隔夜股市 | 标的 | 涨跌 | | --- | --- | | 上证指数 | 0.05% | | 深证成指 | 0.06% | | 恒生指数 | -0.94% | | 日经225指数 | -1.06% | | 韩国KOSPI | 0.57% | | 德国DAX30 | 0.92% | | 英国富时100 | -0.74% | | 法国CAC40 | -0.04% | | 欧洲斯托克50 | -0.12% | | 道琼斯指数 | -0.94% | | 标普500指数 | -0.34% | | 纳斯达克指数 | 0.16% | 美东时间周三，美股三大指数收盘涨跌不一，纳指涨0.16%，标普500指数跌0.34%，道指跌0.94%。 在消化一系列与特朗普相关的头条新闻之际，投资者也在关注最新美国经济数据：11月职位空缺降幅超 出预期，招聘活动有所放缓。本周五将公布至关重要的12月非农就业报告。 Longbow资产管理公司首席执行官Jake Dollarhide表示："本周市场的核心就是非农就业报告，如果就业 数据走弱，可能会强化市场对美联储今年降息的预期。" 商品市场 | 标的 | 涨跌 | | --- | -- ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 组织与发展基础：研发团队背景多元，平台化模式支撑业务扩展 公司定位与业务属性：通用多模态大模型及 AI 原生应用提供商，围绕模型能力开展商业化 根据招股书披露，公司以自研通用多模态大模型为核心，构建覆盖文本、语音、图像等多模态能力的统一 模型底座，并基于模型能力向企业客户及终端用户提供模型服务及 AI 原生应用产品。公司业务主要包括 模型调用服务、模型定制与解决方案输出，以及自有AI应用的运营与变现，形成以模型能力为基础的多元 化业务结构。 商业模式与收入来源：模型调用与解决方案为主要变现方式，商业化仍处于推进阶段 公司商业化路径以模型API调用为核心，同时提供模型定制、项目化解决方案及 AI 原生应用服务。收入确 认主要与模型调用量 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 商业模式与核心优势：模型调用规模化增长驱动收入成长，2025年收入预计延续高速增长趋势 公司商业模式以自研通用大模型为核心，通过API调用、模型定制、解决方案输出及自有AI应用等方式实 现商业化。一方面，公司持续加大研发投入，强化模型训练、推理效率及多模态能力，构筑技术与数据壁 垒；另一方面，通过开放式平台模式，降低下游客户接入门槛，提升模型调用规模与生态粘性。 综合来看，公司核心优势包括： 1）通用多模态模型能力持续迭代，技术积累较深；2）B端与C端并行的产品与商业化路径，应用场景丰 富；3）平台化、可扩展的商业模式，有利于规模化增长；4）管理及研发团队具备 AI 领域长期经验，执 行与迭代能力较强。 风险提示： 技术风险； ...

Group 1 - The core message of the news highlights the rapid advancements in AI technology, particularly in computational power, autonomous driving, and the emergence of physical AI, which are expected to significantly impact various industries and society at large [1] - NVIDIA's CEO Jensen Huang emphasized the transformative potential of AI, showcasing new models for robotic training and autonomous driving capabilities during his speech at the Consumer Electronics Show [1] - The optimistic perspective suggests that as AI improves its modeling of the physical world, it will lead to a new era of superintelligence, while the pessimistic view raises concerns about existential risks associated with advanced AI [1] Group 2 - The article discusses the recurring theme of "AI singularity" in science fiction, illustrating societal anxieties about AI's potential to surpass human control, as depicted in various films and literature [2] - It argues that current technological paths do not support the realization of a superintelligent AI that can autonomously enslave humanity, suggesting that these fears are largely speculative [2] - AI's creative capabilities are fundamentally based on existing human knowledge, lacking the intrinsic imagination and self-awareness that characterize human thought processes [3][4] Group 3 - The limitations of AI are highlighted, noting that it operates within frameworks established by humans and lacks the self-generated desires and goals that drive human creativity and innovation [4][5] - The article posits that while automation may replace certain transactional jobs, it does not equate to a loss of human significance, as AI's capabilities remain bounded by human-defined parameters [5] - The historical context of scientific development is presented, emphasizing the need for a balanced approach to AI's rapid evolution, acknowledging both its potential and the risks of misuse in various contexts [6]

Core Viewpoint - Google and Character.AI are settling with families who sued them over alleged harm to minors caused by AI chatbots, including suicides [1][2][3] Group 1: Settlement Details - Families have agreed to work out settlement terms with Google and Character.AI, with a mediated settlement in principle to resolve all claims [3] - The lawsuits involve families from Colorado, Texas, and New York, although specific settlement details have not been disclosed [3] - One notable case involves a plaintiff whose son died by suicide, claiming harmful interactions with Character.AI's chatbot [2] Group 2: Company Actions and Developments - In August 2024, Google entered a $2.7 billion licensing deal and hired Character.AI founders, who were named in the lawsuits, to join its AI unit DeepMind [4] - Google has been recognized as a top performer on Wall Street in 2025, attributed to its advancements in AI technology [7] - The company launched its latest tensor processing unit chips and the Gemini 3 chatbot recently, indicating ongoing innovation in AI [7] Group 3: Industry Context - The generative AI sector has rapidly evolved since the launch of ChatGPT, now encompassing sophisticated interactions beyond text, including images and videos [5] - Companies in the AI space are facing increased scrutiny regarding the potential harmful consequences of their technologies, particularly in relation to mental health [5][6] - Character.AI has announced a ban on users under 18 from engaging in unrestricted chats with its AI chatbots, reflecting a response to concerns about user safety [6]

Lux Capital, a 25-year-old VC firm known for its investments in frontier science and defense technology, has closed a $1.5 billion ninth fund, the largest fund in the firm’s history. Despite 2025 marking a 10-year low for the number of new VC funds raised in the U.S., according to PitchBook, it’s not hard to see why limited partners are still piling into Lux. The firm has been investing in defense technologies for years before geopolitical shifts turned the sector into one of the most desirable investm ...

Core Viewpoint - Alphabet's Google and Character.AI have reached a settlement in a lawsuit concerning the alleged role of a Character chatbot in the suicide of a 14-year-old boy [1] Group 1 - The lawsuit was initiated by a Florida woman who claimed that the chatbot's interactions contributed to her son's tragic decision [1] - The settlement indicates a potential shift in how AI companies may handle legal liabilities related to mental health and user interactions [1] - This case highlights the growing concerns regarding the impact of AI technologies on vulnerable individuals, particularly minors [1]

Funding and Valuation - Anthropic has signed a term sheet for a $10 billion funding round at a $350 billion valuation [1] - Coatue and Singapore's sovereign wealth fund GIC are leading the financing [1] Company Background - Anthropic was founded in 2021 by former OpenAI research executives, including CEO Dario Amodei [2] - The company is known for developing a family of large language models called Claude [2] - Amazon has invested billions into Anthropic, while Microsoft and Nvidia announced plans to invest up to $5 billion and $10 billion, respectively [2] Competitive Landscape - Anthropic is competing with companies like Google and OpenAI, which has a valuation of $500 billion [3] - The company released three new models — Claude Sonnet 4.5, Claude Haiku 4.5, and Claude Opus 4.5 — late last year [3]

The Consumer Electronics Show (CES) in Las Vegas is currently underway, serving as the global stage for SoundHound’s most critical product reveal to date. The company has officially unveiled Amelia 7, a massive upgrade to its conversational AI platform. This launch marks a pivotal transition for the industry: the shift from generative AI to agentic AI.The timing of this rally aligns perfectly with the January Effect. This well-known market phenomenon often sees beaten-down growth stocks rebound during the f ...

"我们的就业服务不是'大水漫灌'，而是把活动、政策、平台、扶持等当作'真金白银'，精准送到大学生 等就业群体中。"新年伊始，徐州市泉山区亮出大学生就业"成绩单"：去年对离校未就业高校毕业生进 行实名调查登记和"一对一"服务，实现超千人就业。 近日举行的"'创'响泉山，'职'达梦想"专场招聘宣讲会，把人工智能、数字经济、文化创意等350多个岗 位直接送到徐州工程学院。"招聘会的热度，源于岗位与人才的精准契合。"京东云AI徐州创新中心负责 人张启航对此深有感触。这家人工智能企业于去年4月落户泉山，目前80名员工中有七成来自本地高 校。"我们急需大数据、人工智能相关专业的大学生，他们学习能力强、创新劲头足，是企业发展的'新 鲜血液'。"张启航坦言，专场招聘会让企业引才事半功倍，短短4天就有近40人达成入职意向。 据介绍，泉山区去年组织开展线上线下招聘活动144场，近800家用人单位带来超1.2万个优质就业岗 位。而在今年，该区还计划推出技能夜校、分层次招聘等升级版"就业套餐"。 （来源：新华日报） □ 本报记者 王岩 见习记者 李立晨 为了让大学生专业所长与职场岗位所需进一步衔接，泉山还进行"能力投资"，精心开出" ...