钛媒体直击｜2025上海车展 第二十一届上海国际汽车工业展览会将于4月23日至5月2日举行。作为今年首个A级车展，上海车展备 受瞩目，多款重磅新车新技术将在此期间首发亮相。与此同时，中国汽车市场已到了电动化智能化决赛 圈，此次车展各大厂商必将拿出看家本领，全球车企也将在上海决战新能源与智能化技术的制高点。 代表选手：乐道L90 乐道L90将在2025上海车展亮相，新车作为乐道品牌第二款产品，空间上采用大三排布局，是一款面向 大家庭的大型SUV。据悉将基于蔚来的 NT 3.0 平台打造，支持 900 V高压架构，提供单电机和双电机 两种配置。电池则和乐道 L60 相同，有60kWh和 85kWh两种电池可选，并支持换电和 Bass 方案。 900V平台最先应用在蔚来旗舰轿车ET9上，而第二款应用该技术的产品就是乐道L90。900V平台的优势 是提升了充电效率和电驱效率：900V平台使得充电峰值功率达到600kW，这意味着车辆可以在5分钟内 补充255公里的续航，显著提升了充电速度，减少了充电等待时间。基于900V平台，蔚来自主研发的大 圆柱电池方案，单颗电芯能量密度高达每千克292瓦时，使得车辆综合续航有增加。 ...

"吃仁和瘦了80斤""不是吃仁和瘦的咋办？出门死、死全家。"在快手"阿浩 不忘初心"直播间里，主播激动地介绍着仁和药业的一款减肥产品。 顶着"大胃王"的名号、坐拥近2000万粉丝的"阿浩"，每次开播都会带着几个女主播，一边暴食、叫喊，一边展示使用仁和减肥产品后的身材变化。阿浩的直 播引发了众多网友的反感与不适，4月16日，#主播靠暴食和擦边卖爆减肥产品#话题冲上热搜，网友纷纷质问快手平台"这种人怎么还不封杀？" 01.低俗直播卖减肥药，快手再引众怒 阿浩在快手凭借"大胃王"人设走红，日常直播基本都是通过大口吞咽食物、暴饮暴食，以此吸引网友眼球。在直播间中，曾上演过女主播一分钟吞咽50多个 饺子、20分钟内吃下30个毛鸡蛋的场面。 图源：快手截图 而为推销其带货的"仁和左旋肉碱"减肥药，暴食之后，女主播们通常会一次性吃下几粒减肥药，然后露出腹部，展示自己皮包骨的身材；主播阿浩在旁边推 销减肥产品，声称其团队女主播都是通过服用该产品保持身材。夸张的是，女主播会拿自己和家人发誓赌咒，以证明产品的真实性。 文 | 趣解商业，作者 | 张语格，编辑 | 趣解商业消费组 图源：快手截图 暴饮暴食推销产品的同时，直播间还存 ...

文 | 半导体产业纵横，作者 | 方圆 面对摩尔定律逼近物理极限的全球性挑战，具有单个原子层厚度的二维半导体是目前国际公认的破局关 键，科学家们一直在探索如何将二维半导体材料应用于集成电路中。 十多年来，国际学术界与产业界已掌握晶圆级二维材料生长技术，成功制造出拥有数百个原子长度、若 干个原子厚度的高性能基础器件。但是在复旦团队取得新突破之前，国际上最高的二维半导体数字电路 集成度仅为115个晶体管，由奥地利维也纳工业大学团队在2017年实现。 核心难题在于，要将这些原子级精密元件组装成完整的集成电路系统，依旧受制于工艺精度与规模匀性 的协同良率控制。2025年4月2日，"科学探索奖"信息电子领域获奖人、复旦大学微电子学院周鹏与复旦 大学包文中联合团队，在Nature发表题为"A RISC-V 32-Bit Microprocessor Based on Two-dimensional Semiconductors"（基于二维半导体的RISC-V 32比特微处理器）的研究论文。 该团队突破二维半导体电子学集成度瓶颈，成功研制全球首款基于二维半导体材料（二硫化钼MoS2） 的32位RISC-V架构微处理器"无极 ...

Company Performance - Tianyi Co., Ltd. reported its first loss after seven years of being listed, with a revenue of 1.767 billion yuan in 2024, a decrease of 30.81% year-on-year [2] - The net profit attributable to shareholders was -26.43 million yuan, a decline of 126.24% compared to the previous year [2] - In Q1 2024, the company achieved a revenue of 331 million yuan, with a net profit of -23.27 million yuan, representing a year-on-year decline of 38.55% and 226.79% respectively [2] Product and Market Analysis - The company focuses on the optical and mobile communication industries, providing products and services to domestic telecom operators [3] - Despite a generally high industry outlook, Tianyi Co., Ltd. faced intense competition, leading to a decline in product prices and overall gross margins [4] - The production and sales of broadband network terminal devices fell to 10.82 million and 12.58 million units respectively, down 29.45% and 28.79% year-on-year, with revenue from this segment dropping by 31.70% to 1.627 billion yuan [4] Research and Development - R&D investment decreased by 21.49% to 101 million yuan in 2024, accounting for 5.74% of revenue [7] - The number of R&D personnel reduced by 25.44% to 296, representing 15.67% of total employees [7] - Overall employee count decreased from 2,185 in 2023 to 1,889 in 2024 [7] Compensation and Shareholding - Executive compensation saw significant reductions, with the chairman's salary dropping from 707,000 yuan in 2023 to 432,000 yuan in 2024 [8] - Independent directors' compensation was also halved from 100,000 yuan to 47,800 yuan [8] - Executives and major shareholders engaged in share sell-offs, with several completing a round of share reductions in early 2024 [9]

Policy - The National Development and Reform Commission and the National Energy Administration of China issued the "Implementation Plan for the New Generation of Coal Power Upgrade Special Action (2025-2027)", aiming to upgrade existing coal power units and establish new ones with rapid load adjustment capabilities by 2027 [2] - The Ministry of Ecology and Environment of China announced the annual development of a list of key emission units for the national carbon emissions trading market, targeting industries like power generation, steel, cement, and aluminum smelting with direct emissions of 26,000 tons of CO2 equivalent [3] Events - Major players in the Chinese photovoltaic industry, including CATL and Sungrow, held a closed-door meeting to discuss preventing "involution" or excessive competition in the inverter and energy storage sectors, following previous initiatives to promote healthy industry development [6] - Tesla's Shanghai Gigafactory commenced the bulk export of the refreshed Model Y to international markets, with nearly 3,500 electric vehicles shipped, marking the first large-scale export of this model [7] International Developments - The U.S. Department of Energy is considering cutting nearly $10 billion in clean energy funding, which may halt funding for projects related to hydrogen, carbon capture, and energy storage, potentially leading to significant job losses [4] - The Trump administration granted exemptions to 66 coal-fired power plants from regulations on mercury and toxic air pollutants, aiming to circumvent stricter environmental standards set by the Biden administration [5] - Vietnam's government approved a revised power development plan aiming to significantly increase wind and solar power capacity, with a target to cease coal-fired power generation by 2050 [6]

Core Viewpoint - The performance of Shaanxi Black Cat in 2024 reflects a significant decline in revenue and profit, aligning with the overall downturn in the coking industry, driven by weak demand from the construction and real estate sectors [2][3]. Company Performance - Shaanxi Black Cat reported a total revenue of 14.58 billion yuan in 2024, a year-on-year decrease of 21.58%, and a net loss attributable to shareholders of 1.158 billion yuan [2]. - The company’s strategic execution and cost control during the industry downturn are critical for assessing its future potential [2]. Industry Background - The coal, coke, and steel market faced a weak operational year in 2024, with a lack of effective price support and a loose supply-demand balance for coke [3][4]. - Since the fourth quarter of 2024, coke prices have been on a downward trend, with a total decline of nearly 500 yuan per ton by April 2025 [3]. Supply and Demand Metrics - The average price of Hebei premium first-grade coke decreased from 2,264 yuan per ton in 2023 to 1,898 yuan per ton in 2024, a drop of 16.2% [4]. - Coke production capacity increased by 1.95% to 678 million tons, while production volume slightly decreased by 1-3% to 48.767 million tons [4]. - The social inventory of coke rose by 12.7% to 966.6 thousand tons, indicating a supply surplus [4]. Strategic Initiatives - Shaanxi Black Cat is focusing on optimizing production loads and coal blending ratios to reduce costs, while also enhancing operational management and safety measures [6][8]. - The company has completed upgrades to its coking processes, which are expected to lower raw material costs and improve efficiency [7]. - Ongoing projects in Inner Mongolia and Xinjiang are progressing, with a new LNG project expected to stabilize profits upon completion [7]. Long-term Perspective - The current losses reflect cyclical fluctuations in the coking industry, but the company's strategic positioning and resource utilization may provide a unique economic advantage [9]. - Shaanxi Black Cat has invested approximately 1.08 billion yuan in dry quenching projects, enhancing its core competitiveness and sustainable development capabilities [9]. - The company's major shareholder has increased their stake by acquiring 32.79 million shares, signaling confidence in the company's long-term value [9]. Conclusion - Balancing short-term challenges with long-term value creation will be crucial for Shaanxi Black Cat and the coking industry, as investments in capacity expansion and cost management may lay the groundwork for future recovery [10].

Domestic News - Huqin Technology responded to NVIDIA's H20 trade restrictions, stating that the company has made sufficient preparations for uncertainties and that business operations are proceeding normally [2] - WeChat Pay partnered with international payment giant Stripe to accelerate internationalization, enabling businesses in 20 countries to seamlessly integrate WeChat Pay for online and offline transactions [3] - The National Supercomputing Internet Platform launched a long-text multimodal model to assist in AI agent development [4] - Keling AI released version 2.0 of its base model, allowing the generation of videos using "text + images + videos," significantly enhancing its capabilities [5] - Xiaogoods City signed a strategic cooperation agreement with Alibaba Cloud to build a digital trade system integrating AI and cloud computing [7] - Zhixiang Future announced the open-source of its image generation model HiDream-I1, which has achieved top rankings in image quality and semantic understanding [8] - Yuanfudao Group launched "Xiaoyuan AI," an intelligent teaching solution based on its self-developed models [9] - Shanghai Metro officially opened 5G public signals across its entire network, covering 21 lines and 896 kilometers [10] - Alipay launched the first domestic "Payment MCP Server," allowing AI developers to integrate payment services using natural language [11] - ByteDance's Seedream 3.0 model has matched the performance of the leading image generation model GPT-4o, entering the global top tier [12] Corporate Developments - ADM responded to rumors of closing its trade business in China, clarifying that adjustments only affect a small part of its operations [13] - China General Nuclear Power Corporation established a new manufacturing technology company focusing on smart robotics [15] - Tencent Cloud announced the establishment of a new availability zone in Osaka, Japan, expanding its global service network [21] - Figma submitted documents for a potential IPO to the U.S. SEC, with details on share quantity and pricing yet to be determined [28] - Hugging Face acquired Pollen Robotics to enter the physical robotics sector, marking its largest personnel acquisition to date [30] - JD Cloud Computing increased its registered capital by 60% to 800 million RMB [31] - Dongyi Technology completed over 100 million RMB in angel financing to advance its humanoid robot technology [32] Policies & Trends - Xi Jinping emphasized the need for China and Malaysia to deepen cooperation in AI, digital economy, and green economy [33] - Nanjing announced that all primary and secondary schools will offer AI courses by 2025 [34] - The Ministry of Education and nine other departments released opinions to accelerate digitalization in education, including promoting international cooperation [36] - Tianjin aims for AI core enterprises to achieve over 100 billion RMB in revenue by 2027 [39] - Shanghai Xuhui District launched six AI governance scenarios, collaborating with ten companies to enhance urban management [40] - The Ministry of Industry and Information Technology (MIIT) announced plans to promote the integration of AI and industrial internet [46] - MIIT reported that as of March 2023, China has built and opened 4.395 million 5G base stations [49]

二代哈弗枭龙MAX 在"冰箱彩电大沙发"成为智能电车秀场里的主流的时候，越来越多消费者开始感到困惑——造车这件 事，到底该不该回归常识？就在这样的背景下，二代哈弗枭龙MAX低调地登场了。 近日，二代哈弗枭龙MAX正式上市，官方指导价13.18-16.98万元，一款定位10-15万级主流家用SUV市 场、全系标配Hi4电混四驱、强调实用智能与驾控安全的新能源产品。 它既不是走高性能路线的猛兽型选手，也没有华丽的视觉噱头，而是一次理性之作。 Hi4系统"反向虚标"？四驱技术不再是装饰品 二代哈弗枭龙MAX最大的底牌，是全系标配第二代Hi4智能电混四驱系统。 不拼激光雷达，驾驶辅助重在实用 在高阶智驾进入"军备竞赛"的今天，哈弗并没有选择"激光雷达+Orin X"的重装路线，而是以视觉感知 为核心，提升家庭用户真正用得上的体验。 搭载的Coffee Pilot Plus系统，通过"惯导+800万像素双目视觉"组合，覆盖城市通勤、复杂交叉口识别、 曲率弯道识别等场景。虽然没有激光雷达"毫厘必争"的精度，但也在"能实现、能落地、能承受"之间找 到了技术平衡点。 此外还支持跨层泊车、自动识别车位、自动驻车等功能——对于" ...

智己汽车联席CEO刘涛 对于智己汽车来说，高端定位从来不是问题，但卖不好车绝对是大问题。 这家顶着上汽集团"一号工程"和"技术担当"光环的新势力品牌，似乎一直缺少一款真正意义上的销 量"爆款"。4月18日晚，在上海世博创意秀场，智己L6正式亮相，配置一口气堆满，价格一举下探至 21.99万元起，看起来像是智己终于向市场低头的一次"诚意之作"。 这次，智己的确很有诚意，干脆把能给的全给了：智能防晒天幕、贝果舒压座椅、满血版Momenta智 驾、高通骁龙8295芯片、灵蜥数字底盘2.0……你想要的、甚至没想过要的配置都已经提前为你准备好 了。用智己汽车CMO李微萌的话说："预售价已经突破了我的心理预期，非常给力。" 但问题来了，配置拉满的智己L6能否真正打开销量缺口？作为上汽集团寄予厚望的高端新能源品牌， 智己目前还没有实现真正意义上的规模化，甚至不得不将未来规模扩张的希望押注于尚未推出的增程车 型。在竞争对手已经大面积铺开的新能源战场，这种困境显得尤为急迫和尖锐。 智己L6，或许正是品牌的一次关键赌注。 配置的"天花板"，真的能换来销量吗？ 智己L6此次最大的卖点，就是以极高的配置，全面瞄准年轻都市精致人群的细 ...

Group 1 - The U.S. government has imposed export controls on NVIDIA's H20 chip, requiring licenses for sales to China, which indicates a significant tightening of trade regulations in the AI chip sector [2][6] - NVIDIA's CEO Jensen Huang visited China again, expressing a desire to continue collaboration, highlighting the impact of these export restrictions on the industry [1][2] - The restrictions on H20 and similar AI chips from AMD and Intel create a substantial opportunity for domestic Chinese AI chip manufacturers to capture market share previously held by NVIDIA [6][14] Group 2 - Huawei's Ascend 910C chip is currently the most prominent domestic alternative, with its latest generation products being integral to China's AI infrastructure [7][14] - The Ascend 910C chip achieves a computing power of 800 TFLOP/s (FP16) and a memory bandwidth of 3.2 TB/s, which is approximately 80% of NVIDIA's H100 performance [7][10] - Despite its advantages, the Ascend 910C faces challenges such as increased power consumption and potential interconnect bottlenecks, which could hinder its efficiency in large-scale AI training tasks [9][11] Group 3 - The production of the Ascend 910C chip relies heavily on TSMC for manufacturing, as domestic foundries like SMIC struggle with yield rates and production capacity [12][13] - The supply chain for critical components, such as HBM memory, is also a concern, as it involves complex logistics and potential legal issues [13][14] - A diverse ecosystem of domestic AI chip companies, including Alibaba, Baidu, and Tencent, is essential for reducing risks and ensuring stability in the AI chip market [14][15] Group 4 - Companies like Cambrian and Moore Threads are emerging as significant players in the AI chip market, with innovative designs and capabilities that can compete with NVIDIA's offerings [15][16] - The development of a unified software platform by Moore Threads aims to facilitate the transition for users from NVIDIA's CUDA to their own architecture, enhancing user experience and performance [16] - The collaboration among various domestic firms is crucial for building a resilient and self-sufficient AI chip ecosystem in China, moving away from reliance on uncertain supply chains [17]