以下文章来源于不懂经 ，作者不懂经也叔的Rust 不懂经 . 《主权个人》：未来会活得很爽的有三种人，一是技术精英，二是各行业头部，三是有资本及良好判断 力的人。本号专注后面两种。 本文来自微信公众号： 不懂经 ，作者：不懂经也叔，头图来自：AI生成 2026年1月30日，美国司法部再次按下了发布键。350万页文件，18万张图片，2000多个视频。 关于杰弗里·爱泼斯坦 （Jeffrey Epstein） 的档案，这个在2019年"自杀"于曼哈顿监狱的亿万富翁、 被定罪的性犯罪者，又一次让全世界的公众"大开眼界"。 然后呢？ 没有然后。 特朗普在2月5日的采访中说，大家应该回到治理国家上了，这都是民主党的事，和共和党没有人任 何关系。 预期中的"正义审判"并未到来。没有高官落马，没有名人被捕，没有体制的地震。取而代之的，是一 种社会性的集体失语。新闻周期照常运转，股市照常开盘，Netflix照常更新。 这很奇怪。 不是因为真相不够惊悚，恰恰相反，这些档案揭示的内容足以让任何一个正常人彻夜难眠。而是因为 真相过于彻底，它击穿了现代社会赖以运转的那套符号系统。当恶行的规模超出了语言的承载能力， 当权力的黑暗超出了 ...

以下文章来源于那个NG ，作者那个NG 那个NG . 用关注决定视界｜复杂世界的策展人 出品 | 虎嗅青年文化组 本文首发于虎嗅年轻内容公众号"那個NG"（ID：huxiu4youth）。在这里，我们呈现当下年轻人的面 貌、故事和态度。 抱怨节日的消散，悲愤假期的无聊，是21世纪人类的常态，东方如此，外国亦然。 对于春节节味含量的抱怨，我们最熟悉，一种比较流行的观点是，所谓极度发达的商业社会把节日变 成了一个巨大的商品展馆，以至于你逛庙会都觉得无趣、不抱期待且高度滤镜化。 在这个压岁钱普遍开始用转账的时刻，年的氛围年的意义已经很掺水了，所以在过年的氛围上不能再 打马虎眼了。 那么，当节日被压缩为一套可复制的视觉模板，那么啥玩意儿最能提升年味指数呢？ 仔细说来，年味的精髓两个基本点，就是花钱和图个吉利，基于此，我觉得是时候跟大家伙推荐一下 民间玩具了。 提起民间玩具，估计大家都能想到布老虎、小风车、泥娃娃，这些今天看上去粗粝的玩艺儿大多从古 代的护身符和魔法符号转变而来，在儿时四时八节有，过年时更多，而且是世界人民都有的东西。 趁着马年，那个NG搞了一个马年特别篇，预祝大家过个好年！ 我国各地常见一种由泥土、高 ...

Core Viewpoint - The new Li Auto L9 is positioned as a crucial model for the company, aiming to reverse its recent sales decline and enhance brand perception through advanced technology and user experience [5][12][19]. Group 1: Company Performance and Challenges - Li Auto's previous model, the original L9, was a significant success, helping the company recover from earlier struggles [5][6]. - In 2022, Li Auto faced a 19% year-on-year decline in vehicle deliveries, with January 2023 showing a further 7.5% drop in deliveries compared to the previous year [9][12]. - The delay in the delivery of the Li Auto i6, a key electric model, has raised concerns among potential buyers and employees about the company's strategic direction [9][11]. Group 2: New Li Auto L9's Role and Expectations - The new Li Auto L9 is expected to play a pivotal role in revitalizing the company's sales and financial performance, with the potential to generate significant revenue if well-received [12][19]. - The L9 Livis version, priced at 559,800 yuan, aims to elevate the brand's positioning and facilitate acceptance of future models in the L series [12][19]. - The success of the new L9 is also tied to the company's broader strategy of integrating AI into its vehicles, with the CEO emphasizing that the ultimate form of a car is a robot [13][14]. Group 3: Market Positioning and Competitive Landscape - The pricing strategy for the new L9 is not expected to be the primary factor for success, as the target consumers are likely not price-sensitive but rather focused on features like social connectivity and smart technology [19]. - The original L9 was recognized for filling a market gap for family-oriented SUVs, and the new model aims to replicate this success through innovative technology [21][22]. - The CEO has highlighted unique features of the L9 Livis, claiming it will provide a distinct user experience by recognizing and actively serving users [23].

Core Viewpoint - The article discusses the contrasting strategies of Alibaba and Tencent in leveraging AI for user engagement during the Spring Festival, highlighting Alibaba's focus on integrating AI into daily life through a milk tea promotion, while Tencent relies on traditional red envelope giveaways to maintain social engagement [6][19]. Group 1: AI Engagement Strategies - Tencent's approach centers around red envelopes, which are designed to enhance social interaction and keep users engaged within its ecosystem, using small cash incentives to drive participation [7][8]. - In contrast, Alibaba's strategy involves offering milk tea, which serves as a tangible product that integrates AI capabilities into everyday life, aiming to create a habitual reliance on its AI services [10][11]. Group 2: Purpose of Promotions - The essence of Tencent's red envelope strategy is to maintain user presence in its social ecosystem, while Alibaba's milk tea initiative seeks to establish a deeper connection between AI and local life, effectively activating its entire ecosystem [8][12]. - The milk tea promotion is not merely about giving away a beverage; it is a strategic move to facilitate user interaction with Alibaba's various services, creating a seamless experience from ordering to delivery [13][14]. Group 3: Competitive Dynamics - The competition between Tencent and Alibaba reflects their differing business logics: Tencent focuses on defense by maintaining its social network, while Alibaba adopts an offensive strategy to penetrate local life markets with AI [15][17]. - Tencent's strength lies in its established social network, while Alibaba leverages its comprehensive local service ecosystem and advanced AI technology to attract users [18][19]. Group 4: Future Implications - The article suggests that the competition is shifting from technical capabilities to user experience, indicating that future winners in the AI space will be those who can effectively translate technology into practical benefits for users [22][24]. - The ongoing rivalry highlights a critical question: whether AI will serve as a facilitator of social interactions or as a tool for executing business decisions, with Alibaba positioning itself to capitalize on the latter [25][26].

以下文章来源于AGI接口 ，作者宋思杭 AGI接口 . AI卷起的财富风暴。 | | 泡沫究竟有多大？ | | --- | --- | | 出品｜虎嗅科技组 | | | 作者｜宋思杭、陈伊凡 | | | 编辑｜苗正卿 | | | 头图｜视觉中国 | | "AI硬件100"是虎嗅科技组推出针对AI硬件、具身智能等新兴赛道的创新栏目，这是本系列的第「01」篇文 章 泡沫已现。 近期，有多个具身智能赛道相关投资人、创业者在过去半年明确告诉虎嗅：大部分具身智能整机厂商正面 临"订单饥渴"——在B、C两端，真实的市场需求或已经不足以消化2025年年内生产出的机器人了。 一个更深层的隐患是，众多在2025年拿到投资的知名具身智能项目、部分已经发展至行业中腰部体量的具 身智能公司，正在面临"商业模式"困局：在订单不足的情况下，公司并不具备健康的"现金流造血能力"。 一位知名投资人向虎嗅直言："目前，具身智能行业，真正在买单的，是投资机构、投资入股的互联网大 厂，简言之现在不存在ToB或者ToC，本质上是ToLP。"该投资人进一步表示，除了宇树、智元等少数头部 公司探索出了较为成熟的商业化模式，绝大部分公司2026年的存活逻 ...

本文来自微信公众号： 考拉Clara ，作者：考拉Clara，原文标题：《知识变便宜了，差距却更大了：AI时代真 正值钱的3种能力》，头图来自：AI生成 一、我在想一个问题：我们还需 要学习吗？ 作为90后，我的很多同龄人可能早已成为父母。 不知道你是否也有过这样的时刻——甚至是在某个深夜，望着孩子熟睡的脸，心里忽然掠过一阵隐隐的不安： 孩子在书桌前埋头苦背单词、刷题、记忆那些艰深的古文注释。 以下文章来源于考拉Clara ，作者考拉Clara 考拉Clara . 十年互联网产品人｜虎嗅作者｜喜欢原创 ，有关 | 情感 | 成长 | 职场 | 商业 | 的内容分享，一个务实的理想主义 者，欢迎和我做朋友，也欢迎参观朋友圈（更多真实/有趣/思考），个人v号：zhjclara。 那一刻的焦虑无比真实： 不是担心孩子不够用功，而是害怕他们努力的方向，也许正在失效。 我们这一代人受的教育，大多是"填鸭式学习"，拼命往脑子里塞满知识，总以为将来用得上。 但现在，AI就像一座"随时可取的超级知识仓库"，里面应有尽有。 我们还需要鼓励孩子继续做那只辛苦囤知识的鸭子吗？ 我越来越相信：学习本身不会消失，但"旧模式的学习"一定 ...

Core Viewpoint - Estée Lauder is experiencing a paradoxical situation in 2026, marked by significant layoffs and restructuring while simultaneously seeing a recovery in performance driven by cost-cutting measures. Despite this, major Wall Street firms have raised their ratings and target prices for the company. Over the past five years, Estée Lauder's market value has plummeted by $110 billion, but it managed to recover $21 billion last year. However, its stock performance starkly contrasts with that of its competitor L'Oréal, which has seen a different upward trajectory [4][6][17]. Group 1: Company Performance - Estée Lauder's main brand saw its average price on the Taobao platform drop below 600 yuan, leading to questions about its declining premium status [7]. - The company reported a 4% year-on-year increase in net sales and a recovery in adjusted operating margin to 7.3% after a five-year decline in operating profit [11]. - In fiscal year 2025, Estée Lauder faced a significant loss of $11.33 billion, marking a shift from profit to loss [14]. Group 2: Market Challenges - The high-end beauty market is facing challenges, with Estée Lauder's sales declining by 7% and net profit dropping by 69% in 2023, attributed to a weak high-end beauty market in the Asia-Pacific region [17][18]. - In contrast, L'Oréal experienced an 11% increase in sales and a 9.2% rise in operating profit during the same period, highlighting a stark market divide [18]. - Estée Lauder's reliance on travel retail has led to complications, with a 45% decline in organic sales in global travel retail channels due to reduced replenishment orders [31]. Group 3: Strategic Adjustments - The company initiated a "Profit Recovery and Growth Plan" in November 2023, aiming to cut costs and improve efficiency, which has now evolved into a major operational transformation [18][19]. - Estée Lauder plans to integrate travel retail with regular retail in the Asia-Pacific market to address pricing conflicts between the two channels [37]. - The company has expanded its layoffs to 5,800-7,000 employees as part of its restructuring efforts [19]. Group 4: Competitive Landscape - The beauty industry is witnessing a shift, with domestic brands like Pechoin gaining significant market share, while Estée Lauder struggles to maintain its premium positioning [40]. - The U.S. high-end skincare market saw a 1% decline in the first half of 2025, contrasting with the growth of mass-market brands [41]. - Estée Lauder's historical reliance on travel retail has created vulnerabilities, as evidenced by the significant inventory buildup and subsequent discounting in regular channels [31][32].

Core Viewpoint - The article emphasizes the significant gap between China's top hospitals and world-class institutions like Mayo Clinic and Cleveland Clinic, urging Chinese hospitals to strive for excellence beyond current standards [6][7]. Group 1: Current State of Chinese Healthcare - China's leading hospitals, such as Peking Union Medical College Hospital and West China Hospital, have achieved international recognition in clinical scale and specialized techniques [6]. - The National Examination for Public Hospitals (国考) is viewed as a starting point rather than an ultimate goal for top hospitals in China [6][7]. Group 2: Comparison with World-Class Hospitals - Chinese hospitals often pride themselves on high patient volumes, with Peking Union Medical College Hospital seeing 3-4 million outpatient visits annually, while Mayo Clinic serves around 1.3-1.4 million patients [10]. - Despite higher patient numbers, Mayo Clinic generates approximately $17.9 billion (about 128 billion RMB) in annual revenue, significantly outpacing Chinese top hospitals, which typically earn between 10 billion to 20 billion RMB [12]. Group 3: Differences in Operational Models - Mayo Clinic employs over 70,000 staff, with only about 5,000 being doctors, supported by a large nursing and research team, while Chinese top experts often see 80-100 patients daily [12]. - The revenue structure of Chinese hospitals is heavily reliant on clinical service fees, whereas Mayo Clinic benefits from diversified income sources, including charitable donations and technology commercialization [14][15]. Group 4: Research and Innovation Disparities - Although China has surpassed in the number of SCI papers published, the translation of research from lab to clinical application takes significantly longer in China, averaging over three years compared to about 18 months at Cleveland Clinic [17][18]. - The lack of specialized personnel for technology transfer and insufficient early-stage investment hinder the innovation ecosystem in Chinese hospitals [18]. Group 5: Call to Action - The article advocates for a shift in focus for Chinese hospitals from merely achieving high patient volumes to enhancing patient experience and fostering innovative medical advancements [20]. - Recommendations include establishing technology transfer offices, increasing acceptance of donations, and creating benchmarking mechanisms against world-class institutions to identify gaps and opportunities [22][24].

Core Viewpoint - The article discusses a significant sell-off in the software sector, triggered by the introduction of AI capabilities by Anthropic, which threatens traditional software companies and their business models [4][6][19]. Group 1: Market Reaction - The global capital market has indiscriminately sold off software stocks, with major companies like Salesforce, Workday, and Intuit losing nearly $258 billion in market value in a single day [4]. - The North American software index experienced a 15% decline in January, marking the worst monthly performance since 2008 [4]. - The sell-off has spread to the Asia-Pacific market, leading to sharp declines in the stock prices of several industry leaders [4]. Group 2: AI's Impact on Software - Anthropic's AI application, Claude Cowork, has introduced capabilities that allow it to perform tasks traditionally done by humans, such as managing files and operating software [8][10]. - The release of specific plugins for various industries, including law and finance, indicates a shift where AI is not just a tool but a competitor to traditional software providers [11][13]. - Analysts predict that up to 50% of entry-level white-collar jobs may be impacted by AI within the next 1 to 5 years, posing a threat to companies that provide software tools for these roles [13]. Group 3: Software Industry Challenges - Software vendors are in a precarious position, needing to demonstrate revenue growth to alleviate concerns about AI's impact [15]. - Major companies are announcing layoffs, indicating a tightening of corporate budgets and a reluctance to invest in traditional software when AI can perform tasks at a lower cost [16]. - The trend of "downgrading" software is emerging, as companies reconsider the necessity of expensive SaaS solutions in light of AI capabilities [16]. Group 4: Future of Software Companies - The software industry is expected to split into two categories: "tool-based" software that will likely be eliminated and "system-based" software that must adapt to survive [24][25]. - Future software companies will need to shift from a per-user pricing model to a results-based pricing model, as AI agents reduce the need for human users [27]. - Gartner predicts that by the end of 2026, 40% of enterprise SaaS will incorporate outcome-based pricing elements, marking a significant shift in the industry [27].

Core Viewpoint - The capital market is experiencing unexpected downturns, contrary to predictions of a strong 2026 due to anticipated monetary easing and improved geopolitical relations. The primary issue is the "new technology advancements consuming old technology applications" [4]. Market Performance - As of February 5, the North American Technology Software Index has declined by 25% year-to-date [5]. - Major companies within this index, including Palantir, Microsoft, Oracle, Salesforce, and ServiceNow, have seen their stock prices drop by an average of over 30% in the past two months [10]. Company Analysis - Notable companies in the index include Palantir, Microsoft, Oracle, Salesforce, and ServiceNow, all of which have experienced significant stock price declines [9][10]. - Specific stock performance includes: - Palantir: -28.44% over 20 days, -26.93% over 60 days - Microsoft: -18.57% over 20 days, -20.61% over 60 days - Oracle: -29.09% over 20 days, -42.84% over 60 days - Salesforce: -28.61% over 20 days, -20.67% over 60 days - ServiceNow: -31.99% over 20 days, -40.47% over 60 days [11]. Impact of AI on Software Industry - The rise of AI tools is leading to reduced demand for traditional SaaS software, as companies may cut back on subscriptions when employees can enhance efficiency through AI [15]. - The second layer of impact suggests that as AI tools mature, companies might develop their own systems instead of purchasing from traditional vendors, posing a significant threat to existing software companies [16]. Broader Implications - The narrative surrounding AI has shifted from questioning its viability to considering the implications for existing software solutions, raising concerns about the future of traditional software companies [15]. - The private credit industry, heavily invested in software, is facing challenges due to the downturn in software stock prices, with significant exposure reported by firms like Barclays [19].