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05-29

$戴尔(DELL)$ AI军备竞赛总兵器师

05-29

$智谱(02513)$ 港股唯一真神

05-29

$MINIMAX-WP(00100)$ 垃圾中的战斗机

05-28

$智谱(02513)$ 真正的大模型一哥！

05-28

$智谱(02513)$ 比minimax这个垃圾强多了！真正的大模型一哥！

05-28

$MINIMAX-WP(00100)$ 我x，AI界还有比这垃圾更差的票吗？赶紧滚出大模型行业，卖给智谱吧！

05-27

消费彻底崩了

拼多多Q1营收1062亿元，经调整净利润同比下滑17%

05-27

$MINIMAX-WP(00100)$ 垃圾，多涨点

05-26

$MINIMAX-WP(00100)$ 最烂的垃圾，给智谱提鞋都不配

05-22

$MINIMAX-WP(00100)$ 看看隔壁智谱，这票真是拉跨

04-29

$胜宏科技(02476)$

04-28

$Rambus(RMBS)$ 平仓了，美股投资网大好

04-28

$Rambus(RMBS)$ 美股投资网力推的一般都会大跌

04-23

$英特尔(INTC)$

02-03

$Rambus(RMBS)$ 为啥财报后大跌

01-15

2026/01/15 交易笔记 by tuscan

2026/01/15 成本现价浮动收益英特尔(INTC) 35.71 48.17 34.85% 不坐过山车

2026/01/15 交易笔记 by tuscan

01-09

$MINIMAX-WP(00100)$

01-06

中国肯定用不了

物理AI的ChatGPT时刻！英伟达“内驱”无人驾驶汽车将至，发布首个链式思维推理VLA模型

2025-11-25

$Symbotic Inc.(SYM)$

2025-10-30

$Symbotic Inc.(SYM)$

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港股唯一真神","text":"$智谱(02513)$ 港股唯一真神","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/569435435413984","isVote":1,"tweetType":1,"viewCount":122,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":569421328147120,"gmtCreate":1780023087157,"gmtModify":1780023800262,"author":{"id":"3442368929887673","authorId":"3442368929887673","name":"tuscan","avatar":"https://static.laohu8.com/658bc3f8b484fed55dca663827773f29","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3442368929887673","idStr":"3442368929887673"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/00100\">$MINIMAX-WP(00100)$ </a> 垃圾中的战斗机","listText":"<a href=\"https://laohu8.com/S/00100\">$MINIMAX-WP(00100)$ </a> 垃圾中的战斗机","text":"$MINIMAX-WP(00100)$ 垃圾中的战斗机","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/569421328147120","isVote":1,"tweetType":1,"viewCount":92,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":569122273313728,"gmtCreate":1779950138342,"gmtModify":1779950620450,"author":{"id":"3442368929887673","authorId":"3442368929887673","name":"tuscan","avatar":"https://static.laohu8.com/658bc3f8b484fed55dca663827773f29","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3442368929887673","idStr":"3442368929887673"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02513\">$智谱(02513)$ </a> 真正的大模型一哥！","listText":"<a href=\"https://laohu8.com/S/02513\">$智谱(02513)$ </a> 真正的大模型一哥！","text":"$智谱(02513)$ 真正的大模型一哥！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/569122273313728","isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":569117147738696,"gmtCreate":1779948823462,"gmtModify":1779950542234,"author":{"id":"3442368929887673","authorId":"3442368929887673","name":"tuscan","avatar":"https://static.laohu8.com/658bc3f8b484fed55dca663827773f29","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3442368929887673","idStr":"3442368929887673"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02513\">$智谱(02513)$ </a> 比minimax这个垃圾强多了！真正的大模型一哥！","listText":"<a href=\"https://laohu8.com/S/02513\">$智谱(02513)$ </a> 比minimax这个垃圾强多了！真正的大模型一哥！","text":"$智谱(02513)$ 比minimax这个垃圾强多了！真正的大模型一哥！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/569117147738696","isVote":1,"tweetType":1,"viewCount":445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":569116914705288,"gmtCreate":1779948787303,"gmtModify":1779950542487,"author":{"id":"3442368929887673","authorId":"3442368929887673","name":"tuscan","avatar":"https://static.laohu8.com/658bc3f8b484fed55dca663827773f29","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3442368929887673","idStr":"3442368929887673"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/00100\">$MINIMAX-WP(00100)$ </a> 我x，AI界还有比这垃圾更差的票吗？赶紧滚出大模型行业，卖给智谱吧！","listText":"<a href=\"https://laohu8.com/S/00100\">$MINIMAX-WP(00100)$ </a> 我x，AI界还有比这垃圾更差的票吗？赶紧滚出大模型行业，卖给智谱吧！","text":"$MINIMAX-WP(00100)$ 我x，AI界还有比这垃圾更差的票吗？赶紧滚出大模型行业，卖给智谱吧！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/569116914705288","isVote":1,"tweetType":1,"viewCount":393,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":568832938657112,"gmtCreate":1779879513867,"gmtModify":1779881371500,"author":{"id":"3442368929887673","authorId":"3442368929887673","name":"tuscan","avatar":"https://static.laohu8.com/658bc3f8b484fed55dca663827773f29","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3442368929887673","idStr":"3442368929887673"},"themes":[],"title":"","htmlText":"消费彻底崩了","listText":"消费彻底崩了","text":"消费彻底崩了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/568832938657112","repostId":"1177161277","repostType":2,"repost":{"id":"1177161277","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1779877869,"share":"https://www.laohu8.com/m/news/1177161277?lang=zh_CN&edition=full","pubTime":"2026-05-27 18:31","market":"us","language":"zh","title":"拼多多Q1营收1062亿元，经调整净利润同比下滑17%","url":"https://stock-news.laohu8.com/highlight/detail?id=1177161277","media":"华尔街见闻","summary":"5月27日，$拼多多(PDD)$Q1营收1062.3亿元，预估1086亿元；调整后每ADS收益9.51元，预估16.08元。财报发布后，拼多多美股盘前跌近3%。","content":"<html><head></head><body><p>拼多多Q1主动换挡，供应链深耕战略浮出水面。</p><p style=\"text-align: justify;\">根据周三公布的最新财报，2026年Q1，拼多多总营收达1062亿元，同比增长11%，但低于市场预期的1086亿元；Non-GAAP净利润为141亿元，同比下滑17%，低于预期的246亿元；Non-GAAP每ADS收益9.51元，市场预期为16.08元。财报发布后，拼多多美股盘前跌超5%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c25ae033dd0d1f3c4afed47172782f7\" tg-width=\"831\" tg-height=\"732\"/></p><p style=\"text-align: justify;\"><strong>真正的看点不在总量，而在结构。</strong>交易服务收入同比大增20%至563亿元，成为最强劲的增长引擎，显示出平台交易规模仍在扩张；但在线营销服务收入仅微增2.5%至499亿元，几乎陷入停滞。</p><p style=\"text-align: justify;\"><strong>利润端呈现明显的结构性分化。</strong>经营利润同比劲增22%至196亿元，主营业务的运营杠杆依然良好；然而，受投资收益转负、汇兑损失等非经营项目拖累，归母净利润同比下滑15%至125亿元。更值得关注的是，研发支出同比增长23%至44亿元，增速显著高于营收，表明公司正在主动牺牲短期利润换取长期能力。</p><p style=\"text-align: justify;\">管理层在财报中罕见地以高度一致的口径宣示战略转向——从联席CEO到财务副总裁，三位高管均将“深化供应链投资”定义为未来十年的核心优先项，并明确将投入重大资源建设自有品牌业务。这意味着，<strong>拼多多正从“流量变现”的高增长阶段，切换至“供应链重投入”的新周期，短期利润承压或将成为常态。</strong></p><p style=\"text-align: justify;\">不过，拼多多的弹药依然充足。期末现金、现金等价物及短期投资合计高达4361亿元，经营现金流同比微增至164亿元，为这场长期转型提供了充裕的财务纵深。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe1f5da8dd764024ae7e626afe257fc0\" tg-width=\"1024\" tg-height=\"600\"/></p><h2 id=\"ad4cf698\">营收结构：交易服务挑起大梁，广告业务增长趋缓</h2><p style=\"text-align: justify;\">本季度总营收1062亿元中，两大业务板块表现出明显分化。</p><p style=\"text-align: justify;\">交易服务收入达563亿元，同比增长20%，占总收入比重升至53%，已正式超越广告成为第一大收入来源。<strong>这一趋势与公司加大自营及供应链业务布局高度吻合，体现了从&#34;广告平台&#34;向&#34;交易平台&#34;的战略性重心迁移。</strong></p><p style=\"text-align: justify;\">在线营销服务及其他收入为499亿元，同比仅增长约2.5%，增速大幅放缓。这一数字反映出在流量红利趋于饱和、宏观经济环境复杂的背景下，商家广告投放意愿趋于保守，平台广告变现空间边际收窄。</p><h2 id=\"a0f91da3\">成本与费用：研发投入提速，履约成本同步抬升</h2><p style=\"text-align: justify;\">营业成本同比增长15%至469亿元，增速快于收入增速，主要驱动因素包括履约费用、带宽及服务器成本以及支付处理费用的同步上升。这与公司加大供应链及自营业务投入的战略方向一致，预计未来数季度这一趋势仍将持续。</p><p style=\"text-align: justify;\">总运营费用为398亿元，同比增长约3%。细拆来看：</p><ul style=\"\"><li><p>销售与营销费用：338亿元，与去年同期（334亿元）基本持平，显示公司对流量采购支出保持克制，未盲目加码。</p></li><li><p>管理费用：16亿元，同比略有下降，成本管控成效显著。</p></li><li><p>研发费用：44亿元，同比增长约23%，是三项费用中增速最快的。结合管理层关于技术与供应链能力建设的表述，这一趋势表明公司正在有意识地将资源向技术研发倾斜，为长期竞争力蓄力。</p></li></ul><p style=\"text-align: justify;\">值得关注的是，本季度股权激励费用合计15亿元，同比下降近30%（去年同期为22亿元），这在一定程度上减轻了非GAAP调整幅度，也反映出公司薪酬结构的阶段性变化。</p><h2 id=\"5350dc23\">盈利承压：非经营项目成最大拖累</h2><p style=\"text-align: justify;\">GAAP口径下，本季度经营利润达196亿元，同比增长22%，经营利润率约18.4%，同比提升约1.6个百分点，主营业务盈利能力实际上有所改善。</p><p style=\"text-align: justify;\">然而，经营利润以下各项却对最终净利润形成较大压制：</p><ul style=\"\"><li><p>利息及投资收益：由去年同期盈利2.23亿元转为亏损6.32亿元，反映出投资市场波动对资产配置的冲击。</p></li><li><p>其他收益净额：由去年同期正贡献32.61亿元骤降至亏损20.31亿元，逆转幅度高达50余亿元，是净利润下滑的最核心原因。</p></li><li><p>汇兑损失：1.45亿元，较去年同期（2.42亿元）有所收窄。</p></li></ul><p style=\"text-align: justify;\">综合以上非经营项目影响，税前利润降至168亿元，叠加41亿元所得税支出，最终归母净利润为125亿元，同比下滑15%。</p><h2 id=\"f66cc48c\">管理层信号：供应链投资是&#34;下一个十年&#34;的最大变量</h2><p style=\"text-align: justify;\">本次财报最值得深读的并非数字本身，而是管理层表述所传递的战略信号。<strong>两位联席CEO和财务副总裁在各自发言中不约而同地强调&#34;供应链投资&#34;，并将其定性为&#34;核心战略优先项&#34;和&#34;平台生态系统韧性的基石&#34;。</strong></p><p style=\"text-align: justify;\"><strong>公司明确表示将投入重大资源建设自有品牌业务（First-party Brand Business），这意味着拼多多正在超越纯粹的第三方平台模式，向更深层的产业链延伸。</strong>这一战略转向不可避免地带来短期利润率的牺牲——成本上升、研发加码、可能的资本开支扩张——但也预示着公司正在构建更高的竞争壁垒和更强的长期价值创造能力。</p></body></html>","collect":0,"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>拼多多Q1营收1062亿元，经调整净利润同比下滑17%</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; 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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拼多多Q1营收1062亿元，经调整净利润同比下滑17%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-05-27 18:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>拼多多Q1主动换挡，供应链深耕战略浮出水面。</p><p style=\"text-align: justify;\">根据周三公布的最新财报，2026年Q1，拼多多总营收达1062亿元，同比增长11%，但低于市场预期的1086亿元；Non-GAAP净利润为141亿元，同比下滑17%，低于预期的246亿元；Non-GAAP每ADS收益9.51元，市场预期为16.08元。财报发布后，拼多多美股盘前跌超5%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c25ae033dd0d1f3c4afed47172782f7\" tg-width=\"831\" tg-height=\"732\"/></p><p style=\"text-align: justify;\"><strong>真正的看点不在总量，而在结构。</strong>交易服务收入同比大增20%至563亿元，成为最强劲的增长引擎，显示出平台交易规模仍在扩张；但在线营销服务收入仅微增2.5%至499亿元，几乎陷入停滞。</p><p style=\"text-align: justify;\"><strong>利润端呈现明显的结构性分化。</strong>经营利润同比劲增22%至196亿元，主营业务的运营杠杆依然良好；然而，受投资收益转负、汇兑损失等非经营项目拖累，归母净利润同比下滑15%至125亿元。更值得关注的是，研发支出同比增长23%至44亿元，增速显著高于营收，表明公司正在主动牺牲短期利润换取长期能力。</p><p style=\"text-align: justify;\">管理层在财报中罕见地以高度一致的口径宣示战略转向——从联席CEO到财务副总裁，三位高管均将“深化供应链投资”定义为未来十年的核心优先项，并明确将投入重大资源建设自有品牌业务。这意味着，<strong>拼多多正从“流量变现”的高增长阶段，切换至“供应链重投入”的新周期，短期利润承压或将成为常态。</strong></p><p style=\"text-align: justify;\">不过，拼多多的弹药依然充足。期末现金、现金等价物及短期投资合计高达4361亿元，经营现金流同比微增至164亿元，为这场长期转型提供了充裕的财务纵深。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe1f5da8dd764024ae7e626afe257fc0\" tg-width=\"1024\" tg-height=\"600\"/></p><h2 id=\"ad4cf698\">营收结构：交易服务挑起大梁，广告业务增长趋缓</h2><p style=\"text-align: justify;\">本季度总营收1062亿元中，两大业务板块表现出明显分化。</p><p style=\"text-align: justify;\">交易服务收入达563亿元，同比增长20%，占总收入比重升至53%，已正式超越广告成为第一大收入来源。<strong>这一趋势与公司加大自营及供应链业务布局高度吻合，体现了从&#34;广告平台&#34;向&#34;交易平台&#34;的战略性重心迁移。</strong></p><p style=\"text-align: justify;\">在线营销服务及其他收入为499亿元，同比仅增长约2.5%，增速大幅放缓。这一数字反映出在流量红利趋于饱和、宏观经济环境复杂的背景下，商家广告投放意愿趋于保守，平台广告变现空间边际收窄。</p><h2 id=\"a0f91da3\">成本与费用：研发投入提速，履约成本同步抬升</h2><p style=\"text-align: justify;\">营业成本同比增长15%至469亿元，增速快于收入增速，主要驱动因素包括履约费用、带宽及服务器成本以及支付处理费用的同步上升。这与公司加大供应链及自营业务投入的战略方向一致，预计未来数季度这一趋势仍将持续。</p><p style=\"text-align: justify;\">总运营费用为398亿元，同比增长约3%。细拆来看：</p><ul style=\"\"><li><p>销售与营销费用：338亿元，与去年同期（334亿元）基本持平，显示公司对流量采购支出保持克制，未盲目加码。</p></li><li><p>管理费用：16亿元，同比略有下降，成本管控成效显著。</p></li><li><p>研发费用：44亿元，同比增长约23%，是三项费用中增速最快的。结合管理层关于技术与供应链能力建设的表述，这一趋势表明公司正在有意识地将资源向技术研发倾斜，为长期竞争力蓄力。</p></li></ul><p style=\"text-align: justify;\">值得关注的是，本季度股权激励费用合计15亿元，同比下降近30%（去年同期为22亿元），这在一定程度上减轻了非GAAP调整幅度，也反映出公司薪酬结构的阶段性变化。</p><h2 id=\"5350dc23\">盈利承压：非经营项目成最大拖累</h2><p style=\"text-align: justify;\">GAAP口径下，本季度经营利润达196亿元，同比增长22%，经营利润率约18.4%，同比提升约1.6个百分点，主营业务盈利能力实际上有所改善。</p><p style=\"text-align: justify;\">然而，经营利润以下各项却对最终净利润形成较大压制：</p><ul style=\"\"><li><p>利息及投资收益：由去年同期盈利2.23亿元转为亏损6.32亿元，反映出投资市场波动对资产配置的冲击。</p></li><li><p>其他收益净额：由去年同期正贡献32.61亿元骤降至亏损20.31亿元，逆转幅度高达50余亿元，是净利润下滑的最核心原因。</p></li><li><p>汇兑损失：1.45亿元，较去年同期（2.42亿元）有所收窄。</p></li></ul><p style=\"text-align: justify;\">综合以上非经营项目影响，税前利润降至168亿元，叠加41亿元所得税支出，最终归母净利润为125亿元，同比下滑15%。</p><h2 id=\"f66cc48c\">管理层信号：供应链投资是&#34;下一个十年&#34;的最大变量</h2><p style=\"text-align: justify;\">本次财报最值得深读的并非数字本身，而是管理层表述所传递的战略信号。<strong>两位联席CEO和财务副总裁在各自发言中不约而同地强调&#34;供应链投资&#34;，并将其定性为&#34;核心战略优先项&#34;和&#34;平台生态系统韧性的基石&#34;。</strong></p><p style=\"text-align: justify;\"><strong>公司明确表示将投入重大资源建设自有品牌业务（First-party Brand Business），这意味着拼多多正在超越纯粹的第三方平台模式，向更深层的产业链延伸。</strong>这一战略转向不可避免地带来短期利润率的牺牲——成本上升、研发加码、可能的资本开支扩张——但也预示着公司正在构建更高的竞争壁垒和更强的长期价值创造能力。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a2db5797ca32628002f32e69d5dea58b","relate_stocks":{"IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","BK4505":"高瓴资本持仓","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU2177674079.SGD":"Fidelity Asia Pacific Opportunities A-ACC-SGD (hedged)","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) 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INC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177161277","content_text":"拼多多Q1主动换挡，供应链深耕战略浮出水面。根据周三公布的最新财报，2026年Q1，拼多多总营收达1062亿元，同比增长11%，但低于市场预期的1086亿元；Non-GAAP净利润为141亿元，同比下滑17%，低于预期的246亿元；Non-GAAP每ADS收益9.51元，市场预期为16.08元。财报发布后，拼多多美股盘前跌超5%。真正的看点不在总量，而在结构。交易服务收入同比大增20%至563亿元，成为最强劲的增长引擎，显示出平台交易规模仍在扩张；但在线营销服务收入仅微增2.5%至499亿元，几乎陷入停滞。利润端呈现明显的结构性分化。经营利润同比劲增22%至196亿元，主营业务的运营杠杆依然良好；然而，受投资收益转负、汇兑损失等非经营项目拖累，归母净利润同比下滑15%至125亿元。更值得关注的是，研发支出同比增长23%至44亿元，增速显著高于营收，表明公司正在主动牺牲短期利润换取长期能力。管理层在财报中罕见地以高度一致的口径宣示战略转向——从联席CEO到财务副总裁，三位高管均将“深化供应链投资”定义为未来十年的核心优先项，并明确将投入重大资源建设自有品牌业务。这意味着，拼多多正从“流量变现”的高增长阶段，切换至“供应链重投入”的新周期，短期利润承压或将成为常态。不过，拼多多的弹药依然充足。期末现金、现金等价物及短期投资合计高达4361亿元，经营现金流同比微增至164亿元，为这场长期转型提供了充裕的财务纵深。营收结构：交易服务挑起大梁，广告业务增长趋缓本季度总营收1062亿元中，两大业务板块表现出明显分化。交易服务收入达563亿元，同比增长20%，占总收入比重升至53%，已正式超越广告成为第一大收入来源。这一趋势与公司加大自营及供应链业务布局高度吻合，体现了从\"广告平台\"向\"交易平台\"的战略性重心迁移。在线营销服务及其他收入为499亿元，同比仅增长约2.5%，增速大幅放缓。这一数字反映出在流量红利趋于饱和、宏观经济环境复杂的背景下，商家广告投放意愿趋于保守，平台广告变现空间边际收窄。成本与费用：研发投入提速，履约成本同步抬升营业成本同比增长15%至469亿元，增速快于收入增速，主要驱动因素包括履约费用、带宽及服务器成本以及支付处理费用的同步上升。这与公司加大供应链及自营业务投入的战略方向一致，预计未来数季度这一趋势仍将持续。总运营费用为398亿元，同比增长约3%。细拆来看：销售与营销费用：338亿元，与去年同期（334亿元）基本持平，显示公司对流量采购支出保持克制，未盲目加码。管理费用：16亿元，同比略有下降，成本管控成效显著。研发费用：44亿元，同比增长约23%，是三项费用中增速最快的。结合管理层关于技术与供应链能力建设的表述，这一趋势表明公司正在有意识地将资源向技术研发倾斜，为长期竞争力蓄力。值得关注的是，本季度股权激励费用合计15亿元，同比下降近30%（去年同期为22亿元），这在一定程度上减轻了非GAAP调整幅度，也反映出公司薪酬结构的阶段性变化。盈利承压：非经营项目成最大拖累GAAP口径下，本季度经营利润达196亿元，同比增长22%，经营利润率约18.4%，同比提升约1.6个百分点，主营业务盈利能力实际上有所改善。然而，经营利润以下各项却对最终净利润形成较大压制：利息及投资收益：由去年同期盈利2.23亿元转为亏损6.32亿元，反映出投资市场波动对资产配置的冲击。其他收益净额：由去年同期正贡献32.61亿元骤降至亏损20.31亿元，逆转幅度高达50余亿元，是净利润下滑的最核心原因。汇兑损失：1.45亿元，较去年同期（2.42亿元）有所收窄。综合以上非经营项目影响，税前利润降至168亿元，叠加41亿元所得税支出，最终归母净利润为125亿元，同比下滑15%。管理层信号：供应链投资是\"下一个十年\"的最大变量本次财报最值得深读的并非数字本身，而是管理层表述所传递的战略信号。两位联席CEO和财务副总裁在各自发言中不约而同地强调\"供应链投资\"，并将其定性为\"核心战略优先项\"和\"平台生态系统韧性的基石\"。公司明确表示将投入重大资源建设自有品牌业务（First-party 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06:58","market":"us","language":"zh","title":"物理AI的ChatGPT时刻！英伟达“内驱”无人驾驶汽车将至，发布首个链式思维推理VLA模型","url":"https://stock-news.laohu8.com/highlight/detail?id=1107553505","media":"华尔街见闻","summary":"英伟达宣布开源其首个推理VLA 模型Alpamayo 1。黄仁勋称，首款搭载英伟达技术的汽车将第一季度在美上路。Alpamayo 1是业界首个为自动驾驶研究社区设计的思维链推理VLA模型，现已在Hugging Face平台发布。\"跨行业AI模型全面开放本周一，英伟达还发布了推动各行业AI发展的多个新开源模型、数据和工具。","content":"<html><head></head><body><blockquote><p>英伟达宣布开源其首个推理 VLA (视觉-语言-动作) 模型Alpamayo 1。该模型旨在打造能在意外情况下&#34;思考&#34;解决方案的车辆，采用 100 亿参数架构，使用视频输入生成轨迹和推理过程。黄仁勋称，首款搭载英伟达技术的汽车将第一季度在美上路。英伟达还发布了多个开源模型、数据和工具，如用于代理AI的英伟达Nemotron家族、用于物理AI的Cosmos平台、用于机器人的英伟达Isaac GR00T以及用于生物医学的英伟达Clara。 </p></blockquote><p style=\"text-align: justify;\">英伟达在无人驾驶领域迈出关键一步，宣布开源其首个推理 VLA (视觉-语言-动作) 模型Alpamayo 1，这一举措旨在加速安全的自动驾驶技术开发。该模型通过类人思维方式处理复杂驾驶场景，为解决自动驾驶长尾问题提供新路径。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3134524403881437fb74d225c52441ad\" tg-width=\"1920\" tg-height=\"1080\"/></p><p style=\"text-align: justify;\">美东时间1月5日周一，英伟达CEO黄仁勋在拉斯维加斯举行的CES展会上发布了Alpamayo平台，使汽车能够在真实世界中进行&#34;推理&#34;。黄仁勋表示，首款搭载英伟达技术的汽车将于第一季度在美国上路。</p><p style=\"text-align: justify;\">英伟达免费开放Alpamayo模型，允许潜在用户自行对模型进行重新训练。该模型旨在打造能在意外情况下&#34;思考&#34;解决方案的车辆，例如交通信号灯故障等场景。车载计算机将分析来自摄像头和其他传感器的输入，将其分解为步骤并提出解决方案。</p><p style=\"text-align: justify;\">这一开源举措获得了行业广泛支持。包括捷豹路虎（JLR）、Lucid、Uber以及加州大学伯克利分校DeepDrive深度学习自动驾驶产业联盟（BDD）在内，多家移动出行领军企业和研究机构表示，将利用Alpamayo开发基于推理的自动驾驶技术栈，推动L4级自动驾驶部署。</p><h2 id=\"vla\">首个开源推理VLA模型发布</h2><p style=\"text-align: justify;\">英伟达此次发布的Alpamayo家族整合了三大基础支柱：开源模型、仿真框架和数据集，构建了一个完整的开放生态系统供任何汽车开发者或研究团队使用。</p><p style=\"text-align: justify;\">Alpamayo 1是业界首个为自动驾驶研究社区设计的思维链推理VLA模型，现已在Hugging Face平台发布。该模型采用100亿参数架构，使用视频输入生成轨迹及推理轨迹，展示每个决策背后的逻辑。开发者可以将Alpamayo 1改编为更小的运行时模型用于车辆开发，或将其作为自动驾驶开发工具的基础，例如基于推理的评估器和自动标注系统。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1539da18fe5daa5d3daaa9561f7a957f\" tg-width=\"640\" tg-height=\"360\"/></p><p style=\"text-align: justify;\">黄仁勋表示：</p><blockquote><p style=\"text-align: justify;\">“物理AI的ChatGPT时刻已到来——机器开始理解、推理并在真实世界中行动。无人出租车是首批受益者。Alpamayo为自动驾驶汽车带来推理能力，使其能够思考罕见场景，在复杂环境中安全驾驶，并解释其驾驶决策——这是安全、可扩展自动驾驶的基础。”</p></blockquote><p style=\"text-align: justify;\">英伟达强调，Alpamayo模型并非直接在车内运行，而是作为大规模教师模型，供开发者微调并提取到其完整自动驾驶技术栈的骨干中。未来该家族的模型将具有更大的参数规模、更详细的推理能力、更多的输入输出灵活性以及商业使用选项。</p><h2 id=\"id_549400371\">推理VLA技术原理解析</h2><p style=\"text-align: justify;\">推理VLA是一种统一的AI模型，将视觉感知、语言理解和动作生成与逐步推理集成在一起。</p><p style=\"text-align: justify;\">这类模型整合了明确的AI推理功能，在传统视觉-语言-动作模型的基础上构建。AI推理是AI逐步解决复杂问题并生成类似于人类思维过程推理痕迹的能力。这些系统对一系列互联网规模的任务进行预训练，包括语言生成和视觉连接，以发展通用知识和感知基础。</p><p style=\"text-align: justify;\">与将视觉输入直接映射到动作的标准VLA模型不同，推理VLA模型将复杂的任务分解成可管理的子问题，并以可解释的形式阐明其推理过程。这使模型能够更准确地解决问题或执行任务，还能对模型正在进行的操作提供一定程度的反思。</p><p style=\"text-align: justify;\">构建推理VLA模型需要三种基本AI功能：视觉感知、语言理解以及动作和决策制定。视觉感知处理来自摄像头、毫米波雷达或激光雷达等感知传感器的实时数据；语言理解通过自然语言处理解释命令、上下文提示和对话输入；动作和决策制定则使用融合的感官和语言信息来计划、选择和安全地执行任务，同时生成可解释的推理痕迹。</p><p style=\"text-align: justify;\">在自动驾驶场景中，推理VLA可以对交通状况进行逐步推理。例如，接近一个十字路口时，系统可能会进行如此推理：&#34;我看到一个停止标志，左边有车辆驶来，还有行人正在过马路。我应该减速，完全停下来，等待行人通过人行横道，安全时再继续前进。&#34;</p><h2 id=\"67a2996d\">完整开放生态系统支持开发</h2><p style=\"text-align: justify;\">除Alpamayo 1模型外，英伟达还发布了配套的仿真工具和数据集，构建完整的开发生态系统。</p><p style=\"text-align: justify;\">AlpaSim是一个完全开源的端到端仿真框架，用于高保真自动驾驶开发，现已在GitHub平台发布。它提供真实的传感器建模、可配置的交通动态和可扩展的闭环测试环境，实现快速验证和策略优化。</p><p style=\"text-align: justify;\">英伟达还提供了面向自动驾驶最多样化的大规模开放数据集，包含超过1700小时的驾驶数据，涵盖最广泛的地理位置和条件范围，覆盖罕见且复杂的真实世界边缘案例，这对于推进推理架构至关重要。这些数据集可在Hugging Face平台获取。</p><p style=\"text-align: justify;\">这些工具共同为基于推理的自动驾驶技术栈创建了一个自我强化的开发循环。开发者可以利用这些资源在专有车队数据上微调模型，将其集成到基于英伟达DRIVE AGX Thor加速计算构建的英伟达DRIVE Hyperion架构中，并在商业部署前通过仿真验证性能。</p><h2 id=\"258ccbdf\">业界领军企业表达支持</h2><p style=\"text-align: justify;\">据英伟达介绍，多家移动出行领域的领军企业对Alpamayo表示了浓厚兴趣。</p><p style=\"text-align: justify;\">Lucid Motors高级驾驶辅助系统和自动驾驶副总裁Kai Stepper表示：&#34;向物理AI的转变凸显了AI系统对真实世界行为进行推理能力的日益增长的需求，而不仅仅是处理数据。先进的仿真环境、丰富的数据集和推理模型是这一演进的重要元素。&#34;</p><p style=\"text-align: justify;\">捷豹路虎产品工程执行总监Thomas Müller表示：&#34;开放、透明的AI开发对于负责任地推进自动移动出行至关重要。通过开源Alpamayo等模型，英伟达正在帮助加速整个自动驾驶生态系统的创新，为开发者和研究人员提供新工具，以安全地应对复杂的真实世界场景。&#34;</p><p style=\"text-align: justify;\">Uber全球自动移动出行和配送负责人Sarfraz Maredia表示：&#34;处理长尾和不可预测的驾驶场景是自动驾驶的决定性挑战之一。Alpamayo为行业创造了令人兴奋的新机遇，可以加速物理AI、提高透明度并增加安全的L4级部署。&#34;</p><p style=\"text-align: justify;\">加州大学伯克利分校DeepDrive联合主任Wei Zhan表示：&#34;Alpamayo组合的推出代表着研究社区的一次重大飞跃。英伟达决定公开这一技术具有变革意义，因为其访问权限和能力将使我们能够以前所未有的规模进行训练——为我们提供了将自动驾驶推向主流所需的灵活性和资源。&#34;</p><h2 id=\"ai\">跨行业AI模型全面开放</h2><p style=\"text-align: justify;\">本周一，英伟达还发布了推动各行业AI发展的多个新开源模型、数据和工具。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39f666d0805b91ad50e93d0f4f400113\" tg-width=\"1280\" tg-height=\"680\"/></p><p style=\"text-align: justify;\">这些模型涵盖用于代理AI的英伟达Nemotron家族、用于物理AI的英伟达Cosmos平台、用于机器人的英伟达Isaac GR00T以及用于生物医学的英伟达Clara。英伟达还提供了开源训练框架和全球最大的开放多模态数据集合之一，包括10万亿语言训练标记、50万个机器人轨迹、45.5万个蛋白质结构和100TB的车辆传感器数据。</p><p style=\"text-align: justify;\">英伟达代理式AI基础模型Nemotron发布了语音、多模态检索增强生成（RAG）和安全相关的新模型。Nemotron Speech包含业界领先的开源模型，为实时字幕和语音AI应用提供实时、低延迟语音识别。Nemotron RAG包含新的嵌入和重排序视觉语言模型，提供高度准确的多语言和多模态数据洞察。</p><p style=\"text-align: justify;\">在物理AI和机器人领域，英伟达发布了Cosmos开放世界基础模型，为加速物理AI开发和验证带来类人推理和世界生成能力。Isaac GR00T N1.6是一个开放推理VLA模型，专为人形机器人打造，实现全身控制，并使用英伟达Cosmos Reason实现更好的推理和上下文理解。</p><p style=\"text-align: justify;\">英伟达称，博世（Bosch）、CodeRabbit、CrowdStrike、Cohesity、Fortinet、Franka Robotics、Humanoid、Palantir、Salesforce、ServiceNow、日立和Uber等科技业的领头羊正在采用并基于英伟达的开源模型技术进行开发。</p><p style=\"text-align: justify;\">英伟达的开源模型、数据和框架现已在GitHub和Hugging Face平台发布，并可通过一系列云、推理和AI基础设施平台以及build.nvidia.com获取。这些模型中的许多还以英伟达NIM微服务的形式提供，可在从边缘到云端的任何英伟达加速基础设施上进行安全、可扩展的部署。</p></body></html>","source":"lsy1762389672944","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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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物理AI的ChatGPT时刻！英伟达“内驱”无人驾驶汽车将至，发布首个链式思维推理VLA模型\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-06 06:58 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3762605><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>英伟达宣布开源其首个推理 VLA (视觉-语言-动作) 模型Alpamayo 1。该模型旨在打造能在意外情况下\"思考\"解决方案的车辆，采用 100 亿参数架构，使用视频输入生成轨迹和推理过程。黄仁勋称，首款搭载英伟达技术的汽车将第一季度在美上路。英伟达还发布了多个开源模型、数据和工具，如用于代理AI的英伟达Nemotron家族、用于物理AI的Cosmos平台、用于机器人的英伟达Isaac ...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3762605\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1539da18fe5daa5d3daaa9561f7a957f","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://wallstreetcn.com/articles/3762605","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107553505","content_text":"英伟达宣布开源其首个推理 VLA (视觉-语言-动作) 模型Alpamayo 1。该模型旨在打造能在意外情况下\"思考\"解决方案的车辆，采用 100 亿参数架构，使用视频输入生成轨迹和推理过程。黄仁勋称，首款搭载英伟达技术的汽车将第一季度在美上路。英伟达还发布了多个开源模型、数据和工具，如用于代理AI的英伟达Nemotron家族、用于物理AI的Cosmos平台、用于机器人的英伟达Isaac GR00T以及用于生物医学的英伟达Clara。 英伟达在无人驾驶领域迈出关键一步，宣布开源其首个推理 VLA (视觉-语言-动作) 模型Alpamayo 1，这一举措旨在加速安全的自动驾驶技术开发。该模型通过类人思维方式处理复杂驾驶场景，为解决自动驾驶长尾问题提供新路径。美东时间1月5日周一，英伟达CEO黄仁勋在拉斯维加斯举行的CES展会上发布了Alpamayo平台，使汽车能够在真实世界中进行\"推理\"。黄仁勋表示，首款搭载英伟达技术的汽车将于第一季度在美国上路。英伟达免费开放Alpamayo模型，允许潜在用户自行对模型进行重新训练。该模型旨在打造能在意外情况下\"思考\"解决方案的车辆，例如交通信号灯故障等场景。车载计算机将分析来自摄像头和其他传感器的输入，将其分解为步骤并提出解决方案。这一开源举措获得了行业广泛支持。包括捷豹路虎（JLR）、Lucid、Uber以及加州大学伯克利分校DeepDrive深度学习自动驾驶产业联盟（BDD）在内，多家移动出行领军企业和研究机构表示，将利用Alpamayo开发基于推理的自动驾驶技术栈，推动L4级自动驾驶部署。首个开源推理VLA模型发布英伟达此次发布的Alpamayo家族整合了三大基础支柱：开源模型、仿真框架和数据集，构建了一个完整的开放生态系统供任何汽车开发者或研究团队使用。Alpamayo 1是业界首个为自动驾驶研究社区设计的思维链推理VLA模型，现已在Hugging Face平台发布。该模型采用100亿参数架构，使用视频输入生成轨迹及推理轨迹，展示每个决策背后的逻辑。开发者可以将Alpamayo 1改编为更小的运行时模型用于车辆开发，或将其作为自动驾驶开发工具的基础，例如基于推理的评估器和自动标注系统。黄仁勋表示：“物理AI的ChatGPT时刻已到来——机器开始理解、推理并在真实世界中行动。无人出租车是首批受益者。Alpamayo为自动驾驶汽车带来推理能力，使其能够思考罕见场景，在复杂环境中安全驾驶，并解释其驾驶决策——这是安全、可扩展自动驾驶的基础。”英伟达强调，Alpamayo模型并非直接在车内运行，而是作为大规模教师模型，供开发者微调并提取到其完整自动驾驶技术栈的骨干中。未来该家族的模型将具有更大的参数规模、更详细的推理能力、更多的输入输出灵活性以及商业使用选项。推理VLA技术原理解析推理VLA是一种统一的AI模型，将视觉感知、语言理解和动作生成与逐步推理集成在一起。这类模型整合了明确的AI推理功能，在传统视觉-语言-动作模型的基础上构建。AI推理是AI逐步解决复杂问题并生成类似于人类思维过程推理痕迹的能力。这些系统对一系列互联网规模的任务进行预训练，包括语言生成和视觉连接，以发展通用知识和感知基础。与将视觉输入直接映射到动作的标准VLA模型不同，推理VLA模型将复杂的任务分解成可管理的子问题，并以可解释的形式阐明其推理过程。这使模型能够更准确地解决问题或执行任务，还能对模型正在进行的操作提供一定程度的反思。构建推理VLA模型需要三种基本AI功能：视觉感知、语言理解以及动作和决策制定。视觉感知处理来自摄像头、毫米波雷达或激光雷达等感知传感器的实时数据；语言理解通过自然语言处理解释命令、上下文提示和对话输入；动作和决策制定则使用融合的感官和语言信息来计划、选择和安全地执行任务，同时生成可解释的推理痕迹。在自动驾驶场景中，推理VLA可以对交通状况进行逐步推理。例如，接近一个十字路口时，系统可能会进行如此推理：\"我看到一个停止标志，左边有车辆驶来，还有行人正在过马路。我应该减速，完全停下来，等待行人通过人行横道，安全时再继续前进。\"完整开放生态系统支持开发除Alpamayo 1模型外，英伟达还发布了配套的仿真工具和数据集，构建完整的开发生态系统。AlpaSim是一个完全开源的端到端仿真框架，用于高保真自动驾驶开发，现已在GitHub平台发布。它提供真实的传感器建模、可配置的交通动态和可扩展的闭环测试环境，实现快速验证和策略优化。英伟达还提供了面向自动驾驶最多样化的大规模开放数据集，包含超过1700小时的驾驶数据，涵盖最广泛的地理位置和条件范围，覆盖罕见且复杂的真实世界边缘案例，这对于推进推理架构至关重要。这些数据集可在Hugging Face平台获取。这些工具共同为基于推理的自动驾驶技术栈创建了一个自我强化的开发循环。开发者可以利用这些资源在专有车队数据上微调模型，将其集成到基于英伟达DRIVE AGX Thor加速计算构建的英伟达DRIVE Hyperion架构中，并在商业部署前通过仿真验证性能。业界领军企业表达支持据英伟达介绍，多家移动出行领域的领军企业对Alpamayo表示了浓厚兴趣。Lucid Motors高级驾驶辅助系统和自动驾驶副总裁Kai Stepper表示：\"向物理AI的转变凸显了AI系统对真实世界行为进行推理能力的日益增长的需求，而不仅仅是处理数据。先进的仿真环境、丰富的数据集和推理模型是这一演进的重要元素。\"捷豹路虎产品工程执行总监Thomas Müller表示：\"开放、透明的AI开发对于负责任地推进自动移动出行至关重要。通过开源Alpamayo等模型，英伟达正在帮助加速整个自动驾驶生态系统的创新，为开发者和研究人员提供新工具，以安全地应对复杂的真实世界场景。\"Uber全球自动移动出行和配送负责人Sarfraz Maredia表示：\"处理长尾和不可预测的驾驶场景是自动驾驶的决定性挑战之一。Alpamayo为行业创造了令人兴奋的新机遇，可以加速物理AI、提高透明度并增加安全的L4级部署。\"加州大学伯克利分校DeepDrive联合主任Wei Zhan表示：\"Alpamayo组合的推出代表着研究社区的一次重大飞跃。英伟达决定公开这一技术具有变革意义，因为其访问权限和能力将使我们能够以前所未有的规模进行训练——为我们提供了将自动驾驶推向主流所需的灵活性和资源。\"跨行业AI模型全面开放本周一，英伟达还发布了推动各行业AI发展的多个新开源模型、数据和工具。这些模型涵盖用于代理AI的英伟达Nemotron家族、用于物理AI的英伟达Cosmos平台、用于机器人的英伟达Isaac GR00T以及用于生物医学的英伟达Clara。英伟达还提供了开源训练框架和全球最大的开放多模态数据集合之一，包括10万亿语言训练标记、50万个机器人轨迹、45.5万个蛋白质结构和100TB的车辆传感器数据。英伟达代理式AI基础模型Nemotron发布了语音、多模态检索增强生成（RAG）和安全相关的新模型。Nemotron Speech包含业界领先的开源模型，为实时字幕和语音AI应用提供实时、低延迟语音识别。Nemotron RAG包含新的嵌入和重排序视觉语言模型，提供高度准确的多语言和多模态数据洞察。在物理AI和机器人领域，英伟达发布了Cosmos开放世界基础模型，为加速物理AI开发和验证带来类人推理和世界生成能力。Isaac GR00T N1.6是一个开放推理VLA模型，专为人形机器人打造，实现全身控制，并使用英伟达Cosmos Reason实现更好的推理和上下文理解。英伟达称，博世（Bosch）、CodeRabbit、CrowdStrike、Cohesity、Fortinet、Franka Robotics、Humanoid、Palantir、Salesforce、ServiceNow、日立和Uber等科技业的领头羊正在采用并基于英伟达的开源模型技术进行开发。英伟达的开源模型、数据和框架现已在GitHub和Hugging 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