2025年对全球投资者而言堪称丰收之年。全球股市整体上涨约30%，其中美国股市自4月触底后强势反弹，累计涨幅超过50%。更引人注目的是黄金的表现 ——全年涨幅突破60%，仅次于1979年创下的127%纪录。 这一轮"股金双牛"行情，既体现了AI叙事带来的增长预期，也反映了在全球债务高企、货币政策转向背景下，投资者对避险资产和多元化配置的重视。2025 年全球资产的强势表现，离不开AI和新能源这两大关键动力。这两大"新质生产力"主线，不仅成为资本市场核心增长极，也引领了全球资金对高质量、可持 续资产的重新定价。 虽然2025年为2026年奠定了良好基础，但2026年的风险与波动仿佛也更加值得规避，明年的"剧本"怎么走？AI、新能源将会有什么发展？ 【2026我们这么看经济】第一谈聚焦趋势，看看搜狐号财经大V评审团@证券之星、@和讯网、@证券市场周刊、@投资时间网、@华尔街见闻、@蓝鲸新 闻的专业视角。 @华尔街见闻：一份来自华尔街的最新展望报告颠覆了传统认知，指出2026年美国经济面临的最大威胁可能源自金融市场本身。 根据投资研究机构BCA Research的最新展望，2026年投资者面临的核心风险已经发生反转 ...

Core Viewpoint - The competition in the AI industry is shifting from large model parameters to the hardware applications of AI, with major companies vying for the next generation of hardware entry points, particularly AI glasses and smartphones [5][6]. Group 1: AI Hardware Competition - Major companies like Alibaba, ByteDance, and Baidu are rapidly developing AI glasses to establish a foothold in the AI hardware ecosystem [4][6]. - The AI glasses are seen as the next critical terminal after smartphones, with both startups and major internet companies entering the market [6][7]. - The integration of AI capabilities into smartphones and AI glasses aims to create a closed-loop hardware ecosystem, with ByteDance's ambitions being particularly notable [7][13]. Group 2: User Interaction and Functionality - The "Doubao AI Assistant" on the Nubia M153 smartphone can perform tasks such as gaming and controlling smart devices, showcasing the potential of AI in enhancing user experience [8][11]. - AI assistants from various companies, including Alibaba's Qianwen Assistant, are being integrated into AI glasses to enable voice-controlled operations [12]. - The future of smartphones may involve AI generating interfaces and operations based on user intent, reducing reliance on traditional input methods [13]. Group 3: Regulatory Challenges - The integration of AI assistants with third-party applications like WeChat faces significant regulatory hurdles, leading to the suspension of certain functionalities due to compliance issues [15][17]. - Major apps, particularly WeChat, have strict regulations against automated operations, which complicates the deployment of AI assistants [17][22]. - Previous attempts by other smartphone manufacturers to integrate AI functionalities with WeChat have also been halted, indicating a broader trend of resistance from app developers [18][20]. Group 4: Hardware Development Challenges - Internet companies lacking hardware expertise face significant challenges in developing smart terminals, as evidenced by past struggles of companies like Google and ByteDance in the smartphone market [23][24]. - Despite skepticism about the sustainability of hardware ventures, some experts believe that companies like ByteDance can leverage their existing user base to support hardware initiatives [25]. - Alibaba's strength lies in its stable B2B customer base, while Baidu's advantage is its search capabilities, which can enhance the functionality of AI glasses [25].

Core Viewpoint - The article discusses the implications of granting the INJECT_EVENTS permission to the "Doubao Assistant" on the Nubia M153 phone, highlighting potential security risks and the necessity of collaboration between AI developers and hardware manufacturers [1][2][3]. Group 1: Technical Aspects - The Nubia M153 has enabled the INJECT_EVENTS permission, allowing applications to simulate user input events, which is a high-risk permission in the Android system [2][3]. - This permission is typically reserved for system-level applications and requires the app to be signed with the manufacturer's system private key, making it a significant security concern if misused [3][6]. - Doubao Assistant's ability to operate like a native system component is contingent upon its collaboration with hardware manufacturers, which is essential for accessing such high-level permissions [3][4]. Group 2: Security Concerns - Granting INJECT_EVENTS permission to third-party applications could lead to severe security risks, such as unauthorized access to sensitive information like banking passwords [3][4]. - The article emphasizes the need for a dual authorization mechanism to ensure user safety when AI interacts with third-party applications [7]. - Experts express that while there are inherent risks, the collaboration between AI and hardware manufacturers can justify the need for such permissions in specific scenarios [4][7]. Group 3: Market Dynamics - The competition among mobile manufacturers, AI developers, and traditional app developers is characterized as a struggle for data access and user entry points [7]. - The current target audience for the Doubao Assistant is primarily developers, not ordinary consumers, indicating a niche market focus [8].

Core Viewpoint - The article discusses the implications of the nubia M153 engineering phone's access to the INJECT_EVENTS permission, which allows applications to simulate user input events, raising concerns about security and privacy risks associated with such high-level permissions [5][6][7]. Group 1: Technical Aspects - The INJECT_EVENTS permission is classified as a high-risk permission in the Android system, typically reserved for system-level applications or those deeply integrated with the hardware manufacturer [5][6]. - Only applications signed with the manufacturer's system private key can obtain this permission, which effectively integrates them into the operating system rather than treating them as third-party applications [9][11]. - The collaboration between AI applications like Doubao and hardware manufacturers is essential to access such permissions, which can enhance the capabilities of AI applications significantly [7][11]. Group 2: Security Concerns - Granting INJECT_EVENTS permission to third-party applications poses significant security risks, including potential unauthorized access to sensitive information such as banking details [6][7]. - The article highlights the need for a dual authorization mechanism between users and applications to mitigate risks associated with AI interactions with third-party apps [11]. - Concerns about user privacy and data security are paramount, as the integration of AI capabilities into mobile operating systems could lead to identity theft and data breaches [10][11]. Group 3: Industry Dynamics - The competition among mobile manufacturers, AI model developers, and traditional app developers is characterized as a struggle for data access and user engagement [11]. - The current focus of the Doubao assistant is primarily on developers rather than ordinary consumers, indicating a niche market for this technology [11]. - The article emphasizes the importance of maintaining user habits and minimizing disruption during the integration of AI functionalities into existing operating systems [10].

Core Points - The nubia M153 engineering device faced issues with logging into WeChat, which have since been resolved, but related tasks remain restricted [1] - The focus of industry experts is on the INJECT_EVENTS permission granted to the nubia M153, which allows applications to inject simulated user input events, a high-risk permission in the Android system [2][3] - The INJECT_EVENTS permission is typically reserved for device manufacturers and their authorized partners, indicating a significant level of access and control over the device [2][3] - Concerns have been raised about the security risks associated with granting such permissions to third-party applications, including potential unauthorized access to sensitive information [3][4] - The collaboration between AI applications like Doubao and hardware manufacturers like ZTE is essential for obtaining high-level permissions, which can enhance the functionality of AI assistants [4][8] Industry Insights - The INJECT_EVENTS permission requires applications to be signed with the manufacturer's system private key, effectively integrating them into the operating system [3][6] - The increasing complexity of interactions between AI agents and users raises concerns about security risks such as identity theft and data breaches [6][7] - The development of AI applications is seen as a competitive landscape among mobile manufacturers, AI model developers, and traditional app developers, focusing on data access and user privacy [8] - The target audience for the Doubao assistant is primarily developers, as it is an engineering device rather than a consumer product [8]

Core Viewpoint - The article discusses issues related to the Nubia M153 smartphone, which utilizes the Doubao mobile assistant, highlighting user complaints about WeChat crashing when operated through the assistant [1][2]. Group 1: Product Overview - The Nubia M153 is an AI smartphone developed by ZTE in collaboration with ByteDance, featuring the Doubao mobile assistant at a price of 3499 yuan [1]. - Doubao mobile assistant is based on the Doubao app and is designed to enhance user interaction and experience through AI capabilities [1]. Group 2: User Experience and Issues - Users reported that using the Doubao mobile assistant to operate WeChat led to abnormal exits and login issues [1]. - While the engineering version of the Doubao assistant can normally use WeChat, the current version no longer supports operating WeChat [1]. Group 3: Security and Permissions - WeChat representatives indicated that the issues may be related to existing security measures rather than specific actions taken against the Doubao assistant [1]. - Technical personnel noted that the Doubao assistant has the INJECT_EVENTS permission, which allows it to simulate user input, categorized as a high-risk permission in Android [1]. - Doubao responded by stating that the permissions are disclosed in their privacy policy and that user authorization is required for task execution, which can be interrupted by the user [2]. Group 4: Industry Context - Industry insiders mentioned that the INJECT_EVENTS permission is commonly used by mobile assistants from other manufacturers, such as Xiaomi's Xiao Ai and Honor's Yoyo [2].

Core Viewpoint - Users of Nubia M153 reported issues with WeChat crashing when using Doubao Phone Assistant, raising concerns about the software's functionality and security [1][2][3] Group 1: Product Overview - Nubia M153 is an AI phone developed by ZTE in collaboration with ByteDance, featuring the Doubao Phone Assistant at a price of 3499 yuan [1][2] - Doubao Phone Assistant is an AI software that enhances user interaction and experience, built on the Doubao APP and developed in partnership with mobile manufacturers [1][2] Group 2: Technical Issues - Users confirmed that the Doubao Phone Assistant caused WeChat to crash or become inaccessible during operation [1][2] - The engineering version of Doubao Assistant can currently use WeChat, but the functionality to operate WeChat has been disabled [3] Group 3: Permissions and Security - Doubao Assistant has the INJECT_EVENTS permission, which allows it to simulate user input events, categorized as a high-risk permission in Android [3] - Doubao stated that the permissions are disclosed in their privacy policy and that the assistant's operations require user authorization and supervision [2][3] - Industry insiders noted that INJECT_EVENTS is a common permission for mobile assistants, with other brands like Xiaomi and Honor also utilizing it [4]

Core Viewpoint - The nubia M153 phone, featuring the "Doubao AI Assistant," has gained significant attention, with its technical preview version selling out at a price of 3499 yuan, indicating strong market interest in AI-integrated mobile devices [4][6]. Group 1: Product Overview - The nubia M153 is marketed primarily to industry professionals for experiencing the Doubao AI Assistant, with a caution that it is not a fully mature product for general consumers [6]. - The phone is an engineering sample developed in collaboration with Doubao, which leads the product definition and experience, while nubia focuses on hardware engineering and technology development [8]. Group 2: Market Dynamics - On second-hand platforms, the nubia M153 is being resold for prices ranging from 3999 to 4599 yuan, with F codes being sold for around 100 yuan [8]. - Doubao is in discussions with multiple smartphone manufacturers for potential collaborations, but there are currently no confirmed partnerships [9]. Group 3: Competitive Landscape - Major smartphone manufacturers like Huawei, Xiaomi, and OPPO have already developed their own AI assistants, indicating a competitive landscape in the AI mobile assistant space [9]. - The integration of AI into mobile operating systems is being explored by various manufacturers, with a focus on creating platform-level AI capabilities [9]. Group 4: Challenges and Considerations - The successful implementation of mobile AI assistants requires overcoming ecological challenges, including obtaining permissions from major internet application providers like Alibaba and Tencent [11]. - The integration of AI and mobile technology necessitates modifications to operating systems, which could conflict with the core interests of smartphone manufacturers [12].