【文/观察者网 潘昱辰 编辑/高莘】日前，由丰田汽车集团披露的数据显示，2025年其全球销量达1132.2万辆，同比增长4.6%，不仅连续第六年蝉联全球汽车 销量冠军，而且进一步刷新了全球汽车年度销量纪录。 丰田汽车 东方IC 丰田汽车解释称，去年丰田（含雷克萨斯品牌）全球销量的增长，得益于其在北美和日本本土的强劲表现推动。 丰田RAV4荣放 东方IC 北美依旧是丰田全球第一大区域市场，2025年全年销量为292.97万辆，同比增长7.3%。其中仅美国市场销量就占去北美总销量的86%。丰田汽车表示，由于 去年因TX和大汉兰达召回事件导致的停产已恢复，且混合动力汽车持续表现强劲，北美的销量得以进一步增长。 具体来看，丰田（含雷克萨斯品牌）全年销量为1053.8万辆，同比增长3.7%；其中日本本土销量为150.13万辆，同比增长4.1%；海外销量为903.55万辆，同 比增长3.6%。 此外，雷克萨斯品牌去年销量为88.22万辆，同比增长3.6%；大发品牌全年销量为67.53万辆，同比增长25.8%；日野品牌全年销量为11.05万辆，同比下降 12%。 三大市场齐发力 在过去的一年内，面对来自美国的进口汽车关税威 ...

【文/观察者网 熊超然】"欧洲每卖出十辆汽车中就有一辆是中国品牌。" 彭博社1月30日报道称，上个月，中国汽车制造商在欧洲销售的乘用车中占据了近十分之一的份额，创 下历史新高。这一快速增长势头，得益于混合动力汽车和纯电动汽车的强劲销售。 根据研究机构Dataforce的数据，去年12月，中国品牌在欧洲汽车市场的份额达到9.5%，首次在季度销 量上超越了包括起亚在内的韩国竞争对手。随着贸易壁垒的降低和中国出口力度的加大，比亚迪及其中 国同行有望进一步扩大在欧洲的市场份额。 电动汽车是欧洲市场增长的主要动力，而中国车企在电动汽车领域的进展最为显著。凭借在电池技术方 面的竞争优势，从西班牙和希腊，到意大利和英国，中国厂商赢得了电动汽车和混合动力汽车消费者的 青睐。 "我们对中国汽车在南欧的快速普及感到震惊，"Dataforce分析师朱利安·利辛格（Julian Litzinger）表 示："我们知道这些国家的消费者在品牌选择上更加灵活，但电动汽车的这种增长速度是之前无法预见 的。" 2025年11月19日，西班牙巴塞罗那，比亚迪举行ATTO 2 DM-i和Comfort Dynamic欧洲发布会。 IC Photo ...

Core Viewpoint - Recently, Cuihua Jewelry has faced significant financial distress, including overdue bank loans and the freezing of shares held by its controlling shareholder, indicating a severe liquidity crisis and potential legal repercussions for the company [1][3][5]. Debt Issues - Cuihua Jewelry announced that it is unable to repay 234 million yuan in bank loans due to liquidity issues, with overdue loans involving six financial institutions, totaling 524 million yuan, of which nearly 45% is overdue [1][2]. - The company has a total current liability of 3.905 billion yuan, with short-term debts amounting to 1.879 billion yuan due within a year, while cash on hand is only 438 million yuan, creating a significant funding gap [11][13]. Shareholder Concerns - The shares of controlling shareholder Chen Siwei, valued at tens of millions, have been frozen by the court due to his guarantee on the company's overdue loans, with 6.661 million shares frozen, representing 2.60% of the total share capital [3][4]. Business Transition - Cuihua Jewelry is transitioning from a traditional jewelry business to lithium salt production, driven by the need for new profit growth avenues as its core jewelry business faces stagnation [8][9]. - The company has seen an increase in revenue from lithium products, which accounted for 21.73% of total revenue in the first half of 2025, up nearly 6 percentage points from the previous year [9][10]. Regulatory Scrutiny - The company has faced regulatory scrutiny for its lack of timely disclosure regarding guarantees provided for loans, which has exacerbated market trust issues [7]. Market Performance - As of January 20, the stock price of Cuihua Jewelry was 12.91 yuan per share, with a total market capitalization of 3.307 billion yuan, reflecting investor concerns over high inventory, debt levels, and tight cash flow [14].

Core Viewpoint - The 2027 Mercedes-Benz S-Class represents a significant shift in the company's strategy, moving back to a core model-centric approach that integrates both traditional fuel and hybrid technologies, rather than solely focusing on electric vehicles [2][12]. Group 1: Product Strategy - The new S-Class is not merely a mid-cycle facelift but a clear signal of Mercedes-Benz's return to a balanced product strategy after the aggressive expansion of its EQ electric vehicle sub-brand [2][12]. - The 2027 S-Class will not directly replace any EQ models, maintaining its identity as a traditional flagship primarily powered by gasoline and plug-in hybrid systems [2][10]. Group 2: Design and Technology - The exterior design of the new S-Class enhances the presence of lighting as a design language, incorporating features like more recognizable daytime running lights and illuminated grilles, which were previously characteristics of EQ models [5][7]. - The interior integrates multiple screens into a cohesive system, emphasizing a continuous flow of information and user interaction, aligning with the "cockpit as a system" concept explored in EQ models [5][7]. Group 3: Market Positioning - The S-Class retains its traditional luxury sedan characteristics while incorporating advanced features from EQ models, ensuring it does not sacrifice its established visual authority for technological appeal [9][10]. - The powertrain options for the 2027 S-Class will include six-cylinder, V8, and plug-in hybrid variants, indicating a commitment to traditional power sources alongside future electric models [9][10]. Group 4: Strategic Implications - The shift in strategy suggests that the EQ sub-brand may be phased out, as consumer preference leans towards established models like the S-Class, E-Class, and C-Class, rather than newer electric sub-brands [12]. - The significance of the 2027 S-Class lies in its ability to integrate cutting-edge technology into a well-recognized model, reinforcing the idea that flagship vehicles should embody the latest advancements without being relegated to a separate electric identity [12].

Core Viewpoint - The article highlights the growing competitiveness of Chinese electric vehicles (EVs) in the global market, particularly emphasizing the Xiaomi SU7 Max as a standout model that impresses even American automotive experts [1][3][14]. Group 1: Performance and Features of Xiaomi SU7 Max - The Xiaomi SU7 Max is praised for its long battery range of 810 kilometers on a single charge, which exceeds expectations compared to competitors like the Ford Mustang Mach-E [12]. - The vehicle features a large 16.1-inch touchscreen running Xiaomi's HyperOS, integrating various applications and functionalities, enhancing the user experience [6][8]. - The car's driving comfort is noted to be superior, with smoother braking, steering, and acceleration compared to other models like the Ford Mustang Mach-E [11][9]. Group 2: Market Position and Competitive Landscape - Chinese EV manufacturers, including Xiaomi, BYD, and Geely, are recognized for their competitive pricing, often several thousand dollars lower than Western counterparts, and for their advanced digital integration [3][14]. - Ford's CEO acknowledges that Chinese manufacturers like Xiaomi pose a significant challenge to traditional American automakers, indicating a shift in the competitive landscape [3][14]. - There is optimism regarding the potential entry of Chinese EVs into the U.S. market, with indications that barriers such as tariffs may not last long, allowing for future production in the U.S. [14][15]. Group 3: Consumer Sentiment and Future Outlook - The article reflects a positive sentiment towards the Xiaomi SU7 Max, with experts expressing a desire for American consumers to experience the vehicle [4][15]. - Analysts suggest that once the barriers to entry are lifted, Chinese manufacturers will rapidly expand into the U.S. market, potentially within the next two years [14].

Core Viewpoint - Zhongshan Securities, a subsidiary of Jindong Co., is embroiled in a legal dispute involving approximately 490 million yuan, stemming from a financial fraud case that began 12 years ago [1][8]. Group 1: Lawsuit Details - The lawsuit was initiated by China Everbright Bank's Changchun branch against five defendants, including Zhongshan Securities, for tort liability [2][8]. - The case traces back to 2013 when Liu Xiaoyi, the legal representative of Liuhe Juxinyuan Rice Industry Co., misrepresented the company's financial status to secure a loan of 350 million yuan [3][4]. Group 2: Fraud Mechanism - Liu Xiaoyi collaborated with Zhang Lei, an assistant manager at Everbright Bank, to fabricate financial documents and mislead the bank into approving the loan [3][4]. - The fraudulent scheme involved a complex flow of funds, where Everbright Bank deposited 350 million yuan into China Merchants Bank, which was then transferred through Zhongshan Securities to Ping An Bank, ultimately reaching Liu's company [4][6]. Group 3: Legal Proceedings - After the fraud was uncovered in 2014, criminal charges were filed against Liu and Zhang, resulting in severe penalties, but only a small portion of the embezzled funds was recovered [6][7]. - In 2015, Everbright Bank filed a civil lawsuit against China Merchants Bank to recover the funds, but the Supreme Court ruled that the original agreement was invalid due to its fraudulent nature [7][8]. Group 4: Current Developments - In 2026, Everbright Bank reinitiated legal action, this time claiming tort liability and seeking a total of 489 million yuan, including principal and interest [8]. - The outcome of this case remains uncertain, with questions surrounding the liability of the involved banks and the potential for Everbright Bank to recover its losses from a decade-old fraud [9].

Core Insights - JD's Seven Fresh supermarket opened its first store in Shanghai's Pudong Century Link on January 30, 2026, marking a strategic expansion alongside the opening of a store in Beijing, enhancing its presence in key urban markets [1][3] - The store leverages a supply chain model that combines direct sourcing and warehouse-store integration, aiming to transition from regional focus to national competition [1][3] Group 1: Store Operations and Strategy - Seven Fresh has developed a dual business model of "fresh large stores + NB discount stores," integrating operations with JD's grocery delivery service to enhance delivery efficiency [3] - The Pudong store is strategically located near the Lujiazui financial district, targeting high-end consumers and families, and complements existing stores to cover key commercial areas in Shanghai [3][5] - With over 70 stores nationwide, the opening of the Pudong and Beijing locations accelerates Seven Fresh's national expansion [3][5] Group 2: Product Offerings and Innovations - The store features a "24-hour vegetable" shelf, ensuring produce is delivered from farm to shelf within 24 hours, alongside a "7-day fresh egg" quality control system, creating a competitive edge [5] - Seven Fresh's global supply chain capabilities are highlighted by direct sourcing of premium fruits and seafood, ensuring freshness and competitive pricing [5] - The introduction of localized products, such as Shanghai-style dishes and seasonal vegetables from Chongming, caters to local consumer preferences [7][9] Group 3: Consumer Engagement and Market Positioning - The combination of localized demand and proprietary brand innovation enhances consumer loyalty and provides a new approach to differentiate in the fresh retail market [9] - The successful opening of the Pudong store reflects Seven Fresh's understanding of consumer needs and contributes to the recovery of the retail market ahead of the Spring Festival [9] - Seven Fresh's operational model, which includes a central store supported by satellite locations and a focus on both product and experience, is seen as a replicable success in the industry [9]

"低空经济"如火如荼，许多城市都在加速"向天空要增量"：无人机物流、电力巡检、农业植保、应急救 援等应用不断落地，城市低空交通也开始试点；e-VTOL试飞、取证、文旅观光的消息接连出现。 随着热度走高，大家对产业的好奇也越来越多——"低空经济"讲了许多年，什么时候才能真正铺开？技 术创新有了这么多，哪些场景有望很快用得上？低空经济做大做强，最亟待解决的问题有哪些？它究竟 是"技术的竞赛"，还是"业态的建设"？如果不能形成稳定的运营体系和可持续的商业闭环，这股热潮会 不会滑向"一哄而上、一地鸡毛"？ 在观察者网"2026答案秀·思想者春晚"活动期间，上海通用航空协会专家委员会主任、俄罗斯工程院外 籍院士任和与民航业评论员张仲麟对谈，围绕低空经济从"技术热"到"业态熟"的破局路径、eVTOL商业 化落地的现实梗阻、无人货机的安全监管边界，以及如何跳出"重炒作轻闭环"的产业误区等话题，分享 了独到的行业见解。 任和认为，安全永远是底线，但在安全有保证的前提下，更急迫的是把商业运营跑通。技术当然重要， 不过低空经济要真正落地，关键不在于把航空器做出来，而在于先把"业态"搭起来：航空器只是其中一 环，决定能否规模化运行 ...

Core Viewpoint - Under debt pressure, New World Development, one of Hong Kong's "four major families" in real estate, is seeking potential investors, with Blackstone Group reportedly in talks to become the largest shareholder, potentially leading to a loss of control for the founding Cheng family [1][2]. Group 1: Company Situation - New World Development has confirmed that its controlling shareholder, Chow Tai Fook Enterprises, is in discussions with multiple potential investors, although no agreements have been reached yet [1]. - The company has faced significant debt pressure, with total debt amounting to HKD 1,460 billion and net debt at HKD 1,201 billion, making it one of the highly leveraged real estate firms in Hong Kong [3][4]. - The company is focusing on debt reduction, having sold various assets, including stakes in the Kai Tak Sports Park and landmark projects in Beijing and Shanghai, resulting in a decrease of total debt by HKD 5.7 billion year-on-year [3]. Group 2: Market Context - The Hong Kong residential market is showing signs of recovery after three years of stagnation, with private residential prices expected to rise by 3.3% in 2025, and predictions of a further increase of 5% to 10% in 2026 [5]. - New World Development holds substantial land reserves, with 3.38 million square feet of property development area in Hong Kong and 2.92 million square meters of land reserves in mainland China, which could serve as leverage in negotiations with potential investors [4][5]. - The interest from Blackstone Group is seen as a positive signal by the market, reflecting confidence in the long-term value of New World Development's assets [2].

【文/观察者网 齐倩】 在美华人专家学者的回国潮，还在继续。 先进芯片制造工程师徐振澎已离开美国，正式加入上海交通大学机械与动力工程学院，担任助理教授。 回国前，徐振澎是美国加州初创公司原子半导体（Atomic Semi）的核心团队成员。 目前，徐振澎个人主页已更新。上海交大官网显示，他现为该校制造技术与装备自动化研究所助理教 授。 香港《南华早报》1月30日报道提到，本周早些时候，徐振澎在社交媒体上写道："很高兴宣布，我已结 束在Atomic Semi的工作，将加入上海交通大学机械工程学院，任教职助理教授。" 今年1月前，徐振澎（第一排左一）为Atomic Semi机械工程师 社交媒体 公开资料显示，Atomic Semi成立于2023年，专注于开发3D打印技术，目标是让芯片生产比传统依赖巨 型、数百万美元设备的工艺更快、更便宜。 该公司联合创始人为山姆·齐鲁夫，人称"硅神童"，因在自家车库里制造芯片而闻名；以及吉姆·凯勒， 过去40年里一直是半导体设计领域的领军人物，业界美誉"硅仙人"。投资者包括OpenAI创业基金、 GitHub前CEO奈特·弗里德曼，以及加密投资机构Paradigm联合创始人弗雷德· ...