Core Viewpoint - Huawei emphasizes the importance of open innovation and intellectual property protection to drive technological advancement and societal development, showcasing its significant R&D investments and achievements in the field of patents and technology [1][3][9]. R&D Investment - Huawei has consistently invested over 20% of its annual sales revenue into R&D, with expenditures exceeding RMB 170 billion in 2024, representing 20.8% of total sales [1]. - Over the past decade, Huawei's cumulative R&D investment has surpassed RMB 1.2 trillion, ranking sixth globally in R&D spending according to the 2024 EU Industrial R&D Investment Scoreboard [1]. Intellectual Property Achievements - In 2024, Huawei publicly disclosed a record 37,000 new patents, contributing over 10,000 technical proposals to domestic and international standards organizations, and publishing more than 1,000 academic papers [5]. - As of the end of 2024, Huawei holds over 150,000 valid patents globally, with more than 50,000 in China, approximately 29,000 in the U.S., and around 19,000 in Europe [5]. Patent Licensing Revenue - Huawei's patent licensing revenue reached a historical high of $630 million in 2024, marking an increase from $560 million in 2022 [6]. - Cumulatively, Huawei's patent licensing revenue over the past decade is estimated to exceed $4 billion, despite having paid approximately $12 billion in licensing fees to others [6][7]. Open Source and Collaboration - Huawei promotes open-source initiatives, with over 8,100 contributors in the OpenHarmony community submitting more than 10 million lines of new open-source code in the past year [3]. - The company has launched various open-source and hardware projects, including the CANN computing framework and the Cangjie programming language, aiming to provide developers with comprehensive tools and support [3]. Industry Collaboration - Huawei has signed 233 patent licensing agreements, with 95% achieved through negotiation and mediation, collaborating with major international firms like Nokia, Ericsson, Amazon, and Samsung [9]. - The company advocates for a balanced intellectual property strategy, emphasizing the importance of both incentivizing innovation and facilitating application [7][9]. Public Access to Patents - Over 200,000 Huawei patents have entered the public domain for free use, and the company has launched a patent query tool to assist global researchers [9][10]. - The "Chasi Patent" project has received over 2 million visits since its launch, reflecting its positive reception among the research community [10].

并且，华为还会定期在这个场合公布其"十大发明"评选成果，比如这次的成果就涉及超节点、鸿蒙、折 叠屏、短距光互联、新一代固态硬盘、辅助驾驶、红枫原色影像等领域。 （文/观察者网 吕栋 编辑/张广凯） "从全新的HarmonyOS 6操作系统，到功能强大的Atlas 950超节点，我们的研发团队捷报频传。虽然很 多领先的软件和硬件产品是巨大的系统工程，但我们尽最大努力对大家开放。"11月11日，在华为第六 届创新和知识产权论坛上，华为副总裁、知识产权部部长樊志勇说道。 当下，知识产权保护日益受到重视，华为几乎每年都会举办创新和知识产权论坛，与全球创新和知识产 权领域专家，共同探讨开放和保护知识产权对于促进科技创新和推动社会发展的重要意义。 这些前沿成果背后，离不开华为压强式的研发投入。华为首席法务官宋柳平披露，过去五年，华为持续 将年度销售收入的20%以上投入到研发中。2024年，华为研发费用支出超过人民币1700亿元，占全年销 售收入的20.8%。近十年，华为累计投入研发费用超过人民币1.2万亿元。 根据《2024年欧盟产业研发投入记分牌》，华为研发支出位居全球第6位。 图源：观察者网 但站在华为的角度，高强度 ...

11月11日，软银集团宣布，已于10月以58.3亿美元(约合415亿元人民币)的价格出售其拥有的英伟达的全部股份。 软银CFO后藤芳光在投资者说明会上表示："我们希望为投资者提供大量投资机会，同时仍能保持财务实力。" 他说，将确保以非常安全的方式为投资做好资金准备，上述股份出售是公司"资产货币化"战略的一部分。 软银股价走势 当地时间周二，美股市场"冰火两重天"，道指创历史新高，而AI科技股集体下挫则拖累了纳指。截至收盘，道指涨1.18%，报47927.96点；纳指跌0.25%，报 23468.30点；标普500指数涨0.21%，报6846.61点。 美股AI科技股遭遇投资者抛售。其中，英伟达跌近3%，公司市值一夜蒸发1431.27亿美元，日本知名科技投资公司软银集团清仓英伟达股票成为直接导火 索。 出于对"AI泡沫"的恐慌，软银股价在此前一周出现下跌。后藤芳光表示："我们的股价近期波动剧烈……我们希望提供尽可能多的投资机会。" 在软银宣布抛售英伟达股份的消息传出后，11月11日盘前交易中，英伟达股价已下跌0.95%。 股票研究分析师罗尔夫巴尔克向CNBC分析称，软银的抛售不应被视为对英伟达的谨慎或负面态度， ...

Core Viewpoint - The price of Feitian Moutai has significantly dropped during the 2025 Double Eleven shopping festival, with prices reaching as low as 1499 yuan per bottle, indicating a major shift in the high-end liquor market and consumer behavior [2][4][12]. Price Trends - In 2024, the price of Feitian Moutai was around 2000 yuan, but by 2025, it fell to 1499 yuan due to aggressive discounting strategies by e-commerce platforms [2][10]. - The price of Feitian Moutai on various platforms during the 2025 Double Eleven included 1640 yuan on Taobao, 1664.9 yuan on JD, and 1499 yuan on Pinduoduo, with some reports of prices as low as 1399 yuan [3][6][10]. Market Dynamics - The prolonged promotional period leading up to Double Eleven has resulted in a continuous decline in prices, with reports of daily price changes and significant drops in wholesale prices [4][5][8]. - The price of Feitian Moutai has been on a downward trend for over a year and a half, with a notable decline starting in April 2024, influenced by various market factors including increased supply and changing consumer preferences [9][10]. Consumer Behavior - The perception of Moutai as a luxury item has diminished, with consumers expressing dissatisfaction over the price drops, indicating a shift in the market dynamics and consumer sentiment [4][11]. - Younger consumers are moving away from traditional drinking cultures, impacting the demand for high-end liquors like Moutai [11][15]. Industry Impact - The decline in Moutai prices is reflective of broader challenges in the liquor industry, with other brands like Wuliangye and Guojiao 1573 also experiencing significant price drops [13][14]. - The traditional inventory management practices in the liquor industry, characterized by "stock pressure-control price-repressure," are being challenged as prices continue to fall, leading to potential long-term implications for the market [14][15].

据国家安全部微信公众号11月12日消息，办公室的路由器依然闪烁，客厅里的摄像头仍在转动，这些陪 伴我们多年的设备，或许早已过了厂商支持的"保质期"，处于无人维护的状态。安全生命周期和设备生 命周期的脱节，使得原设备中尚未修复的漏洞暴露，风险隐患也潜滋暗长。 无售后的网络"靶场" 停产设备因厂商终止技术支持服务导致其无法修复自身存在的安全缺陷，其固件、协议栈及应用程序中 积累的漏洞永久暴露，如同一个不设防的"靶场"，轻易就能被黑客突破，因此成为境外间谍情报机关重 点关注的目标。攻击者可通过自动化扫描工具识别开放端口及服务，利用已知漏洞发起定向攻击，直接 获取设备控制权。 ——给老设备"拆炸弹"，除患清源筑牢根基。定期通过设备官方网站查询路由器、摄像头、网关等联网 设备生命周期，若设备已停产且长时间未更新固件，有条件可选用安全性更高的新设备进行替换，切实 消除因漏洞暴露形成的"定时炸弹"。 ——给旧设备"拉闸门"，断链阻敌严守边界。若暂时未更换设备，要实施网络访问最小化原则，配置严 格的访问控制权限，尽量使用本地存储替代云端同步，仅开放必要的服务端口，关闭远程连接等敏感服 务，阻止设备访问核心业务网络或互联网，有 ...

万科企业股份有限公司董事会11月11日发布公告称，经协商，万科企业股份有限公司第一大股东深圳市 地铁集团有限公司（以下简称"深铁集团"）向公司提供不超过16.66亿元借款（以下简称"股东借 款"），用于偿还公司在公开市场发行的债券本金与利息。 借款期限不超过3年。分次提款的，自首次提款日起算，贷款的最后可提取日期为2025年11月13日。经 双方协商一致，可提前还款；经出借人同意，可进行展期。 借款利率定价基准为每笔借款提款日前一工作日全国银行间同业拆借中心公布的1年期贷款市场报价利 率（LPR），浮动点数为减66个基点，目前为2.34%。 截至目前，深铁集团持有公司27.18%股权，深铁集团构成公司的关联方。 深铁集团已累计向万科公司提供借款291.3亿元（不含本次借款）。 1. 经协商,万科企业股份有限公司(以下简称"公司"或"万科")第一 大股东深圳市地铁集团有限公司(以下简称"深铁集团"或"出借人")向公司 提供不超过16.66亿元借款(以下简称"股东借款")。 2. 截至目前,深铁集团持有公司27.18%股权,深铁集团构成公司的关联方。 根据《深圳证券交易所股票上市规则》等相关规定,本次关联交易事项 ...

【文/观察者网 熊超然】在今年开始的新一轮中美经贸博弈中，美方无端对中国船舶加征港口费，随即 遭到中方强硬反制。 香港《南华早报》11月11日报道称，特朗普政府已于当地时间11月10日叫停了这一"毒计"，而以民主党 人为代表的一干人等又开始搞事情，批评此举削弱了美国总统特朗普对华强硬的主张。 "暂停或减少依据'301条款'设立的港口费的征收，只会进一步拖延美国重建这一关键产业的进程。"美 国国会众议院"美中战略竞争特别委员会"（下称"中国委员会"）民主党籍首席议员拉贾·克里希纳莫西 （Raja Krishnamoorthi）和另一名民主党籍联邦众议员约翰·加拉门迪（John Garamendi）在11月7日致美 国贸易代表格里尔的联名信中炒作道。 这两人渲染称，此举是对近年来两党为重振美国这一关键产业所做努力的重大倒退，301调查行动"不能 成为对华谈判筹码"，特朗普政府继续与中方谈判的计划表明，诸如301调查之类的"保护措施"，"可能 会被进一步削弱"。 跳出来反对还不只有民主党人，尽管航运业认为暂停征收港口费将减轻成本、促进贸易，但部分工会组 织却宣称，这可能削弱美国的海运影响力，并向中方传递"错误信号" ...

11月11日，深圳市宝鹰建设控股集团股份有限公司（*ST宝鹰）再度涨停，12个交易日内已录得11个涨 停。10月30日至11月7日，*ST宝鹰三度发布发布公告，提示股票交易异常波动。 *ST宝鹰此前于10月24日发布公告，宣布公司控股股东大横琴集团（实控人为珠海市国资委）计划将控 制权出让给民企背景的新设公司世通纽。 *ST宝鹰股价异常波动 11月7日的公告称，*ST宝鹰11月4日、5日、6日连续三个交易日收盘价格涨幅偏离值累计超过12%，根 据《深圳证券交易所交易规则》等有关规定，公司股票交易属于异常波动的情形。 公告称，截至2025年11月6日，公司股票的静态市盈率为-7.64倍，滚动市盈率为-16.55倍，市净率 为-177.78倍。根据中证指数官网发布的中上协行业分类数据，公司所属的行业分类"E50建筑装饰、装 修和其他建筑业"最新静态市盈率为26.18倍，滚动市盈率为23.72倍，市净率为2.34倍，公司当前的市盈 率、市净率与同行业情况有较大差异。敬请广大投资者理性投资，注意投资风险。 10月31日，*ST宝鹰披露《2025年三季度报告》，其中显示，2025年前三季度营业收入为51508.45万 ...

Core Insights - Huawei held its sixth Innovation and Intellectual Property Forum on November 11, announcing the results of the "Top Ten Inventions" awards, which focus on key future business areas such as computing, HarmonyOS, foldable screens, and storage [1] - Since 2015, Huawei has regularly conducted the "Top Ten Inventions" selection to recognize inventions or patented technologies that have the potential to create new product lines and bring significant commercial value to the company and the industry [1] - Huawei's Chief Legal Officer, Song Liuping, stated that the company has invested over 20% of its annual sales revenue in R&D for the past five years, with R&D expenditure exceeding 170 billion yuan in 2024, accounting for 20.8% of total sales revenue [1] - Huawei's Vice President and Head of Intellectual Property, Fan Zhiyong, emphasized that continuous innovation and respect for intellectual property are the driving forces behind Huawei's commercial success and the foundation for building an interconnected intelligent world [1] Summary of Top Ten Inventions - **Scale-up Ultra-large-scale Super-node Computing Platform**: This invention creates a fully peer-to-peer interconnect architecture by integrating heterogeneous processors, CPUs, memory, and storage, allowing flexible resource allocation based on task requirements [2] - **Harmony Full-stack Architecture Innovation Technology**: The Harmony operating system offers a smooth and secure user experience through full-stack architecture innovations, enhancing collaboration between software, hardware, and ecosystem [3] - **New Foldable Form Factor**: This invention introduces a new form factor through innovations in hinge systems, flexible screens, and thermal management, resulting in the world's first commercial triple-fold smartphone and a foldable PC [6] - **Short-distance Optical Interconnection**: This invention addresses traditional electrical interconnection challenges by enhancing reliability threefold, expanding coverage twelvefold, and improving operational efficiency by 40% [8] - **Next-generation High-capacity and Performance SSD**: This invention achieves a fourfold increase in storage density and significant performance breakthroughs, supporting hundreds of terabytes of data recovery in hours [11] - **GigaGreen RAN**: This invention leads the industry in energy efficiency by 30% and integrates multiple frequency bands to enhance user experience by 20% [13] - **New Paradigm of Assisted Driving Based on Real-time Environmental Cognition**: This invention combines navigation maps with real-time perception to enhance the driving experience [15] - **Ascend Affinity Mathematical Reasoning Acceleration**: This invention maximizes the performance of Ascend chips and servers for large model inference [17] - **F5G-A 10G Optical Access: 50G PON Key Technology**: This invention leads the access network industry upgrade with a high-performance, low-cost 50G PON system [18] - **Maple Red Color Imaging**: This invention achieves true color reproduction in mobile photography through a multi-spectral color processing architecture [21]

Core Insights - The China International Import Expo (CIIE) serves as a platform for redefining business rules, with Hema transitioning from a "global buyer" to a "product manager" in the new retail landscape [1] Group 1: Strategic Partnerships - Hema has established strategic partnerships with top brands, including a collaboration with Spanish olive oil brand, Baron, for targeted product development [1] - A significant partnership with New Zealand's Silver Fern Farms was formed, involving an 80 million yuan order for premium beef and lamb, alongside the establishment of a direct sourcing base in New Zealand [1][2] - The collaboration with Silver Fern Farms signifies a shift in the market dynamics of imported fresh meat, moving from a seller's market to a more balanced partnership [2] Group 2: Product Development and Customization - Hema's new self-owned brand, Bello Vitahouse, debuted at the CIIE, offering a range of imported products including olive oil, gelato, pasta, and chocolates [4][5] - The brand aims to cater to Chinese consumer preferences, with products being adjusted for lower sugar content and higher temperature cooking suitability [5][6] - The introduction of a high smoke point olive oil, developed in response to local cooking habits, exemplifies Hema's commitment to product customization [2] Group 3: Supply Chain Efficiency - Hema has improved the supply chain for imported king crab, reducing the time from catch to store by approximately 20 days through multiple entry ports in China [3] - The company is actively involved in restructuring the global supply chain, enhancing the efficiency of product distribution and processing [2][3] Group 4: Market Insights - Hema's approach emphasizes understanding local consumer needs, aiming to create high-quality, cost-effective imported products tailored to the Chinese market [6] - The success of new products, such as gelato ice cream, which saw over 100% month-on-month sales growth, reflects the effectiveness of Hema's market strategy [5]