Core Insights - Faraday Future (FF) is willing to collaborate with Tesla on Full Self-Driving (FSD) technology and has completed compatibility with Tesla's charging network [1] - FF aims to focus on ultra-luxury vehicles while the FX model targets the mass market, with a goal of selling 500,000 units over the next five years [1] - FF announced that all future models launching in 2026 will be equipped with the North American Charging Standard (NACS) interface, allowing access to over 28,000 Tesla Supercharger stations [1] Company Developments - The collaboration between FF and Tesla marks a shift from competition to infrastructure co-development, highlighting a strategic partnership in the EV ecosystem [2] - The affected models include the next-generation FF 91 and the upcoming FX Super One BEV version, which will benefit from the NACS standard [1]

Core Viewpoint - The pig slaughtering industry is experiencing a significant recovery in profitability after a prolonged period of losses and capacity reduction, driven by policies encouraging weight reduction and accelerated market demand for low-priced pork [1][2]. Group 1: Profit Recovery - The profitability of the slaughtering industry has increased significantly, with average gross profit reaching 31.99 yuan per head, a year-on-year increase of 341.85% as of October 31, 2025 [2]. - The acceleration of hog sales from the breeding sector has alleviated pressure on slaughtering companies, leading to a decrease in average slaughtering costs [2]. - The slaughtering volume in September 2025 reached 35.84 million heads, a year-on-year increase of 28.5%, marking the highest level for the same period in history [2]. Group 2: Capacity Utilization - Despite the profit recovery, structural issues remain, with overall slaughtering capacity being excessive and many companies operating below their designed capacity [3]. - Major companies like Muyuan Foods have reported improved slaughtering volumes, achieving a capacity utilization rate of 88% in the first three quarters of the year, with the third quarter reaching 100% [3]. - In contrast, New Hope's capacity utilization is around 50%, indicating that while profits have improved, the availability of hogs remains a challenge [3]. Group 3: Expansion Plans - Leading pig farming companies are increasing their slaughtering capacity, with Muyuan Foods planning to gradually implement previously planned but unbuilt slaughtering capacity [4]. - Muyuan Foods has surpassed WH Group in slaughtering volume, with current capacities of 29 million heads and 25 million heads, respectively [4]. - Other companies, such as New Hope and WH Group, are exploring alternative models for capacity expansion, with WH Group considering light asset operations for new facilities [4][5].

Core Viewpoint - The return of Guan Haitao to Honor as the head of the Marketing Department is a strategic move aimed at enhancing overseas market marketing and building marketing capabilities during a challenging period for the smartphone market [1] Group 1: Company Developments - Guan Haitao has officially rejoined Honor after two years, previously serving as the Chief Business Officer at Zeekr [1] - His new role focuses on overseas marketing and organizational marketing capabilities within the Marketing and Sales Services Department [1] - Guan will report to both the President of Marketing and Sales Services and the President of Brand Marketing, indicating the company's emphasis on his marketing expertise [1] Group 2: Market Context - The smartphone market is currently facing intense competition, with a reported 2.7% year-on-year decline in domestic smartphone sales for Q3 2023 [1] - Honor holds a 14.4% market share, ranking fifth in the domestic market, highlighting the need for new growth strategies [1] - Guan's return is seen as a crucial step for Honor to seek new growth points amid market pressures [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com 凤凰网科技讯 11月26日，渐冻症抗争者蔡磊发文回应"蔡磊称自己只剩3到5年生命" ，他表示，此热搜热榜内容属于扭曲误导。我原话意思是：渐冻症 患者平均生存期只有三到五年。这是疾病的普遍临床数据，并非对我个人生命的判定。 他表示，长期以来，部分自媒体一直炒作我的病情，时而造谣 "身体好转"，时而渲染 "病情恶化"，严重偏离事实。我不得不来说明一下。渐冻症残酷 致命，我的身体也在持续恶化，并不美好，这是事实，但这不是重点，重要的是我还可以通过科技手段继续全力科研推进，还有希望，而且希望越来越大！ 科技不仅可以改变生活，也可以改写生命。希望大家多关注持续在推进的科研工作，社会各界在一起支持疑难病攻克，每一份努力都可能给所有人带来健康 的福祉，我也准备在即将到来的新年给大家汇报更多的工作成果。多关注美好和希望，少炒作和误导，谢谢！ （责任编辑：王治强 HF013） ...

11月25日，ST景谷（600265.SH，云南景谷林业股份有限公司）披露收到上海证券交易所《关于对云南 景谷林业股份有限公司重大资产重组草案的信息披露的问询函》的公告。 上交所要求公司补充披露截至目前汇银木业应偿还上市公司拆借资金的具体金额，并结合重大资产重组 进展，预计至股权交割日可能产生的金额规模；结合汇银木业的资信状况、可支配货币资金、债务规模 等情况，明确偿还的具体资金来源及清偿安排，确保在股权交割日前清偿所欠上市公司全部借款的本金 及利息。 草案披露，汇银木业被会计师出具保留意见审计报告，称汇银木业原实际控制人在上市公司并购标的公 司前后，在未履行任何决议情况下，利用公章管理漏洞，以汇银木业作为借款人或共同借款人的名义， 为其个人的民间借贷出具借条，二人隐瞒上述事项，目前因未能及时还款，汇银木业已被提起相关诉 讼。会计师无法获取充分、适当的证据表明汇银木业所涉民间借贷是否已准确、完整披露。截至2025年 7月31日涉及金额约为3.13亿元，汇银木业已计提预计负债0.98亿元。公司控股股东周大福投资曾公开承 诺，出售交割完成前后，因汇银木业有关事项对上市公司的损失，均由其向上市公司予以偿付或予以解 ...

据《中华人民共和国监察法》第二十四条规定，被调查人涉嫌贪污贿赂、失职渎职等严重职务违法或者 职务犯罪，监察机关已经掌握其部分违法犯罪事实及证据，仍有重要问题需要进一步调查，并有涉及案 情重大、复杂的等情形的，经监察机关依法审批，可以将其留置在特定场所。对涉嫌行贿犯罪或者共同 职务犯罪的涉案人员，监察机关可以依照前款规定采取留置措施。 近日，有消息称，阳光城集团股份有限公司（简称"阳光城"）副总裁陈霓已失联三日。11月25日，记者 获悉，陈霓因涉嫌行贿犯罪被黑龙江省齐齐哈尔市铁锋区监察委员会实施留置措施。 资料显示，陈霓1976年10月出生，于1998年加入阳光城，曾任福建阳光集团有限公司财务部经理、财务 总监，阳光城资金部总经理、财务总监，后任阳光城执行副总裁兼财务总监。 ...

Core Viewpoint - Vanke Enterprises has received approval for a loan framework agreement with Shenzhen Metro Group, which raises questions about the limits and conditions of future borrowing under this agreement [3][4]. Group 1: Loan Framework Agreement - The loan framework agreement allows Shenzhen Metro to provide Vanke with a borrowing limit of 22 billion yuan, which is subject to specific conditions including a maximum limit and approval for each loan [3][4]. - The agreement is not an unconditional guarantee for Vanke's overall debt, as Shenzhen Metro is not obligated to provide additional funding beyond the agreed limit [3][4]. - The framework agreement is valid for three years, but the authorized borrowing limit only covers loans up to the date of the 2025 annual shareholders' meeting, requiring further approvals for any future financing [4]. Group 2: Market Reaction - Following the announcement of the loan framework agreement, Vanke's stock price has significantly declined, reaching a new low of 5.89 yuan per share, the lowest since October 2015 [4]. - In the Hong Kong market, Vanke's stock fell over 4%, dropping from 5.94 HKD on September 12 to around 4 HKD by November 26, marking a new low since September 2024 [7].

Core Viewpoint - Li Auto's founder Li Xiang announced that the company will not produce smartphones but will introduce ecosystem products, including smart glasses, which he considers the best AI accessory for Li Auto vehicles [1] Group 1: Product Development - Li Auto has discussed the necessity and feasibility of developing self-researched smart glasses since last year's strategic meeting [1] - A new department called "Wearable Robotics" was established in June to potentially develop the smart glasses [1] - Smart speakers are also under consideration, aiming to enhance the AI capabilities in users' lives [1]

Core Viewpoint - Alibaba Group's CEO expressed confidence that an AI bubble is unlikely to emerge within the next three years, highlighting strong demand for both new and older GPU models in the industry [1] Financial Performance - For the second quarter of fiscal year 2026, Alibaba reported a revenue increase of 5% year-on-year to 247.795 billion yuan, exceeding market expectations, with a 15% growth when excluding divested businesses [1] - The adjusted EBITA decreased by 78% to 9.073 billion yuan, while net profit attributable to ordinary shareholders fell by 52% to 20.99 billion yuan [1] - Non-GAAP net profit was 10.352 billion yuan, down 72% year-on-year [1] - Alibaba's stock fell by 2.31% in the US market and 1.14% in Hong Kong following the earnings report [1] Capital Expenditure and AI Investment - Alibaba announced a conservative capital expenditure plan of 380 billion yuan for AI infrastructure over three years, with potential for increased investment if demand continues to outpace supply [2] - The CFO noted that the current growth in server deployment is lagging behind customer orders, indicating a need for further investment [2] - The cloud intelligence segment generated 39.824 billion yuan in revenue, a 34% increase driven by public cloud business growth, including AI-related product adoption [2] AI Application Development - Alibaba launched the Qianwen App, which has surpassed 10 million downloads in its first week, aiming to integrate AI into both B2B and B2C sectors [3] - The app is expected to leverage Alibaba's ecosystem to create a future AI lifestyle entry point [3] Supply Chain and Resource Allocation - In response to ongoing supply chain fluctuations, Alibaba is prioritizing resource allocation for core model training and AI services, balancing internal needs with external customer demands [4] - The CEO emphasized that AI demand growth is certain over the next three years, with a global shortage of AI server resources expected to persist [4] E-commerce and Retail Strategy - Alibaba's China e-commerce group reported a revenue of 132.578 billion yuan for the second quarter, a 16% year-on-year increase, despite a 76% drop in adjusted EBITA due to investments in instant retail and technology [5] - Instant retail revenue reached 22.906 billion yuan, reflecting a 60% increase [6] - The company is optimizing its user experience in instant retail, with significant improvements in operational efficiency noted since October [6] - As of October 31, approximately 3,500 Tmall brands integrated their offline stores into instant retail, contributing to a substantial increase in daily orders during the Double 11 shopping festival [6] Marketing and Cash Flow - Sales and marketing expenses doubled to 66.496 billion yuan, accounting for 26.8% of total revenue, up from 13.7% the previous year, primarily due to investments in user experience [7] - Net cash flow from operating activities decreased by 68% to 10.099 billion yuan, while free cash flow turned negative at 21.840 billion yuan, down from a positive 13.735 billion yuan the previous year [7] - As of September 30, 2025, Alibaba's cash and other liquid investments totaled 573.889 billion yuan [7]

Core Insights - AI is entering a phase of accelerated application, with diverse demands for computing power, power consumption, and flexibility across different AI scenarios [2] - Edge AI is poised for significant growth, driven by the deployment of smart devices and the acceleration of the Internet of Things [2] - AMD is enhancing its adaptive and embedded computing product portfolio to meet the differentiated needs of various industries [2][6] AMD's Product Strategy - Since acquiring Xilinx over three years ago, AMD has built a comprehensive product lineup that includes CPUs, GPUs, FPGAs, and adaptive SoCs [4][6] - AMD's FPGA technology has created a global market worth over $10 billion, positioning the company as a leader in the industry [4] - The second-generation AMD Versal AI Edge and Prime series adaptive SoCs are advancing towards mass production, integrating AI engines and programmable logic for edge AI applications [7][9] Market Potential and Trends - The rapid growth of AI technology is a focal point for the industry, with diverse application scenarios and digital transformation across sectors [6] - Edge AI is seen as a critical growth driver for future computing development, enabling local intelligence and real-time decision-making at the device level [9][10] Cost-Optimized Solutions - AMD is focusing on creating cost-optimized product solutions that cater to the needs of edge applications, emphasizing low power consumption and compact size [11][14] - The latest addition to AMD's cost-optimized product line is the Spartan UltraScale+ FPGA, designed for high performance while reducing power and cost [14] Long-Term Support and Lifecycle Management - AMD is extending the lifecycle of its products, with plans to support all AMD 7 series devices until 2040 and UltraScale+ devices until 2045 [16] - This commitment ensures that AMD will have over 150 devices in production for an extended period, addressing the stability and longevity requirements of industries like automotive and communications [16] Industry Engagement and Future Outlook - AMD is actively engaging with customers and partners through events to showcase advancements in adaptive and embedded computing technologies [17][18] - The company's long-term investment in FPGA technology and a clear roadmap highlight the indispensable value of adaptive and embedded computing in key sectors such as AI, industrial applications, and smart cities [18]