本文来自微信公众号： 正解局 ，作者：正解局 有个事，可能超出很多人的认知： 以下文章来源于正解局 ，作者正解局 正解局 . 解读产业，发现价值。产业/城市/企业。 从"垃圾围城"到"垃圾不够烧"，这不只是一个环保逆袭的故事。 答案也没那么简单。 最近很多媒体，不约而同关注到了深圳罗湖区的这座垃圾山，沉睡了二十多年的玉龙垃圾填埋场。 11.69万平方米的超大绿色天幕下，多台挖掘机有序工作着，对这座沉睡近30年、海拔110米、高差 达46米的垃圾山，进行精准"解剖"。 这也是目前全国体量最大、全量开挖的垃圾环境修复治理工程。 这座填埋场建于1983年，1997年停用，2005年底实施封场，曾是深圳市最早、最大的生活垃圾填埋 场之一，累计填埋垃圾超过410万吨，大约有250万立方米，差不多2.5个"鸟巢"那么大。 臭气、蚊蝇、渗滤液污染…… 在当年，在城市快速扩张的年代，焚烧技术尚未成熟，填埋是唯一的选择，这座填埋场是不得已的存 在。 直到2019年，深圳南山二期、宝安三期、龙岗三大能源生态园提前投产运行，全市新增垃圾焚烧处 理能力1.03万吨/日，总设计焚烧能力达到1.8万吨/日，最高可达2万吨/日。 深圳在全 ...

以下文章来源于东针商略 ，作者东针商略 东针商略 . 聚焦科技趋势，分享商业新知，关注世界变化，一起思考有价值的内容，在沸腾的时代里，并肩成长。 本文来自微信公众号： 东针商略 ，作者：苏莱1984，审校：童任，题图来自：视觉中国 黄金价格飙涨，突破了每盎司5500美元的历史性关口，白银也随之起舞。 市场一片喧哗，谈论着"避险"、"货币属性"和"历史新高"。 紧接着，一个熟悉的问题被提了出来，按照过去的市场剧本，贵金属大涨之后，是不是该轮到铜这样 的工业金属"补涨"了？ 今天，我想和大家聊聊这个问题。 我认为这次的情况，与人们普遍认为的"板块轮动"或"补涨"有所不同。 铜这个工业金属，价值有变化了。 驱动它的力量，和推高金银的力量有一部分是重合的，但铜还会显得复杂一些。 单纯的周期性商品，变成具有战略意义的资产，是最大的变化之一。 当前的市场，正处于认识这一巨变的剧烈摩擦期，价格的所有纠结和震荡，都源于此。 金银和铜，为何会被点燃？ 表面上看，金银 （尤其是黄金） 和铜完全不同，一个是几乎没用的避险金融资产，一个是到处都要 用的工业原材料。 但它们最近同时受到关注，根源在于同一个宏观背景发生了剧变。 首先，是 ...

Core Viewpoint - Tesla is shifting its focus towards humanoid robots, with CEO Elon Musk stating that the production of Model S and Model X will be phased out to prioritize the development of the Optimus robot, which Musk believes will underpin 80% of Tesla's future market value [2][3]. Group 1: Tesla's Strategic Shift - Tesla plans to cease production of Model S and Model X, transitioning the Fremont factory to produce Optimus robots [3]. - The introduction of humanoid robots is seen as a critical component of Tesla's new mission, which aims to create a "prosperous and extraordinary world" [2]. - Musk acknowledges that Tesla's main competition in the humanoid robot sector will come from Chinese companies, which are rapidly advancing in AI and robotics [3]. Group 2: Chinese Automakers' Robotics Initiatives - Chinese automakers are actively investing in humanoid robotics, with companies like Li Auto and BYD announcing plans to develop their own humanoid robots [5][6]. - The competitive landscape is intensifying, with various Chinese companies, including Chery and Xpeng, setting timelines for humanoid robot production by 2026 and 2028 [12][13]. - The overlap in technology between electric vehicles and humanoid robots is significant, with around 70% of automotive technology being applicable to robotics [8]. Group 3: Market Potential and Investment Outlook - The global market for humanoid robots is projected to reach $25 trillion by 2050, indicating a massive growth opportunity compared to the automotive sector [9]. - The high degree of technological overlap allows automakers to pivot towards robotics without substantial additional investment, making it a low-cost, high-reward opportunity [9]. - Morgan Stanley reports that China holds a dominant position in the humanoid robot supply chain, accounting for 63% of the market, which could drive down manufacturing costs [14]. Group 4: Competitive Landscape and Challenges - The competition between Tesla and Chinese automakers in the humanoid robot space is expected to intensify by 2027, with both sides having distinct advantages [12][14]. - Tesla's strength lies in its advanced AI algorithms and extensive real-world data, while Chinese companies have demonstrated rapid iteration and cost control capabilities [14]. - Talent acquisition is crucial for success in the humanoid robot sector, with both Tesla and Chinese firms vying for top talent amidst a competitive automotive landscape [17].

以下文章来源于爱范儿 ，作者发现明日产品的 前不久"美国外交关系委员会"高级研究员、知名经济历史学家塞巴斯蒂安·马拉比 (Sebastian Mallaby) 在《纽约时报》刊登专栏文章，预测 OpenAI 可能在未来 18 个月内，也即 2027 年中左右 烧光现金储备。 根据微软之前财报里"无意间泄露"的信息，原 Fidelity 明星基金经理乔治·诺贝尔 (George Noble) 也 发文指出，OpenAI 2025 年下半年的季度亏损可能高达 120 亿美元——几乎和全年实收相同。而对 于 OpenAI 来说，低垂的果实早就摘完了，创新越来越艰难，算力需求达到了 5 倍，模型的性能增 长却只有 2 倍训练模型获得性能翻倍需要足足 5 倍的算力输入。 《大空头》的原型人物迈克尔·布瑞 (Michale Burry) 转发了帖子，表示自己认为泡沫将会破裂，而由 于 AI 已经和整个经济强绑定，政府将不得不出面救市，就像他在 2008 年经历过的那次一样。 预测市场 Polymarket 上各种各样关于 OpenAI 的押注的关注度很高。 有人在为 OpenAI 上市时的市值下注，估值各不相同；也有人在 ...

以下文章来源于指北Focus ，作者作者最老登 指北Focus . 2017虎嗅网10大作者 2021 钛媒体十佳稿件 2021 36氪联合出品《互联网百景图》 本文来自微信公众号： 指北Focus ，作者：作者最老登，原文标题：《老登公关进入斩杀线》，题 图来自：视觉中国 "我也可以谈，我也可以爱小米" 本来小米公司和万能的大熊想象中他们的合作是这样的，只可惜没给"万能的大熊"带来金钱，带给 了"万能的大熊" 唯一真实高光时刻：被小米公司和网信办出通告封杀，成为互联网上 "劣迹公关" 第 一人了。 "公关" 本身是一种岗位职能，和它有关的负面本应该是蓝底白字的涉及犯罪之类的职务问题，怎么 好好的就成了流量担当了？ 公关本应该是幕后角色，能力应该是自己的策略或者人脉能力，但万能的大熊成名的绝技却是由于自 己的 "言论"。 公关的服务对象应该是产品或者公司，像大熊这种公关专家更直接的服务对象就是科技公司和互联网 大厂，结果却被互联网最大流量的小米公司打上了三代不得合作投放的标签。 本应该在幕后做服务角色的公关，结果自己出来接活的时候被直接喊话。 "自媒体时代，公关发生了很大的变化，因为之前大众看到的形象是通过媒 ...

Core Viewpoint - The article discusses the pervasive nature of employee monitoring in the workplace, highlighting the technologies and methods used by companies to track employee behavior and the implications for privacy and autonomy [4][17][20]. Group 1: Monitoring Systems - Companies utilize various monitoring systems such as DLP (Data Loss Prevention) and employee behavior management systems to track employee activities [5]. - Monitoring can include tracking website visits, local file storage, and even real-time screen captures, although not all companies activate all features due to cost considerations [7][14]. - The monitoring data is used for two main purposes: daily rule enforcement and post-incident investigations [8][9]. Group 2: Types of Information Monitored - High-priority monitoring targets include company documents, sensitive operations that could lead to data leaks, and employee online behavior [7]. - Companies can monitor all screen content if appropriate software is installed, capturing website visits and interactions [7][13]. Group 3: Reasons for Monitoring - The primary goal of monitoring is to protect company assets and prevent data loss, with additional motivations including enhancing work efficiency and managing public relations risks [17]. - Monitoring can also serve as a deterrent against employee misconduct, such as data theft or inappropriate behavior on social media [17][18]. Group 4: Employee Awareness and Reactions - Employees are generally aware of the monitoring but may not fully understand the extent of it, leading to self-regulation in their behavior [20][22]. - Some employees may attempt to counteract monitoring through various means, such as using virtual machines or altering their behavior to avoid detection [25][26]. Group 5: Legal and Ethical Considerations - The legal framework surrounding employee monitoring is still developing, with many companies operating in a gray area regarding what data can be collected and how it can be used [28]. - There are concerns about the potential for overreach in monitoring practices, particularly when it comes to personal devices and private information [24][28].

Core Viewpoint - The article discusses the significant shift in consumer preferences from traditional hotels to bathing centers, highlighting the latter's ability to provide a more comprehensive and engaging experience for young consumers, which has led to a decline in hotel occupancy rates and revenue [4][8][15]. Group 1: Industry Trends - The bathing industry has shown remarkable growth, with a projected transaction scale exceeding 110 billion yuan by 2025, reflecting a year-on-year growth rate of over 20% [7]. - Young consumers are increasingly choosing bathing centers over hotels for their travel and leisure needs, indicating a shift in lifestyle preferences [6][8]. - Bathing centers are redefining the concept of space utilization, operating around the clock and maximizing revenue per square meter, unlike traditional hotels that struggle with idle room capacity [10][11]. Group 2: Consumer Behavior - Consumers are seeking experiences that offer social value and relaxation, moving away from the traditional hotel model that focuses on privacy and room quality [12][13]. - The bathing centers provide a unique environment that fosters social interaction and relaxation, which is increasingly valued by consumers [14]. - The shift in consumer identity within bathing centers, where individuals can shed societal pressures, enhances the appeal of these venues compared to traditional hotels [14]. Group 3: Competitive Landscape - Hotels face unprecedented competition from bathing centers, which are effectively capturing non-sleeping hours and redefining what constitutes high-value leisure [15][17]. - The traditional hotel model, reliant on room sales, is becoming less viable as consumers demand more integrated and flexible experiences [18][21]. - Successful future hotels must adapt by creating vibrant community spaces and offering services that cater to a broader range of consumer needs beyond just accommodation [18][22]. Group 4: Strategic Recommendations - Hotels need to rethink their business models, focusing on user time management rather than just room sales, to remain competitive in the evolving market [18][23]. - The integration of various services within hotel spaces, such as dining and fitness, can enhance customer engagement and satisfaction [22]. - The evolution of the hotel industry will require a painful but necessary transformation to meet the changing demands of consumers, as evidenced by the closure of traditional establishments [23][24].

Core Insights - The article emphasizes a significant shift in the AI hardware industry, indicating that only products that solve specific problems and have user willingness to pay will survive post-capital frenzy [9][12]. Market Opportunities - Focusing on specific, high-frequency, and payable pain points is more viable than creating "all-powerful" products, leading to a division between opportunity zones and concept zones [11]. - Products like AI recording pens, smart translation headphones, and pet companionship robots represent "AI enhancement of traditional categories," providing immediate and perceivable value [12]. - The AI recording and audio efficiency hardware are identified as core opportunity points for 2026, with examples like the iFlytek headphones addressing business and academic needs [12]. - The pet companionship robot market is characterized by a young female consumer base, but faces challenges due to severe functional homogeneity [13]. - A more complex product design combining robotics and emotional feedback is suggested as a way to differentiate in the pet market [13][15]. Concept Zone - General-purpose humanoid robots and all-functional AI office assistants remain in the conceptual exploration phase, often failing to meet real needs due to high costs and unclear applications [16]. - The necessity of independent AI office devices is questioned, with a potential future shift towards an "AI hub + multiple smart terminals" model [16]. Cost Control - Effective cost control is essential for profitability, with a focus on managing hardware costs, particularly motors and sensors [18]. - The current limitation is not computational power but rather the cost of hardware components, with a recommendation to utilize cost-effective domestic models [18]. - Companies must either incorporate AI functionality costs into hardware pricing or adopt a subscription model to align price and cost [19]. - The supply chain landscape is evolving, with smaller teams facing challenges in assembly and needing to innovate in branding and market positioning [20]. - The growth of domestic AI chips is driven by government and market demands, influencing the technology choices of hardware manufacturers [21]. Commercial Validation - 2026 is highlighted as a pivotal year for commercial validation in AI hardware, where success will be measured by tangible business results rather than flashy concepts [23]. - Sales data, including monthly sales and shipment volumes, are becoming essential metrics for industry players [24]. - A balanced approach between technology and sales is recommended, with a focus on practical applications and market feedback to refine products [25]. - The prevailing business model for AI hardware is expected to be a combination of one-time hardware purchases and subscription-based AI services [26]. Conclusion - The article concludes that the future winners in the AI hardware space will be those who can clearly articulate the specific problems they solve, why users will pay for solutions, and their competitive advantages [28].

Core Viewpoint - The article discusses the unprecedented profits of storage giants Samsung and SK Hynix, driven by soaring memory prices, and highlights the implications for the broader electronics industry and investment opportunities [5][10]. Group 1: Storage Industry Performance - Samsung Electronics reported an operating profit of 20.1 trillion KRW (approximately 32.37 billion RMB) for Q4 2025, a 209% increase year-on-year, setting a new record for quarterly operating profit in South Korea [6]. - SK Hynix achieved an operating profit of 19.16 trillion KRW for Q4 2025, exceeding initial expectations, with year-end bonuses reaching 640,000 RMB per employee, the highest in the company's history [6]. - The surge in profits is attributed to a significant increase in memory prices, with Samsung raising NAND flash supply prices by over 100% for Q1 2026 [8][7]. Group 2: Market Dynamics and Pricing Power - The storage industry is characterized by oligopoly, with SK Hynix, Samsung, and Micron controlling 93% of the DRAM market share as of Q3 2025 [12]. - The construction of storage wafer fabs takes 2-3 years, making capacity expansion slow and difficult, which contributes to the pricing power of the leading firms [13]. - The competitive landscape has led to a cautious approach to capacity expansion among smaller players, while the three major firms maintain high profit margins through coordinated production strategies [15][16]. Group 3: Future Trends and Investment Opportunities - The demand for high-bandwidth memory (HBM) is expected to grow due to AI applications, with HBM prices typically 3-4 times higher than traditional DRAM [24]. - The article predicts that the storage supercycle will continue until 2027, with ongoing revenue growth for both domestic and international storage companies [29]. - Investment institutions are optimistic about storage manufacturers, with BNP Paribas raising Micron Technology's target price from $270 to $500 [30]. Group 4: Impact on Downstream Industries - The rising storage prices are expected to lead to a significant impact on consumer electronics, with predictions of a decline in smartphone shipments by 7% in 2026 [40]. - Companies like Xiaomi and OPPO have adjusted their shipment targets downward due to increased costs, particularly affecting mid-range devices [43]. - The inflationary pressure from rising storage prices is also anticipated to hinder the rollout of AI hardware in various sectors, including automotive and home appliances [45][51].

Core Viewpoint - The article discusses the dynamics of gold prices, emphasizing the interplay between monetary policy, central bank gold purchases, and market sentiment, while highlighting the uncertainty in predictions made by industry experts [5][9][10]. Group 1: Gold Price Dynamics - The recent surge in gold prices is attributed to the convergence of the gold cycle, interest rate cuts, and central bank gold accumulation [7]. - Central banks, including China, are increasing their gold reserves, which creates a feedback loop that drives gold prices higher as countries perceive their dollar reserves as depreciating [8]. - Predictions from institutions like Goldman Sachs suggest that gold prices could exceed $5,400 per ounce, reflecting a significant upward adjustment from previous forecasts [10]. Group 2: Monetary Policy and Debt Management - The increase in money supply is not merely due to central banks printing money; rather, it involves complex debt management strategies, often referred to as "debt replacement" [12][13]. - Countries, including the U.S., are not genuinely repaying debts but managing interest payments, leading to a continuous increase in money supply [14][15]. - This ongoing monetary expansion is expected to eventually drive gold prices up, as gold is viewed as a true form of currency compared to fiat money [16]. Group 3: Investment Perspectives - The article suggests that wealthy individuals who invest in gold for long-term holding can benefit from price increases, while typical investors may struggle to profit from short-term trading [22]. - The supply dynamics of gold are characterized by limited production and long-term holding by central banks and trusts, contrasting sharply with silver, which has a more elastic supply due to industrial demand [23]. - The author advises cautious participation in gold investment, emphasizing the importance of learning through experience rather than speculative trading [24][25].