Core Insights - The MINI × Paul Smith designer model made its debut in China, featuring exclusive designs by British designer Paul Smith on the 2024 electric MINI COOPER platform [1] - The vehicle offers three exterior color options: Midnight Black, Dawn Grey, and the showcased Parchment White, with a roof color named "Nottingham Green" paying homage to Paul Smith's hometown [1] - The design includes signature elements such as colorful stripes, designer signatures, and unique projections when opening the doors, emphasizing personalization [1] Company Strategy - MINI brand emphasizes personalized design as a core element, aiming to convey ongoing attention to individual expression through this collaborative model [2] - The design philosophy of Paul Smith aligns with MINI's "miniature simplicity," aiming to blend modern design with classic genes while incorporating humor to highlight brand characteristics [2]

凤凰网科技讯 （作者/杨睿琪）11月20日，在华为乾崑生态大会上，华为智能汽车解决方案BU CEO靳 玉志宣布，乾崑智驾ADS Pro系统实现"越级领先"，将正式支持城区领航辅助NCA功能，预计2026年第 一季度通过OTA方式向用户推送升级。届时，该功能将覆盖超过20款新车型，涵盖轿车、SUV及越野等 多种车型类别。 ADS Ultra旗舰版则具备高速L3级自动驾驶能力，专为高端旗舰车型打造。 随着城区NCA的加入，华为ADS Pro进一步增强其在智能驾驶领域的技术竞争力，推动城市道路辅助驾 驶进入规模化落地阶段。 华为于今年4月正式推出乾崑ADS 4辅助驾驶系统，共推出四个版本： 靳玉志同时表示，华为乾崑正在北上广深、合肥、武汉、重庆等7个城市进行高速L3的路测工作，为高 速L3的正式商用做最后准备。 ADS SE基础版具备基础主动安全、泊车辅助、高速NCA及城区LCC+功能，面向经济型车型； ADS Pro增强版搭载舱内激光视觉传感器，进一步提升主动安全与城区LCC+能力，适用于标准型车 型； ADS Max超阶版配备高性能激光雷达与可选毫米波雷达，支持全维主动安全、城区NCA及车位到车位 智驾等高阶功 ...

Core Viewpoint - Singapore has announced a new policy allowing companies to submit a single set of documents to list simultaneously on both the Singapore Exchange (SGX) and the Nasdaq, aimed at enhancing the appeal of top tech companies in the region [1][3]. Group 1: New Listing Framework - The SGX will launch a "Global Listing Board" in mid-2026, providing a unified and simplified "cross-Pacific financing framework" for companies with a market capitalization of at least 2 billion SGD (approximately 10.8 billion RMB) [1][3]. - Eligible companies will only need to fill out one set of documents to meet the regulatory requirements of both exchanges [3]. Group 2: Market Context and Competitiveness - The new framework is introduced against the backdrop of Singapore's struggles as a major financial hub, with insufficient market liquidity leading some tech companies to opt for direct listings in the U.S. [4]. - In comparison, Hong Kong has seen significantly higher IPO activity, with 80 IPOs raising over 26 billion USD in the first ten months of the year, highlighting the competitive landscape [4]. Group 3: Investor Benefits - The dual listing framework is expected to benefit investors by allowing nearly round-the-clock price discovery and risk management, with options to trade in either USD or SGD [3]. - The Monetary Authority of Singapore (MAS) reported that the average daily trading volume in the local stock market reached 1.53 billion SGD in Q3, the highest level since Q1 2021 [5].

Core Viewpoint - The resignation of independent director Yang Xiong from three listed companies has raised concerns about his alleged disappearance, bringing attention to Beijing Dehao International, the accounting firm he leads [1][2][5]. Group 1: Resignation of Yang Xiong - Yang Xiong, aged 59, has over 30 years of experience in the accounting industry and has held key management positions in various firms before joining Beijing Dehao International [2][6]. - In a span of one week, Yang resigned from his roles as independent director in three companies, citing "personal reasons" [2][3]. - His absence from board meetings, particularly the lack of prior notice or delegation, is unprecedented and has led to speculation about his well-being [1][5]. Group 2: Impact on Beijing Dehao International - Beijing Dehao International is responsible for auditing over 120 companies for the 2024 fiscal year, ranking 13th among accounting firms in terms of the number of audits [1]. - The firm generated over 190 million yuan in revenue from annual reports and internal control audits for the same period [1]. - The ongoing situation surrounding Yang Xiong's status may affect the firm's reputation and operational stability [11]. Group 3: ST Changyuan's Decision - ST Changyuan, a company under risk warning, has decided to retain Beijing Dehao International as its auditor for the 2025 fiscal year despite internal opposition [1][7]. - The decision was made with a board vote of 9 in favor and 0 against, later corrected to 7 in favor and 2 against, indicating dissent regarding the choice of auditor [7][9]. - Concerns were raised about the quality of the audit due to the firm's previous regulatory issues, which could impact the company's financial reporting and internal control effectiveness [7][8].

Core Insights - Intel showcased its next-generation edge AI products and solutions based on the Core Ultra platform at the 2025 Intel Industry Solutions Conference, highlighting the upcoming third-generation Core Ultra processors aimed at enhancing computational power for intelligent and robotic applications [1][2] Group 1: Product Development - The third-generation Core Ultra processor, built on Intel's 18A process, is expected to boost AI computing power to nearly 180 TOPS, enhancing real-time control and environmental adaptability [2] - The Core Ultra 200H series processors can achieve 99 TOPS of AI computing power under the same power and size constraints, integrating AI workloads into a single chip to reduce reliance on discrete graphics cards [1][2] Group 2: Software and Ecosystem - Intel released a robotics AI software suite and reference motherboard to accelerate the early development of physical AI solutions, supporting ROS 2 standards, visual language models, and multitasking [2] - The company has certified over 40 edge AI systems through its edge ecosystem, collaborating with OEMs, ODMs, ISVs, and system integrators, and providing development resources such as reference applications, sample code, and optimization tools [2]

0 研究称中国工程人才对硅谷公司至关重要 北京时间11月19日，《纽约时报》周三发文称，中国人才仍在推动着美国的AI研究。若不是才华横溢的中国研究人员进入美国，硅谷公司将在全球AI竞争 中落后。 今年6月，当Meta CEO马克·扎克伯格(Mark Zuckerberg)宣布成立超级智能实验室时，他介绍了11位加入这一雄心勃勃计划的AI研究员，他们的目标是打造比 人类大脑更强大的AI。 这11位研究人员都是在美国以外接受教育的移民。据《纽约时报》看到的一份备忘录显示，其中7人出生在中国。 尽管许多美国企业高管、政府官员和专家数月来一直将中国描绘为美国AI快速发展的"敌人"，但美国涌现的许多开创性研究实际上是由中国人才推动的。 中国人才发挥重要作用 两项最新研究显示，多年来，出生并在中国接受教育的研究人员一直在美国顶尖AI实验室中发挥重要作用。尽管特朗普政府收紧了移民政策，但他们仍在 推动产业界和学术界的重要AI研究。 这两项来自不同机构的研究，详细展示了美国科技产业在多大程度上继续依赖来自中国的工程师，尤其是在AI领域。研究结果也提供了更细致的视角，说 明中美两国研究人员仍在继续合作。 中美两国之间仍保持着大 ...

Design Features - The ET9 features a dual-tone body paint, with the upper part in a deep dark tone and the lower part in a warm, near-golden hue, reflecting the video theme "Sunshine on Golden Mountain" [2] - The side details include a gold "HORIZON" emblem on the B-pillar, which is a recurring design element throughout the vehicle [2] - The vehicle is equipped with large multi-spoke wheels and a floating wheel hub cover, ensuring that the central NIO logo remains upright while the wheels are in motion [2] Interior Layout - The ET9 is designed as an executive flagship model with a four-seat layout, featuring complex diamond-pattern stitching on the door panels and seats [6] - The roof is equipped with a segmented panoramic sunroof, integrating a vertical ambient light strip and control area [9] - The rear central armrest is spacious and includes a rear executive control screen, with the "HORIZON" logo displayed above it, enhancing the rear passenger experience [9] - Additionally, a large entertainment screen is positioned facing the rear passengers, further emphasizing the focus on rear seating comfort [9] Special Edition - The ET9 Horizon Special Edition features a "Dawn" color scheme inspired by the tranquil moments of dawn on a black sandy beach, utilizing a black and silver dual-tone color combination [9]

Core Viewpoint - The outdoor sports brand, BERSHKA Outdoor Group Co., Ltd. (referred to as "BERSHKA"), has submitted a new listing application to the Hong Kong Stock Exchange after its initial application expired in April 2025. The company is positioned as a high-performance outdoor lifestyle brand in China and is often referred to as the "alternative to Arc'teryx" on social media [1]. Financial Performance - BERSHKA has experienced rapid revenue growth, with income increasing from 378.5 million RMB in 2022 to 1.766 billion RMB in 2024, representing a growth of nearly 4.67 times over three years. Net profit rose from 24.3 million RMB to 283.1 million RMB during the same period, with adjusted net profit expected to reach 304.3 million RMB in 2024. In the first half of 2025, revenue grew by 62.3% year-on-year to 914.4 million RMB, with a gross margin of 64.2% [2][3]. - The net sales increased from 350.9 million RMB in 2022 to 1.733 billion RMB in 2024, achieving a compound annual growth rate (CAGR) of 122.2%. BERSHKA held a 5.2% market share among local high-performance outdoor apparel brands in mainland China in 2024, and a 1.7% share in the overall market [2]. Product and Sales Channels - BERSHKA's revenue primarily comes from product sales, including clothing, footwear, and accessories, with most sales occurring in mainland China. The company has developed four major product lines: Peak Series, Professional Performance Series, Mountain Series, and Classic Series. Clothing products accounted for 91.1% of revenue in 2024, with a similar proportion of 87% in the first half of 2025 [2]. - The sales channels are mainly online DTC (Direct-to-Consumer), e-commerce platforms, offline DTC sales, and distribution. In the first half of 2025, online DTC sales accounted for 53.6% of revenue, while e-commerce platforms contributed 17.1% [4][5]. Supply Chain and Manufacturing - BERSHKA operates a light asset business model, relying on third-party manufacturers for production. The company has established partnerships with approximately 270 contract manufacturers, primarily located in East and South China. This model allows BERSHKA to focus on product design and brand development while maintaining operational flexibility [7]. - The company has adopted a dual-source strategy for raw material procurement, either sourcing directly from suppliers or allowing manufacturers to procure materials independently. This strategy aims to optimize capital efficiency and reduce fixed costs [7]. Investment and Shareholding Structure - Tencent has invested 300 million RMB in BERSHKA, becoming the largest institutional shareholder with a 10.7% stake. The actual controller of the company, Liu Zhen, and his spouse hold approximately 63.18% of the shares. The company has completed two rounds of investment from various institutional funds, including Qiming Venture Partners [9][10]. - The funds raised from the IPO will be allocated to five main areas: enhancing R&D capabilities, expanding multi-channel sales networks, strategic brand incubation and investment, improving operational and digital infrastructure, and supplementing working capital [10].

Group 1 - The article highlights the significant depreciation of Asian currencies, particularly the Japanese yen and South Korean won, due to the strengthening of the US dollar since September [1][3][5] - The USD/JPY exchange rate has surpassed the 157 mark, reaching a new high since January, driven by concerns over Japan's fiscal deterioration amid aggressive fiscal spending policies [1][3] - The Japanese yen has seen a 3% decline since the end of September, the largest drop among G10 currencies, prompting warnings from Japanese officials regarding the need to monitor market trends closely [3][4] Group 2 - The South Korean won has also faced substantial selling pressure, dropping approximately 3% over the past month, leading officials to express concerns about the uncertainty in the foreign exchange market [3][4] - Other Asian currencies, such as the Indian rupee and Philippine peso, have also experienced significant depreciation, with the Indian rupee falling over 3% this year due to external tariffs and capital outflows [4][5] - The depreciation of Asian currencies is directly linked to the rebound of the US dollar and changes in global monetary policy, with the region's central banks having accumulated over $4 trillion in reserves this year, totaling nearly $8 trillion [5][6] Group 3 - Despite the depreciation pressures, Asian economies currently hold more foreign exchange reserves compared to previous currency defense efforts, providing a buffer against volatility [5][6] - The import coverage ratio in the Asia-Pacific region remains robust, indicating that countries have sufficient reserves to manage their import needs [6] - Asian central banks are expected to utilize various measures, including verbal interventions and encouraging repatriation of overseas earnings, to stabilize their currencies [6]

Core Insights - Xiaomi's revenue reached 113.1 billion yuan in Q3, marking a 22.3% year-on-year increase, with adjusted net profit soaring by 80.9% to 11.3 billion yuan, a historical high [1][2] - The company is experiencing robust growth in its core business while its innovative sectors, particularly electric vehicles and AI, are rapidly gaining traction [2][8] - Xiaomi's R&D investment has reached 23.5 billion yuan in the first three quarters, with expectations to exceed 30 billion yuan for the entire year, laying a solid foundation for future growth [1][17][19] Revenue Breakdown - In Q3, revenue from the smartphone and AIoT segments was 84.1 billion yuan, with smartphone revenue at 46 billion yuan and IoT and lifestyle products at 27.6 billion yuan, reflecting a 5.6% year-on-year growth [4] - Internet services revenue reached 9.4 billion yuan, up 10.8% year-on-year, with overseas internet service revenue hitting a record 3.3 billion yuan, contributing significantly to growth [5] Smartphone Performance - Xiaomi's global smartphone shipments reached 43.3 million units in Q3, marking nine consecutive quarters of year-on-year growth, maintaining a top-three position globally for 21 quarters [4] - The Xiaomi 17 series has gained significant traction in the high-end market, achieving over 1 million sales within five days of launch [9][10] Innovative Business Growth - Revenue from the electric vehicle and AI segments surged to 29 billion yuan, with a year-on-year increase exceeding 199%, and the automotive division achieving profitability [5][12] - The contribution of innovative business to overall revenue growth has increased from 15.32% to 25.64% in Q3, indicating a shift towards self-sustaining growth [5] R&D and Future Outlook - Xiaomi plans to invest 200 billion yuan in R&D over the next five years, focusing on core technologies to transition from an internet company to a hard-tech company [19][20] - The company has launched new self-developed chips and operating systems, enhancing its ecosystem and user experience across devices [19][20] International Expansion - Xiaomi aims to increase the number of its retail stores overseas to 10,000 in the next five years, focusing on markets in Southeast Asia, Hong Kong, Taiwan, Japan, South Korea, and Europe [14][16] - The company has successfully established a presence in international markets, with significant interest in its electric vehicles and smart home products [13][14]