机器之心PRO · 会员通讯 Week 37 --- 本周为您解读 ③ 个值得细品的 AI & Robotics 业内要事 --- 1. 后训练的「分」与「合」，SFT&RL 大一统才是正解？ 为什么后训练在 SFT 之外需要 RL？「先 SFT，后 RL」范式有哪些缺陷？SFT 与 RL 在理论上可以如何统一？「遗忘定律」如何解释灾难性遗忘的规律？SFT 与 RL 有哪些共性？混合 SFT 与 RL 如何解决单一范式的局限？... 2. AI 硬件，将带来下一个「苹果」还是昙花一现？ Meta、OpenAI、苹果和谷歌在 AI 硬件上的布局中，谁的策略最可能形成生态优势？无屏幕、靠摄像头和麦克风的便携 AI 设备，会成为人们随身必备的新入口吗？ AI 是「外挂」，还是会成 为每台设备的「隐形能力」？用户真的能感受到差别吗？无感交互真的能让我们「忘记手机」，还是只是技术噱头？AI 硬件还能玩出哪些「奇形怪状」？这些新奇形态是否可以真正走进我们 的生活？... 3. AI 是搜索的「替代品」还是「扩张引擎」？ 生成式 AI 会成为搜索的「替代品」，还是推动查询量和用户意图扩张的「增长引擎」？多模态交互与对话式 ...

Market Overview - The market experienced a pullback after reaching a high, primarily due to the Federal Reserve's decision to maintain the benchmark interest rate between 4.25% and 4.50%, and the lack of strong stimulus signals from recent policy meetings [2][17][20] - Economic data showed weakness, with the manufacturing PMI falling to 49.3%, leading to a decline in market sentiment and a decrease in risk appetite among investors [2][17][20] - The market is expected to enter a consolidation phase with limited downward space, although individual stock differentiation may increase [3][18][19] Sector Performance - The pharmaceutical sector, particularly innovative drugs, showed strength, driven by favorable policy changes and a recovering market environment [9][10] - The renewable energy sector, including solar and wind energy, is anticipated to remain active due to ongoing global efforts to achieve carbon neutrality and supportive government policies [9][10] - The semiconductor sector is projected to grow significantly, with a forecasted increase of over 15% in the global semiconductor market by 2025, driven by rising demand for AI and high-performance computing [12] - The military industry is expected to receive continued policy support, with a stable increase in defense budgets and potential catalysts from geopolitical tensions [14] Investment Strategy - Investors are advised to focus on high-quality sectors and select stocks with solid fundamentals and reasonable valuations, especially during the earnings verification period in August [3][19] - Caution is recommended for stocks that have risen significantly but have uncertain earnings prospects, as they may face substantial pullback pressure [3][19] - For aggressive investors, attention should be given to technology growth stocks that have corrected to attractive levels, while conservative investors should wait for market stabilization [3][19]

Group 1: Market Overview - The public fund holdings data for Q2 2025 shows a stable increase in the electronics sector and a significant rise in the communications sector holdings [1] - The initial asset revaluation driven by the DeepSeek market was interrupted by tariff disturbances in April, but since May, the revaluation has been led by financial, consumer, and pharmaceutical sectors, pushing the Hang Seng Index back to 24,000 points [1] - Despite experiencing rapid growth, the negative pressures in Q3 are expected to be milder than market expectations, indicating a potential recovery in the market [1] Group 2: Sector Analysis - The semiconductor sector saw a slight decrease in holdings, but the high demand for computing power has boosted PCB holdings [1] - The consumer electronics sector experienced a decline in holdings due to tariff uncertainties affecting the supply chain [1] - The communications and security sectors saw a significant increase in holdings, with the optical communication industry benefiting from overseas demand for computing power [1] Group 3: Future Outlook - The Hong Kong stock market is expected to reach new highs in the second half of 2025, with three major sectors being promoted: semiconductors and components, consumer electronics, and communications/security [3] - The semiconductor sector is anticipated to grow due to clear demand growth, the formation of a positive cycle in AI, and improvements in the competitive landscape [3] - Structural opportunities are expected to dominate the market, with a focus on sectors benefiting from AI applications and hardware innovations [3] Group 4: Stock Recommendations - Recommended stocks in the semiconductor sector include Hengxuan Technology, Rockchip, Shenzhen South Circuit, SMIC A/H, and Huahong Semiconductor [4] - In the consumer electronics sector, attention is drawn to the trend of AI hardware upgrades, particularly in AI mobile hardware and wearable devices [4] - For the communications/security sector, recommended stocks include Lens Technology, Industrial Fulian, Sunny Optical, Huaqin Technology, and Gao Wei Electronics, with a focus on the ongoing demand for computing power [5] Group 5: Additional Recommendations - Additional stock recommendations include Lenovo Group, Zhongji Xuchuang, Ruijie Networks, Guangxun Technology, and Yiyuan Communication, focusing on the sustained demand for computing power and infrastructure upgrades [6]