沙利文洞见 从行业角度看，算力租赁核心门槛是资源获取、集群运营、客户服务与资金管理的综合能力。企业无需自建基础设施，通过长期租赁或托管第三方资源同样可行，关键在于是否对资源形成实质性控制，并自主负责调度、运维及SLA交付，对服务质量承担主要责任。行业区分服务商与中介，主要依据资源控制权与交付责任：服务商实质控制资源并承担运营风险，收入来自算力及增值服务，壁垒在于规模与技术；中介撮合供需赚取佣金，风险低但利润薄，壁垒依赖渠道效率。两者本质区别在于是否承担资产风险并输出技术附加值。 《时代周报》记者就算力租赁市场进入门槛与商业模式辨析采访弗若斯特沙利文（Frost & Sullivan，以下简称“沙利文”）中国高级合伙人兼董事总经理贾庞。   Q： 从行业角度看，算力租赁业务的核心门槛是什么？一家企业进入算力租赁市场，需要具备哪些关键能力？ 贾庞 沙利文中国高级合伙人兼董事总经理 算力租赁的核心门槛是能否形成稳定、可控、可持续交付的算力供给能力，主要包括四方面： 一是算力资源获取与控制能力 ，能够稳定获取GPU服务器、机柜、网络及电力等关键资源； 二是算力资源运营与交付能力 ，具备资源池化、集群管理、调度编排、监控计量及故障处置等能力，保障服务可用性及SLA； 三是客户获取与服务能力 ，能够持续获取客户需求并提升算力资源利用率； 四是资金及资产管理能力 ，有效管理资源采购、设备折旧、资源闲置及技术迭代等风险。因此，行业竞争壁垒主要体现为“资源获取与控制+运营交付+客户服务+资金及资产管理”的综合能力。   Q： 算力租赁企业是否必须拥有自建算力基础设施？如果主要依赖第三方采购或租赁GPU资源，再向下游提供服务，这种模式是否具备长期商业价值？规模门槛怎么衡量？ 贾庞 沙利文中国高级合伙人兼董事总经理 不必须。行业内既有自购并自建算力基础设施的重资产模式，也有通过长期租赁、托管、合作采购等方式获取算力资源的模式。采用第三方资源并不影响企业开展算力租赁业务，关键在于能否对相关资源形成稳定、持续的控制，并自主负责资源配置、调度、定价、计费、运维及客户服务，对最终交付质量和SLA承担责任。若仅进行短期资源撮合或转售，其业务稳定性和客户粘性通常相对有限。 目前行业内不存在统一的GPU数量或收入规模门槛。判断企业是否形成规模化运营，更适合综合考察稳定可支配的GPU或等效算力规模、资源利用率、客户及合同稳定性、算力服务收入和续约情况等指标，而非仅以自有GPU数量衡量。   Q： 行业如何界定“算力租赁服务商”与“算力中介/资源整合商”？两者在商业模式、盈利空间和竞争壁垒上有哪些本质区别？ 贾庞 沙利文中国高级合伙人兼董事总经理 行业内并无统一的法定分类，实际主要可从资源控制权和最终交付责任进行区分。算力租赁服务商通常对相关算力资源具有较稳定的控制权，并自主负责资源配置、调度、计量计费、运维及客户服务，对服务可用性和SLA承担主要责任；算力中介或资源整合商则更多承担供需撮合、资源匹配和交易协调职能，通常不持续控制底层算力资源，对最终交付承担的责任相对有限。 商业模式方面 ，算力租赁服务商主要收取算力租赁及相关运维、部署等服务费用，同时承担资源锁定、设备折旧或租赁、资源闲置及价格波动等风险；中介或资源整合商主要通过佣金、服务费或交易价差实现收入，资产投入和资源风险相对较低。前者收入规模和单客户价值通常更高，但盈利水平更依赖资源利用率、采购成本及定价能力。 竞争壁垒方面 ，算力租赁服务商更依赖稳定的资源获取与控制、集群运营与调度、SLA交付、客户基础及资金和资产管理能力；中介或资源整合商则更依赖供应商和客户渠道、供需信息覆盖及撮合效率。两类模式的核心区别在于企业是否对算力资源形成实质性控制，并对客户承担主要运营及交付责任。   *本采访已刊登于《时代周报》，作者为朱成呈，原标题为：独家|高乐股份67亿元算力大单迷雾：哈尔滨子公司注册地址为虚拟，算力业务团队超一半入职不足3个月？

沙利文洞见 近日，国务院印发《"十五五"碳达峰行动方案》，明确提出完善算力设施节能降碳标准，推动未达标算力设施开展节能降碳改造，有序淘汰落后低效技术和设备，提升算力设施能效水平。2026年政府工作报告显示，国家枢纽节点新建数据中心绿电占比要超过80%，并鼓励实现100%绿色电力消费。 目前行业内相对成熟、已具备规模化推广条件的节能降碳路径主要有哪些？比如液冷、余热回收、CPO（共封装光学）等技术，目前分别处于什么应用阶段？目前 PUE 、CUE、单位算力碳排放（"算力碳效"）等多套评价指标并存，您认为未来是否需要建立一套全国统一、可比性更强的算力绿色评价体系？现阶段推行统一标准的难点在哪？未来三到五年，您认为绿色算力行业最大的变化会体现在哪些方面？AI技术本身的发展，是否会反过来改变数据中心的节能方式？比如通过AI优化制冷调度、预测负载从而降低闲置能耗，这类"用AI节能AI"的路径目前进展如何？ 弗若斯特沙利文（Frost & Sullivan，以下简称“沙利文”）中国合伙人周明子接受《时代周报》采访，共同探讨绿色算力开启“双向奔赴”新范式。 《证券日报》   Q： 目前行业内相对成熟、已具备规模化推广条件的节能降碳路径主要有哪些？比如 液冷 、余热回收、CPO（共封装光学）等技术，目前分别处于什么应用阶段？   周明子 沙利文中国合伙人 从行业的商业化角度看，当前算力节能降碳领域进入规模化拐点的是冷板式液冷，其市占率超过80%，目前不仅浪潮、华为等头部品牌的服务器已原生支持，而且新建智算中心基本默认配置，PUE可稳定压在1.15至1.25之间，是当下唯一能够"交付即用"的技术路径。浸没式液冷虽然性能更优，但面临初始投资高、运维体系需重建的实际课题需要进一步解决，目前仍依赖零碳园区和金融、运营商的标杆项目拉动，行业预测距规模化尚差约3至5年左右。余热回收技术本身成熟，但商业闭环严重受限于地理条件：北方有市政热网接口， 宁夏中卫 等项目已将余热打包进绿电直供方案；南方则只能对接温室、泳池等零散场景，回收周期过长，尚未形成独立可复制的商业模式。此外， CPO 的分化最为显著：交换侧将在2026年下半年开始起量，英伟达Quantum 3400 CPO交换机已定档量产，传输损耗降低60%；但芯片间的scale-up光互连要等到2028年Feynman架构量产才能规模铺开，届时市场有望迎来新一轮的应用爆发；   Q： 目前PUE、CUE、单位算力碳排放（"算力碳效"）等多套评价指标并存，您认为未来是否需要建立一套全国统一、可比性更强的算力绿色评价体系？现阶段推行统一标准的难点在哪？   周明子 沙利文中国合伙人 从行业发展角度看，建立一个全国统一的算力绿色评价体系是必要的，但在当前阶段做到"完全可比"并不现实。单一PUE指标的局限性已经非常明显：它完全不反映能源结构——PUE 1.1的全煤电数据中心与PUE 1.3的全绿电数据中心，碳排放差距可能达到数倍；它也不衡量算力产出效率——一台PUE 1.15但GPU利用率只有30%的集群，本质上是一种"虚假高效"；此外，建设期、设备制造、退役处置等范围三排放完全不在PUE的覆盖范围之内。政策层面已在推动转变：2026年政府工作报告首次将"算电协同"纳入新基建工程，国家数据局、国家能源局配套明确"枢纽新建算力设施绿电占比≥80%、西部PUE≤1.20/东部≤1.25"的双约束；信通院同时在推进面向AI业务产出的两类新指标——算力能效与Token能效，这两个新指标标志着行业的评价焦点从"机房效率"转向"业务产出效率"。另一方面看，推行统一标准，还面临三个实质性障碍：一是绿电溯源口径尚未统一，绿证、绿电交易、 绿电直供 、自发自用光伏四种路径的认定标准存在分歧；二是范围三碳排放的核算方法缺乏行业共识；三是区域资源禀赋差异过大，宁夏等西部枢纽靠风光+绿电直供易达标，长三角硬做到80%需跨省绿证+储能配套，强行用同一套分数去比较，东西部产业市场都会存在一定的顾虑。所以未来，更可能的演进路径是，由国家制定综合框架，由行业协会出台分级领跑值，类似LEED认证的金银分级逻辑，以达到更好的落地效果。   Q： 未来三到五年，您认为绿色算力行业最大的变化会体现在哪些方面？   周明子 沙利文中国合伙人 未来三到五年，沙利文认为绿色算力行业的变化将集中在四条相互嵌套的主线上。第一条是"绿电80%"从政策倡导变为刚性约束，这将从根本上重构数据中心的投资逻辑。目前八大算力枢纽中，只有宁夏、甘肃、内蒙古拥有成熟的绿电直供通道，其余节点的绿电占比大多低于30%，而2026年政府工作报告已明确将这一比例写入约束条件。这意味着2026年到2028年是抢占绿电直供通道、签署长期购电协议、锁定源网荷储资源的窗口期，错过这个窗口的项目将难以通过能评审批。第二条是产业布局将从"东数西算"进一步细化为"绿电腹地训练与存储、沿海推理、枢纽中转"的新版图，万卡以上的训练集群将基本锁定西部。第三条是液冷加零碳园区从示范性质转为准入标准，"十五五"方案明确要求建设100个国家级零碳园区，算力设施的绿色低碳转型已被单独列条，未来新建大型集群基本上将是液冷、绿电直供、余热利用三件套的标配组合。第四条是算电协同将催生出新的交易品种，数据中心作为可调节负荷参与电网调峰、绿电现货套利、非实时任务跨区域迁移，这些行为将使"算力碳效"和"绿电溯源"成为可交易的资产，经CCER核证后的项目回报率将高于纯硬件投资。沙利文认为，未来三到五年真正拉开企业差距的可能不是硬件参数，而是绿电采购协议的签约能力、碳资产的运营能力以及算力资产的调度能力——硬件大家都能买到，绿电通道、碳核证和可信的计算服务资产才是稀缺资源。易助能源在苏州某产业园的分布式算力中心，系统协同调度光伏、储能、负荷和算力任务。绿电充裕或电价低时增加非实时任务；用电高峰时降低或迁移可延迟负载，使算力中心从刚性负荷变为柔性负荷，参与削峰填谷和绿电消纳。系统根据任务、电价和能源供给，动态调整任务运行，保障稳定并降低成本。这表明其竞争力从硬件规模转向绿电获取、能源协同和算力调度能力。   Q： AI技术本身的发展，是否会反过来改变数据中心的节能方式？比如通过AI优化制冷调度、预测负载从而降低闲置能耗，这类"用AI节能AI"的路径目前进展如何？   周明子 沙利文中国合伙人 沙利文认为用AI技术优化数据中心自身能耗这条路径，实际进展比多数市场认知要快，但需要明确一条关键边界：AI调优是存量改造中性价比最高的杠杆，但它无法挽救PUE在1.3以上的老旧风冷机房——那些机房需要先更换液冷硬件，AI只能在此基础上做锦上添花。技术演进已经走过了三个阶段：第一阶段是基于负载预测的预调节，避免临时性峰值冲击；第二阶段是全局寻优，通过对冷机、水泵、冷却塔、CDU的联合调优，在已有节能架构基础上再挤出10%到30%的能效空间；第三阶段则是算电协同，将制冷策略与绿电出力时序、算力迁移联动起来，绿电充裕时提前预冷并多运行批处理任务，绿电紧张时主动降低非实时负载。沙利文认为未来真正具有溢价能力的产品形态，很可能是"AI调优加绿电时序匹配加跨区域负载迁移"的整套打包方案，单纯售卖AI节能软件。无锡某高端装备制造企业将其园区将能源和算力管理委托易助能源进行智能化运营管理。易助能源通过AI联动服务器、制冷、光伏和储能系统，预测算力负载、设备温度及绿电出力，动态调整制冷策略、服务器运行状态和任务时序，实现算力、制冷与电力的一体化优化。在绿电充裕时，系统可提前预冷并增加批处理和推理任务；在园区负荷高峰时，则通过服务器降频、任务错峰和储能调节降低峰值能耗。该场景将传统的单一制冷节能，进一步升级为对算力、冷量和电力资源的全局优化，体现了“用AI节能AI”从技术验证向实际运营场景加速落地。   *本采访已刊登于《证券日报》，作者为王镜茹，原标题为：绿色算力开启“双向奔赴”新范式

“AI正在重塑几乎所有与人有关的价值和活动，很难预测它最终会把我们的生产与生活带向何方。”8月5日，全球性企业增长咨询公司弗若斯特沙利文（Frost & Sullivan，下称“沙利文”）全球董事局主席兼首席执行官‌富大为（David Frigstad）在接受《国际金融报》记者采访时判断，AI正将企业带入一个竞争强度更高的时代。 "AI is reshaping almost all human-related values and activities, and it is hard to predict where it will ultimately take our production and daily lives." On August 5, David Frigstad, Global Chairman and CEO of the global growth consulting firm Frost & Sullivan, noted in an interview with a reporter from International Finance News that AI is bringing enterprises into an era of unprecedentedly intense competition.   在 富大为 看来，AI正以指数级速度加快企业决策、组织协同和市场竞争的节奏。“工业革命大约在150年里带来了百倍的变化；而现在，也许10年里就会发生百倍的变化。”他指出，CEO和企业都必须为这种前所未有的变化速度做好准备。作为沙利文的“掌舵者”，富大为长期深耕企业增长、创新与领导力，并将自己定位为“增长教练”（ Growth Coach ）。他认为，AI时代最稀缺的，并不是一次漂亮的技术展示，而是企业持续学习、快速选择，并推动团队真正行动起来的能力。值得一提的是，这是富大为时隔近十年再次来到中国。采访中，他回顾了自己所见证的中国创新产业跨越式发展，并对中国在人工智能等高科技领域形成的发展生态给予高度评价。“中国的创新能力让我无比兴奋，在世界任何地方，我都很少见到这样的景象”。 In Mr. Frigstad's view, AI is accelerating the pace of corporate decision-making, organizational collaboration and market competition at an exponential rate. "The Industrial Revolution brought about a hundredfold change over roughly 150 years; now, a hundredfold change might happen in just 10 years." He pointed out that CEOs and enterprises must prepare for this unprecedented speed of change. As the "helmsman" of Frost & Sullivan, Mr. Frigstad has long been deeply engaged in corporate growth, innovation and leadership, positioning himself as a "Growth Coach." He believes that what is most scarce in the AI era is not a beautiful technological demonstration, but a company's ability to continuously learn, make rapid choices and drive its team to take real action. It is worth mentioning that this is Mr. Frigstad's first visit to China in nearly a decade. During the interview, he reflected on the leapfrog development of China's innovative industries that he has witnessed and spoke highly of the development ecosystem China has formed in high-tech fields such as artificial intelligence. "China's innovation capabilities make me incredibly excited; I have rarely seen such a scene anywhere else in the world."   “我还是大学生时，曾在香港和台湾待过，后来第一次有机会来到北京，见到了我们的中国合作伙伴。那是很久以前了。”从学生时代第一次到访，到第一次走进中国市场，再到时隔十年来到上海，富大为的感慨并不只来自中国经济的活力或AI产业的热度，更来自一种在他看来颇为罕见的变化能力——“中国对改善与人的生活有关的问题所作出的国家层面的投入和承诺，令人震撼，也令人兴奋”。在他眼中，中国的发展并非停留在宏大的数字与叙事之中，而是在较短时间内不断转化为看得见的现实。看到中国经济的活力，他直言只能惊叹：“你们能够亲身经历这一切，这也是为什么我觉得，我们能生活在这个时代，是很幸运的。” "When I was still a college student, I spent time in Hong Kong and Taiwan. Later, I had my first opportunity to visit Beijing and meet our Chinese partners. That was a long time ago." From his first visit as a student, to his first entry into the Chinese market and now returning to Shanghai after ten years, Mr. Frigstad's reflections stem not only from the vitality of the Chinese economy or the boom of the AI industry, but also from a capacity for change that he considers quite rare—"China's national-level investment and commitment to improving issues related to people's lives is both astounding and exciting." In his eyes, China's development does not merely exist in grand numbers and narratives, but is continuously translated into visible reality within a relatively short period of time. Seeing the vitality of the Chinese economy, he frankly expressed his amazement: "You are able to experience all of this firsthand, which is exactly why I feel we are very fortunate to live in this era."     AI时代，企业靠什么建立竞争力？   “增长教练”，是富大为对自己的定义。 "Growth Coach" is how Mr. Frigstad defines himself.   这个称谓，源自他大学时期的体操运动员经历。“任何一位优秀的运动员都离不开教练，团队竞技更是如此。”在富大为看来，无论个人项目还是团队项目，通往胜利的过程都离不开训练、复盘与调整，更离不开教练持续的观察和引导。 This title originates from his experience as a gymnast during his college years. "No outstanding athlete can succeed without a coach, and this is especially true in team sports." In Mr. Frigstad's view, whether in individual or team events, the path to victory requires constant training, review and adjustment—and above all, the continuous observation and guidance of a coach.   但从赛场走进商业世界后，他看到了一种耐人寻味的反差：面对员工、客户与业务关系交织的复杂企业，许多CEO反而处在“无教练”状态——身边少有人能够持续提出问题，帮助他们复盘、判断，并作出更好的选择。 However, upon transitioning from the sports arena to the business world, he noticed an intriguing contrast: despite managing complex organizations with intricate webs of employees, clients and business operations, many CEOs find themselves in a "coach-less" state. They have few people around them who can consistently ask the right questions, help them review past actions, exercise judgment and make better choices.   基于此，富大为并不将沙利文简单定义为一家“带着一份方案走进企业，告诉管理层该怎么做”的传统咨询公司。他更愿意把自己定位为一名“增长教练”，从“我们怎样让你的团队变得更好？”这样的问题开始工作。 Because of this, Mr. Frigstad does not simply define Frost & Sullivan as a traditional consulting firm that "walks into an enterprise with a ready-made proposal and tells management what to do." Instead, he prefers to position himself as a "Growth Coach," initiating engagements with questions like, "How can we make your team better?"   在他看来，提供咨询的重点绝不在于替CEO作决定，也不在于提供一份可以照单执行的外部答案，而是帮助企业形成持续学习、快速判断和共同执行的能力，直至有一天“不再需要外部帮助”。 In his view, the true value of consulting lies not in making decisions for the CEO, nor in handing over an external playbook to be blindly followed. Rather, it is about empowering the enterprise to build its own capabilities for continuous learning, rapid judgment and collaborative execution—until the day comes when "external help is no longer needed."   这套关于组织能力的理解，也构成了富大为看待“AI时代企业如何构建竞争力”的起点。 This deep understanding of organizational capabilities also serves as the starting point for how Mr. Frigstad views the question of "how enterprises build competitiveness in the AI era."   “AI正在把企业带入一个竞争强度（Competitive Intensity）更高的时代。”富大为指出，随着信息愈发透明、技术扩散持续提速，世界各地的公司可能在同一时间开发、运用相似的AI能力。过去，一项核心技术或许能够被一家公司长期掌握，并转化为稳固的竞争壁垒；而今天，技术领先的“保鲜期”正在不断缩短。 "AI is bringing enterprises into an era of higher Competitive Intensity," Mr. Frigstad remarked. As information becomes increasingly transparent and the diffusion of technology continues to accelerate, companies around the world may develop and deploy similar AI capabilities at the exact same time. In the past, a single core technology might have been exclusively held by one company for a long period, translating into a solid competitive moat. Today, however, the "shelf life" of technological leadership is continuously shrinking.   富大为的判断是，企业之间的较量，正从“是否拥有一项新技术”，转向“能否驾驭技术带来的新变化”——能否更快作出决策，能否推动组织协同，能否将技术能力转化为更贴近客户的产品与体验。 Mr. Frigstad's assessment is that the competition between enterprises is shifting from "whether you possess a new technology" to "whether you can harness the new changes brought by technology"—whether you can make decisions faster, drive organizational collaboration and translate technological capabilities into products and experiences that resonate more closely with customers.   这种竞争逻辑的变革也对CEO提出了更高的要求。富大为将当下CEO应具备的能力概括为“高度连接的CEO”（ Connected CEO）：过去，董事会按季度开会，企业一年制定一次经营计划；如今，这样的节奏已很难追上瞬息万变的竞争。CEO需要更及时地感知项目、员工与客户的变化，并带领团队快速沟通、作出判断、付诸行动。 This shift in competitive logic also places higher demands on CEOs. Mr. Frigstad encapsulates the capabilities required of today's CEOs as the "Connected CEO." In the past, boards met quarterly and companies formulated their business plans once a year. Today, such a pace can hardly keep up with the rapidly evolving competitive landscape. A CEO needs to sense changes in projects, employees and customers more promptly, while leading their team to communicate rapidly, exercise judgment and take action.   不过，随着AI加速融入日常生活、走向产业一线，不同类型企业面对的考题并不相同。 However, as AI accelerates its integration into daily life and advances to the frontlines of industry, different types of enterprises are facing entirely different tests.   对于在AI浪潮中谋求转型的传统企业而言，问题早已不只是“上不上AI”，而是CEO是否真正参与其中，团队是否愿意全员投入。富大为认为，企业不能只把AI视为某个部门的任务，或是交由市场部采购的一项工具；更重要的是，借由AI全面审视内部协作方式与客户体验：哪些生产环节可以被重构，信息如何在组织中更快流动，企业与员工、客户之间的连接又该如何被重新定义。 For traditional enterprises seeking transformation amidst the AI wave, the question is no longer simply "whether to adopt AI," but whether the CEO is genuinely involved and whether the entire team is willing to fully commit. Mr. Frigstad believes that companies cannot merely view AI as a task for a specific department or a tool procured by the marketing team. More importantly, they must leverage AI to comprehensively re-examine their internal collaboration methods and customer experiences: which production processes can be reconstructed, how information can flow faster within the organization and how the connections between the enterprise, its employees and its customers should be redefined.   富大为谈到，亚马逊集团创始人杰夫·贝索斯最令他受启发的，是将“实验思维”（ Mindset of Experimentation）融入企业日常运营。“优秀的领导者、优秀的部门和优秀的人，整天都在做实验”。 Mr. Frigstad mentioned that what inspired him most about Amazon founder Jeff Bezos is the integration of a "Mindset of Experimentation" into the company's daily operations. "Great leaders, great departments and great people are conducting experiments all day long," he noted.   在他看来，许多尝试未必能够获得预期结果，但失败既无法被彻底避免，“也不宜被简单定义为失败，而是一次尚未成功的实验”。基于此，富大为进一步强调：“每一位员工都要用AI做实验，看看会产生什么结果。”处于转型中的企业，不能因为害怕犯错便与AI保持距离；一味等待确定答案，风险反而可能更大。 In his view, many attempts may not yield the expected results, but failure can neither be completely avoided "nor should it be simply defined as a failure, but rather as an experiment that has not yet succeeded." Building on this, Mr. Frigstad further emphasized: "Every employee should experiment with AI to see what results it produces." Enterprises undergoing transformation cannot keep their distance from AI out of a fear of making mistakes; blindly waiting for a definitive answer may actually pose a much greater risk.   而走在新一轮产业变革前沿的新兴公司，富大为的判断则更为直接：技术演示再炫目，也不等于真实的商业价值。 For emerging companies at the forefront of this new wave of industrial transformation, Mr. Frigstad's assessment is even more direct: no matter how dazzling a technology demonstration may be, it does not equate to real commercial value.   他以机器人为例：会后空翻、会跳芭蕾的机器人或许足够吸睛，但市场未必需要一台“会表演的机器人”；如果它能够进入医院、参与患者照护、解决真实需求，才可能成为真正值得关注的机会。 He cited robotics as an example: a robot that can perform backflips or dance ballet might be highly eye-catching, but the market does not necessarily need a "performing robot." However, if it can be deployed in hospitals, assist in patient care and solve real-world needs, then it becomes an opportunity truly worth paying attention to.   “归根结底，一切都取决于应用中的人类体验。”在富大为看来，AI和机器人公司必须近乎“疯狂”地聚焦应用本身，回答产品究竟服务谁、解决什么问题，以及能否在真实场景中形成可持续的商业化能力。“技术能力只是起点，真正决定一家公司能否穿过概念与风口、留在市场中的，是其能否将技术落到具体的人、具体的需求与具体的价值上”。 "Ultimately, everything depends on the human experience in its application." In Mr. Frigstad's view, AI and robotics companies must be almost "fanatical" in their focus on the application itself. They must answer exactly who the product serves, what problems it solves and whether it can build sustainable commercial viability in real-world scenarios. "Technological capability is merely the starting point. What truly determines whether a company can navigate past the hype and survive in the market is its ability to ground its technology in specific people, specific needs and specific values."   中国企业，如何构建全球影响力？ How can Chinese enterprises build global influence?   当下，AI正加速融入日常生活、走向产业一线。在这场变革中，中国在研发、制造、应用落地与产业协同等环节，正展现出愈发强劲的创新动能。 Today, AI is accelerating its integration into daily life and advancing to the frontlines of industry. In this transformation, China is demonstrating increasingly robust innovation momentum across areas such as research and development, manufacturing, application deployment and industrial synergy.   十多天前刚在上海落幕的2026世界人工智能大会，正是这一趋势的鲜明注脚。彼时的展馆中，最引人注目的已不再是单纯比拼参数的大模型，也不再是仅作炫技表演的机器人，而是从“会聊天”走向“能干事”的智能体（Agent），以及能够进入不同场景、执行实际任务的具身智能。 The 2026 World Artificial Intelligence Conference, which concluded in Shanghai just over ten days ago, serves as a vivid footnote to this trend. In the exhibition halls at that time, the most eye-catching highlights were no longer large models merely competing on parameters, nor were they robots putting on flashy technological displays. Instead, the focus shifted to Agents that have evolved from "being able to chat" to "being able to execute tasks," as well as embodied intelligence capable of entering various scenarios and performing practical tasks.   这股活力，同样被富大为感知到。在他的观察中，中国企业已经走过几个清晰的发展阶段：先是制造能力的建立，继而是供应链与物流体系的完善，随后是创新能力的积累与释放。“我曾经以为，创新可能是中国企业较难解决的问题，但如今也被顺利解决了”。 This vitality was equally sensed by Mr. Frigstad. In his observation, Chinese enterprises have gone through several clear stages of development: first the establishment of manufacturing capabilities, then the refinement of supply chains and logistics systems and subsequently the accumulation and unleashing of innovation capabilities. "I used to think that innovation might be a difficult problem for Chinese enterprises to solve, but today it has been successfully resolved," he noted.   时隔近十年再次来到中国，他看到的并非一个仍在追赶技术浪潮的市场，而是一个创新持续涌现、应用加快落地的产业现场——从技术研发到产品迭代，从商业模式到应用落地，新的尝试不断出现。“中国的创新能力让我无比兴奋，在世界任何地方，我都很少见到这样的景象”。 Visiting China again after nearly a decade, what he saw was not a market still chasing the technological wave, but an industrial landscape where innovation continuously emerges and application deployment accelerates. From technological R&D to product iteration and from business models to application deployment, new attempts are constantly appearing. "China's innovation capabilities make me incredibly excited; I have rarely seen such a scene anywhere else in the world," he said.   从制造业，到供应链与物流，再到如今的创新能力，富大为指出，中国企业的成长路径是一步一步走出来的。下一步，则是品牌的全球化。在他看来，中国企业发展中最难的部分已经完成；随之而来的问题是：怎样成为全球品牌？怎样在全球舞台上扮演更重要的角色？这将是中国经济和中国企业下一轮重要的增长机会。而在AI创新、产品能力与真正的全球影响力之间，企业仍需要补上关键一环：品牌。 From manufacturing to supply chains and logistics and now to innovation capabilities, Mr. Frigstad pointed out that the growth path of Chinese enterprises has been forged step by step. The next step is brand globalization. In his view, the most difficult part of the development of Chinese enterprises has already been completed. The ensuing questions are: How do they become global brands? How do they play a more important role on the global stage? This will be the next major growth opportunity for the Chinese economy and Chinese enterprises. However, between AI innovation, product capabilities and true global influence, enterprises still need to fill in a crucial missing link: the brand. Today, AI is accelerating its integration into daily life and advancing to the frontlines of industry. In this transformation, China is demonstrating increasingly robust innovation momentum across areas such as research and development, manufacturing, application deployment and industrial synergy.   而要跨过这一步，CEO不能只做技术与产品的讲解者，更要成为企业故事的讲述者。 “史蒂夫·乔布斯在讲故事这件事上做得非常好。”以苹果公司为例，富大为进一步解释，乔布斯并不执着于讲述一串“比特、字节和功能参数”，而是讲苹果为什么要做这样的产品，希望为客户带来怎样的体验。 To take this step, a CEO cannot merely be an explainer of technology and products, but must also become a storyteller for the enterprise. "Steve Jobs did a phenomenal job at storytelling." Using Apple as an example, Mr. Frigstad further explained that Jobs did not obsess over reciting a string of "bits, bytes and functional parameters." Instead, he talked about why Apple wanted to create such products and what kind of experience they hoped to bring to customers.   “技术、客户应用与企业使命，都可以成为故事的起点。CEO要做的，是将这些线索串联起来，构建一个能够跨越全球市场与文化边界的品牌。”富大为强调，真正有影响力的品牌，需要让不同市场的客户、员工、投资人、合作伙伴与供应商，理解并相信同一个故事：这家公司为什么存在，希望改变什么，又将为谁创造价值。 "Technology, customer applications and corporate mission can all serve as the starting point of a story. What a CEO needs to do is connect these threads to build a brand capable of crossing global markets and cultural boundaries," Mr. Frigstad emphasized. A truly influential brand needs to make customers, employees, investors, partners and suppliers across different markets understand and believe in the same story: why this company exists, what it hopes to change and for whom it will create value.   除了学会讲故事，富大为还建议中国企业从一开始便以全球市场为坐标。“不要把自己局限为一家中国公司，要把自己定位成一家全球化公司。”在他看来，中国企业出海下一阶段的课题，并不只是将产品销往海外，或在不同市场复制一套增长方法，而是将整个全球经济视为自身所处的舞台，重新理解企业的定位、客户与价值主张。 Beyond learning how to tell a story, Mr. Frigstad also advised Chinese enterprises to use the global market as their coordinate system from the very beginning. "Do not limit yourselves to being a Chinese company; position yourselves as a global company." In his view, the next phase for Chinese enterprises going global is not just about selling products overseas or replicating a growth methodology across different markets. Rather, it is about viewing the entire global economy as their stage and redefining the enterprise's positioning, customers and value propositions.     *文章来源：国际金融报（转载） International Financial News

“企业在寻找可持续、长期增长路径时，AI正成为一股不可忽视的重要力量。” As companies search for path to sustainable, long-term growth, AI is becoming a vital force that cannot be ignored.   近日全球性企业增长咨询公司弗若斯特沙利文（Frost & Sullivan，下称“沙利文”）全球总裁兼主管合伙人、全球董事局执行董事祖亚儒（Aroop Zutshi）在接受《国际金融报》记者采访时表示，企业真正的增长，并非一时的收入上扬，而在于能否找到可持续、可复制的转型增长（Transformational Growth）路径。而相比前一轮互联网革命，AI将为企业带来更深刻的影响与机会。 Recently, Aroop Zutshi, Global President, Managing Partner, and Executive Director of the Board at the global growth consulting firm Frost & Sullivan (hereinafter referred to as "F&S"), made these remarks in an interview with International Financial News. He stated that true corporate growth is not merely a temporary surge in revenue, but whether a company can find a sustainable and replicable path to transformational growth. Compared to the previous revolution brought by the internet, AI will bring far deeper impacts and opportunities to businesses.   长期深耕“全球化与本土化相结合”的企业发展模式， 祖亚儒 到访过80多个国家，并在约45个国家工作过。而在过去30年间，他每年至少到访中国两次，有时一年多达四次，是中国市场的“常客”。 Having long cultivated an enterprise development model that "combines globalization with localization," Zutshi has visited over 80 countries and worked in approximately 45. Over the past 30 years, he has visited China at least twice a year—and sometimes up to four times—making him a frequent guest in the Chinese market.   长期、持续的观察，让他得以近距离见证中国企业、中国市场与中国经济的巨大演变。“很难说，世界上还有哪个国家能够在相同时间内取得与中国同等、甚至更大的进步。”祖亚儒直言。 Long-term, continuous observation has allowed him to witness up close the massive evolution of Chinese enterprises, the Chinese market, and the Chinese economy. "It's hard to say if there is any other country in the world that could make equivalent, or even greater, progress within the same timeframe," Zutshi stated frankly.   “每次来到中国，我都会看到中国和中国企业进入一个新阶段。”从医疗、科技、 ICT 、通信到航天，在祖亚儒看来，中国企业正凭借技术与产品能力参与解决全球性问题；道路、桥梁与技术等基础设施的持续改善，也共同构成了一个不断向前的中国。 "Every time I come to China, I see China and Chinese companies entering a new stage." From healthcare, technology, and ICT (information and communications technology) to aerospace, Zutshi believes Chinese enterprises are leveraging their technological and product capabilities to help address global issues. The continuous improvement of infrastructure—such as roads, bridges, and technology—collectively forms the China that is constantly moving forward.   尤其在AI领域，他提到，中国早在世界广泛讨论AI之前，便已投入大量资源。如今，中国在多个行业的AI技术上处于领先位置，许多企业和国家也能从中国的技术进展与产业实践中受益、获得启发。 Particularly in the field of AI, he noted that China invested significant resources long before the world began widely discussing artificial intelligence. Today, China holds a leading position in AI technology across multiple industries, and many companies and countries stand to benefit from and be inspired by China's technological advancements and industrial practices.   尤其在AI领域，他提到，中国早在世界广泛讨论AI之前，便已投入大量资源。如今，中国在多个行业的AI技术上处于领先位置，许多企业和国家也能从中国的技术进展与产业实践中受益、获得启发。 Particularly in the field of AI, he noted that China invested significant resources long before the world began widely discussing artificial intelligence. Today, China holds a leading position in AI technology across multiple industries, and many companies and countries stand to benefit from and be inspired by China's technological advancements and industrial practices.   AI赋能企业可持续增长   “转型增长”，是祖亚儒最为关注的议题。 "Transformational Growth" is the topic Zutshi focuses on most.   “许多企业容易将短期市场红利、需求反弹或收入跃升，视作战略成功；但外部环境一旦改变，这种增长也可能迅速消失。”祖亚儒指出，企业真正要追求的，并非一时的营收上涨，而是一种能够持续创造机会、改善利润，并不断为客户创造价值的能力。 "Many companies tend to mistake short-term market dividends, demand rebounds, or revenue jumps for strategic success. But once the external environment changes, this kind of growth can disappear quickly," Zutshi pointed out. He emphasized that what companies should truly pursue is not a temporary rise in revenue, but the capability to continuously create opportunities, improve margins, and deliver ongoing value to customers.   在他看来，这对应着企业增长的两种模式：一种是常规增长，即企业在某一阶段抓住市场需求或周期机会，收入和利润随之上升，但这种增长未必能够持续；另一种则是转型增长，即企业找到长期、可持续、可复制的增长机会，并通过创新与执行，建立更具独特性的市场位置。 In his view, this corresponds to two modes of corporate growth: Conventional Growth: A company capitalizes on market demand or cyclical opportunities at a certain stage, leading to a rise in revenue and profit—though this growth may not necessarily be sustainable. Transformational Growth: A company identifies long-term, sustainable, and replicable growth opportunities and builds a more distinct market position through innovation and execution.   “转型增长不仅要看市场，也要看非市场因素——供应链、政策、技术变化和商业环境等，都可能影响一家企业能否实现长期增长。”祖亚儒强调，企业需要的，不是一份可执行的战略方案，而是一套能够持续发现机会、判断机会并把握机会的能力。 "Transformational growth depends not only on the market, but also on non-market factors—supply chains, policy, technological shifts, and the business environment can all affect whether a company can achieve long-term growth," Zutshi stressed. What companies need is not just an actionable strategic plan, but a set of capabilities to continuously discover, evaluate, and capture opportunities.   但如今，企业在寻找可持续、长期的增长路径时，AI正成为一股不可忽视的重要力量——它一边加速进入日常生活和产业一线，一边快速迭代能力。祖亚儒也坦言，AI正不断重新定义实现转型增长的条件，也向企业提出了新的挑战。 Today, as companies search for sustainable, long-term growth paths, AI is becoming a vital force that cannot be ignored—it is accelerating into daily life and front-line industries while rapidly iterating its own capabilities. Zutshi acknowledged that AI is constantly redefining the conditions for achieving transformational growth and presenting new challenges to businesses.   “市场动态的变化并不新鲜。”祖亚儒指出，企业经营中既有可以掌控的因素，也有难以掌控的变量，前沿技术的出现与落地便是其中之一。以AI为例，人们早已知道它的存在，但直到过去两年，它才真正以今天这样的方式进入大众生活，并在极短时间内产生了深刻而广泛的影响。 "Changing market dynamics are nothing new," Zutshi noted. In business operations, there are controllable factors as well as difficult-to-control variables, and the emergence and implementation of cutting-edge technology is one of them. Taking AI as an example, people have long known about its existence, but only over the past two years has it entered the public sphere in its current form, exerting a profound and widespread impact in a very short period.   “我更愿意把AI看作转型增长的赋能者，而不是转型增长的颠覆者。”在祖亚儒看来，AI当然会改变企业，但企业不应将其视为会摧毁既有业务的外部威胁。真正重要的是，把AI纳入企业的增长体系，让它帮助企业更快作出改变，并创造更多价值。 "I prefer to view AI as an enabler of transformational growth, rather than a disruptor of transformational growth," Zutshi said. While AI will certainly transform companies, businesses should not treat it as an external threat that will destroy existing operations. What truly matters is integrating AI into a company's growth system, allowing it to help the enterprise make changes faster and create more value.   在他看来，企业需要从内部和外部两个维度使用AI。对内，企业首先应重新审视所有工作流：一项业务如何从A点推进到B点，信息如何流动，哪些环节耗时、重复，或容易出错。通过引入AI梳理流程，企业能够提高速度、质量和效率，进而降低成本、改善利润率。 He believes companies need to utilize AI from two dimensions: internally and externally.   Internally: Companies should first re-examine all workflows—how a business process moves from Point A to Point B, how information flows, and which steps are time-consuming, repetitive, or prone to error. By introducing AI to streamline processes, companies can increase speed, quality, and efficiency, thereby lowering costs and improving profit margins. Externally: Beyond internal efficiency, companies must leverage AI to rethink their products and services.   而在内部提效之外，企业还需要借助AI重新思考产品与服务。祖亚儒认为，随着信息愈发透明、技术扩散持续提速，世界各地企业的产品能力将越来越接近。届时，真正拉开企业差距的，是客户体验——从使用、咨询、售后，到问题出现时企业如何回应客户。 Zutshi observed that as information becomes more transparent and technology diffusion accelerates, product capabilities among companies around the world will become increasingly similar. When that happens, what truly sets a company apart is customer experience—ranging from usage, consultation, and after-sales service, to how the company responds when problems arise.   “能否增加新的功能？能否提供新的服务？能否创造新的商业模式？更重要的是，能否让客户获得更便宜、更好、更快的产品和体验？”在祖亚儒看来，企业都应借助AI，一一回答这些问题。 "Can you add new features? Can you provide new services? Can you create new business models? More importantly, can you offer customers cheaper, better, and faster products and experiences?" In Zutshi's view, all companies must leverage AI to answer these questions one by one.   把中国能力变成全球价值 Turning Chinese Capabilities into Global Value   当下，AI正加速进入千行百业。在这场变革中，中国企业正走在前沿：既加快AI在产业场景中的应用与落地，也持续展现出强劲的原创能力。 Currently, AI is accelerating its penetration into various industries. In this wave of transformation, Chinese enterprises are standing at the forefront: they are accelerating the application and implementation of AI in industrial scenarios while continuously demonstrating strong capacity for original innovation.   作为中国市场的“常客”，在祖亚儒看来，中国企业的优势不只在于速度，更在于能够将制造、技术与产品能力结合起来，并在汽车、出行、医疗健康、ICT等领域创造实际价值。越来越多中国制造的产品达到全球标准，也开始进入海外市场，改善当地生活、带动当地生态。 As a "frequent guest" to the Chinese market, Zutshi sees that the advantage of Chinese enterprises lies not just in speed, but in their ability to combine manufacturing, technology, and product capabilities to create tangible value across sectors like automotive, mobility, healthcare, and ICT. An increasing number of products made in China meet global standards and are entering overseas markets, improving local lives and driving local ecosystems.   也正因此，谈及中国企业的全球化，祖亚儒首先给出了一个不同于“竞争叙事”的判断。 Precisely for this reason, when discussing the globalization of Chinese enterprises, Zutshi first offered an assessment that differs from the typical "competition narrative."   “比起全球化竞争，更应该讨论的是全球化合作。中国企业与海外同行并不必然是此消彼长的关系。”在他看来，走向全球不只是将产品卖到更多国家，而是将自身的制造、技术与创新能力带入更多真实场景，更是在全球市场中寻找合作的可能，共同将技术与产业能力转化为对社会的真实价值。 "Rather than global competition, we should be discussing global cooperation. Chinese companies and their overseas peers do not necessarily have a zero-sum relationship." In his view, going global is not just about selling products to more countries; it means bringing one's manufacturing, technological, and innovative capabilities into more real-world scenarios. It is also about seeking potential collaborations in global markets to jointly translate technology and industrial capabilities into real value for society.   “不过，全球化的第一步，并不是急于进入尽可能多的国家。”祖亚儒指出，企业要先判断哪些市场真正值得进入：既要评估市场规模、竞争程度、技术水平、渠道条件与客户需求，也要考量贸易政策、税收安排、投资环境、资金汇回等非市场因素。 "However, the first step of globalization is not rushing into as many countries as possible," Zutshi pointed out. Companies must firstly evaluate which markets are truly worth entering. This requires assessing market size, competitive intensity, technological maturity, channel conditions, and customer demand, as well as weighing non-market factors such as trade policies, tax arrangements, the investment environment, and capital repatriation.   比市场选择更难的，是跨越品牌信任。祖亚儒指出，一个品牌在中国成立，并不意味着它在另一个国家也会被同样理解。 Harder than selecting markets, however, is building cross-border brand trust. Zutshi noted that just because a brand is established in China does not mean it will be understood the same way in another country.   在他看来，企业必须重新理解当地客户的需求、文化与价值判断，必要时甚至需要调整品牌表达与市场定位。“技术可以帮助企业进入全球市场，但信任决定企业能否真正留在全球市场。” In his view, companies must re-understand the needs, culture, and value judgments of local customers, and adjust their brand messaging and market positioning when necessary. "Technology can help a company enter the global market, but trust determines whether it can truly stay there."   “中国企业能够走在前列，关键在于始终专注于为客户创造更大价值，并以优异的性价比提供产品和解决方案。”祖亚儒判断，当这种中国能力真正转化为能够被全球市场理解、接受并共享的价值时，中国企业也将迎来下一轮重要的增长机会。 "The key to Chinese enterprises staying at the forefront is their persistent focus on creating greater value for customers and offering products and solutions with exceptional cost-performance," Zutshi concluded. When these Chinese capabilities are truly transformed into value that can be understood, accepted, and shared by the global market, Chinese companies will welcome their next major growth opportunity.

新华网上海8月12日电  8月3日至5日，第二十届沙利文全球增长、科创与领导力峰会暨第五届新投资大会在上海举办。本届峰会恰逢沙利文全球成立65周年、沙利文峰会落地中国20周年双庆典节点，以“锚定创新爆发期，共塑转型增长新未来”为核心主题，汇聚300余位海内外嘉宾，落地150余场主题演讲与圆桌对话，全方位呈现全球产业转型增长的中国路径与亚太方案。 From August 3 to 5, the 20th Frost & Sullivan Global Growth, Innovation and Leadership Summit and the 5th New Investment Event were held in Shanghai. This year's summit coincided with the dual anniversary milestones of Frost & Sullivan's 65th global anniversary and the 20th anniversary of the summit's presence in China. Under the core theme "Anchoring the Innovation Explosion, Shaping New Future of Transformational Growth", the event brought together over 300 domestic and international guests and featured more than 150 keynote speeches and round table dialogues, presenting a comprehensive picture of China's pathways and Asia-Pacific solutions for global industrial transformation and growth.   峰会期间，沙利文全球董事局主席兼首席执行官 富大为 （David Frigstad）在接受新华网专访时表示，自1976年首次到访中国以来，他亲历了中国从制造业起步，到成长为世界级物流强国，再到创新渗透整个经济体的全过程。“中国的转型是人类历史上前所未见的，转型速度更是史无前例。”在他看来，这一切才刚刚开始——随着制造、供应链、物流与创新能力全面就位，中国正迎来前所未有的发展机遇。 During the summit, David Frigstad, Global Chairman and CEO, Frost & Sullivan, gave an exclusive interview to Xinhua Net. He shared that since his first visit to China in 1976, he has witnessed the country's entire journey—from its early manufacturing base, to its rise as a world-class logistics powerhouse, and to the permeation of innovation throughout the entire economy. "China's transformation is unprecedented in human history, and the speed of that transformation is also unprecedented." In his view, this is only the beginning—with manufacturing, supply chains, logistics, and innovation capabilities now fully in place, China is facing unprecedented development opportunities.   谈及中国产业创新对全球的借鉴意义，富大为认为，其底层逻辑归根结底在于价值观：中国家庭世代传承的勤奋、尊师重教、回馈社会等核心价值，构成了产业创新持续迸发的根基，也是其他经济体最值得参考的增长范式。 When asked about the global implications of China's industrial innovation, David Frigstad believes that the underlying logic ultimately comes down to values: the core values passed down through Chinese families—diligence, respect for teachers and education, and giving back to society—form the foundation for sustained industrial innovation, and also represent the growth model most worthy of reference for other economies.   对于中国企业全球化，富大为指出，最紧迫的挑战与最大的机遇同出一源——讲好品牌故事。“中国企业在制造、供应链、文化底蕴上均已达到世界级水平，什么都有了，只差品牌。”他坦言，不少企业习惯于罗列财务数据与产品参数，而真正打动人心的品牌叙事，才是感染用户、赢得投资者、连接全球受众的关键，也是中国企业从“中国参与者”迈向“全球参与者”的必修课。 Regarding the globalization of Chinese enterprises, David Frigstad pointed out that the most pressing challenge and the greatest opportunity stem from the same source—telling a compelling brand story. "Chinese companies are already world-class in manufacturing, supply chains, and cultural heritage—they have everything except a brand." He candidly noted that many companies are accustomed to listing financial data and product specifications, but what truly moves users, wins over investors, and connects with global audiences is authentic brand storytelling—which is also an essential lesson for Chinese enterprises as they transition from "Chinese participants" to "global players."   谈及人工智能浪潮，富大为介绍，沙利文近年提出“ AI+HI ”理念，即推动人工智能与人类智能深度融合。AI将承担大量程式化工作，人的创造力、判断力与情感连接价值将愈发凸显；与此同时，信息爆炸也让独立、公正的第三方研究视角价值倍增，成为产业决策的重要参照。 Speaking of the AI wave, David Frigstad introduced Frost & Sullivan's recent "AI+HI" concept, which advocates the deep integration of artificial intelligence and human intelligence. AI will take on a large share of routine work, while human creativity, judgment, and emotional connection will become increasingly valuable. At the same time, the explosion of information greatly amplifies the value of independent, impartial third-party research perspectives, making them a critical reference for industrial decision-making.   面向未来，富大为表示，沙利文将继续聚焦识别颠覆性增长机遇，帮助全行业为智能革命带来的全领域变革做好准备，并与中国企业在行业转型、客户价值主张与客户体验升级上深度合作，助力中国产业的优质价值更有效地传递给世界。“企业越强大、协作越深入，世界就越趋向共赢。”他相信，以企业间的互信与合作推动产业共赢，全球经济将共同朝着正向方向发展。 Looking ahead, David Frigstad stated that Frost & Sullivan will continue to focus on identifying disruptive growth opportunities, helping all industries prepare for the sweeping changes brought by the intelligent revolution, and working closely with Chinese companies on industry transformation, customer value propositions, and customer experience upgrades—so that the high-quality value of China's industries can be more effectively delivered to the world. "The stronger the companies and the deeper the collaboration, the more the world moves toward win-win outcomes." He believes that by fostering mutual trust and cooperation among enterprises to drive shared prosperity, the global economy will collectively move in a positive direction.   （文字：许超、刘飞翔；视频：张千石、王若涵、郑瀚）   (Text: Xu Chao, Liu Feixiang; Video: Zhang Qianshi, Wang Ruohan, Zheng Han)   *文章来源：新华网（转载） Source credit: Xinhua Net

新华网上海8月11日电  8月3日至5日，第二十届沙利文全球增长、科创与领导力峰会暨第五届新投资大会在上海举办。本届峰会恰逢沙利文全球成立65周年、沙利文峰会落地中国20周年双庆典节点，以“锚定创新爆发期，共塑转型增长新未来”为核心主题，汇聚300余位海内外嘉宾，落地150余场主题演讲与圆桌对话，全方位呈现全球产业转型增长的中国路径与亚太方案。 From August 3 to 5, the 20th Frost & Sullivan Global Growth, Innovation and Leadership Summit and the 5th New Investment Event were held in Shanghai. This year's summit coincided with the dual anniversary milestones of Frost & Sullivan's 65th global anniversary and the 20th anniversary of the Summit's presence in China. Under the core theme "Anchoring the Innovation Explosion, Shaping New Future of Transformational Growth," the event brought together over 300 domestic and international guests, and featured more than 150 keynote speeches and round table dialogues, presenting a comprehensive picture of China's pathways and Asia-Pacific solutions for global industrial transformation and growth.   峰会期间，沙利文全球总裁兼主管合伙人、全球董事局执行董事祖亚儒（Aroop Zutshi）在接受新华网专访时表示，中国一直在塑造全球经济、重塑人与企业互动方式中发挥关键作用，中国企业走向全球的浪潮不会放缓、只会加速。“其他一切都会变，但产品必须更便宜、更好、更快——这一点不会变。”他认为，一家企业很难单打独斗实现全部潜力，沙利文正聚合学术界、产业界、金融界、研发实验室等主体构建完善产业生态，通过多种“企业行动方案”协作方式，为政产学研资搭建高效连接桥梁，助力企业以更低成本、更优品质、更快响应同时布局国内国际两个市场，获得可持续的长期增长。 During the summit, Aroop Zutshi, Global President & Managing Partner, Executive Board Member, Frost & Sullivan, gave an exclusive interview to Xinhua Net. He noted that China has been playing a pivotal role in shaping the global economy and reshaping the ways people and businesses interact, and that the wave of Chinese enterprises going global will not slow down—it will only accelerate. "Everything else may change, but products must be cheaper, better, and faster—that will not change." He believes that no single company can realize its full potential alone; Frost & Sullivan is bringing together academia, industry, finance, R&D labs and other stakeholders to build a robust industrial ecosystem. Through various collaborative "corporate action plans," the firm serves as an efficient bridge connecting government, industry, academia, research and capital, helping companies simultaneously address both domestic and international markets with lower costs, superior quality, and faster responsiveness, thereby achieving sustainable long-term growth.   谈及 GIL 最佳实践评选，祖亚儒介绍，评选标准正从“认可企业”升级为考察两大新维度——长期可持续性，以及对云计算、数据中心、芯片等AI基础设施的技术杠杆运用能力，以此帮助中国优质科创企业获得更广泛的全球产业认可，推动企业不断突破创新边界。 Regarding the GIL Best Practices Awards, Aroop Zutshi explained that the selection criteria are evolving from "recognizing companies" to examining two new dimensions—long-term sustainability, and the ability to leverage AI infrastructure such as cloud computing, data centers, and chips. This evolution aims to help China's high-quality tech innovators gain broader global industry recognition and continuously push the boundaries of innovation.   祖亚儒表示，本届峰会沉淀大量行业洞见，扩充沙利文产业知识库并向所有客户开放共享；同时成立多个专项委员会，从商业模式、技术、产业融合、客户分析等视角持续完善知识体系，逐年扩大优质科创企业评选覆盖规模。峰会闭幕后，相关成果将同步至沙利文遍布全球数十个国家的办事机构，把中国科创企业的优秀实践推向全球，同时为中国企业出海拓展海外市场提供支持，进一步助力提升中国经济活力，在全球产业领域创造独特价值。 Aroop Zutshi also stated that this year's summit has generated a wealth of industry insights, which will be incorporated into Frost & Sullivan's industry knowledge base and made openly accessible to all clients. Meanwhile, multiple specialized committees have been established to continuously refine the knowledge framework from perspectives including business models, technology, industrial integration, and customer analytics, and to progressively expand the scope of the annual selection of outstanding tech innovators. Following the summit, the outcomes will be shared with Frost & Sullivan's offices in dozens of countries worldwide, bringing the best practices of Chinese tech enterprises to the global stage while providing support for Chinese companies seeking to expand into overseas markets. These efforts will further bolster the vitality of China's economy and create unique value across global industries.   （文字：许超、刘飞翔；视频：张千石、王若涵、郑瀚） (Text: Xu Chao, Liu Feixiang; Video: Zhang Qianshi, Wang Ruohan, Zheng Han)   *文章来源：新华网（转载） Source credit: Xinhua Net

新华网上海8月11日电  8月3日至5日，第二十届沙利文全球增长、科创与领导力峰会暨第五届新投资大会在上海举办。本届峰会恰逢沙利文全球成立65周年、沙利文峰会落地中国20周年双庆典节点，以“锚定创新爆发期，共塑转型增长新未来”为核心主题，汇聚300余位海内外重磅嘉宾，落地150余场主题演讲与圆桌对话，全方位呈现全球产业转型增长的中国路径与亚太方案。 From August 3 to 5, the 20th Frost & Sullivan Global Growth, Innovation and Leadership Summit and the 5th New Investment Event were held in Shanghai. This year's summit coincided with the dual anniversary milestones of Frost & Sullivan's 65th global anniversary and the 20th anniversary of the Summit's presence in China. Under the core theme "Anchoring the Innovation Explosion, Shaping New Future of Transformational Growth," the event brought together over 300 distinguished domestic and international guests and featured more than 150 keynote speeches and round table dialogues, presenting a comprehensive picture of China's pathways and Asia-Pacific solutions for global industrial transformation and growth.   峰会期间，沙利文全球高级副总裁、亚太区联合主席、中国董事长王昕博士在接受新华网专访时表示，本届峰会的核心议题之一，正是呼吁全球将研究与投资的目光更多投向中国市场与中国机遇——重仓中国，就是重仓未来。针对未来产业方向，他提出四大高科技赛道值得关注：空间科技、计算科学、人工智能、生命科学。 During the summit, Dr. Neil Wang, Global Senior VP, Co-Chairman of Asia Pacific, and Chairman of China, Frost & Sullivan, gave an exclusive interview to Xinhua Net. He noted that one of the core topics of this year's summit was to call on the world to direct more research and investment attention to the Chinese market and its opportunities—betting on China means betting on the future. Regarding future industrial directions, he highlighted four high-tech sectors worthy of attention: space technology, computing science, artificial intelligence, and life sciences.   现场，沙利文连续第五年发布《中国未来50年产业发展趋势白皮书》，并首次联合 FT中文网 推出“影响下一个50年的十大商业案例”。王昕表示，未来并非无迹可循——让历史告诉未来，研判经济发展规律、技术商业化规律与未被满足的真实需求，就能把握未来的脉搏，为AI、生物医药、半导体等前沿赛道的企业决策提供关键参考。 At the event, Frost & Sullivan released the White Paper on China's Future 50-Year Industrial Development Trends for the fifth consecutive year, and for the first time, jointly launched with FTChinese.com the "10 Business Cases Shaping the Next 50 Years". Dr. Neil Wang remarked that the future is not without its signs—by letting history inform the future, and by studying the patterns of economic development, the laws of technology commercialization, and unmet real needs, one can grasp the pulse of what lies ahead, providing critical references for corporate decision-making in frontier sectors such as AI, biopharma, and semiconductors.   谈及中国企业从“技术突破”迈向“品牌强国”，王昕认为，中国企业不应只是本地企业，而要志存高远、成为全球企业。他透露，沙利文即将推出企业增长教练指南新书及配套的实战工作坊，以系统方法助力企业应对市场准入、关税与 非关税壁垒 等挑战，以颠覆性科技为传统企业赋能，呼应国家品牌强国战略。 Addressing the transition of Chinese enterprises from "technological breakthroughs" to "building a brand-powerful nation," Dr. Neil Wang believes that Chinese companies should not merely be local players; they should aspire high and become global enterprises. He revealed that Frost & Sullivan will soon launch a new book, the Enterprise Growth Coach Guide, along with accompanying practical workshops. These will employ systematic methods to help companies tackle challenges such as market access, tariffs, and non-tariff barriers, while empowering traditional enterprises with disruptive technologies, in alignment with the national brand-strengthening strategy.   王昕表示，未来，沙利文将依托覆盖全球的产业服务网络，以“ License In （请进来）、License Out（走出去）”双向模式，为上海本土企业搭建出海快车道，帮助其快速对接全球市场资源、标准与合作机会，做好连接东西方产业的桥梁；以孺子牛精神，为中国产业高质量发展持续赋能。 Dr. Neil Wang added that, going forward, Frost & Sullivan will leverage its global industrial service network and adopt a two-way model of "License In and License Out" to build a fast track for Shanghai-based enterprises to go overseas, helping them quickly connect with global market resources, standards, and cooperation opportunities, and serving as a bridge between Eastern and Western industries. With a spirit of selfless dedication, the firm will continue to empower the high-quality development of China's industries.   （文字：许超、吴张洁；视频：张千石、王若涵、吴张洁） (Text: Xu Chao, Wu Zhangjie; Video: Zhang Qianshi, Wang Ruohan, Wu Zhangjie)   *文章来源：新华网（转载） Source credit: Xinhua Net

新华网上海8月12日电  8月3日至5日，第二十届沙利文全球增长、科创与领导力峰会暨第五届新投资大会在上海举办。本届峰会恰逢沙利文全球成立65周年、沙利文峰会落地中国20周年双庆典节点，以“锚定创新爆发期，共塑转型增长新未来”为核心主题，汇聚300余位海内外嘉宾，落地150余场主题演讲与圆桌对话，全方位呈现全球产业转型增长的中国路径与亚太方案。 From August 3 to 5, the 20th Frost & Sullivan Global Growth, Innovation and Leadership Summit and the 5th New Investment Event were held in Shanghai. This year's summit coincided with the dual anniversary milestones of Frost & Sullivan's 65th global anniversary and the 20th anniversary of the Summit's presence in China. Under the core theme "Anchoring the Innovation Explosion, Shaping New Future of Transformational Growth," the event brought together over 300 domestic and international guests and featured more than 150 keynote speeches and round table dialogues, presenting a comprehensive picture of China's pathways and Asia-Pacific solutions for global industrial transformation and growth.   期间，沙利文全球首席经济学家葛万威教授（Vinod Aggarwal）在接受新华网专访时表示，当前全球经济并非简单呈现放缓或加速的走势，而是受多方因素影响正处于根本性重组的碎片化阶段，基于此，企业必须适配这一趋势开展经营。他认为，未来3至5年，人工智能、机器人、能源系统将成为核心增长引擎。中国科创企业在国际化发展过程中，需采用“多国内”策略，兼顾市场策略与 非市场策略 ，深度融入各地本土生态，才能更好实现全球扩张。 During the summit, Prof. Vinod K. Aggarwal, Global Chief Economist, Frost & Sullivan; Distinguished Professor, UC Berkeley; Director, Berkeley APEC Study Center (BASC), gave an exclusive interview to Xinhua Net. He noted that the current global economy is not simply slowing down or accelerating, but is instead undergoing a fundamental restructuring and fragmentation driven by multiple factors. Based on this, companies must adapt their operations to this trend. He believes that over the next three to five years, artificial intelligence, robotics, and energy systems will become the core growth engines. In their international expansion, Chinese tech enterprises need to adopt a "multi-domestic" strategy that balances both market and non-market approaches, and deeply integrate into local ecosystems in each market to better achieve global growth.   葛万威期待，中国企业在全球碎片化的市场环境下，能主动与各地本土利益相关方协作，适配不同市场的差异化需求，稳步迈向全球价值链的高附加值环节，最终实现高质量、可持续的增长。同时，他表示，沙利文也将发挥自身积淀的市场策略、非市场策略经验，整合全链条全球资源为企业提供支撑，助力各类企业在新的全球产业格局中平稳健康发展。 Prof. Vinod K. Aggarwal expressed his hope that, in the face of a fragmented global market environment, Chinese companies will proactively collaborate with local stakeholders in different regions, adapt to differentiated market needs, steadily move up the value chain toward high-value-added segments, and ultimately achieve high-quality, sustainable growth. He also stated that Frost & Sullivan will leverage its accumulated expertise in market and non-market strategies, as well as its integrated global resources across the entire value chain, to provide comprehensive support for companies, helping them navigate the new global industrial landscape with stability and sound growth.   （文字：许超；视频：张千石、王若涵、郑瀚） (Text: Xu Chao; Video: Zhang Qianshi, Wang Ruohan, Zheng Han)   *文章来源：新华网（转载） Source credit: Xinhua Net

对话沙利文王昕博士 在全球商业史中，65年足以见证多个经济周期、技术革命和产业重组。从战后全球化到数字经济，从制造业转移到供应链重构，从资本效率到可持续增长，企业的成功逻辑不断被改写。商业的本质，在于与时间共生。短期的行情起伏、热点轮换与市场波动终会落幕。今天，全球商业面临的问题不只是企业如何增长，更是如何在低增长、强竞争和全球化不确定性中重新定义增长质量。 每一轮周期都会淘汰一批企业，也会塑造一批新的商业标杆。回望过去几十年，在全球商业环境的关键词不断变化的过程中，中国商业的高速增长为全球商业趋势的变革提供了丰富样本，也经历着从追赶者转变为全球产业链的深度参与者的身份转换，并逐步成为推动全球化新周期商业变革的一支不可忽视的力量。进入全球化新周期，不确定性已成为常态，中国企业如何重新定义自身价值？能否从过往经验中提炼出穿越周期的能力？如何通过实践经验回应当下企业普遍面对的焦虑？又有哪些中国样本，可能在未来50年继续影响产业、市场与全球商业秩序？ 作为全球领先的增长咨询公司，弗若斯特沙利文（Frost & Sullivan，简称“沙利文”）正步入成立第65年的发展黄金阶段。这个夏天，在中国上海这座全球瞩目的新商业活力之都，FT中文网与沙利文全球高级副总裁、亚太区联合主席、中国董事长王昕博士展开对话，共同拆解企业穿越周期的商业底层逻辑。从沙利文65年的产业观察出发，回顾中国企业的成长路径，回应当下令企业陷入焦虑的时代议题，并寻找未来50年的商业样本。   FT中文网： 过去65年，沙利文观察并参与了全球产业的多轮变迁。真正能够被时间留下来的企业，靠的是什么？   王昕博士 沙利文全球高级副总裁、亚太区联合主席、中国董事长 中国经济长期保持持续、稳健的增长，是全球最大的利好之一。这是沙利文基于65年来对全球产业变迁的观察形成的一点体会。2026年是“十五五”开局之年，恰逢沙利文全球成立65周年，也是沙利文GIL峰会落地中国20周年。在这个特别的年份，沙利文不仅将发布第五期《中国未来50年产业发展趋势白皮书》，还将与FT中文网携手推出“影响下一个50年的十大中国商业案例”，共同寻找能够定义未来的中国商业样本。从追赶到定义，从速度到韧性，今天，中国企业的成长路径正在发生深刻变化。 在纷繁复杂的国际竞争中，能够长期生存并保持基业常青的企业，通常具备几项特征。第一，必须拥有全球化视野和前瞻性布局；第二，必须具备科技创新属性；第三，必须长期坚持品牌建设。世界变化迅速，企业不能以静止的眼光看待问题，而应着眼未来，因为未来代表希望。品牌是以最简单、最朴素、最直白的方式，对高度浓缩了企业的特征。只有将这些能力建设好，企业才能在长期、持续的竞争中脱颖而出。 最近我们看到一个比较大的新闻，也是一个非常典型的案例：SpaceX在纳斯达克成功上市，市值超过2万亿美元。这是“马太效应”的典型案例。2万亿美元大概是我们广东省的一年的GDP，这样的一个天文数字背后映射的，是大型企业更容易获得资源、关注度、资金、技术和人才，也更容易在产业政策导向和市场准入方面获得话语权或吸引力。最具影响力的企业，往往拥有更强的吸金能力。 同样，热点行业也具有较强的吸金能力。在已获香港证券交易所批准上市或正处于审批阶段的企业中，与人工智能（AI）相关的企业获得的融资额非常高。AI及其生态链是当前投融资的重要热点。近年来，中国企业在人工智能、机器人及相关半导体行业发展迅速，符合全球科技发展潮流，也因此更容易获得融资和关注，以及技术、资金与市场支持。中国经济中的许多主体、参与者和企业，其演进过程也与多项国际趋势呈现相似之处。   FT中文网：科技趋势的长线逻辑中，企业如何避免停留在既有成功里？   王昕博士 沙利文全球高级副总裁、亚太区联合主席、中国董事长 人类的好奇心，以及对外太空、大自然和宇宙的探索，从未停息。这并非新近出现的事物，而是人类长期追求的目标。科技发展从来不是一帆风顺，而是在曲折中螺旋式上升；这是人类发展与科技发展的必经阶段。 过去几十年间，从沙利文成立至今的65年里，全球经历了多轮产业发展浪潮。近年来，生命科学成为人类关注的重要议题之一。与生命相关的医疗卫生、医疗科技、医药科技，以及对一些难以治愈的顽固疾病的研究，都是人类长期、甚至可能永恒面对的主题，也为生命科学的发展带来了巨大机遇。与此同时，人类早已进入数字化和信息化时代。如今，许多工厂的智能化程度已经很高，家居智能化水平也在逐步提升。人类再次走到一个十字路口。空间技术、海洋技术、生命科学技术、半导体技术和人工智能，都是人类长期发展的重大方向。这些方向不会在一朝一夕之间被某一种技术简单取代，而将在较长时期内持续存在。 今天，更多可供借鉴的经验来自对过去失败的总结。举个例子，柯达是最早发明数码相机的企业之一，却没有大规模推广数码相机技术，也未充分意识到数码产品将全面席卷市场，仍认为胶片会占据主流。最终，这一庞然大物轰然倒塌。这个是我们特别值得吸取教训的。企业在传统技术和产品领域占据全球领导地位，也同样可能面临巨大危机，甚至面临更高的风险，风险系数可能是以指数增长的。   FT中文网：当增长放缓、供应链重构、大国技术竞争成为全球化中不可逆转的背景，以中美竞合为例，您如何看待技术驱动下中国企业的未来之路？哪些领域最能代表中国商业的结构性转型？   王昕博士 沙利文全球高级副总裁、亚太区联合主席、中国董事长 中美两国在许多方面可以相互学习和借鉴。以生物医药为例，近年来，中国生物医药企业赴境外上市受到关注。全球最大的医药企业仍在美国，但中国已经奋起直追，两者之间的差距是越来越小的。过去一二十年间，中国生物医药企业实现了跃进式增长，并吸收了许多先进国家的经验。 辉瑞（Pfizer）的首席执行官（CEO）在最近一次访谈中提到两个关键词：一个是AI，另一个是China。他表示，人工智能和中国是其思考中非常重要的两个词汇。在他看来，中国药企，尤其是生物医药企业，发展速度非常快。虽然在某些领域，中国药企暂时可能尚未完全超越美国药企，但这只是时间长短的问题。 竞争并非坏事。它推动企业、行业乃至国家不断演进，也使其在国际经济格局中保持竞争力。与此同时，竞争之中同样存在合作机会。能否看到这些合作机会，考验的是企业商业领袖的智慧、格局与眼光。“他山之石，可以攻玉。”合作不必局限于本行业、本赛道的小范围。 AI（人工智能）技术的出现，源于其对人类智能的补充或增强作用；这正如人类发明工具是因为双手无法完成所有事情。但机器并非万能，人工智能也存在不足和不完美之处。人工智能与人类智力并不相同，两者都有需要弥补的地方。人工智能与人类智能相结合，即AI（Artificial Intelligence）+HI（Human Intelligence），也可以理解为一些报道里提到的共同智能或共生智能（Co-Intelligence），即AI+HI=CI。这可能是最佳组合，二者缺一不可。   FT中文网：今天很多企业同时面对短期生存和长期增长的压力，也容易陷入价格战、同质化竞争和战略焦虑。您如何理解这种内卷？   王昕博士 沙利文全球高级副总裁、亚太区联合主席、中国董事长 “内卷”在某种意义上符合经济规律。经济学中有一个术语叫“规模经济效应”：当企业或行业实现规模化生产后，效率会大幅提高，成本随之下降，最终价格也会下降。这是十分正常的现象。随着我们经济发展，同一个行业里边竞争的企业的数量增加，它们的产量是必定增加的，因此一定会出现一个所谓的“内卷”现象，这也是因为许多企业缺乏系统梳理。对此，沙利文出版了《The Growth Coaching Book》一书。我们认为企业增长需要系统的方法和路径。无论对企业，还是对其CEO和商业领袖而言，最重要的工作都是实现企业增长。实现增长有多种系统方法。沙利文希望通过这本书和我们的一些业务服务，让企业不仅拥有方法，也能获得指导机构，也就是“教练机构”的支持，由此陪伴企业共同实现增长。 回到企业成长的韧性，我认为企业创立之初，首先必须有使命（Mission），也就是初心；第二是创新（Innovation）；第三是信任（Trust）。以百年老药企同仁堂为例，其之所以能够建立强烈的信任感，在于其理念始终强调：即使原料药昂贵，也不敢偷工减料；炮制虽繁，也不敢化繁为简。正是这两点赢得了患者、医生和产业界的信任，也使同仁堂成为名声远扬的大品牌。 使命、科技创新和信任，是企业竞争力的重要来源。企业首先不能忘记初心，同时要通过持续的科技创新不断演进，并持续提升相关产业各方和利害相关方的信任程度。无论将其称为“韧性三角”还是“稳定三角”，其中任何一边一旦成为最薄弱的一环，就最容易受到攻击。   FT中文网：从今天的产业变化看，真正具有未来价值的中国企业应该具备哪些能力？并有可能影响未来50年的全球产业格局？   王昕博士 沙利文全球高级副总裁、亚太区联合主席、中国董事长 企业要具备国际化视野和前瞻性布局，也要拥有科技创新能力和品牌建设能力，并理解世界或国家未来发展的大趋势。知识远不如见识重要；只有具备更广阔的见识、理解更大的格局，企业才会拥有自身发展的Benchmark（参照标杆）。 企业不能忘记自身使命。科技创新是企业保持高度竞争力的先决条件。企业不仅要开展科技创新，还要引领科技创新潮流，成为科技创新的带头人和引领者。同时，企业也要报效祖国。无论企业规模大小，也无论企业家的影响力大小，都应具备这种意识。位卑不可忘国忧，位高更不能忘国忧。最后一点，中国企业还必须具备国际化竞争的思维和意识，不能忘记自身置身于国际化竞争环境，而非小范围的竞争环境。走向世界、站上世界舞台，乃至走向世界舞台中央，是中国企业最高的追求目标之一。 我们国家反复在讲人类命运共同体，这意味着个人不能独善其身，企业也不能“独善其企业”。对企业而言，如果企业家不能将自身置于全球背景下审视，就注定不可能走得长远。 未来也是探讨出来的。如果我们能摸索出人类的共识，并结合许多国家的远景规划，便可以在一定程度上预见未来。过去4年，沙利文持续开展中国未来50年的远景预测。沙利文在全球有65年的产业积累，在中国也有28年的积累。如果我们把这个大数据像开采金矿一样挖掘出来，再结合过去4年里我们做的对中国未来50年的预测，就可以形成具有一定参考价值的研究。我们希望通过这本《中国未来50年发展趋势白皮书》遴选出的样本企业，将发挥先锋示范作用，帮助中国在未来50年的发展中实现中华民族伟大复兴，也为中国乃至世界塑造一个特别美好的未来。 65年来，沙利文始终坚持事实和分析先于观点，以数据、分析和事实为企业决策提供锚点。在企业刚刚展露成长苗头时，沙利文便愿意与其同行，以专业和信任陪伴中国企业走向世界。我相信，未来50年，中国的故事和中国企业的故事都将更加精彩。未来已来，让我们共同见证。   *本文首发FT中文网， https://www.chineseft.net/interactive/287189 ，经授权转载

沙利文洞见 AI PCB高景气及技术迭代，带动其生产耗材钻针的消耗量飙升、价格上涨，相关上市公司大举扩产。在此背景下，目前该行业供给与需求究竟如何；下游服务器技术不断迭代之下，钻针主流技术路线将如何变化；行业壁垒究竟在哪里；未来发展趋势如何…… 弗若斯特沙利文（ Frost  & Sullivan，以下简称“沙利文”）中国高级合伙人兼董事总经理贾庞接受财联社采访，共同探讨AI服务器PCB微钻针：真瓶颈还是伪命题。 每日经济新闻   Q： 近期有市场声音提出，全球 AI算力的最大瓶颈并非芯片、光模块或先进封装，而是一根直径不到0.2毫米的钻针——用于承载GPU的高多层PCB板在钻孔环节，特别依赖长径比达30倍以上的高端微钻针，而这类钻针当前极度稀缺。如何看待这一判断？在实际供应链中，这种钻针的短缺是否真的构成制约AI服务器（如英伟达GB200系列）量产的主要瓶颈？ 贾庞 沙利文中国高级合伙人兼董事总经理 这一判断有其产业逻辑，但需要校准表述边界 ——它准确捕捉到了AI服务器PCB制造正在进入精密加工瓶颈阶段，但若将钻针定性为"最大单点瓶颈"，则有所夸大。 从需求端看，以 GB200、NVL72为代表的新一代AI服务器，PCB层数已从传统服务器的12至16层跃升至24至40层，叠加M8、M9等超低损耗材料及石英纤维布的广泛应用，材料硬度更高、钻损更剧烈，单板耗针量成倍上升。供给端则高度集中，全球真正具备量产能力的高端微钻针厂商屈指可数，主要为日本Union   Tool、台湾Topoint等少数企业，供应偏紧是客观事实。 但若从整机量产视角审视，钻针是 "隐性卡点"而非"主瓶颈"。当前AI服务器量产的核心制约，仍集中在CoWoS先进封装产能、HBM供应、高速光模块及高阶CCL材料等环节。钻针的真实影响在于：当PCB向超高层、高密度方向演进时，钻针的交期延误与良率波动会系统性放大PCB制造瓶颈，进而传导至整机交付节奏。它是AI硬件产业链众多"长尾瓶颈"之一，其战略重要性在上升，但尚未成为决定全球AI算力扩张速度的单点变量。   Q： 据悉， AI服务器所采用的M9高频材料会大幅缩短PCB钻针的使用寿命，导致钻针消耗量激增，从而推动高端钻针市场量价齐升。相较于普通钻针，目前这类高端钻针的价格溢价幅度及变化趋势如何？ 贾庞 沙利文中国高级合伙人兼董事总经理 M9等高频高速材料相较传统FR-4，在玻纤密度、材料硬度和加工难度上均有显著提升，钻针在加工过程中更容易出现磨损、断针及孔壁粗糙等问题，直接推动AI服务器PCB厂商大量切换至超微径、高长径比及涂层高端钻针。 从价格维度看，溢价幅度相当可观。普通标准钻针单价约在 1至2元人民币区间，而面向AI服务器PCB的超微径、高长径比高端产品，单价普遍在十几元以上，溢价幅度达十倍乃至更高，部分极限规格产品溢价还要更大。背后的定价逻辑在于，高端钻针需要高精度硬质合金基材、精密涂层工艺与严苛的微孔尺寸一致性控制，制造壁垒远高于传统产品。 从趋势判断，高端钻针目前仍处于量价齐升通道。需求端， AI服务器PCB层数持续上行、M9材料渗透率提升，双重因素叠加推高单板耗针量；供给端，超微径高端钻针的全球产能主要掌握在日系厂商手中，短期难以大幅扩产，供需错配格局为价格提供持续支撑。   Q： 如何看待高端钻针市场未来的成长性？ PCB钻针行业主要玩家下一轮竞争的关键是什么？ 贾庞 沙利文中国高级合伙人兼董事总经理 高端 PCB钻针市场的中长期成长逻辑是清晰且具备持续性的。核心驱动来自三条并行主线：AI服务器PCB层数的代际跃升、M9等高频材料渗透率的提高，以及高速交换机、汽车电子等新兴应用对高多层高密度PCB的需求扩张。与传统消费电子场景相比，AI相关PCB对钻孔精度、良率稳定性和一致性的要求显著更高，钻针正在完成从"低值耗材"向"影响良率的关键工具"的角色跃迁，价值量和战略地位均在系统性提升。   产品方向上， 0.2毫米以下超微径钻针、高性能涂层钻针及适配高多层板的高长径比产品，将是未来最主要的增量空间。 下一轮竞争的分水岭，已从单纯的产能规模转向 "材料、工艺与客户验证"三位一体的综合能力壁垒。具体而言：涂层技术决定钻针耐磨性与使用寿命，是产品力的核心差异化所在；超微径与高长径比产品对硬质合金配方、加工精度和良率管控的要求极为苛刻，工艺积累难以快速复制；而高端钻针进入头部PCB厂供应链须经历漫长的认证周期，一旦导入，客户粘性极强，后来者的替代成本极高。此外，AI产业链的高强度建设节奏对供应商的交付稳定性和快速响应能力提出了新要求——兼具高端技术、规模化量产与敏捷交付能力的厂商，将在下一轮市场格局重塑中占据更有利的位置。   *本采访已刊登于财联社，作者为陆婷婷，原标题为：PCB钻针量价齐升   业内判断未来两年维持紧俏   钨钢棒短缺或制约扩产  | 传真