Group 1 - Adidas has officially become the strategic partner for the 2026 Jiangsu City Football League, enhancing its presence in the Chinese football market [1] - The league will also feature sponsorship from Jiangsu Bank and Suhao Holdings, with additional sponsors including Guoyuan V3, Heineken, Hailan Home, Yanghe, Yili, and Kudi Coffee [1] - Adidas will provide financial support and custom-designed kits for the 13 participating teams, integrating advanced sports technology and design concepts to elevate the professional level of the event [1] Group 2 - In Q3 of the previous year, Adidas reported revenue of €947 million in the Greater China region, achieving double-digit growth for four consecutive quarters [2] - For the first three quarters of the previous year, Adidas' global revenue reached €18.735 billion, a 14% year-on-year increase, with Greater China contributing €2.774 billion, up 12% [2] - The year 2026 is anticipated to be significant for global football, with major events like the World Cup and local leagues, indicating Adidas' strategic positioning in the Chinese market [2]

本文系观察者网独家稿件，未经授权，不得转载。 随着企业的成功上市，投资人也终于迎来了超级回报。 鸣鸣很忙旗下拥有"零食很忙""赵一鸣零食"两大品牌，其中公司最初是晏周在2017年在长沙创立的零食 很忙，2023年公司合并开在江西宜春成立的赵一鸣零食后，更名为鸣鸣很忙。 创立8年以来，鸣鸣很忙发在全国范围内发展迅速，到2025年11月30日，鸣鸣很忙在全国门店数量达到 21041家。到去年前9个月，鸣鸣很忙零售额(GMV)已经661亿元人民币，全国门店已进入28个省份和各 线城市，其中59%深入县城与乡镇。同时在库SKU约为3997个，覆盖7大品类、750余个品牌。 同期，鸣鸣很忙已有48座数智化现代仓配中心，单仓配送半径可达300公里，能够实现全国门店24小时 配送。去年前9个月，仓储及物流成本占总收入比例为1.7%，2024年，公司存货周转天数为11.6天，属 行业头部水平。 鸣鸣很忙创始人、董事长兼CEO晏周表示，公司从一家社区小店开始，到全国2万多家门店，即使未来 有可能成为中国线下最大的零售渠道，但最初就是希望消费者能够"买得到、买得起"好零食，有"几十 块钱就可以买一大袋"的快乐："同时让加盟商能够 ...

Core Insights - The AI industry in China witnessed a significant event on January 27, with major updates from leading open-source projects like DeepSeek, Tongyi Qianwen, and Yuezhianmian, but Kimi K2.5 captured the most attention, surpassing 17,000 mentions online, even outpacing OpenAI's Prism [1][3] Group 1: Kimi K2.5 Features - Kimi K2.5 introduces native multimodal capabilities, allowing the model to understand visual inputs directly integrated with its language and coding abilities, fundamentally changing product development processes [11][14] - The model can generate complete HTML, CSS, and JS code from simple sketches or even rough doodles, significantly reducing the time and effort required for web development [11][14] - Kimi K2.5's dynamic understanding capability allows it to replicate complex interactive features from competitor websites, enhancing its utility beyond simple image recognition [13][14] Group 2: Efficiency and Productivity - The introduction of the Agent Swarm architecture enables Kimi to act as a project manager, coordinating multiple AI agents to handle complex tasks simultaneously, drastically improving efficiency [17][19] - In large-scale search scenarios, the Agent Swarm can reduce the number of key steps needed to achieve goals by 3 to 4.5 times, with actual processing time potentially shortened by up to 4.5 times [19][20] - Kimi's capabilities can be integrated into existing workflows, such as Excel and Word, allowing for significant time savings in data processing tasks [20][21] Group 3: Business Model Transformation - The release of Kimi K2.5 signifies a shift from software sales to service delivery, positioning companies like Yuezhianmian to provide direct solutions rather than just tools [22][23] - The cost of deploying a large-scale AI agent team is high, making cloud services more appealing for businesses compared to self-deployment, thus creating a profitable business model for Yuezhianmian [23] - Kimi's subscription model offers significant cost savings for companies, as it can perform the work of a junior engineer at a fraction of the cost, leading to a potential shift in budget allocations [23] Group 4: Future Implications - The evolution of AI from tools to coworkers indicates a fundamental change in how businesses will operate, with the potential to redefine productivity and organizational structures [24][26] - Kimi's advancements suggest that the ultimate value of technology lies in its ability to empower individuals, expanding their capabilities and imagination [26][27]

Core Viewpoint - The emergence of the Nipah virus in India has raised concerns due to its high mortality rate and proximity to countries with open flights, leading to significant public interest and media coverage regarding potential treatments [1][2]. Group 1: Nipah Virus Overview - Nipah virus (NiV) is classified under the family Paramyxoviridae and has a high mortality rate ranging from 40% to 75% [5][6]. - The virus was first identified in Malaysia in 1998 and is primarily transmitted through direct contact with infected animals or their bodily fluids [6][7]. - Previous outbreaks have shown limited scale due to the virus's transmission characteristics, which are not as efficient as airborne viruses [5][6]. Group 2: Treatment and Research - The drug VV116, previously approved for COVID-19 treatment, has been suggested as a potential candidate for Nipah virus, although its efficacy against NiV remains unproven [2][8]. - VV116 has shown antiviral activity in animal models, but its effectiveness in humans and against Nipah virus specifically requires further clinical validation [10][12]. - The media's portrayal of VV116 as an "effective drug" has led to market fluctuations, highlighting the impact of misinformation on public perception and stock prices [13][15]. Group 3: Public Health Response - Public health experts emphasize that while Nipah virus poses a threat, its transmission is manageable with existing healthcare capabilities, particularly in monitoring and controlling outbreaks [7][8]. - The Chinese healthcare system is noted for its strengths in contact tracing and infection control, which are crucial in managing potential Nipah virus cases [7][8].

0:00 连平分析，推动黄金上涨的因素首先是一条明线，那就是避险。当前，"灰犀牛""黑天鹅"不断地冲击着 世界局势，出于避险的需求，黄金价格就会继续上涨。 "我在2017年就预测，特朗普上台当了美国总统之后，这个世界不会太平，黄金一定会大涨。到今天为 止，我认为至少在特朗普当政的这几年里面，黄金还有上涨的空间。黄金最重要的功能之一就是避 险。"连平说。 第二条是暗线，即通货膨胀。连平表示："通胀率上去了，好多东西的价格都在涨，那黄金不应该涨 吗？时机成熟了，必定会涨，或者补涨。" 1月28日，现货黄金再创新高，首次突破5200美元/盎司。1月以来，黄金累计上涨逾880美元，涨幅超 20%。 黄金的增长势头还能持续多久？ 近日，中国首席经济学家论坛理事长、广开首席产业研究院院长连平做客观察者网视频播客节目《思路 打开》时表示，未来两三年，黄金依然有上行空间，期间可能有所调整，但总体趋势还是向上。 第三条是实线。连平指出："黄金在工业上有很多用途，尤其是一些高新技术产品，它们现在对黄金的 需求还是很旺盛的。现在白银也涨飞了，它在工业中的需求更大。" 除此之外还有一条长线，那就是国际货币体系的变革。连平表示，美元在 ...

Core Viewpoint - General Motors (GM) reported a total revenue of $185 billion and a net profit of $2.7 billion for the year 2025, indicating a strong performance despite challenges in the electric vehicle (EV) sector [1][4]. Group 1: Financial Performance - GM's total revenue for 2025 was $185 billion (approximately ¥1.28 trillion), with a net profit of $2.7 billion (approximately ¥187.5 billion) and adjusted EBIT of $12.7 billion (approximately ¥882 billion) [1]. - The company expects net profit for 2026 to be between $10.3 billion and $11.7 billion, with adjusted EBIT projected between $13 billion and $15 billion [8]. Group 2: Market Performance - In the U.S. market, GM maintained its position as the top seller in 2025, with all four major brands experiencing growth in both sales and market share [2]. - The full-size pickup trucks, led by Chevrolet Silverado and GMC Sierra, continued to dominate the market for the sixth consecutive year, while full-size SUVs ranked first for the 51st year [2]. Group 3: Regulatory Environment and Cost Management - The relaxation of regulations on fuel-efficient vehicles under the Trump administration has improved the outlook for GM's profitable fuel vehicle business, saving up to $750 million in costs previously incurred from purchasing credits from EV companies [2][4]. - GM's CFO indicated that the company faces additional costs of up to $1.5 billion due to outsourcing, supply chain transformation, and software investments [4]. Group 4: Electric Vehicle Strategy - GM's EV sales in 2025 ranked second only to Tesla, but the company reported a net loss of $3.3 billion in Q4 due to declining demand and policy changes affecting EV incentives [4]. - Despite challenges, GM remains committed to its EV strategy and aims to reduce costs in the EV sector by $1 billion to $1.5 billion through restructuring [4]. Group 5: China Market Expansion - GM achieved profitability in China for five consecutive quarters, with 2025 sales and market share showing year-on-year growth, particularly in the new energy vehicle segment, which accounted for over 1 million units sold [6]. - The company is enhancing its product lineup in China with the Buick Electra family, including the upcoming Electra E7 SUV, and plans to offer new energy options for all new products launched in China by 2026 [6].

Core Insights - The article highlights the rapid development of China's commercial aerospace sector, marking a significant shift from theoretical aspirations to practical achievements in space exploration and satellite technology [1][3]. Group 1: Industry Development - The launch of the "Jilin-1" satellite constellation ten years ago initiated the growth of China's commercial remote sensing satellite industry, which now boasts 144 operational satellites, making it the largest sub-meter commercial remote sensing satellite constellation globally [1]. - The industry is experiencing a vibrant phase, with various companies emerging and contributing to the growth of commercial space endeavors [3][12]. Group 2: Challenges and Growth - Early challenges faced by companies included high employee turnover and funding issues, with significant losses due to management and technical failures [5][9]. - Despite initial setbacks, companies like Changguang Satellite have successfully navigated through difficulties, achieving significant milestones such as the successful launch of high-resolution satellites and substantial funding rounds [10][36]. Group 3: Future Prospects - The current environment is seen as a favorable window for commercial aerospace development, with increasing recognition from both policy and capital markets [12][14]. - Companies are optimistic about the future, with expectations of deploying low-orbit satellite internet services and enhancing satellite communication capabilities to meet growing market demands [40][41]. Group 4: Support and Collaboration - The need for supportive policies and collaboration between private companies and state institutions is emphasized, particularly in areas like funding, resource sharing, and regulatory processes [39][44]. - Companies express a desire for more patience from investors and a more streamlined approval process for launches, which is currently a significant hurdle for startups in the aerospace sector [39][45]. Group 5: Technological Advancements - The focus on developing laser communication terminals and other advanced technologies is highlighted as a key area for growth, with companies like Blue Star Guangyu leading in this niche [15][26]. - The article discusses the importance of iterative development and rapid prototyping in achieving technological advancements, particularly in the context of rocket and satellite development [28][31]. Group 6: Market Opportunities - There is a significant untapped market for commercial aerospace applications, particularly in consumer-facing services, which could drive future growth [40][44]. - The potential for satellite communication to provide services in remote areas and during emergencies is noted as a critical area for expansion [41][42].

仰望星空是人类永恒的浪漫，飞向星空则是我们始终追逐的梦想。 1月18日，在全网直播的观察者网2026答案秀·思想者春晚的舞台上，长光卫星技术股份有限公司副总经理贾宏光、蓝星光域上海航天科技有限公司副总经理 周长征、宁波麒麟空间航天科技有限公司创始人王舸帆等行业嘉宾受邀出席，本场对话由上海市天文学会副理事长施韡主持，嘉宾们分享了各自的实践经验 与前瞻思考，让思想智慧的碰撞愈发热烈。以下为对话全文。 现场图片 ·"失败" 施韡：今天我们的第一个话题，我想从"失败"一词切入。 提起中国航天，大家更熟悉的是任务成功后屏幕上的红色喜报，常常一觉醒来便能看到这样的喜讯。但实际上，在众多航天人心目中，失败与归零却如影随 形，甚至早已成为家常便饭。 近年来，中国商业航天领域迎来百花齐放的蓬勃发展期，飞向星空的梦想不再局限于科幻构想，正一步步照进现实，我们正亲手书写属于中国航天的崭新篇 章。 十年前，长光卫星 "吉林一号" 一箭四星首次入轨，开启中国商业遥感卫星发展序幕；十年后的今天，该星座在轨运行卫星数量已达一百四十四颗，建成全 球最大的亚米级商业遥感卫星星座。 "吉林一号"一箭四星在酒泉卫星发射中心成功发射 在商业航天行业 ...

近期，有消息称深圳市杰我睿珠宝有限公司疑似爆雷，有指涉款过百亿元，超十万客户蒙受损失，引发关注。 据微博@罗湖发布 消息，1月28日，深圳市罗湖区工作专班发布情况通报称，杰我睿负责人及相关核心管理人员均在 岗，积极开展与投资人沟通、资产梳理和兑付等工作。 通报全文如下： 一、我区高度重视，第一时间组建工作专班介入，督促企业履行主体责任。 二、目前，杰我睿负责人及相关核心管理人员均在岗，积极开展与投资人沟通、资产梳理和兑付等工作。 三、针对投资人反映的诉求，工作专班正在核查中。 请公众理性对待网络信息，通过合法渠道进行投资，不信谣、不传谣。 罗湖区工作专班 2026年1月28日 1月21日至今，超过30名投资者告诉第一财经，杰我睿及多个关联的线上平台出现兑付困难，波及全国多地投资者。 根据投资者自行统计的数据，未兑付资金已超过百亿元。另据一份投资者提供的呈报书，截至1月27日，仅初步实名 统计，涉案未结算金额达到2.46亿元。 企查查信息显示，杰我睿成立于2014年，主营业务为有色金属及矿石批发。该公司原为水贝地区黄金原料交易商，从 上游供货方采购、回收黄金原料，向下游小商户供货。与此前暴雷的粤宝鑫等料商不同， ...

Core Viewpoint - The United States Patent and Trademark Office (USPTO) has officially revoked its previous decision to allow multiple reviews of two key patents held by Micron Technology, dismissing the invalidation requests initiated by Yangtze Memory Technologies Co. (YMTC) [1] Group 1: Patent Invalidation Decision - The USPTO terminated the invalidation requests for Micron's patents (US 8,945,996 B2 and US 10,872,903 B2) initiated by YMTC, citing YMTC's failure to fulfill legal obligations [1] - The patents in question pertain to critical manufacturing processes for flash memory, and their invalidation could have weakened Micron's position in ongoing litigation with YMTC [1] Group 2: Background and Context - USPTO Director John T. Squires previously questioned why the USPTO would entertain YMTC's patent challenges given that YMTC is on the U.S. Department of Commerce's Entity List, suggesting potential conflicts with U.S. foreign policy interests [3] - Micron has accused YMTC's parent company of being state-controlled and highlighted that YMTC's listing on the Entity List violates U.S. export controls [4] - YMTC responded by asserting that the USPTO should not allow Micron to use the Entity List to distract from the substantive issues of the IPR process [4] Group 3: Legal Proceedings and Implications - The USPTO's ruling indicates that YMTC failed to provide sufficient evidence to counter Micron's claims and did not clearly define its ownership and control relationships, leading to the dismissal of its application [4] - Due to legal time-bar restrictions, YMTC cannot resubmit materials to restart the patent invalidation challenge [4] - Since 2024, Micron and YMTC have engaged in at least five lawsuits in various U.S. states and have challenged each other's patent validity at least 31 times before the Patent Trial and Appeal Board (PTAB) [5]