以下文章来源于36氪汽车 ，作者李安琪 36氪汽车 . 看懂汽车产业新百年。36氪旗下智能电动车产业报道公号。 风暴席卷时，理想进入"战时模式"。 文 ｜ 李安琪 编辑 ｜ 李勤 杨轩 来源｜ 36氪（ID：EV36kr） 封面来源 ｜ 企业官方 6月26日，小米新车如核弹一般，创下了YU7 3分钟20万大定的惊人成绩。在YU7的滔天巨浪下，已经有同行连夜进入了"战争模 式"。 36氪汽车独家获悉，6月27日，理想汽车发布内部公告，宣布新的人事任命，理想汽车总裁马东辉即日起全面负责研发、供应制 造、销售业务，向CEO李想汇报。 本次调整的核心关键在于销售，将销售部门划归到研发、供应群组，马东辉统管产供销工作，支撑"战略到经营"闭环。 今年初，理想汽车总裁马东辉就成为了智能汽车战略负责人，统管智能汽车业务相关的战略目标规划和执行落地。同时，马东辉 开始担任"产供销联席会"主任，理想汽车的本意是将生产、供应链、销售深度协同。 不过年初的变动只涉及决策层，不涉及实体架构变动。此次调整后，马东辉将从组织架构上，更加深度参与整车的产、供、销环 节。 而理想销售与服务高级副总裁邹良军，此前向CEO李想汇报，调整后邹良军继 ...

Core Viewpoint - The article discusses the ongoing negotiations between Nippon Steel and the U.S. government regarding the acquisition of U.S. Steel, highlighting the strategic maneuvers and investments involved in the process, particularly under the changing political landscape with Trump's administration [3][5][9]. Group 1: Acquisition Negotiations - Nippon Steel has not given up on acquiring U.S. Steel despite Biden's order to halt the acquisition, indicating a strategic pivot towards Trump's administration, which is more favorable to overturning Biden's policies [3][5]. - The CEO of Nippon Steel, Eiji Hashimoto, expressed determination to push forward with the acquisition, emphasizing the importance of Trump's acceptance of their proposal [5][9]. - The negotiations have included significant lobbying efforts and private discussions with U.S. officials, including meetings with Commerce Secretary Gina Raimondo [6][9]. Group 2: Investment Proposal - Nippon Steel proposed an investment of approximately $11 billion in U.S. Steel by the end of 2028, a move seen as crucial to gaining Trump's approval [9][12]. - This investment plan was made public, which is unusual, suggesting its importance in the negotiations and Trump's desire for foreign investment [9][12]. - The company aims to make U.S. Steel a wholly-owned subsidiary, reflecting its commitment to maintaining control and preventing technology leakage [10][22]. Group 3: Political Context and Implications - The article highlights the shift in U.S. policy under Trump, who is more focused on revitalizing American manufacturing and addressing national security concerns, particularly in the steel industry [14][19]. - Trump's administration is concerned about the U.S. steel industry's ability to compete with China's military production capabilities, which has influenced the negotiations [15][19]. - The arrangement includes a "golden share" for the U.S. government, allowing it to retain some control over U.S. Steel post-acquisition, which is a significant deviation from typical foreign investment agreements [11][22][24].

Core Viewpoint - BYD is optimizing its inventory management and improving sales efficiency, which may positively impact its financial status and market competitiveness, leading to a favorable effect on its stock price in the short term [10][11]. Inventory Management - BYD is expected to reduce production shifts and delay capacity expansion during the recent automotive sales off-season, which will help manage inventory levels and reduce the risk of excess stock [10]. - As of the end of June, dealer inventory is projected to decrease to 1.66 months from 2.18 months in May, indicating improved sales efficiency [10]. Sales Performance - BYD's retail sales reached 348,000 units, with exports at 89,000 units, contributing to a total wholesale volume of 402,000 units [6]. - The company aims to maintain a fixed wholesale volume of 5.5 million units for the fiscal year 2025, with varying inventory scenarios depending on wholesale volume adjustments [6]. Market Impact - The company's ability to adapt production and wholesale volumes based on market conditions enhances its competitiveness [15]. - BYD's export growth, with 89,000 units, reflects its increasing competitiveness and market share in the global market [10]. Long-term Outlook - BYD's clear long-term goal of maintaining a wholesale volume of 5.5 million units by 2025 may attract more investors, positively influencing its stock price [15]. - The company is expected to expand its presence in the European market, with projected sales doubling to 186,000 units this year and plans to launch new electric and plug-in hybrid vehicles [18]. Recent Sentiment Analysis - The event's online dissemination reached 2,301 articles, with WeChat being the primary platform, accounting for 29.38% of the total [8]. - Recent sentiment rankings highlight BYD's sales and technological advancements, positioning it as a benchmark in the global new energy vehicle sector [15].

以下文章来源于不相及研究所 ，作者发财金刚 不相及研究所 . 咱老百姓自己的号 当地老百姓的心目中，额头上的月牙 是属于包青天的，而不是美少女战士的。 文 ｜ 发财金刚 来源｜ 不相及研究所（ID：buuuxiangji） 封面来源 ｜ 《 包青天》剧 照 你能想象一个地方，凌晨三点的街头巷尾，仍有人聚集在屏幕前等待包青天的电视剧开播吗？ 这并非夸张。在上世纪90年代，电视剧《包青天》风靡整个泰国，最初在曼谷和清迈等地的华人社群中流行，后面蔓延至泰国其他族群中。 泰国人坐在家里，扇着扇子，端着椰子水，目不转睛地看着包青天断案，生怕错过每一句台词，有时候连尿急都得憋着到电视播完这一集再去解手。 不少泰国老百姓都能随口哼出"开封有个包青天……"的主题曲，对他们来说，前奏一响，就像是唤起了NDA的某截片段，包青天的脸自动浮现在脑海。 有多少中国游客去泰国旅行，住酒店打开电视，看到93版电视剧《包青天》出现在屏幕里，恍惚间以为还在中国，但是仔细一听，包青天讲的竟然是泰语。 一个令许多国人震惊的事实，在中国都不怎么重播的电视剧《包青天》，在泰国却依然长期闯进收视率榜单，历经30年，长盛不衰。 在泰国，包青天是国民偶像级 ...

Core Viewpoint - The article discusses a significant transaction in the pharmaceutical industry where Bristol-Myers Squibb acquired the rights to a promising cancer drug, BNT327, from BioNTech for up to $11.1 billion, highlighting the rapid appreciation of the drug's value and the growing influence of Chinese biotech companies in the global market [3][4][8]. Summary by Sections Transaction Overview - Bristol-Myers Squibb agreed to pay an initial $1.5 billion for the development and sales rights of BNT327, with potential total payments reaching $11.1 billion if sales targets are met [4]. - BioNTech previously acquired BNT327 from a Chinese company, Biotheus, for $1.055 billion, indicating a tenfold increase in the drug's valuation within a year and a half [4]. Drug Mechanism and Innovation - BNT327 is a dual-specific antibody targeting PD-1 and VEGF, enhancing immune response against tumors while inhibiting their blood supply [7]. - The drug's development showcases a significant advancement in cancer treatment, allowing for a combined therapeutic approach that improves efficacy [7]. Market Dynamics - The article notes a surge in interest from major pharmaceutical companies in dual-specific antibodies, with several high-value transactions occurring in the past year, indicating a competitive landscape for innovative cancer therapies [8][9]. - Chinese biotech firms are increasingly recognized for their contributions to innovative drug development, with multiple successful products emerging from the region [9][10]. Investment Trends - The Chinese innovative drug sector is experiencing a boom, with substantial investments and partnerships being formed, particularly in the second half of 2024 [13][14]. - Recent transactions in the Chinese biopharmaceutical market have exceeded $5 billion, reflecting a robust investment climate and the potential for high returns in the sector [14][15]. Long-term Outlook - The article suggests that the current trends indicate a shift towards a more sustainable and long-term investment strategy in the biopharmaceutical industry, particularly as traditional pharmaceutical companies face patent cliffs and seek innovative solutions [16]. - The growing capabilities of Chinese pharmaceutical companies are expected to disrupt the global market, with lower R&D costs compared to Western counterparts [16].

Core Viewpoint - The article discusses the IPO prospects of Lezi Tiancheng, the parent company of 52TOYS, and compares its market position and performance with competitors like Pop Mart and Blokus, highlighting its challenges in achieving significant revenue growth and brand recognition [3][4][12]. Group 1: Company Overview - Lezi Tiancheng submitted its IPO application to the Hong Kong Stock Exchange on May 22, becoming the fourth toy company to pursue an IPO after Pop Mart, Blokus, and Kayo [3]. - In 2024, Lezi Tiancheng's GMV is projected to be 930 million RMB, with operating revenue of 630 million RMB and adjusted net profit of 32 million RMB [3]. Group 2: Brand Positioning and Product Strategy - Lezi Tiancheng's brand philosophy emphasizes interaction with users, contrasting with Pop Mart's focus on emotional connections and cultural entertainment [4]. - The company has a diverse product line, including static dolls, movable figures, and licensed IPs, with a total of over 115 IPs, surpassing Pop Mart's 80 IPs [4][5]. Group 3: Financial Performance - From 2022 to 2024, Lezi Tiancheng's total revenue grew from 463 million RMB to 630 million RMB, with a compound annual growth rate (CAGR) of approximately 16% [5]. - The revenue from licensed IPs increased significantly, from 233 million RMB to 406 million RMB, with a CAGR of about 32%, indicating a stronger growth in licensed products compared to self-owned IPs [5]. Group 4: Sales Channels and Market Expansion - In 2024, direct sales accounted for 30.9% of revenue, while distribution channels made up 66.8% [6]. - Lezi Tiancheng's overseas revenue grew from 35 million RMB in 2022 to 147 million RMB in 2024, with the overseas revenue share increasing from 7.6% to 23.4% [9][10]. Group 5: Competitive Landscape - Lezi Tiancheng's revenue growth has lagged behind competitors like Pop Mart and Blokus, with the latter surpassing Lezi Tiancheng in revenue since 2023 [12][13]. - The company has struggled to establish a flagship product that can drive significant revenue, leading to a lack of clear brand recognition [15]. Group 6: Profitability and Cost Management - Lezi Tiancheng's adjusted net profit improved from a loss of 57 million RMB in 2022 to a profit of 32 million RMB in 2024, with a net profit margin increasing from -12.3% to 5.1% [18]. - The company has successfully reduced its expense ratio, particularly in sales expenses, by cutting down on the number of physical stores [18]. Group 7: Valuation and Market Outlook - Lezi Tiancheng's valuation remained relatively stable, with a slight increase from 4.25 billion RMB in 2021 to 4.273 billion RMB in 2025, reflecting the overall market sentiment towards the toy industry [19]. - The company's price-to-sales (P/S) ratio is approximately 6.5 times, significantly lower than Pop Mart's 24 times and Blokus's 14 times, indicating a valuation discount due to its weaker performance [19][20].

Group 1: Xiaomi YU7 Launch - Xiaomi officially launched the YU7 with a starting price of 253,500 yuan, which is 10,000 yuan cheaper than Tesla's Model Y [3] - The YU7 received over 200,000 pre-orders within 3 minutes and nearly 290,000 within an hour, indicating strong market demand [3] - The YU7 Pro and YU7 Max are priced at 279,900 yuan and 329,900 yuan respectively [3] Group 2: IPO News - Reconova, a technology company based in Xiamen, plans to go public in Hong Kong [2] - VISMA, a tech company, has chosen London for its IPO instead of Amsterdam [2] - Shanghai Hehe Information Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the exclusive sponsor [2] Group 3: Alibaba Partner Changes - Alibaba's latest partner list for the 2025 fiscal year shows that nine individuals, including Zhang Yong and Dai Shan, have exited the partnership [4] - The current partner list now includes 17 members, with notable figures such as Ma Yun and Cai Chongxin [4] Group 4: SpaceX Valuation - SpaceX has become the highest-valued unicorn globally, reaching a valuation of 2.6 trillion yuan, surpassing ByteDance and OpenAI [12] - Elon Musk is associated with three of the top four unicorns, showcasing his ability to create significant value across different industries [12] Group 5: Dollar Index Decline - The dollar index fell below 97, marking a 0.72% drop and reaching its lowest level since February 2022 [13] - The cumulative decline of the dollar index this year has reached 10.1%, indicating ongoing pressure on the dollar [13] Group 6: U.S. Stock Market Performance - On June 26, U.S. stock indices collectively rose, with the Dow Jones up 0.94%, Nasdaq up 0.97%, and S&P 500 up 0.8% [14] - Major tech stocks showed mixed results, with Amazon and Meta rising over 2%, while Tesla and Apple experienced slight declines [14]

Core Viewpoint - The article discusses the advancements in AR glasses, particularly the Leion Hey2 model, which combines optical technology, AI, and supply chain improvements to provide real-time translation, marking a potential "iPhone moment" for the AR industry [1]. Group 1: Market Context and Demand - Language barriers remain a significant challenge in global business and cultural exchange, with the translation pen market reaching hundreds of millions of dollars in 2023 [2]. - The AR glasses market is expected to see substantial growth, with global shipments projected to reach 553,000 units in 2024 and 2.956 million units by 2028, reflecting a compound annual growth rate of 50% [9]. Group 2: Technological Advancements - The Leion Hey2 AR glasses utilize a combination of augmented reality and AI to provide real-time translation, projecting translated text onto the lenses for seamless communication [5]. - The device features a significant improvement in battery life, achieving over 8 hours of continuous use, and can extend to 96 hours with a portable charging case [17]. - The Leion Hey2 employs advanced optical technologies, including single-lens dual-eye diffraction waveguide and Micro-LED display, achieving a peak brightness of 2500 nits, addressing previous issues of visibility in bright conditions [17]. Group 3: Competitive Landscape - The AR glasses industry is experiencing intense competition, with a growing number of brands and innovations, leading to a projected market of 286,000 units in China by 2024 [28]. - The supply chain advancements in China have significantly reduced production costs by over 30%, enabling more affordable pricing for AR glasses [25]. - The Leion Hey2 has been recognized for its innovative features, winning the UNESCO "Top Ten Global Technology Innovation Award" and participating in international exhibitions [23].

以下文章来源于南风窗 ，作者荣智慧 南风窗 . 冷静地思考，热情地生活。 唯物的中国芯片产业深度观察。 文 ｜ 荣智慧 编辑 ｜ 向现 来源｜ 南风窗（ ID：SouthReviews） 封面来源 ｜ IC photo 美国总统"特朗普"牌手机，499美元。特朗普本人认证：买不了吃亏，买不了上当。 只是中国和德国消费者有点伤脑筋，毕竟手机背面一个斗大的"T"字，容易让人误会是锤子手机或者T-Phone。好在这两个国家的人不一定想买。 6月16日，美国总统唐纳德·特朗普家族企业推出一款价值499美元的智能手机，叫"特朗普手机"，通体土豪金色，背面印有特朗普姓氏首字母"T"。 特朗普T1手机，"爱国主义"符号拉满 特朗普儿子小唐纳德·特朗普和埃里克·特朗普"深谋远虑"，无论是手机发布地点特朗普大厦，还是"616"父亲竞选总统十周年纪念日，乃至暗含总统任职序号 的47.45美元月费服务，都是"爱国主义"营销典范。 特朗普家族做"爱国主义买卖"也不是一天两天了。没买过特朗普手机，好歹也听说过特朗普伏特加、特朗普牛排、特朗普床垫、特朗普冰泉水…… 特朗普手表就更有名了。 男表"战斗战斗战斗红"和"战斗战斗战斗银"两款， ...

以下文章来源于硬氪 ，作者黄楠 硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 基于"分层端到端+强化学习"的技术路线。 文 ｜ 黄楠 编辑 ｜ 彭孝秋 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ 企业供图 硬氪获悉，人形机器人品牌"灵宝CASBOT"近日完成近亿元天使+轮融资，投资方包括蓝思科技、天津佳益以及老股东国投创合、河南资产跟投。融资资金 将主要用于加速推进产品量产、技术研发迭代以及市场拓展。 "灵宝CASBOT"成立于2023年8月，专注通用人形机器人与具身智能的落地应用，是中关村高新技术企业。团队核心成员曾深度参与重大科技项目，如微靶 精密装配系统研发、四足机器人环境感知与自主跟随、C919大飞机高锁螺母柔顺装配机器人等，在精密装配、柔性操作、视觉伺服等领域拥有逾20年的技 术积累和产业经验。 目前，"灵宝CASBOT"已推出两款双足人形机器人，分别是多场景落地的通用类脑智能机器人CASBOT 01、以及第二代全尺寸双足人形机器人CASBOT 02。具体到产品定位与应用场景方面，灵宝CASBOT 01与02存在显著差异。 CASBOT 01作为第一代产品，身高179cm， ...