Core Viewpoint - Xiaomi is planning to adopt TSMC's N3P process for its second-generation self-developed SoC, the Xuanjie O2, instead of the latest 2nm process, and aims to expand the application of its self-developed chips beyond smartphones [1][2] Group 1: Product Development and Strategy - The Xuanjie O2 is expected to be applied in "non-smartphone" products, indicating Xiaomi's intention to broaden its chip usage [1] - The first-generation SoC, Xuanjie O1, was launched last year but was only used in a limited number of products, such as the Xiaomi 15S Pro and Xiaomi Pad 7 series [1] - Industry insiders suggest that the Xuanjie O1 served primarily to test Xiaomi's technical capabilities and market acceptance rather than to replace existing SoC suppliers like Qualcomm and MediaTek [1] Group 2: Market Competition and Challenges - Qualcomm and MediaTek are transitioning to more advanced 2nm processes for their flagship SoCs, which could weaken the market competitiveness of Xiaomi's Xuanjie O2 if it uses the N3P process [2] - TSMC's 2nm process has limited initial capacity, already allocated to major clients like Apple and Nvidia, making it difficult for Xiaomi to secure early production capacity [2] - The cost of 2nm processes is significantly higher than that of 3nm, which, combined with rising memory chip prices, has increased the overall material costs for smartphones by over 25% [2] Group 3: Pricing and Financial Implications - The launch price of the Xiaomi 17 Ultra has increased by around 500 yuan compared to its predecessor, indicating a trend of rising product prices [3] - Xiaomi's president has indicated that significant price increases are expected across the industry in the coming year, which may further pressure profit margins if higher-cost processes are adopted [3] - Xiaomi is likely to use its self-developed processors in mid-range and sub-flagship products, potentially exerting pressure on MediaTek, which primarily supplies non-flagship models [3] Group 4: Future Innovations and Investments - Xiaomi's founder has stated that by 2026, the company aims to achieve a "triple integration" of self-developed chips, operating systems, and AI models in a single product, marking a significant technological milestone [4] - Over the past five years, Xiaomi has committed approximately 105 billion yuan to core technology research and plans to invest 200 billion yuan over the next five years [4] - The company is targeting comprehensive chip coverage across its entire product line, including tablets, PCs, and automobiles, with the Xuanjie O2 leading this initiative [3][4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market for 2026, following a year of significant challenges and achievements in 2025 [2][3]. Group 1: Market Stability and Development - The CSRC aims to consolidate the positive momentum in the market by enhancing monitoring and regulatory measures to prevent excessive volatility and ensure fair trading practices [4]. - In 2025, the total cash dividends and buybacks from listed companies reached 2.68 trillion yuan, indicating a focus on high-quality development [2]. - The total amount raised through IPOs and refinancing was 1.26 trillion yuan, while the bond market issued various bonds totaling 16.3 trillion yuan, showcasing the effective functioning of the multi-level capital market [2]. Group 2: Regulatory Enhancements - The CSRC has strengthened its regulatory framework by implementing a comprehensive punishment and prevention system for financial fraud, resulting in the investigation of 701 cases and fines totaling 15.47 billion yuan [2]. - The introduction of the "1+6" policy measures for the Sci-Tech Innovation Board and the activation of a third set of standards for the Growth Enterprise Market are part of ongoing reforms to enhance the investment environment [2][4]. - The CSRC is committed to improving the effectiveness of regulatory enforcement, particularly against financial fraud, market manipulation, and insider trading [4][5]. Group 3: Legal and Governance Improvements - The CSRC is focused on enhancing the governance of listed companies by implementing new regulations and improving the operational standards of these companies [5][6]. - The commission is also working on strengthening the legal framework to protect the rights of small and medium investors, thereby reinforcing the investor protection "safety net" [2][3]. - The emphasis on political supervision and the implementation of anti-corruption measures within the CSRC aims to ensure a clean and accountable regulatory environment [7][8].

去年10月以来，全球汽车和消费电子行业的重要供应商——安世半导体的控制权之争，一直是中国和荷 兰政府、企业间的关注焦点。期间历经中美经贸会谈、荷兰派员来华磋商、美国延期"50%股权穿透规 则"、荷兰暂停"冻结"行政令等关键节点，至今这一事件仍悬而未决，不仅导致安世半导体中荷业务"脱 钩"，也严重冲击了全球汽车供应链。 （文/观察者网 吕栋 编辑/张广凯） "安世半导体股权遭荷兰冻结"、"飞特半导体被英国强制出售"、"特朗普强制'涉中资公司'剥离美国芯片 资产"......交割数年后，一批优秀的中资海外半导体资产正在被欧美"围猎"。 "英国《国家安全与投资法》有一个回溯审查条款，特别有争议。虽然法案生效的日期晚，但它有追溯 机制，可以对法案生效之前的事情进行回溯审查，让合法交易可能变得不合法，相当于用了很霸道的条 款对项目做了审查。"一位关注飞特交易的人士独家对观察者网表示。 无论安世还是飞特等争端，海外政府强制干预的特征都非常明显，很大程度上对外传递出欧美投资环境 政治风险高企、法律确定性丧失的负面信号。此类事件若不被遏制，不仅将打击中国企业对欧美投资的 信心，更可能对中欧经贸关系的政治互信与合作基础造成结构 ...

Market Performance - The A-share market opened high but closed lower, with the Shanghai Composite Index down by 0.26%, barely holding above the 4100-point mark [1] - The Shenzhen Component Index fell by 0.18%, closing at 14281.08 points, while the ChiNext Index decreased by 0.2%, ending at 3361.02 points [1] Sector Performance - Approximately 3000 stocks in the Shanghai and Shenzhen markets were in the red, with total trading volume reaching 3.06 trillion [3] - The semiconductor, robotics, electric grid equipment, and computing hardware sectors saw significant gains, with stocks like Tianyue Advanced and Tongfu Microelectronics hitting the daily limit [3] - Robotics concept stocks also performed well, with companies such as Wuzhou New Spring and Founder Electric reaching their daily limit [3] - The electric grid equipment sector surged, with stocks like Siyuan Electric and Jicheng Electronics also hitting the daily limit [3] - Conversely, sectors such as AI applications, oil and gas, pharmaceuticals, and digital currencies experienced declines, with AI application stocks facing a wave of limit-downs, including Xinhua Du and Tianxia Xiu [3]

【文/羽扇观金工作室】 截至2025年三季度末，42家上市银行中，有8家银行资产总额过10万亿元，除了6家国有大行（工商银 行、农业银行、中国银行、建设银行、交通银行、邮储银行），还包括招商银行、兴业银行，前者于 2022年总资产突破10万亿元，后者在2023年成功跻身"10万亿俱乐部"。 浦发银行1月13日发布的2025年度业绩快报公告显示，该行资产总额正式突破10万亿元大关，达10.08万 亿元。 还有哪些银行有加入"10万亿俱乐部"的潜力？ 财报数据显示，总资产紧跟上述4家股份行之后的是民生银行和光大银行，2025年9月末总资产分别为 7.87万亿元、7.22万亿元，其余银行则均低于6万亿元。由此可见，除已晋级的四家之外，其他股份行距 离十万亿门槛仍有较远距离。 | 项目 | 本报告期 | 上年同期 | 增减变动幅度(%) | | --- | --- | --- | --- | | 营业总收入 | 2.124.75 | 2,136.46 | (0.55) | | 营业利润 | 836.74 | 809.29 | 3.39 | | 利润总额 | 840.43 | 808.63 | 3.93 | | 归属于 ...

Core Points - The U.S. Department of Commerce announced a "trade agreement" with Taiwan, requiring Taiwanese chip and tech companies to invest at least $250 billion in capacity building and provide an additional $250 billion in credit guarantees [1][10] - In exchange, the U.S. will reduce tariffs on Taiwan from 20% to 15% and exempt certain goods from tariffs [11][12] - U.S. Commerce Secretary Gina Raimondo stated that Taiwanese chip companies not building factories in the U.S. could face a 100% tariff, aiming to transfer 40% of Taiwan's semiconductor supply chain to the U.S. [12][4] Investment and Capacity Building - Taiwanese companies, particularly TSMC, are under pressure to expand their manufacturing capabilities in the U.S. as part of the agreement [12][15] - TSMC has already invested $40 billion in Arizona to produce chips for U.S. companies like Apple and NVIDIA [12][10] Economic Implications - The agreement includes provisions that allow Taiwanese companies to import products tax-free during the construction phase of new factories, with adjustments to tax exemptions based on U.S. production capacity [14][4] - The high labor and depreciation costs in the U.S. have raised concerns about TSMC's profitability, with labor costs per wafer rising from $1,800 in Taiwan to $3,600 in the U.S. [17][15] - TSMC's U.S. factory has faced significant financial challenges, with a reported gross margin of only 8% compared to 62% in Taiwan [17][15] Political Context - The agreement has been criticized by Taiwan's State Council spokesperson, who described it as economic exploitation by the U.S. and a threat to Taiwan's economic future [18][8] - The Taiwanese government is perceived as capitulating to U.S. demands, potentially undermining its own economic interests [18][8]

Core Insights - Apple's "Trade in" program has expanded to include devices from Chinese brands such as Huawei, Xiaomi, OPPO, and vivo, in addition to its own products [1][3] Group 1: Trade-in Program Details - The trade-in values for selected devices are as follows: Huawei Mate 70 Pro+ can be traded in for up to RMB 2750, Huawei Pura 70 Pro for up to RMB 1800, OPPO Find X8 Pro for up to RMB 1700, Xiaomi 15 Pro for up to RMB 1600, and vivo iQOO 13 for up to RMB 1600 [3][5] - Huawei devices dominate the trade-in list, including models like Huawei Mate X5, Mate X3, Mate 70 series, and P60 series, while OPPO follows with devices like OPPO Find N3 and Find X8 series [3][4] Group 2: Market Performance - According to IDC, the total shipment of smartphones in China for 2025 is projected to be approximately 285 million units, a slight decline of 0.6% year-on-year [6] - Huawei leads the Chinese market with a shipment of 46.7 million units, a year-on-year decrease of 1.9%, holding a market share of 16.4% [6] - Apple follows closely with 46.2 million units shipped, marking a 4% increase year-on-year and a market share of 16.2% [6] - In the fourth quarter, Apple achieved a shipment of 16 million units, securing a market share of 21.1%, with a significant year-on-year increase of 21.5% [7]

《量子计算机很可能永远不会成功》一文发表后，在多家媒体的转载下引发了广泛关注。传播热度虽不 代表真理归属，但它释放了一个重要信号：量子计算正逐渐走出单一的"乐观叙事"，开始进入一个更加 多元、审慎的公共视野。 在读者的反馈中，认同与质疑交织，而对我而言，后者尤显珍贵。科学从来不需要鲜花和掌声，它本质 上是在持续的质疑、修正与反思中砥砺前行。作为一项承载了世人热切期待的高精尖技术，量子计算的 演进尤其需要理性的批评与严肃的质疑。 作为《量子计算机很可能永远不会成功》的续篇，本文无意于情绪渲泄，而是旨在真诚地回应批评意 见，并对关键议题进行深度补遗。与其说这是一次"回应"，不如说是将理性的质疑继续向深处推进的一 次尝试。 一、对量子计算质疑主要来自物理学专家学者 读者对前文的批评比较集中在一个问题上：视频播主是否具备评价量子计算问题的资格。对此，有必要 先澄清一个容易被忽略的事实：该视频并非播主个人的原创判断，而是对既有学术争论的整理与转述。 在这一意义上，她更接近一名"二传手"——将原本分散在学术文献与专业讨论中的质疑观点，系统地呈 现给公众，而非以个人权威替代学术共识。 更重要的是，视频中所引用的质疑，并非来 ...

Core Viewpoint - The administrative penalty against Zhongxinghua Accounting Firm highlights significant failures in auditing practices, leading to severe financial misstatements at Yinjian Technology, raising concerns about the integrity of financial reporting in the industry [1][2][3]. Group 1: Penalties and Violations - Zhongxinghua Accounting Firm was fined 11.13 million yuan for issuing false audit reports related to Yinjian Technology, marking it as the most penalized accounting firm at the start of 2026 [1][2]. - The firm had previously received a reprimand for audit fraud in the financial reports of Taiantang for the years 2018-2020, indicating a pattern of regulatory scrutiny [2]. Group 2: Audit Failures - The audit failures stemmed from Zhongxinghua's work on Yinjian Technology's financial statements for 2021 and 2022, where it failed to identify significant revenue inflation totaling 68.17 million yuan and profit inflation of 25.65 million yuan [3][4]. - Specific issues included the misclassification of project revenues and the failure to detect changes in contract terms, leading to inflated financial results [4]. Group 3: Broader Implications - The audit failures at Zhongxinghua are indicative of deeper financial irregularities at Yinjian Technology, which has faced significant operational and compliance challenges, including a 76.01% drop in revenue year-over-year [6][8]. - Yinjian Technology's governance issues have resulted in substantial financial losses and legal troubles, with over 1.1 billion yuan in funds misappropriated by its controlling shareholder [7][9]. Group 4: Regulatory Environment - The regulatory landscape is tightening, with multiple accounting firms facing penalties for similar audit deficiencies, reflecting a broader crackdown on financial misconduct in the industry [11][12]. - The recent actions by regulatory bodies emphasize the importance of accountability for third-party auditors in financial reporting, aiming to restore trust in the auditing profession [13].

对于2025年业绩创纪录的原因，中信证券在报告中表示，2025年，国内资本市场整体呈上行态势，市场 交投活跃度显著提升，投资者信心增强，A股主要指数均实现上涨。公司积极把握市场机遇，稳步做大 客户市场规模，经纪、投资银行、自营业务等收入均实现较快增长。 中信证券还表示，同时，公司坚定推进国际化布局，深化跨境服务能力，叠加香港市场的良好表现，公 司境外收入实现较快增长。基于上述原因，公司2025年营业利润等指标实现较大幅度增长。 公开资料显示，中信证券成立于1995年10月，是中国第一家A+H股上市的证券公司，第一大股东为中 国中信金融控股有限公司。中信证券是国内首家资产规模突破万亿元的证券公司，主要财务指标连续十 余年保持行业第一。 本文系观察者网独家稿件，未经授权，不得转载。 1月14日，中信证券发布《2025年度业绩快报》。快报显示，2025年，中信证券的营业收入、净利润均 出现较大幅度增长。 根据相关数据，中信证券2025年实现营业收入748.30亿元，同比（与前一年同期相较）增加28.75%；归 属于母公司股东的净利润（下称"净利润"） 300.51亿元，同比增加38.46%。这也是中信证券历史首次全 ...