以下文章来源于棱镜 ，作者吴遮 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 来源丨 棱镜 （ID： lengjing_qqfinance ） 作者丨 吴遮 编辑丨 孙春芳 图源丨Midjourney "只要一回到香港，就有一种到家的感觉。"11月下旬，在香港中环的一个写字楼上，张鹏（化名）看 着窗外的维多利亚港颇为感叹地说。 他曾经是一位知名的创业者、投资人，身价超过10亿人民币。几年前，因为在国内的一些纠纷，长期 旅居在海外，新加坡是他经常去的地方。今年初，他决定回到香港，"在新加坡时，虽然华人的氛围 很浓厚，但自己始终都是一个游客。" 过去几年，中国富豪在新加坡扎堆的现象备受关注，但最近，这个现象正在发生逆转，不少华人富豪 开始逃离新加坡，并选择香港作为他们的"主场"。 12月12日，致同香港会计师事务所发布的《香港财富管理热潮：引领全球市场新格局》，引发了不 小的关注。根据这份报告，今年上半年，资产超过3000万美元的高净值人士中，有17215人在香 港，与2024年同期相比，增加了22.9%。 香港也成为了全球顶级财富市场中增幅最大的地区。 而对于中国的富豪们来说，他们正集中面临着财富传 ...

Group 1 - The founder of Xibei, Jia Guolong, expressed that the recent crisis had a more significant impact on the company than any previous operational challenges, leading him to rely on sleeping pills for 40 consecutive days [3] - Porsche China is actively addressing the situation regarding the Zhengzhou Zhongyuan Porsche Center, which has been reported to have closed unexpectedly, causing concerns among consumers [3] Group 2 - JD.com announced its 2025 year-end bonus plan, with average bonuses reaching 25 months' salary, with top performers potentially receiving up to 24 months' salary as bonuses [5] - ByteDance reported the dismissal of 120 employees for internal violations in Q3 2025, with 28 of them being publicly named and some facing criminal charges [5] Group 3 - Damai responded to allegations regarding its involvement in ticket scalping and tax evasion, stating that it is collecting evidence against false information [7] - Ziyuan Bawei Chicken issued an apology for employee misconduct involving theft, promising compensation and corrective actions [7] Group 4 - Smart electric vehicle company Zhiji Auto announced its first full-cost profitability in December 2025, with plans for further growth in 2026 [10] - Deep Blue Auto completed a C round financing of 6.122 billion yuan, with contributions from several major investors [14] Group 5 - The global smartwatch market is expected to see a 7% year-on-year growth by the end of 2025, driven by new hardware and increased consumer interest in health-related features [19] - Global spending on generative AI is projected to grow from $225 billion in 2023 to $699 billion by 2030, with a compound annual growth rate of 21% [19]

Group 1 - The core viewpoint of the article highlights the significant growth potential of generative AI, with global spending expected to rise from $225 billion in 2023 to $699 billion by 2030, reflecting a compound annual growth rate (CAGR) of 21% [2] - The fastest-growing segment within generative AI is AI dialogue platforms, with personal assistant AI and content generation tools also anticipated to expand significantly [2] - By 2030, the number of monthly active users (MAUs) for global AI dialogue platforms is projected to exceed 5 billion [2] Group 2 - NVIDIA has clarified that it has not acquired AI chip manufacturer Groq for approximately $20 billion, but has instead obtained a non-exclusive license for Groq's intellectual property and hired engineering talent from Groq [2] - DingTalk announced plans to create a monetizable AI market by fully opening its computing power, industry models, and AI capabilities, boasting a cost advantage of 5%-50% compared to mainstream AI computing service solutions [2] - The number of core developers in the Ascend open-source community has surpassed 52,000, with over 120,000 service code contributions and cumulative downloads of over 13 million, covering more than 150 countries and regions [2]

Core Viewpoint - The article highlights the significant milestone of Yunji Intelligent, a cleaning robot company founded by a 90s entrepreneur from Chaoshan, which has initiated Pre-IPO financing with a valuation exceeding 10 billion RMB and is accelerating its listing in the Hong Kong stock market [2]. Group 1 - Yunji Intelligent was inspired by a common household complaint, indicating a consumer-driven approach to product development [3].

Core Insights - The article highlights the intense competition for AI talent among major tech companies, with significant salaries being offered to attract top graduates and professionals [5][6][9] - There is a notable trend of talent leaving large companies to start ventures in embodied intelligence, indicating a shift in focus from traditional AI to more hardware-oriented applications [12][16] - Investors are increasingly favoring the embodied intelligence sector, viewing it as a friendly environment for entrepreneurs compared to the more competitive AI landscape dominated by large firms [4][20] Talent Competition - Major tech companies are offering high salaries to attract AI talent, with Tsinghua University PhD graduates receiving offers ranging from 1.6 million to 2 million yuan, and some positions in foundational AI models reaching 3 to 4 million yuan [6][7] - Companies like ByteDance and Tencent have launched aggressive recruitment programs targeting both graduates and current students, with ByteDance offering up to 20,000 yuan per day for interns [7][9] - The competition for AI talent has led to significant salary increases, with reports indicating a 50% rise in compensation for core AI personnel at Meituan by 2025 [7][9] Shift to Embodied Intelligence - A growing number of tech professionals are leaving their positions at large firms to pursue opportunities in embodied intelligence, with over 30 entrepreneurs reported to have made this transition in 2023 alone [4][12] - The article lists several notable figures who have left major companies to start their own ventures in embodied intelligence, indicating a trend among top talent to seek more innovative and less constrained environments [15][16] - The investment landscape for embodied intelligence is becoming increasingly favorable, with significant funding being directed towards startups in this field, totaling over 70 billion yuan in 2024 [15][22] Corporate Strategies - Major tech companies are cautious about investing heavily in embodied intelligence, viewing it as a less profitable venture compared to AI software development [20][22] - Companies like Alibaba, Tencent, and ByteDance are primarily investing in startups within the embodied intelligence space rather than developing their own products, aiming to mitigate risks associated with new business ventures [22][23] - The article notes that large firms are likely to adopt a strategy of gradual investment and eventual acquisition of successful startups in the embodied intelligence sector [22][23]

Core Viewpoint - The article draws parallels between the current technological innovations in China and the economic conditions of the United States in the 1920s, suggesting that today's China is experiencing a similar transformative phase marked by rapid technological advancements and potential economic shifts [6][26]. Group 1: Technological Innovations - The article lists various "years of innovation" expected in 2026, including autonomous driving, liquid cooling, domestic HBM, edge AI, solid-state batteries, AI applications, quantum computing, integrated storage and computing chips, brain-like computing, low-altitude economy, commercial aerospace, humanoid robots, silicon photonics, and controlled nuclear fusion [9]. - The rapid emergence of new technologies is seen as a crucial factor that could drive economic recovery and growth, similar to the technological advancements that characterized the roaring twenties in the U.S. [13][19]. Group 2: Economic Conditions and Historical Parallels - The article highlights the economic boom in the U.S. during World War I, where federal spending surged from approximately $700 million in 1916 to a peak of $18.5 billion in 1919, marking a nearly 26-fold increase [8]. - Post-war, the U.S. faced a sharp economic downturn, with federal spending plummeting by 75% in the fiscal year 1920, leading to significant deflation and a collapse in agricultural prices, which mirrors current economic challenges in China [10][12]. - The article emphasizes that the real danger lies not in the downturn itself but in the unsustainable costs built during periods of prosperity, which become burdensome during economic contractions [12][26]. Group 3: Supply-Side Technological Revolution - The article discusses how the technological advancements in the 1920s, particularly the electrification of manufacturing, significantly boosted productivity and transformed industries, akin to the current AI and technological advancements in China [13][15]. - The rise of radio as a revolutionary media technology in the 1920s is highlighted as a key driver of national advertising and consumer culture, drawing a parallel to today's digital marketing and e-commerce trends [16][24]. - The article suggests that the current technological landscape in China, with its focus on supply-side innovations, could lead to similar economic transformations as seen in the U.S. during the roaring twenties [17][19].

1.【保时捷中国回应"郑州中原保时捷中心疑似跑路"：正与警方和相关部门在现场核查事实】针 对"郑州中原保时捷中心疑闭店'跑路'"一事，保时捷中国回应记者称，对于此次事件给各位车主及消 费者带来的困扰与担忧致以最诚挚的歉意，将积极推动事件妥善处理，将消费者合法权益放在首 位。"我们高度关注保时捷授权经销商郑州中原保时捷中心出现经营异常情况，目前与警方和相关部 门正在现场核查事实。"近日，多位网友反映，郑州中原保时捷中心"人去楼空"，涉及金额从数万元 至数十万元不等。（财联社） 2.【深蓝董事长回应和小鹏对比】近日，有网友在社交平台发布自己在小鹏M03与深蓝L06之间的深 度对比试驾体验，并最终选择深蓝L06，由此引发了关于智能辅助驾驶新能源购车选择的讨论。对 此，深蓝汽车董事长邓承浩回应称，感谢用户对深蓝的认可，小鹏是可敬的友商，未来将继续专注于 以安全为基石的智能辅助驾驶研发。据悉，此前长安汽车在重庆被授予首块L3级自动驾驶专用正式号 牌"渝AD0001Z"，并于12月23日正式上路通行。（和讯网） 欢迎加入 睿兽分析会员 ，解锁 AI、汽车、智能制造 等相关 行业日报、图谱和报告 等。 3.【阿维塔回应南极 ...

Core Viewpoint - The article discusses the challenges faced by the company, Lefun, particularly in the electric toothbrush and shaver markets, highlighting issues with pricing, competition, and product development [5][9][21]. Group 1: Product Launch and Market Position - Lefun's second-generation electric toothbrush was launched quietly on December 15, with a starting price of 399 yuan, significantly higher than the first generation's 249 yuan [5]. - The new toothbrush addresses previous issues such as charging contact oxidation and includes new features like pressure reminders, but faces stiff competition from Usmile, which offers similar products at lower prices [6]. - Lefun's marketing strategy of offering a 30% discount for old users has been criticized for being less beneficial than selling the old product on second-hand platforms [6]. Group 2: Financial Performance and Growth Challenges - Lefun's GMV target for 2025 is 6 billion yuan, but its performance in recent sales events has been disappointing, with a 40% decline in GMV from 5 billion yuan in 2024 to just over 3 billion yuan this year [11]. - The company has seen a decline in growth rates, with double 11 sales increasing from 2.9 billion yuan in 2022 to 5 billion yuan in 2024, but the growth rate has dropped from 51.7% to 13% [11]. - Lefun's electric toothbrush line reported a net loss of 80 million yuan in 2024, despite initial strong sales [16]. Group 3: Strategic Shifts and New Product Development - Lefun is attempting to diversify its product offerings by entering the floor cleaning machine market, which has shown significant growth potential [29][30]. - The company is also planning to open 300 physical stores in key cities to enhance its market presence [29]. - Despite the ambitious plans, the company faces challenges in product development, particularly in the highly competitive and mature market of electric shavers, where it has struggled to achieve profitability [21][24]. Group 4: Competitive Landscape and Market Dynamics - The electric shaver market is experiencing a decline, with a 9.5% drop in retail volume and an 8.1% decrease in retail value in 2024 [26]. - Lefun's strategy of competing on price has led to low profit margins, making it difficult to sustain growth against established competitors [27]. - The company is at a crossroads, needing to innovate and find a breakthrough product to regain its status as a market leader [33].

Group 1 - LG Energy announced the sale of its L-H battery company assets in Ohio to Honda for 4.2 trillion KRW (approximately 2.86 billion USD) [2] - Bolivia's government authorized SpaceX, Amazon, and other companies to provide satellite internet services, expanding internet coverage in the country [2] - South Korea's first commercial launch vehicle, "Han Guang-NANO," failed shortly after launch, resulting in an explosion [2] Group 2 - Xiamen-based company Hantian Technology successfully developed the world's first 12-inch high-quality silicon carbide (SiC) epitaxial wafer, which will significantly improve production efficiency and reduce manufacturing costs [2] - Samsung Electronics is slowing down the shutdown of some DDR4 memory production lines and plans to sign long-term supply contracts with specific server clients in Q1 2024, indicating sustained demand for DDR4 until 2026 [2]

Core Viewpoint - The article discusses the strategic shift of Kimi, a model company, from a focus on user acquisition metrics like DAU and MAU to enhancing its model and product capabilities, positioning itself in the AI market as a provider of high-value productivity tools rather than a player in the traffic-driven entertainment space [6][9][24]. Group 1: Kimi's Strategic Shift - Kimi has decided to abandon the "traffic cola" approach of large tech companies and instead focus on "value craft," emphasizing deep, complex tasks over shallow, high-frequency interactions [8][9]. - The company aims to assist users in completing intricate tasks that require significant time investment, such as analyzing lengthy financial reports or debugging complex code, rather than generating simple multimedia content [11][20]. - Kimi's web users spend an average of 8.5 minutes per visit, indicating that they are engaged in meaningful work rather than casual browsing, which highlights the importance of depth over scale in evaluating AI applications [14][16]. Group 2: New Metrics for Evaluation - Traditional metrics like MAU are deemed outdated for assessing AI tools; instead, new metrics focusing on user engagement depth, such as ARPU (Average Revenue Per User) and LTV (Lifetime Value), are more relevant [17][24]. - The article contrasts Kimi with other applications like Doubao, which cater to light entertainment and instant feedback, suggesting that Kimi's focus on deep research and complex tasks attracts a more specialized user base [14][16]. - Kimi's approach emphasizes the importance of "intelligence" over "hype," as its tools become indispensable for professional users, leading to a natural willingness to pay for the service [16][17]. Group 3: Kimi's Competitive Advantages - Kimi's commitment to technical depth and foundational model development sets it apart from competitors, ensuring that it maintains control over its pricing and application stability [19][20]. - By focusing on professional users and integrating its tools into their workflows, Kimi creates a "flywheel" effect where deeper usage leads to higher retention and willingness to pay [20][22]. - The company has strategically positioned itself in a niche market by providing compatible APIs and cost-effective solutions for developers, making it difficult for them to switch to other models [22][23]. Group 4: Implications for the AI Industry - Kimi's path illustrates a potential strategy for AI startups to build competitive advantages by prioritizing technical depth and value creation over mere traffic metrics [24]. - The shift from a traffic-driven model to one focused on delivering substantial value may redefine success in the AI industry, emphasizing the need for tools that are not only intelligent but also essential for professional tasks [24].