本报讯 （记者梁傲男）12月29日，携程发布《2025携程旅行决策双引擎洞察报告》，通过分析携程搜 索与问道全年超百亿次服务数据，揭示了一个鲜明趋势：旅行决策的核心，正从冰冷的地理坐标，转向 温热的情感需求。一场由"搜索引擎+AI对话"双引擎驱动的旅行革命，已然到来。 携程供图 报告数据显示，2025年，在搜索中使用AI规划旅行的用户比例同比提升270%，而深度使用AI问答产 品"问道"的用户规模更是同比增长367%。旅行已从单纯的信息查询，演进为情绪调节与生活延伸的重 要方式。搜索框负责解决"是什么"，AI对话框开始回应"如何更好"。 另外，携程集团发布的《推门见世界：携程2025年度友好报告》，披露了过去一年携程在推动全球文化 交融、行业创新共建、ESG可持续发展及职场友好环境构建等方面的关键成果与数据。 报告显示，携程在低碳战略与构建多元包容职场方面取得显著成效，并以"友好"为核心资产，连接用 户、行业与员工，共同推开通往未来的大门。值得一提的是，已实行三年的"春节返乡办公政策"，2026 年将再度将范围扩大至同城远郊一线客服，近千名员工将享受长达两个月的返乡办公福利。 携程集团CEO孙洁表示："每一分 ...

"问道"由王珏牵头设计，东南大学移动通信全国重点实验室、毫米波全国重点实验室、教育部移动信息 通信与安全前沿科学中心，以及江苏省道德发展智库等跨学科平台共同研发。 作为首个系统级伦理垂域大模型，"问道"构建了覆盖伦理治理全流程的功能矩阵。该模型可作为企业伦 理"审查官"，自动审核商业决策、广告文案、算法模型是否存在伦理风险；也可成为AI研发的合规检测 工具，帮助研究人员在产品设计之初就注入伦理考量，从源头避免偏见和风险；还可作为学生的伦 理"导师"，通过模拟真实的道德困境，培养学生的批判性思维和道德决策能力。 "一项政策的出台，将会影响哪些人，是否会造成对部分群体的不公？企业在进行商业决策、推广品牌 时会不会有伦理风险？AI伦理大模型可以为这些问题提供答案。"在日前举行的"全球首个系统级伦理垂 域大模型'问道'"新闻发布会上，东南大学AI伦理实验室主任、人文学院教授王珏说。 "问道"拥有伦理风险评估与审计、伦理困境模拟与决策推演、伦理对齐辅助设计、动态知识库与案例教 学、伦理学前沿探索与范式革新五大功能，目前免费向用户开放。"它致力于成为用户的伦理思考伙伴 与决策支持系统，旨在帮助科研机构、科技企业、伦理审查 ...

Core Insights - The integration of generative AI into daily life is accelerating, with a focus on "embodied intelligence" as part of the national strategy to implement "AI+" in higher education [1] - Jiangsu province is actively responding to national strategies to seize opportunities in "AI+ higher education" [1] Group 1: AI Education Ecosystem - Jiangnan University has introduced an AI course that combines virtual and physical classroom experiences, allowing AI to assess student engagement and generate comprehensive analyses [2] - Over the past three years, Jiangsu's education department has issued multiple policies to create a comprehensive "AI+ education" reform ecosystem, covering all educational stages [2] - A total of 36 undergraduate institutions in Jiangsu have established AI majors, with 7 universities offering "AI+" dual degree programs, and several new interdisciplinary undergraduate programs have been launched [2] Group 2: Vertical AI Models - Jiangnan University released the world's first AI model dedicated to food science, named FoodSeek, while Southeast University introduced an ethical AI model called "Wendao" [3] - Nanjing University has built a smart computing center and a data center to support AI applications, focusing on algorithms, computing power, and data [3] Group 3: Classroom Innovations - Southeast University's "Future Robotics" course emphasizes practical skills in robot manufacturing, integrating AI assistance for problem-solving [4] - Nanjing University will offer an AI core course to all undergraduate freshmen starting in the fall of 2024, with other universities following suit [4] - Educators are encouraged to use AI as a teaching assistant to enhance student engagement and problem-solving skills [4] Group 4: Industry Collaboration - Nanjing University is creating a practical education ecosystem by collaborating with local industries to address real-world challenges [5] Group 5: AI Usage Guidelines - The increasing use of generative AI among students raises questions about setting reasonable boundaries for its application in education [7] - Internationally, educational institutions are shifting from banning to guiding the use of generative AI tools, emphasizing ethical and responsible usage [7] - There is a focus on developing students' comprehensive skills, critical thinking, and innovation capabilities through AI integration in various academic activities [7]

在学科结构方面，面向人工智能和未来产业发展需要，全省36所本科高校已开设人工智能专业，7 所高校设立9个"人工智能+"双学士学位项目，东南大学、河海大学、南京林业大学等高校在全国首开未 来机器人、智慧水利、智慧林业等新兴交叉本科专业，更多高校开设相关微专业。 更多的垂直领域人工智能大模型涌现。今年7月，江南大学依托其"食品科学与工程"学科优势，发 布全球首个食品学科专用大模型FoodSeek（食问）。11月，东南大学发布全球首个系统级伦理垂直领域 大模型"问道"，为AI套上"伦理"缰绳。南京中医药大学依托学校中医药优势和资源，建立素山中药学教 育垂直大模型，让人工智能赋能中医药人才培养。 更多的"数字基建"正在落实，中国科学院院士、南京大学副校长周志华介绍了南京大学的创新举 措，针对人工智能技术应用有算法、算力、数据三要素。南京大学统筹算力资源、高标准建设了智能计 算中心，并配备了基础机房环境，同时建成校级数据中心，实现数据对接与共享。 走进课堂，从"会学"到"会用" 在东南大学"未来机器人"专业课上，学生的学习目标是制作一款智能轮式机器人。老师需要教授的 各类知识点和实验技能都贯穿于机器人制造中。不少同学在 ...

Core Insights - The establishment of the Guangdong (Shenzhen) Game Enterprise Service Center and the Guangdong (Shenzhen) Game Overseas Service Center aims to enhance the local gaming industry by providing comprehensive support services [1][3] Group 1: Service Centers Overview - The Guangdong (Shenzhen) Game Enterprise Service Center focuses on resource matching, policy analysis, license consultation, and compliance services, leveraging Nanshan's advantages in innovation, education, and capital [1] - The Guangdong (Shenzhen) Game Overseas Service Center will create a platform for market research, policy consulting, entrepreneurship incubation, distribution operations, and talent empowerment, promoting the growth of overseas gaming enterprises [1][3] Group 2: Collaborative Efforts - The two service centers will collaborate with the Shenzhen (Nanshan) Game Innovation Development Center and the upcoming Shenzhen Game Industry Association to form a three-tiered service system that promotes resource sharing and collaborative development [3] - Partnerships have been established with the Harmony Ecosystem (Shenzhen) Innovation Center and Shenzhen Vocational and Technical University to enhance technology adaptation and talent supply in the gaming sector [3] Group 3: Policy Support - The Nanshan District announced the "Shenzhen Nanshan Promotion of High-Quality Development Support Policy for the Gaming and E-sports Industry," which includes ten specific measures to support startups and attract top-tier gaming clubs [3][4] Group 4: Industry Scale and Growth - The gaming and e-sports industry in Nanshan has reached a scale of over 100 billion, with major companies like Tencent and Dreamland Technology contributing to the ecosystem [4]

Core Insights - The world's first system-level ethical domain model "Wendao" was officially launched at Southeast University, aiming to serve as an ethical thinking partner and decision support system for various stakeholders in complex technological and social issues [1][2] Group 1: Model Development and Features - "Wendao" was developed under the leadership of Professor Wang Jue, integrating resources from multiple interdisciplinary platforms, including national key laboratories and ethical development think tanks [1] - The model encompasses a functional matrix covering the entire ethical governance process, focusing on five core areas: ethical risk assessment and auditing, ethical dilemma simulation and decision-making, ethical alignment in design, dynamic knowledge base and case teaching, and exploration of ethical frontiers [2] Group 2: Cultural and Legal Alignment - "Wendao" is rooted in Chinese traditions of "seeking the way" and "inquiring into learning," aiming to explore the logic and ethical boundaries of technological development while providing systematic solutions for building a trustworthy intelligent governance system [2] - The model integrates the essence of Confucianism, Buddhism, and Taoism, aligning with current domestic laws and regulations, serving as an intelligent assistant for government policy-making, regulatory ethical reviews, corporate compliance, and public education [2] Group 3: Future Development and Applications - Future plans for "Wendao" include optimizing human-machine interaction mechanisms, developing systematically and progressively, and opening feedback channels for experts and users to create a positive feedback loop for model iteration [3] - The model aims to expand its deep applications in research, industry, and education, contributing to the collaborative development of artificial intelligence and social ethics [3]

Core Insights - In the first three quarters of 2025, the company achieved operating revenue of 4.486 billion yuan, a year-on-year increase of 59.17%, and a net profit attributable to shareholders of 1.214 billion yuan, up 84.66% [1][2] - For the third quarter alone, the company reported operating revenue of 1.968 billion yuan, a significant year-on-year growth of 129.19%, and a net profit of 569 million yuan, which represents a remarkable increase of 307.70% [1][2] Financial Performance - The total revenue for the first three quarters was 4.486 billion yuan, with a profit margin increase of 59.17% compared to the previous year [2] - The total profit for the third quarter was 866 million yuan, reflecting a 296.99% increase year-on-year [2] - The net profit attributable to shareholders for the third quarter was 569 million yuan, marking a 307.70% increase compared to the same period last year [2] Dividend Policy - The company plans to distribute a cash dividend of 60 yuan (before tax) for every 10 shares, totaling approximately 430 million yuan, which accounts for 75.6% of the net profit for the third quarter [3] - Cumulatively, the company has distributed cash dividends 14 times since its listing in 2017, amounting to over 6.9 billion yuan, with an average dividend payout ratio of nearly 70% [3][4] Business Operations - The company launched several new games in the first three quarters, including "杖剑传说 (Mainland Version)" and "问剑长生 (Mainland Version)", which contributed significantly to revenue growth [5] - The core mobile game "问道手游" generated revenue of 1.499 billion yuan, a decrease of 7.02% year-on-year, while the new titles contributed 1.166 billion yuan and 713 million yuan respectively [5] - The company's overseas revenue reached 588 million yuan, showing a nearly 60% increase year-on-year [5] Market Position - As of October 28, the company's stock closed at 458.14 yuan per share, with a market capitalization of approximately 33 billion yuan [6]

Summary of G-bits Conference Call Company Overview - G-bits has demonstrated strong performance in the gaming sector, particularly in the idle game market, with key titles such as "Wandao" and "Yinian Xiaoyao" being major profit sources, providing support for the company's stock price increase [2][3][7] Core Insights and Arguments - The newly launched games "Wanjian" and "Zhangjian" in 2025 have shown impressive results, with "Zhangjian" generating 424 million yuan in revenue within 33 days, significantly enhancing the company's valuation. The expected profit for Q3 is projected to reach 500-600 million yuan, marking a substantial year-on-year growth [2][10] - G-bits is highly regarded in the market due to its straightforward business model and commitment to shareholder returns through strong cash flow and dividends, attracting interest from TMT and consumer funds [2][7] - "Wandao," which has been active for nearly 10 years, continues to thrive due to its unique theme and the company's operational capabilities. "Yinian Xiaoyao," launched in 2021, also shows long-term sustainability, contributing to G-bits' high valuation [2][8] Additional Important Content - G-bits has a robust product pipeline and operational highlights, utilizing an integrated research and operation model, particularly excelling in idle games. The company also benefits from investments in other gaming companies, such as Xindong [4][5] - The company's stock price has seen significant growth from 2021 to 2023, driven by the ongoing success of "Yinian Xiaoyao" and the recent launches of "Wanjian" and "Zhangjian" [6] - The gaming industry is currently driven by earnings per share (EPS) rather than valuation premiums, indicating a strong growth outlook with high safety margins [13] - G-bits is expanding into different gaming genres, including Rogue-like and mini-games, and is optimistic about the upcoming SLG title "Jiumu Zhi Yan," despite lower profit retention from agency products [14] Future Outlook - G-bits is expected to maintain strong growth in the coming quarters, supported by new product cycles and community engagement initiatives. The company’s performance is projected to double from over 900 million yuan in 2024 to nearly 1.7 billion yuan in 2025, with a PE ratio of 20-25 times, indicating no significant valuation premium [11][15]

Core Viewpoint - The company, Gigabit (603444.SH), has seen a significant recovery in both stock price and performance under the leadership of Lu Hongyan, with a stock price increase of 278.5% from its 2024 low and a revenue growth of over 20% in the first half of 2025 [1][6]. Company Performance - On September 12, 2025, Gigabit's stock price reached 542.28 CNY per share, up from a low of 143.27 CNY in 2024, marking a 278.5% increase [1][6]. - In the first half of 2025, the company reported a revenue of 2.518 billion CNY and a net profit of 645 million CNY, both showing year-on-year growth exceeding 20% [1][6]. - The company has a history of strong profitability, with a cumulative dividend payout of 6.489 billion CNY since its listing, and plans to distribute 4.74 billion CNY in cash dividends for the first half of 2025 [6]. Leadership and Strategy - Lu Hongyan, the founder, emphasizes a pragmatic approach, focusing on product quality rather than aggressive expansion, which has allowed the company to maintain resilience during industry fluctuations [4][7]. - The company has shifted its focus to developing new products, launching two self-developed games, "Wanjian Changsheng" and "Zhangjian Chuanqi," in 2025, which contributed to the performance recovery [1][6]. Market Position and Competitive Landscape - Despite being less known compared to larger competitors, Gigabit is recognized for its strong profitability and investment returns, earning the nickname "Game King" [5]. - The company has transitioned from a single-product focus to a diversified game enterprise, with successful titles like "Wandao," "Yinian Xiaoyao," and "Moyuan Zhi Ren" [7]. Future Outlook - Gigabit plans to focus on high-quality products in its agency business and will adjust its self-developed projects based on their commercial success and player engagement [7]. - The company has increased its marketing expenditure, with sales expenses reaching 836 million CNY in the first half of 2025, a 55.57% increase year-on-year, indicating a strategic investment in growth [7].

Core Viewpoint - The article discusses the investment strategies and outcomes of the company Jiubite in the gaming industry, highlighting its evolution from investing in familiar teams to more mature companies and the establishment of venture capital funds. Group 1: Investment History - In February, Jiubite announced a refund of 101 million yuan from the venture capital fund "Nuo Wei He Yue" due to the fund's investment period ending, with 242 million yuan remaining uninvested [1] - Jiubite has a history of supporting startup teams in the gaming industry, having invested heavily during the last expansion phase [3] - Before going public, Jiubite established an investment platform "Ji Xiang Capital" in 2016 with an initial investment of 600 million yuan [4] Group 2: Pre-IPO Investments - Jiubite invested in several gaming companies before its IPO, including Qingci Games (37.1% stake), which has a market value of 2.09 billion yuan, and Yongshi Network (20% stake) [5][6] - The investment in Qingci Games yielded nearly tenfold returns, with Jiubite initially investing 10 million yuan in 2013 and later selling shares for 303 million yuan [6][8] Group 3: Post-IPO Investment Strategy - After going public, Jiubite shifted its focus to investing in more mature companies with existing products, such as TapTap and other successful gaming developers [9][10] - Jiubite's investment in TapTap, which has grown to a monthly active user base of over 43 million, is considered highly successful [11] Group 4: Recent Investment Trends - Following the recovery of game licenses in 2019, Jiubite formed a venture capital fund "Ji Xiang Tian Cheng" with a total scale of 300 million yuan, focusing on early-stage startups in the gaming and cultural industries [15][16] - However, many companies funded by Ji Xiang Tian Cheng have faced challenges, with several experiencing full impairment of their equity value [18] Group 5: Strategic Adjustments - Since 2020, Jiubite has ceased raising external funds and has shifted to investing through private equity funds, including notable investments in Unity China and other gaming companies [24][25] - Despite a reported asset impairment of 355 million yuan over three years, this has not significantly impacted Jiubite's overall profitability, as the company has emphasized a strategy of focusing on fewer, more promising projects [29]