以下文章来源于芒格书院 ，作者芒格书院小芒 芒格书院 . 由资深出版人施宏俊先生创立，定位于为终身学习者提供学习和思考的知识资源，推动认知升级和思想 分享。 接下来，我将介绍未来5年值得密切关注且可能具备投资价值的几大核心主题： 1.科技领域。第一个毫无疑问是科技领域，但这并不容易，因为科技类股票当前估值普遍较高。 2.金属与采矿业。这一领域可能有些不同寻常，我认为将来可能出现金属短缺，因此相关企业有望迎来爆发 式增长。 3."激情投资"。那些不涉及技术迭代、供给无法扩张的资产，在创新活动极为密集的时期，其价格往往会大 幅上涨。 9月20日下午，丹麦作家、企业家、投资人拉斯·特维德（Lars Tvede）携新作《超智能与未来》现身上海， 在芒格书院与中信出版作家演讲局联合组织的活动中，与书院会员们深度讨论了未来五年最具前景的投资 方向。 拥有横跨金融、科技创业与未来学领域的"跨界头脑"，特维德的经历堪称传奇：他不仅是Supertrends AG创 新地图公司、 Atlas Global Macro对冲基金、Fiftyfive Capital风投基金的联合创始人，更凭借《逃不开的经济 周期》《金融心理学》等著作 ...

Core Insights - The Chinese government has set a clear roadmap for AI development, aiming for deep integration of AI in six key sectors by 2027, with over 70% application rate of new intelligent terminals and agents [2] - The implementation of AI in enterprises is still in its early stages, with significant challenges remaining, particularly in terms of understanding and readiness among leadership [3][4] - There is a notable gap in understanding AI's potential, with many companies equating AI solely with generative AI, neglecting the broader spectrum of AI technologies [4][5] Industry Challenges - Despite 85% of manufacturing companies in the Asia-Pacific region claiming readiness for AI, only 11% are actually prepared for implementation [3] - Companies face cognitive challenges regarding AI, requiring leadership to have a clear understanding of AI's role in enhancing employee productivity rather than replacing jobs [3][4] - Misconceptions about AI investments and ROI calculations are prevalent, with companies often misallocating costs related to foundational digital infrastructure as AI investments [5] Differences in AI Adoption - Small and medium-sized enterprises (SMEs) have distinct challenges in AI adoption, focusing on cost, adaptability, and implementation speed [7][8] - SMEs often struggle with the high costs and complexity of AI solutions, leading to a need for careful consideration of ROI and the overall impact on business performance [7][8] - The initial phase of AI application in SMEs is characterized by a lack of mature products and services, making trial and error a costly endeavor [8][9] Key Elements for Successful AI Implementation - Successful AI deployment requires a focus on three critical elements: model capability, high-quality data, and application scenarios [10][11] - Data quality is essential for AI success, with companies needing to ensure that their core data is well-integrated and utilized effectively [12] - Identifying the right application scenarios is crucial, as companies should prioritize areas with high technical maturity and data readiness for initial AI implementation [13]

大学 生学术 研究丨 洞察报告 报告由微软OfficePLUS 和艾瑞咨询联合发布 核心摘要： 学术态度： 超四成大学生计划毕业后继续深造，怀有学术热情的他们，堪称学术卷王，92.2%追求学术进步，超半数利 用晚上时间撰写论文。 学术工具： 积极的学术实践当中，大学生们善用工具为自己提效，论文人开启"赛博外挂"。他们超半数面临着查重焦 虑，普遍为单篇论文辗转多个查重工具。 查重体验： 大学生们遇过查重结果"打架"，也苦于查重费用过高，精打细算但还是得为查重掏钱。从被查重率支配的恐 惧，到享受思想碰撞的快乐，查重工具是大学生的论文"搭子"，也是他们学术进步的见证。 学术诚信进入公众视野，论文查重引发热议 学术诚信话题频繁进入公众视野，高校学位论文审核日趋严格。"论文"和"查重"相关话题在部分社 媒平台已达数十亿级浏览、千万级讨论。 "我的心中只有学习" 专业课和毕业论文是学业重心：分别有 69.3% 和 64.0% 的大学生认为，学习专业课程和完成毕业 论文是大学阶段最重要的事情之一。 这些大学生，熬夜竟是在写论文？ 夜晚是论文人的主场，53.2% 大学生挑灯夜战写论文；面对更复杂的学术任务，研究生更爱沉浸式 ...

Core Insights - The global AI industry has seen unprecedented venture capital investment, with $192.7 billion injected into AI startups in 2023, marking a historic record and a significant shift in investment focus [3] - AI now accounts for over 50% of total venture capital investments, indicating a major reallocation of funds away from traditional sectors like renewable energy and biomedicine [3] - The rapid growth in AI funding, which is nearly 30% higher than the total for 2022, reflects a long-term confidence in the commercialization prospects of AI technology [3] Funding Trends - The funding landscape in the AI sector exhibits a dual characteristic of "head concentration" and "scene segmentation," with leading AI startups attracting significant capital [4] - Companies focused on general large model development, such as Anthropic and Zhiyuan AI, are receiving multi-billion dollar investments, with some valuations exceeding $100 billion [4] - Vertical application companies in sectors like healthcare AI, industrial AI, and financial AI are also gaining traction due to their clear commercialization paths and stable profit expectations [4] Driving Factors - The surge in AI funding is driven by three core factors: 1. Technological breakthroughs, particularly in generative AI, have expanded application scenarios and demonstrated commercial value, stimulating market demand [5] 2. Policy support from major economies, including the U.S. AI Bill and the EU's AI regulatory framework, has provided clear guidance and reduced investment risks [5] 3. The accelerating digital transformation of traditional enterprises has made AI technology a necessity, leading to increased investments and collaborations with AI startups [5]

神译局是36氪旗下编译团队，关注科技、商业、职场、生活等领域，重点介绍国外的新技术、新观点、新风向。 编者按：一年一度的Gartner炒作曲线又来了，但这次AI的决胜点不在模型，而在没人愿干的"脏活累活"里面。文章来自编译。 每到八月，Gartner 都会雷打不动地发布最新的技术成熟度曲线图，然后突然之间，每个人都成了预言家。高管们眯着眼睛盯着那些漂亮的曲线，仿佛在解 读占卜的玄机一样。投资者则带着准备好的支票簿凑上前来。而在某个角落，一位顾问正在更新他的PPT，加上一页洋洋得意的"我早就告诉过你"的幻灯 片。但问题是，那些优雅的曲线——它们让现实生活看起来比实际情况要清晰整洁得多。 当现实闯入这场炒作派对 今年的图表告诉我们，人工智能智能体与"AI就绪数据（AI-ready data）"正高踞于"期望膨胀期"的顶峰。与此同时，生成式AI已经跌入了可怕的"泡沫破裂低 谷期"。这就像在看一场极其昂贵的过山车，每个人都为VIP体验付了额外的费用，结果却发现安全带还在调试中。 今年人工智能投资依然强劲，但重点已更加明确地转向利用AI实现运营可扩展性和实时智能。这导致重心逐渐从生成式AI（GenAI）转移到支持 可持 ...

集团毛利为人民币9.08亿元，毛利率38.5%。贸易应收回款额人民币31.59亿元，同比提升95.5%，体现销售与交付闭环效率显着加快。在模型性能迭代与算 力效率提升的共同作用下，营收质量保持稳健。 9月29日，商汤集团股份有限公司（以下简称"商汤科技"）发布了截至2025年6月30日止六个月的中期报告。报告显示，商汤科技在2025年上半年实现了显著 的业务增长和战略推进，收入达到人民币23.58亿元，同比增长35.6%。其中，生成式AI收入达到人民币18.16亿元，同比增长72.7%，在集团收入中的占比进 一步提升至77.0%，成为推动收入增长的主要动力。 此外，商汤科技的"X创新业务"也取得了重要进展。智能驾驶、智慧医疗、家用机器人、智慧零售等四个赛道均实现了业务突破。例如，智能驾驶解决方案 已成功量产并落地广汽传祺车型，智慧医疗领域与上海新华医院联合发布了"AI儿童全科医生"，家用机器人"元萝卜"连续三年获得双11京东/天猫双平台"智 能棋牌机器人"冠军。 经调整亏损净额保持同比和环比都大幅下降，2025年上半年收窄至人民币11.62亿元，同比下降50%，验证了「聚焦核心－优化结构－提升效率」的经营路 ...

今天分享的是：2025年人才市场洞察及薪酬指南 报告共计：142页 《2025年人才市场洞察及薪酬指南》指出，全球经济增速趋稳但存不确定性，中国经济稳中有进，科技创新与产业升级推动 人才市场供需变化，整体岗位需求缩减但企业聚焦核心战略招揽高质量关键人才，呈现六大趋势：AI产业迅猛发展，大模型 研发、算力人才需求旺盛，首席信息官、大模型算法工程师等岗位薪酬较高；科技创新驱动转型升级，新能源汽车、集成电 路、生物医药等领域关键岗位人才紧缺，如智能驾驶算法人才、芯片设计工程师等；企业重视促变现提效率，市场销售、新 媒体营销及精益生产相关岗位需求增长；区域产业集群特色多元，国家先进制造业集群带动高质量人才需求，头部企业回流 人才受青睐；品牌出海、链式出海成势，药企、先进制造业等领域海外人才需求多样，涵盖医学、注册、工厂运营等岗位； 企业选才更全面务实，关注AI应用、跨界复合能力，人才择业重视稳定性与企业前景。各行业中，大健康领域聚焦创新药研 发与出海，紧缺ADC研发、海外临床人才；集成电路侧重芯片设计与海外销售，模拟IC设计工程师等需求大；新能源关注研 发与海外布局，电力电子工程师等缺口明显；汽车行业智能化与出海驱动 ...

Group 1 - The core viewpoint of the articles highlights the positive market response to SenseTime's recent project developments in generative AI, with a notable stock price increase and significant trading volume [1][2] - Goldman Sachs anticipates accelerated growth for SenseTime due to increased cloud capital expenditure in mainland China and favorable policies from the "AI+" action plan announced in August [1] - SenseTime is positioned to offer comprehensive solutions that cater to various client needs, including computing power, large-scale AI infrastructure, AI foundational models, and generative AI applications [1] Group 2 - SenseTime reported a 72.7% year-on-year increase in generative AI revenue for the first half of the year, amounting to 1.816 billion yuan, which constitutes 77% of its total revenue [2] - The company has achieved stable operation of approximately 5,000 heterogeneous clusters under domestic chip mixing, with a utilization rate of about 80% and a total computing power scale of approximately 25,000 PetaFLOPS [2] - The "Little Raccoon" productivity tool has seen significant user growth, surpassing 3 million users, and processes around 10 billion data analysis tokens daily, with applications in finance, education, and government sectors [2]

Group 1 - The core viewpoint of the news highlights that SenseTime (商汤-W) has seen a significant increase in its stock price, driven by new project orders in generative AI from various sectors including education, healthcare, media, finance, and transportation [1] - Goldman Sachs anticipates that SenseTime's project orders will accelerate in the future, benefiting from increased cloud capital expenditure in mainland China and favorable policies such as the "AI+" action plan announced in August [1] - The company is expected to focus on large projects to ensure higher efficiency and revenue growth in the coming years, providing a comprehensive suite of solutions that cover computing power, large-scale AI infrastructure, AI foundational models, and generative AI applications [1] Group 2 - According to Guotai Junan, SenseTime's revenue from generative AI reached 1.816 billion yuan in the first half of the year, representing a year-on-year increase of 72.7%, accounting for 77% of total revenue [2] - On the infrastructure side, the heterogeneous cluster has achieved stable operation with approximately 5,000 cards under domestic chip mixing, with a utilization rate of about 80% and a total computing power scale of approximately 25,000 PetaFLOPS, improving computing efficiency by about 20% through resource optimization [2] - The application side has seen the "Little Raccoon" productivity tool gain traction, surpassing 3 million users and processing approximately 10 billion data analysis tokens daily, with established presence in finance, education, and government sectors [2]

Group 1 - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 4.00% to 4.25%, marking its first rate cut since December 2024 after five consecutive meetings without changes [1] - The Bank of England decided to maintain its benchmark interest rate at 4%, aligning with market expectations, as inflation remains above target and the labor market shows signs of weakness [1] - In the U.S. Senate, both a short-term spending bill proposed by Republicans and a competing bill drafted by Democrats failed to pass, risking a government shutdown if a new funding measure is not approved by October 1 [1] Group 2 - Australia, Canada, and the UK officially recognized the State of Palestine on September 21 [2] - Chinese Premier Li Qiang emphasized the importance of cooperation between China and the U.S. during a meeting with a U.S. congressional delegation, advocating for mutual respect and constructive dialogue [2] - The Chinese government announced 19 measures to expand service consumption, including a "service consumption season" and extended operating hours for popular cultural and tourist venues [2] - The National Healthcare Security Administration of China released guidelines for the 11th batch of centralized drug procurement, focusing on maintaining clinical stability and quality [2] Group 3 - Economic cycle expert Lars Tvede discussed the profound impact of artificial intelligence (AI) on the economy and society, highlighting the efficiency of generative AI and reasoning models in processing information [3] - Tvede noted that the energy demands of AI are increasing, with the energy consumption for processing prompts rising to 50 times that of a year ago, emphasizing the need for diverse hardware solutions [3] - The current statistical systems fail to capture the true economic value generated by AI investments, which are nearing 1% of U.S. GDP, while the value created may be tenfold that amount [3] Group 4 - The U.S. Department of Labor reported that initial jobless claims for the week ending September 13 were 231,000, lower than the expected 240,000 and down from the previous week's 263,000 [4] - Eurozone industrial production increased by 1.8% year-on-year in July, matching expectations, while month-on-month growth was 0.3%, slightly below the forecast of 0.4% [4] Group 5 - The UK's ILO unemployment rate for the three months ending in July was reported at 4.7%, with annual wage growth (excluding bonuses) slowing from 5.0% to 4.8% [5] - Japan's core CPI rose by 2.7% year-on-year as of August, marking the lowest increase in nine months, indicating some relief for households facing rising living costs [5]