普通人也有机会让自己的作品 成为奥运文化遗产的一部分。 一支由上万名"导演"操刀的 冬奥开幕大片？ 米兰—科尔蒂纳冬奥会开幕已进入倒计时。 时隔多年，意大利再次成为冬奥东道主，世界目光重新聚焦这片曾孕育文艺复兴与现代工业的土地。对大多数体育迷来说，熟悉的期待正在回归——赛场、 纪录与冠军，仍是冬奥最核心的叙事。 但一个"意外"是，这一届冬奥会所激起的关注，开始从赛场内部，延伸到了更广阔的公共空间。 这源于在开幕前夕发布的一支名为《Your Epic Vibe》的冬奥短片。 与以往高度统一风格、由专业团队完成的官方宣传片不同，这支短片在视觉和叙事上呈现出一种显著的"非统一性"：画面风格各异，主体并不局限于真实运 动员，情绪表达也不再围绕单一的胜负与荣耀展开。 随着AI、AIGC进入大众语境，体育赛事的观看、传播与参与方式正在被重新塑造：观众除了接收信息，也开始参与内容的生成与叙述。如何在高度碎片化 的媒介环境中持续与更广泛的人群建立连接，成为奥运面临的一项现实课题。 人工智能技术的成熟，为奥运提供了一种新的可能。随着AI、AIGC进入大众语境，创作门槛与表达成本被显著降低，内容生成不再局限于少数专业团队。 在基 ...

半导体存储器DRAM指标产品2025年11～12月的大宗交易价格与9月相比上涨了4成，与2024年12月相比涨幅超过3倍。由于AI投资竞争持 续升温，大型企业优先向AI用途供货，而PC等民生领域的产品供应不足，部分终端产品面临涨价…… 来源｜ 日经中文网（ID：rijingzhongwenwang） 封面来源 ｜ Unsplash 半导体存储器DRAM的价格进一步上涨。指标产品2025年11～12月的大宗交易价格与在9月的上一轮谈判达成的价格相比上涨了4 成。全球大型企业优先向数据中心的人工智能（AI）服务器供货，用于个人电脑（PC）等民生领域的指标产品供应不足。需求方 难以确保所需数量。 以下文章来源于日经中文网 ，作者日经中文网 日经中文网 . 编制日经指数的《日本经济新闻》的中文版。提供日本、中国、欧美财经金融信息、商务、企业、高科技报道、评论和专栏。 由于DRAM价格上涨，部分终端产品不得不涨价。DRAM根据品种不同，用途也不同，DDR4和DDR5用于PC等。除了Mouse Computer（东京千代田区）从1月开始陆续提高产品价格之外，日本惠普的社长冈户伸树也表示："本公司产品受到DRAM价格上 涨 ...

Core Viewpoint - Tesla's financial performance in 2025 shows a significant decline in both revenue and profit, with a focus on the company's future capital expenditures and new business ventures as potential growth drivers [4][6][18]. Financial Performance - In Q4 2025, Tesla's revenue decreased by 3.1% year-on-year, totaling $948.27 billion for the year, a decline of 2.9%. The net profit attributable to shareholders fell over 60% in Q4, with an annual profit of $3.794 billion, down 46.5% [6]. - Tesla's current price-to-earnings ratio exceeds 400, indicating a high valuation despite the profit drop. The stock price fell 3.45% on the first trading day post-earnings but recovered the next day [6][7]. Impact of Bitcoin - In Q4 2025, Tesla's net profit was $840 million, down $1.477 billion, significantly impacted by Bitcoin price fluctuations. The company held 11,509 Bitcoins, with a fair value drop from approximately $1.315 billion to $1.074 billion, leading to a $240 million loss in fair value adjustments [9]. - For the entire year, Tesla's net profit of $3.794 billion was affected by a $670 million loss from Bitcoin price declines, contrasting with a $600 million gain in 2024 [9][10]. Non-GAAP Profit Analysis - Excluding Bitcoin price changes, Tesla's Non-GAAP net profit for 2025 was $5.858 billion, down about 30% year-on-year, primarily due to the "Inflation Reduction Act" affecting regulatory credit sales and a significant increase in R&D expenses [10][11]. - The decline in regulatory credit sales from $2.763 billion to $1.993 billion negatively impacted profits by approximately $800 million, while R&D expenses rose over 40%, increasing the R&D expense ratio from 4.6% to 6.8% [10]. Automotive Business Performance - Tesla's global vehicle deliveries in 2025 totaled 1.6361 million, a decline of 8.6%. The automotive sales revenue was $658.21 billion, down 9.19% year-on-year, driven by an increase in lower-priced vehicle sales and promotional discounts [13][14]. - The U.S. market saw a significant drop in sales due to the "Inflation Reduction Act," while the Chinese market remained relatively stable with a 4.8% decline in retail sales [15][16]. Capital Expenditure Plans - Tesla plans to exceed $20 billion in capital expenditures for 2026, which is 2.3 times the $8.53 billion spent in 2025 and 1.35 times the net cash flow from operating activities of $14.75 billion [18]. - This expenditure will primarily support AI projects and the development of various production lines, including those for Robotaxi and humanoid robots [18][20]. Future Outlook - The aggressive capital spending raises concerns about future profitability, as it could lead to significant depreciation expenses impacting net profits [19]. - Tesla's focus on AI infrastructure and new business ventures like Robotaxi and humanoid robots is seen as essential for long-term growth, with cash flow management becoming a critical factor for stock price movements [24].

但问题也随之出现。当越来越多品牌用相似的陈列密度、灯光语言与打卡点设计，去表达各自的"生活方式"时，线下空间的表达方式本身，正在迅速趋同。 于是，一个新的分化开始浮现： 一种不同的增长逻辑。 这两年，城市里最不缺的就是"新开业的旗舰店"。 在电商、即时零售、短视频不断压缩消费链路的背景下，线下空间并没有消失，反而以一种更高规格的形式，被持续投入、反复复制。 这本身就说明了一件事：旗舰店仍然需要，但它存在的理由，正在变得越来越苛刻。 当商品可以随时下单、隔日送达，旗舰店不再只是"买东西的地方"，而被寄予更多期待。它需要承载品牌形象、生活方式、价值立场，甚至是一种被感知的 态度。 在好看、好逛、好拍已经成为标配之后，线下真正稀缺的，反而变成了，有没有一个地方，值得你停下来，不急着买，也不急着走。 也正是在这样的背景下，零售旗舰店，尤其是一线城市的旗舰店，正在被重新定义。 零售旗舰店的效率共识下， 是否还有新答案？ 旗舰店所承载的想象空间，在收敛。 而"效率优先"成为旗舰店们运转逻辑的必然趋势。这套逻辑并不抽象。尽可能缩短消费者的理解路径，压缩店内停留与转化时间，让实体门店成为可量化、 可复盘、可评估的数据资产，是 ...

以下文章来源于硬氪 ，作者欧雪 硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 人与AI如何共处？ 文 ｜ 欧雪 编辑 ｜ 袁斯来 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ 企业官方 2026年做电商，要运营数百万SKU需要多少人？ 前阿里高管、现AI电商创业项目Alvin's Club创始人汤兴的答案是：5人。 在他最新的系统里，从选品、推荐、内容生成到履约，90%以上决策由AI主导，人更多是监督者和兜底者。 汤兴在电商行业浸润了10年左右。他曾任阿里巴巴集团副总裁、阿里海外数字商业板块CTO、全球速卖通平台总经理，亲历了电商从PC到移动再到内容形 态的演进。 2022年离职时，他决定将自己的固有认知放到一边，重新思考AI时代的电商。 当前，传统电商平台普遍将AI嵌入既有流程——用于优化搜索推荐、生成商品描述或提升客服响应，本质上仍是对"人驱动链路"的局部增强。 汤兴却认为，这种程度远没有释放AI的能力。他试图构建一种新模式：用户提出需求，AI理解后做选品决策，并完成履约交付。 从中国供应链与海外市场的汇率差出发，汤兴将Alvin's Club定位为"面向海外中产的国际版淘宝"，但 ...

Core Viewpoint - Apple's Q1 FY2026 earnings report shows strong performance with total revenue of $143.76 billion, a 16% increase year-over-year, and net profit of $42.10 billion, up 15.9% [1][11] Financial Performance - Total revenue reached $143.76 billion, surpassing Wall Street expectations and setting a record for the highest quarterly revenue in the company's history [1] - Net profit was $42.10 billion, with diluted earnings per share at $2.84, reflecting an 18.3% year-over-year increase [1] - Gross margin for the quarter was 48.2%, at the upper end of guidance, with product hardware gross margin increasing to 40.7% [9] iPhone and Hardware Sales - iPhone revenue was $85.27 billion, a significant 23% year-over-year increase, contributing nearly 60% to total revenue [1] - The strong demand for the iPhone 17 series has led to record revenue in major global markets, with active devices surpassing 2.5 billion [1][2] - Other hardware products, including iPad and Mac, also performed well in China, with iPad being the top-selling tablet and MacBook Air leading in its category [8] Regional Performance - Revenue from Greater China reached $25.53 billion, a 38% increase year-over-year, leading growth among major markets [7] - The Indian market also showed double-digit revenue growth, indicating strong potential for future expansion [8] Supply Chain and Cost Concerns - Apple faces supply constraints due to high demand for the iPhone and production bottlenecks in advanced process chips, particularly those from TSMC [11] - Rising prices for storage chips (DRAM and NAND Flash) are expected to impact profit margins in the upcoming quarter [11][12] Strategic Initiatives - Apple is exploring long-term strategies to manage cost pressures, including leveraging its supply chain bargaining power and potentially adjusting pricing strategies [12] - A strategic partnership with Google aims to enhance AI capabilities, balancing closed ecosystem development with open collaboration [2][13] Future Outlook - For Q2 FY2026, Apple projects revenue growth of 13% to 16%, with gross margins expected to remain between 48% and 49% [13] - Despite strong performance, investor concerns about rising costs have led to a cautious market reaction, with stock prices showing slight declines [13]

Core Viewpoint - Meituan's acquisition of Dingdong Maicai marks a significant shift in the fresh e-commerce landscape, indicating a trend towards consolidation among major players in the industry [3][44]. Acquisition Details - On February 5, Meituan announced it would acquire 100% of Dingdong Maicai's China business for approximately $717 million, slightly above Dingdong's market value of $694 million at the time [5][6]. - Dingdong Maicai's overseas operations will not be included in this transaction, which will allow shareholders to receive a total return of about $997 million due to $280 million in cash available to the seller [8]. Market Dynamics - The acquisition is seen as a strategic move for Meituan to rapidly expand its front warehouse scale and enhance its position in the fresh food delivery market, with both companies expected to operate over 2,000 front warehouses combined [11][12]. - The deal could lead to Meituan controlling over 50% of the market share in front warehouses, potentially triggering antitrust scrutiny [13]. Strategic Rationale - Dingdong Maicai has been recognized for its operational efficiency and profitability, maintaining profitability for seven consecutive quarters and achieving record GMV and revenue in Q3 2025 [16]. - The acquisition allows Dingdong Maicai to "cash out" at a high valuation, avoiding future risks of being marginalized by larger competitors [17]. Competitive Landscape - The acquisition is part of a broader trend where smaller players in the fresh e-commerce sector are being absorbed by larger companies, indicating a challenging environment for independent startups [39][43]. - Meituan's move is also seen as a defensive strategy to prevent competitors like JD and Alibaba from acquiring Dingdong Maicai, which could have increased their competitive advantage in the fresh food sector [27]. Future Implications - The acquisition signifies a new phase in the "infrastructure competition" of the food delivery war, with a focus on core infrastructure, supply chain capabilities, and user experience [44]. - The survival space for independent fresh e-commerce companies is expected to shrink further, with potential targets like Pupu Supermarket facing increased pressure from giants like Meituan and Alibaba [40][43].

以下文章来源于三联生活实验室 ，作者Lily 三联生活实验室 . Never Bored 城市Cool Guy生活样本 文 ｜ Lily 来源｜ 三联生活实验室（ID：LIFELAB2020） 封面来源 ｜ 视觉中国 自从打工人的胃迅速被中式穷饱饭占领，大家已经不满足于填饱肚子，而是想尽办法在中式快餐里，寻找各种高级料理的平替。而魏家凉皮，就这样成为了 掌管打工人胃口的神。 "魏家凉皮就是餐饮界的小米，把洋快餐的价格彻底打下来了。谁能想到，魏家凉皮里最著名的招牌菜，居然是汉堡。这里的汉堡15块钱，却大到一只手都 拿不住，而且肉饼又厚又多汁；连贵族雪糕Gelato，都能在魏家凉皮里找到7块钱的平替。" 魏家宇宙。 但当外地人还在把魏家凉皮，爆改成比肯德基、麦当劳更适合打工人体质的洋快餐店时，殊不知在魏家凉皮的发源地，这家凉皮店已经卷成了西安民间的 5A级景区。 "卖brunch的魏斯理、人均几十块吃西餐的魏客咖啡、吃煲仔饭的魏卜煲、日料店魏北道……如果这些还不够你玩，还可以去魏知足里做个足疗顺便炫自助 餐，再去魏世纪小酒吧里喝点小甜水溜溜缝。" 魏家一条街，堪比主题乐园/图源：要有光 有人说，魏家凉皮就是陕西人 ...

Core Viewpoint - Meituan has reached a final agreement to fully acquire Dingdong Maicai for approximately $717 million, marking a significant consolidation in the local lifestyle sector and signaling the end of the era where fresh e-commerce platforms relied on "burning money for scale" [5][6]. Group 1: Acquisition Details - The acquisition involves Dingdong Maicai's China business, with its overseas operations excluded from the deal, which will be completed before the transaction closes [5]. - Dingdong Maicai's market capitalization is currently $694 million [5]. - The acquisition is seen as a defensive move by Meituan to prevent Dingdong from being acquired by competitors, which could lead to price wars [6]. Group 2: Market Context and Competition - The competition in instant retail is intensifying, with major players like JD and Hema also accelerating their expansion efforts [6][7]. - JD's Seven Fresh has been rapidly increasing its presence, with over 800 ground promotion personnel and plans to expand into new cities [7]. - Hema is also restarting its front warehouse business, aiming to operate around 200 front warehouses by the end of 2025, focusing on major cities [7]. Group 3: Dingdong Maicai's Performance - Dingdong Maicai reported a GMV of 7.27 billion yuan and revenue of 6.66 billion yuan for Q3 2025, both setting historical records [8]. - The company has achieved profitability for twelve consecutive quarters under Non-GAAP standards and seven quarters under GAAP standards [8]. - The timing of the sale is strategic for Dingdong, as it seeks to capitalize on its value before significant industry changes occur [8]. Group 4: Future Prospects - Dingdong Maicai's founder is reportedly leading a "second startup" to develop B2B overseas business, indicating a shift in strategy [10]. - The competitive landscape is evolving towards a "1+N" strategy, where larger stores are complemented by multiple smaller front warehouses [12].

Core Viewpoint - Zhongke Qingneng has successfully completed nearly 500 million yuan in PreA++ financing, focusing on deep low-temperature technology and addressing critical technological challenges in various advanced fields [5][7]. Financing Information - Financing Round: PreA++ - Financing Amount: Nearly 500 million yuan - Investors: Led by Dinghui Baifu, with participation from Weilai Capital, Guoxin Fund, Kunpeng Capital, and several other notable investment institutions [7]. Company Overview - Established: June 2022 - Location: Gongyi City, Henan Province - Focus: Specializes in hydrogen liquefaction, helium liquefaction, and deep low-temperature sensing systems, providing core equipment and low-temperature technology services for fields like controllable nuclear fusion, hydrogen energy, aerospace, quantum computing, and civilian superconductivity [9][10]. Technological Highlights - Achievements: Developed a 3kW@4.5K helium refrigerator, the largest in China's nuclear fusion field, and delivered a 1 ton/day hydrogen liquefaction equipment, the first domestically produced for aerospace applications [10][11]. - Future Plans: A 5 tons/day hydrogen liquefaction plant is expected to be operational by September 2026, marking China's first commercial facility of its kind [10]. Market Size - Global deep cooling equipment market is projected to reach $25 billion by 2024, with China's low-temperature equipment market expected to grow to 52.98 billion yuan by 2025, maintaining a compound annual growth rate of 8%-9% [13]. Team Background - The core technology system is derived from years of research in low-temperature fields at Hefei Energy Institute. The CEO, Pan Weiwei, has extensive experience in research and management [15]. CEO Insights - The company focuses on deep low-temperature technology as a foundational infrastructure, essential for various advanced scientific fields, including quantum computing and medical accelerators [18][20]. - The demand for low-temperature systems is driven by the need for extreme conditions in scientific research and high-precision experiments, with over 95% of new large scientific installations requiring such systems [23].