公司业绩回暖的背后，是主营产品产销量提升与市场环境改善的共同作用。公告指出，报告期内公司销 售订单同比增加，产能利用率同比上升，除原材料外的单位生产成本有所降低。 市场环境的改善为业绩回暖提供了坚实基础。依据中国汽车动力电池产业创新联盟的数据，1-10月，国 内动力电池累计装车量达578.0GWh，累计同比增长42.4%。同时国内新型储能装机规模更是加速放量， 根据国家能源局的数据，截至2025年9月底，我国新型储能装机规模超过1亿千瓦，其中锂离子电池储能 占据主导地位，装机超过9800万千瓦，占比96.1%。头部电池企业订单饱满，排产计划已至长期。 下游需求量大幅增加，产品毛利率较去年同期的明显提升，共同推动了盈利能力的修复。 产品结构优化，高端化战略成效显现 近日，广东嘉元科技股份有限公司发布了2025年年度业绩预告，预计全年实现营业收入95亿元至97.5亿 元，同比增长45.65%至49.49%；实现归属于母公司所有者的净利润5000万元至6500万元，成功实现扭 亏为盈。这一业绩拐点标志着公司在经历行业周期性波动后，正依托技术升级与产品结构优化重拾增长 动能。 作为国内高性能电解铜箔领域的领军企业，嘉 ...

Core Viewpoint - The upcoming Spring Festival marks a peak consumption season for the liquor market, with Yanghe adopting a unique strategy of "internal accumulation and external stability" to strengthen its core competitiveness for high-quality growth by 2026 [1] Group 1: Product Strategy - Yanghe's long-term growth is supported by a tiered product matrix that targets various price segments, allowing for collaborative growth while solidifying its market base and exploring new growth areas [2] - The Dream Blue M6+ in the mid-to-high-end market employs a "controlled volume and price maintenance" strategy, achieving a terminal sales rate of 72%, indicating solid market acceptance without relying solely on inventory pressure [2] - The Seventh Generation of Sea Blue has upgraded its quality, achieving significant recognition and maintaining a stable market share by focusing on core consumption channels and avoiding stockpiling [4] Group 2: Market Expansion - The high-end light bottle wine priced at 59 yuan has gained traction in the mass consumer market, becoming the first light bottle wine with real vintage certification, which has led to a strong user base and market demand [6] - Yanghe has established a "pyramid-shaped" product structure that covers all price ranges, creating a robust strategic layout that balances offensive and defensive capabilities [8] Group 3: Channel Operations - Yanghe's long-term development relies on a refined and efficient channel operation system, focusing on inventory reduction, enhancing momentum, and stabilizing prices to solidify market foundations [9] - The company emphasizes deepening its presence in its home market of Jiangsu while targeting surrounding markets, enhancing dealer capabilities through support in team building, consumer education, and training [9] Group 4: Core Strengths - Yanghe's core strength lies in its continuous investment in production capacity, substantial base liquor reserves, and leading brewing technology, which together create an unreplicable quality moat [10] - Since 2011, Yanghe has invested nearly 4 billion yuan in base liquor capacity construction, resulting in a production capacity layout of six bases and over 70,000 premium cellars, with a total base liquor reserve of 1 million tons [10] - The company's strategic actions reflect a focus on stability in high-end markets, practicality in mid-tier markets, and precision in new markets, positioning it for growth as the liquor industry demand rebounds by 2026 [10]

趋势洞察：规划更加前置、目的地更多元化 京东旅行数据显示，与去年同期相比，今年春节提前7天以上预订行程的用户占比显著增长超4成。这 一"规划前置"的趋势在2025年十一假期已初现端倪，表明旅客正通过更早的决策来锁定心仪资源与价 格，寻求旅程的确定性与掌控感。 应对"确定性"出行需求，京东旅行春节大促推出大额神券与三大安心保障 春节出行更趋规划性与体验性，京东旅行以"确定优惠+安心保障"提供一站式方案 随着春节临近，旅游市场迎来年度消费高峰。根据京东旅行平台结合元旦、十一及春节预订数据发布的 观察显示，2026年消费者的旅行规划方式正发生深刻转变：一个以"深度松弛、理性规划、追求确定 性"为核心的新旅游消费图景正在展开。 "我们发现，旅客不再满足于走马观花。"京东旅行相关负责人分析道，"'连住度假'成为今年春节的鲜明 特征，平台上选择连住3天及以上的酒店订单占比大幅提升超30%，大家更希望在一个地方深入体验， 享受与家人团聚的松弛时光。在住宿选择上，舒适型酒店成为更多家庭的共识，这标志着品质、干净与 可靠已成为核心考量。" 以"确定性"方案，服务理性消费新时代 面对消费者对"确定性"与"高体验价值"的核心诉求， ...

1月24日，包括潘爷爷在内的15位抗美援朝老英雄，走进成都国光电气聚变技术成果转化展示厅，与国 家顶尖院士、青少年、退役军人、志愿者代表齐聚一堂，共赴一场"传承之约"。当迎宾曲奏响，15位老 兵在志愿者搀扶下踏上红毯，两侧是青少年们行少先队礼，还有退役军人向前辈的致敬，现场掌声雷 动，昔日战场的热血与今日和平的安宁完成了跨越时空的相拥。 在礼堂内的慰问仪式上，四川星兵连国旗护卫队退役士兵的礼宾枪展示，动作整齐划一、姿态挺拔昂 扬，每一次举枪，都是对革命先辈的崇高致敬。"看到老英雄们，就像看到了当年他们浴血奋战的场 景，我们要永葆军人本色，若有战，召必回!"仪仗兵秦瑞来的话语，道出了退役军人们的心声。而在分 享环节，一个个质朴而震撼的故事，让现场众人热泪盈眶。一级伤残军人涂伯毅爷爷，讲述了自己作为 首批志愿军战士入朝，为救战友被凝固汽油弹烧伤致残的经历;上甘岭战役特等功臣唐章洪则回忆起两 小时发射200余发炮弹歼敌420余人的战斗经历，"当年打仗就是想让后辈过上安稳日子";96岁的空军机 务师李文城讲述着战场抢修战机的艰险，"看到如今国家军工科技的飞速发展，热泪盈眶。" 红毯尽头，成都国光电气聚变技术成果转化展 ...

【编者按】在上海这座充满现代节奏的都市深处，有一种味道始终扎根于土地、流转于指尖、升腾于烟 火——那是来自田间与坊间的"上海味道"。它的传承，不仅依赖于手艺人的坚守与创新，也离不开金融 活水的悄然浸润。本系列将通过一个个真实的故事，探寻金融如何以细腻而有力的方式，守护本土风 物、赋能乡村振兴，让传统在当代生活中延续生机。从一块糕、一粒米、一条鱼到一篮菜，我们看到的 是"金融让生活更美好"的生动实践，也是城市与田园双向奔赴的温暖叙事。 蒸屉间的非遗：一块崇明糕的乡味传承 冬日清晨的崇明岛，薄雾还未散尽，上海崇明陆氏糕点的工坊里已热气蒸腾。 62岁的陆永飞系着红布围裙，双手沾满雪白的米粉，正娴熟地将拌好赤豆、枣肉、核桃、南瓜仁的糕粉 一层层铺进木质蒸屉，动作舒展又规整。"蒸崇明糕讲究'三铺三压'，粉要匀、水要准，火候更得拿捏 到位，不然就没那股子软糯清香。"他一边说着，一边用木刮板将糕粉刮平，蒸汽顺着蒸屉缝隙袅袅升 起，清甜的米香瞬间弥漫整个工坊。 作为崇明糕非物质文化遗产市级传承人，陆永飞对原料有着近乎苛刻的要求。待最后一层糕粉铺完，他 轻轻盖上木盖，对着身旁观摩的学徒笃定地说："好糕用好米，我们崇明米糕一定要 ...

Core Insights - AI technology is experiencing three major breakthroughs: the evolution from chatbots to intelligent agents, the lowering of entry barriers through open-source models, and the understanding of the physical world through physical AI [1] - Physical AI is recognized as the next wave of AI development, showcasing its potential in understanding complex scientific principles [1] Group 1: VLA and World Models - The VLA (Vision-Language-Action) model and world models are emerging as a dual-model paradigm to address the data scarcity and safety issues in physical AI [2][3] - World models can generate infinite simulation data at a low cost, allowing VLA to learn from various scenarios without the risks associated with real-world data collection [3] - The integration of VLA and world models is seen as the optimal solution for enhancing embodied intelligence in physical AI [3] Group 2: Development Stages - The development of VLA and world models can be structured into four stages: cold start, interface alignment, training in simulated environments, and real-world transfer and calibration [4][5] - The cold start phase involves training a basic VLA model using existing robot datasets while the world model is pre-trained on vast amounts of video data [4] - The interface alignment phase focuses on mapping VLA's action outputs to the world model's input conditions to simulate the resulting scenarios [4] - In the training phase, VLA operates within the simulated environments generated by the world model, allowing for extensive reinforcement learning without physical wear on robotic components [4] Group 3: Addressing Challenges - Generative models often produce inconsistent outputs, leading to incorrect physical assumptions; introducing 3D geometry and material constraints can mitigate this issue [6] - A reward model can be implemented to evaluate the success of tasks in generated scenarios, providing feedback to the VLA [6] - The speed of world model predictions is crucial for training efficiency; techniques like latent consistency models can enhance prediction speed by focusing on feature changes rather than pixel-level details [6] Group 4: Data Sharing and Best Practices - The architecture of world models is evolving, but the necessity for real and synthetic data remains constant [7] - Sharing visual encoders between VLA and world models can optimize memory usage and ensure synchronized understanding of the environment [7] - Generating counterfactual data allows VLA to learn from hypothetical failure scenarios, improving robustness and reducing real-world testing costs [7] Group 5: Towards General Artificial Intelligence - The future of world models involves generating interactive 4D environments, enabling VLA to train in dynamic settings rather than static ones [8] - The integration of fast and slow systems within AI, where VLA handles real-time responses and world models manage long-term planning, is a key goal for advancements in autonomous systems [8] - Ultimately, VLA and world models may converge into a unified model capable of predicting both actions and future states, aligning with the vision of AI understanding physical laws [9][10]

数据中心终端市场需求强劲 希捷表示，截至12月底的第二财季， 其调整后每股收益为 3.11 美元，较上年同期增长 53%。这一业绩超过了FactSet 调查的分析师预测的每 股 2.83 美元。 营收为28.3 亿美元，较上年同期增长21.5%，好于分析师的预期27.4 亿美元。 希捷是硬盘驱动器的主要制造商，与西部数据(Western Digital)并列数据存储领域"双雄"。去年，随着数 据中心开发商都在竞相获取硬盘驱动器以满足人工智能需求，这两家公司的股票都领跑标普500指数成 分股。 在财报会上，希捷首席执行官戴夫·莫斯利(Dave Mosley)表示，该季度"几乎所有终端市场"的营收均实 现了环比增长，并创下了公司在EB级出货量、毛利率、营业利润率和非GAAP每股收益方面的新纪录。 他形容市场需求"异常强劲"，尤其是在数据中心终端市场，并指出，全球云数据中心对高容量近线硬盘 的需求持续增长，企业边缘计算的需求也在不断改善。 希捷科技CEO莫斯利在新闻稿中表示： 智通财经1月28日讯(编辑 刘蕊)美东时间周二盘后，美国存储设备制造商希捷科技(Seagate Technology) 的股价大幅上涨8.8 ...

Core Insights - The collaboration between FanJia and Taobao Flash Purchase focuses on "ecological openness and win-win co-construction," aiming to align enterprise service ecology with instant retail capabilities [1][3] - This partnership enhances FanJia's "Work Pay" by adding quality instant consumption scenarios and provides exclusive benefits for both parties, optimizing service experience and expanding customer reach for Taobao Flash Purchase [1][3] Group 1: Company Overview - FanJia is recognized as a benchmark for enterprise digital services, with a mission of "enterprise growth and employee happiness," serving over 10,000 listed companies and large enterprises, including industry leaders like Bull, Joyoung, and Leap Motor [3] - Taobao Flash Purchase, as part of Alibaba's integrated resources, offers a rapid fulfillment service within 30 minutes, covering a wide range of products and supported by Alibaba's multi-channel traffic, creating an efficient consumption experience [3] Group 2: Collaboration Benefits - The partnership allows for a deep integration of both companies' core strengths, enabling mutual empowerment between FanJia's enterprise service ecosystem and Taobao Flash Purchase's instant retail capabilities [3][4] - Taobao Flash Purchase provides large exclusive red envelopes for FanJia platform users, while FanJia opens up exclusive member benefits, enhancing the value of membership and enriching instant consumption scenarios for employees [3][4] Group 3: Target Audience and Market Impact - The employee base of listed companies aggregated by FanJia represents a core customer group with high purchasing power, frequent demand, and quality expectations, aligning well with Taobao Flash Purchase's positioning [4] - The introduction of this customer group is expected to stabilize incremental orders for Taobao Flash Purchase and optimize user structure, creating a differentiated barrier in a competitive market [4] Group 4: Incentive Programs - To strengthen ecological synergy, FanJia plans to launch a special reward policy for orders placed on Taobao Flash Purchase using Work Pay, creating a positive cycle of "consumption rewards and further consumption" [4]

全固态电池智能制造整体解决方案领军企业 ——高能数造正式宣布于2025年12月顺利完成A轮及A+轮 股权融资并完成了交割和工商变更。本轮融资由广州工控东高基金领投， 广州荔湾产投、陕西高校科 创基金、西安市人才发基金、西安天泓高端装备强基创新基金跟投。 两轮融资的圆满收官，是资本市场对高能数造全固态电池干法电极核心技术、全周期服务模式及行业发 展前景的高度认可，将为公司全固态电池装备的技术迭代与产业化落地注入强劲动能，助力公司在新能 源赛道实现跨越式发展。 多维资本矩阵背书，硬核资源赋能跨越式发展 本次融资构建起 "产业生态+高校科创+地方政策" 的多维赋能体系。三大类投资方均为各自领域的领军 者，具备深厚影响力与精准投资眼光，加持集体入局，是对高能数造核心价值的最强背书。 | 序 | 融资日期 | 融资较次 | 融资金额 | 投资方 | 关联机构 | 来源 | | --- | --- | --- | --- | --- | --- | --- | | | 2025-12-26 | A+轮 | | 西安市人才发展基金合伙企业(有限合伙) | 财会基金 | 相关新闻 | | | | | | 广州市嘉湾区产业投资 ...

Core Insights - The core viewpoint of the articles highlights Yanghe's resilience and strategic positioning in the white liquor industry amidst a period of adjustment and price competition, showcasing its ability to maintain brand value and market presence [1][2][4]. Industry Overview - The white liquor industry is undergoing a deep adjustment, shifting from "scale expansion" to a focus on value, with consumers becoming more rational in their purchasing decisions [2]. - The industry is experiencing a price inversion dilemma, testing the true strength of enterprises during this adjustment period [2]. Company Strategy - Yanghe has implemented a "combination punch" strategy to navigate the current market challenges, with its flagship product, Dream Blue M6+, serving as a value benchmark in the market [2][4]. - Starting in 2025, Yanghe has enforced strict quota controls on Dream Blue M6+ to prevent low-price dumping, thereby protecting brand value and dealer interests [4]. - The company is refreshing its product matrix to adapt to diversified consumer trends, with a focus on high-quality offerings and innovative products targeting younger demographics [4]. Competitive Advantages - Yanghe possesses unique production and storage advantages, including the largest certified liquor cellar group and a storage capacity of 1 million tons, which supports the quality stability of its high-end products [5]. - The company has chosen to slow down its operations strategically, allowing for channel health maintenance and inventory reduction, which is seen as a wise move during industry downturns [5]. Market Positioning - Yanghe is positioned for a potential market rebound in 2026, with its core product, Dream Blue M6+, nearing a scale of 10 billion yuan, which is expected to drive performance recovery [7]. - The company has demonstrated resilience through its national and global market strategies, achieving growth in overseas markets even during domestic pressures [7]. - Yanghe's channel ecosystem has improved significantly, with effective inventory reduction strategies leading to healthier channel conditions [7]. Investor Sentiment - Confidence in Yanghe is growing among capital market participants, with several institutions recommending "buy" or "hold" ratings, citing the company's unchanged brand value and channel network advantages [8]. - The proactive adjustments made by Yanghe in 2025 are seen as foundational for future growth, with expectations of a strong recovery as market conditions improve [8].