导读：酷睿程自研的芯片将定名为"C7H"。 （文 / 观察者网 周盛明 编辑 / 高莘） 此外，韩鸿铭介绍，C7H芯片将为3—4纳米制程，AI算力约为500—700TOPS。该芯片将为大众与小鹏 联合研发的CEA电子电气架构"完美适配"，支持L2+的高阶辅助驾驶，甚至L3、L4级别的自动驾驶。 "未来不仅是软件的快速进化，硬件也必须跟随软件进化。因此，地平线与大众决定共同设计一颗芯 片，让它能够匹配地平线最新的软件算法，从而获得最佳的技术、最佳的成本，并真正做到根据需求定 制芯片。这就是我们做出这个决定的原因。"韩鸿铭表示。 根据地平线及大众汽车此前透露的信息，C7H芯片研发主要由酷睿程执行，CARIAD和地平线将提供支 持。据悉，该芯片将在未来三至五年内实现量产。 此外，韩鸿铭还介绍，目前酷睿程的全职员工约700人，其中超过90%是纯研发专家和技术人员，甚至 有70%拥有硕士或博士学位，并且70%拥有至少5年的行业经验。韩鸿铭表示，团队成员不仅来自大众 软件子公司CARIAD或地平线，酷睿称近期也吸引了行业内来自其他公司的优秀专家。 韩鸿铭表示，2025年底，大众基于J6M的L2+将正式SOP（量产启动）， ...

Core Viewpoint - The stock of "Yujian Xiaomian," known as the first Chinese noodle restaurant listed, fell 27.84% on its debut, indicating a lack of sustained investor enthusiasm despite a record oversubscription during its IPO phase [1] Financial Performance - Revenue is projected to grow from 418 million yuan in 2022 to 1.154 billion yuan in 2024, with a compound annual growth rate (CAGR) of 66.2% [2] - The company transitioned from a net loss of 35.97 million yuan in 2022 to a profit of 60.7 million yuan in 2023, with further growth expected to 41.83 million yuan in the first half of 2025, reflecting a year-on-year increase of 95.77% [2] Operational Challenges - The average daily sales per store decreased from 13,997 yuan in 2023 to 11,805 yuan in the first half of 2025, a decline of 15.66% [4] - The turnover rate for direct-operated restaurants fell from 3.9 times per day to 3.4 times, while franchise restaurants saw a drop from 3.6 to 3.1 times [4] - The average order value has decreased from 36.2 yuan in 2022 to 31.8 yuan in the first half of 2025, indicating a strategy to attract customers through lower prices [4] Expansion Plans - Approximately 60% of the net proceeds from the IPO will be used to expand the restaurant network, with plans to increase the number of stores to 1,000 over the next three years [3] - The company aims to open 150 to 180 new restaurants in 2026, 170 to 200 in 2027, and 200 to 230 in 2028 [3] Market Position - Despite the growth in store numbers, the market share of Yujian Xiaomian is only 0.5%, with the top five Chinese noodle brands holding less than 3% of the market [4] - The company has faced closures of franchise restaurants, with three and four closures reported in 2024 and the first half of this year, respectively [5] Investor Sentiment - The initial enthusiasm from institutional investors did not translate into long-term confidence from retail investors, leading to a significant drop in stock price post-IPO [2][5] - The market is shifting focus from mere store count and revenue growth to sustainable profit models and healthy store economics [5]

（文/霍东阳 编辑/张广凯） 12月4日，企查查数据显示伯喜（北京）文化传媒有限公司及其法定代表人刘光耀新增一则限制消费 令，申请人为刘光耀前妻安吉，执行法院为北京市朝阳区人民法院。据案件流程信息显示，此前，该公 司已因此案被执行470元。 © 个查查 ··· 1/2 北京市朝阳区人民法院 限制消费令 (2025) 京0105执45033号 伯喜(北京)文化传媒有限公司: 本院于2025年11月17日立案执行申请人安吉申请执行你单 位股东知情权纠纷一案,因你单位未按执行通知书指定的期间 履行生效法律文书确定的给付义务,本院依照《中华人民共和 国民事诉讼法》第二百六十六条和《最高人民法院关于限制被 执行人高消费及有关消费的若干规定》第一条、第三条的规 定,对你单位采取限制消费措施,限制你单位及你单位法定代 表人刘光耀不得实施以下高消费及非生活和工作必需的消费行 为:(一)乘坐交通工具时,选择飞机、列车软卧、轮船二等 以上舱位;(二)在星级以上宾馆、酒店、夜总会、高尔夫球 场等场所进行高消费;(三)购买不动产或者新建、扩建、高 档装修房屋;(四)租赁高档写字楼、宾馆、公寓等场所办 公;(五)购买非经营必需车辆;( ...

Core Viewpoint - Guoxuan High-Tech is experiencing a modern version of "prosperity and crisis," with rapid revenue growth and ambitious global and technological plans, while facing significant setbacks in overseas strategies, weak core business profitability, and strong reliance on government subsidies [1]. Group 1: International Expansion Challenges - The company's ambitious internationalization efforts faced a major setback in the U.S. market, particularly with the $2.4 billion battery factory project in Michigan, which was intended to produce over 40 GWh annually and create 2,350 high-paying jobs, but ultimately failed due to geopolitical issues and local opposition [1][2]. - The Michigan Economic Development Corporation (MEDC) officially terminated the project in October 2025, canceling $175 million in tax incentives and requiring the company to return $23.6 million in land subsidies, marking a significant blow to its U.S. expansion plans [2]. Group 2: Financial Performance and Dependency on Subsidies - The company's Q3 2025 financial report showed a net profit of 2.533 billion yuan, a staggering increase of 514.35% year-on-year, with Q3 alone contributing 2.167 billion yuan, up 1,434.42% [3]. - However, the core business profitability is weak, with a non-recurring net profit of only 85 million yuan in the first three quarters, and just 12.57 million yuan in Q3, indicating a fragile main business [3][4]. - Government subsidies played a crucial role in supporting the company's operations, with 537 million yuan received in the first three quarters of 2025. Historical data shows a long-standing dependency on these subsidies, with over 4.88 billion yuan received from 2019 to mid-2025, despite the company facing cumulative losses exceeding 1.4 billion yuan during the same period [4]. Group 3: Technological Aspirations and Challenges - In response to weak core business performance and high debt, the company is promoting its "Jinshi" all-solid-state battery technology, claiming an energy density of 350 Wh/kg and aiming for mass production by 2027 [5]. - However, significant challenges remain for the commercialization of solid-state batteries, including cost barriers, with current costs being 4 to 10 times higher than traditional lithium batteries, and complex manufacturing processes that are still in the engineering challenge phase [5]. - The company received a 1.5 billion yuan special subsidy from the Ministry of Industry and Information Technology for solid-state battery research and development, raising concerns about whether it is leveraging the narrative of a "solid-state battery revolution" to secure government and market resources to alleviate financial pressures [5][6].

但此前得克萨斯州官员表示，自本学年开始以来，Waymo的Robotaxi至少19次非法驶过校车而非减速或 停车。对此，美国国家公路交通安全管理局（NHTSA）于10月对学区附近的Waymo车辆展开调查。 今年11月，NHTSA又发布消息称，得克萨斯州奥斯汀独立学区表示，在Waymo宣布通过软件更新以解 决该问题后，整个11月仍发生五起不停车事件。对此，学区方面要求Waymo在上学和放学期间停止在 学校周围运营，直到确保车辆不会再违反交规。 Waymo首席安全官毛里西奥·佩纳（Mauricio Pena）在一份声明中表示，Waymo决定向国家公路交通安 全管理局提交自愿软件召回，佩纳补充说，该公司认为，已经实施的软件更新显著提高了性能，以在经 过校车时适当减速和停车，并将继续根据需求跟踪并实施更多更新。 Waymo无人驾驶汽车 路透社 根据美国交通法规，只要校车亮起红色警示灯并伸出停车臂，所有车辆必须立即停车、禁止超车。这是 一条全国范围最严格、处罚最重的交通法规之一，目的是确保儿童在上下校车时的绝对安全。 【文/观察者网 潘昱辰 编辑/高莘】据路透社报道，自动驾驶服务供应商Waymo日前宣布，将召回其无 人驾 ...

Group 1 - The first Artificial Intelligence Innovation Conference organized by the Guanghe Organization will be held from December 17 to 19, 2025, at the Kunshan International Convention and Exhibition Center, focusing on key industry topics and showcasing comprehensive results [1][2] - The conference will feature a large-scale public display of AI innovation technologies and ecological achievements, including the release of the AI Computing Open Architecture Joint Laboratory Action Plan and sharing of cutting-edge AI4S deployment case studies [1][2] - A globally leading large-scale intelligent computing supercluster system will be unveiled, which is based on an open architecture and incorporates domestically developed high-speed interconnect network technology, achieving breakthroughs in both scale and performance [1] Group 2 - The conference serves as a review of the Guanghe Organization's five-year ecological construction achievements and outlines a strategic vision for building an open AI ecosystem [2] - The event aims to deepen collaboration across the industry chain, share technological capabilities, and promote joint efforts to construct an open AI computing ecosystem, breaking down monopolistic barriers and lowering innovation entry thresholds [2] - The AI sector is positioned as a strategic cornerstone for national industrial upgrading and achieving technological self-reliance, with the conference expected to create a super industrial platform for open sharing and innovation linkage in China's AI computing field [2]

【文/观察者网 陈思佳】近些年，随着人工智能（AI）产业规模持续扩大，对数据中心的需求空前高 涨，英伟达等美国科技巨头掀起建设数据中心的热潮。但由于美国正面临基础设施老化、建设进程缓慢 等问题，数据中心的建设并不顺利。 据美国《财富》杂志网站12月6日报道，英伟达首席执行官黄仁勋近日与美国智库战略与国际问题研究 中心（CSIS）负责人约翰·哈姆雷对话时表示，尽管美国目前仍在AI领域领先，但美国的基础设施建设 能力远不如中国，可能在"AI竞赛"中被中国反超。 黄仁勋将AI产业简化为"五层蛋糕"，分别为能源、芯片、基础设施、模型和应用。他指出，在最底层的 能源领域，"中国拥有的能源是美国的两倍"。他表示，美国政府正推动制造业回流，"但没有能源，我 们要如何建设芯片工厂、超级计算机工厂和AI数据中心？" 黄仁勋不忘借机吹捧美国总统特朗普，他宣称，特朗普意识到能源增长的重要性，正在"顶住压力恢复 美国的能源"。但他也承认，美国的能源成本依然远高于中国。 谈及芯片问题，黄仁勋表示，目前美国在这一领域具有优势，英伟达等美国科技企业拥有领先的AI芯 片技术，但中国已展现出巨大的潜力。他说："我们拥有领先的技术，但不能自满。 ...

Core Viewpoint - The company Wuxi Xian Dao Intelligent Equipment Co., Ltd. (Xian Dao Intelligent) has issued a strong statement denying rumors about its engineers facing severe personal harm during a business trip to India, labeling these claims as malicious fabrications aimed at damaging the company's reputation [1][4]. Group 1: Company Response - The company has never experienced the alleged incident involving its engineers in India, emphasizing its commitment to employee safety and the existence of a comprehensive overseas dispatch and safety assurance system [4]. - Xian Dao Intelligent has reported that all overseas projects are operating normally and that all dispatched employees are safe, categorizing the online rumors as entirely fabricated and extremely harmful [4]. - The company has taken legal action by gathering evidence against the malicious self-media accounts spreading these rumors and has formally reported the matter to law enforcement, which is currently under investigation [4]. Group 2: Industry Context - The rumors have been circulating periodically over the years, primarily originating from self-media accounts seeking to gain traffic by spreading sensationalized and false information [1][3]. - The company has previously addressed similar rumors but continues to face challenges from certain self-media accounts that refuse to retract their statements despite being informed of the facts [3]. - The spread of such lowbrow rumors not only tarnishes the image of Chinese companies operating abroad but also disrupts the normal work and life of overseas employees and their families, potentially crossing legal boundaries [4].

Core Insights - The contrasting trajectories of Esprit's return and Etam's exit from the Chinese market highlight the challenges and transformations facing the fast fashion industry in China [1][8] Group 1: Esprit's Return - Esprit, after a five-year absence, has announced its return to the Chinese market, marking a significant strategic shift [1][2] - The brand plans to open flagship stores in major cities and establish a presence on major e-commerce platforms, indicating a comprehensive market re-entry strategy [2][3] - Esprit is shifting its brand positioning from "mass fast fashion" to "sustainable fashion" and "slow fashion," focusing on quality materials and design, with a higher price range targeting the mid-to-high-end market [3][4] Group 2: Etam's Exit - Etam has officially exited the Chinese market, closing its last e-commerce store, which signifies the end of its 11-year presence in the region [1][5] - The brand's decline can be attributed to stagnant design styles and increased competition from both local and international brands, leading to a significant reduction in store numbers over the years [6][7] - The shift in consumer preferences towards local brands that offer comfort and modern designs has further eroded Etam's market share [7][8] Group 3: Industry Trends - The traditional reliance on established channels and brand strategies is failing, as local consumer preferences evolve towards style expression and identity recognition [8][9] - Successful international brands in China are increasingly localizing decision-making and product development to regain growth opportunities [9]

Group 1 - Japan feels frustrated with the insufficient public support from the US for Prime Minister Kishi's comments regarding Taiwan, urging for more explicit backing from the Trump administration [1][12][15] - Following a diplomatic dispute between China and Japan, the US has expressed limited support, with only a statement from the US Ambassador to Japan, while other forms of public backing have been absent [1][5][16] - Reports indicate that the US has paused plans to impose sanctions on China related to alleged cyberattacks to maintain the trade truce established in late October [1][13] Group 2 - US officials have indicated that there will be no new significant export controls on China after the recent summit, aiming to avoid disrupting the improving US-China relations [2][13] - Despite the lack of public support from the US, Japan does not believe that the US will waver in its commitment to Japan, although disappointment over the absence of high-level backing persists [4][15] - Former US officials argue that the US should have welcomed Kishi's statements about Japan's potential support in the event of a conflict over Taiwan, highlighting the irony of the current lack of support [4][5][15] Group 3 - Japan's Defense Ministry reported that Chinese naval activities, including the Liaoning aircraft carrier's operations, have led to increased tensions, with Japan claiming radar lock incidents involving its aircraft [8][19] - The Chinese military has responded to Japan's claims, asserting that their training exercises were conducted within designated areas and accusing Japan of misrepresenting the situation [11][23] - The ongoing tensions have prompted China to issue travel warnings and suspend imports of Japanese seafood, which some Japanese media view as retaliatory measures [7][18]