中芯国际给出的2026年第一季度指引显示，销售收入环比持平，毛利率在18%-20%之间。在外部环境无重大变化的前提下，中芯国际给出的2026年指引为： 销售收入增幅高于可比同业的平均值，资本开支与2025年相比大致持平。 | | 2025 年 | 2025年 季度比较 | 2024 | | --- | --- | --- | --- | | | 第四季度 | 第三季度 | 第四季 | | 销售品圆(1) | 2,514,970 | 2,499,465 | 0.6% 1,991,76 | | 产能利用率(2) | 95.7% | 95.8% | 85.5 | 收入以地区分类，2025年第四季度中国区收入占比环比进一步提升至87.6%；从具体应用来看，2025年第四季度智能手机产品收入占比为21.5%，电脑与平 板产品收入占比为11.8%，消费电子收入占比为47.3%，互联与可穿戴产品收入占比为7.2%，工业与汽车收入占比为12.2%。 | 晶圆收入分析 | | | | | --- | --- | --- | --- | | | 2025 年 | 2025 年 | 2024 年 | | 以应用分类 | 第四季度 ...

Core Viewpoint - Hyundai Motor Group aims to improve its performance in the European electric vehicle market, which is becoming increasingly competitive, by launching new electric and hybrid models and independently addressing EU emissions regulations [1][5]. Group 1: Company Strategy - Hyundai plans to launch five new electric and hybrid models in the next 18 months, positioning itself as a strong competitor against new entrants in the market [1]. - The company has chosen not to purchase carbon credits from competitors, emphasizing a strategy of self-reliance to meet its emissions targets [1]. - Hyundai's market share in the EU and UK stands at 8%, the highest among non-European automakers, and aims to maintain this position [5]. Group 2: Regulatory Environment - Starting in 2025, automakers must reduce the average carbon emissions of new cars sold by 15% from 2021 levels, with penalties of €95 per gram for exceeding the limit [1]. - Many automakers are forming alliances to share carbon credits, while Hyundai remains one of the few companies not participating in such arrangements [5][4]. Group 3: Market Trends - The EU electric vehicle market is at a turning point, with electric vehicle registrations surpassing traditional gasoline vehicles for the first time in December last year [6]. - In 2025, the registration of new electric vehicles in the EU is projected to reach 1.88 million, a 29.9% increase year-on-year, with a market share of 17.4% [6]. Group 4: Future Challenges - Hyundai acknowledges that its pace of electrification is slower than industry expectations, with a goal to offer electric or hybrid versions across its lineup by 2027 [5]. - The year 2030 is identified as a significant challenge, as the EU requires a 55% reduction in emissions compared to 2021 levels [5].

【文/观察者网专栏作者 白玉京】 当马斯克推动SpaceX收购xAI，并提出"太空可能成为生成式AI算力成本最低的地方"时，很多人还没意 识到新一轮太空竞赛的发令枪已经打响。 几乎在同一时间，SpaceX向美国联邦通信委员会申请部署数量高达100万颗的低轨卫星网络，这一动作 更像是在为某种超出现有通信需求的体系提前占位。两件事放在一起看，很难再把它们理解为彼此孤立 的商业决策。 过去几年，人工智能竞争常被简化为芯片性能和模型规模的比拼，但随着训练和推理规模持续放大，电 力消耗、散热能力以及数据中心扩容，正逐渐成为算力增长的现实瓶颈。 在这样的背景下，把算力与通信系统一并推向太空，不再只是科幻式设想，而是一种围绕能源条件、系 统结构和长期成本的现实选择。太空算力真正要回答的，远不只是芯片性能问题，而是能源从哪里来、 系统能否闭环，以及是否具备工程可行性。 如果说在低轨巨型互联网星座上，中国更多是在追赶别人已经跑通的路径，那么在"天算"这个尚未定型 的新赛道上，至少仍然存在提前进入、参与定义的空间。"天算"未必会变成第二个星链，但一旦系统形 态和运行规则被率先确立，后来者再想进场，成本就会明显提高。这也正是当前重 ...

Core Viewpoint - The recent accident at the Cangzhuang Gold Mine resulted in the tragic death of 7 individuals, prompting the company to activate emergency protocols and manage the aftermath while assessing the incident's impact on operations [1][3]. Group 1: Accident Details - On February 7, a hoisting accident occurred at the Cangzhuang Gold Mine, leading to 7 fatalities [3]. - The company did not report the accident promptly, which has led to investigations by emergency and public security departments regarding potential concealment of the incident [3]. - Eleven individuals, including the mine manager and various deputy positions, have been detained for investigation [3]. Group 2: Company Operations and Financial Impact - The Cangzhuang Gold Mine has an average annual gold production of approximately 1 ton and an average annual profit of about 60 million RMB from 2020 to 2024, which is relatively small compared to the company's overall performance [1]. - The company will continue to monitor the situation and provide updates regarding the mine's status as necessary [1]. Group 3: Company Background - Shandong Zhaojin Group, established in 1974, is a large comprehensive group company with total assets exceeding 80 billion RMB and approximately 14,000 employees [4]. - The company operates in various sectors, including mining, financial services, environmental protection, and education, and has a significant presence in the market with multiple subsidiaries and holdings [4]. - Zhaojin Mining Co., Ltd. was listed on the Hong Kong main board in 2006 and has engaged in strategic acquisitions to enhance its capital operations [4].

Core Viewpoint - The restructuring of Shanshan Group has progressed significantly with Anhui Guozhi Wanhui Group winning the bid, potentially leading to a change in control of Shanshan Co., Ltd. [1] Group 1: Restructuring Details - Anhui Wanhui Group signed a restructuring investment agreement with Shanshan Group's debt restructuring manager, indicating a shift in control to Wanhui Group and the Anhui Provincial State-owned Assets Supervision and Administration Commission [1][3] - The total investment amount for the bankruptcy service trust established by the winning bidder is capped at 7.156 billion yuan, with Wanhui Group acquiring 13.5% of shares at a price of 16.423667 yuan per share, totaling approximately 4.987 billion yuan [1][2] - Shanshan Group and its subsidiary will retain 8.38% of shares and must align with Wanhui Group as a concerted action party within three years post-agreement [2] Group 2: Market Reaction and Financial Performance - Following the announcement of the restructuring, Shanshan's stock price experienced a surge, hitting the daily limit up on February 6 and continuing to rise for two consecutive trading days [1] - Shanshan Co., Ltd. projected a net profit of 400 million to 600 million yuan for 2025, marking a turnaround from losses in the previous year, driven by strong demand in the electric vehicle and energy storage markets [5] - The company’s core businesses, including negative materials and polarizers, are expected to achieve a combined net profit of 900 million to 1.1 billion yuan, indicating a robust operational capacity post-restructuring [5] Group 3: Implications of State-Owned Enterprise Involvement - The involvement of state-owned enterprises like Anhui Wanhui Group and Conch Group is anticipated to bring a more standardized governance structure, potentially resolving the internal family disputes that have plagued Shanshan Group since the founder's passing [4] - If the restructuring is successful, Conch Group may indirectly become the actual controller of Shanshan Group, enhancing financial stability and operational focus [3][4]

随着马年春节的临近，为保障春节期间跨境商家发货不停，菜鸟全球供应链、菜鸟跨境物流今日宣布启 动春节保障措施。 此外，为应对春节运营，菜鸟已采取多项人员与技术支持措施。公司将为值守员工发放留岗补贴与节日 激励，并组织年夜饭、集体观看春晚等活动。节前，菜鸟跨境物流已在60余个城市举办约50场"团圆 宴"，覆盖华南、华东、东南、中北四个大区，其中规模最大的东莞沙田场次参与员工超过600人。 "春节激励比较到位，错峰回家时可以用补贴给家人买更多礼物。"东莞沙田仓操作员郭梓升表示。他是 今年首次在仓库过年的一线员工之一。 面对春节旺季酒水、乳饮等重货、易碎品订单量上升的情况，菜鸟则在武汉、无锡等智能仓内投入机器 人进行自动搬运，以降低员工体力负荷、提升作业效率。通过数字化系统与自动化设备协同，单件重货 从拣选到出库最快仅需2分钟。 跨境物流服务方面，菜鸟还依托多航线、多口岸的物流网络，保障干线运输与末端派送顺畅。目前，菜 鸟物流网络已覆盖全球200多个国家和地区，运营超过1000万平方米的全球智能仓储网络，并为商家提 供"全球5日达""全球10日达"等国际履约服务。 本文系观察者网独家稿件，未经授权，不得转载。 在国内 ...

Core Viewpoint - The Milan-Cortina Winter Olympics opening ceremony showcased a blend of Italian culture and modern innovation, highlighting the participation of various sports brands, particularly Li Ning and Anta, in a globalized sports environment [1][3][16]. Group 1: Li Ning's Role - Li Ning has replaced Anta as the official sports partner for the Chinese Olympic Committee and the Chinese sports delegation from 2025 to 2028, designing both the athletes' outfits and award ceremony gear [3]. - The design of the Chinese delegation's outfits features a blue color scheme, moving away from the previous red and yellow, symbolizing a modern aesthetic [1][3]. - Li Ning's design for the award ceremony gear incorporates "China Red" and "Snow Mountain White," reflecting Chinese cultural elements and winter sports themes [3]. Group 2: Anta's Global Strategy - Despite losing the Chinese delegation's partnership, Anta has elevated its status to become the official sports apparel supplier for the International Olympic Committee, showcasing its global ambitions [7][16]. - Anta has secured partnerships with various national teams, including Greece and Singapore, to provide winter sports equipment, marking a significant step in its globalization strategy [9]. - The brand aims to integrate its "Never Stop" spirit into local sports ecosystems, enhancing its presence in Southeast Asia [9]. Group 3: Other Chinese Brands - Peak has emerged as a prominent player, sponsoring multiple national teams and becoming an official top-tier partner of the International Olympic Committee, focusing on smaller national committees [13]. - The outdoor brand BERSHKA has made its debut at the Winter Olympics, providing gear for several national teams, showcasing its commitment to high-performance outdoor equipment [15]. - The strategies of these brands reflect a shift from mere sponsorship to deeper integration into the global sports infrastructure, emphasizing cultural understanding and long-term value [16][17].

Core Viewpoint - The introduction of a lifetime pass for Sichuan Ganzi's scenic spots aims to shift the tourism economy from a ticket-based model to a consumption-driven model, enhancing visitor experience and encouraging repeat visits [2][4][8] Group 1: Policy Implementation - Ganzi has launched a lifetime pass priced at over 300 yuan, allowing unlimited access to 14 scenic spots, which previously cost a total of 1,091 yuan for single visits [1] - The lifetime pass is divided into two types: individual scenic spot passes and a comprehensive pass for 14 scenic spots, reflecting a strategic pricing model [1] - Similar initiatives have been observed in other regions, such as Anhui and Xinjiang, indicating a broader trend towards lifetime access passes in the tourism industry [1] Group 2: Economic Transition - The goal of the lifetime pass is to transition from a "ticket economy" to a "consumption economy," enhancing market competitiveness and increasing secondary consumption opportunities [2][4] - The strategy aims to transform scenic spots from mere "charging gates" to "flow entry points," thereby stimulating comprehensive consumption and promoting economic growth in the tourism sector [6][8] Group 3: Visitor Experience and Engagement - The lifetime pass is designed to foster deeper connections with visitors, encouraging them to return with friends and family, thus enhancing the overall visitor experience [6][8] - The emphasis is on creating immersive experiences rather than just sightseeing, which is crucial for long-term visitor retention [4][10] Group 4: Challenges and Considerations - While the lifetime pass can attract initial visitors, its success depends on the continuous improvement of services and offerings to maintain visitor interest [9][10] - The approach is not universally applicable; it may not suit all scenic spots due to varying operational capacities and market conditions [14][15] - The strategy is seen as a marketing tool to generate buzz and attract attention, but it requires careful implementation to avoid potential pitfalls such as service quality decline [11][15]

在此之前，美国企业及多个州政府联合起诉特朗普政府的关税政策。目前该案已上诉至美国最高法院， 核心争议在于总统是否可以依据《国际紧急经济权力法》绕过国会、单方面征收全面关税。 （文 / 观察者网 周盛明 编辑 / 高莘） 据路透社2月9日报道，比亚迪已对美国政府提起诉讼。比亚迪质疑特朗普征收关税的合法性，并要求其 退还自去年4月以来比亚迪已缴纳的全部关税。 此前，已有数千家在美国开展业务的全球企业提出类似申诉，但比亚迪是首个就美国关税问题提起诉讼 的中国车企。这些企业质疑特朗普依据《国际紧急经济权力法》（IEEPA）征收边境税的合法性。 在1月26日向美国国际贸易法院提交的诉状中，比亚迪旗下四家美国子公司辩称，该法律并未授权征收 边境关税，因为"IEEPA的文本中并未使用'关税'一词，也未使用任何具有同等含义的表述"。 换言之，比亚迪的核心法律主张是：IEEPA本质是一部用于金融制裁与贸易限制的紧急权力法案，并非 专门的关税征收法律。该法条文本中既未出现"关税"字样，也未赋予政府加征进口税的明确授权。 因此，特朗普政府依据IEEPA推出对华关税措施，在法律适用上存在越权争议——这也是比亚迪要求退 还已缴税款的核 ...

Group 1 - The core point of the article highlights the significant profit margin Apple achieves from its battery replacement service for the iPhone 17 Pro Max, with a net profit of $100 per battery replacement, resulting in a profit margin of 89% [3] - The cost of the battery for Apple is approximately $12, while the replacement price for consumers is $119 in the US and 969 yuan in China, indicating a substantial markup [3] - Apple's service revenue for the fiscal year 2025 exceeded $108.6 billion, with a gross margin of 75%, and the first quarter of fiscal year 2026 saw service revenue surpassing $30 billion, growing 14% year-over-year with a gross margin of 76.5% [3] Group 2 - The article compares Apple's battery replacement costs with those of competitors, noting that OPPO Find X9 Pro's battery replacement costs 249 yuan, while Xiaomi 17 Pro and Vivo X300 series are priced at 199 yuan, highlighting the disparity in revenue potential [7]