离开小米两年后，雷军下铺的兄弟、小米原副总裁崔宝秋，创业家务机器人。 这位曾在小米内部挂帅技术委员会的"教父"级人物，正式将他的人生下半场押注在了具身智能这一最火热的赛道。 这不仅是一个资深技术高管的再出发，也标志着他的技术蓝图，从"连接万物"进化到了"改造物理世界"。 这一次，他不再是为"AI大脑"搭建平台，而是要亲手为AI造出一个能走进千家万户的"身体"。 小米"技术教父"投身机器人洪流 告别了小米的庞大体系，崔宝秋选择了一条更艰难，但也更自由的道路。 但他并非孤军奋战，据传，在消息公布之前，他已与多家顶级VC进行了深入接洽，并且"融资洽谈进展顺利"。 这个选择也并非突兀，早在小米期间，崔宝秋就是"AIoT" （人工智能物联网）战略最坚定的推动者。他曾说， AIoT是小米的第一战略。但彼时的AIoT， 更多是智能音箱、摄像头、扫地机等"点"的连接。 崔宝秋显然不满足于此。他想要的，或许是一个能将所有"点"串联起来，一个真正能思考、能移动、能与人交互的"AIoT终极形态"。家庭服务机器人，正 是这个答案。 那个曾在小米内部推动技术变革的"教父"，如今选择亲自下场，试图将他心中"CBA" （云计算-大数据-人 ...

Core Insights - The Chinese government has prioritized "Artificial Intelligence +" in its recent policy, emphasizing the need to accelerate the exploration of AI-driven research paradigms and major scientific discoveries [1] Group 1: AI for Science (AI4S) Concept - The concept of "AI for Science" (AI4S) was introduced by a Chinese Academy of Sciences academician, highlighting AI's potential to provide new solutions for scientific calculations [2] - Beijing University has been actively exploring AI4S, establishing various initiatives such as the "Deep Research" student recruitment plan and the world's first AI4S Academy [2][3] - The upcoming 2025 Xili Lake Forum will focus on AI4S, featuring multiple specialized forums and the launch of new initiatives like the "Boya AI4S Talent Program" [2] Group 2: Infrastructure Development - The establishment of AI-driven research infrastructure is crucial for the implementation of AI4S, with the launch of the "Bohr Research Space Station," the first global AI research platform covering literature reading, computation, experimentation, and interdisciplinary collaboration [5][6] - Several AI4S infrastructure projects were announced at the Xili Lake Forum, including the "Shenzhen Science Navigation" platform and the AI4S LAB, which aims to provide a comprehensive cloud-based research experience [6][7] Group 3: Talent Development - The AI4S era necessitates an updated talent cultivation model, with the launch of the "Boya AI4S Talent Program" aimed at training interdisciplinary talents proficient in both AI and specific scientific fields [9][10] - The establishment of the Science Intelligence Academy at Beijing University marks a significant step in promoting AI4S, focusing on creating a talent pool with a deep understanding of AI and foundational sciences [10] Group 4: Collaborative Efforts - The signing ceremony for the Shenzhen University Town International Campus signifies a collaborative effort among several universities to enhance the region's capacity for industry-academia-research synergy and open innovation [11]

Group 1 - The report highlights a divergence between the stock market and the macroeconomic fundamentals, with the Shanghai Composite Index rising approximately 15% in the second half of the year despite weak economic data, such as a 2.9% year-on-year growth in retail sales in October, which is at a yearly low [1][2][3] - The report suggests that the transition from a "liquidity bull" market to a "fundamental bull" market is necessary for the Shanghai Composite Index to maintain its position above 4000 points, emphasizing the importance of monitoring the easing of political cycles and economic recovery [2][3] - The report indicates that the A-share market is experiencing a significant style rotation, with a notable shift from high-growth sectors to value sectors, particularly in the context of the "high cut low" market behavior observed since early September [3][31][38] Group 2 - The report notes that the technology sector has shown significant internal differentiation, with strong performance in sectors supported by fundamentals, such as AI hardware, while software applications and weaker performance sectors have lagged [3][43][49] - The report emphasizes the importance of upcoming earnings reports from major tech companies, such as Nvidia and Alibaba, as they will provide critical signals regarding the sustainability of the tech sector's performance and its impact on global risk assets [52][59] - The report predicts that the technology sector may underperform in the fourth quarter but could rebound in the early part of the next year, based on historical trends and the current dependence on global AI industry trends [53][56][62] Group 3 - The report highlights that the Hong Kong stock market has seen a structural divergence, with high dividend yield stocks outperforming the Hang Seng Index and Hang Seng Tech Index, driven by significant inflows from southbound capital [4][26][27] - The report indicates that the energy and financial sectors have shown strong performance compared to information technology and consumer discretionary sectors, reflecting a shift in investor preference towards value stocks [4][26][27] - The report suggests that the performance of the Hong Kong tech sector is constrained by the strengthening of the US dollar and the recent hawkish signals from the Federal Reserve, which have dampened market liquidity expectations [4][26][27]

Core Viewpoint - Recent concerns have emerged regarding the sustainability of the three core bull market narratives, leading to significant market pullbacks, particularly in high-beta momentum stocks [1][2][5] Market Sentiment and Economic Concerns - The market's confidence in the Federal Reserve's interest rate cuts in December and a dovish policy through 2026 has weakened due to conflicting statements from multiple Fed officials [3] - Economic activity is under scrutiny, with deteriorating conditions for low-income consumers and weak employment trends raising concerns about a K-shaped recovery and the outlook for 2026 [4][17] Market Positioning and Investor Behavior - Overly optimistic market positioning and retail investor enthusiasm have created crowded trades in aggressive market sectors, with hedge fund exposure to momentum factors reaching a five-year high [5] - The week before Nvidia's earnings report, high-beta momentum stocks experienced their largest decline since the DeepSeek event, as the market began to focus on year-end performance [6][8] AI Investment Outlook - Signals from upcoming spending reports are expected to drive AI stocks higher, although concerns about power supply issues in Western countries may pose significant challenges to AI development [9] - Historical comparisons of the current AI boom to past tech cycles have limitations, with some suggesting that the current AI investment trend resembles the tech boom of 1997-1998 rather than the bubble of 1999-2000 [10][11] Economic Data and Fed Policy - Ongoing debates about the broader economic situation complicate market visibility, especially with the end of government reopening and quantitative tightening [13] - Despite rising layoffs, earnings sentiment has rebounded strongly post-Q3 earnings reports, partly due to cost control measures [15][14]

编辑 杨娟娟 新京报贝壳财经讯 11月16日，智慧互通科技股份有限公司（简称"智慧互通"）向港交所提交上市申请 书，联席保荐人为中信证券、建银国际。招股书显示，智慧互通是一家人工智能技术、产品空间智能解 決方案提供商，特别专注于城市交通管理领域。 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Insights - The report emphasizes a strong outlook for the computing power industry chain, particularly in overseas markets where demand for AI-related services remains high. Domestic companies like Alibaba and ByteDance are expected to continue investing in AI, contributing to sustained growth in the AI sector and related AIDC industry chain [3][23]. - The report highlights the completion of the first phase of 6G technology trials in China, which has laid the groundwork for the second phase focusing on technical solution testing. This development is expected to enhance the country's 6G research and validation capabilities [2][18]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Recommended stocks include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology, with a focus on optical modules and devices [4][26]. - For switch server PCBs, recommended stocks are: Hudian Co., ZTE, and Unisplendour, with additional stocks suggested for attention [4][26]. - Low valuation and high dividend stocks include China Mobile, China Telecom, and China Unicom [4][26]. - AIDC and cooling solutions are highlighted with recommendations for Yingweike and Runze Technology [4][26]. - AIGC applications and edge computing power stocks recommended include Guohua Communication and Meige Intelligent [4][26]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Recommended stocks in the submarine cable sector include Hengtong Optic-Electric and Zhongtian Technology [5][27]. - The report suggests focusing on companies with strong offshore recovery potential, such as Huace Navigation and Weisheng Information [5][27]. - For intelligent driving, attention is drawn to module and terminal manufacturers like Guohua Communication and Meige Intelligent [5][27]. 3. Commercial Aerospace - The report notes the rapid development of low-orbit satellites and recommends stocks like Huace Navigation and Haige Communication [6][28]. - Additional stocks for consideration include Chengchang Technology and Zhenlei Technology [6][28]. 4. Market Performance Review - The communication sector experienced a decline of 4.90% in the week of November 10-14, underperforming against the CSI 300 index [29][30]. - Notable stock movements included significant gains for companies like Online Offline and Zhongfu Tong, while declines were observed in stocks like Guodun Quantum and Shiyun Circuit [31][32].

Core Insights - The article highlights significant developments in the global expansion of Chinese companies, particularly in e-commerce and technology sectors, showcasing their competitive strategies and market performance [2][3]. E-commerce Developments - AliExpress's overseas "Double 11" sales surpassed Amazon, with over 200 brands achieving sales levels exceeding their daily averages on Amazon by more than 2 times, with some brands like EDIFIER and 70mai reaching 6 to 10 times [5]. - TikTok Shop in Southeast Asia reported a 2.3 times year-on-year increase in total transaction volume during the "Double 11" event, with a single-day GMV surge of 60% on November 11 [6]. Company Movements - Former DeepSeek researcher, Luo Fuli, has joined Xiaomi to lead its AI model team, focusing on developing advanced AI capabilities [8]. - Luckin Coffee's CEO announced plans for a relisting in the U.S. after overcoming a $310 million revenue fraud scandal, with the company now being the largest coffee retailer in China [11]. - Luckin Coffee's major shareholder is considering a bid for Costa Coffee, which is currently owned by Coca-Cola, with an estimated valuation of around £1 billion (approximately $1.3 billion) [12][13]. Technology and Innovation - Li Feifei emphasized the importance of spatial intelligence as the next frontier in AI, which involves understanding and interacting with the physical world [15][16][17]. - CPE Yuanfeng announced a $350 million investment in Burger King China to support its growth and expansion in the market [19][20]. Global Expansion Initiatives - Didi Autonomous Driving has initiated its global expansion with a strategic partnership in Abu Dhabi, aiming to contribute to the development of smart transportation solutions in the region [22][23]. - K-Scale Labs, a robotics startup, has shut down within a year of its establishment due to financial difficulties and failed funding attempts [26]. Major Events in Space Exploration - Blue Origin's New Glenn rocket successfully completed its first NASA mission, marking a significant step in its competitive positioning against SpaceX in the space launch industry [31][33].

Core Viewpoint - The future development of artificial intelligence (AI) is centered around achieving satisfactory general artificial intelligence (AGI), which will significantly impact various sectors including science, strategy, and economic competition [2][3]. Group 1: Directions Towards AGI - The journey towards AGI will inevitably focus on four key directions: continuous evolution of large models, embodied general intelligence, AI for science, and AI safety governance [5][8]. - In the past five years, China has made remarkable progress in large model development, reaching a competitive level internationally [7]. - Embodied intelligence is crucial for enhancing robots' capabilities, allowing them to perform tasks that were previously difficult due to their rigid nature [8]. - AI for science is expected to revolutionize scientific research methodologies within the next 5 to 10 years, making collaboration between scientists and AI essential for competitive advantage [9]. Group 2: Risks and Governance - The development of AI poses significant safety risks, as it can potentially lead to loss of control and conflict with human intentions [10][11]. - AI algorithms inherently possess characteristics such as lack of robustness, uncertainty, and non-interpretability, which can impact societal values and ethics [11]. - Addressing the "survival risk" associated with AI requires the development of provably safe AI systems, leveraging theories from cryptography and game theory [12]. Group 3: Future of Robotics - The next decade is anticipated to transform robots from mere tools into life partners, capable of understanding the world and performing various tasks [14][17]. - Robots will increasingly collaborate with humans in industrial settings and provide assistance in community services, such as elderly care [17]. - The robotics industry will benefit from open-source collaboration to accelerate technological advancements and reduce innovation costs [17]. Group 4: Market Potential - The AI market is projected to reach a trillion-dollar scale as it empowers various industries, with open-source initiatives playing a crucial role in fostering commercial growth [19][20]. - The focus on intelligent terminals as potential AI entry points highlights the importance of integrating AI into everyday life, particularly in the automotive sector [22].

钛媒体App 11月16日消息，证监会网站披露信息显示，本周（11月10日至16日）新增4家企业获境外发 行上市备案，分别为辉创电子股份有限公司、诺比侃人工智能科技（成都）股份有限公司、美联钢结构 建筑系统（上海）股份有限公司、翰思艾泰生物医药科技（武汉）股份有限公司。备案通知书显示，辉 创电子股份有限公司拟发行不超过1040万股普通股并在台交所上市。诺比侃、美联股份、翰思艾泰均于 港交所上市，分别拟发行不超过435.455万股、3678.03万股、2106.97万股普通股；此外，三家公司还发 布了境内未上市股份"全流通"备案通知书。诺比侃33名股东拟将所持合计26,647,978股境内未上市股份 转为H股，美联股份13名股东拟将所持合计95,950,005股境内未上市股份转为H股，翰思艾泰15名股东拟 将所持合计117,897,830股境内未上市股份转为H股。（科股宝播报） ...

Investment Rating - The report maintains a positive outlook on the technology sector, particularly on companies involved in AI infrastructure and applications, suggesting a focus on NVIDIA, Broadcom, SanDisk, Micron, and Lumentum [4][19]. Core Insights - The report highlights that recent fluctuations in the US technology sector are more related to valuation corrections and liquidity tightening rather than fundamental changes. Revenue growth rates for leading tech companies are in line with expectations, and the return on investment (ROI) for AI continues to accelerate [4][19]. - NVIDIA is expected to report a revenue of $55.1 billion for FY26Q3, reflecting a year-on-year increase of 57%, with data center revenue projected at $49.1 billion. The company is seen as maintaining high demand and growth potential in the AI infrastructure cycle [2][11]. Summary by Sections Section 1: Key US Technology Company Dynamics - CoreWeave reported a Q3 revenue of $1.4 billion, a 134% year-on-year increase, driven by strong demand for AI training and inference. The company’s order backlog reached $55.6 billion, nearly doubling from Q2, with a record RPO of $50 billion [6][8]. - Nebius achieved a Q3 revenue of $14.6 million, a 355% year-on-year increase, primarily driven by contracts with Microsoft and Meta. The company has adjusted its 2025 revenue guidance to $500-550 million [6][9]. - OKLO experienced an expanded Q3 operating loss of $36.3 million, despite receiving approval for new fuel facilities. The company continues to expand its commercial pipeline with significant customer reserves [6][10]. Section 2: Key Earnings Forecasts - NVIDIA's upcoming earnings report is anticipated to show strong performance, with a projected gross margin of 73.7%. The company’s CEO has indicated confidence in achieving $500 billion in cumulative data center revenue by 2025-2026 [2][11]. Section 3: International Technology Industry Dynamics - OpenAI has launched the upgraded GPT-5.1, focusing on enhancing emotional value and interaction experience. The new model includes features that improve response times and understanding, catering to both paid and free users [3][12]. Section 4: Weekly Perspective - The report emphasizes the ongoing strength in the AI sector, with expectations for continued penetration of AI applications driven by model iterations. Companies like Google, AppLovin, and Roblox are highlighted as potential investment opportunities [4][19].