Core Viewpoint - Eric Schmidt emphasizes the necessity for Europe to invest in its own open-source AI labs and address soaring energy prices to avoid dependency on Chinese models [2] Group 1: Investment in AI - Europe must allocate significant funding for developing its own AI models to remain competitive globally [2] - The current trend in the U.S. is towards closed-source AI technologies, which limits flexibility and increases costs [2] Group 2: Comparison with China - China is leading in the development of "open weight" models, which offer higher transparency compared to closed-source models like Google's Gemini and OpenAI's ChatGPT [2] - Without substantial investment, Europe risks relying on Chinese AI models, which could impact its technological sovereignty [2] Group 3: Energy Prices and Infrastructure - High energy prices in Europe pose a challenge for building data centers necessary for training advanced AI technologies [2] - Schmidt expresses concern over the energy demands of AI development in the U.S. and its implications for power supply [2]

新上榜的与辉同行，排名第四。由"胡润最具商业价值的直播带货达人"第二名董宇辉创立。董宇辉曾是 东方甄选旗下，2024成立独立工作室"与辉同行"进行直播带货。据测算，与辉同行合计10位主播2025年 直播带货GMV超200亿元。 此外，东方甄选排名第九，上升一位。目前市值超200亿元，是百强中市值最高的上市公司。东方甄选 2025财年商品交易总额达87亿元。 凤凰网科技讯 1月21日，《2025胡润中国流量新势力百强榜》发布，榜单列出了中国最具价值的流量新 势力机构，这是胡润研究院连续第二次发布该榜单。 其中，美ONE荣登榜首，排名上升两位。机构核心头部达人是李佳琦，其粉丝主要在淘宝直播平台， 超过9400万，比去年增长了1000万。 胡润集团董事长兼首席调研官胡润表示："你很难想象这些流量新势力百强机构的影响力究竟有多大。 它们的总粉丝数近300亿，相当于中国总人口的20倍；年度总GMV高达2000亿元。其中，美ONE、辛选 集团、与辉同行、交个朋友在2025年的GMV都超过百亿元。" ...

Core Viewpoint - Vanke's bond extension plan for "21 Vanke 02" with a balance of 1.1 billion yuan has been approved, marking a significant step in alleviating its liquidity crisis and providing essential breathing space [1] Group 1: Bond Extension Details - The extension plan includes measures such as small principal repayments, a 40% buyback of principal, and enhanced credit support to address diverse investor demands [1] - The proposal received 92.11% approval during the first bondholder meeting, focusing on the repayment arrangements and credit enhancement measures [1] - The issuer will implement small repayments of up to 100,000 yuan for bondholders who have applied for buyback on January 30, 2026, ensuring liquidity for small holders [1] Group 2: Repayment Structure - 40% of the buyback principal will be repaid on January 30, 2026, while the remaining 60% will be extended for one year, with a repayment date set for January 22, 2027 [1] - Interest for the non-redeemed portion will be paid on January 22, 2026, while interest for the redeemed portion will be paid within two trading days after the proposal's approval, maintaining a coupon rate of 3.98% during the extension [2] Group 3: Credit Enhancement and Market Reaction - The extension plan significantly enhances the repayment assurance of the bonds, which was a key factor in gaining creditor support [3] - Immediate repayment of 40% of the buyback principal and fixed payments for small holders were crucial in providing short-term cash flow to creditors [3] - The provision of specific asset pledges for credit enhancement has improved creditor confidence, addressing previous market concerns about Vanke's lack of robust guarantees [3] Group 4: Future Implications - The successful approval of the "21 Vanke 02" extension serves as a model for negotiating the extensions of "22 Vanke MTN004" and "22 Vanke MTN005," which have balances of 2 billion yuan and 3.7 billion yuan respectively, totaling 5.7 billion yuan [3] - The future success of Vanke's bond extension plans will depend on its ability to provide concrete and executable asset pledges and cash arrangements [4] - Key factors such as asset ownership, pledge priority, cash collection, and debt repayment priority will be critical in determining the outcome of future negotiations [4]

据央视新闻，2026年，城市更新、老旧小区改造如何高质量推进？"好房子"将如何提升我们的生活品 质？央视专访住房城乡建设部部长倪虹。 住房城乡建设部部长 倪虹：城市更新蕴含着巨大的投资消费潜力。既要把新房子建成"好房子"，也要 把老房子逐步改造成"好房子"。支持房企合理的融资需求，支持居民刚性和改善性住房需求。 记者：今年城市更新咱们要高质量推进，如何高质量推进，今年有什么新的做法吗？ 住房城乡建设部部长 倪虹：城市更新应该讲是我们历史发展到这么一个时间点，旧房的更新改造比我 们新房的建设量来比，它是一个巨大的市场。应该讲城市更新是一个新的蓝海。既能够改善老百姓的生 活空间，也能够拉动我们的消费和需求。 记者：今年在城市更新方面，咱们的工作重点是什么？ 住房城乡建设部部长 倪虹：重点是抓好三件事。一是持续推进城镇老旧小区的改造，去消除安全隐 患，改善居住条件和生活环境。二是全面推进完整社区建设。着眼于便民、利民、安民，着力补上公共 服务的短板。三是开展城市小微公共空间的改造，增加群众身边的社区公园、口袋公园。 记者：哪些是咱们优先考虑的？ 住房城乡建设部部长 倪虹：比如说现在大家非常关心的小区的停车问题，充电 ...

据知情人士透露，黄仁勋将前往中国参加春节前的公司年会活动。他还预计会前往北京，但目前尚不清 楚他是否会与中国高级官员会面。知情人士称，黄仁勋的行程仍可能调整，具体将取决于相关会晤能否 最终确定。 黄仁勋此次中国行属于年度例行访问，他通常会在每年这个时候访华，正值该公司处于关键时刻。此 前，美国放宽了AI处理器的出口限制，允许英伟达向中国销售其H200芯片。 黄仁勋 凤凰网科技讯北京时间1月21日，据彭博社报道，英伟达CEO黄仁勋(Jensen Huang)计划在1月底访问中 国。眼下，黄仁勋正努力为英伟达AI芯片业务重新打开中国这个关键市场。 截至发稿，英伟达不予置评。(作者/箫雨) 周三，黄仁勋计划出席在瑞士达沃斯举行的世界经济论坛，届时将接受贝莱德CEO拉里.芬克(Larry Fink)的采访。 ...

Core Viewpoint - Traditional automakers are hesitant to adopt Tesla's Full Self-Driving (FSD) system, which Elon Musk describes as "unreasonable," but this hesitation is rooted in strategic considerations [1][2]. Group 1: Industry Trends - More automakers are opting to develop key modules for autonomous driving systems in-house rather than outsourcing, as automotive technology is seen as a crucial part of brand identity [1]. - Rivian is deepening vertical integration by designing proprietary chips for its autonomous driving computer, indicating a shift towards self-reliance in technology development [1]. - Ford announced plans to develop a "hands-free driving" system by 2028, stating that in-house development could reduce costs by 30% and provide better control over software integration [2]. Group 2: Reasons for In-House Development - Experts indicate that traditional automakers' choice to develop technology internally is driven by the need to meet specific customer demands and the competitive nature of the industry [3]. - The differentiation in consumer needs between brands like Ford and Mercedes necessitates a tailored approach to advanced driver-assistance systems (ADAS) [3]. - The integration of software, sensors, and braking systems is complex and costly when relying on multiple suppliers, making in-house development more cost-effective [3]. Group 3: Technological Advancements - NVIDIA has introduced Alpamayo, a suite of AI inference models and simulation tools that make it easier for automakers to develop autonomous driving technologies, reducing the commercial appeal of Tesla's FSD licensing [5][6]. - Mercedes has become the first major customer of NVIDIA's Alpamayo, planning to launch an advanced driver-assistance system by the end of the year that meets Tesla's FSD standards [6]. - The Alpamayo platform aims to democratize the development of autonomous driving systems by lowering training costs and time, although automakers still need proprietary data and talent for implementation [6].

商业航天正在走向台前。 过去十年，商业航天长期隐藏在政策与科研体系背后，靠愿景与技术吸引风险投资。如今，随着低轨卫 星星座建设提速与海量发射需求显现，行业迎来更广阔的产业与资本叙事，并尝试打开公开融资的大 门，然而，这条路并不平坦。 商业火箭具有技术门槛高、研发周期长、前期投入大的行业特点，这决定了企业在相当长的时间内，必 然要承受"技术尚未成熟"和"现金流持续承压"的双重考验。风险投资虽可为此类愿景买单，但客户和市 场则要求将其拆解成可量化、可验证的成长路径。 蓝箭航天，正是在这一背景下被推到台前的典型样本：2025年底，公司递交招股书、计划募资75亿元冲 击"商业火箭第一股"，却在受理五天后遭遇现场检查。这一事件像一枚棱镜，折射出整个行业在技术表 达、财务可持续性与公司治理上普遍面临的挑战。 技术披露：从"实验室数据"到"市场可信度" 火箭运载能力是商业航天公司的核心名片，但在招股书中如何表述，却成为第一道认知门槛。 以蓝箭"朱雀三号"为例，招股书同时披露了两个关键数据：首次飞行实测近地轨道运力11.1吨，以及设 计目标中成熟状态下运力可达21吨。两者相差近一倍，却未清晰说明从"实测"到"目标"的技术路径 ...

Group 1 - The core conflict involves OpenAI CEO Sam Altman and Tesla CEO Elon Musk engaging in a public dispute on social media, with Musk criticizing OpenAI's ChatGPT and Altman defending it while attacking Tesla's Autopilot technology [1][2] - Musk's criticism was sparked by a post claiming that nine deaths were linked to the use of ChatGPT since its release in 2022, urging people not to let loved ones use the chatbot [1] - Altman defended ChatGPT, emphasizing the importance of user safety and the need for protective measures without hindering user access to tools [2] Group 2 - Altman highlighted safety concerns regarding Tesla's Autopilot, noting that over 50 deaths have been associated with accidents involving the system, and expressed skepticism about its safety [3] - Altman accused Musk of projecting his own issues onto others, suggesting that Musk's criticisms reveal his vulnerabilities [3] - The dispute is further complicated by a legal battle, with Musk suing Altman and other OpenAI leaders for allegedly misleading him regarding the company's shift to a profit-oriented structure, diverging from its original non-profit mission [3]

达利欧担心，如果互信受损，持有大量美元和美国国债的国家，可能不再愿意继续为美国的财政赤字提 供融资。与此同时，美国仍在持续大量发债，只要任何一方信心动摇，就会形成危险局面。 "我们都知道，美元的持有者，以及需要不断发行美元和债务的美国，其实彼此都在担心对方。如果其 他国家持有大量美元资产，却彼此缺乏信任，而我们又在大量生产美元，这就会成为一个重大问题。" 美国桥水基金创始人瑞·达利欧（Ray Dalio）最新警告称，在不安情绪和经济紧张加剧的背景下，外国 政府和投资者正在重新评估对美国资产的配置意愿。 达利欧在瑞士达沃斯世界经济论坛年会期间接受采访时称，随着美国总统特朗普采取更具进攻性的政治 路线，全球金融冲突可能进入一个新的阶段。 "贸易逆差和贸易战的另一面是资本和资本战争。如果你观察这些冲突，就无法忽视资本战争的可能 性。换句话说，人们对购买美国债务等资产的意愿，可能不再像以前那么强烈。" "当发生国际地缘政治冲突时，即便是盟友，也不愿意背负彼此的债务，而更倾向于转向'硬通货'。这 是合乎逻辑的，也是反复验证过的事实，在世界历史上屡见不鲜。" 达利欧再次强调分散投资的重要性，认为投资者不应过度依赖单一资产 ...

Glapinsk认为，黄金是一种零信用风险的资产，不受其他国家货币政策决定的影响，并且对金融冲击具有较强的抵御能力，高额黄金储备也有助于提升波 兰经济的稳定性。 波兰央行(NBP)当地时间周二表示，已批准一项购买多达150吨黄金的计划，此举将使该国的黄金储备总量增加到700吨。 波兰央行在一份声明中称："这将使波兰跻身全球黄金储备量最大的前10个国家之列。"波兰央行行长Adam Glapinsk上周宣布，他希望央行管理委员会将 黄金持有量上限从截至12月31日的550吨提高到700吨。 波兰黄金储备超越欧洲央行的消息，其意义远不止于象征层面。欧洲央行的黄金储备约为506.5吨，相较之下，波兰央行持有的550吨规模令人瞩目，也进 一步强化了波兰在欧洲金融体系中的地位。 波兰央行的购金行动正值黄金价格不断刷新历史纪录之际。尽管2026年价格上涨速度可能放缓，但主要金融机构的预测仍偏乐观。ING预计平均价格约为 每盎司4150美元，德意志银行给出4450美元，高盛将预测上调至4900美元。在全球需求强劲的情景下，摩根大通甚至预计价格可能达到每盎司5300美元。 Bassani-Prusik强调："央行需求上升是对经 ...