Core Viewpoint - The DeepSeek team has introduced a new framework called "mHC" (Manifold-Constrained Hyper-Connections) that significantly improves the training performance of large-scale models by addressing issues related to the previous "HC" (Hyper-Connections) paradigm [1][4]. Group 1: Paper Overview - The paper focuses on the foundational aspect of large model training, specifically the residual connection paradigm, and proposes the mHC framework as a theoretical innovation to enhance model training stability [4][5]. - The mHC framework is likened to a smart traffic management system that regulates data flow in multi-lane connections, thereby increasing training stability and performance [5][6]. Group 2: Theoretical Innovation - The mHC framework builds upon the work of AI pioneers such as He Kaiming and ByteDance, who previously introduced the residual connection and HC paradigms, respectively [7][8]. - DeepSeek's contribution is positioned as an optimization of existing frameworks, aiming to reignite interest in macro-architecture design within the AI community [9]. Group 3: Company Strategy - Amidst a trend of commercialization in the large model sector, DeepSeek's focus on foundational model research underscores its strategic commitment to advancing basic model theory rather than immediate commercial applications [9].

Core Insights - NIO achieved a record high of 48,135 vehicle deliveries in December 2025, representing a year-on-year growth of 54.6% [1] Delivery Performance - NIO brand delivered 31,897 vehicles - Ladao brand delivered 9,154 vehicles - Firefly brand delivered 7,084 vehicles [1] Multi-Brand Strategy - The multi-brand strategy has transitioned from the layout phase to the harvest phase, contributing to NIO's goal of achieving profitability in Q4 2025 [1] - The new ES8 model delivered 22,256 units in December 2025, setting a record for vehicles priced over 400,000 yuan, achieving over 40,000 deliveries in just 100 days [1]

Core Viewpoint - SAIC Audi is set to achieve a retail sales target of 47,258 units in 2025, marking a 23% year-on-year growth and demonstrating a stable three-year sales increase [1] Group 1: New Product Launches - In 2025, SAIC Audi will launch two significant new models: the all-new SAIC Audi A5L Sportback, which is the world's first fuel vehicle equipped with Huawei's Qian Kun technology, and the Audi E5 Sportback, which integrates German luxury genes with Chinese smart technology [1] - The Audi E7X, the second new model in the AUDI brand family matrix, is scheduled to make its global debut at the 2026 Beijing International Auto Show, showcasing the brand's forward-looking strategy in the luxury pure electric SUV market [1] Group 2: Future Growth Strategy - SAIC Audi is poised to enter a new growth cycle in 2026, indicating a strategic focus on expanding its product offerings and enhancing user experience in the luxury automotive sector [1]

Core Viewpoint - The launch of the 500ml 53-degree Flying Moutai at a price of 1499 yuan on the official platform "i Moutai" marks a significant step in Moutai's channel and service transformation, aiming to reshape market order and enhance consumer experience through stable supply and pricing [1][12][14]. Group 1: Product Launch and Consumer Demand - The 500ml 53-degree Flying Moutai was sold out within half an hour of its release on January 1, 2026, indicating strong consumer demand [2][6]. - Moutai implemented a staggered release strategy, replenishing stock every five minutes and limiting purchases to 12 bottles per person per day to allow more consumers the opportunity to buy [2][10]. - The product's pricing strategy reflects a tiered approach based on the year of production, with the 2026 version priced at 1499 yuan, while older vintages are priced higher, demonstrating a clear correlation between age and price [13][14]. Group 2: Consumer Experience and Market Strategy - The launch has shifted consumer behavior from "stockpiling Moutai" to "buying for immediate use," thereby reducing opportunities for price speculation [7][11]. - Moutai's strategy aims to enhance consumer trust by ensuring product authenticity and providing a wider range of purchasing options, including home delivery and in-store pickup [8][10]. - The company is focusing on a consumer-centric approach, utilizing data to better understand consumer needs and preferences, which will help in achieving a balanced supply-demand relationship [10][15]. Group 3: Channel Integration and Digital Transformation - Moutai is enhancing its channel ecosystem by integrating online and offline sales strategies, establishing a multi-dimensional sales model that includes self-sale, distribution, and consignment [15][16]. - The "i Moutai" platform serves as a crucial hub for this strategy, allowing for direct consumer engagement and better control over pricing and inventory [16]. - The company is committed to transforming its business model from merely selling products to offering a lifestyle experience, thereby extending its brand value and competitive edge [16].

Core Viewpoint - The article discusses the strategic initiatives and goals of the company, Ningji, in response to the central economic work conference's emphasis on expanding domestic demand and optimizing supply in 2026. Group 1: Strategic Initiatives - Ningji aims to empower existing operations through "digital intelligence" to achieve lean growth, enhancing operational efficiency via a self-developed intelligent management system that has improved the operational capabilities of 90% of its stores [6]. - The company focuses on "standardization" to optimize supply and support agricultural modernization, having established over 1,000 acres of perfume lemon plantations in Guangdong and Guangxi, ensuring product quality and driving local industry upgrades [6]. - To stimulate domestic demand, Ningji plans to innovate marketing strategies, exemplified by the "Lemon Treasure Festival," which led to a 30.2% year-on-year increase in GMV during the event, contributing to offline consumption [7]. Group 2: Strategic Development Goals for 2026 - In 2025, despite market pressures, Ningji achieved a 20% year-on-year growth in overall GMV and a 12% increase in average daily store revenue, with a remarkable 63% growth in monthly delivery revenue [8]. - For 2026, the company will shift from "rapid expansion" to "high-quality development," focusing on "quality profitability" and prioritizing "single-store profitability" as a key performance indicator [8]. - The company plans to enhance its research and development capabilities, establishing a scientific-driven R&D matrix and a quality control system, while continuing to innovate and develop differentiated products [9]. - Ningji aims to deepen its "globalization" and "supply chain enhancement," with plans to open new storage centers in regions like Urumqi and accelerate international expansion, having already signed contracts for 40 stores in Southeast Asia and Oceania [9].

1月1日起，2026年消费品以旧换新补贴正式落地，国补政策迅速点燃了消费者的换新热情。其中，北京地区国补消费异常火爆。据悉，1月1日零点国补在京 东上线后，北京国补资格当即秒空，一时出现了僧多粥少的情况，很多一早蹲守预约的消费者也没有抢到国补资格，只能在"国家补贴预约提醒"页面提 交"心愿清单"。对此，很多消费者全网呼吁，希望增加国补名额，以便更顺畅地满足换新消费需求。 国补叠加多重 *收货地址 | 北京/大兴 心愿单 * 手机号码 | 139** | 电脑 * 购买品类 我已阅读《用户信息授权协 面对难求的国补名额，网友们一边调侃"北京国补比明星演唱会门票还难抢""抢北京国补不仅要定闹钟还得拼手速"，一边呼吁增加国补名额，同时研究各类 抢国补攻略，好在僧多粥少的情况下拿到入场资格。 此前，国家发展改革委、财政部印发的《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》对外发布，明确2026年"两新"政策的支持范围、补 贴标准和工作要求，宣告了新一轮消费品以旧换新促进消费活动的启幕。这为2026年经济开局带来了第一缕暖阳，不仅让消费者得到实惠，也进一步增强了 市场信心，北京国补资格上线秒空也在侧面反 ...

Core Viewpoint - The domestic gold jewelry prices have continued to decline, with specific brands reporting lower prices per gram compared to the previous day [1] Price Summary - Chow Sang Sang's gold jewelry is priced at 1345 yuan per gram, down 10 yuan from 1355 yuan [1] - Lao Miao's gold jewelry is priced at 1354 yuan per gram, down 11 yuan from 1365 yuan [1] - Lao Feng Xiang's gold jewelry is priced at 1360 yuan per gram, down 6 yuan from 1366 yuan [1]

Core Viewpoint - The article discusses the economic outlook for 2026 and the strategic initiatives that companies, particularly in the autonomous driving sector, are planning to implement in response to the central economic work conference's emphasis on expanding domestic demand and optimizing supply [1][2]. Company Initiatives - Pony.ai, led by CEO Peng Jun, is positioned as a key player in the autonomous driving industry, which integrates multiple sectors such as automotive, transportation, energy, and artificial intelligence [9]. - The company aims to convert national macroeconomic guidelines into specific industry development actions, leveraging its world model™ (PonyWorld) to create a virtual driver™ that has achieved 500,000 hours of fully autonomous operation, demonstrating a safety performance ten times better than human drivers [9][10]. - Pony.ai has successfully launched autonomous driving services in major Chinese cities, including Beijing, Shanghai, Guangzhou, and Shenzhen, achieving regular operations without human intervention [9]. Strategic Development Goals - For 2026 and beyond, Pony.ai plans to adopt a "T" shaped strategic layout, focusing on deepening its presence in existing markets while exploring new opportunities [11]. - The company has reached a milestone with its seventh-generation vehicle achieving profitability in Guangzhou, validating its business model and enhancing confidence in expanding operations in first-tier cities [11]. - Future growth will be driven by expanding into more domestic cities and international markets, with strategies involving collaboration with local partners and government agencies to establish market presence [11].

Group 1 - The central economic work meeting emphasizes the need to continuously expand domestic demand, optimize supply, enhance incremental growth, and revitalize existing resources, while developing new productive forces tailored to local conditions [2][5]. - 雷鸟创新 plans to increase R&D efforts in key technologies such as AR optical display, spatial computing, and AI large model technologies to enhance core competitiveness [5]. - 雷鸟创新 aims to build a global industrial cooperation ecosystem, achieving domestic substitution across the entire supply chain from Micro-OLED screens to AR-specific chips, with many related technologies becoming industry standards [5]. Group 2 - In 2026, 雷鸟创新 plans to expand market size while maintaining its leading position in the Chinese market and increasing market share in key countries and regions such as North America and Europe [6]. - The company will continue to invest in core technology R&D to improve its competitiveness [6].

Core Viewpoint - The article discusses the economic outlook for 2026 and the strategic initiatives that companies, particularly 千寻位置 (Qianxun Position), will undertake in response to the central economic work conference's emphasis on expanding domestic demand and optimizing supply [2][4]. Group 1: Company Initiatives - 千寻位置 aims to integrate advanced technologies into practical scenarios to activate new productive forces, focusing on three key integrations: "operation and governance," "technology and industry," and "AI and terminals" [6][7]. - The company has developed a "star-ground integrated" spatial intelligence network with over 10,000 GNSS stations, providing centimeter-level positioning and millisecond-level timing services [5]. - The CEO emphasizes the mission to make precise spatial capabilities a new production factor, akin to water and electricity, supporting economic and social development [4][5]. Group 2: Strategic Goals for 2026 - The company plans to leverage the AI wave initiated by the release of ChatGPT, with service call volumes increasing from 100 billion to 1 trillion per month, a tenfold growth [9]. - 千寻位置 aims to enhance its global service capabilities, ensuring that overseas users receive the same quality of spatial services as in China, while also supporting the international expansion of Chinese smart vehicles and drones [9]. - The company intends to deepen its sustainable operations in urban scenarios, aiming to create benchmark demonstrations that integrate spatial intelligence into urban governance, industrial upgrades, and public services [9].