机器之心报道 编辑：+0 随着扎克伯格将公司战略重心从「元宇宙」全面转向人工智能，公司内部正面临多重挑战。 据《纽约时报》报道，Meta 新组建的顶尖 AI 团队与公司原有的核心业务部门之间，在资源分配、发展目标及文化融合上产生了摩擦。 今年，扎克伯格重组了 Meta 的人工智能业务，并以约 143 亿美元战略投资了初创公司 Scale AI。其 28 岁的创始人 Alexandr Wang 随后加入 Meta， 领导一个名为「TBD Lab」（意为「待定」）的新研究团队。该团队汇集了来自 OpenAI 和 Google 等竞争对手的顶尖研究人员。据《泰晤士报》报道， 当新团队于 7 月抵达 Meta 硅谷园区时，扎克伯格将他们安置在总部中心他办公室的隔壁。 此前我们曾报道过 Meta 内部因为 薪酬、资源、工作制度等产生的新旧团队文化冲突 ，如今这种冲突似乎愈演愈烈。 据相关报道披露，冲突的核心在于 AI 发展的优先事项。Meta 的长期高管，包括首席产品官 Chris Cox 和首席技术官 Andrew Bosworth， 希望利用 Instagram 和 Facebook 的数据来训练新模型，旨在优化社 ...

Core Viewpoint - Disney has issued a cease-and-desist letter to Google, accusing the company of large-scale copyright infringement through the use of AI models and related services, which generate and distribute images and videos involving Disney's classic intellectual properties for commercial use [1][3]. Group 1: Legal Actions and Allegations - Disney has engaged Jenner & Block law firm to send a letter to Google's General Counsel, stating that Google has unauthorizedly copied a significant number of Disney works as training material for its AI, resulting in copyright infringement [3]. - The letter highlights that the AI-generated infringing content includes characters from popular animated films such as "Frozen," "The Lion King," "Moana," and "The Little Mermaid," as well as characters from blockbuster franchises like "Deadpool," "Guardians of the Galaxy," and "Star Wars" [3]. - Disney has provided an example of an image of Darth Vader generated by Google's AI application through text prompts to illustrate the infringement [3]. Group 2: Demands and Industry Context - Disney demands that Google immediately cease the copying, displaying, distributing, or creating derivative content based on Disney characters across various platforms, including YouTube mobile, YouTube Shorts, and other Google AI output products [3]. - The company insists that Google implement technical restrictions in its AI services and all products integrating such AI functions to prevent future infringement at the source [3]. - This action by Disney aligns with its previous cease-and-desist letters to Meta and Character.AI, and it echoes a joint lawsuit with NBCUniversal and Warner Bros. Discovery against Midjourney and Minimax, demonstrating Disney's firm stance on protecting its intellectual property rights [3][4].

| 名称 | 现价 | 涨跌幅 ▼ | | --- | --- | --- | | 京东健康 | 59.600 | 3.20% | | 蔚来-SW | 40.100 | 2.24% | | 网易-S | 213.600 | 1.91% | | 海尔智家 | 26.400 | 1.69% | | 零跑汽车 | 49.920 | 1.63% | | 快手-W | 67.800 | 1.57% | | 美的集团 | 89.500 | 1.47% | | 同程旅行 | 21.200 | 1.44% | | 携程集团-S | 549.000 | 1.39% | | 阿里巴巴-W | 152.700 | 1.39% | | 地平线机器人-W | 8.780 | 1.15% | | 小米集团-W | 42.660 | 1.14% | 黄金股走强，紫金矿业、 灵宝黄金 涨超3%， 中国白银集团涨近3% 。 锂电池板块高开，宁德时代涨近3%，赣锋锂业、天齐锂业涨超2%。 编辑 ｜心一 12月12日，恒生指数高开0.9%，恒生科技指数涨1.02%。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | ...

值得关注的是，港股此轮回购潮中，龙头科技公司的带头引领作用更强。自今年11月份以来，港股市场回购金额居前两位 的公司是腾讯控股和小米集团。另外，快手、金山软件等科技公司近期回购金额也较多。 陈雳表示，本轮港股回购呈现显著特点，一是主体高度集中，以腾讯、小米为代表的科技龙头主导，单日回购规模超6亿 港元；二是力度持续攀升，11月份回购股数达7亿股，12月上旬超3亿股，头部企业连续回购已成常态；三是资金性质明确，均 使用闲置自有资金且未占用经营资金，形成"龙头大规模持续回购、中小企业阶段性回购"的分化特征。 本报记者 孟珂 今年11月份以来，龙头科技公司回购活跃，引领港股市场掀起新一轮回购潮。 据Wind资讯统计，今年11月份，港股市场上市公司合计回购股份数量超过7亿股，而8月份至10月份，港股市场每月回购股 份数量分别为2.6亿股、5.3亿股和5.3亿股。 进入12月份，港股市场回购活跃的趋势得以延续，仅12月上旬短短几个交易日累计回购股份数量已超过3亿股。 川财证券总裁助理、首席经济学家、研究所所长陈雳对《证券日报》记者表示，港股新一轮回购潮的核心原因在于，当前 股价与企业内在价值错配，企业通过回购直接向市场 ...

Core Viewpoint - Disney has accused Google of large-scale copyright infringement by using AI models and related services to generate and distribute images and videos without authorization, prompting Disney to send a cease-and-desist letter to Google [1][4]. Group 1: Legal Actions - Disney's lawyers have sent a letter to Google's Chief Legal Officer, claiming that Google has copied a significant amount of Disney's works as training material for its AI systems [1]. - The letter includes examples of AI-generated content that allegedly infringes on Disney's copyrights, specifically mentioning characters from popular films such as "Frozen," "The Lion King," and "Star Wars" [4]. Group 2: Demands from Disney - Disney demands that Google immediately cease the copying, displaying, distributing, or creating derivative content based on Disney characters across all Google AI output products, including YouTube and YouTube Shorts [4]. - The company insists that Google implement technical restrictions in its AI services to prevent the future generation of infringing content [4]. Group 3: Context of the Accusation - This accusation against Google follows similar cease-and-desist letters Disney has sent to Meta and Character.AI, and aligns with Disney's joint lawsuit with NBCUniversal and Warner Bros. Discovery against Midjourney and Minimax for copyright infringement [4]. - Disney argues that Google's market position is being strengthened by distributing AI services that exploit the notoriety of Disney's copyrighted works, causing further harm to Disney [4].

Core Insights - The article discusses the contrasting media and technology ecosystems in the United States and China, highlighting the supportive environment for content creators in the U.S. compared to the restrictive nature in China [8][9][10]. Group 1: Media Ecosystem - The U.S. has a content creator-friendly ecosystem, exemplified by platforms like Substack, which allows creators to retain 90% of their subscription revenue [8]. - In contrast, Chinese platforms often impose restrictive payment terms on creators, leading to a less favorable environment for content production [9]. - The New York Times' team operates with a focus on content creation without the pressure of revenue concerns, showcasing a different operational model compared to Chinese media [13][20]. Group 2: Creator Support and Engagement - U.S. media companies maintain strong relationships with creators, allowing for collaboration even when creators move to larger platforms [10]. - The N+1 publisher, despite having a small subscriber base, thrives on donations and focuses on nurturing new creators, demonstrating a commitment to quality over quantity [11]. - High renewal rates for subscriptions, such as 80% for some Substack creators, indicate a strong willingness among U.S. audiences to pay for quality content [10]. Group 3: Work Culture and Environment - Companies like Google provide exceptional employee benefits, contributing to a relaxed work culture, with employees typically working from 11 AM to 6 PM [18][19]. - Amazon, while more demanding, still offers a relatively comfortable work environment compared to Chinese standards [20]. - The overall atmosphere in U.S. companies appears more relaxed, which may foster innovation, contrasting with the more intense work culture in China [21]. Group 4: Podcasting Landscape - The podcasting industry in the U.S. has evolved into a mainstream medium, with a clear distinction between high-profile and niche shows, leading to a "middle collapse" phenomenon where mid-tier shows struggle for attention [22]. - U.S. podcasters can afford to take their time in developing content, focusing on quality rather than immediate commercial success, unlike the more frantic pace in China [24][25]. - The article emphasizes the importance of seizing early opportunities in emerging media, suggesting that the current podcasting landscape in China is still in its infancy [26][28].

据塞马福（Semafor）率先报道、后经科技博客 TechCrunch 证实的一份备忘录显示，谷歌在人工智能基 础设施军备竞赛中迈出重大一步，将阿明・瓦赫达特提拔为人工智能基础设施首席技术专家。这是一个 新设立的职位，直接向首席执行官桑达尔・皮查伊汇报。此举标志着，随着谷歌计划到 2025 年底将资 本支出提高至 930 亿美元（其母公司字母表预计明年这一数字还会大幅增长），相关基础设施工作已变 得至关重要。 瓦赫达特并非行业新人。这位拥有加州大学伯克利分校博士学位的计算机科学家，早在 20 世纪 90 年代 初就曾在施乐帕克研究中心担任研究实习生，过去 15 年来一直在默默搭建谷歌的人工智能技术根基。 2010 年以工程研究员兼副总裁身份加入谷歌前，他曾任杜克大学副教授，后又担任加州大学圣迭戈分 校教授及科学应用国际公司讲席教授。他的学术履历十分亮眼 —— 发表的论文数量约达 395 篇，且其 研究方向始终聚焦于实现大规模计算机的高效运行。 瓦赫达特在谷歌内部本就拥有较高关注度。就在 8 个月前的谷歌云大会（Google Cloud Next）上，他还 以机器学习、系统及云人工智能领域副总裁兼总经理的身份登 ...

Group 1 - The core viewpoint of the report is that Asian stock markets have risen approximately 25% this year, driven by a revaluation of price-to-earnings ratios, with strong support from a resilient macro environment and robust corporate earnings momentum [1] - The report highlights that South Korea and China maintain strong momentum, while India's stock market continues to reach new highs. Japan remains attractive amid accelerated reforms, and the Australian market shows steady performance [1] - The report anticipates that by mid-2026, the reality of AI returns will be tested, with a peak in the US dollar exchange rate, which will help Asian and emerging markets outperform the broader market [1] Group 2 - In China, strong earnings momentum is expected to drive a 15% upside potential, with a consensus forecast of 16% earnings growth per share by 2026. The private sector and high-tech manufacturing are expected to lead this growth [2] - The report identifies key sectors for 2026, including alternative energy (lithium batteries, solar), automotive, beauty, healthcare, industrial automation, internet technology, and semiconductors, while maintaining a cautious stance on materials and durable consumer goods [2] Group 3 - The report recommends several thematic stocks for 2026, including Tencent, CATL, Sungrow Power Supply, Mindray, Yili, Geely, Galaxy Entertainment, Huahai Pharmaceutical, Yihua Healthcare, and InnoCare Pharma [3]

12月11日，港股三大指数悉数飘绿，自带"科技+红利"哑铃策略的——香港大盘30ETF（520560）逆市 飘红，彰显韧性。成份股方面，百胜中国领涨超1%，美团、招商银行、中国平安、小米集团、泡泡玛 特、百济神州等个股飘红。 数据显示，香港大盘30ETF（520560）近5日连续吸金，合计金额3886万元，拉长时间来看，近20日累 计吸金7518万元，反映资金看好港股后市表现，积极运用哑铃策略进行布局！ 宏观方面，美联储如期降息25个基点，中国银河证券指出，美联储降息后，美元走弱预期会推动港元利 率中枢下行，同时还能推动外资回流，双重作用将有效改善港股的流动性，进一步带动港股整体向好。 港股科技方面，12月10日，通义千问宣布语音合成模型Qwen3-TTS迎来升级，支持多音色、多语种和多 方言。此外，有消息称，美国科技巨头Meta使用阿里千问优化其最新AI模型。在行业看来，这一动向 从侧面证实了阿里千问作为开源模型的硬核实力。 招商证券表示，AI科技赛道长期产业趋势还在，从生产率的提升、应用范围的扩大都可以看出AI技术 仍蕴含潜能，短期市场波动并不影响实体产业的投资价值。已在业绩表现上开始兑现其AI投资回报的 ...

Core Viewpoint - The Federal Reserve announced a 25 basis point interest rate cut and indicated a pause on further rate cuts in the near future, leading to a collective rise in U.S. stock markets [1] Group 1: Market Reactions - U.S. stock markets experienced a collective increase following the Fed's announcement [1] - Hong Kong's three major indices opened higher, with the Hang Seng Index rising by 0.66%, the National Index by 0.58%, and the Hang Seng Tech Index by 0.55% [1] Group 2: Sector Performance - Major technology stocks in Hong Kong saw a general increase, with Alibaba, NetEase, Kuaishou, and Tencent each rising by 1% [1] - Precious metals continued to perform strongly, with silver prices reaching new highs, while gold and copper stocks also remained robust [1] - Broader sectors such as Apple-related stocks, airline stocks, and insurance stocks experienced widespread gains [1] Group 3: Underperforming Stocks - Gaming and telecommunications stocks faced declines, with ZTE Corporation dropping nearly 3% [1]