Core Viewpoint - Moer Technology plans to use up to RMB 7.5 billion of idle raised funds for cash management, effective for 12 months from board approval, to enhance fund utilization efficiency and ensure project implementation safety [1][3] Fundraising and Financial Performance - The company recently completed its IPO, raising approximately RMB 7.9996 billion, with a net amount of about RMB 7.576 billion after expenses [1][3] - In the first six trading days post-IPO, Moer Technology's stock price surged by 723.49%, reaching a peak of RMB 941.08 per share, with a market cap exceeding RMB 440 billion [1] - On December 12, the stock experienced a significant drop of over 19%, closing at RMB 814.88, but still reflecting a cumulative increase of over 613% [1] Investment Allocation - The raised funds will be allocated to three core technology projects: - New generation AI training and inference integrated chip project (approximately RMB 2.51 billion) - New generation graphics chip project (approximately RMB 2.50 billion) - New generation AI SoC chip project (approximately RMB 1.98 billion) - An additional RMB 1 billion is designated for working capital [3][4][5] Cash Management Strategy - The cash management plan aims to invest in high-security, liquid principal-protected products, including but not limited to time deposits and structured deposits, without affecting the ongoing projects [3][5] - The company emphasizes that this strategy will not impact daily operations or project progress while aiming to enhance cash asset returns for shareholders [3] Market Reaction and Future Outlook - Following the announcement of the cash management plan, investor reactions were mixed, with some questioning the decision while others supported it as a means to ensure liquidity and increase revenue [3] - Moer Technology is set to release a new generation GPU architecture on December 19-20, which has generated investor enthusiasm, leading to stock price increases of 5.73%, 16.98%, and 28.04% over three consecutive trading days [5] - The company has acknowledged the need for continued high R&D investment and product iteration, while recognizing existing gaps compared to international competitors [5][6] Financial Status - As of the first half of 2025, Moer Technology reported revenue of RMB 702 million, surpassing total revenue from 2022 to 2024, but still incurred a net loss of RMB 271 million [6] - The company anticipates achieving profitability by 2027 at the earliest, with cumulative losses of approximately RMB 1.48 billion as of June 30, 2025 [6]

Core Viewpoint - The European Union is considering the repeal of the 2035 ban on internal combustion engine (ICE) vehicles, driven by pressure from member states like Germany and Italy, amid concerns over competitiveness against Chinese electric vehicle manufacturers [1][12]. Group 1: EU Policy Changes - The European People's Party (EPP) leader Manfred Weber announced that the European Commission will propose the repeal of the ICE ban on December 16 [2][3]. - Instead of a complete ban, a new proposal will require a 90% reduction in CO2 emissions for new registered vehicles starting in 2035 [3]. - There will be no target for 100% reduction in carbon emissions by 2040 [4]. Group 2: Industry Reactions - The announcement led to a rise in the European STOXX 600 automotive index by 0.8%, with traditional ICE manufacturers like Renault, Porsche, and Volkswagen seeing stock increases of 1.3% to 3% [6]. - German automakers such as Mercedes-Benz and BMW support the repeal, while companies like Volvo, which have invested heavily in electrification, oppose it, fearing it undermines future regulatory confidence [7]. Group 3: Diverging Opinions Among EU Members - Germany and Italy advocate for the repeal due to fears of losing competitiveness against Chinese firms, while Spain opposes it, citing risks to employment and the transition to electric vehicles [10][11]. - Spanish Prime Minister Sánchez warned that weakening the ban could delay modernization investments and harm the EU's goal of becoming a leader in electric vehicle manufacturing [11]. Group 4: Competitive Landscape - The EU's decision to potentially repeal the ban reflects anxiety over the competitive pressure from Chinese electric vehicle manufacturers, as evidenced by a significant increase in the registration of Chinese brands in Europe [15]. - In the first half of the year, 5.1% of new car registrations in 28 European countries were from Chinese brands, nearly doubling from the previous year [15].

3.扰乱网络空间生态。快手账号"傻妈虎儿的日常"（粉丝数42.1万）长期发布恶俗演绎剧情吸粉博流,严 重破坏网络生态；抖音账号"追番小队长"（粉丝数100.8万）持续发布含淫秽色情、血腥暴力等动漫视 频，危害未成年人身心健康；微博账号"萌釉妹"（粉丝数114万），发布开通会员观看色情视频内容信 息，通过群组发布色情网站外链。相关账号已被依法依约予以关闭。 4.违规账号变相复出。抖音账号"雨（记录生活）"（粉丝数7.2万）、"大东北（记录生活）"（粉丝数 28.9万），经核实为劣迹网红"东北雨姐"转世账号；账号"碎嘴撸米"（粉丝数72.3万）经核实为劣迹网 红"猫一杯"转世账号，劣迹网红"秀才"借抖音账号"王老四"（粉丝数2.7万）变相复出，相关账号已被依 法依约予以关闭。微博账号"陈震同学"（粉丝数1013万）在禁言期间，通过账号"陈震同学的同学"（粉 丝数29.8万）发布信息，相关账号已被依法依约予以禁言。 5.逃避税收监管。根据税务部门通报，快手账号"周周珍可爱625"（粉丝数5042.1万）关联公司存在严重 涉税问题，相关账号已被予以禁言处置。 网络名人账号关注度高、影响力广，是构建清朗网络生态的重要力 ...

Core Viewpoint - AI is transitioning from concept to deep industrialization, becoming a key driver for future growth, as emphasized by TCL's founder and chairman, Li Dongsheng, at the 2025 TIC [1] Group 1: Industry Landscape - TCL is shifting resources towards the white goods sector to compete against traditional giants like Midea, Gree, and Haier, as well as internet brands like Xiaomi [1][4] - The white goods market is characterized by a "Matthew effect," where the strong get stronger, making TCL's ambition to enter the top tier more urgent [4][10] Group 2: AI Implementation - TCL aims to utilize AI in practical applications for air conditioners, refrigerators, and washing machines, addressing the industry's pain points of "pseudo-intelligence" [3][5] - The company focuses on energy-saving solutions, achieving a 40% reduction in energy consumption for air conditioners through a combination of small models and reinforcement learning [5][9] Group 3: Product Innovations - TCL's washing machines tackle the "iron triangle" of speed, cleanliness, and energy efficiency, achieving a 5% reduction in energy consumption and a 10% decrease in washing time [5] - The refrigerator features dual magnetic preservation technology and a deep freeze function at -40°C, enhancing food preservation for up to 15 days [5] Group 4: User Experience - TCL has integrated AI voice assistants to simplify user interaction, allowing for natural language control of appliances [6] - The company offers tailored solutions for different scenarios, such as AI sleep mode for air conditioners and AI smart washing for washing machines [6] Group 5: Competitive Advantages - TCL's advantages stem from group-level technology reuse and channel integration, allowing for stable supply and cost control amid market fluctuations [9][10] - The company has established a comprehensive channel and after-sales service team, comparable to Midea and Haier, enhancing its competitive edge [9][10] Group 6: Market Position and Goals - TCL aims to rapidly enter the mid-to-high-end market, with a focus on promoting its ice-wash products [11] - The company recognizes challenges such as brand recognition and global market expansion, acknowledging a gap in technical capabilities compared to international benchmarks [13][14]

Core Viewpoint - AI is transitioning from concept to deep industrialization, becoming a key driver for future growth, as emphasized by TCL's founder and chairman, Li Dongsheng, at the 2025 TIC [1] Group 1: Industry Landscape - TCL is shifting resources towards the white goods sector to compete against traditional giants like Midea, Gree, and Haier, as well as internet brands like Xiaomi [1][4] - The white goods market is characterized by a "Matthew effect," where the strong get stronger, making TCL's ambition to enter the top tier more urgent [4][10] Group 2: AI Implementation - TCL aims to utilize AI technology in air conditioners, refrigerators, and washing machines to differentiate itself in a saturated market [1][5] - The company focuses on practical AI applications rather than superficial "smart" features, addressing real user needs and enhancing product relevance [3][4] Group 3: Product Innovations - In air conditioning, TCL employs a "small model + reinforcement learning" approach to significantly reduce energy consumption, achieving a 40% reduction in initial hours and an additional 18% over time [5] - The washing machine addresses the "iron triangle" of speed, cleanliness, and resource efficiency, achieving a 5% reduction in energy consumption and a 10% decrease in wash time [5] - The refrigerator features advanced preservation technology, enhancing food freshness for up to 15 days and improving freezing speed from 58 minutes to 30 minutes [5] Group 4: User Experience - TCL integrates AI voice assistants to simplify user interaction, allowing for natural language control of appliances [6] - The company offers tailored solutions for different scenarios, such as AI sleep mode in air conditioners and AI smart washing features [6] Group 5: Competitive Advantages - TCL benefits from group-level technology and channel reuse, enhancing its competitive edge in the white goods market [7][9] - The company has established a robust service and support network, comparable to that of Midea and Haier, which aids in its brand expansion [9][10] Group 6: Market Strategy - TCL's strategy emphasizes full-chain layout to mitigate market risks, contrasting with competitors reliant on external supply chains [10] - The company has achieved vertical integration, maintaining stable supply and cost advantages amid industry challenges [10] Group 7: Future Goals - TCL aims to rapidly penetrate the mid-to-high-end market, with a focus on promoting its washing and refrigeration products [12] - The company acknowledges challenges such as brand recognition and global market expansion, while committing to original innovation and core technology development [14]

Group 1 - The central bank will have 668.5 billion yuan in reverse repos maturing next week, with specific maturities of 122.3 billion, 117.3 billion, 189.8 billion, 118.6 billion, and 120.5 billion yuan from Monday to Friday [2] - A total of 4 billion yuan in 182-day reverse repos and 80 billion yuan in treasury cash deposits will also mature on Monday [2] - Huafu Securities believes that the central bank will maintain a relatively loose monetary policy framework and may increase regulatory efforts due to year-end factors, with DR001 likely to remain around 1.35% [2] Group 2 - The central bank has primarily used reverse repos and MLF operations for medium to long-term liquidity supply this year, and has conducted treasury buy-sell operations in October and November to inject long-term liquidity into the market [2] - To maintain reasonable liquidity in the banking system and enhance the central bank's monetary policy toolkit, a new reverse repo operation tool will be implemented in October 2024, targeting primary dealers in the open market with a maximum term of one year [2]

#微信群崩了# 12月12日下午，大量用户反映微信群消息无法发送或同步，相关话题登上热搜，引发"微 信群崩了"的集中讨论。之后，@腾讯微信团队 发布公告称，"抱歉，服务器轻微抖动，现已恢复。" ...

Core Insights - The event on December 12 marked the global launch of three innovative products by Haicheng Energy, alongside industry exchanges and the release of a blue paper [1] - The "All-Weather Green Power 135 Lighthouse Plan" was initiated, focusing on long-duration energy storage, green intelligent computing, comprehensive energy storage, and green power hubs over a five-year period [1] - The company aims to reduce the Levelized Cost of Storage (LCOS) to 0.1 yuan per kWh within five years by enhancing large-size battery cells, energy storage systems, extreme intelligent manufacturing, and integrated solutions [1] Group 1: Product Launches - The first product is the world's first native 8-hour long-duration energy storage solution, featuring a power output of 6.9 MW and an energy capacity of 55.2 MWh, with an 18% improvement in deployment efficiency and a 23% reduction in footprint compared to previous generations [2] - The second product is the 8-hour long-duration energy storage dedicated cell, with a capacity of 1300 Ah, which is over four times that of mainstream products, reducing the number of system components by more than 30% [4] - The third product is the lithium-sodium collaborative AIDC full-duration energy storage solution, which combines lithium battery backup with high-rate sodium batteries, improving overall system efficiency by over 3% [6] Group 2: Technical Innovations - The 8-hour long-duration energy storage solution features a high-strength steel banding technology and a dual pressure relief valve system, capable of withstanding extreme temperatures of 800°C and pressures of 300 kPa [3] - The dedicated cell employs "ultra-thick electrode technology," overcoming challenges related to electrode structure, electron and ion transport speed, and electrolyte wetting, leading to a 50% reduction in the cost of power components compared to 2-hour cells [4][5] - The lithium-sodium solution allows for a significant reduction in infrastructure construction time from 5-10 years to 1-2 years, with a 20% cost reduction in backup power compared to traditional solutions [6]

12月12日傍晚，微博@小米公司发言人发布声明回应"小米公司不让卖小米"一事。 据新黄河此前报道，近日，山东威海荣成市西初家村村支书称，其在网上卖谷物小米的视频被小米公司法务投诉而 下架，投诉理由包括"关联雷氏营销"和"丑化小米高管形象"等，引发舆论热议。 其中，有不少网友指责其视频中刻意模仿雷军的用词、语气并疑似在其视频下方关联小米公司的相关话题，指责 其"刻意蹭流量"。但也有网友认为，"即使模仿小米营销，也不违法。" 12日早些时间，小米客服曾就相关问题回应称，他们没有这么大的权力让别人不卖小米，具体情况还需向有关部门 反馈。 运用法律武器，坚决维护自身合法权益，是每个人、每个机构的正当权利。感谢大家对小米的关注和支持，我们也 呼吁大家一起，坚决对虚假网络信息说不，对刻意挑动网络舆情的行为说不，共同营造风清气正的网络舆论空间。 图片转自微博@小米公司发言人 声明全文如下： 相关视频内容，完全失实，是彻头彻尾的歪曲与污蔑。此前，我司对该账号部分内容的投诉，针对的是其恶意模 仿、捏造污蔑，对我司及我司高管名誉的侵害行为，并非针对"小米"二字或"小米"农产品的正常使用。将投诉行为 曲解为"不让用'小米'二字"， ...

Core Insights - Guo Rui, the President of Brand Marketing at Honor, announced his departure from the company after over four years, expressing confidence in Honor's future [1] - Guo Rui is expected to venture into a second entrepreneurial endeavor in the technology sector [1] Company Overview - Guo Rui holds a PhD from Peking University and joined Honor in August 2021 as a founding management team member after its independence [6] - He previously served as CMO for Huawei's Greater China region from 2017 to 2021 and held key management positions at Procter & Gamble, COFCO, and Mengniu [6] Market Position - As of Q3 2025, Vivo leads the Chinese smartphone market with a 17.3% share, followed by Apple, Huawei, and Xiaomi, while OPPO holds a 14.5% share, showing a slight year-on-year increase of 0.4% [6] - Honor is in close competition with OPPO for market share [6] - By December 2024, Honor's overseas sales accounted for over 50% of its total sales, achieving profitability in multiple regions [6]