分析师将这一轮需求拆解为两大组成部分： 【如需和我们交流可扫码添加进社群】 人 工 智 能 算 力 需 求 爆 发 的 始 末 首先，让我们把时间拉回 2023 年，也就是人工智能热潮的起点。彼时，人工智能作为云计算 领域的全新应用场景，催生了该行业的爆发式增长，而当时科技巨头们的算力储备，根本不足 以满足激增的市场需求。 第一，随着人工智能技术的问世，数千家企业纷纷开始开发面向智能设备的新应用，同时对现 有应用进行人工智能化改造。 想必你也注意到，过去几年里，应用商店（App Store 和谷歌 应用商店）中涌现出了大量新应用。而这些应用的运行，正是云计算需求的核心来源。这些企 业基本不会自建数据中心，而是选择在云计算市场租赁算力。 从财报数据来看，亚马逊（Amazon, AMZN）的表现可圈可点。人工智能热潮持续发酵，上 季度云计算业务增速加快，同比增幅达到 20%；营收与利润双双创下历史新高。 更需注意的是，人工智能技术的应用本身，就需要消耗海量的内存与算力资源。 目前，公司市值达 2.4 万亿美元，市盈率略高于 32 倍。整体而言，财报数据表现优异，展现 出一家健康成长的企业面貌。但问题在于，所有财务 ...

要支持优化升级电商平台。支持黑龙江省内电商企业自主搭建或迭代升级电子商务平台，鼓励平台开展 数字化营销，利用"两新"等政策加大对定制产品、数智供应、人工智能场景应用等方面的投入力度，打 造电商消费新产品、新场景、新热点。对总投资额度300万元(含)以上的电商平台项目，其用于平台建 设或改造升级等的银行贷款，按照同期中国人民银行一年期贷款市场报价利率(LPR)据实贴息，贴息期 限不超过36个月，单户申报主体最高贴息不超过200万元。 同时，支持电商企业扩大网络零售规模。引导电商企业向生产环节延伸，提高供应链协同水平，拓宽网 络销售渠道，促进降本增效。鼓励电商经营主体运用大数据、物联网、人工智能、虚拟现实等技术创新 丰富多元化数字消费场景，扩大网络零售规模，对年度新增实物网络零售额超过1000万元的电商企业， 按年度新增实物网络零售额的2%给予奖励，上限300万元。 《若干政策措施》支持跨境电商企业拓展进出口渠道。鼓励跨境电商企业通过第三方平台和独立站等多 渠道进出口商品，对平台建设运营后，正常开展业务的跨境电商独立站，给予当年网站建设、(云)服务 器租赁费用50%一次性补贴，单户申报主体年度最高补贴不超过50万 ...

来源：天勇谈经济 周天勇 一、生产分工与协作的永恒性：市场作为协调器不可缺席 AI时代，生产的复杂性与专业化程度非但不会降低，反而会因技术的精细化而空前加深。从芯片设 计、算法研发到数据标注、硬件制造，再到应用于千行百业的解决方案，产业链条将更长，节点将更 多，跨界融合将更频繁。这种高度发达的分工网络，需要一个能够高效协调无数分散决策的机制。 市场机制的核心功能之一，正是通过价格信号，自发地、无时无刻地协调着全球数以亿计生产者和消费 者的行动。每个企业根据价格信号决定生产什么、生产多少；每个消费者根据价格信号和自身偏好决定 购买什么、购买多少。这个过程无需一个中央机关来指挥，却能在动态中形成秩序。AI可以优化企业 内部的运营（如精益生产、智能仓储），可以提升平台匹配的效率，但它无法替代由无数自主个体通过 价格互动所形成的、对分散知识的利用过程。正如哈耶克所言，社会经济问题主要是"如何利用知识的 问题"，而市场正是利用分散的、默会的局部知识的最佳制度。AI本身不创造新的协调逻辑，它只是嵌 入在市场这一更基础的协调框架中，提升其运行效率的工具。只要分工存在，对分散知识的协调需求就 存在，市场作为"看不见的手"的核 ...

Core Viewpoint - Beijing Resources (00618) experienced a significant stock price increase of over 32%, reaching HKD 0.242, with a trading volume of HKD 2.5709 million following the release of its interim results for the six months ending September 30, 2025 [1] Financial Performance - The company reported revenue of RMB 807 million, reflecting a year-on-year growth of 8.05% [1] - Profit attributable to shareholders turned positive at RMB 1.875 billion, compared to a loss in the previous period [1] - Basic earnings per share were reported at 68.50 cents [1] Revenue Drivers - The increase in revenue was primarily driven by the e-commerce and distribution business, which contributed approximately RMB 116 million due to the addition of new e-commerce platforms and product lines [1] - There was a slight increase in revenue from property investment and management, amounting to approximately RMB 3.476 million [1]

Core Viewpoint - Beijing Resources (00618) experienced a significant stock price increase of over 32% following the release of its interim results for the six months ending September 30, 2025, indicating strong financial performance and recovery from previous losses [1] Financial Performance - The company reported revenue of 807 million yuan, representing a year-on-year growth of 8.05% [1] - Profit attributable to shareholders was 1.875 billion yuan, marking a turnaround from previous losses [1] - Basic earnings per share were reported at 68.50 cents [1] Revenue Drivers - The increase in revenue was primarily driven by the e-commerce and distribution business, which contributed an additional 116 million yuan due to new e-commerce platforms and product lines [1] - There was a slight increase in revenue from property investment and management, amounting to approximately 3.476 million yuan [1]

Core Viewpoint - North China Resources (00618) experienced a significant stock price increase of over 32% following the release of its interim results for the six months ending September 30, 2025, indicating strong financial performance and recovery from previous losses [1] Financial Performance - The company reported revenue of 807 million yuan, representing a year-on-year growth of 8.05% [1] - Net profit attributable to shareholders was 1.875 billion yuan, marking a turnaround from previous losses [1] - Basic earnings per share were reported at 68.50 cents [1] Revenue Drivers - The increase in revenue was primarily driven by the e-commerce and distribution business, which contributed an additional 116 million yuan due to new e-commerce platforms and product lines [1] - There was a slight increase in revenue from property investment and management, amounting to approximately 3.476 million yuan [1]

Core Viewpoint - North China Resources (00618) reported a revenue of 807 million yuan for the six months ending September 30, 2025, representing a year-on-year increase of 8.05% [1] Financial Performance - The company achieved a profit attributable to shareholders of 1.875 billion yuan, marking a turnaround from a loss in the previous period [1] - Basic earnings per share were reported at 68.50 cents [1] Revenue Drivers - The increase in revenue was primarily driven by the e-commerce and distribution business, which contributed an additional 116 million yuan due to new e-commerce platforms and product lines [1] - There was a slight increase in revenue from property investment and management, amounting to approximately 3.476 million yuan [1]

Core Insights - The company reported a revenue of 807 million RMB for the six months ending September 30, 2025, representing a year-on-year growth of 8.05% [1] - The profit attributable to the company's owners was 1.875 billion RMB, marking a turnaround from a loss to profit compared to the previous year [1] - Basic earnings per share were reported at 0.685 RMB [1] Revenue Breakdown - The increase in revenue was primarily driven by the e-commerce and distribution business, which contributed an additional 116 million RMB due to new e-commerce platforms and product lines [1] - The property investment and management business saw a slight revenue increase of approximately 3.476 million RMB [1]

互联网早就渗透到我们生活的方方面面了，购物能在电商平台挑心仪的东西，吃饭能在美团、饿了么点 外卖，电商和外卖是真的让日子变方便了，但要是说取消外卖、关闭电商，恢复所谓的人间烟火气，让 市面变繁荣，你同意吗？ 外卖没出现的时候，想吃东西只能去店里，跟家人朋友一起还好，要是一个人就挺孤单的。现在很多年 轻人不爱社交，就喜欢一个人待着，在家点份外卖，安安静静享受独处时光，这也是外卖受欢迎的一个 原因。 电商也一样，大家工作忙得脚不沾地，哪有时间逛商场？但装个购物软件，拿个手机就能随时随地逛 街，足不出户就能看遍各种商品，而且价格透明公开，客服服务也挺到位，不用跟商家讨价还价，省了 不少麻烦。数据显示，去年我国快递业务收入已经涨到了九千八百八十亿元，这可不是个小数目，也给 我国 GDP 发展添了不少力。 不过电商和外卖发展得好，实体经济确实受了些影响。消费者就那么多，购买力也相对稳定，大家都去 网上购物，线下实体店的客人自然就少了。而且实体店要交房租、付水电费，各种成本加起来，商品价 格肯定比电商平台贵，不少消费者一看价格就转身走了，也就劝退了很多人。 餐饮行业整体还算稳定，外卖没造成太大干扰，但架不住有些不良商家， ...

Core Insights - The article discusses the tension between traditional shopping experiences and the rise of digital commerce, emphasizing the need for balance between convenience and community interaction [1][9]. Group 1: Market Trends - As of Q2 2025, China's online retail market is projected to exceed 14.5 trillion yuan, with a year-on-year growth of 13.2% [3]. - Active users on food delivery platforms have reached 850 million, with daily orders surpassing 100 million [3]. Group 2: Consumer Sentiment - There are three main groups expressing concerns about the dominance of digital commerce: older generations accustomed to traditional shopping, idealists longing for personal interactions, and brick-and-mortar businesses facing competition [5][6]. - The nostalgia for traditional markets and social interactions highlights the emotional connection people have with physical shopping experiences [5][7]. Group 3: Adaptation and Innovation - The emergence of "community markets" in 2025 allows consumers to order via apps and pick up items locally, fostering social interactions [7]. - Traditional markets are undergoing digital upgrades, enabling them to accept both online and offline orders, thus enhancing operational efficiency while maintaining a vibrant atmosphere [7][8]. Group 4: Business Strategies - Restaurants are increasingly adopting a hybrid model that combines online and offline sales, leading to a 35% increase in quarterly revenue compared to those using a single channel [8]. - Businesses are encouraged to integrate the strengths of both traditional and digital approaches to enhance consumer experiences [8][9]. Group 5: Future Outlook - The future of commerce is expected to be more inclusive and diverse, catering to varying consumer needs without reverting to outdated practices [9][11]. - The concept of "human warmth" in shopping is not limited to a specific method but is a shared pursuit of a better life, whether through physical markets or online platforms [9][11].