12月16日，野村中国互联网及媒体行业研究主管史家龙在"2026 中国股票市场展望"媒体简报会上指 出，当前中国科技板块竞争格局正在发生巨大变化，核心驱动力已转向 AI 应用和算力基础设施的爆发 式增长。 史家龙指出，整体零售与电商市场的增速放缓，对大型电商平台造成明显冲击。与此同时，企业间的竞 争持续加剧，直接影响到头部企业的盈利表现。整体来看，行业亏损预计在第三季度已触底，第四季度 有望迎来改善。 （原标题：野村：电商增长承压，云计算与AI成科网股发展新引擎） （野村记者会现场 摄/张伟泽） 南方财经 21世纪经济报道记者 张伟泽 实习生 金颖 香港报道 与传统业务承压形成鲜明对比的是，大型电商平台的云计算业务却表现出逆势增长的韧性。史家龙以某 家企业为例指出，其 AI 相关的云计算收入目前占该头部企业外部云计算收入的20%以上，并且过去连 续九个季度保持了三位数百分比的增长。 他预计，未来几个季度，该企业的云计算增长势头将会持 续。 医疗保健是 AI 应用的前沿领域，野村中国医药保健行业研究主管张佳林表示，AI 的价值体现在加速药 物开发、提升医学影像分析准确性的同时，还能在协助监管机构在优化医院信息系 ...

随着AI的演进，AI代理已成为2025年最具代表性的技术趋势之一。金融机构已经开始探索并采用AI代理来提升效率、扩展性和创新能力。然而，伴随变 革潜力而来的，是法律和监管风险，尤其是在第三方AI代理代表客户行事的情况下。本文将探讨金融机构在采用AI代理时面临的法律风险以及相应的风 险缓解措施。 一、AI代理的定义及其与生成式AI的区别 由于AI代理发展时间相对较短，目前尚无普遍接受或统一的定义。英国政府将AI代理定义为由能够自主行动和交互以实现其目标的智能体组成的AI系 统。相比之下，欧盟《AI法案》并未提及AI代理。因此，AI代理通常根据其区别于其他数字系统的独特能力来理解： AI代理的自主性和目标导向性使其在概念上与生成式AI应用（例如 ChatGPT）截然不同，后者需要明确的人工指令或提示才能生成输出。同样，AI代理 也不同于其他机器人流程自动化（RPA）应用（例如脚本式聊天机器人），后者执行的是重复性、结构化的任务。相比之下，AI代理利用机器学习技术来 完成复杂任务并适应各种应用场景。因此，AI代理可以被视为一种高级AI，它结合了机器学习技术的多功能性和强大功能以及RPA 的实用性。 上述特性使得AI ...

关于银行和金融的那点底层调试也不容忽视，摩根士丹利在考虑把数据中心贷款的风险转移出去，这说明金融体系在为AI物理基础设施的扩张做功课，也 说明这些基础设施并非小打小闹，需要把风险包装、转手、再分配，这是资本市场在适应新需求时的常态，也是潜在的系统性风险来源之一。 第二，苹果设计主管跳槽去Meta，去主导"用AI改造消费产品"的设计，这个名字的转换里有两个意味，一是人才流动正常，二是竞争的焦点从纯工程走向体 验与整合，AI不再只是后台算力的竞赛，它要进入用户的手里，变成好用的东西，谁能把AI做成"好用"的日常，谁就能把未来的市场握在手里。 中概股多数走软，纳斯达克中国金龙指数下跌，这并不奇怪，海外市场对中国公司的估值一向敏感，任何一点业绩波动、监管风向或者宏观担忧都会被放 大，阿里、京东、百度这些名字跌个一两个百分点，看似小事，却反映出国际资金在分配风险时的谨慎。 另外两条消息值得我们认真看，第一，美光宣布退出Crucial消费业务，理由是要把资源投向AI数据中心这种"增长更快、规模更大"的客户，这很现实，也很 残酷，企业选择放弃小利而抓大，说明在产业链上游，集中度在提高，只有能打大仗的玩家才能得到供应端的支持 ...

资讯日报：美国 11 月私营部门就业人数意外大降 股票市场概览 港股市场表现 美股市场表现 2025 年 12 月 4 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常的 | 居居民 | 年初至令 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 涨跌 | | | | | | (%) | | 恒生指数 | 25,761 | (1.28) | (0.38) | 28.42 | | 恒生科技 | 5,535 | (1.58) | (1.15) | 23.88 | | 恒生国企 | 9.029 | (1.68) | (1.11) | 23.85 | | 上证指数 | 3.878 | (0.51) | (0.27) | 15.70 | | 目经225 | 49.865 | 1.14 | (0.77) | 24.99 | | 新加坡海峡 | 4,555 | 0.36 | 0.68 | 0.00 | | 标普500 | 6,850 | 0.30 | 0.01 | 16.46 | | 纳斯达克 | 23,454 | 0.17 | 0.38 | 21 ...

2025年，"AI代理"无疑是最炙手可热又最令人不安的科技浪潮。它承诺解放生产力，却也可 能在用户不知情时，化身为一个在数字世界为我们"代行一切"的、难以约束的"数字幽灵"。 本次研讨会的价值，在于它首次将法律与技术专家汇聚一堂，不再空泛地讨论AI伦理，而 是精准地解剖"无障碍权限"这一具体而微的技术切口，直面AI代理在权限、数据、责任层面 带来的系统性挑战。会议现场的思想交锋远超"是否要管"的层面，深入到了"如何管得聪 明"的实操层面——无论是为AI代理建立"独立数字身份"的大胆构想，还是对"双重授 权"与"行为回溯"的现实争论，都为我们勾勒出一幅动态治理的复杂图景。 这不仅是技术专家的课题，更是关乎每个数字公民权利的未来预演。本文记录的正是在这个 关键节点，前沿思考者们的共识、分歧与远见。 2025年11月28日，"侵入式AI的风险与治理：法律与技术对话"研讨会在中国政法大学教学图书综合楼举 行，中国政法大学、清华大学、北京理工大学、浙江理工大学、对外经济贸易大学等高校的法学、技术 领域专家，汉华飞天信安科技、中伦律师事务所等企业界代表，以及数据交易所、智库机构的实务专家 齐聚一堂，共同探讨侵入式AI的风 ...

Core Insights - Sierra, a startup based in San Francisco, has achieved an annual recurring revenue (ARR) of $100 million in just 21 months, indicating a rapid adoption of AI agent technology across various industries [4][5]. - The co-founders, Brett Taylor and Clay Bavor, expressed surprise at the speed of growth, noting that traditional companies, in addition to tech firms, have become clients [5][6]. - Sierra's AI agents automate customer service tasks that typically require human intervention, such as patient identity verification, processing returns, and assisting with mortgage applications [6]. Company Overview - Sierra's client base includes both technology companies like Deliveroo and Rivian, as well as established firms outside the tech sector such as ADT and Cigna [5]. - The company claims to be a leader in the AI customer service space, facing competition from startups like Decagon and Intercom [7]. Financial Performance - In September, Sierra raised $350 million in a funding round led by Greenoaks Capital, achieving a valuation of $10 billion [7]. - With an ARR of $100 million, Sierra's current valuation reflects a revenue multiple of 100 times, which is considered substantial despite the rapid growth [8]. - The company employs a performance-based pricing model, charging clients based on the volume of work completed rather than a fixed subscription fee [8].

Core Viewpoint - Baidu's Q3 performance exceeded market expectations despite a decline in online marketing service revenue, offset by growth in cloud revenue [1] Group 1: Financial Performance - Baidu's online marketing service revenue decreased year-on-year, but this was partially mitigated by an increase in cloud revenue [1] - The company is expected to see a 1.4% year-on-year decline in core revenue for Q4, with marketing service revenue projected to drop by 12.5% and AI cloud revenue anticipated to grow by 15% [1] Group 2: Investment Outlook - Improvements in operational metrics and AI revenue disclosures, along with ongoing investments in the Wenxin Yiyan model and AI agents, are expected to boost investor confidence in Baidu's operational outlook and stock performance [1] - The target price for Baidu has been raised from $166 to $181, maintaining a buy rating due to positive developments in cloud business and autonomous ride-hailing services [1]

Core Insights - The enterprise software industry is experiencing unprecedented competition as traditional market boundaries are disrupted by artificial intelligence (AI) [1] - Major tech companies are launching similar AI agents, leading to confusion among enterprise buyers and delaying purchasing decisions [1][2] - The rise of AI agents is blurring the lines between different software markets, with at least seven major tech companies competing in eight functional areas [3] Market Dynamics - The competition is characterized by a high degree of product overlap, as many companies rely on foundational AI models from firms like OpenAI and Anthropic [6] - Established database and data streaming companies are now competing with emerging AI application startups in areas like sales and customer support [7] - Existing software giants leverage their vast customer bases and data to create a competitive advantage, making it easier for clients to use AI agents that integrate with their core software [8] Buyer Behavior - Enterprise buyers are facing challenges in selecting AI products due to significant feature overlap, leading to a complicated decision-making process [8][9] - Convenience is a key factor in decision-making, with companies preferring AI solutions that integrate seamlessly with their existing data systems [9] Strategic Approaches - Software giants are adopting a hybrid AI model strategy, combining proprietary data-driven models with external advanced language models to create a robust ecosystem [12] - The critical nature of enterprise software creates natural barriers to entry, as companies are cautious about migrating core business processes to new AI solutions [12] Adoption Challenges - Despite the potential of AI agents, their commercialization has not significantly boosted revenue for major companies like Salesforce and ServiceNow [13] - Slow adoption is attributed to the need for extensive manual support during configuration and concerns over the maturity of vendor-provided AI solutions [14] - As the number of AI agents within enterprises increases, the focus may shift to managing and coordinating these agents across different software platforms [14]

Core Insights - The unemployment rate for U.S. graduates has surged from 4% at the end of 2023 to 8.1% currently, with over 89,000 jobs cut in the tech sector, of which at least 27,000 were directly replaced by AI [1] - A report from Goldman Sachs indicates that the unemployment rate in the tech sector will rise significantly more than the average across all industries by 2025, marking it as a major area of job loss [1] - Research from Stanford University highlights a notable decline in employment rates for young workers in highly automatable jobs since the launch of ChatGPT in November 2022, particularly affecting entry-level positions [1] Industry Changes - Companies are altering their hiring strategies, with Shopify's CEO mandating that all employees must learn to use AI, and stating that no new hires will be made for positions that AI can perform [1] - McKinsey has deployed thousands of AI agents to take over entry-level tasks, while Duolingo has made AI proficiency a core hiring criterion [1] - Microsoft and Google report that approximately 30% of their code is now generated by AI [1] Job Market Dynamics - Experts predict that the tech industry will face the most severe impacts from AI due to its proficiency in knowledge-intensive and logical reasoning tasks, which align closely with tech job requirements [1] - Entry-level positions, often involving data collection and chart creation, are particularly vulnerable as they are more easily automated compared to more complex logical reasoning tasks [1] Resilient Occupations - A recent Microsoft report lists the 20 occupations least susceptible to AI, including roles such as dredge operators, bridge and lock operators, and hospital aides, which require skills that AI currently cannot replicate [2] - Jobs that necessitate empathy, such as hospital aides, are also less likely to be replaced by AI, as these roles involve emotional support that AI lacks [2] Emerging Opportunities - New job roles are emerging that focus on human-AI collaboration, such as AI trainers, whose demand has surged by 592% this year, with entry-level salaries comparable to experienced programmers in Silicon Valley [2] Future Workforce Strategy - To thrive in the AI-driven job market, workers must build capabilities that AI cannot replicate, either by becoming complementors to AI or collaborators, emphasizing the importance of human qualities over computational power [3]

Group 1 - IBM announced a layoff plan expected to affect thousands of employees as it shifts its strategic focus towards high-margin software business, with Wall Street closely monitoring its ability to capitalize on AI-related cloud service demand [1] - Several tech companies are implementing downsizing plans to enhance operational efficiency, with executives increasing the use of AI tools to achieve efficiency goals [1] - IBM's software business has gained strong momentum due to acquisitions of companies like Red Hat and HashiCorp, attracting investor interest and driving the company's stock price up this year [1] Group 2 - In its earnings report released on October 22, IBM exceeded expectations with a 10% surge in software business revenue, which was the main driver of overall performance [2] - As of the end of 2024, IBM's global employee count is approximately 270,000, with some U.S. employees potentially affected by the layoffs, although overall employment in the U.S. is expected to remain stable compared to the previous year [2] - The CEO revealed that AI agents have taken over the roles of about 200 HR employees, allowing the company to expand its sales team and software developers [2]