——数字经济双周报（202507 第 2 期） ⚫ 彭雅哲 研究助理 杨晓、曾昭睿 ⚫ ⚫ ⚫ ⚫ ⚫ 数字经济双周报(202507 第 2 期) 新发展研究院 日录 Catalog | 一、 本周焦点: 美国发布 AI 行动计划 . | | --- | | 二、 中国动态：《人工智能全球治理行动计划》发布 . | | 三、 美国动态：英伟达重启 H20 芯片对华销售 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 四、 欧洲动态: 人工智能治理加速推进 | | 五、 其他国家：新加坡通过产学研合作推动量子应用 . | | 六、 技术前沿: AI 大模型向开源、低成本演进 . | | 七、 智库观点:"人工智能州级监管暂停令"的正确性 …………………………………………………………………………………………………… 11 | | バ、 风险提示…………………………………………………………………………………………………………………………………………… ...

Group 1: US AI Action Plan - The US AI Action Plan aims to establish global leadership in AI, focusing on "innovation-driven" and "deregulation" strategies to enhance market vitality and reduce development barriers[5] - Key policies include accelerating AI innovation, building AI infrastructure, and leading global AI order, with over 90 specific administrative orders outlined[6] - The plan emphasizes the importance of ensuring American workers benefit from AI advancements, creating high-paying jobs through infrastructure development[5] Group 2: Risks and Challenges for China - China faces risks of deepening technology blockades, with Nvidia holding a 66% market share in China's AI chip market, indicating reliance on US technology[9] - The US aims to export a "full-stack AI package" to allies, potentially sidelining Chinese technologies and creating a fragmented global AI ecosystem[13] - Infrastructure gaps in AI capabilities may widen, as the US accelerates data center and energy infrastructure development to meet AI demands[16] Group 3: Global AI Governance and Cooperation - China released the "Global AI Governance Action Plan," advocating for an inclusive and sustainable global AI governance framework, emphasizing cooperation among developing countries[19] - The plan includes 13 key tasks, such as technology innovation and data governance, aiming to unify international rules and enhance participation from the Global South[20] - Local policies in China are rapidly emerging to build regional data industry systems, with Jiangxi aiming for a 20% annual growth in data industries by 2027[21] Group 4: AI Infrastructure Investments - Major US companies, including Google and Meta, are investing significantly in AI infrastructure, with Google planning to invest $25 billion in data centers and AI facilities[33] - Trump's administration announced a $90 billion investment plan for AI and energy infrastructure, focusing on new data centers and power generation facilities[31] - The establishment of the National AI Research Resource (NAIRR) aims to provide open AI research resources, enhancing collaboration in scientific fields[35]

有一个非常有意思的变化。 海外疯狂涨价、国内疯狂开源。 这个世界，好像真的变天了。 然后，昨天，我照例打开了hugging Face。 最近，国产模型开源非常多。 MiniMax、Kimi、Qwen、混元、智谱、昆仑万维等等，都在疯狂开源。 就在榜单上看到了这么一幕。 我甚至以为我眼睛花了，揉了一下，再看，确实还是这10个。。。 前10名的模型，全部都是中国的，开源模型。 智谱GLM-4.5登顶，Air排名第6；Qwen一家独占5席位，开源世界半壁江山；混元3D世界模型作为唯二的多模态，排行第3。 今夕是何年，天地翻覆不过顷刻间。 不到两年时间，咱们亲眼目睹了一个时代的逆转。 我本来想给大家盘点一下，这10个开源模型的能力和介绍。 但是我一想，最近其实国内已经卷疯了，除了这些在榜上的，还有一些大家不知道的优秀的开源项目。 那不如，就做一下，最近这一整个月的盘点吧，给大家看看，国产的开源力量。 有这个想法之后，于是，我就去找了我的好朋友，也是一个非常硬核的AI技术博主，刘聪NLP，因为我知道他一直都有盯着开源世界的习惯。 没想到，他还真的整理了一份。 所以，这篇文章里的很多的模型盘点，都来自刘聪NLP，没啥可说 ...

全球AI产业周报 国内大事 为你精选过去一周（6.14-6.20）最值得关注的AI新闻和 国内外热门AI投融资事件 ，帮助大家及时 了解全球AI市场动向。 本周AI热点资讯 机器人明星企业宇树被曝C轮融资落定：中国移动、腾讯、锦秋、阿里、蚂蚁、吉利共同领投，估值 超100亿 6月19日消息，据晚点LatePost爆料，宇树科技已于近期完成了去年底开启的C轮融资，由中国移动 旗下基金、腾讯、锦秋、阿里、蚂蚁和吉利资本共同领投，宇树的大部分老股东跟投。宇树投前估值 目前超过100亿元人民币。 爆料提到，今年1月初，中国移动、蚂蚁和一些大型产业方就在积极洽谈，几家主要潜在投资方计划 出资1亿-3亿元不等。而进入今年2月后，宇树C轮投后估值逐渐上涨，融资结构也相应变化。 据多方行业信息，今年上半年，宇树部分老股交易的估值已超过150亿元人民币。熟知宇树科技融资 事项的人士对新浪科技表示，「融资最近确实完成了」。 （IT 之家） 计划为芯片业务引入战略投资者？蔚来：这属于猜测性信息 近期有媒体报道，筑梦岛APP 等AI聊天软件存在虚拟角色互动生成低俗内容等问题，经核实，该平台 AI智能体内容生成环节存在低俗擦边等违规内 ...

Trade Agreements - The US and UK have reached a preliminary trade agreement covering various sectors including steel, automobiles, ethanol, beef, and aerospace, marking the first such agreement since Trump's administration began imposing tariffs [1] - The agreement allows for increased market access for US agricultural products in the UK, particularly beef and ethanol, with the US setting an annual quota of 100,000 vehicles for UK imports, subject to a 10% tariff [1][2] - While the agreement is seen as a foundation for expanding trade, it is limited in scope and does not cover several key industries such as pharmaceuticals and steel [1] Cross-Border E-commerce - China's cross-border e-commerce exports reached approximately 2.15 trillion yuan in 2024, a year-on-year increase of 16.9%, while imports were about 555.25 billion yuan, growing by 4.1% [3] - The export of consumer goods constitutes 97.5% of cross-border e-commerce, with major products including apparel, digital devices, and home goods, primarily exported to the US, UK, and Germany [3] - The growth of cross-border e-commerce is supported by favorable policies, contributing significantly to overall foreign trade despite rising trade protectionism [4] Online Literature - The user base for Chinese online literature has reached 575 million, with a significant portion of readers aged 26 to 45, and nearly 25% being from the "post-2000" generation [5] - The revenue from online literature is estimated at around 44 billion yuan in 2024, with a total of over 33 million works published [5] - Despite the large user base, the industry faces challenges such as content homogenization and competition from short video formats, leading to a slowdown in user growth [6] Automotive Financing - The "high interest, high return" car loan model has been halted in several regions, with banks suspending such business practices due to regulatory changes [7] - This model involved dealerships receiving high commissions from banks to subsidize car prices, but it has led to various issues, including disputes over early loan repayments [8] - The cessation of this model may indicate a shift towards more sustainable lending practices, as banks need to focus on genuine consumer demand rather than artificially created demand [8] AI and Technology - Alibaba has launched a new version of its Qwen3 model optimized for Apple's MLX framework, which is expected to enhance AI deployment across Apple devices [9] - This move signals a strengthening partnership between Alibaba and Apple, as the models will be available in various precision versions to cater to different devices [9][10] - The growing influence of Qwen in the open-source model space may help revitalize Apple's presence in the Chinese market [10] Pension Funds - As of the first quarter of 2025, China's enterprise annuity fund has accumulated a scale of 3.73 trillion yuan, with a three-year cumulative return rate of 7.46% [11] - The shift to reporting cumulative returns aligns with a long-term investment strategy, reflecting the ability of pension funds to achieve consistent returns, particularly in stock investments [12][13] - The favorable environment for pension fund management, free from the pressures faced by traditional fund companies, allows for a focus on long-term value investment [13] Stock Market Trends - The stock market experienced slight declines, with the Shanghai Composite Index closing at 3387.4 points, down 0.04%, amid a lack of strong market momentum [16] - Despite fluctuations, certain sectors such as oil and gas remain active, while consumer sectors like gaming and beauty faced declines [16] - Upcoming policy announcements from the Lujiazui Forum may create short-term market disturbances but are unlikely to change the overall market trend [17]

Group 1 - A-share market is supported by the upcoming Lujiazui Forum, with financial sectors showing strength, indicating potential policy speculation [1] - Tensions in the Middle East are escalating, with Israeli Prime Minister Netanyahu stating that actions against Iran will continue, and Trump leaving the G7 summit early due to the situation, heightening market anxiety [1][3] - Despite initial strength in gold and oil prices, the market remains skeptical about further deterioration in the Middle East, leading to a reduction in price increases [3] Group 2 - The market is experiencing conflicting messages regarding potential talks and military actions, particularly affecting international oil trading strategies [5] - A notable trend in A-shares is the "end-of-month effect," where high-flying stocks often see profit-taking as the month closes, suggesting caution for investors [7] - The stock of Brain Rejuvenation Technology (RGC.US) surged by 283%, reaching a market cap of over $29.6 billion, significantly impacting related sectors in A-shares [8] Group 3 - New tax refund policies for overseas travelers in Dalian and Hubei are set to take effect in July 2025, which could influence retail sectors [10] - Micron has announced plans to halt production of DDR4/LPDDR4 chips, indicating a supply-demand imbalance in the memory market, which may affect related stocks [12] - The solid-state battery sector is gaining traction, with several companies experiencing significant stock price increases due to strong demand and positive market sentiment [18][17] Group 4 - The coal, public utilities, oil and petrochemicals, transportation, and retail sectors are leading in performance, while pharmaceuticals, beauty care, media, textiles, and light manufacturing are lagging [20] - The human brain engineering sector saw a rise of 3.34%, while the innovative drug sector experienced a decline of 2.81%, reflecting market volatility [21]

Market Overview - The Hong Kong stock market indices experienced fluctuations, with the Hang Seng Index closing down 0.34% at 23,980.30 points and a total trading volume of HKD 20.21 billion [1] - The Hang Seng China Enterprises Index fell by 0.4% to 8,694.67 points, while the Hang Seng Tech Index decreased by 0.15% to 5,291.85 points [1] Investment Opportunities - According to Shenwan Hongyuan, investment opportunities in Hong Kong stocks are expected to expand in the second half of 2025, focusing on growth sectors such as internet technology and pharmaceuticals [1] - New consumption stocks still hold alpha advantages in the medium term, but face short-term challenges regarding cost-effectiveness [1] Blue-Chip Stocks Performance - Alibaba (09988) rose by 1.68% to HKD 114.8, contributing 31.36 points to the Hang Seng Index [2] - Other notable blue-chip performances include Sands China (01928) up 5.24%, Sunny Optical Technology (02382) up 2.73%, while Chow Tai Fook (01929) fell by 7.29% and CSPC Pharmaceutical Group (01093) dropped by 6.4% [2] Sector Highlights Brain-Computer Interface Sector - The brain-computer interface sector saw significant gains, with Nanjing Panda Electronics (00553) surging 38.02% [3] - The sector's growth is supported by recent advancements in clinical trials for invasive brain-computer interfaces in China [3][4] Gaming Sector - The gaming sector benefited from Macau's new visa policies for citizens of Saudi Arabia and other Gulf countries, with Sands China and MGM China showing strong gains [4][5] Apple-Related Stocks - Apple-related stocks collectively rose, with notable increases in companies like GoerTek (01415) and Sunny Optical Technology (02382) following Alibaba's announcement of new AI models optimized for Apple devices [6] Pharmaceuticals and New Consumption - The pharmaceutical and new consumption sectors faced significant adjustments, with companies like Green Leaf Pharmaceutical (02186) and Lepu Medical Technology (02157) experiencing declines [6] Gold Stocks - Gold stocks generally declined, with Tongguan Gold (00340) down 12.68% as international gold prices fell below USD 3,400 per ounce [7] Notable Stock Movements - Chow Tai Fook (01929) saw a sharp decline of 7.29% after announcing a proposed issuance of HKD 8.8 billion convertible bonds [8] - Maimai (02556) rose by 5.41% after being recognized as a top AI SaaS company for seven consecutive years [9] - New City Development (01030) reached a new high, with a rating upgrade from "Neutral" to "Buy" by Bank of America [10] - Weimeng Group (02013) increased by 2.82% following the announcement of new features for WeChat public accounts [11]

Core Insights - Alibaba has launched an upgraded version of Qwen3, optimized for Apple's MLX framework, indicating a strategic move to enhance compatibility with Apple devices [1] - The company will open-source all 32 official Qwen3 MLX models, facilitating easy deployment across iPhone, iPad, and Mac computers, which aims for comprehensive coverage in various scenarios [1] Company Developments - The release of the Qwen3 series models demonstrates Alibaba's commitment to integrating its AI capabilities with Apple's ecosystem, potentially increasing its market reach [1] - By making the models open-source, Alibaba is likely to attract developers and businesses looking to leverage AI on Apple devices, enhancing collaboration and innovation within the tech community [1] Industry Implications - This move may signify a growing trend of collaboration between major tech companies, as they seek to optimize their products for broader compatibility and user experience [1] - The deployment of AI models across popular consumer devices could lead to increased adoption of AI technologies in everyday applications, impacting various sectors [1]

证券研究报告 2025年06月09日 海外行业报告：行业动态研究 快手可灵AI年化收入破1亿美元，谷歌新版Gemini 2.5 Pro 强势登顶 作者： 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 李泽宇 SAC执业证书编号：S1110520110002 分析师 樊程安吉 SAC执业证书编号：S1110524080001 分析师 杨雨辰 SAC执业证书编号：S1110521110001 分析师 刘诗雨 SAC执业证书编号：S1110524120001 请务必阅读正文之后的信息披露和免责申明 1 全球AI周报 摘要 n 重点公司财报AI进展 n 全球AI动态： n 投资建议 Ø 海外AI： Ø 随着财报披露逐步收尾，我们看到AI主线在多个环节加速落地，显著对冲了市场对宏观与政策不确定性的阶段性悲观情绪。美股科技大厂对AI的资本投入与应用商业化均未放缓，AI主线逻辑持续强化。1）AI算力：Broadcom定制加速器持续 放量，AI基础设施需求强韧。Broadcom Q2营收达150亿美元，同比增长20%，其中AI相关半导体收入达44亿美元，同比+46%，大幅超预期。定制化AI加速器（A ...

机器之心发布 机器之心编辑部 想训练属于自己的高性能推理模型，却被同步强化学习（RL）框架的低效率和高门槛劝退？AReaL 全面升级，更快，更强，更好用！ 来自清华大学交叉信息院和蚂蚁技术研究院的联合团队，正式开源全异步强化学习训练系统 —— AReaL- boba² (AR eaL v0.3) 。 作为 AReaL 里程碑版本 AReaL-boba 的重磅升级，AReaL-boba² (正式全名：A-ReaL-double-boba) 坚持 boba 系列 " 全面开源、极速训练、深度可定制 " 的开发理 念，再次加量：除了更全的功能和更详细的文档说明，更以全异步 RL 为核心，发布 SOTA 代码模型，全面奔向 Agentic RL： 异步强化学习（Asynchronous RL）是一种重要的 RL 范式，它将数据生成与模型训练完全解耦，以不间断的流式生成和并行训练，极大提高了资源使用率，天然 适用于多轮次交互的 Agent 场景。 AReaL-boba² 通过 强化学习算法和训练系统的共同设计（co-design） ，在完全不影响模型效果的同时，实现了稳定高效的异步 RL 训练，不断朝全面支持 Agen ...