在卓驭科技《第十年》品牌盛典上，卓驭CEO沈劭劼将主题定为"行者"。对于完成从大疆"体 内"剥离不久、必须独立面对市场生死考验的卓驭而言，这个词尤为贴切。 这套新方法催生出的惊人效率令追赶者感到压力。沈劭劼透露，其端到端模型的迭代周期已 稳 定 每 周 更 新 ， " 我 们 适 配 一 个 乘 用 车 车 型 的 人 力 成 本 ， 从 原 本 的 几 十 个 人 ， 变 成 不 到 十 个 人 ， 时 间 周 期 也 被 大 幅 度 缩 短 ， 而 且 不 同 车 型 之 间 的 基 线 模 型 差 异 ， 也 能 控 制 在 以 天 为 单 位。"沈劭劼说。当对手还在调试第一个版本时，卓驭可能已经迭代了数次。 对于卓驭来说，本次品牌盛典更像是行至中点的系统性复盘：卓驭如何度过生存压力，积累 生存智慧，去定义下一代移动智能的广阔疆域。 消费电子领域每一位大疆的挑战者都曾体会过被这种"体系化效率"支配的压迫感。如今，在 智能驾驶这个更复杂、更讲究系统工程与长期主义的战场上，相似的故事似乎正在重演。 穿越"戴维斯双杀" 卓 驭 的 基 因 ， 源 于 一 个 更 宏 大 的 梦 想 ， 而 非 汽 车 行 业 ...

记者丨张敏 编辑丨张伟贤 近期，公积金制度改革成为监管部门频繁提及的话题。 2025年12月召开的中央经济工作会议指出，深化住房公积金制度改革。在近10年的中央经济 工作会议公报中，这是公积金首次被单独提及。 当月下旬，全国住房城乡建设工作会议召开，并提出"更好发挥住房公积金作用""深化住房公 积金制度改革"。该会议还透露，我国累计发放住房公积金个人住房贷款6.5万亿元，支持缴存 人提取9.4万亿元住房公积金用于住房消费。 2026年1月2日，《求是》杂志发表题为《改善和稳定房地产市场预期》的文章，再度强调"深 化住房公积金制度改革"。 在楼市中长期发展空间巨大、短期市场继续调整、稳楼市政策仍待加力的背景下，这些表态释 放出的信号意义值得关注。 1月8日，《人民日报》发表题为《中央"点名"住房公积金，释放什么信号？》的文章指出， 公积金很可能要迎来改革大动作。文章从公积金的用途、问题、提升空间，以及我国住房发展 的现实需要入手，提出公积金改革的总体目标——"让大家贷得到、用得顺这笔钱，从而住得 上更好的房子。" 最后，公积金贷款有额度上限（通常远低于房价），且申请人与缴存情况、收入严格挂钩。这 天然地限制了杠 ...

Core Viewpoint - The article discusses the recent announcement by Huiyuan Group regarding the termination of its cooperation with Shanghai Wensheng Asset Management and the complete takeover of Beijing Huiyuan due to Wensheng's failure to fulfill its obligations under the restructuring agreement [1][2][4]. Summary by Sections Restructuring Background - Huiyuan Group's restructuring began in June 2022, with a court-approved plan that included a commitment from Shanghai Wensheng to invest 1.6 billion yuan over three years for a 70% stake in Beijing Huiyuan [1]. - The funds were intended for debt repayment and operational support, with a goal of achieving an A-share listing within three to five years [1]. Breach of Agreement - Shanghai Wensheng has failed to pay 850 million yuan of the agreed investment and has not utilized the 750 million yuan already invested for operational management, leading to a reliance on pre-restructuring funds [4]. - This breach has resulted in the restructuring plan being deemed a complete failure by Huiyuan Group [4]. Operational Mismanagement - Huiyuan Group criticized Shanghai Wensheng for serious operational mismanagement, highlighting that Wensheng lacks experience in beverage production and has sourced juice materials from unverified suppliers, jeopardizing product safety and brand integrity [1][4]. Legal and Operational Actions - Huiyuan Group declared all contracts signed by Shanghai Wensheng with non-affiliated manufacturers for juice material procurement as invalid [2][5]. - The group emphasized that any juice products not produced with materials provided by Huiyuan Group cannot be sold under the "Huiyuan" brand [5]. - Huiyuan Group will exercise its right to suspend the restructuring agreement and related contracts until Wensheng fulfills its obligations and compensates for damages caused by its breach [5][7]. Future Outlook - Huiyuan Group stated that the takeover is a necessary remedial measure and expressed hope for Wensheng to rectify its breach to restore management control to a new team at Beijing Huiyuan [2][7]. - The group aims to continue providing healthy and innovative juice products to maintain consumer trust in the Huiyuan brand [7].

Core Viewpoint - The article discusses the recent decline in gold and silver prices, highlighting the significant drop in the gold-silver ratio, which is an important indicator of economic conditions and asset allocation strategies [1][2][4]. Price Movements - As of January 8, gold prices fell to $4413 per ounce, a decrease of 0.96%, while silver prices dropped to $74.6 per ounce, down 4.76% [1][2]. - The gold-silver ratio has fallen below 60, currently around 59, marking a significant decline from a high of 103 in April 2025 [2][4]. Historical Context - The last time the gold-silver ratio fell below 60 was in September 2010, and it reached a low of below 40 in 2011 before recovering [2]. - Historically, the gold-silver ratio has been a key indicator of macroeconomic cycles, often rising during economic crises and falling during recoveries [6][8]. Economic Indicators - The gold-silver ratio is correlated with the Juglar cycle, which describes medium-term investment and capacity fluctuations, indicating economic volatility [3][8]. - A higher gold-silver ratio suggests that gold may be overvalued, while a lower ratio indicates that silver may be undervalued [4][12]. Investment Strategies - The article emphasizes the importance of the gold-silver ratio in asset allocation, suggesting that investors can optimize returns by adjusting their holdings based on this ratio [11][12]. - Wealth management institutions are increasingly focusing on precious metal investment products, indicating a growing interest in gold and silver as core assets [11]. Future Outlook - Analysts predict that the gold-silver ratio will likely oscillate within a range of 40 to 80, moving away from its previous high levels [11][14]. - The current economic environment, characterized by a shift towards new production capacities and policies, is expected to influence silver demand significantly [8][9].

Core Viewpoint - The establishment of Shenzhen Information Vocational University marks a new phase in vocational undergraduate education in Shenzhen, reflecting strong societal recognition of the "Shenzhen Path" in vocational education and its integration with regional industries [1][4][5]. Group 1: Establishment and Development of Vocational Universities - Shenzhen Information Vocational University was officially established on January 8, 2023, following the approval from the Ministry of Education in June 2022, transitioning from Shenzhen Information Vocational College [1][4]. - The university offers five undergraduate programs: Software Engineering Technology, Modern Communication Engineering, Integrated Circuit Engineering Technology, Intelligent Manufacturing Engineering Technology, and Embedded Technology, with admission scores ranging from 566 to 600 [1][4]. - Shenzhen Vocational University, which also transitioned to a vocational university, plans to expand its undergraduate programs from 6 to 26 by 2025, with an admission capacity of 1,268 students [5][6]. Group 2: Industry Collaboration and Educational Integration - Both universities are actively engaging in industry collaboration, signing agreements with major companies like Tencent, Huawei, and DJI to enhance educational integration and practical training [5][6]. - Shenzhen Information Vocational University has established four higher engineering colleges and 16 industry-specific colleges in collaboration with leading enterprises, emphasizing a strong focus on information technology [4][5]. - The vocational universities are recognized for their effective integration of education and industry, with a focus on producing skilled talent that meets the demands of the modern industrial landscape [6][10]. Group 3: Trends in Vocational Education - The rise of vocational undergraduate education is part of a broader trend to elevate the status of vocational education in China, aiming to create a seamless educational pathway from secondary vocational to higher vocational and undergraduate levels [8][9]. - By 2025, the enrollment scale of vocational undergraduate education is expected to reach at least 10% of the higher vocational education enrollment, translating to approximately 500,000 students annually [8][9]. - The demand for skilled engineers is increasing as China's industrial system evolves towards higher-end and intelligent manufacturing, necessitating a new generation of innovative and versatile technical talent [9][10].

Core Viewpoint - The article discusses Xiaomi's recent live broadcasts led by Lei Jun, focusing on addressing misinformation and emphasizing safety upgrades in their new car models, particularly the SU7, following past incidents that raised safety concerns [3][4][5]. Group 1: Live Broadcasts and Misinformation - On January 3, 2026, Lei Jun held a live broadcast to clarify misinformation about Xiaomi, particularly regarding the YU7 model [3]. - A second broadcast on January 7, 2026, was intended to introduce the SU7's 26 upgraded models but spent significant time addressing rumors and safety concerns [3][4]. - Lei Jun expressed personal stress from the negative publicity, indicating a shift from a confident public persona to one requiring frequent clarifications and apologies [3][4]. Group 2: Strategic Shift in Safety Focus - Xiaomi's strategy has shifted from "outstanding performance" to prioritizing safety after facing backlash from two accidents in 2025 [4][5]. - The 2026 SU7 models will incorporate enhanced safety features, including a steel-aluminum hybrid body with a strength of 2000MPa and seven active safety airbags [5][6]. - Following a tragic accident in March 2025, Xiaomi developed a new "super steel" with a strength of 2200MPa, improving the vehicle's crash resistance [5][6]. Group 3: Safety Enhancements in SU7 - The SU7 series will feature a high-strength protective beam and a bulletproof coating to enhance battery pack safety [6][7]. - Additional safety features include two new rear side airbags and a standard configuration of nine airbags across all models [7][8]. - The upgraded models will also include advanced driver assistance systems with improved detection capabilities and processing power [7][8]. Group 4: Impact of "Participation" Marketing Strategy - Xiaomi's early marketing strategy relied heavily on consumer engagement through social media, fostering a loyal fan base [10][11]. - However, as the company grew, it attracted a more diverse audience, including less discerning fans, which led to increased scrutiny and criticism [11][12]. - The intense focus on Lei Jun's personal brand has resulted in public perception being closely tied to his actions, amplifying the impact of any product issues on Xiaomi's reputation [11][12]. Group 5: Future Challenges and Product Line Expansion - In 2026, Xiaomi plans to expand its product lineup with additional models, including an administrative version of the SU7 and two new SUV variants [12]. - While current sales figures are strong, the company faces the challenge of maintaining trust and brand loyalty as it seeks to penetrate broader markets beyond its core fan base [12].

Core Viewpoint - The number of companies with a market capitalization exceeding 1 trillion yuan in China's A+H share market has increased to 14 by the end of 2025, with a total market value increase of approximately 9 trillion yuan, reflecting a growth rate of over 50% [1][2]. Group 1: New Trillion-Yuan Companies - Four new companies have joined the trillion-yuan market cap club: Industrial Fulian, China Ping An, China Life, and China Merchants Bank [1][4]. - Industrial Fulian has seen a remarkable market cap increase of approximately 188%, driven by its core business in AI and precision manufacturing [4][5]. - The financial sector's recovery is highlighted by China Ping An's 32.02% increase, China Life's 16.16% increase, and China Merchants Bank's 10.87% increase in market cap [4][5]. Group 2: Market Trends and Characteristics - The market capitalization growth is characterized by a leading trend in technology and new sectors, while financial and energy sectors show stable growth [1][7]. - Tencent and Alibaba have both seen significant market cap increases, exceeding 1 trillion Hong Kong dollars, driven by AI advancements and recovery in e-commerce [7][9]. - The banking sector, particularly Agricultural Bank of China, has shown strong performance with a market cap increase and a notable rise in stock price, breaking the long-standing "price-to-book" ratio below 1 [11][12]. Group 3: Company Performance Highlights - Tencent's market cap reached 5.46 trillion HKD, with a year-on-year increase of 42.02%, supported by its AI strategy and business integration [2][8]. - Alibaba's market cap rose to 2.73 trillion HKD, benefiting from AI integration and a recovery in its e-commerce business [9]. - Agricultural Bank of China reported a revenue of 550.88 billion yuan and a net profit of 220.86 billion yuan, reflecting a stable asset quality and strong market recognition [12].

原标题：中共中央政治局常务委员会召开会议 听取全国人大常委会、国务院、全国政协、最高人民法院、最高人民检察院党组工作汇报 听取中央书记处工作报告 中共中央总书记习近平主持会议 中共中央政治局常务委员会1月8日全天召开会议，听取全国人大常委会、国务院、全国政协、 最高人民法院、最高人民检察院党组工作汇报，听取中央书记处工作报告。中共中央总书记习 近平主持会议并发表重要讲话。 会议指出，党中央听取全国人大常委会、国务院、全国政协、最高人民法院、最高人民检察院 党组工作汇报和中央书记处工作报告，是坚持和完善党的领导制度体系，把党中央集中统一领 导落实到国家治理各领域各方面各环节的重要举措。"十五五"时期，我国发展环境面临深刻复 杂变化，工作任务艰巨繁重，要坚持好、运用好、发展好党的领导这一最大优势，为中国式现 代化建设提供根本保证。 会议认为，过去一年，全国人大常委会、国务院、全国政协、最高人民法院、最高人民检察院 党组坚持以习近平新时代中国特色社会主义思想为指导，坚定维护党中央权威和集中统一领 导，认真贯彻落实党的二十大和二十届历次全会精神，紧紧围绕党和国家工作大局履职尽责， 切实加强党组自身建设，各方面工作取得 ...

雷军表示，2026年小米技术创新有望迎来全新的突破。"今年我们有希望在一款终端产品上实 现自研芯片、自研OS、自研AI大模型的'大会师'，同时我们的机器人业务也会有新的进展。" 他表示，作为小米开年首件大事，本次千万技术大奖竞争创历年之最，吸引10大部门150余个 项目角逐，最终底层核心技术类项目成为最大赢家，覆盖芯片、手机、汽车、AI、材料等关键 领域。 其中，小米自研芯片玄戒O1斩获本次大奖最高荣誉，雷军盛赞"当之无愧"，并鼓励团 队再接再厉推出更优作品。 雷军在发言中强调两大核心原则：一是技术立业是小米穿越周期的关键支撑，在坚守模式、场 景、产品创新优势的基础上，必须持续推进硬核技术创新；二是工程师思维是小米核心价值 观，公司将为优秀人才搭建顶尖平台，持续提升工程师的获得感与幸福感。据披露，过去五年 小米已超额完成1000亿研发投入承诺，实际投入达1050亿元，当前研发人员总数超24000人， 本次获奖成果均为前期持续投入的重要产出。 面向2026年，雷军透露小米技术创新将迎来关键突破，有望在一款终端产品上实现自研芯片、 自研OS、自研AI大模型的"大会师"，机器人业务也将有新进展。 作者丨雷晨 编辑丨 ...

记者丨张伟泽 编辑丨和佳 1月8日，备受瞩目的北京智谱华章科技股份有限公司（下称"智谱"）正式在港交所挂牌上市，成为名副其实的"全球大模型第一股"。尽管上市 首日股价走势跌宕起伏，但最终收盘上涨13.17%，报131.5港元/股，公司市值突破570亿港元大关。 1月8日，香港恒生指数收盘下跌1.17%，衡量科技股表现的恒生科技指数也下跌了1.05%，市场整体情绪偏向谨慎。 对此，伍礼贤指出，智谱股价上市首日表现未完全达到预期，主要受近期市场对芯片供应的担忧。"市场担心美国先进芯片技术能否顺利进入 内地市场。若无法获得如英伟达H200等先进芯片的支持，智谱的运算成本将相对较高，这会直接影响其商业竞争力。" 在狂热的市场情绪背后，是AI大模型公司普遍面临的"高研发、高亏损"的现实。根据招股书，智谱虽然收入从2022年的5740万元高速增长至 2024年的3.124亿元，但亏损也在同步扩大。从2022年到2025年上半年，公司累计净亏损额高达约62亿元人民币。仅2025年上半年，其研发开 支就高达15.95亿元，其中算力服务开支占了11.45亿元。 这种"烧钱"模式是当前大模型技术发展的必经之路，也正是智谱选择上市 ...