定不过是技术乌托邦主义者的天真幻想。 然而，AI发展速度迅猛，短短几年内情况发生了翻天覆地的变化。奥特曼在多个场合声 ...

南沙蕉门河畔，小马智行的自动驾驶汽车流畅汇入车流；白云机场停机坪，搭载带电货物的运输包机呼 啸升空；天河路商场内，"丝滑"的离境退税服务让参加完广交会的海外客商直呼"amazing"…… 自2022年12月入选全国服务业扩大开放综合试点城市以来，广州紧扣"服务+"主线，在制度破冰、要素 流动、产业跃迁等领域持续突破，推动服务业扩大开放深度融入经济发展肌理，释放出强劲发展动能。 截至目前，130项试点任务已推进实施128项，实施率达98.5%。涉外法律服务、绿色金融、境外专业人 才服务等13项举措入选全国试点案例，商事登记"跨境通"服务平台试点经验向全国复制推广。服务业增 加值连续两年超2.2万亿元，占GDP比重超70%。试点期间，全市累计新设服务业外商投资企业近1.5万 家，服务贸易突破750亿美元，连续两年呈两位数增长。 产业赋能：服务链与产业链深度共振 探索"服务+制造"，广州展现自动驾驶领域的"湾区速度"。全国首创将"自动驾驶平均脱离间隔里程"纳 入测试标准，开放一般测试道路1340条（单向里程2601公里）、高快速测试公路10条（263公里），构 建起多区联通、跨区测试网络。推动开展自动驾驶出租车或网 ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 招商证券指出，生成式AI正在改变计算机和软件开发行业的商业模式，从传统的"基于授权的软件 模式"转变为"按结果收费的服务模式"，AI应用成为劳动替代品，针对服务市场，规模远超传统软件市 场。我国B端软件企业在AIGC领域与海外企业相比仍有差距，主要由于国内企业更倾向"硬件+免费软 件"模式，付费意愿较低。 海外软件巨头在AI应用研发阶段具有先发优势，直接与头部大模型厂商合作，而我国通用大模型 仍处于追赶阶段。制造 ...

Core Insights - The company is experiencing a new wave of growth opportunities in the competitive home appliance market, driven by precise user demand insights and innovative vitality [1] - The capital market has highly recognized the company's strategic transformation, with multiple institutions providing positive ratings and target prices [1][2] Product Innovation - The company launched the ultra-thin 1mm Light Pro Warm Palace Belt in June, addressing user pain points with features like 5-level precise temperature control and antibacterial materials [1] - The split electric stew pot meets the upgraded needs of family kitchens, and promotional strategies have effectively stimulated sales [1] - The company conducts over 20,000 user surveys annually through its "User Direct Plan," leading to rapid growth in its maternal and infant product category, with projected revenue of 250 million yuan in 2024 [1] Strategic Transformation - The company is focusing on high-end flagship products by shrinking low-profit categories and ensuring quality and capacity through smart manufacturing bases and a 2000㎡ testing center [2] - AI technology is applied in the digital field to optimize the supply chain and enhance market response speed through an integrated development system [2] - The company employs a dual-track strategy of "own brand + OEM" for global expansion, increasing R&D investment in Southeast Asia, Japan, South Korea, and Europe while leveraging established channels through OEM/ODM business [2] Financial Performance - The company has seen a decrease in sales expense ratio by 2.55 percentage points year-on-year and an increase in net profit margin by 3.18 percentage points quarter-on-quarter in Q1 2025, indicating improved operational quality [1] - The company is building resilience against challenges like raw material cost pressures through product innovation, efficiency improvements, and strategic focus [2] Market Outlook - The differentiated layout in the health small appliance sector, continuous optimization of the profit model, and steady progress in globalization collectively depict a new landscape for high-quality development [2] - The combination of "User Direct" innovation and refined operational capabilities positions the company for promising growth potential in the market [2]

Core Viewpoint - The Jinan Municipal Government has launched a nine-month special enforcement action under the "Guarding Consumption" initiative to combat illegal activities in the consumer sector [1][3]. Group 1: Enforcement Actions - The enforcement action focuses on key issues such as food adulteration, campus food safety, price violations in the funeral sector, false advertising in elderly care services, and trademark infringement among 18 highlighted problems [3][4]. - A total of 8,856 cases have been investigated, recovering economic losses of approximately 10.2 million yuan for consumers, effectively deterring illegal activities [3]. Group 2: Consumer Complaint Channels - The enforcement team has established multiple complaint channels, including 12345, 12315, and the "Law Enforcement Guardian Card," to encourage public participation in reporting illegal activities [3][4]. - The team has publicly solicited leads on consumer violations, aiming to enhance consumer rights protection through efficient reporting mechanisms [3]. Group 3: Public Awareness and Education - The enforcement team is conducting legal education campaigns in collaboration with industry associations, enterprises, and large supermarkets, utilizing various formats such as consultations, exhibitions, and seminars [4]. - The team has organized 10 "case-based legal education" events, engaging over 4,000 market entities, and regularly publishes typical cases in media to promote lawful and honest business practices [4]. - The strategy includes a combination of strict enforcement, regulation, and education to enhance the effectiveness of law enforcement in the consumer sector [4].

Core Points - A customer at CAVA received a bill for $0 for a falafel pita sandwich priced at $11.05, with the word "love" written on it [1][3] - The cashier informed the customer that they could leave without paying, leading to humorous speculation about the reason behind the gesture [4][5] - CAVA's manager, David Garcia, explained that the restaurant has a "love" button on their cash registers, which allows staff to offer complimentary meals to customers who appear to be in a bad mood, forget their wallets, or are regular patrons [7] - Each CAVA location reportedly uses this "love" button about twice a day [7] - CAVA advises customers not to abuse this feature and emphasizes that it is at the discretion of the staff [8] - Similar acts of kindness are noted in other fast-food chains, such as Chick-fil-A, which sometimes includes handwritten notes in customers' bags during special promotions [8]

Core Viewpoint - Weifang Bincheng Investment Development Co., Ltd. is undergoing a significant ownership change, with its 60% state-owned equity being transferred to the Weifang City Hanting District State-owned Assets Operation Center without compensation [4]. Group 1: Ownership Change - The announcement states that the 180 million yuan (approximately 27 million USD) equity held by Weifang San Nong Innovation Development Group Co., Ltd. will be transferred entirely to the Weifang City Hanting District State-owned Assets Operation Center, resulting in the latter holding 100% of the company [4]. - Prior to this change, Weifang San Nong held 60% of the shares, while the Hanting District State-owned Assets Operation Center held 40% [4]. Group 2: Company Background - Established in August 2005, Bincheng Investment has a registered capital of 3 billion yuan (approximately 450 million USD) and has developed into a large group company covering seven major sectors: finance, urban construction, cultural tourism, agriculture, energy, urban services, and intelligence [9]. - The company currently manages four state-owned enterprises and has over 140 subsidiaries, including one listed company on the Shenzhen A-share market, with total assets amounting to 65 billion yuan (approximately 9.75 billion USD) [9]. Group 3: Legal Issues - Bincheng Investment is involved in a property share transfer dispute, with a court hearing scheduled for June 27, 2025, where the plaintiff is Shandong New Kinetic Energy Fund Management Co., Ltd. [5]. - Recently, *ST Gauss received a notice from its controlling shareholder, Bincheng Investment, regarding a court ruling that mandates the transfer of 39,851,030 shares (23.84% of total shares) to Weifang Guojin Industrial Development Co., Ltd. as compensation for debts, reducing Bincheng Investment's stake from 25.84% to 1.99% [9].

一、证券市场回顾 南财金融终端数据显示，昨日(6月25日,下同)上证综指日内上涨1.04%，收于3455.97点，最高3459.01 点；深证成指日内上涨1.72%，收于10393.72点，最高10403.51点；创业板指日内上涨3.11%，收于 2128.39点，最高2133.03点。 二、ETF市场表现1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为1.39%。其中按照不同分类，规模指数ETF中华夏创业板50ETF收益率最 高，为4.13%；行业指数ETF中富国中证全指证券公司ETF收益率最高，为5.79%；策略指数ETF中华夏 创业板低波价值ETF收益率最高，为1.97%；风格指数ETF中华夏创业板动量成长ETF收益率最高，为 4.18%；主题指数ETF中华夏中证金融科技主题ETF收益率最高，为7.6%。 3、股票型ETF资金流向 昨日股票型ETF资金流入最多的3只ETF及其流入金额分别为：华泰柏瑞中证A500ETF(流入30.01亿元)、 南方中证1000ETF(流入4.58亿元)、汇添富中证A500ETF(流入4.04亿元)。资金流入前10详情见下表: | 美别 | 代码 | 基金名称 ...

金十数据6月26日讯，据美国有线电视新闻网（CNN）报道，知情人士透露，原定于本周早些时候举行 的美国参议院伊朗局势机密简报会，已重新安排在美东时间周四下午2点（北京时间周五凌晨2点）举 行。特朗普政府近日面临众议院和参议院情报委员会资深民主党人的批评，这些议员对美方空袭伊朗行 动缺乏沟通表示不满。部分议员警告政府不要在简报会前操纵事实。预计众议院将在周五听取简报。 消息人士：美参议院将就伊朗问题举行机密简报会 ...

虽然美国政府此前限制英伟达向中国出口AI芯片H20，导致本财年第一季度减值45亿美元，第二季度预 计损失约80亿美元，但是市场却未因此退缩。当天美股三大指数整体涨跌不一，纳指小幅上涨、标普基 本持平、道指微跌，但英伟达成为焦点。 21世纪经济报道记者倪雨晴 深圳报道 Loop Capital预测英伟达市值可达6万亿美元。分析师AnandaBaruah将英伟达的目标价从175美元上调 至250美元，是华尔街当前的最高目标价。 他还在研报中指出："我们的研究表明，我们正进入下一波生成式 AI（GenAI）采用的'黄金浪潮'，而 英伟达正处于这股更强劲需求的前端。" 美东时间6月25日，英伟达召开2025年度线上股东大会，当天公司股价大涨4.3%，收于154.31美元，再 创历史新高，总市值达到约3.77万亿美元，继续稳固全球市值第一的位置，超过微软（约3.66万亿美 元）。 其二是看好机器人、自动驾驶等AI战场。机器人无疑是英伟达瞄准的下一个标地，"通用机器人的时代 已经到来。"黄仁勋多次在演讲中表达了这一观点，他认为劳动力需求与AI技术的高速发展正在推动通 用机器人加速走向产业化。 事实上，英伟达对于机器人的理 ...