虽然外卖大战打得风生水起，但是餐饮企业却开始感觉到有些苦不堪言。 7月14日餐饮连锁品牌嘉和一品创始人刘京京在微博发文，控诉因平台补贴乱象而带来的经营困境。 "各平台都是百亿补贴开战，但其实最受伤的是商家。顾客享受到的各种满减、补贴，每10元，平台只 出3元商家要补7元!大头都是商家出的。"她在微博中表示，"餐厅堂食面临三道生死关，因公限酒减少 了客流;被团购、直播薅了一道羊毛;又被外卖平台一天抢走两三亿的客流，还能剩下多少人会去堂食吃 饭?" 7月以来，平台发起0元购，还有很多"满25减21"、满16减16"等无门槛的外卖券。在这样的流量攻势 下，刘京京认为，"上千万的商家，都沦为了外卖的加工厂，变成三巨头混战的子弹。这完全是与堂食 的不公平竞争!当顾客习惯了低于成本价用餐，0元配送费，到餐厅吃饭的人只会越来越少!而当有底 线，有品质的餐厅都倒闭了，顾客还能吃到安全的饭菜吗?" 据媒体报道，当外卖大战进入到7月12日，整个市场总量从年初的日均 1 亿单翻倍至单日规模约2.5亿 单，比上一周多出 3000 万单，主要增量在美团，达到 1.5 亿单，淘宝闪购 8000 万单，京东 1000 多万 单。 而在数千 ...

"现在市场没有那么多需求了，大家该换的已经换了，价格刺激也有上限。"一名华为授权店员工对作者 说道。 从前年年底开始，全球手机市场在触底后迎来了反弹，实现连续多季度的增长。其中，中国市场在国补 政策的刺激下，今年以来涨势较为不错。但是，就像开头华为授权店员工说得那样，这一轮的上涨是跌 入谷底的顺涨，国补的刺激也渐显疲态。"Mate系列还比较坚挺，但刚发布的Pura80系列我们已经开始 降价了。" 根据IDC最新发布的调研数据显示，今年第二季度，全球手机市场出货量达到2.952亿部，同比增长 1%，增速低于上一季度。而Canalys（现并入Omdia）给出的数据则更为惨淡，第二季度全球智能手机 市场同比下滑1%，是连续六个季度以来的首次下跌。 "这是预料中的结果，之前的回暖只是需求的前置。"某手机行业分析师对作者表示，在他看来，今年整 体的手机大盘也并不会很乐观。 美国忙囤货，中国加速清库存 "好时代已经过去。"在此前的一次交流中，小米的市场人员无奈对作者说道。从近两三年全球手机市场 的表现来看，成熟市场几乎饱和，在没有革命性创新的情况下，很难去激发市场的换机欲望。 需要指出的是，由于不同机构统计的口径和方式略 ...

Group 1 - The first humanoid robot sports science joint laboratory has been established in Beijing Yizhuang through a strategic partnership between Beijing Humanoid Robot Innovation Center and Li Ning (China) Sports Goods Co., Ltd [2] - The humanoid robot industry in China is projected to reach a market size of 5.3 billion by 2025 and 38.7 billion by 2028, indicating significant growth potential [2] - The commercialization of humanoid robots is progressing, with multiple manufacturers launching mass production versions and some products already being utilized in factories, highlighting a trend towards practical applications [2] Group 2 - The 13th meeting of the China-Korea Joint Coordination Committee on nuclear fusion was held in Hefei, aiming to enhance cooperation in magnetic confinement nuclear fusion and advance the ITER project [3] - Continuous technological breakthroughs and policy implementations are expected to accelerate the engineering and commercialization processes of nuclear fusion technology, presenting investment opportunities across the entire nuclear fusion industry chain [3] Group 3 - Meta is set to invest several hundred billion dollars in artificial intelligence, with expectations to become the first to launch a 1GW+ supercluster laboratory [4] - The capital expenditure in AI data centers (AIDC) is primarily focused on power supply systems, which account for 69% of the value, followed by cooling systems at 18%, indicating a significant investment focus in these areas [4] Group 4 - CATL's subsidiary, CATL Intelligent, has signed a strategic cooperation agreement with T3 Mobility to jointly promote the development of Robotaxi based on CATL's Rock Solid skateboard chassis platform [5] - The skateboard chassis allows for high integration of modules including power, braking, steering, thermal management, and autonomous driving, which can significantly reduce development costs for automotive companies by 60%-70% [6] - CATL's position as a leading battery manufacturer, combined with its extensive downstream customer base, is expected to accelerate the penetration of CTC chassis in the market [6]

【钛媒体综合】7月15日，中国上半年经济"成绩单"出炉。国家统计局副局长盛来运在发布会上表示， 上半年一个很突出的特点就是经济运行"稳"。增长稳中略升，上半年GDP同比增长5.3%，增速比去年同 期和全年均提升0.3个百分点。调查失业率总体平稳，今年以来，月度调查失业率基本在5.0%—5.4%区 间波动。物价低位运行，基本平稳。国际收支基本平衡，货物贸易进出口创同期新高，外汇储备维持在 3.2万亿美元以上。从以上四大宏观指标看，经济运行"稳"的主基调没有变。 上半年"三驾马车"（最终消费支出、资本形成总额、货物和服务净出口）的贡献率分别是：最终消费支 出对经济增长贡献率52%，资本形成总额贡献率16.8%，货物和服务净出口贡献率31.2%。"从这几个数 据可以看到，内需尤其是消费是促进GDP增长的主动力。"盛来运称，上半年的影响因素、消费态势在 下半年会持续。消费政策会继续加力，相关政策已经在陆续出台。"对下半年的消费，我们仍然充满乐 观预期。" 对于房地产市场运行，盛来运指出，上半年房地产虽然有所波动，但总体上还朝着止跌回稳的方向迈 进。从政策效果看，主要表现在三个方面：第一，市场交易量有所改善，商品房销售 ...

7月14日，日发精机发布公告，预计2025年上半年归母净利润亏损2.23亿元-3.33亿元，同比亏损增加 855.45%-1323.55%。由于两家海外子公司一家被银团接管、一家启动破产保护，这家昔日工业母机龙头 的海外版图正在崩塌。 巨亏背后，是高溢价并购埋下的商誉地雷持续引爆。从业绩承诺爽约到股东对簿公堂，再到如今资产失 控，日发精机跨界扩张的美梦终成难以挣脱的枷锁。 继大股东被立案、海外资产失控后，日发精机（002520.SZ）再爆业绩大雷。 资料显示，日发精机前身为浙江新昌日发精密机械有限公司，2000年由日发集团和吴捷等6位自然人采 用整体变更方式设立股份有限公司，并于2010年登陆深交所。目前，日发精机主要从事数字化智能机床 及产线、航空航天智能装备及产线、智能制造生产管理系统软件的研制及服务和飞机租售等运营服务。 受海外资产爆雷、大幅计提商誉减值等影响，日发精机自2022年以来延续营收下滑、净利亏损势头。其 中2024年，公司实现营收18.04亿元，同比下降13.4%，净利润亏损6.75亿元；最近三年，日发精机累计 亏损约31.08亿元。 溢价并购后遗症频发 海外资产接连爆雷 此次业绩亏损源于两 ...

文 | 钛资本研究院 AI技术的出现带来了诸多机遇，尤其是在生物科学领域，其应用历史已较为悠久。从阿尔法狗击败李 世石引发视频识别热潮，到阿尔法折叠破解蛋白质结构，再到2022年ChatGPT和DeepSeek的发展，AI被 广泛视为提升效率的工具。然而，其在生物科学领域的应用更为深远，尤其是在推动人类健康和长寿方 面。 最近，钛资本邀请华大创新CEO刘靓博士进行分享，他是中欧国际工商学院高级工商管理硕士、麻省理 工学院（MIT）工学博士及博士后研究员，兼具顶尖学术背景与15年科技产业实战经验，在MIT领导智 慧城市科研项目（总额5000万美元），归国后主导常州高新区180亿产值园区运营并发起35亿元投资基 金，参股新浪微博基金；曾任上海国盛集团投资总监，操盘多家上市公司资本运作。创业领域覆盖华大 集团双创平台"蓝色彩虹"、风险投资基金"奇迹之光"及宠物板块。现任南山政协委员、福布斯专栏作 家，以"科技产业化先锋"身份持续推动创新与投资融合。主题是：量化生命，长寿科技+AI助力百岁时 代。主持人是钛资本董事总经理方昕，她是浙江大学经济学博士，公众号"芳博士"原创作者，主管政 府、企业生态圈合作业务，同时专注生 ...

Core Viewpoint - OpenAI remains the leading AI startup globally but faces intense pressure from tech giants and uncertainty from Chinese tech companies, making it challenging to replicate the success of ChatGPT [1][31]. Group 1: Talent Acquisition and Competition - Elon Musk's xAI company has a significant presence of Chinese engineers, with nearly half of its founding team being Chinese, highlighting the growing influence of Chinese talent in the AI sector [2][4][10]. - Meta's aggressive talent acquisition strategy includes offering substantial compensation packages, with reports of a $300 million total compensation plan for top AI talent, including a $100 million first-year salary [5][6][10]. - OpenAI has experienced a significant talent drain, with at least eight core researchers leaving for Meta, indicating a shift in the competitive landscape [11][14]. Group 2: Internal Management Issues at OpenAI - OpenAI has faced internal turmoil, including a boardroom coup that temporarily ousted CEO Sam Altman, leading to employee unrest and a mass resignation threat [18][19][20]. - The company has struggled with management challenges, as evidenced by the turnover of key leadership positions, with only three of the original 13 founders remaining [22]. - OpenAI's shift from a non-profit to a profit-driven entity has created tension between its original ideals and the demands of the competitive market [23][24]. Group 3: Market Dynamics and Challenges - The emergence of open-source models like DeepSeek has intensified competition, challenging OpenAI's previously held market advantages [25][26]. - OpenAI's financial strategies, including significant stock-based compensation, have raised concerns about sustainability and investor returns, as compensation exceeded annual revenue [30]. - The ongoing battle for talent among major tech firms, including Google and Chinese companies, poses a significant threat to OpenAI's future prospects [27][28][29].

Core Insights - The article highlights the strategic transition of domestic terminals from key industries to full-scene applications, emphasizing the evolution of product safety, performance, and ecosystem [1] - Major manufacturers like Lenovo, Unisoc, and ZTE have launched over ten new Haiguang C86 terminal products, marking a significant step towards comprehensive domestic terminal application [1] Group 1: Security and Dependence - The "security foundation" is identified as a critical necessity, especially following Intel's security vulnerabilities that exposed risks associated with non-domestic chips [2][3] - The reliance on the Wintel architecture poses potential security threats, making information security a top priority in the domestic terminal market [3] Group 2: Application and Performance Challenges - The domestic terminal market faces challenges in applying products across various industries, necessitating a focus on real-world application scenarios [4] - Mobile office environments demand high performance and efficiency, which current domestic chips struggle to meet due to limitations in technology and ecosystem compatibility [5] Group 3: Strategic Development and Collaboration - The consensus in the industry is that the full-scene application capability of domestic terminals must be built on a foundation of core hardware security, performance upgrades, and ecosystem collaboration [6] - Companies are focusing on partnerships to leverage the latest hardware performance while adhering to national cybersecurity requirements [6][7] Group 4: Haiguang C86 Processor Innovations - The new Haiguang C86 processors have shown significant performance improvements, with single-core performance up by 62% and multi-core performance by over 135% compared to previous generations [9] - The C86 processors also integrate advanced security features without compromising performance, addressing the "impossible triangle" of performance, security, and cost [9][10] Group 5: Ecosystem Expansion - The C86 ecosystem is expanding rapidly, with over 5,000 partners collaborating on technology development and market expansion [10] - The "Xinghai Plan" aims to enhance cooperation among ecosystem partners, supporting a comprehensive approach to the full-scene terminal market [10]

Core Insights - The concept of "low-altitude economy" has gained recognition and is becoming a new engine for economic growth, supported by various industries and government policies [2][4] - The rapid development of the aerospace information industry in China has transitioned from following to leading in certain areas, driven by supportive policies [2][4] - The collaboration between Zhongke Xingtu and Zhongke Shuguang aims to innovate and develop advanced computing technologies in the space sector [2][6] Industry Development - The low-altitude economy is recognized as a strategic emerging industry for high-quality national development, with significant market demand and economic potential despite existing challenges [4][5] - The implementation of regulations and plans, such as the "Interim Regulations on the Flight Management of Unmanned Aerial Vehicles" and the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)," is expected to bolster the low-altitude economy [4][5] - The aerospace information technology sector, including commercial space and low-altitude economy, is projected to become a trillion-dollar industry [4][5] Technological Innovation - The shift from "ground-based computing" to "space-based computing" is essential for processing the increasing data generated in aerospace applications [6][8] - The establishment of a "space computing network" will enhance global internet connectivity and support various applications such as remote work and digital education [8][9] - The collaboration between Zhongke Xingtu and Zhongke Shuguang focuses on developing space computing technologies and addressing challenges related to cost and environmental conditions in space [6][9]

Core Viewpoint - The performance of photovoltaic material companies in the first half of 2025 is deteriorating, with significant losses reported across the sector, indicating that the industry is struggling to recover on its own [1][6][11]. Financial Performance Summary - A total of 24 photovoltaic companies have released their mid-year performance forecasts, with 13 out of 14 major material companies reporting losses [6][11]. - Notable losses include: - Tongwei Co., Ltd.: Expected loss of 4.9 billion to 5.2 billion CNY [1] - TCL Zhonghuan: Expected loss of 4 billion to 4.5 billion CNY [1] - JA Solar: Loss doubled compared to the previous year, with no improvement from the first quarter [9] - Longi Green Energy: Significant reduction in losses year-on-year, but no improvement from the first quarter [9] - Aiko Solar: Achieved profitability in the second quarter, attributed to innovative product offerings and market segmentation [9][10]. Industry Challenges - The photovoltaic industry is facing severe challenges, with increasing competition and financial pressures leading to widespread losses [11][12]. - The industry is characterized by high leverage, particularly among leading companies, making recovery difficult [11]. - The government is urged to implement measures to reduce excess capacity and enforce strict standards to prevent further deterioration of the industry [12][13]. Recommendations for Recovery - Suggestions include reducing polysilicon production capacity by half and halting expansions across all photovoltaic capacities [12][13]. - Establishing a unified standard system for product quality, energy consumption, and carbon emissions is essential to avoid quality issues in the future [13].