马斯克：如果你需要学术机构或颁奖组织来认可你的工作，那说明你的工作并没那么出色。 凯茜·伍德称："根据ARKInvest的研究，开发人形机器人要比开发机器人出租车复杂20万倍。鉴于埃隆· 马斯克秉持的第一原则和坚定决心，我们预测特斯拉的擎天柱机器人将在2028/2029年开始改变工厂生 活，进而改变家庭生活。" 对此，马斯克回应称："它将在2027年开始改变现状，到2028年影响将显而易见，到2029年将产生巨大 的影响。" 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 马斯克2025年的一条帖子说，SpaceX 在火箭和卫星技术进步方面所做的前沿研究，比地球上所有大学 实验室加起来都更有意义。 "但我们不使用'研究员'这个虚伪且缺乏问责性的词。只用'工程师'。""如果你需要学术机构或颁奖组织 来认可你的工作，那说明你的工作并没有那么出色。尼古拉·特斯拉、艾萨克·牛顿或伽利略获得过什么 奖项并不重要。无关紧要。" ...

Group 1 - The company plans to acquire 29.06% of PUMA's shares for a total of €1.506 billion (approximately RMB 12.28 billion) at a price of €35 per share, making it the largest shareholder of PUMA [1] - PUMA is currently in a transitional phase, with projected revenues of €8.817 billion in 2024, reflecting a 2.51% year-on-year increase, and a net profit of €282 million, down 7.64% [1] - In the first three quarters of 2025, PUMA's revenue is expected to decline by 8.49% to €5.974 billion, with a net loss of €309 million, indicating ongoing strategic adjustments [1] Group 2 - PUMA's stock price is at a historical low, with the acquisition priced at a 62% premium based on the closing price on January 26, 2026, highlighting the brand's long-term value despite short-term profit pressures [2] - The company aims to enhance PUMA's profitability through improvements in retail operations, supply chain management, and brand synergy, while also leveraging its global market experience [2] - Anta's brand retail sales growth has slowed in Q4 2025, with a low single-digit decline for the main brand, while other brands like Fila and Descente continue to show strong growth [2] Group 3 - The company is implementing a focused, multi-brand, and globalization strategy, accumulating successful experiences in brand transformation and high-quality growth [3] - Due to a slow industry recovery and potential short-term impacts from the acquisition, the profit forecast has been adjusted, with expected net profits of RMB 13.15 billion, 14.16 billion, and 16.22 billion for 2025, 2026, and 2027 respectively [3] - The company maintains a "buy" rating with projected PE ratios of 16, 15, and 13 for the respective years [3]

Core Insights - The company is ranked second in China's Level 4 autonomous driving market, holding a 15.4% market share as of the end of 2024, and is the only company to have obtained regulatory approval for autonomous driving services in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen [1] - The market for autonomous driving services in China is projected to grow from approximately $0.7 billion in 2025 to $39.4 billion by 2030 and $183 billion by 2035, indicating exponential growth potential [1] - The company is expected to significantly reduce its net losses in 2025 to between $69 million and $86 million, compared to $275 million in 2024, with a forecasted net loss attributable to shareholders between $126 million and $143 million [1] Group 1 - The company plans to launch its seventh-generation Robotaxi in 2025, achieving a 70% reduction in total costs compared to the previous generation, with savings of 80% in lidar and 68% in autonomous driving computing [2] - The company achieved city-level profitability for its vehicles in Guangzhou in Q3 2025, marking a critical turning point in its commercialization efforts [2] - The fleet size is expected to expand to 1,159 vehicles by Q3 2025, ahead of the target of 1,000 Robotaxis, with plans to exceed 3,000 vehicles by 2026 [2] Group 2 - The company has been included in the MSCI China Index, which will facilitate passive capital inflows [3] - The market anticipates a compound annual growth rate (CAGR) of approximately 70% for revenues from 2025 to 2027, with the current price reflecting a price-to-sales ratio of about 54 times the 2026 forecast [3] - If further regulatory relaxations for autonomous driving are implemented, it could enhance the company's valuation attractiveness [3]

编者按 一年一度的"迁徙"，只因心向一处。 每年的这个时候，十几亿人，往同一个方向走。 过去几年，我们透过各位笔下的文字，看到了归途的思绪、重逢的悲欢、故里的新颜…… 这些看似再平凡不过的日常，因为被写下来，所以有了重量。 格隆汇《归乡记》系列，今年还在。 不为别的，只是觉得：普通人的归乡与奔赴，值得被认真记录。 这是开篇，《归乡有暖，前路有光——我与生活和解的一年》。 这是我用十年青春，在漂泊与安稳、迷茫与坚守里踩出来的真实人生，希望能得到大家的共鸣和共勉。 01 2014年盛夏，带着大学毕业证上未褪尽的青涩，也带着对"遍地是机会"的憧憬，我背着简单的行囊，挤上 了开往深圳的火车。 初入深圳的日子，是裹着窘迫与慌张的。先后两份试用期工作的挫败后，直到2016年，我终于在一家广告 公司落脚，成为一名视频广告剪辑师。 从最初每月4500元的薪水，省吃俭用才能勉强覆盖房租和伙食，到2024年税前1.1万元的收入，这八年里， 我熬了无数个通宵，改了无数版方案，把青春里的热血与精力，都耗在了电脑屏幕的时间轴上。 2019年，全国楼市的热浪席卷而来，房价像坐了火箭般飙升，连空气里都弥漫着"买房"的焦虑。 也是在这一年， ...

她还表示也会与字节跳动沟通，努力改善此事。 据日本共同社，日本AI(人工智能)战略担当相小野田纪美13日在内阁会议后的记者会上，围绕中资AI视 频生成模型服务称"存在侵犯著作权和不妥影像的担忧声音"。她表示"将加快掌握实际情况"，透露政府 有意展开调查。 据悉，AI视频生成模型系指字节跳动公司开发的Seedance 2.0。由该AI制作的多段视频在社交平台(SNS) 上传播。 小野田表示已知晓传播的实际情况，并强调如果是未取得著作权所有者许可而使用着作物的情况，无法 视若无睹。 围绕生成式AI，除了上述服务外，其他服务也存在未获许可却使用既有角色或现实人物制作图像或视 频的情况，已成为社会问题。 来源：格隆汇 温馨提示：财经最新动态随时看，请关注金投网APP。 ...

央行称，该工具将于2026年第三季度启用，面向全球所有央行开放，但因洗钱、恐怖主义融资或国际制 裁等声誉问题被排除的央行除外。回购额度用于银行无法从市场获取融资的场景，允许金融机构以优质 资产为抵押，从欧洲央行借入欧元，并在到期时偿还本金及利息，新工具将提供最高500亿欧元的常态 化准入额度。 美股频道更多独家策划、专家专栏，免费查阅>> 2月15日，据市场消息，欧洲央行于当地时间周六公布计划，将其欧元流动性支持工具的准入范围扩大 至全球，并转为常态化机制，以提升欧元这一单一货币的国际地位。此前，这类回购额度仅对少数国家 开放，且主要为东欧国家。欧洲央行行长拉加德在慕尼黑安全会议上表示："欧洲央行必须为更动荡的 环境做好准备。" 责任编辑：山上 ...

格隆汇2月15日｜据每经，安徽证监局2月14日公布的行政处罚决定书显示，安徽证监局对*ST立方信息 披露违法违规行为进行立案调查发现，*ST立方通过开展代理业务、融资性贸易、虚假贸易大幅虚增营 业收入，2021年至2023年连续三年年度报告存在虚假记载。安徽证监局决定对公司责令改正，给予警 告，并处以1000万元罚款。公司同日收到深交所下发的事先告知书，深交所拟决定终止公司股票上市交 易。公司股票将于2月24日起停牌。 根据安徽证监局出具的行政处罚决定书，*ST立方通过开展代理业 务、融资性贸易、虚假贸易虚增营业收入、营业成本、利润总额，导致*ST立方披露的2021年至2023年 年度报告存在虚假记载。其中，2021年，公司虚增营业收入2.80亿元，2022年，公司虚增营业收入3.12 亿元，2023年，公司虚增营业收入4586.94万元。当事人辩称，不存在故意参与虚假贸易的情况，处罚 过重等，安徽证监局对当事人的申辩意见不予采纳。 *ST立方除收到千万罚单外，还拟被实施重大违法 强制退市。早前，公司多次发布风险提示公告，退市风险早有预兆。不过，*ST立方股价近期却连续暴 涨，自1月20日起至2月11日短短1 ...

24.99/30.26 亿元。医药电商业务给予26 财年3X PS，医疗健康及数字化服务业务给予26 财年6XPS，综 合来看，对应合理价值7.39 港元/股，给予"买入"评级。 风险提示。政策发展方向不确定；市场竞争超预期；开拓新品类及服务未达预期；线上平台面临与第三 方商家相关的风险。 阿里健康：自营收入增长加速，平台广告带动盈利能力持续提升。阿里健康自营业务占收入近9 成，自 营业务受原研药趋势拉动，公司持续加深与信达生物、先声药业等上游合作，截至FY26H1 的自营SKU 同比增长99%至161 万个，收入同比增长19%至143.8 亿元。公司也是国内YAU 最高和年度GMV 最大的 线上B2C 医疗健康品零售平台，与集团深入协同，广告服务框架协议的上限上修，利润端贡献将更加 显著。 AI+健康为公司带来新机遇。To C 层面，阿里健康主业有望受益于千问超级Agent。OpenAI 推出健康功 能、蚂蚁阿福用户持续增长，验证了用户对AI 健康管理的需求。千问超级Agent 的搭建和起量，未来也 有望赋能阿里健康的销量，用户在千问询问健康相关问题后，千问可相应给出药品/保健品的建议，跳 转淘宝/天猫完成 ...

Core Viewpoint - The company is positioned as a multinational health products firm focusing on rapidly developing emerging markets in Africa, Latin America, and Central Asia, specializing in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] Group 1: Market Position and Product Offerings - The company ranks first in Africa's baby diaper and sanitary napkin markets by volume, with market shares of 20.3% and 15.6% respectively for 2024 [1] - By revenue, the company holds the second position in Africa's baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% respectively for 2024 [1] - The company focuses on creating differentiated products to meet diverse market demands, continuously iterating and upgrading its offerings [1] Group 2: Revenue Contribution and Growth - In the first four months of 2025, the revenue contributions from baby diapers, sanitary napkins, baby pull-ups, and wet wipes were $1.2 million, $0.3 million, $0.1 million, and $0.1 million respectively, accounting for 71.8%, 18.6%, 5.8%, and 3.9% of total revenue [2] - The compound annual growth rates (CAGR) for baby diapers, sanitary napkins, baby pull-ups, and wet wipes from 2022 to 2024 are projected at 16.8%, 34.1%, 8.6%, and 28.5% respectively [2] Group 3: Supply Chain and Production - The company has established a robust global supply chain with localized production to reduce costs, starting local production in Ghana in 2018 [3] - As of April 30, 2025, the company operates eight production facilities across eight African countries, with a total of 51 production lines for baby diapers, baby pull-ups, sanitary napkins, and wet wipes [3] - A new production facility in El Salvador is set to begin operations in August 2025, featuring a production line for baby diapers [3] Group 4: Distribution and Market Penetration - The company has built a wide distribution network, establishing 18 sales branches in 12 countries and a network of over 2,800 wholesalers, distributors, supermarkets, and other retailers [3] - The sales network covers over 80% of the local population in key operating countries, which is crucial for success in the baby and women's hygiene products industry in emerging markets [3] Group 5: Financial Forecast - Projected revenues for the company from 2025 to 2027 are $540 million, $640 million, and $740 million, representing year-on-year growth rates of 19%, 18%, and 16% respectively [4] - Expected net profits for the same period are $110 million, $140 million, and $170 million, with growth rates of 15%, 27%, and 18% respectively [4] - The company is rated as a premium leader in the hygiene products sector, with a favorable outlook for continued growth and expansion in products and markets [4]

Group 1 - MiniMax-WP (0100.HK) experienced a significant increase of over 15%, reaching 688 HKD, marking a new high since its listing, with a market capitalization surpassing 210 billion HKD [1] - The company officially launched its latest flagship programming model, MiniMax M2.5, which is designed for agent scenarios and is positioned as a production-grade model [1] - The M2.5 model features competitive coding and agentic performance, directly competing with international models like Claude Opus 4.6, and supports full-stack programming development across PC, App, and cross-platform applications [1] Group 2 - The M2.5 model is noted for its industry-leading capabilities in core productivity scenarios such as advanced Excel processing, in-depth research, and PowerPoint applications [1] - The model has an activation parameter count of only 10 billion, providing advantages in memory usage and inference efficiency, supporting over 100 transactions per second (TPS) with inference speed exceeding that of top international models [1]