Core Insights - The introduction of Baidu's intelligent cloud SaaS traffic control platform has significantly reduced average vehicle delays by 13%, with an additional 5% reduction achieved through the self-evolving super intelligent agent "Baidu Famo" [1][2] - Baidu officially launched the commercially viable self-evolving super intelligent agent "Baidu Famo" at the Baidu World 2025 Conference, marking a shift in AI from a supportive tool to a primary productivity driver [1][2] - The company aims to enhance productivity by internalizing AI capabilities, viewing them as a fundamental asset rather than a cost [1][2] AI Infrastructure Development - Baidu is developing a new AI infrastructure, including AI Infra and Agent Infra, to support the internalization of AI capabilities within enterprises [3] - The new generation of Kunlun chips, designed for large-scale inference and multimodal model training, is set to be released between 2026 and 2027, enhancing AI performance [4] - Baidu's AI cloud has achieved a breakthrough with a 30,000-card Kunlun chip cluster, capable of supporting multiple trillion-parameter model trainings [5] Intelligent Agent Ecosystem - Baidu has upgraded its Agent Infra, with over 460,000 enterprise users and more than 1.3 million intelligent agents developed, facilitating the large-scale application of AI [6] - Collaborations in various sectors, such as finance and energy, have demonstrated the effectiveness of intelligent agents in improving operational efficiency and decision-making [6][7] - The integration of AI Infra and Agent Infra is positioned as a catalyst for transforming industries and enhancing productivity [7] Future Outlook - Baidu is committed to continuous investment in AI infrastructure, aiming to elevate the capabilities of AI and expand its application across various industries [7] - The company's strategy focuses on deep integration of technology, infrastructure, and industry scenarios to drive high-quality economic development [7]

Core Insights - The article highlights the investment strategy of Deng Xinyi, a fund manager at Nuoan Fund, who emphasizes the importance of early identification of investment opportunities in the technology sector, particularly in artificial intelligence (AI) [1][6]. Investment Experience - Deng Xinyi has a background in self-operated investment at a foreign trade trust company, focusing on new energy, new materials, and environmental protection, witnessing the rapid development of China's new energy vehicle industry [2]. - The transition from new energy to technology investments has been marked by a systematic understanding of the changes from internet to mobile internet, recognizing the empowerment brought by technological advancements [2]. Investment Strategy - The core investment strategy revolves around technology growth, with a focus on identifying high-growth investment targets across different industries [3][4]. - The strategy incorporates macroeconomic data tracking, industry policy analysis, and micro-level research on individual stocks to identify competitive advantages and market share [3]. Identifying Opportunities - A unique approach to identifying forward-looking investment opportunities involves reading academic papers, which can reveal technological applications and market readiness before they are fully priced in by the market [5]. - The AI sector is viewed as a significant driver of the current technology wave, comparable to the mobile internet era, with ample investment opportunities and time for strategic positioning [6]. Company Characteristics - Companies that leverage AI capabilities to transform productivity across various sectors are prioritized, especially those with strong customer data and ecosystem barriers [7]. - The distinction between "shovel-type" companies (providing tools) and application-based companies is crucial for investment focus [7]. Stock Selection - Stock selection is based on technological foundations and the ability to match industry changes, alongside valuation assessments to identify stocks with significant return potential [8]. - Continuous industry research and tracking of high-frequency data are essential for evaluating investment opportunities and risks dynamically [8]. Market Dynamics - The article discusses the challenges faced in 2023, including market pullbacks in the AI sector, prompting a reassessment of the industry's genuine demand and the manager's investment capabilities [10][11]. - The importance of distinguishing between fluctuations caused by technological changes versus pricing changes is emphasized, as this can guide strategic adjustments in investment positions [11]. Fund Management - Active equity funds are positioned as tools for investors to engage in industry investments, with advantages in timely capturing investment opportunities and flexibility in portfolio adjustments compared to passive ETFs [12].

□本报记者 张韵 喜欢在论文中寻找产业前瞻趋势，常常为看到的技术进步而激动不已……寥寥数语，一个热衷于科技产 业投资的基金经理形象跃然纸上。化工材料专业出身，2013年开始研究布局新能源，如今逐渐聚焦科技 产业，诺安基金权益事业部副总经理、研究部总经理邓心怡正立足于人工智能（AI）浪潮开启她的投 资新征程。 近日，邓心怡在接受中国证券报记者专访时表示，"前瞻再前瞻一些"是令她觉得踏实的超额收益策略。 在产业趋势初露苗头、市场还没有充分定价前进入，能够更稳妥地获得可观回报。与此同时，"读论 文"成为她前瞻性嗅到投资机会的重要法宝。展望未来，她认为，AI有望成为科技产业浪潮中的核心驱 动力，看好该板块蕴藏的丰富投资机会。 邓心怡，曾任职于中国对外贸易信托有限公司，从事投资研究工作。2020年11月加入诺安基金，现任权 益事业部副总经理兼研究部总经理。自2022年7月6日起担任基金经理，现管理诺安稳健回报混合、诺安 平衡混合、诺安优势行业混合、诺安研究优选混合等多只产品。 读论文发现投资机会 中国证券报：可以先简单介绍下你的投资经历吗？ 邓心怡：我最早是在外贸信托公司做自营投资，当时主要研究新能源、新材料、化工环保 ...

□本报记者 王鹤静 李德辉，上海交通大学生物医学工程博士。拥有13年投研经验、近9年基金管理经验，历任研究员、行 业专家兼基金经理助理、基金经理、高级基金经理，现为资深基金经理。 以成长投资见长的摩根资产管理资深基金经理李德辉，经历了过去几年国内权益市场的逆风期后，在均 衡配置的道路上走得愈发稳健。面对这一轮科技股行情，李德辉一方面把关注度集中在那些有基本面支 撑的品种上，另一方面有意识地关注了部分低估值品种，以保持组合整体估值处于合理区间。 近期A股市场来到阶段性高位，综合政策预判、宏观基本面等多方面因素研判，李德辉认为，当前市场 仍处于相对健康的上行通道，后续市场结构可能会围绕基本面做调整，所以要重点关注有基本面支撑的 优质资产。其中，人工智能大模型公司商业化变现还未被市场充分定价，有色金属、机械等出口链相关 公司仍将受益于海外需求提升，这些都是后续重点关注的方向。 坚定看好科技主线 在这一轮科技股行情中，TMT研究员出身的李德辉较早就参与布局了相关核心标的。 "回过头来看，今年上半年，海外扰动因素虽然对市场有暂时的负面影响，但投资者逐渐发现国内经济 并没有明显承压，再加上人工智能端加速发展，市场的投资热 ...

● 本报记者 齐金钊 11月14日至11月16日，以"科技赋能产业 融合共创未来"为主题的第二十七届中国国际高新技术成果交 易会在深圳举行。据悉，本届高交会累计入场突破45万人次，现场发布新产品新成果5000余项，共促成 1023项供需对接和投融资项目签约，意向成交与投融资金额突破1700亿元；本届高交会汇聚了全球100 多个国家和地区的5000多家知名企业及相关国际组织参展。 科技创新成果集中展示 本届高交会规模40万平方米，重点围绕国际科技发展前沿、我国高水平创新成果、深圳"20+8"产业集 群，精心设置了国之重器重大装备、人工智能与机器人、半导体与集成电路、消费电子、低空经济与商 业航天等22大展区，全面呈现各行业尖端产品、创新技术与解决方案，助力中国科技创新实现跨越式发 展，推动全球前沿成果加速落地。 在高交会上，全球首款"摄像"磁共振系统亮相。这套系统通过首创的LIVE Imaging技术，可实现磁共振 从"摄影"到"摄像"的转变。基于该技术开发出的新一代3T磁共振系统uMR Ultra，能够捕捉胃肠道蠕动 过程，精准刻画胃肠壁结构。该成果可为消化系统疾病临床诊断提供精准技术支持。 诸多贴近民生领域 ...

《2049：未来10000天的可能》 （美）凯文·凯利（著） 吴晨（编） 中信出版集团 2025年6月出版 科技将如何重塑我们的生活？——读《2049：未来10000天的可能》 ◎南 芃 你能想象吗？今天不离手的智能手机，可能有一天会悄然退场。《2049：未来10000天的可能》这本书 预测，在未来10000天后的世界，智能手机将被智能眼镜取代。而当数十亿人戴上这些智能眼镜时，他 们看到的是现实世界与虚拟世界的叠加，未来的世界将是一个数字孪生的镜像世界。 本书作者凯文·凯利是《连线》杂志创始主编，他的代表作《失控》被誉为"本世纪对西方世界产生巨大 影响的最重要的著作之一"，曾影响了包括乔布斯在内的一代互联网创业者。本书的编著者吴晨，是 《经济学人·商论》原总编辑。本书起源于凯利在《5000天后的世界》一书的中文版出版后，希望与吴 晨合作，展望比5000天更远的世界，尤其希望立足中国视角，去思考科技所带来的变革。 作者在书中以2049年为时间节点，展望了人工智能、脑机接口等前沿技术将如何塑造未来的社会与生 活。 需要特别指出的是，本书并不是一本科幻小说，它是基于现实的三个模型展开的理性想象： 第一个预测模型是观 ...

Core Viewpoint - The article discusses the emergence of an "AI bubble" in the U.S. market, driven by a surge in bond issuance by major tech companies, raising concerns about sustainability and potential risks in both equity and debt markets [1][2]. Group 1: AI Bond Issuance - The scale of bond issuance by U.S. AI companies has exceeded $200 billion this year, with Oracle issuing $18 billion in September and Meta issuing $30 billion in October, marking the largest corporate bond transaction of 2023 [2]. - The primary driver behind this bond issuance is the significant capital expenditure required for AI infrastructure investments, as companies' free cash flow is insufficient to cover these expenses after accounting for stock buybacks and dividends [2][3]. Group 2: Market Reactions - There is a stark contrast between stock and bond market reactions; for instance, Meta's stock fell by 11.33% on the day of its bond issuance, yet the bonds were oversubscribed with demand reaching approximately $125 billion, setting a record for U.S. corporate bond issuance [4]. - The bond market prioritizes debt repayment capacity, and companies like Meta have stable cash flows and low leverage, which enhances investor confidence in their bonds despite stock market volatility [4][6]. Group 3: Financial Health and Risks - Concerns are rising regarding the sustainability of capital expenditures, as Oracle's capital spending has significantly outpaced its free cash flow, leading to a downgrade in its debt rating [6]. - The trend of heavy reliance on external financing marks a shift from previous practices where tech giants primarily depended on strong operating cash flows for expansion [6][7]. Group 4: Future Outlook - The current trend of intensive bond issuance may become the norm, with expectations of continued high levels of debt issuance driven by ongoing investments in data centers, chip development, and application deployment [7][8]. - However, there is a potential for differentiation in the market, where financially stable companies may continue to attract investors, while those with weaker financial structures could face rising financing costs and potential liquidity issues [7][8].

Group 1 - The China International High-Tech Achievements Fair (High-Tech Fair) serves as a platform for global capital to discover potential investment opportunities, with many leading tech companies like Tencent and BYD emerging from this event [1] - The 27th High-Tech Fair commenced in Shenzhen on November 14, attracting international investment institutions and investors [1] Group 2 - The fair showcased advanced technologies, with international investors showing interest in the application of robotics and automation in various industries [2][3] - Companies like Lingyi Manufacturing and Leju Robotics presented their innovations, attracting inquiries from overseas buyers regarding the capabilities and applications of their robots [2] Group 3 - International investors are particularly interested in how Chinese frontier technologies can be implemented in global markets, with specific interest from Russian companies in IT, robotics, and semiconductor technologies [3] - Japanese banks and other foreign entities are actively seeking to connect with Chinese startups to facilitate market expansion [3] Group 4 - Chinese investment institutions are also actively searching for potential investment targets at the fair, with significant interactions reported between investors and startup project leaders [4][5] - The fair has gathered nearly 5,000 tech enterprises, providing a rich environment for funding, project, and talent interactions, which is crucial for resource allocation [5] Group 5 - The focus on sectors such as artificial intelligence, robotics, and innovative pharmaceuticals indicates a growing market potential, with expectations of creating billion-dollar companies in these fields [5]

IT之家 11 月 16 日消息，科技媒体 Benzinga 昨日（11 月 15 日）发布博文，报道称在上周举办的特斯拉股东大会上，埃隆・马 斯克（Elon Musk）在股东大会上提出惊人预测：不到 20 年内，人类或可通过其脑机接口公司 Neuralink 的技术，创建自己心智 的"近似快照"，并将其上传至特斯拉的人形机器人 Optimus 中，从而实现某种形式的数字永生。 IT之家援引博文介绍，这一设想的技术核心，在于结合马斯克旗下两家公司的前沿科技。首先，利用脑机接口公司 Neuralink 的 技术来捕捉并创建一个近似于人类心智的数字快照，这包含了记忆、思想乃至个性特征。 他巧妙地以"五年后的你和现在的你也不完全相同"来类比这种变化，暗示身份认同本身就是一个动态发展的过程。这种不完美 性为该技术的未来应用增添了更多哲学思考。 马斯克的这番言论，迅速在网络上引发了从敬畏到恐惧的各种讨论。这不仅是一个技术问题，更触及了深刻的伦理和存在主义 议题：一个活在机器人里的数字心智，究竟还是不是"你"自己？它仅仅是一个拥有记忆和面部识别能力的高级模仿品，还是一 个真正延续的生命？ 多少 新浪财经APP Sina ...

仿生机器狗在工厂间穿梭自如，非侵入式脑机接口正悄然"解码"大脑信号，智能四足机器人在应急现场 参与救援……这些曾存在于科幻作品中的场景，如今正照进现实。 推动这些变革的，正是以杭州"六小龙"为代表的众多科技创新企业。在2025年世界互联网大会乌镇峰会 上，杭州"六小龙"同台亮相，也让其背后持续陪跑的资本力量备受关注。 据《证券日报》记者梳理，截至目前，间接参与投资杭州"六小龙"的保险机构已达数十家。这些险资虽 未站在舞台中央，却以"二级至四级股东"的身份，低调完成了围绕科技自立自强战略的长周期布局。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》将"科技自立自强水平大幅提高"列 入"十五五"时期经济社会发展的主要目标。这意味着，险资支持科技产业的目标愈发清晰。多家险资机 构近日在接受《证券日报》记者采访时表示，正持续构建覆盖科技企业全生命周期的金融支持体系，不 断拓展赋能创新的深度与广度。 "间接投资"织就资本纽带 杭州"六小龙"，包括宇树科技股份有限公司(以下简称"宇树科技")、杭州群核信息技术有限公司、杭州 云深处科技股份有限公司(以下简称"云深处科技")、浙江强脑科技有限公司(以下简称"强 ...