21世纪经济报道记者周慧 北京报道 11月26日，工业和信息化部、国家发展改革委、商务部、文化和旅游部、中国人民银行和市场监管总局 联合印发《关于增强消费品供需适配性进一步促进消费的实施方案》（以下简称《方案》）。 资料图 聚焦生成式人工智能、机器人等热门领域 消费品供需适配性如何增强？《方案》提出，要加速新技术新模式创新应用、扩大特色和新型产品供 给、精准匹配不同人群需求、培育消费新场景新业态和营造良好发展环境。 21世纪经济报道记者梳理《方案》后发现，在加速新技术新模式创新应用方面，《方案》提及了包括智 能网联新能源汽车、生成式人工智能、家庭服务机器人等新赛道和新领域，还强调了推动人工智能在消 费品全行业全领域全过程应用，相关行业迎来政策利好。 具体来看，聚焦智能网联新能源汽车、智能家居、消费电子、现代纺织、食品、绿色建材等重点行业， 打造百个标志性产品、百家创新企业和一批可体验可推广的新产品首用场景样板。 另外，积极推广柔性化与定制化模式，实施"千厂千面"改造计划，建立"用户需求—智能设计—柔性生 产"全链条数字化体系。在家电、家具、制鞋、箱包、纺织、化妆品等行业培育一批柔性制造工厂。 《方案》还提到了 ...

Core Insights - The debate over the "AI bubble" is intensifying as global investments flood into the AI sector, raising questions about the sustainability of China's AI industry [1] - Historical lessons from the internet bubble suggest that while initial excitement may lead to a bubble, a few companies will emerge post-bubble to create significant societal value [1] Group 1: Current State of AI in China - China's AI development is primarily driven by demand, focusing on practical applications rather than speculative investments [1] - As of June this year, the user base for generative AI in China reached 515 million, providing a solid foundation for AI training and optimization [1] - AI technologies are being integrated across various sectors, including agriculture, industry, and services, facilitating the transformation of traditional industries [1] Group 2: Future Prospects and Strategic Directions - The "14th Five-Year Plan" emphasizes the implementation of the "AI+" initiative, aiming to integrate AI with various sectors to enhance productivity and societal welfare [2] - High-value AI applications are expected to evolve from basic to deep applications, addressing significant pain points and enabling large-scale implementations [2] - AI can optimize production processes in smart manufacturing, helping companies reduce costs and improve decision-making in complex scenarios [2] Group 3: Investment and Entrepreneurial Strategies - The true bubble arises from concept speculation rather than the technology itself, urging investors to focus on core value segments within the AI industry [2] - Entrepreneurs are advised to maintain clarity and avoid following trends blindly, emphasizing the importance of deepening scenario innovation [2] - Participants who concentrate on the essence of technology and its commercial value are likely to succeed in the ongoing technological revolution [2]

传统观念里，出色的企业风险管理意味着深入研究、细致分析，以及精准执行精心雕琢的实施方案。高 度聚焦业务优化与持续改进，这在过去无疑是明智之举。然而，今时不同往日。 在当下这个数字化变革持续且迅猛的时代，变化的节奏急剧加快，常常呈现出指数级增长，而非线性发 展。在众多行业领域，诸如Airbnb、Netflix、Shein、Temu、OpenAI等全新的竞争对手，借助日益强大 的计算机技术、机器学习算法、连接买家与卖家的创新模式，以及其他新兴技术，重塑了行业格局，创 造并获取了全新的价值源泉。许多行事过于谨慎，或当下转型步伐迟缓的品牌，正面临着被市场淘汰的 高风险，甚至可能走上消亡之路。 阳狮集团前首席数字官、《重塑商业灵魂》作者里沙德·托巴科瓦拉指出，过去三十年，我们历经了三 个 "互联时代"，这些时代改变了我们的连接与商业运作方式——从电子商务到智能设备，再到5G、虚 拟现实、云计算以及人工智能。而我们才刚刚开始领略生成式人工智能带来的变革性影响。 如今，我们生活在一个选择丰富、获取便捷、信息充裕的世界，购买阻力（即那些拖慢、复杂化顾客购 买流程，或增加购买成本的障碍）正不断减少甚至消失。曾经仅凭尚可的产品就 ...

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 ab 21 November 2025 Global Research US Economics Weekly Will the FOMC move the meeting? Economic comment: a December meeting just before the employment data? Will the FOMC move the December meeting back a week? The meeting—held on 9-10 December—is earlier than usual. Yet two, not one, monthly estimates of nonfarm payroll employment are set to be released the following Tuesday. In the past, FOMCs have altered the course of policy after just one employment report. They ...

11月21日至23日，以"万物互联 智能领航"为主题的2025中国5G+工业互联网大会在湖北武汉举行。作为 5G赋能千行百业的典型场景，"5G+工业互联网"是推动实体经济与数字经济深度融合的关键力量。 工业和信息化部党组书记、部长李乐成在开幕式上表示，我国将实施工业互联网和人工智能融合赋能行 动，拓展"平台+智能体"服务，优化工业互联网体系架构；实施工业互联网和重点产业链"链网协同"行 动，分行业制定融合应用指南，打造"5G+工业互联网"升级版，加快5G工厂建设，加强6G与工业融合 的前瞻研究。 融合创新成果显著 AI应用多点开花 从辅助环节到核心生产，从单点应用到全链路重构，人工智能正推动"5G+工业互联网"向智向新而行。 "人工智能不仅正在重塑汽车产品与用户体验，更深度重构企业的'研、产、供、销、服'全价值链，驱 动企业降本增效与模式创新。"东风汽车集团副总工程师、战略规划部总经理杨彦鼎介绍，以汽车产业 为例，生成式人工智能使设计效率提升超过8%，接近九成的汽车企业已经引入人工智能辅助经营，超 过65%的汽车企业已经在规划设立人工智能专职岗位。 "未来的重点不仅是连接，更是基于5G网络采集的海量数据与人工 ...

智通财经APP获悉，11月21日，香港金融管理局助理总裁(银行操守)区毓麟于2025 年海峡两岸暨香港澳 门财富管理论坛暨第十四届杰出财富管理师技能竞赛结果发布会上发言称，国际金融机构发布的《证券 服务演变2025》研究报告显示，全球五百多名金融业界的领袖中，86%的受访者表示他们的公司正在进 行生成式人工智能试点，反映全球金融机构在采用生成式人工智能，已经进入了有意义、可产生实际效 益的阶段。香港金管局也透过进行调查和邀请银行参与沙盒测试，了解到香港银行目前已经在不同业务 领域，开始利用生成式人工智能。 第二个领域是销售及市场推广。香港有银行已经把生成式人工智能整合至市场推广功能，以支持多个数 码渠道提供创作内容、翻译及总结材料，以及优化搜寻引擎结果。展望未来，生成式人工智能还可以为 银行产品识别客户群，并为客户创作量身定制的市场推广活动。 另一个领域是投诉处理。香港有一家银行正在使用生成式人工智能，协助员工摘要投诉内容，并识别有 关政策及程序，以便利调查过程。最终按照调查结果，拟定合适的回复内容。 区毓麟举例如下： 第一个最具潜力的领域是利用客户聊天机器人，即时处理大量客户查询。多家在香港的银行正在积极测 ...

Core Viewpoint - The current AI investment boom is characterized as a "rational bubble," with significant implications for the stock market and overall economic growth [1][6]. Group 1: AI Investment Trends - A global trend of AI investment is emerging, with predictions that over 90% of the GDP growth in the U.S. this year will stem from AI investments [2]. - The AI sector is seen as a source of substantial opportunities for businesses, particularly in enhancing productivity and optimizing various operational aspects [2][3]. Group 2: Impact on Industries - AI is expected to benefit enterprises, especially in labor-intensive sectors, by automating processes and improving efficiency [2][5]. - The dual nature of AI as a "double-edged sword" is highlighted, where it can lead to both job displacement and job creation [3][5]. Group 3: Challenges and Considerations - The potential for social consumption to decline due to increased automation and the use of robots is a concern that needs to be addressed [5]. - The alignment of AI systems with human values and ethical standards is crucial for ensuring that technological advancements serve broader societal goals [5]. Group 4: Market Sentiment - The investment enthusiasm in the AI sector is driven by the belief that the cost of under-investment is significantly higher than the risks associated with over-investment [6].

Group 1: Market Performance - The Nasdaq index, primarily composed of technology stocks, experienced a weekly decline of over 3%, marking its worst performance since April [2] - The S&P 500 index fell by 1.6% during the week, ending a three-week streak of gains [2] - Eight leading companies closely associated with AI saw a combined market value drop of approximately $800 billion, with U.S. companies linked to AI losing nearly $1 trillion in market capitalization [2] Group 2: Individual Company Performance - Nvidia, which recently became the world's most valuable company, saw its stock drop over 7%, resulting in a market value loss of about $350 billion [2] - Microsoft experienced a decline of more than 4%, with a market value reduction exceeding $150 billion [2] - Oracle's stock fell nearly 8%, leading to a loss of over $66 billion in market capitalization [2] - Other AI-related stocks, such as Duolingo and Palantir, also faced significant declines, with Duolingo dropping over 24% and Palantir over 11% [2] Group 3: AI Market Sentiment - There is a growing consensus in the U.S. that the AI "myth" is unsustainable, as companies heavily invest in uncertain paths towards general artificial intelligence (AGI) [3] - A survey indicated that 95% of companies using generative AI have not yet turned a profit from the technology, suggesting a bubble driven by narrative rather than fundamentals [3] - Concerns are rising that excessive spending on AI with low returns could lead to the collapse of many leading companies in the sector [3] Group 4: Competitive Landscape - The U.S. industry recognizes that nearly half of the global AI talent is based in China, which may leverage this advantage in the long-term competition [4] - Unlike the U.S. focus on uncertain AGI investments, China is pursuing a more pragmatic approach driven by industrial applications, providing it with cost and application advantages [4] - Analysts from Goldman Sachs and Morgan Stanley predict a potential 10% to 20% market correction in the U.S. stock market due to the tech bubble, while expressing optimism about the Chinese market, particularly in AI, electric vehicles, and biotechnology [4] Group 5: Cryptocurrency Market - The cryptocurrency market saw a significant downturn, erasing nearly all gains accumulated over the first ten months of the year within just over a month [5] - Major cryptocurrencies like Bitcoin and Ethereum continued to decline, with trading volumes dropping by 40% to 50% in a 24-hour period [6] - The market experienced a substantial liquidation event, leading to over 130,000 traders being liquidated, indicating a collapse in liquidity and confidence [6] Group 6: Institutional Demand - For the first time in seven months, institutional demand for Bitcoin has fallen below the rate of new coin mining, suggesting that large buyers may be retreating from the market [8]

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, issued a statement clarifying that several videos circulating on YouTube, which falsely depict Buffett's comments, are fraudulent and created using artificial intelligence [1][3]. Group 1 - On June 6, Berkshire Hathaway announced that Buffett noticed several videos on YouTube featuring comments attributed to him, which were generated using AI and included fake images [3]. - The videos may resemble Buffett but have a monotonous voice that is clearly not his, raising concerns that unfamiliar viewers might be misled by this fraudulent content [3]. - Since the Berkshire shareholder meeting in May, Buffett has made few public comments, increasing the potential for misinformation to spread [3]. Group 2 - The rapid spread of "deepfake" content, including fake images, audio, and videos, is becoming a significant issue, being used for harassment, financial scams, and even election interference [5]. - Analysts highlight the challenge of preventing and stopping the misleading effects of deepfake content, which poses a dilemma for governments and tech giants worldwide [5]. - Currently, there are no federal regulations in the U.S. aimed at controlling the risks associated with artificial intelligence, although California has recently signed a law to regulate AI chatbots, requiring operators to implement key protective measures [5].

Core Viewpoint - The article discusses the potential bursting of the AI bubble in the U.S. stock market, highlighting the growing consensus on the risks associated with AI investments and the uncertainty surrounding the development of Artificial General Intelligence (AGI) [1][2]. Group 1: Market Trends - Recent global market fluctuations, including a significant drop in U.S. stock indices, are attributed to concerns over the sustainability of the AI narrative [1]. - A survey indicates that 95% of companies using generative AI in the U.S. have not achieved profitability from the technology, raising questions about the long-term viability of AI investments [2]. - AI-related spending in the U.S. is reported to contribute more to GDP growth than all consumer spending combined, with projections suggesting that 92% of GDP growth in the first half of 2025 could stem from AI investments [2]. Group 2: Financial Implications - OpenAI, valued at nearly $1 trillion, reported a net loss of $13.5 billion in the first half of the year, reflecting the financial strain on leading AI companies [2]. - The current AI bubble is compared to Japan's economic bubble, where companies inflated asset values through mutual investments and high valuations, suggesting a similar pattern in the U.S. AI sector [3]. - The proliferation of data centers in the U.S. and the bundling of long-term leases into bonds are likened to the mortgage-backed securities that contributed to the subprime crisis, indicating potential hidden leverage risks [3]. Group 3: Competitive Landscape - The U.S. approach to AI focuses on the uncertain future of AGI, while China adopts a more pragmatic, application-driven strategy in sectors like autonomous driving and biopharmaceuticals, leading to healthier business ecosystems [4]. - Investment firms like Goldman Sachs and Morgan Stanley are warning of potential corrections in U.S. tech stocks while expressing optimism about Chinese markets in AI and electric vehicles, signaling a shift in capital preferences [4].