毕马威：2020年第三季度美国风险投资报告
百度2020年第三季度财报
Baidu Announces Third Quarter 2020 ResultsBEIJING, China, November 16, 2020– Baidu, I nc. (NASDAQ: BIDU) (“Baidu” or the “Company”), a leading search engine, knowledge and information centered Internet platform and AI company, today announced its unaudited financial results for the third quarter ended September 30, 20201.“Our revenue growth turned positive in the third quarter with many advertising verticals turning around, putting Baidu in a good position to further benefit from a recovery in the Chinese economy. The vibrant mobile ecosystem that Baidu has built in the last few years sets a strong foundation for us to grow our non-advertising business.” said Robin Li, Co-founder and CEO of Baidu. “Our new AI businesses saw healthy growth in the third quarter, particularly from cloud, where we are differentiating with AI solutions.”“Our team executed in the third quarter with top line growth, resilient profitability and strong cash flow, a testament to the durability of Baidu’s business, despite China experiencing a second wave of COVID-19 in July. Our focus on differentiating Baidu with open-platform, in-app search and new AI businesses has enabled Bai du Core’s adjusted EBITDA margin to reach 46% in the third quarter,” said Herman Yu, CFO of Baidu. “We also executed on our capital allocation strategy by selling down equity investments and continuing to execute on our share repurchase plan.”Financial HighlightsBaidu, Inc.(In millions except per ADS, Q3 Q2 Q3unaudited)2019 2020 2020YOY QOQRMB RMB RMB US$Total revenues 28,080 26,034 28,232 4,158 1% 8%Operating income 2,355 3,644 6,156 907 161% 69% Operating income (non-GAAP) 23,691 5,605 7,636 1,125 107% 36%Net income (loss) to Baidu (6,373) 3,579 13,678 2,015 - 282% Net income to Baidu (non-GAAP) 24,387 5,082 6,988 1,029 59% 38%Diluted earnings (loss) per ADS (18.37) 10.31 39.79 5.86 - 286% Diluted earnings per ADS (non-GAAP) 212.61 14.73 20.35 3.00 61% 38%Adjusted EBITDA 25,116 7,015 9,073 1,336 77% 29% Adjusted EBITDA margin 18% 27% 32% 32%1Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7896 to US$1.00, the exchange rate in effect as of September 30, 2020 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.2 Non-GAAP measures are defined in Non-GAAP Financial Measures section. Also see the table captioned “Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details.Baidu CoreQ3 Q2 Q3(In millions, unaudited)2019 2020 2020YOY QOQRMB RMB RMB US$Total revenues 21,010 18,926 21,379 3,149 2% 13%Operating income 5,191 4,966 7,404 1,090 43% 49% Operating income (non-GAAP) 26,224 6,482 8,505 1,253 37% 31%Net income (loss) to Baidu Core (4,287) 4,424 14,368 2,116 - 225% Net income to Baidu Core (non-GAAP) 26,310 5,656 7,486 1,103 19% 32%Adjusted EBITDA27,525 7,771 9,822 1,447 31% 26% Adjusted EBITDA margin 36% 41% 46% 46%Other HighlightsCorporate•Baidu received an ESG rating of BB from MSCI and an ESG risk score of 21.5 from Sustainalytics, reflecting the progress the Company has made through ESG policy changes and improved disclosure on corporate governance.•Baidu World was held virtually in September 2020 in partnership with CCTV, reaching an audience of over 60 million. This year’s theme centered on the “Intelligence of Everything,”highlighting how Baidu AI products and solutions can improve everyday life and empower enterprises and the public sector to do more and do better in the areas of cloud computing, smart transportation and autonomous driving.•Baidu entered into definitive agreements to raise financing for its Smart Living Group (“SLG”) at a post-money valuation of approximately RMB 20 billion, or US$2.9 billion, in September 2020. The transaction is expected to be completed in the fourth quarter of 2020, and Baidu is expected to be a super majority shareholder.•Baidu completed a bond offering of US$950 million in October 2020, consisting of US$650 million of 1.720% notes due 2026 and US$300 million of 2.375% notes due 2030, theproceeds from which are expected to be used to repay certain existing indebtedness. •Baidu returned US$596 million to shareholders in the third quarter of 2020, bringing the cumulative share repurchase over the last two years to approximately US$2.0 billion.Mobile Ecosystem•Baidu App’s daily active users (“DAUs”) reach ed 206 million and its monthly active users (“MAUs”) reached 544 million in September 2020.•The massive reach of Baidu App, along with other products in the Company’s product portfolio, is attracting a wide range of knowledge and information-centric videos, including live and short videos. Topical live streaming, such as Wander Planet and Who to Support, grew eight folds sequentially.•Publishers are sharing more originals on Baijiahao (“BJH”) accounts, to take advantage of Baidu’s large scale and easy sharing of content across Baidu family of apps. BJH accounts reached 3.6 million, up 52% year over year, in September 2020.•App developers are adopting Baidu Smart Mini Programs (“SMP s”) to provide users with native-app like experience on Baidu, without having to download the host apps. The number of SMPs grew three folds, and SMP monthly active users on Baidu App reached 355 million, up 22% year over year, in September 2020.•Site merchants are switching to Managed Page as the landing page for their search results to improve marketing effectiveness, resulting in Managed Page revenue reaching almost 1/3 of Baidu Core’s online marketing services revenue in the third quarter of 2020.DuerOS•DuerOS first-party monthly voice queries reached 2.7 billion, up 65% from last year, and DuerOS total monthly voice queries reached 5.3 billion in September 2020.•Xiaodu Smart Display ranked #1 in smart display shipments globally, and Xiaodu smart speakers ranked #1 in smart speaker shipments in China for the second quarter of 2020,according to market research firms IDC, Strategy Analytics and Canalys.•The DuerOS skills store, offering 4,300 skills in wide ranging genres, including education, video, online game and live streaming, is supported by a developer community of 45,000. •Xiaodu Smart Earphones was introduced in September 2020, allowing users to navigate DuerOS skills using its voice assistant and hear instant language translation. Xiaodu Smart Earphones broaden the use case of the Xiaodu voice assistant from home, auto and hotel to anywhere with mobile.Cloud, AI Services & AI Platform•Baidu partners with Postal Savings Bank of China (“PSBC”), a top consumer bank in China with 40,000 branches nationwide, to provide Baidu AI PaaS, which can be trained to provide better credit risk management by leveraging Baidu’s advanced AI capabilities, such as big data and natural language processing.•Baidu partners with the Economic and Technological Development Zone in Guiyang,a major national data center hub in China,to provide its AI PaaS platform that will be made available to the 400+ enterprises across 10 industries located in the economic development zone.Baidu’s AI PaaS can help businesses improve their operations and do more through advanced AI, including deep learning, blockchain and computer vision,•Baidu’s AI open platform built on Baidu Cloud offers over 270 AI capabilities, attracting a developer community of over 2 million.•Baidu Translate, an AI cloud service leveraging Baidu’s advanced natural language processing, speech and vision processing technologies, supports over 200 languages andprocesses over 100 billion bites a day, attracting a developer community of 400,000.Apollo•Baidu partners with the city of Guangzhou, Guangdong to provide smart transportation solutions to improve traffic efficiency, air pollution and road safety.•Apollo Go robotaxi is now opened to the public in Beijing, becoming the third city following Changsha, Hunan and Cangzhou, Hebei. Apollo Go rides may be ordered from Baidu Maps or Apollo Go app.•Baidu was granted China’s first driverless test permit in Changsha.iQIYI•iQIYI subscribers reached 104.8 million in September 2020, and membership revenue was up 7% y ear over year. iQIYI’s large subscriber base further strengthens iQIYI’s foundation to produce entertainment blockbuster originals.Third Quarter 2020 ResultsTotal revenues reached RMB 28.2 billion ($4.16 billion), increasing 1% year over year.Revenue from Baidu Core reached RMB 21.4 billion ($3.15 billion), increasing 2% year over year. Online marketing revenue from Baidu Core was RMB 18.4 billion ($2.72 billion), which was basically flat from last year. Non-online marketing revenue from Baidu Core reached 2.9 billion ($434 million), increasing 14% year over year, primarily driven by the growth of cloud services.Cost of revenues was RMB 12.8 billion ($1.89 billion), decreasing 22% year over year, primarily due to a decrease in content costs, traffic acquisition costs and costs of goods sold.Selling, general and administrative expenses were RMB 4.7 billion ($692 million), increasing 1% year over year.Research and development expenses were RMB 4.6 billion ($673 million), decreasing 3% year over year.Operating income was RMB 6.2 billion ($907 million) and operating margin was 22%. Baidu Core operating income was RMB 7.4 billion ($1.09 billion) and Baidu Core operating margin was 35%.Non-GAAP operating income was RMB 7.6 billion ($1.13 billion), and non-GAAP operating margin was 27%. Non-GAAP Baidu Core operating income was RMB 8.5 billion ($1.25 billion), and non-GAAP Baidu Core operating margin was 40%.Total other income was RMB 8.9 billion ($1.31 billion), compared to total other loss of RMB 9.5 billion in Q3 2019. Total other income in Q3 2020 included fair value gain of RMB 9.0 billion from long-term investments.Income tax expense was RMB 1.6 billion ($239 million), compared to RMB 934 million in Q3 2019.Net income attributable to Baidu was RMB 13.7 billion ($2.02 billion), and diluted earnings per ADS was RMB 39.79 ($5.86). Net income attributable to Baidu Core was RMB 14.4 billion ($2.12 billion).Non-GAAP net income attributable to Baidu was RMB 7.0 billion ($1.03 billion), and non-GAAP net margin was 25%. Non-GAAP diluted earnings per ADS amounted to RMB 20.35 ($3.00). Non-GAAP net income attributable to Baidu Core was RMB 7.5 billion ($1.10 billion), and non-GAAP net margin for Baidu Core was 35%.Adjusted EBITDA was RMB 9.1 billion ($1.34 billion) and adjusted EBITDA margin was 32%. Adjusted EBITDA for Baidu Core was RMB 9.8 billion ($1.45 billion) and adjusted EBITDA margin for Baidu Core was 46%.As of September 30, 2020, cash, cash equivalents, restricted cash and short-term investments were RMB 146.0 billion ($21.50 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB 138.5 billion ($20.41 billion). Free cash flow was RMB 6.3 billion ($925 million), and free cash flow excluding iQIYI was RMB 8.3 billion ($1.22 billion).For more information on the adoption of ASU 2019-02 beginning January 1, 2020, in accordance with the new accounting standard, please see explanation under “Non-GAAP Financial Measures”.Financial GuidanceFor the fourth quarter of 2020, Baidu expects revenues to be between RMB 28.6 billion ($4.2 billion) and RMB 31.3 billion ($4.6 billion), representing a growth rate of -1% to 8% year over year, which assumes that Baidu Core revenue will grow between -1% and 10% year over year.The above forecast reflects Baidu’s current and preliminary view, which is subject to substantial uncertainty.Conference Call InformationBaidu's management will hold an earnings conference call at 8:15 PM on November 16, 2020, U.S. Eastern Time (9:15 AM on November 17, 2020, Beijing Time).Please register in advance of the conference call using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email.For pre-registration, please click /registration/event/2876397. It will automatically direct you to the registration page of "Baidu Q3 2020 Earnings Conference Call", where you may fill in your details for RSVP. If it requires you to enter a participant conference ID, please enter "2876397".In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), Direct Event passcode and unique registrant ID) provided in the confirmation email that you have received following your pre-registration.Additionally, a live and archived webcast of this conference call will be availableat .A replay of the conference call may be accessed by phone at the following number until November 24, 2020:International: +61 2 8199 0299Passcode: 2876397About BaiduBaidu, Inc. is a leading search engine, knowledge and information centered Internet platform and AI company. The Company’s mission is to make the complicated world simpler through technology. Baidu's ADSs trade on the NASDAQ Global Select Market under the symbol "BIDU". Currently, ten ADSs represent one Class A ordinary share.ContactsInvestors Relations, Baidu, Inc.Tel: +86-10-5992-8888Email:ir@Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the outlook for the fourth quarter of 2020, quotations from management in this announcement, as well as Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number offactors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition f or online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.Non-GAAP Financial MeasuresTo supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss) attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding not only non-cash charges, but also other items that are infrequent or unusual in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s h istorical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.Non-GAAP operating income represents operating income excluding share-based compensation expenses and amortization and impairment of intangible assets resulting from business combinations.Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, disposal gain or loss, impairment of long-term investments, fair value change of long-term inv estments, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per shares, adjusted for related income tax effects, are also excluded.Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, which is adjusted for accretion for the redeemable non-controlling interests, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, and share-based compensation expenses.Free cash flow represents net cash provided by operating activities less capital expenditures. Starting from January 1, 2020, Baidu adopted ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, which reclassifies cash outflows for costs incurred to acquire licensed contents from investing activities to operating activities. To increase comparability, 2019 free cash flow has been retrospectively adjusted to include cash outflows of acquisition of licensed copyrights, which is presented on the same basis as 2020 and going forward.For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures.”Baidu, Inc.Condensed Consolidated Statements of Income (Loss)(In millions except for share, per share (or ADS) information, unaudited)Three Months EndedSeptember 30,June 30,September 30,September 30,2019202020202020RMB RMB RMB US$(2) Revenues:Online marketing services20,43417,68820,2012,975 Others7,6468,3468,0311,183 Total revenues 28,08026,03428,2324,158 Costs and expenses:Cost of revenues(1)16,37813,13412,8151,886 Selling, general and administrative(1)4,6574,4174,700692 Research and development(1)4,6904,8394,561673 Total costs and expenses25,72522,39022,0763,251 Operating income2,3553,6446,156907 Other income (loss):Interest income1,6871,3121,297191 Interest expense(788)(820)(755)(111) Foreign exchange income (loss), net2955(271)(40) Gain (loss) from equity method investments(729)(1,732)(546)(80) Other income (loss), net(9,683)1,5519,1691,351 Total other income (loss), net(9,484)3668,8941,311 Income (loss) before income taxes(7,129)4,01015,0502,218 Income tax expense9341,2221,618239 Net income (loss)(8,063)2,78813,4321,979 Net loss attributable to noncontrolling interests(1,690)(791)(246)(36) Net income (loss) attributable to Baidu(6,373)3,57913,6782,015 Earnings per ADS (1 Class A ordinary share equals 10 ADSs):-Basic(18.37)10.3440.21 5.92 -Diluted(18.37)10.3139.79 5.86 Earnings per share for Class A and Class B ordinary shares:-Basic(183.74)103.44402.0659.22 -Diluted(183.74)103.06397.8858.60 Weighted average number of Class A and Class B ordinary shares outstanding:Basic 34,793,15434,377,65833,982,54733,982,547 Diluted34,793,15434,505,61734,339,43834,339,438 (1) Includes share-based compensation expenses as follows:Cost of revenues701088112 Selling, general and administrative33655040360 Research and development8101,188930137 Total share-based compensation expenses1,2161,8461,414209 (2) All translations from RMB to U.S. dollars are made at a rate of RMB 6.7896 to US$1.00, the exchange rate in effect as of September 30, 2020 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.Baidu, Inc.Condensed Consolidated Balance Sheets(In millions except for share information, unaudited)December 31,September 30,September 30,201920202020RMB RMB US$ ASSETSCurrent assets:Cash and cash equivalents33,44318,4232,713 Restricted cash99666999 Short-term investments112,924126,87618,687 Accounts receivable, net7,4167,0461,038 Amounts due from related parties1,5941,307193 Other current assets, net9,1898,8311,301 Total current assets165,562163,15224,031 Non-current assets:Fixed assets, net18,31117,1542,527 Licensed copyrights, net6,2876,062893 Intangible assets, net1,6002,033299 Goodwill18,25021,7763,207 Long-term investments, net69,41081,28911,973 Amounts due from related parties3,5643,639536 Deferred tax assets, net2,193804118 Operating lease right-of-use assets7,3329,6481,421 Produced content, net4,3555,517813 Other non-current assets4,4523,668540 Total non-current assets135,754151,59022,327 Total assets301,316314,74246,358LIABILITIES AND EQUITYCurrent liabilities:Short-term loans2,6183,804560 Accounts payable and accrued liabilities32,70131,5924,653 Customer deposits and deferred revenue11,06212,1851,795 Deferred income52916324 Long-term loans, current portion7377,5061,106 Notes payable, current portion5,219--Amounts due to related parties2,2311,747257 Operating lease liabilities2,2834,636683 Total current liabilities57,38061,6339,078 Non-current liabilities:Deferred income17578 Deferred revenue1,00960990 Amounts due to related parties3,8463,689543 Long-term loans7,80462892 Notes payable38,09043,9176,468 Convertible senior notes12,29712,3071,813 Deferred tax liabilities3,2733,319489 Operating lease liabilities4,4864,607679 Other non-current liabilities29931647 Total non-current liabilities71,12169,44910,229 Total liabilities128,501131,08219,307 Redeemable noncontrolling interests1,1091,248184 EquityTotal Baidu shareholders' equity163,599176,29125,965 Noncontrolling interests8,1076,121902 Total equity171,706182,41226,867Total liabilities, redeemable noncontrolling interests,and equity301,316314,74246,358Baidu, Inc.Selected Information(In millions except for per ADS information, unaudited)Baidu Core iQIYI Elim &adj (2)Baidu,Inc.Baidu Core iQIYI Elim &adj (2)Baidu,Inc.Baidu Core iQIYI Elim &adj (2)Baidu,Inc.Baidu Core iQIYI Elim &adj (2)Baidu,Inc.Total revenues21,010 7,397(327)28,08018,9267,412(304)26,03421,379 7,188 (335) 28,2323,149 1,059 (50) 4,158YOY 2%(3%)1% QOQ13%(3%)8%Costs and expenses: Cost of revenues (1)8,502 8,176(300)16,3786,5556,834(255)13,1346,728 6,363 (276) 12,815991937(42)1,886Selling, general and administrative (1)3,320 1,350 (13) 4,657 3,230 1,196 (9) 4,417 3,354 1,364 (18) 4,700 494 201 (3) 692 Research and development (1)3,997 703 (10) 4,690 4,175 664 - 4,839 3,893 671 (3) 4,561 574 99 - 673 Total costs and expenses 15,819 10,229 (323) 25,725 13,960 8,694 (264) 22,390 13,975 8,398 (297)22,076 2,059 1,237 (45) 3,251YOYCost of revenues(21%)(22%)(22%)Selling, general and administrative 1%1%1% Research and development (3%)(5%)(3%) Cost and expenses (12%)(18%)(14%)Operating income (loss)5,191(2,832)(4)2,3554,966(1,282) (40)3,6447,404(1,210)(38)6,156 1,090(178)(5)907YOY 43%(57%)161% QOQ49%(6%)69%Operating margin25%(38%)8%26%(17%)14%35%(17%)22% Add: total other income (loss),net (8,657) (827)- (9,484)507(141) - 3668,827 67 - 8,894 1,30110- 1,311Less: income tax expense918 16- 934 1,206 16 - 1,222 1,599 19 - 1,618 236 3 - 239 Less: net income (loss) attributable to NCI (97)13(1,606)(3)(1,690)(157) 3 (637)(3)(791)264 13 (523)(3)(246) 39 2 (77)(3)(36) Net income(loss) attributable to Baidu (4,287) (3,688)1,602(6,373)4,424(1,442) 5973,57914,368 (1,175) 48513,6782,116 (173) 722,015YOY -(68%)- QOQ225%(19%)282%Net margin(20%)(50%)(23%)23%(19%)14%67%(16%)48%Non-GAAP financial measures:Operating income (loss) (non-GAAP)6,224(2,529)3,6916,482(837)5,6058,505(831)7,636 1,253(123)1,125YOY 37%(67%)107% QOQ31%(1%)36%Operating margin (non-GAAP)30%(34%)13%34%(11%)22%40%(12%)27%Net income (loss) attributable to Baidu (non-GAAP)6,310(3,394)4,3875,656(956)5,0827,486(830)6,9881,103(123)1,029YOY 19%(76%)59% QOQ32%(13%)38%Net margin (non-GAAP)30%(46%)16%30%(13%)20%35%(12%)25%Adjusted EBITDA 7,525(2,405)5,1167,771(716)7,0159,822(711)9,0731,447(106)1,336YOY 31%(70%)77% QOQ26%(1%)29%Adjusted EBITDA margin36%(33%)18%41%(10%)27%46%(10%)32%(1) Includes share-based compensation as follows:Cost of revenues 25 45 70 49 59 108 29 52 81 4 8 12 Selling, general and administrative 207 129 336 331 219 550 187 216 403 28 32 60 Research and development 749 61 810 1,102 86 1,188 846 84 930 125 12 137 Total share-based compensation 981 235 1,2161,4823641,8461,0623521,414157 52 209(2) Relates to intersegment eliminations and adjustments(3) Relates to the net loss attributable to iQIYI noncontrolling interestsThree months ended September 30, 2019 (RMB)Three months endedJune 30, 2020 (RMB)Three months endedSeptember 30, 2020 (RMB)Three months endedSeptember 30, 2020 (US$)。
国际直接投资的特点及发展趋势
国际直接投资的特点及开展趋势摘要：国际金融危机影响，全球国际直接投资持续下滑，兴旺国家尤为突出。
从总量上看，兴旺国家仍然主导国际直接投资格局，但从增量和开展趋势来看，新兴市场国家正在改变国际直接投资格局，兴旺国家限制外资的政策也有所松动。
本文对当前国际直接投资的特点及开展趋势进展分析，并给出了相关的对策。
关键词：国际直接投资；特点；趋势；时机一、当前国际直接投资的特点〔一〕、从总量上看，兴旺国家仍然主导国际直接投资格局尽管受到金融危机的影响，但从总量上来看，兴旺国家在国际直接投资格局中仍占主导地位。
以法国为例，2009年吸收国际直接投资650亿美元，位居世界第三。
其中68％的外国直接投资工程来自欧洲企业，19％来自北美企业，l0％来自亚洲企业；德国以113个投资工程名列第一，美国以l06个工程位居第二，意大利和英国分别以56个工程和39个工程名列第三、第四。
当前兴旺国家对外投资以独资为主，大多采取并购的形式，谋取垄断地位的倾向没有改变。
以我国为例，新设独资工程占外商直接投资合同工程的比重不断提高，从2002年的65％上升到近年的80％，而原有的合资企业独资化的趋势比拟明显。
〔二〕、从增量来看，新兴市场国家正在改变国际直接投资格局由于金融体系受美国次贷危机的直接影响较小、外汇储藏充裕，新兴市场国家、尤其是亚洲的新兴市场国家在国际金融危机中对外直接投资的步伐并没有停滞。
毕马威的研究报告显示，新兴市场国家的企业在兴旺国家的并购活动大幅增加。
2009年下半年，新兴市场国家企业并购兴旺国家企业的交易额为354亿美元，是上半年交易额的两倍多。
同期，兴旺国家并购新兴市场国家企业的活动继续降温，交易额183亿美元，萎缩近1／4。
事实上，兴旺国家企业在开展中国家的并购活动自2007年底以来持续下降，目前还没有企稳的迹象。
〔三〕、跨国并购明显上升，“绿地投资〞继续下降2010 年，全球跨国并购较上年增长了37%，其中针对开展中国家的跨国并购额增加了一倍。
三颗巨星的陨落--财务造假
1
安然
全球第一大能源交易商，收入自1996年的133亿美元 上升到2000年的1,008亿美元，总市值达700亿美元
在《财富500》中列美国第七，世界第十六 连续6年被《财富》杂志评选为美国最有创意的公司 被英国《金融时报》评为“年度能源公司奖”、
“最大胆的成功投资决策奖”、“美国人最爱任职 的百大企业” 2001年12月2日，安然申请破产保护
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安然存在的主要问题
对于SPE是否纳入合并范围，安达信称，由于 安然未告知其与某一SPE的非关联股东签定的 一份协议，导致安达信对于上文中提到的3%要 求测算有误，从而同意未将该SPE的资产和负 债纳入合并范围，导致少记负债约4亿美元。 但安然发表声明，称其并没有向安达信隐瞒上 述协议。对于另一家SPE，安达信总裁承认由
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美国会计丑闻大事记
13,安达信成立
83,安然前身休斯敦天然气公司成立
85,与英特北合并成立安然 85,世通公司成立
99,安然在线成立，后成为全球最大能源交易商 01/3/5,《财富》发表文章，首次指出安然的财务有“黑箱”。
01/5/6,一买方分析公司发表报告，建议投资者卖掉安然股票， 并对其关联交易与会计手法持消极态度；高盛、美林等卖方 分析师仍强力推荐安然股票。
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安达信
曾是全球收入总额最高且最有影响的会计师事 务所和财务咨询公司，收入总额过200亿美元
与埃森哲分手后，2001年收入总额仍达93亿 美元，在全球有480多个分支机构、8.5万员工
去年底，一家著名的英国评估公司还将其评为 最领先的企业
1989年，在上海首创市长国际企业家咨询会 上海“99财富全球论坛”的主要赞助商
美国经济的增长及影响
一、美国经济从繁荣到衰退从1992年以来,美国经济进入了新的一轮经济扩张期,出现了少见的繁荣景象,一个新名词“新经济”也随之诞生。
在这轮扩张中,各种指标均呈现健康态势,出现了“一高两低”的现象,即经济长期高速增长,但失业率、通货膨胀率却很低。
美国经济年平均增长率为3.8%,通货膨胀率保持在2%—3%,失业率大幅度下降。
在这次新经济中,美国占据着信息产业的优势,信息产业成为美国新的经济增长点,带动美国经济持续增长;而且其全球化程度非常高,一两家企业的产品几乎垄断全球市场。
然而,美国经济自2000年下半年以来,经济增长速度趋缓。
2001年3月,经济就已经步入衰退。
按年率计算,2000年前2个季度经济增长率分别高达4.8%和5.6%;后2个季度分别为2.2%和1.0%。
至2001年,头2个季度分别为1.3%和0.3%,第3季度就已出现负恐怖袭击事件的发生,进一步加剧了美国经济的衰退。
增长,增长率为-1.1%,美国经济本身呈疲软走势。
“9.11”事件对美国造成的经济损失估计将达数千亿美元,损失最大的几个行业有航空、旅游、证券、保险、“9.11”能源、房地产等。
尽管该事件对美国社会和经济都产生了比较强烈的冲击,但美国政府在2001年第4季度采取的增加财政支出13%,国防开支增长14%的财政政策,使美国经济在第4季度出现回升,该季度GDP增长达到2.7%,2002 年第1季度出现了高达5%的增长率。
从数据上看,这是一个不错的开始。
然而好景不长,2002年9月公布第2季度GDP增长率又回落至1.1%。
此外,美国的失业率也一直居高不下。
近几个月来,美国失业率均在5.8%到6%之间徘徊,为多年来的最高水平。
据2002年9月18日公布的最新数据显示,2002年7月失业率达5.9%,8月为5.7%。
二、美国经济走势分析:美国经济将步入增长性衰退对于美国经济未来走势及全球经济前景,许多学者作出了各种各样的预测。
有两种观点大相径庭。
2020传统行业CVC发展报告
CVC 的发展和历史 传统行业 CVC 与互联网企业 CVC 的区别
4
一、CVC 的定义与作用
传统行业 CVC 发展报告
CVC 的定义
企业风险投资（Corporate Venture Capital，即 CVC），一般指企业在资金充足的情况下，通过设立战略投资部门 或 通过控股的全资子公司直接进行外部企业投资，或与其他企业共同出资成立投资基金，投资其他基金从而间接 参与 外部企业投资。CVC 与传统意义上的风险投资（Independent Venture Capital ,即 IVC）存在显著差异，CVC 除了可 以实现财务回报外，更多是围绕公司业务本身进行战略布局式投资，以更加快速有效地实现战略目的。典型 的 CVC 组织架构如下图所示。
若 CVC 母公司存在严重的代理问题，则被投资企业，尤其业务与 CVC 母公司无关的创业企业，未来被削减投资的风险较高
7
三、CVC 的投资模式
传统行业 CVC 发展报告
设立战略投资部门或全资子公司、公司直投项目
➢ 迅速适应能源和技术带来的重大变革
例如，传统汽车制造领域宝马在 2011 年成立 i Ventures 风投基金，2016 年对 i Ventures 增资了 5 亿欧元。同时，
同时，丰田研究院也通过投资 Nauto、SLAMcore 等自动驾驶技术相关的初创企业，帮助其弥补在自动驾驶等技术上 的不足并加速人才积累。例如，通过投资 Nauto，获得了技术授权，未来将其系统集成到量产车上优化决策。
➢ 缩短研发周期，提升效率，降低成本
例如，3D 打印技术在汽车制造领域已经开始发挥越来越重要的作用，宝马在投资 Desktop Metal 后，公司量产车上将 采用 3D 打印技术制造零部件成品，降低小批量零部件的生产成本，加快部分零部件的生产速度，同时方便为用户提 供定制化服务。此外，GM Ventures 投资的 NanoSteel 也在前年推出 3D 打印工具钢材料。
美国经济离衰退不远了,美股恐大跌40%,67%的CFO预测拐点在
美国经济离衰退不远了，美股恐大跌40%，67%的CFO预测拐点在……(2019-04-21 21:34:14)转载▼标签：杂谈财经陈思进金融绝情华尔街分类：思进看世界（思进注：长久关注我的网友都知道，我之前曾经提及过，眼下是美国下一次经济危机的前夜，下一次经济危机将可能在2年后发生。
刚读到《美国经济离衰退不远了，67%的CFO预测拐点在……》和《桥水警告：美股恐大跌40% 企业利润推手面临威胁》，和我的观点类似。
不过，金融市场是个混沌的市场，本身就是多方因素交织而成的。
而预测，特别是有影响力的人的预测，恰恰会对金融市场产生影响，从而改变它的轨迹。
就像马克思当年的预言，本身恰恰改变了资本主义发展的轨迹……特转发和大家分享。
）美国经济离衰退不远了，美股恐大跌40%，67%的CFO预测拐点在……来源：华尔街见闻据华尔街见闻4月20日报道，本周公布的杜克首席财务官（CFO）全球商业前景调查显示67％的受访CFO预测，美国经济将在2020年第三季度陷入衰退，84％的受访CFO认为经济衰退将在2021年第一季度前开始，还有38％的受访者预测明年第一季度就会出现经济衰退。
该调查涵盖了1500多名首席财务官的回应，其中469名来自北美。
杜克大学Fuqua商学院金融学教授John Graham表示：“经济衰退的预测比往常更接近，受访者表示经济危机可能导致经济崩溃。
”此外，美国CFO的乐观情绪非常明显下降。
只有24.1%的受访CFO对美国经济感到乐观，低于一年前的53.3％。
而高盛有着不同的看法。
周三（4月17日）接受CNBC采访时，高盛CEO所罗门（David Solomon）称，目前没有看到任何数据能让他相信经济衰退的可能性在加速上升。
在他看来，美国经济发展得很好，滑入衰退的风险比年初的预测要小。
此外，所罗门还称，对于经济继续扩张而言，全球央行变得更加宽松是一个不错的兆头。
无独有偶，摩根大通CEO杰米·戴蒙此前也认为，2008年金融危机后开始的经济扩张没有到期日：看看美国经济，消费状况良好，资产负债表状况良好，人们回到劳动力市场，公司有充足的资金。
审计失败案例分析
隐瞒合并主体，虚增资产与利 润〔12〕
银广夏编制合并报表时，未抵销与子公 司之间的关联交易，也未按股权协议的 比例合并子公司，从而虚增巨额资产和 利润。未合并报表的控股公司达２６家， 共有１．５亿元的关联款未予披露。
案例分析：银广夏〔13〕
项目
工业 商业 房地产 影视文化 集团内抵销 合计
主营业务收入（人民币万元）
银广夏董事长张吉生成认，天津广夏造假始于 １９９５年，造假利润从１９９５年的２００ 余万元开始，开展到２０００年的５亿多元， 创下了惊人的利润“业绩〞。而实际情况是： 最近几年，天津广夏每年亏损１５００万元至 ２０００万元。
案例分析：银广夏〔4〕
调查说明，不仅天津广夏造假，银广夏分布在 各地的主要控股公司几乎都在利润上作过手脚： 上海广夏文化开展通过虚假确认电视片广告收 入、拍摄费用等虚增利润；武汉世贸大厦〔银 广夏控股子公司〕通过虚构售房收入等手段虚 增利润；芜湖广夏公司虚增利润的手段是多计 资本化利息费用、少计经营费用、多提折旧等； 在深圳，被银广夏称为开展战略支撑点的广夏 投资公司，实际是一家“空壳〞公司；在银川， 银广夏用募集资金投资时大做手脚，通过收取 高额利息等方式“做大〞利润。
32564
66.83%
销售利
18839
58335
209.65%
主营业务税金
891
508
42.99%
销售税金率
2.32%
0.56%
-1.76%
年末存货
35940
40192
18.31%
案例分析：银广夏〔18〕
〔8〕由主营业务本钱与收入比照可看出，企 业2000销售增值58335万元，另外年末存货比 年初增加4252万元，增值税大致应为9194万元， 城建税及教育附加应为919.4万元，而利润表 显示数远远低于应有数额。令人生疑的是，本 年销售毛利大幅上升的情况下，在存货变化不 大的同时，销售税金率却大幅下降！ 更不可思 议的是，企业现金流量表显示本年支付的增值 税只有5.3万元，根本不符合情理！
毕马威基本的财务管理分析概念和工具
资本预算决策
资本预算决策需要考虑多个因素，包括投资需求、资金成本、风险和回报等。
在进行资本预算决策时，企业需要考虑多个因素，包括投资项目的需求、资金成本、风险和回报等。企业需要评估项目的预期收益是否能够覆盖其成本，并考虑如何筹集所需的资金。同时，企业还需要考虑项目的风险，包括市场风险、技术风险和财务风险等，并采取相应的措施来降低风险。
对信用风险的识别、计量、监测和控制是信用风险管理的重要环节。
常用的信用风险管理工具包括信贷限额、担保物和信用衍生品等。
信用风险管理
03
常用的操作风险管理工具包括内部控制、业务连续性计划和风险转移等。
01
操作风险管理是指对因内部流程、人为错误、系统故障等因素而引起的潜在损失的管理。
02
对操作风险的识别、计量、监测和控制是操作风险管理的重要环节。
融资决策
总结词
融资决策需要考虑融资成本、资本结构和风险控制等多个因素。
详细描述
在进行融资决策时，企业需要考虑多个因素，包括融资成本、资本结构和风险控制等。融资成本是指企业为筹集资金所付出的代价，包括利息、手续费和其他相关成本；资本结构是指企业各种资本来源的构成比例；风险控制是指对融资过程中可能出现的风险进行预测和管理，以降低企业的财务风险。企业需要根据自身的实际情况进行权衡和选择。
信息披露应该清晰、准确、完整，以便投资者和其他利益相关者能够理解公司的财务状况和经营成果。
信息披露的合规性
透明度
法规遵循
感谢观看
THANKS
总结词
详细描述
资本预算决策
资本预算决策的方法包括净现值法、内部收益率法和回收期法等。
总结词
资本预算决策的方法有多种，包括净现值法（NPV）、内部收益率法（IRR）和回收期法等。净现值法是评估项目预期现金流的净现值，以确定项目的投资价值。内部收益率法是计算项目的内部收益率，以评估项目的盈利能力和风险。回收期法是计算项目投资回收所需的时间，以评估项目的短期回报。企业可以根据实际情况选择合适的方法进行资本预算决策。
2020传统行业CVC发展报告
传统行业 CVC 发展报告 展，探索行业发展的新趋势，了解新的技术和新兴市场，甚至是布局跨行业发展，这些对于传统龙头企业来说意义 重大。
➢ 促进产业链结构完整 CVC 结合产业与资本的有效配置，可以引导企业资金由虚向实，帮助企业构建行业的生态链，打通产业上下游，优化 产业结构。
二、CVC 与 IVC 的区别及优劣势分析
2020 年 5 月
２
传统行业 CVC 发展报告
目录
CONTENTS
1.
4.
CVC 行业概述
P05
1. CVC 的定义与作用 2. CVC 与 IVC 的区别及优劣势 3. CVC 的投资模式 4. CVC 的发展和历史 5. 传统行业 CVC 与互联网企业 CVC 的区别
Байду номын сангаас
传统行业 CVC 布局及投资机会 P42
CVC 的发展和历史 传统行业 CVC 与互联网企业 CVC 的区别
4
一、CVC 的定义与作用
传统行业 CVC 发展报告
CVC 的定义
企业风险投资（Corporate Venture Capital，即 CVC），一般指企业在资金充足的情况下，通过设立战略投资部门 或 通过控股的全资子公司直接进行外部企业投资，或与其他企业共同出资成立投资基金，投资其他基金从而间接 参与 外部企业投资。CVC 与传统意义上的风险投资（Independent Venture Capital ,即 IVC）存在显著差异，CVC 除了可 以实现财务回报外，更多是围绕公司业务本身进行战略布局式投资，以更加快速有效地实现战略目的。典型 的 CVC 组织架构如下图所示。
6
传统行业 CVC 发展报告
对创业公司来说，接受CVC 投资与 IVC 相比有不同优劣势
世界十大顶级风险投资人排行
世界十大顶级风险投资人排行据国外媒体报道,《福布斯》发布了科技界“十大顶级风险投资家排行榜"，对那些具有点石成金能力的投资人进行了盘点，其中位居榜首的是Accel合伙公司的詹姆斯•布雷耶（James Breyer）。
以下为排名情况：1、詹姆斯•布雷耶（James Breyer),Accel合伙公司其投资的公司有：Facebook、奇迹娱乐公司、BBN技术公司、工艺品销售网站Etsy、传奇电影公司Accel持有Facebook 10%的股份，持有量仅次于Facebook CEO马克•扎克伯格（Mark Zuckerberg）。
布雷耶自己持有其中的1%。
他策划了以3。
5亿美元将BBN出售给雷神公司的交易，此后不到24小时内他又以40亿美元将奇迹娱乐公司卖给了迪士尼。
他刚刚与合作伙伴IDG在中国完成了两支新基金的募资,目前还在美国通过两支基金募资20亿美元。
他穿梭于世界各大知名公司的董事会，其中包括世界上最大的公司（沃尔玛）、最具吸引力的公司（Facebook)以及全球第二大PC厂商（戴尔)，还有Etsy和传奇电影公司。
2、迈克尔•莫里茨（Michael Moritz），红杉资本其投资的公司有:美国汽车电池厂商A123 Systems、借记卡公司Green Dot、便携式摄像机厂商Pure Digital、美国鞋类网站Zappos、社交网站LinkedIn、旅行搜索引擎Kayak莫里茨是谷歌、雅虎、PayPal的早期投资者，目前仍然积极进行投资活动。
他安排了谷歌对ITA软件的7亿美元收购交易,同月Green Dot上市。
另外，Pure Digital被思科以5。
9亿美元的价格收购，Zappos则以12亿美元的价格被亚马逊收购，A123 Systems目前已上市。
他目前是Kayak董事会成员，该公司刚刚申请上市。
在LinkedIn申请IPO（首次公开招股）不久之前,他加入了LinkedIn 董事会。
欧盟solvencyII计划的最新进展-上海财经大学金融学院
欧盟Solvency II项目进程追踪﹡赵桂芹上海财经大学金融学院【摘要】欧盟Solvency II项目计划通过设计风险导向型的监管制度，对保险公司偿付能力进行全方位的动态监管，在全球范围内引起了广泛关注。
本文致力于跟踪solvency II的最新进展，在介绍了欧盟启动Solvency II计划的背景和相关进程的基础上，归纳Solvency II的主要变革和主要内容，并对当前阶段的最新进展和争议焦点进行追踪，希望对我国保险公司的偿付能力监管有所启示。
【关键词】Solvency II 新巴塞尔协议保险监管的三支柱为了应对更加复杂的金融服务市场与欧洲单一市场的发展，欧盟委员会于1998年颁布了“金融服务行动计划(Financial Services Action Plan)”，目标是在金融服务行业建立“审慎监管体系(Prudential Supervisory Regime)”的基础上，加快欧洲金融市场一体化建设步伐。
为了对欧盟金融服务行动计划、推动单一市场目标中的证券市场监管制度进行评估，2000年6月，欧盟部长理事会（ECOFIN）邀请Lamfalussy男爵组织一个研究小组，对其提出改进建议。
Lamfalussy工作组经过广泛的调查研究，于2001年2月完成一份研究报告并于同年3月在斯德哥尔摩获得欧盟理事会通过，之后被称为兰氏计划（Lamfalussy Process）。
兰氏计划所建议的金融监管包括4个层次：第一和第二层次是政治或者法规方面，第三层次是为具体的实施措施提供咨询意见，充当信息交流与监管协作的论坛的作用，最后是执行和监督层面。
这样的结构设置是为了确保欧盟制定的法规能够在各成员国得以正确迅速地贯彻执行，其特点是将行政责任与技术应用两个方面结合起来。
以兰氏计划的基本理念与总体原则为依据，欧*本文为保险公司风险基础资本监管制度研究（批准号：BJK03002）和上海财经大学211工程课题的阶段成果。
高盛因债券承销支付天价罚款事件分析及启示
高盛因债券承销支付天价罚款事件分析及启示董士君1MDB 事件背景情况1MDB（1Malaysia Development Berhad）成立于2009年，前身为马来西亚北部的一个州属主权财富基金，后由时任马来西亚总理兼财政部长纳吉布更名为“一马发展有限公司”，成为隶属财政部的国有投资机构。
1MDB 成立的初衷是支持基础设施建设项目，包括投资马来西亚和中东地区的发电厂及其他能源资产，以及吉隆坡的主要房地产开发项目。
1MDB 于2012年5月至2013年3月以私募融资方式发行三只10年期美元债，总额为65亿美元，高盛是此三只债券的独家承销商，并采用包销形式。
三只债券均在伦敦证券交易所挂牌转让，债券持有人主要包括大马银行、阿布扎比主权基金等。
2015年2月，英国媒体首次报道1MDB 发债募集资金被挪用7亿美元，随后丑闻持续发酵。
2015年7月，马来西亚总理纳吉布被控涉及此案。
2016年4月，因前期存续债务规模超过100亿美元，加之丑闻严重影响持续融资能力，1MDB 宣布利息违约（随后共同担保人IPIC 1宣布代付利息）。
2020年8月，马来西亚检方最终确认，在1MDB 发行的三只债券所募集的65亿美元资金中，共有26亿美元被挪用。
中介机构受到处罚情况虽然三只债券的利息违约风险已被缓释，但因巨额债券募集资金遭到挪用，高盛作为独家承销商被多地接力调查，其为谋求和解最终可能支付超50亿美元的天价罚款，可谓这一事件的最大输家。
其他涉案的证券中介服务机构也分别受到调查或处罚。
各地处罚中介机构的依据以及事件背后的各方博弈逻辑值得探析。
（一）高盛涉案的基本情况经马来西亚政府、香港证监会等审理调查，确认高盛在承销1MDB 三只债券过程中存在以下事实。
第一，高盛在债券承销中收取约5.81亿美元佣金，相当于债券承销总额的9%，这一比率数倍于市场普通债券的承销费率。
第二，1MDB的三只债券发行过于密集（10个月内融资65亿美元），甚至第三只债券（30亿美元）在没有明确投资项目时就进行了发行，且债券募集资金的收款专户为非常规境外私人银行而非马来西亚的商业银行。
中国人工智能发展突飞猛进
中国人工智能发展突飞猛进文 / 本刊记者 赵爱玲万家，中美英企业数量名列前茅。
美国人工智能企业数量约1.3万家，在全球占比达34%；中国占比16%，英国7%，美中英三国的人工智能企业数量合计占全球的56%。
从人工智能独角兽企业情况来看，截至2023年6月底，全球人工智能领域独角兽总数达291家，美国和中国企业数量独占鳌头并基本平分秋色，分别为131家和108家。
中国人工智能领域企业密集诞生在2015年至2018年之间，约三分之二的人工智能领域核心企业成立年限在5—10年，随着有效投资增长乏力，人工智能领域新增注册企业数量在2017年达到峰值528家后，逐年下降，到2022年新增注册企业数减少至63家。
结合区域布局来看，中国人工智能企业主要集聚于北京、广东、上海、浙江等地，形成京津冀、长三角、粤港澳三足鼎立的格局，其中北京市人工智能企业数量有1,600余家。
从人工智能独角兽企业来看，北京市有41家，位居全国首位。
上海市和广东省数量位列二、三，分别有24家和23家。
江立勤表示，近年来世界经济格局深度调整，全球资本市场更加谨慎，整体上投资动作有所放缓。
不过，人工智能凭借和物联网、区块链、Web3.0等各类前沿技术融合应用的技术特性，潜在市场空间广阔，增长确定性较为明显，普遍受到投资人看好，尤其是以ChatGPT 为代表的生成式AI 类应用在2023年迎来一轮爆发，ChatGPT 引发的大模型创新热浪仍在涌动，有可能演变成一场比工业革命、信息革命更为深刻的人工智能革命。
“从根本上来讲，人工智能细分领域技术愈发成熟，场景化应用规模效应逐渐显现是资本流向相关领域的底层驱动力，以近十年中国人工智能领域股权投资情况为例，技术方面，算力、数据平台、自然语言处理、计算机视觉与图像四个细分领域风险投资增速明显加快；应用方面，生活服务、智慧医疗、智能制造、人工智能发展突飞猛进，各行各业均面临如何融合应用智能技术的关键之问，巨大应用潜力背后是新硬件、新算法、新数据的全面涌现。