为防控投资风险，森鹰窗业明确划定投资红线，不购买股票及其衍生品、无担保债券等风险品种。同时 建立多重监督机制，通过跟踪资金运作情况、监事会与独立董事监督、必要时聘请专业机构审计等方 式，确保资金安全。 （编辑：卢志坤 审核：童海华 校对：陈丽） 中经记者 颜世龙 北京报道 哈尔滨森鹰窗业股份有限公司（以下简称"森鹰窗业"，301227.SZ）日前发布现金管理进展公告，截至 2025年12月31日，公司及全资子公司使用闲置募集资金和自有资金进行现金管理的未到期金额合计达 8.26亿元，其中闲置募集资金3.46亿元，闲置自有资金4.80亿元，所有操作均在既定授权额度内。 据悉，2025年5月，森鹰窗业审议通过相关议案，同意使用不超过5亿元闲置募集资金和3亿元闲置自有 资金进行现金管理；同年8月进一步增加2亿元自有资金理财额度，最终自有资金理财额度提升至5亿 元，募集资金额度保持5亿元，资金使用期限自股东大会审议通过之日起至2026年5月15日止，期间可循 环滚动使用。 ...

Group 1 - The 2026 International Consumer Electronics Show (CES 2026) is taking place in Las Vegas, showcasing advancements in AI technology and consumer electronics, with Hisense presenting its new RGB-Mini LED display technology [1] - Hisense has developed a new generation of RGB-Mini LED display technology, achieving a color gamut of 110% BT.2020 and a color control precision of 134 bits, marking a significant advancement in display technology [1] - The integration of RGB and Mini LED technologies is described as a revolutionary change, aimed at closely replicating the visual experience seen by the human eye [1] Group 2 - Hisense's UX series, featuring the world's first 4-core color backlight, won the "CES 2026 Honor Award" and is set to launch in China in March 2026 [2] - The showcased smart refrigerator incorporates AI capabilities, featuring dual high-definition screens for content display and user interaction, and is powered by Hisense's proprietary Star Sea model for a comprehensive cooking solution [2] - Hisense refrigerators have achieved the top sales volume or revenue in 11 countries by mid-2025, leading in markets such as Canada, France, and Mexico, and maintaining a strong presence in Eastern Europe [2]

Core Viewpoint - Wanbang Digital Energy is seeking to list on the Hong Kong Stock Exchange after unsuccessful attempts to enter the A-share market, with plans to use the raised funds for operational and R&D center development and global market expansion [1][3]. Group 1: Company Overview - Wanbang Digital Energy, founded in October 2014, is based in Changzhou, Jiangsu, and has evolved into a leading player in the new energy sector, particularly in smart charging equipment [2]. - The company is recognized as the largest global supplier of smart charging devices, with over 470,000 units sold in 2024, and has been valued at 18 billion RMB, ranking 422nd on the Hurun Global Unicorn List [2]. Group 2: Financial Performance - Revenue figures for Wanbang Digital Energy show 3.474 billion RMB in 2023, 4.182 billion RMB in 2024, and 3.072 billion RMB in the first three quarters of 2025, with net profits of 493 million RMB, 336 million RMB, and 301 million RMB respectively [5][6]. - The company reported a significant one-time gain of 195.7 million RMB from asset transfers, which constituted 58.4% of its pre-tax profit for the first three quarters of 2025 [5]. Group 3: Profitability and Margins - Wanbang Digital Energy has experienced a decline in gross margins, with figures of 33.4% in 2023, 29.2% in 2024, and 24.6% in the first three quarters of 2025 [6]. - The gross margin for the smart charging equipment and services segment has also decreased, from 34.0% in 2023 to 26.6% in 2025 [6]. Group 4: Market Strategy and Expansion - The company is focusing on international expansion, with overseas revenue reaching 572.9 million RMB, accounting for 18.6% of total revenue in the first three quarters of 2025 [7][8]. - Wanbang Digital Energy plans to establish regional marketing and service centers in key areas including Africa, the Middle East, Southeast Asia, South America, and North America to enhance its global presence [8]. Group 5: Challenges and Risks - The company acknowledges potential risks associated with its international operations, including government sanctions, export controls, and trade protection measures that could impact its competitiveness and financial performance [9].

Core Viewpoint - The recent wave of fee reductions by wealth management companies is driven by intensified market competition, regulatory guidance to benefit the real economy, and strategic considerations for market share expansion and customer loyalty [2][3]. Group 1: Fee Adjustments - Multiple wealth management companies, including Jiao Yin, Ping An, and others, have announced significant reductions in management and sales fees, with some products' management fees dropping to as low as 0.01% [1]. - From January 4 to 8, 2026, 14 wealth management companies issued over 600 announcements regarding fee adjustments for their products [1]. - The fee structure indicates that management fees cover rigid costs like research and operations, while sales fees are variable and linked to sales volume [2]. Group 2: Market Dynamics - The current market environment shows that fixed management fees for fixed-income products typically range from 0.15% to 0.3%, with some as low as 0.05% to 0.1%, while cash products generally have fees between 0.05% and 0.8% [3]. - This round of fee reductions is characterized by a broader scope, with both management and sales fees being adjusted, and some fees reaching "symbolic" levels [3]. - The industry is experiencing a "thin profit margin" competitive landscape, with companies increasingly lowering fees to attract customers and enhance product competitiveness [3]. Group 3: Profitability and Business Models - Experts suggest that significant fee reductions may compress profit margins for wealth management companies, especially when management fees are at extremely low levels [4]. - The industry is evolving towards a combination of "base fee + performance fee" models, expanding value-added services, and leveraging technology to reduce costs and enhance investment capabilities [4]. - Some companies are exploring diversified pricing models, such as excess return sharing or tiered fee rates based on holding periods, to better align fees with investment returns and encourage long-term holding [4].

Core Insights - The main focus of the article is on NVIDIA's introduction of the Vera Rubin AI computing platform at CES 2026, highlighting its transition from a chip manufacturer to an AI infrastructure company [2][9]. Group 1: Rubin Platform Overview - The Rubin platform is NVIDIA's first AI platform that integrates six chips, including Vera CPU and Rubin GPU, and has fully entered production [4][5]. - The Rubin GPU shows significant performance improvements over the previous Blackwell GPU, with NVFP4 inference performance increasing to 50 PFLOPS (5 times), training performance to 35 PFLOPS (3.5 times), and HBM4 memory bandwidth to 22TB/s (2.8 times) [5]. - The design of the Vera Rubin NVL72 system allows for faster assembly of computing nodes, reducing assembly time from 2 hours to 5 minutes, while the system operates at 100% liquid cooling [7]. Group 2: AI Infrastructure and Storage Solutions - The introduction of the BlueField-4 DPU supports a new AI storage infrastructure, addressing the growing memory requirements for complex AI tasks [6]. - NVIDIA aims to become a major player in the storage market, not by building storage systems but through partnerships with companies like HP and Dell [6]. Group 3: Open Source Models and AI Applications - Open source models are gaining traction, with 25% of tokens generated from these models, and NVIDIA is leading the open source model ecosystem [2][8]. - The company has expanded its open source model ecosystem across six domains, including biomedical AI and robotics, showcasing the rapid advancement of open source models [8][10]. - The concept of "Physical AI" is emphasized, with NVIDIA's Cosmos model enabling AI to understand physical laws and perform reasoning tasks [9][10].

Core Insights - The article discusses the launch and impact of Gaode's "Flying Street View" feature, which allows users to virtually explore restaurants and attractions, enhancing the local service experience [1][6] - Gaode's "Street View Ranking" has surpassed 660 million users and achieved a 330% increase in merchant orders within 100 days of its launch, indicating strong market traction [1][6] - The integration of AI-driven world models into the local service sector represents a significant technological advancement, aiming to bridge the gap between real experiences and digital representations [2][4] Group 1: Product Features and Innovations - The "Flying Street View" feature utilizes Gaode's self-developed world model technology, which scored the highest in international benchmarks, showcasing its capability to transform local service experiences [2][3] - This technology allows merchants to create realistic digital storefronts with minimal effort, using just a smartphone to capture video, which AI then processes into immersive experiences [1][4] - The transition from traditional 3D modeling to AI-driven industrial production marks a significant shift in how local businesses can present themselves online [2][3] Group 2: Market Position and Strategy - Gaode aims to evolve from a navigation tool to a critical decision-making platform for users in unfamiliar environments, enhancing its role in the local service ecosystem [6][7] - The company is focused on building a trust system through the integration of behavior and credit data, which is essential for creating a reliable local service network [6][7] - Gaode's strategy includes providing free access to the "Flying Street View" feature for 1 million small businesses, promoting inclusivity and reducing barriers to digital representation [2][5] Group 3: Challenges and Future Outlook - Gaode faces challenges in maintaining real-time updates of digital representations to match the dynamic nature of physical storefronts and customer interactions [7] - The company is currently adopting a non-commercial approach to the "Street View Ranking," prioritizing trust over immediate monetization, which may require balancing with other revenue-generating business segments [7] - The success of Gaode's transition to a "super entrance" for local services will depend on its ability to sustain the authenticity of its rankings and navigate the complexities of commercialization [7]

截至2026年1月8日，郁亮持有万科股票约739.5万股。（中经记者 陈婷 深圳报道） #万科郁亮退休#【万科郁亮辞职】1月8日晚间，万科（000002.SZ）公告因到龄退休，郁亮于当日向万 科董事会提交了书面辞职报告，申请辞去公司董事、执行副总裁职务。辞去上述职务后，郁亮将不再担 任公司任何职务。 ...

Core Insights - The wealth management industry is transitioning from a "product-selling" model to a "service-selling" model, driven by new trends and opportunities [1] - Key trends reshaping the industry include a new cycle, new environment, and new opportunities, with AI playing a significant role in optimizing business models [1] Group 1: Performance Metrics - JD Wealth reported that over 80% of equity fund clients made profits, with equity asset retention growing by 82% year-on-year [1] - Index fund retention increased by 105%, while the retention of stable "fixed income +" assets surged by 206% [1] - Personal pension retention saw a remarkable growth of 241% year-on-year [1] Group 2: Service and Product Upgrades - JD Wealth is focusing on upgrading its core capabilities in "products, services, and pricing" to enhance customer investment experiences [2] - The company aims to improve product offerings through collaboration with partners, ensuring dynamic asset allocation and market trend analysis [2] - AI technology is being integrated to extend services from transaction execution to full-cycle support, enhancing customer engagement [3] Group 3: TAMP Model and Market Strategy - The wealth management industry is shifting from a "scale competition" to a "capability competition," with a focus on personalized services [4] - JD Wealth is exploring the TAMP (Total Asset Management Platform) model, which integrates investment research, allocation, trading, and operations for a comprehensive service [4] - In 2025, the TAMP model is expected to add 210,000 new clients, with a 52% repurchase rate and an average holding period of 235 days [4]

Core Viewpoint - The company "爷爷的农场" is aiming for an IPO on the Hong Kong Stock Exchange, showcasing strong growth in the organic baby food sector, but faces challenges related to its business model and market dynamics [1][2]. Group 1: Company Overview - "爷爷的农场" has been established for 10 years and is ranked first in China's organic baby food sector, with a revenue growth rate exceeding 40% and a gross margin close to 60% [1]. - The company has a diverse product range, including baby food, cooking oils, and snacks, with 269 SKUs, over one-third of which are certified organic [2]. - As of September 30, 2025, the company reported revenues of 6.22 billion yuan for 2023, 8.75 billion yuan for 2024, and 7.80 billion yuan for the first three quarters of 2025, with profits of 754.6 million yuan, 1.03 billion yuan, and 874.2 million yuan respectively [2][10]. Group 2: Sales Channels and Marketing Costs - The company heavily relies on e-commerce, with over 70% of its revenue coming from this channel, and sales from e-commerce platforms were 4.5 billion yuan, 6.52 billion yuan, and 5.63 billion yuan for the respective years [3][4]. - Marketing expenses are significant, with sales and distribution costs of approximately 2.01 billion yuan, 3.06 billion yuan, and 2.83 billion yuan, representing 32.3%, 35.0%, and 36.3% of total revenue for the respective periods [4]. - The company incurs about 1 yuan in service and promotion fees for every 3.6 yuan in sales on e-commerce platforms, indicating high marketing costs [4]. Group 3: Business Model and Production - "爷爷的农场" operates primarily on an OEM model, with only 27 out of 640 employees involved in manufacturing, relying on 62 OEM manufacturers for production [6][10]. - The company has a factory in Guangzhou for limited self-production and quality control, but the majority of its production is outsourced [6]. - The overlap between major customers and suppliers raises concerns regarding pricing fairness and regulatory scrutiny, particularly in relation to IPO approval [8]. Group 4: Market Challenges and Opportunities - The company faces challenges from a declining birth rate in China, with the number of children aged 0-6 decreasing from 110 million in 2020 to 80.7 million in 2024 [10]. - Despite the declining birth rate, the organic baby food market is expected to grow due to increasing consumer demand for high-quality products, with significant opportunities for market penetration and product extension [10]. - The company is positioned to leverage its brand strength in the organic segment and may achieve sustainable growth by optimizing its supply chain and marketing efficiency [10].

Core Insights - The focus of AI foundational model competition has shifted from "how large the parameters are" to "whether it can understand how the world operates," indicating a transition from merely predicting the next word to predicting the next state of the world [1] - AI is moving from "functional imitation" to "understanding the laws of the physical world," suggesting a clearer development path as it integrates into the real world [1] Group 1: 2026 AI Technology Trends - The ten major AI technology trends for 2026 include: 1. World models becoming a consensus direction for AGI, with Next State Prediction (NSP) potentially emerging as a new paradigm [2] 2. Embodied intelligence entering industry selection and implementation phases, moving beyond laboratory demonstrations [2] 3. Multi-agent systems determining application limits, with the initial formation of a "TCP/IP" for the Agent era [2] 4. AI's role in research evolving from a supportive tool to an autonomous "AI scientist," with domestic scientific foundational models quietly emerging [2] 5. A clearer new landscape for leading players in the AI era, with high-profit opportunities still available in vertical tracks [2] 6. Industry applications entering a "disillusionment valley," with a "V-shaped" recovery expected in the second half of 2026 [2] 7. The rising proportion of synthetic data, which is expected to break the "2026 depletion curse" [2] 8. Reasoning optimization has not yet peaked, and the "technology bubble" is a false proposition [2] 9. The open-source compiler ecosystem gathering collective intelligence, with heterogeneous full-stack foundations leading to inclusive computing power [2] 10. AI security evolving towards mechanisms that are explainable and self-evolving in response to deception [2] Group 2: Key Developments in AI - The report addresses the prevalent "bubble" debate in the industry, asserting that reasoning efficiency remains the core bottleneck and competitive focus for large-scale AI applications, with "technology bubble" being a false proposition [3] - Algorithmic innovation and hardware transformation are driving down reasoning costs and improving energy efficiency, making high-performance model deployment feasible at the resource-constrained edge [3] - Synthetic data is becoming the core fuel for model training, particularly in autonomous driving and robotics, supported by the "corrective expansion law" [3] Group 3: Transition to Physical World - The year 2026 is identified as a critical watershed for AI, marking the transition from the digital world to the physical world and from technical demonstrations to scalable value [4] - This transition is driven by three clear mainlines: 1. The "elevation" of cognitive paradigms, with AI beginning to learn physical laws, providing a new cognitive foundation for complex tasks like autonomous driving simulation and robot training [4] 2. The "embodiment" and "socialization" of intelligence, with humanoid robots entering real production scenarios, indicating that embodied intelligence is moving out of laboratories [4] 3. The "dual-track application" of value realization, with a super application portal forming on the consumer side and measurable commercial value products emerging in vertical fields on the enterprise side [4]