整理 | 傅宇琪、褚杏娟 引言：Manus 首度披露技术侧经验教训；曝微信安装包代码出现 fxck 侮辱性词汇，涉及小米公司； 陶哲轩回应 OpenAI 宣称内部实验模型获得 IMO 金牌；字节跳动实施绩效改革：构建"稳定基线 - 突 破激励 - 顶尖认可"的三层人才发展通道；传字节 Seed 视觉负责人杨建朝"暂休"，周畅接棒；视频疯 传后，美国 IT 公司 CEO 拜伦辞职；黄仁勋北京行：热天穿皮衣成梗，收大量 H20 订单，夜游什刹 海，开启夸夸模式；宇树科技已开启上市辅导；月之暗面回应 Kimi K2 API 速度慢：正全力优化；3.6 亿印度巴帝电信用户将能免费使用先进 AI 模型一年…… 行业热点 Manus 首度披露技术侧经验教训 7 月 19 日，Manus 联合创始人季逸超发布了一篇长博客，从技术层面深度复盘从创业以来在 Agent （智能体）研发与训练方面的经验教训。 季逸超表示，Manus 团队之所以选择「套壳」而非自研大模型，正是基于前一次创业的惨痛教训， 决定基于开源或商业大模型做"上下文工程"，构建智能体。然而，这个过程并不简单，团队经历了 4 次智能体框架调整才实现局部最优解。 ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收涨，纳指涨0.74%，标普500指数涨0.54%，二者均创下收盘新高；道指涨 0.52%；大型科技股多数上涨，微软、英伟达涨约1%，谷歌、亚马逊、苹果小幅上涨，特斯拉跌0.7%。 中概股多数上涨，纳斯达克中国金龙指数涨1.23%；蔚来涨超7%，理想涨超6%，京东涨超3%，拼多多 涨超2%，小鹏汽车、百度、哔哩哔哩、阿里巴巴涨超1%。 GPU并行处理效能。目前，CUDA仅部署于x86与ARM架构。在2025RISC-V中国峰会上，工业和信息化 部电子信息司副司长表示，2024年全球基于RISC-V指令集的出货量已有数百亿颗。而中国不仅拥有全 球最大的应用场景和丰富的落地实践，更在技术和生态构建上展现出强大的活力。据统计，2024年中国 贡献了RISC-V出货量的一半以上。 点评：RISC-V架构作为全球三大指令集架构之一，以其开源免费、设计灵活、低功耗等优势，正在迅 速崛起。据预测，到2030年，RISC-V架构产品出货量的年复合增长率将达到40%以上。华泰证券研报 指出，中国RISC-V发展体现在软件、应用及开发者生态三个方面，RIS ...

Market Overview - The A-share market experienced a rebound on July 17, with the Shanghai Composite Index fluctuating around the 3500-point mark, and the ChiNext Index showing stronger performance. The market saw nearly 3500 stocks in the green, with a total trading volume of 1.5 trillion yuan, an increase of 973.3 billion yuan compared to the previous trading day. The Shanghai Composite Index rose by 0.37%, the Shenzhen Component Index increased by 1.43%, and the ChiNext Index gained 1.76% [1][2]. Reasons for Index Rebound - The rebound in the index is attributed to three main factors: 1. China released better-than-expected economic data, prompting foreign institutions like Morgan Stanley, Goldman Sachs, and UBS to raise their GDP growth forecasts for China in 2025. 2. Positive signals emerged from US-China trade relations, with significant changes in US export policies for AI chips, including the resumption of sales of Nvidia's H20 chip and AMD's plans to restore exports of MI308 chips to China. 3. The ongoing strong performance of mid-year reports, particularly in the computing power and innovative pharmaceuticals sectors, with many companies in these areas reporting positive earnings forecasts [2]. Hot Sectors 1. **Computing Power Hardware Sector** - The computing power hardware sector saw a collective surge, with PCB and CPO sectors leading the gains. Stocks like Cambridge Technology and Dongshan Precision hit the daily limit, while others like Xinyisheng and Shenghong Technology reached new highs. The positive sentiment is driven by recent earnings forecasts and Nvidia's resumption of H20 chip sales to China, which is expected to boost investment opportunities in the industry chain [4][5]. 2. **Innovative Pharmaceuticals Sector** - The innovative pharmaceuticals sector continued its strong performance, with stocks such as Weikang Pharmaceutical and Chengdu Xian Dao hitting the daily limit. The sector's strength is attributed to a series of favorable policy releases and consistent earnings growth among several companies, indicating a high level of industry prosperity. The National Medical Insurance Bureau's push for payment reform is expected to provide more opportunities for high-priced innovative drugs and medical devices [6][7]. 3. **Robotics Sector** - The robotics sector experienced renewed strength, with stocks like Zhongdali De achieving significant gains. The momentum is supported by Nvidia's CEO highlighting the upcoming wave of AI in robotics at a recent conference, indicating a pivotal moment for the commercialization of humanoid robots [8][9]. Institutional Perspectives 1. **Ping An Securities** - Ping An Securities suggests that while there are external uncertainties, domestic policy support and positive changes in industrial upgrades are likely to sustain a strong market trend. They recommend focusing on three main lines: technology growth sectors, industries benefiting from "anti-involution" policies, and financial sectors with high dividend advantages [10]. 2. **Caixin Securities** - Caixin Securities notes that the market is entering a new bullish phase, with no significant macro risks expected before August. They anticipate continued upward momentum in the index, supported by improved investor sentiment and increased capital inflow [11]. 3. **Huaxi Securities** - Huaxi Securities highlights a recovery in market risk appetite, driven by the return of financing and capital inflows. They believe that while the market may experience some consolidation, the long-term outlook remains positive due to ongoing policy support for the capital market [12].

Market Overview - A-shares showed mixed performance on July 17, with the ChiNext Index continuing its strong momentum from the previous day. The market's half-day trading volume was 898.75 billion, a decrease of 16 billion from the previous day. Nearly 3,000 stocks were in the green, with the Shanghai Composite Index up 0.09%, the Shenzhen Component Index up 0.87%, and the ChiNext Index up 1.13% [1] Sector Highlights Computing Power Sector - The computing power concept stocks, including CPO, saw renewed activity, with Dongshan Precision hitting the daily limit and reaching a new historical high. Other stocks like Guangku Technology, Shenghong Technology, and Zhongfu Circuit also experienced gains [2] Innovative Pharmaceuticals - The innovative pharmaceutical sector maintained its strong performance, with multiple stocks such as Weikang Pharmaceutical, Chengdu Xian Dao, and Lisheng Pharmaceutical hitting the daily limit. The National Medical Insurance Administration's recent announcement regarding the 11th batch of centralized drug procurement, which excludes innovative drugs, is seen as a positive for this sector [3] Retail Sector - Retail stocks experienced a surge, with Guoguang Chain hitting the daily limit. Other companies like Zhongbai Group and Bubugao also saw gains. The State Council's recent meeting emphasized the importance of boosting consumption, which is expected to further enhance consumer spending power [4] Robotics Sector - The robotics sector continued its previous strong trend, with Zhongdali De achieving five days of three limit-ups. The CEO of NVIDIA highlighted the upcoming wave of AI in robotics, indicating a promising future for humanoid robots and their commercialization [5] Institutional Insights Ping An Securities - Ping An Securities noted that despite external uncertainties, domestic policy support and positive changes in industrial upgrades are expected to sustain a strong market trend. They recommend focusing on technology growth sectors, industries benefiting from "anti-involution," and financial sectors with high dividend advantages [6][7] Caixin Securities - Caixin Securities indicated that the market is entering a new buying window, with no significant macro risks anticipated before August. They expect the index to maintain upward momentum, supported by improved investor sentiment and increased capital inflow [8] Huaxi Securities - Huaxi Securities observed a notable recovery in financing and cross-border capital inflows, reflecting a renewed risk appetite in the market. They believe that structural opportunities exist despite potential short-term consolidation [9]

Core Viewpoint - The third China International Supply Chain Promotion Expo showcased new technologies and companies, particularly in the robotics sector, highlighting the potential for robots to evolve from industrial applications to everyday life within the next decade [1][2]. Group 1: Robotics Industry Insights - Companies like Yushu Technology and NVIDIA made their debut at the expo, showcasing humanoid robots and advanced solutions [1]. - Yushu Technology presented two key products, the G1 and Go2 robots, which require user development for advanced functionalities beyond basic demo features [1]. - The future of robotics is seen as evolving from single industrial applications to complex industrial scenarios within 1-3 years, and potentially into domestic applications such as household chores and elder care within 3-10 years [2]. Group 2: NVIDIA's Contributions - NVIDIA's participation included showcasing solutions related to robotics, autonomous driving, and cloud computing, with a focus on their Mega solution for simulating complex robotic scenarios [2][3]. - The company emphasized the importance of synthetic data for training autonomous driving systems, addressing the lack of real-world data for manufacturers [3]. - NVIDIA is exploring collaborations with Chinese partners to enhance the automotive supply chain and industry development [4].

第一财经关注到，本届链博会不少企业展出了机器人相关产品。 本次为宇树科技首次参会，宇树表示希望借助链博会平台了解上下游供应链关系，并听取市场端口反馈，以便更好地完善微型机器人产品。 自动驾驶业务方面，英伟达展出了辅助系统、安全系统和智能硬件相关成果。相关负责人对第一财经表示，自动驾驶汽车在功能训练期间需要大量数据，不 少厂商缺少足够的真实数据，事故或者突发情况的数据，这类数据样本量不足。例如辅助系统可以通过传感器渲染出智能汽车辅助驾驶需要的极端场景，帮 助没有里程积累的厂商训练辅助驾驶系统。该名负责人表示，合成数据的优势在于成本和扩展性。 对于展出自动驾驶相关内容的考虑，上述负责人表示，智能硬件与链博会的主题契合，硬件之外很多解决方案在背后提供支撑。英伟达也在思考如何与中国 的合作伙伴共同推动汽车供应链和汽车行业发展。 上述工作人员表示，链博会上参观者们最关注的问题一是机器人能做什么，二是机器人未来的发展方向是什么。对于机器人未来的落地方向，他表示在他看 来或许在未来1到3年内，机器人产品可以从单一的工业化产品落地发展到复合化工业场景，例如机器人在搬完箱子后可以换个"手"再去流水线上打螺丝。在 3到10年内， ...