Core Insights - The banking and trading sectors are expanding their precious metals trading and storage capabilities to capitalize on the record surge in gold prices this year, marking a significant opportunity in the financial industry [1] - Gold and silver prices have recently accelerated, with spot gold surpassing $4,500 per ounce and silver crossing $70 per ounce, resulting in year-to-date increases of 71% and 150%, respectively [1] Group 1: Revenue Growth - Major banks' precious metals trading departments have seen a 50% increase in revenue in the first nine months of this year compared to the same period in 2024 [2] - The revenue from precious metals trading for 12 leading banks reached approximately $1.4 billion from January to September, indicating that 2025 could be the second-best year for bank gold trading, following 2020 [2] Group 2: Market Participation and Competition - Banks that previously closed their precious metals trading departments, such as Société Générale, Morgan Stanley, and Sumitomo Mitsui Banking Corporation, are re-entering the market and expanding their teams [3] - Non-bank competitors, including Swiss refiner MKS Pamp and financial platform StoneX, are also enhancing their precious metals trading operations, indicating increased competition in the sector [3] Group 3: Storage Business Revival - The storage business, once considered dull and low-margin, is regaining popularity among banks, with many exploring or already engaged in this area [4] - Citigroup is reportedly considering opening a vault, while MKS Pamp has expanded its operations and aims to become a leading player in the precious metals industry [4] Group 4: Advantages and Challenges - Wall Street banks possess significant advantages due to their large balance sheets, which have become crucial as smaller traders face funding challenges amid rising gold prices [5] - Non-bank competitors have specialized advantages in physical gold procurement, which is complex due to compliance with "good delivery" standards, making banks hesitant to engage early in the supply chain [6]

AI（人工智能）芯片龙头英伟达拿下潜在竞争对手、芯片初创公司Groq的核心班底。 此外，分析指出，美国科技巨头正在投入巨资，通过各种类型的许可协议聘请顶尖AI人才，从而降低 触发反垄断审查的可能性。 据外媒报道，罗斯曾表示，Groq设计带有嵌入式内存，这意味着其芯片的生产和部署速度比GPU更 快，功耗也更低，而GPU通常能耗很高，且对于训练模型更为必要。 英伟达方面表示，Groq的低延迟芯片对输入的响应速度极快，将为英伟达的产品带来新的能力，帮助 其开拓新的市场领域。 今年7月，谷歌以24亿美元引进AI编程公司Windsurf的人才和技术。今年6月，Meta以143亿美元的价格 收购了AI数据标注公司Scale AI 49%的股份，并让后者的创始人兼CEO亚历山大·王（Alexandr Wang） 加入了Meta，领导Meta的AI部门。苹果、微软和亚马逊也都在近两年进行过类似的交易。 在一封内部邮件中，英伟达CEO黄仁勋写道："我们计划将Groq的低延迟处理器整合到英伟达的AI工厂 架构中，以服务更广泛的AI推理和实时工作负载......虽然我们正在吸纳Groq的优秀人才并获得其知识产 权许可，但我们并没有 ...

此前，邓承浩用十个字概括了L06最核心的竞争力："公路磁悬浮，智驾老司机。"他解释，"磁流变悬 架"是市场唯一供给，源自军用技术，此前仅用于顶级豪车；"智驾老司机"则指L06标配带激光雷达的城 区NCA，实现"人无我有"。 据了解，深蓝L06主打"磁流变悬架"技术，官方称其为中国品牌首款搭载该系统的量产车型。该系统具 备10毫秒级响应能力，可实现全场景自适应软硬调节。智能驾驶方面，车辆配备包括1颗激光雷达在内 的27颗传感器，搭载双地平线J6芯片，算力达256TOPS，支持高速与城市领航辅助等90项智能驾驶功 能。 凤凰网科技讯12月25日，近日，有网友在社交平台发布自己在小鹏M03与深蓝L06之间的深度对比试驾 体验，并最终选择深蓝L06，由此引发了关于智能辅助驾驶新能源购车选择的讨论。对此，深蓝汽车董 事长邓承浩回应称，感谢用户对深蓝的认可，小鹏是可敬的友商，未来将继续专注于以安全为基石的智 能辅助驾驶研发。 ...

凤凰网科技讯12月25日，影石创新创始人兼CEO刘靖康发文称，研发的同事问我"如果创新要被黑到自 闭，我们为什么要创新"，被问住了，想起了理想Mega。统计了一下，过去3年我们才送了6、7个人进 牢里，估计26年要猛增。 12月24日，刘靖康在其个人社交账号发文，对近期公司新品遭遇网络恶意攻击事件作出公开回应。他在 转发公司悬赏公告时配文称："高调的人光明正大地阴阳，低调的人在隐秘的角落里捅刀子。"并引用 了"karma is a bitch"(意为"因果报应")的英文俚语及小说《哈利.波特》中反派角色伏地魔的本名"Franklin Marvolo Riddle"。 此前，影石法务部发布公告。公告称，公司新品上市两周内，网络上集中涌现超过2500条虚假恶意内 容。为此，公司决定启动黑公关线索专项悬赏征集，对提供"恶意造谣、组织毁坏影石品牌"等行为有效 线索的个人或组织予以奖励，奖励金额从1000元至10万元不等。具体奖励标准为：线索或证据一经公司 采纳，每条奖励1000元至1万元；若后续被公安机关采纳，每条奖励将提高至1万元至10万元。 ...

Core Viewpoint - The company issued a statement addressing user concerns regarding data security, clarifying that no collaboration with the Cambodian National Tourism Board has commenced and that there has been no leakage of user privacy information [1][2]. Group 1: Collaboration Details - On September 1, the company signed a marketing cooperation agreement with the Cambodian National Tourism Board, which was intended to run from September 1, 2025, to March 31, 2026 [2]. - The agreement involved the Cambodian National Tourism Board commissioning the company to provide advertising services through its affiliated entities [2]. - The planned advertising was to launch following the visa exemption for Chinese tourists to Cambodia, but was suspended due to recent safety alerts from the Chinese Embassy in Cambodia [2]. Group 2: Data Security Commitment - The company emphasized that the cooperation agreement does not involve any data sharing and guarantees that there has been no breach of user privacy [2]. - The company has received multiple authoritative recognitions for its data and information security efforts, including ISO27001 and ISO27701 certifications, as well as various security assessments [2]. - The company is committed to maintaining user trust and will continue to implement stringent data security measures to ensure a safe travel environment for users [2].

Core Insights - Ericsson's latest reports highlight the transition from a "sell data" to a "sell services" business model, emphasizing the importance of service reliability and customer experience in the 5G landscape [2] - The global 5G user base is projected to reach 2.9 billion by the end of 2025, with China leading in adoption rates [3] - Key technological trends identified include Agentic AI, Integrated Sensing and Communication (ISAC), the fusion of optical and wireless technologies, and the emergence of quantum computing [6] Group 1: Business Model Transformation - Ericsson introduced the concept of "differentiated connectivity" in 2024, marking a shift from selling data to selling services, which involves three fundamental differences: value proposition, customer perception, and pricing logic [2] - The company emphasizes that operators must evolve from "pipeline providers" to "capability enablers," requiring collaboration with developers and application providers [2] - Currently, 118 operators globally are offering differentiated connectivity services, with 65 having commercialized these offerings [2] Group 2: 5G Development and Market Trends - By the end of 2025, the global 5G subscriber base is expected to account for one-third of all mobile users, with projections indicating this will rise to two-thirds by 2031 [3] - China has a leading position in 5G adoption, with nearly 70% of mobile users signed up for 5G, significantly higher than the global average of 43% [3] - The report indicates that 80% of Ericsson's 5G customers are expected to upgrade to Standalone (SA) networks within the next two to three years [3] Group 3: Key Technological Trends - The four key technology trends identified by Ericsson include: - Agentic AI, which will create a new value chain for "network for AI" and accelerate network intelligence [6] - Integrated Sensing and Communication (ISAC), which will enable networks to function as sensors, applicable in various scenarios [6] - The fusion of optical and wireless technologies to meet the extreme demands of AI applications [6] - The advent of quantum computing for telecom optimization, currently in the NISQ stage [6] Group 4: Case Studies - Singapore Telecommunications (Singtel) is transitioning to a service model based on slicing services, with over one-third of postpaid users opting for the highest tier of slicing services by Q3 2025 [4] - T-Mobile has pioneered 5G SA and innovative slicing services, integrating them with Starlink for enterprise packages, leading to significant stock price growth compared to peers [4]

12月25日，市场早盘走势分化，三大指数涨跌不一，沪指震荡拉升，创业板指冲高回落。 沪深两市半日成交额1.2万亿，较上个交易日放量509亿。盘面上热点快速轮动，全市场超3200只个股上涨。 高开率 70% 获利率 封板率 73.00% 下跌方面，贵金属概念跌幅居前，浩通科技跌超8%。海南自贸概念下挫，海南瑞泽、凯撒旅业走弱。 涨停表现 昨涨停今表现 4.02% 截至收盘，沪指涨0.29%，深成指跌0.11%，创业板指跌0.37%。收起 从板块来看，商业航天概念反复活跃，神剑股份晋级6连板，九鼎新材3连板，隆基机械等十余股涨停。机器人概念走强，万向钱潮、旭升集团等多股涨停。 造纸概念爆发，博汇纸业、宜宾纸业、五洲特纸涨停。数字货币概念拉升，证通电子、金时科技涨停。 封板 56 触及 21 ...

赵永坡表示："为什么这么说呢？因为魏牌有长城公司，最好的技术，最前沿的技术都汇聚在这儿。对 于我这一个技术出身的来说，应该说好像找到了自己的老本行。那我的任务就非常明确了，就是把长城 这些最好的技术转化成用户能够看得见、摸得着，最踏实、最聪明的一个产品体验。" 据媒体报道，长城汽车董事长魏建军首度公开回应魏牌CEO变动，表示："有人说我们(魏牌)换了不少 的CEO了，的的确确是这么回事，不是我们辞退人家，不让人家干了，是他们自己感觉到压力特别 大。" 凤凰网科技讯12月25日，长城汽车（601633）魏牌CEO赵永坡发视频透露，明年是魏牌10周年，将发布 公司的新技术平台和旗舰产品。 对于"从哈弗总经理转任魏牌CEO压力大吗"这一问题，他在视频中回应称："谈不上，在哈弗有哈弗的 乐趣，在魏牌有魏牌的挑战。我觉得来到魏牌对于我自己来说，反而进入了一个舒适区。" ...

此外，25款、23款蓝山与全新蓝山智能进阶版是不同的辅助驾驶方案，因硬件差异不支持现有的VLA 大模型的移植。不过公司会持续优化算法，为用户们带来更佳的出行体验。 据介绍，23款指2023年4月13日上市的蓝山DHT-PHEV；25款蓝山指2024年8月21日上市的全新蓝山；智 能进阶版是2025年12月22日上市的蓝山。 同时，25款蓝山可通过软、硬件升级的方式实现尾灯小蓝灯的功能，但后视镜小蓝灯不能实现加装。23 款蓝山因硬件系统限制，不支持升级小蓝灯。 凤凰网科技讯12月25日，长城汽车（601633）魏牌CEO赵永坡发文称，今天将对23款蓝山、高山车型进 行智能座舱系统OTA大升级，新增哨兵模式、灵控球、智能感光、四驱模式专属按钮等；并优化了影像 记录仪、NOH最高车速等部分功能。 ...

Core Insights - The commercialization capability of technology combined with scene applications and stable growth in R&D investment are fundamental elements for Ecovacs' entry into embodied intelligence [1][5] Group 1: Market Trends and Events - CES 2026 will focus on AI hardware, consumer electronics innovation, and automotive technology, with AI hardware expected to be a major topic, particularly edge AI devices and robots [1] - Ecovacs will showcase its embodied intelligence products at CES 2026, marking its continued presence in the service robot sector since its first participation in 2018 [1] Group 2: Product Development and Innovation - Ecovacs has mastered the art of creating "hit products" through technical innovation and integration of scene applications, particularly in the competitive vacuum cleaner market [3] - The X8 product integrates a "washing machine structure + intelligent robot capability," addressing the issue of secondary pollution from cleaning cloths [3][4] - The X11 team has upgraded the OZMO ROLLER 2.0 technology, enhancing cleaning capabilities and user experience, leading to significant sales growth in the X series [4] Group 3: Financial Performance and R&D Investment - Ecovacs' revenue reached 12.877 billion yuan, a year-on-year increase of 25.93%, with net profit growing by 130.55% to 1.418 billion yuan [7] - The company invested 885 million yuan in R&D in 2024, a 7.3% increase, with a total of 2,545 authorized patents, including 713 invention patents [5][6] Group 4: Supply Chain and Manufacturing - Ecovacs has established a complete and mature robot supply chain system, producing nearly 30,000 service robots daily, with over half of the components sourced locally [6][7] - The company plans to invest 200 million yuan in a new manufacturing project for core components in Huzhou, aiming for an annual output of 20 million parts [9] Group 5: Competitive Landscape and Future Outlook - Ecovacs is positioned as a strong competitor in the embodied intelligence sector, leveraging its extensive experience in product development and supply chain management [2][10] - The company aims to enhance its product offerings and market presence in the high-end segment, with a focus on meeting evolving consumer demands [5][11]