AI创业的终局是委身大厂？

下海fallsea2025-12-30

出品I下海fallsea撰文I胡不知2025年12月29日，硅谷创投圈流传着一句扎心的话：“现在的AI初创公司，要么在跟巨头谈收购，要么在去谈收购的路上。”前一天，Meta以45亿美元闪电收购新加坡AI智能体公司Manus的消息正式落地，这桩耗时仅12天的交易，不仅创下Meta年度最大并购案，更让一个争议已久的话题浮出水面：AI初创公司的结局，是不是注定要委身大厂？Manus的命运颇具代表性。这家...

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/2595718779?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-30 20:37","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2595718779","market":"us","top_or_hot":-1,"title":"AI创业的终局是委身大厂？","media":"下海fallsea","content":"<div>\n<p>出品I下海fallsea撰文I胡不知2025年12月29日，硅谷创投圈流传着一句扎心的话：“现在的AI初创公司，要么在跟巨头谈收购，要么在去谈收购的路上。”前一天，Meta以45亿美元闪电收购新加坡AI智能体公司Manus的消息正式落地，这桩耗时仅12天的交易，不仅创下Meta年度最大并购案，更让一个争议已久的话题浮出水面：AI初创公司的结局，是不是注定要委身大厂？Manus的命运颇具代表性。这家...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251230222812a6e1bc6e&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>AI创业的终局是委身大厂？</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\">\nAI创业的终局是委身大厂？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-30 20:37 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251230222812a6e1bc6e&s=b><strong>下海fallsea</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>出品I下海fallsea撰文I胡不知2025年12月29日，硅谷创投圈流传着一句扎心的话：“现在的AI初创公司，要么在跟巨头谈收购，要么在去谈收购的路上。”前一天，Meta以45亿美元闪电收购新加坡AI智能体公司Manus的消息正式落地，这桩耗时仅12天的交易，不仅创下Meta年度最大并购案，更让一个争议已久的话题浮出水面：AI初创公司的结局，是不是注定要委身大厂？Manus的命运颇具代表性。这家...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251230222812a6e1bc6e&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":"IE00B7SZLL34.SGD","symbol_name":"Legg Mason ClearBridge - Value A Acc SGD-H","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251230222812a6e1bc6e&s=b","article_id":"2595718779","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251230222812a6e1bc6e&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=2595718779","pubTimestamp":1767098237,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"前一天，Meta以45亿美元闪电收购新加坡AI智能体公司Manus的消息正式落地，这桩耗时仅12天的交易，不仅创下Meta年度最大并购案，更让一个争议已久的话题浮出水面：AI初创公司的结局，是不是注定要委身大厂？AI创业的核心门槛，早已不是算法，而是算力。AI初创公司的终局拨开“收购潮”“融资热”的表象，AI初创公司的终局早已注定：不是“委身大厂”或“独立上市”的二元选择，而是被巨头生态锁定的“分级归类”。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","BK4549":"软银资本持仓","BK4548":"巴美列捷福持仓","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU1228905037.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) ACC","BK4554":"元宇宙及AR概念","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","BK4553":"喜马拉雅资本持仓","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0323239441.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AC\" ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU1228905540.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) INC 2","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","LU1989773731.SGD":"CPR Invest - Education A2 Acc SGD-H","LU2506951875.HKD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (HKDHDG) ACC","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU2506952097.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (USDHDG) ACC","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2506951958.HKD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (HKDHDG) INC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU1121112475.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USDHDG) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","BK4550":"红杉资本持仓","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU2506952170.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (USDHDG) INC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","BK4598":"佩洛西持仓","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","BK4551":"寇图资本持仓","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0823414478.USD":"法巴经典能源转换基金","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","SG9999001424.SGD":"United E-Commerce Fund SGD","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1043141123.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) INC 2","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","BK4602":"量子计算概念","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","BK4529":"IDC概念","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","BK4528":"SaaS概念","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","LU0994945656.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC 2","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","BK4605":"半导体精选","LU1989763005.USD":"东方汇理教育基金A2 Acc","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","BK4608":"AI应用概念股","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","BK4525":"远程办公概念","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","3NVD.UK":"LS 3X NVIDIA","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","BK4527":"明星科技股","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","2NVD.UK":"2X NVIDIA ETP","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","LU0211326839.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) INC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","BK4612":"AI芯片","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","BK4614":"Manus概念股","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1821325948.USD":"NINETY ONE GSF GLOBAL MACRO ALLOCATION \"A\" (USD) ACC","BK4592":"伊斯兰概念","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU0426412945.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) ACC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","BK4532":"文艺复兴科技持仓","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","BK4534":"瑞士信贷持仓","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","BK4535":"淡马锡持仓","LU2360108059.USD":"BGF CIRCULAR ECONOMY \"A4\" (USD) INC","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","BK4538":"云计算","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","SG9999002232.USD":"Allianz Global High Payout USD","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","SG9999002224.SGD":"Allianz Global High Payout SGD","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","BK4097":"系统软件","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU0345774391.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU1046421795.USD":"富达环球科技A-ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0238689110.USD":"贝莱德环球动力股票基金","BK4507":"流媒体概念","LU0345774631.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) INC","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0072462426.USD":"贝莱德全球配置 A2","LU0823417653.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) ACC","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","BK4567":"ESG概念","LU1697837992.HKD":"BGF DYNAMIC HIGH INCOME \"A6\" (HKDHDG) INC","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","BK4503":"景林资产持仓","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","BK4566":"资本集团","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","BK4504":"桥水持仓","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0894486033.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) INC MF","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","SNVD.UK":"LS -1X NVIDIA","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU0894485498.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) ACC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","BK4561":"索罗斯持仓","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","IE00BYQQ9H92.USD":"BNY MELLON GLOBAL LEADERS \"A\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0109392836.USD":"富兰克林科技股A","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","META":"Meta Platforms, Inc.","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU1564329032.USD":"BGF DYNAMIC HIGH INCOME \"A2\" (USD) ACC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU0545562505.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) INC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0444971666.USD":"天利全球科技基金","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","BK4543":"AI","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","BK4514":"搜索引擎","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0823417737.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","BK4516":"特朗普概念","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0950375773.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC A","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","NVDS":"1.5倍做空NVDA ETF-Tradr","LU0882574139.USD":"富达环球消费行业基金A ACC","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","SG9999015978.USD":"利安颠覆性创新基金A","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","LU1923622291.USD":"Natixis Thematics Safety R/A USD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4077":"互动媒体与服务","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","BK4585":"ETF&股票定投概念","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU2063271972.USD":"富兰克林创新领域基金","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","BK4587":"ChatGPT概念","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","NVDY":"NVDA期权收益策略ETF-YieldMax","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU0557290698.USD":"施罗德环球可持续增长基金","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU2298321311.HKD":"BGF CIRCULAR ECONOMY \"A\" (HKDHDG) ACC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","GOOGL":"谷歌A","BK4588":"碎股","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU2092937221.SGD":"Blackrock Circular Economy A2 SGD-H","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","NVDD":"1倍做空NVDA ETF-Direxion","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU0976567544.SGD":"FTIF - Templeton Global Income A Mdis SGD-H1","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","NVD3.UK":"LS 3X NVIDIA","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU1235295455.SGD":"Fidelity Global Multi Asset Growth & Income A-ACC-SGD","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","NVDU":"2倍做多NVDA ETF-Direxion","NVDS.UK":"LS -1X NVIDIA","LU1032466523.USD":"高盛全球多资产收益组合Acc","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0323240290.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AD\" INC","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU1261432733.SGD":"Fidelity World A-ACC-SGD","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU1236620750.USD":"HSBC GIF GLOBAL SUSTAINABLE LONG TERM DIVIDEND \"AM2\" (USD) INC","LU1236620834.HKD":"HSBC GIF GLOBAL SUSTAINABLE LONG TERM DIVIDEND \"AM2\" (HKD) INC","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","SG9999014559.SGD":"United Income Focus Trust Dis SGD","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU1564329628.SGD":"Blackrock Dynamic High Income A2 SGD-H","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","GOOG":"谷歌","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","LU0080751232.USD":"富达环球多元动力基金A","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","BK4576":"AR","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","SG9999001077.SGD":"United International Growth Fund SGD","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","BK4577":"网络游戏","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","BK4579":"人工智能","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU1181866309.USD":"摩根大通环球策略总报酬基金A (acc)","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU2041044095.USD":"Blackrock Circular Economy A2 USD","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1803068623.USD":"TEMPLETON GLOBAL CLIMATE CHANGE \"AH1\" (USDHDG) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0095938881.EUR":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) EUR","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU0757359368.USD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (USD)  ACC","BK4574":"无人驾驶","LU2279689827.SGD":"JPMorgan Investment Funds - Global Income Sustainable A (mth) SGD-H","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU1340139317.AUD":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) AUD-H","BK4573":"虚拟现实","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","BK4581":"高盛持仓","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1334329650.SGD":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) SGD-H","USJW.SI":"ALPHAB 3xLongSG261006","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","BK4141":"半导体产品","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","NVD2.UK":"2X NVIDIA ETP","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU1582986433.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU0757359954.USD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (USD) INC MF","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU0079474960.USD":"联博美国增长基金A","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","BK4023":"应用软件","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","NVDA":"英伟达","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU1221951046.USD":"NORDEA 1 STABLE RETURN \"HM\" (USDHDG) INC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU1221951129.SGD":"NORDEA 1 STABLE RETURN \"HM\" (SGDHDG) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU1670710588.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU0496365809.HKD":"TEMPLETON GLOBAL INCOME \"A\" (HKD) INC (Q)","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC","LU1196500208.SGD":"NORDEA STABLE RETURN \"HB\" (SGDHDG) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1670711123.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) INC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU0171293334.USD":"贝莱德英国基金A2","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU1582987324.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU1582987597.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) INC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU1032955483.USD":"NORDEA 1 STABLE RETURN \"HB\" (USDHDG) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU0302445910.USD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1564329115.USD":"Blackrock Dynamic High Income A6 USD","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU1564329461.SGD":"Blackrock Dynamic High Income A6 SGD-H","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","NVIW.SI":"NVDA 3xLongSG261006","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU1188199696.SGD":"Schroder ISF Global Multi-Asset Income A Dis SGD","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU0211326755.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) ACC","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","LU2095319765.USD":"Natixis Thematics Subscription Economy R/A USD","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1582986359.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) ACC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU2210150020.SGD":"Natixis Thematics Subscription Economy R/A SGD","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU2275660780.HKD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" (HKD) ACC","LU2210149790.SGD":"Natixis Thematics Subscription Economy R/A SGD-H","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","LU0960925559.SGD":"Schroder ISF Global Multi-Asset Income A Acc SGD","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0879622024.SGD":"Schroder ISF Global Multi-Asset Income A Dis SGD-H","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","NVD":"2倍做空NVDA ETF-GraniteShares","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","LU0251142724.SGD":"Fidelity America A-SGD","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC"},"translate_title":"Is the end of AI entrepreneurship committing to a big company?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GOOG":0.9,"NVDS.UK":0.6,"META":1.95,"NVD2.UK":0.6,"NVD":0.6,"GOOGL":0.9,"NVD3.UK":0.6,"SNVD.UK":0.6,"NVDD":0.6,"NVDU":0.6,"2NVD.UK":0.6,"NVDS":0.6,"NVDY":0.6,"3NVD.UK":0.6,"NVIW.SI":0.6,"USJW.SI":0.6,"NVDA":1.93},"content_text":"出品I下海fallsea撰文I胡不知2025年12月29日，硅谷创投圈流传着一句扎心的话：“现在的AI初创公司，要么在跟巨头谈收购，要么在去谈收购的路上。”前一天，Meta以45亿美元闪电收购新加坡AI智能体公司Manus的消息正式落地，这桩耗时仅12天的交易，不仅创下Meta年度最大并购案，更让一个争议已久的话题浮出水面：AI初创公司的结局，是不是注定要委身大厂？Manus的命运颇具代表性。这家由中国创业者肖弘创办的公司，三年时间从浏览器插件做到年营收1亿美元，被收购前估值20亿美元，最终以2.25倍溢价成交。更关键的是交易条款，肖弘出任Meta副总裁，团队保留独立运营权，产品品牌继续沿用。这种“被收购却不被同化”的模式，被行业解读为“AI初创公司依附巨头的最优解”。但这并非个例。2025年全年，全球AI领域并购交易达262笔，同比激增35%，平均每1.5天就有一家AI初创公司被收购——英伟达以200亿美元拿下AI芯片公司Groq，OpenAI斥资65亿美元收购硬件厂商io，ServiceNow以28.5亿美元将AI客服初创公司Moveworks收入囊中。与此同时，PitchBook数据显示，2025年全球AI初创公司融资额达1500亿美元，创下历史新高，但其中410亿美元被OpenAI一家独吞，64%的资金流向了头部10%的企业，剩下的数千家中小初创公司正面临“资金枯竭”的困境。AI创业格局的180度转向2023年，AI行业还处在“千模大战”的狂欢中，彼时的创业者相信“技术为王”，只要做出比GPT-4更强的模型，就能颠覆行业；2025年，行业已然进入“生态分封期”，巨头通过“算力垄断+开源圈地+投资并购”三重手段，划分势力范围，初创公司的命运从“自主选择”变成“被动适配”。这一转变的背后，是AI技术特性与商业规律共同作用的必然结果。AI创业的核心门槛，早已不是算法，而是算力。大模型训练一次的成本超1亿美元，推理成本占收入的50%以上，而全球70%以上的高端算力资源被英伟达、谷歌、微软、字节等巨头掌控。对于初创公司而言，算力不仅昂贵，更可能“有钱也买不到”——2025年，英伟达H100芯片的供应优先级明确向战略合作伙伴倾斜，中小初创公司即便愿意支付溢价，也需等待3-6个月的交付周期。这种垄断直接改写了创业逻辑。2024年还在冲击通用大模型的初创公司，2025年纷纷转向垂直小模型，甚至放弃自研。以国内某头部大模型初创公司为例，2025年算力成本占比高达60%，即便完成10亿元融资，也仅能支撑6个月的模型迭代，最终不得不与阿里云达成战略合作，以“技术授权”换取算力支持，实质上成为阿里AI生态的“外围研发团队”。即便是有国资背景的初创公司，也难以摆脱算力约束。清微智能作为国家级专精特新“小巨人”企业，在参与“东数西算”战略时发现，采用国产算力芯片的智算集群，在支持万亿参数大模型推理时，成本虽比国际主流产品节省50%，但性能仍有差距。这意味着，初创公司即便借助政策红利获得算力，也难以在通用领域与巨头竞争。如果说算力垄断是“硬壁垒”，那么开源工具就是巨头圈养初创公司的“软枷锁”。2025年，字节跳动开源AI智能体开发平台Coze，48小时内收获1.2万GitHub星标，吸引超50万开发者入驻——通过免费开放开发工具链，字节成功将开发者锁定在自家生态内，这些开发者创办的初创公司，天然依赖字节的大模型和云服务，最终成为字节生态的“创新毛细血管”。这种“开源+绑定”的模式正在成为行业标准。谷歌开源Gemini Nano，亚马逊开源Titan Lite，微软开放Copilot插件开发平台，本质上都是通过“免费剃须刀”吸引初创公司，再通过“刀片”（大模型调用、云服务）实现商业变现。2025年应用层初创公司的融资数据印证了这一趋势：70%的应用层融资来自巨头关联资本，项目方向均围绕巨头开源工具展开，独立创新项目融资额同比下降45%。更致命的是，开源工具正在消解初创公司的技术壁垒。过去，初创公司可以通过算法优化形成差异化；现在，巨头将最核心的开发工具开源，初创公司的技术创新沦为“UI层面的微创新”。某专注于AI写作的初创公司创始人坦言：“我们的核心技术就是基于Coze开发的插件，字节如果推出同类产品，我们没有任何抵抗能力，唯一的出路就是被收购。”2025年的AI并购市场，早已不是简单的“财务退出”，而是巨头的“战略收割”。与2023年“广撒网”式的财务投资不同，2025年巨头的收购逻辑清晰且精准：要么补充核心技术短板（如英伟达收购Groq补推理能力），要么抢占新兴赛道（如Meta收购Manus切入AI智能体），要么获取独家数据（如谷歌收购医疗AI公司获取临床数据）。这种战略收购的溢价空间极大。Manus被收购前估值20亿美元，最终成交价45亿美元，溢价125%；Groq估值80亿美元，英伟达以200亿美元收购，溢价150%。巨头愿意支付高溢价，本质上是因为初创公司的创新成果能快速补全其生态版图。而对初创公司而言，被收购也从“无奈之举”变成“最优解”——既可以获得资金回报，也能借助巨头的资源实现规模化。更值得注意的是，巨头开始提前锁定优质标的。2025年，Meta、谷歌、字节等巨头纷纷推出“AI初创加速器”，以“种子投资+算力支持”的方式，绑定早期初创公司。这些被绑定的初创公司，从成立之初就被打上了“巨头系”的标签，最终被收购的概率超过80%。AI初创公司的终局拨开“收购潮”“融资热”的表象，AI初创公司的终局早已注定：不是“委身大厂”或“独立上市”的二元选择，而是被巨头生态锁定的“分级归类”。90%以上的初创公司将成为巨头“双轮驱动”战略的“外围资产”，仅有不足10%的公司能在垂直领域实现独立生存，最终形成“巨头生态资产为主，垂直隐形冠军为辅”的稳定格局。这一判断基于三个不可逆转的行业趋势。巨头当前普遍采用“自研核心技术+投资并购前沿创新”的双轮策略：对内自研基础模型把控技术主权，对外通过投资或收购初创公司吸收应用层创新、扩大生态边界，同时形成“鲶鱼效应”倒逼内部效率提升。这种模式下，初创公司看似拥有独立运营权，实则核心资源（算力、渠道、数据）完全依附于巨头。Manus的案例极具代表性。被Meta收购后，Manus保留了团队和品牌，但必须接入Meta的Llama大模型，借助Meta的社交渠道触达十亿级用户。这种“独立运营+资源绑定”的模式，让Manus的商业化速度提升10倍，而Meta则快速补全了AI智能体的短板。对Manus而言，这不是“卖身”，而是“借船出海”的阶段性胜利。即便是获得巨额融资的头部初创公司，也难逃“生态绑定”的命运。2025年，OpenAI筹集410亿美元资金，但其收入仅130亿美元，每年亏损数十亿美元，仍需依赖微软的算力和渠道支持；Anthropic完成130亿美元融资后，估值达615亿美元，但仍与谷歌达成深度合作，将核心模型部署在谷歌云平台。这些头部公司看似独立，实则已是巨头生态的“核心组成部分”。字节Coze的成功，让巨头们意识到，开源工具是锁定初创公司最高效的方式。通过免费开放开发工具，巨头降低了创业门槛，吸引大量开发者入驻，这些开发者创办的初创公司，天然依赖巨头的技术生态，最终所有应用创新都成为巨头生态的补充。2025年，AIGC应用层的洗牌印证了这一点。通用文本/图像生成工具的淘汰率超过80%，因为这些工具缺乏技术壁垒，很容易被巨头的集成方案替代——微软将Copilot嵌入Office，谷歌将AI功能整合进Workspace，直接挤压了独立AIGC工具的生存空间。即便是存活下来的应用层初创公司，也大多成为巨头生态的“螺丝钉”，通过为巨头提供垂直场景插件获取收入。这种“生态螺丝钉”的命运难以逆转。一方面，应用层技术门槛低，巨头可以通过开源工具快速复制；另一方面，应用层需要海量用户和渠道支持，而这些资源被巨头垄断。某AI设计工具初创公司创始人无奈表示：“我们的用户量突破100万后，就再也无法增长了，因为巨头的免费工具直接分流了我们的用户，要么被收购，要么倒闭。”并非所有初创公司都只能依附巨头，那些能掌控“不可替代场景+独家数据”的垂直玩家，具备独立生存的基础。核心逻辑是：巨头的生态优势在垂直场景中会被“行业know-how”稀释，而初创公司通过深度绑定单一行业，构建“数据采集—模型训练—场景落地”的闭环，能形成巨头难以复制的壁垒。中山眼科中心的ChatZOC大模型就是典型案例。该模型依托独家眼底影像数据和临床场景经验，准确率超95%，成为医院核心诊疗工具，无需依附任何巨头生态。其核心竞争力在于“场景独占性”——医院的临床数据无法被巨头获取，行业know-how需要长期积累，巨头即便投入巨资，也难以在短期内复制。“东数西算”工程的推进，进一步为垂直初创公司提供了独立生存的可能。清微智能在中国联通呼和浩特智算中心的实践表明，国产算力集群能将AI推理成本降低50%，能效比提升3倍。这些普惠算力让垂直初创公司无需依附巨头，就能以较低成本实现技术落地。2025年，中西部地区垂直AI初创公司的存活率（65%）已远超东部通用AI公司（30%），印证了“场景+算力”独立闭环的可行性。决定终局的关键变量过去，行业判断AI初创公司的终局，主要看技术实力和市场规模；现在，底层逻辑已彻底重构，“生态依附度”“场景独占性”“算力可及性”成为决定终局的三大核心变量。这三大变量的组合，直接决定了初创公司是“依附巨头”还是“独立生存”。过去的行业共识是“技术强就能独立发展”，但2025年的市场现实彻底打破了这一认知。即便是技术领先的大模型初创公司（如DeepSeek），也因未深度绑定巨头，2025年算力成本占比仍高达60%，商业化进展缓慢；而技术中等的Manus，通过被Meta收购获得算力和渠道，快速实现十亿级用户覆盖。核心原因是，AI技术已从“稀缺资源”转向“可工程化复制能力”，真正稀缺的是巨头掌控的算力、数据和渠道资源。对初创公司而言，核心战略不是“超越巨头技术”，而是“降低生态依附度”或“精准绑定生态获取资源”。选择通用领域，就必须尽早绑定巨头；选择垂直领域，就必须全力构建场景独占性，降低对巨头资源的依赖。这一逻辑在融资市场体现得淋漓尽致。2025年，获得巨头关联资本投资的初创公司，融资额平均比独立初创公司高3倍，融资周期缩短50%。投资者的逻辑很简单：绑定巨头的初创公司，生存风险更低，商业化确定性更高；而独立初创公司，即便技术领先，也面临算力、渠道等多重不确定性。过去创业追求“大市场、高增长”，但AI领域的现实是，大市场已被巨头垄断，只有垂直小众市场能孕育独立终局。这里的“场景独占性”，指的是初创公司能独家或优先占据某类高价值场景，这类场景通常具备“数据封闭性”“行业壁垒高”“付费意愿强”三大特征。医疗影像、工业质检、金融风控等领域，都是典型的高独占性场景。以工业质检为例，海尔卡奥斯平台上的AI质检初创公司，通过绑定350万台设备的工业场景，实现独立盈利。其核心竞争力在于“行业know-how”——工业产线的操作经验、设备数据的解读能力，需要长期积累，巨头难以快速渗透。相反，通用AI工具市场（如AI写作、设计）因场景开放、竞争激烈，90%的初创公司最终被巨头收购。2025年，通用文本生成工具的淘汰率超过80%，而医疗AI公司的留存率高达60%。这一数据充分说明：场景独占性越高，初创公司的生存概率越大，越有可能实现独立发展。算力垄断是巨头掌控生态的核心抓手，但2025年“东数西算”工程推动的区域算力集群，正在为初创公司提供“非巨头依附”的算力获取渠道。青海海东的低碳算力产业园、南京智能计算中心等，通过“算力券”“上云补贴”等政策，将算力成本降低30%-50%，让垂直领域初创公司能以较低成本获得算力支持。这种“算力自主”正在改写终局上限。过去，初创公司要么依附巨头获取算力，要么因算力成本过高倒闭；现在，可通过区域算力集群实现“算力自主”，再结合场景独占性，形成“算力—场景”的独立闭环。乌镇千卡级国产异构智算资源池的实践表明，依托国产算力，垂直初创公司能在医疗、教育等领域实现技术落地，且无需向巨头支付高额算力费用。更重要的是，区域算力集群正在推动“AI下沉”。在内蒙古，清微智能的智算方案支撑的AI系统，能实现蒙语教学资源的实时翻译，让牧区学生享受优质课程；在基层医院，智能诊疗辅助系统帮助医生提升诊断效率。这些下沉场景的需求，巨头往往无暇顾及，成为垂直初创公司的“生存沃土”。一超多强与垂直割据展望2030年，AI行业的终局格局将更加清晰：基础层形成“一超多强”（英伟达领跑，谷歌、微软、字节等跟跑），应用层形成“垂直割据”（各细分领域诞生隐形冠军），90%的初创公司成为巨头生态的一部分，仅10%的垂直玩家实现独立生存。这一格局不是暂时的，而是AI行业“算力垄断+生态主导”特性决定的长期稳定状态。基础模型领域的“马太效应”将愈发明显。2025-2027年，“千模大战”将进入尾声，预计仅存3-5家真正具备全球竞争力的基础模型提供商；2028-2030年，形成“一超多强”格局，英伟达凭借算力和生态优势领跑，谷歌、微软、字节等依托各自资源跟跑，其余基础模型初创公司或被收购，或转型为垂直领域服务商。英伟达收购Groq的案例，预示了基础层的终局逻辑。Groq的核心价值不是推理芯片，而是其“确定性计算”技术，能与英伟达的硅光OCS网络协同，推动“百万卡级”AI工厂落地。这种“技术互补”的收购，将成为基础层的主流模式——巨头通过收购补全技术短板，巩固垄断地位，初创公司则通过被收购实现价值最大化。应用层将彻底告别“通用竞争”，进入“垂直割据”时代。医疗、工业、金融、教育等领域，将诞生一批独立生存的隐形冠军，这些公司的核心竞争力是“场景独占性+行业know-how”，巨头难以替代。2025年，医疗AI领域的独角兽数量占比已达30%，成为新独角兽的主要诞生地，这一趋势将在未来5年持续强化。这些垂直隐形冠军的终局，不是上市或被收购，而是成为细分领域的“规则制定者”。例如，中山眼科的ChatZOC大模型，已成为眼底诊疗领域的行业标准；工业质检领域的初创公司，通过绑定头部制造企业，成为行业内的“标配”。这些公司的规模可能不大，但盈利能力强，且具备长期生存能力。对AI创业者而言，最务实的战略不是“对抗巨头”或“幻想独立上市”，而是根据自身优势选择赛道：若选择通用领域，应尽早绑定巨头生态，成为“生态内的创新引擎”。可以参考Manus模式，通过技术创新吸引巨头关注，以“独立运营”为条件被收购，既实现价值最大化，又保留一定的自主权。同时，要避免与巨头正面竞争，聚焦巨头尚未覆盖的细分场景，成为生态的“补充者”而非“挑战者”。若选择垂直领域，应放弃“大而全”的幻想，聚焦某一高价值封闭场景，构建“数据—场景—算力”的独立闭环。可以参考中山眼科的ChatZOC，通过与行业龙头合作获取独家数据，依托区域算力集群降低成本，逐步成为细分领域的领先者。同时，要重视行业know-how的积累，这是巨头难以复制的核心壁垒。结语回到最初的问题，AI初创公司的结局是不是都是委身大厂？答案明确：不是。但“委身大厂”将是绝大多数初创公司的终局，少数公司能通过“场景独占+算力自主”实现独立生存。这一格局并非对创业者的“降维打击”，而是技术驱动型行业发展的必然规律——任何行业发展到成熟阶段，都会形成“巨头主导+小众创新”的生态平衡。对行业而言，这种平衡并非坏事。巨头通过生态整合实现技术规模化落地，降低AI应用门槛；垂直隐形冠军则在细分领域深耕，推动AI与实体经济的深度融合。两者共同构成AI产业的完整生态：巨头负责“广度覆盖”，垂直公司负责“深度渗透”。未来5-10年，AI行业的创新活力将不再来自“千模大战”，而是来自“巨头生态内的协同创新”和“垂直场景的技术突破”。对创业者而言，终局无关“尊严”或“自主”，只关乎“价值实现”。无论是成为巨头生态的一部分，还是成为垂直领域的隐形冠军，只要能为社会创造真实价值，就是成功的终局。而那些既无法融入生态，又无法抢占垂直场景的初创公司，终将被市场淘汰——这不是AI行业的特例，而是所有商业社会的基本法则。Meta收购Manus的交易落幕了，但AI创业的故事还在继续。未来，我们或许会看到更多初创公司选择“委身大厂”，也会看到更多垂直领域的隐形冠军崛起。无论选择哪条路，都希望创业者们能认清行业规律，找准自身定位，在AI浪潮中实现自己的价值——毕竟，能在时代浪潮中留下印记，就已足够珍贵。","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":0,"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,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","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/2595718779","isCrawlerRequest":true}