Group 1 - Xpeng Motors announced a 7-year low-interest installment plan for all models, with a minimum down payment of 15% and monthly payments starting at 1355 yuan, valid until the end of January [2] - Volkswagen Group plans to reduce the number of board members in its core brand group by about one-third by summer 2026, aiming to streamline management and potentially save 1 billion euros in production costs by 2030 [2] - Toyota announced the suspension of production at three assembly plants in Japan due to heavy snowfall, with operations expected to resume after January 23 [2] Group 2 - Bentley's new small electric SUV design details have been revealed through recent spy photos, showcasing a shift to a larger oval-shaped headlight design, similar to the Continental GT, with a more elongated body profile [3]

Core Viewpoint - The headhunting industry is experiencing a significant downturn, with a 30% market shrinkage and a loss of 18 billion in total scale from 2022 to 2023, leading to a survival pressure test for 400,000 practitioners [11][13]. Group 1: Industry Challenges - The headhunting industry is facing a "once-in-20-years winter," with many practitioners leaving the field due to increased competition and reduced demand [5][9]. - The market for talent acquisition services has drastically changed, with companies becoming more selective and often preferring to hire internally or through free online platforms [9][11]. - The average commission rates for headhunters have dropped from 20% to as low as 15%, and many are now paid per candidate rather than per successful placement [13][20]. Group 2: Shifts in Recruitment Dynamics - Companies are increasingly looking for candidates with specific local qualifications, leading to frustrations among headhunters who struggle to meet these demands [9][13]. - The recruitment process has become more complex, with companies often posting "pseudo-requirements" to test the market without genuine hiring intentions [9][13]. - The traditional role of headhunters as mere resume movers is evolving into a more strategic partnership, where they must offer additional services beyond recruitment [20][21]. Group 3: Adaptation and Transformation - Successful headhunters are adapting by diversifying their services, such as offering training, legal consulting, and employee benefits, to maintain client relationships [20][21]. - The industry is witnessing a shift towards a model where headhunters must possess deep industry knowledge and storytelling abilities to attract top talent [18][23]. - Companies that embrace change and offer comprehensive career planning and consulting services are seeing growth even in a challenging environment [24][25].

Group 1 - The first prototype of Hongqi all-solid-state battery has successfully rolled off the production line, marking a significant step for China FAW in the solid-state battery technology field, with key breakthroughs achieved in electrolyte and cell performance [2] - OpenAI has launched a community plan to manage energy costs for its data centers, aiming to ensure that its operations do not increase local electricity costs, reflecting a trend among tech companies to invest directly in power infrastructure [2] - Shenzhen's robotics sector is experiencing rapid growth, with companies like UBTECH, Zhongqing, and Yuejiang Technology securing significant domestic and international orders, indicating a strong commercialization trajectory and an acceleration in industry development [2] Group 2 - By 2025, China's artificial intelligence core industry is expected to exceed 1.2 trillion yuan, with over 6,000 AI companies projected to operate, and applications spreading across key industries such as steel, non-ferrous metals, and power [3]

近年来，在技术竞赛与地缘政治的交织影响下，半导体行业迎来了前所未有的热度，成为整个科技产 业的焦点。然而热潮之下是产业固有的冰冷现实：投资巨大、风险高企、回报周期漫长。这不仅是对 创业者九死一生的考验，更是对投资机构耐心、远见与综合实力的终极试炼。 当众多资本还在为是否要踏入这条"长征路"而犹豫时，什么样的投资人才能真正陪伴半导体企业穿越 周期，从一颗"昂贵的沙子"成长为构建算力基石的关键芯片？和利资本创始管理合伙人孔令国来到第 18届创业邦年会暨创业邦100未来独角兽大会给出了自己的答案 。 他深 耕投资近三十年，先是投出 寒武纪，再投出了沐曦。2025年12月沐曦上市，市值一度突破3000亿， 让 孔令国与和利资本的回 报倍数达45倍。 在孔令国看来，半导体投资是一场超越了财务模型和技术信仰的"产业信仰"。对于身处其中的创业者 而言，寻找到真正"懂你"并愿意"雪中送炭"的长期伙伴，远比单纯获得资金更为重要。 以下是孔令国在本次大会上的演讲实录，由创业邦整理。 一颗芯片的诞生 是一场以年为单位的马拉松 在演讲开始之前，请允许我对自己和所在的机构进行大致的介绍。我是和利资本创始管理合伙人， 2001年来到中国 ...

Core Viewpoint - The article discusses the investment strategies of the gaming giant miHoYo, highlighting its significant investments in various sectors, particularly in AI and virtual social platforms, and the implications of these investments for the company's future growth and diversification [6][20]. Investment Overview - miHoYo has made over 30 investments across diverse fields, including AI, embodied intelligence, and commercial aerospace, indicating a broad interest in future technologies [6][7]. - The company invested in MiniMax, a leading AI player, during its angel round when its valuation was around 1.2 billion, and its market value has since exceeded 100 billion post-IPO [6][8]. - miHoYo holds significant stakes in several companies, including 11.86% in Suplay and 5.47% in Soul, both of which are preparing for IPOs [7][8]. Investment Strategy - The investment strategy reflects a preference for projects that can enhance or replicate the successful business model established by miHoYo's games, which combine intricate characters with deep emotional connections [13][15]. - Investments in AI companies aim to improve development efficiency for existing games, as seen in the collaboration with MiniMax for the development of "崩坏·星穹铁道" [17]. Market Trends and Future Outlook - The gaming industry is experiencing a decline in revenue from flagship titles like "原神," prompting miHoYo to seek new revenue streams through strategic investments [20]. - The company’s investments are seen as a proactive measure to mitigate uncertainties in its core gaming business, with a focus on emerging technologies that align with the evolving needs of younger generations for virtual companionship and identity [15][20]. Regional Focus - Nearly half of miHoYo's investment projects are located in Shanghai, indicating a regional preference in its investment strategy [18]. Conclusion - miHoYo's aggressive investment approach is a blend of proactive growth strategies and reactive measures to address uncertainties in its primary business, reflecting a broader trend among gaming companies to diversify into technology sectors [21].

Group 1 - Taobao and Tmall will launch a special governance initiative for AI-generated fake images in after-sales service, introducing a recognition model and a one-click feedback feature [2] - The initiative will also create a one-stop AI service center, upgrading tools such as Xiaomimi 5.0 and AI after-sales assistants, integrating user consumption behavior and preferences into various service stages [2] Group 2 - The Hugging Face community reported that the download count for Alibaba's Qianwen series models has surpassed 1 billion, with an average of 1.1 million downloads per day, making it the first open-source large model to achieve this milestone [2] - The Qianwen series has over 200,000 derivative models, solidifying its position as the leading open-source large model globally [2] Group 3 - Zhipu announced a temporary limit on the sale of its GLM Coding Plan due to a surge in user numbers and resource constraints, reducing the daily sales volume to 20% of the current level [3] - This limitation aims to alleviate issues such as throttling and slow model speeds experienced by users during peak hours [3] Group 4 - Shandong Port unveiled the first AI chip for ports in the country, named "ShanGang ZhiXin·XingYu SA5200," which features advantages such as multi-source perception integration and enhanced compression efficiency [4] - The chip is designed to operate efficiently in complex port environments and supports domestic algorithms, significantly improving overall energy efficiency [4]

Group 1 - Xibei Restaurant Group completed a new round of financing, with new shareholders including Zhang Yong, founder of Xinrongji, and Hu Xiaoming, former CEO of Ant Group [2] - The financing round saw shareholding proportions of 4.4209%, 4.4209%, 2.2104%, 0.4421%, and 0.0884% for new investors [2] Group 2 - Apple's first foldable phone, iPhone Fold, is expected to be released in September, featuring a wide aspect ratio and dual screens [3] - The design of the iPhone Fold continues the style of the iPhone 17 Pro series [3] Group 3 - Baidu's Wenxin App is set to introduce a social interaction feature with "multi-agent group chat" capabilities, currently in internal testing [5] - Taobao and Tmall will launch an AI-based initiative to combat fake images in after-sales service this year [5] Group 4 - The AI model series "Qianwen" from Alibaba has surpassed 1 billion downloads, becoming the first open-source large model to achieve this milestone [8] - The average daily downloads of the Qianwen series models are 1.1 million [8] Group 5 - Chang'an Ford's annual sales in China fell below 100,000 units for the first time, with wholesale sales of 121,500 units and retail sales of 99,400 units in 2025 [16] - This marks a significant decline from 247,000 units sold in 2024 [16] Group 6 - OpenAI announced plans to expand its AI infrastructure in the U.S. to 10 GW by 2029, with several sites already in development [15] - The company will cover energy costs to ensure the project does not increase electricity prices [15] Group 7 - SWISSto12 has raised over €100 million for its new satellite project, with €73 million coming from the European Space Agency [17] - The funding will support the development and industrialization of the new "Hummingbird Satellite" platform [17] Group 8 - Energy Fuels announced a $299 million acquisition of Australian Strategic Materials, valuing the company at this amount [18] - This acquisition is part of Energy Fuels' strategy to expand its operations in the rare earth sector [18]

Core Viewpoint - TSMC's recent financial report has provided strong validation for the AI industry, showcasing significant growth and robust capital expenditure plans that signal future demand for chip manufacturing [6][9]. Financial Performance - TSMC's Q4 2025 financial results exceeded expectations, with revenue growth for eight consecutive quarters and a gross margin surpassing 60%, comparable to software giants [6][12]. - The company has projected capital expenditures of $52 billion to $56 billion for 2026, a substantial increase from $40.9 billion in 2025, indicating confidence in future orders from clients like NVIDIA and AMD [9][28]. Market Dynamics - TSMC's capital expenditure is primarily allocated for building production lines and purchasing equipment, which typically takes 2-3 years to yield results, thus reflecting anticipated growth in orders from chip design companies [9][28]. - The demand for AI computing chips has surged, leading to a shortage of 3nm capacity, with TSMC reportedly halting new 3nm orders due to full capacity bookings for the next two years [18][25]. Competitive Landscape - TSMC's dominance in the 3nm process technology is underscored by its ability to maintain high gross margins, driven by strong demand from AI chip manufacturers [14][18]. - Competitors like Samsung and Intel have struggled to keep pace, with TSMC's 3nm technology remaining unmatched in terms of performance and yield [18][20]. Advanced Packaging - TSMC's advanced packaging technology, particularly CoWoS, has become critical for AI chips, with significant demand leading to a substantial increase in its capital expenditure allocation for this segment [19][20]. - The company has captured a significant share of the advanced packaging market, with NVIDIA alone accounting for approximately 57.4% of TSMC's current capacity [22][20]. Client Relationships - TSMC's collaboration with NVIDIA has evolved from design processes to system-level integration, indicating a deepening partnership that may see NVIDIA surpassing Apple as TSMC's largest client by 2026 [25][28]. - The shift in client dynamics highlights TSMC's reliance on major customers for securing orders and mitigating risks associated with advanced process technologies [25][28].

Core Insights - Minimax's stock price surged over 80% on its debut, reaching a market capitalization of over 90 billion HKD, highlighting the significant market interest in AI companies [5] - The relationship between Minimax's founder, Yan Junjie, and Horizon Robotics' founder, Yu Kai, is pivotal in understanding the evolution of China's AI industry [6] Group 1: Historical Context - In 2014, Baidu was establishing itself as a leader in AI research, with Yu Kai leading the initiative at Baidu's IDL [9] - Yan Junjie, facing restrictions from his academic advisor, interned at Baidu IDL, which significantly altered his career trajectory [11][12] Group 2: Key Discoveries and Influences - During his internship, Yan Junjie had access to substantial GPU resources and discovered the Scaling Law, which later became foundational for Minimax [17][18] - Yu Kai's philosophy of combining algorithms with engineering greatly influenced Yan Junjie, shaping his approach to AI development [20][22] Group 3: Talent Development at Baidu - Baidu's IDL not only nurtured Yan Junjie and Yu Kai but also produced other influential figures in the AI sector, such as Dario Amodei of Anthropic [24][25] - The environment at Baidu during 2012-2015 was instrumental in cultivating a generation of AI leaders who would later impact the industry significantly [25] Group 4: Diverging Paths and Shared Philosophies - Yu Kai focused on hardware and algorithms for autonomous driving, while Yan Junjie concentrated on large language models and multimodal AI, both embodying Baidu's "algorithm + engineering" philosophy [33] - Both founders are set to achieve public listings in Hong Kong within a two-year span, reflecting their successful entrepreneurial journeys [33] Group 5: Broader Implications - The story illustrates that great companies not only create products but also foster talent and ecosystems, as seen with Baidu's investment in AI from 2012 to 2015 [37] - The mentorship provided by Yu Kai to Yan Junjie emphasizes the importance of learning effective methodologies in resource-constrained environments, a competitive edge for Chinese AI firms [37] - The influence of Baidu as an AI talent incubator is profound, with its alumni reshaping the AI landscape both in China and globally [37]

以下文章来源于李东阳朋友圈 ，作者李东阳 李东阳朋友圈 . 李东阳，500万粉丝营销博主、《首席营销官》主理人。聊营销、说品牌，欢迎志同道合的朋友围观。 永远思考，永远保持怀疑。+V：ldy8963 一起探讨商业，挖掘营销底层逻辑。 来源丨 李东阳朋友圈 （ID： LDYMarketing ） 作者丨 李东阳 一场关于真诚的自我救赎 互联网的记忆向来短暂，但对"失败者"的标签却格外执着。 李亚鹏正在经历一场神奇的口碑翻身。 过往提到他，人们的第一印象——这是个集失败于一身的男人，褪去演员身份闪转腾挪到商海并不顺 遂，干一行黄一行，直播带货满屏嘲讽声，舆论场飘过他最多的新闻是巨额欠债、卖资产还钱。 他曾经还拿着块石头，号称价值3个亿，是人间罕见的珍宝，但网友们一致认为这哥们是商界难得一 遇的奇葩。 转机出现在不经意间，近日李亚鹏创办的嫣然天使医院，因为拖欠了两千多万房租，被房东告了，眼 瞅着就要破产。 于是李亚鹏拍了条长视频，恳切的讲述着这家医院和过往的种种，很多人是含着泪看完的，顺手还往 里捐了款，并且重新认识了李亚鹏。 当全网都在喊着"欠李亚鹏一个道歉"时，我们更该追问：这个被群嘲"情怀大于能力 "的中年男 ...