每经编辑｜张喜威 王晓波 （）中国9月官方制造业、非制造业PMI数 2中国9月RatingDog制造业、服务业、 数据将公布 5 美国9月諮商会消费者信心指数等将公 1 隔夜市场 美股三大指数集体收涨，道指涨0.15%，纳指涨0.48%，标普500指数涨0.26%，大型科技股涨跌不一，英伟达涨超2%，亚马逊涨超1%，博通跌近2%；加密 货币概念、金属原材料涨幅居前，Coinbase涨超6%，Circle、世纪铝业涨超5%，南方铜业涨超3%。纳斯达克中国金龙指数涨2.03%，中概股普遍上涨，哔哩 哔哩、阿里巴巴、新东方涨超4%，理想汽车、京东涨超3%，百度、蔚来涨超2%。 现货黄金突破3830美元，收报3832.94美元/盎司，再创新高；COMEX黄金期货涨1.42%，报3862.90美元/盎司；COMEX白银期货涨0.97%，报47.11美元/盎 司。 3 第二届培育钻石研讨会将于9月30日在 4 德国9月CPI数据将公布 国际油价大幅收跌，美油主力合约跌3.86%，报63.18美元/桶；布伦特原油主力合约跌3.51%，报66.79美元/桶。 欧洲三大股指收盘小幅上涨，德国DAX指数涨0.02%报23745. ...

"人们误以为数字技术只是工业时代的延续。实际上，数字技术带来的变革与1万年前开启的农业时代或 400年前开启的工业时代同样深远。这两次变革彻底重塑了人类的生活方式，而数字技术是人类的第三 次伟大飞跃。" 美国知名风险投资人、Union Square Ventures（USV）执行合伙人阿尔伯特·温格（Albert Wenger）近日 在北京接受21世纪经济报道记者独家专访时这样说。他表示，以人工智能引领的数字技术在带来巨大机 遇的同时，也给现有的经济与社会结构带来深刻挑战。 作为风险投资者，他常常被问到这样一个问题："下一个大趋势是什么？"在他看来，人们往往关注技术 而忽视了真正的变革。于是，他在《资本之后的世界》（《World After Capital》）中大胆地预言：人类 正在经历第三次非线性巨变——从工业时代迈向知识时代。 温格强调，工业时代向知识时代的转型已在进行中，并引发了巨大的动荡和不确定性。政府、企业与社 会必须共同思考如何利用技术——尤其是人工智能——构建一个更均衡、关注人类整体福祉的知识时 代。"当我们告别工业时代时，我们存在的意义将不再仅仅局限于拥有一份工作或进行无休止的物质消 费。反之 ...

出品｜虎嗅科技组 作者｜陈伊凡 编辑｜苗正卿 头图｜Web Summit提供 在旧金山，正在运行着一个中国模型，"这可能是硅谷最大的'不能说的秘密'。" 与帕迪·科斯格雷夫（Paddy Cosgrave）刚见面，他就一面展示着他上一秒在DeepSeek上询问的问题 一面解释，那些压根不做AI的公司，全在跑DeepSeek的本地化版本。"既然有它，谁还愿意掏钱去用 OpenAI或Anthropic？" 帕迪·科斯格雷夫 帕迪·科斯格雷夫是Web Summit（全球网络峰会）的CEO兼创始人， Web Summit是欧洲最大的科 技峰会，也是全球最大规模科技活动之一，至今已经创办了第16年，见证了多次科技浪潮的涌动。 如今，这个全球科技峰会已汇聚了超过 100 万名与会者，特斯拉创始人兼CEO马斯克、OpenAI创始 人山姆·奥尔特曼、著名物理学家斯蒂芬·霍金、加拿大前总理特鲁多、美国前副总统戈尔、黑石集团 联合创始人苏世民、美国最大风险基金之一凯鹏华盈的合伙人Mood Rowghani等都曾是这个峰会的 演讲者。 Web Summit现场 我们在张江科学城对面的希尔顿酒店简短会面，他刚在浦江创新论坛上发表了演讲 ...

Group 1 - The core viewpoint is that the subscription model for cloud vendors' future business development is closely related to customer needs and industry strategies [1] - Currently, most cloud products are charged based on usage, including storage, computing, and bandwidth [1] - There is a challenge in implementing a performance-based payment model for marketing cloud services due to the numerous factors influencing marketing outcomes [1] Group 2 - The strategic choices made by the company are centered around user needs, focusing on identifying pain points and providing effective solutions [2] - The company has embraced the DeepSeek model in response to strong user interest, indicating a commitment to addressing real user demands [2] - The company will continue to adopt a multi-modal strategy based on user needs, ensuring that the best technology solutions are provided to customers [2]

Core Insights - Tesla's latest Model Y L integrates ByteDance's Volcano Engine's Doubao model and DeepSeek model, marking a significant step in the development of in-car AI ecosystems [1][3] - The collaboration with Volcano Engine allows for rapid deployment of localized large models while maintaining long-term self-research potential, which signals growth opportunities for investors [3][10] Model Functions - Doubao model is responsible for core functions such as navigation, media playback, climate control, and owner manual queries, showcasing its capabilities in voice recognition and natural language understanding [4][5] - DeepSeek model focuses on casual conversation and emotional interaction, enhancing user engagement and providing a personalized experience [6][7] Technological Advancements - Doubao model integrates voice recognition, natural language understanding, and vehicle control interfaces for real-time responses, improving the accuracy and speed of command execution [5][9] - The collaboration between edge devices and cloud services ensures low latency and high precision, addressing computational limitations in in-car AI [9] Market Positioning - Tesla's strategy in the domestic market emphasizes speed, cost-effectiveness, and long-term potential, contrasting with its international approach that focuses on self-research and control [10] - The dual model strategy of Doubao and DeepSeek enhances driving efficiency and user experience, positioning Tesla as a leader in the smart automotive sector [10] Future Directions - The future of in-car AI includes multi-modal integration, OTA smart upgrades, personalized interactions, and international adaptation, which will continuously enhance vehicle functionality and user engagement [10] - The development of a comprehensive mobile smart terminal is supported by the collaboration of functional and conversational models, creating a unified system that adds value for users and provides long-term advantages for the company [10]

Group 1 - The core viewpoint of the news highlights the integration of AI technologies in the automotive sector, specifically with Tesla's new Model Y L featuring advanced AI models for enhanced user interaction and experience [1] - The online consumption ETF fund is positioned to benefit from the expected growth in AI applications, closely tracking the CSI Hong Kong-Shenzhen Online Consumption Theme Index [1] - As of September 2, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index has decreased by 2.39%, with mixed performance among its constituent stocks [1] Group 2 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index comprises 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of the online consumption sector in the mainland and Hong Kong markets [2] - As of July 31, 2025, the top ten weighted stocks in the index account for 53.33% of the total index weight, including major players like Tencent, Alibaba, and Meituan [2]

Group 1 - The 2025 China International Big Data Industry Expo (Big Data Expo) opened in Guiyang, Guizhou, with the theme "Data Gathering Industrial Momentum, Smartly Initiating New Development Chapters" [2] - The event attracted over 16,000 registered guests and featured 375 domestic and foreign enterprises [2] - Guizhou's digital economy has developed significantly under the guidance of national leadership, with a focus on data center construction and enhancing computational power to seize new opportunities [2][3] Group 2 - Guizhou aims to leverage the rapid development of artificial intelligence as a strategic opportunity, focusing on key areas such as intelligent computing, high-quality data set construction, industry models, and digital information industries [3] - The Big Data Expo includes six themed exhibition halls showcasing new technologies, products, solutions, and applications in the digital economy [3]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index has risen by 2.84%, with significant gains in constituent stocks such as Dongxin Co. (up 10.68%) and Chipone Technology (up 10.37%) [1] - The Sci-Tech Chip ETF (588200) increased by 1.11%, reaching a peak increase of nearly 5% at the beginning of the trading session, and has accumulated a 17.12% increase over the past week [1][4] - The trading volume of the Sci-Tech Chip ETF reached 29.18 billion yuan with a turnover rate of 8.26%, ranking first among comparable funds [4] Group 2 - The latest scale of the Sci-Tech Chip ETF has reached 337.26 billion yuan, marking a new high since its inception and also ranking first among comparable funds [4] - The net value of the Sci-Tech Chip ETF has increased by 123.44% over the past year, placing it in the top 0.94% among index equity funds [4] - The top ten weighted stocks in the Sci-Tech Chip Index account for 57.59% of the index, with companies like Cambricon, SMIC, and Haiguang Information being the most significant contributors [5][7] Group 3 - The DeepSeek model has been updated to version 3.1, which now supports FP8 precision and domestic chips, potentially accelerating the development of the domestic computing power ecosystem [4] - Tencent's earnings report indicated a diversification in the supply chain for its inference chips, suggesting that domestic inference computing power chips may become a competitive advantage amid international supply chain fluctuations [4] - Huawei's Ascend chips are gradually expanding their applications in government and financial sectors, reflecting an increase in the market competitiveness of domestic chips [4]

Group 1 - The National Development and Reform Commission, the State Administration for Market Regulation, and the National Internet Information Office have jointly drafted the "Internet Platform Pricing Behavior Rules (Draft for Comments)" to guide pricing behavior on platforms [2][3] - The rules emphasize the importance of allowing operators to set prices independently and prohibit unreasonable restrictions on pricing behavior by platform operators [2][3] - The draft includes requirements for clear price marking and transparency in promotional activities, ensuring that operators adhere to pricing standards [2][3] Group 2 - The draft aims to establish a collaborative governance mechanism, enhancing coordination among government departments and promoting industry self-regulation [3] - The document does not explicitly ban subsidies but requires platforms to disclose rules regarding promotional activities and avoid false advertising [3] Group 3 - Multiple ride-hailing platforms, including Didi and T3, have announced reductions in their maximum commission rates, with Didi's set at 27% and Cao Cao's at 22.5% [6] - The average commission for Didi's orders in 2024 is projected to be 14%, indicating that the maximum rates are rarely applied [6] Group 4 - NIO's CEO Li Bin stated that maintaining competitive pricing is crucial for the company's survival, highlighting a significant reduction in the cost of the new ES8 model [7] - Tesla has partnered with ByteDance's Volcano Engine to enhance its smart cabin interaction experience, integrating advanced AI models into its vehicles [8] Group 5 - Huawei Cloud is undergoing a major organizational restructuring, affecting over a thousand employees, with a focus on AI development and a streamlined business model [5] - Alibaba has restructured its business segments on its official website, consolidating its operations into four main groups without indicating any internal organizational changes [9] Group 6 - Intel has reached an agreement with the U.S. government for an $8.9 billion investment, acquiring a 9.9% stake in the company to support the semiconductor industry [11] - The Chinese smart computing market is expected to grow significantly, with a projected increase of over 40% by 2025, driven by advancements in AI applications [19]

Regulatory Governance - The National Development and Reform Commission, the State Administration for Market Regulation, and the National Internet Information Office are drafting rules to regulate internet platform pricing mechanisms, addressing issues like "big data killing familiarity" [3] - The proposed rules ensure operators' autonomy in pricing and prohibit unreasonable restrictions on pricing behavior by platform operators [3] - The rules also address algorithm discrimination, stating that platform operators cannot set different prices for the same goods or services without justifiable reasons [3] E-commerce Regulation - The State Administration for Market Regulation is intensifying efforts to combat irregularities in live-streaming e-commerce, with significant cases like "Northeast Rain Sister" being highlighted [4] - Recent actions have led to the removal of 4.541 million illegal product listings and the suspension of 58,000 online stores [4] - The agency is urging platforms to eliminate unreasonable restrictions such as "only refund" policies and to enhance transparency in pricing [4] AI Developments - Zhipu AI launched AutoGLM2.0, the world's first mobile universal intelligent agent, which can operate multiple high-frequency applications with simple commands [5][6] - The AI job market has seen a 29-fold increase in postings, with over 72,000 positions available, and some internships offering daily salaries of 4,000 yuan [7] - Meitu reported a revenue of 1.8 billion yuan for the first half of 2025, a 12.3% year-on-year increase, driven by breakthroughs in AI applications [8] Corporate News - Intel announced an agreement with the U.S. government for an investment of 8.9 billion USD, acquiring 9.9% of the company's shares, resulting in a 5.53% increase in stock price [9] - OpenAI's CEO Sam Altman indicated that GPT-6 will be released sooner than previous versions and will be more adaptive to user preferences [10] - Tesla's Model Y L will integrate Doubao and DeepSeek models for enhanced voice command and AI chat capabilities [11]