点击按钮▲立即预约 美国第三季度GDP增长4.3% 12月23日，美国经济分析局（BEA）公布的初步数据显示，美国三季度实际GDP年化季环比4.3%，预期3.3%，前值3.8%。美国三季度核心个人 消费支出（PCE）物价指数年化季环比2.9%，预期2.9%，前值2.6%。本次报告详细数据显示，作为美国经济最大支柱的消费者支出在第三季度 表现尤为亮眼，增长了3.5%，远高于第二季度的2.5%。 相比之下，投资端表现分化。非住宅类投资虽然保持增长，但增速从上一季度的7.3%放缓至2.8%。住宅投资则继续拖累经济，第三季度下降 5.1%，与第二季度的降幅持平。与此同时，衡量生产端收入的国内总收入（GDI）增长了2.4%，较上一季度的3.8%有所回落。（华尔街见闻） ｜点评｜ 美国三季度经济强劲增长，大幅超出市场预期。从数据中看，美国居民旺盛的消费需求、因关税扰动而缩小的贸易逆差以及科技公司 在AI领域投资的继续加码，共同推动美国三季度经济走强。不过，美国居民消费两极分化的迹象越来越明显，高净值人群在服务业上的消费意 愿偏强，部分低收入美国人的生活则正在面临困难，他们更容易受到美国持续通胀的影响，却难以从一路上扬的美 ...

编辑｜张倩、陈陈 给硅基员工一间独立办公室 其实在这场发布会之前，我们就听到过「DingTalk Real」这个名字，因为关于它的筹划很久之前就开始了。 还记得今年 8 月那场 AI 钉钉 1.0 发布会吗？当天，Keynote 临近尾声，无招（钉钉老大陈航）突然抛出了「One More Thing」： 没想到，2025 年的最后一个月，AI 硬件圈竟然这么热闹。 月初，豆包 AI 手机上线即刷屏。大家发现，原来让 AI 接管手机之后，那么多事情都可以自动化。但没想到，上线第二天，一些 App 就用不了了 —— 原来多个平 台把豆包助手当成「脚本类外挂」来风控了。一场关于隐私安全、互联网盈利模式的大讨论就此展开，到现在还没平息。 更出人意料的是，AI 手机还没看明白，这几天又来了个 AI 主机。 在昨天的 AI 钉钉 1.1 发布会上， 钉钉发布了第二款 AI 硬件 —— DingTalk Real 。这台 AI 主机定位「真实可见、可触」的 AI Agent 的执行载体。它的发布让人有 些意外：为什么是钉钉？什么叫 AI 主机？ 当所有人还在讨论 AI 手机的时候，钉钉直接把战场拉到了企业场景。但如果退一步 ...

钉钉的AI策略正试图跳出"办公软件"范畴，瞄准软硬件一体的AIToB入口。 随着AI时代的到来，硬件领域也在成为钉钉看好的ToB办公软件的新竞争方向。"过去四个月里，我们是拼了命的，在搞这个软硬件一体化的企业级新产 品"，陈航形容，DingTalk Real是钉钉打造的Agent的全新终端，这个终端不再为人而生，而是面向让AI能够自主连接并作用于物理世界的目标，并通过 DingTalk Real的真实身份认证、内网数据连接、实时数据掌握等，让Agent的运行有相应的边界，始终保持人对系统的掌控。 值得关注的是，过去一年，阿里已在AIToC端发布夸克AI眼镜并搭载千问AI助手，明确AI硬件是阿里千问C端事业群的重要业务方向，同时，去年年底，阿 里推动了天猫精灵团队与夸克团队融合探索硬件方向，统一交由阿里智能信息事业群总裁吴嘉。如今，随着陈航的回归，阿里在AIToB领域似乎也在不断提 高实体硬件的战略重要性。 此外，钉钉、飞书与腾讯会议未来在AI表格中的竞争或许将进一步升级。过去半年，钉钉与飞书在AI表格上交锋不断，今年7月，飞书宣布多维表格月活用 户突破1000万，将支持1000万行表格数据处理，二者在产品的工 ...

钉钉明确提出要做AI与物理世界的连接。 钉钉的AI策略正试图跳出"办公软件"范畴，瞄准软硬件一体的AIToB入口。 值得关注的是，过去一年，阿里已在AIToC端发布夸克AI眼镜并搭载千问AI助手，明确AI硬件是阿里千问C端事业群的重要业务方向，同时，去年年底，阿 里推动了天猫精灵团队与夸克团队融合探索硬件方向，统一交由阿里智能信息事业群总裁吴嘉。如今，随着陈航的回归，阿里在AIToB领域似乎也在不断提 高实体硬件的战略重要性。 此外，钉钉、飞书与腾讯会议未来在AI表格中的竞争或许将进一步升级。过去半年，钉钉与飞书在AI表格上交锋不断，今年7月，飞书宣布多维表格月活用 户突破1000万，将支持1000万行表格数据处理，二者在产品的工作流设计、峰值能力等方面不断较劲。 随着新品发布，钉钉也在切换AI表格竞争的重心，将它升级为AI时代应用创建平台，企业在Excel基础上，通过上传表格、拍照、手绘图可一键生成AI应 用。"AI表格本质上是在让AI看懂数据，AI在表格上能做许多超乎想象的事情。"陈航表示。 另一方面，钉钉在硬件方面的投入进一步加快。此次发布的众多产品中，陈航重点强调了企业级AI硬件DingTalk Re ...

Financial Data and Key Metrics Changes - Revenue for the second quarter reached RMB 295 million, representing a 58% year-over-year increase and a 14% quarter-over-quarter increase, marking a strong acceleration [11] - Gross profit increased by 85% year-over-year and 19% quarter-over-quarter to RMB 212 million, with gross margin improving to 76% from 65% in the year-ago quarter [11] - Operating loss narrowed to RMB 11 million, an 86% year-over-year decrease and a 58% quarter-over-quarter decrease [11] - Non-GAAP operating loss declined to RMB 2 million, down 97% year-over-year and 86% quarter-over-quarter [12] Business Line Data and Key Metrics Changes - The internet business saw a 39% year-over-year increase, while AI and other segments experienced an 86% year-over-year growth [3] - Subscriptions now account for about 60% of internet revenues, reflecting a successful shift from advertising to a subscription model [4] - R&D expenses for AI and other segments accounted for 24% of revenue, down from 39% in the year-ago quarter [12] Market Data and Key Metrics Changes - Voice-enabled robot revenue in China grew by about 100% in Q2, driven by recurring demand from existing channel partners and expansion into new high-quality customers [9] - The service robotics market is still developing, but AI agents are enhancing the usability of robots, indicating a growing market potential [8] Company Strategy and Development Direction - The company is focusing on AI as a core part of its operations, aiming to build two growth engines: AI-powered utility apps and AI robots [10] - The acquisition of UFactory, a profitable robotic arm company, is expected to enhance the company's global scaling capabilities [6][15] - The strategy emphasizes identifying scalable use cases in robotics and maintaining a disciplined approach to investments in AI tools and robotics [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining fast growth in the second half of 2025, driven by significant revenue growth in AI segments [3] - The company is optimistic yet patient about the commercial adoption of robotics, focusing on sustainable ROI for customers [8] - The strong cash position and zero debt provide flexibility for continued investment in high-potential AI growth opportunities [16] Other Important Information - The company has been investing in AI since 2016, which has led to advantages that are difficult for competitors to replicate [4] - The transition to a user-subscription-driven model is showing good momentum, supported by loyal user cohorts [14] Q&A Session Summary Question: Inquiry from Thomas Zhang of Jefferies - No specific details provided in the transcript [19] Question: Inquiry from Becky Wei of Citi - No specific details provided in the transcript [21] Question: Inquiry from Nancy Liu of JP Morgan - No specific details provided in the transcript [23] Question: Inquiry from Brenda Zhang of CICC - No specific details provided in the transcript [25] Question: Inquiry from GG Zhang of GF Securities - No specific details provided in the transcript [27] Question: Inquiry from Zhang Group Lee of Guotai Junan Securities - No specific details provided in the transcript [29] Question: Inquiry from Zhang Huang of Everbright Securities - No specific details provided in the transcript [31] Question: Inquiry from Guang Peng Zhang of Sealian Security - No specific details provided in the transcript [33] Question: Inquiry from Yan Peng Zhao of Guotai Haitong Securities - No specific details provided in the transcript [36] Question: Inquiry from Johanna Ma of CMBI - No specific details provided in the transcript [38] Question: Inquiry from Jack Yang of Mizuho - No specific details provided in the transcript [40]

Core Insights - The Google Cloud Startup Summit 2025 will focus on how AI startups can leverage Google Cloud services for international expansion and growth [2][11]. Group 1: Event Overview - The summit will take place on September 12, 2025, in Shenzhen and is free to attend [5]. - Keynote speakers include Google Cloud executives and industry leaders who will share insights on AI and cloud technology [12][14]. Group 2: Featured Startups - Notable startups participating include Plaud AI, which has sold over 1 million units of its smart meeting recording hardware [10]. - Agnes AI, a Singapore-based startup, is currently valued at $100 million and is seeking new funding [10]. - Cheetah Mobile will discuss its successful AgentOS platform, which has gained popularity in international markets [10]. Group 3: Summit Highlights - The summit will feature discussions on the latest trends in AI and cloud technology, providing actionable insights for startups [13][14]. - There will be practical sharing sessions from successful entrepreneurs and top investors, offering valuable lessons for attendees [14][21]. - Google Cloud's innovative ecosystem will be showcased, demonstrating how startups can utilize its resources for breakthrough success [15].

Core Viewpoint - The article discusses the evolving landscape of AI and entrepreneurship, emphasizing the shift from developing large models to focusing on practical applications and user experience as the core of business growth [4][11][12]. Group 1: AI Model Development and Strategy - The debate on the viability of large models for startups has shifted towards a consensus that practical applications are more important than the models themselves [4][6]. - The emergence of the DeepSeek-R1 model has changed the competitive landscape, leading many companies to pivot from foundational model development to application-focused strategies [5][11]. - Companies are increasingly recognizing that large models will become a common infrastructure, akin to utilities like water and electricity, with a focus on applications driving revenue [11][12]. Group 2: User Experience and Market Dynamics - User experience is identified as the most critical growth metric, with companies needing to adapt quickly to user needs and behaviors [16][22]. - The rapid evolution of foundational models means that companies must continuously innovate and improve their applications to retain user engagement [15][19]. - The article highlights that user habits are hard to change, and once established, they can sustain a product's market position even in the face of new competition [18][22]. Group 3: Robotics and Practical Applications - The article discusses the challenges of human-like robots, emphasizing that practical applications and stability are more important than flashy demonstrations [31][36]. - The development of robots should focus on specific tasks and environments, with a timeline of 3 to 5 years for significant advancements in functionality [34][36]. - The importance of creating reliable products that meet user expectations is stressed, as high accuracy is crucial for user acceptance [36][37]. Group 4: Organizational Changes and Future Trends - Companies are encouraged to adopt a culture of AI integration, with all employees expected to engage with AI technologies [42][43]. - The article suggests that organizations should restructure to incorporate AI capabilities into their core operations, enhancing overall productivity and innovation [42][44]. - The need for entrepreneurs to explore global trends and ideas, particularly from Silicon Valley, is emphasized as a way to foster innovation and avoid homogenization in the startup ecosystem [44][45].