Core Viewpoint - BMW Group announced a projected global vehicle delivery of 2,463,715 units in 2025, representing a 0.5% year-on-year increase, with electric vehicle deliveries reaching 642,087 units, up 8.3% [1] Group 1: Global Performance - The total global vehicle deliveries for BMW Group in 2025 are expected to be 2,463,715 units, marking a 0.5% increase compared to the previous year [1] - Electric vehicle deliveries are projected to be 642,087 units, which is an 8.3% increase year-on-year [1] - Pure electric vehicle deliveries are expected to reach 442,072 units, showing slight growth [1] Group 2: China Market - In the Chinese market, BMW Group anticipates delivering over 625,000 BMW and MINI brand vehicles in 2025 [1] - The BMW M family is expected to achieve annual sales exceeding 10,000 units, reflecting a 27.9% year-on-year growth [1] - MINI brand sales are projected to grow by over 25% year-on-year [1] - The 3 Series and 5 Series are expected to maintain their competitive positions in their respective market segments [1] Group 3: Future Product Launches - In 2026, BMW Group plans to introduce approximately 20 new products under the BMW, MINI, and BMW motorcycle brands for Chinese consumers [1] - The domestically produced long-wheelbase version of the new generation BMW iX3 is set to make its global debut in the first half of the year and will be launched in the second half [1]

Core Viewpoint - The pig price in December 2025 reached a new low, with the industry experiencing a prolonged period of price inversion, indicating ongoing challenges in the market [1][2]. Group 1: Market Performance - The December 2025 pig sales data revealed that the expected peak season did not materialize, with average sales prices dropping over 25% year-on-year, ranging between 11 CNY/kg and 12 CNY/kg [2]. - Major companies like Muyuan Foods reported a 14.75% decrease in sales volume to 6.98 million pigs in December, resulting in a 36.06% decline in sales revenue to 9.667 billion CNY [2]. - Some companies, such as Zhengbang Technology, saw significant increases in sales volume, with a 73.26% rise to 1.0286 million pigs and a 25.75% increase in revenue to 914 million CNY [2]. Group 2: Price Trends - The pig price exhibited a fluctuating trend in December, with a brief recovery mid-month due to seasonal demand, but ultimately ended with a slight month-on-month decline [3]. - The average price of white strip pork decreased by 26.21% year-on-year, despite a 15.22% increase in daily slaughter volume, indicating persistent downward pressure on prices [3]. Group 3: Capacity Reduction - The industry is gradually initiating capacity reduction, but the pace remains slow, with many companies still maintaining high levels of breeding sows [4]. - As of December 2025, Muyuan Foods reported a breeding sow inventory of 3.232 million heads, reflecting a decrease, but overall industry capacity reduction is not yet substantial [4]. - Analysts suggest that the current high levels of breeding sow inventory will continue to exert pressure on supply, limiting price recovery potential [4]. Group 4: Future Outlook - Industry experts predict that the effects of capacity reduction will become evident in the second half of 2026, with the first half expected to remain in a downward price cycle [5].

Core Viewpoint - Xiaomi has launched its customized car service with the delivery of the first unit, the SU7Ultra, showcasing its ambition to provide luxury car experiences to consumers [1] Group 1: Customized Car Service - The customized car service requires a deposit of 80,000 yuan and offers multiple color and interior options [1] - The initial phase includes 26 personalization options, featuring 5 new luxury paint colors, 4 interior designs, and newly designed high-craft forged wheels [1] - Additional customization options include personalized car logos and body decals [1] Group 2: Market Strategy - The service aims to allow more consumers to experience luxury car services typically reserved for high-end vehicles [1] - The first phase of the customized service will operate on a trial basis for one year, starting with the Xiaomi YU7Max and SU7Ultra models [1]

Core Viewpoint - Alibaba is determined to lead the next retail revolution by significantly increasing its investment in instant retail, with a goal of market share growth by 2026 [2][4][18] Group 1: Strategic Importance of Instant Retail - The battle for instant retail is not just a business competition but a critical fight for Alibaba's future business model [5][9] - Instant retail is seen as a necessary response to the saturation of traditional e-commerce growth, with consumer demand for immediacy rapidly increasing [6] - Failure in this sector could result in Alibaba losing not just a business segment but also its influence in the evolving consumer landscape [9] Group 2: Investment Strategy - Alibaba plans to invest in three key dimensions to enhance its competitive edge: improving user and order value, expanding product categories, and optimizing fulfillment experiences [10][11] - The focus is on elevating the perception of instant retail from low-value delivery services to high-quality consumer experiences [11] - By integrating its extensive supply chain from Tmall and Hema, Alibaba aims to create a differentiated advantage in instant retail [15][17] Group 3: Efficiency and Long-term Vision - Despite a reported loss of approximately 20 billion yuan in the fourth quarter, Alibaba's loss reduction is outpacing competitors, indicating a strategic approach to spending [8][14] - The company is leveraging data and technology to ensure that every subsidy is effectively directed towards improving business fundamentals [8][14] - Alibaba's long-term strategy involves transforming instant retail into a service-oriented model, which is seen as a calculated investment for future growth [8][14][18] Group 4: Competitive Advantages - Alibaba's unique supply chain integration provides a significant barrier to entry for competitors, making it difficult for them to replicate its model [15][17] - The synergy between its physical retail networks and instant delivery capabilities enhances operational efficiency and product variety [17] - The shared consumer data across platforms allows for precise inventory management and targeted marketing, creating a more responsive retail environment [17]

凤凰网科技讯1月9日，高通公司总裁兼CEO安蒙发布新年致辞，回顾2025年业务进展。在移动领域，其 第五代骁龙8至尊版移动平台获CES2026创新奖；PC方面，骁龙X2Elite系列平台已搭载于超过150款AI PC，并称其NPU为"笔记本电脑全球最快"。 品牌价值方面，高通在Interbrand全球品牌榜中位列第39，骁龙品牌首次进入凯度BrandZ全球百强榜。 未来技术规划包括研发蜂窝智能体调制解调器、下一代端到端ADAS系统，并预计最早于2028年推出6G 预商用终端。 汽车业务单季度营收首次突破十亿美元，Snapdragon Ride Pilot驾驶辅助系统已搭载于宝马iX3。在可穿 戴设备领域，高通平台已应用于Meta、Google等品牌的智能眼镜，并与小米、阿里巴巴等合作推出超过 30款终端。 连接与网络方面，高通称其Wi-Fi7平台已支持超过1500款商用终端，并已开始布局Wi-Fi8及6G技术。此 外，公司正拓展数据中心AI推理、自主机器人等新兴领域，并与多家机器人企业展开合作。 ...

Core Viewpoint - Multiple banks in China have been actively launching large-denomination certificates of deposit (CDs) for the first issue of 2026, with over 30 banks announcing their issuance by January 7, 2023. The interest rates for some short-term CDs have dropped below 1%, approaching levels similar to regular fixed-term deposits [1]. Group 1: Bank Actions - As of January 7, 2023, more than 30 banks have released announcements for the first issue of large-denomination CDs for 2026 [1]. - Yunnan Tengchong Rural Commercial Bank plans to issue 0.1 billion yuan of large-denomination CDs with a three-month term and an interest rate of only 0.95% [1]. - At least three private banks have announced interest rate cuts starting in January 2026, indicating a faster pace of rate reductions in this sector [1]. Group 2: Interest Rate Trends - The interest rates for three-month short-term large-denomination CDs have fallen to below 1%, marking a significant decline [1]. - The interest rates for regular fixed-term deposits are now comparable to those of large-denomination CDs, reflecting a broader trend in the banking sector [1]. - The interest rates for large-denomination CDs starting from 200,000 yuan are as follows: 0.95% for 1 month, 1.00% for 3 months, and 1.20% for 6 months [2].

Core Insights - Huawei's HarmonyOS Intelligent Driving has unveiled its first MPV, the Zhijie V9, highlighting its advanced features and specifications [1] Group 1: Vehicle Specifications - The Zhijie V9 measures 5359mm in length, 2009mm in width, and 1879mm in height, with a wheelbase of 3250mm [1] - The vehicle boasts an "exceeding class" number of airbags and a robust all-dimensional body structure [1] Group 2: Technology and Performance - It is equipped with Huawei's latest generation of driving assistance hardware, the Qian Kun Intelligent Driving system [1] - The Zhijie V9 features the Huawei Xue Yao intelligent range extension system, achieving a maximum CLTC comprehensive range of over 1250km [1] Group 3: Additional Features - The vehicle includes amenities such as a welcome light carpet, rotating seats, and an onboard oxygen bar [1] Group 4: Market Announcement - Huawei's Executive Director, Yu Chengdong, announced on social media that the flagship model Zhijie V9 will be launched in spring this year [1]

记者查询后发现，这并非公司近年来首次被通报。2024年10月，中铁五局下属的中铁五局集团机械化工 程有限公司，在格库铁路七个泉站铁路线路安全保护区内施工作业过程中，不遵守保证铁路安全的施工 安全规范，导致挖断电缆，构成铁路交通一般事故。2025年4月10日，兰州铁路监督管理局给予该公司 罚款60000元的行政处罚。 据经济参考报，日前，全国建筑市场监管公共服务平台信息显示，中铁五局集团有限公司（以下简 称"中铁五局"）被住房和城乡建设部实施停业整顿180日，决定时间为2025年12月16日，有效期至2026 年6月14日。停业整顿期间，不得以建筑工程施工总承包特级资质承揽新的工程项目，涉及的具体事由 未公开。 对此，记者拨打中铁五局官网披露的联系方式尝试进一步了解，截至发稿电话未能接通。 2025年10月，海口市住建局发布建筑工地文明施工红黑榜，中铁五局因其负责施工的项目现场未能较好 地落实"六个百分百"要求，施工现场（美玉村碎石厂）未保持整洁、未采取有效设施防止尘土污染环境 上了黑榜。 官网信息显示，中铁五局是世界500强企业中国中铁股份有限公司骨干成员企业，始建于1950年，原为 铁道部第五工程局，199 ...

Group 1 - The U.S. Supreme Court is expected to rule on the legality of tariffs imposed by President Trump, which could significantly impact trade policy and the U.S. fiscal situation [1] - The ruling will focus on whether the Trump administration had the authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA) and if the government must refund tariffs if deemed illegal [1] - Treasury Secretary Yellen anticipates a compromise ruling, suggesting that the government could still collect tariffs at similar levels even if it loses the case [1] Group 2 - If the tariffs are invalidated, it could negatively affect U.S. industrial repatriation plans and fiscal health, potentially raising interest rates, while benefiting corporate profits by lowering input costs [2] - The probability of the Supreme Court supporting the current tariff policy is only 28%, indicating a strong expectation of a ruling against the tariffs [2] - The Treasury Department projects tariff revenues of approximately $195 billion for FY2025 and $62 billion for FY2026 to date [2] Group 3 - The upcoming ruling is seen as a significant test for U.S. equity and bond markets, with potential long-term uncertainty if tariffs are overturned [3] - Analysts predict that if tariffs are lifted, corporate profit margins may increase, boosting the stock market, while complicating the Federal Reserve's interest rate decisions [3] - A potential economic stimulus from halting tariffs could exacerbate the government's budget deficit, putting pressure on U.S. debt [3] Group 4 - Wells Fargo's chief equity strategist forecasts a 2.4% increase in EBITDA for S&P 500 companies in 2026 if the Supreme Court overturns the tariff policy, likely leading to higher stock prices [4] - Companies heavily reliant on imported goods, such as apparel and toy manufacturers, are expected to benefit the most from tariff removal [5] - Financial institutions may also gain from increased consumer spending, along with industrial manufacturing and transportation sectors benefiting from potential economic boosts [5] Group 5 - Conversely, sectors benefiting from trade protectionism, such as materials and commodities, may underperform if tariffs are lifted [6] - Bond traders are preparing for market volatility, with U.S. Treasury bonds having risen over 6% last year, marking the best performance since 2020 [6] - The removal of tariffs could reignite fiscal concerns, leading to a rise in long-term yields, although the impact is expected to be limited as the Trump administration may seek alternative legal avenues to restore most tariffs [6]

闫俊杰 凤凰网科技讯北京时间1月9日，据彭博社报道，大模型创业公司Minimax(稀宇科技)今天正式在港交所 主板挂牌上市，首日股价大涨，推动其创始人兼CEO闫俊杰成为亿万富翁。 Minimax周五以IPO发行价区间的高端、每股165港元上市，对Minimax的估值为65亿美元。截至香港时 间周五上午9:40分，Minimax股价上涨了45%。 根据彭博亿万富翁指数，这一涨势推动36岁闫俊杰的财富达到大约24亿美元。 Minimax的崛起得到了中国内地科技精英和香港金融界亿万富翁的支持。香港大亨李嘉诚之子李泽楷创 办的盈科拓展集团成为Minimax关键投资者之一。Minimax另一名IPO前投资者是亿万富豪蔡浩宇参与创 办的游戏工作室米哈游。另外，阿里巴巴、腾讯以及阿布扎比主权财富基金也是Minimax基石投资者。 截至发稿，Minimax拒绝就闫俊杰的财富置评。(作者/箫雨) ...