● 本报记者 魏昭宇 国庆长假期间，A股休市，港股市场表现受到投资者重点关注。10月以来，港股市场整体走势较为震 荡，恒生指数在10月2日涨超1.6%后，随后三个交易日连续调整。 从业绩端来看，优质港股公司正展现出较强的业绩向好趋势。华安基金认为，上半年港股上市公司盈利 能力改善，且呈现出鲜明的"新兴驱动"特征。数据显示，从营业总收入来看，2025年上半年，超过1230 家港股企业实现了营收增长。从一级行业来看，2025年上半年，信息技术、可选消费行业的营业总收入 同比增速均超10%，显著领先于其他行业，成为拉动港股公司盈利增长的核心引擎。 科技板块配置价值凸显 "恒生科技"是不少基金经理在策略会上频繁提及的热词。 近期，全球资本"活水"随着美联储开启新一轮降息周期而流向更多市场。当流动性宽松的闸门再次开 启，估值优势显著、与内地经济联动紧密的港股市场，站在了风口之上。在近期多家公募机构举办的策 略会上，加大对港股的配置成为了共识性的判断。有业内人士表示，外部资金流入港股市场的意愿显著 增强，以港股为代表的中国资产或得到外资的进一步增持。 港股市场或迎增量资金 汇丰晋信基金的基金经理许廷全表示，今年以来港股显 ...

"恒生科技"是不少基金经理在策略会上频繁提及的热词。 国庆长假期间，A股休市，港股市场表现受到投资者重点关注。10月以来，港股市场整体走势较为震 荡，恒生指数在10月2日涨超1.6%后，随后三个交易日连续调整。 近期，全球资本"活水"随着美联储开启新一轮降息周期而流向更多市场。当流动性宽松的闸门再次开 启，估值优势显著、与内地经济联动紧密的港股市场，站在了风口之上。在近期多家公募机构举办的策 略会上，加大对港股的配置成为了共识性的判断。有业内人士表示，外部资金流入港股市场的意愿显著 增强，以港股为代表的中国资产或得到外资的进一步增持。 港股市场或迎增量资金 汇丰晋信基金的基金经理许廷全表示，今年以来港股显著走强，主要受益于三大因素。第一是估值的修 复，"一些互联网大厂经过近3年的降本增效，从去年三季度开始，业绩持续好于市场预期，互联网巨头 持续业绩超预期带动港股估值回升"。其次是投资者情绪的修复，"DeepSeek大模型公布、人形机器人产 业向好、创新药集体出海等因素，都让全球投资者有了更强的信心"。第三是全球货币政策转向，"美联 储进入了新一轮降息周期。未来可能会加快降息节奏，这利好包括港股在内的其他市场" ...

这次会议为民营经济尤其是民营高科技企业打开了广阔赛道，相当于给市场吃下"定心丸"，制度环境的优化让资本对中国经济的长期预期更趋乐观，这是国 运牛在制度层面的重要支撑。 2024年之前，美国联合日本、韩国、荷兰等国家在半导体、AI、算力等高端科技领域对中国围追堵截，拜登政府的《半导体科学法案》更是层层加码限 制。 但2025年中国科技企业实现了集体突破：元旦前后，DeepSeek大模型以低成本、高性能跻身全球前列，一度成为苹果应用商店下载量第一的大模型；春节 晚会宇树科技人形机器人跳秧歌舞，让高端制造走进大众视野，随后优必选、致远等企业接连发力，北京、上海等地还举办了机器人运动会。 在芯片领域，阿里平头哥PPU芯片采用中芯国际7nm工艺，性能对标英伟达H20，成本却低40%，已在西宁数据中心部署16384颗，与中国联通合作实现大规 模商业化。 这些突破不仅打破了技术封锁，更让AI、半导体等高科技资产成为资本市场的新热点，印证了国运牛的科技底色。 历次A股牛市几乎都离不开宽松货币政策，但2025年这轮行情有了新的内部驱动力——大国崛起的国运。 很多人觉得国运和股市缺乏直接关联，其实从制度调整、科技突破到大国博弈的 ...

Group 1: Global Billionaire Overview - In 2024, there are 2,781 billionaires globally, with a total wealth of $14.2 trillion, where the United States has 813 billionaires, accounting for nearly 30% of the list [1] - China has 406 billionaires with a combined wealth of $1.7 trillion, securing the second position, while India has 200 billionaires, ranking third [1][22] - Together, these three countries account for more than half of the world's billionaires, highlighting significant economic disparities [1] Group 2: United States Wealth Dynamics - The U.S. economy is characterized by a large economic scale and active capital markets, driven by technology and consumer spending [3][7] - In 2024, major tech figures like Jensen Huang of NVIDIA saw their wealth soar, with NVIDIA's stock price doubling, reflecting a strong demand for chips [3][7] - The wealth distribution is shifting from traditional sectors like oil and automobiles to technology, with four out of five top billionaires emerging from Silicon Valley [5] Group 3: Indian Billionaire Landscape - India has 200 billionaires, with a total wealth of $954 billion, driven by monopolistic practices and a demographic dividend [11][13] - Mukesh Ambani, the richest in India, capitalized on privatization and built Reliance Industries into a major player in oil and telecommunications [11][13] - Despite economic growth, wealth inequality is a concern, as the wealth of billionaires increased by 42% while ordinary incomes lagged [13][15] Group 4: Chinese Billionaire Insights - China ranks second globally with 406 billionaires and a total wealth of $1.7 trillion, with the richest being Zhong Shanshan, driven by the beverage and vaccine sectors [17][20] - The Chinese government is fostering a supportive environment for private enterprises, with policies aimed at promoting innovation and consumer spending [18][20] - The average wealth of Chinese billionaires is increasing, with a focus on real estate, technology, and consumer sectors, contrasting with the more traditional sectors seen in the U.S. and India [20][22] Group 5: Comparative Analysis and Future Outlook - The economic focus is shifting eastward, with the U.S. maintaining its lead but China showing rapid growth potential [22][26] - By 2025, projections indicate an increase in billionaires in China and the U.S., while India's growth appears to be slowing [24][26] - China's vast domestic market and potential for consumption growth present significant opportunities for wealth generation, while India's challenges include infrastructure and poverty [26][28]

就像时钟一样，每六个月，相似的剧情就会上演一次。"AI泡沫论"总会准时出现，引发市场短暂的恐慌，然后又迅速被 新一轮的狂热所淹没。 从高盛质疑其商业回报，到中国推出性价比极高的模型，再到甲骨文与OpenAI抛出震撼市场的3000亿美元"未来合约"， AI的质疑与狂欢交替上演。 然而，Zerohedge文章分析，在这场周期性辩论的背后，一个更深层次的结构性风险正在浮现：AI基础设施的竞赛正从一 场由科技巨头内部现金流支撑的马拉松，演变为一场依赖外部债务的"军备竞赛"。 当一个高达1.5万亿美元的资金缺口需要由本已承压的私市信贷市场来填补时，人们不禁要问：那只终将到来的"狼"，究 竟还有多远？ "AI泡沫论"准时上演 第一次大规模的担忧潮涌现在2024年6月。当时，高盛发布报告，直指生成式AI是否是"投入太多，获益太少"的资本无底 洞，即一个可能永远无法为投资者带来长期正回报的巨坑。这一质疑在科技界投下了一枚震撼弹。 然而，六个月过去了，在又烧掉了1000亿美元"完善"这个星球上最昂贵的聊天机器人后，清晰的盈利模式似乎仍未在美 国出现。相反，中国推出了名声大噪的DeepSeek大模型，它不仅是开源的，而且比美国的 ...

文/微众银行行长助理 公立 人工智能正驱动银行业发生范式级跃迁：由数字原生阶段的流程自动化演 进为AI原生阶段的认知自主化，其核心在于以大模型为基座的生成式智 能体重构风险定价函数、重塑信贷生产函数，并推动金融中介由信息匹配 者转化为企业全生命周期价值共创者，由此开启普惠金融4 . 0的认知金融 新范式。 技术变革与金融重构的交汇点 当一家数字银行的企业贷款申请客户数在2025年突破600万，其中38万家企业首次获得银行贷款时，一个深层变革正在发生—— AI已从辅助工具进 化为金融系统的核心驱动力 。这场变革的起点可追溯至2024年DeepSeek大模型的横空出世，其开源的72B参数模型在银行从业资格考试中以67.15 分的平均成绩超越GPT-4，标志着专业级AI技术进入普惠时代。与此同时，银行业AI日均调用量较两年前激增500%。政策层面，央行将"AI渗透 率"纳入商业银行评级体系。在这三重力量的推动下，中国银行业正经历从"数字原生"向"AI原生"的范式跃迁。 银行业对AI的拥抱不仅是技术演进，更是生存战略的必然选择。 政策上，《金融科技发展规划（2022—2025年）》中明确提出"抓住全球人工智能 发展新 ...

HOME 窦德景 ◎记者 李兴彩 近日，在上证首席讲坛第二十三期节目上，复旦大学计算机学院特聘教授、北电数智首席科学家窦德景 就AI大模型的突破点和未来应用场景进行了深入浅出的分享，并同期接受了上海证券报记者的专访。 作为人工智能领域的资深学者与产业实践者，窦德景深耕AI领域二十余载，既见证了行业有起有落的 发展历程，也亲身参与了从技术研发到产业落地的全链条实践。在生成式AI掀起全球变革浪潮的当 下，他以横跨产学研的独特视角，解读中国AI发展的核心逻辑与未来机遇。 AI要突破必须扎根具体场景 从学术殿堂到产业一线，窦德景的履历勾勒出一条跨领域的产业和个人成长轨迹。 1996年，窦德景从清华大学电子工程系本科毕业后，赴耶鲁大学攻读电气工程硕士学位，随后又师从世 界著名人工智能学者德鲁·麦克德莫特（Drew Mcdermott）攻读人工智能方向的博士学位。此后，窦德 景历任斯坦福大学生物医学信息研究中心客座副教授、美国俄勒冈大学计算机和信息科学系正教授，发 表超过250篇论文，谷歌学术引用量超1.3万次，成为国际AI领域的知名学者。 2010年后，随着深度学习技术的突破，AI迎来第三次高潮，窦德景选择投身产业实践 ...

Economic Outlook - The biggest uncertainty facing China's economy this year is the extreme pressure from external tariffs, but the first half of the year showed three positive aspects: actual GDP growth of 5.3%, new achievements in technology and consumption, and proactive government measures to mitigate potential shocks [2] - The growth in the first half was primarily driven by resilient external demand, contributing an additional 1 percentage point to GDP growth, while consumption and investment saw declines of 0.3 and 0.4 percentage points respectively [3] - The second half of the year will depend on whether domestic demand can effectively take over, as investment, consumption, and external demand all showed signs of slowing down in August [4] Consumer Behavior and Debt Levels - The decline in household leverage is attributed to multiple factors, including structural changes in consumption behavior due to the pandemic, uncertainties in Sino-US trade relations, and fluctuations in asset prices affecting borrowing demand [5] - The ongoing deleveraging process among households poses challenges for traditional methods of stimulating consumption through increased leverage [5] Policy Recommendations - There is a need for stronger coordination between fiscal and monetary policies, focusing on enhancing the effectiveness of policies aimed at boosting consumption and investment [7] - Continuous monitoring of domestic and international economic conditions is essential to ensure timely policy responses, avoiding delays that could exacerbate economic downturns [7] - Policies should be carefully evaluated for consistency, especially those that may restrict consumption, to avoid counterproductive effects on economic stimulus [8] Currency Exchange Rate Dynamics - The RMB has shown resilience against the USD despite external pressures, with a cumulative appreciation of about 1% as of September 19, 2025, attributed to a combination of internal and external factors [10] - The RMB's exchange rate is influenced by various factors, including the depreciation of the USD and improvements in China's economic fundamentals, suggesting that the RMB is not significantly overvalued [11][12] - The ongoing trade surplus indicates upward pressure on the RMB, while domestic economic conditions suggest that it may be slightly overvalued relative to internal equilibrium levels [12] Market Sentiment and Future Outlook - Despite a net outflow of RMB in cross-border transactions, the overall market does not indicate significant concerns regarding the RMB's valuation [13] - Factors that could positively influence the RMB include potential interest rate cuts by the Federal Reserve and progress in Sino-US trade negotiations [14] - However, uncertainties remain regarding the pace of Fed rate cuts, future trade negotiations, and the impact of domestic economic conditions on consumer demand [14][16]

21世纪经济报道记者 陈思琦 深圳报道 经济学家陆铭对城市有一个经典定义：城市是方便人与人见面的地方。 "见面"为何重要？其解释是，城市的活力和创新来自人们信息与文化差异性的碰撞。面对面沟通时，眼 神、表情、语调、肢体语言等传递的"软信息"是线上交互无法企及的。 而在世界银行最新的营商环境评价体系中，"企业感受度"被重点提及。此时，"不见面"又成得分关键 ——政府"无事不扰"，政务事项全程网办零跑腿，企业自然有更好的体验感与归属感。 故而，平衡"见面"与"不见面"，是城市创新活力与竞争力的一个全新观察维度。 2024年，"广东经济第一区"——深圳南山区创下9500.97亿元GDP。今年，站在"万亿城区"的最后关 头，一场关于"见面"的大胆实验悄然展开。 一杯咖啡一场球 "我们在储能、动力车电池方面可以分享海外的客户与渠道资源；相应地，今天希望对接一些专业服务 机构，获得上市规划、合规指导等方面支持。"安仕新能源财会总监兼董秘汪强话音刚落，微信"新的朋 友"跳出一连串申请。 这一幕并非发生在某一写字楼会议室，而在粤海街道文体中心的羽毛球场。 休闲娱乐属性之外，深圳的球场或咖啡馆更是一个独特的商务"见面"场域，少 ...

Core Insights - The financial industry is undergoing a digital transformation, with futures trading moving towards comprehensive intelligence, exemplified by Guoyuan Futures' collaboration with UCloud to create a new generation of financial intelligence [1] Group 1: Digital Infrastructure Development - Guoyuan Futures faced challenges with its original virtualization architecture, which lacked resource elasticity and was complex to maintain. UCloud provided a private cloud platform, UCloudStack, to build a secure and compliant cloud infrastructure [2] - Over three years, Guoyuan Futures evolved from a single-region private cloud to a nationwide multi-region "one cloud" and then to a hybrid cloud architecture, achieving a sixfold increase in business launch efficiency [2] Group 2: AI Integration and Applications - With a mature cloud foundation, UCloud assisted Guoyuan Futures in integrating the domestic large model DeepSeek, embedding AI capabilities into core business scenarios [3] - Applications include an intelligent employee assistant for business insights and report generation, an intelligent customer service system for real-time responses, and intelligent operations and development support for system analysis and code optimization [3] Group 3: Long-term Collaboration and Future Directions - The partnership between UCloud and Guoyuan Futures has expanded from IaaS resource construction to PaaS capability empowerment and AIGC scenario co-creation, covering the complete value chain from infrastructure to intelligent applications [4] - Future collaboration will focus on hybrid cloud management, AI investment advisory, and intelligent risk control, further expanding the integration of cloud computing and AI in the financial sector [4]