来源丨凤凰网财经《IPO观察哨》 近日，智慧互通科技股份有限公司（以下简称"智慧互通"）向港交所递交招股书，计划成为港股"高精度AI第一股"。其股东背景星光熠熠，汇聚了小 米、蔚来、中金资本、高榕资本等知名企业。 其中，小米于2021年8月通过瀚星创业投资有限公司以897万元认缴出资额持有智慧互通4.21%股份，彼时距离小米官宣造车仅过去半年。 然而，这家备受瞩目的"AI交通独角兽"光鲜的背后，却隐藏着持续亏损、客户流失等多重隐忧。 01 三次折戟A股，转战港股求生 "为什么不让车自己找到车位？"智慧互通（AICT）的故事，始于创始人闫军一个朴素的疑问。 2015年，闫军在捕捉到城市停车难的巨大痛点后，创立了智慧互通。根据官网，短短数年间，智慧互通的业务已从北京中关村扩张至上海、广州、深 圳、天津等国内70多座城市，并且业务正在向包括东南亚、中东国家在内的海外市场扩展。闫军也被誉为"让停车场拥有智慧眼睛的人"。 （图源：招股书） 现年56岁的闫军担任智慧互通执行董事、董事会主席兼首席创新官，拥有29年人工智能行业经验，持有北京大学工商管理硕士学位及香港大学工商管 理博士学位。 智慧互通则专注高精度人工智能（H ...

还记得 12年前《Top Gear》是怎么评价中国车的吗？ 当时 Jeremy 和 James 在北京试驾了广汽传祺、荣威350、比亚迪F0等车型，评价是："样子还行，但开起来很糟糕。" 但他们也在节目结尾预言： "五年前中国人还只能造三轮车，现在他们已经能造出这样的车了。谁能想象五年后中国车会是什么样？" 如今回头再看，当年那些被调侃的 "山寨车"，早已蜕变为在海外市场"杀疯了"的中国燃油车军团。 若是 "三贱客"今天再来试驾，表情该有多精彩？ 从被嘲讽到被追赶，中国车只用了十年。而今天，在这个电动化呼声最高的时代，中国制造的燃油车，正在海外完成一场 "沉默的反击"。 01 猛猛出海 数据显示，自 2020年起，中国每出口四辆车，就有三辆是燃油车。 燃油车确实是在猛猛出海。 来自中国汽车工业协会数据， 2021年，中国汽车出口201.5万辆，其中又170.5万辆都是燃油车，占比达84.6%。 2022年汽车出口量为311.1万辆，燃油车同步增长到234.2，占比达78.2%。 但行业统计显示，奇瑞在燃油车出口方面表现尤为突出。媒体报道称，奇瑞 2025年1–11月整车出口达119.9万辆，其中新能源占比约三 ...

英国《金融时报》 周二报道，美国贸易代表贾米森·格里尔本周计划与印尼高层官员会谈，试图挽救两国间已濒临破裂的贸易框架协议。 格里尔将同印尼经济事务统筹部长艾尔朗加·哈塔托会谈，努力恢复7月达成的协议，该协议将美国对印尼商品的关税从威胁要征收的32%降至 19%，以换取一系列让步。 但据《金融时报》报道，美国官员现在认为雅加达正在违背此前达成的协议，拒绝消除美国工业和农产品出口以及数字贸易方面的非关税壁垒；双方 还因美国试图在协议中加入被印尼视为侵犯其经济主权的条款而产生冲突。 白宫和美国贸易代表办公室的代表周二晚间均未立即回应置评请求。 格里尔周二晚在国会听证会上表示，他预计未来几周将签署更多贸易协议，因为全球贸易伙伴正在等待最高法院裁定特朗普总统全面加征关税背后的 紧急授权是否合法。格里尔没有具体说明即将达成的贸易协议将涵盖哪些国家。 来源：国际财闻汇 【 热门视频推荐 】 点击在 看 持续关注↓↓↓ 根据7月宣布的协议，印尼宣布计划购买价值约190亿美元的美国产品，同意取消对美国进口商品的关税。印尼还同意取消一些产品准入要求，包括本 土化率要求，这些要求曾使美国产品在印尼的销售受阻。 美国总统唐纳德·特朗 ...

凤凰网财经讯 2025年12月10日，天眼查信息显示：中国平安人寿保险股份有限公司及平安资产管理有限责任公司起诉华夏幸福基业控股股份公司及"王 某"。据知情人士透露，"王某"即华夏幸福董事长王文学。 华夏幸福董事长王文学 根据开庭公告详情，本案案由为"申请确认仲裁协议效力"，上诉法院为上海金融法院，开庭日期为12月17日。 | 案号 | (2025) 沪74民特127号 | 案由 | 申请确认仲裁协议效力 | | --- | --- | --- | --- | | 原告 | 中国平安人寿保险股份有限公司、平安资产管理有限责任公司 | | | | 被告 | 王某、华夏幸福基业控股股份公司 | | | | 法院 | 上海金融法院 | 法庭 | 前程路第四法庭 | | 承办部门 | | 审判长/主审人 | 吴剑峰 | | 开庭日期 | 2025-12-17 14:00 | 排期日期 | | 2018- 2020年期间，平安方面通过股权、债权等形式，斥重金投资华夏幸福。2021年2月，华夏幸福债务危机爆发；同年9月，因原控股股东华夏控股所持 股份被强制处置，平安方面被动成为华夏幸福第一大股东。 值得一提的是，目前平安 ...

Core Viewpoint - The article discusses consumer complaints regarding the quality control of Procter & Gamble's (P&G) Always liquid sanitary napkins, particularly focusing on the misalignment of the absorbent core, which affects user experience and raises concerns about leakage [1][4][5]. Group 1: Product Quality Issues - Consumers have reported that the absorbent core of the Always liquid sanitary napkin is often misaligned, leading to dissatisfaction with the product's quality control [5][11]. - Many users have expressed their disappointment on social media, highlighting that the product has been consistently asymmetric since 2021, raising questions about the brand's quality assurance [5][11]. - Complaints about leakage have become common, with users associating the misalignment of the core with increased leakage risks during use [11][21]. Group 2: Pricing and Consumer Expectations - The Always liquid sanitary napkin is priced significantly higher than traditional options, with a price of 59.3 yuan for 36 pieces, making it over twice as expensive per piece compared to other brands [8][11]. - Due to the higher price point, consumers have elevated expectations regarding product performance, particularly in terms of leakage prevention and overall comfort [11][21]. Group 3: Market Performance and Challenges - P&G's feminine care segment, which includes Always, has faced challenges, with net sales declining by 4% to $4.755 billion and net profit down by 12% to $880 million [16]. - The overall performance in the Greater China market has also been under pressure, with sales dropping by 15% in Q1 of FY2025 and a slight recovery in subsequent quarters [16][17]. Group 4: Regulatory Environment - The sanitary napkin industry is experiencing increased regulatory scrutiny, with new national standards set to take effect, emphasizing hygiene and safety in production [22]. - The market has seen a crackdown on substandard products, with regulatory bodies taking action against non-compliant manufacturers, reflecting a growing demand for quality assurance from consumers [22].

近期市场消息显示，年营收超120亿元的电动两轮车头部企业台铃，已正式启动上市辅导，计划于2026年赴港上市。 2003年，深圳"禁摩令"落地，摩托车修理行业瞬间坠入冰点。 在广东陆丰，以修车为生的孙家三兄弟（孙木钳、孙木钗、孙木楚）从中嗅到了商机，摩托车被禁，但一种"不用上牌、无需驾照"的两轮交通工具，或许 能填补空白。 他们当即北上深圳龙岗，在一个几十平方米的作坊里，亲手焊车架、装电机，敲打出第一辆台铃电动车。创业初期，这更像一个放大的家庭修车铺——人 力流水线、简易工棚，一切因陋就简。 若此举成功，台铃将成为继雅迪、爱玛之后，第三家登陆资本市场的行业巨头，标志着第一梯队"三强"正式在资本市场完成集结。 然而，台铃的上市征程，恰逢一个前所未有的行业变局时刻。 一方面是2025年9月1日起正式实施的《电动自行车安全技术规范》（GB 17761-2024，俗称"新国标"）带来的全面合规挑战与市场适应性阵痛；另一方面， 是行业增长逻辑正从"量的扩张"向以智能化、高端化为核心的"价值提升"深刻转变。 01 从修理工到年入120亿 二十二年后，昔日的作坊已蜕变为行业巨头。如今的台铃坐拥十大研发制造基地，年产能突破15 ...

以下文章来源于中新经纬 ，作者付健青 中新经纬 . 中新经纬是由中国新闻社主办的财经新媒体，拥有中国互联网新闻信息采编发布服务资质。以手机客户端（APP）等为主要传播平台，以"权威、前瞻、专 业、亲和"为特色宗旨，传播财经资讯、解读经济政策、讲述商界故事，打造精英的财经资讯平台。 来源|中新经纬 作者|付健青 资料图 来源：包图网（下同） 哪些因素推动了A股的转变？ 川财证券首席经济学家、研究所所长陈雳向中新经纬表示，这是政策引导、资金结构优化与产业转型共振的结果。 德邦证券首席经济学家、研究所所长程强指出，一系列叙事通过改变投资者对市场底层逻辑、产业发展前景、资产配置方向的认知，持续推升风险偏 好，成为大盘"慢牛"的核心动力。 2025年A股"慢牛"迎来新突破：科创浪潮席卷市场，上证指数冲上4000点，89家公司年内分红超10亿元…… 证监会主席吴清近日在署名文章中指出，我国有2亿多股票投资者、7亿多基金投资者，资本市场是人民群众分享实体经济发展成果的重要平台； 新"国九条"落地实施以来，资本市场总体保持回稳向好势头，老百姓通过资本市场管理个人财富的意愿和诉求进一步增强。 01 上证指数冲上4000点，4股 ...

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Core Viewpoint - The article highlights the challenges faced by elderly individuals, particularly in navigating smartphone technology, which often leads to frustration and exploitation through intrusive advertisements and scams [5][20][26]. Group 1: Elderly Users' Experience - Liu Huiqin, a 73-year-old retired worker, uses her smartphone to connect with the world, but often struggles with intrusive ads that disrupt her experience [2][3]. - The number of internet users aged 60 and above in China is projected to reach 161 million by mid-2025, indicating a significant demographic increasingly exposed to digital advertising [5]. - Elderly users like Liu Huiqin and others often find themselves overwhelmed by unwanted applications and advertisements, leading to a frustrating user experience [8][10]. Group 2: Impact of Advertisements - The article discusses how advertisements infiltrate the apps that elderly users frequently engage with, causing confusion and leading to accidental downloads of unwanted software [8][9][12]. - Many elderly individuals cannot distinguish between legitimate notifications and scams, making them vulnerable to fraud [9][10]. - The prevalence of ads in free applications is a significant issue, as these ads are often designed to exploit the lack of digital literacy among older users [20][24]. Group 3: Family Dynamics and Support - Younger family members often take on the role of tech support for their elderly relatives, regularly cleaning their devices and teaching them how to navigate the digital landscape [13][16]. - The article illustrates the emotional toll on family members who feel responsible for protecting their elderly relatives from digital exploitation [30][32]. - There is a growing need for better-designed technology that caters to the elderly, as current solutions often fail to address their specific needs [34][35]. Group 4: Industry and Technology Design - The article points out that many apps and services targeting elderly users are not designed with their needs in mind, often leading to a poor user experience [20][26]. - Despite regulations aimed at protecting elderly users from intrusive ads, the effectiveness of these measures remains limited due to the prevailing "free + advertising" business model [26][27]. - The technology industry is urged to create more user-friendly interfaces and applications that do not bombard elderly users with advertisements [26][34].

Group 1 - The article discusses the development of a world-class airport cluster in the Guangdong-Hong Kong-Macau Greater Bay Area, highlighting the recent expansions of major airports such as Shenzhen Bao'an International Airport and Guangzhou Baiyun International Airport [3][5][6] - The combined capacity of the three major international airports in the region (Guangzhou, Shenzhen, and Hong Kong) is projected to handle 300 million passengers and over 18 million tons of cargo in the future [11][8] - The article emphasizes the collaborative airport development strategy across the Greater Bay Area, with additional airports being constructed in cities like Foshan, Huizhou, and Zhuhai, contributing to a comprehensive airport network [12][14] Group 2 - The necessity for continued airport construction in the Greater Bay Area is justified by the region's high population density and economic output, which is comparable to major economies like Canada and Russia [22][24] - The article presents data indicating that the Greater Bay Area's airports are expected to handle 214 million passengers in 2024, with a projected increase to 230 million in the current year [25][26] - The demand for air travel in the Greater Bay Area is anticipated to grow significantly, with forecasts suggesting a need for 387 million passengers by 2030 and 420 million by 2035 [30][32] Group 3 - The article outlines the strategic placement of new airports in the urban peripheries of Guangzhou and Shenzhen, aiming to balance regional airport distribution and meet the growing demand for air travel [36][39] - The development of the second airport for Guangzhou, located at the boundary of Foshan and Zhaoqing, is part of a broader plan to enhance the airport network in Guangdong [36][42] - The establishment of a second airport in Shenzhen at Huizhou is intended to alleviate pressure on the existing airport and serve the surrounding regions, showcasing a collaborative approach to urban development [37][43]