以下文章来源于硬氪 ，作者赵思淇 硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 突破三大核心禁运设备。 文 ｜ 赵思淇 编辑 ｜ 袁斯来 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ pexels 硬氪获悉，梅特科航空科技（苏州）有限公司（简称"梅特科"）近期已启动A+轮融资。本轮融资金额计划为8000万元人民币，资 金将主要用于维修产线建设、设备升级、研发投入等。此前，梅特科已累计完成近亿元融资。 梅特科成立于2015年，专注于航空发动机和燃气轮机（简称"两机"）先进涂层材料、设备和服务的研发与生产。公司是国内目前 唯一具备从先进涂层材料研发、设备制造到工艺服务全链条能力的民营企业，同时打破海外垄断，自主研发了CVD（化学气相沉 积）、EB-PVD（电子束物理气相沉积）、FIC（氟离子清洗）三大核心禁运设备。客户数量超40家，涵盖军用航发、民用航发、 燃气轮机及MRO（维护、修理和大修）等领域。 自2016年"两机"专项启动以来，航空发动机和燃气轮机产业迎来快速发展期。然而，先进涂层一直是产业链的核心瓶颈，直接决 定了涡轮及压气机叶片在高温、高压环境下的可靠性与寿命。比如现代发动机涡 ...

Group 1 - The article discusses President Trump's announcement to indefinitely suspend immigration from all "third world countries" to restore the U.S. immigration system [3] - The context of this announcement follows a violent incident involving two members of the National Guard near the White House, one of whom died from injuries sustained [3][4] - The suspect in the incident, Rahmanullah Rakhmanwal, originally from Afghanistan, had previously entered the U.S. under a program aimed at resettling Afghan allies [4] Group 2 - The article mentions various unrelated news, including the launch of a donation platform by WeChat to support fire rescue efforts in Hong Kong [8] - It also covers regulatory changes in Beijing regarding electric vehicle license plates for delivery services [4] - Additionally, it highlights the ongoing challenges in the entertainment industry, such as Sohu's plans to restart American TV series procurement despite severe piracy issues [5]

Core Viewpoint - Copper is increasingly recognized as an essential resource for industries such as data centers and electric vehicles, with demand expected to continue expanding, leading to a consensus on its critical role in the modern economy [4][5]. Supply Concerns - The international price of copper is at historical highs, driven by investment speculation on ore shortages and demand from data centers. The London Metal Exchange (LME) three-month futures reached $11,200 per ton on October 29, marking a new high since May 2024 [5][7]. - Concerns over ore supply have intensified due to recent mining accidents, including a landslide at the Grasberg mine in Indonesia and incidents in the Democratic Republic of Congo and Chile, leading to multiple supply disruptions this year [5][9]. Price Projections - Goldman Sachs has projected that $10,000 will become a new price floor for copper, with expectations that prices will fluctuate between $10,000 and $11,000 from 2026 to 2027 due to supply constraints and rising demand from sectors like artificial intelligence [7][10]. - The International Copper Study Group (ICSG) forecasts a 3.0% increase in copper consumption in 2025 and a 2.1% increase in 2026, while the International Energy Agency (IEA) predicts a more than 50% increase in demand by 2050 under a net-zero emissions scenario [5]. Production Adjustments - Japanese smelting companies have begun to reduce copper production, with Mitsubishi Materials announcing a 14% decrease in output for the period from October 2025 to March 2026 due to deteriorating ore procurement conditions [10]. - The ongoing supply issues may lead to further production cuts outside Japan, potentially impacting the availability of copper and driving up prices for end products [10].

Core Viewpoint - The commercialization of embodied intelligence involves four dimensions: technological evolution capability, scene understanding capability, mass production and delivery capability, and ecological support capability [11]. Group 1: Event Overview - The WISE2025 Business King Conference, recognized as an annual technology and business barometer, took place in Beijing's 798 Art District on November 27-28 [3]. - This year's WISE was not a traditional industry summit but an immersive experience using "tech short dramas" to convey insights on trends and business practices [4]. Group 2: Company Insights - Magic Atom, a leading company in embodied intelligence, won the "Annual AI Application Scene Breakthrough Enterprise" award for its systematic achievements in technological innovation, scene implementation, and global layout [6]. - The company emphasizes that the transition from digital intelligence to spatial intelligence is crucial for creating value in every corner of the world [8]. Group 3: Development Stages - The journey from demo to scalable product involves three stages: technological breakthroughs, productization and scaling, and commercialization [10]. - The company has observed significant progress in the industry over the past few years, with a notable increase in the variety and functionality of robots by 2025 [10]. Group 4: Dimensions of Commercialization - **Technological Evolution Capability**: This determines the growth of new functions and the discovery of new application scenarios, addressing challenges like effective data acquisition and model generalization [13][14]. - **Scene Understanding Capability**: The company has delivered thousands of quadruped robots and hundreds of humanoid robots, highlighting the importance of understanding specific application scenarios for effective delivery [16]. - **Mass Production and Delivery Capability**: The challenge lies in maintaining consistency and reliability while scaling from a single robot to hundreds or thousands [17]. - **Ecological Capability**: The company aims to connect various capabilities across the industry chain, focusing on system integration and cost reduction through self-developed solutions [18]. Group 5: Product Lines and Market Strategy - Magic Atom has developed two main product lines: humanoid robots and quadruped robots, each designed for specific applications and environments [22][23]. - The company believes in a process of additive product development, where diverse scenarios and functionalities are explored before refining to a more generalized robot form [24][25]. - The company has secured several hundred million yuan in intention contracts and expanded its strategic customer base significantly in a short period [26][27]. Group 6: Global Expansion - Currently, over 60% of the company's revenue comes from overseas markets, emphasizing the need for localized delivery capabilities in developed countries [30]. - The company aims to empower existing industries with new embodied intelligence technologies, striving to make technological benefits accessible to all [30].

Core Viewpoint - The article discusses the ongoing debate about the existence of an AI bubble, particularly in light of Nvidia's recent earnings report, which exceeded market expectations and provided a positive outlook for future growth [4][6][20]. Group 1: Nvidia's Financial Performance - Nvidia reported third-quarter revenue of $57 billion, a 62% increase year-over-year, with diluted earnings per share of $1.3, surpassing market expectations [5][20]. - The data center business contributed $51.2 billion in revenue, accounting for nearly 90% of total revenue, and grew by 66% year-over-year [20][21]. - Nvidia provided a bold fourth-quarter revenue guidance of approximately $65 billion, reflecting a year-over-year growth of about 65% [20][21]. Group 2: Market Reactions and Implications - Following the earnings report, Nvidia's stock price surged over 6% in after-hours trading, positively impacting other tech giants like Amazon, Microsoft, and Google [6][20]. - Despite the positive earnings, concerns about the sustainability of AI spending and potential market corrections remain prevalent among analysts [6][12]. Group 3: Strategic Positioning and Collaborations - Nvidia is evolving from a chip supplier to a central player in defining and orchestrating future AI computing power, as evidenced by its significant partnerships with OpenAI and Anthropic [26][27]. - The collaboration with OpenAI involves a $100 billion partnership to deploy Nvidia systems for AI infrastructure, indicating a strong commitment to future AI developments [26][27]. - Nvidia's partnerships with major tech companies are expected to drive substantial capital expenditures, further solidifying its market position [27][29]. Group 4: Industry Context and Challenges - The article highlights the critical role of Nvidia's earnings in assessing the broader AI narrative and its implications for the tech sector, especially amid macroeconomic uncertainties [10][11][12]. - Concerns about high valuations and the potential for a market correction are underscored by significant sell-offs from major investors, including Peter Thiel and Bridgewater Associates [15][16]. - The ongoing debate about whether AI represents a bubble is intensified by macroeconomic factors, including interest rate fluctuations and their impact on corporate financing [10][11][12].

你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢迎访问： http://finance.ifeng.com/ 许思敏2022年加入娃哈哈。 以下文章来源于凤凰网财经 ，作者风暴眼 凤凰网财经 . 这还不是许思敏飞速晋升的开始。天眼查数据显示，在宗馥莉接手娃哈哈后，许思敏在2024年9月即担任"杭州娃哈哈集团有限公 司"（下称"娃哈哈集团"）监事，在2024年12月担任重庆市涪陵娃哈哈饮料有限公司经理、法人。 2025年2月开始，许思敏先后担任杭州娃哈哈食品有限公司监事；浙江娃哈哈创业投资有限公司监事；吉林娃哈哈食品有限公司 法人、总经理等职位。许思敏最新一条任职动态是在2025年5月，其开始担任浙江娃哈哈实业股份有限公司董事一职。从任职轨 迹来看，许思敏在宗馥莉掌舵娃哈哈后，进入公司的核心圈。 其担任职务的公司，宏胜系、娃哈哈系兼具。如其担任娃哈哈集团监事的同时，也在浙江娃哈哈创业投资有限公司担任监事。该 公司由宗馥莉100%控股的杭州娃哈哈宏振投资有限公司持股90%。 许思敏火箭般的晋升速度，上述人士表示自己也一度十分惊讶。 在"哈哈号角"微信公众号上，2024年1 ...

Core Viewpoint - The article emphasizes the importance of product strength in the competitive automotive market, particularly in the context of the ongoing shift towards intelligent and electric vehicles, highlighting that good products will always find a market despite fierce competition [2][7][34]. Market Competition - The automotive market is experiencing intense competition, with nearly 30 new models set to launch, covering all major segments from family cars to luxury vehicles [3][4]. - Consumers are becoming more rational and discerning, demanding technology, space, brand, and irresistible pricing [5]. Product Demand - There is a question of whether the market truly needs an increasing number of new models, suggesting that what consumers really seek are cars that meet their needs and provide unexpected delights [6]. - Models like the Li Auto i6 and MEGA have achieved significant sales, indicating that well-designed products can thrive even in a crowded market [6][7]. Li Auto's Competitive Edge - Li Auto's core competitiveness lies in its ability to navigate market challenges through strong product offerings, which have been continuously refined in terms of technology, design, space, and efficiency [8][9]. - The company has successfully positioned itself as a leader in the new energy vehicle sector, achieving over 100 billion in revenue and nearly 1.5 million cumulative deliveries [11]. Product Philosophy - Li Auto's product philosophy focuses on addressing the needs of family users, exemplified by the Li ONE and Li L9 models, which cater to practical family travel requirements [12][14]. - The introduction of features like refrigerators and large screens in vehicles has set new standards in the SUV market, influencing competitors to adopt similar features [17][18]. Transition to Electric Vehicles - Li Auto is transitioning from range-extended vehicles to pure electric models, with significant advancements in technology and product offerings, including the i8 and i6 models [22][28]. - The company has made substantial investments in R&D, particularly in AI and battery technology, to enhance its product capabilities [31][32]. AI and Future Strategy - Li Auto is integrating AI into its core strategy, with significant R&D investments aimed at developing advanced driver assistance systems and self-driving capabilities [30][34]. - The company is focused on reducing the number of SKUs to concentrate resources on creating standout products, ensuring that future models exceed the standards set by previous successful launches [34].

Core Insights - Google has initiated two AI glasses projects, currently in the POC (Proof of Concept) stage, with potential release as early as Q4 2026 [6][10] - The AI glasses will likely feature a waveguide optical solution and a camera, with hardware manufacturing by Foxconn and chip supply from Qualcomm [6][7] - Google aims to leverage its advanced Gemini AI model, which integrates natural language understanding and multimodal reasoning, as a core competitive advantage for its AI glasses [11][12] Group 1: Project Development - Google is working on two parallel AI glasses projects, distinct from the previously announced Project Aura, which was developed in collaboration with Chinese AR brand Xreal [6][10] - The AI glasses project is led by Michael Klug, a key figure from Google Labs and a former member of Magic Leap, indicating a strong expertise in the field [7][10] Group 2: Market Positioning - Google has a historical presence in the smart glasses industry, having launched Google Glass in 2012, which faced challenges due to privacy concerns [8][10] - After a cautious approach post-2015, Google shifted its focus from consumer-grade products to B2B applications in logistics, medical training, and remote device maintenance [10][12] - Despite trailing behind competitors like Meta's Ray-Ban, Google is strategically enhancing its infrastructure and ecosystem for AI glasses, including partnerships with Samsung and Qualcomm for an XR-specific operating system [10][12] Group 3: Competitive Landscape - The entry of Google into the AI glasses market introduces a formidable competitor, equipped with a comprehensive ecosystem that includes content, operating systems, and advanced AI capabilities [12][13] - Google's extensive experience in the eyewear industry positions it uniquely against other players in the AI glasses space, making it a well-rounded contender [12][13]

Core Insights - The WISE2025 Business King Conference aims to anchor the future of Chinese business amidst uncertainty, focusing on the transformation driven by technology and new business narratives [1][2]. Group 1: AI Applications in Logistics - The CTO of Huolala shared insights on the application of AI in enhancing operational efficiency and user experience, emphasizing the importance of AI in the logistics sector [5][7]. - Huolala has expanded its services to over 400 cities globally, with nearly 20 million active users and 2 million active drivers, highlighting the scale of its operations [7]. - The company identified high-priority areas for AI implementation, including business safety, research and development, product, and operations, based on a 2023 Goldman Sachs report on AI potential [7][11]. Group 2: AI Platforms Developed - Huolala developed three key AI platforms: Wukong, Dolphin, and Evaluation Labeling Platform, focusing on internal efficiency and application development rather than foundational models [11][12]. - The Wukong platform allows non-experts to create basic enterprise intelligent applications quickly, featuring visual process orchestration and zero-code construction [13][15][16]. - The Dolphin platform is designed for algorithm developers, streamlining the entire process from data training to model lifecycle management [18][19]. Group 3: AI Innovations and Impact - AI has been utilized for real-time safety monitoring in logistics, resulting in a 30% reduction in risk orders related to hazardous materials and illegal passenger transport [21]. - AI Coding has been integrated into 90% of individual and team workflows, covering 60% of the development process, although it only improves efficiency by about 10% [22][23][24]. - The company implemented an AI-based "photo goods selection" feature, allowing users to receive vehicle recommendations based on the dimensions of their cargo, enhancing user experience [25]. Group 4: Cost Reduction and Risk Management - AI has been employed to optimize SMS content, leading to a 12% reduction in messaging costs while also improving compliance and risk management [27]. - The integration of AI digital humans has improved customer interactions, achieving a 94% accuracy in semantic recognition and a 92% realism in AI responses [29]. Group 5: Future Directions - The company anticipates that advancements in foundational models will address current challenges, with a focus on multi-modal model solutions for improved operational efficiency [31]. - Future goals include enhancing user experience through end-to-end AI assistants for tasks like intelligent vehicle selection and internal operations [31].

Core Viewpoint - By the end of 2025, ESG has transitioned from a mere requirement to a critical baseline for survival in China's capital market, becoming a powerful anchor for local institutions seeking certainty and value reconstruction [3][4]. Group 1: ESG Development in China - The "14th Five-Year Plan" has clarified ESG policy guidelines, promoting a comprehensive shift towards carbon emission control and requiring enterprises to enhance governance related to technology ethics and safety resilience [3]. - ESG is now seen as a fundamental infrastructure in China's capital market, with VC/PE investments increasingly focusing on long-term social value and industrial chain enhancement [3][4]. Group 2: Investment Trends and Strategies - Despite a slowing overall market, VC/PE strategies are shifting from purely "green energy" to "low-carbon transformation" in high-carbon industries, with a focus on digital decarbonization technologies in sectors like steel, chemicals, and building materials [4]. - Investment institutions are diversifying their understanding and practices of ESG, implementing measures such as energy-saving initiatives, joining international ESG organizations, and establishing dedicated ESG funds and teams [4]. Group 3: ESG Practices and Case Studies - A new survey for the "Top 50 Best ESG Investment Institutions in China 2025" has been launched, evaluating institutions based on their ESG practices across six core dimensions [5]. - The survey results highlight significant ESG practice cases, categorized into three main types: deep decarbonization and industrial transformation, digital empowerment and governance optimization, and circular economy initiatives [9][11]. Group 4: Notable ESG Cases - Notable cases include IDG Capital's investment in high景太阳能, achieving 100% green electricity in production, and 凯辉基金's support for hydrogen fuel cell technology, which is crucial for zero-emission transportation [12][13]. - Other significant examples include the investment in industrial energy efficiency by 德弘资本 and the promotion of hydrogen equipment technology by 北汽产投, both contributing to substantial carbon reduction [14][15]. Group 5: Conclusion on ESG's Role - The 2025 ESG rankings reveal a fundamental shift in the strategic focus of investment institutions towards becoming deep participants and value creators in green transformation and corporate governance [21]. - The belief is that investments are not just in current green assets but in future low-carbon assets, emphasizing the long-term vision of sustainability [22].