日前，一些国内较为知名的AI产业链公司进入IPO前的"临门一脚"阶段，"中国版英伟达"、国产AI替代、国产 GPU等光环，让不少投资者的学习劲头和想象力瞬间提升了不少，查看招股书、研读分析报告，向身边"懂 行"的亲朋好友请教等。此外，还有不少投资者涌入股吧、互动平台等网络平台求教，以弄清楚哪些已上市公 司股票是受益股或"影子股"，以期在二级股票市场上也分一杯羹。 笔者认为，往细处来说，其中的一些风险不容忽视。 平心而论，在寻找股票市场投资机会的过程中，投资者积极虚心求教的劲头值得肯定，了解更多有助于投资的 信息或专业知识，本身就是投资成功路上的重要一环。不过，上述急于寻找概念股的现象，也折射出部分投资 者急于短期获利的心态，甚至显得有些"急就章"，而这往往容易得不偿失。 END 另一方面，在AI东风之下，不少概念股或"影子股"此前已累积了较大涨幅，前期股价的相对强势是否已提前反 映利好"溢价"，后续买入的投资者能否继续享受股价上涨的红利、甚至沦为高位"接盘侠"，均存在很大不确定 性，A股市场类似的例子并不鲜见。 事实上，投资本身更像一场马拉松，一时的投资成败并不能决定最终的投资结果，投资者还是需要在平时做好 ...

Core Viewpoint - The article discusses the evolving dynamics in the AI sector, particularly focusing on the recent actions of SoftBank in relation to Nvidia and OpenAI, highlighting a shift in investment strategies and the valuation challenges faced by American AI companies compared to their Chinese counterparts [2][10][11]. Group 1: SoftBank's Actions and Market Impact - SoftBank sold its Nvidia shares for $5.8 billion shortly after Nvidia's market cap reached $5 trillion, indicating a strategic move to cash out at a high point [2][10]. - The sale is interpreted as SoftBank repositioning itself within the AI value chain, suggesting a lack of confidence in Nvidia's future growth potential [10][11]. - This transaction coincided with significant market fluctuations, with the Nasdaq Composite and S&P 500 experiencing their largest single-day declines in nearly a month, reflecting investor concerns about AI valuations [6]. Group 2: Challenges in American AI Valuations - American AI companies face a high valuation dilemma, characterized by rapid technological advancement and revenue growth but slow profit realization [8][9]. - The cost structure in the U.S. AI sector is becoming increasingly unsustainable, with high salaries for AI talent and exorbitant training costs for models like GPT-4, which is estimated to cost between $700 million and $1.4 billion to train [9][12]. - Companies like OpenAI and Anthropic are under pressure to continuously leverage capital to maintain their technological edge, raising concerns about long-term viability [9][10]. Group 3: Comparison with Chinese AI Companies - Chinese AI companies are reportedly operating under a different valuation structure, with significantly lower capital expenditures compared to their American counterparts, estimated to be 82% lower [12]. - The return on investment (ROI) for Chinese AI firms is perceived to be superior, with some domestic teams achieving faster commercialization of their products [13][15]. - Chinese AI firms, such as MiniMax, focus on practical applications and cost efficiency, contrasting with the high-risk, high-reward strategies of American firms [15][16]. Group 4: MiniMax's Competitive Edge - MiniMax has emerged as a strong competitor to OpenAI, leveraging a dual revenue model of subscription and API calls, with an annual recurring revenue (ARR) reaching $100 million [24]. - The company emphasizes a pragmatic approach, prioritizing immediate market needs and user feedback over long-term speculative models [20][26]. - MiniMax's innovative architecture allows it to achieve competitive performance at a lower cost, positioning it favorably in the global AI landscape [28][34].

11月14日，百模论剑·第二届全国"人工智能+"行业应用创新大赛颁奖暨人工智能赋能新型工业化深度行（成都站）启动大会上的项目签约环节，一项特殊的 合作引人注目：成都智算中心运营方智算云腾（简称"智算云腾"）以全国首例自主可控算力资源入股，完成了对一脉云数（上海）科技有限公司（简称"一 脉云数"）的战略投资，标志着全国首例自主可控算力资源入股投资项目成功落地。 红星新闻记者了解到，这一被称为"云腾方案"的实践，开创了算力资源资本化的新路径，旨在破局AI企业"算力焦虑"，为全国人工智能产业提供一套可复制 的破题思路。 将算力从"服务成本"重新定义为"战略资本" 随着人工智能浪潮席卷千行百业，算力资源已成为企业发展的关键支撑。然而，高昂的算力成本也让许多初创企业步履维艰。直面这一核心痛点，本次"算 力入股"的合作价值尤为凸显。智算云腾相关负责人表示："这一合作模式为创新企业开辟了一条全新的融资渠道，将企业从沉重的算力成本中解放出来，让 其能将宝贵资金精准投入到技术研发与市场开拓中。" 2025年5月，智算云腾关注到一脉云数工业大模型商用全国总部项目落地成都高新区的消息，在成都高新区数字经济局的支持下，双方迅速建立联 ...

Investment Strategy Report Summary Core Insights - The report highlights the ongoing implementation of a moderately loose monetary policy, with October's CPI showing a year-on-year increase for the first time in several months, indicating a potential shift in inflation trends [1][2][11]. - The report emphasizes the importance of maintaining liquidity in the financial system, with significant increases in social financing and RMB loans, suggesting a supportive environment for economic growth [1][23][26]. News and Commentary - In October, the CPI rose by 0.2% month-on-month and 0.2% year-on-year, with core CPI increasing by 1.2%, marking the sixth consecutive month of growth [1][11]. - The PPI saw a month-on-month increase of 0.1%, the first rise this year, while the year-on-year decline narrowed to 2.1%, indicating improving supply-demand dynamics [1][15][16]. - The People's Bank of China (PBOC) reported a total social financing increase of 30.9 trillion yuan in the first ten months of 2025, which is 3.83 trillion yuan more than the same period last year [1][26][27]. - Real estate prices in major cities continued to decline, with new residential prices in first-tier cities dropping by 0.3% month-on-month and 0.8% year-on-year [1][31][32]. Market Overview - The domestic securities market showed mixed performance, with the Shanghai Composite Index experiencing a slight increase of 0.003%, while other indices like the ChiNext Index fell by 3.01% [2][36]. - Traditional industries are showing signs of recovery, while technology sectors are under pressure, reflecting a shift in market dynamics [2][34]. Investment Recommendations - **Technology Sector**: Companies focused on AI, semiconductor chips, robotics, and deep-sea technology are expected to benefit from the current policy direction aimed at fostering new productive forces [3][45]. - **Non-Banking Financials**: Brokerages may benefit from a slow bull market, while insurance companies could see improved returns on long-term assets [3][45]. - **Precious Metals**: Given the geopolitical tensions and economic uncertainties, demand for gold as a safe-haven asset is expected to grow [3][45]. - **Energy Storage**: The energy storage sector is projected to have significant growth potential driven by policy support [3][45]. - **Machinery**: With the recovery of manufacturing activities post-overseas interest rate cuts, sectors like construction machinery and heavy trucks are recommended for investment [3][46]. - **Domestic Demand**: There is a focus on boosting consumption to expand effective domestic demand, with expectations for increased consumer spending [3][47].

Group 1: A-Share Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.73% to close at 4029.5 points, marking a 10-year high [2] - The Shenzhen Component Index rose by 1.78%, and the ChiNext Index increased by 2.55% [2] - The new energy sector saw significant gains, particularly in lithium battery and photovoltaic stocks, with companies like Enjie and Tianci Materials hitting the daily limit [2] Group 2: Electric Vehicle and Battery Industry Developments - The Ministry of Industry and Information Technology is preparing the "14th Five-Year" plan for intelligent connected new energy vehicles and new battery industry development [3] - The plan aims to strengthen strategic guidance and expand application scenarios for power batteries, promoting innovations in battery swapping and vehicle-infrastructure interaction [3] - A new classification standard for power batteries is expected to be implemented next year, categorizing them into solid-state, solid-liquid hybrid, and liquid batteries [4] Group 3: Tesla's Export Achievements - Tesla's Shanghai Gigafactory achieved its highest monthly export record in two years, exporting over 35,000 vehicles in October 2025, with Model Y exports increasing by 214% year-on-year [8] - The strong demand for Tesla vehicles in global markets, particularly in Europe and Asia-Pacific, reflects the brand's growing popularity and quality recognition [8] Group 4: Automotive Tax Policies - Starting next year, the purchase tax for new energy vehicles will be halved, prompting a competitive order acquisition battle among car manufacturers [9] - Seventeen major automotive brands have committed to covering the purchase tax for consumers who place orders this year, ensuring customer support during the transition [9] Group 5: Medical Technology Advancements - United Imaging Healthcare launched the uSONIQUE series of ultrasound products, which includes various forms such as desktop, portable, and handheld devices, catering to multiple clinical applications [10] Group 6: Financial Innovations in Hong Kong - The Hong Kong Monetary Authority announced the Ensemble project, which has entered a trial phase to support tokenized deposits and digital asset transactions [11] - This initiative aims to establish a controlled environment for real transactions involving tokenized deposits, with plans for continuous operation into 2026 [11]

⑥ 【特斯拉跌近3%，跌破400美元】特斯拉盘前跌近3%，跌破400美元，目前是2025年"美股科技七巨 头"中唯一股价处于负收益的股票。 ⑦ 【12月降息概率跌破50%，美联储官员齐"泼冷水"】当地时间11月13日，据媒体报道，短期利率期货 显示，美联储联邦公开市场委员会（FOMC）12月10日降息的可能性已降至47%，而本周早些时候这一 概率为 67%。仅周四一天，就有至少四位美联储官员就政策前景发表了讲话，包括旧金山联储主席玛 丽·戴利、克利夫兰联储主席贝丝·哈马克、明尼阿波利斯联储主席尼尔·卡什卡利、圣路易斯联储主席穆 萨勒姆，他们均对12月进一步降息表现出犹豫的态度。 ① 【三大期指普跌】截至发稿，道指期货跌0.14%、标普500指数期货跌0.26%、纳指期货跌0.52%。 ⑧ 【德银下调Circle目标价至90美元】德意志银行将"稳定币第一股"Circle的目标价从147美元下调至90 美元，维持"持有"评级。 ② 【中概股盘前普跌】中概股盘前普跌。截至发稿，阿里巴巴跌0.71%，拼多多跌1.69%，京东跌 2.05%，小鹏汽车跌3.94%。 ③ 【CoreWeave跌超2%，被点名为"AI泡沫的 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 72.80 HKD, maintaining the current rating [3][6]. Core Insights - The company achieved its first quarterly profit in Q3 2025, driven by platform revenue growth, with total revenue for the first three quarters reaching 44.02 billion RMB, a year-on-year increase of 36.8%. The Q3 revenue was 17.76 billion RMB, up 31.4% year-on-year [1]. - The "XianZhi" platform continued to show strong growth, generating 15.43 billion RMB in Q3 2025, a year-on-year increase of 67.6%, accounting for 86.9% of total revenue [1]. - The number of benchmark customers increased to 103, with a significant rise in average revenue per user (ARPU) to 25.49 million RMB, up 71.4% year-on-year [1]. - Research and development efficiency improved, with R&D expenses of 14.89 billion RMB for the first three quarters, a year-on-year increase of 8.4%, and an R&D expense ratio of 33.8%, down 8.9 percentage points year-on-year [1]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: 2024A at 5,261 million RMB, 2025E at 7,181 million RMB, 2026E at 9,579 million RMB, and 2027E at 12,539 million RMB, reflecting growth rates of 25.13%, 36.50%, 33.41%, and 30.89% respectively [8]. - The company is expected to turn profitable with a projected net profit of 58 million RMB in 2025E, increasing to 802 million RMB by 2027E, with corresponding growth rates of 121.76% and 154.35% [8]. - The earnings per share (EPS) is projected to improve from -0.52 RMB in 2024A to 1.54 RMB in 2027E [8].

Core Insights - The traditional business model of music streaming platforms, which relies on a vast library of copyrighted content and subscription fees, is facing structural collapse due to the rise of AI-generated music [1][3][4]. Group 1: Impact of AI on Copyright - The scarcity of music copyrights, which has allowed platforms like TME and NetEase Cloud to charge subscription fees, is being undermined by AI music, which can produce industry-level content without the need for traditional music production processes [5][6]. - AI-generated music does not depend on record labels or copyright institutions, leading to a situation where the value of music copyrights diminishes, threatening the core business model of platforms like TME and Spotify [9][10]. Group 2: User Behavior Shift - The transition from "listening" to "generating" music means that TME is now competing not only with similar platforms but also with tech companies that excel in disruptive innovation and have access to larger user bases [10][12]. - TME's recent performance shows a decline in active users and a slowdown in the growth of paying subscribers, indicating a shift in user behavior towards AI-generated music [10][11]. - The traditional music consumption path is being replaced by a new model where users can generate music based on their emotions or preferences, which could lead to a decline in the need for subscription-based streaming services [16][19]. Group 3: Future of the Music Industry - The future music industry is likely to be dominated by models and algorithms that can provide unlimited personalized content, marginalizing platforms that cling to outdated business models [22]. - The emergence of AI music signifies the end of an era dominated by copyright scarcity, suggesting a fundamental shift in the music industry's structure [19][22].

Core Insights - Xiaomi has launched its first "large model + smart home" solution called Xiaomi Miloco, which is a local AI assistant designed to enhance smart home interactions [1][3]. Product Overview - Xiaomi Miloco utilizes the MiMo-VL-Miloco-7B model, which is based on the previously released MiMo model, and connects to various IoT devices in the home [2][11]. - The solution aims to provide a new interaction paradigm through natural language processing, allowing users to communicate with their smart home systems [5][6]. Features and Capabilities - Miloco features a new interaction paradigm that allows users to set rules and control devices using natural language [5]. - It leverages visual data from Xiaomi's cameras to analyze home events and respond to user queries [5]. - The model operates on edge devices, ensuring privacy and security by processing data locally without sending it to external servers [14]. Ecosystem Integration - Miloco connects with the Xiaomi ecosystem and supports integration with third-party IoT platforms, enhancing its functionality [6][9]. - The hardware requirements for deploying Miloco are minimal, needing only x64 architecture and a GPU from NVIDIA's 30 series or higher [6]. Market Context - The launch of Miloco is seen as a significant moment for smart home technology, comparable to the impact of ChatGPT in the AI space [3][14]. - Xiaomi's move follows similar advancements from competitors, indicating a competitive landscape in the smart home sector [14].

从算法到模型，人工智能正跨越一个分水岭——从依靠既定规则的智能，走向自我学习进化的智能。同 步，一个全新的治理命题浮现：如何在推动创新的同时，确保模型的安全与可控？近期，围绕模型治理 ——特别是通用、前沿大模型的治理，中美欧交出不同答卷。2025年7月，欧盟发布自愿性指导性文件 《通用人工智能实践准则》（以 下简称《 实践准则》），旨在帮助模型提供者遵守 《人工智能法案》 中有关通用人工智能模型的义务规范。 [1] 9月，美国加州州长签署《前沿人工智能透明法案》 （SB 53） ，聚焦于"前沿模型" （Frontier Models） 的透明度义务。 [2] 同月，中国发布《人工智能安全治理 框架2.0》，尽管并非针对模型，但作为指导性政策文件，其明确了模型层面的风险，并提出了相应的 风险应对指引。 [3] 如何治理模型：欧盟、美国加州与中国的探索 中美欧在模型治理上形成了三种差异化路径：欧盟构建层层叠叠的风险类别，配套高密度的义务；美国 以加州为代表，选择小范围、轻监管模式，强调企业自律；中国则从应用场景出发，通过"自下而上"的 方式延伸至模型本身。理解以上路径的共性与差异，有助于厘清模型治理在人工智能治理 ...