该车型基于合作伙伴吉利的紧凑型模块化架构打造，并将在雷诺位于韩国釜山的工厂投产。吉利也通过 官方渠道确认了这一消息。 在Filante车型背后，雷诺与吉利的合作其实已走过数年磨合期。早在2022年，双方就围绕动力总成与区 域制造展开接触，随后在韩国市场率先落地——雷诺将釜山工厂部分产能向吉利开放，引入其模块化平 台与混合动力技术，用于开发面向本地与出口市场的新车型。2024年上市的大科雷傲（Grand Koleos），正是这一合作机制下的首个成果。 对雷诺而言，与吉利合作的核心价值在于"降本+提速"。在电动化与智能化投入高企、欧洲市场增长趋 缓的背景下，雷诺需要更具性价比的技术路径与更灵活的区域制造能力。吉利成熟的模块化架构、混合 动力系统以及在亚洲供应链上的规模优势，使雷诺能够在不大幅增加研发成本的前提下，快速推出符合 新兴市场需求的产品。 （文/观察者网 张家栋 编辑/高莘） 据路透社1月13日报道，雷诺宣布，其全新Filante混合动力SUV跨界车型将于今年3月率先在韩国上市， 并计划于2027年初进入拉丁美洲及海湾国家市场。 路透社 本文系观察者网独家稿件，未经授权，不得转载。 场，共同生产和销售汽车 ...

Core Insights - The Chinese smartphone market is projected to have a shipment volume of approximately 75.78 million units in Q4 2025, showing a slight year-on-year decline of 0.8%, with an annual total of about 285 million units, down 0.6% from the previous year [1][3] Q4 2025 Market Performance - Apple leads the Q4 2025 shipments with 16 million units, capturing a market share of 21.1%, marking a significant year-on-year increase of 21.5% [2] - Vivo ranks second with 12 million units shipped, holding a market share of 15.8, but experiencing a decline of 8.8% year-on-year [2] - OPPO follows closely with 11.6 million units, a year-on-year increase of 10.2%, and a market share of 15.3% [2] - Huawei's shipments are approximately 11.1 million units, down 10.3% year-on-year, with a market share of 14.7% [2] - Xiaomi and Honor are tied for fifth place, with Xiaomi shipping 10 million units (down 18%) and Honor shipping 9.9 million units (down 6.1%) [2] Annual Market Overview - For the entire year of 2025, Huawei tops the market with 46.7 million units shipped, a slight decline of 1.9%, and a market share of 16.4% [4] - Apple follows closely with 46.2 million units, reflecting a 4% increase year-on-year, and a market share of 16.2% [4] - Vivo's annual shipments are 46.1 million units, down 6.6% from the previous year, also sharing a market share of 16.2% with Apple [4] - Xiaomi and OPPO have annual shipments of 43.8 million and 43.4 million units, respectively, with Xiaomi showing a growth of 4.3% and OPPO a growth of 2.1% [4] Global Smartphone Market Insights - The global smartphone shipments reached 1.26 billion units in 2025, with Apple and Samsung leading the market shares at 19.7% and 19.1%, respectively [5][6] - Despite challenges such as storage chip shortages, the global market is driven by high-end model growth and consumer anticipation of price increases [5][6] - The average selling price is expected to continue rising, even as overall shipments face pressure [6]

Core Insights - The Chinese smartphone market is projected to see a slight decline in shipments, with approximately 75.78 million units expected in Q4 2025, representing a year-on-year decrease of 0.8% [1][2] - Apple leads in Q4 shipments with 16 million units, achieving a market share of 21.1%, while Huawei tops the annual rankings with 46.7 million units shipped [1][3] Q4 2025 Performance - Apple: 16 million units shipped, 21.1% market share, 21.5% increase year-on-year [2] - Vivo: 12 million units shipped, 15.8% market share, 8.8% decrease year-on-year [2] - OPPO: 11.6 million units shipped, 15.3% market share, 10.2% increase year-on-year [2] - Huawei: 11.1 million units shipped, 14.7% market share, 10.3% decrease year-on-year [2] - Xiaomi: 10 million units shipped, 13.2% market share, 18% decrease year-on-year [2] - Honor: 9.9 million units shipped, 13.1% market share, 6.1% decrease year-on-year [2] Annual Performance 2025 - Total shipments in China are estimated at 285 million units, down 0.6% from the previous year [3][4] - Huawei: 46.7 million units, 16.4% market share, 1.9% decrease year-on-year [4] - Apple: 46.2 million units, 16.2% market share, 4% increase year-on-year [4] - Vivo: 46.1 million units, 16.2% market share, 6.6% decrease year-on-year [4] - Xiaomi: 43.8 million units, 15.4% market share, 4.3% increase year-on-year [4] - OPPO: 43.4 million units, 15.2% market share, 2.1% increase year-on-year [4] Global Market Overview - Global smartphone shipments reached 1.26 billion units in 2025, with Apple (19.7% market share) and Samsung (19.1% market share) leading the market [5][6] - The global market is expected to face challenges in 2026 due to ongoing storage chip shortages, which may lead to a decline in shipments [6]

Core Viewpoint - The recent reform of village banks in China has introduced a new model, exemplified by Guizhou Bank's acquisition of all deposits from Longli Guofeng Village Bank through an innovative trust benefit rights payment method, marking a significant step in the reform process [1][4]. Group 1: Transaction Details - Guizhou Bank has officially assumed all deposits amounting to 1.913 billion yuan from Longli Guofeng Village Bank, with the actual consideration for the transaction set at 1.849 billion yuan after accounting for related rights [1]. - The transaction utilizes a rare payment model where Longli Guofeng Village Bank entrusts its asset income rights to a trust plan, allowing Guizhou Bank to acquire corresponding trust beneficiary shares as payment, effectively isolating risks and alleviating cash flow pressure [4]. Group 2: Loan Management - Longli Guofeng Village Bank will cease new loan operations from January 9, 2026, while existing loans will be managed by Guizhou Bank, ensuring that borrowers continue to fulfill their repayment obligations under original agreements [5]. Group 3: Regulatory Approval and Future Operations - The reform has completed all compliance approvals, with Guizhou Bank's shareholders approving the relevant plans on December 10, 2025, and the regulatory authority granting approval for the dissolution of Longli Guofeng Village Bank on January 8, 2026 [7]. - Customers can begin conducting business at corresponding Guizhou Bank branches from January 12, 2026, as the original branches of Longli Guofeng Village Bank transition to Guizhou Bank [7]. Group 4: Company Background and Financial Performance - Guizhou Bank, established in September 2012, was formed through the merger of several local banks and was listed on the Hong Kong Stock Exchange in December 2019. It holds a 25.36% stake in Longli Guofeng Village Bank [7][8]. - As of September 2025, Guizhou Bank reported total assets of 615.629 billion yuan, with a capital adequacy ratio of 14.31%, meeting regulatory requirements [8]. - For the first three quarters of the previous year, Guizhou Bank's revenue was approximately 8.746 billion yuan, with a net profit of about 3.105 billion yuan, although year-on-year growth rates were not disclosed [9].

Core Viewpoint - The recent reform of village banks in China has introduced a new model, exemplified by Guizhou Bank's acquisition of all deposits from Longli Guofeng Village Bank through an innovative trust benefit rights payment method, marking a significant step in the reform process [1][4]. Group 1: Transaction Details - Guizhou Bank has officially assumed all deposits amounting to 1.913 billion yuan from Longli Guofeng Village Bank, with the actual consideration for the transaction set at 1.849 billion yuan after accounting for related rights [1][4]. - The transaction utilizes a rare payment model where Longli Guofeng Village Bank entrusts its asset income rights to a trust plan, allowing Guizhou Bank to acquire corresponding trust benefit shares as payment, effectively isolating risks and alleviating cash flow pressure [4]. Group 2: Loan Management - Longli Guofeng Village Bank will cease new loan operations from January 9, 2026, while existing loans will be managed by Guizhou Bank, ensuring that borrowers continue to fulfill their repayment obligations under original contracts [5]. Group 3: Regulatory Approval and Future Operations - The reform has completed all compliance approvals, with Guizhou Bank's shareholders approving the relevant plans on December 10, 2025, and the regulatory authority granting approval for Longli Guofeng Village Bank's dissolution on January 8, 2026 [7]. - Customers can begin conducting business at corresponding Guizhou Bank branches from January 12, 2026, as the original branches of Longli Guofeng Village Bank transition to Guizhou Bank [7]. Group 4: Company Background and Financial Performance - Guizhou Bank, established in September 2012 and listed on the Hong Kong Stock Exchange in December 2019, currently holds a 25.36% stake in Longli Guofeng Village Bank [7][8]. - As of September 2025, Guizhou Bank reported total assets of 615.629 billion yuan, with a capital adequacy ratio of 14.31%, meeting regulatory requirements [8]. - For the first three quarters of the previous year, Guizhou Bank's revenue was approximately 8.746 billion yuan, with a net profit of about 3.105 billion yuan, although year-on-year growth figures were not disclosed [9].

Group 1 - The Chinese government emphasizes the significant advantages in artificial intelligence development, particularly in application scenarios and talent [1] - The introduction of a new glass bottle for photoresist is highlighted as a major technological breakthrough, ending China's reliance on foreign suppliers for photoresist [1] - The photoresist product has already been tested on production lines with positive feedback [1] Group 2 - The Ministry of Industry and Information Technology aims to enhance high-quality technological supply and promote the transformation of scientific achievements [4] - Key industries for growth include integrated circuits, new materials, aerospace, biomanufacturing, embodied intelligence, and 6G technology [4] - The government plans to build a national pilot service network for manufacturing to bridge the gap between laboratories and production lines [4] Group 3 - Photoresist, also known as photoresist agent, is crucial in semiconductor manufacturing, with various types categorized by application and exposure wavelength [7] - Major global suppliers of photoresist include JSR, Shin-Etsu Chemical, and DuPont, particularly dominating the advanced process market for chips below 7nm [7] - Domestic companies like Tongcheng New Materials are rapidly advancing in the photoresist market, with significant revenue growth and plans for an IPO [7] Group 4 - Nanda Optoelectronics is focusing on the mid-to-high-end photoresist market, having achieved scale production of ArF photoresist and projecting revenue growth [8] - The company expects ArF photoresist revenue to exceed 10 million yuan in 2024, with stable supply planned for 2025 [8] - Nanda's subsidiary has an annual production capacity of 50 tons for ArF photoresist [8]

Group 1 - The U.S. Mint announced a reevaluation of pricing for all silver coin collectibles due to rising metal costs and may suspend sales of certain products [1] - The surge in gold and silver prices, driven by geopolitical uncertainties, has led to a significant increase in precious metal prices, with gold rising over 60% and silver nearly 150% since last year [1] - As of January 13, 2026, silver prices reached a historical high of $89.19 per ounce, while gold prices peaked at $4,633.99 per ounce [1] Group 2 - There is a price discrepancy between the U.S. Mint's official pricing and the secondary market, with dealers pricing the one-ounce American Eagle silver coin between $98 and $100, while the Mint's proof version is still priced at $95 [1] - The U.S. Mint does not sell the standard American Eagle silver coins directly to the public but distributes them through authorized dealers, who typically resell at a premium above the spot metal value [1] - The current situation is unusual as the cost for ordinary investors to purchase a basic investment silver coin from dealers exceeds the cost of a collectible silver coin from the Mint, creating a significant arbitrage opportunity [2]

Core Viewpoint - The discussion around the naming convention "Pro Max" for flagship smartphones by Chinese manufacturers highlights the common practice of imitation in the tech industry, with Xiaomi's partner emphasizing that while imitation is a foundation for innovation, true success requires originality and adaptation [1][3]. Group 1: Industry Trends - Chinese smartphone manufacturers such as OPPO, vivo, and Honor are evaluating the "Pro Max" naming for their next flagship models, potentially leading to a unified naming strategy that could lower user recognition costs and marketing expenses [1]. - The trend of adopting similar naming conventions is not unique to Chinese companies; global giants like Apple, Microsoft, and Google also engage in imitation as a strategy for growth [1][3]. Group 2: Company Insights - Xiaomi's introduction of the "Pro Max" model in its 17 series and the Redmi K90 series has sparked significant discussion regarding naming strategies in the smartphone market [1]. - The company acknowledges that while it may draw inspiration from competitors, it aims to innovate rather than solely imitate, as seen in its approach to future products like range-extended vehicles [4].

Core Viewpoint - Gujinggongjiu has reaffirmed its position as the exclusive partner of the Spring Festival Gala for the eleventh consecutive year, emphasizing its deep integration into Chinese New Year culture and its commitment to making traditional liquor accessible to the general public [1][5][9]. Brand Partnership and Cultural Significance - The partnership with the Spring Festival Gala has transformed Gujinggongjiu from a mere product into a cultural symbol, representing collective memories of Chinese families during the New Year [5][9]. - The introduction of "Gujinggongjiu · Year Thirty [He]" at a price point of 220 yuan aims to democratize the experience of traditional liquor, making it a staple for family gatherings rather than a luxury item [10][11]. Product Development and Market Strategy - The new product "Gujinggongjiu · Year Thirty [He]" retains the brand's cultural essence while lowering the price to appeal to a broader consumer base, thus enhancing its market presence [10][12]. - The product's design incorporates traditional elements, such as the red lantern and auspicious symbols, reinforcing its connection to Chinese New Year celebrations [6][14]. Craftsmanship and Heritage - Gujinggongjiu boasts a rich heritage of over 1800 years, with its brewing techniques recognized as the oldest distillation method in the world, contributing to its unique market position [13][14]. - The brand emphasizes a balance between traditional craftsmanship and modern innovation, ensuring high-quality production while respecting cultural heritage [14][15]. Cultural Impact and Consumer Engagement - The phrase "Celebrate the New Year, drink Gujing, watch the Spring Festival Gala" has become a cultural phenomenon, reflecting the brand's successful integration into the fabric of Chinese New Year celebrations [15][17]. - The brand's strategy not only focuses on sales but also on fostering cultural connections, making it a vital part of family traditions during the festive season [15][17].

Core Viewpoint - Yuanji Food Group has submitted its listing application to the Hong Kong Stock Exchange, marking a significant step in its capital expansion process [1] Group 1: Company Overview - Yuanji Food is a well-known Chinese fast-food enterprise specializing in fresh dumplings, wontons, and noodle products, with brands "Yuanji Cloud Dumplings" and "Yuanji Taste Enjoy" [2] - The company operates 4,266 stores globally, generating over 2.5 billion in annual revenue, with a steady growth in revenue projected at 2.026 billion in 2023 and 2.561 billion in 2024 [2][3] - The total gross merchandise value (GMV) from all stores increased by 31% from 4.772 billion in 2023 to 6.248 billion in 2024 [3] Group 2: Business Model and Expansion - Yuanji Food's expansion relies on a robust supply chain and a stable franchise system, with 24 warehouses supporting over 4,000 stores [4] - The company has a strong customer base with over 35 million members and an average quarterly repurchase rate of approximately 32.3% [4] - The company plans to deepen its domestic market presence while expanding into Southeast Asia, having opened its first overseas store in Singapore in late 2024 [5] Group 3: Market Position and Challenges - Yuanji Food is the largest Chinese fast-food company by store count and leads the market in dumpling and wonton retail and dining GMV [3] - The Chinese fast-food industry is highly competitive, with market size projected to grow from 529.6 billion in 2020 to 809.7 billion in 2024, and further to 1,285.3 billion by 2030 [6] - Future growth will depend on the company's ability to maintain brand recognition and effectively manage its franchise network [6]