每经编辑|杜宇 据红星资本局11月25日消息，近日，与贾跃亭相关的IP公司在抖音平台开设店铺，销售衣服和保温杯等，单价从169元至799元不等商品。 | | 未来主义者联盟的橱窗 ◎ | | | --- | --- | --- | | | 巴美注 粉丝12.5万 跟买人数340 | | | | 已售件数 387 | | | 全部商品 | 直播好物 分类 | | | 综合 销量 | 新品 价格 : | or | | | FARADAY FUTURE 法拉第未来 | | | | Fandor's Jacket男士立领夹克休 | | | | ¥717 券后价 已售293 | | | | 券 立减82元 运费险 7天无理由退货 | | | | 来自成长奋斗者 > | | | | FARADAY FUTURE 法拉第未来 | | | | 不锈钢吸管杯522ml办公便携保温 | | | | 直播间同价 | | | | ¥169 已售201 | | | | 运费险 7天无理由退货 极速退款 | | | | 来自成长奋斗者 > | | | | FARADAY FUTURE 法拉第未来 | | | | 男士休闲圆领印花口袋黑色 ...

Group 1 - U.S. stock indices rose for the third consecutive trading day, with the Dow Jones up 1.43%, S&P 500 up 0.91%, and Nasdaq Composite up 0.67%. The Nasdaq China Golden Dragon Index increased by 0.35% [1] - Dell's Q3 FY2025 earnings report showed revenue below Wall Street expectations, but the company forecasts that fourth-quarter performance will exceed market expectations driven by growth in AI sales [5] - According to Counterpoint Research, Apple is set to reclaim the title of the world's largest smartphone manufacturer for the first time in over a decade, thanks to the successful launch of the new iPhone series and a surge in consumer upgrades [6] Group 2 - Concerns have arisen on Wall Street regarding Nvidia's dominance in the AI infrastructure sector due to reports of Meta negotiating the use of Google's chips in data centers, although Nvidia claims its GPUs are "a generation ahead" of Google's AI chips [4] - Tesla's electric vehicle registrations in Europe for October were reported at only 6,964 units, a significant decline of 48.5% compared to the same period last year, according to the European Automobile Manufacturers Association [8]

记者丨黎雨桐 编辑丨江佩霞 25日晚间，美股三大指数开盘涨跌不一，截至北京时间22：45左右，道指涨0.26%，标普500指数跌0.30%，纳指跌0.86%。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 46570.01 | 22675.74 | 6685.13 | | +121.74 +0.26% | -196.27 -0.86% | -19.99 -0.30% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7730.16 | 24848.25 | 6715.75 | | +3.93 +0.05% | -100.00 -0.40% | -5.50 -0.08% | 消息面上， 俄乌局势迎来关键进展。据央视新闻报道， 有一位美国官员表示，乌克兰已同意一项结束与俄罗斯冲突的协议，目前仅剩"一些小 细节"尚未敲定。与此同时，乌克兰总统泽连斯基表示，仍有许多工作要做。 蔚来跌超4%， 蔚来发布2025年三季度财报。蔚来公司三季度交付87,071台，同比增长40.8%，环比增长20.8%，创历史新高。三季度营收 217.9亿元，同比增长16.7%， ...

Core Viewpoint - Elon Musk predicts that in the next 10 to 20 years, work will become optional, likening it to gardening, which is labor-intensive but enjoyable for some [2][3]. Group 1: Automation and Labor Market - Musk envisions a future where millions of robots will enter the labor market, significantly increasing productivity and making work optional [2]. - Concerns exist regarding the impact of automation on entry-level jobs, particularly for Generation Z, leading to fears of a challenging job market and stagnant income growth [3]. - Economists express skepticism about the feasibility of Musk's vision, citing the high costs and specialized nature of robotic technology, which may hinder widespread adoption [7][8]. Group 2: Economic Implications - Musk suggests that in a future of automation, money will become irrelevant, drawing inspiration from Iain M. Banks' science fiction works where traditional jobs do not exist [4]. - The concept of universal basic income is mentioned as a potential support system for a world where work is not necessary, although details on its implementation remain unclear [4][8]. Group 3: Social and Existential Considerations - The transition to a world where work is optional raises questions about the societal structure and the meaning of life when traditional labor loses its value [10][11]. - The potential for increased wealth generation through AI is acknowledged, but concerns about inclusivity and the widening wealth gap are highlighted [9].

Group 1 - The World Trade Organization (WTO) has played a significant role in promoting global trade development and economic growth over the past 30 years, especially in enhancing the participation of developing countries [1] - The current global trade landscape is facing challenges such as unilateralism, protectionism, and geopolitical conflicts, necessitating a commitment to a multilateral trade system centered around the WTO [1] Group 2 - India and Canada have agreed to restart trade agreement negotiations, which had been stalled for nearly 15 years due to diplomatic tensions [2][3] - The goal of the new comprehensive economic partnership agreement is to double bilateral trade to $50 billion by 2030 [2][3] - Both countries aim to deepen cooperation in defense, aviation, trade, technology, and energy sectors [3] Group 3 - The comprehensive economic partnership agreement negotiations cover various areas, including goods, services, investment, agriculture, digital trade, labor mobility, and sustainable development [4] - Despite previous diplomatic disputes, bilateral trade between India and Canada has continued to grow, although it remains relatively low compared to India's economic size [4] Group 4 - Canada is seeking to diversify its trade relationships in response to U.S. protectionist policies, with India being viewed as a reliable trade partner [5] - The Canadian government is focused on strengthening economic ties with India to boost its economy amid global trade order restructuring [5] Group 5 - The China-Germany relationship is seeking to set aside differences and enhance dialogue and cooperation, particularly in emerging fields such as new energy and intelligent manufacturing [6][7][8] - Germany remains a crucial investment partner for China, with significant capital inflows expected [13] Group 6 - The global semiconductor market reached a record $208 billion in Q3 2025, with Nvidia leading in revenue [39] - The growth in the semiconductor sector is driven by strong demand for storage and non-storage companies, with notable increases in revenue for companies like Micron and Sony Imaging [39] Group 7 - Tesla is entering an annual iteration cycle for its AI chips, aiming to produce up to 200 billion chips annually to meet the demand from its expanding fleet and future projects [40][41] - Samsung's 2nm Exynos 2600 chip has achieved a yield rate of 50-60%, with plans to price it competitively against Qualcomm's offerings [42][43] Group 8 - The global sales of new energy vehicles (NEVs) reached 5.39 million units in Q3 2025, marking a 31% year-on-year increase, with projections for total sales to exceed 20.43 million units for the year [45] - Chinese electric vehicles are gaining popularity in Latin America, driven by competitive pricing and practical advantages over traditional vehicles [46][48]

AI浪潮正以不可阻挡之势重塑全球，从工厂流水线到写字楼办公室，从基础客服到专业白领岗位，这项技术已不再是遥远的科幻概念，而是深度渗透就 业市场的"变革之力"。 最新数据显示，世界经济论坛预测AI将在未来5年内取代9200万个工作岗位，同时催生1.7亿个新岗位；摩根大通更给出激进预判：20年内15%的现有岗位 将被AI替代，却可能推动全球GDP增长7万亿美元。 撰文| 钱亚光 编辑| 张 南 设计| 荆 芥 一边是"失业焦虑"蔓延，一边是"生产力爆发"的期待，这场矛盾风暴中，11月19 日华盛顿特区肯尼迪中心的美沙投资论坛（US-Saudi investment forum） 成为焦点——科技圈两大巨头直接"对垒"未来。埃隆・马斯克（Elon Musk）抛出石破天惊的预言：10-20 年内工作将成 "可选的爱好"，金钱将变得不再 重要！ 而英伟达 CEO 黄仁勋（Jensen Huang）却当场唱起反调，直言"AI 不会让你失业，但会让不用AI的人失业"，这场关于人类未来的终极辩论，瞬间点燃全 场热议！ 01 马斯克：未来10-20年工作成选择，金钱无关紧要 马斯克大胆预测，在未来10到20年，工作将不再是人类 ...

Core Insights - Tesla's CEO Elon Musk announced a bold goal to produce a new AI chip every 12 months, aiming for a total output that surpasses all other AI chip manufacturers combined [3] - This strategic move signifies Tesla's enhanced investment in smart hardware, which will significantly impact the development of autonomous driving and humanoid robots [3] - The company has established a clear iterative roadmap for its AI chips, with AI4 already integrated into vehicles, AI5 nearing production, and AI6 in the research phase [3] Group 1: Strategic Implications - Musk's direct involvement in chip design reflects Tesla's strategy to build a comprehensive technological moat, recognizing that in-house chip development is crucial for overcoming technological bottlenecks [3] - Relying on third-party chips poses supply constraints and hinders deep integration with the Full Self-Driving (FSD) system and robot control algorithms [3] - Tesla's unique technological advantage stems from integrating autonomous driving hardware, battery systems, and AI infrastructure, with ongoing chip iterations further strengthening this barrier [3] Group 2: Technical Advancements - The upcoming AI5 chip, manufactured using TSMC's 3nm N3P process, boasts a computing power of 2000-2500 TOPS, a fivefold increase over the current AI4, with a 40% reduction in error rates [4] - Designed for end-to-end neural network models, the AI5 chip can process data from 12 high-definition cameras, enabling real-time decision-making for complex driving scenarios [4] - The AI5 chip's power consumption is optimized to 250 watts, crucial for the performance of the "Optimus" humanoid robot [4] Group 3: Application Scenarios - The advancements in AI chip technology will support Tesla's plans for L4-level autonomous driving commercialization, with a pilot program for unregulated Robotaxi services set to launch in Austin, Texas, in June 2025 [5] - The AI chip's computational capabilities will enable the operation of a 100 billion parameter neural network for the "Optimus" humanoid robot, achieving precision of 0.01 millimeters for tasks like factory quality inspection [5] - Tesla's chip technology allows for cross-domain applications, with electric vehicle components being utilized in robot development, significantly reducing production costs and laying the groundwork for large-scale implementation [5]

Core Insights - China's electric vehicle strategy is gaining traction in the Global South, particularly in Latin America, where electric vehicles (EVs) are becoming increasingly popular due to economic rationality rather than mere technological trends [1][2]. Group 1: Market Dynamics - In Latin America, electric vehicles account for approximately 10% of the market share in countries like Chile and Brazil, while wealthier nations struggle with outdated perceptions regarding infrastructure and range anxiety [1]. - Chinese brands are competing effectively in the Global South by offering lower-priced electric vehicles that are better suited to local conditions, unlike Western manufacturers who focus on high-profit margins [1]. Group 2: Environmental Impact - The widespread adoption of electric vehicles in developing countries can significantly reduce carbon emissions and urban pollution, potentially saving substantial public health costs [2]. - A World Bank study indicates that even with limited infrastructure, promoting electric vehicles in middle-income countries could reduce transportation emissions by 30% within a decade, provided the electricity source is relatively clean [2]. Group 3: Global Electric Vehicle Transition - China is systematically advancing the global electrification process by building factories, exporting batteries, establishing charging networks, and signing bilateral agreements, contrasting with the stagnation seen in wealthier nations [3]. - The future of global electrification is being actively demonstrated in cities like Lima, São Paulo, and Santiago, rather than in traditional automotive hubs like California or Berlin [3].

当美国犹豫不决、欧洲举棋不定时，中国正凭借太阳能发电场、电池和电动汽车，全速迈向绿色未 来。贝伦气候峰会证明了：没有中国的硬件产品，世界将无法实现其气候目标。 如今，超过60%的电动汽车产自中国，超过70%的电池也在中国生产。曾经被嘲笑的比亚迪超越了 特斯拉，电池巨头宁德时代展示了"充电5分钟，续航520公里"的电池。中国电动汽车价格实惠，不仅得 益于技术优势，还归功于高效的组织结构：激烈的市场竞争、自动化生产以及从原材料到产品交付的垂 直整合模式，降低了生产成本。 那么，中国是如何成为全球绿色领导者的？中国在能源转型方面的飞跃并非偶然，而是过去数十年 经济快速增长的结果。中国将社会投资、灵活开放、严格规划与市场激励相结合，打造出一个兼具规 模、速度和方向的经济体。 先说说社会基础。从一开始，中国就投入大量资金用于教育、医疗和社会保障，培养出健康且受过 良好教育的大量劳动者。重要的是，工资水平与生产率同步增长，这既维护了社会稳定，又培育出庞大 而充满活力的国内市场。 在此基础上，基础设施和技术成为"加速器"。中国快速建成了铁路、公路、港口和能源网络。同 时，大规模投资研发，在科学出版物和专利数量上跃居世界前列 ...

Core Insights - Electrification is a decisive infrastructure challenge and opportunity in the 2020s, with global passenger electric vehicle sales expected to exceed 17 million in 2024 and 20 million by the end of 2025 [1] - The integration of transportation, energy, and digital technologies is reshaping the entire value chain, but profitability remains uncertain, particularly for early movers in electric vehicle infrastructure [1][5] - Investors face a fundamental dilemma in allocating capital to drive transformation while achieving reliable infrastructure-like returns [1][5] Investment Framework - Infrastructure investors typically categorize assets into core and core-enhanced assets, with electric vehicle infrastructure presenting unique challenges due to uncertain demand and evolving technology standards [5][9] - Public charging infrastructure is capital-intensive but faces low average utilization rates, with European public charging stations averaging below 15% [5][9] - The shift from public funding to private capital requires a change in investment logic, emphasizing profitability and cost discipline [9] Emerging Trends - The Electrification-as-a-Service (EaaS) model bundles vehicles, charging, and energy into long-term service agreements, reducing demand risk and aligning incentives among stakeholders [6][15] - The current electric vehicle market is rapidly developing but unevenly, with China leading at nearly 40% penetration, followed by Europe at around 25%, and the U.S. lagging below 10% [9][12] - The integration of oil giants, utility companies, OEMs, and digital solution providers is creating both competitive and collaborative opportunities within the value chain [10] Profitability and Total Cost of Ownership (TCO) - TCO plays a critical role in consumer purchasing decisions, with subsidies significantly influencing sales, as seen in Germany's sharp decline in sales after subsidy cuts [12][13] - For commercial operators, TCO parity has been achieved in some regions for light commercial vehicles, but overall economic viability remains uncertain due to various cost factors [12][13] - Fluctuations in electricity prices and the absence of long-term supply contracts can erode profit margins, complicating the investment landscape [13] Risk Factors - Utilization risk remains a significant concern, with many public charging assets underperforming, necessitating careful contract design to mitigate revenue erosion [17][19] - Technological and reliability risks are heightened due to rapid hardware standard evolution, impacting the long-term viability of assets [17][19] - Structural risks must be managed through diversified revenue streams and resilient project designs to ensure sustainable returns [19][23] Strategic Opportunities - The most attractive investment opportunities lie in areas that can ensure dedicated utilization, such as fleet-based charging and long-term service contracts [28] - A balanced investment strategy should combine current infrastructure-like returns with future growth potential, particularly through EaaS models [15][26] - Collaborations among various stakeholders can enhance resilience and economic viability, as demonstrated by successful projects in the UK bus electrification sector [21][24]