11月5日，阿里巴巴旗下高德宣布与小鹏汽车达成全球生态合作，小鹏Robotaxi将正式接入高德平台，共 同为用户提供L4级自动驾驶出行服务。 具体来看，在今天举办的小鹏科技日活动上，小鹏汽车董事长何小鹏宣布，小鹏Robotaxi将开放SDK，与 全球伙伴共建Robotaxi生态。高德成为小鹏Robotaxi首个全球生态合作伙伴。 据悉，除小鹏外，文远知行、小马智行等头部Robotaxi企业均已接入高德。 据了解，这不仅是行业首个"出行平台+前装量产Robotaxi"合作模式，也是高德全面转向空间智能后，AI 能力跨界开放的重要一步，致力于以"技术+生态"服务全球客户，打造最大的Robotaxi聚合平台。 "高德与小鹏的合作，不仅仅是一次业务升级，更是我们基于共同认知、探索AGI的关键一步。"郭宁表 示，未来双方将携手出海，把中国领先的Robotaxi服务推向世界舞台。 本文系观察者网独家稿件，未经授权，不得转载。 相关图片 据介绍，2026年小鹏汽车将推出三款全栈自研量产Robotaxi，并开启试运营。小鹏Robotaxi面向L4级智驾 设计，拥有4颗图灵AI芯片，最高算力3000TOPS，搭载小鹏第二代VL ...

Core Viewpoint - Sturgeon Technology is launching an IPO on the Hong Kong Stock Exchange, capitalizing on the trend of companies going public in Hong Kong after recently delisting from the New Third Board in China [1][4]. Company Overview - Founded in 2003 in Hangzhou, Sturgeon Technology specializes in sturgeon breeding, ecological farming, caviar production, and processing [1]. - The company is recognized as the largest caviar producer globally, with its KALUGA QUEEN brand supplying major airlines like Lufthansa, Singapore Airlines, and Cathay Pacific [2]. Market Position - Sturgeon Technology has maintained the highest global caviar sales since 2015, holding over 30% of the market share from 2021 to 2024, projected to reach 35.4% in 2024, significantly surpassing its nearest competitor [2]. - The company reported revenue growth from 491 million yuan in 2022 to 669 million yuan in 2024, with a compound annual growth rate (CAGR) of approximately 16.7% [2]. Profitability - The net profit increased from 234 million yuan in 2022 to 324 million yuan in 2024, with a CAGR of 17.8% [2]. - Sturgeon Technology's net profit margin rose from 47.5% to 48.4%, indicating a strong performance compared to the typical 20%-30% margin in the high-end food sector [3]. Recent Developments - In the first half of the current year, the company achieved revenue of approximately 302 million yuan and a net profit of about 176 million yuan, with a net profit margin of 58.29%, exceeding that of Kweichow Moutai [3]. - Prior to the IPO, Sturgeon Technology announced its delisting from the New Third Board, citing strategic development and cost reduction as reasons for the move [3][4]. Historical Context - Sturgeon Technology's journey in the capital market has been brief, having listed on the New Third Board in March 2024 and delisting in August 2025, with previous unsuccessful attempts to list on A-shares [4]. - The transition to the Hong Kong market is seen as a strategic move to improve liquidity and valuation compared to the New Third Board [4].

Core Viewpoint - Jilin Trust has faced regulatory penalties while simultaneously experiencing significant growth in revenue and net profit, highlighting the challenges and contradictions within the trust industry amid increasing regulatory scrutiny [1][7]. Group 1: Regulatory Issues - Jilin Trust was fined 300,000 yuan for collecting trust fees disguised as "financial advisory fees" without disclosing this to beneficiaries, marking the second penalty within the year [1][2]. - Earlier in February, Jilin Trust was found to have violated regulations by failing to ensure that certain funds were used according to the trust contract and not managing the evaluation of collateral properly [2]. - The company has been implicated in a scheme of disguised guarantees, which is prohibited under current regulations, indicating deeper issues in fund management and risk control [2][3]. Group 2: Financial Performance - Following a capital increase to 4.205 billion yuan, Jilin Trust's revenue is projected to surge tenfold in 2024, with net profit expected to grow by 221%, positioning the company as a rising star in the industry [1][5]. - In 2022, Jilin Trust's revenue was only 117 million yuan, but it jumped to 1.596 billion yuan in 2023, with net profit reaching approximately 283.85 million yuan, indicating a remarkable turnaround [6][7]. - Despite the overall decline in profits across the trust industry, Jilin Trust's revenue growth stands out, achieving a tenfold increase while the industry saw a 20.38% decrease in total profits [7][9]. Group 3: Governance and Ownership Changes - Jilin Trust has experienced significant leadership instability, with four previous chairpersons being investigated for corruption, raising concerns about governance [4]. - The company has undergone a major capital restructuring, with state-owned enterprises now holding a controlling stake, which is expected to improve governance and operational stability [5][6]. - The new leadership team, primarily sourced from the banking sector, is anticipated to bring fresh perspectives and stability to the company [4][5]. Group 4: Industry Context - The trust industry is facing collective challenges under stringent regulatory environments, with numerous companies receiving penalties for various violations, including disguised guarantees and improper fund management [9][10]. - The introduction of stricter regulations in 2025 aims to enhance oversight and prevent risks, marking a significant shift towards high-quality development in the trust sector [10].

Core Viewpoint - The recent earnings call of Insta360 highlighted the impact of DJI's price competition on the panoramic camera market and the company's strategies to maintain its market share amidst this challenge [1][2]. Market Competition - DJI's entry into the panoramic camera market has led to a significant drop in Insta360's market share from 85%-92% to 49%, while DJI captured 43% of the market [2]. - Contrarily, a report from Sullivan indicates that Insta360 still holds a 75% global market share, suggesting discrepancies in market data [2]. - DJI's aggressive pricing strategy has allowed it to secure 37.1% of the Chinese market and 17.1% globally [2]. Financial Performance - Insta360 reported a revenue of 29.4 billion yuan for Q3, reflecting a year-on-year growth of 92.64%, but the net profit decreased by 15.9% to 2.72 billion yuan [7][10]. - The decline in net profit is attributed to increased R&D investments, marketing strategies, and product diversification efforts [7][10]. - The company's net profit margin fell from 22.8% to 13.0% over the past year, indicating a slowdown in profitability growth [7]. Strategic Initiatives - Insta360 plans to launch two drone brands, including its own and a collaborative brand named Antigravity, to tap into unmet market demands [11]. - The company aims to enhance its core capabilities while entering competitive markets, indicating a strategic approach to growth despite current challenges [8][11]. - The anticipated launch of the Antigravity drone is expected in Q4 2025, subject to various market conditions [11]. Industry Dynamics - The competitive landscape between Insta360 and DJI is intensifying, with both companies making significant moves into each other's core markets [3][11]. - The ongoing price war and product launches are seen as pivotal moments that could reshape the industry dynamics in the coming years [11].

近日，观察者网查阅字节跳动招聘官网发现，字节跳动旗下火山引擎团队启动了一项高规格招聘，寻求"操作算法资深专家（具身智能）"，该岗位明确专注 于"人形具身机器人"的研发，月薪待遇高达95-120K（即每月 9.5 万至 12 万元人民币）。 相关招聘信息截图 据招聘信息显示，该职位并非机器人算法岗位，而是锁定于"人形具身机器人"。 从职位描述上看，该岗位需要主导人形具身机器人操作算法（含架构、抓取、VLA 模型、灵巧手等）研发，参与具身大模型的训练、评测及部署，推动算 法系统集成、仿真验证与硬件部署以优化嵌入式性能，探索其在工业、服务等场景的技术应用与落地并输出高可用方案，同时参与机器人自主系统软件架构 设计、数据采集技术研发，与团队协作解决跨领域复杂技术难题。 从职位要求上看，岗位要求任职者需具备计算机科学、自动化等相关领域硕士 / 博士学历或同等工业实践经验，熟悉 VLM/VLA 主流技术（如 BERT、CLIP 等）与多模态大模型开发，具备强化学习、扩散模型等在抓取和物体操控的实践经验，熟悉机器人感知、场景理解及机械臂经典控制算法，熟练掌握至少一 种主流机器人仿真工具（如 Isaac Sim、MuJoCo ...

Core Insights - Kandi Technologies Group announced the completion of key functional modules for the "smart delivery robot solution" developed in collaboration with Hangzhou Yundeshuchu Technology, marking a significant step towards pilot and commercialization phases [1][6] Company Overview - The smart delivery robot is designed for scenarios with access control, such as residential communities and office buildings, featuring a proprietary delivery box and integrated hardware and software system [3] - The operational process involves the courier selecting the robot and entering the delivery address, with the robot guiding the recipient through barcode verification and voice interaction [3] Industry Trends - The global robotics industry has accelerated since 2025, with quadruped robots becoming a core segment due to their adaptability and diverse application scenarios [4] - The Chinese government continues to support the robotics sector, particularly in logistics, as outlined in the "14th Five-Year Plan" and other policy documents [4] Market Demand - Rising labor costs in e-commerce logistics (12% increase in average delivery cost in 2024) and the demand for 24/7 industrial security inspections are driving the growth of the quadruped robot market [4] - The global quadruped robot market is projected to exceed $5 billion by 2025, with over 30% market share expected from China [4] Competitive Landscape - Yundeshuchu Technology is positioned among the leading companies in the domestic quadruped robot sector, with a strong capability for independent core technology development [4] - The company has secured nearly 500 million RMB in Series C financing, aimed at optimizing motion control algorithms and expanding into overseas markets [4] - The company faces competition from Yushu Technology, which has advantages in algorithm iteration speed and earlier entry into the consumer market [5]

近日，观察者网查阅字节跳动招聘官网发现，字节跳动旗下火山引擎团队启动了一项高规格招聘，寻求"操作算法资深专家（具身智能）"，该岗位明确专注 于"人形具身机器人"的研发，月薪待遇高达95-120K（即每月 9.5 万至 12 万元人民币）。 相关招聘信息截图 据招聘信息显示，该职位并非机器人算法岗位，而是锁定于"人形具身机器人"。 从职位描述上看，该岗位需要主导人形具身机器人操作算法（含架构、抓取、VLA 模型、灵巧手等）研发，参与具身大模型的训练、评测及部署，推动算 法系统集成、仿真验证与硬件部署以优化嵌入式性能，探索其在工业、服务等场景的技术应用与落地并输出高可用方案，同时参与机器人自主系统软件架构 设计、数据采集技术研发，与团队协作解决跨领域复杂技术难题。 从职位要求上看，岗位要求任职者需具备计算机科学、自动化等相关领域硕士 / 博士学历或同等工业实践经验，熟悉 VLM/VLA 主流技术（如 BERT、CLIP 等）与多模态大模型开发，具备强化学习、扩散模型等在抓取和物体操控的实践经验，熟悉机器人感知、场景理解及机械臂经典控制算法，熟练掌握至少一 种主流机器人仿真工具（如 Isaac Sim、MuJoCo ...

Core Viewpoint - Nokia has decided to delist its shares from the regulated market of Euronext Paris, citing a comprehensive assessment of trading volume, costs, and administrative requirements associated with the listing [1] Group 1: Delisting Decision - The delisting is expected to save Nokia significant regulatory fees and administrative burdens, estimated to be in the millions of euros [1] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts (ADR) will remain on the New York Stock Exchange [1] - The decision has raised concerns among investors regarding Nokia's operational status, leading to a 4.76% drop in its U.S. stock [1] Group 2: Business Strategy and Market Position - The delisting coincides with a critical point in Nokia's business strategy transformation, shifting focus from mobile phones to network infrastructure, mobile networks (5G), cloud services, and technology licensing [2] - Nokia holds a 13% share of the global telecom equipment market, ranking second behind Huawei, which has a 31% share [4] - The company is facing challenges in the North American telecom market, with AT&T terminating a significant 5G contract with Nokia in favor of Ericsson [4] Group 3: Financial Performance - Nokia's Q3 financial report for the period ending September 2025 shows adjusted net sales of €4.833 billion, a 12% year-over-year increase, but operating profit declined by 10% to €435 million [5] - The company plans to increase investments in artificial intelligence, with NVIDIA announcing a $1 billion acquisition of a 2.9% stake in Nokia [5] - The partnership with NVIDIA aims to enhance Nokia's 5G and 6G software to run on NVIDIA chips, accelerating the development of AI-native mobile networks [5]

Group 1 - The 8th China International Import Expo opened in Shanghai, showcasing ZTE's 6G air-ground integrated business demonstration model, highlighting its deep exploration and achievements in the 6G technology field [1] - ZTE is enhancing core technology innovation in response to the technological wave driven by AI and 5G-A, focusing on the "connection + computing power" strategy, from foundational infrastructure to application ecosystems [3] - In the wireless sector, ZTE is advancing 6G technology and creating new business models such as low-altitude economy and deterministic services through 5G-A [3] Group 2 - In the wired sector, ZTE is providing ultra-large bandwidth, low latency, and high reliability through all-optical networks, supporting the intelligent upgrade of various industries [3] - ZTE is strengthening the research and development of intelligent computing products and industry ecosystem collaboration to seize new opportunities brought by AI large models, offering end-to-end, full-stack intelligent computing solutions [3] - As a key player in the global digital technology industry chain, ZTE aims to drive industrial upgrades and promote high-quality development of the new industrialization and digital economy through technological innovation [3]

当地时间11月4日，芬兰电信公司诺基亚在官网发布声明称，公司董事会已决定，向巴黎泛欧交易所 （Euronext Paris）提交申请，将其股票从该交易所的受监管市场中退市。 诺基亚解释称，此次退市决定是"基于对在巴黎泛欧交易所上市相关的交易量、成本及行政管理要求的 全面评估"。诺基亚的股票将继续在赫尔辛基纳斯达克证券交易所上市，其美国存托凭证（ADR）也将 继续在纽约证券交易所交易。 分析认为，此次退市后，诺基亚仍将保留赫尔辛基纳斯达克和纽约证券交易所两大核心平台，该公司大 多数股票的交易量集中在这两个市场。巴黎市场的交易量较低，但维持上市所需的成本与行政负担却不 容小觑。此次退市或将为诺基亚省去一笔价值百万欧元的监管费用、审计成本并减少在多个交易所重复 披露财报、召开投资者会议等行政负担。 但此次消息已引发投资者对其经营状况的担忧。诺基亚美股昨日大跌4.76%。 这并非诺基亚首次从证券交易所退市。公开资料显示，该公司曾于2003年、2004年和2007年分别从伦 敦、巴黎和斯德哥尔摩证交所退市，2011年还曾从法兰克福证交所退市。 据Dell'Oro Group发布的数据显示，2025年上半年，华为在全球电 ...