以下文章来源于红餐网 ，作者红餐编辑部 红餐网 . 做餐饮，上红餐 ！一个有温度的餐饮产业服务平台。 本文来自微信公众号： 红餐网 ，作者：红餐编辑部 广州六运小区，CowCow其其牛杂咖啡的最后一家门店，已经处于围挡状态，虽然还在盈利，但老板 Vincent决定亏本将门店转让出去。 苏州昆山，能活过十年的咖啡馆屈指可数，却有一家开了12年的咖啡馆依旧坚挺。 广州东山口，曾经一天能卖出200多份外卖的潮汕特色餐饮小店，在3个月前经历了一场"换血"，老 板忍痛将跟随自己3年的团队全部换掉。 盈利盈利的门店为何要关？相伴3年的团队为何要散？开了12年的咖啡馆靠什么在支撑？而另一位创 业者的积蓄，又为何在一年半内迅速消耗殆尽？ 当生存成为唯一考题，四位餐饮老板给出了不同的答案，它们无关对错，只关乎那份必须算清的账 单。 他们的经历，可能也是2025年众多餐饮创业者的一个缩影：有人主动转身，有人被迫离场，有人咬 牙求变，也有人把梦想暂存，等待下一个"春天"。 01"关掉一家还在盈利的店" "CowCow其其六运店毕业了，虽然门店还在盈利，一个月还能做十几万营业额，但我们还是选择在 2025年末和大家告别。" 2025 ...

青野有枯荣 . 一个理想主义的宏观研究猿，一个执着文字的时光漫游者。你的宏观指南和思考利器，社科书架与文艺 复兴。 "让我们理解万物，对谈枯荣。" 以下文章来源于青野有枯荣 ，作者青野Tsingyeh 于Moltbook的讨论再次刷屏，有自媒体再度喟叹道"人类只配围观！"——确实得承认，这个标题相 当不错。 普通人的危机是有了，但解法呢？会用AI，显然已经不足以提供个人的庇护所了，大家更关注的 是：如何用AI创造一种小可以养家糊口，大可以撑起一个产业经济模式？ 本文来自微信公众号： 青野有枯荣 ，作者：青野Tsingyeh，题图来自：视觉中国 前些日子读到张向荣老师的《 漫长的离职 》一文，很有趣。如果你不知道他是谁，没关系，他是一 个写历史的前银行人。他写的《祥瑞》，我们之前还做过书评。不过，这不是重点。 最近些年，一直有出版业的朋友跟我抱怨说，出版业的寒意总是新年赛旧年，而对于银行人来说，能 够离开一个稳定的收入渠道，而去断然拥抱一个出版和阅读的寒冬，总是需要勇气的事情。而同时， 一个有趣的现象是，银行里面其实出了不少作家。光我能记得的，23年拿了雨果奖的海漄是，作 为"东北文艺复兴"旗手的双雪涛也是。 ...

版面之外，才是真相。 本文来自微信公众号： 版面之外 ，作者：画画，题图来自：AI生成 以下文章来源于版面之外 ，作者画画 版面之外 . 2025年底到2026年初的几个月里，科技圈有个现象挺耐人寻味。 没有盛大的发布会，没有官方通告，但在深圳腾讯大厦、杭州阿里西溪园区、北京字节跳动办公楼 里，指挥大模型战场的人，悄然换上了一副副年轻面孔。 先看腾讯，虽然过去一两年被认为大模型落后，但它丝毫没闲着。先是前 OpenAI 研究员姚顺雨被传 1亿年薪入职腾讯，经过几次辟谣之后，终于在去年底正式加入腾讯，头衔是首席 AI 科学家，直接 向腾讯总裁刘炽平汇报。 就在上周，清华大学计算机系博士、前新加坡Sea AI Lab高级研究科学家庞天宇也入职腾讯，负责多 模态强化学习。在腾讯这种讲究山头和资历的老牌帝国里，这俩人简直是坐着猎鹰 9 号火箭上位 的。 再看阿里。林俊旸，硕士毕业后直接加入阿里AI研究机构达摩院，成为智能计算实验室的算法专 家，专注于大模型研究。今天他已经是阿里最年轻的 P10，也是开源模型通义千问背后的核心推手。 如果你把腾讯、阿里、大模型独角兽这几家的核心人物拉出来，包括 Kimi 的杨植麟，刚被 ...

Core Insights - The article discusses the competitive landscape of AI talent, highlighting China's dominance in AI talent production, with a 47% share globally compared to the US's 18% [9][26]. - It emphasizes the importance of talent density over computational power in the research phase of AI development, suggesting that the future of AI will be shaped by the concentration of skilled individuals [8][9]. - The article also points out the geographical advantages of China's AI talent clusters, particularly in cities like Beijing, Shanghai, and Shenzhen, which collectively outperform the US's Silicon Valley [14][15][16]. Global AI Talent Landscape - China has established a significant lead in AI talent production, with major clusters in Beijing (16.11%), Shanghai-Hangzhou (14.82%), and the Guangdong-Hong Kong-Macao Greater Bay Area (11.71%) [17][18]. - The article notes that the density of top-tier research labs in Beijing's Haidian District surpasses that of Silicon Valley, indicating a self-reinforcing ecosystem for AI research in China [18][20]. Comparison of Talent Sources - The article highlights that 47% of top AI researchers come from Chinese universities, while only 18% are from US institutions, indicating a strong foundation of talent in China [27]. - It also mentions that approximately 42% of these Chinese talents choose to work in the US, creating a dependency of the US AI industry on Chinese talent [28][30]. Challenges and Opportunities - The article discusses the challenges faced by the US in retaining Chinese talent due to geopolitical tensions and visa restrictions, which may disrupt the flow of skilled individuals [31][32]. - Conversely, it notes a trend of top Chinese talents returning home, with retention rates increasing from 11% in 2019 to 28% in 2022, suggesting a shift in the talent landscape [32]. Regional Dynamics - The article contrasts the industrial maturity of the US, particularly in Silicon Valley, with China's dual-driven model of talent production from both universities and enterprises [20][21]. - It highlights the emergence of Shenzhen and Hangzhou as hubs for applied AI, particularly in robotics and embodied AI, showcasing a different aspect of AI development compared to Beijing's theoretical focus [22][23]. Global AI Competition - The article points out that Europe is lagging in AI talent production, with only 5.35% of global output, primarily due to regulatory challenges and a lack of concentrated talent clusters [34]. - Singapore is noted as a rising player, attracting talent and capital due to its geopolitical positioning, surpassing Europe in AI talent output [36]. Quality vs. Quantity - The article discusses the distinction between quantity and quality in AI research, noting that while the US leads in defining paradigms, China excels in rapid engineering and application [39][41]. - It suggests that as talent density reaches a critical mass, significant breakthroughs in AI research and applications are likely to occur in China [42]. Future Implications - The article concludes that the shift in talent dynamics, combined with China's population base and educational system, positions it favorably in the AI landscape, potentially leading to a new era of competition [52][54].

Core Viewpoint - The article discusses the historical significance of silver as a universal medium of exchange and its gradual marginalization in modern financial systems, ultimately questioning why silver is no longer considered a core asset despite its past importance [3][10][23]. Historical Role of Silver - Silver was once a crucial settlement tool in a world lacking a stable credit system, facilitating trade across regions and serving as a universal measure of value [4][6]. - It was favored for its practical attributes: lower unit value than gold, stability compared to copper and iron, and ease of use in transactions [6][7]. - Silver's advantages included direct settlement capabilities, cross-regional comparability, and independence from the issuer's credit, making it a preferred choice for trade and taxation [7][8]. Transition to Marginalization - The rise of modern nation-states and their economic organization led to a shift in the nature of transactions, requiring centralized resource management and more complex financial operations [11][12]. - Silver's physical form made it difficult to manage and control, limiting its efficiency in resource mobilization and precise fiscal operations [13][14]. - The establishment of the gold standard was more about management choice than inherent superiority, as gold's higher value density allowed for easier centralization [14]. Post-World War II Context - The aftermath of World War II necessitated a unified settlement system, leading to the exclusion of silver from core financial instruments as the world opted for a centralized currency, primarily the US dollar [17][18]. - Silver's historical role in international settlements diminished, and its price became increasingly influenced by industrial demand rather than serving as a stable anchor [18][19]. Modern Usage and Position - In contemporary times, silver is extensively used in high-tech industries, but it is rarely included in central bank reserves, indicating a clear distinction between its industrial demand and its role as a reserve asset [20][21]. - The modern financial system views silver more as a production factor rather than a safe asset, reflecting its position as important but not central in the current economic framework [22][23].

以下文章来源于流动性笔记 ，作者LIQUIDITY NOTES 沃什和贵金属又喂出一波解读噪音，这些噪音的信息量加起来，可能还不如Skanda Amarnath在Odd Lots里聊的。每当这种时候，我都会想起之前常引用的那句："It's not truth people seek，it's the removal of uncertainty." 大部分市场参与者需要的不是真相，是消除不确定性的慰藉。 "专家"用笃定的语气贩卖焦虑，这门生意千年不衰。市场每次暴跌之后，社交媒体上涌现无数"先 知"，翻出几个月前的某条模糊表态，宣称自己早就预见了这一切。 但这正暴露了一个可悲的现状： 很多人已经丧失了自己寻找信息的能力。 不会求证，不会消化，更不敢在矛盾的信号里做判断。他们只索求一样东西：一个听起来确定的解 读。 至于这个解读对不对、逻辑链条是否经得起推敲，不重要。重要的是，它能让此刻的焦虑暂时停下 来。 这就是外包思考。当外包成为习惯，市场上就会长出迎合它的产品。 流动性笔记 . Money and Credit 101 本文来自微信公众号： 流动性笔记 ，作者：LIQUIDITY NOTES，题图来自：AI ...

版面之外 . 以下文章来源于版面之外 ，作者版君 版面之外，才是真相。 本文来自微信公众号： 版面之外 ，作者：版君，编辑：画画，题图来自：AI生成 2026 年春节将成为史上最烧钱的 AI 战场。 先是字节跳动拿下春晚 C 位，紧接着腾讯10亿红包砸向元宝，百度临门一脚宣布拿出5亿，今天阿里 直接加倍，30亿投向春节饭桌上。 到目前为止，这个春节至少有45亿被撒向中国互联网，这场战局已经超出了节日营销的范畴，巨头 的大手笔参战，让2026年春节成为最大规模的AI用户习惯养成实验。 阿里巴巴 （通义千问） ：豪掷30 亿，将阿里系的吃喝玩乐生态全量接入，试图用钱买出一个全能入 口。 字节跳动 （豆包、火山引擎） ：2026年春晚独家AI云合作伙伴、豆包将深度嵌入晚会互动，凭借豆 包的领先优势占据春晚最佳C位，借全民流量实现 AI 产品的渗透。 腾讯 （元宝） ：砸下 10 亿，马化腾亲自督战，试图复制 11 年前微信支付诺曼底登陆的景象，依托 微信社交生态实现 AI 产品的暴力拉新与裂变。 所以，他们选择了最不讲道理的打法：撒钱，用最传统的流量和补贴的互联网打法，强行将 AI 塞入 它们熟悉的春节场景里。 这 ...

Group 1 - SpaceX has announced the acquisition of AI company xAI, which is also under Elon Musk's ownership [2] - Oracle plans to raise $25 billion through bonds related to AI financing, marking the largest financing deal in the U.S. corporate sector this year [4] - CPE Yuanfeng has completed a deal to acquire a controlling stake in Burger King's China operations, injecting $350 million and aiming to expand the number of stores from approximately 1,250 to over 4,000 by 2035 [5] Group 2 - Tesla's humanoid robot is set to begin mass production by the end of 2026, with an expected annual output of 1 million units [8] - Xiaomi's CEO Lei Jun responded to concerns about a decline in car deliveries, explaining that January's figures were affected by the seasonal market and the discontinuation of the first-generation SU7 model [18] - The Shanghai government has initiated a project to purchase second-hand housing for affordable rental housing, targeting new citizens, young people, and graduates [9]

Core Viewpoint - There is speculation that SpaceX will go public in 2026, with potential merger discussions with Tesla or AI company xAI, but the IPO will occur after the merger [5][6]. Group 1: Tesla's Market Performance - Tesla's delivery volume has seen a significant decline, with a projected delivery of 1.636 million vehicles in 2025, down 8.6% from 2024 [8]. - The high-end product sales are particularly concerning, with Model S/X deliveries dropping by 40.3% in 2025 [10]. - Tesla has lost its position as the top seller of pure electric vehicles globally, with BYD achieving 2.26 million units sold in 2025, surpassing Tesla by 37.9% [12]. - The decline in sales and market position is expected to have a profound impact on Tesla's valuation, as automotive sales are fundamental to its business [14]. Group 2: Financial Metrics - Tesla's gross profit from vehicle sales has decreased significantly, with a 45.7% drop in gross profit compared to 2022, despite a 32,200 vehicle increase in deliveries [23]. - The net profit for Tesla is projected to fall to $3.86 billion in 2025, only 25.7% of the 2023 figure [25][27]. - Revenue from carbon credit sales is a significant contributor to net profit, accounting for 51.7% of the 2025 net profit, which is expected to decline further due to new regulations [27][28]. Group 3: FSD Revenue and Future Prospects - The Full Self-Driving (FSD) revenue is minimal, constituting only 1.5% of vehicle sales revenue in 2025, raising concerns about its viability as a revenue stream [36]. - The contribution per vehicle from FSD has peaked, with projections showing a decline in revenue per vehicle sold [39]. - Tesla plans to shift entirely to a subscription model for FSD, which may lower barriers to entry but could also impact revenue stability [41][43]. Group 4: Strategic Considerations - The potential merger of SpaceX with Tesla is seen as a strategy to enhance Tesla's valuation amidst declining core business performance [44][48]. - The current financial struggles and the need for innovative revenue streams highlight the urgency for Tesla to adapt its business model to maintain investor confidence [48].

以下文章来源于红餐网 ，作者红餐编辑部 红餐网 . 做餐饮，上红餐 ！一个有温度的餐饮产业服务平台。 本文来自微信公众号： 红餐网 ，作者：红餐编辑部，原文标题：《一个商场40家地方菜馆！中餐黄 金时代已到来？》 复杂中餐的黄金时代要来了。 过去，火锅、烤肉、烤鱼等品类几乎包揽了年轻人聚餐的选择，但近两年，地方菜全面崛起并开 启"大乱斗"模式。 贵州酸汤、湖北藕汤、江西小炒、湖南小炒……各地风味争奇斗艳，每到饭点，热门地方菜品牌店门 口总能大排长队。 这场"地方菜大战"，预示着复杂中餐的机会来了。 地方菜"杀"疯了！ 近两年餐饮圈"最猛"的风口，地方菜必占一席。 据红餐大数据，川菜、粤菜、湘菜等传统热门菜系的市场规模均已超过千亿元，云贵菜、江西菜等曾 经偏安一隅的小众赛道，也正以肉眼可见的速度加速走向全国、持续扩容。 具体到市场上看，以全国购物中心"顶流"之一的南京德基广场为例，据不完全统计，该商场一期、二 期共60余家餐饮店里，地方菜门店占比接近四分之一，涵盖粤菜、川菜、江浙菜、新疆菜、北京菜 等多地风味。 视线转向上海，龙之梦城市生活中心近200家餐饮店中，地方菜品牌占到40余家，光是云贵菜就有5 家。 ...