Core Viewpoint - The European Commission has introduced a comprehensive cybersecurity legislative proposal, deemed the "strictest ever," mandating EU member states to remove Huawei and ZTE from their mobile networks within three years of the law's enactment, indicating a shift from recommendations to mandatory actions in telecommunications security [1][4]. Group 1: Legislative Impact - The new proposal extends beyond telecommunications, potentially restricting companies from 18 sensitive sectors, including connected vehicles, power and water supply systems, cloud computing, medical devices, drones, aerospace, and semiconductors, if a country is deemed a cybersecurity threat [4]. - Huawei has responded to the proposal, arguing that it violates fundamental legal principles of fairness and non-discrimination by targeting non-EU suppliers based on country of origin rather than factual evidence and technical standards [4]. Group 2: Industry Implications - The legislative changes could significantly impact the automotive sector, particularly in the context of smart connected vehicles, as the freedom of choice in technology solutions may be replaced by security reviews, potentially barring Chinese companies from participating in critical components [5][7]. - The proposal could lead to systemic marginalization of Chinese technology standards in Europe, affecting the supply chain structure and increasing costs for European manufacturers who may have to opt for less mature and more expensive alternatives [7][11]. Group 3: Economic Considerations - The estimated cost of fully excluding Chinese equipment from 5G construction in Europe could reach approximately €550 billion (about ¥4.48 trillion), with the overall cost of transforming the telecommunications network projected at €2 trillion (about ¥16 trillion) [14][16]. - The financial burden of these changes may ultimately be passed on to consumers, raising product prices and complicating the market landscape for European companies [14][19]. Group 4: Strategic Objectives - The EU's move appears to be a strategic choice aimed at reshaping its technological landscape and reducing dependency on Chinese technology, pushing for local development of software and algorithms [11][13]. - This approach may lead to increased R&D costs for multinational companies, as they will need to maintain dual technology stacks to comply with different regulatory environments, further complicating the market dynamics [14][18].

低空经济作为一种新兴的经济形态，正逐步成为推动我国经济社会发展的重要力量。随着技术的不断进 步和政策的逐步完善，低空经济在物流运输、旅游观光、农业植保等领域展现出巨大的潜力。 然而，机遇与挑战并存，如何在保障安全的前提下，实现低空资源的高效利用，是当前亟需解决的问 题。在观察者网"2026答案秀·思想者春晚"上，上海通用航空协会专家委员会主任、俄罗斯工程院外籍 院士任和从我国低空经济的机遇和挑战谈起，描绘了低空经济广阔的发展空间。 任和： 非常荣幸受到咱们观察者网的邀请，来给大家分享我国低空经济的机遇与挑战。 我2023年写了一本书，2024年出版以后，国家在2024年初中央经济工作会议和人大会议上，把低空经 济、商业航天，还有生物制药列为新兴战略性行业来加以推广，所以我这本书也成了网红图书了。 首先我想跟大家分享一下我国低空经济的由来和概况。 大家知道，2023年12月的中央经济工作会议，把生物制药、商业航天列为战略新兴产业，2024年3月， 李强总理也在政府工作报告中写到，积极打造生物制造、商业航天、低空经济等新的增长引擎。 国家发改委还特别成立了低空经济司，也制定了政策，所谓的"先郊区后城市""先货运后 ...

【文/观察者网专栏作者 徐令予】 关于量子计算的争论，大多在量子比特的数字游戏与工程实现的泥潭中打转。公众叙事中默认了一个近 乎迷信的前提：只要处理器足够快，算力便会如期而至。然而，这个在计算技术发展史中早已被证伪的 命题，正借着量子的外壳重新还魂。 现代计算的战场，不在于运算本身，而在于数据的"搬运"与"等待"。 过去数十年取得的算力红利，其 实主要来自数据调度与存储架构的持续演进。英伟达的黄仁勋在2026年CES展会上强调指出：当前AI算 力的瓶颈已从传统的算术计算单元扩展到内存带宽、数据移动效率及系统级延迟，这源于AI模型规模 的指数级增长和物理AI对实时性的严苛要求。 本文并非试图否定量子计算的研究价值，而是希望从计算体系结构与算力本体的角度，重新审视量子计 算的技术承诺。文章将首先澄清"算力并不等同于处理器速度"这一常被忽视的基本事实，继而讨论量子 计算在存储与数据调度层面所面临的结构性约束，从而为当前量子计算的争议提供一个新的视角。 一、算力不只是处理器速度，内存往往才是决定因素。 在关于计算能力的讨论中，长期存在一个误区：算力等同于中央处理器（CPU）的运算速度。这种理 解或许符合人们对"计算" ...

【文/南极土著】 今年的达沃斯，特朗普放话要拿下格陵兰，还要对周末在格陵兰参加联合军演的8个欧洲国家加征10%关税，成了全场避不开的"房间里的大象"。 特朗普在社交媒体上晒出一张电脑合成图：图中的他正在格陵兰岛插旗，身旁一块木牌赫然写着"格陵兰岛，美国领土，始于2026年"。 欧盟委员会主席冯德莱恩和法国总统马克龙都讲了话，但在真正和特朗普当面交锋前，两个人的措辞都比较克制。 直到最后，冯德莱恩才点名格陵兰问题，直说这10%的关税是个错误，美国不该这么对待盟友。她强调，欧盟和美国去年7月已经达成贸易协议，协议就是 协议，既然握了手就该守信用；欧盟和美国不只是盟友，更是朋友。至于格陵兰，丹麦的主权和领土完整不容谈判；如果美方担心的是中国和俄罗斯在北极 的存在，欧盟愿意和美国一起合作，维护北极地区的安全。 1月20日，马克龙在达沃斯论坛发表开幕致辞。 图源： 法媒 这套东西对美国并不是空喊口号，美国国防工业高度依赖欧洲提供的关键技术和服务，而这些恰恰集中在这次被特朗普点名加了关税的北欧和西欧国家手 里，从反无人机技术到情报软件都有。如果欧盟真动用出口管制，美国确实会疼。 现在欧盟心里很清楚，美国靠不住，俄罗斯又得 ...

Core Viewpoint - The company, Moore Threads, forecasts a significant revenue increase for 2025, driven by the booming AI industry and strong demand for high-performance GPUs, despite expected net profit decline and ongoing research and development investments [1][2]. Financial Performance - Expected revenue for 2025 is projected between 1.45 billion to 1.52 billion yuan, representing a year-on-year growth of 230.70% to 246.67% [1]. - The anticipated net profit is estimated to be between 950 million to 1.06 billion yuan, reflecting a year-on-year decline of 34.50% to 41.30% [1]. - The company expects a non-recurring loss of 1.04 billion to 1.15 billion yuan, which is a reduction of 29.59% to 36.32% year-on-year [1]. Market Position and Competition - Moore Threads positions itself uniquely in the domestic market with its "AI + Graphics" dual-drive strategy, utilizing its MUSA architecture [2]. - The company claims to be the only domestic GPU capable of competing with NVIDIA, integrating AI computation acceleration, graphics rendering, scientific computing, and video codec capabilities [2]. - According to Bernstein Research, NVIDIA and Huawei are expected to dominate the Chinese AI accelerator market with 40% market share each by 2025, while other competitors like Haiguang and Pingtouge hold only 4% [2]. Research and Development - The GPU industry is characterized by high barriers to entry, significant R&D investment, and long development cycles, requiring comprehensive R&D capabilities [3]. - Moore Threads has invested over 4.3 billion yuan in R&D from 2022 to the first half of 2025, compared to 1.07 billion yuan by Cambrian for 2024 [3]. Technological Advancements - The company has achieved market-leading performance with its fourth-generation GPU architecture, the MTT S5000, which has reached a floating-point computing capability of 10 Exa-Flops in a cluster [5]. - The fifth-generation GPU architecture, "HuaGang," supports full precision calculations and will lead to the development of high-performance AI training chips and graphics rendering chips [5]. - Recent collaborations have demonstrated the capabilities of the MTT S5000 in training large models, marking significant advancements in the domestic GPU sector [6]. Funding and Future Projects - Moore Threads announced plans to use its own funds to meet the financial needs of its R&D projects, ensuring the smooth progress of GPU development [6]. - The funding will focus on three core R&D projects: next-generation AI training and inference chips, next-generation graphics chips, and next-generation AI SoC chips [6].

耐克公司1月21日宣布，现任大中华区领导董炜(Angela Dong)将于3月31日正式卸任。同时，宣布任命 Cathy Sparks女士为新任耐克大中华区副总裁兼总经理。 在卸任公告中，耐克对董炜进行了高度评价，称她从2005年加入耐克以来，在过去二十余年间，她在大 中华区担任多项重要领导职务。 "在其任期内，耐克深度参与并见证了大中华区体育、文化及业务发展的多个里程碑，包括北京奥运 会、中国消费者与数字生态的迅速崛起、以及全球疫情期间的挑战与复苏。在董炜女士的带领下，耐克 通过上海马拉松、耐克高中篮球联赛(CHBL)、ACG崇礼168以及"下站东单"等标志性品牌活动，持续推 动大中华区的运动文化发展。" 对于她的卸任，耐克"衷心感谢董炜女士凭借卓越的战略视野、深厚的市场洞察和领导力，为这一关键 市场所做出的长期贡献，并祝愿她在未来一切顺利。" 同时，对于即将接任耐克大中华区副总裁兼总经理的Cathy Sparks，耐克表示，在公司已有25年的工作 经验，从波特兰Niketown门店的零售岗位开启职业生涯，随后在全球多个市场担任重要领导职务。 Cathy Sparks前担任耐克亚太及拉美区(APLA)副总裁 ...

Core Viewpoint - Temu, a cross-border e-commerce platform under Pinduoduo, experienced a dawn raid at its Turkey office on January 21, marking the second such incident in Europe since December 2, when its Dublin office was also raided [1] Group 1 - The Turkey office of Temu was raided, and employees were questioned during the incident [1] - Pinduoduo stated that the event was unexpected and that they had no prior warning [1] - The company expressed confidence in its compliance operations in Turkey and will actively cooperate with local authorities in the investigation [1]

(文/解红娟 编辑/张广凯) 1月21日，万科A+H股上双双上涨，其中，万科A收盘报5.01元/股，涨幅4.59%；万科企业收盘报3.68港元/股，涨幅5.75%。 股价提振背后，是市场对万科债务化解方案的认可。1月21日早间，万科披露"21万科02"债券2026年第一次债券持有人会议决议，其中《议案四：关于调 整"21万科02"回售部分债券本息兑付安排、增加固定兑付安排、提供增信措施的议案》以高票通过。 | 川ケ 简称 | 会议议案 | 数量 | 占表决 的债券持有 | | 占表快 数量 | 数量 | 占表? | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (张) | 权总数 人所持表决 | | 权总数 权总 (张) | (张) | | | | | | 的比例 权数量的比 | | 比例 | | 比例 | | | | | | 例 | | | | | 21 万 | 议案一:关于豁免本次会 | | | | | | | | | 议召开相关程序要求的议 | 9.532.000 | 92.36% | 95.91% | 407.000 3.94% | | ...

Core Viewpoint - Yonghui Supermarket is expected to report a net loss of 2.14 billion yuan for 2025, marking a significant increase in losses compared to previous years, indicating the challenges of its ongoing transformation [1][4] Financial Performance - Yonghui Supermarket has experienced continuous losses for five consecutive years, with total losses exceeding 10 billion yuan over this period [4] - The projected net profit for 2025 is -2.14 billion yuan, with a net profit excluding non-recurring items of -2.94 billion yuan, compared to -1.47 billion yuan in the previous year [1][4] Strategic Transformation - The core reason for the anticipated losses is the major operational strategic transformation initiated in 2025, shifting from "scale expansion" to "quality growth" [4][6] - The company has adjusted 315 stores and closed 381 underperforming stores, which has intensified short-term profit pressures [4][6] Impact of Store Adjustments - The financial impact of store adjustments includes asset write-off losses and one-time expenses totaling 910 million yuan, with an estimated gross profit loss of approximately 300 million yuan during store renovations [4][7] - The closure of 381 stores has led to additional costs, including asset write-offs and employee compensation [4][7] Learning from Industry Models - Yonghui Supermarket is adopting the "Fat Donglai" model as a transformation strategy, focusing on enhancing product categories with strong profitability [5][6] - The first store to implement this model opened in June 2024, marking a significant step in the transformation process [6] Supply Chain Reforms - The company is reforming its supply chain to address traditional pain points, which has temporarily led to stock shortages and declining gross margins [7] - The company has also faced losses from its overseas equity investments, with a fair value loss of 236 million yuan expected [7] Future Outlook - Despite the current challenges, there are positive signs from the adjusted stores, with increased customer traffic and sales in some locations [7] - The transformation represents a shift from scale-oriented to value-oriented retailing, which will require time and patience to fully realize [8]

Group 1 - The UK automotive market is attracting attention from Chinese manufacturers due to the lack of domestic automakers targeting the mass market and the absence of tariffs on Asian electric vehicle imports [1][3] - The UK automotive market has not yet recovered to its pre-pandemic level of 2.5 million vehicles annually, and the entry of Chinese brands is expected to accelerate this recovery [1] - Chinese brands, led by SAIC's MG, doubled their market share in the UK to 10% last year, with BYD and Chery increasing their shares significantly in December [3][5] Group 2 - New entrants such as Geely, Changan, Xpeng, and Leap Motor have entered the UK market since 2023, with Geely's premium electric brand targeting the UK after entering 12 European markets [3] - BYD plans to introduce its high-end brand Tengshi, while Chery may launch its new energy brand Lepas in the UK [5] - The UK market is projected to see Chinese brands capture 20% of the market share by 2028, with plans to offer not only electric vehicles but also fuel and hybrid models [5]