Core Viewpoint - The article discusses the impact of black public relations and online water armies on major automotive companies like Li Auto, Xiaomi, and BYD, highlighting the ongoing battles in public perception and reputation management within the industry [4][6]. Group 1: Li Auto's Challenges - Li Auto has faced significant online attacks, particularly against its electric vehicles, with claims of quality issues surfacing before product launches [7][9]. - The use of AI tools has increased the efficiency of black public relations, allowing for rapid generation of negative content about Li Auto's products [9]. - Li Auto's CEO has suggested that these attacks are orchestrated by competitors, indicating a broader issue of distrust among automotive brands [10][12]. Group 2: Xiaomi's Perception Management - Xiaomi's leadership has adopted a victim narrative, claiming to be targeted by malicious online campaigns, particularly regarding the performance of its vehicles [15][16]. - Despite the claims of being unfairly attacked, Xiaomi's issues with vehicle performance and safety have contributed to public scrutiny, which has been amplified by online criticism [16][17]. - The company has been criticized for not addressing significant safety concerns directly, which may undermine its credibility in the face of allegations [17]. Group 3: BYD's Legal Actions - BYD has actively pursued legal action against various accounts and media outlets for defamation, with over 40 accounts currently under litigation [20][21]. - The company has successfully won multiple lawsuits, resulting in compensation exceeding 10 million yuan, although these actions are seen as insufficient to fully address the reputational damage incurred [20][21]. - BYD's management has indicated that the root of these attacks often lies with competitors, suggesting a systemic issue within the industry [23]. Group 4: Industry Dynamics - The article emphasizes that black public relations are a byproduct of competitive dynamics within the automotive sector, with companies often using third-party water armies to undermine rivals [25][26]. - The blurred lines between criticism and defamation create challenges for companies, as any misstep can be exploited by competitors [27]. - The ongoing presence of black public relations in the industry is expected to persist, complicating the landscape for all automotive brands [25][28].

Core Viewpoint - The article discusses the underperformance of Postal Savings Bank compared to other major banks in a generally bullish market for bank stocks in 2025, highlighting the challenges it faces in terms of valuation and business structure [2][3][4]. Group 1: Performance Comparison - In 2025, Agricultural Bank of China saw a stock price increase of 52.66%, while Postal Savings Bank only increased by 0.67%, slightly outperforming Bank of Communications at 0.37% [2][3]. - As of January 2026, Postal Savings Bank's price-to-book (PB) ratio was 0.6, significantly lower than Agricultural Bank's 0.86 [4]. Group 2: Financial Metrics - For the first three quarters of 2025, Postal Savings Bank reported a revenue growth of 1.82% and a net profit growth of 0.98%, placing it in the middle tier among state-owned banks [5]. - The bank led the six major banks in asset expansion speed during the same period, indicating competitive project acquisition capabilities [9]. Group 3: Risk and Asset Quality - Despite a relatively low non-performing loan (NPL) ratio, Postal Savings Bank has seen a rising trend in NPLs, with the ratio increasing from 0.9% at the beginning of the year to 0.94% by Q3 2025 [14][13]. - The bank's reliance on retail loans, which constitute over 50% of its credit portfolio, has exposed it to risks as retail loan demand declines [12][11]. Group 4: Strategic Changes and Leadership - The recent appointment of Lu Wei as the new president is expected to bring a shift in strategy, focusing on corporate banking to complement the bank's retail strengths [28][19]. - The article suggests that the transition to a more balanced business model will take time and may not yield immediate results [34][33]. Group 5: Wealth Management and Corporate Banking - Postal Savings Bank's wealth management capabilities are limited, with a significant portion of its assets under management (AUM) still in low-risk products, which restricts income potential [21][23]. - The bank's corporate loan growth has been strong, but it still lags behind major competitors in absolute scale and business capability [27][26]. Group 6: Future Outlook - The article posits that while the new leadership may bring hope for improvement, the bank's structural challenges will require gradual adjustments rather than quick fixes [34][30]. - The expectation is for a gradual enhancement in performance, focusing on corporate banking and wealth management, while addressing the risks associated with retail loans [36][34].

Core Viewpoint - Huang Renxun, CEO of Nvidia, expressed that programming is merely typing and has lost its value, emphasizing the need for innovation and adaptation in the face of rapid technological evolution [4][6][20]. Group 1: AI and Innovation - Huang advocates for a management approach that encourages experimentation and exploration within organizations, stating that innovation often occurs outside of strict control [6][7][40]. - He emphasizes the importance of allowing teams to experiment with various AI tools without the immediate pressure of ROI calculations, fostering a culture of "letting a thousand flowers bloom" [6][40]. - The concept of "AI factories" is introduced, where the focus shifts from merely creating tools to generating digital labor, fundamentally transforming industries [9][10][68]. Group 2: Market Potential - Huang highlighted the vast market potential for AI, noting that the global IT industry is approximately $1 trillion, while the total global economy is around $100 trillion, indicating a hundredfold opportunity for AI to penetrate and reshape the remaining sectors [10][11][68]. - He pointed out that every industry has the chance to transform into a technology-driven company, with examples like Disney aspiring to be like Netflix and Mercedes wanting to emulate Tesla [11][68]. Group 3: New Paradigms in Computing - Huang discussed the shift from explicit programming to implicit programming, where users can simply express their intentions and the AI will generate the necessary code, thus lowering the technical barrier [20][70]. - He described the transition from a "pre-recorded" era of software to a "generative" era, where applications will be contextually unique and dynamically generated based on user interactions [17][52]. Group 4: Data Sovereignty and Knowledge Ownership - Huang stressed the importance of data sovereignty and the need for companies to maintain control over their core intellectual property, which he believes lies in the questions posed during interactions with AI rather than the answers themselves [16][73]. - He argued that the most valuable intellectual property is the ability to ask the right questions, which reflects a company's strategic thinking and innovation potential [16][73]. Group 5: Future of Work and AI Integration - Huang predicted that future companies will have numerous AI assistants that learn from employee decisions and inquiries, ultimately becoming unique intellectual assets for the organization [16][73]. - He warned that companies must adapt quickly to AI technologies, as those who fail to do so risk being outpaced by competitors who embrace these advancements [68][73].

Core Viewpoint - The article discusses the dramatic fall of Maqiuer, a once-prominent dairy company in China, which faced bankruptcy due to a small debt of 595.49 million yuan, exposing deeper financial issues and mismanagement within the company [4][13][24]. Company Overview - Maqiuer was celebrated for its high-quality milk products, earning titles like "the Moutai of milk" and "the light of Xinjiang" [4]. - The company reached a market value of 50 billion yuan at its peak, but has now been pushed towards bankruptcy due to a minor debt issue [4][5]. Financial Decline - The company’s cash reserves plummeted from 370 million yuan to just 19 million yuan, a decrease of over 40% [5][14]. - Maqiuer's debt-to-asset ratio soared to 83%, significantly exceeding the industry average and indicating severe financial distress [14][23]. Historical Context - Founded by Li Yuhu, Maqiuer began as a small food workshop in 1988 and grew into a major player in the dairy industry, capitalizing on Xinjiang's advantageous geographical conditions for dairy farming [7][9]. - The company achieved rapid growth, with revenues reaching 2.8 billion yuan in 2002 and 3.8 billion yuan in 2003, marking the beginning of its dominance in the Xinjiang dairy market [9]. Marketing and Brand Strategy - Maqiuer's marketing strategies included innovative advertising campaigns, such as hiring singer Dao Lang for promotional songs, which significantly boosted brand recognition [8][9]. - The company leveraged social media and e-commerce, becoming a "internet celebrity" brand, especially during 2021 when it invested heavily in live-streaming sales [16]. Crisis Events - The "propylene glycol incident" in 2022 severely damaged consumer trust, leading to product recalls and fines totaling 73.15 million yuan, which wiped out two years of profits [17][22]. - Following this scandal, Maqiuer's revenue halved from nearly 1 billion yuan to over 600 million yuan, with cumulative losses exceeding 700 million yuan by 2025 [17][24]. Management and Operational Issues - The transition from the founder's management to the next generation led to a shift in focus from quality to aggressive marketing, resulting in a lack of investment in research and development [20][21]. - The company's operational decisions, such as prioritizing rapid turnover and low costs, contributed to compliance failures and subsequent financial penalties [22]. Conclusion - Maqiuer's story serves as a cautionary tale about the risks of neglecting core business principles in favor of rapid expansion and marketing, highlighting the importance of maintaining a solid foundation in any business [25].

Core Insights - OpenClaw, an AI Agent, is being hailed as a potential "super worker" that could transform human work patterns, with its native community MoltBook gaining popularity through user interactions [4][5]. Group 1: Market Impact and Winners - The first "winner" identified is the MacMini and VPS providers, as MacMini sales have surged since OpenClaw's launch due to its compatibility with MacOS, which facilitates easier deployment of OpenClaw [6]. - The demand for "sandbox" environments has increased, driven by user concerns over data and information security [7]. - OpenClaw's deployment on MacOS is seen as the most cost-effective option, despite its capability to run on other systems like Raspberry Pi, which may offer lower costs but reduced performance [6][9]. Group 2: Security Concerns - A security assessment by ZeroLeaks AI revealed OpenClaw's alarming security score of 2/100, indicating critical vulnerabilities, including a high success rate of data extraction attempts [9]. - Users, including high-profile figures like David Sacks, express reluctance to deploy OpenClaw due to these security concerns [8]. Group 3: Data and AI Interaction - The potential for AI Agents to serve as interaction gateways raises questions about data ownership and the competitive landscape among tech giants, with companies like ByteDance, Alibaba, and Tencent vying for control over user data [11]. - The emergence of open-source models like Kimi 2.5 could allow users to process tasks locally, potentially disrupting the subscription-based business models of closed-source AI [12][15]. Group 4: Future of AI Agents - The future of AI Agents hinges on establishing a secure framework that allows users to trust these systems, with the need for clear roles and responsibilities akin to traditional employment [16]. - The transition from AI Agents being seen as experimental tools to accepted workforce members will depend on the development of a digital governance system that ensures user data safety [16].

以下文章来源于财经读数 ，作者财经读数团队 财经读数 . 财经读数由《财经》杂志证券组创建。数说资本故事，解读财富密码。 本文来自微信公众号： 财经读数 ，作者：黄慧玲，编辑：郭楠、陆玲，原文标题：《追问国投白银的估值困 局》，题图来自：视觉中国 近日，国际白银市场经历史诗级波动，国内唯一跟踪白银期货的公募基金——国投瑞银白银基金 （LOF） ， 在2月2日单日净值暴跌31.5%，创下公募基金历史纪录。 尽管随后银价反弹、净值回升，但这场由估值临时调整引发的风波，将基金估值方法、信披及时性与投资者信 任等问题推至台前，揭示出在极端行情下基金公司面临的估值执行与沟通困局。 31%的跌幅从何而来？ 此次净值剧烈波动，并非单纯由当日市场行情导致，而是基金对前期累积风险的一次性修正。 白银作为国际定价品种，其价格由境外主流市场决定。在正常环境下，基金采用当日期货合约的结算价估值。 然而近期国际银价出现史诗级大跌，单日波动远超常态，1月30日COMEX白银期货单日大跌25.5%，而国内期 货市场设有涨跌停板制度 （如上期所白银期货合约单日涨跌幅限制为±17%） ，这就像一道堤坝，暂时阻挡了 洪水的涌入，但也造成了内外水 ...

冷知识：新奥尔良并没有新奥尔良烤翅。 尽管新奥尔良烤翅上市已经20多年，许多人仍然不知道这个真相。 作为中国最流行的小吃之一，许多人把新奥尔良烤翅与美国南部港口城市新奥尔良划上等号，当一些 中国留学生或游客带着朝圣般的心情专门赶赴这座"新月之城"，希望尝到最正宗的本地烤翅时，却发 现，新奥尔良根本没有新奥尔良烤翅。 这让中国人震惊不说，外国人也很惊讶：为什么只有在中国，才能吃到新奥尔良烤翅？ 这一切都源于， 新奥尔良烤翅，是肯德基专门为中国顾客量身打造的一款翅 。 不过，这并不妨碍它俘获大批食客的心。甜味适宜、中高辣度、气味鲜香，再经过高温蒸烤，口感鲜 嫩多汁，顶着异域风情的名字，拿捏住了中国胃。自从2003年上市后，新奥尔良烤翅就成为了许多 人的童年白月光，不仅始终位列肯德基长线菜单，甚至让"新奥尔良口味"在中华美食界闯出了一片天 地。 定位"烹鸡专家"肯德基，旗下除了新奥尔良烤翅，还有香辣鸡翅、薄脆金沙鸡翅以及全鸡系列等产 品，可谓真正把吃鸡这件事做出了新花样和新高度。 在百胜中国新公布的第四季度及全年的财报中，2025年，包括香辣鸡翅和新奥尔良烤翅在内的六大 明星单品销量占肯德基总销售额的三分之一。 全 ...

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【 习近平同美国总统特朗普通电话 】 据新华社消息， 2月4日晚，国家主席习近平同美国总统特朗普通电话。习近平指出，今年中美两国各自都有 不少重要议程，中国"十五五"开局起步，美国将迎来建国250周年，两国将分别主办亚太经合组织领导人非正 式会议、二十国集团领导人峰会。双方要按照我们达成的共识，加强对话沟通，妥善管控分歧，拓展务实合 作，不以善小而不为，不以恶小而为之，一件事一件事去做，不断积累互信，走出一条正确相处之道，让2026 年成为中美两个大国迈向相互尊重、和平共处、合作共赢的一年。习近平强调，台湾问题是中美关系中最重要 的问题。台湾是中国的领土，中方必须捍卫国家主权和领土完整，永远不可能让台湾分裂出去。美方务必慎重 处理对台军售问题。特朗普表示，美国和中国都是伟大的国家，美中关系是世界上最重要的双边关系。我乐见 中国成功，美方愿与中方加强合作，推动两国关系取得新发展。我重视中方在台湾问题上的关切，愿同中方保 持沟通，在我任内保持美中关系良好稳定。 【 中东多国紧急游说 美国恢复原定于6日举行的美伊谈判 ...

Core Viewpoint - The article discusses the shifting dynamics of geopolitical power and military capability, emphasizing that true national strength is determined by production capacity and population rather than mere wealth [6][11][30]. Group 1: Military and National Power - Palmer Luckey's company Anduril has reached a valuation of $30.5 billion, highlighting the growing importance of military technology in the current geopolitical climate [6]. - The article illustrates that despite significant financial support for Ukraine, the actual military production capabilities of Western nations are limited compared to Russia, which has a substantial advantage in artillery and personnel [11][12]. - The production capacity of artillery and tanks is critical in traditional warfare, as evidenced by the comparison of annual production rates between Russia and Western nations [12]. Group 2: Demographic Challenges - South Korea's total fertility rate is currently at 0.67, significantly below the replacement level of 2.1, indicating a looming demographic crisis that could lead to a drastic reduction in military personnel [12][13]. - Projections suggest that by 2070, North Korea could have a 2:1 advantage in eligible military personnel over South Korea, which could escalate to a 4:1 advantage by 2100 [15][16]. - The article argues that a declining population not only affects military capacity but also economic vitality, as fewer young people will be available to drive innovation and production [30]. Group 3: Societal Implications of Low Birth Rates - The article highlights the societal pressures that prevent open discussions about declining birth rates, which are seen as a critical issue for the future of nations like South Korea [22][24]. - It posits that once a society's birth rate falls below replacement levels, reversing this trend becomes exceedingly difficult, leading to a long-term demographic imbalance [25][26]. - The political landscape will shift as older populations gain more voting power, potentially prioritizing their welfare over that of younger generations [24][27]. Group 4: Geopolitical Strategy and Future Outlook - The long-term geopolitical influence of a nation is defined by its productivity, population base, and time, which are crucial in the context of the U.S.-China rivalry [28]. - The article warns that while the U.S. currently has a diverse population, a declining birth rate could undermine its economic and strategic resilience in the future [30][31]. - The decisions made today regarding family support and population growth will significantly impact the geopolitical landscape in the coming decades [32].

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：不懂经也叔的Rust 别再争论AI什么时候能赶上人类了。顶刊《Nature》刚刚发文宣布：不用等了，就是现在。 如果说1950年阿兰·图灵（Alan Turing）提出的"模仿游戏"只是一个天才的脑洞，那么75年后的今 天，这个脑洞已经被硅基生物彻底填平。 今天，一篇发表在《Nature》上的重磅文章引爆了科技圈。这就好比《皇帝的新衣》里那个诚实的小 孩，来自加州大学圣地亚哥分校等机构的顶级哲学家、认知科学家和计算机专家们联名站出来，指着 那个名为"通用人工智能（AGI）"的房间大声宣布： "别找了，AGI就在这儿。它已经诞生了。" 曾几何时，嘲笑AI是我们的一大乐事："它连小学数学都算不对"、"它就是个只会概率预测的随机鹦 鹉（Stochastic Parrots）"、"它经常一本正经地胡说八道（幻觉）"。 但在这个2026年的开端，如果你还抱着这些老黄历看AI，那你可能已经成了那个"活在旧 ...