当下，AI正在悄然颠覆科技产业格局，创业者从模型层到应用层竞相入局。但资本正在向头部聚集，2024年全球AI融资额突破1000亿美元，单笔超1亿美元 的融资占比达69%，头部效应明显。 而市场也在变得更为激烈。从大模型、具身智能到AI应用，几乎在每一个赛道和场景，新的公司都如雨后春笋出现， 对创业者而言，考验的已经不仅是创新与运营效率，更是从数据流转到场景应用的商业化智慧：你的产品定位是否清晰？在商业化过程中，如何构建数据闭 环与场景壁垒，保持核心竞争力？以及，在这波投资浪潮中，到底该如何找到生机？ 若这些关键问题未有清晰答案，而仅将 AI 风口简单地视为"机遇"，它带来的可能不是红利，而是黄粱一梦。 近期《虎嗅·AI无悖论》节目，特别邀请到了中欧国际工商学院金融学教授、副教务长、EMBA课程主任、中欧企业与资本市场研究中心主任黄生与九合创 投创始人、中欧EMBA校友王啸，探讨投资视角下的AI机遇，他们分享了对行业投资机会的看法，以及对未来AI 应用的洞见： 英伟达4万亿市值是否预示泡沫风险？ 本期主持人为《小遥说商业》账号主理人、中欧EMBA校友陈小燕，以下为交流实录（有删编）： 风口里，中小企业机会到底在 ...

4月以来明显滞涨的科创板或迎补涨行情！周五（8月22日）国产AI产业链全线井喷，寒武纪20CM涨停 股价再创新高，总市值站上5200亿元，云天励飞亦实现20CM封板，天准科技涨超11%，金山办公涨近 10%，澜起科技、芯原股份等个股大幅跟涨。 科创人工智能ETF（589520）配置价值如何？重点关注四大投资逻辑： 1、市场主线逻辑：天风证券指出，AI经历3-5月的调整与近两个月的缓慢抬头，满足启动再次成为主线 的两个条件：①筹码沉淀到位（拥挤度低位）；②长期逻辑仍在（资本开支指引下算力大周期持续演 绎）。 2、科创板补涨逻辑：2025陆家嘴论坛上，高层提出在科创板设置科创成长层，重点服务AI等前沿科技 企业。中信证券指出，自今年4月以来明显滞涨的科创板有望迎来补涨行情。 3、国产替代逻辑：招商证券表示，出于对英伟达芯片安全漏洞的担忧，国内部分客户对于未来购买英 伟达芯片还会反复权衡。建议长期持续关注华为昇腾、寒武纪和海光信息等国产算力芯片体系。 4、端侧AI大发展逻辑：申万宏源类比消费电子发展路径，指出AI终端换机潮有望复制2010年代智能手 机行情，带动产业链估值中枢上移30-50%。 热门ETF方面，重点 ...

前不久往返中美频繁发声的黄仁勋，是把英伟达打造成 4 万亿帝国的「AI教父」，今天 The Information 曝光了一个老黄布局多年的秘密。 而这个秘密的揭开，要从今年早些时候的一次英伟达全员大会说起。一个敏感问题通过匿名提问系统跳出来，现场数千名员工的目光瞬间都聚焦到了台上的黄仁 勋身上。 英伟达员工的二代正在进入公司，这种裙带关系你怎么看？ 穿着标志性黑皮夹克的黄仁勋没有回避，身体微微前倾，拿起话筒：公司确实雇佣了不少员工的孩子。他还笑着补充说，这些父母要是没把握孩子不会给自己丢 脸，绝对不敢推荐，而且很多「二代」表现得比他们爹妈还要出色。 这场看似即兴的问答更像是一次精心的安排。就像往平静湖面扔了颗石头，瞬间在英伟达内部掀起了不小的波澜，也让外界第一次把目光聚焦到了两个最特殊的 「二代」身上——黄仁勋自己的一双儿女：35 岁的斯宾塞和 34 岁的麦迪逊。 在这个全球市值最高的 AI 帝国里，一场关于自我证明、摆脱父辈光环、以及企业内代际传承的史无前例的大戏，正拉开帷幕。 逃离硅谷的甜点师与调酒师 很长一段时间里，没人能想到黄仁勋的子女会踏入英伟达的大门。当硅谷其他科技巨头的子女们正按部就班地在常春 ...

1、先来说说美联储主席鲍威尔的最新讲话，强调了通胀风险依然存在，不过就业市场的疲软正在成为政策权衡中的关键变量，按照其原话来说，虽然劳动 力市场看似平衡，但是这种平衡很奇特，源于劳动力的供需两侧都显著放缓。 怎么去理解呢？记得之前反复提到过，美联储主席似乎只关心就业数据，实际上通胀风险并不是其关注的重点，只要就业数据跟预期相差值偏大的时候，或 者说变得比较糟糕，那时候降息几乎没有任何悬念。 昨天晚上鲍威尔的讲话似乎可以解读为，当前看到了劳动力供给和需求双向放缓，这个指标也似乎给降息带来了明确的理由，市场恰恰将此当成了重大利 好，并且押注9月份降息的概率大幅度攀升。 美股三大指数受到这个消息的影响大幅度上涨，道指和纳指的涨幅都在1.8%左右，标普500指数上涨了1.52%，尤其是中概股也普遍大涨，纳斯达克中国金 龙指数涨幅达到了2.7%。 2、直到这个周末，对A股的关注力度才算是加大了，毕竟沪指已经到了3825点了，可以说4000点一步之遥，本来之前我还觉得会在3700点一带有个整固的 过程，毕竟这是10年的高点啊，市场需要这么一个震荡的过程，但是周五因为DS的新版本，可以适配国产芯片，要知道之前用的都是英伟达 ...

Core Viewpoint - The A-share market is experiencing a decline, with the domestic AI industry chain-focused ETF (589520) showing signs of active trading and potential buying opportunities despite the market pullback [1][3]. Group 1: ETF Performance - The domestic AI ETF (589520) has seen a significant increase of 43.45% since its low point on April 8, outperforming other indices such as the Sci-Tech 50 (24.24%) and the Sci-Tech Composite Index (41.38%) [3][4]. - The ETF has shown strong trading activity, with a real-time transaction amount of 47.8 million yuan, surpassing the total transaction amount from the previous day [1]. Group 2: Investment Logic - Market Mainline Logic: Historical trends indicate that sectors that initiate early and complete adjustments tend to start a second wave of growth, with AI meeting these conditions [5]. - Sci-Tech Board Rebound Logic: Policies supporting the Sci-Tech board are expected to lead to a rebound, particularly for AI-related companies [5]. - Domestic Substitution Logic: Concerns over security vulnerabilities in NVIDIA chips are prompting domestic clients to consider alternatives, highlighting the importance of domestic chip manufacturers [5]. - End-Side AI Development Logic: The anticipated growth in end-side AI applications, such as humanoid robots and smart driving, is expected to drive significant market changes [5]. Group 3: Future Catalysts - The AI industry is expected to experience several key events in the second half of the year, including major product launches and industry conferences [6]. - The rise of AI applications is likely to accelerate the need for high-end domestic chips, providing opportunities for local manufacturers to enhance their technology [6]. Group 4: ETF Composition and Strategy - The ETF is heavily weighted towards semiconductor stocks, with the top ten holdings accounting for over 67% of its portfolio, indicating a strong focus on sectors with high growth potential [6]. - The ETF aims to balance investments across application software, terminal applications, terminal chips, and cloud chips, positioning itself to benefit from the rapid advancement of AI technologies [6].

在华尔街流行一句玩笑：" 如果你不知道自己买的是什么，那八成你买的就是科技股 。"放在今天的美股上，这句话格外贴切。标普500的前十大成分股， 合计 占到整个指数市值的40%。 其中 有八家都被贴上了"科技"标签，剩下的两家是银行股。更夸张的是，自今年4月市场见底以来，这十家公司贡献了标 普500 超过一半的涨幅 。换句话说，美国股市的表现，几乎就是"科技股"的代名词。 乍一听，这没什么问题。毕竟，这些巨头真金白银地在赚钱：它们贡献了指数过去一年三分之一的收入增长、一半以上的利润增长和资本开支增长。没有它 们，标普500的盈利恐怕要黯淡不少。从投资者的角度看，把钱投到能赚钱的公司里不是理所当然吗？微软、苹果、亚马逊、谷歌、英伟达、Meta……这 些名字就像是当代经济的代名词。 可问题在于，鸡蛋都放在一个篮子里，再结实的篮子也容易让人心里打鼓。市场高度集中，本身并不是罪过，但如果集中在同一条叙事链上，风险就会被成 倍放大。这就像一辆跑得飞快的高铁，列车加速没错，但所有人都挤在头两节车厢里，一旦刹车，受冲击的也正是这里的人。 更麻烦的是，"科技股"这个大筐，本身就是个偷懒的分类。苹果是硬件+服务，微软是软件和云， ...

无惧隔夜美股大型科技股普跌，英伟达大跌3.5%创近四个月以来最大跌幅，8月20日，国产AI产业链走 出独立行情！ 寒武纪股价突破千元，成为A股第二只"千元股"（仅次于茅台），全天获主力资金净流入22.34亿元，高 居A股吸金榜第二。芯原股份盘中触及20CM涨停，收盘仍大涨超15%，创历史新高。此外，乐鑫科 技、航天宏图涨超9%，奥普特、晶晨股份等个股大幅跟涨。 热门ETF方面，重点布局国产AI产业链的科创人工智能ETF（589520）场内价格最高上探4.47%，收涨 4．28%，斩获日线4连阳，ETF再创上市新高！ 拉长时间来看，科创人工智能ETF（589520）标的指数，自本轮低点（4月8日）以来累计上涨 43.45%，大幅跑赢科创50（24.24%）、科创综指（41.38%）等科创板宽基指数，亦跑赢科创芯片 （34.20%）等细分行业指数。 | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 | | | --- | --- | --- | --- | --- | | | | | [×间首日] 2025-4-8 [区间居日] 2025-8-20 [单位] % | | | 1 | 950180.CSI | ...

Group 1 - The core stock price of Xiangsheng Medical (688358) closed at 33.25 yuan on August 15, 2025, down 1.77% with a turnover rate of 3.63% and a trading volume of 40,700 shares, resulting in a transaction amount of 133 million yuan [1] - On August 15, the net outflow of main funds was 16.81 million yuan, accounting for 12.62% of the total transaction amount, while retail investors had a net inflow of 16.88 million yuan, accounting for 12.67% of the total transaction amount [4] - The company announced that its actual controller, chairman, and senior management personnel, Mo Ruoli, plan to reduce their holdings by no more than 3,363,735 shares, which is 3.00% of the total share capital, within three months starting from 15 trading days after the announcement [3][4] Group 2 - The company does not currently engage in research related to brain-machine interface technology, despite investor inquiries about its potential development [2] - The company has utilized NVIDIA chips in some of its products and is actively seeking technology partners to promote the development of ultrasound artificial intelligence technology [2]

Group 1 - The forum emphasized the integration of ESG principles with AI technology to drive industrial innovation and maximize green value [1][2] - ESG is seen as a core engine to activate industrial momentum and achieve sustainable development [1][3] - The collaboration between ESG and AI is crucial for embedding sustainability into the initial stages of innovation [1][2] Group 2 - The supply chain innovation highlighted the importance of liquid cooling technology in enhancing ESG benefits and efficiency in data centers [2][3] - Chinese companies are making significant strides in the global supply chain through advancements in liquid cooling technology, which reduces energy and water consumption [2][3] - The application of liquid cooling technology in high-performance computing is driving ESG progress within the industry [2][3] Group 3 - The construction of a "computing power - electricity - green electricity" collaborative system is essential for addressing challenges in the photovoltaic and new energy vehicle sectors [3][4] - Direct connection policies for green electricity are critical for optimizing energy consumption and reducing costs associated with traditional power grids [3][4] - Web3 technology is enabling market connections for green electricity, facilitating efficient energy distribution and maximizing green value [4] Group 4 - The integration of ESG practices into supply chains and industrial ecosystems is vital for achieving optimal social and economic outcomes [4] - ESG is positioned as a key driver for reducing AI costs and enhancing market returns, contributing to high-quality economic development [4]

Investment Rating - The report maintains a "Underperform" rating for the U.S. stock market [1] Core Insights - The U.S. stock market continues to reach new highs, with small-cap stocks showing strong performance [3] - The S&P 500 index increased by 0.9%, while the Nasdaq rose by 0.8% [3] - 18 out of 24 sectors experienced gains, with notable increases in pharmaceuticals, biotechnology, and life sciences (+5.5%) and healthcare equipment and services (+4.2%) [3] Price Trends - The report highlights that small-cap value stocks (Russell 2000 Value) outperformed small-cap growth stocks, with a rise of 3.4% compared to 2.8% [3] - The sectors with the largest gains include pharmaceuticals and biotechnology (+5.5%), healthcare equipment and services (+4.2%), and durable goods and apparel (+3.6%) [3] - Conversely, sectors that declined include food and staples retailing (-2.4%) and commercial and professional services (-1.4%) [3] Fund Flows - Estimated fund flows for S&P 500 constituents showed a significant increase to +$7.58 billion this week, up from +$1.70 billion last week [4] - The healthcare equipment and services sector saw the highest inflow at +$2.76 billion, followed by media and entertainment (+$1.31 billion) and pharmaceuticals (+$1.09 billion) [4] - Notably, the software and services sector experienced an outflow of -$476 million [4] Earnings Forecast - The report indicates a 0.2% upward adjustment in the 12-month forward EPS expectations for S&P 500 constituents [5] - 22 sectors saw an increase in earnings expectations, with semiconductor products and equipment leading at +0.6% [5] - The energy sector was the only one to experience a downward revision, with a decrease of -0.3% [5] Global Asset Overview - The S&P 500 index closed at 6,450, reflecting a 0.9% increase for the week and a 16.1% increase year-to-date [11] - The Russell 2000 index, representing small-cap stocks, rose by 3.1% this week, indicating strong performance in this segment [11] Sector Observations - The healthcare sector recorded a price return of 5.0% this week, outperforming other sectors [16] - The materials sector also performed well, with a 1.8% increase, while the energy sector lagged with only a 0.5% increase [16] - The report notes that the pharmaceutical and biotechnology sector had the highest price return at 5.5% [16]