北京商报讯（记者 魏蔚）1月8日，智谱以120港元的开盘价在港交所上市，较116.2港元的发行价上涨 3.3%，截至北京商报记者发稿，股价120港元，总市值528.28亿港元。 2022年至2024年，智谱经调整净亏损分别是9741.7万元、6.21亿元、24.66亿元。2025年上半年经调整净 亏损17.52亿元。2022年至2024年公司毛利率分别是54.6%、64.6%、56.3%，2025年上半年毛利率50%。 智谱成立于2019年，由清华大学技术成果转化而来，专注通用人工智能的研发。2022年-2024年，智谱 营收分别是5740.9万元、1.25亿元、3.12亿元，年复合增长率130%。2025年上半年营收1.91亿元，同比 增长325%。 ...

Core Viewpoint - ChipMight Semiconductor has re-submitted its listing application to the Hong Kong Stock Exchange after a previous application became invalid, indicating the company's ongoing efforts to go public in the semiconductor industry [1] Company Overview - ChipMight Semiconductor is a power semiconductor company specializing in the research, design, process development, and sales of power management ICs and power devices [1] - The company ranks first in the global OLED display PMIC market based on total shipment volume over the past decade [1] Financial Performance - For the first three quarters of 2025, ChipMight Semiconductor reported revenue of approximately 1.458 billion yuan, with a corresponding net loss of about 234 million yuan [1] - The company had previously submitted a listing application to the Hong Kong Stock Exchange on June 30, 2025, which ultimately became invalid [1]

| 2025年12月存量房网上签约 | | | --- | --- | | 网上签约套数： | 19132 | | 网上签约面积(m²)： | 1659092.4000 | | 住宅签约套数: | 17200 | | 住宅签约面积(m²)： | 1549550.8000 | | 可售期房统计 | | 2025 年12月预售许可 | 2026/1/7期 | | --- | --- | --- | --- | | 可售房屋套数: | 93124 | 批准预售许可证： 20 | 网上认购 | | 可售房屋面积(M2):7512787.0400 | | 批准预售面积(M²): 542294.9600 | 网上认购面积 | | 其中 | 38645 | 1808 其中 住宅套数: | 其中 住宅 | | 面积(M2): 5235675.7700 | | 面积(M2): 248019.1600 | 面积 | | 商业单元: | 240 | 商业单元: 18 | 商业 | | 面积(M2): 175434.4100 | | 面积(M²): 11750.1500 | 商积 | | 办公单元： | 515 | 办公单元： 70 ...

| 2025年12月存量房网上签约 | | | --- | --- | | 网上签约套数： | 19132 | | 网上签约面积(m²)： | 1659092.4000 | | 住宅签约套数: | 17200 | | 住宅签约面积(m²)： | 1549550.8000 | | 可售期房统计 | | 2025 年12月预售许可 | | 2026/1/7其 | | --- | --- | --- | --- | --- | | 可售房屋套数: | 93124 | 批准预售许可证： | 20 | 网上认购 | | 可售房屋面积(M2):7512787.0400 | | 批准预售面积(M²):542294.9600 | | 网上认购面积 | | 其中 | 38645 | 其中 | 1808 | 其中 住宅 | | 面积(M2): 5235675.7700 | | 面积(M2): 248019.1600 | | 商积 | | 商业单元: | 240 | 商业单元: | 18 | 商业 | | 面积(M2): 175434.4100 | | 面积(M2): 11750.1500 | | 面积 | | 办公单元： | 5 ...

Core Viewpoint - The article highlights consumer complaints regarding the Duolingo app's misleading "free trial" offers, which lead to unexpected subscription charges without proper notification [1][3][4]. Group 1: Consumer Complaints - Multiple consumers reported being charged between 588 to 998 yuan after signing up for a "free trial" on the Duolingo app, without receiving any prior notification about the charges [1][3]. - Consumers like Bai Jiajia and Mu Yu experienced automatic deductions from their accounts without the promised reminders, leading to confusion and frustration [3][4]. - The issue has gained traction on social media, with discussions around "Duolingo charges" reaching over 22.3 million views and nearly 4,000 comments [4]. Group 2: Misleading Practices - Duolingo's "free trial" requires users to select a paid subscription plan, which is not clearly communicated until later in the signup process, creating a misleading environment for consumers [6][7]. - The app's interface obscures the fact that the free trial is contingent upon selecting a paid plan, which many users find deceptive [9][11]. - The company has been criticized for not clearly stating the automatic renewal terms and the specific timing of charges, leading to confusion among users [11][12]. Group 3: Legal Implications - Legal experts argue that Duolingo's practices may violate consumer protection laws, specifically regarding the right to be informed and the right to choose [4][5]. - The lack of clear communication about subscription terms and automatic renewals could be seen as a breach of the "Network Transaction Supervision and Management Measures" [5][13]. - Consumers are advised that Duolingo's actions may constitute misleading advertising, potentially infringing on multiple consumer rights laws [9][13]. Group 4: Refund Challenges - Many consumers face difficulties in obtaining refunds after being charged, as Duolingo and Apple often pass the responsibility back and forth, complicating the refund process [15][16]. - Duolingo's refund policy states that payments are generally non-refundable, which adds to consumer frustration when seeking recourse [15][16]. - Legal experts suggest that both Duolingo and Apple should establish a clearer, more consumer-friendly refund process to address these issues effectively [17][18].

政策出炉，红线划定，直播电商猛踩刹车。1月7日，市场监管总局、国家网信办联合对外公布近日制定 的《直播电商监督管理办法》(以下简称《办法》)，聚焦直播电商平台经营者(平台)、直播间运营者(商 家)、直播营销人员(主播)、直播营销人员服务机构(MCN机构)四类主体，压实责任义务，完善监管机 制。同日召开的市场监管总局2026年首场专题新闻发布会，正是聚焦《直播电商监督管理办法》与《网 络交易平台规则监督管理办法》。新规联袂出台，意味着平台经济尤其网络交易、直播电商等热门领 域，其发展和治理走向新阶段，成为多数受访企业和专家的共识。 平台商家主播机构责任划清 市场监管总局网监司司长朱剑桥表示，《办法》结合直播电商行业特点，细化了《电子商务法》等法律 规定，进一步明确不同主体的法律责任，构建了全链条责任体系。 具体来看，在压实直播电商平台经营者责任方面，从事前、事中、事后三个维度，系统规定了平台在身 份信息核验登记、信息报送、直播营销人员培训、直播间运营者分级分类管理、平台内违法行为处置、 风险识别及处置、交易信息保存、消费者权益保护等方面的责任义务。 在压实直播间运营者、直播营销人员责任方面，《办法》划定了直播间 ...

Core Viewpoint - Grandpa's Farm, a children's food brand embroiled in "pseudo foreign brand" controversy, aims to go public in Hong Kong despite facing significant challenges related to its marketing-driven growth model and product quality issues [1][6]. Financial Performance - The company has shown rapid revenue growth, with revenues of 622 million yuan, 875 million yuan, and 780 million yuan for the first three quarters of 2023 to 2025, reflecting year-on-year growth rates of 40.64% and 23.15% for 2024 and 2025 respectively [2]. - Net profits have also increased, with year-on-year growth of 35.97% and 12.07% for the same periods [2]. - Marketing expenses have significantly outpaced research and development (R&D) costs, with sales and distribution expenses reaching 201 million yuan, 306 million yuan, and 283 million yuan, accounting for approximately 32.3%, 35%, and 36.3% of total revenue [2]. Marketing Strategy - The brand has heavily invested in marketing, featuring in over 30 popular TV dramas and collaborating with well-known IPs, while employing celebrity endorsements to enhance visibility [3]. - The marketing strategy has been characterized as "heavy on marketing, light on R&D," which may hinder the development of differentiated product offerings tailored to specific nutritional needs [3]. Brand Identity Controversy - Grandpa's Farm has faced scrutiny over its branding, initially promoting itself as a "Dutch brand" with an emphasis on European origins, despite being controlled by Chinese capital [4][5]. - The brand has recently shifted its messaging to focus on product quality rather than its European background, indicating a response to ongoing controversies [4]. Quality Control Issues - The company's reliance on domestic contract manufacturers has raised concerns about product quality, with multiple instances of non-compliance reported by regulatory authorities [6]. - Specific products have been flagged for failing to meet safety standards, leading to fines and product recalls, which have contributed to a growing number of consumer complaints [6][7]. Market Challenges - The combination of aggressive marketing, brand identity issues, and quality control problems presents significant challenges for Grandpa's Farm as it seeks to navigate its IPO process [7].

Core Insights - The computer industry is undergoing a "platform reset" that occurs every 10-15 years, with a significant focus on physical AI and the upcoming "ChatGPT moment" [1] - Chinese robotics companies showcased a complete supply chain at CES 2026, with over 30 exhibitors demonstrating various robotic technologies and solutions [1][3] Industry Trends - The presence of Chinese robotics at CES is not new, but this year marks the most comprehensive collective display of the industry [3] - Companies like Yuzhu Technology and others presented innovative robots, highlighting the advancements in the field [3] Company Developments - New entrants like Pasini and Black Sesame Intelligence showcased their technologies, including high-precision tactile sensing and a comprehensive intelligent platform for robotics [4] - Magic Atom reported immediate orders for their products, indicating a shift from mere product display to commercial viability [7] Market Strategy - Companies are focusing on global market expansion, with plans to establish a flexible overseas inquiry and production system to meet international demand [10] - The shift in customer demographics at CES indicates a growing interest from professional buyers, leading to more serious discussions about collaboration [9] Competitive Landscape - The competitive environment is intensifying, with Chinese firms recognizing the need to accelerate R&D and market capture to maintain their lead [9] - The collaboration between foundational technology providers like NVIDIA and Chinese robotics companies illustrates a dual approach to advancing the industry [10]

Core Insights - The brain-computer interface (BCI) sector is gaining significant attention in the A-share market, with a notable surge in stock prices since January 5, 2026, leading to a cumulative increase of approximately 18% over three trading days [1][3] - Experts predict that 2026 will be a pivotal year for the commercialization of BCI technology, driven by advancements in technology, influx of capital, and market expectations [1] Market Performance - The human brain engineering sector experienced a cumulative increase of 17.98% over the first three trading days of 2026 [3] - Notable stocks such as Innovation Medical and Nanjing Panda have achieved consecutive trading limits, with Innovation Medical's stock price reaching 28.63 yuan per share on January 7, 2026 [4][3] Key Developments - Elon Musk's Neuralink plans to begin large-scale production of BCI devices in 2026, transitioning to a more streamlined and automated surgical process [3] - Strong Brain Technology recently completed approximately 2 billion yuan in financing, marking it as the second-largest financing in the BCI sector after Neuralink [3] Company Insights - Innovation Medical holds a 68.36% stake in Bole Brain Technology, which is involved in the medical-grade BCI rehabilitation sector [4] - Meihua Medical, a leading global supplier of cochlear implants, is exploring synergies between invasive BCI products and cochlear implant technologies [4] Technology Landscape - BCI technology is categorized into three main types: invasive, semi-invasive, and non-invasive, each with distinct advantages and challenges [6] - Invasive BCIs, like those developed by Neuralink, offer high precision but come with significant surgical risks [6] - Non-invasive BCIs are more accessible and cost-effective but face limitations in signal resolution [6] Policy and Industry Outlook - The Ministry of Industry and Information Technology has set ambitious goals for the BCI industry, aiming to cultivate globally influential companies and a competitive ecosystem by 2030 [7] - Current challenges in BCI commercialization include high-precision neural signal decoding, safety of invasive devices, and ethical considerations [7] Commercialization Challenges - Many companies, including Weisi Medical and Sanbo Brain Science, have indicated that their BCI products are still in the early stages of market development and have not yet achieved significant sales [8] - The market is witnessing speculative investments, with some companies lacking substantial technology or products, leading to potential valuation bubbles [9] Evaluation Criteria - Companies in the BCI sector should be assessed based on their technological barriers, clinical and commercialization capabilities, and overall financial health [10]

淘宝闪购选择拉上微信的盟友。1月7日，北京商报记者从微盟获悉，微盟集团已与阿里巴巴集团旗下本 地生活服务平台淘宝闪购达成战略合作，双方将围绕即时零售、数字营销、技术创新等领域展开多维业 务合作与探索。 淘宝闪购是即时零售赛道的实力选手，微盟是微信私域流量的资深玩家。公私域流量、商家供给资产、 数字化经营能力等资源，是双方"联姻"的推手，也是当下急需补上的短板。 各取所需 电子商务交易技术国家工程实验室研究员赵振营也表示，微盟能扩大SaaS覆盖与订阅收入，淘宝闪购能 补齐私域与商户运营能力，双方共同做大即时零售蛋糕，可以把"顾客资产"变成生态共有的增长引擎。 精细化运营 从微盟和淘宝闪购具体的合作内容来看，双方将进行系统打通和业务协同，在商户资源上实现共享。例 如微盟的商户能高效接入淘宝闪购平台，实现本地零售"到家、到店"的一体化运营。这意味着，淘宝闪 购将借势获得更多本地生活领域的商家资源。根据微盟2025年上半年的财报数据，使用微盟SaaS产品等 订阅方案服务的商家数量有5.9万家，覆盖本地生活、服饰、快消、美妆等领域。其中，有1227家品牌 商家使用微盟的智慧零售解决方案服务，这类商家每用户平均订单收入为 ...