据高云程透露，目前确实有部分公司的市值建立在对未来特别乐观的预期之上，但这些并不是景林资产 组合里的公司，景林资产核心持有的公司估值都在历史合理区间内，而且生意模式具备定价权，竞争格 局处于有利地位，管理层也足够清醒理性。 谈及接下来关注的机会，高云程称，明年需高度重视重要AI应用入口或者平台，如谷歌、Meta、苹 果、字节跳动、腾讯、OpenAI等世界级入口或平台型公司。而且2026年很可能是AI Agent（智能体）真 正普及的元年，软件层面的AI Agent和软硬件结合的AI Agent设备会不断被推出。以手机等硬件作为底 层操作平台的AI大模型，甚至有挑战原有IOS和安卓系统的可能性。原有的很多护城河都可能在这一次 技术浪潮中被颠覆。 近日，记者独家采访获悉，景林资产发布了管理合伙人、CEO高云程《2025年终给投资者的一封信》， 系统阐述了其对市场后续走势的判断以及对AI方向的布局。 高云程表示，2025年DeepSeek的横空出世，让世界认识到中国在生成式人工智能的竞争浪潮中是有竞 争力和性价比优势的。AI对各行各业的渗透和改造才刚刚开始。中长期来看，国际资金将逐步回流中 国资产。 不过，高云程坦 ...

来源：喜娜AI 金融市场方面，周三美股三大指数集体收涨，道指涨1.05%，纳指涨0.33%，标普500指数涨0.67%；大 型科技股涨跌分化，高通涨超3%，亚马逊、特斯拉涨超1%，奈飞跌超4%，微软跌超2%[14]。 一、国际新闻 美国众议院以312票赞成、112票反对的结果通过9010亿美元《国防授权法案》（NDAA），下一步将提 交参议院审议[1]。此前，众议院多数议员已对该法案表达支持，投票过程持续推进[2]。 与此同时，美联储公布12月货币政策决议，决定将基准利率下调25个基点至3.50%-3.75%区间，为年内 连续第三次降息，累计降息75个基点，投票结果为9比3，其中米兰主张降息50个基点，古尔斯比和施密 德则倾向维持利率不变[3][4][5]。 会议纪要显示，美联储点阵图存在显著分歧：19位官员中，7位认为2026年不应降息，4位支持累计降息 25个基点，4位支持降息50个基点，其余官员则主张更大幅度宽松[6][7][8]。 美联储主席鲍威尔在新闻发布会上表示，当前政策已处于中性利率区间高端，无人将加息作为基本假设 情景，市场预期聚焦于维持利率或降息[9][10]。 他指出，通胀受关税影响"有所 ...

特朗普政府此前就对欧盟针对大型科技企业的一系列高额处罚高度关注，其中包括对谷歌累计超95亿欧 元的罚款，以及要求苹果(AAPL.US)向爱尔兰补缴130亿欧元税款的单独裁决。 特朗普曾威胁，将针对此事出台新的关税政策，并限制尖端技术出口。美国官员也明确表态，除非欧盟 放宽其科技监管规则，否则美方不会取消对钢铁和铝制品征收的50%关税。 欧盟已对谷歌(GOOGL.US)发起反垄断调查，担忧其借助自有人工智能(AI)工具排挤竞争对手、滥用市 场主导地位。 欧盟委员会于周二发表声明称，将核查谷歌是否通过向内容创作者强加不公平条款、为自有AI模型赋 予相较竞品的排他性优势，从而扭曲市场竞争秩序。 此外，欧盟监管机构还将深入核查谷歌AI概览与AI模式的内容生成，在多大程度上取材于网络出版商 的内容，以及相关出版商是否获得了合理的报酬。 欧盟反垄断专员Teresa Ribera于周二在布鲁塞尔发表演讲时表示："此次调查再次释放强烈信号，彰显我 们保护网络媒体及其他内容创作者的决心，也体现出我们维护新兴AI市场公平竞争环境的坚定立场。" 本次调查距离欧盟对谷歌开出近30亿欧元(约合35亿美元)罚单仅过去数月。今年9月，欧盟 ...

来源：环球网 长期以来，两大移动生态系统的用户在更换平台时需依赖第三方工具或官方提供的独立应用——如苹果 的"转移到iOS"和谷歌的"Switch to Android"。尽管这些应用已能迁移部分数据（如联系人、照片和日 历），但在完整性、易用性和兼容性方面仍存在局限。 此次双方首次尝试在操作系统底层集成更无缝的数据迁移机制。 据9to5Google报道并经谷歌代表证实，新功能将直接嵌入设备初始设置流程，使用户在激活新手机时即 可更高效、安全地从另一平台导入更多类型的数据，包括消息记录、应用设置乃至部分媒体内容。 【环球网科技综合报道】12月9日消息，据engadget报道称，长期各自为营的谷歌与苹果正展开罕见合 作，共同开发一项旨在显著改善用户在安卓与iOS设备之间切换体验的新功能。这一协作成果已初步体 现在最新发布的Android Canary开发者测试版中，并预计将在即将推出的iOS 26开发者版本中同步亮 相。 目前，该功能尚处于早期开发阶段，仅在Android Canary版本中可见雏形，具体支持的数据类型、传输 协议及隐私保护机制等细节尚未公开。（青云） ...

（原标题：印度政府欲强制启用卫星定位监控 苹果等三大手机产商联名反对） "专门用于监控的设备" 一位直接了解此事的消息人士称，印度内政部原定于周五召开智能手机行业高层管理人员会议，讨论此 事，但会议被推迟。目前，印度信息通信部和内政部尚未做出任何政策决定。 利用A-GPS技术——这种技术通常只有在某些应用程序运行或进行紧急通话时才会开启——能够为当局 提供足够精确的定位数据，足以让追踪者将用户定位到大约一米的范围内，据技术专家称。 英国工程与技术学会数字取证专家Junade Ali说道："这项提议将使手机成为专门的监控设备。" 美国电子前沿基金会的安全研究员Cooper Quintin表示，他尚未听说其他地方有类似这样的提议，称 其"相当可怕"。 智通财经APP获悉，据文件、电子邮件以及五位消息人士透露，印度政府正在审查一项电信行业提案， 该提案旨在强制智能手机厂商启用卫星定位追踪功能，以便进行更有效的监控。此举遭到了苹果 (AAPL.US)、谷歌(GOOGL.US)和三星的反对，原因是出于隐私方面的考虑。 本周，印度总理纳伦德拉·莫迪政府被迫撤销了一项要求智能手机制造商在所有设备上预装一家国有网 络安全应用 ...

Summary of Conference Call Notes Company and Industry Involved - **Companies**: Google and Meta - **Industry**: Technology, specifically focusing on AI, cloud computing, and digital advertising Key Points and Arguments Google 1. **Stock Price Recovery**: Google’s stock price rebound is attributed to alleviated concerns about its search business, accelerated AI developments, and reduced antitrust regulatory risks, which have boosted investor confidence [1][2][3] 2. **AI Developments**: Google has made significant advancements in AI, with its TPU reaching the seventh generation and the Gemini 3.0 model considered superior to GPT. The cloud computing business has shown consistent revenue growth and a substantial increase in backlog orders, indicating strong competitive positioning in AI [1][5] 3. **Cloud Computing Growth**: It is projected that Google’s cloud computing revenue will continue to accelerate, with backlog orders providing a revenue guarantee and profit margins expected to improve [1][7][19] 4. **Market Sentiment on Search Business**: The market's pessimism regarding Google’s search business is deemed excessive. Direct comparisons between ChatGPT and Google search data are considered inappropriate, as both are not entirely comparable [1][9] 5. **Advertising Revenue Concerns**: There are concerns that AI search may reduce ad clicks, but higher conversion rates could offset this decline, leading to better user experience and potentially higher ad prices [10][21][22] 6. **Valuation Methodology**: The market is currently valuing Google using a Sum-of-the-Parts (SOTP) approach, with cloud revenue expectations set at $80 billion and a price-to-sales ratio of 15, translating to a price-to-earnings ratio of 50 [3][19] Meta 1. **Cautious Market Outlook**: Meta's future development expectations have turned cautious due to increased capital expenditures impacting profit margins and perceived lag in AI capabilities compared to competitors [1][6][16] 2. **Capital Expenditure Concerns**: Meta's capital expenditures are projected to reach $70-72 billion in 2025 and potentially $100 billion in 2026, raising concerns about profit margin pressures without guaranteed revenue increases [16] 3. **AI Capability Challenges**: Meta faces scrutiny regarding its AI capabilities, especially after the emergence of competitors like DBCK and the underperformance of its Llama 4 model [16][17] 4. **Future Opportunities**: Despite challenges, there is potential for Meta to recover, as its valuation is below historical averages. The company’s AI applications in advertising are expected to continue driving revenue growth [18] 5. **Market Performance**: Meta's market performance in 2024 and 2025 was optimistic due to AI's effectiveness in enhancing advertising, but recent market sentiment has shifted to a more cautious stance [15] Regulatory Environment 1. **Antitrust Rulings**: Recent court rulings have reduced regulatory risks for Google, indicating that extreme measures against the company are unnecessary due to the emergence of new competitors [4][8] Comparisons and Market Dynamics 1. **Comparative Analysis**: Google and Baidu are not directly comparable due to differing operational environments, with Google benefiting from a more open internet ecosystem compared to Baidu's restrictions in China [25] Other Important Insights 1. **Long-term AI Development**: Google’s foundational technology investments and talent pool position it well for future advancements in AI, suggesting that it may catch up or surpass competitors over time [11] 2. **Market Valuation Risks**: Current market valuations for Google may reflect optimism that is not sustainable long-term, particularly regarding its AI capabilities and the stability of its advertising revenue [12][13]

Core Viewpoint - Google's strong performance in the AI sector is attributed to its "full-stack ecosystem," which integrates computing power, large models, and applications, creating a self-sufficient closed loop that threatens Nvidia's dominance in the market [1][3][4] Group 1: Google's Competitive Advantages - Google utilizes its self-developed TPU for model training, which offers higher efficiency and lower costs compared to Nvidia's general-purpose GPU, leading to concerns about market share shifts [3] - The Gemini 3 model outperforms OpenAI's GPT in various authoritative tests, breaking the previous dominance of GPT and benefiting from native compatibility with Google's TPU, enhancing training speed and reducing energy consumption [3][4] - Google's extensive downstream applications, including Android, Google Search, and YouTube, provide clear monetization paths for the Gemini model, making its AI commercialization more certain compared to companies focused solely on hardware or models [4] Group 2: Domestic Market Implications - The new narrative in the US AI market is expected to influence the A-share market, with domestic AI companies focusing on "overseas computing power, domestic substitution, and application landing" [5] - Companies in the optical module sector, which supply components to both Nvidia and Google, are expected to benefit from increased overseas computing power demand, although caution is advised due to high trading congestion [5] - The domestic market still faces challenges such as a lack of chips and computing power, but Google's disruption of Nvidia's dominance provides a positive example for domestic chip manufacturers [6] Group 3: Application Development Trends - Companies in the media sector can leverage advanced overseas models to enhance efficiency without developing complex AI technologies, indicating a potential for significant performance improvements [6] - Internet companies with large user bases and diverse application scenarios can rapidly implement AI solutions, exemplified by Alibaba, Tencent, and Baidu integrating AI into their platforms [6] - The trend of AI investment is shifting from computing power to application development, which may become a key focus for the AI market by 2026 [7]

Core Insights - The recent launch of Huawei's MatePad Edge highlights the growing interest in 2-in-1 devices, featuring HarmonyOS 6 and a flexible OLED display, appealing to frequent travelers [1] - Despite the excitement, users face challenges with current devices, including poor file management and inadequate battery life, indicating a gap in the market for efficient 2-in-1 solutions [2] - Google is reportedly developing a new operating system called "Aluminium OS," which aims to merge ChromeOS and Android into a unified desktop platform, addressing the limitations of existing systems [3][5] Group 1: Market Dynamics - The 2-in-1 device market is witnessing increased activity with multiple new product launches from companies like H3C, 壹号本, and 酷比魔方 [1] - Users express frustration with the current offerings, highlighting the need for devices that combine long battery life and efficient multitasking capabilities [2] Group 2: Google's Strategic Move - Aluminium OS is designed to be a full-fledged desktop operating system based on Android, rather than a simplified version for tablets [5][10] - The new OS will retain familiar desktop interfaces while introducing a gesture-based tablet mode, allowing compatibility with millions of existing Android applications [12][14] - Google aims to integrate AI deeply into Aluminium OS, potentially enhancing user experience by automating tasks and improving productivity [15][18] Group 3: Competitive Landscape - Google faces pressure from competitors like Apple and Microsoft, who have successfully integrated their ecosystems, prompting the need for a cohesive strategy to avoid being marginalized in the desktop computing market [20] - The advancement of ARM architecture allows for better performance in running desktop systems, providing Google with an opportunity to leverage mobile chip technology for Aluminium OS [21][24] Group 4: Future Prospects - Aluminium OS is expected to target the high-end market, competing with products like Apple's MacBook Air, and could attract partnerships with manufacturers like Lenovo and Samsung [24][25] - The success of Aluminium OS will depend on Google's ability to enforce app compatibility and encourage developers to adapt their applications for a better user experience [28][29]

Core Viewpoint - Apple is challenging India's new antitrust penalty law, which could impose fines up to $38 billion based on global revenue, marking the first legal challenge against this law since its implementation last year [1][2]. Group 1: Legal Challenge - Apple is contesting the legality of the Indian antitrust law that allows the Competition Commission of India (CCI) to calculate fines based on global revenue rather than just domestic revenue [1]. - The company argues that the penalty based on global revenue is arbitrary, unconstitutional, and disproportionately unfair [1]. Group 2: Background and Context - Since 2022, Apple has been involved in antitrust disputes with CCI, alongside companies like Match, the parent company of Tinder [1]. - A CCI investigation found that Apple holds a dominant position in the iOS app store market and has engaged in "abusive practices" [1]. - Apple denies any wrongdoing and is awaiting a final decision from CCI regarding potential penalties [1]. Group 3: Financial Implications - The potential maximum fine Apple faces, calculated at 10% of its average global service revenue for the fiscal year ending in 2024, could reach approximately $38 billion [1]. - Apple contends that penalties should be based solely on the revenue generated from the specific business unit in India that violated antitrust laws [2]. Group 4: Upcoming Proceedings - The court hearing for Apple's request is scheduled for December 3 [3].

Group 1 - Berkshire Hathaway, led by Warren Buffett, disclosed a $4.3 billion investment in Alphabet, marking a significant entry into the AI sector after two years of rapid growth in the field [3][5] - Google's Q3 2025 revenue surpassed $100 billion, with a net profit increase of 33% to $35 billion, driven by its comprehensive ecosystem of hardware, software, and data [5][6] - The launch of Gemini 3.0 represents a pivotal advancement in AI technology, showcasing capabilities in various sectors such as healthcare and finance, and integrating quantum computing for enhanced performance [8][9] Group 2 - The AI industry is transitioning from a focus on computational power to the realization of application value, as evidenced by increased funding and market interest in AI applications [11][12] - Vertical industry applications in finance, healthcare, and industrial sectors are accelerating commercialization, with clear demand and strong payment capabilities [13][14][15] - Companies with integrated capabilities across AI models, platforms, and applications are positioned to dominate the market, highlighting Google's competitive advantage in the AI landscape [19]