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AI独角兽视共识于无物,互联网公地悲剧即将上演
3 6 Ke· 2025-08-07 11:51
去年AI研究公司Epoch AI曾经做出预测,到2028年互联网上所有高质量的文本数据都将被使用完毕,AI 业界将会撞上"数据墙"(data wall)。而急于获得更多数据来训练更强模型的AI厂商与待价而沽数据拥有 者之间的博弈,更堪称是过去两年间互联网世界最有看点的斗争之一。 据悉,Perplexity的做法是更换用户代理(UA),而后者则代表用户进行网络活动的软件实体,它可以 是任何能够发起网络请求的软件。用户代理的主要作用是向服务器发送请求,并接收、解析服务器返回 的响应,可被视为是一张"网络身份证"。而Perplexity则会将自己的爬虫伪装成Chrome UA来躲避网站的 拦截,即在网站面前冒充Chrome。 为了帮助自家客户免遭Perplexity爬虫的骚扰,Cloudflare宣布将后者从已验证的机器人列表中删除。对 此,Perplexity公司发言人Jesse Dwyer直接否认了Cloudflare的说法,并宣称Cloudflare的行为就是在推销 自己的服务,其博文中的截图显示没有内容被Perplexity爬虫访问,甚至提及的爬虫都不属于他们。 不得不说,Perplexity的公关水平相当 ...
三年回撤小于20%的基金经理,只有这么几位了
Sou Hu Cai Jing· 2025-08-07 07:18
Market Overview - Recent market performance has been strong, with US stocks experiencing a significant drop last Friday due to "data revision," yet continuing to rise this week, reaching new highs for the year [1] - The Shanghai Composite Index also hit a new closing high for the year, indicating a vibrant market environment [1] - Key indicators of market activity include a trading volume of 1.73 trillion and margin financing data surpassing 2 trillion for the first time in ten years [1] Investment Trends - The market is currently favoring sectors such as technology (AI, robotics, innovative pharmaceuticals) and banking, leading to profitable opportunities [1] - There is a notable structural market trend this year, with actively managed equity funds outperforming passive funds [2][3] - The average return of equity mixed funds has increased by 15.81%, while the CSI 300 Index has only risen by 4.28% [1] Fund Performance - A review of actively managed equity funds shows that only 16 funds met the criteria of having over 500 million in size, a three-year return exceeding 30%, and a maximum drawdown within 20% [6] - The selected funds are primarily managed by experienced fund managers, most of whom have over ten years of experience [7] Notable Fund Managers - Yang Chonghan from Huatai-PB focuses on financial sectors, achieving a return of 20.93% this year, outperforming the banking index which rose by 13.59% [8] - Jiang Cheng, known for value investing, has two funds that focus on dividend stocks, particularly in the banking sector, showing strong performance in both volatile and rising markets [8] - Xu Yan from Dacheng has three funds listed, maintaining a consistent performance with a stock holding ratio around 60% [9] Fund Selection Criteria - The selection criteria for the funds included a minimum size of 500 million, a three-year return of over 30%, and a maximum drawdown of 20% [5] - The analysis suggests that the defensive capabilities of these funds are strong, with a focus on minimizing drawdowns while still achieving reasonable returns [13]
X @The Economist
The Economist· 2025-08-07 04:00
Although Chinese AI development is frustrated by being denied the best foreign models (such as America’s GPT and Gemini), domestic open-source models are improving rapidly, says the chief technology officer of one AI firm https://t.co/h13My4mNU2 ...
天风证券晨会集萃-20250807
Tianfeng Securities· 2025-08-07 00:11
Group 1: Macro Strategy and Tariff Impact - The report highlights the significant changes in the U.S. non-farm data as a reflection of the post-pandemic "K-shaped economy" differentiation, raising doubts about the effectiveness of current economic statistics [3][23] - It discusses the evolving framework of the U.S. "reciprocal tariffs" policy, which is becoming clearer with three tiers based on country agreements, affecting various industries [23][24] - The report suggests that the impact of tariffs on consumer prices in the U.S. is just beginning to manifest, with potential inflation risks remaining due to the ongoing tariff framework and domestic demand stimulation from tax cuts [25][26] Group 2: Chemical Industry - Soda Ash Investment Opportunities - The soda ash industry has about 30% of its capacity being outdated, with 10% of the capacity having energy consumption and emissions below benchmark levels [4] - The report emphasizes the importance of focusing on companies with cost advantages, particularly those using natural soda ash methods, which are more energy-efficient and cost-effective compared to synthetic methods [4] - Recommended companies include Boyuan Chemical, which is the largest domestic soda ash producer with a capacity of 6.8 million tons, and Zhongyan Chemical, which is expanding its capacity through new mining rights [4] Group 3: Pharmaceutical Industry - Kolun Biotechnology - Kolun Biotechnology's SKB264, a TROP2 ADC drug, is in the global phase III clinical trials and is considered to have blockbuster potential, with significant data expected in 2027 [5][36] - The drug has shown promising results in various indications, particularly in NSCLC, outperforming competitors in terms of progression-free survival [37][38] - The report indicates that SKB264 is positioned in the first tier of global competition, with a strong focus on its unique molecular design contributing to its efficacy and safety profile [37][38] Group 4: Electronics Industry - Lian De Equipment - Lian De Equipment has been awarded a contract for the 8.6 generation AMOLED production line, indicating its leading position in the OLED equipment market [18][27] - The company is expected to benefit from the growing demand for flexible AMOLED displays, particularly in foldable smartphones and high-end IT devices [28][29] - The report projects significant growth in the solid-state battery market, with Lian De Equipment actively developing equipment for this sector, indicating a strong future market potential [30][31] Group 5: Electronics Industry - Sunrock Electronics - Sunrock Electronics reported a sales revenue of 3.224 billion yuan in the first half of 2025, marking a year-on-year increase of 19.80% [32][33] - The company is experiencing growth in its automotive electronics and data center business, with significant contributions to its revenue from these sectors [34] - The report maintains a positive outlook on the company's profitability, projecting net profits of 1.05 billion yuan for 2025 and 1.28 billion yuan for 2026 [35]
财信证券晨会纪要-20250807
Caixin Securities· 2025-08-06 23:30
Market Strategy - The market is experiencing a steady upward trend, with active performance in the military and robotics sectors [4][6][9] - The overall A-share market index increased by 0.62%, closing at 5680.05 points, while the Shanghai Composite Index rose by 0.45% to 3633.99 points [6][9] - The small and micro-cap stocks outperformed larger cap stocks, with the North Exchange 50 Index rising by 1.58% [7][9] Industry Dynamics - The robotics sector is gaining momentum, supported by the Shanghai government's implementation of the "Embodied Intelligence Industry Development Implementation Plan," aiming for significant technological breakthroughs by 2027 [8][24] - OpenAI has launched two open-source models, GPT-oss-120b and GPT-oss-20b, which are reported to perform at the forefront of benchmark tests [29] - AMD anticipates a growth in AI chip revenue in Q3 2025, with projected annual AI revenue reaching several billion dollars [30] - Google DeepMind has introduced the Genie 3 model, which allows for real-time interaction in generated environments, marking a significant advancement in generative AI [32] Company Updates - Zhongchong Co., Ltd. reported a 43% year-on-year increase in net profit for H1 2025, with revenue reaching 2.432 billion yuan [36] - Hezizhen Co. is undergoing a control change, with a significant shareholder planning to transfer 20% of its shares to a state-owned enterprise [38] - Zhongtian Technology has commenced construction on a 16,000-ton subsea cable laying vessel, expected to enhance its operational capacity significantly [40]
大厂秋招暗战酣,AI人才定乾坤
Core Insights - The demand for AI talent is significantly increasing, with major tech companies launching extensive recruitment campaigns targeting AI-related positions, indicating a structural shift in the job market [1][2][3] Group 1: Recruitment Trends - Alibaba has initiated its 2026 campus recruitment with over 7,000 positions, where AI-related roles account for more than 60% of the total [1][2] - Tencent's recruitment for the same period emphasizes AI roles, with a focus on software development and technical research [1][2] - Meituan plans to recruit 6,000 individuals globally, with over one-third of these positions in technical roles, reflecting a similar trend towards AI [2] Group 2: Talent Market Dynamics - As of July 2025, 41.07% of employees in leading AI companies are considering job changes, significantly higher than the 14.65% in the broader internet sector, indicating a high turnover intention in the AI field [3] - Over 1,000 AI companies are actively hiring, showcasing a competitive landscape for talent acquisition [3] Group 3: Skills and Backgrounds - Companies are shifting their hiring criteria from solely technical skills to valuing learning potential and interdisciplinary thinking, highlighting the importance of diverse educational backgrounds [3][4] - The narrative around AI talent is evolving, with non-technical graduates, such as those from humanities backgrounds, finding opportunities in AI roles [4][5] Group 4: Educational and Training Initiatives - Companies like Alibaba and Meituan are investing in training programs to enhance the skills of new hires, with Alibaba's "Ali Star" program attracting over 200 top talents and producing more than 3,000 research outcomes [4][5] - Meituan has implemented a mentorship and rotation system for new graduates, resulting in over 70% of them achieving promotions within their first year [5] Group 5: Industry and Educational Integration - The need for integration between education and industry is emphasized, with calls for educational institutions to align more closely with industry demands to better prepare graduates for the job market [5][6] - Initiatives like the collaboration between Zhiyuan Robotics and Tsinghua University aim to bridge the gap between theoretical knowledge and practical application in AI and robotics [6]
Trump Media Begins Public Beta Testing AI Search Engine
Globenewswire· 2025-08-06 12:30
Core Insights - Trump Media and Technology Group Corp. has initiated public Beta testing for its new AI search feature, Truth Search AI, on the Truth Social platform [2][4] - The AI search feature is powered by Perplexity, aiming to provide contextually accurate answers with transparent citations, thereby enhancing user experience and information accessibility [3][4] - The Truth Search AI is currently available on the web version of Truth Social, with plans to roll out on iOS and Android apps soon [4] Company Overview - Trump Media's mission is to combat perceived censorship by Big Tech and promote free speech through its platforms, including Truth Social and Truth+ [6] - Truth Social is designed as a safe space for free expression, while Truth+ focuses on family-friendly streaming content [6] - The company is also launching Truth.Fi, a financial services and FinTech brand that aligns with an "America First" investment strategy [6] Partner Overview - Perplexity is an AI-driven answer engine that provides real-time answers from credible sources, aiming to bridge the gap between traditional search engines and AI interfaces [7] - The company, founded in 2022, answers over 150 million questions globally each week [7]
Stack Capital Group Inc. Reports Q2-2025 Financial Results
Globenewswire· 2025-08-06 11:45
Company Overview - Stack Capital Group Inc. reported its financial results for the quarter ended June 30, 2025, with all amounts in Canadian Dollars [1] - The Company aims to invest in growth-to-late-stage private businesses, providing shareholders with exposure to a diversified private investment portfolio [7] Financial Performance - As of June 30, 2025, the Book Value of the Company was $157.6 million, and the Book Value per Share was $14.34, an increase from $12.06 as of March 31, 2025 [3][5] - The Company marked up its investment in CoreWeave by US$25.7 million, reflecting a closing price of US$163.06 [5] - An additional US$3 million was invested in SpaceX during Q2-2025, with SpaceX's valuation increasing from US$350 billion to US$400 billion post-quarter [5] Investment Portfolio - The breakdown of Book Value per Share as of June 30, 2025, includes significant investments in various companies: - CoreWeave, Inc. (AI hyper-scaler): $4.25 - SpaceX: $2.47 - Locus Robotics, Inc. (autonomous robots): $1.26 - Canva, Inc. (graphic design): $1.23 - Omio, Inc. (travel & leisure): $1.05 - Hopper, Inc. (travel & leisure): $1.03 - Newfront Insurance, Inc. (insurance & benefits): $1.02 - Prove Identity, Inc. (cyber-security): $0.98 - Bolt Financial, Inc. (e-commerce): $0.48 - Shield AI, Inc. (military defense): $0.39 - Varo Money, Inc. (neo-banking): $0.13 - Cash: $0.50 - Net other assets: $(0.45) [4] Market Environment - The CEO of Stack Capital noted a robust IPO environment and strong momentum in private markets, particularly among disruptive companies in AI, LLMs, and robotics [3] - The Company remains focused on backing category-leading businesses that can deliver long-term value for shareholders [3]
长城基金投资札记:结构性行情有望延续,AI、军工等或有超预期
Xin Lang Ji Jin· 2025-08-06 08:28
国内经济二季度展现较强韧性,叠加"反内卷"政策持续推进,A股在7月延续反弹势头,稳步上涨。 进入8月,海外关税扰动或存变数,美联储降息预期升温,与此同时,国内政策有望持续巩固资本 市场回稳向好势头,A股中报也将进入密集披露期,业绩交易的重要性可能进一步提升。多重因素交织 下,当前哪些投资机会或更具潜力?一起来看看长城基金权益基金经理们的最新观点~ 杨建华:市场震荡消化压力加大 国内方面,宏观经济面临边际放缓压力,7月官方制造业采购经理人指数PMI超季节性回落到49.3, 非制造业PMI也有所回落,7月末政治局会议对当前经济形势评价正面,显示后续新的总量政策或引而 不发。国际方面,美国在与其他国家的对等关税谈判中占据上风,外部不确定性增加。 AI医疗相关板块在2月至3月初经历一段快速上涨后,表现较为乏力。一方面,国内AI应用在 DeepSeek 之后再未出现明显驱动因素;另一方面,AI医疗的市场认可度和关注度暂时不及创新药。 针对上述第一个原因,海外AI在硬件及应用端自4月起的走势持续超预期。当前国内AI的发展态势 与去年之前的阶段存在差异,并非处于大幅落后状态,因此海外AI的发展情形,大概率会滞后体现在A 股 ...
帮主郑重:美股惊现“滞胀阴影”,特朗普关税风暴+AI新模型如何搅动市场?
Sou Hu Cai Jing· 2025-08-06 06:24
Economic Data - The ISM non-manufacturing index was reported at 50.1, indicating stagnation in the service sector, which constitutes 70% of the U.S. economy [3] - Concerns about stagflation have emerged, characterized by high inflation coupled with economic stagnation, with JPMorgan warning of a "high" risk of recession in the U.S. [3] Trade Policies - Former President Trump announced intentions to significantly increase tariffs on India and potentially on pharmaceuticals and chips, with drug tariffs possibly reaching 250% [3] - India, as the largest exporter of generic drugs, may see U.S. drug prices rise sharply due to these tariffs, while India has responded strongly against these measures [3] - Trump's push for domestic chip production indicates a strategic shift, with an announcement expected next week that could impact major companies like TSMC and Samsung [3] Oil Market - International oil prices have declined for four consecutive days, despite supply disruptions from Russia, as OPEC+ increased production by 548,000 barrels per day in August [4] - A Russian official suggested that halting 9.5 million barrels of Russian oil daily could drive prices up to $140 per barrel, highlighting the ongoing tug-of-war in the oil market [4] Stock Market Performance - Chinese concept stocks showed mixed results, with Pinduoduo up 0.52% and TSMC down 2.75% due to tariff concerns, while companies like Tianjing Bio and Zhihu saw gains of over 15% and 6%, respectively [5] - The technology sector is witnessing significant developments, with OpenAI releasing two open-source models and Google introducing the Genie 3 model, which could revolutionize gaming and the metaverse [5] - JPMorgan cautioned that if OpenAI's GPT-5 fails, it could lead to a significant downturn in the AI industry [5] Investment Outlook - The current market environment is characterized by weak economic data, trade tensions, and technological advancements, creating a complex investment landscape [5] - For long-term investors, defensive opportunities may arise in the energy and healthcare sectors amid stagflation concerns, while the AI sector, despite short-term volatility, holds potential for significant growth in the coming decade [5]