开云此举，发生在中国硬奢市场被"老铺效应（Laopu effect）"重塑的背景下。另一家同样主打 24K 黄 金的本土品牌 老铺黄金（成立于 2009 年），在 2025 年上半年实现营收 超120亿元人民币（17 亿美 元），自 2024 年 6 月在港交所上市以来，股价累计上涨 2300%。 开云对宝铼的早期投资表明：中国黄金品牌已不再是奢侈品生态里的边缘角色，而正在重新定义"奢侈 价值"生产的中心地带。此次投资也契合了开云在中国的全面重启战略。在上月举行的 中国国际进口博 览会（CIIE） 上，集团宣布与 上海时装周 建立战略合作，支持中国本土设计力量，释放出从"市场获 取"转向"文化参与"的信号。 （原标题：从"老铺效应"到宝铼投资：开云在中国的文化押注） 开云集团旗下投资部门 Kering Ventures 已对中国珠宝品牌 宝铼（Borland） 进行少数股权投资，开云 方面于 12 月 1 日发布声明确认了这一消息。 这家以 24K 足金 与 源自中国皇家工艺的设计语言 而闻名的珠宝品牌，正处在年轻消费群体快速拥抱 黄金品类的时点。近几年，中国黄金首饰成为增长最快的品类之一，年轻一代开始以购买 ...

（原标题：今日看点｜第22届世界风能大会将举行） 12月3日重点关注的财经要闻与资本市场大事： 1、第22届世界风能大会将举行 12月3日至5日，第22届世界风能大会将在广东汕头召开。本届大会以"风能赋能未来：创新、协作与可 持续增长"为主题，聚焦风电产业迈向高质量、可持续发展的前沿趋势与路径。 2、2026年度全国煤炭交易会将举行 2月3日至5日，2026年度全国煤炭交易会将在山东日照举办。会议期间，将举办山东日照－新疆哈密煤 炭产业合作发展大会，汇聚山东、新疆、甘肃、陕西、山西等省区市煤炭产业链上下游生产、贸易、物 流、消费企业及相关主管部门，积极探讨促进疆煤外销合作，搭建东西部煤炭产运销需衔接平台。 3、6229.62万元市值限售股今日解禁 12月3日，共有7家公司限售股解禁，合计解禁量为337.06万股，按最新收盘价计算，合计解禁市值为 6229.62万元。 从解禁量来看，华盛昌、亚辉龙、今天国际解禁量居前，解禁股数分别为101.44万股、96.15万股、 63.95万股。从解禁市值来看，华盛昌、亚辉龙、杭氧股份解禁市值居前，解禁市值分别为2280.34万 元、1396.1万元、857.38万元。 4 ...

Core Viewpoint - The article emphasizes the importance of recognizing early warning signs of academic disengagement in children who have recently returned to school after experiencing a crisis of motivation. It highlights that the initial months of reintegration are critical and that parents and teachers should focus on identifying these signs to intervene before issues worsen [1]. Emotional Signals - Children may exhibit sudden emotional fluctuations, such as increased irritability, anxiety, or prolonged sadness, often disproportionate to specific events. For instance, a child might react with extreme anger over minor issues or express feelings of hopelessness [2]. Behavioral Signals - A noticeable decline in proactive behaviors, such as procrastination on assignments and avoidance of social interactions, may occur. Children might frequently seek excuses to miss school or show a lack of interest in previously enjoyed activities [3]. Cognitive Signals - Children may develop negative self-perceptions and pessimistic views about their future, leading to a cycle of self-doubt and reduced effort in their studies. This can manifest as statements like "I can't learn" or "There's no hope for me" [4]. Physical Signals - Unexplained physical symptoms, such as headaches or stomachaches, may arise, particularly before school. These symptoms can serve as a means of avoiding school, and if overlooked, they may lead to long-term physical and mental health issues [5][6]. Academic Signals - There may be a significant drop in academic performance, with increased errors in assignments and reduced classroom participation. This decline can lead to feelings of inadequacy and further disengagement from learning [7]. Social Signals - Children may retreat from social interactions, experiencing isolation from peers and strained relationships with teachers. A lack of social support can exacerbate feelings of loneliness and lead to a return to avoidance behaviors [8]. Response Strategies - Early detection of warning signs should prompt gentle interventions, such as empathetic listening and identifying specific issues. Collaborating with teachers and mental health professionals can help address academic pressures or interpersonal conflicts effectively [9].

Group 1 - The box office success of "Zootopia 2" is attributed to a surge in pent-up viewing demand and reflects a shift in young audiences' preferences, signaling a new era for global cinema [2][3] - As of December 1, "Zootopia 2" has surpassed 2 billion yuan in box office revenue in China, breaking the previous record set by its predecessor, which grossed 1.54 billion yuan in 2016, with projections suggesting a total box office of 4.2 billion yuan [2] - The film's daily box office reached 730 million yuan, indicating strong momentum and contributing to a positive outlook for the overall Chinese film market, which is expected to reach 50 billion yuan in total box office by 2025 [2] Group 2 - The success of "Zootopia 2" has alleviated the financial pressure on cinemas, reinforcing the idea that audience willingness to spend is contingent on the availability of compelling films [3] - Data shows that 59% of the audience for "Zootopia 2" is aged 29 and below, suggesting a significant shift towards targeting younger demographics in film production [3] - The competitive landscape for imported films remains, as the success of "Zootopia 2" indicates that the dominance of domestic films in box office share is not guaranteed, highlighting the need for innovation in imported films [3] Group 3 - The increasing popularity of animated films poses a growing threat to live-action films, with animated titles projected to account for nearly half of the total box office in 2025 [4] - The film industry is urged to adapt and innovate in response to the success of animated films, learning from their strategies to maintain relevance and appeal [4] - "Zootopia 2" serves as a wake-up call for the Chinese film industry to rapidly respond with innovative content that can compete in the evolving entertainment landscape [4]

Core Insights - AI security has become a critical foundation for high-quality industrial development as the "AI+" initiative accelerates [1][2] - The forum emphasized the need for a collaborative ecosystem to establish standards, assessments, and protective frameworks for AI security [1][4] Group 1: AI Security Governance - The forum gathered various stakeholders to discuss cutting-edge issues in AI security governance and released multiple research outcomes and industry standards [1][2] - Recommendations were made to strengthen the technological foundation, deepen application integration, and improve governance ecosystems for AI security [1][2] Group 2: Policy and Industry Development - The "14th Five-Year Plan" emphasizes enhancing national security capabilities in emerging fields like AI, guiding future work in the information and communication sector [2] - The AI security industry in China is entering a phase of high-quality development, with continuous optimization of the policy environment and ongoing technological innovations [2][3] Group 3: AI Safety Challenges and Solutions - The rapid evolution of large models and intelligent agents has led to new risks such as identity fraud and decision-making failures, necessitating comprehensive safety measures [3][4] - A dual authorization mechanism for user and application interactions was proposed to mitigate privacy and data leakage risks in cloud-based intelligent agents [3][4] Group 4: Industry Collaboration and Standards - The forum initiated the development of the "AI Native Cloud Security Capability Maturity Requirements" standard to provide a quantifiable guide for building AI-native cloud security [5] - Experts from various companies discussed the challenges and solutions in AI security, emphasizing the need for an open and collaborative industry ecosystem [5]

Core Viewpoint - Huawei's HarmonyOS 6.0 represents not just an operating system upgrade but a significant challenge in reshaping the digital ecosystem, moving beyond mere technological prowess to creating a collaborative environment among developers, manufacturers, and users [2][3]. Group 1: Ecosystem Importance - A mature digital ecosystem is a value co-creation community where leaders build infrastructure, developers contribute applications, and users form a scale effect, creating a "lock-in effect" that is difficult to overcome [3]. - The dominance of Apple's iOS and Google's Android is rooted in their successful ecosystems, with Apple's App Store hosting over 2 million apps and generating $1.3 trillion in annual revenue, while Google Play has 286 million apps available [3]. - For HarmonyOS, the path to establishing a competitive ecosystem is long, and it is crucial for China to build a self-sustaining digital ecosystem to gain true digital sovereignty [3]. Group 2: Operating System as a Foundation - The operating system is considered the "soul carrier" and "rule foundation" of the digital world, essential for measuring digital economic strength alongside hardware [4]. - The risks of non-autonomous operating systems have become more pronounced, especially in light of geopolitical tensions, highlighting the need for self-controlled systems for national security [4]. Group 3: Lessons from Past Failures - Previous attempts at domestic operating systems failed due to three main issues: ecological recognition traps, lack of strategic determination, and misalignment with the times [6]. - The failure of past systems like Red Flag Linux illustrates that the competition in operating systems is fundamentally about ecosystem competition, not just technology [6]. Group 4: Differentiation Path of HarmonyOS - HarmonyOS has shifted from "replacement" to "reconstruction" and from "catching up" to "changing lanes," establishing a differentiated path in both technology and ecosystem models [7]. - The system focuses on "Internet of Everything," with innovative features that allow seamless interaction across devices, avoiding direct competition with Android and iOS [7]. Group 5: Developer Ecosystem and Incentives - Huawei has implemented incentive programs like the 100 million yuan Star Plan and 1 billion yuan Tian Gong Plan to stimulate developer engagement, with 66.9% of developers expressing intent to continue in the HarmonyOS ecosystem [8]. - The ecosystem's growth is supported by a combination of policy incentives and technological empowerment, which has successfully crossed the critical threshold for ecosystem initiation [8]. Group 6: Challenges and Shortcomings - Despite significant progress, HarmonyOS still faces challenges such as insufficient application adaptation depth and compatibility issues with certain features, which need to be addressed for broader adoption [9][10]. - The system's stability must improve as it scales, with users reporting issues like data loss and compatibility failures, indicating the need for ongoing refinement [10]. Group 7: The Need for Collaborative Ecosystem - The future success of HarmonyOS depends on evolving from Huawei's "solo performance" to a collaborative "chorus" involving numerous developers and partners, creating a shared ecosystem community [11]. - The establishment of a thriving ecosystem requires transparent rules, shared technology tools, and reasonable profit-sharing models to ensure all participants benefit from the growth [13].

（原标题：五一视界冲刺港股IPO） 12月2日，港交所披露，北京五一视界数字孪生科技股份有限公司(以下简称"五一视界")提交上市申请，拟于港股上市，联席保荐人为中金公司和 华泰国际。 五一视界是一家在中国的数字孪生科技公司，围绕3D图形、模拟仿真及人工智能三大领域的技术进行大量投资并发展核心竞争力。 招股书显示，数字孪生技术是一种利用3D图形、模拟仿真及AI来生成实体物件或系统（例如城市建筑或车辆）的高精确度虚拟复制品技术。此虚 拟模型可详细反映现实世界的对应物，使用户能够观察、分析及预测其随时间的行为及变化。数字孪生应用于各个领域，以模拟及规划城市发 展、交通管理及紧急应变策略等影响实际环境的场景。五一视界主要为不同规模及行业的企业提供数字孪生解决方案。公司的行业解决方案涵盖 十多个领域，例如城市、水资源保护、能源、汽车、交通、机器人、娱乐及社交媒体。 公司于2015年2月成立。基于信息数据量的显著增长以及信息载体的迅速进步，公司的创始人观察到实时3D将成为继文本、图像及视像后最有效 的信息交互方式，亦为信息时代发展的必然结果。当时，实时3D主要用于游戏领域，目的使用户沉浸于一种虚拟世界的娱乐交互中。鉴于科 ...

12 月 1 日，瑞幸把热情从南美搬进了冬天。随着巴西主题季正式上线，主角"桑巴深烘"强势登场—— 包括新品「桑巴深烘拿铁」「桑巴深烘美式」，以及 25 款支持深烘豆的咖啡选择，让这个冬天多了一 丝南半球的热烈气息。 这支广告既把深烘咖啡的热烈表达得恰到好处，也成功让"桑巴 × 卡皮巴拉"成为冬季最出圈的视觉符号 之一。 为了给新品造势，瑞幸这次玩得更大胆：请来刘亦菲和易烊千玺两位全球代言人合体出演，一起上演了 一段关于"阿拉比卡"和"卡皮巴拉"的反差怪谈。 （原标题：刘亦菲 × 易烊千玺罕见合体，瑞幸这支"卡皮巴拉怪谈"火到停不下来！） 当"神仙姐姐"和顶级舞者面对一只跳桑巴的卡皮巴拉，画面不仅没有违和，反而魔性得刚刚好——节奏 洗脑、画风荒诞可爱，两张贵气逼人的脸遇上呆萌动物，竟意外形成一种难以解释的舒适感。网友直 呼：瑞幸太懂当代人的嗨点。 ...

（原标题：盛极而落：三星堆至今不为人所知的三部曲） 文博时空 作者 毛玉婷 近年的考古圈顶流"网红"，非三星堆莫属。在原始宗教的牵引下，先民驰骋于理 想之境，铸造出奇诡、神秘、夸张的青铜造像，构筑起神性美学，再烧砸毁掉，留下扑朔迷离的器物 坑，让今人在似懂非懂间感慨、景仰、追寻。 青铜大面具 青铜纵目面具 青铜头像 不寻常的青铜"神器"掀起一波波流量，却也遮挡住三星堆遗址绵延两千年的丰富内涵。当从"坑"里跳出 来，仔细翻阅史料，可以看到三星堆历经了三种不同的文化阶段：从新石器本土文化上"迭代"，三星堆 文化在商代中晚期达到鼎盛，进入青铜时代。这时，物质发展催生职业分工，一种类似于都江堰的早期 分流控水技术或出现，各种文化因子一起推动，揭开蜀地的古国序章。极盛之时却突遇变故，随着文化 日渐衰落，人们废弃古城，迁徙它处……尽管不是连贯的文化演进，"兴—盛—落"三部曲展开了三星堆 的绵延画卷。 总览：古国、古城、古文化 三星堆位置图，图据三星堆博物馆 三星堆遗址分布图 图源：四川省考古研究院 鸭子河南岸，分布着面积约12平方公里三星堆遗址（据现有认识），集古文化、古城、古国遗址的考古 面貌于一址。 那时，三星堆人就 ...

唐倩华则从客户视角切入，强调"稳健"并非客观标准，而是主观体验。她认为，理财公司应聚焦两点： 一是确保产品过程与结果的可控性；二是构建覆盖不同风险收益特征的产品体系，实现"合适的产品卖 给合适的人"。例如，对零回撤容忍者提供现金类产品，对愿意承担波动者提供固收+产品。 （原标题：当"稳健"不再等于保本 大资管如何重建客户信任？） 在全球低利率与资本市场高波动并存的新常态下，中国资产管理行业正经历从"刚兑信仰"向"净值化理 性"的深刻转型。11月26日，在经济观察报主办的"2025资产管理高峰论坛"上，经济观察报财富与资产 管理部主任、资深记者洪小棠与中邮基金总经理张志名、华夏理财副总裁贾志敏、民生理财副总裁兼投 资总监王旭、中邮理财高级业务专家唐倩华围绕"财富新局——理财视角的资产配置艺术"展开深度对 话。银行理财、公募基金、保险资管等多类机构在资产荒背景下重新定义"稳健"，探索多资产、多策略 的配置路径，以应对居民财富管理需求的结构性变化。 张志名指出，低利率环境压缩了传统固收资产的收益空间，行业正从"一切+固收"转向"固收+一切"的配 置逻辑。贾志敏强调，银行理财需通过"策略标签化"实现客户需求、产品特征 ...