最近，美联储前主席耶伦对美国的未来感到非常担忧，她表示，美国正面临成为香蕉共和国的危险。那么，什么是香蕉共和国呢？它指的是那些经济过度依 赖单一农作物，政治腐败，且受到外国资本控制的国家。虽然这个概念似乎与美国没有什么关系，但在耶伦看来，特朗普正在将美国带向这样的局面，她对 此深信不疑。 一个典型的例子就是英伟达。几年前，美国出台了对中国高端芯片的出口管制政策，禁止英伟达向中国出售高端芯片。为了应对这一禁令，英伟达推出了专 门为中国市场定制的阉割版芯片，原本销售顺利，结果政策又发生了变化，甚至连阉割版芯片也不能卖给中国。黄仁勋急得不得了，多次与政府周旋，甚至 将15%的对华销售额上交，才换来了芯片禁令的解除。然而，好景不长，英伟达因安全漏洞问题被中国政府约谈，最终在高端芯片领域彻底退出了中国市 场。英伟达丧失中国市场的全过程，可谓是被特朗普坑死的血泪史。公司CEO的决策速度常常赶不上政策变化的速度。 耶伦为什么会这么说呢？她提出了两个主要原因。第一个原因是特朗普政策的不确定性。资本就像是温室里的花朵，只有在稳定和安全的环境中才能茁壮成 长。如果一个国家处于战乱、社会动荡、政治不稳定或政策不连贯的状态，资本就会 ...

全球市场这几天都盯着美联储的动静，尤其是11月上旬以来，投资者对利率路径的预期反复拉锯。 美联储在10月29日至30日的会议上，把联邦基金利率目标区间从4.50%至4.75%下调到4.25%至4.50%，这是2025年第二次降息，幅度25个基点。 联储的决定直接搅动了美股情绪。11月13日，美股三大指数全线下挫，道指跌800点左右，跌幅1.6%，标普500跌1.7%，纳斯达克跌2.3%，这是一个月来最 糟的一天。 原因主要是联储官员的鹰派评论和通胀担忧，让12月降息希望破灭。科技股和AI相关股票带头跳水，纳斯达克综合指数受重创，因为高估值股票像英伟达 和博通被抛售。 英伟达股价跌了2.81%，市值蒸发数百亿，分析师下调目标价，指出AI训练成本下降会减少高端芯片需求。 之前9月17日至18日，他们第一次降了25个基点，从4.75%至5.00%调到4.50%至4.75%。这些调整是为了应对经济增长放缓和就业市场的一些疲软信号，同时 通胀还在慢慢向2%的目标靠拢。 鲍威尔在会后记者会上说，委员会觉得经济活动在稳健扩张，就业增长强劲，失业率保持低位，但他们需要更多数据来确认通胀的可持续回落。 点阵图显示，2025年剩 ...

11月18日，美国总统特朗普在白宫与到访的沙特王储穆罕默德举行会晤，这是后者时隔7年再次访美。 特朗普开启第二个总统任期后，首次出访的第一站就是沙特，此次穆罕默德访美也可被视为沙特高层对 特朗普访沙的回访。 沙特在特朗普政府的中东战略中始终扮演着重要角色。8年前，特朗普首次就任总统后就打破惯例，将 沙特作为其首次出访的第一站。2018年3月，沙特王储穆罕默德访美。不过，美沙关系并未高开高走， 同年10月发生的沙特籍记者卡舒吉遇害案，给美沙关系蒙上一层阴影。 尽管特朗普力挺穆罕默德，但美国政府的调查报告仍将幕后主使指向沙特王储，美国国会也以人权为由 对沙特发难。这桩旧事如今仍是美沙关系的羁绊，穆罕默德与特朗普在白宫会晤之际，现场就有记者就 卡舒吉案向这位沙特领导人提问，特朗普不得不直接出面打圆场。 此次邀请沙特王储访美，特朗普的战略意图与七八年前并无二致，但他面对的中东地缘政治环境依然迥 异，因而需要给予沙特更多"回报"。比如，宣布将向沙特出售F-35战斗机，且是与以色列现役F-35一样 的先进机型，而非低配版。这款战机可以说是沙特梦寐以求的高端武器装备，此前中东地区只有以色列 拥有，这意味着美国向沙特出口F- ...

Core Points - The visit of Saudi Crown Prince Mohammed to the U.S. is focused on defense cooperation and significant investments, aiming to enhance bilateral relations [1][2] - There are uncertainties regarding the execution of commitments made during the visit, particularly concerning military sales and investment pledges [3] Group 1: Defense Cooperation - The U.S. and Saudi Arabia signed a Strategic Defense Agreement, with the U.S. agreeing to sell F-35 fighter jets to Saudi Arabia and designating it as a major non-NATO ally [2] - The sale of F-35 jets faces potential legal and political hurdles, particularly due to U.S. laws ensuring Israel's military advantage in the region [3] - The timeline for the delivery of F-35 jets could take approximately four years, during which changes in U.S. administration may affect the deal [3] Group 2: Investment Commitments - Saudi Arabia has pledged to invest nearly $1 trillion in U.S. infrastructure, technology, and industrial sectors, but this commitment may be challenging to fulfill due to declining oil prices and existing financial obligations [3] - The feasibility of the $1 trillion investment is questioned, with reports suggesting that such commitments may never be realized [3] Group 3: Strategic Considerations - The U.S. aims to position Saudi Arabia as a key player in its Middle East strategy, encouraging regional partners to take on more security responsibilities [5] - Saudi Arabia seeks U.S. security guarantees to support its domestic modernization efforts, while also diversifying its security partnerships due to concerns about U.S. reliability [6] - The relationship between the U.S. and Saudi Arabia is described as "close yet complex," with shared interests in energy security and defense, but also a growing emphasis on Saudi strategic autonomy [6]

Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes accelerating innovation in artificial intelligence and digital technologies, highlighting the importance of computing power as a new productive force in the digital economy [1] - The development of a computing power industry system is crucial for advancing digital industrialization and fostering new industries and business models, which will support the modernization of China [1] Group 1: Current State of Computing Power Industry - China's computing power has seen rapid growth, with a notable emphasis on green and low-carbon characteristics in the industry [1] - Despite growth, challenges such as resource dispersion and low utilization rates persist, hindering the vitality of the computing power industry [2] - The lack of clear standards and legal frameworks for computing power construction is a barrier to high-quality development in the sector [2] Group 2: Strategic Recommendations - It is recommended to enhance the construction of computing power centers and optimize the supply structure to match regional development strategies effectively [2] - Encouragement of core technology breakthroughs is essential to improve the self-supply capability of computing power, focusing on high-end chips and algorithm development [3] - Establishing technical standards and regulations is necessary to ensure the legality and compliance of computing power services, guiding infrastructure development and market operations [4]

据天使投资人、资深人工智能专家郭涛分析，北京在研发资源配置上正朝着"结构重构、效能激活、壁垒突破"三 大方向推进。他指出，除了维持高强度的研发投入，更要优化投入结构，将基础研究占比从当前的18%向全球顶 尖机构的30%—50%看齐。为此，北京设立了"原始创新基金"，支持交叉学科与冷门领域，并建立"卡脖子"技术动 态清单，引导社会资本精准投向光刻机、高端材料等硬科技领域。 北京市社会科学院副研究员王鹏进一步强调，北京在研发资源配置上持续加大对高校和科研院所的稳定支持，特 别是在数学、物理、化学等基础学科领域，为"从0到1"的突破提供了土壤。他还提到，通过"揭榜挂帅"机制，北 京集中力量攻关光刻机、高端芯片、工业软件等关键领域，并建立容错机制鼓励高风险原始创新。这一机制已催 生出具体成果，例如全国首个完成10公里级火箭垂直起降回收试验、自主研发的10亿像素级航空相机等，都是"揭 榜挂帅"结出的硕果。 科方得智库研究负责人张新原则提出，北京应构建"战略攻坚与自由探索双轮驱动"的资源配置新范式。一方面 要"集中优势兵力打歼灭战"，聚焦国家战略急需的关键核心技术；另一方面也要培育"慢科学"生态，鼓励自下而 上的原始创新 ...

过去几十年，美国各种资本集团在全球化红利下相安无事，形成了犹太资本主导金融、法律、传媒，盎 格鲁撒克逊资本掌控军工、能源和传统制造业的格局。 但如今这套玩法不灵了，至于原因，张维为教授曾一语点破：美国收割不了中国了。 两边一边管着钱袋子，一边握着枪杆子，靠着美元在国际上的霸权地位，周期性地从世界各地收割财 富，坐地分赃。 没了共同的"肥肉"，之前藏着的矛盾就全暴露出来了。 二战的时候，犹太和盎撒合作就体现得特别明显，犹太资本旗下的华尔街机构给美国军工企业砸了大量 资金，像洛克希德·马丁、波音这些军工巨头，背后都有犹太股东的支持，让美国的武器产能一下子爆 发出来。 同时，犹太资本还通过贷款给盟国、推动《租借法案》落实，帮着美元一步步取代英镑，成为全球主要 货币。 而盎撒精英则牢牢掌控着军队和外交大权，艾森豪威尔、麦克阿瑟这些军方高层都是盎撒背景，他们主 导着战争进程，还设计了战后的国际秩序。 当时这两家配合得相当默契，犹太资本负责赚钱和塑造舆论，盎撒集团负责用武力维护霸权，一起把美 国推上了世界霸主的位置。 二战结束后，这种合作模式又延续了几十年，核心就是一起收割全球财富。 美国收割别的国家有一套成熟的套路，要 ...

本文仅在今日头条发布，谢绝转载。 11月13号，美台关税谈判爆出天价。美国要求台湾省承诺投资3500亿到5500亿美元，还逼着11月底之前签字。 台湾省从1952年到今年9月，73年加起来对美直接投资才508.47亿美元。现在人家一张口，最低标准是你过去73年总和的六倍多。 这不是投资，这是收保护费来了，不给就断你半导体产业的网。 投资是你情我愿，算回报率，看风险。现在这是"你不给就加关税"的变种。 美国就说了，加税可以不加，但你得"投资"。多新鲜，抢劫的改口叫融资了。 韩国前车之鉴摆着呢，7月底美韩谈成框架，美国把汽车关税从25%降到15%，韩国承诺投3500亿。结果协议刚落地，双方就在投资形式上僵住了。韩国想 搞货币互换对冲风险，美国要的是真金白银。 台湾连韩国这点谈判空间都没有，直接跪了。 这钱怎么花，美国都给你安排明白了。1500亿美元砸美国造船业，2000亿美元覆盖能源、半导体、医药、AI这些高科技领域。 咱台湾省的半导体产业强是吧？ 正好，连人带技术带资金，打包送到美国去。台积电亚利桑那厂已经是个无底洞了，现在还要加码。岛内这些半导体工程师，白天在台积电加班，晚上还得 愁自己交的税怎么填美国的坑。 ...

Core Viewpoint - The article emphasizes the need to accelerate breakthroughs in key core technologies within the artificial intelligence sector to gain competitive advantages and establish a solid foundation in computing power, algorithms, and data [1] Group 1: Key Technology Development - The focus is on strengthening computing power supply and utilizing existing support channels effectively to accelerate breakthroughs in high-end chips and high-speed interconnect technologies [1] - The establishment of a computing power interconnection platform is highlighted to enhance collaborative computing power scheduling [1] Group 2: Algorithm and Model Innovation - There is a call to tackle algorithm models, with an emphasis on advancing foundational research in language, vision, and multimodal algorithms, as well as breakthroughs in brain-like intelligence and world models [1] - The development of large models in specific industrial sectors is encouraged, promoting collaboration between large and small models for innovation [1] Group 3: Public Service and Data Integration - The creation of a public service platform for large models is proposed to provide high-level models and supporting tools [1] - The article advocates for "model-data resonance," guiding the collaborative innovation and deep integration of AI models with high-quality datasets, and establishing a comprehensive mechanism for data sharing, model optimization, application incubation, and security assurance [1]

Core Insights - The article emphasizes the need to accelerate breakthroughs in key core technologies within the artificial intelligence sector to gain competitive advantages [1] Group 1: Key Technology Development - The focus is on strengthening foundational technologies such as computing power, algorithms, and data to support advancements in artificial intelligence [1] - There is a call to enhance computing power supply and utilize existing support channels effectively to achieve breakthroughs in high-end chips and high-speed interconnect technologies [1] - The establishment of a computing power interconnection platform is proposed to enhance collaborative computing power management [1] Group 2: Algorithm and Model Innovation - The article highlights the importance of advancing algorithm models, particularly in language, vision, and multimodal research, to achieve breakthroughs in brain-like intelligence and world models [1] - Development of large models in specific industrial sectors is encouraged, along with fostering collaboration between large and small models for innovation [1] - A public service platform for large models is suggested to provide high-quality models and supporting tools [1] Group 3: Data and Model Integration - The concept of "model-data resonance" is introduced, advocating for the integration of AI models with high-quality datasets to drive collaborative innovation [1] - An integrated mechanism for "data sharing, model optimization, application incubation, and security assurance" is proposed to enhance the synergy between data and models [1]