（文/霍东阳 编辑/吕栋） 吃了十几次闭门羹后，日初资本创始人陈峰终于成功敲开了琳朝珠宝的大门。11月30日，据36kr报道，琳朝珠宝完成了亿元级融资，日初资本为独家投资 方。 12月1日，另一古法黄金品牌"寶蘭"宣布完成上亿元人民币的A轮融资，由挑战者创投领投，开云集团和顺为资本跟投。 自老铺黄金上市以来，古法黄金开始更多地走进大众消费者的视野，成为黄金消费逆势增长的细分领域。资本市场的热情追捧，标志着古法黄金品牌正式进 入资本蜜月期。 日初资本创始人陈峰表示："中国珠宝行业正在经历一次巨大的行业变革，过去二十年是渠道和模式驱动，未来则是文化、产品和原创驱动。" 据世界黄金协会的统计数据显示，在今年前三季度，我国黄金首饰消费量为270.04吨，同比下降32.5%，而古法金饰品自2019年起便迎来市场爆发期，并在 过去五年持续增长。有媒体报道称，预计到2028年，这一市场规模将达到4214亿元。 古法黄金的代表品牌——老铺黄金的表现尤为引人注目。今年双11期间，老铺黄金开售10分钟成交额突破3亿元，同比增长超848倍。今年上半年，老铺黄金 实现营业收入123.54亿元，同比增长251%，与传统黄金珠宝普遍面临 ...

Core Viewpoint - The importance of the productive service industry is emphasized as a key driver for the development of new productive forces in China, with a target to increase its GDP share to 40% by 2035 or 2040, alongside maintaining manufacturing at a minimum of 25% [1][3][9] Group 1: Role of Productive Service Industry - The productive service industry is crucial for enhancing technological innovation in manufacturing, improving efficiency, and reducing operational costs [3][4] - It serves as a growth engine for GDP and is a significant contributor to the emergence of unicorn companies [5][6] - The industry is interconnected with all sectors, linking primary, secondary, and tertiary industries [3][4] Group 2: Comparative Analysis - In the U.S., the productive service industry has grown from 10% of GDP in 1950 to 48% in 2022, while China's share has increased from about 10% in 1980 to 28% currently [4][5] - The growth rate of the productive service industry is the highest across various countries, indicating its potential to become the largest sector in GDP [5][6] Group 3: Challenges and Opportunities - China faces challenges in transforming research and innovation into practical applications, with only 7% of R&D funding allocated to original innovation compared to around 20% in G20 countries [7] - Logistics costs in China are significantly higher than in developed regions, suggesting potential for increased profitability if these costs are reduced [8] - The digital service sector has not been fully leveraged for industrial applications, indicating a need for improvement in this area [9]

Core Viewpoint - China’s Huaxia Bank has been penalized for multiple regulatory violations, totaling 13.65 million yuan in fines, highlighting ongoing compliance issues and financial performance challenges amid strict regulatory scrutiny [1][2][7]. Regulatory Penalties - Huaxia Bank was fined a total of 13.65 million yuan for ten violations, including breaches of account management, clearing management, and anti-counterfeit currency regulations [2][4]. - The bank's total penalties for 2025 have exceeded 100 million yuan, significantly surpassing the total for 2024 [7]. Financial Performance - For the first three quarters of 2025, Huaxia Bank reported a revenue of 648.81 billion yuan, a year-on-year decline of 8.79%, and a net profit of 17.98 billion yuan, down 2.86% [7][8]. - The bank's net profit showed signs of recovery in the third quarter, with a year-on-year increase of 7.62% [8]. Income Structure - Investment income for the first three quarters was 12.8 billion yuan, up 3.61%, while fee and commission income rose by 8.33% to 4.69 billion yuan [9]. Asset Quality - As of the end of the third quarter, Huaxia Bank's non-performing loan (NPL) ratio was 1.58%, the highest among nine A-share listed banks, indicating ongoing asset quality concerns [10]. Management Changes - In response to compliance and performance challenges, Huaxia Bank has undergone significant management restructuring, appointing new executives to key positions [11][12].

Core Viewpoint - Samsung has officially launched its first tri-fold smartphone, the Galaxy Z TriFold, which is set to debut in South Korea on December 12, with a starting price of approximately 3,590,400 KRW (around 17,274.86 CNY) [1] Group 1: Product Specifications - The Galaxy Z TriFold features a 10-inch display when fully unfolded, equivalent to three 6.5-inch phones side by side, with a thickness of 3.9 mm and a weight of approximately 309 grams [1] - The device includes a Dynamic 2X AMOLED outer screen with a 120Hz refresh rate and a peak brightness of 2600 nits, while the inner screen has a peak brightness of 1600 nits [1] - It is powered by a customized Qualcomm Snapdragon 8 Elite mobile platform and includes a 200-megapixel main camera, with a total battery capacity of 5600mAh, the largest in Samsung's foldable series, supporting 45W fast charging [1] Group 2: Features and Market Position - The Galaxy Z TriFold supports running three vertical applications simultaneously and allows for flexible resizing of applications in multi-window mode, enhancing multitasking capabilities for users [2] - The device incorporates AI features, including Galaxy AI for generative editing and the Gemini Live assistant from Google, enabling multimodal interactions [2] - Samsung's tri-fold phone is expected to face direct competition from Huawei's tri-fold model, as it aims to showcase engineering and manufacturing capabilities rather than focusing on large-scale sales, with an initial production target of only 10,000 units [3] Group 3: Market Trends - According to IDC, the Chinese foldable smartphone market is projected to see a significant recovery by Q3 2025, with shipments reaching 2.63 million units, a year-on-year increase of 17.8%, with Huawei leading the market with nearly 70% share [2] - The global foldable smartphone market is expected to reach approximately 19.83 million units by 2025, growing at a rate of 6.0%, and is projected to approach 27.29 million units by 2029, with a compound annual growth rate of 7.8% [3]

Core Viewpoint - Huawei's Mate 80 series has launched, featuring a "5A" signal indicator that signifies a premium network experience rather than a specific network standard like 5G or 5G-A [1][4]. Group 1: Definition and Features of 5A - 5A represents Huawei's advanced communication technology, providing faster access, higher speeds, lower latency, and more stable connections [2][3]. - 5A is not a network standard but indicates a 5A level premium network experience [3][4]. Group 2: Distinction from Other Technologies - 5A is distinct from 5G-A (5GA) and 5.5G, as it does not equate to these technologies but rather signifies an enhanced user experience [4][5]. - 5G is defined as the fifth generation of communication technology, which is a network standard, unlike 5A [4]. Group 3: Device Compatibility and Usage - Currently, the Mate 80 series and Mate X7 series support 5A, with other devices' compatibility determined by the signal status displayed [5]. - There is no additional charge for using 5A, as it is part of the device's advanced communication capabilities [6]. - 5A does not have a separate switch; it is enabled by default in supported devices to enhance user experience [7].

Core Insights - Nestlé Group is integrating its Wyeth Nutrition and Nestlé Infant Nutrition units to form a new "Nestlé Nutrition" team in China starting January 1, 2026, with Joel Seah as the head of the merged business [1] - The integration aims to enhance growth momentum and strengthen Nestlé's leadership position in the Chinese infant nutrition market [1] Financial Performance - Nestlé's global sales for the first nine months of 2025 were 65.9 billion Swiss francs, a year-on-year decline of approximately 1.9% [1] - The Greater China region experienced an organic growth rate of -6.1%, with an internal growth rate of -2.9% and a pricing contribution rate of -3.2% [1] Strategic Changes - New CEO Philipp Navratil has prioritized improving internal growth rates and is implementing a comprehensive strategy to streamline operations, eliminate inefficiencies, and maximize the value of existing assets [2] - The focus is shifting from expensive non-organic growth to leveraging synergies and enhancing profitability across existing business units [2] Market Challenges - The Chinese infant formula market is facing challenges such as declining birth rates and increased competition, leading to a further decline in Wyeth's market share [2] - The market dynamics have shifted significantly, with domestic brands gaining ground and foreign brands like Wyeth experiencing a drop in market presence [2] Competitive Landscape - In 2019, the market shares of Feihe and Nestlé were nearly equal at 13.3% and 13.5%, respectively; however, by 2022, Feihe's market share increased to 17.5%, while Nestlé's fell to 10.7% [3] - The implementation of new national standards for infant formula presents an opportunity for Wyeth, as it was the first foreign brand to have all its products registered under the new standards [3] Operational Continuity - The restructuring will not affect the ongoing operations of Wyeth Nutrition (China) Co., Ltd. and Wyeth (Shanghai) Trading Co., Ltd., and brands like Wyeth Illuma and S-26 will continue to serve Chinese consumers [4]

Core Insights - Nvidia has released an open-source software called Alpamayo-R1 aimed at accelerating the development of autonomous vehicles using advanced AI inference techniques [1][2] - The model is designed to convert information from sensor groups into natural language descriptions of actions, enhancing the interpretability of driving decisions [2] Group 1 - Alpamayo-R1 is named after a challenging mountain in Peru and is a "vision-language-action" AI model [1] - The model can autonomously describe its actions while navigating, such as recognizing a bike lane and adjusting its route accordingly [2] - This capability addresses a significant limitation in previous autonomous vehicles, which struggled to explain their chosen paths, complicating safety improvements [2] Group 2 - Alpamayo-R1 is built on Nvidia's Cosmos-Reason inference model, which was introduced earlier this year and includes logical reasoning capabilities for decision-making [2] - The motivation behind releasing this platform is to allow researchers in autonomous driving to understand how these models operate, fostering industry-wide evaluation standards [2] - Nvidia's position as a leading company in AI development is bolstered by its extensive software research department, which supports the adoption of open-source AI code by other companies [2]

（文/观察者网 张家栋 编辑/高莘） 12月1日，小米汽车创始人雷军在社交媒体发文表示，"小米汽车APP现车选购的功能即将开启。" 雷军官方微博 雷军称，该模式中的现车将包含"全新现车、官方展车、准新车，已通过严格质检，可享快速提车、完 整原厂质保和售后，部分车型可享优惠。官方展车和准新车等都是经官方修复的新车。" 小米APP"现车选购"涉及车型 小米汽车官网 此次现车选购通道的开启时间为，12月1日已锁单未交付用户可优先改配同车型现车，并于12月3日面向 全部用户开放。 对此，有接近小米汽车的人士向观察者网表示，此举或为接近年关之际，小米期望继续冲击更高年销目 标而定。销售现车的方式可以促进此前由于订单时长问题，观望或计划退订的用户更快成交。 同日，小米汽车官方发布"答网友问"第200期中显示，"全新现车"的车辆来源为官方识别并处理的异常 订单，以及部分用户因不可抗力无法提车的车辆。车辆均为原厂新车；"官方展车"来自小米汽车官方门 店的静态展车（非试驾车），部分车辆可能在展陈期间产生轻微磨损，已对车辆外观、内饰等进行了清 洗整备，具体以车况告知书为准；"准新车"来自曾因运输等原因出现过轻微瑕疵的车辆，并已完 ...

Core Viewpoint - Airbus is facing significant challenges due to quality issues with its A320 series aircraft, leading to delivery delays and a notable drop in stock price, while also dealing with software vulnerabilities that could impact operational safety [1][3][4]. Group 1: Quality Issues - Reports indicate that several A320 series aircraft have quality problems related to metal panels, causing delivery delays for some planes [1][3]. - Airbus confirmed the existence of a supplier quality issue affecting a limited number of A320 metal panels and is conducting thorough checks on potentially affected aircraft [3]. - The company delivered 72 aircraft in November, which was below analyst expectations, resulting in a total of 657 aircraft delivered in the first 11 months of the year, against a target of approximately 820 for the entire year [1]. Group 2: Stock Market Impact - Following the news of the quality issues, Airbus's stock price dropped nearly 11% on December 1, marking the largest intraday decline since April 7 of the same year [1][3]. - Analysts are divided on whether Airbus can meet its delivery targets, which are crucial for revenue and cash flow, as airlines typically pay a significant portion upon delivery [3]. Group 3: Software Vulnerabilities - Airbus is also addressing software vulnerabilities that could affect the flight control systems of the A320 series, with a recent incident prompting the need for software updates on approximately 6,000 aircraft globally [4]. - The incident involved a flight that experienced a sudden altitude drop due to flight control issues, leading to injuries among passengers and an investigation by the FAA [4].

Core Viewpoint - SoftBank Group's founder Masayoshi Son expressed that the sale of Nvidia shares was a necessary move to raise funds for future investments in artificial intelligence, despite emotional attachment to the stock [1][2]. Group 1: SoftBank's Investment Strategy - SoftBank has heavily invested in AI this year, including projects with OpenAI and Oracle, and plans to invest an additional $6.5 billion in OpenAI [2]. - The company has also announced plans to acquire U.S. chip company Ampere for $6.5 billion [2]. - SoftBank's second-quarter net profit reached 2.5 trillion yen (approximately 114.2 billion yuan), significantly exceeding analyst expectations of 418.2 billion yen (approximately 19.1 billion yuan) [2]. Group 2: Nvidia's Financial Performance - Nvidia reported third-quarter revenue of $57.006 billion, a 62% increase year-over-year, with net profit of $31.91 billion, up 65% [2]. - The data center business achieved record revenue of $51.2 billion in the third quarter, a 66% year-over-year increase [2]. - Nvidia's fourth-quarter revenue is projected to be around $65 billion, with a gross margin expected at 74.8% [2]. Group 3: Market Concerns and AI Bubble - Despite Nvidia's strong financial results, investor concerns about an "AI bubble" have intensified, leading to a 14.45% decline in Nvidia's stock price over the past month [3]. - The market is questioning whether Nvidia is artificially creating demand through complex financing structures rather than responding to genuine market needs [3]. - Research from MIT found that 95% of companies investing in AI reported zero return on investment, while Bain & Co. predicts a $800 billion shortfall in revenue needed to meet expected demand by 2030 [4].