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 ...

Core Viewpoint - The Federal Trade Commission (FTC) is appealing a federal judge's ruling that Meta's acquisitions of Instagram and WhatsApp do not violate antitrust laws, marking a significant setback for the FTC in its efforts to break up Meta [1][2]. Group 1: FTC's Position - The FTC argues that Meta violated antitrust laws during its acquisitions of Instagram and WhatsApp, highlighting the significant market power Meta held at the time of the lawsuit initiation in 2020 [2]. - A senior FTC official stated that the judge incorrectly assessed the current competitive landscape rather than the market conditions at the time the lawsuit was filed [1]. Group 2: Meta's Response - Meta's spokesperson asserted that the district court's dismissal of the FTC's arguments was correct, emphasizing that the company faces intense competition [2]. - Meta's CEO, Mark Zuckerberg, has been actively engaging with the Trump administration and making significant adjustments to company policies, including changes related to hate speech regulations and diversity initiatives [2].