"资源为王"的时代已经降临，而黄金则是最好的定价物。 1 月 26 日晚，紫金矿业（ 2899.HK ）公告称，子公司紫金黄金国际（ 2259.HK ）将以约 280 亿元的价格购买 AlliedGoldCorporation （简 称"联合黄金"） 100% 股权，每股购买价格为 44 加元。 普通人买金饰， "金王"买金矿。在金价暴涨背景下，金矿的价值算得上直飞冲天，按目前金价来算，这笔 280 亿元的收购太划算了。 买金矿先看金价， 1 月 28 日现货黄金金价已再次上涨，触及 5270 美元 / 盎司， 纽约期金更突破5300美元/盎司 ，国内金饰价格也在同日冲 破 1600 元 / 克，投行和消费都惊呼"每天都在见证历史"！ 再看看联合黄金的黄金产能，据紫金矿业披露数据， 2023 年至 2025 年联合黄金平均年产黄金 11 吨以上。按此计算， 联合黄金每年产金价值 约 20 亿美元，约合人民币 138 亿元， "金王"两年左右就回本了。而且，联合黄金预计 2029 年黄金产能还将提升至 25 吨。 这波金价大涨当然离不开近期国际 "资源争夺战"愈演愈烈的态势，"鹰酱"对委内瑞拉石油、格陵兰岛稀土 ...

Core Viewpoint - The humanoid robot industry in 2025 is experiencing a severe dichotomy, with significant funding and successful companies on one side, while many startups face collapse due to financial and operational challenges [4][5][9]. Industry Overview - In 2025, the humanoid robot sector saw 610 financing events, nearly tripling from the previous year, with total funding exceeding 57 billion yuan [15]. - Over 100 humanoid robot companies in China have differentiated significantly, with leading firms securing billion-level orders and preparing for IPOs, while others struggle to survive [4][5]. Company Failures - Notable failures include K-Scale Labs, which collapsed just before mass production due to cash flow issues, revealing the challenges faced by many startups lacking a complete local supply chain [5][6]. - Rethink Robotics, a pioneer in collaborative robots, faced its second closure in 2025 after failing to meet market expectations, highlighting the risks of rushed product launches [7][9]. - iRobot, the maker of Roomba, filed for bankruptcy in December 2025, attributed to prolonged financial struggles and competition from lower-priced Chinese products [8][9]. Market Dynamics - The industry is shifting from a focus on academic institutions to industrial enterprises, with increased orders from automotive manufacturers, indicating a demand for reliability and economic viability [15][16]. - The competition has intensified, with many companies producing similar products, leading to a "race to the bottom" in pricing and innovation [10][11]. Technological Challenges - The primary bottleneck in humanoid robots is the AI module, which is crucial for their functionality, yet many companies invest little in this area, relying on larger tech firms for support [11][12]. - The rapid pace of technological evolution means that today's leaders can quickly become laggards if they fail to innovate [12][13]. Survival Strategies - Companies must establish differentiation, create genuine commercial loops, maintain financing capabilities, and leverage data to enhance AI models [16]. - The industry is expected to see further consolidation and a clearer divide between successful firms and those unable to adapt to market demands [15][16].

以下文章来源于腾讯财经 ，作者周艾琳 腾讯财经 . 腾讯新闻旗下腾讯财经官方账号，在这里读懂财经！ 导语：白银去年上涨148%，今年不到一个月又上涨近40%。 1月26日，黄金现货一举突破5000美元大关，大涨超2.2%，而上周黄金期货已经突破，速度之快令人诧异。 2026年开年至今，国际黄金现货价格从4300美元区间到突破5000美元仅用时三周，涨幅约15%，提前达成华尔街此前设定的全年价格目标。 过去一周，华尔街投行纷纷上调黄金目标价。 高盛 最新研究报告显示，已将2026年12月黄金价格预测上调至每盎司5400美元，较此前4900美 元的目标价明显提高； 摩根士丹利 将牛市情景下的目标价上调至5700 美元，此前的基准情景预测为4750美元； 瑞银 维持黄金目标价在5000 美元，但在达沃斯风波后，若地缘局势再度紧张，金价上行风险有望触及5400美元。 金价的上行动能持续，这取决于全球投资组合对黄金的增配趋势等，即使格陵兰岛危机暂时解除，这一趋势也难阻挡。金价在短期暴涨后或存在 盘整风险，尤其是获利了结盘的抛压，正如2025年10月下旬和12月底那样，但是这并不影响中长期趋势。 金价开年暴涨 过去一周， ...

Core Viewpoint - 2026 is a critical year for Li Auto, as the company faces significant challenges in production capacity and market performance, particularly with declining orders for key models L7 and L8, leading to reduced operational efficiency and worker income [2][26]. Group 1: Production and Workforce Situation - Li Auto's Changzhou factory has a comprehensive production capacity exceeding 500,000 vehicles per year, but currently, production lines for models L7 and L8 are underutilized due to a decrease in orders, resulting in workers experiencing reduced working days and income [5][17]. - Workers in the second production area report a shift to a "three days on, four days off" schedule, indicating a significant drop in production activity, which has led to concerns about income stability among employees [3][4][17]. - In contrast, the third production area, which focuses on the i6 model, remains busy, producing at least 700 units daily, highlighting disparities in production demand across different models [7][13]. Group 2: Market Performance and Sales - In 2025, Li Auto's total sales dropped to 406,000 units, a 19% year-on-year decline, making it the only new energy vehicle company to experience a sales decrease, with significant drops in the sales of L7 and L8 models [15][26]. - The company is adjusting its product strategy by refocusing on range-extended and high-end models, while limiting new electric vehicle launches to enhance market positioning and efficiency [21][22]. Group 3: Financial and Strategic Adjustments - Li Auto has over 51.1 billion yuan in cash reserves and plans to invest approximately 8.3 billion yuan in research and development, indicating a strong financial foundation to support strategic shifts [26]. - The company is undergoing organizational changes, merging product lines and integrating key departments to streamline operations and improve manufacturing efficiency [22][26]. Group 4: Future Outlook - The upcoming changes in production rhythm and strategic adjustments are seen as essential for Li Auto to regain market competitiveness and improve worker conditions, with 2026 being pivotal for the company's recovery and growth [27].

Core Viewpoint - Suiryan Technology has officially initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 6 billion yuan for the development and industrialization of fifth and sixth-generation AI chips, as well as advanced AI hardware and software projects [1][5]. Company Overview - Founded nearly eight years ago, Suiryan Technology has completed iterations of four architectures and five cloud AI chips, capturing approximately 1.4% of the domestic AI accelerator card market and entering the core computing power supply system of major internet companies [1][9]. - The company has a strong focus on R&D, with a high proportion of its workforce dedicated to research and development, and has accumulated 262 domestic invention patents [10][18]. Financial Performance - Despite rapid revenue growth, Suiryan Technology has not yet achieved profitability, reporting cumulative revenues of approximately 1.654 billion yuan and cumulative net losses of about 5.179 billion yuan from 2022 to the first three quarters of 2025 [10]. - The company’s revenue figures for the years 2022, 2023, 2024, and the first three quarters of 2025 are 90 million yuan, 301 million yuan, 722 million yuan, and 540 million yuan, respectively [10]. Funding and Shareholder Structure - The IPO aims to secure 6 billion yuan, which is crucial for supporting the R&D and mass production of future products [5]. - Tencent is the largest shareholder, holding approximately 20.26% of the company, contributing over 70% of its revenue [4][7]. Market Position and Competition - Suiryan Technology is positioned as a potential alternative to NVIDIA in the AI chip market, although it currently faces challenges due to its non-compatibility with NVIDIA's CUDA ecosystem, which may lead to higher migration costs for customers [3][12]. - The company’s market share in the AI accelerator card segment is currently 1.4%, while NVIDIA dominates with approximately 70% of the domestic market [14]. R&D and Product Development - The company has a high R&D expenditure, with a research expense ratio of 181.66% in 2024 and 164.77% in the first three quarters of 2025, indicating a significant investment in technology development [17]. - Suiryan Technology plans to launch its fifth-generation AI chip in 2027 and the sixth generation in 2028, focusing on enhancing its product offerings [17]. Strategic Partnerships - Since 2019, Suiryan Technology has developed a stable partnership with Tencent, transitioning from small-scale validation to large-scale applications and deep strategic cooperation [7].

Core Viewpoint - Toyota is facing significant challenges in adapting to the new era of smart and electric vehicles, as evidenced by recent recalls and a reliance on traditional fuel vehicles for growth [4][12][15]. Group 1: Recalls and Quality Issues - Toyota has announced a recall of 10,922 RAV4 vehicles and 5,056 Venza vehicles due to issues with multimedia screens potentially going black during startup, affecting driver controls [5][7]. - This marks the second major recall in a short period, highlighting a shift from traditional mechanical issues to problems with electronic components [9][10]. - The frequency of recalls is eroding consumer trust in Toyota, which was once synonymous with reliability and durability [8][11]. Group 2: Sales Performance and Market Position - Despite the recalls, Toyota reported a sales increase in China, projecting over 1.78 million units sold in 2025, claiming to be the only foreign automaker to achieve growth in the market [11][12]. - However, this growth is primarily driven by traditional fuel vehicles, while the market is rapidly shifting towards electric vehicles, with nearly 48% penetration in 2025 [13][14]. - Toyota's electric vehicle presence is weak, with only 9% of GAC Toyota's sales coming from pure electric models, and the bZ series struggling with monthly sales below 2,000 units [14][15]. Group 3: Strategic Challenges and Future Outlook - Toyota is experiencing a "split" in its strategy, heavily invested in the declining fuel vehicle market while struggling to establish a foothold in the electric vehicle sector [15][16]. - The company faces systemic challenges in balancing the profitability of fuel vehicles with the urgent need to develop competitive electric vehicles [17]. - Despite having strong brand equity and manufacturing capabilities, Toyota must transform its traditional strengths into new competencies for the future [17][18].

Core Viewpoint - Companies that rely on a single dividend and lack core technology will ultimately struggle to sustain themselves in the long run [4][30]. Group 1: Company Overview - Zhifei Biological, once a leading vaccine company in China, is facing a significant downturn, with projected net losses of 10.698 billion to 13.726 billion yuan for 2025, marking a year-on-year decline of 630% to 780% [5][6]. - The company’s revenue skyrocketed from 4 billion yuan in 2016 to 52.92 billion yuan in 2023, with net profits reaching 7.915 billion yuan, showcasing a rapid growth trajectory [12]. - However, the company’s reliance on agency business has proven to be a fragile foundation, leading to a severe profit crisis as market dynamics shifted [13][15]. Group 2: Financial Crisis - By 2025, Zhifei Biological's revenue is expected to plummet to 26.07 billion yuan, with a net profit of only 1.991 billion yuan, reflecting a nearly 75% year-on-year decline [14]. - The company is experiencing a liquidity crisis, with total liabilities of 16.786 billion yuan and a significant short-term debt of 10.318 billion yuan, while cash reserves are only 2.498 billion yuan, resulting in a funding gap exceeding 7.8 billion yuan [18][20]. - To alleviate inventory pressure, Zhifei Biological has initiated promotional activities and is attempting to optimize its debt structure through bond issuance, but the process has faced obstacles due to unexpected losses [19][20]. Group 3: Wealth and Market Dynamics - The wealth of the Jiang Rensheng family has drastically decreased from 140 billion yuan in 2021 to 42 billion yuan in 2025, a loss equivalent to the combined market value of two leading listed companies in Chongqing [17]. - The stock price of Zhifei Biological has also dropped from 360 billion yuan to 41 billion yuan, reflecting the company's declining market position [18]. - The rise of Zhang Xinghai and Yan Min, who have transitioned to become the new wealth leaders in Chongqing through advancements in the smart automotive sector, highlights a shift in the local business landscape [24][28]. Group 4: Industry Trends - The challenges faced by Zhifei Biological are indicative of a broader trend in the vaccine industry, where domestic companies are increasingly breaking the monopoly of foreign firms, leading to intensified competition [30]. - The shift from reliance on agency business to a focus on independent innovation is becoming essential for survival in the evolving market [31][32].

导语：在需求疲软、供给过剩的背景下，锗价却正在迎来了一场没有基本面的牛市。此时，推动锗产 业重新回归健康才是业内最需关注的要点。 在隐秘的角落，锗市正在迎来属于自己 "独有"的狂欢。 根据安泰科数据，截至 1 月 16 日，锗锭价格报 11500 至 13900 元 /kg 。这一价格水位奇 高，因为从 2014 年至 2023 年期间，锗锭年度均价仅有九千元每公斤不到。 锗被喻为战略金属，且已经被多国视作重点加以保护。自 2023 年以来，我国也持续推进锗相关 出口管制，并辅以收储政策；而有了这串逻辑"压阵"，锗价也不断受到抬高。 值得一提的是，与其他诸如铜、铝等有色金属具有显著需求不同，锗价实则没有充沛的需求端助 力。 放眼当下，由于高锗价影响，身为用锗重点领域的红外、光纤均逐步寻求其他原材料方案用来替 代锗。同时，以光伏太阳能、半导体、固态电池为首的新领域，也没有展现出格外突出的用锗需 求量。 并且，不少企业已经选择加码锗产能，范围遍布国内和海外，这意味着锗市更没有紧缩的供应端 支撑。 需求疲软、供给过剩，锗价却持续高企，这种基本面背离现象，恰恰说明锗市的火热更像是一场 "虚火"。因此，如何引导锗市再次 ...

以下文章来源于融中财经 ，作者安多 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体 资讯平台、品牌活动、研究服务、专家咨询、投资顾问等业务，为政府、企业、投资机构提供一站式专 业服务。 导语：信心比黄金更重要。 2025 年，是股权行业重振旗鼓的一年。 经历了漫长的低潮后，农历春节后， DeepSeek 的爆火出圈，不仅震动了整个创投行业，更让 整个创投生态重拾技术自信。 不断有投资人提及，信心比黄金更重要。而这一标志性事件，让原来逐渐寂静的投资赛道，又多 了亮点和冲劲。 年关之际，摩尔线程、沐曦股份、壁仞科技等 GPU 赛道的头部玩家接连实现 IPO ，一波波股价 的高潮让辛苦一年的投资人更加兴奋。紧接着，智谱、 MiniMax 的上市，打出了全球大模型上 市的样板。辛苦数年的投资人终于守得云开…… 2025年A股新增上市公司116家，以制造业、科学研究和技术服务业为代表的高新技术企业市值 变化尤为突出，总市值较年初分别增长33.3%和32.1%，占A股市值的比重分别增加4.2个百分点 和0.1个百分点。 这些项目上市的纪念相册上，总有投资人的身影。 ...

以下文章来源于一波说商业实验室 ，作者实验室研究员 一波说商业实验室 . 杨一波，北大金秋控股董事长|一波说商业实验室创始人，曾服务中国海运/中国电信/汇丰银行/张裕葡 萄酒/燕京啤酒等领军企业，以"升格商业洞见"开启企业家上帝视角，破局商业迷局。 导语：世界上不会再出现第二个像他这样的CEO了。 在全球半导体联盟（GSA）推出的Podcast节目《A Bit Personal》中，英伟达CEO黄仁勋罕见 正面回应公司接班议题。他坦言， 自己33年来与英伟达共同成长的经历难以被复制， 但公司管 理层早已形成由近60位"潜在CEO"组成的坚实团队。 黄仁勋视台积电创办人张忠谋为 "大器晚成"的典范，向往能像他一样工作至80多岁，将人生最 具创造力的阶段全心投入有意义的事业。访谈中，黄仁勋也坦露个人面向：公开演讲前总是焦虑 不已，而最让他"火冒三丈"的，则是在关键会议中遭遇敷衍与答非所问的回应。 在全球科技产业中，英伟达 CEO黄仁勋以其鲜明的皮衣造型、充满热情的主题演讲与前瞻的战 略眼光，成为标志性人物。然而，在近日接受《A Bit Personal》节目专访时，黄仁勋褪去外界 熟悉的公众形象，罕见地深入谈及英 ...