Core Viewpoint - The article discusses Apple's entry into the foldable smartphone market, highlighting the challenges and potential of the small foldable phone segment, which has struggled to gain traction despite the hype surrounding it [5][19]. Group 1: Apple's Foldable Phone Development - Apple has been working on foldable phone technology since at least 2011, focusing on addressing the issue of screen creases, which has been a significant barrier to market entry [9][11]. - Recent leaks suggest that Apple's first foldable phone will adopt a small flip design, similar to Huawei's Pura X, but with a more square aspect ratio [5][8]. - Apple's extensive patent portfolio has influenced competitors, with many companies referencing Apple's designs in their own foldable technology [12][11]. Group 2: Market Dynamics of Small Foldable Phones - The small foldable phone market has not achieved significant sales, with projections indicating that in 2024, shipments of small foldables in China will be less than half of those of large foldables [21][19]. - Key issues for small foldables include a lack of functional differentiation from traditional smartphones and lower profit margins for manufacturers [22][30]. - The design of small foldables often compromises internal space and battery life, leading to inferior specifications compared to traditional flagship models [23][26]. Group 3: Competitive Landscape and Consumer Perception - Many manufacturers, including OPPO and vivo, have either paused or exited the small foldable market due to poor sales performance, while Samsung remains a dominant player [38][39]. - Consumer preferences still lean heavily towards functionality over aesthetics, making it difficult for small foldables to justify their price points [41][43]. - Apple's brand strength may allow it to navigate pricing challenges better than competitors, but past experiences with products like the iPhone Air suggest that design alone may not drive sales [46][49].

Core Viewpoint - SenseTime is embarking on a long-term path characteristic of Chinese technology companies, focusing on the localization of AI capabilities and the development of a robust ecosystem for domestic chips and models [2][27]. Group 1: Investment and Market Confidence - On December 18, SenseTime announced a placement of new Class B shares on the Hong Kong Stock Exchange, with significant interest from at least six institutional investors, reflecting strong market confidence in the company's long-term value [3]. - The proceeds from this placement will primarily be used to expand the scale of AIDC "large devices" and increase the localization ratio [3]. Group 2: Technological Advancements - The recent adaptation of SenseTime's "Riri Xin" Seko series multimodal models by Cambrian signifies a critical leap in domestic computing power for high-bandwidth, high-concurrency multimodal scenarios [3][4]. - The adaptation of the Seko model series represents a significant advancement in the domestic AI industry, moving beyond mere parameter scaling to a focus on physical realities and system-level collaboration [4][5]. Group 3: Strategic Positioning - SenseTime is positioning itself as a "builder" in the era of "computing sovereignty," fully embracing localization and addressing the challenges posed by the unification of hardware architectures [6][7]. - The SenseCore large device serves as a training ground for domestic chips, enabling the optimization of their potential in real business scenarios [11][13]. Group 4: Ecosystem Development - SenseTime's collaboration with Cambrian is not limited to hardware procurement but extends into deep integration, creating a "stair-step product innovation system" that fosters true software-hardware synergy [14]. - The company is also working with emerging computing forces like Muxi and Jiyuan to validate the potential of new architecture chips in specific high-difficulty tasks, establishing comprehensive cooperation for industry expansion [14][15]. Group 5: Application and Commercialization - SenseTime's strategy encompasses a full-stack ecosystem from large devices to multimodal models and end-user applications, addressing the critical infrastructure challenges in AI localization [16][25]. - The AI office application "Little Raccoon" exemplifies the successful adaptation of domestic chips, breaking the stereotype that domestic computing power cannot be effectively utilized at the terminal level [26]. Group 6: Future Outlook - The company aims to transform the grand narrative of "computing localization" into tangible productivity tools accessible to everyone, emphasizing the importance of application-level delivery in building confidence in the domestic AI industry [27].

中美两国同步布局"星际之门"，数字化时代的新基建正如火如荼展开。然而在AI算力爆炸式增长的背后，一场关于"电力"的焦虑正在蔓延。 过去一年，美国多地因AI数据中心的高负荷用电，出现了居民区停电、电网设备过载甚至火灾等事故，造成巨大损失。 仅仅在上个月，美国西雅图部分区域发生了大范围停电，这已是该地区当月的第三次停电。 AI数据中心就像一只只巨大的"电老虎"，其能耗增长速度已超出电网基础设施的承载能力。除中国外，目前全球大部分地区电力供应都存在缺口。 让人意想不到的是，这场"算力"和"电力"的戏剧性冲突，却在一个能源的细分赛道引发巨浪。 2025年10月，英伟达在OCP（Open Compute Project Global Summit 2025）提出AIDC标配储能以平抑负荷波动，明确了AIDC配储的必要性以及下一代配 电方案。 该方案被认为具有风向标的意义：长时储能系统成为了下一代AIDC设计核心，也将成为储能行业的下一个超级增长引擎。 过去，储能的核心命题是应急兜底与电网调峰；如今，智算中心的高算力密度、高频功率波动、长时稳定供电等刚性需求，正倒逼储能技术从"短时响 应"向"长时支撑"跃迁，从"辅助配置 ...

Core Viewpoint - Google has launched Gemini 3 Flash, a new AI model that is faster and cheaper than its predecessors, aiming to compete directly with OpenAI and Anthropic while maintaining high performance levels [5][10][19]. Group 1: Product Features and Performance - Gemini 3 Flash is designed for speed, achieving performance that is three times faster than Gemini 2.5 Pro, with costs reduced to a quarter of the 3 Pro model [5][19]. - The model retains Pro-level reasoning capabilities while significantly lowering latency and costs, with input prices at $0.50 per million tokens and output prices at $3.00 per million tokens [19][43]. - Benchmark tests show that Gemini 3 Flash scored 90.4% on the GPQA Diamond test and 81.2% on the MMMU Pro test, indicating its advanced reasoning abilities [15][16]. Group 2: Market Positioning and Strategy - The launch of Gemini 3 Flash is strategically timed to prevent competitors from gaining ground, showcasing Google's aggressive approach in the AI market [10][11]. - Google is embedding Gemini 3 Flash into its suite of products, including search and various AI applications, making it accessible to a wide user base [41][47]. - The pricing strategy is aimed at undercutting competitors, making it attractive for developers and businesses to adopt [43][50]. Group 3: User Experience and Application - Gemini 3 Flash is designed for real-time applications, capable of processing visual and audio inputs efficiently, which is beneficial for interactive scenarios [24][29]. - The model's adaptive reasoning allows it to adjust its "thinking" time based on task complexity, enhancing its utility in various applications [21][23]. - Despite its speed, some users have noted that the quality of output may not match that of the higher-end Pro models, indicating a trade-off between speed and detail [30][31][46].

人人都能创作视频的时代来了。 封面来源 ｜ 通义万相生成 当新技术遇上老难题 如果给2025年下半年的AI行业选一个受关注的方向，视频生成几乎是绕不开的答案。在OpenAI发布Sora 2并上线App版本后，AI视频的热度几乎以"病毒 式"的速率在全球范围内迅速扩散开来。 但梳理产业发展的脉络，才会发现，这并非是偶然的产品爆红。背后，是过去两年里视频生成技术在画面质量、时序建模与可用性上的持续进步。Sora、 Veo、通义万相，无论是大公司还是创业公司，不断累加的技术贡献，让全球AI视频相关能力的迭代节奏显著加快。 更深层的影响，正在产业内部逐步显现。 当模型的进步不再局限于画面质量本身，而是逐步覆盖叙事能力、人物与风格一致性、音画同步、跨镜头逻辑延续等更接近工业化生产的关键要素。当生成 效果跨过"能看"的门槛，开始接近"可用""好用"，AI视频才真正进入大众视野，也随之成为当前极具想象空间的赛道之一。 与此同时，视频行业本身也在面临着一种结构性难题。 过去十余年里，围绕视频展开的产业始终是全球范围内增长最快、资本最密集、创新最活跃的领域之一。从影视娱乐、广告营销，到电商内容、社交平台与 创作者经济，视频逐渐 ...

以下文章来源于新周刊 ，作者张文曦 新周刊 . 中国最新锐的生活方式周刊。 养肥了他们，榨干了我们。 文 ｜ 张文曦 编辑 ｜ 陆一鸣 来源｜ 新周刊（ID：new-weekly） 封面来源 ｜ Unsplash 我接触的人当中，Zoe是唯一一个愿意谈及这个话题的大厂员工。 开会不被通知、被指派脏活烂活、被刻意打低绩效分数……比"起花名"更让人难受的大厂文化出现了。 嫡系文化，这个长久存在于大厂职场，却又很少被公开谈论的话题，最近在社交媒体上迎来了一次分享热潮。众多网友纷纷分享了自己被嫡系圈子排除在外 的窘迫： 内部年度目标、区域划分、核心业务等重要信息往往只在嫡系小圈子里"口头通知""优先派活"，其他人连会议纪要都看不到；好区域、好客户、好预算被提 前瓜分，剩下的"硬骨头"才扔给边缘团队，非嫡系员工再努力也抢不到好项目，绩效差距越拉越大；嫡系成员即使连续写出大bug、被客户罚款，年底依然 能拿最高绩效，而非嫡系哪怕零差错，也被"鸡蛋里挑骨头"打成低分，奖金和晋升双双落空。 当考核不再以结果和数据说话，大厂员工们唯一的KPI就变成了"如何成为自己人"。业务线一收缩，领导第一时间保嫡系，非嫡系不仅赔偿难拿，还被 ...

Group 1 - Luo Yonghao expressed that criticizing bosses and workplaces is mainstream among young people, and he finds it strange that he is labeled as ungrateful for doing the same [3] - He reflected on his experience at New Oriental, stating that success in the workplace should also be attributed to personal effort, not solely to the support of leaders [3] - Luo disagreed with the notion that criticizing Yu Minhong, the founder of New Oriental, is ungrateful, emphasizing that support from leaders is meaningful when they believe in one's potential [3] Group 2 - Nanjing Museum responded to reports of a Ming Dynasty painting by Qiu Ying appearing in the auction market, stating it was previously identified as a forgery and is currently involved in a legal dispute [4] - The museum will cooperate with ongoing legal proceedings to verify the painting's provenance and manage its collection [4] Group 3 - Tencent appointed Yao Shunyu as the Chief AI Scientist, leading the AI Infra and large language model departments, indicating a strategic focus on AI development [5] - Yao, a former OpenAI researcher, brings significant expertise to Tencent's AI initiatives [5] Group 4 - The domestic GPU company Muxi Co., Ltd. debuted on the STAR Market with a staggering opening increase of 568%, achieving a market capitalization of 280 billion yuan [6] - Muxi specializes in high-performance GPU chips and computing platforms, indicating strong investor interest in the tech sector [6] Group 5 - The "baby" funds' yields have dropped below 1%, with the largest fund, Tianhong Yu'ebao, maintaining a yield of 1.014% as of December 16 [4] - Despite the decline in yields, the total share of money market funds has increased, reflecting ongoing investor interest [4] Group 6 - Xiaomi's new model MiMo-V2-Flash was launched by Luo Fuli, showcasing advancements in AI technology and positioning the company competitively in the AI landscape [22][23] - The model is noted for its cost-effectiveness and high speed, ranking among the top open-source models globally [23]

Core Viewpoint - The recent visa-free policy for Chinese tourists to Russia has led to excitement, but the reality of traveling in Russia presents significant challenges and frustrations for these tourists [4][6]. Group 1: Tourist Experiences - Chinese tourists, like Ahao and Lao Chen, faced numerous difficulties upon arrival in Russia, including connectivity issues due to a new regulation that imposes a 24-hour silence period on foreign SIM cards [12][28]. - The lack of international hotel brands and the high prices of local accommodations have made travel more expensive than anticipated, with some hotels charging over 2,000 yuan per night [17][24]. - Tourists have reported significant issues with navigation and payment methods, as popular services like WeChat and Alipay are not functional, leading to reliance on cash [21][22]. Group 2: Economic Context - The economic situation in Russia has led to inflated prices for goods and services, driven by a war-time economy and sanctions, which have altered the pricing logic for tourists [34][50]. - The influx of wealthy Russians, unable to travel abroad, has created a demand surge in local tourism, further driving up prices [47][48]. - Tourists expecting lower prices due to currency depreciation have found themselves competing with local affluent consumers, resulting in a skewed value proposition [50][51]. Group 3: Service Quality - The quality of service in Russia has declined, with tourists experiencing a stark contrast to the high service standards they are accustomed to in other countries [59][63]. - The current market dynamics in Russia, where high-end tourism resources are scarce, have led to a seller's market mentality, resulting in indifferent service towards tourists [62][66]. Group 4: Misaligned Expectations - Many Chinese tourists have turned to Russia as an alternative destination due to flight cancellations to Japan, but the experience is vastly different from what they expected [70][76]. - The attempt to substitute a trip to Japan with a trip to Russia has proven to be misguided, as the cultural and service expectations are not aligned [75][79]. - Tourists who can adapt to the unique challenges of traveling in Russia may still find value in the experience, despite the difficulties faced [83][85].

Core Viewpoint - The article highlights the successful completion of nearly 100 million RMB in angel round financing for "Xuanji Power," a company focused on the independent research and development of robotic platforms and core components, particularly featuring axial-flux motors [5][6]. Financing Information - Financing Round: Angel Round - Financing Amount: Nearly 100 million RMB - Investors: Yuhai Capital, Lanpu Venture Capital, Buchang Family Office - Fund Usage: To mass-produce heavy-duty and light-duty robots already released, and to develop a consumer-grade robot aimed for launch next year [6][7]. Company Overview - Established: June 2024 - Location: Bao'an District, Shenzhen - Technical Highlights: Full-stack self-developed high-performance robotic body and core components, including axial-flux motors, integrated joint modules, and remote control systems. The axial-flux structure allows for a flatter motor design, resulting in higher torque output per unit volume/weight. The peak torque of the self-developed axial-flux motor reaches 596 N.m, with a torque density of 240 N.m/kg [7][8][21]. Market Potential - The commercialization of quadruped robots is accelerating, with the overall market size exceeding 1 billion RMB in 2024. These robots are becoming preferred solutions in inspection, security, special operations, emergency rescue, and load transportation. The global market potential for quadruped robots is expected to reach a trillion-level scale, indicating vast growth opportunities. Despite this potential, current market penetration remains low, with a lack of high-performance products to meet demand [9][8]. Company Performance - Collaborations with leading clients in industries such as power grid, emergency response, and petrochemicals, including a partnership with Southern Power Grid to develop the "Barking Cloud·Titan" electric inspection quadruped robot. This product addresses traditional inspection pain points and has set records for continuous operational load and endurance. It is expected to enter mass production with deliveries starting in December [13][12]. Team Background - The founder, Oudi, previously led the Inspire series at DJI, overseeing the entire product development process. The Inspire line is known for its advanced technology and complexity, maintaining a leading position globally for over a decade. Oudi's extensive experience in large-scale product line development at DJI is a significant asset for the company [15][14]. Competitive Advantages - The core technology of "Xuanji Power" lies in the axial-flux motor and integrated joint module, providing competitive advantages in load capacity, stability, and endurance. The company emphasizes a full-stack self-development approach, ensuring rapid iteration and high-quality product performance [17][18][19]. Future Development Goals - The company aims to continuously iterate existing products to optimize performance, cost, and stability while expanding market coverage to empower more industries and users. Additionally, a consumer product line will be launched, leveraging the company's comprehensive R&D capabilities and large-scale production experience [24][22].

Group 1 - Mars has completed the acquisition of Kellanova, the parent company of Pringles, for approximately $35.9 billion (about 253.4 billion RMB), marking the largest acquisition in the global food industry this year [4][9]. - The acquisition combines iconic brands, with Mars owning brands like Dove, Snickers, and M&M's, while Kellanova is known for Pringles and Kellogg's cereals [5][16]. - The merger is expected to generate annual revenue of $36 billion for Mars' snack food business, positioning it as the third-largest player in the global snack industry, behind PepsiCo and Mondelez [16]. Group 2 - The acquisition of Kellanova has been in the works since August of last year, with Mars announcing a cash offer of $83.50 per share [9]. - Kellanova's market value was approximately $29.03 billion (about 204.5 billion RMB) at the time of the acquisition's completion [9]. - Mars has a history of significant acquisitions, having completed over 10 deals in the past two years, including brands in the chocolate and pet food sectors [15][14]. Group 3 - The article highlights a broader trend in the consumer sector, with several brands, including Starbucks and Burger King, engaging in strategic partnerships and sales to adapt to increasing market competition [21][22]. - The consumer industry is viewed as resilient and attractive for capital investment, especially in the food and beverage sector, which is less affected by economic cycles [23]. - The ongoing reshuffling in the consumer market suggests that more significant deals are likely to follow [24].