Core Insights - The core news highlights a significant management change at Li Auto, with the departure of Zhang Xiao, the president of the second product line, which may be linked to the poor sales performance of the Li Auto i8 model [1] Company Overview - Zhang Xiao has been a key member of Li Auto since May 2016, previously working at BMW MINI in product planning and development [1] - During his tenure, Zhang was involved in defining key models such as Li ONE and L9, and worked closely with CEO Li Xiang [1] - He also played a crucial role in the product architecture of Li Auto, contributing to the establishment of the company's product system [1] Product Line Structure - Li Auto has structured its product offerings into three main lines based on price ranges: - The second product line, overseen by Zhang Xiao, targets the price range of 300,000 to 400,000 yuan, including key models L8, L7, and the planned i8 [1] - The first product line, managed by Tang Jing, covers models priced above 400,000 yuan (MEGA, L9) [1] - The third product line, led by Li Xinyang, focuses on models priced below 300,000 yuan (L6, i6) [1] - Zhang Xiao's departure may impact the operational pace of the second product line [1]

此次交易的财务条款尚未披露。(作者/箫雨) 海尔 凤凰网科技讯北京时间12月24日，据彭博社报道，家电制造商海尔智家（600690）已同意将其印度业务 49%的股份出售给印度巴帝企业(Bharti Enterprises)和美国私募股权公司华平投资。 三家公司在周三发布的联合声明中表示，海尔将保留49%的股份，其余股份将由印度当地的管理团队持 有。声明称，该协议将通过深化本地采购，扩大制造产能与创新，并加快市场拓展，进一步强化海 尔"印度制造、服务印度"(Made in India,for India)的战略。 ...

Group 1 - The current subscription limit for Class A fund shares is set at 500.00 yuan, with future adjustments anticipated by the fund manager [2] - The high premium rate of the fund's secondary market price is not sustainable, warranting special attention from investors [2] Group 2 - The latest net value of the Guotou Ziyin LOF Z fund is 1.8527, with a discount rate of -68.19% and total shares amounting to 2.601 billion [3] - The fund has shown a one-year return of 110.30%, indicating strong performance over the past year [3] - Trading volume for the fund reached 2.079 million, with a significant volume ratio of 999% [3]

Core Viewpoint - The Beijing government has issued a notification to optimize and adjust real estate policies to better meet residents' housing needs, effective from December 24, 2025 [1][2]. Group 1: Housing Purchase Policy Adjustments - The notification relaxes housing purchase conditions for non-Beijing households, reducing the social security or individual tax payment duration from 3 years to 2 years for properties within the Fifth Ring Road, and from 2 years to 1 year for properties outside the Fifth Ring Road [1]. - Families with two or more children are allowed to purchase additional properties, with Beijing residents permitted to buy up to 3 properties within the Fifth Ring Road, while non-Beijing families with two years of social security or tax payments can buy 2 properties [1]. Group 2: Housing Loan Policy Adjustments - The notification optimizes personal housing credit policies, allowing banks to set interest rates for commercial personal housing loans without differentiating between first and second homes, based on market rates and individual risk factors [1]. - The minimum down payment for second home purchases using public housing funds has been reduced from 30% to 25% [2]. Group 3: Real Estate Development Efficiency - The notification aims to enhance the business environment and improve real estate investment efficiency by changing the project approval process for land acquisition from city-level approval to district-level filing [2].

每年圣诞节，投资者都会祈求同样的事情：希望圣诞老人能给他们带来股市的上涨，也就是投资界所谓 的"圣诞老人行情"。 "圣诞老人行情"指的是每年年末和新年伊始的五个交易日里，意味着这几天美股市场很有可能迎来上 涨。今年的"圣诞老人行情"的时间窗口就是从今晚，即12月24日开始。 "圣诞老人"今晚即将降临？ 今年年初至今，美股行情总体表现强劲，自4月低点以来，美股持续反弹，标普500指数不断刷新新高纪 录。尽管12月美股行情波动性较大，但最近几天，随着美光科技财报稳定了投资者们对于AI行业的信 心，美股科技股重拾涨势，标普500指数再次创下新高。 华尔街众多投资专业人士表示，他们期待着美股在圣诞节假期期间出现继续上涨，以平稳结束今年并给 2026年开个好头。 Navellier & Associates investment firm的董事长兼首席投资官路易斯·纳韦利尔（Louis Navellier）认为， 当前的美股市场状况已经为"圣诞老人行情"铺平了道路。他指出，人工智能交易方面的担忧正在缓解， 市场的许多领域表现强劲。 纳韦利尔表示，美股小盘股近期表现出了强劲的势头，罗素2000指数涨幅最大，这表明投资者在 ...

Group 1 - Company "Yunshen Technology" officially launched its IPO counseling on December 23, 2025, with CITIC Construction Investment Securities as the counseling institution [1] - Yunshen Technology is part of the "Hangzhou Six Little Dragons," focusing on embodied intelligence technology research and application, primarily engaged in the R&D, production, sales, and service of quadruped robots, humanoid robots, and related core components [1] - The company released the "Mountain Cat M20" wheeled robot in April, designed for complex terrains and hazardous work environments, weighing 33 kg, with an IP66 protection rating, capable of operating in a temperature range of -20°C to 55°C, and a maximum climbing height of 80 cm [1] - In October, the company launched the all-weather humanoid robot DR02, which also has an IP66 protection rating and wide temperature operating capabilities, achieving a walking speed of 1.5 m/s and a maximum speed of 4 m/s, capable of overcoming 25 cm steps and adapting to various slopes [1] Group 2 - Yunshen Technology recently completed a C round financing of over 500 million yuan, led by Zhaoyin International and Huaxia Fund, with strategic investments from funds under China Telecom and China Unicom, along with participation from multiple investors including Yunhui Capital and SMIC Capital [2] - Another company in the "Hangzhou Six Little Dragons," Yushu Technology, has publicly announced its IPO plan in July, currently being counseled by CITIC Securities, with the actual controller being founder and CEO Wang Xingxing [2]

过去几周，白银抛物线般的上涨行情无疑引人注目——随着现货白银价格周三升破72美元，银价在今年已经翻了一倍多，比2022 年时17美元的低点价格更是高出了逾三倍。 从历史上看，当前银价的飙升与下图所示的两次先前的历史性跳涨几乎如出一辙，甚至这一回的疯牛行情要更为猛烈。 金融危机后的白银飙升 我们先来看距离我们目前更近的那一次白银史诗级大牛行情——随着2008年金融危机的动荡在2009年开始缓解，白银价格开启了 一轮500%的涨势，在两年内从8.50美元上涨至50.00美元。美联储对危机的过度货币反应，加上严重的投机，为白银市场创造了一 场完美风暴。 在金融危机期间，美联储史无前例地将利率降至零、推出量化宽松政策(QE)并实施了一系列货币救助。由此导致实际利率（经通 胀调整后）跌入负值区间。下图就显示了，2年期美国国债实际收益率如今在2009年的急剧下挫，并持续走低至2011年中期…… 白银价格的上涨当时恰与实际收益率的下降同步。这种由实际收益率反映的货币政策扭曲，使白银受益——因为白银往往被投资 者视为对冲极端货币政策行为的高贝塔工具。 尽管货币环境利好此轮白银涨势，但供需失衡同样推高了价格。白银供给弹性较低， ...

对此，aiXcoder提出了一套"AI+软件工程"的实践路径，核心在于围绕AI能力范围设计系统，并确立开 发者为项目的最终责任主体。该路径主要包括三个方面：一是通过纵向分层与横向分离，拆解复杂任 务，定义人与AI的能力边界；二是构建"工具自动化监测+人工经验评审"的双重保障体系，确保企业级 安全标准；三是通过提示词工程与上下文工程，提取并利用企业内部的隐性知识，为AI提供更丰富的 项目上下文。 aiXcoder称，这一开发范式已在其服务的企业项目中得到验证。例如，在某通信行业头部企业的黑盒测 试自动化项目中，通过构建结合领域知识的工作流与多智能体协同，最终生成了可批量执行的测试脚 本，并在关键环节设置了人工核验机制。 黄宁展望未来时表示，行业将从"定义软件"向"定义软件开发模式"进化，人类开发者需要将更多精力集 中于解决系统复杂性的任务上。 凤凰网科技讯 12月24日，硅心科技（aiXcoder）产品研发负责人黄宁在行业会议上表示，当前流行的 Vibe Coding（氛围式编程）模式难以直接适配企业级复杂项目的开发需求。他认为，AI并非软件开发 的"银弹"，需与软件工程深度结合。 黄宁指出，Vibe Codi ...

Core Viewpoint - China Jinmao has sold its Ritz-Carlton hotel in Sanya for 2.265 billion yuan, aiming to optimize asset utilization through asset securitization [1][2][3] Group 1: Transaction Details - The transaction involves Shanghai Jinmao Investment Management Group selling 100% equity of Sanya Luyou to Sanya Luanmao Hotel Management for 2.265 billion yuan [1] - Sanya Luyou, established in March 2004 with a registered capital of 500 million yuan, owns the Ritz-Carlton hotel in Sanya, which has 446 rooms and has been operational since 2008 [1] - Following the transaction, Sanya Luyou will no longer be a subsidiary of China Jinmao [2] Group 2: Strategic Intent - The sale is part of a strategy to activate existing assets and maximize valuation through asset securitization [3] - The transaction is facilitated by a real estate-backed asset support securities plan managed by CITIC Securities, which has issued approximately 2.269 billion yuan in asset-backed securities [3] - The hotel asset will generate economic benefits for the holders of the asset-backed securities, with Shanghai Jinmao holding 4% of the securities and the remaining 96% held by various institutional investors [3] Group 3: Financing Activities - China Jinmao has engaged in multiple financing activities in 2023, including a loan of 8.69 billion yuan secured against the Beijing Kaichen World Trade Center [3] - On November 26, the company signed a syndicated loan agreement with a consortium led by China Construction Bank for up to 9.9 billion yuan, using assets in Shanghai as collateral [4] - The recent loans are primarily aimed at refinancing existing obligations rather than new financing, reflecting a strategy to maintain liquidity amid market challenges [4] Group 4: Market Outlook - The company anticipates a continued bottoming process in the industry, focusing on improving operational cash flow and accelerating the turnover of new projects while revitalizing existing assets [5] - As of November 2025, the company reported a signed sales amount of 8 billion yuan, with a total of 100.7 billion yuan in signed sales for the first eleven months of the year [5]

Core Viewpoint - Xiaomi officially announced the upcoming launch of the Xiaomi 17 Ultra Leica version, featuring a "Master Zoom Ring" that allows manual focusing similar to DSLR cameras, aiming to enhance the purity of photography and focus on creative expression [1] Group 1: Product Features - The Xiaomi 17 Ultra will debut with a "Leica 200 million pixel optical zoom" lens, described by Xiaomi founder Lei Jun as a significant advancement in compact optical technology [1] - This lens is the first in the industry to support full 200 million pixel optical output within the 75-100mm focal length range and is the first mobile lens to receive Leica APO optical certification [1] - The lens utilizes a 3G+5P dual floating lens group design, covering four major portrait focal lengths: 75mm, 85mm, 90mm, and 100mm [1] - Xiaomi emphasizes that this technology represents "optical zoom" rather than "digital cropping," positioning it as a new long-focus solution for the next generation [1]