周一至周五, 10:00 - 11:00 SIN/HK | 0400 - 05:00 CET
Monday - Friday, 10:00 - 11:00 SIN/HK | 0400 - 05:00 CET
你好,，这是伊芙琳,，从北京给您写信。欢迎阅读最新一期的《中国连线—》，其中概述了我'm 在当地企业的所见所闻。
Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a snapshot of what I'm seeing and hearing from local businesses.
随着中国初创公司建立新的人工智能模型，越来越多的美国初创公司使用它们,，它们'正在提高美中关系的赌注。
As Chinese startups build new artificial intelligence models and more American startups use them, they're raising the stakes for U.S.-China relations.
大故事
The big story
中国'在人工智能中的角色正在迅速转变。
China的 role in AI is transforming rapidly.
习近平主席 7 月 17 日的人工智能演讲和同期发布的克劳德寓言 5 竞争对手 Kimi K3 只是一个开始。美国政府对中国开源模式的一系列抵制引发了 Nvidia的 Jensen Huang 和其他 20 多家科技公司在周五的公开信中反对"过早限制"的呼声。
President Xi Jinping的 AI speech on July 17 and the coinciding release of Claude Fable 5 rival Kimi K3 were just a start. The flurry of U.S. government pushback on Chinese open-source models ignited calls against "premature restrictions" in an open letter Friday from Nvidia的 Jensen Huang and more than 20 other tech companies.
"To me, the release of Kimi K3 has kicked off a hornet的 debate in Washington about what to do about Chinese open-weight models," said Ryan Fedasiuk, fellow at the American Enterprise Institute.
这场辩论很快将在高层进行考验。
The debate will soon be tested at a high level.
在上周晚些时候关于美国数据中心政策,的讲话中，美国总统唐纳德·特朗普表示，他计划在 9 月底访问美国期间与习近平讨论人工智能问题。 China的 foreign ministry responded by saying Beijing was ready to work with the U.S. on AI.
In remarks late last week about a U.S. data center policy, U.S. President Donald Trump said he plans to discuss AI with Xi during a visit to the U.S. in late September. China的 foreign ministry responded by saying Beijing was ready to work with the U.S. on AI.
两国最终在技术上是更加合作— 还是对抗— 都将"非常重要," 出生于中国的风险投资家Lex Zhu, 表示，他作为One Way Ventures 波士顿管理合伙人管理着241.5 亿资产。
Whether the two countries end up being more collaborative — or adversarial — on the technology will be "very consequential," said Lex Zhao, a Chinese-born venture capitalist who oversees $150 million in assets as a Boston-based managing partner at One Way Ventures.
"The reality is that a lot of American startups use Chinese AI models," he said. "A lot of companies we invest in build on top of these models."
赵认为，美国和中国各自比其他国家拥有"更多的影响力",，限制了他们对人工智能采取的行动。
Zhao believes the U.S. and China each hold "a lot of leverage" over the other, limiting what actions they will take on AI.
Such commercial interdependence is turning a technology challenge for Washington into a diplomatic one.
本月, 中国不仅在上海举办了世界人工智能大会，还在成都举办了 APEC 数字周,，近两打高级科技官员聚集在一起—，其中包括来自美国的官员。
This month, China not only hosted its World AI Conference in Shanghai but also the APEC Digital Weeks in Chengdu, where nearly two dozen senior tech officials gathered — including from the U.S.
George Chen, partner and chair of digital practice at consultancy The Asia Group, attended both events.
"现在北京也将人工智能视为一种新型外交，以争取更多盟友和合作伙伴,"他说,补充说，即将于9月在华盛顿举行的特习峰会, D.C.,将是两位领导人首次讨论人工智能外交问题。
"Now Beijing also views AI as a new kind of diplomacy to grab more allies and partners," he said, adding that the coming Trump-Xi summit in Washington, D.C., in September will be the first time the two leaders can address AI diplomacy matters.
压倒性的需求
Overwhelming demand
尽管美国四年来限制使用先进半导体来训练人工智能，但中国'的技术仍然取得了进步。对强大新模型的兴奋仍然受到计算能力的限制。
China的 tech advances have come despite four years of U.S. restrictions on access to advanced semiconductors for training AI. Excitement over powerful new models is still constrained by computing power.
本月早些时候，, AI 顾问舒卫兵表示，他访问了 Z.ai的 的办公室,，结果发现，想要使用这家初创公司的 6 月中旬发布的最先进的 GLM 5.2 编码工具的公司已经有三个月的候补名单。 Z.ai 没有回应置评请求。
Earlier this month, AI consultant Shu Weibing said he visited Z.ai的 offices, only to find a three-month waitlist for companies wanting to use the startup的 most advanced GLM 5.2 coding tools released in mid-June. Z.ai did not respond to a request for comment.
就在 Moonshot 推出 Kimi K3, 几天后，该初创公司表示，由于计算能力限制，它将暂停新的订阅。
And just a few days after Moonshot launched Kimi K3, the startup said it was pausing new subscriptions due to computing power limits.
China is pouring resources into domestic computing capabilities. Z.ai is ramping up a giant 1-gigawatt data center, a source familiar with the matter confirmed to CNBC.
但根据皮尤研究中心的一项调查，中国人工智能发布,的步伐，即使截至6月下旬,，也让稍微多一点的美国人相信中国在开发人工智能,方面比美国更先进。皮尤研究中心 7 月初的另一项研究发现，大约一半的美国人不同意民主党和共和党与人工智能相关的政策。
But the pace of Chinese AI releases, even as of late June, convinced slightly more Americans that China is more advanced than the U.S. on developing AI, according to a Pew Research survey. A separate Pew study in early July found that roughly half of Americans disagreed with both Democratic and Republican policies related to AI.
U.S.-based Hugging Face even said it had to use Z.ai的 GLM 5.2 to address a cyberattack from a rogue OpenAI model.
"The incident clearly underscores why open source is so necessary for American enterprise and it would be foolish to close it off," said Fedasiuk, noting "I think it的 possible to stake out a middle ground here."
美国公司'声称中国开发者窃取了人工智能能力,迄今为止最先进的美国开源模型,来自初创公司Thinking Machines Lab,透露其在开发过程中使用了DeepSeek和Kimi。
Amid U.S. companies claims that Chinese developers stole AI capabilities, the most advanced U.S. open-source model to date, from startup Thinking Machines Lab, disclosed that it used DeepSeek and Kimi in the development process.
其他国家正在密切关注。 APEC 代表周四齐聚成都发表声明，支持采用强大安全保证的开源人工智能模型 "。"
Other countries are watching closely. APEC representatives gathered in Chengdu published a statement Thursday in support of open-source AI models "that employ strong security assurance."
即使世界两个最大经济体的领导人在两个月内'时间,讨论政策,能否在快速发展的人工智能竞赛中获得优势，仍不清楚'。
It的 not clear whether policy, even if discussed by the leaders of the world的 two largest economies in two months time, can secure an edge in the fast-moving AI race.
One Way的 赵说，企业之间的最佳实践是使用可以在不同模型之间切换的系统,，而不是仅仅依赖于 one,。
The best practice among businesses is to use systems that give them the option to switch between different models, rather than just relying on one, said One Way的 Zhao.
As Chinese models improve and spread, it may become harder for companies in the U.S. and elsewhere not to build on them.
需要知道
Need to know
吉利将通过新合资企业在西班牙福特工厂生产电动汽车
Geely to make EVs at Ford plant in Spain under new joint venture
该合资企业预计将包括 " 福特, 的新型电动跨界车、Bronco 家族的新成员, 以及两辆电动吉利 SUV,，将于 2028 年开始生产," 公司表示。在中国，随着增长放缓，, 汽车销量将迎来 2021 年以来最糟糕的一年。
The joint venture is expected to include a new electric crossover for Ford, in "addition to a new member of the Bronco family, plus two electric Geely SUVs, with production starting in 2028," the companies said. In China, car sales are headed for their worst year since 2021 as growth slows.
6月份工业利润增速再度放缓
Industrial profit growth slows again in June
中国6月份工业利润同比增长15.1%,，低于5月份的21.1%涨幅。投资者现在将转向传统上于 7 月下旬举行的共产党的 政治局会议,，经济学家预计第二季度经济放缓后将采取更强硬的宽松政策。
China的 industrial profits rose by 15.1% in June from a year earlier, down from May的 21.1% gain. Investors will now turn to the Communist Party的 Politburo meeting, traditionally held in late July, where economists anticipate stronger easing language after the second-quarter slowdown.
存储芯片制造商长鑫存储上海上市首日暴涨470%
Memory chipmaker CXMT skyrockets 470% in Shanghai debut
这家总部位于合肥的公司在将 IPO 定价为每股 8.66 元后，筹集了 579.2 亿元人民币（($86 亿元)）。开盘后股价飙升至每股49元。根据 IPO 招股说明书中公布的第四季度销售数据，长鑫存储在 2025, 占据全球 DRAM 市场 7.67% 的份额。
The Hefei-based company raised 57.92 billion yuan ($8.6 billion) after pricing its IPO at 8.66 yuan per share. Shares surged to 49 yuan apiece on open. CXMT held a 7.67% share of the global DRAM market in 2025, based on fourth-quarter sales figures shared in its IPO prospectus.
Coming up
July 30: China Politburo policy meeting expected
8月3:评级中国一般制造业PMI
Aug. 3: RatingDog China General Manufacturing PMI
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