Core Insights - Rolls-Royce is integrating traditional Chinese Xuan paper into its automotive design, reflecting a blend of Western manufacturing artistry and Eastern cultural heritage [2][3][4] - The "Heartbeat" project aims to explore and modernize traditional Chinese craftsmanship, starting with Xuan paper, to create bespoke automotive designs that resonate with Chinese customers [3][12][13] Group 1: Cultural Integration - Rolls-Royce has initiated interactions between its designers and Chinese artisans to understand the nuances of traditional paper-making techniques [2][6] - The collaboration emphasizes the shared values of craftsmanship and artistic expression between Rolls-Royce and traditional Chinese paper [4][7] - The project is seen as a way to enhance the brand's cultural depth and appeal in the Chinese market [7][14] Group 2: Craftsmanship and Customization - The demand for bespoke designs incorporating local cultural elements has increased among Chinese customers, prompting Rolls-Royce to adapt its offerings [3][11] - Rolls-Royce's bespoke vehicles are handcrafted, with each car taking over 600 hours to produce, highlighting the importance of skilled artisans in the manufacturing process [7][12] - The integration of Xuan paper is expected to enhance the luxury and uniqueness of Rolls-Royce vehicles, making them more than just cars but also works of art [7][14] Group 3: Technical Exploration - The technical feasibility of incorporating Xuan paper into vehicle design is currently under exploration, with ongoing tests and certifications [8][9] - Artisans are experimenting with various techniques to ensure that the paper meets the durability and aesthetic standards required for automotive applications [9][10] - The collaboration aims to push the boundaries of traditional craftsmanship while ensuring safety and quality in the final product [8][12] Group 4: Future Directions - The "Heartbeat" project is set to continue for three years, with each year focusing on different aspects of traditional craftsmanship [13][14] - Rolls-Royce plans to maintain ongoing engagement with Chinese artisans to deepen its understanding of local culture and craftsmanship [14][15] - The project represents a significant step in merging high-end automotive design with traditional cultural elements, potentially setting a precedent for future collaborations [14][15]

经济观察网上海市经济信息化委12月22日印发《上海市促进高成长企业加快发展管理实施细则(试 行)》，自2025年12月22日起实施，有效期至2027年12月21日。细则指出，潜力瞪羚企业和瞪羚企业评 定，采取"免申即享"模式，无需企业申报。潜力独角兽企业和独角兽企业评定，由企业开展自评，认为 符合条件的自愿向区级政府业务主管部门提出申请。 ...

经济观察网据央视新闻客户端消息，12月22日，外交部发言人林剑主持例行记者会。在回答有关日本议 员将窜访中国台湾地区的问题时，林剑表示，日本的有关议员窜访中国台湾地区，背弃中日四个政治文 件精神和日方的自身承诺，违背一个中国原则。中方坚决反对，并已向日方提出了严正交涉。世界上只 有一个中国，台湾是中国领土不可分割的一部分，我们再次敦促日方深刻反省、反思纠错，撤回高市首 相的错误言论，不得插手中国内政。我们也正告民进党当局，"媚日谋独"令人不齿，注定是走不通的邪 路、死路。 ...

Core Insights - AI computing power is the most critical infrastructure and development engine for artificial intelligence, with NVIDIA establishing a near-monopoly in the AI training and inference chip market, becoming the highest-valued public company globally, with a market capitalization of approximately $4.5 trillion by November 2025 and a year-on-year revenue growth of about 62% in Q3 2025 [2] Competitive Landscape - NVIDIA faces challengers from traditional chip giants like AMD and Intel in the U.S., as well as self-developed computing power from tech giants like Google and Amazon, and emerging players like Cerebras and Groq, but none have significantly threatened NVIDIA's leadership position yet [2] - The AI computing chip market has two main application scenarios: training and inference, with training being the core bottleneck that determines the model's capabilities [3] Training Power Dominance - NVIDIA holds a dominant position in training power due to advanced technology and a monopolistic ecosystem, as training large models requires massive data computation that single-chip power cannot provide [5] - The requirements for training chips can be broken down into single-chip performance, interconnect capabilities, and software ecosystem [6] Technical Advantages - NVIDIA excels in single-chip performance, with competitors like AMD catching up in key performance metrics, but this alone does not threaten NVIDIA's lead in AI training [7] - Interconnect capabilities are crucial for large model training, and NVIDIA's proprietary technologies like NVLink and NVSwitch enable efficient interconnectivity at a scale of tens of thousands of chips, while competitors are limited to smaller clusters [8] Ecosystem Strength - NVIDIA's ecosystem advantage is primarily software-based, with CUDA being a well-established platform that enhances developer engagement and retention [8] - The strong network effect of NVIDIA's ecosystem makes it difficult for competitors to challenge its dominance, as many AI researchers and developers are already familiar with CUDA [9][10] Inference Market Dynamics - Inference requires significantly fewer chips than training, leading to reduced interconnect demands, which diminishes NVIDIA's ecosystem advantage in this area [11] - Despite this, NVIDIA still holds over 70% of the inference market share due to its competitive performance, pricing, and overall value proposition [11] Challenges to NVIDIA - Competitors must overcome both technical and ecosystem barriers to challenge NVIDIA, with options including significant technological advancements or creating protective market conditions [13] - In the U.S., challengers are primarily focused on technological advancements, such as Google's TPU, while in China, the market has become "protected" due to U.S. export bans on advanced chips [16] Geopolitical Implications - The U.S. government's restrictions on NVIDIA's chip sales to China have created a challenging environment for Chinese AI firms, but also present significant opportunities for domestic chip manufacturers [17] - The recent shift in U.S. policy allowing NVIDIA to sell advanced H200 chips to China under specific conditions indicates a recognition of the need to maintain NVIDIA's competitive edge while managing geopolitical tensions [19] Strategic Considerations - The competition in AI technology should not solely focus on domestic replacement strategies, as this could lead to a cycle of technological isolation [20] - Huawei's decision to open-source its CANN and Mind toolchain reflects a strategic move to build a competitive ecosystem that can attract global developer participation [21]

对于2026年人工智能产业链最大的机会和风险，张璐表示，首先，2026年人形机器人板块的关键词 是"量产"。其次，最大的投资机会在于围绕量产后的延伸挖掘。无论是硬件环节中受益显著、市场份额 有望提升的企业，还是软件与应用后续的生态，都可能孕育机会。第三，主要风险在于供需匹配的不确 定性。需警惕需求增长不及预期，或产能过度扩张导致阶段性过剩的风险。 永赢基金指数与量化投资部投资总监助理兼基金经理张璐在"2025年雪球嘉年华"上表示，"人形机器人 发展至今，尤其是最近三到五年，已经到了一个重要的关键点，即从追求'噱头'转向追求'可用'——机 器人真正有用。" 张璐认为，机器人真正要做到"有用"，当前需要解决三大痛点：一是降本。目前机器人价格依然偏高， 若想大规模进入家庭市场，价格需降至20万元乃至10万元以下。在关键零部件上，国内供应商推动国产 替代并带来显著降本，为家用机器人走进家庭提供了空间。第二，提升智能化水平。机器人不应局限于 预设程序或单一场景，也不能长期依赖人工遥控操作。要形成真正的产品竞争力，必须加强其智能交互 与自主决策能力，使其能更准确地理解并适应用户需求。第三，提升产品性能。包括降低运行噪音、 ...

经济观察网 在全球金融一体化深入推进与中国企业"走出去"战略加速落地的双重背景下，境外清算能 力已成为衡量中资期货公司国际化水平与核心竞争力的关键标志。在全球衍生品市场体系中，清算机构 处于风险控制与制度运行的核心位置，其资质不仅是业务许可的象征，更是公司治理、资本实力、合规 文化与国际信誉的集中体现。相较于单纯的交易通道，清算会员资格直接决定机构的业务深度、服务半 径与风险抵御能力，成为中资期货公司拓展海外市场的核心壁垒。 根据招股书披露，2024年南华期货境外收入达人民币654.2百万元，位列中国期货公司第一；2022-2024 年，美欧市场清算交易手数从18.7百万手增至55.6百万手，复合年增长率达61.5%，交易总额突破2.2万 亿港元，在中资清算机构中处于领先地位。清算资质的稀缺性正持续转化为业务增长动能，构建起"资 质-客户-规模-收入"的正向循环：在客户获取端，清算资质成为高端客群合作的核心背书，大幅降低中 资企业、跨境机构的决策成本，截至2025年6月30日，公司境外金融服务登记客户达32,345个，其中企 业客户2,077家，较2022年增长58.9%，核心客户涵盖制造业、能源、农产品等领 ...

Core Viewpoint - The sanctions imposed by the EU on Russia have weakened its own strength rather than strengthening it, according to Hungarian Prime Minister Viktor Orbán, who emphasized the need for negotiations instead of sanctions [1]. Economic Impact - Hungary has suffered losses exceeding 200 billion euros (approximately 1.65 trillion RMB) over the past four years due to the ongoing conflict and the EU's sanctions against Russia [1].

同时，自然堂还拓展极境探索的边界：作为中国南北极科考的合作伙伴，已陪伴雪龙号征战南北极13 年；作为中国航天事业合作伙伴，自然堂在探索宇宙边界的同时，运用航天科技（000901）打造优质美 妆产品，成为首个征服世界四极的中国品牌。这些独特的品牌背书，为源头营销奠定了坚实的信任基 础，也让自然堂的溯源活动更具稀缺性与说服力。 2025年，自然堂以"越极境，探自然"为主题，开展了一系列多元化的极境溯源活动。4月，在西藏林芝 桃花盛开的时节，品牌邀请抖音达人走进喜马拉雅，通过溯源直播带消费者直击原料产地；6月，自然 堂喜马拉雅越野跑正式重启，不仅作为有国际积分的专业赛事吸引运动爱好者参与，更同步打造音乐 节，实现文旅商体展的深度融合；7月，自然堂邀请来自投行咨询、教育、航空等不同领域的会员，亲 临喜马拉雅鲁朗小镇的品牌源头基地与科研中心，沉浸式了解产品研发过程，让品牌源头故事从听说变 为亲历。 其中，8月七夕期间推出的"遇见彩虹，自然好运"特别企划尤为亮眼。冯亦灵分享，这一活动并非单纯 的节日营销，而是品牌深入挖掘喜马拉雅当地文化后的创新实践。雨后的喜马拉雅随处可见代表好运的 彩虹，当地国家级非遗"邦典"也承载着好 ...

Core Viewpoint - The article emphasizes the importance of innovation in the home appliance industry, particularly in the context of consumer demand for high-quality, multifunctional products, as highlighted by the launch of Toshiba's new refrigerator series, which aims to set a new standard in the market [1][6]. Group 1: Industry Trends - The home appliance sector is experiencing a shift towards consumer-driven innovation, with a focus on enhancing the compatibility of supply and demand to meet diverse consumer needs [1]. - The high-end home appliance market is moving from traditional functionality to a more holistic value experience, where products must integrate into consumers' lifestyles and provide emotional value [6][9]. Group 2: Toshiba's New Product Launch - Toshiba's new "Dabai Li" refrigerator series stands out due to its comprehensive value experience, combining aesthetic design with advanced technology to resonate with consumers [3][5]. - The refrigerator features innovative technologies such as rapid cooling, moisture preservation, and a high-capacity design of 600L, which enhances food storage and integrates seamlessly with home environments [2][3]. - The product has received recognition for its energy efficiency, temperature stability, and cooling speed, earning a "Good Product" certification from a reputable appliance research institution [3]. Group 3: Consumer Expectations - Modern consumers are demanding more from their refrigerators, seeking solutions that go beyond basic preservation to include aesthetic appeal, user-friendly features, and efficient space utilization [2][6]. - The shift in consumer expectations is driving the industry towards a new phase of competition focused on comprehensive user experience rather than just technical specifications [9].

日常生活中，个别用户感知到的网速下降，在技术问题、环境问题、建筑物等多重作用下，并不一定意 味着运营商会主动使宽带"缩水"。然而，对于罗永浩这样的科技行业从业者，硬件问题基本可以排除， 问题更可能出在网络服务端，这就不难解释罗永浩"愤怒"的理由了。 近年来，随着"千兆宽带"的普及，罗永浩痛批电信宽带"缩水"问题再次成为公众关注的焦点。 12月18日，罗永浩在朋友圈公开吐槽上海电信网速问题。罗永浩表示，其搬至上海后开通电信独享千兆 宽带服务，然而自办理以来的半年多时间里，宽带实际速率绝大多数时候仅有不到一百兆。 罗永浩说："每次找来客服，不管是官方的还是非官方的，还是疑似在官方吃里扒外的，都是管用三五 天，然后又回到九十多兆。"罗永浩吐槽"千兆宽带缩水"问题，迅速在网上引发了广泛讨论。让人不禁 思考：运营商在"宽带缩水"问题上是否真的没有动机？ 随着事件在网络上的发酵，许多上海电信用户也纷纷在网上评论区留言，反映自己也遇到了宽带实际速 率远未达标的情况。黑猫投诉平台上，就有上海电信用户反映，签约的100M上行宽带被限制至5M，严 重影响使用。 一位用户反映，在抖音商城中国电信（601728）上海旗舰店下单的20 ...