图 向日葵曾在光伏领域深耕多年，自2019年主导医药转型后，实控人吴建龙频繁推动跨界投资，致使公司 业务重心趋于分散。细数其来时路，多少带点"追热点"的投机属性——很难说是基于长期产业逻辑进行 的战略布局，更像是对行业周期红利的短期追逐。 2019年6月，向日葵以3.55亿元现金收购贝得药业60%股权，跨界切入当时大热的医药赛道；又在同年 12月通过资产重组出售向日光电100%股权及聚辉新能源100%股权，剥离原有亏损的光伏相关业务，完 成从光伏向医药大健康行业的切换，聚焦抗感染、抗高血压等药物的研发、生产和销售。 片由AI生成 一家在光伏、医药之间来回摇摆的老将，如今再次试图借半导体材料突围。 9月7日晚间，深交所创业板公司向日葵公告显示，正在筹划以发行股份及/或支付现金的方式收购半导 体材料公司兮璞材料控股权，以及控股子公司贝得药业剩余40%股权。交易预计构成重大资产重组但不 改变实控人，股票自9月8日起停牌，10个交易日内将披露完整方案。 停牌前最后一个交易日（9月5日），向日葵股价已提前躁动，截至当日收盘涨幅达11.96%，总市值攀 升至64亿元；8月29日公司股价也曾异动，当日收涨15.83%，同样 ...

Core Viewpoint - Yihuatong (688339.SH), known as the "first hydrogen stock," has suspended its efforts to expand upstream in the hydrogen energy industry, marking a significant setback in its strategic plans [1][2]. Group 1: Company Performance - Yihuatong has reported continuous losses since its listing in 2020, with cumulative losses exceeding 1 billion yuan over five years [1][8]. - In the first half of 2025, the company experienced a 53.25% year-on-year decline in revenue, with a net loss of 163 million yuan [2][9]. - The company's cautious marketing strategy, influenced by its current liquidity situation, has led to a reduction in product sales volume [9]. Group 2: Termination of Acquisition Plans - The company announced the termination of its plan to acquire 100% of Dingzhou Xuyang Hydrogen Energy Co., which was intended to enhance its position in the hydrogen energy supply chain [1][3]. - The acquisition was expected to involve raising up to 550 million yuan for transaction-related expenses and project development, but the deal was halted due to a lack of consensus among transaction parties [6][7]. - The financial performance of Dingzhou Xuyang Hydrogen Energy was projected to decline significantly, with net profit expected to drop over 60% from 59.03 million yuan in 2023 to 23.13 million yuan in 2024 [4][6]. Group 3: Industry Challenges - The hydrogen fuel cell market is facing a contraction in demand, contributing to Yihuatong's struggles [2][10]. - The domestic market for high-purity hydrogen is experiencing oversupply, leading to downward pressure on prices [4][6]. - The synthetic ammonia market is also underperforming, with prices hitting new lows, reflecting a broader trend of weak market conditions [6][10]. Group 4: Research and Development Setbacks - The company has reduced its R&D expenses by 66.01% in the first half of 2025, resulting in a significant decrease in the number of research personnel [9]. - The termination of the "Fuel Cell Comprehensive Testing and Evaluation Center Project," which was supposed to receive 150 million yuan in funding, further highlights the company's operational challenges [7][9].

在零售行业竞争加剧、消费者注意力高度分散的当下，优衣库却保持了很高的市场关注和讨论度。从宣 布影后Cate Blanchett担任全球代言人，在小红书掀起破万赞讨论；到中国影后张曼玉入驻社交平台，多 件优衣库单品迅速售罄；再到携手泡泡玛特推出THE MONSTERS联名系列，LABUBU等IP产品一经上 线即刻引爆社交媒体，优衣库的热度持续攀升。 在这些声量事件之后，优衣库又落下一枚更具战略意味的"重子"——与京东达成全新合作。用户在"优 衣库UNIQLO京东小程序"可以方便地选购优衣库全品类服饰，同时，优衣库订单将接入京东物流，实 现兼具时效和贴心的配送服务。 "满足顾客需求并创造顾客"，这是优衣库一贯坚持的经营理念。此次与京东的合作正是基于这一逻辑， 意在为消费者带来更丰富和便捷的购物渠道与体验。据悉，双方还将在9月11日到9月12日联合举办"超 级品牌日"活动，以进一步放大合作声量。 一直以来，优衣库的电商战略被定义为"EC=Marketing"。这意味着电子商务不仅是销售渠道，更是品牌 理念"LifeWear服适人生"的承载方式。通过电商，优衣库不断精进消费者运营，把线上与线下的触点打 通，持续提升整 ...

在2025年慕尼黑国际车展上，零跑汽车发布了全新战略车型——零跑Lafa5。与以往明显不同的是， Lafa5并未沿用零跑已有的B系列或C系列命名体系，而是开辟了一个全新产品序列。官方将其核心定位 概括为"个性"，这一表述背后，意味着零跑正在尝试跳出以往强调"极致性价比"的路线，转向更高阶的 品牌塑造与价值表达。 （本文首发于钛媒体App） "Lafa"一词被拆解为四大核心价值：Lifestyle（生活方式）、Attitude（个性态度）、Freedom（自由掌 控）和Art（潮流审美），明确指向Z世代消费者注重体验、渴望认同、追求审美与自由的心理需求。 与零跑此前被部分市场称为"理想平替"的B10不同，Lafa5没有选择保守的"跟随策略"，而是在形态、线 条和细节处理上强烈传递出零跑自身的设计主张。 Lafa5的发布并非偶然。随着零跑成为国内第二家盈利的新势力品牌，以及通过Stellantis合作快速拓展 全球渠道，其品牌战略已从"生存与扩张"逐步升级为"价值与认同"。推出Lafa5这种明显更注重设计表 达、情感连结和风格差异化的产品，正是这一背景下的关键落子。它不再只是一台强调"花小钱办大 事"的功能型产品 ...

9月7日晚，*ST步森公告称，筹划拟以现金方式向南通二纺机有限公司（以下简称南通二纺机）出售陕 西步森服饰智造有限公司（以下简称陕西步森）35%的股权。交易完成后，公司将不再持有陕西步森任 何股权。 在连亏三年、披星戴帽背景下，上半年经营再度恶化无疑让*ST步森保壳压力陡增。此番割肉或可为公 司回笼资金，但若想彻底摆脱退市风险，还需持续经营能力的恢复。 值得一提的是，早在今年7月宝鸡国资入主后的首届董事会换届前后，市场曾流出"西凤酒借壳"传闻， 但相关消息被公司方面否认。 断臂求生 根据公告，本次交易定价暂未出炉，标的资产的交易价格最终以具有证券期货相关业务资格的评估机构 对标的资产出具的评估报告为基础。本次交易预计构成重大资产重组。 *ST步森表示，本次交易是基于公司未来发展的安排，有利于公司进一步聚焦主业、改善流动性、优化 资产结构，集中资源进一步聚焦发展公司自有服装服饰等核心业务，以增强公司的核心竞争力。 陕西步森设立于2021年，位于陕西省宝鸡市，目前由陕西中匠文化产业发展有限公司持股65%，其主营 业务是服装的设计、生产、销售，具体业务模式为自营服装的制造、批发、零售，以及为行业客户提供 来料加工服 ...

Policy - The Ministry of Industry and Information Technology and the State Administration for Market Regulation released an action plan to promote high-quality development in the photovoltaic and lithium battery industries, aiming for an average growth rate of 7% in the value added of the electronic information manufacturing industry from 2025 to 2026 [2] - The National Development and Reform Commission issued a draft rule for the electricity mid-to-long-term market, allowing independent energy storage to participate in trading as both a power generation entity and a power user [3] - The National Development and Reform Commission and the National Energy Administration published implementation opinions to promote the integration of artificial intelligence and energy, targeting the application of over five specialized large models in various energy sectors by 2027 [4] Industry Developments - China and Russia signed a memorandum for a natural gas project that will transport 50 billion cubic meters of gas annually to China over a 30-year contract period [5] - India announced a reduction in the Goods and Services Tax (GST) on solar photovoltaic products from 12% to 5%, effective September 22 [6] - Longi Green Energy has invested in a storage company and is reportedly planning to acquire part of the storage business to enhance the integration of solar and storage [7] - GCL-Poly Energy stated that the "storage and collection plan" for the photovoltaic silicon material industry is still uncertain, with no final documents available yet [8] - Weijing Energy was recognized as a national-level "little giant" enterprise in the new energy storage sector, highlighting its technological breakthroughs and market potential [9] Incidents - A fire occurred at the Parkfield solar project in California, caused by a Tesla-supplied lithium-ion battery system, but no injuries were reported [10] Future Projections - The China Nuclear Energy Association predicts that by 2030, the operational installed capacity of nuclear power in China will reach 110 million kilowatts, potentially making it the largest in the world [11]

Regulatory Dynamics - The National Financial Regulatory Administration has revised the "Insurance Company Capital Guarantee Management Measures" for the first time in ten years, allowing all types of commercial banks to serve as deposit banks for capital guarantees, which previously had restrictions [2] - Former Vice President of China Construction Bank, Zhang Gengsheng, has been prosecuted for bribery and illegal loan issuance, leading to significant financial losses [3] Industry Dynamics - A total of 24 wealth management companies reported a combined net profit of 15.67 billion yuan for the first half of 2025, with many companies showing growth while some experienced declines [4] - The average monthly salary in the banking industry reached 30,200 yuan in the first half of 2025, with a trend of salary reductions among senior management [5][6] - Credit card loan balances for 15 listed banks decreased by 196.1 billion yuan, a decline of 2.52% compared to the beginning of the year, indicating a cooling in credit card business activity [6] - Industrial and Commercial Bank of China led the investment income rankings among banks, with several banks achieving over 20 billion yuan in investment income [7] Corporate Dynamics - Agricultural Bank of China has surpassed Industrial and Commercial Bank of China in total market capitalization, reaching approximately 2.55 trillion yuan [8] - Twelve executives from Suzhou Bank collectively invested at least 4.2 million yuan in the bank's shares [9] - Huaxia Bank accepted an administrative penalty of 87.25 million yuan due to non-compliance in loan and other business management [10] - Citibank China has responded to the termination of its UnionPay membership, stating that its corporate business remains unaffected [11] Financial Report Dynamics - Twenty-one consumer finance companies reported total assets of 1.25 trillion yuan and a significant disparity in net profits, with the highest and lowest differing by 500 times [12] - Waterdrop Inc. reported a net profit of 140 million yuan for Q2 2025, marking a 58.7% year-on-year increase [12] - Financial Technology's small loan division reported a net profit of 6.8 million yuan, a decline of 56.38% year-on-year [13] - Lakala's revenue and net profit both decreased in the first half of 2025, with revenue down 11.1% and net profit down 45.3% [14]

Core Viewpoint - The company, Qidian Lingzhi, has successfully completed several million yuan in angel financing and launched its first English AI companion robot aimed at children aged 3-8, which integrates companionship with natural language learning [2][15]. Company Overview - Qidian Lingzhi was co-founded by experienced professionals from the tech and education sectors, including Bao Ta, Xu Yifei, and Hu Chen, all of whom have strong backgrounds in AI, education, and market strategies [4][6][8]. Product Description - The English AI companion robot is designed to engage children in interactive play while naturally introducing English learning through conversation and games, adapting to the child's state and context [3][10]. - The product is not merely a toy or a traditional learning device but aims to be a "friend" that children can connect with emotionally [4][8]. Market Positioning - The company targets the low-age children's English education market, which aligns well with the capabilities of AI models, emphasizing diversity and fun over strict accuracy [4][16]. - The product aims to differentiate itself from existing AI toys and learning machines by combining AI, educational content, and a robot form that encourages sustained engagement [8][10]. Educational Logic - The educational approach is based on three principles: understanding children's non-verbal cues, personalized interaction based on individual language levels, and gradual encouragement to build confidence in speaking English [10][11]. Business Model - The current business model involves selling the robot as a paid hardware product, with plans to offer additional content as children grow [11][12]. - Positive feedback from parents indicates that children are engaging with the robot and using English in everyday situations, suggesting a successful integration of learning and play [13]. Team Structure - The team operates on three parallel lines: AI research and development, content and curriculum design, and hardware and supply chain management, ensuring a comprehensive approach to product development [7][8]. Market Opportunity - The market for low-age children's educational hardware is at a pivotal transition point, moving from basic functionality to intelligent interaction, with significant potential for growth in the AI-driven educational sector [16][17].

Core Viewpoint - The 2025 IFA in Berlin marks a significant moment for Chinese technology companies, particularly in the field of RGB-Mini LED technology, showcasing their advancements and competitive edge in the global market [1][3][9]. Group 1: Event Overview - The 2025 IFA is themed "Smart Living, Sustainable Future," focusing on AI, IoT, and green technology, with over 2,000 exhibitors and an expected attendance of 245,000 to 250,000 visitors [1]. - Chinese tech companies like Hisense, Lenovo, and DJI are prominently featured, with Hisense's innovations drawing significant attention [1][3]. Group 2: Hisense's Innovations - Hisense showcased the world's first mass-produced RGB-Mini LED TV and received nine awards at the 2025 IFA Innovation Awards, solidifying its leadership in display and smart living technologies [3][4]. - The U7S Pro, Hisense's high-end RGB-Mini LED TV, offers enhanced picture quality and immersive viewing experiences, supported by advanced AI and LED technologies [4][6][19]. Group 3: Technological Advancements - Hisense's AI picture quality chip, H7, boasts a 40% increase in CPU performance and a 70% improvement in scene perception capabilities, enabling precise color control [6][8]. - The RGB-Mini LED backlight chip addresses key challenges in efficiency, lifespan, and color accuracy, making Hisense the first brand to achieve mass production of this technology [8][9]. Group 4: Market Impact - Hisense's success in the European market is evident, with a 2.8-fold increase in sales of its high-end smart refrigerators and leading market positions in washing machines [10]. - The collaboration with FIFA as an official partner for the 2026 World Cup highlights Hisense's growing influence and commitment to enhancing global sports viewing experiences [12][13]. Group 5: Future Prospects - The entry of international brands like Samsung and Sony into the RGB-Mini LED space is expected to drive down costs and increase market adoption, further establishing RGB-Mini LED as a mainstream technology [9][21]. - Hisense's strategy emphasizes not only technological leadership but also making advanced technology accessible to a broader audience, reflecting a commitment to technological inclusivity [17][20].

清华大学、北京中关村学院、无问芯穹联合北大、伯克利等机构重磅开源RLinf，其为首个面向具身智能的"渲训推一体化"大规模强化学习框架。RLinf的系 统可以抽象为用户层（统一编程接口）、任务层（多后端集成方案）、执行层（灵活执行模式）、调度层（自动化调度）、通信层（自适应通信）和硬件层 （异构硬件）6大层级。相比其他框架的分离式执行模式，RLinf提出的混合式执行模式，在具身智能训练场景下实现了超120%的系统提速，VLA模型涨幅 40%-60%。同时，RLinf高度灵活、可扩展的设计使其可快速应用于其他任务，所训练的1.5B和7B数学推理大模型在AIME24、AIME25和GPQA-diamond数 据集上取得SOTA。 【产业互联网周报将整合本周最重要的企业级服务、云计算、大数据领域的前沿趋势、重磅政策及行研报告。】 9月1日起一批国标正式实施，事关人工智能生成合成内容标识等 国内资讯 美团正式发布并开源 LongCat-Flash-Chat 据"LongCat"官微消息，美团正式发布LongCat-Flash-Chat，并同步开源。LongCat-Flash采用创新性混合专家模型（Mixture-of- ...