但他指出，大语言模型缺乏身体这一核心短板，导致其无法提供人类沟通所需的性别、年龄、地域等基 础变量，难以建立稳定信任关系。为此，虚拟数字人、实体机器人相继出现，这一变革对人类沟通模式 产生了深远挑战。 专题：复旦大学"对话"系列讲座：AI与大学之未来 复旦大学"对话"系列讲座"AI与大学之未来"于12月8日举行。复旦大学新闻学院教授邓建国在演讲中表 示，未来人机共生是必然趋势，大学应跳出传统显性知识传授的框架，重点培育元知识、默会知识与实 践型知识，同时强化人类独特的共情与聚生能力，以应对沟通形态变革带来的挑战。 邓建国首先解析了人工智能的发展根基：芯片、数据、算法三大元素，在摩尔定律的驱动下，借助移动 传感器产生的海量数据与强大芯片的分析能力，催生了如今的大语言模型。 专题：复旦大学"对话"系列讲座：AI与大学之未来 "即便有了具备身体形态的 AI，人类仍渴望线下真实的互动与联结。" 邓建国以 "异地恋奔现" 为例，强 调人类学习与沟通的本质是多元、多信道、社会性的聚生过程，单纯的人工语音或线上交互难以满足深 层需求。 邓建国强调，AI 或许能替代制作类知识与部分思考类知识，但人类基于碳基生命的共情能力、聚 ...

01 丽晶国际大厦是杭州网红产业的标志性大厦。巅峰时期，这里入驻了将近两万名主播，她们面容姣好，妆饰精致，心怀成名梦想，每日在十几平米的小单 间内直播。 她们中的很大部分是带货主播，在和网友谈话表演过程中，适时"一二三上链接"。有些主播一开始是表演和求打赏，殊途同归，这些主播通常也会走上带 货之路。 2018年，丽晶国际大厦就已经火了。每到晚上，这里通火通明，外界戏称为"榜一大哥的伊甸园"。据说这里每天签收快递最多达到数万，并由此催生出5 元代取的火热业务。 丽晶大厦的小单间月租金，最高时四五千元。今年以来，租金一路走低，最近降至1200-1800元。记者走访发现，楼内还有不少空置房，租客可能已不足 6000人。 丽晶大厦的网红撤退，似乎成为杭州网红产业盛极而衰的缩影。同样被拿来佐证的，还有辛选集团、向太、疯狂小杨哥这些头部网红。今年他们正在撤出 杭州的核心商圈。 杭州对于网红产业，真的失去吸引力了吗？ 02 杭州并没有变，是网红产业在变。今年以来，直播带货行业，正在经历快速的退潮期。 直播带货起于2016年，经数年发展，成为各网络平台的标配。据统计，2018-2023年，行业复合增长率超过200%。 大量网 ...

Core Insights - The virtual digital human industry is experiencing significant growth due to advancements in generative AI, VR, and AR technologies, becoming a new engine for digital economic development [1][4] - Virtual digital humans play a crucial role in the digital transformation of traditional industries, offering both substitution and enhancement effects, which can lower labor costs and improve service efficiency [2][3] Group 1: Industry Applications - Virtual digital humans are being applied across various sectors including media, entertainment, finance, education, healthcare, agriculture, and government [1] - They can perform high-repetition tasks, thus reducing labor costs and enhancing work efficiency, particularly in industries requiring 24/7 interaction like live streaming and customer service [2][3] Group 2: Development Challenges - The virtual digital human industry faces challenges such as high production costs, poor interaction capabilities, and insufficient application scenarios, which hinder its integration into real economic needs [3] - Addressing these challenges requires a focus on commercial logic and understanding industry demands to ensure sustainable development [3] Group 3: Technological and Governance Innovations - The value of virtual digital humans is contingent upon technological breakthroughs and governance innovations, with a need for advancements in key technologies like intelligent sensors and graphics computing chips [4] - The industry requires a robust standard system, legal regulations, and government oversight to ensure ethical use and safety, alongside policy support for technology development and practical applications [4] Group 4: Market Potential - According to the China Internet Association, the core market for digital humans is expected to exceed 40 billion yuan by 2025, driving the overall industry market size to surpass 600 billion yuan [4]

Core Viewpoint - The virtual digital human industry is experiencing significant growth opportunities driven by advancements in generative artificial intelligence (AIGC), virtual reality (VR), and augmented reality (AR), becoming a new engine for digital economic development [1] Group 1: Applications and Benefits - Virtual digital humans play a crucial role in the digital transformation of traditional industries, providing "replacement effects" by completing repetitive and labor-intensive tasks, thus reducing labor costs and enhancing work efficiency [2] - They also offer "enhancement effects" by supporting personalized customization, allowing for tailored interactions based on industry needs and customer preferences, which innovates service models and improves customer satisfaction [2] - In sectors like agriculture, virtual digital humans can provide real-time guidance on scientific planting and pest control, enhancing service accessibility and operational efficiency in the real economy [2] Group 2: Industry Demand and Development - The development of virtual digital humans must align with industry demands to gain sustainable growth momentum, addressing challenges such as high production costs and insufficient application scenarios [3] - By focusing on commercial logic and deeply exploring industry needs, the virtual digital human sector can adapt to practical applications, thereby demonstrating its substantial empowerment for industrial development [3] - Industry demand can also provide funding support for the optimization and technological evolution of virtual digital humans, reducing marginal costs and increasing capital returns through widespread application [3] Group 3: Technological Breakthroughs and Governance Innovation - The integration of cutting-edge technologies like generative AI, 3D modeling, voice synthesis, motion capture, and natural language processing is revitalizing the virtual digital human industry [4] - According to the "China Digital Human Development Report (2024)," the core market size for digital humans in China is expected to exceed 40 billion yuan by 2025, with the overall industry market size surpassing 600 billion yuan [4] - Key technological bottlenecks still exist, necessitating improvements in the resilience of the industrial and supply chains, particularly in the development of hardware like intelligent sensors and graphics computing chips, as well as software for modeling and rendering [4] - Establishing a comprehensive industry standard system, including key technology standards and ethical usage norms, is essential for governance innovation in the virtual digital human sector [4] - Strengthening policy guidance and support for the virtual digital human industry, while encouraging the development and application of key technologies, will foster high-quality industrial growth [4]

Core Insights - The 2025 China International Service Trade Fair (CIFTIS) financial services section was held in Beijing, focusing on the theme "Digital Intelligence Drives Open Win-Win" [2] - The financial services section aims to create four platforms: global financial innovation product and service display, important policy and industry rule release, partner negotiation, and cutting-edge financial experience [2] Group 1: Technology Integration in Financial Services - The technology presence at the fair was notably higher, with banks showcasing advanced technology systems and interactive experiences [3][4] - Industrial and Commercial Bank of China (ICBC) displayed a trillion-level financial model interactive exhibit, emphasizing its technology system based on large model support and application paradigms [4] - Other banks, such as China Construction Bank and Shanghai Pudong Development Bank, highlighted their technology finance systems and achievements in guiding financial resources towards technological innovation [4][7] Group 2: AI Applications in Banking - Multiple AI applications were showcased by commercial banks, including Minsheng Bank's intelligent financial terminals and AI laboratory, and Beijing Bank's interactive digital robot [5] - ICBC presented its "Public Fund Digital Human" and a one-stop service device for public fund card applications, enhancing user interaction and service efficiency [6] Group 3: Financial Innovation and Services - Numerous financial institutions, including ICBC, Agricultural Bank of China, and others, exhibited innovative products and services in the technology finance sector [7] - Shanghai Pudong Development Bank introduced immersive experiences by integrating cutting-edge technology from its clients, focusing on five key financial areas [8] - Construction Bank's technology finance section showcased its "Five-Dimensional Integrated" technology finance system, promoting high-level self-reliance in technology [9]

Group 1 - The core event is the China-ASEAN AI + Cultural Tourism Innovation Application Competition, which aims to promote technological cooperation and regional industrial innovation between China and ASEAN countries [1][2] - The ASEAN regional competition attracted 33 projects from China and ASEAN countries, showcasing innovations in AI-enabled cultural tourism, including multilingual smart guides and virtual digital humans [1] - The competition has received a total of 506 project registrations, with participation from 336 companies and 170 universities, indicating strong interest and engagement in the sector [2] Group 2 - The final competition in Beihai will provide over 300 core scenic spots for testing, along with government funding and research support, facilitating the transformation of technological achievements into industrial value [2] - Beihai is positioned as a leader in regional cooperation, actively shaping the ecosystem for AI projects to test and iterate before expanding to ASEAN markets [2] - The event highlights the high level of digitalization in China and the strong acceptance of new technologies by both government and enterprises, which is seen as a significant opportunity for market development in Beihai [2]

Group 1 - As of August 18, 2025, the stock price of Fangzhi Technology is 13.61 yuan, reflecting a 3.66% increase from the previous trading day [1] - The trading volume on that day was 273,341 shares, with a total transaction amount of 367 million yuan [1] - In the first quarter of 2025, the company achieved operating revenue of 23.51 million yuan and a net profit attributable to shareholders of 6.55 million yuan [1] Group 2 - Fangzhi Technology focuses on software development, with business areas including virtual digital humans and the metaverse [1] - A major shareholder and director, Chen Kerang, has completed a plan to reduce holdings by selling 2.12 million shares, which accounts for 0.85% of the company's total share capital [1]

Company Overview - Tianyu Digital Science reported a stock price of 7.38 yuan on August 14, down 0.41 yuan, representing a decline of 5.26% from the previous trading day [1] - The opening price for the day was 7.74 yuan, with a high of 7.81 yuan and a low of 7.35 yuan, indicating volatility in trading [1] - The trading volume reached 2.9167 million hands, with a total transaction amount of 2.196 billion yuan [1] Business Focus - The company operates in the internet services sector and is registered in Liaoning Province [1] - Its business scope includes areas related to the digital economy and virtual digital humans [1] Capital Flow - On August 14, there was a net outflow of 198 million yuan in main funds, with a cumulative net outflow of 733 million yuan over the past five trading days [1] - During intraday trading, a rapid rebound was observed, with the stock price reaching 7.65 yuan at 10:02 AM, showing an increase of over 2% within five minutes [1]

Core Insights - The core focus of the report is on the development of retail banking at Guangfa Bank, emphasizing a balanced approach to quality, efficiency, scale, and structure in business operations [1][2]. Group 1: Business Performance - Guangfa Bank has achieved significant progress in operational efficiency, with steady growth in retail business revenue and an optimized asset-liability structure [1]. - The bank's personal deposit business has seen both quantity and quality improvements, while personal loans have enhanced self-operating capabilities [1]. - The private banking client base has grown rapidly, and the quality of credit card customers has steadily improved [1]. Group 2: Strategic Initiatives - Guangfa Bank is actively involved in the development of pension finance, focusing on customer needs and expanding its pension product offerings, having opened 1.3 million personal pension accounts [1]. - The bank has launched new credit financing services for new citizens to support entrepreneurship and has introduced various consumer loan products [1]. - The bank has implemented policies to adjust interest rates on existing first-home loans to support a stable real estate market and has contributed to consumption recovery with credit card spending reaching 2.22 trillion yuan [1]. Group 3: Digital Transformation - Guangfa Bank is enhancing its retail business through systematic, comprehensive, and digital capabilities, accelerating its digital transformation [2]. - The bank has built a "scene + finance" digital customer service ecosystem, resulting in over one million new customers [2]. - The introduction of various digital tools, including the successful launch of a step-by-step core system for credit cards, has provided strong momentum for digital transformation and high-quality development of credit card services [2]. Group 4: Comprehensive Operations - The bank has strengthened resource integration and deepened collaborative efforts, improving the efficiency of retail customer conversion [2]. - It has enhanced its professional service capabilities in wealth management, focusing on customer-centered product matrices and upgrading its financial products [2]. - The bank is developing a comprehensive lifecycle management system for customers, enriching its membership growth system and offering diverse and differentiated services [2].

Core Viewpoint - Shenzhen Jiachuan Video Technology Co., Ltd. is undergoing a potential change in control due to the planned share transfer by its controlling shareholder, Chen Kunjian, which may lead to significant changes in the company after 25 years of establishment [1][6]. Group 1: Shareholder Changes - The company announced a suspension of trading starting August 4, with an expected duration of no more than two trading days [2]. - As of the last trading day before suspension (August 1), the stock price was 6.86 yuan per share, with a total market capitalization of 2.956 billion yuan [3]. - In Q1 2025, there was a notable change in the shareholder structure, with five new shareholders entering and five exiting, indicating a shift in ownership dynamics [7]. Group 2: Financial Performance - In Q1 2025, the company reported revenue of 56.1 million yuan, a year-on-year increase of 207.34%, and a net profit attributable to shareholders of 1.94 million yuan, marking a return to profitability [8]. - However, the company has faced continuous losses over the past six years, with net profits of -158 million yuan, -49 million yuan, -105 million yuan, -77 million yuan, -67 million yuan, and -58 million yuan from 2019 to 2024 [10]. - The company's asset-liability ratio has rapidly increased since 2019, nearing 90% by December 31, 2024, indicating financial strain [11]. Group 3: Business Operations - The company's main business focuses on audio and video technology, providing end-to-end technical support for broadcasting and telecommunications operators [14]. - In 2024, the company's gross profit margin plummeted from 28.83% in 2023 to 4.81%, a decline of over 83%, marking the first time since 2016 that the margin fell below 20% [14]. - The company attributed the decline to intensified competition and reliance on low-margin projects, with 96.7% of revenue coming from broadcasting system integration and services, which had a gross margin of only 3.55% [16]. Group 4: New Business Ventures - The company is attempting to diversify into new digital applications, including gaming, cloud services, VR products, and virtual digital humans [17]. - However, these new ventures have high investment costs but contribute minimally to revenue, with the "large space content operation" project generating only 708,600 yuan in 2024, a year-on-year decline of 74.39% [19].