通信行业周观点：谷歌嵌套学习架构革新 CLAUDE OPUS4.5高性价比

长江证券股份有...12-02

板块行情2025 年第48 周，通信板块上涨8.71%，在长江一级行业中排名第1 位；2025 年年初以来，通信板块上涨64.42%，在长江一级行业中排名第1 位。个股层面，通信板块内市值在80 亿元以上的公司中，本周涨幅前三分别为光库科技（+39.2%）、通宇通讯（+39.1%）、太辰光（+22.3%）；跌幅前三分别为和而泰（-4.2%）、宝信软件（-3.0%）、华测导航（-2.7%）。谷歌嵌套...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2588485058?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-02 20:22","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2588485058","market":"us","top_or_hot":-1,"title":"通信行业周观点：谷歌嵌套学习架构革新 CLAUDE OPUS4.5高性价比","media":"长江证券股份有...","content":"<div>\n<p>板块行情2025 年第48 周，通信板块上涨8.71%，在长江一级行业中排名第1 位；2025 年年初以来，通信板块上涨64.42%，在长江一级行业中排名第1 位。个股层面，通信板块内市值在80 亿元以上的公司中，本周涨幅前三分别为光库科技（+39.2%）、通宇通讯（+39.1%）、太辰光（+22.3%）；跌幅前三分别为和而泰（-4.2%）、宝信软件（-3.0%）、华测导航（-2.7%）。谷歌嵌套...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251202202244a71f3439&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>通信行业周观点：谷歌嵌套学习架构革新 CLAUDE OPUS4.5高性价比</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n通信行业周观点：谷歌嵌套学习架构革新 CLAUDE OPUS4.5高性价比\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-02 20:22 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251202202244a71f3439&s=b><strong>长江证券股份有...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>板块行情2025 年第48 周，通信板块上涨8.71%，在长江一级行业中排名第1 位；2025 年年初以来，通信板块上涨64.42%，在长江一级行业中排名第1 位。个股层面，通信板块内市值在80 亿元以上的公司中，本周涨幅前三分别为光库科技（+39.2%）、通宇通讯（+39.1%）、太辰光（+22.3%）；跌幅前三分别为和而泰（-4.2%）、宝信软件（-3.0%）、华测导航（-2.7%）。谷歌嵌套...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251202202244a71f3439&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0308772762.SGD","symbol_name":"Blackrock Global Allocation A2 SGD-H","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251202202244a71f3439&s=b","article_id":"2588485058","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251202202244a71f3439&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2588485058","pubTimestamp":1764678155,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"板块行情2025 年第48 周，通信板块上涨8.71%，在长江一级行业中排名第1 位；2025 年年初以来，通信板块上涨64.42%，在长江一级行业中排名第1 位。谷歌嵌套学习重塑记忆机制，HOPE 架构开启效率革命谷歌最新研究指出，传统 Transformer 在极长序列场景下面临注意力稀释、长期记忆无法形成、推理成本高企等结构性瓶颈。Anthropic 发布Claude Opus 4.5，以SOTA 性能夺得软件工程榜首，定价策略极具攻势，应用端深度生态集成。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"80941":"中国移动-R","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","00762":"中国联通","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","GOOGL":"谷歌A","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","00763":"中兴通讯","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","GOOG":"谷歌","BK4579":"人工智能","BK4588":"碎股","BK4550":"红杉资本持仓","USJW.SI":"ALPHAB 3xLongSG261006","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","SG9999002224.SGD":"Allianz Global High Payout SGD","BK4581":"高盛持仓","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","00638":"广和通","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","00941":"中国移动","LU0056508442.USD":"贝莱德世界科技基金A2","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","BK4576":"AR","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H"},"translate_title":"Communications Industry Week Viewpoint: Google's nested learning architecture innovation CLAUDE OPUS4.5 is cost-effective","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80941":0.9,"00941":0.9,"GOOGL":1.5,"00762":0.9,"00763":0.9,"GOOG":1.5,"USJW.SI":0.6,"00638":0.9},"content_text":"板块行情2025 年第48 周，通信板块上涨8.71%，在长江一级行业中排名第1 位；2025 年年初以来，通信板块上涨64.42%，在长江一级行业中排名第1 位。个股层面，通信板块内市值在80 亿元以上的公司中，本周涨幅前三分别为光库科技（+39.2%）、通宇通讯（+39.1%）、太辰光（+22.3%）；跌幅前三分别为和而泰（-4.2%）、宝信软件（-3.0%）、华测导航（-2.7%）。谷歌嵌套学习重塑记忆机制，HOPE 架构开启效率革命谷歌最新研究指出，传统 Transformer 在极长序列场景下面临注意力稀释、长期记忆无法形成、推理成本高企等结构性瓶颈。谷歌提出Nested Learning（嵌套学习）新范式，认为关联记忆本质为优化过程，即大模型可拆解为多层嵌套的子优化问题。在此处理下，动量和线性注意分别对应不同层级的记忆模块，可构建多级梯度流；再基于自修改序列模型Titans，通过学习器模块更新慢权重（长期记忆），实现对工作与长期记忆的动态解耦。基于该理论，谷歌推出HOPE 架构，将模型拆分为不同更新频率的模块，高频负责即时推理与短期记忆，低频承担知识沉淀与长期记忆，解决了传统Transformer 在极长序列下注意力分散的问题。在同等参数规模下，HOPE 架构拥有最低困惑和最高常识推理准确率，且展现出卓越的内存管理能力。Google正推动从单纯堆算力转向架构效率的革命，HOPE 架构落地将大幅降低训练和推理成本，为谷歌构筑更深的技术护城河，长期竞争优势显著。Claude Opus 4.5 登顶软件工程榜首，定价下降2/3Anthropic 发布最新旗舰模型Claude Opus 4.5，支持200k 上下文窗口与64k 最长输出，覆盖复杂软件工程场景。官方称其为目前在编码、智能体与计算机操作任务上的最强模型，其以80.9%的成绩在真实世界软件工程测试中击败了OpenAI 的GPT-5.1Codex Max (77.9%) 和谷歌的Gemini 3 Pro (76.2%)，夺得全球最佳。Anthropic 采取极具攻势的定价策略：输入价格由每百万token 15 美元下调至5 美元（降幅67%），输出价格由75 美元下调至25 美元（降幅67%）；同时引入新的effort 参数，使实际Token 消耗较Sonnet 4.5 减少48%-76%，显著降低企业端使用成本。在应用集成方面，Opus 4.5 原生支持Excel、Chrome 及桌面端环境，实现了与存量办公工作流的深度整合，为未来智能体编排奠定基础。投资建议谷歌提出嵌套学习理论与HOPE 架构，重塑长期记忆与推理效率，突破Transformer 在极长序列下的记忆瓶颈，可大幅降低训练与推理成本。Anthropic 发布Claude Opus 4.5，以SOTA 性能夺得软件工程榜首，定价策略极具攻势，应用端深度生态集成。架构升级与高端模型迭代共振，算力链景气度持续上行：（1）运营商：推荐中国移动、中国电信、中国联通；（2）光模块：推荐中际旭创、新易盛、天孚通信、仕佳光子，关注太辰光、源杰科技；（3）液冷：推荐英维克；（4）空芯光纤：推荐烽火通信、亨通光电、中天科技，关注长飞光纤；（5）国产算力：推荐润泽科技、光环新网、奥飞数据、华丰科技、光迅科技、中兴通讯、紫光股份；（6）AI 应用：推荐博实结、和而泰、拓邦股份、移远通信、美格智能、广和通；（7）卫星应用：推荐华测导航、海格通信、灿勤科技。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2588485058","isCrawlerRequest":true}