丨 Tuesday, 1/0/0 丨

NO.1Zhu Xiaohu responded to "quitting embodied wisdom": The heat is too high, and it will definitely go through a bubble period

When the popularity of embodied intelligence was high, Zhu Xiaohu, a "topic of conversation" in the investment circle and managing partner of GSR Ventures, revealed in an interview that "some embodied intelligence projects have recently been withdrawn", which sparked heated discussions, and even prompted embodied intelligence companies that had received GSR Ventures' investment to respond publicly. Recently, Zhu Xiaohu appeared at the 2025-year Shanghai Jiao Tong University Alumni Investment Annual Conference. When participating in the roundtable discussion on "AI Industry Development and Investment Opportunities", he replied that many innovations will go through a cycle, bubble-death-recovery, and today's embodied intelligence is too hot. In his view, embodied intelligence will definitely go through a bubble period, and there will definitely be a "DeepSeek moment" in the future.

Comments:The so-called "DeepSeek moment" by Zhu Xiaohu is actually a "surrender letter" of capital's long-term endurance of technology. Embodied wisdom requires not only "faith recharge", but also patient capital reconstruction of industry-investment linkage.

NO.2Huawei: 8621 years of global sales revenue of 0 billion yuan

3月31日，華為發佈了2024年年度報告。報告顯示，華為經營結果符合預期，實現全球銷售收入8621億元，淨利潤626億元人民幣。2024年研發投入達到1797億元，約佔全年收入的20.8%，近十年累計投入的研發費用超過12490億元。華為輪值董事長孟晚舟指出，未來10年，AI算力的需求持續提升，將是系統對系統的巨大機會。

Comments:Against the backdrop of global economic fluctuations and the trough of the industry investment cycle, Huawei's multi-business segments have blossomed in multiple locations, staging the drama of "Heroes Returning" in various fields.

NO.3State-owned Assets Supervision and Administration Commission of the State Council: Aiming at cutting-edge disruptive fields such as artificial intelligence and quantum technology, we will strengthen the layout

On October 31, the weekly magazine "Democracy and Legal System" published an article signed by the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council. The article points out that it is necessary to improve the institutional arrangements for state-owned enterprises to promote original innovation. Efforts are made to build a three-tier linkage research system that integrates into the overall deployment of the country, organizes central enterprises to work together to tackle key problems, and promotes enterprises to take the initiative to make breakthroughs, guide and promote enterprises to accelerate their breakthroughs in the fields of integrated circuits, industrial machine tools, basic software, biotechnology, etc., and accelerate breakthroughs in a number of key common technologies; Strengthen market-oriented applied basic research, actively participate in the implementation of the 10-year plan for basic research, condense and put forward major basic theories and original technology needs related to national security, industrial development, and improvement of people's livelihood, and strive to solve a number of underlying technology and root technology problems; We will build a source of original technology with high quality, strengthen the layout of cutting-edge disruptive fields such as artificial intelligence and quantum technology, and accelerate the creation of a number of asymmetric technologies and "killer" technologies.

Comments:In the short term, the hard technology sector catalyzed by the policy may be a thematic investment boom. However, it is also necessary to pay attention to the matching of long-term technical research and capital returns, and investors must dig deep into the double standard of "demand rigidity + domestic substitution slope".

Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Accordingly, do so at your own risk.

National Business Daily